电子 AI 手机行业深度 领先大市-A(维持) AI 手机时代即将来临 软硬件迎来新一轮创新周期 2024 年 7 月 15 日 行业研究/行业深度分析 投资要点: 手机 AI 引领手机市场新一轮创新,AI 赋能大幅改变手机功能。手机市 场近年来创新停滞,换机频率下降,市场空间增长缓慢,未来 AI 带来手机 应用功能更加丰富,生成式模型及智能助手等功能明显提升使用效率,手机 市场有望迎来新一轮换机周期。安卓市场三星、VIVO 等新机发布市场反响 热烈,苹果自新款 iPad 起,后续产品陆续搭载 AI 功能,WWDC 升级 iOS 系统指明 AI 手机发展方向,下半年苹果新机发布将持续强化手机 AI 化趋势。 苹果 WWDC 发布会聚焦 Apple Intelligence,苹果将 AI 充分产品化落 地。Apple Intelligence 在市场主流 AI 应用以及手机端 AI 产品基础上,重点 相关报告: 强调 AI 带来的产品功能性,总结提炼为 Powerful、Intuitive、Integrated、 Personal、Private。通过智能交互提高用户使用效率,结合原生 APP,实现 多角度多功 ...

Industry Investment Rating - The report maintains a "Leading Market-A" rating for the AI smartphone industry, indicating strong growth potential and a positive outlook for the sector [1] Core Viewpoints - The AI smartphone era is approaching, with both hardware and software entering a new cycle of innovation, driven by advancements in AI technology [1] - AI smartphones are expected to reshape the industry landscape, with significant upgrades in hardware and software capabilities, leading to a new wave of innovation and market growth [12] - The integration of AI into smartphones is expected to drive a new replacement cycle, as AI-powered features enhance user experience and functionality, potentially increasing market penetration [13] Industry Overview - Edge AI is expanding the application scenarios of AI, opening up new market opportunities by enabling AI computations closer to the user, reducing latency, and improving privacy [9] - Edge AI offers advantages such as cost efficiency, low latency, privacy customization, and simplified interactions, making it a key driver for the adoption of AI in smartphones [10] - The AI smartphone market is expected to grow significantly, with the penetration rate of generative AI-enabled smartphones projected to reach 43% by 2027, up from 1% in 2023 [13] Key Players and Market Trends - Major smartphone brands like Samsung, VIVO, and OPPO are actively integrating AI into their devices, with AI features becoming a core selling point for high-end smartphones [13] - Samsung's Galaxy S24 series leads the AI smartphone market, with a 58% share in Q1 2024, driven by its advanced AI capabilities and strong market reception [20] - Apple is accelerating its AI integration, with the introduction of Apple Intelligence in its ecosystem, which is expected to drive a new replacement cycle for its devices [35] Technological Advancements - Smartphone chipsets are undergoing significant upgrades to support AI functionalities, with companies like Qualcomm and MediaTek introducing chipsets with enhanced AI processing capabilities [14] - Qualcomm's Snapdragon 8 Gen 3 and MediaTek's Dimensity 9300 chipsets are leading the way in AI performance, enabling advanced AI features on smartphones [18] - Apple's M4 chip, introduced in the new iPad Pro, features a powerful neural engine capable of 38 trillion operations per second, further enhancing AI capabilities in Apple devices [31] Competitive Landscape - Domestic smartphone manufacturers in China are developing their own AI models to differentiate their products, with companies like VIVO and OPPO launching proprietary AI models such as BlueLM and Andes [25] - Apple's system-level AI integration gives it a competitive edge over Android devices, with its ability to seamlessly integrate AI across its ecosystem and applications [37] Key Companies to Watch - **Pegatron**: A leading PCB supplier for Apple, benefiting from the AI-driven replacement cycle in smartphones [52] - **Luxshare Precision**: A core supplier in Apple's supply chain, expected to benefit from the AI-driven upgrade cycle in Apple devices [55] - **Dongshan Precision**: A key FPC supplier for Apple, with potential growth from AI-driven hardware upgrades [58] - **Lens Technology**: A major supplier of structural components for smartphones, poised to benefit from the AI-driven innovation cycle [60] - **Crystal Optech**: A core optical supplier for Apple, with growth potential from AI-driven innovations in smartphone cameras [62]

