国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.08.13 中央加快全面绿色转型，推荐中国能建、中国电建等 [Table_Industry] 建筑工程业 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | |----------|-----------------------|---------------------------| | | 韩其成(分析师) | 郭浩然(分析师) | | | 021-38676162 | 010-83939793 | | | hanqicheng8@gtjas.com | guohaoran025968@gtjas.com | | 登记编号 | S0880516030004 | S0880524020002 | [Table_subIndustry] 细分行业评级 本报告导读： 大力推动钢铁、有色、石化、化工、建材、造纸、印染等行业绿色低碳转型，科学 布局抽水蓄能、新型储能、光热发电，进一步健全适应新 ...

股 票 行 Sector Report 业 报 [Table_InvestInfo] Rating: Outperform Maintained 告 评级： 跑赢大市 (维持) 2 证 告 [ T a b l e _ L Source: Bloomberg, Guotai Julan International. e f t M a r g i n [Table_BasicInfo] Sector Report: Automobiles Sector 中文版 Ivan Wu 吴凱翔 行业报告：汽车行业 Chinese version (852) 2509 2649 ivan.wu@gtjas.com.hk 9 August 2024 [Table_MainInfo] 7月新能源汽车零售和批发渗透率均创历史新高；自主品牌市场份 额进一步提升 新能源汽车渗透率（零售及批发）连续三个月创历史新高。中国乘联会数据显 示，2024 年 7 月，中国狭义乘用车零售销量约为 172 万辆，同比增长 2.8%， 环比增长-2.6%。其中，新能源汽车零售量达 87.8 万辆，同比增长 36.9%，环 比增长 2.8%，渗透率达 ...

市 场 研 究 目 录 每日报告回放（2024-08-12 09:00——2024-08-13 15:00） ......................................................................2 A 股策略观察：《加快经济社会发展全面绿色转型》2024-08-13 ............................................................................ 2 行业事件快评：家用电器业《湖北率先补贴加码，托举家电零售增长》2024-08-13 .......................................... 2 行业日报/周报/双周报/月报：农业《猪价强势，聚焦 α》2024-08-12.................................................................... 3 行业事件快评：商业银行《深化利率定价和调控机制改革》2024-08-12 ...................................... ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——家电补贴政策系列跟踪 | --- | --- | --- | |----------|----------------------------|----------------------| | | 蔡雯娟(分析师) | 谢丛睿(分析师) | | | 021-38031654 | 021-38038437 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | | 登记编号 | S0880521050002 | S0880523090004 | 本报告导读： 湖北省积极响应中央号召，率先发布新一轮家电以旧换新细则，在此前基础上提高 补贴力度，有望对当地社零形成托举作用。 投资要点： [Table_Summary] 事件：湖北发布新一轮以旧换新活动细则方案，对空调(含央空)、电 视机、冰箱(冰柜)、洗衣机(干衣机)、吸油烟机、燃气灶(含集成灶)、 热水器、电脑 8 类家电产品予以换新补贴。消费者在上传旧家电回 收资料领取换 ...

——家电补贴政策系列跟踪 | --- | --- | --- | |----------|----------------------------|----------------------| | | 蔡雯娟(分析师) | 谢丛睿(分析师) | | | 021-38031654 | 021-38038437 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | | 登记编号 | S0880521050002 | S0880523090004 | 本报告导读： 湖北省积极响应中央号召，率先发布新一轮家电以旧换新细则，在此前基础上提高 补贴力度，有望对当地社零形成托举作用。 投资要点： [Table_Summary] 事件：湖北发布新一轮以旧换新活动细则方案，对空调(含央空)、电 视机、冰箱(冰柜)、洗衣机(干衣机)、吸油烟机、燃气灶(含集成灶)、 热水器、电脑 8 类家电产品予以换新补贴。消费者在上传旧家电回 收资料领取换新资格后，线下购买二级能效产品补贴 15%，一级能 效则补贴 20%，单件商品补贴上限 2000 元，补贴通过云闪付发放。 每位 ...

Investment Rating - The report maintains a "Buy" rating for the company, which is a leader in the domestic temperature control sector, with a target price of 28.57 CNY [3][4]. Core Viewpoints - The company's performance in H1 2024 met expectations, with rapid growth in data center temperature control and a slowdown in cabinet temperature control. Revenue from liquid cooling technology is also growing rapidly, indicating steady growth prospects [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.713 billion CNY, a year-on-year increase of 38.24%, and a net profit attributable to shareholders of 183 million CNY, up 99.63%. The net profit excluding non-recurring items was 171 million CNY, reflecting a 113.50% increase [3]. - In Q2 2024, revenue reached 967 million CNY, a 35.92% year-on-year increase, with a net profit of 121 million CNY, up 81.86% [3]. Business Segments - The data center temperature control segment generated revenue of 856 million CNY in H1 2024, a significant year-on-year increase of 85.91%, driven by strong demand and the company's solid industry position [3]. - The cabinet temperature control segment reported revenue of 702 million CNY, a modest increase of 6.11%, primarily due to a slowdown in energy storage-related business [3]. - The rail transit air conditioning segment achieved revenue of 48 million CNY, up 35.88%, while the bus air conditioning segment saw revenue of 28 million CNY, a 42.35% increase [3]. Liquid Cooling Technology - The company has made long-term investments in liquid cooling technologies, launching products such as the Coolinside liquid cooling cabinet and comprehensive solutions for data centers. Revenue from liquid cooling technology in H1 2024 was approximately double that of H1 2023 [3].

