Investment Rating - The report assigns an "Overweight" rating for the investment banking and brokerage industry, maintaining the same rating as previously [3]. Core Insights - The speech by Wu Qing at the 2024 Lujiazui Forum emphasizes the commitment to effectively implement the new "National Nine Articles," focusing on strengthening fundamentals and strict regulation, which is expected to benefit professional leading brokerages [4]. - The report highlights that recent policies and nearly 50 supporting rules have been introduced to enhance the capital market, aiming to boost investor confidence and stabilize the market [4]. - Key policy focuses include supporting new productive forces, enhancing the investment value of listed companies, and strengthening investor protection [4]. Summary by Sections Investment Recommendations - It is recommended to increase holdings in leading brokerages with expected mergers and acquisitions, specifically suggesting stocks such as China Galaxy, CICC H, CITIC Securities, and Huatai Securities [4]. - As of June 19, the brokerage sector's price-to-book (PB) ratio is 1.16, which is at the 0.60% percentile since 2012, indicating high safety margins and cost-effectiveness [4]. Detailed Company Analysis - **CITIC Securities**: EPS for 2022A is 1.44, projected to be 1.32 in 2024E, with a P/E ratio of 12.88 for 2022A [5]. - **Huatai Securities**: EPS for 2022A is 1.22, projected to be 1.44 in 2024E, with a P/E ratio of 10.70 for 2022A [5]. - **CICC H**: EPS for 2022A is 1.57, projected to be 1.33 in 2024E, with a P/E ratio of 5.57 for 2022A [5]. - **China Galaxy**: EPS for 2022A is 0.71, projected to be 0.74 in 2024E, with a P/E ratio of 16.46 for 2022A [5].

股 票 研 [Table_Industry] 计算机 究 2 024.06.16 [评Tab级le_I：nve st] 增持 电改加速，数字化技术助推电力市场化 上 次评级: 增持 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut李ho沐rs]华 (分析师) 伍巍(研究助理) 010-83939797 021-38031029 业 limuhua@gtjas.com wuwei028683@gtjas.com [相Ta关ble报_R告ep ort] 深 登 记编号 S0880519080009 S0880123070157 计算机《车路协同产业即将进入爆发期》 度 本报告导读： 2024.06.11 研 计算机《加速计算成果斐然，英伟达引领AI 电改相关政策演绎已久，目前现货市场试点范围逐步扩大，省级、区域的模式日渐成 究 熟，且随着新能源深度参与市场，新型电力系统建设的重要性愈发凸显。 工业革命》 2024.06.03 投资要点： 计算机《车路云大单提升交通信息化行业景 气度》 [T abl投e_资Su建mm议a：ry随] 着电改进程加速以及政策指导意见的频频落地，且新能 2 ...

