Investment Rating - The report maintains an "Overweight" rating for the utility sector, consistent with the previous rating [3]. Core Insights - Demand-side management is expected to strengthen, enhancing the flexibility of the power system. The "computing power and electricity collaboration" is anticipated to open up space for green electricity consumption, with the environmental premium of green electricity gradually becoming more prominent. Future consumption policies are expected to be further refined [4][5]. - The report highlights the release of the "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" by the National Development and Reform Commission, which emphasizes the importance of demand-side response capabilities in regions with significant peak load issues or difficulties in consuming renewable energy [7][8]. Summary by Sections 1. Key Events and Industry Views - The report discusses the ongoing electricity reform and the gradual refinement of consumption policies. It emphasizes the potential for significant increases in green electricity demand due to the establishment of a computing power and electricity collaboration mechanism [8][9]. - The report predicts that the electricity supply-demand balance will remain tight, with expectations for electricity consumption growth to outpace economic growth. The market-oriented reform of electricity pricing mechanisms is expected to drive a revaluation of quality assets within the industry [9]. 2. Market Review - The report notes that the electricity sector experienced a decline of 1.59% during the week, with specific segments such as hydropower and thermal power also showing declines [12][16]. - The report identifies the top-performing companies in the electricity sector, including Lingda Co., which saw a significant increase of 23.87% [16]. 3. Industry Dynamics - The report tracks industry data, noting a decrease in port coal prices and an increase in imported natural gas prices. For instance, the price of Q5500 thermal coal in Qinhuangdao was reported at 846 RMB/ton, reflecting a slight decrease [21][22]. - The report also highlights fluctuations in electricity prices across different regions, with Guangdong's average spot market price increasing by 26.4% [27][29]. 4. Investment Recommendations - The report recommends maintaining an "Overweight" rating, suggesting that the tight supply-demand situation and the ongoing electricity reform will catalyze industry valuation improvements. Specific stock recommendations include: - Thermal Power: Guodian Power and Sheneng Co. - Hydropower: Changjiang Power and Chuan Investment Energy. - Nuclear Power: China General Nuclear Power and China Nuclear Power. - Renewable Energy: Yunnan Energy Investment [5][9][11].

股 票 研 究 证 券 研 究 报 告 ——南芯科技半年报业绩点评 产品矩阵不断丰富，公司 H1 业绩高增 南芯科技(688484) 电子元器件 [Table_Industry] /信息科技 | --- | --- | --- | |----------|-----------------------------------|----------------------------| | | | | | | [table_Authors] 舒迪 ( 分析师 ) | 陈豪杰 ( 研究助理 ) | | | 021-38676666 | 021-38038663 | | | shudi@gtjas.com | chenhaojie026733@gtjas.com | | 登记编号 | S0880521070002 | S0880122080153 | 本报告导读： 半导体行业复苏叠加电源管理芯片业务发展，公司 2024H1 业绩同比高增。公司多 应用场景全面布局，产品矩阵不断丰富。 投资要点： 股票研究 /[Table_Date] 2024.08.10 | --- | --- | --- | --- | --- | ...

| 成长风格边际收益提升，价值风格本年表 | | --- | | 现较好 | ——风格因子观察周报第 2 期 本报告导读： [Table_Report] 相关报告 大市值因子收益回撤，流动性因子边际收益提升 2024.08.05 宏观不确定性放大资产波动率 2024.08.05 本周小市值风格继续占优，高频分钟、分析师超 预期类因子表现较好 2024.08.04 黄金领涨，A 股消费风格信息比回升 2024.08.04 日本 GPIF 2023 财年收益创纪录 2024.07.29 大 类 资 产 配 置 被 动 资 产 配 置 周 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Summary] 国君风格因子体系及 A 股风险模型简介：国泰君安金融工程团队构 建的 A 股风格因子体系涵盖了 8 个大类因子和 20 个风格因子；基 于此构建的风险模型可以很好的应用于风险预测与投资组合归因。 风格因子表现跟踪：8 个大类因子中，本周成长、质量因子正向收 益较高；流动性、波动率因子负向收益较高。本年价值、市值因子 正向收益较高；流动性、波动率因子负向收益较高。20 个风格因子 中，本周 ...

——2024W32 家电行业数据周报 线上冰洗表现较好，铜铝价格环比下降 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|----------------------------|----------------------------|--------------------| | | 蔡雯娟(分析师) | 曲世强(研究助理) | 樊夏俐(分析师) | | | 021-38031654 | 021-38031025 | 021-38676666 | | | caiwenjuan024354@gtjas.com | qushiqiang028674@gtjas.com | fanxiali@gtjas.com | | 登记编号 | S0880521050002 | S0880123070132 | S0880523090006 | 本报告导读： 线上冰箱和洗衣机表现较好，线上海尔系空调表现较好，铜铝价格环比有所下降。 增持。 投资要点： [Table_Summary] 线上冰 ...

——钴锂金属周报 | --- | --- | |----------|---------------------| | | 宁紫微(分析师) | | | 021-38038438 | | | ningziwei@gtjas.com | | 登记编号 | S0880523080002 | 本报告导读： 上周锂价延续下行，由于开始进入长协订单交付阶段（每个月上旬周），市场零单采 买积极性不及次月底和月初。预计锂价 8 月仍有下探空间，9 月伴随需求旺季和价 格压制供给，预计边际有望改善。 投资要点： [Table_Summary] 周期研判：维持锂钴行业增持评级。锂板块：锂盐行情维持弱势， 上游锂盐厂成本倒挂，继续挺价出货较少，下游采买需求弱，上下 游心里成交价位难达成一致，市场整体成交低迷。1）无锡盘 2411 合约周度跌 3.77%至 7.65 万元/吨；广期所 2411 合约周度跌 4.26% 至 7.76 万元/吨；2）锂精矿：上海有色网锂精矿价格为 869 美元/吨， 环比跌 7 美元/吨。需求方询盘价格偏低，上下游之间难以达成成交， 市场成交维持平淡，锂矿价格小幅下调。增持：永兴材料，赣锋锂 业，天齐 ...

