Group 1 - The report highlights the core viewpoint of the 20th Central Committee's Third Plenary Session, emphasizing the comprehensive advancement of Chinese-style modernization reforms and establishing a roadmap for economic development over the next 5-10 years, with a focus on high-level socialist market economy and new productive forces [1][4][9] - Key directions include reforms in the fiscal and tax system, integration of education, technology, and talent, the establishment of a unified national market, land reforms, and the relationship between state-owned and private enterprises, with a strong emphasis on institutional construction [1][4][9] - The report indicates a heightened focus on safety, fairness, quality, and governance compared to previous sessions, with high-quality development and technological advancement being prioritized [1][4][9] Group 2 - The market review section notes that the A-share market experienced fluctuations with the Shanghai Composite Index closing up 0.17% at 2982.31 points, while the Shenzhen Component Index and the ChiNext Index rose by 0.27% and 0.45% respectively [3][5][8] - The report mentions significant inflows and outflows of capital, with northbound funds experiencing a net outflow of 5.979 billion yuan, while southbound funds saw a net inflow of 5.631 billion yuan [3][5][8] - The report also highlights the performance of various sectors, noting that the computer, defense, and food and beverage industries saw the largest gains, while real estate, non-ferrous metals, and oil and petrochemicals faced the largest declines [3][5][8] Group 3 - The report discusses the importance of deepening market reforms and constructing a unified national market as a key direction for expanding domestic demand, emphasizing the need for a high-level socialist market economy system [1][4][9] - It outlines the new fiscal and tax reform tasks, which include enhancing the budget system, improving the direct tax system, and increasing local fiscal autonomy, aimed at strengthening macroeconomic governance [4][12][9] - The report stresses the need for coordinated macro policies, with a focus on maintaining consistency across fiscal, monetary, and financial reforms to stabilize market performance [12][9]

Group 1 - The core viewpoint of the report highlights that major A-share indices rose during the week of July 15 to July 19, with the Sci-Tech 50 index showing the largest increase of 4.33%, followed by the ChiNext index at 2.49% and the CSI 300 at 1.92% [21][22] - The report notes that the average daily trading volume in the two markets decreased by 5.00% week-on-week, amounting to 6,594.75 billion yuan, with the electronics sector being the most active, recording a trading volume of 5,170.06 billion yuan [25][26] - It is indicated that there was a net outflow of funds from the A-share market, with a total inflow of 7,344.44 billion yuan and a net outflow of 671.56 billion yuan as of July 19 [68] Group 2 - The report states that most industry valuations remain below the historical 50th percentile level, with the dynamic price-to-earnings (P/E) ratio of the Shanghai Composite Index at approximately 67.19% of its historical percentile level since 2010 [30][73] - The investment suggestion emphasizes focusing on key reform areas mentioned in the Third Plenary Session and sectors with strong earnings growth expectations as the mid-year performance forecasts are disclosed [165] - The report also highlights that the U.S. economy is showing signs of slowing down, with retail sales growth at 2.28% year-on-year in June, which is lower than the previous value [165]

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 07 月 19 日 星期五 [Table_Summary] 核心观点 【二十届三中全会对进一步全面深化改革做出系统部署】中国共产党 第二十届中央委员会第三次全体会议，于 2024 年 7 月 15 日至 18 日 在北京举行。全会指出，当前和今后一个时期是以中国式现代化全面 推进强国建设、民族复兴伟业的关键时期。全会强调，进一步全面深 化改革的总目标是继续完善和发展中国特色社会主义制度，推进国家 治理体系和治理能力现代化。全会对进一步全面深化改革做出系统部 署，包括强调构建高水平社会主义市场经济体制，健全推动经济高质 量发展体制机制等。 【重要新闻】 Email: chenda@wlzq.com.cn 研报精选 万千财富，与您相连 [Table_Content] 核心观点 周四，A 股全天震荡反弹，上证综指涨 0.48%，报 2977.13 点，深证成指涨 0.50%，创业 板指涨 1.25%。A 股两市全天成交额约 6720.58 亿元人民币，北向资金净买入 13.52 亿元 人民币，其中，沪股通净买入 17. ...