Investment Rating - The industry investment rating is "Overweight" for the Consumer Electronics sector [1]. Core Insights - The report highlights that AI PCs equipped with Qualcomm Snapdragon X Elite have excellent battery life, comparable to MacBook, and outstanding performance for ARM native software. The penetration of ARM PCs is accelerating, driving growth in AI PC hardware demand [2][3]. Summary by Sections Investment Recommendations - Recommended stocks include: - Longqi Technology (603341) with a target PE of 27.94 for 2024E - Hengmingda (002947) with a target PE of 20.21 for 2024E - Chunqiu Electronics (603890) with a target PE of 20.16 for 2024E - Guangda Tongchuang (301387) with a target PE of 14.04 for 2024E - Huqin Technology (603296) with a target PE of 14.37 for 2024E [4]. Performance Metrics - The Snapdragon X Elite's Vivobook S15 shows battery life of 7 hours 47 minutes for Netflix and 10 hours 46 minutes for web browsing, outperforming the ROG幻16 by 17.6% and 23.8% respectively. Its performance in PUGETBENCH Photoshop is 4.4% higher than Lenovo Yoga with R7 8840HS [3]. Market Trends - According to Counterpoint, the penetration rate of ARM architecture in AI PCs is expected to grow from 15% in 2023 to 25.3% by 2027. ARM-based AI PCs can leverage superior energy efficiency to support more AI functionalities, leading to increased shipments [3].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The report anticipates that electricity demand growth will likely outpace economic growth in the long term, with a tight supply-demand balance expected during the peak electricity consumption period in 2024. The ongoing expectations for electricity market reforms are expected to rationalize pricing mechanisms across various power sources, leading to a revaluation of quality assets within the industry [5][9] - In a declining required return environment, investors are expected to place greater emphasis on long-duration stable profit assets. The report suggests that the perpetual operating nature of electricity assets has not been fully priced in, indicating potential for valuation increases in stable dividend-generating assets within the industry [7][9] Summary by Sections Industry Review: Significant Phase-Specific Excess Returns - The public utility sector has shown significant phase-specific excess returns, outperforming market indices [16][22] - Absolute valuations are at historical median levels, with thermal, hydro, and nuclear power valuations at historical highs [22][27] Valuation Elevation Pathway One: Tight Supply-Demand Combined with Rising Electricity Reform Expectations - The report highlights that electricity consumption elasticity is expected to remain high, with electricity demand growth likely to exceed economic growth for an extended period [43][45] - The report provides data indicating that the contribution rate of traditional high-energy-consuming electricity growth is declining, while the growth rate of emerging high-energy-consuming sectors is expanding [36][37] Valuation Elevation Pathway Two: Long-Duration Interest Rate Bonds' Equity Mapping - The report maintains an "Overweight" rating for public utilities, suggesting that the catalysts from electricity reforms and the equity mapping attributes of long-duration interest rate bonds will likely enhance industry valuations, with a focus on selecting alpha assets within the sector [9][12]

Investment Rating - The report assigns an "Overweight" rating for the home furnishing industry, consistent with the previous rating [1]. Core Viewpoints - The report indicates that the negative factors have been fully priced in, and the stock price pullback is nearing its end. Companies with strong channels, operations, and binding top clients are expected to continue delivering performance growth [2][3]. - Categories such as thermal cups and smart sofas are highlighted as benefiting from customer, channel, and operational capabilities, with strong short-term cross-border sales and shipping data [3][41]. - The report emphasizes that the shipping cost and demand pressures have been adequately accounted for, with shipping rates rising since May 2024 due to geopolitical factors, although most listed companies have their shipping costs borne by clients [3][7]. Summary by Relevant Sections Shipping and Costs - Shipping costs have been under pressure due to geopolitical factors, leading to a continuous rise in freight rates since May 2024. However, the negative expectations have been fully reflected in stock prices [3][7]. - The report notes that while shipping costs are rising, the impact on apparent profit margins and revenue growth is influenced by delayed customer orders and actual demand fluctuations [3][7]. Currency Exchange - The report mentions that the exchange rate has remained stable, with a narrowing of exchange gains in Q2 2024. The high base effect from the previous year is expected to release pressure in Q2 [12][19]. - Excluding exchange gains, the profit margin trend is still positive, driven by companies optimizing their business structures and increased order volumes [12]. Tariffs - The report states that recent tariff policy changes in other industries have not significantly impacted the export chain for the home furnishing sector, as the correlation with the main products of listed companies is low [15]. - Domestic companies are proactively setting up overseas factories to avoid tariffs, which is expected to further enhance cost advantages [15]. Company Performance - Specific companies such as "Jia Yi Co." and "Craft Home" are recommended for their strong operational capabilities and expected performance growth [3][5]. - The report provides earnings forecasts for these companies, with Jia Yi Co. projected to have an EPS of 6.78 in 2024 and Craft Home at 4.49 [5]. Market Trends - The report highlights that the export landscape remains positive, with internal categories showing differentiation. Consumer-oriented products like thermal cups and office chairs are performing better than average [18][19]. - The report notes that U.S. housing sales remain at a low point, but there is potential for recovery as interest rates decrease [18].

