[Table_Title] 证券研究报告 /金融工程研究报告 红利指数的投资价值分析 报告摘要： （1）不同红利指数风格暴露和行业分布差异较大。本文系统的整理了 常见红利指数的编制方式并对其风格暴露和行业分布做了分析，分析发 现不同红利指数由于其选样方法不同，导致红利指数之间的风格暴露和 行业分布存在较大差异。从红利的宽基指数看，中证红利、上证红利以 及中证国企红利指数整体为高红利、低估值风格，行业分布上银行、煤 炭等权重较大。国证红利指数整体风格暴露偏大市值、高红利风格，在 银行、非银行金融等行业的权重较大。深证红利指数整体风格暴露偏大 市值风格，行业分布以煤炭为主。中证民企红利指数风格特征为高红利、 小市值风格，纺织服装、基础化工在指数样本中的权重较大。对于红利 策略指数，根据其编制方式整体可以分为两类，一类以红利为主，先用 股息率、股利支付率等因子选取高股息的股票池，再用相应的策略因子 在高股息的股票池中选取股票，这种做法可以保证最终的样本股在红利 上的暴露较高，采取这种做法的指数有红利低波指、红利价值、红利成 长低波指数。第二类为使用连续分红、分红总额等条件筛选出一个较大 范围的股票池，再用策略因子精 ...

Investment Rating - The report rates the industry as "Outperforming the Market" [1] Core Insights - The C919 large passenger aircraft, developed independently by China, officially entered commercial operation in May 2023, marking a significant milestone in China's aviation industry [2][17] - C919 has accumulated over 1,300 orders, with production capacity expected to reach 150 aircraft annually by 2028 [2][4] - The global civil aircraft market is projected to exceed $6 trillion over the next 20 years, with China being the largest market for new aircraft deliveries [2][4] Summary by Sections 1. Overview of the Large Aircraft Industry - Large aircraft are considered national strategic assets, reflecting a country's technological and industrial capabilities [17] - The development of large aircraft can significantly boost economic growth and drive industrial upgrades [23] 2. Strategic Importance of Large Aircraft - The large aircraft industry is capital and technology-intensive, with a long supply chain and strong economic impact [23] - A 1% increase in civil aircraft sales can lead to a 0.714% increase in national economic growth [23] 3. China Commercial Aircraft Corporation (COMAC) - COMAC is the main entity responsible for the industrialization of civil aircraft in China, focusing on the development of regional and narrow-body aircraft [25] - The C919 project represents a significant step in establishing a domestic commercial aircraft manufacturing capability [27] 4. Orders and Production Capacity - C919 has received substantial orders, with major airlines like China Eastern and Air China committing to purchase [41] - The production capacity for C919 is being accelerated to meet the growing demand [2][4] 5. Industry Chain and Components - The C919 has a domestic production rate exceeding 60%, with significant contributions from various suppliers [3] - The aircraft's structure accounts for 30-35% of its total cost, while engines and avionics systems also represent significant cost components [22][23] 6. Future Market Potential - The forecast for new aircraft deliveries from 2022 to 2041 is approximately 42,428 units, valued at around $6.4 trillion [2][4] - China is expected to account for 22% of global deliveries, with a strong demand for single-aisle aircraft [2][4]

