Investment Rating - The report assigns an "Accumulate" rating for Zhongyuan Media (000719) for the first time, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [1][5]. Core Insights - The report highlights that changes in tax policies have impacted short-term profits, but the core business remains robust. The company's revenue for H1 2024 was 4.77% higher year-on-year, reaching 45.29 billion yuan, while net profit decreased by 25.04% to 3.54 billion yuan [1][2]. - The company is actively pursuing digital transformation and innovation in its business model, including the establishment of a smart education platform for primary and secondary schools in Henan Province [2][3]. Financial Performance Summary - For H1 2024, the company reported a revenue of 45.29 billion yuan, a year-on-year increase of 4.77%, while net profit was 3.54 billion yuan, down 25.04% [1]. - The report forecasts revenues of 10.336 billion yuan for 2024, with a growth rate of 5.11%, and net profit is expected to decrease by 27.24% to 1.011 billion yuan [2][3]. - The earnings per share (EPS) for 2024 is projected to be 0.99 yuan, with corresponding price-to-earnings (PE) ratios of 11.13, 10.76, and 10.36 for 2024, 2025, and 2026 respectively [2][3]. Business Segment Analysis - The publishing segment generated revenue of 15.71 billion yuan in H1 2024, up 2.82% year-on-year, while the distribution segment saw revenue of 36.85 billion yuan, an increase of 7.31% [1]. - The company has received over 30 national-level awards in the publishing sector and has secured multiple copyright agreements for various publications [1][2]. Strategic Initiatives - The company is collaborating with several technology firms to enhance digital content and has initiated various educational programs, including a smart education cloud platform [1][2]. - The report emphasizes the company's unique position as the only publicly listed cultural enterprise in Henan Province, leveraging its geographical advantages to ensure steady growth in core business performance [1][2].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][4]. Core Views - The company experienced a month-on-month increase in production and sales in August 2024, with production and sales reaching 4,189 and 3,648 units respectively, showing a month-on-month growth of 61.1% and 8.7% [1]. - The company has a strong order backlog and is expected to see continued sales growth in September 2024 [1]. - The company has successfully entered the Mongolian market, delivering 600 buses in August, contributing to a 45.1% year-on-year increase in exports [4]. - New government policies are expected to boost demand for public buses, particularly in the new energy sector, benefiting the company as a leading player in this market [4]. - The company is projected to achieve revenues of 344.24 billion, 398.64 billion, and 465.21 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.45, 1.89, and 2.19 yuan [4]. Summary by Sections Production and Sales Data - In August 2024, the company produced 4,189 buses and sold 3,648 buses, with year-on-year changes of +3.3% and -6.4%, and month-on-month changes of +61.1% and +8.7% respectively [1]. - Cumulative sales from January to August 2024 reached 27,558 units, representing a year-on-year increase of 21.4% [1]. Export Performance - The company exported 7,133 buses from January to July 2024, marking a 45.1% year-on-year increase, leading the industry [4]. - The company has set higher export targets following its entry into the Mongolian market [4]. Financial Projections - Revenue projections for the company are as follows: 344.24 billion yuan in 2024, 398.64 billion yuan in 2025, and 465.21 billion yuan in 2026 [4]. - The expected EPS for the same years are 1.45 yuan, 1.89 yuan, and 2.19 yuan respectively [4]. - The report indicates a PE ratio of 14.24 for 2024, decreasing to 9.42 by 2026 [4][6].

市场数据(2024-09-04) 收盘价(元) 16.71 一年内最高/最低(元) 29.88/16.48 沪深 300 指数 3,252.16 市净率(倍) 2.53 流通市值(亿元) 84.76 基础数据(2024-06-30) 每股净资产(元) 6.60 每股经营现金流(元) 0.68 毛利率(%) 65.12 净资产收益率_摊薄(%) 8.81 资产负债率(%) 22.53 总股本/流通股(万股) 50,726.00/50,726.00 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 销售保持较高增长，整体盈利提升 ——金徽酒(603919)2024 年中报点评 发布日期：2024 年 09 月 06 日 投资要点： 证券研究报告-中报点评 增持(首次) ⚫ 公司公布 2024 年中报：上半年，公司实现收入 17.54 亿元，同比 增 15.17%；实现扣非归母净利润 3.02 亿元，同比增 19.08%。其 中，二季度实现收入 6.78 亿元，同比增 ...

