行 业 研 究 证券研究报告 ＃industryId＃ 计算机 ＃investSuggestion 推荐 ＃(＃ investS uggesti onCha nge＃ 维持 ） 行 业 周 报 ＃相关报告 relatedReport＃ 【兴证计算机】医疗 IT 迎政策 加持，产业景气修复可期（7.21- 7.27） 【兴证计算机】供给与需求共 振，算力景气度高企（7.14-7.20） 【兴证计算机】未来已来， Robotaxi 迎商业化落地（7.7- 7.13） ＃分析师： emailAuthor＃ 蒋佳霖 jiangjialin@xyzq.com.cn S0190515050002 ＃assAuthor＃ 孙乾 sunqian@xyzq.com.cn S0190518110001 陈鑫 chenxin21@xyzq.com.cn S0190522030001 杨本鸿 yangbenhong@xyzq.com.cn S0190522080001 张旭光 zhangxuguang@xyzq.com.cn S0190523090002 杨海盟 yanghaimeng@xyzq.com.cn S0190523070 ...

钢价阶段性反弹 维持 ） ＃createTime1＃ 2024 年 08 月 04 日 投资要点 ＃summary＃ 悲观情绪释放，钢厂逐步减产助推钢价反弹 近期钢价受到新旧国标切换问题而大幅下滑，近月贴水走扩明显，但经过一周的情绪宣泄 后，钢市悲观情绪得到释放，而盈利大幅下滑之后部分钢厂出现集中减产，本期螺纹钢产 量为 197.75 万吨，较上周下滑 18.9 万吨，降幅明显。就铁矿石而言，由于当前钢厂生产出 现部分减产，铁水产量也出现了一定下滑，铁矿港口库存维持高位的情况下，矿价或以盘 整反弹为主，若钢厂主动减产比例继续扩大，原料价格或将受到更大压力，致使矿价跌幅 远大于成材价格。短期而言，需求预期变化对钢价能否止跌较为关键。由于 2024 年上半年 政府财政支出节奏较慢，后续钢铁需求回升需密切跟踪财政发力状况。就钢铁板块而言， 考虑到当前行业盈利已经处于底部，重点推荐需求表现更优的板材类企业，尤其是近几年 部分企业不断致力于产品结构升级，吨钢盈利相对稳定且超额收益明显，建议关注宝钢股 份、南钢股份、华菱钢铁等。此外，由于铜价仍处于上行周期，建议关注铁矿+铜矿双主业 标的河钢资源，铜矿二期放量叠加铜价上涨 ...

证券研究报告 ＃industryId＃ 公用事业 ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ 维持 ） 三峡流量维持同比高增，关注回调后的火电板块 ＃createTime1＃ 2024 年 8 月 4 日 投资要点 ＃ sum2m0a2r4y0＃729-20240802，本周 A 股电力指数-2.23%，截至 8 月 2 日 PE（TTM）估值 17.8x；A 股燃 气板块指数-0.96%，截至 8 月 2 日 PE（TTM）估值 12.8x。A 股电力指数-2.23%，其细分子板 块火电、水电、新能源发电变化幅度分别为-2.94%、-0.47%、-4.32%。A 股燃气板块指数-0.96%。 本周火电组合：华电国际+浙能电力+皖能电力+国电电力+华能国际+申能股份+建投能源+内蒙华 电+天富能源 本周清洁电力组合：中国广核+中国核电+国投电力+川投能源+长江电力+华能水电 本周燃气组合：新奥股份+九丰能源 ＃相关rel报ate告dReport＃ 《【兴证公用 蔡屹】公用周报： 三中全会推进能源价格改革， 前 6 月全国天然气表观消费量 同比+10. ...

行 业 研 究 证券研究报告 ＃industryId＃ 银行 理财规模快速增长，银行业半年报拉开帷幕 ——银行业周报（2024.07.29-2024.08.02） ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 维持 ） ＃createTime1＃ 2024 年 8 月 4 日 ＃相关报告 relatedReport＃ 投资要点 ＃⚫ summary 本周（＃7.29-8.02）中信银行指数整体上涨 0.46%，跑赢沪深 300 指数 1.19 个百分点， 表现居前为：南京银行（+4.47%）、无锡银行(+3.36%)、苏农银行(+3.18%)。 ⚫ 股份行集体官宣下调存款利率，存款挂牌利率进入"1%"时代。7 月 29 日，兴业银 行、光大银行、民生银行、浦发银行、中信银行、华夏银行、广发银行、浙商银 行、渤海银行、恒丰银行 10 家股份制银行下调人民币存款挂牌利率。招商银行和平 安银行两家股份行在 7 月 26 日已率先下调。活期存款挂牌利率普遍调整为 0.15%， 下调 5 个基点，定期存款挂牌利率下调幅度在 10-20 个基点区间。本次银行主动 ...

