Investment Rating - The report maintains an "Accumulate" rating for the company [4][5]. Core Views - The acquisition plan for Yuefeng Environmental has been announced, with a transaction price not exceeding 10.354 billion RMB, and the acquisition is progressing rapidly [4]. - The report forecasts net profits for 2024-2026 to be 1.55 billion, 1.69 billion, and 1.78 billion RMB respectively, corresponding to EPS of 1.90, 2.07, and 2.18 RMB [5]. - The target price remains at 33.49 RMB, unchanged from previous forecasts [5]. Summary by Sections Transaction Details - The transaction involves a cash payment of 4.90 HKD per share to planned shareholders and 0.51 HKD per option to option holders, with a total transaction price of 110.91 billion HKD if all options are not exercised, or 111.01 billion HKD if all but one option are exercised, equivalent to approximately 10.354 billion RMB [5]. - The payment structure includes a capital increase of 4.02 billion RMB from Hanlan Solid Waste and a merger loan not exceeding 6.1 billion RMB [5]. Strategic Implications - The acquisition will enhance the company's position in the waste incineration sector, with Yuefeng Environmental holding a market share of 73% in Dongguan and 21% in Guangdong, and a total waste incineration capacity of 54,540 tons/day [5]. - Post-acquisition, the combined waste incineration capacity will rank among the top three in the industry, leveraging high-quality assets and expanding regional advantages [5].

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 [Table_Industry] 家用电器业 2024.07.23 [Table_Invest] 评级： 增持 上次评级: 增持 家电持仓比例环比提升，家空出口延续亮眼表现 ——2024W29 家电行业周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |----------------|----------------------------|-------------------------------|----------------------------| | [table_Authors | 蔡雯娟](分析师) | 田平川(研究助理) | 曲世强(研究助理) | | | 021-38031654 | 021-38676666 | 021-38031025 | | | caiwenjuan024354@gtjas.com | tianpingchuan026740@gtjas.com | qushiqiang028 ...

[Table_Industry] 纺织服装业 2024.07.23 [Table_Invest] 评级： 增持 上次评级: 增持 一文梳理全球头部鞋服制造企业 | --- | --- | --- | |-----------------|---------------------------|-----------------------------| | [table_Authors] | 刘佳昆(分析师) | 曹冬青(研究助理) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880122070070 | 本报告导读： 全球纺织制造行业经历五次转移，头部制造商乘风而起；鞋履制造商集中度较高，龙 头具备研发与管理优势；服装制造商分工细化，龙头追求一体化生产。 投资要点： [Table_Summary 投资建议：0目前下游去库基本结束，通过头部制造公司订单跟踪情况 ] 来看，订单恢复趋势无虞，尤其龙头具备抢 ...

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 [Table_Industry] 化肥 2024.07.23 [Table_Invest] 评级: 增持 上次评级: 增持 上半年进口量同比回落,大合同提供价格支撑 ——6 月钾肥进口数据点评 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|--------------------------|----------------------------| | [table_Authors | 钟浩](分析师) | 钱伟伦(分析师) | | | 021-38038445 | 021-38038878 | | | zhonghao027638@gtjas.com | qianweilun027712@gtjas.com | | 登记编号 | S0880522120008 | S0880523040003 | 本报告导读: 2024 年上半年钾肥进口量同比有所下降。目前钾肥大合同已落地,我国钾肥的库存 水平持续 ...

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 公 司 首 次 覆 盖 证 券 研 究 报 告 新起点再出发,期待兼并成效 ——国联证券首次覆盖报告 | --- | --- | --- | --- | |----------------|--------------------|---------------------------|---------------------------| | [table_Authors | 刘欣琦](分析师) | 吴浩东(分析师) | 王思玥(研究助理) | | | 021-38676647 | 010-83939780 | 021-38031024 | | | liuxinqi@gtjas.com | wuhaodong029780@gtjas.com | wangsiyue028676@gtjas.com | | 登记编号 | S0880515050001 | S0880524070001 | S0880123070151 | 本报告导读: 得益于股东及管理层强力赋能,公司 ...