Financial Data and Key Metrics Changes - The acquisition of 70% stake in Dingcheng Taiyuan is seen as a significant step for Northeast Pharmaceutical to expand its presence in the biopharmaceutical sector, bringing mature product lines, core technologies, and advanced laboratory facilities [1][2] - The company aims to leverage this acquisition to create new profit growth points and enhance its long-term development through technological innovation [1][2] Business Line Data and Key Metrics Changes - The focus is on cell therapy, particularly in the TCRT area, which is expected to present both opportunities and challenges for the company [1][2] - The company plans to accelerate the R&D process and optimize product registration pathways, emphasizing the importance of R&D investment [1][4] Market Data and Key Metrics Changes - The vitamin C market has shown better-than-expected performance in the first half of the year, with stable prices contributing to a positive outlook for the company's future performance [8][23] - The company is taking a cautious approach to investment direction in the biopharmaceutical sector to ensure investor interests are protected [8][24] Company Strategy and Development Direction - Northeast Pharmaceutical is committed to becoming a leading drug production and export base in China, focusing on integrating raw materials and formulations [3] - The company emphasizes the importance of R&D investment, particularly in innovative drug development, and plans to maintain a stable R&D team post-acquisition [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of the TCRT platform and the ability to optimize costs, aiming to reduce prices significantly in the future [13][24] - The company is optimistic about the future of its vitamin C segment and is actively monitoring market demand and production capacity [8][23] Other Important Information - The acquisition is expected to be completed within 120 days, with ongoing support for R&D during the integration process [5][14] - The company is exploring strategies for patent layout and registration pathways to expedite the approval process for innovative drugs [4][15] Q&A Session Summary Question: What was the main focus of the conference call? - The main focus was on the acquisition of a 70% stake in Dingcheng Taiyuan and its implications for the company's strategic development [10] Question: Why did Northeast Pharmaceutical choose to acquire Dingcheng Taiyuan? - The acquisition aims to strengthen the company's strategic deployment in the biopharmaceutical sector and quickly enter the cell therapy field [10][12] Question: What key achievements does Dingcheng Taiyuan have in the biopharmaceutical field? - Dingcheng Taiyuan has a product pipeline from early R&D to clinical phase I, along with valuable core technologies and a well-established R&D team [11] Question: What is the expected timeline for the product pipeline and clinical data release post-acquisition? - The timeline will be disclosed gradually based on the acquisition process and regulatory requirements [13] Question: How is the company planning to control costs and reduce prices for the TCRT platform? - The company aims to optimize costs significantly and has already achieved price reductions in some regions [13] Question: What is the company's strategy regarding the vitamin C market? - The company maintains a cautious optimism regarding the vitamin C market, focusing on quality and stability while monitoring market dynamics [23][24]

来参加东北制药收购顶层派员的这样的一个事件的交流的电话会那我们今天非常荣幸的请到东北制药的财务总监宋佳伦宋总首席科学家冯晓冯博士以及董秘严小佳严总和郑代严总来一起跟大家交流这次收购的一些情况我是申万红园的医药分析师张静涵今天跟我一起在线主持的还有我们组负责原料药板块的 于玉军和负责创新药板块的杨佳佳好那接下来我们就先有请公司领导宋总来跟大家简单介绍一下鼎城太原以及我们这次东北之药这个收购鼎城太原70%股权的一个大概的情况有请宋总好感谢这个神万宏园的这个领导还有各位这个潜在的这个投资者或者是已经是成为投资者的这个各位领导简单说一下因为根据这个已经披露的信息呢 东北之钥呢是你收购这个鼎城太原生物医药公司70%的股权然后鼎城太原这个公司的基本介绍呢相信大家也都在网上啊或者什么地方也都查到了然后我们昨天披露的这些相关的信息其中呢里边涉及了一些鼎城太原的一些技术的一些资料是已经披露的包括涉及的一些靶点试验证以及目前这个研发所处在这个阶段 顶层太原这家公司呢就是一会儿这个由冯博士会这个做一下关于他技术层面以及未来的研发方向这样的一个简介以及东北制药自2022年以来这个逐渐的这个稳步的向生物药这块转型这样的一个未来的一个战 ...

