6月OER环比涨幅下降0.15个百分点至0.28%，仅略高于疫情前增速（2015年至2019年平均增速为0.27%），脱离了0.4%-0.5%的波动区间，而此前OER 环比已经至少连续12个月在该区间范围内波动。基础房租（RPR）环比回落0.13个百分点至0.26%，也仅略高于疫情前增速（0.22%），也脱离了0.4%附近的 波动范围，此前RPR环比在0.4%附近波动了约7个月。对于房租的回落，我们认为是属于"意料之外、情理之中"。此前我们就一直强调，房租涨幅回落的方向确 定，但时间不定。新签租约是对房租的合适领先指标，新签租约的回落（甚至比疫情前更低），意味着房租涨幅后续回落的方向确定。而6月房租涨幅出现明显回 落，意味着这一滞后因素已经开始逐步计入到CPI和PCE中，这也意味着后续通胀仍将延续降温趋势。 本文摘自：2024年7月14日发布的《意料之外、情理之中——美国6月CPI数据点评》 郭新宇，资格证书编号：S0880523110002 黄汝南，资格证书编号：S0880523080001 汪 浩，资格证书编号：S0880521120002 扫码关注，星标不迷路 我们认为6月核心CPI属于"意料之外、情理 ...

股 票 研 究 证 券 研 究 报 告 | --- | --- | --- | |----------------|---------------------|-------------------| | | | | | [table_Authors | 李沐华 ] ( 分析师 ) | 李博伦 ( 分析师 ) | | | 010-83939797 | 0755-23976516 | | | limuhua@gtjas.com | libolun@gtjas.com | | 登记编号 | S0880519080009 | S0880520020004 | 导读请用一、两句话概括本报告结论。注意写明本报告的核心观点、超预期和差异 化，不应罗列公告数据，描述已知信息。 | --- | --- | --- | |--------------------------------|------------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Target] 目标价格： | | 26.76 | | | 上次预测 : | 26.7 ...

Investment Rating - The investment rating for Ping An Insurance (601318) is "Buy" [4] - The target price is set at 58.98 CNY per share, with the current price at 42.53 CNY [4] Core Insights - The company proposes to issue US dollar convertible bonds primarily to supplement its capital and support its strategic initiatives, particularly in enhancing its "comprehensive finance + healthcare and elderly care" service system [5][8] - The issuance of convertible bonds is expected to alleviate capital pressure and facilitate the sustainable growth of core indicators [8] - The company maintains its "Buy" rating and target price, projecting earnings per share (EPS) of 6.17, 7.57, and 8.77 CNY for 2024, 2025, and 2026 respectively [8][9] Financial Summary - Total revenue for 2022 was 880,355 million CNY, with a projected increase to 941,703 million CNY in 2024 [9] - Net profit attributable to shareholders for 2022 was 111,008 million CNY, expected to rise to 112,437 million CNY in 2024 [9] - The company's return on equity (ROE) is projected to improve from 10% in 2023 to 15% by 2026 [9] Capital Structure - As of the end of Q1 2024, the core solvency ratio for life insurance was 118.8%, and for property insurance, it was 173.8%, indicating a need for capital replenishment [8] - The total market capitalization is reported at 774,481 million CNY, with a price-to-book ratio of 0.9 [5][6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Views - Post-pandemic revenue has returned to a growth trajectory, with the beverage business identified as the core growth driver and profit margins showing an improving trend [3][8]. - The company has implemented a 100% dividend payout policy since 2018, currently reflecting a dividend yield of 8% based on the stock price [3][8]. - The projected EPS for 2024, 2025, and 2026 is estimated at 0.42, 0.46, and 0.49 CNY respectively, with a corresponding PE of 15X for 2024 [3][8]. Summary by Sections 1. Investment Recommendation - The company operates in a sector with rigid demand for instant noodles and beverages, showcasing strong product innovation capabilities, which suggests it can withstand economic cycles [8]. - Key growth drivers include the increase in short-distance travel boosting beverage market expansion, product innovation catering to younger consumers, and diversification of distribution channels [8]. - Revenue CAGR is expected to be around 5% from 2024 to 2026, with net profit CAGR projected at 7% during the same period [8]. 2. Company Overview - Founded in 1992, the company is a diversified multinational group primarily engaged in food and beverage, with a market capitalization of 30.8 billion HKD as of June 28, 2024 [9]. - The company has experienced a recovery in revenue growth after a stagnation period, achieving a record revenue of 28.59 billion CNY in 2023 [14]. 3. Competitive Advantages - The company emphasizes product innovation, having successfully launched several major products that have become market leaders, such as Assam milk tea and various instant noodle lines [20][22]. - Organizational efficiency has significantly improved, with revenue per employee increasing threefold since 2007, indicating enhanced productivity [24]. 4. Growth Potential - The company is well-positioned to capitalize on the growing trend of short-distance travel, which is expected to drive food and beverage sales [30]. - There is substantial room for expansion in retail outlets, with a focus on enhancing distribution networks and exploring new sales channels, including online platforms [30][31].