太阳能行业近一年市场表现 资料来源:最闻 首选股票 评级 600732.SH 爱旭股份 买入-A 605117.SH 德业股份 买入-A 601012.SH 隆基绿能 买入-A 300842.SZ 帝科股份 买入-A 601865.SH 福莱特 买入-A 【山证太阳能】5 月全国光伏发电利用率 达 97.5%,产业链价格企稳 2024.7.8 分析师: 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(20240708-20240714) 同步大市-A(维持) 工信部规范光伏制造项目产能建设,产业链价格持续承压 2024 年 7 月 15 日 行业研究/行业周报 投资要点 国家电网:上半年新增风光新能源装机 9615 万千瓦,同比增长 18%:7 月 11 日,国家电网有限公司在京召开服务新能源高质量发展新闻发布会,发 布《国家电网有限公司服务新能源发展报告 2024》(以下简称《报告》), 介绍国家电网经营区新能源发展情况,总结公司服务新能源高质量发展工作 ...

2024 年 7 月 15 日 星期一 | --- | --- | --- | |----------|----------|----------| | 指数 | 收盘 | 涨跌幅 % | | 上证指数 | 2,971.30 | 0.03 | | 深证成指 | 8,854.08 | -0.18 | | 沪深 300 | 3,472.40 | 0.12 | | 中小板指 | 5,712.24 | 0.11 | | 创业板指 | 1,683.63 | -0.09 | | 科创 50 | 718.37 | 0.05 | 【山证非银】行业周报（20240701-20240705）-发挥金融作用，证券公 司积极服务五篇大文章 【山证宏观】2024 年 6 月金融数据点评：表现不佳但符合预期 新增社融基本符合预期。6 月社融新增 3.30 万亿元（前值 2.06 万亿元，万得一致预期值 3.22 万亿元）。 6 月末社融存量同比增长 8.1%（前值 8.4%，万得一致预期值 8.1%）。6 月新增社融同比减少 9260 亿元， 环比增加 1.23 万亿元，改善幅度不及 5 月。 金融"挤水分"现象依然存在，但影响程度减弱 ...

边际改善，但改善程度有限。在"平滑信贷"和信贷需求"换挡"的背景下， 分析师： 执业登记编码：S0760514050002 邮箱：guorui@sxzq.com 均值下降 16.5%（5 月为-45.6%）。从上述偏离度看，6 月信贷表现要好于 5 企业贷款表现好于住户贷款。6 月企业贷款新增 1.63 万亿元，同比减少 表外票据、债券融资显示实体融资意愿依然偏弱。6 月企业新增表外票 多增 3116 亿元，环比下降 3779 亿元，专项债发行进度依然偏慢。 亿元，但高于季节性（2019-2023 年同期降幅在 2898 亿元至 5568 亿元之间）； 宏观 表现不佳但符合预期 请务必阅读最后一页股票评级说明和免责声明 1 宏观研究/事件点评 资料来源：中国人民银行，Wind, 山西证券研究所 图 4: 非银新增存款当月值（亿元） 200000 15000 10000 5000 0 10月 7月 11月 -5000 -100000 ■2021年 ■2022年 ■2023年 ■2024年 资料来源：中国人民银行，Wind，山西证券研究所 2 分析师承诺： 张治 ——2024 年 6 月金融数据点评 2024 年 ...

事件点评 2024Q2 线下流水增速有所放缓,电商渠道增长提速。2024Q2,361 度主品 2024Q2 零售折扣与渠道库存水平周转保持平稳,线下渠道继续提质增效。 投资建议 风险提示 市场数据:2024 年 7 月 12 日 收盘价(港元): 3.990 年内最高/最低(港元): 5.300/3.180 流通 A 股/总股本(亿 20.68/20.68 股): 流通 A 股市值(亿港 82.50 元): 总市值(亿港元): 82.50 资料来源:最闻,山西证券研究所 分析师: 王冯 执业登记编码:S0760522030003 邮箱:wangfeng@sxzq.com 孙萌 执业登记编码:S0760523050001 邮箱:sunmeng@sxzq.com 7 月 12 日,公司发布 2024 年第二季度经营数据。2024Q2,361 度主品牌零 售流水同比增长 10%,361 度童装品牌零售流水同比增长中双位数,361 度电商 平台零售流水同比增长 30%-35%。 资料来源:最闻,山西证券研究所 牌零售流水同比增长 10%,361 度童装品牌零售流水同比增长中双位数,361 度 电商平台零售流水同比增长 ...

