分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2024 年 08 月 27 日 -22% -18% -15% -11% -7% -4% 0% 4% 2023.08 2023.12 2024.04 2024.08 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 | 2,855.52 | 0.04 | | 深证成指 | 8,194.65 | 0.16 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,324.22 | -0.09 | | 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 10 ...

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 -21% -18% -14% -10% -6% -3% 1% 5% 2023.08 2023.12 2024.04 2024.08 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 | 2,854.37 | 0.20 | | 深证成指 | 8,181.92 | 0.24 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,327.19 | 0.42 | | 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 | 3,185.86 | 0.49 ...

Group 1 - The report indicates that the expectation for stable growth has strengthened, and the market is likely to stabilize and rebound, supported by enhanced macroeconomic regulation and the implementation of growth stabilization policies [5][13]. - In July, the industrial added value of large-scale enterprises in China grew by 5.1% year-on-year, with over 80% of industries and regions experiencing growth, indicating a steady industrial production environment [7][8]. - The manufacturing sector's added value increased by 5.3% year-on-year, slightly higher than the overall industrial growth rate, while mining and utilities also showed positive growth [7][8]. Group 2 - Recent U.S. employment data and PMI figures have weakened, leading to increased expectations for interest rate cuts by the Federal Reserve, which may positively impact market sentiment [3][5]. - The Federal Reserve's Chairman Powell signaled that the timing for policy adjustments is approaching, with a focus on balancing data, outlook, and risks, suggesting a potential interest rate cut in September [3][13]. - The report recommends focusing on sectors such as semiconductors, home appliances, utilities, non-ferrous metals, and media, as they are expected to benefit from the anticipated market stabilization [5][15]. Group 3 - The report highlights that 33 out of 41 major industrial categories saw year-on-year growth in July, reflecting a broad-based recovery in industrial production [7][8]. - The overall economic environment remains challenged by insufficient market demand, complex external conditions, and low corporate profitability, but the implementation of growth stabilization policies is expected to lead to qualitative and quantitative improvements in the industrial economy [7][8]. - The report notes that the market's average daily trading volume in the Shanghai and Shenzhen stock exchanges increased by 2.4% week-on-week, indicating a slight recovery in market activity [15][17].

行业周观点 中原证券行业周观点 —2024 年第三十一期：8 月 19 日-8 月 23 日 | --- | --- | |---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 分析师：牟国洪 | 发布日期： 2024 年 8 月 25 日 摘要： | | 登记编码： S0730513030002 | ⚫ 锂电池 | | 分析师：顾敏豪 | 本期锂电池指数下跌 2.95% ，板块持续跑输沪深 300 指数。结合行业景气度、产业链 | | 登记编码： S0730512100001 | 价格及板块走势，短期建议谨慎关注板块投资机会。 | | 分析师：刘冉 | 新 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 消费电子新能源行业领涨 A 股小幅震荡 ——市场分析 相关报告 《市场分析：汽车软件行业走强 A 股窄幅波 动》 2024-08-23 《市场分析：观望情绪提升 A 股小幅震荡》 2024-08-22 《市场分析：电子信息电池行业领涨 A 股小 幅整理》 2024-08-21 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 08 月 26 日 投资要点： ◼ A 股市场综述 周一（08 月 26 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震 荡回落，沪指盘中在 2844 点附近获得支撑，午后股指维持震荡，盘中电池、 汽车零部件、风电设备以及有色金属等行业表现较好；铁路公路、教育、 文化传媒以及通信设备等行业表现较弱，沪指全天基本呈现小幅震荡的运 行特征。创业板市场周一冲高回落，成指全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周一 A 股市场冲高遇阻、 ...

Economic Overview - The GDP of Luohe City in the first half of 2024 was 93.82 billion yuan, contributing approximately 3% to Henan Province's total economy[1] - Luohe's GDP growth rate was 7.8%, outperforming the provincial average by 2.9 percentage points, ranking first in the province[8] - In 2023, the general public budget revenue increased by 933 million yuan to 13.63 billion yuan, with a growth rate of 3.4%[14] Economic Structure and Industry Advantages - The industrial structure in 2023 was adjusted to 8.8% for the primary sector, 39.8% for the secondary sector, and 51.4% for the tertiary sector[16] - The city is focusing on developing modern food, advanced manufacturing, and new materials as its three major industry clusters, with an expected output value reaching 100 billion yuan by the end of 2025[23] - Luohe is recognized as a national "food capital," with significant enterprises like Shuanghui and Weilong driving the food processing industry[5] Key Industry Layout and Planning - Luohe has identified 11 key industrial chains and 8 regional characteristic industrial chains to guide future development[23] - The modern food industry is targeting health-oriented products, while advanced manufacturing focuses on intelligent equipment and high-pressure applications[23] - By 2025, the three major industry clusters are projected to achieve a scale of 100 billion yuan, with a focus on nutrition, health, and future food[24] Industrial Park and Enterprise Statistics - Luohe has 39 industrial parks, accounting for 3.07% of the total in Henan Province, with 24,400 enterprises registered, representing 1.93% of the province[2] - Notable enterprises include Shuanghui Development, Weilong, and Nanjie Village, which are pivotal in driving economic growth[2] Risks and Challenges - Potential risks include economic and industrial policy adjustments, data discrepancies, and limited information on representative enterprises[2]