Market Overview - The A-share market experienced a slight correction on September 6, 2024, with the Shanghai Composite Index facing resistance around 2804 points, leading to a decline in the afternoon session [1][2] - Key sectors such as automotive, securities, banking, and insurance showed strong performance, while electronic components, consumer electronics, communication devices, and semiconductors lagged [1][2] - The Shanghai Composite Index closed at 2765.81 points, down 0.81%, while the Shenzhen Component Index fell 1.44% to 8130.77 points [5][6] Future Market Outlook and Investment Recommendations - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are currently at 11.93 times and 26.14 times, respectively, both below the median levels of the past three years, indicating a favorable environment for medium to long-term investments [2][10] - The total trading volume on September 6 was 545 billion yuan, which is below the median of the past three years, suggesting a cautious market sentiment [2][10] - Recent policy announcements, including the "New National Nine Articles," are expected to enhance market maturity and boost long-term confidence [2][10] - The report suggests that investors should focus on short-term opportunities in sectors such as automotive, finance, transportation equipment, and precious metals [2][10]

分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 研究助理：李璐毅 lily2@ccnew.com 021-50586278 证券研究报告-行业月报 同步大市(维持) 通信行业指数相对沪深 300 指数表现 通信 沪深300 -22% -18% -14% -10% -7% -3% 1% 4% 2023.09 2024.01 2024.05 2024.09 资料来源：聚源，中原证券研究所 相关报告 《通信行业月报：运营商大数据业务快速增 长，北美云厂商资本开支展望乐观》 2024-08-12 《通信行业月报：智能手机市场持续回暖，光 模块出口再创新高》 2024-07-09 《通信行业半年度策略：踏浪而行，AI 引领 产业新篇》 2024-06-30 联系人：马嶔琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 投资要点： ⚫ 2024 年 8 月通信行业指数弱于沪深 300 指数。通信行业指数 8 月 下跌 6.34%，跑输上证指数（-3.28%）、深证成指（-4.63%）、沪深 30 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][15]. Core Insights - The company, Chengfa Environment, reported a revenue of 2.891 billion yuan for the first half of 2024, a year-on-year decrease of 10.66%, with a net profit attributable to shareholders of 490 million yuan, down 17.44% year-on-year [1]. - The report highlights an increase in the proportion of revenue from environmental operations, with significant growth in waste treatment and water treatment businesses, indicating a positive outlook for these segments [1][4]. - The company has fully operationalized its solid waste treatment projects, which are expected to improve cash flow and enhance future dividend payouts [5]. Summary by Sections Financial Performance - In the first half of 2024, the company experienced a revenue decline of 345 million yuan, primarily due to a significant drop in integrated environmental service revenue, which fell by 63% year-on-year [1]. - The gross profit margin for solid waste treatment and environmental operations was reported at 43.4%, with a notable increase in the contribution from high-margin businesses [1][5]. Business Segments - The environmental operations segment saw a revenue increase of 318 million yuan (24.65%) in solid waste treatment and a 47 million yuan (33.18%) increase in water treatment, leading to a 17.9 percentage point rise in their combined revenue share [1][4]. - The company has established a water supply project processing capacity of 30.5 million tons per day and a wastewater project capacity of 679,100 tons per day, with significant year-on-year growth in treated wastewater and water supply volumes [4]. Future Outlook - The company is expected to focus on integrated water supply and drainage innovations and explore light-asset operations in waste-to-energy projects, alongside international business expansion through partnerships with state-owned enterprises [5]. - Profit forecasts for 2024-2026 project net profits of 1.037 billion yuan, 1.101 billion yuan, and 1.167 billion yuan, respectively, with corresponding earnings per share of 1.61, 1.71, and 1.82 yuan [5][11].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [1]. Core Views - The company is a leading domestic gas sensor enterprise, continuously optimizing its product structure and achieving breakthroughs in various fields such as energy storage, refrigerants, automotive, and medical applications, which is expected to drive rapid growth in its sensor business [3][4]. - The company's IoT comprehensive solution business is expanding its application scenarios, which is anticipated to lead to steady revenue growth [3]. - The report forecasts the company's revenue for 2024-2026 to be CNY 2.484 billion, CNY 2.838 billion, and CNY 3.206 billion respectively, with corresponding net profits of CNY 138 million, CNY 166 million, and CNY 207 million [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of CNY 1.114 billion, a year-on-year increase of 1.92%, while the net profit attributable to shareholders was CNY 52 million, down 26.20% year-on-year [1]. - The gross profit margin for the first half of 2024 was 27.75%, a decrease of 1.10% year-on-year, while the second quarter gross margin improved to 32.50%, reflecting an 8.91% increase quarter-on-quarter [1][3]. Business Development - The sensor business has been continuously optimizing its product structure, achieving significant growth in traditional security and environmental protection industries, with sensor revenue reaching CNY 155 million in the first half of 2024, a year-on-year increase of 44.61% [1][3]. - The company is enhancing its product offerings in the smart instrument sector, particularly in gas meters, with new products like laser household combustible gas detectors being launched to improve market competitiveness [3][4]. Market Outlook - The report highlights the company's ongoing efforts in research and development, with R&D investment in the first half of 2024 amounting to CNY 99.919 million, a year-on-year increase of 19.34% [1][3]. - The company is expected to continue expanding its market share in various sectors, including home appliances and automotive, leveraging its sensor and solution advantages [3].

