股 票 研 究 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 后市煤价有望提涨,但旺季不旺已是定局 ——煤炭行业周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|--------------------|-----------------------------| | [table_Authors | 黄涛](分析师) | 邓铖琦(分析师) | | | 021-38674879 | 010-83939825 | | | huangtao@gtjas.com | dengchengqi024452@gtjas.com | | 登记编号 | S0880515090001 | S0880523050003 | 本报告导读: 动力煤:本周又现回落,预计后市仍有涨价预期,但高点不高;炼焦煤:Q3 长协价 格持平,我们依然乐观。 投资要点: [投资建议: Table_Summary] 我们认为煤炭板块估值的重塑正在途中,背后反应的不仅是煤 炭行业深刻供需结构变化,逐步"公用事业化",而且也反映了在资 ...

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] 旅游业 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 教育强国再提及,加快建设高质量教育体系 ——商社行业周报(2024.07.15-07.21) | --- | --- | --- | |----------------|---------------------|------------------------------| | [table_Authors | 刘越男](分析师) | 庄子童(分析师) | | | 021-38677706 | 021-38032683 | | | liuyuenan@gtjas.com | zhuangzitong026312@gtjas.com | | 登记编号 | S0880516030003 | S0880524070002 | [Table_subIndustry] 细分行业评级 | --- | --- | |------------------|-------| ...

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 行 业 周 报 证 券 研 究 报 告 [Table_Industry] 通信设备及服务 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 | --- | --- | --- | |----------------|-----------------------|-------------------------| | [table_Authors | 王彦龙](分析师) | 苏哲西(研究助理) | | | 010-83939775 | 021-38031652 | | | wangyanlong@gtjas.com | Suzhexi028697@gtjas.com | | 登记编号 | S0880519100003 | S0880123070147 | 光模块企业预告显示行业持续高景气 [Table_subIndustry] 细分行业评级 [Table_Report] 相关报告 通信设备及服务《国内智算服务市场爆发式 增长》 2024.07.15 ...

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 配置比例提升,聚焦稳健类龙头 公用事业 2Q24 基金持仓点评 | --- | --- | --- | --- | |-----------------|----------------|-------------------------------------------------------|-------------------------| | [table_Authors] | 于鸿光(分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | | yuhongguang025906@gtjas.comsunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880122070052 | S0880123070143 | 本报告导读: 2Q24 公用事业基金持仓 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector, consistent with the previous rating [1]. Core Insights - In Q2 2024, the allocation of active funds in banking stocks increased by 21 basis points to 2.61%, primarily driven by the rise in market capitalization of banks, particularly large state-owned and city commercial banks [1][9]. - The report highlights that the performance of banking stocks is expected to be influenced significantly by upcoming mid-year earnings reports, with a focus on high-dividend strategies and stable earnings [21][23]. Summary by Sections 1. Public Funds - The report notes a rapid expansion of passive index funds, particularly ETFs, which have grown from 1 trillion to 2.1 trillion yuan since 2021, now accounting for 33.5% of equity funds [4]. - In Q1 2024, the inflow of funds into banking stocks was substantial, with an estimated 450 billion yuan flowing into the sector, representing 3.8% of the total trading volume [5]. 2. Northbound and Southbound Capital - Northbound capital saw a continuous increase in banking stocks from January to May, with a net inflow of approximately 36 billion yuan, particularly notable in February with a net inflow of 12.8 billion yuan [13][15]. - Southbound capital significantly flowed into Hong Kong's major banks in Q2, with China Bank alone receiving a net inflow of about 40 billion HKD [17][18]. 3. Investment Recommendations - The report suggests focusing on high-quality city commercial banks with stable performance, such as Hangzhou Bank, Changshu Bank, Chengdu Bank, and Jiangsu Bank [21][23]. - It also recommends state-owned banks' H-shares based on their premium rates and dividend yields, indicating potential for significant price appreciation [20][21].

2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 三中全会深化财税/土地/国企改革,加快新地产和新能源建设 ——建筑行业第 357 期周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |-----------------|-----------------------|---------------------------| | [table_Authors] | 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 | 本报告导读: 三中全会要求深化财税/土地/国企改革,建筑一例五率盈利模式将获得修复。更加有 力有效实施宏观调控政策,促进房地产市场平稳健康发展,加快建设新能源体系。 投资要点: [Table_ 三中全会要求深化财税 Summary] /土地/国企改革,建筑一例五 ...