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [2][3]. Core Insights - Apple reported a total revenue of $85.777 billion for FY24Q3, a 5% year-on-year increase, and a net profit of $21.448 billion, up 8% year-on-year. The company plans to invest more in Apple Intelligence, which will be launched in phases starting this fall [3][25]. - The AI investment trend is driving demand for AI applications across various devices, including smartphones, PCs, and wearables. Key companies recommended for investment include PCB leader Pengding Holdings, battery leader Zhuhai Guanyu, and precision electronics manufacturer Luxshare Precision [3][25]. - The semiconductor industry is experiencing a resurgence, with companies like Samsung reporting significant profit increases due to AI-driven demand for storage chips. Samsung's Q2 sales reached approximately 74.07 trillion KRW, a 23.44% increase year-on-year, with net profit soaring by 470.97% [3][11][26]. Summary by Sections 1. Market Review - From July 29 to August 2, the overall market declined, with the Shanghai Composite Index rising by 0.50%. The electronic industry index outperformed the market, increasing by 0.48% [6][10]. 2. Sub-industry News 2.1 Semiconductor - Samsung's semiconductor division reported sales of 28.56 trillion KRW, with a significant increase in high-value products like HBM and DDR5 [11][26]. - Lam Research's Q2 revenue was $3.872 billion, up 20.6% year-on-year, indicating strong growth in semiconductor equipment spending [3][26]. 2.2 AI, IoT, and Automotive Electronics - Omdia predicts that humanoid robots will see a compound annual growth rate of 83% from 2024 to 2030, driven by advancements in generative AI [15][16]. 2.3 Innovative Electronics & Wearables - Apple Vision Pro can now be controlled via a brain-computer interface, showcasing advancements in wearable technology [18]. 2.4 Mobile & 5G - Global smartphone shipments reached 289.1 million units in Q2 2024, a year-on-year increase of 8%, with Apple leading in revenue share [21][22]. 2.5 LCD & LED - In H1 2024, Chinese companies accounted for 50.7% of the global smartphone OLED display market, marking a significant increase from the previous year [23][24]. 3. Industry Investment Strategy - The report emphasizes the importance of AI in driving growth across various sectors, recommending investments in companies that are well-positioned to benefit from this trend, such as Luxshare Precision and Pengding Holdings [3][25][27].

证券研究报告 ＃industryId＃ 消费行业 chenyawen@xyzq.com.cn 2024H2 利润端仍存压力，新品推出有望带来正向作用：公司 2024 年 上半年的毛利率为 74.4%，同比下降 1.9 个百分点，主要因区域和产品 组合的不利影响；营业利润为 15.82 亿欧元，同比下降 42%，营业利 润率为 17.5%，同比下降 9.5 个百分点；净利润为 8.78 亿欧元，同比 下降 51%。公司考虑到 2024 年上半年经济放缓后未来几个月奢侈品 消费者需求变化的不确定性，预计 2024H2 营业利润同比下降约 30%。 预计随着 2024H2 的新品推出，收入有望逐步好转，但或将仍为负增长。 ＃assAuthor＃ 风险提示 1）市场竞争加剧；2）通货膨胀加剧；3）新产品市场 接受度不及预期；4）其他宏观因素；5）海外业务运营风险。 请务必阅读正文之后的信息披露和重要声明 ＃title＃ 海外奢侈品行业点评系列之开云集团： Gucci 业绩承压，基本面反转仍需时间 ＃createTime1＃ 2024 年 8 月 1 日 ＃investSuggestion＃ 无评级 投资要点 ＃sum ...

