新能源动力系统 行业周报（20240812-20240818） 领先大市-A(维持) 国家能源局将建立健全配电网与电动汽车充电设施等协调发展机制 2024 年 8 月 20 日 行业研究/行业周报 新能源动力系统行业近一年市场表现 资料来源：最闻 【山证新能源动力系统】国家能源局： 上半年新型储能装机超 4400 万千瓦-行 业周报（20240729-20240804） 2024.8.5 【山证新能源动力系统】发改委、财政 部联合发布支持新能源汽车以旧换新补 贴 - 行 业 周 报 （ 20240722-20240728 ） 2024.7.29 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S0760523110002 邮箱：duyushu@sxzq.com 新闻 国家能源局将建立健全配电网与电动汽车充电设施等协调发展机制：8 月 13 日，国家能源局印发《配电网高质量发展行动实施方案(2024—2027 年)》。其中提出，建立健全配电网与电动汽车充电设施等协调发展机制。 电动汽车发展规模较大的重点省份，要组织开展配电网可接入充电设施容量 研究 ...

煤炭 行业周报（20240812-20240818） 领先大市-A(维持) 金九银十临近，关注非电需求恢复 2024 年 8 月 19 日 行业研究/行业周报 煤炭行业近一年市场表现 资料来源：最闻 【山证煤炭】胜率优于赔率-【山证煤炭】 行 业 周 报 （ 20240805-20240811 ） ： 2024.8.11 【山证煤炭】降息叠加设备更新计划实 施，关注双焦需求恢复-【山证煤炭】行 业周报（20240729-20240804）： 2024.8.4 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 投资要点 动态数据跟踪 动力煤：交投整体平淡，动力煤价偏弱震荡。受安监检查及北方降雨影 响减弱，煤炭产地发运一般。需求方面，上周全国降温，火电负荷高位回落， 终端去库放缓；且当前仍处汛期水电发力，叠加新能源出力较好，挤占部分 火电，终端采购仍以库存消化和刚需采购为主，动力煤价格偏弱震荡。北港 发运倒挂，现货交投热度不高，港口煤炭调入高于调出，北方港口库存止跌。 展望后期，稳经 ...

运输设备 轨交行业动态分析 领先大市-A(维持) 第二批动车组高级修招标超预期落地，客货运量维持增势 2024 年 8 月 19 日 行业研究/行业动态分析 投资要点： 运输设备板块近一年市场表现 暑运数据支撑客运高需求-轨交装备行业 月度分析 2024.7.22 【山证运输设备】需求向上与设备更新 共振，轨交装备未来可期-【山证机械】 轨交行业动态分析 2024.6.30 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 徐风 执业登记编码：S0760519110003 邮箱：xufeng@sxzq.com 动车组高级修招标大幅增长：24 年第二批四、五级修招标较第一批分 别+20.6%、45.9%。8 月 16 日，国铁集团发布 2024 年第二批动车组高级修 招标采购公告，其中，五级修招标 302 组（较第一批+45.9%），四级修招标 146.625 组（较第一批+20.6%），合计 448.625 组（较第一批+36.5%）。整体 来看，24 年两次招标，四级修 268.25 组，五级修 509 组，合计 777.25 组。 今年以来，动车组采购和高级修招标同 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][3]. Core Insights - The company achieved a revenue of 199 million yuan in the first half of 2024, representing a year-on-year increase of 73.76%, with a net profit of 35 million yuan, up 131.99% [1][2]. - The growth in sales is driven by an increase in order acceptance and cost reduction efforts, enhancing overall profitability [2][3]. - The company is expanding its product offerings into the photovoltaic sector, which is contributing to sales growth [3]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 31.67%, with a notable increase in the gross margin of other equipment and supporting products by 22.48 percentage points [1]. - The company’s revenue is projected to grow to 601 million yuan in 2024, 818 million yuan in 2025, and 1.085 billion yuan in 2026, with net profits expected to reach 103 million yuan, 140 million yuan, and 182 million yuan respectively [3][4]. - The earnings per share (EPS) are forecasted to be 0.75 yuan in 2024, 1.01 yuan in 2025, and 1.32 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 35.7X, 26.4X, and 20.3X [3][4]. Market Position and Strategy - The company is focusing on deepening customer collaborations in the semiconductor crystal growth equipment sector while also diversifying into photovoltaic applications [3]. - The revenue from crystal growth equipment reached 161 million yuan in the first half of 2024, accounting for 80.89% of total revenue, indicating strong market demand [3]. - The company is actively developing customized solutions, including automation control systems for photovoltaic applications, which are expected to enhance its competitive edge [3].

