Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it highlights specific companies to watch, indicating a positive outlook for certain sectors within the industry [8][19]. Core Insights - The photovoltaic equipment sector has shown a significant increase, with a weekly rise of 7.08%, outperforming the CSI 300 index by 7.25 percentage points. The wind power equipment sector also increased by 6.69%, surpassing the CSI 300 index by 6.86 percentage points [6][21]. - The report indicates a stable price for silicon materials, while silicon wafer prices are expected to stabilize after recent increases. However, battery and component prices are under pressure, with expectations of price declines [7][15]. - The wind power sector is experiencing a recovery in the performance of turbine manufacturers, while component manufacturers are facing challenges. The average bidding price for onshore wind turbines has stabilized, suggesting a potential for profit recovery in turbine manufacturing [9][17]. Summary by Sections Photovoltaic Sector - Silicon material prices remain stable, with an expected production of approximately 130,000 tons in August and a slight increase to 135,000 tons in September. The demand for high-quality silicon from leading manufacturers is driving this stability [7][15]. - Silicon wafer prices are expected to stabilize after a recent price increase by Longi Green Energy, which has led to increased shipments. However, production is anticipated to decrease to 45-46 GW in September, a 14% decline from August [15][16]. - Battery prices are under pressure, with manufacturers indicating a reluctance from downstream customers to accept price increases despite rising costs. Some specialized battery manufacturers may reduce production in September [15][16]. - Component prices are declining due to aggressive pricing strategies from manufacturers, with global production estimates falling between 50-51 GW, making price recovery challenging [15][16]. Wind Power Sector - The report notes that the bidding for onshore wind turbines has reached approximately 4,891.6 MW, with an average bid price of 1,868.2 RMB/kW, indicating a stabilization in pricing [9][17]. - The overall performance of turbine manufacturers is recovering, while component manufacturers are facing pressure. The report suggests that the demand for wind power remains strong, with expectations for continued growth in the second half of the year [10][18]. - Data from the National Energy Administration indicates that the new installed capacity for wind power in the first seven months of 2024 reached 29.91 GW, a year-on-year increase of 13.68%. The total new installed capacity for 2024 is projected to reach 86.29 GW [10][18]. Companies to Watch - DiKe Co., Ltd. is highlighted as a leader in TOPCon materials, with a market share exceeding 50% and a significant portion of its shipments being TOPCon products [8][16]. - Daikin Heavy Industries is noted for its strong performance in offshore wind equipment, with a significant increase in gross margin and cash flow, benefiting from the rapid development of offshore wind projects [10][19]. - Dongfang Cable is recognized for its leading position in high-end submarine cable technology, with a positive outlook for growth due to its involvement in multiple offshore wind projects [10][19].

Economic Indicators - The US CPI and unemployment rate for July were reported at 2.9% and 4.3%, indicating signs of economic cooling[13] - The NAHB housing market index fell from 51 in April to 39 in July, marking three consecutive months of decline[13] - The 30-year mortgage rate decreased from a high of 7.8% in October 2023 to 6.35%[13] Credit and Banking - The credit card delinquency rate for the bottom 100 US banks rose to 7.79%, exceeding the 2008 level of 5.61%, while the top 100 banks' rate was only 3.01%[13] - The Federal Reserve is expected to lower rates by 25bps and 50bps with probabilities of 67% and 33% respectively in the upcoming meeting on September 18, 2024[13] Currency and Exchange Rates - The offshore RMB funding rate (CNH HIBOR) dropped from 5.76% on July 24 to 1.22% by the end of August, indicating improved liquidity[3] - The USD/CNH exchange rate is expected to fluctuate around 7.15 in the short term, with potential for RMB appreciation towards the end of 2024[3] Bond Market - The 10-year government bond yield increased by 2bps to 2.17%[19] - The central bank purchased 100 billion RMB in bonds in August, focusing on short-term bonds while selling long-term ones[19] Commodity Prices - Brent crude oil prices closed below $79 per barrel amid concerns over demand despite supply disruptions from Libya[4] - The US commercial crude oil inventory decreased by 850,000 barrels to 425.2 million barrels[4] Investment Trends - Foreign investment in Chinese bonds increased by 787 billion RMB from January to July 2024[3] - The overall performance of major assets showed black commodities outperforming the RMB exchange rate and Asian stocks[11]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a robust performance in H1 2024, achieving revenue of 12.22 billion and a net profit of 1.46 billion, both reflecting a year-on-year increase of 33% [10] - The automotive electronics business is entering a rapid growth phase, driven by the mass production of various projects including air suspension and intelligent cockpit systems [10] - The company is making steady progress in its international strategy, with its aluminum control arm products gaining recognition from high-end clients [10] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 122.22 billion, up 33% year-on-year, and a net profit of 14.56 billion, also up 33% year-on-year [10] - Q2 2024 revenue reached 65.34 billion, a 39% increase year-on-year, with net profit at 8.11 billion, a 26% increase [10] - The company’s gross margin was 21.35%, a decrease of 1.24 percentage points year-on-year [10] Business Segments - Revenue from various business segments in H1 2024 included: shock absorbers (2.14 billion, +18%), interior functional parts (3.91 billion, +24%), chassis systems (3.79 billion, +31%), automotive electronics (707 million, +744%), and thermal management systems (919 million, +18%) [10] - The air suspension products have become a new growth point for revenue, with significant sales from models like the AITO M9 and Xiaomi SU7 [10] Market Outlook - The company expects net profits for 2024-2026 to be 3.016 billion, 4.009 billion, and 4.866 billion respectively, with corresponding EPS of 1.79, 2.38, and 2.89 [8] - The projected PE ratios for the same period are 19X, 14X, and 12X [8]