[Table_AdressInfo] 万联证券股份有限公司 研究所 上海浦东新区世纪大道 1528 号陆家嘴基金大厦 北京西城区平安里西大街 28 号中海国际中心 深圳福田区深南大道 2007 号金地中心 广州天河区珠江东路 11 号高德置地广场 万联证券研究所 www.wlzq.cn 第4页共4 页 [Table_RightTitle] [Table_Title] 收购绿十字，做大做强血液制品业务 [Table_StockName] ——博雅生物（300294）点评报告 [Table_ReportDate] 2024 年 07 月 18 日 [Table_Summary] 报告关键要素: 2024 年 7 月 17 日，公司发布《关于收购绿十字香港控股有限公司 100% 股权的公告》及《关于签署战略合作框架协议的公告》。公司以自有资 金人民币 18.2 亿元收购 GC、Synaptic 及个人卖方合计持有的绿十字 （香港）100%股权，从而间接收购境内血液制品主体绿十字（中国）。 绿十字（中国）是国内少数同时拥有人源Ⅷ因子及重组Ⅷ因子销售权的 血液制品企业，是稀缺的标的资源。公司整合行业资源、拓展新浆站开 ...

[Table_Title] 6 月新游中头部厂商持续发力,《三国:谋 定天下》SLG 赛道再突围 [Table_ReportType] ——传媒行业月报[Table_ReportDate] 2024 年 07 月 18 日 证 券 研 究 报 告 行业月报 行业研究 3392 [投资要点: Table_Summary] ⚫ 新游情况:2024 年 6 月份共 8 款新重点手游上线、1 款新重点手游公 测。8 款上线的重点新游分别是网易游戏发行的《萤火突击》(6 月 6 日上线)、莉莉丝游戏发行的《生活派对》(6 月 6 日上线)、中手游 发行的《斗破苍穹:巅峰对决》(6 月 7 日上线)、腾讯游戏发行的《塔 瑞斯世界》(6 月 12 日上线),《创造吧!我们的星球》(6 月 26 日 上线)、西山居游戏发行的《剑网 3 无界》(6 月 13 日上线)、青瓷 数码发行的《迷途之光》(6 月 20 日上线)、心动网络发行的《竹马胭 脂铺》(6 月 25 日上线);公测的重点新游是 bilibili 游戏发行的《三 国:谋定天下》(6 月 13 日公测)。 ⚫ 游戏运营情况:《三国:谋定天下》主打轻量化社交策略类型 ...

[Table_Title] 6 月社零同比+2.0%,增速较 5 月回落 [Table_RightTitle] 证券研究报告|商贸零售 [Table_IndustryRank] 强于大市(维持) [Table_ReportType] ——商贸零售行业跟踪报告[Table_ReportDate] 2024 年 07 月 18 日 [Table_Summary] 行业核心观点: 证 券 研 究 报 告 行业跟踪报告 行业研究 3392 2024 年 6 月我国社会消费品零售总额 40,732 亿元,同比增 长 2.0%,较 5 月增速回落 1.7pcts,较 2023 年 6 月增速回落 1.1pcts。其中,商品零售和餐饮收入分别同比+1.5%/+5.4%。 ①细分品类:6 月份,限额以上单位 16 类商品中,8 类商品 (服装鞋帽类、化妆品类、金银珠宝类、家用电器类、文具类、 汽车类、建筑类和体育娱乐类)为负增长;较 5 月增速来看, 6 类商品(日用品类、饮料类、烟酒类、家具类、通讯器材类 和石油制品类)零售额同比增速回落,2 类商品(粮油食品类 和中西药品类)正增长且涨幅扩大。必选品类中,粮油食品类、 中 ...

