Investment Rating - The industry rating is "Outperform the Market" [1] Core Views - The report expresses optimism for the undervalued non-bank financial sector, driven by recent policy measures, stable exchange rates, and positive expectations regarding U.S. interest rate cuts. The report highlights the significant increase in trading volume and suggests that the narrowing of the China-U.S. interest rate differential may trigger further gains in the securities market [1][8] - The insurance sector is expected to benefit from market uptrends, with valuations likely to recover further. The report emphasizes the importance of monitoring life insurance reforms, fundamental recovery, and real estate sales [9][10] - The report recommends focusing on specific stocks within the brokerage and insurance sectors, including China Galaxy Securities, Zhejiang Securities, and Ping An Insurance, among others [1][9] Summary by Sections 1. Main Points - The report notes that from September 23 to September 27, the CSI 300 Index rose by 15.7%, the insurance index increased by 17.69%, the brokerage index surged by 25.60%, and the diversified financial index grew by 24.93% [6] - Recent domestic policies aimed at supporting capital market development have been introduced, including a reduction in the reserve requirement ratio and measures to promote long-term capital inflow [7][8] 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently at a historically low valuation, presenting an opportunity for valuation recovery. Recommended stocks include Ping An Insurance, China Pacific Insurance, and New China Life Insurance, with Ping An reporting a net profit of 74.619 billion yuan for H1 2024, a 6.8% year-on-year increase [10] 2.2 Brokerage Sector - The report highlights the potential of mid-sized brokerage firms benefiting from market conditions, recommending stocks like East Money and Zhejiang Securities. It also suggests focusing on leading brokerage firms with diversified revenue structures, such as Huatai Securities and China Securities, which are currently undervalued [10]

Investment Rating - The industry investment rating is "Outperform the Market" [3][52]. Core Viewpoints - The report highlights a significant increase in renewable energy installations, with a total of 174 GW added in August 2024, and a notable growth in urban and rural residential electricity consumption by 23.7% [2][4]. - The overall electricity generation from January to August 2024 reached 62,378.8 billion kWh, marking a year-on-year increase of 5.1% [10][26]. - The total installed capacity as of August 2024 was 312,764 MW, reflecting a year-on-year growth of 14.0% [31]. Summary by Sections 1. Electricity Generation - From January to August 2024, the total electricity generation was 62,378.8 billion kWh, up 5.1% year-on-year. Hydropower generation increased by 21.7%, while solar power saw a growth of 26.6% [10][17]. - In August 2024 alone, the total generation was 9,074.2 billion kWh, with hydropower at 1,634.7 billion kWh (10.7% increase) and solar power at 386.12 billion kWh (21.7% increase) [17]. 2. Electricity Consumption - Total electricity consumption from January to August 2024 was 65,619 billion kWh, a 7.9% increase year-on-year. The residential sector saw a 10.9% increase in consumption [26][28]. - In August 2024, the monthly consumption was 9,649 billion kWh, with residential consumption growing by 23.7% [28]. 3. Installed Capacity - As of August 2024, the cumulative installed capacity was 312,764 MW, with solar power leading the growth at 48.8% year-on-year [31]. - The new installed capacity from January to August 2024 was 20,995 MW, with solar power contributing 13,999 MW, representing a 66.67% share of new installations [31][33]. 4. Utilization Hours - The average utilization hours for power generation equipment from January to August 2024 was 2,328 hours, a decrease of 103 hours year-on-year. Hydropower utilization increased by 376 hours to 2,360 hours [34][36]. 5. Investment in Power and Grid - Power construction investment from January to August 2024 reached 497.6 billion yuan, a 5.1% increase year-on-year, while grid investment was 333 billion yuan, up 23.1% [44][46]. - Investment in solar power construction was 190.69 billion yuan, showing a slight decline of 0.32% [46].