Investment Rating - The report maintains an "Overweight" rating for Alibaba's Hong Kong-listed shares (9988 HK) with a FY2025 target price of 94 HKD [1][24] Core Views - Alibaba's FY25 Q1 revenue is expected to reach 2521 billion RMB, up 8% YoY, with adjusted net profit of 374 billion RMB and a net profit margin of 14 8% [1] - The report slightly adjusts Alibaba's FY2025E-FY2027E revenue forecasts to 10,170/11,008/11,689 billion RMB (previously 10,278/11,182/11,870 billion RMB) and adjusted net profit to 1,520/1,690/1,804 billion RMB (previously 1,535/1,715/1,831 billion RMB) [1][7] - The company's 6-month share repurchase reached a record high of 5 8 billion USD, with 261 billion USD remaining in the repurchase quota valid until March 2027 [1] Business Segments - Taobao Group's GMV is expected to grow 5 5% YoY in FY25 Q1, driven by double-digit growth during the 618 shopping festival [1] - International commerce revenue is projected to increase 30% YoY to 28 9 billion RMB in FY25 Q1, with potential monetization rate improvement due to the partnership with Brazilian retailer Magalu [1] - Cloud intelligence revenue is forecasted to grow 5% YoY to 26 4 billion RMB in FY25 Q1, with a significant increase in enterprise customers using AI services [1] Financial Performance - Alibaba's FY2023 revenue was 868 687 billion RMB, with a YoY growth of 1 8%, and is expected to grow 8 3% in FY2024 to 941 168 billion RMB [4] - The company's non-GAAP net profit for FY2023 was 141 379 billion RMB, with a net profit margin of 16%, and is projected to reach 180 425 billion RMB by FY2027 [4] - Alibaba's cash and cash equivalents increased from 229 510 billion RMB in FY2023 to 310 850 billion RMB in FY2024, and are expected to reach 768 964 billion RMB by FY2027 [9] Strategic Developments - Alibaba is progressing with its dual primary listing in Hong Kong, expected to be completed by the end of August 2024, potentially enabling inclusion in the Stock Connect program as early as September 2024 [1] - The company's focus on user experience and price competitiveness in the Taobao Group segment has shown initial results, with potential for monetization rate improvement as the full-site promotion tool expands [7]

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The report highlights that the company has improved its global competitiveness, enhanced efficiency, and reduced overall costs, resulting in significant growth in performance for the first half of 2024. The company is entering a phase of profit improvement [3]. - The report maintains the earnings forecast for 2024-2026, expecting EPS to be HKD 0.56, 0.68, and 0.76, representing year-on-year growth of +90%, +21%, and +13% respectively [3]. - The company anticipates a year-on-year increase in adjusted net profit for H1 2024 of approximately 130% to 160% [3]. Summary by Sections Industry Landscape - The global market space for the industry is stable, with a clear industry structure and an accelerated trend of concentration among leading companies. The company is actively pursuing a mid-to-high-end strategy and global operations, which has led to significant improvements across multiple business lines, including display and innovative businesses [3]. Business Performance - The domestic competition in the television sector remains stable, with the company focusing on enhancing its product sales structure. In overseas markets, the company and its competitor have seen an increase in global market share, with expectations for revenue growth in the large-screen display business of approximately 18% to 20% year-on-year for H1 2024 [3]. - The small and medium-sized business segment is expected to see a double-digit decline in revenue due to strategic contraction [3]. - The distribution business is projected to achieve significant growth, driven by the expansion of air conditioning sales and the ramp-up of solar energy business, with an expected increase of 35% to 40% in the innovative business module for H1 2024 [3]. Financial Summary - The company’s revenue for 2023 is projected at HKD 78.986 billion, with a year-on-year growth of 10.70%. For 2024, revenue is expected to reach HKD 94.213 billion, reflecting a growth of 19.28% [5]. - The net profit for 2024 is forecasted to be HKD 1.417 billion, representing a significant increase of 90.40% compared to the previous year [5].