分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 计算机软件 海外收入实现高增长，提质增效效果明 显 ——中控技术(688777)半年报分析 发布日期：2024 年 08 月 26 日 投资要点： 证券研究报告-公司深度分析 买入(维持) 市场数据(2024-08-23) | --- | --- | |----------------------|---------------------| | 收盘价(元) | 38.56 | | 一年内最高/最低(元) | 51.29/35.12 | | 沪深 300 指数 | 3,327.19 | | 市净率(倍) | 3.11 | | 流通市值(亿元) | 304.85 | | 11718 | | | 基础数据(2024-06-30) | | | 每股净资产(元) | 12.39 | | 每股经营现金流(元) | -0.53 | | 毛利率(%) | 33.23 | | 净资产收益率_摊薄(%) | 5.27 | | 资产负债率(%) | 43.33 | | 总股本/流通股(万股) | 79,059.1 ...

传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 半年度业绩规模创新高，关注新产品进展 ——恺英网络(002517)中报点评 发布日期：2024 年 08 月 23 日 证券研究报告-中报点评 买入(维持) 市场数据(2024-08-22) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 8.74 | | 一年内最高/最低(元) | 15.14/8.40 | | 沪深 300 指数 | 3,313.14 | | 市净率(倍) | 3.31 | | 流通市值(亿元) | 167.31 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 2.64 | | 每股经营现金流(元) | 0.43 | | 毛利率(%) | 82.01 | | 净资产收益率_摊薄(%) | 14.22 | | 资产负债率(%) | 21.01 | | 总股本/流通股(万股) | 215,251.76/191,425.7 | | | 7 | B 股/H ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 汽车软件行业走强 A 股窄幅波动 相关报告 《市场分析：观望情绪提升 A 股小幅震荡》 2024-08-22 《市场分析：电子信息电池行业领涨 A 股小 幅整理》 2024-08-21 《市场分析：传媒游戏行业领涨 A 股宽幅震 荡》 2024-08-20 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 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 23 日 投资要点： ◼ A 股市场综述 周五（08 月 23 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震 荡上行，沪指盘中在 2855 点附近遭遇阻力，午后股指震荡回落，尾盘再度 小幅上扬，盘中汽车、软件开发、家电以及保险等行业表现较好；电力、 半导体、文化传媒以及医药等行业表现较弱，沪指全天基本呈现小幅震荡 的运行特征。创业板市场周五震荡整固，成指全天表现与主板市场基本同 步。 ◼ 后市研判及投资建议 周五 A 股市场冲高遇阻、小 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [1][15]. Core Insights - The railway equipment sector is experiencing a recovery in demand, with the company reporting a 30% increase in new orders in the first half of 2024 [1][3]. - The company's total revenue for the first half of 2024 reached 559 million yuan, a year-on-year increase of 6.16%, while net profit attributable to shareholders was 190 million yuan, up 9.39% [1][5]. - The company is well-positioned to benefit from a new round of railway equipment upgrades, with its core products entering a replacement cycle [5][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 559 million yuan, a 6.16% increase year-on-year, and a net profit of 190 million yuan, reflecting a 9.39% growth [1][5]. - The gross profit margin for the first half of 2024 was 62.83%, an increase of 4.63 percentage points compared to the previous year [1][4]. Market Dynamics - The railway investment sector is expected to accelerate, with fixed asset investments projected to reach 741.4 billion yuan annually during the 14th Five-Year Plan period [3]. - The company has a leading market share in railway control systems, with approximately 50% of the market for its LKJ2000 system, which is undergoing its third replacement cycle [4][5]. Order and Revenue Growth - The company signed new orders totaling approximately 660 million yuan in the first half of 2024, marking a year-on-year increase of over 30% [1][3]. - The breakdown of revenue by business segment shows growth in railway control, safety, and high-speed rail operations, with respective revenues of 329.85 million yuan, 136.55 million yuan, and 79.87 million yuan [1][4]. Future Projections - The company forecasts revenues of 1.427 billion yuan, 1.668 billion yuan, and 1.889 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 513 million yuan, 601 million yuan, and 683 million yuan [5][6].