Industry Investment Rating - The report maintains an **Overweight** rating for the oil shipping industry [3] Core Views - Oil shipping capacity utilization is at a threshold, with recent high oil prices causing short-term freight rate pressure, but the industry remains optimistic about medium-term prospects [3] - The oil shipping market still holds a **super bull market option**, and Trump's oil policies may drive demand growth beyond expectations, suggesting a contrarian investment approach [3] - Oil shipping demand continues to grow, with the Red Sea situation contributing to a strong off-season performance in 2024 H1 [4] - Short-term freight rates are under pressure due to high oil prices, but the industry expects a rebound as oil prices stabilize [4] - Medium-term outlook remains positive, with oil shipping supply-demand dynamics expected to improve, supported by stable one-year time charter rates reflecting industry optimism [4] Industry Performance Summary Oil Shipping Demand - Crude oil shipping demand: Estimated H1 2024 seaborne volume increased by **2%** compared to 2019, showing resilience [4] - Refined oil shipping demand: Driven by refinery relocation, H1 2024 seaborne volume increased by **4% YoY** and **9% compared to 2019**, with longer average voyage distances [4] - Average voyage distance for crude oil shipping increased by **10%** compared to 2019 [4] Oil Shipping Supply - VLCC (Very Large Crude Carrier) fleet remained unchanged in H1 2024, while the refined oil tanker fleet grew by only **1%** [4] - Red Sea detours reduced effective oil tanker capacity by **1-2%**, but capacity utilization is already at a threshold, supporting strong off-season performance [4] Freight Rate Trends - VLCC TCE (Time Charter Equivalent) on the Middle East-China route fell from **$50,000/day** to **$22,000/day** over the past two months but has since rebounded to over **$30,000/day** [4] - MR (Medium Range) TCE on the Singapore-Australia route fell from **$40,000/day** to **$22,000/day** over the past month [4] Medium-Term Outlook - VLCC one-year time charter rates have risen from **$40,000/day** to nearly **$50,000/day** over the past year, reflecting industry optimism [4] - Oil tanker supply is expected to remain tight or even shrink, while demand is projected to grow steadily [4] - Trump's oil policies could drive oil shipping demand growth beyond expectations, potentially lowering oil price levels and increasing global crude oil shipping distances [4] Key Company Analysis - **COSCO Shipping Energy (600026.SH)**: Overweight rating, with 2024E EPS of **1.51 RMB** and PE of **10x** [9] - **COSCO Shipping Energy (01138.HK)**: Overweight rating, with 2024E EPS of **1.51 HKD** and PE of **5x** [9] - **China Merchants Energy Shipping (601872.SH)**: Overweight rating, with 2024E EPS of **0.89 RMB** and PE of **9x** [9] - **China Merchants Nanjing Tanker (601975.SH)**: Overweight rating, with 2024E EPS of **0.49 RMB** and PE of **7x** [9] - **China Ship Leasing (03877.HK)**: Overweight rating, with 2024E EPS of **0.36 HKD** and PE of **4.1x** [9]

Investment Rating - The report maintains an "Overweight" rating for the military industry [1]. Core Insights - The military sector is experiencing growth, with the U.S. planning to deploy F-35C in Japan. The defense industry index rose by 2.98%, outperforming the market by 2.60 percentage points [2][5]. - Local governments are introducing industrial policies that favor low-altitude and civil aviation sectors, indicating a positive outlook for the industry [5]. - The ongoing geopolitical tensions suggest a long-term positive trend for the military industry, with increased defense spending anticipated [5]. Summary by Sections 1. Core Viewpoints - Local policies are beneficial for the low-altitude and civil aviation sectors, with Shanghai aiming to enhance its civil aircraft production capacity significantly by 2026, targeting an investment of over 70 billion yuan and a total industry scale of around 80 billion yuan [5][19]. - Shandong province has also introduced a plan to innovate and apply general aviation equipment, aiming for a total industry scale exceeding 30 billion yuan by 2027 [5][19]. - The report emphasizes the need for advanced military equipment and communication systems to ensure modern warfare success, recommending a focus on aerospace and satellite internet sectors [5]. 2. Market Review - The military sector index increased by 2.98%, outperforming the Shanghai Composite Index, which rose by 0.37% [9][10]. - The aerospace military index performed the best among various military indices, rising by 4.63% [11]. 3. Major News in the Military Industry Domestic News - The Shanghai government has issued policies to support the development of the civil aircraft industry, aiming to create a world-class aviation industry cluster [19]. - The Chinese Navy's hospital ship "Peace Ark" has arrived in Tanzania for a goodwill mission [20]. International News - The U.S. Air Force plans to select a developer for its sixth-generation fighter jet by the end of 2024, with potential candidates being Lockheed Martin or Boeing [23]. - The U.S. Navy is facing new threats from anti-ship ballistic missiles, highlighting the evolving nature of military challenges [25]. 4. Key Listed Companies - Investment focus includes major players in various segments: - Assembly: AVIC Shenyang Aircraft (600760.SH) - Components: AVIC Optoelectronics (002179.SZ), Aerospace Electrical (002025.SZ) - Subsystems: AVIC Aircraft (600372.SH), North Navigation (600435.SH) - Materials and Processing: Fushun Special Steel (600399.SH), AVIC Heavy Machinery (600765.SH) [6][8].

