证券研究报告 | 行业周报 2024 年 10 月 13 日 医药 医药个股普遍回调，博瑞 BGM0504 减重适应症 2 期试验公布 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|-------------|-------|-------|--------|-------|-------|-------|----------------------| | 股票 | 股票 | 投资 | EPS | （元） | PE | | | 强于大市（维持评级） | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | | | 01952.HK | 云顶新耀 -B | 买入 | -2.93 | -0.12 | - | - | | 行业走势 | | 02105.HK | 来凯医药 -B | 买入 | -0.9 | -1 | - | - | | | | 301367.SZ | 怡和嘉业 | 买入 | 2.36 | 3.04 | 31.22 | 24.24 | | 医药 沪深 300 | | ...

证券研究报告 | 行业周报 2024 年 10 月 13 日 医药 医药个股普遍回调，博瑞 BGM0504 减重适应症 2 期试验公布 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|-------------|-------|-------|--------|-------|-------|-------|----------------------| | 股票 | 股票 | 投资 | EPS | （元） | PE | | | 强于大市（维持评级） | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | | | 01952.HK | 云顶新耀 -B | 买入 | -2.93 | -0.12 | - | - | | 行业走势 | | 02105.HK | 来凯医药 -B | 买入 | -0.9 | -1 | - | - | | | | 301367.SZ | 怡和嘉业 | 买入 | 2.36 | 3.04 | 31.22 | 24.24 | | 医药 沪深 300 | | ...

2023-10 2024-02 2024-06 2024-10 证券研究报告|行业周报 2024 年 10 月 15 日 电力及公用事业 行业周报（10.8-10.13）：分布式光伏新政出台，板块表现弱于大 盘 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------|-------|---------------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | 600163.SH | 中闽能源 | 增持 | 0.41 | 0.42 | 12.73 | 12.43 | | 行业走势 | | 600674.SH | 川投能源 | 增持 | 1.03 | 1.1 | 17.59 | ...

2023-10 2024-02 2024-06 2024-10 证券研究报告|行业周报 2024 年 10 月 15 日 电力及公用事业 行业周报（10.8-10.13）：分布式光伏新政出台，板块表现弱于大 盘 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------|---------------|---------------|------------------|------------|-------|-------|---------------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） | | 600163.SH | 中闽能源 | 增持 | 0.41 | 0.42 | 12.73 | 12.43 | | 行业走势 | | 600674.SH | 川投能源 | 增持 | 1.03 | 1.1 | 17.59 | ...

证券研究报告 | 公司动态点评 2024 年 10 月 14 日 华阳集团（002906.SZ） 3Q24 业绩超预期，业绩从容释放期 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|--------------|-------------------|-------|------------------|--------|-------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 5,638 | 7,137 | 9,461 | 11,805 | 14,345 | 股票信息 | | | 增长率 yoy （ % ） | 25.6 | 26.6 | 32.6 | 24.8 | 21.5 | | | | 归母净利润（百万元） | 380 | 465 | 690 | 934 ...

| --- | --- | --- | --- | |---------------------------|-----------------|------------------|-------------------------------------------------------------------------------------------------| | | | | | | | | | | | 证券研究报告 | | | | | | | | | | Q3 全球 PC 市场温和复苏， | | 8 | 月全球半导体销售 | | | 额创历史新高 —— | 电子元器件周报（ | 0930-1013 ） 评级：强于大市（维持） | | | | 时间： | 长城证券产业金融研究院 电子首席分析师：邹兰兰 执业证书编号： S1070518060001 2024 年 10 月 13 日 | 重点推荐公司盈利预测 | --- | --- | --- | --- | --- | |----------|----------------|----------------|----------|----- ...

| --- | --- | --- | --- | --- | |-------|-------|-------|----------------------------|----------------| | | | | | | | | | | | | | | | | 困境反转，把握行业翻转趋势 | | | | | | | | | | | | 长城证券产业金融研究院 | | | | | | | | | | | | 军工行业 | | | | | | 评级（强大于市） | | | | | | 分析师：付浩 | | | | | | 执业证书编号： | S1070523030001 | | | | | 2024.10.15 | | 1 核心观点 ◼军工行业有望成为边际改善幅度最大的行业之一。军工行业自从2023年以来 走势相对疲软，行业表现不尽如人意，但8月底以来行情和股价表现体现出中 报情况大多在市场预期之中的 price in，算是"利空"落地。 ◼资产证券化、资产重组整合、收并购的行业逻辑有望再度成为主线。在过去 几年市场风险偏好较低的情况下，军工科研院所的改制、央国企混改、资产重 组、资产证券化率提升的预期 ...

请仔细阅读本报告末页声明 证券研究报告|行业动态点评 2024 年 10 月 14 日 电力及公用事业 分布式光伏新政出台，提升自用比例、促进市场化交易 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|----------------------------------------------------|---------------|---------------|----------------------------------------------------------------------|----------------------|-------|--------|--------------------------------------------|-------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） ...

请仔细阅读本报告末页声明 证券研究报告|行业动态点评 2024 年 10 月 14 日 电力及公用事业 分布式光伏新政出台，提升自用比例、促进市场化交易 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|----------------------------------------------------|---------------|---------------|----------------------------------------------------------------------|----------------------|-------|--------|--------------------------------------------|-------------------| | 股票 \n代码 | 股票 \n名称 | 投资 \n评级 | EPS \n2024E | （元） \n2025E | PE \n2024E | 2025E | | 强于大市（维持评级） ...

Investment Rating - The report assigns a rating of "Outperform" for the military industry, indicating an expectation that the industry will perform better than the market over the next six months [1]. Core Insights - The military industry is expected to be one of the sectors with the greatest marginal improvement. Despite a relatively weak performance since 2023, the market has priced in most of the negative news, suggesting a potential turnaround [2]. - The themes of asset securitization, restructuring, and mergers and acquisitions are likely to become central to the industry. With increased focus on market capitalization management by state-owned enterprises and support from regulatory bodies, these themes are expected to gain higher premiums and market recognition as risk appetite improves [2]. - The military industry represents a new type of productive force, particularly exemplified by the low-altitude economy, which integrates various economic activities involving manned and unmanned aerial vehicles [2]. - Military trade is emerging as a new trend in industry development, with China's military industry now possessing a strong technical foundation and competitive pricing in the international market, which will help reduce domestic costs and accelerate technological iterations [4]. - The rising risk appetite in the market has significantly enhanced the effectiveness of geopolitical events in stimulating military industry performance, with expectations of sustained military spending growth despite economic pressures [4]. - The military industry is still in a major cyclical upturn, with the upcoming "14th Five-Year Plan" and the clarity of the "15th Five-Year Plan" indicating a potential "V" shaped recovery. Key areas to watch include unmanned equipment, satellite internet, and electronic countermeasures [4]. Summary by Sections - **Market Performance**: The military industry has shown signs of recovery after a period of underperformance, with market expectations aligning with mid-year reports [2]. - **Strategic Themes**: Focus on asset management, restructuring, and mergers is expected to drive industry growth, supported by regulatory encouragement [2]. - **Technological Development**: The low-altitude economy is highlighted as a significant area of growth, integrating various applications from tourism to emergency services [2]. - **Military Trade Dynamics**: The military trade sector is anticipated to expand, leveraging China's competitive advantages to enhance domestic military capabilities [4]. - **Geopolitical Influences**: Increased geopolitical tensions are expected to bolster military spending and industry performance, reflecting a global arms race [4]. - **Cyclical Trends**: The military industry is positioned for a significant recovery phase, with new technologies and military-civilian integration being key focus areas [4].