Investment Rating - The investment rating for the industry is "Outperform the Market" [3]. Core Insights - The report highlights that the total electricity generation from January to August 2024 reached 62,378.8 billion kWh, representing a year-on-year increase of 5.1%. Notably, solar power generation saw a significant growth of 26.6% [10][17]. - The total installed capacity as of August 2024 was 312,764 MW, with a year-on-year growth of 14.0%. Solar energy capacity increased by 48.8%, while wind energy capacity grew by 19.9% [31][32]. - The average utilization hours for power generation equipment decreased by 103 hours year-on-year to 2,328 hours, with hydro power showing an increase of 376 hours [34][36]. - Investment in power generation infrastructure reached 497.6 billion yuan, up 5.1% year-on-year, while grid investment surged by 23.1% to 333 billion yuan [44]. Summary by Sections 1. Electricity Generation - From January to August 2024, total electricity generation was 62,378.8 billion kWh, up 5.1% year-on-year. Hydro power generation increased by 21.7%, while solar power generation rose by 26.6% [10][17]. 2. Electricity Consumption - Total electricity consumption for the same period was 65,619 billion kWh, reflecting a 7.9% year-on-year increase. In August 2024 alone, consumption reached 9,649 billion kWh, up 8.9% [26][28]. 3. Installed Capacity - Cumulative installed capacity reached 312,764 MW, with a 14.0% year-on-year increase. New installed capacity from January to August was 20,995 MW, marking a 13.6% increase [31][32]. 4. Utilization Hours - The average utilization hours for power generation equipment were 2,328 hours, down 103 hours year-on-year. Hydro power utilization hours increased to 2,360 hours [34][36]. 5. Investment in Power and Grid - Power generation investment totaled 497.6 billion yuan, a 5.1% increase year-on-year, while grid investment reached 333 billion yuan, up 23.1% [44].

Investment Rating - The industry rating is "Outperform the Market" [1] Core Insights - The report expresses optimism for the undervalued non-bank financial sector, driven by recent policy measures, stable exchange rates, and positive expectations regarding U.S. interest rate cuts. The report highlights the significant increase in trading volume and the potential for further gains in the securities market, particularly in the context of narrowing U.S.-China interest rate differentials [1][8] - The insurance sector is expected to benefit from market uptrends, with valuations likely to recover further. The report emphasizes the importance of monitoring life insurance reforms, fundamental recovery, and real estate sales trends [1][9] - The report suggests focusing on specific stocks within the brokerage and financial IT sectors, including companies like 首创证券 (Shouchuang Securities), 浙商证券 (Zheshang Securities), and 东方财富 (East Money) [1][9] Summary by Sections 1. Main Points - The report notes that from September 23 to September 27, the Shanghai Composite Index rose by 15.7%, the insurance index increased by 17.69%, the brokerage index surged by 25.60%, and the diversified financial index grew by 24.93% [6] - Recent domestic policies aimed at supporting capital market development have been introduced, including a reduction in the reserve requirement ratio and measures to encourage long-term capital inflows [7][8] 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently at a historically low valuation, presenting opportunities for valuation recovery. Key recommendations include 中国平安 (Ping An Insurance), 中国太保 (China Pacific Insurance), and 新华保险 (New China Life Insurance) [10] 2.2 Brokerage Sector - The report highlights the potential of mid-sized brokerage firms benefiting from innovation and market conditions, recommending stocks like 东方财富 (East Money) and 浙商证券 (Zheshang Securities). It also suggests focusing on leading brokerage firms with strong performance and diversified revenue structures, such as 华泰证券 (Huatai Securities) and 广发证券 (Guotai Junan Securities) [10]

Investment Rating - The investment rating for the automotive sector is "Outperform the Market" [1] Core Views - The automotive sector experienced an overall increase of 11.07% from September 23 to September 27, underperforming the CSI 300 index by 4.63 percentage points [7][35] - The retail sales of passenger vehicles in September increased by 10% year-on-year, with a total of 1.243 million units sold from September 1 to 22 [36] - The PE-TTM for the automotive industry is 22.5, reflecting a week-on-week increase of 2.25 [9][35] Summary by Sections Market Review - The automotive sector's performance from September 23 to September 27 showed an increase of 11.07%, with the passenger vehicle segment rising by 11.72% and commercial vehicles by 8.37% [7][35] - The automotive parts sector increased by 11.46%, while the automotive services sector rose by 12.19% [7][35] Valuation Levels - As of September 27, the PE-TTM for the automotive industry is 22.5, with sub-segment valuations for passenger vehicles at 25.25, commercial vehicles at 32.8, and parts at 19.62 [9][35] Key Stock Performance - Notable stock performances include Best, Shuanghuan Transmission, and Weichai Power, which saw increases of 23.19%, 17.83%, and 16.67% respectively [20] New Vehicle Launches - A total of 32 new and updated vehicle models were launched during the week of September 23 to September 27, including models from BYD, Dongfeng, and Changan [33][34] Industry News - Significant industry developments include the launch of the Dongfeng Fengshen L7 EV and the pre-sale of the Changan Qiyuan E07, highlighting advancements in electric vehicle offerings [31][32]