股 票 研 究 证 券 研 究 报 告 ——英维克 2024 半年报点评 机房温控高速增长，液冷技术加速放量 英维克(002837) [Table_Industry] 资本货物/工业 | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|--------------------------|-------|-------|-------| | | | | | | | | | [table_Authors] 徐乔威 ( 分析师 ) | 张越 ( 分析师 ) | | | | | | 021-38676779 | 0755-23976385 | | | | | | xuqiaowei023970@gtjas.com | zhangyue025639@gtjas.com | | | | | 登记编号 | S0880521020003 | S0880522090004 | | | | 本报告导读： 公司 2024H1 业绩符合预期，机房温控快速增长，机柜温控增速放缓，同时公司液 冷相关营收快速放量， ...

宏 观 研 究 报 告 海 外 宏 观 研 究 证 券 研 究 报 告 [Table_Title] 宏观研究报告2024年8月13日 [Table_Summary] "过山车"之后，全球市场难觅宁静 震荡过后，市场情绪逐步平稳 Hao.zhou@gtjas.com.hk billy.sun@gtjas.com.hk 周浩 孙英超 +852 2509 7582 +852 2509 2603 0 5 10 15 20 25 30 35 40 45 VIX恐慌指数(Volatility Index) 资料来源：Bloomberg， 国泰君安国际 8 月 5 日前后市场的大幅波动，似乎更像是一次市场头寸过度拥挤之后的自 发调整。当市场的头寸集中在 AI 板块、集中在做空日元等方向上时，任何一 次来自内心深处的自我怀疑，都可能带来市场的大幅度调整。 在市场的剧烈调整中，首要的问题是，到底是什么引发了这次看似偶发的黑 天鹅事件？由于本轮市场动荡与日本央行加息几乎同时发生，因此首要的怀 疑对象，就是日元套利交易大幅平仓。与此同时，市场的投资者也开始怀疑 经济的基本面，尤其是美国经济是否已经衰退，并开始探讨政策决策者是否 已 ...

Investment Rating - The report maintains a "Buy" rating for 361 Degrees (1361) [2][5] Core Views - 361 Degrees achieved strong revenue growth in H1 2024, with a 19.2% YoY increase to RMB 5.14 billion [5] - The company maintained its full-year revenue growth guidance of over 15% [2][5] - Net profit in H1 2024 grew by 12.2% YoY to RMB 790 million, with a net profit margin of 15.4% [5] - The dividend payout ratio exceeded 40%, with an interim dividend of HKD 0.165 per share [5] Financial Performance - Gross margin in H1 2024 was 41.3%, down 0.4 percentage points YoY due to product mix adjustments [5] - Advertising and promotion expenses increased by 1.7 percentage points to 10.5% of revenue, driven by brand-building efforts [5] - R&D expenses decreased by 0.4 percentage points to 2.8% of revenue, but are expected to rise in H2 2024 [5] Business Segments - Adult apparel segment revenue grew 20% YoY to RMB 2.612 billion, with running and basketball categories showing strong growth of nearly 40% and 20% respectively [5] - Children's apparel revenue increased by 24.2% YoY to RMB 1.13 billion, with a gross margin of 41.7% [5] - E-commerce revenue grew 16.1% YoY to RMB 1.25 billion, with online-exclusive products accounting for 87.3% of sales [5] Future Outlook - The company expects to maintain its store count for both adult and children's apparel in H2 2024 [5] - 361 Degrees has completed its 2025 Spring product ordering meeting, with strong dealer enthusiasm indicating continued growth potential [5] Valuation - The report forecasts 2024-2026 net profits of RMB 1.09 billion, RMB 1.27 billion, and RMB 1.46 billion respectively, with corresponding P/E ratios of 6x, 5x, and 5x [5]

国泰君安晨报 2024 年 08 月 13 日 国泰君安证券股份有限公司 研究所 | --- | |--------------------------------------------------------------------------------------| | [Table_Summary]重点推荐： | | 1、海外策略，港股市场已进入配置区间，后市反弹空间可期，向恒生科技要弹性。 | | 2、策略，科技投资的中国实践围绕新兴产业扩订单、未来产业拓产品、传统行业提效率三条主 | | 线布局。 | | 3、能源运营，电力行业更新，中央政策高屋建瓴，全面绿色转型大势所趋；近期绿电政策密集 | | 出台，绿电环境溢价有望加速凸显。 | | 4、化工，华峰化学 Q2 业绩符合预期，加码 PTMEG 布局，夯实成本优势，弹性面料带动氨纶需 | | 求，行业格局持续改善。 | | 5、银行，浦发银行新管理层全部就位，新战略聚焦"五大赛道"，存量风险处置接近尾声，盈利 | | 能力有望见底回升。 | [周津宇 Table_Authors] 电话：021-38674924 邮箱：zhoujinyu0111 ...