[Table_RightTitle] 证券研究报告|电子 证 券 研 究 报 告 行业快评报告 行业研究 3341 [Table_Title] 苹果持续发力 AI 创新,产业链有望受益 [Table_ReportType] ——电子行业快评报告[Table_ReportDate] 2024 年 07 月 17 日 >行业7DEOHB6XPPDU\@ 事件: 苹果公司于 7 月 15 日发布了首个 iOS 18 公开测试版,用户仅需在 Apple Beta Software Program 网站进行注册,即可下载安装 iOS 18 测试版。同时开放的还有 iPadOS 18 Public Beta、watchOS 11 Public Beta 和 macOS Sonoma Public Beta。 投资要点: ⚫ iOS 18 引入"Apple Intelligence",功能内容升级:苹果目前发布 的 iOS 18 为公开测试版本,是在开发者测试版相对稳定后推出的,面 向更广泛的用户群体进行全面体验测试,正式版预计于今年秋季发布。 1)苹果智能方面,iOS 18 引入了深度整合的 AI 功能"Apple In ...

Core Insights - The report highlights the introduction of a tax policy by the Ministry of Finance and the State Administration of Taxation, allowing companies to deduct 10% of their digital and intelligent transformation investments for specialized equipment from their taxable income, applicable from January 1, 2024, to December 31, 2027 [2][23]. Industry Insights - The report indicates that the quality of companies listed on the Beijing Stock Exchange is expected to improve further as the exchange undergoes high-quality expansion [5]. - In June, the import value of lab-grown diamonds in India decreased by 21.04% year-on-year, while the export value of lab-grown diamonds fell by 8.96%, indicating a shift in market dynamics [6]. - The penetration rates for both lab-grown diamond imports and exports in India increased, with export penetration reaching 8.03% (up 1.43 percentage points) and import penetration at 5.88% (up 0.39 percentage points) [6]. - The import value of natural diamonds in India dropped by 26.55% year-on-year, and the export value fell by 26.35%, reflecting a challenging market environment [6]. - The report notes that the price index for international polished diamonds decreased by 2.10% in June, indicating ongoing pressure on diamond prices due to insufficient market demand [6]. - The report suggests that while short-term performance in the diamond market is weak, long-term recovery in consumer demand is anticipated as macroeconomic conditions improve and consumer preferences evolve [6]. Company Insights - Apple has launched the public beta of iOS 18, which includes the new AI feature "Apple Intelligence," enhancing user experience with advanced writing tools and custom image generation capabilities [12]. - Apple's global smartphone market share remained stable at 16% in Q2 2024, with significant growth in Europe and Latin America compensating for declines in the U.S. and China [12]. - The average selling price (ASP) of Apple smartphones increased from $880 in Q1 2023 to $900 in Q1 2024, driven by strong sales of the Pro series, which now accounts for 50% of total sales [12]. - The report emphasizes that Apple's AI upgrades are expected to enhance product competitiveness and stimulate demand within its supply chain [12].

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[Table_Title] 6 月印度培育钻石进口端和出口端渗透率 均有所提升 [Table_ReportType] ——钻石行业跟踪报告[Table_ReportDate] 2024 年 07 月 17 日 [Table_Summary] 投资要点: ⚫ 6 月培育钻石数据: ➢ 印度培育钻石毛坯进口额同比由正转负,裸钻出口同比跌幅缩 小。据 GJEPC 数据显示,2024 年 6 月印度培育钻石毛坯进口额 为 0.63 亿美元,同比-21.04%,由正转负;培育钻石裸钻出口额 为 0.89 亿美元,同比-8.96%,跌幅缩小。 ➢ 印度培育钻石进口端和出口顿渗透率均有提升。据 GJEPC 数据显 示,2024 年 6 月印度培育钻石出口端渗透率为 8.03%,同比+1.43 个 pct;培育钻石进口渗透率为 5.88%,同比+0.39 个 pct。 ⚫ 6 月天然钻石数据: ➢ 印度天然钻石毛坯进口同比由正转负,裸钻出口同比跌幅较上月 扩大。据 GJEPC 数据显示,2024 年 6 月印度天然钻石毛坯进口 额为 10.04 亿美元,同比-26.55%,同比由正转负。天然钻石裸 钻出口额为 10.18 亿 ...