Investment Rating - The report maintains an "Overweight" rating for the wholesale and retail industry, consistent with the previous rating [1]. Core Insights - The report highlights that the retail sector is experiencing a recovery driven by promotional events such as the "618" shopping festival, although the gold and jewelry segment is facing short-term pressure due to high gold prices [1][2]. - In May 2024, the total retail sales of consumer goods increased by 3.7% year-on-year, up from 2.3% in April, with a month-on-month increase of 1.4 percentage points [2]. - The report emphasizes that the recovery in retail sales is primarily attributed to the effects of the "May Day" holiday, the "618" online shopping festival promotions, and policies encouraging the replacement of consumer goods [2]. Summary by Relevant Sections Retail Sales Performance - The report notes that retail sales excluding automobiles grew by 4.7% year-on-year in May, compared to 3.2% in April, with a month-on-month increase of 1.5 percentage points [2]. - The retail sales of limited companies in May saw a year-on-year increase of 3.4%, up from 0.9% in April, with a month-on-month increase of 2.5 percentage points [2]. Category Performance - The report indicates that the growth rates for various categories in May were as follows: cosmetics (+18.7%), gold and jewelry (-11.0%), cultural and office supplies (+4.3%), food (+9.3%), and home appliances (+12.9%) [2][11]. - The report also highlights that the growth in service revenue outpaced that of goods, with restaurant income increasing by 5.0% year-on-year [2]. E-commerce Trends - The report states that online retail sales of physical goods saw a year-on-year growth of 11.5% in the first five months of 2024, with online sales accounting for 24.7% of total retail sales in May, an increase of 0.8 percentage points from the previous month [2][10]. - The penetration rate of e-commerce continues to rise, indicating a shift in consumer purchasing behavior towards online platforms [2]. Investment Recommendations - The report recommends focusing on vertical O2O (Online to Offline) and overseas expansion, highlighting companies such as TuHao-W, Miniso, and others as potential investment opportunities [2]. - It also suggests that the long-term outlook for gold jewelry remains promising under the backdrop of the rise of domestic brands, recommending companies like Cai Bai and Lao Feng Xiang [2][12].

Investment Rating - The report assigns a rating of "Accumulate" to the company, maintaining the previous rating of "Accumulate" [3][4]. Core Views - The company is significantly undervalued, and as the transformation logic gradually materializes, performance is expected to exceed expectations. The forecasted net profits for 2024-2026 are 1.414 billion, 1.705 billion, and 2.107 billion yuan, respectively, corresponding to EPS of 1.31, 1.58, and 1.95 yuan. The target price remains at 18.10 yuan [4]. Summary by Sections Company Overview - The company plans to sell green energy mining equipment, including "pure electric mining trucks" and "pure electric vehicle charging and swapping stations," to its controlling shareholder, Zijin Mining, marking the first step in establishing a comprehensive mining system solution [3][4]. Business Development - The company is benefiting from the transition to electric mining trucks, which can significantly reduce carbon emissions. For instance, the carbon emissions per ton-kilometer for electric trucks are 25.6% lower than traditional diesel trucks, and operational costs can decrease by 50%-60% [4]. - The company has a solid position in the flue gas treatment and thermal power auxiliary machinery sectors, with a backlog of environmental engineering contracts amounting to 18.36 billion yuan, ensuring stable growth [4]. - The company is actively advancing its renewable energy business, with nearly 1 GW of wind and solar green electricity projects under construction and ongoing projects in both domestic and overseas markets [4]. Shareholder Confidence - Zijin Mining has been increasing its stake in the company, acquiring a total of 68.98 million shares, representing 6.38% of the total share capital, which reflects strong confidence in the company's future [4].

Investment Rating - The report maintains a rating of "Accumulate" for the company [21] Core Views - The company plans to divest 71% of its stake in the polycarbonate company to focus on its nylon core business, which is expected to improve profitability by shedding loss-making assets [29] - The termination of the Bisphenol A Phase II project is aimed at alleviating pressure on the polycarbonate industry chain, as the market conditions for Bisphenol A are currently weak [29] - The company is expanding its upstream and downstream supply chain, with projects in hydrogen ammonia and caprolactam, and is entering the high-end civilian nylon 66 market through partnerships [29] Financial Summary - Revenue for 2022 was 14,572 million, with a projected decline to 12,919 million in 2023, followed by a recovery to 13,832 million in 2024 [5] - Net profit attributable to the parent company dropped significantly from 399 million in 2022 to 123 million in 2023, with a forecasted recovery to 406 million in 2024 [5] - The company’s earnings per share (EPS) is projected to be 0.39 in 2024, 0.57 in 2025, and 0.70 in 2026 [29] Market Data - The stock price has fluctuated between 5.27 and 8.00 over the past 52 weeks, with a current market capitalization of 6,912 million [3] - The company’s price-to-earnings (P/E) ratio is projected to be 17.01 for 2024, decreasing to 9.46 by 2026 [5]

