Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, specifically focusing on Stellantis and its global competitiveness [2]. Core Insights - Stellantis has a long history of mergers and acquisitions, resulting in a diverse portfolio of 14 automotive brands, with significant sales contributions from both Europe and North America [2][11]. - The company has demonstrated robust revenue growth post-merger, with a CAGR of 12.6% from 2021 to 2023, although it faced short-term pressure in 2024 due to inventory issues and model transitions [2][13]. - Cost-cutting measures implemented by CEO Carlos Tavares have significantly improved operational efficiency and profitability, despite short-term restructuring costs impacting financials [2][4]. - The South American market is emerging as a potential growth engine for Stellantis, benefiting from favorable tax policies and a unique consumer demand structure [2][3]. Summary by Sections 1. Mergers and Acquisitions - Stellantis was formed through the merger of FCA and PSA, creating a major player in the automotive industry with a comprehensive brand portfolio [11]. - The company has successfully integrated multiple brands across various market segments, achieving significant sales volumes [12]. 2. Financial Performance - Stellantis reported revenues of €1,494 billion, €1,796 billion, and €1,895 billion from 2021 to 2023, with a net profit of €142 billion, €168 billion, and €186 billion respectively, indicating a strong financial trajectory [2][13]. - The first half of 2024 saw revenues of €850 billion and a net profit of €56 billion, reflecting short-term challenges due to inventory and model transition issues [13]. 3. Cost Management and Efficiency - The report highlights Tavares' successful cost-cutting strategies, which have led to improved profitability metrics, including a significant increase in per-employee productivity [2][4]. - Stellantis has focused on platform-based development to maximize efficiency and reduce costs, with a stable R&D expense ratio [24][25]. 4. Market Dynamics - The report notes a decline in market share in North America and Europe, prompting Stellantis to focus on the South American market as a new growth avenue [2][3]. - The South American market has shown resilience, with a stable profit margin supported by tax incentives, making it a potential third growth engine for the company [2][3]. 5. Strategic Partnerships - Stellantis has entered into strategic partnerships, including a significant investment in Leap Motor, to enhance its presence in the global electric vehicle market [20][21]. 6. Future Outlook - The report anticipates a recovery in demand in the second half of 2024, alongside the introduction of new models, which could alleviate current inventory pressures [2][3].

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Investment Rating - The report maintains a "Buy" rating for the shipping and express delivery sectors, highlighting potential growth opportunities in these areas [3][5][10]. Core Insights - The report emphasizes a seasonal rebound in oil tanker rates, with VLCC rates increasing by 36% to $31,267 per day, driven by tight capacity and demand fluctuations [3][5]. - The express delivery sector is expected to see significant price increases as companies respond to the "anti-involution" initiative, with recommendations for high-growth and high-margin companies like Shentong Express and YTO Express [3][5][9]. - The shipbuilding sector is undergoing a restructuring process, which is anticipated to enhance earnings per share (EPS) for companies involved, particularly focusing on China Shipbuilding Defense and China Power [3][5]. Shipping Sector Summary - Oil tanker rates are experiencing a seasonal rebound, with VLCC rates up 36% this week, indicating a positive outlook for the shipping sector despite mid-cycle demand concerns [3][5]. - The report notes that the shipping industry is currently in a long-term supply upcycle, with adjustments in valuations due to pessimistic demand expectations [3][5]. - The report recommends companies such as COSCO Shipping Energy, China Merchants Energy, and Xingtong Co., which are well-positioned to benefit from these trends [3][5]. Express Delivery Sector Summary - The express delivery industry is entering a peak season with price hikes, driven by a collective effort to maintain a healthy industry ecosystem [3][5][9]. - Recommendations include Shentong Express for high volume growth and YTO Express for consistent performance and service quality [3][5][9]. - The report highlights the importance of monitoring Yunda and ZTO Express as key players in the sector [3][5][9]. Aviation Sector Summary - The report highlights a recovery in the aviation sector, with Airbus delivering 36 A320 aircraft in August, indicating a gradual return to pre-pandemic delivery levels [10]. - Recommendations include airlines such as China Eastern Airlines, Air China, and Spring Airlines, which are expected to benefit from the ongoing recovery in air travel demand [10]. - The report also emphasizes the importance of global aircraft leasing companies and maintenance service providers in the aviation supply chain [10]. Rail and Road Sector Summary - The report recommends companies like Daqin Railway and China Merchants Highway, noting a stable performance in rail freight volumes [11]. - Data indicates that rail freight volume remains high, with a total of 670 million tons shipped from July to August [11]. - The report suggests monitoring logistics companies like China Railway Special Cargo and Iron Dragon Logistics for potential investment opportunities [11].

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行 业 及 产 业 传媒 行 业 研 究 / 行 业 点 评 - 证 券 研 究 报 告 2024 年 09 月 17 日 继续看好聚焦主业，提升股东回报 的港股互联网 看好 ——互联网传媒周报 20240909-20240917 本期投资提示： 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 联系人 任梦妮 (8621)23297818× renmn@swsresearch.com ⚫ 标的： | --- | --- | |-------|--------------------------------------------------- ...

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计算机 行 业 研 究/ 行 业 点 评 证 券 研 究 报 告 2024 年 09 月 17 日 OpenAI 发布 o1 模型！华为重磅 会议召开在即！ 看好 ——计算机行业周报 20240909-20240913 相关研究 《TESLA 产业链机会提示！国产 AI 算力生 态梳理！——计算机行业周报 20240902- 20240906》 2024/09/07 《计算机中报哪些启示？黑芝麻智驾芯片 布局全面梳理！——计算机行业周报 20240826-20240830》 2024/08/31 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 施鑫展 A0230519080002 shixz@swsresearch.com 胡雪飞 A0230522120002 huxf@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com ...