Investment Rating - The report maintains an investment rating of "Market Perform" for the basic chemical industry [4] Core Viewpoints - The basic chemical industry index fell by 4.18% in August 2024, ranking 12th among 30 CITIC primary industries, with a year-on-year decline of 24.91% [2][3][7] - The report suggests focusing on coal chemical, light hydrocarbon chemical, phosphate chemical, and tire industries for investment opportunities in September 2024 [2][4] Market Review - The basic chemical industry index underperformed compared to the Shanghai Composite Index and the CSI 300 Index by 0.89 and 0.67 percentage points, respectively [3][7] - In August 2024, five out of 33 sub-industries increased, with compound fertilizers, civil explosives, and phosphate chemicals showing the best performance, rising by 5.62%, 3.06%, and 2.82% respectively [8][20] - A total of 139 stocks out of 506 in the basic chemical sector rose, while 365 fell, with the top gainers being *ST Ningke, ST Hongtai, and Quanwei Technology [8][9] Product Price Tracking - In August 2024, international oil prices showed a downward trend, with WTI crude oil down 5.60% to $73.55 per barrel and Brent crude down 2.38% to $78.80 per barrel [3] - Among 317 tracked products, 105 saw price increases, with ethanolamine and natural rubber showing significant gains of 34.27% and 11.45% respectively [3][4] Industry and Company News - The chemical raw materials and chemical products manufacturing prices fell by 1.2% year-on-year in August 2024 [10][11] - The report highlights the establishment of a strategic alliance among four provinces and one region to promote coordinated development in the chemical industry [23][24] - In the first half of 2024, the basic chemical industry in Henan province achieved a total revenue of 38.599 billion yuan, a year-on-year increase of 3.85% [25]

分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 轻工制造 河南省加力支持以旧换新，关注家居需求 释放 ——轻工制造行业点评报告 | --- | --- | --- | |---------------------------------------------|-----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 业绩承压，等待流感疫苗销售回暖 生物医药Ⅱ ——华兰疫苗(301207)中报点评 | --- | --- | --- | --- | |-----------------------------------------|------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 各项业务虽然随市小幅波动，但经营亮点颇多 证券Ⅱ ——国泰君安(601211)2024 年中报点评 证券研究报告-中报点评 增持(维持) 发布日期：2024 年 09 月 13 日 | --- | --- | |-------------------------------|-------------| | 市场数据 (2024-09-05) | | | 收盘价 ( 元 ) | 14.70 | | 一年内最高 / 最低 ( 元 ) | 15.29/13.05 | | 沪深 300 指数 | 3,257.76 | | 市净率 ( 倍 ) | 0.88 | | 总市值 ( 亿元 ) | 1,308.85 | | 流通市值 ( 亿元 ) | 1,304.21 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 16.64 | | 总资产 ( 亿元 ) | 8,980.60 | | 所有者权益 ( 亿元 ) | 1,680.96 | | 净资产收益率 (%) ...

市场数据(2024-09-11) 收盘价(元) 5.78 一年内最高/最低(元) 16.15/5.78 沪深 300 指数 3186.13 市净率(倍) 1.46 流通市值(亿元) 24.40 基础数据(2024-06-30) 每股净资产(元) 3.95 每股经营现金流(元) 0.12 毛利率(%) 33.71 净资产收益率_摊薄(%) 4.95 资产负债率(%) 26.60 总股本/流通股(万股) 42206.01/42206.01 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 shily@ccnew.com 0371-86537085 证券研究报告-公司点评报告 增持(维持) 其他化学制品Ⅱ 硅烷气价格下行，公司上半年业绩承压 ——硅烷科技(838402)公司点评报告 发布日期：2024 年 09 月 12 日 事件：公司公布 2024 年半年度报告，2024 年上半年公司实现营业收 入 4.11 亿元， ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 银行软件行业领涨 A 股小幅整理 ——市场分析 相关报告 《市场分析：新能源产业链领涨 A 股震荡整 固》 2024-09-11 《市场分析：成长行业领涨 A 股先抑后扬》 2024-09-10 《市场分析：防御行业走强 A 股震荡整理》 2024-09-09 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 09 月 12 日 投资要点： ◼ A 股市场综述 周四（09 月 12 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高开后震 荡上行，沪指盘中在 2734 点附近遭遇阻力，午后股指震荡回落，盘中软件 开发、医疗服务、电网设备以及银行等行业表现较好；酿酒、电池、游戏 以及食品饮料等行业表现较弱，沪指全天基本呈现震荡整理的运行特征。 创业板市场周四冲高回落，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周四 A 股市场冲高遇阻、小幅震荡整理，早盘股指高开 ...