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 纺织服装 维持 ） 特朗普 1.0 时期关税加征对纺织业的影响 ＃investSuggestion 推荐 ＃ ( ＃ investS | --- | --- | |--------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

＃市场ma数rk据etData＃ 市场数据日期 2024.07.31 收盘价（美元） 77.95 总股本（亿股） 11.33 总市值（亿美元） 883.33 净资产（亿美元） -79.45 总资产（亿美元） 301.12 每股净资产（美元） -7.01 数据来源：Wind，兴业证券经济与金融研究院整理 主要财务指标 | --- | --- | --- | --- | --- | |---------------------------------|---------|---------|---------|---------| | ＄会计zy年cw度zb|主要财务指标＄ | FY2020A | FY2021A | FY2022A | FY2023A | | 营业收入(百万美元) | 23,518 | 29,061 | 32,250 | 35,976 | | 同比增长(%) | -11.3 | 23.6 | 11.0 | 11.6 | | 净利润(百万美元) | 928 | 4,199 | 3,282 | 4,125 | | 同比增长(%) | -74.2 | 352.4 | -21.9 | 25.7 | | ...

Investment Rating - The report maintains a "Buy" rating for Stellantis (STLA N) [2] Core Views - Stellantis reported a 14% YoY decline in net revenue to €85 billion and a 48% YoY drop in net profit to €5 6 billion for H1 2024 The adjusted diluted EPS fell 35% YoY to €2 36 [2] - The company is launching at least 20 new models in 2024 with 10 already in production in H1 Key models include the Ram 1500 Dodge Charger Daytona and affordable EVs like the Citroën C3 Fiat Grande Panda and Opel Frontera [2] - Stellantis leads in plug in hybrid sales in the US and ranks second in low emission vehicle sales It also holds the top market share in Europe and South America and achieved the top position in the Middle East and Africa for the first time [2] - The joint venture between Stellantis and Leapmotor will introduce the C10 and T03 EVs globally starting in Europe in Q4 2024 followed by South America Asia Pacific the Middle East and Africa [3] Financial Performance - Stellantis' 2024H1 revenue was €85 billion down 14% YoY while net profit dropped 48% YoY to €5 6 billion [2] - The company forecasts 2024 2026 sales of 6 04 million 6 24 million and 6 52 million units respectively Revenue is projected at €174 2 billion €182 4 billion and €194 1 billion with net profit expected to be €12 2 billion €13 7 billion and €14 9 billion [3] - Adjusted diluted EPS for 2024 2026 is estimated at €3 89 €5 08 and €5 52 respectively [3] Market Position - In Europe Stellantis holds a 15 7% market share in 2024H1 down from 16 6% in 2023 Peugeot Citroën and Fiat are key contributors with Citroën showing a 22 7% YoY increase in June 2024 registrations [8] - In the US Stellantis' market share dropped to 8 6% in 2024H1 from 10 1% in 2023H1 with a 13 2% YoY decline in sales [9] - Stellantis leads in plug in hybrid sales in the US and ranks second in low emission vehicle sales [2] Product Strategy - Stellantis is focusing on a multi powertrain strategy to capture market share in uncertain times Key models include the Ram 1500 with BEV and extended range versions Dodge Charger Daytona with BEV and ICE options and affordable EVs like the Citroën C3 Fiat Grande Panda and Opel Frontera [2] - The Ram 1500 BEV version offers a range of 350 500 miles while the extended range version can reach up to 690 miles [2] Regional Performance - In Europe Stellantis maintains a strong presence with Peugeot Citroën and Fiat contributing significantly to its market share [8] - In the US Stellantis faces challenges with a 13 2% YoY decline in sales and a drop in market share to 8 6% in 2024H1 [9] - The company has expanded its market share in the Middle East and Africa achieving the top position for the first time [2]

＃investSuggestion 推荐 ＃ （＃ investS uggesti onChan ge＃ 维持 ） ＃assAuthor＃ 研究助理： 李思倩 ⚫ 行 业 研 究 证券研究报告 ＃industryId＃ 非银金融 ＃title＃ 公募基金市场月度跟踪（2024 年 6 月）： 宽基 ETF 和纯债基金成为上半年规模胜负手 ＃createTime1＃ 2024 年 7 月 31 日 ＃相关报告 relatedReport＃ 《 公 募 基 金 市 场 月 度 跟 踪 （2024 年 5 月）：基金互认制 度优化加速基金市场互联互 通》2024-06-26 《 公 募 基 金 市 场 月 度 跟 踪 （2024 年 4 月）：政策催化， 港股红利正当布局》2024-05- 27 《 公 募 基 金 市 场 月 度 跟 踪 （2024 年 3 月）：商品基金— —多元资产配置的一块拼图》 2024-04-25 ＃emailAuthor＃ ＃分析师： emailAuthor＃ 徐一洲 S0190521060001 lisiqian@xyzq.com.cn 投资要点 ＃summary＃ ⚫ 市场回顾：6 ...