Investment Rating - The report suggests a cautious optimism for the electronics sector, indicating a gradual recovery in demand and pricing normalization, with a recommendation to slowly accumulate positions in select areas [6][9]. Core Insights - Nvidia's Q2 performance exceeded expectations, but its Q3 guidance fell short of the highest market forecasts, raising concerns about potential growth slowdown. However, the report emphasizes the ongoing necessity for tech companies to invest in AI, suggesting that Nvidia's growth is returning to a more sustainable trajectory [6][7]. - The consumer electronics supply chain is experiencing a mild recovery, driven by AI, with IDC raising its forecast for global smartphone shipments in 2024 to a 5.8% year-on-year increase, predicting that AI smartphones will capture 18% of the market by year-end [8][15]. - The electronics industry is currently in a phase of bottoming out, with valuations at historical lows, making it an opportune time to focus on four main investment themes: AIOT, AI-driven sectors, equipment materials, and the consumer electronics cycle [6][9]. Summary by Sections Industry News - Nvidia reported Q2 revenue of $30.04 billion, a 15% increase quarter-on-quarter and a 122% increase year-on-year, with a net profit of $16.599 billion, reflecting a 168% year-on-year growth [14]. - IDC has revised its 2024 global smartphone shipment forecast to 1.23 billion units, a 5.8% increase from the previous year, driven by strong growth in Android devices in China and emerging markets [15]. - The report highlights the collaboration between SK Hynix, TSMC, and Nvidia to develop next-generation HBM technology, aiming for mass production by 2026 [16]. Market Performance - The electronics sector outperformed the broader market, with the Shenwan Electronics Index rising 3.43% while the CSI 300 Index fell by 0.17%, indicating a positive trend in the sector [28]. - As of August 30, 2024, various sub-sectors within electronics showed positive growth, with semiconductor stocks up by 3.11% and consumer electronics up by 4.55% [9][30]. Investment Recommendations - The report recommends focusing on companies benefiting from strong overseas demand in the AIOT sector, such as Lexin Technology and Hengxuan Technology, as well as those in the AI innovation-driven segment like Cambricon and Haiguang Information [9]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like China Shipbuilding Gas and Huate Gas as potential investment opportunities [9].

