Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][23]. Core Insights - The company achieved a total operating income of 95.95 billion yuan in the first half of 2024, a year-on-year decrease of 11.11%, while the net profit attributable to shareholders was 47.48 billion yuan, reflecting a slight increase of 0.44% year-on-year [4][6]. - The report highlights a significant increase in investment income (including fair value changes), which accounted for 57.4% of total income, while other income sources saw a decline [5][7]. - Despite a decrease in market share for equity fund trading, the company maintained a relatively stable performance in its brokerage business, with a net income decline within normal limits [5][18]. Summary by Sections Financial Performance - For the first half of 2024, the company reported an operating income of 95.95 billion yuan, a decrease of 11.11% year-on-year, and a net profit of 47.48 billion yuan, an increase of 0.44% year-on-year [4][6]. - The basic earnings per share (EPS) remained stable at 0.51 yuan, with a return on equity (ROE) of 4.08%, down 0.25 percentage points year-on-year [4][6]. Revenue Composition - The composition of net income for the company in 2024H was as follows: brokerage (26.9%), investment banking (3.0%), asset management (3.5%), interest income (4.9%), and investment income (57.4%) [5][7]. - The report notes a decline in the market share of equity fund trading, with a total trading volume of 10.64 trillion yuan, down 18.59% year-on-year [8][9]. Investment Banking and Asset Management - The company experienced a smaller decline in equity financing compared to peers, with a total underwriting amount of 51.83 billion yuan, down 25.19% year-on-year, ranking 7th in the industry [10][12]. - In contrast, the debt financing scale grew, with a total bond underwriting amount of 1714.44 billion yuan, an increase of 18.41% year-on-year [10][12]. Investment Strategy - The company adopted a "large and stable" investment strategy, achieving a 17.43% year-on-year increase in investment income, which supported the stability of net profit [14][18]. - The report emphasizes the company's focus on high-dividend investments and diversified strategies in equity investments, while also capturing opportunities in the fixed income market [14][18]. Future Outlook - The projected EPS for 2024 and 2025 is 0.86 yuan and 0.84 yuan, respectively, with corresponding book value per share (BVPS) of 12.96 yuan and 13.70 yuan [18][21]. - The report suggests that the company is well-positioned to benefit from government policies aimed at fostering strong firms and building a first-class investment bank [18].

分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 基础化工 美联储降息开启宽松周期，海外地产链及 资源属性化工品有望受益 ——基础化工行业点评报告 证券研究报告-行业点评报告 同步大市(维持) 基础化工相对沪深 300 指数表现 -28% -24% -20% -16% -12% -7% -3% 1% 2023.09 2024.01 2024.05 2024.09 基础化工 沪深300 资料来源：中原证券研究所，聚源 相关报告 《基础化工行业月报：化工品价格回调态势放 缓，关注三条主线 》 2024-09-13 《基础化工行业月报：油价震荡下跌，化工品 价格延续回调态势》 2024-08-14 《基础化工行业月报：化工品价格整体回调， 三条主线布局投资机会》 2024-07-10 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 发布日期：2024 年 09 月 24 日 事件：当地时间 9 月 18 日，美国联邦储备委员会宣布，将联 邦基金利率目标区间下调 50 个基点，降 ...

轻工制造 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 美联储降息开启，关注家居出口链 ——轻工制造行业点评报告 发布日期：2024 年 09 月 24 日 事件： 证券研究报告-行业点评报告 同步大市(维持) 轻工制造相对沪深 300 指数表现 -31% -26% -22% -17% -13% -8% -4% 1% 2023.09 2024.01 2024.05 2024.09 轻工制造 沪深300 资料来源：中原证券研究所，聚源 相关报告 《轻工制造行业点评报告：河南省加力支持以 旧换新，关注家居需求释放》 2024-09-13 《轻工制造行业月报：文化纸及生活用纸发布 涨价函，关注落地情况》 2024-09-05 《轻工制造行业月报：加力支持以旧换新，家 居消费有望提振》 2024-08-09 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 美国联邦储备委员会当地时间 9 月 18 日宣布，将联邦基金利率目 标区间下调 50 个基点，降至 4.75%至 5.0 ...