欢迎大家来参加我们追踪养殖锦旗系列的电话会议那么今天我们第一场是跟东北我们东宝大学的销售经理呢戈总去做行业深度的沟通后续大家有任何问题的话也欢迎随时举手进行提问戈总能听到吗能听到谢谢戈总我这边几个小问题跟您先探讨因为7月份以来似乎这个价格深度价格涨的速度确实还是比较快您怎么去 看今年下半年整体一个度假的一个走势啊好这个问题呢也是我们都是每天都在反思和思考的一个问题因为在我们在今天上半年的度假一直在出现哥总你那边信号有点断断续续能听到吗现在现在可以刚才有点现在可以刚才有点断断续续嗯好的啊 那我现在开始整个今年上半年来看的话无论是紫竹的价格还是肥竹价格基本都处于一个相对盈利水平线以上或者是相对的高位以上但是我们对于日后和整个下半年的一个预估和评估的话大家没有可能更高的一个积极性或者没有一个更好的一个乐观的一个态度所以说我们现在7月份的住价 它目前这个价格又逐渐出现了一个上扬和回升我们感觉大家也都是在讨论可能和整个七月份的消费端的一些开放无论是高考中考之后可能是消费端的一个开放之后会刺激一些消费的拉动或者增加可能是能够维持或者保证这个肥猪的价格 再有这个子猪的价格呢目前在东北目前30斤子猪的价格就15公斤的子猪它是 ...

Monetary Policy Changes - The recent interest rate cut was 10 basis points (BP), which is consistent with previous cuts but may not be sufficient given current economic pressures[2]. - The 1-year Loan Prime Rate (LPR) is now 3.35%, and the 5-year LPR is 3.85%[6]. Economic Context - The actual GDP growth in Q2 was only 4.7%, significantly below the target of around 5% set at the beginning of the year, indicating a need for stronger counter-cyclical measures[12]. - PMI indicators for May and June were below pre-pandemic averages, reflecting weak internal economic momentum[21]. Policy Framework - The new monetary policy framework is characterized by the unchanged Medium-term Lending Facility (MLF) rate, while the 7-day reverse repurchase rate was adjusted to a fixed rate and quantity auction format[18][19]. - The shift in the operational framework suggests that the 7-day reverse repo rate is becoming the primary policy rate, diminishing the role of MLF in future monetary policy decisions[20]. Future Outlook - There is potential for 1-2 more rate cuts, totaling around 20 BP, to support the completion of annual growth targets[49][64]. - The market anticipates that the Federal Reserve may cut rates three times this year, which could further open up policy space for domestic monetary adjustments[12][46]. Risks - Risks include the possibility that fiscal and monetary policy measures may not be as effective as expected, and that the pace of Federal Reserve rate cuts may not align with market expectations[29].

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company, Dazhu Laser, is experiencing a gradual recovery in downstream demand and is continuously expanding its product offerings and market reach [1] - The company forecasts a net profit range of 1.21 to 1.26 billion yuan for the first half of 2024, representing a year-on-year increase of 181.34% to 192.97% [1] - The company has a vertical integration advantage, providing comprehensive solutions from basic components to complete equipment and process solutions [1] Financial Forecasts - The projected operating revenues for 2024, 2025, and 2026 are 15.11 billion, 17.20 billion, and 18.49 billion yuan respectively [1] - The expected net profits for the same years are 1.84 billion, 1.25 billion, and 1.45 billion yuan respectively [1] - The company anticipates continued improvement in profitability through the synergistic development of its product lines [1] Market Position and Product Lines - The company’s main products include general components, industry-specific machines, and extreme manufacturing products, with the latter being the primary source of revenue and profit [1] - In the information industry equipment sector, the company is actively updating products and processes to support stable growth in consumer electronics [1] - The company is also focusing on large customer strategies and accelerating its international expansion in the new energy equipment sector [1] Operational Efficiency - The company has established factories in multiple locations to enhance production delivery and service capabilities, thereby improving profitability [1] - The company has achieved breakthroughs in key industries such as steel structures and shipbuilding, forming close collaborations with leading industry clients [1]