Investment Rating - The industry investment rating is "Neutral" [25] Core Insights - The beauty and personal care sector outperformed the market, with the Shenwan Beauty Care Index rising by 4.19% while the CSI 300 Index fell by 0.17%, resulting in a 4.36 percentage point outperformance [6][11] - Key companies reported varied performance, with Proya achieving a revenue of 5.001 billion yuan, a year-on-year increase of 37.90%, and a net profit of 702 million yuan, up 40.48% [6][18] - The launch of Han's "Super Frequency X Peptide Series" marks a significant innovation in anti-aging products, utilizing a new composite peptide technology [6][17] Market Performance - The Shenwan Beauty Care Index increased by 4.19% this week, while the CSI 300 Index decreased by 0.17%, making it the fourth-best performing sector among all Shenwan primary industries [11][12] - The top five performing stocks in the sector included Proya (+12.35%), Runben (+11.30%), and Yanjing (+10.50%) [6][14] Company Announcements - Proya's half-year results showed a revenue of 5.001 billion yuan and a net profit of 702 million yuan, reflecting strong growth [6][18] - The launch of Han's "Super Frequency X Peptide Series" aims to enhance anti-aging effects by activating collagen cells and improving skin texture [6][17] Consumer Trends - The cosmetics market is experiencing a shift towards more rational consumer spending, with domestic brands like Proya gaining market share [7] - The medical beauty sector is seeing dual growth in supply and demand, with increasing compliance and domestic substitution rates [7] Data Tracking - In July 2024, the total retail sales of consumer goods in China reached 37.757 billion yuan, with cosmetic retail sales declining by 6.1% year-on-year [20]

Investment Rating - The report assigns a standard investment rating to the electric battery and energy storage industry, indicating a positive outlook for the sector [2]. Core Insights - The report highlights that the consumption peak season is approaching, with expectations for new energy vehicle (NEV) sales and penetration rates to reach new highs. It forecasts that NEV sales will reach 11.5 million units in 2024, representing a year-on-year increase of 20% [4][14]. - The supply side of the industry is undergoing orderly adjustments, leading to price stabilization across various materials, including lithium salts and battery components [15][16]. - The energy storage market is experiencing robust demand, with a cumulative installed capacity of 103.3 GW as of mid-2024, reflecting a year-on-year increase of 47%. New energy storage installations reached 13.67 GW in the first half of 2024, up 71% year-on-year [18][19]. Summary by Sections Battery Sector - The upcoming "golden September and silver October" period is expected to boost NEV sales, supported by trade-in subsidies and rapid product iterations from automakers. The overall performance in August was strong, particularly for low-cost pure electric models [4][14]. - The supply side is adjusting, with lithium carbonate prices fluctuating due to ongoing negotiations between supply and demand. The price of lithium iron phosphate remains at the breakeven point, while the prices of anode materials are stable near cost levels [15][16]. - Key companies to watch include CATL, which is projected to ship 480 GWh in 2024 with an estimated profit of approximately 46 billion yuan, and Terui, which is expected to benefit from grid investment upgrades and has turned profitable [16][19]. Energy Storage Sector - The report notes a slight decline in the energy storage bidding market, with 13 new projects and a total bidding capacity of 1.86 GW/20.71 GWh. The average winning bid prices for energy storage systems have increased [17][35]. - The energy storage market is expected to maintain rapid growth, with new installations of 48.18 GW/107.86 GWh, a year-on-year increase of 142%. The proportion of pumped storage capacity continues to decline [18][19]. - Companies like Shangneng Electric are highlighted for their comprehensive energy storage business model, which includes upstream inverters and downstream power stations, positioning them as leaders in the domestic market [19].

Investment Rating - The report rates the food and beverage industry as "Overweight" [3]. Core Views - The food and beverage sector showed resilience with a 1.62% increase last week, outperforming the CSI 300 index by 1.79 percentage points [9]. - The processed food sub-sector experienced the highest growth at 6.41% [9]. - The report highlights the performance of key companies, with Mogo Co., Jia Jia Food, and Baba Food leading in stock price increases [9]. Summary by Sections 1. Market Performance - The food and beverage sector ranked 19th among 31 primary sectors in the last week [9]. - The top five stocks in terms of growth were Mogo Co. (+31.94%), Jia Jia Food (+13.66%), Baba Food (+13.26%), New Dairy (+11.96%), and Ganyuan Food (+10.19%) [9]. - The top five decliners included Yangyuan Beverage (-12.04%), Ximai Food (-6.66%), Chengde Lulu (-6.19%), *ST Xifa (-4.79%), and Happy Home (-3.88%) [9]. 2. Key Company Updates - Wuliangye reported a 2024 H1 revenue of 50.648 billion yuan, up 11.3% year-on-year, with a net profit of 19.057 billion yuan, also up 11.86% [2]. - Qingdao Beer reported a 2024 H1 revenue of 20.068 billion yuan, down 7.06%, but net profit increased by 6.31% to 3.642 billion yuan [2]. - New Dairy achieved a revenue of 5.364 billion yuan in H1 2024, a 1.25% increase, with a net profit of 296 million yuan, up 25.26% [39]. 3. Industry Dynamics - The liquor industry is experiencing performance differentiation, with the overall growth rate slowing in Q2 2024 [2]. - The report notes that the white liquor sector is facing increased competition, but leading companies are expected to maintain strong market shares and profitability [2]. - The beer sector is benefiting from cost reductions in raw materials, which is expected to enhance profitability [2]. 4. Consumer Trends - The snack segment continues to grow rapidly, driven by new channels and product innovations [4]. - The dairy segment is seeing increased consumer demand for low-temperature fresh milk, indicating a shift towards healthier options [4].

