汽车 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 8 月乘用车零售市场预计约为 184 万辆，环比+7% ——汽车行业周报（2024/08/19~2024/08/23） ◼ 行情回顾 过去一周(2024/08/19~2024/08/23），申万汽车行业下跌 2.18%，表现 弱于同花顺全 A，所有一级行业中涨跌幅排名第 10。细分板块涨跌 幅：过去一周(2024/08/19~2024/08/23），摩托车及其他涨幅最大，汽 车服务跌幅最大。摩托车及其他上涨 0.54%，乘用车下跌 1.09%，汽 车零部件下跌 2.81%，商用车下跌 3.04%，汽车服务下跌 4.18%。 ◼ 核心数据 数据跟踪： 1）行业总量：据中汽协数据，2024 年 7 月汽车销量约 226.2 万辆， 环比-11.4%，同比-5.2%。 2）车企端：据乘联会数据，2024 年 7 月，比亚迪、吉利和一汽大众 零售销量位列前三，分别约 31.2、11.8 和 11.4 万辆，份额分别约为 18.1%、6.9%和 6.6%。其中奇瑞汽车、理想汽车分别同比+51.0%、 +49.4%。 3）周度数据： 据乘联 ...

证 券 研 究 报 告 行 业 研 究 行 业 周 报 通信 行业研究/行业周报 A 1-7 月我国通信行业总体平稳，松江区出台政策支持 卫星互联网产业 ——通信行业周报（2024.8.19-2024.8.23） ◼ 核心观点 本周核心观点与重点要闻回顾 运营商：1-7 月电信业务总量同比增长 11.2%，我国通信业运行总体 平稳，相关板块有望受益。工业和信息化部数据显示，今年 1-7 月， 我国通信业运行总体平稳。电信业务总量和收入保持稳步增长，网络 基础设施逐步完善。1-7 月，电信业务总量同比增长 11.2%，完成电 信业务收入 10354 亿元，同比增长 3%，增速与上半年持平。 卫星互联网：上海松江区计划到 2026 年实现百亿卫星互联网产业规 模，相关板块有望受益。在 2024 松江区首届卫星互联网产业生态大 会上，《松江区商业航天和空间信息产业卫星互联网细分赛道高质量 发展行动计划（2024—2026 年）》正式发布，其中提到，计划到 2026 年，松江区全区商业卫星批量化智能制造能力将达到每年 300 颗，在 轨运营卫星数量将超过 600 颗，卫星互联网产业规模将达到 100 亿元 以上。 通 ...

策略研究/策略周报 | --- | |-------| | | | | | --- | --- | |-------|-------| | | | | | | | | | | --- | |-------| | | | | | | | --- | --- | --- | --- | |---------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating for AMD based on its strong fundamentals and expected performance relative to the market benchmark index over the next 6 months [6]. Core Insights - AMD is set to acquire ZT Systems for $4.9 billion, enhancing its AI data center design capabilities and strengthening its competitive position in the AI industry [3]. - The acquisition is part of AMD's broader strategy to significantly enhance its AI capabilities, having invested over $1 billion in the past 12 months to expand its AI ecosystem and software capabilities [3]. - ZT Systems is recognized as a leading provider of AI infrastructure solutions, and this acquisition is expected to improve AMD's data center system design capabilities [3]. - AMD aims to leverage its comprehensive innovations in chips, software, and systems to provide leading AI training and inference solutions [3]. - The collaboration between AMD and ZT Systems is anticipated to create synergies that will help AMD close the gap with NVIDIA in the AI infrastructure sector [3]. Summary by Sections - **Industry**: The report focuses on the mid-cap sector, highlighting AMD's strategic moves within the AI industry [3]. - **Event**: AMD's acquisition of ZT Systems is a significant event aimed at bolstering its AI data center capabilities [3]. - **Analyst Commentary**: AMD's CEO, Lisa Su, emphasized that the acquisition is a crucial step in AMD's long-term AI strategy, aimed at providing advanced training and inference solutions for cloud and enterprise customers [3].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The NAND market is experiencing slight price fluctuations, with expectations for price increases in the second half of 2024. The average price change for 22 NAND product categories ranged from -2.12% to 3.32%, with an average change of 0.25% [1] - DRAM prices are also fluctuating, with expectations for double-digit growth in Q3 2024 and high single-digit growth in Q4 2024, driven by increased demand from AI applications. The average price change for 18 DRAM product categories ranged from -3.98% to -0.07%, with an average decline of 1.08% [1] - The HBM industry is expected to benefit from the rising demand for AI chips, with Rebellions planning to mass-produce AI chips equipped with 144GB of memory by the end of the year [1][11] Summary by Sections 1. Storage Chip Weekly Price Tracking - NAND prices are expected to maintain an upward trend in the second half of 2024, despite a slowdown in the rate of increase due to improved upstream capacity [1] - DRAM prices are projected to see significant growth in Q3 2024, with limited supply expected to drive prices higher [1] 2. Industry News - The channel memory prices have dropped below the levels of the same period in 2023, with overall market demand remaining weak [9] - The storage market is facing uncertainty, particularly in consumer demand, which has not improved despite seasonal factors [9] 3. Company Dynamics - Companies like 江波龙 are actively engaging with major clients in AI development, providing storage solutions for various AI applications [13] - 德明利 is enhancing its management practices to improve operational efficiency and adapt to currency fluctuations [12] 4. Company Announcements - 江波龙 plans to provide guarantees for its subsidiaries totaling up to RMB 90 billion [15] - 兆易创新 is proposing a share buyback of approximately 1.25 million shares, representing 0.19% of its total share capital [15]