有色金属 分析师：李泽森 登记编码：S0730523080001 lizs1@ccnew.com 021-50586702 美联储降息预期增强，金属价格普遍上涨 ——有色金属行业月报 发布日期：2024 年 09 月 06 日 投资要点： 证券研究报告-行业月报 同步大市(维持) 有色金属相对沪深 300 指数表现 有色金属 沪深300 2023.09 2024.01 2024.05 2024.09 资料来源：中原证券 相关报告 《有色金属行业月报：美国衰退预期增强，金 属价格普遍下跌》 2024-08-08 《有色金属行业深度分析：铜基材料产业链分 析之河南概况》 2024-07-18 《有色金属行业月报：美联储表态偏鹰，金属 价格普遍下跌》 2024-07-02 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 ⚫ 8 月，沪深 300 下跌 3.51%，有色板块下跌 4.00%，在 30 个行业 中排名第 11，表现较弱。有色子行业中，其他稀有金属（0.40%）、 钨（-1.34%）、铝（-1.72%）、铜（-2.32%）、锂（- ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 产品结构坚实，省内外市场保持增长 ——今世缘(603369)2024 年中报点评 发布日期：2024 年 09 月 06 日 投资要点： 证券研究报告-中报点评 增持(首次) | --- | --- | |---------------------------------------|----------------------| | 市场数据 (2024-09-04) \n收盘价 ( 元 ) | 38.91 | | 一年内最高 / 最低 ( 元 ) | 64.48/37.40 | | 沪深 300 指数 | 3,252.16 | | 市净率 ( 倍 ) | 3.37 | | 流通市值 ( 亿元 ) | 488.13 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 11.56 | | 每股经营现金流 ( 元 ) | 0.99 | | 毛利率 (%) | 73.79 | | 净资产收益率 _ 摊薄 (%) | 16.97 | | 资产负债率 (%) | ...

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -25% -21% -18% -14% -11% -7% -4% 0% 2023.09 2024.01 2024.05 2024.09 上证指数 深证成指 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,784.28 | -0.67 | | 深证成指 | 8,226.24 | -0.51 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,252.16 | -0.65 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,131.14 | ...