总 量 研 究 Table_Reportdate] 2024年09月01日 宏 观 周 报 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn 联系人 高旗胜 gqs@longone.com.cn [中报Table_NewTitle] 净利增速降幅收窄，8月制造业PMI 继续回落 ——宏观周观点（20240826-20240830） [table_main] 投资要点 ➢ 核心观点：A股中报披露完毕，全A净利润增速较一季度小幅回升，但二季度环比却弱于 季节性，同时双创利润增速有压力。行业上农林牧渔，社服净利润增速较快且环比一季 度改善。低波红利、中特估概念业绩相对稳定，与板块股价表现一致。经济方面，8月制 造业PMI在收缩区间内继续回落，多数分项指数环比下降且在临界点之下，经济增长动 能有所不足，稳增长政策加力的必要性或进一步上升。市场方面，本周A股震荡调整后反 弹，传媒、电力设备、美容护理、基础化工、电子等板块涨幅居前，上周领涨的银行本 周涨幅垫底 ...

行 业 研 究 汽 车 [Table_Reportdate] 2024年09月02日 行 业 周 报 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn [table_stockTrend] -30% -22% -15% -7% 0% 8% 15% 23-08 23-11 24-02 24-05 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] 1. 以旧换新政策促进零售端企稳， 新能源汽车渗透率延续环比提升趋 势——汽车行业周报（2024/08/19- 2024/08/25） [table_invest] 标配 [Table_NewTitle 小鹏MONA M03 ] 正式上市，推动AI智驾 向主流大众市场下沉 ——汽车行业周报（2024/08/26-2024/09/01） [table_main] 投资要点： ➢ 本周汽车板块行情表现：本周沪深300环比下跌0.17%；汽车板块整体上涨2.67%，涨幅在 31个行业中排第10。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板 块分别变动-2 ...

Group 1: Manufacturing Industry Insights - The manufacturing PMI for August 2024 continued to decline, indicating a need for stronger growth policies as both supply and demand are slowing down. The new orders index has been in contraction for five consecutive months, with a decrease in most indices month-on-month, suggesting insufficient market demand remains a significant constraint. However, the new export orders index has stabilized for two months, indicating a potential stabilization in manufacturing exports [6][7][9]. - In August, the manufacturing PMI fell to 49.1%, down 0.3 percentage points from the previous month, which is significantly below the 10-year average of 50.4% for the same period. This reflects a continued decline in economic activity and highlights the necessity for enhanced counter-cyclical policy measures [6][7][9]. - The high-tech manufacturing PMI rose to 51.7%, an increase of 2.3 percentage points, while the equipment manufacturing PMI increased to 51.2%, up 1.7 percentage points. This indicates a rapid recovery of new momentum in the manufacturing sector, particularly in high-tech and equipment manufacturing [7][11]. Group 2: Company-Specific Analysis - Yangjie Technology - Yangjie Technology (300373.SZ) reported a revenue of 1.537 billion yuan for Q2 2024, representing a year-on-year increase of 16.96% and a quarter-on-quarter increase of 15.75%. The net profit attributable to shareholders was 244 million yuan, up 6.75% year-on-year and 35.36% quarter-on-quarter [12][13]. - The company is increasing its investment in automotive electronics and expanding its overseas presence. The construction of its automotive-grade wafer and packaging factory in Yangzhou is progressing well, and the company has developed a vehicle-mounted silicon carbide module that has garnered interest from several Tier 1 and end vehicle manufacturers [13][14]. - Yangjie Technology's revenue for the first half of 2024 reached 2.865 billion yuan, a year-on-year increase of 9.16%. The company is expected to see steady growth in performance as domestic and overseas demand recovers, with projected revenues of 6.456 billion yuan, 7.916 billion yuan, and 9.688 billion yuan for 2024, 2025, and 2026 respectively [14].