电子 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 高通推出入门骁龙 XPlus，苹果 Vision Pro 出新专利 ——电子行业周报（2024.08.19-2024.08.23） ◼ 核心观点 本周核心观点与重点要闻回顾 被动元件：村田、TDK 等被动元件一线厂部分产品或将涨价，被动 元件产业链有望受益。被动元件一线大厂包括村田、TDK 等，有望 调升积层式电感／磁珠报价，预期大尺寸会先涨价，涨幅约 10%至 20%。我们认为，随着智能手机旺季即将到来叠加 PC 市场复苏，或 将驱动被动元件价格上涨，国内被动元件厂商有望持续受益。 算力芯片：高通推出入门级 8 核骁龙 X Plus 芯片，算力芯片产业链 有望持续收益。高通 CEO 安蒙最近宣布，其目标是在 2025 年之前推 出低于 700 美元的骁龙 X 系列机型。高通推出了一款新的入门级 SKU X1P-42-100，这意味着骁龙 X Plus 产品定价可能会进一步降 低。我们认为，AI 推动算力需求攀升，相关产业链有望持续受益。 苹果产业链：苹果专利探索未来 Vision Pro 头显，相关产业链有望持 续受益。苹果新 ...

计算机 行业研究/行业周报 证 券 研 究 报 告 ◼ 行 业 研 究 行 业 周 报 ◼ 萝卜快跑订单累计超 700 万单，看好自动驾驶景气提升 ——计算机行业周报（2024.08.19-2024.08.23） ◼ 本周核心观点及要闻回顾 人形机器人：人形机器人"领航者 2 号 NAVIAI"发布：1.65 米、 60 千克，AI 算力 275 TOPS，机器人产业链或将受益。 IT 之家 8 月 21 日消息，中控技术官方公众号宣布，其作为单一最 大股东投资入股的浙江人形机器人创新中心发布了首个具有精确技 能作业能力的人形机器人"领航者 2 号 NAVIAI"NAVIAI 单臂负载 达 5 公斤，负载自重比 > 0.75，操作精度≤0.1mm，其中多自由度灵 巧手有 15 个手指关节，6 个主动自由度，指尖力 10N，单手重量 600g，关节速度 150 度 / 秒。"领航者 2 号 NAVIAI"还能够适应 多种地面，达到拟人化全身协调运动，最快速度≥6km/h，支持物品搬 运、物品抓放、伺服插孔等作业能力，可持续作业 2 个小时。技术方 面，"领航者 2 号 NAVIAI"除了常规采用大模型进行人机交 ...

24H1 增长稳健，龙头韧性尽显 ——安井食品 2024 半年报业绩点评 ◼ 事件概述 公司发布 2024 年半年报，24H1 实现营收 75.4 亿元，同比增长 9.42%， 实现归母净利润 8.0 亿元，同比增长 9.17%；24Q2 实现营收 37.9 亿 元，同比增长 2.31%，实现归母净利润 3.6 亿元，同比减少 2.51%。 ◼ 核心观点 收入端，聚焦主业，营收稳健增长。24H1 分产品来看，速冻调制食品 / 速冻菜肴制品 / 速 冻 面 米 制 品 / 速 冻 农 副 产 品 分别实现营收 38.3/22.1/12.9/1.9 亿元，分别同比+21.86%/+0.40%/+1.37%/-27.08%； 24H1 分渠道来看，经销商/特通直营/商超/新零售/电商分别实现营收 61.1/5.2/4.3/3.3/1.5 亿 元 ， 分 别 同 比 +12.42%/-15.27%/- 3.03%/+27.32%/+7.28%。24 年行业需求偏弱，餐饮端相对承压，公司 聚焦主业发展，速冻调制食品增长势头良好。 利润端，费用率有所提升，净利率基本稳定。24H1 公司毛利率/净利 率分别为 23.91% ...

Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Insights - The company reported a strong performance in H1 2024, with revenue of 405 million yuan, a year-on-year increase of 18.60%, and a net profit of 143 million yuan, up 101.97% [1]. - Software sales showed robust growth, driven by demand for updates in power pricing software and strong performance in power monitoring equipment, indicating effective marketing strategies and product strength [1]. - The company's gross margin improved to 68.15%, with a net profit margin of 35.29%, reflecting enhanced profitability and effective cost control [1]. - The electric grid business has significant growth potential, with the market expected to exceed 80 billion yuan by 2025, and the company is well-positioned to capitalize on this trend [2]. - A proposed cash dividend of 3.9 yuan per 10 shares is expected to enhance shareholder returns and boost investor confidence [2]. Financial Projections - Revenue projections for 2024-2026 are 1.316 billion yuan, 1.546 billion yuan, and 1.737 billion yuan, representing year-on-year growth rates of 19.9%, 17.5%, and 12.3% respectively [3]. - Earnings per share (EPS) estimates for the same period are 0.89 yuan, 1.10 yuan, and 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 17x, 14x, and 11x [3][5].

策略研究/策略周报 | --- | |-------| | | | | | --- | --- | |-------|-------| | | | | | | | | | | --- | |-------| | | | | | | | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|--------------- ...