2024-09-23 投资策略研究 新质生产力政策追踪（09/21-09/27） 国内政策 9 月 24 日，上海市在 2024 年的"投资上海·相约工博"投资合作推介会上 宣布了一项宏大的工业设备更新计划，该计划涉及汽车、石化、钢铁、电子 信息、电气装备、能源、船舶、轻工、水务以及工业互联网等关键工业领域。 这一百亿元级别的设备更新需求清单，是上海市为响应国家推动大规模设备 更新和消费品以旧换新的号召，以及为了实现高质量发展而采取的战略行动。 该计划的目标是在 2027 年之前，实现全市近万家规模以上企业的设备更新， 使得工业领域的设备投资规模相较于 2023 年增长 45%，累计投资额超过 4000 亿元人民币。上海作为全国最大的经济中心城市，拥有完善的制造业体 系、坚实的产业基础、集聚的创新要素以及高度的开放性，这些优势使其在 加快构建现代化产业体系和培育新质生产力方面具有巨大的潜力和旺盛的需 求。 以汽车行业为例，未来三年内，上海市预计将投入约 50 亿元人民币用于设备 更新，这包括近 1 万台工装夹具、超过 1 万台三轴以上机器人、超过 3000 套汽车模具、约 3000 台精密检测设备及上下料传送 ...

Investment Rating - The investment rating for the automotive sector is "Outperform the Market" [1] Core Views - The automotive sector experienced an overall increase of 11.07% from September 23 to September 27, underperforming the CSI 300 index by 4.63 percentage points [7][35] - The PE-TTM for the automotive industry as of September 27 is 22.5, which is an increase of 2.25 from the previous week [9][35] - Significant growth was observed in the retail sales of passenger vehicles, with a year-on-year increase of 10% for the first three weeks of September [36] Summary by Sections Market Review - The automotive sector's performance from September 23 to September 27 showed an increase of 11.07%, with the passenger vehicle segment rising by 11.72% and commercial vehicles by 8.37% [7][35] - The automotive parts sector increased by 11.46%, while the automotive services sector rose by 12.19% [7][35] Valuation Levels - The PE-TTM for the passenger vehicle, commercial vehicle, and parts segments are 25.25, 32.8, and 19.62 respectively, with increases of 2.67, 2.52, and 2.01 this week [9][35] Key Stock Performance - Notable stock performances included Best, Shuanghuan Transmission, and Weichai Power, which saw increases of 23.19%, 17.83%, and 16.67% respectively [20] Material Price Changes - As of September 27, the Shanghai aluminum index is 20471.67, copper index is 78774.23, rebar index is 3341.24, and rubber index is 18538.27, with respective changes of 2%, 3.9%, 5.98%, and 3.86% [22][35] New Vehicle Launches - A total of 32 new and updated vehicle models were launched during the week of September 23 to September 27, including models from BYD, Dongfeng, and Changan [33][34] Investment Recommendations - The report suggests that the automotive sector is showing positive momentum, with significant growth in related concept sectors such as smart vehicles and new energy vehicles, which saw increases of 18.47% and 16.2% respectively [14][35]

强于大市（维持评级） 股票 股票 投资 EPS （元） PE 代码 名称 评级 2024E 2025E 2024E 2025E 002475.SZ 立讯精密 买入 1.9 2.39 20.24 16.09 300782.SZ 卓胜微 增持 2.23 2.81 28.84 22.89 301308.SZ 江波龙 增持 2.63 5.04 24.56 12.82 资料来源：长城证券产业金融研究院 电子 证券研究报告 | 行业专题报告 2024 年 09 月 26 日 全球半导体龙头 Q2 营收环比+8%，预计 Q3 维持增速，开启端侧 AI 新景气周期 存储/MPU亮眼，Q2 全球半导体龙头营收环比+8%，预计 Q3 维持增速。 据 WSTS 数据，24Q2 全球半导体市场规模约 1499 亿美元（YoY+18%， QoQ+6%）。我们梳理的全球前 60 大半导体龙头 24Q2 营收 1654 亿美元 （YoY+22%，QoQ+8%），净利润 426 亿美元（YoY+57%，QoQ+9%）。受 益于 Q3 传统消费电子旺季及端侧 AI 新景气周期的开启，预计 24Q3 全球前 60 大半导体龙头营收 1784 亿 ...