Investment Rating - The report initiates coverage with a rating of "Buy" for the other home goods industry [2]. Core Views - The report highlights that the artificial turf, shading materials, and thermos cup segments are experiencing strong demand and supply dynamics, with leading companies showing excellent financial metrics and clear capacity expansion paths, indicating a potential growth cycle ahead [1]. Summary by Sections 1. Artificial Turf: Emerging with Ample Global Penetration Space - The global artificial turf market is projected to grow from a sales value of €2.8 billion in 2021 to €3.8 billion by 2025, with a compound annual growth rate (CAGR) of 8.4% [3][7]. - China accounts for over 60% of global production capacity, with five of the top ten suppliers being Chinese companies [15]. 2. Functional Shading Materials: Mature Overseas Market with Low Domestic Penetration - The domestic market for functional shading products was valued at ¥21.63 billion in 2021, with a CAGR of 7.6% from 2016 to 2021. It is expected to reach ¥50 billion by 2025 [25]. - The penetration rate in China was only 3.1% in 2019, compared to over 70% in mature overseas markets, indicating significant growth potential [25]. 3. Aseptic Packaging: Continuous Downstream Expansion and Domestic Substitution - The aseptic packaging market in China is expected to grow steadily, with a market size of approximately 117.6 billion packages in 2023 [38]. - The demand for aseptic packaging is driven by the increasing consumption of liquid dairy products and non-carbonated beverages, with a growth rate of 6.9% from 2019 to 2022 [38]. 4. Thermos Cups: High Demand in Exports and Promising Domestic Market - The domestic thermos cup market is expanding its product matrix to meet diverse consumer needs, with brands like Hars leveraging various usage scenarios [45]. - The market is characterized by a significant presence of foreign brands in the high-end segment, while domestic brands are increasingly penetrating the mid-to-high-end market [46].

Investment Rating - The report initiates coverage with a rating of "Buy" for the company, setting a target price of 11.83 CNY [24]. Core Views - The company is a key developer and operator in the Shanghai Free Trade Zone, holding 4.7 million square meters of quality rental property assets, which are expected to generate stable rental income with a potential growth range of 37% to 79% [14][29]. - The company has revised its shareholder return plan for 2023-2025, increasing the annual dividend payout ratio to over 50%, with a 2023 dividend ratio of 50.15% [16][40]. - The company is actively exploring innovative financing channels to support its capital-intensive operations, including A-share placements and REITs issuance, which could lower financing costs and alleviate debt pressure [30]. Summary by Sections 1. Core Views and Profit Forecast - The company operates in the Shanghai Free Trade Zone, leveraging its location to conduct park property operations, trade services, and urban renewal, with a stable rental income and significant growth potential [29]. - The rental income for 2023 is projected at 1.78 billion CNY, with a low vacancy rate of 8% and 80% of rental income derived from industrial properties [29]. 2. Business Segments - The park property operation segment is expected to be the main revenue driver, with projected revenue growth rates of 21.3%, 19.1%, and 18.9% from 2024 to 2026 [42]. - The trade and service segment is anticipated to grow at rates of 8.4%, 8.2%, and 6.3% during the same period, benefiting from the company's strategic location [31]. 3. Financial Performance - The company’s revenue for 2023 is estimated at 7.57 billion CNY, reflecting a decline from previous years due to market conditions, but the net profit remains at a historical high of 9.3 billion CNY [37]. - The company has maintained a consistent improvement in profitability, with net profit margins showing an upward trend since 2015 [38]. 4. Valuation - The report employs both absolute and relative valuation methods, concluding with a target price of 11.83 CNY based on a price-to-book ratio of 1.3X for 2024 [34][20].