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 增配保险减配券商,建议增持低估值非银 [Table_Industry] 综合金融 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 ——2024 年二季度非银板块基金持仓分析 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------------|--------------------|------------------------| | [table_Authors | 刘欣琦](分析师) | 孙坤(分析师) | | | 021-38676647 | 021-38038260 | | | liuxinqi@gtjas.com | sunkun024098@gtjas.com | | 登记编号 | S0880515050001 | S0880523030001 | 本报告导读: 2024Q2 非银板块基金持仓比例较上季度增加,保险和多元金融获增配,券商被减 配,推荐受益负债成本下行的保险、 ...

Investment Rating - The investment rating for the company is "Buy" with a target price adjusted to 86.43 CNY, down from the previous forecast of 107.08 CNY [15]. Core Views - The company is a leader in metal additive manufacturing, with a fully integrated industrial chain and rapid market penetration due to expanding downstream application scenarios, indicating a strong potential for continued high growth [15]. - The company is expected to achieve significant revenue growth in the first half of 2024, with projected revenue of 615 million CNY, representing a 40.16% increase [15]. - The company has seen a notable increase in net profit, with an expected net profit of approximately 95 million CNY for the second quarter of 2024, reflecting a 102.72% increase [15]. Financial Summary - Revenue is projected to grow from 918 million CNY in 2022 to 3,670 million CNY by 2026, with a compound annual growth rate (CAGR) of 40.4% [4]. - Net profit attributable to the parent company is expected to rise from 79 million CNY in 2022 to 689 million CNY in 2026, with a CAGR of 39.7% [4]. - Earnings per share (EPS) is forecasted to increase from 0.29 CNY in 2022 to 2.54 CNY in 2026 [4]. Market Position and Growth Drivers - The company is benefiting from the release of demand in aerospace and other application fields, which is expected to sustain its high growth trajectory [5]. - The penetration of additive manufacturing technology is rapidly increasing, particularly in small-batch, customized, and complex product manufacturing, indicating a favorable market environment [15]. - The company maintains a high market share in the domestic aerospace additive manufacturing sector and has established close collaborations with major military industrial groups [15].

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 证 券 研 究 报 告 4468394 [Table_Industry] 有色金属 2024.07.21[Table_Invest] 评级: 增持 上次评级: 增持 突发事件催化,期货触底反弹 ——钴锂金属周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |----------|-------------------|---------------------| | | 于嘉懿(分析师) | 宁紫微(分析师) | | | 021-38038404 | 021-38038438 | | | yujiayi@gtjas.com | ningziwei@gtjas.com | | 登记编号 | S0880522080001 | S0880523080002 | 本报告导读: 上周碳酸锂期货先跌后反弹,现货市场相对平静。周五期货反弹是受碳酸锂主要供给 国智利地震事件催化反映,但此后涉及公司表示并未对碳酸锂生产造成实质影响 投资要点: [Tab ...

Investment Rating - The report maintains an "Accumulate" rating for the cosmetics industry, consistent with the previous rating [1]. Core Insights - The report highlights the strong performance of leading domestic brands in the cosmetics sector, driven by product innovation and effective channel expansion. The overall market is expected to see a growth rate of 20-30% for top companies, with some potentially exceeding 30% growth [2][5]. - The report emphasizes the upcoming listing of Chuangjian Medical on the New Third Board, which is expected to sustain interest in the collagen segment. The company reported a revenue of 280 million yuan and a net profit of 70 million yuan in 2023, marking year-on-year growth of 61% and 72% respectively [2][6]. Summary by Sections Investment Recommendations - The report suggests accumulating shares in companies with strong brand momentum, such as Proya and Juzhibio, as well as cost-effective brands like Runben and Shangmei. It also identifies companies like Furuida and Beitaini as having potential for recovery [5][18]. - The report notes that the overall beauty market is experiencing a recovery trend, with significant growth during the 618 shopping festival, where major e-commerce platforms achieved double-digit growth [5][18]. Industry Updates - The report indicates that the domestic beauty market is benefiting from a shift towards local brands, with companies like Proya and Kefu Mei gaining market share. The focus on product quality and marketing strategies is enhancing their competitive edge [2][5]. - Chuangjian Medical's business primarily revolves around raw materials and OEM services, with a leading position in the collagen protein market. The company has achieved significant growth in its raw material and OEM segments [6][10]. Key Financial Information - Chuangjian Medical's revenue breakdown for 2023 shows that raw materials accounted for 140 million yuan, OEM services for 90 million yuan, and its own brand products for 40 million yuan, with gross margins of 81%, 68%, and 90% respectively [6][9]. - The report projects that leading companies in the sector will maintain a growth trajectory, with many expected to achieve a compound annual growth rate (CAGR) of 20% or more over the next three years [18][20].