周观点:水泥错蜂向深水区推进,消费建材保持长期布局思维(国泰君安 建材行 业 绝雁羊 18676684351)20240714 本文汇报 1、消费成材: 龙头 02 高基数下业妹预期相对子稳,保持长期市局思维 2、水泥:水泥锥峰向深水区推进,维持汝季预期强于旺季的判断 4、建筑成琦:泽法盈利加速收窄,板块在寻底过程中 4、光伏玻璃: 卢布压力仍大,新半价格度底 5、城纤:中萍补贷结束,送季累库压力或有增加 6、域纤维:产销移复尚不明显,价格弱稳 《走材龙头股 2024 年中报预测一实时更新(国港走材绝原丰田队)20240714》请向对口销售余取 1、水泥错峰向深水区推进,消费建材保持长期布局思维 水泥:错峰向深水区推进,维持达季预期强于旺季的判断 华东装价还在推进过程中,华中成为产业标市场关注的核心: 本周表们进行产业跟踪, 上周开始的华东错华提价,本轮熟种瑞落地相对稳固,水泥瑞股价落实了大约 60%,剩下 未完全落地的部分还在积极推进,本周水泥价格的推涨被华东雨水有所取误,对上游华 中提价和错峰还在高讨的不确定性也影响了下游华东的情绪。此轮提价落地以及淡季内 能否如愿开启第二轮摸价,很大程度上都取决千夫气和 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.26 CNY [4][6]. Core Views - The company is expected to benefit significantly from the recovery in the semiconductor industry and the accelerating demand for artificial intelligence (AI), leading to a notable increase in profits [3][4]. - The company has a strong partnership with AMD, which is anticipated to drive growth as AMD launches new products in the AI GPU segment [4][5]. Financial Summary - The company's revenue is projected to grow from 22.27 billion CNY in 2023 to 26.36 billion CNY in 2024, reflecting an 18.4% increase [5]. - The net profit attributable to shareholders is expected to rise dramatically from 169 million CNY in 2023 to 822 million CNY in 2024, marking a 385% increase [5]. - Earnings per share (EPS) are forecasted to increase from 0.11 CNY in 2023 to 0.54 CNY in 2024 [5]. Performance Indicators - The company is expected to achieve a net profit of 2.88 to 3.75 billion CNY in the first half of 2024, representing a year-on-year increase of 253.44% to 299.79% [4]. - The gross profit margin is projected to improve from 11.7% in 2023 to 12.9% in 2024 [10]. - The return on equity (ROE) is anticipated to rise from 1.2% in 2023 to 5.6% in 2024 [10]. Market Position - The company is the largest packaging and testing service provider for AMD, handling over 80% of AMD's orders, positioning it well to capitalize on AMD's new product launches [4][5]. - The global AI PC shipment is expected to reach approximately 13 million units in 2024, indicating a strong market for AI-related products [4]. Future Outlook - The company is expected to maintain high growth in Q2 2024, with a significant increase in production capacity utilization and revenue from high-end products [4]. - The strategic partnership with AMD and the company's focus on advanced packaging technologies are seen as key growth drivers in the AI computing sector [4].

股 票 研 究 暑期旅游消费供需两旺,三中全会在即 | --- | --- | |--------------------------------|----------------------------------| | | ——商社行业周报(2024.07.08-07.14) | | [table_Authors 刘越男](分析师) | 宋小寒(研究助理) | | 021-38677706 | 010-83939087 | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | S0880516030003 | S0880122070054 | 本报告导读: 暑期来临,境内游与入境游订单同比高增。 投资要点: [Table投资观点: _Summary]继续重点推荐垂直O2O+出海。①互联网龙头从单一追求 规模到重视盈利,垂直 O2O 公司的竞争格局显著改善,服务类行业 未来有望量价齐升,推荐途虎-W;②教育底部反转,推荐业绩可持 续兑现的低估值个股:卓越教育、思考乐教育、粉笔、行动教育 等;③平价出海零售仍维持高景气,推荐:名创优品、小商品城、 华凯 ...

股 票 研 究 [Table_Industry] 海外信息科技 [Table_Invest]评级：增持 [当前价格 Table_CurPrice] :(美元) 134.68 [Table_Date] 2024.07.15 | --- | --- | --- | |----------|-------------------------------------|----------------------| | | | | | | [table_Authors] 秦和平 ( 分析师 ) | 李奇 ( 分析师 ) | | | 0755-23976666 | 0755-23976888 | | | qinheping027734@gtjas.com | liqi028295@gtjas.com | | 登记编号 | S0880523110003 | S0880523060001 | 投资要点： | --- | --- | |----------------------------|--------------| | | | | 交易数据 | | | 52 周内股价区间 ( 美元 ) | 69.06-164.49 | ...