PEM-VC 行业轮动模型 2024 年前 7 月超 额收益 13.84% ——行业配置月报第 24 期 本报告导读： PEM-VC 行业轮动模型最近调仓日期为 2024 年 7 月 31 日，8 月最新多头组合为： 有色金属、电子、机械、农林牧渔、医药；多头对照组持仓为：电力设备及新能源、 建筑、银行、石油石化、房地产。7 月景气度、超预期、动量和 PEM-VC 风险规避 模型相对市场基准超额收益分别为-0.82%、0.87%、-2.37%、0.65%。2024 年以来 PEM-VC 风险规避多头组合收益率为 6.14%，相对市场基准超额收益为 13.84%。 投资要点： 大类资产配置 /[Table_Date] 2024.08.09 | [Table_Authors] | 余齐文(分析师) | | --- | --- | | | 0755-23976212 | | | yuqiwen@gtjas.com | | 登记编号 | S0880522010001 | [Table_Report] 相关报告 黄金资产表现亮眼，风险平价类策略夏普比率较 高 2024.08.01 金融稳定尚居首，交运军工或显优 202 ...

2024.08.09 30 期 产品研究中心 【科技周报】新方法制备出大面积长效稳定钙钛矿电池 摘要: [难治复发性风湿免疫性疾病有了新疗法。 Table_Summary] 海军军医大学第二附属医院（上海长征医院）徐沪济团队在国 际上首次成功使用异体通用型嵌合抗原受体 T 细胞免疫疗法（CAR-T）治疗难治复发性风湿免疫性疾病， 为该疾病患者提供了新的治疗选择，展示出异体通用型 CAR-T 的巨大潜力。团队成功使用该细胞药物 治疗 3 名严重难治复发性风湿免疫性疾病患者。临床观察和实验室检查证实，靶向 CD19 的异体通用型 CAR-T 细胞药物安全性良好。相关研究成果发表于《Cell》期刊。 新视角解析大脑抗病毒免疫机制。上海交通大学蔡宇伽团队与丹麦奥胡斯大学团队合作，利用全基因组 CRISPR 筛选技术，发现了神经元细胞特异表达的 TMEFF1 蛋白，在中枢神经系统中对单纯疱疹病毒 （HSV）存在显著的限制作用，首次报道了一种独立于干扰素系统的、神经元独有的抗病毒因子，为大 脑抗病毒免疫机制研究提供了全新视角。相关研究成果发表于《Nature》期刊。 新型螺旋铁电结构展现巨大压电效应。西湖大学刘仕团队利用 ...

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 证 券 研 究 报 告 52周内股价走势图 中国海外宏洋集团 恒生指数 -57% -45% -33% -21% -10% 2% 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 本报告导读： 投资要点： [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|--------------------|---------------------------|----------------------| | | 谢皓宇(分析师) | 黄可意(研究助理) | 白淑媛(分析师) | | | 010-83939826 | 010-83939815 | 021-38675923 | | | xiehaoyu@gtjas.com | huangkeyi028691@gtjas.com | baishuyua ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 62.5 CNY from the previous 64.98 CNY [4][5][14]. Core Insights - The company's Q2 2024 performance met expectations, with a revenue increase of 23% year-on-year and a non-net profit growth of 1.5%, primarily impacted by stock incentive costs. After adjusting for these costs, the non-net profit growth approached 40% [4][12]. - The core logic of the company remains intact, and with the market's renewed focus on domestic demand, the valuation of the company is expected to recover [3][12]. Summary by Sections Financial Performance - For 2024-2026, the earnings per share (EPS) are projected to be 2.50 CNY, 3.29 CNY, and 4.26 CNY, reflecting year-on-year growth rates of 35.4%, 31.8%, and 29.6% respectively [4][14]. - The company’s Q2 2024 gross margin decreased by 3.08 percentage points due to a shift in channel structure, which reduced the proportion of direct sales channels [12]. Sales and Channel Strategy - The company is actively adjusting its channel structure, with direct sales, e-commerce, and distribution channels showing year-on-year revenue changes of -44%, +48%, and +35% respectively in the first half of 2024 [12]. - Key product categories, particularly egg products, have shown significant growth, with egg category revenue increasing by over 150% [12]. Market Position and Valuation - The company is expected to maintain a leading growth position within its sector, benefiting from structural opportunities in the food and beverage market [12]. - The report suggests that the current valuation of growth stocks is at the lower end of the range, and the company’s strong product capabilities and channel adjustment abilities warrant a valuation premium [4][14].

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 证 券 研 究 报 告 产能持续满载，二季度业绩符合预期 华虹半导体(1347) [Table_Industry] 电子元器件 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.08.09 ——二季度业绩点评 | --- | --- | --- | --- | |----------|-----------------|------------------------|----------------------------| | | 舒迪(分析师) | 文越(分析师) | 陈豪杰(研究助理) | | | 021-38676666 | 021-38038032 | 021-38038663 | | | shudi@gtjas.com | wenyue029694@gtjas.com | chenhaojie026733@gtjas.com | | 登记编号 | S0880521070002 | S0880524050001 | ...