Investment Rating - The report maintains an "Outperform" rating for the consumer electronics sector, indicating expected growth exceeding the benchmark index by over 10% [1][35]. Core Insights - The report highlights the potential for growth in the consumer electronics sector driven by the release of new foldable screen products and AR smart glasses, with expectations for significant sales in the upcoming months [3][31]. - The report notes a strong performance in the foldable smartphone market, with Q2 2024 shipments reaching a record high of 9.8 million units, a 151% quarter-on-quarter increase and a 126% year-on-year increase [2][31]. - Huawei's smartphone revenue and average selling price reached historical highs in Q2 2024, with a 49% year-on-year increase in global shipments, totaling 11.6 million units [31][32]. Market Overview Overall Market Performance - The overall market showed mixed results during the week of August 12-16, 2024, with the Shanghai Composite Index rising by 0.60% and the Shenzhen Component Index falling by 0.52% [2][7]. - The semiconductor index declined by 1.42%, while the Philadelphia Semiconductor Index increased by 9.78% [2][7]. Sector Performance - The consumer electronics sector saw a weekly increase of 2.43%, with other electronics and optical electronics sectors performing even better at 5.40% and 2.87% respectively [2][9]. - Notable individual stock performances included Star Technology (+73.08%) and Kaiwang Technology (+51.90%), while Blue Arrow Electronics (-21.09%) and ST Dongxu B (-15.79%) faced significant declines [2][14]. Key Company Announcements - Pengding Holdings reported a revenue of 13.126 billion yuan for the first half of 2024, a year-on-year increase of 13.79%, but a net profit decrease of 3.40% [2]. - Jingchen Co. achieved a revenue of 3.016 billion yuan, a 28.33% increase year-on-year, with a net profit growth of 96.06% [2]. - Victory Technology reported a revenue of 4.855 billion yuan, a 32.29% increase year-on-year, with a net profit growth of 33.23% [2]. Industry News - Samsung's early launch of foldable smartphones significantly boosted the foldable smartphone panel shipments in Q2 2024, capturing a market share of 48%, surpassing Huawei's 29% [31][32]. - The global cloud infrastructure services spending grew by 19% year-on-year in Q2 2024, reaching $78.2 billion, with a notable shift towards AI-related investments [31]. - The report anticipates a strong demand for AI PCs, with shipments expected to reach 44 million units in 2024, driven by advancements in processor technology [31].

通信 周跟踪（20240812-20240816） 领先大市-A(维持) 积极因素正在累积，建议关注 AI 算力估值修复 2024 年 8 月 19 日 行业研究/行业周报 通信行业近一年市场表现 相关报告： 发射，卫星互联网产业迈入新阶段-周跟 踪（20240805-20240811） 2024.8.13 动不改 AI 需求景气度，星网高轨 02 星 发 射 - 周 跟 踪 （ 20240729-20240804 ） 2024.8.6 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 投资要点 行业动向： 鸿海集团法说会表示 GB200 机柜 Q4 将如期出货，下半年 AI 服务器需求景气 度再提升。鸿海预计 GB200 将于今年 Q4 开始小批量出货，明年 Q1 放量。在上半 年，AI 服务器占鸿海整体服务器比重已达到 43%，公司认为目前 AI 服务器需求力 道强劲，AI 服务器营收逐季增长展望不变，若 GB200 机柜按照进度 Q4 出货，AI 服务器表现还有可能 ...

证券研究报告 投资要点： 新股市场活跃度上升，8 月创业板新股首日估值较 7 月上升 新股研究 新股周报（2024.08.19-2024.08.23） 8 月份创业板新股上市首日估值较 7 月份上升 2024 年 8 月 19 日 策略研究/定期报告 周内新股市场活跃度上升，近 6 个月上市新股周内共有 6 只股票录得正涨幅(占比 20.00%， 前值 10.0%)。 科创板：上周科创板无新股上市。周内中创股份录得正周涨幅（7.32%），龙图光罩、达 梦数据、欧莱新材、灿芯股份录得负周涨幅，分别为-4.44%、-3.45%、-4.63%、-2.21%。 创业板：上周创业板珂玛科技上市。周内汇成真空、骏鼎达、星宸科技录得正周涨幅， 分别为 5.32%、4.06%、1.56%，爱迪特、博实结、乔锋智能、中仑新材等周跌幅超 5%。 沪深主板：上周沪深主板巍华新材上市。周内龙旗科技、广合科技录得正周涨幅，分别 为 10.55%、3.37%，巍华新材、力聚热能等周跌幅超 5%。 新股周期：6 月上市 6 只新股，创业板/科创板新股首日涨幅高企，主板新股首日涨幅较 4 月下降（5 月无新股上市），创业板首日开板估值较 5 ...