基金配置低位徘徊,内需预期再交易 [Table_Industry] 建材 2024.07.23 [Table_Invest] 评级: 增持 上次评级: 增持 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |-----------------|---------------------|---------------------|---------------------------| | [table_Authors] | 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S0880123070145 | [Table_Report] 相关报告 本报告导读: 基金 2024 年中报建材板块持仓保持 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Views - The 20th Central Committee's Third Plenary Session emphasizes the importance of national defense and military modernization as part of China's modernization strategy, ensuring the realization of the centenary goals of the military [2] - The report highlights that the deepening of military reforms will accelerate the modernization of national defense and the military, leading to sustained high demand in the military industry [2] - The integration of advanced technologies such as artificial intelligence, quantum information, big data, cloud computing, and the Internet of Things into military applications is transforming the international military competition landscape [2] - The report identifies a robust outlook for the military industry, with recommended stocks including AVIC Shenyang Aircraft Corporation, AVIC Optoelectronics, Aerospace Electric, Feilihua, and Huayin Technology, while benefiting stocks include AVIC Xi'an Aircraft Industry and Aero Engine Corporation of China [2] Summary by Sections Industry Investment Rating - The military industry is rated as "Overweight" due to its high growth potential and ongoing demand for equipment [1] Key Investment Points - The report discusses the strategic importance of military modernization and the reforms being implemented to achieve the centenary goals [2] - It notes the acceleration of military modernization efforts and the continuous demand for military equipment driven by these reforms [2] - The report emphasizes the role of information technology in enhancing military capabilities and operational efficiency [2] - A list of recommended and benefiting stocks is provided, indicating potential investment opportunities within the military sector [2][3]

证书编号:S0880520100002 农牧行业分析师 投资建议:当前猪周期位置和板块估值位置不匹配,养殖板块上行来自估值修复和对未来周期预期的修复。当前阶段基于β角度推荐养殖板块,推荐标的牧原股 份、温氏股份。 养殖股复盘:周期逻辑逐步提前,2024Q2猪价和指数背离。1)2015~2016年:股价跟隨豬价同步变化,猪价上涨过程中股票超額收益明显;2) 2018~2021年:周期逻辑继续困绕价格或者价格预期推进,但主升浪启动时间提前一个季度,大部分收益率还是在猪价上涨阶段完成;3)2021Q3~至今:从 去产能早期阶段就开始启动指数行情,2024Q2猪价启动后指数背离。 当前猪两期位置与估值位置不匹配。核心矛盾是猪价上涨的确定性和持续性,周期预期有上修空间、1) 猪价上涨的确定性:二次育肥在价格上涨的过程中存在, 但不是主要原因,前期产能去化是推动价格抬升的核心因素;2) 猪价持续性:基于反证法分析,本轮周期潜在的去化时间更久,增产能残豫且动力不足,继续出 清和慢增产本身就能够推动当前持久的新周期,而不是短期的快节奏小周期循环。 板块有估值修复空间。1)当前头均市值与历史上周期深度亏损时的估值水位持平或更低 ...