Investment Rating - The report assigns an "Outperform" rating for the education industry, indicating an expectation that the industry will perform better than the market over the next six months [1]. Core Insights - The domestic education policy environment is showing signs of improvement, providing new growth opportunities for the education and training industry. The 20th Central Committee emphasized education, technology, and talent as foundational supports for modernization in China. Recent policy drafts suggest a more favorable stance towards the education sector, particularly vocational education [2][4]. - Despite a significant decline in newborns, the population eligible for secondary education is expected to remain stable over the next decade, with vocational education and private undergraduate programs likely to see sustained demand [2][8]. - There is an increasing societal emphasis on vocational education, with a rapid growth in vocational schools in response to the changing labor market and economic conditions. The demand for specialized technical training is expected to rise, indicating a potential boom in the vocational education sector [2][4]. - The report suggests that the next decade will see a stable increase in the eligible population for secondary and higher education, alongside a growing recognition of the importance of vocational education, leading to an expansion of the education and training ecosystem [2][4]. Summary by Sections Policy Environment - The education sector is positioned as a strategic foundation for modernization, with recent policies indicating a shift towards supporting vocational education and improving the quality of training institutions [4][5]. - The 2024 draft regulations on off-campus training reflect a more lenient approach compared to previous policies, suggesting a potential recovery for the education sector [4][5]. Demographic Trends - The eligible population for vocational education is projected to face pressure after 2034 due to declining birth rates, but the market for vocational and private undergraduate education is expected to remain robust in the coming years [8][26]. - The number of vocational schools has surged since 2021, reflecting a societal shift towards valuing vocational education as a viable career path [18][21]. Investment Recommendations - The report identifies several key companies in the education sector, including Xueda Education, New Oriental, and others, as potential investment opportunities due to their positioning in the growing vocational education market [2][28][31]. Company Performance - Xueda Education reported a revenue of 1.62 billion yuan in the first half of 2024, marking an 82% year-on-year increase, indicating a strong recovery post-policy changes [28]. - New Oriental's revenue for FY2024 reached 30.81 billion yuan, a 43.89% increase from the previous year, showcasing robust growth in its core education business [31]. - Other companies like Kaiven Education and Dao Shen Education are also showing signs of recovery and growth, with significant increases in revenue and profitability [29][34]. Future Outlook - The education sector is expected to benefit from improved policies and demographic trends, with a focus on vocational education likely to drive growth in the coming years [2][4][8].

Investment Rating - The report assigns an "Outperform" rating for the education industry, indicating an expectation that the industry will perform better than the market over the next six months [1]. Core Insights - The domestic education policy environment is showing signs of improvement, providing new growth opportunities for the education and training industry. The 20th Central Committee emphasized education, technology, and talent as foundational supports for modernization in China. Recent policy drafts indicate a more favorable stance towards the education sector, particularly vocational education [2][4]. - Despite a significant decline in newborns, the population of school-age children in secondary education is expected to remain stable over the next decade, suggesting continued demand for vocational and private higher education [2][8]. - There is an increasing societal emphasis on vocational education, with a rapid growth in vocational schools in response to the changing labor market and economic conditions. The demand for specialized technical training is expected to rise, indicating a potential boom in the vocational education sector [2][4][18]. - Investment recommendations suggest that the education and training sectors are poised for expansion due to stable school-age populations and improving policy attitudes towards vocational education [2][4]. Summary by Sections Policy Environment - The report highlights a shift in policy direction, with education being recognized as a strategic pillar for modernization. The recent draft regulations are more lenient compared to previous policies, indicating a supportive environment for K12 and vocational education [4][5]. Population Trends - Projections indicate that the population of 16-year-olds will drop to 15.23 million by 2034, but the vocational education market is expected to remain robust due to the increasing number of graduates and the need for skilled labor [8][18]. Industry Dynamics - The education sector is experiencing a structural shift, with vocational education gaining prominence as traditional higher education becomes saturated. The number of vocational schools has surged since 2021, reflecting a growing recognition of the importance of vocational training [18][21]. Key Companies - Notable companies in the education sector include Xueda Education, New Oriental, and TAL Education, which are adapting to the changing landscape by diversifying their offerings and focusing on vocational training [2][28][31]. - Xueda Education reported a revenue increase of 29% in the first half of 2024, while New Oriental's revenue grew by 43.89% year-on-year, indicating strong recovery and growth potential in the sector [28][31]. Financial Trends - The report notes a significant increase in government funding for education, with expenditures rising from 2.45 trillion yuan in 2013 to 5.04 trillion yuan in 2023, reflecting the government's commitment to enhancing educational quality [26]. Future Outlook - The education sector is expected to benefit from ongoing policy support and demographic trends, with vocational education likely to see accelerated growth as the economy evolves and the demand for skilled labor increases [2][4][18].