Group 1: Housing Market Overview - Germany's housing market is predominantly rental-based, with approximately 46.7% homeownership rate in 2022, significantly lower than the US (65.9%) and Singapore (82%) [27] - The housing supply has remained stable, with a consistent homeownership rate fluctuating between 40% and 50% over the past two decades [27] - The government has implemented a four-part legal framework since 1950 to support diverse housing supply and protect tenant rights [26] Group 2: Housing Tax System - The German housing tax system includes various taxes such as property tax, land tax, and real estate transfer tax, which are designed to regulate the market [56] - Lower tax rates are applied to owner-occupied and rental properties to support housing demand, while high real estate transfer taxes are imposed to curb speculative investments [61] - For properties sold within ten years, a capital gains tax of up to 25% is applicable, further discouraging speculative behavior [62] Group 3: Housing Financing and Support - The government provides low-interest loans and tax incentives to encourage housing construction, particularly for low-income families and non-profit organizations [68] - The "first save, then loan" model stabilizes financing costs and mitigates speculative demand in the housing market [90] - Direct monetary subsidies are provided to low-income households, covering the difference between actual rent paid and affordable rent, typically set at 25% of household income [69]

我是东北宏观的张晨今天下午由我给各位领导汇报一下我们的一个重要的研究成果那么我们给它取的名字叫做跨越中等收入其实关于这一篇报告我们主要想讨论的问题其实就是关于我们中长期的政策取向以及我们观察到实际的宏观经济中的一些现象我们该怎么去理解和解读它 首先我们来观察一些典型的事实首先第一点典型的事实是什么第一点典型的事实就是当我们去看待一个国家的经济增长然后利率以及工资增长率这些重要的宏观指标的时候我们会有一个大体上的结论就是一个国家的民意增长和它的利率水平以及它的工资增长率 应该是大体上是接近的甚至在皮凯蒂的21世纪资本论里面他甚至会认为说一个国家的资本回报率是明显的大于经济增速总而言之R和G的关系就是利率和经济增速的关系应该是大体匹配的比如说我们去看美国的这样的一个民营增长和它的十年期国债利率的关系我们就会发现它在长周期的角度来看 它是在一个轴线里面或者是一个水平水位线上能够放在一起去讨论的 还包括我们比方说去看日本的10年期国债利率和它的民意增速也大体上是大差不差就是在宏观模型里面我们经常能得出经济增速等于利率的这样一个结论在数据上看大体上也是这样日本的10年期国债利率和它的民意增长无论是在它的转型结束还是在它 ...

主要是金属矿山但是非金属矿山我们公司这几年萎缩的比较厉害主要金属矿山主要是铜矿和金矿和那个钦心矿就是有色矿嘛那个铁矿的话这几年的话那个因为铁矿的处理处理量没有铜矿和那个金矿的那个处理量大所以说我们公司目前的主要的那种磨机矿物设备是在有色金属矿山上运用像 铁矿的话那个大型的规格的磨机目前是相比那个有色矿的话还是比较少的非金属矿山的话像苏巍石或那个就是咱们咱们那个就是那个苏巍石就是太阳盖太阳盖的那个是那个非金属矿山这一块的话我们磨机用的比较少他主要是用的那个玄灰布玻璃机我们公司目前就主要是这个破磨这一块主要是干这个破碎机 和那个磨矿呢磨碎都是半针磨加球磨机这这几大矿用设备嗯明白嗯然后现在看下来这个行业体系会怎么样啊呃有时候金融矿产在就就近近近几年是比较爆发的比较厉害尤其是尤其是去年恐怕呢那个就是 尤其是国外矿产那个就是那个铜矿山的那个尤其那非洲铜铜矿包括那个铜铃友社那个紫金矿业这几个中资的大客户在国外那个矿山一个是就是改扩建就是原来他们买收购的矿山进行二期三期四期的然后进行的一个扩建包括俄罗斯俄罗斯的矿山也是一个改扩建就是原来的那个 规模可能就一条线然后现在都扩层三条线什么四条线就是因为这两年有色金属的价格上涨的 ...