非银行金融行业近一年市场表现 投资建议 局,为推动资本市场高质量发展提供有力支撑。 证监会等六部门制定《关于进一步做好资本市场财务造假综合 惩防工作的意见》。《意见》主要主题是坚决打击和遏制重点领域财 务造假。包括严肃惩治欺诈发行股票债券、虚假信息披露、挪用募 集资金和逃废债等行为,严厉打击系统性造假和第三方配合造假, 加强对滥用会计政策实施造假的监管,强化对特定领域财务造假的 打击力度。《意见》的出台将有力推动各方进一步严惩财务造假, 首选股票 评级 切实保护投资者合法权益,全面构建财务造假综合惩防新的工作格 资料来源:最闻 证券公司服务"五篇大文章"再深入。证监会对"五篇大文章" 相关报告: 进一步提出要求,要进一步提高资本市场支持科技创新的包容性和 精准性,多措并举活跃并购重组市场;推动私募股权创投基金更好 发挥作用,持续推动资本市场高质量发展,更好服务新质生产力发 展和中国式现代化建设。头部券商加码布局母基金,积极响应国家 战略,助力金融服务实体经济,推动新兴产业升级换代,上周海通 证券、国泰君安披露公告称,旗下子公司参与设立上海市集成电路、 生物医药、人工智能三大先导产业母基金。证券公司积极布局国家 ...

非银行金融 行业周报(20240701-20240705) 领先大市-A(维持) 发挥金融作用,证券公司积极服务五篇大文章 2024 年 7 月 12 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源:最闻 【山证非银行金融】科创板改革继续深 化,针对性举措服务新质生产力-行业周 报(20240617-20240621) 2024.6.26 【山证非银行金融】执业质量评价更加 细化,关注资本市场政策举措-【山证非 银】行业周报(20240610-20240614) 2024.6.17 刘丽 执业登记编码:S0760511050001 电话:0351--8686985 电话:0351-8686900 邮箱:liuli2@sxzq.com 孙田田 执业登记编码:S0760518030001 邮箱:suntiantian@sxzq.com 投资建议 局,为推动资本市场高质量发展提供有力支撑。 证监会等六部门制定《关于进一步做好资本市场财务造假综合 惩防工作的意见》。《意见》主要主题是坚决打击和遏制重点领域财 务造假。包括严肃惩治欺诈发行股票债券、虚假信息披露、挪用募 集资金和逃废债等行为,严厉打击系统 ...

Group 1 - The report discusses the evolution of China's monetary policy framework, emphasizing a shift from quantity-based targets to a focus on price-based targets and the importance of interest rate adjustments [34][35][51]. - It highlights the traditional monetary policy transmission mechanisms, which include the interest rate channel, asset price channel, and exchange rate channel, with the interest rate channel being the primary transmission route [36][37][38]. - The report outlines the current monetary policy transmission framework in China, detailing the establishment of a "policy interest rate - benchmark interest rate - market interest rate" transmission chain [44][79]. Group 2 - The report identifies the need for improvements in the interest rate transmission system, suggesting that the central bank should narrow the width of the interest rate corridor to enhance the effectiveness of short-term interest rate adjustments [66][87]. - It discusses the potential expansion of the monetary policy toolbox, including the incorporation of government bond trading to assist in interest rate control and improve market communication mechanisms [88]. - The report concludes that the future direction of monetary policy will focus on strengthening price-based intermediary targets and refining the interest rate transmission mechanism [90].

Group 1 - The core viewpoint of the report indicates that the June CPI was lower than expected at 0.2% year-on-year, while the PPI was -0.8%, both showing weaker seasonal performance [6][18][19] - The report highlights that the PPI was primarily supported by low base effects and tight supply of certain products, with production material prices declining significantly [7][19] - The report notes that the prices of various sectors were affected by different factors, such as international oil prices leading to a 2.9% decrease in domestic oil and gas extraction prices, while supply tightness in non-ferrous metal smelting led to a 1.6% increase in prices [7][19] Group 2 - The report discusses the impact of Kazakhstan's unexpected increase in uranium mining taxes, which may suppress the country's uranium concentrate production growth [9][21] - The new tax law is expected to limit annual uranium production for large mining companies if uranium prices exceed $110 per pound, potentially providing strong support for natural uranium prices due to limited supply [9][21] - Kazakhstan's uranium concentrate production accounts for approximately 35% of global supply, and any restrictions on this supply could significantly influence uranium pricing dynamics [9][21]