太阳能行业近一年市场表现 资料来源：最闻 300274.SZ 阳光电源 买入-A 605117.SH 德业股份 买入-A 688472.SH 阿特斯 买入-A 601012.SH 隆基绿能 买入-A 600732.SH 爱旭股份 买入-A 601865.SH 福莱特 买入-A 【山证太阳能】发改委等三部委强调提 升电网对清洁能源的接纳、配置、调控 能力 2024.8.12 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 太阳能 行业周报（20240812-20240818） 同步大市-A(维持) 7 月规模以上工业太阳能发电增长 16.4%，多晶硅价格略有上行 2024 年 8 月 19 日 行业研究/行业周报 投资要点 国家统计局：7 月规模以上工业太阳能发电增长 16.4%：8 月 15 日，国 家统计局发布数据显示，7 月份，规上工业火电降幅收窄，水电、风电、太 阳能发电增速回落，核电由降转增。其中，规上工业风电增长 0.9%，增速比 6 月份回落 11.8 个百分点 ...

Investment Rating - The report maintains an "Accumulate-B" rating for the company [1] Core Views - The company is expected to benefit from the increasing production of dodecanedioic acid, which is driving revenue growth. The collaboration in bio-based nylon is progressing smoothly [1][3] - The company has achieved significant sales in bio-based polyamide, with a current capacity of 100,000 tons and an additional 900,000 tons under construction [1] - The company reported a revenue of 14.44 billion yuan for the first half of 2024, a year-on-year increase of 40.16%, and a net profit of 2.47 billion yuan, up 2.31% year-on-year [2] Financial Performance Summary - The company forecasts revenues of 29.96 billion yuan, 48.25 billion yuan, and 76.49 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 41.73%, 61.01%, and 58.54% [1] - The projected net profit for the same years is 5.14 billion yuan, 7.08 billion yuan, and 8.59 billion yuan, with corresponding year-on-year growth rates of 40.27%, 37.67%, and 21.33% [1] - The earnings per share (EPS) are expected to be 0.88 yuan, 1.21 yuan, and 1.47 yuan for 2024, 2025, and 2026, with price-to-earnings (PE) ratios of 40.84, 29.66, and 24.45 respectively [1] Market and Product Insights - The bio-based polyamide has applications in textiles, clothing, and engineering plastics, with a focus on energy-saving and emission-reduction advantages [1][3] - The company has established strategic partnerships to promote the use of bio-based materials in photovoltaic applications, aiming to replace aluminum frames with new materials [1]

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry, indicating a synchronized performance with the market [1]. Core Insights - The textile and apparel industry has shown mixed performance, with some companies exceeding expectations while others face challenges due to weak domestic consumption [1][5]. - The report highlights the strong performance of Yuyuan Group in H1 2024, with a significant increase in net profit driven by manufacturing operations [2][10]. - The report emphasizes the importance of monitoring domestic consumption recovery and the performance of high-dividend companies in the sector [5]. Summary by Sections Weekly Observation - Yuyuan Group reported H1 2024 revenue of $4.015 billion, a decrease of 3.4% year-on-year, but net profit increased by 120.6% to $184 million, with manufacturing net profit rising by 177.5% [2][10]. - The manufacturing segment achieved revenue of $2.634 billion, a 2.4% increase, with footwear shipments growing by 9.9% to 121 million pairs [10]. Market Performance - The SW textile and apparel sector declined by 1.22% this week, underperforming against the Shanghai Composite Index, which rose by 0.42% [11]. - Among sub-sectors, SW textile manufacturing increased by 0.28%, while SW apparel and home textiles fell by 1.24% [11]. Industry Data Tracking - In the first seven months of 2024, China's textile and apparel exports amounted to $80.856 billion and $88.983 billion, showing a year-on-year growth of 3.3% and a decline of 0.8%, respectively [30]. - The consumer retail sales in July 2024 reached CNY 3.78 trillion, a year-on-year increase of 2.7%, with online retail sales growing by 8.7% [35]. Company Performance - Lilang Group reported a 7.3% increase in revenue to CNY 1.6 billion for H1 2024, with a net profit growth of 3.6% to CNY 280 million [3]. - On, a Swiss sports brand, achieved a 27.8% increase in Q2 net sales, reaching CHF 567.7 million, contributing to a 24.4% growth in H1 net sales [4]. Investment Recommendations - The report suggests focusing on companies with high dividend yields and stable performance, particularly in men's apparel and home textiles [5]. - It continues to recommend leading midstream textile manufacturers like Huayi Group and Weixing Co., which have shown strong performance in H1 2024 [5].