生物医药Ⅱ 分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 血制品增长稳健，流感疫苗消费旺季即将到来 ——华兰生物(002007)中报点评 | --- | --- | --- | --- | |-----------------------------------------------------|--------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

市场数据(2024-09-11) 收盘价(元) 5.78 一年内最高/最低(元) 16.15/5.78 沪深 300 指数 3186.13 市净率(倍) 1.46 流通市值(亿元) 24.40 基础数据(2024-06-30) 每股净资产(元) 3.95 每股经营现金流(元) 0.12 毛利率(%) 33.71 净资产收益率_摊薄(%) 4.95 资产负债率(%) 26.60 总股本/流通股(万股) 42206.01/42206.01 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 研究助理：石临源 登记编码：S0730123020007 shily@ccnew.com 0371-86537085 证券研究报告-公司点评报告 增持(维持) 其他化学制品Ⅱ 硅烷气价格下行，公司上半年业绩承压 ——硅烷科技(838402)公司点评报告 发布日期：2024 年 09 月 12 日 事件：公司公布 2024 年半年度报告，2024 年上半年公司实现营业收 入 4.11 亿元， ...

Investment Rating - The report maintains a "Buy" rating for Zheng Coal Machinery (601717) [2][7][64] Core Viewpoints - The company achieved rapid growth in its mid-year report, driven by both coal machinery and automotive parts sectors [5][20] - The coal machinery segment continues to innovate and capture market share, particularly in intelligent mining equipment [6][39] - The automotive parts business is transitioning towards new energy applications, showing promising growth [32][34] Summary by Sections 1. Mid-Year Performance Highlights - In the first half of 2024, the company reported total revenue of 189.43 billion, a year-on-year increase of 4.02%, and a net profit of 21.62 billion, up 28.56% [4][13] - The coal machinery segment generated revenue of 98.04 billion, growing by 4.41%, while the automotive parts segment reached 91.49 billion, increasing by 3.58% [5][20] 2. Coal Machinery Business Growth - The coal machinery segment's net profit significantly increased, with a reported 21.57 billion, reflecting a 26.44% year-on-year growth [20][24] - The company maintains a market share of over 50% in hydraulic supports, a key product in the coal machinery sector [6][47] 3. Automotive Parts Business Transition - The automotive parts segment is focusing on new energy vehicle components, with notable growth in revenue from shock absorber seals and battery cooling systems [32][33] - The segment's revenue for the first half of 2024 was 90.96 billion, with a net profit of 0.94 billion, indicating a need for further improvement in profitability [34][35] 4. Stable Coal Demand and Market Concentration - The coal industry in China remains stable, with a focus on intelligent mining, which is expected to enhance market concentration [39][43] - The report highlights the increasing demand for intelligent mining equipment, which is anticipated to drive future growth for leading companies like Zheng Coal Machinery [42][43] 5. Profit Forecast and Valuation - The forecast for 2024-2026 predicts revenues of 399.09 billion, 437.26 billion, and 481.77 billion, with net profits of 39.71 billion, 43.73 billion, and 47.47 billion respectively [7][52] - The company's valuation remains attractive compared to peers, with a projected PE ratio decreasing from 4.89X in 2024 to 4.09X in 2026 [7][56]

分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 其他化学制品Ⅱ 业务结构调整导致上半年业绩下滑，未来 仍有增长空间 ——建龙微纳(688357)中报点评 | --- | --- | --- | |---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...