Investment Rating - The report maintains an "Accumulate" investment rating for Huatai Securities, indicating an expected relative price increase of 5% to 15% compared to the CSI 300 index over the next six months [27]. Core Views - The report highlights that despite a slight decline in retail brokerage business due to market conditions, the company's investment banking business remains competitive, and its asset management scale continues to grow. The sale of AssetMark is expected to significantly enhance the company's performance in 2024, leading to anticipated revenue and net profit growth [21][5]. Summary by Sections Financial Performance - In the first half of 2024, Huatai Securities achieved operating revenue of 17.441 billion yuan, a year-on-year decrease of 5.05%. The net profit attributable to shareholders was 5.311 billion yuan, down 18.99% year-on-year, with basic earnings per share of 0.55 yuan, a decline of 21.43% [5][7]. Business Segments - The report indicates an increase in the proportion of asset management, net interest income, and other income, while brokerage, investment banking net income, and investment income (including fair value changes) saw a decline. Specifically, the net income from brokerage business decreased by 13.64% year-on-year, while investment banking fees dropped by 42.17% [8][12]. - The asset management business showed resilience, with net income from asset management fees increasing by 6.47% year-on-year, and the total scale of asset management reaching 505.983 billion yuan, up 6.41% from the end of 2023 [14][5]. International Business - The international business revenue grew significantly by 67.50% year-on-year, reaching 6.491 billion yuan, with strong performance from Huatai International, maintaining a leading position among Chinese brokers in Hong Kong [20][5]. Future Projections - The report projects earnings per share (EPS) of 1.48 yuan for 2024 and 1.30 yuan for 2025, with book value per share (BVPS) expected to be 18.14 yuan and 18.75 yuan respectively. The price-to-book (P/B) ratios are forecasted at 0.72 and 0.70 based on the closing price of 13.08 yuan on September 23 [21][5].

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% -15% -11% -8% -5% -2% 2% 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 | 2,748.92 | 0.44 | | 深证成指 | 8,083.38 | 0.10 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,212.76 | 0.37 | | 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 | 3,089.96 | 0.2 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 银行通信行业领涨 A 股小幅上涨 ——市场分析 相关报告 《市场分析：软件通讯行业领涨 A 股小幅震 荡》 2024-09-20 《市场分析：成长行业领涨 A 股震荡上扬》 2024-09-19 《市场分析：金融地产行业领涨 A 股先抑后 扬》 2024-09-18 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 23 日 投资要点： ◼ A 股市场综述 周一（09 月 23 日）A 股市场低开高走、小幅震荡上涨，早盘股指低开后震 荡上行，沪指盘中在 2760 点附近遭遇阻力，尾盘股指维持震荡，盘中银行、 通信服务、电池以及黄金等行业表现较好；多元金融、光伏设备、风电设 备以及航空机场等行业表现较弱，沪指全天基本呈现小幅上扬的运行特征。 创业板市场周一震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周一 A 股市场低开高走、小幅震荡上涨，早盘股指 ...

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 -22% -18% -15% -12% -9% -5% -2% 1% 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 | 2,736.81 | 0.03 | | 深证成指 | 8,075.14 | -0.15 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,201.05 | 0.16 | | 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 | 3,083.55 | 0. ...

行业周观点 中原证券行业周观点 —2024 年第三十五期：9 月 18 日-9 月 20 日 摘要： ⚫ 锂电池 证券研究报告-行业周观点 发布日期：2024 年 9 月 22 日 分析师：牟国洪 登记编码：S0730513030002 分析师：顾敏豪 登记编码：S0730512100001 分析师：刘冉 登记编码：S0730516010001 分析师：唐月 登记编码：S0730512030001 分析师：李琳琳 登记编码：S0730511010010 分析师：张洋 登记编码：S0730516040002 分析师：唐俊男 登记编码：S0730519050003 分析师：乔琪 登记编码：S0730520090001 分析师：刘智 登记编码：S0730520110001 分析师：张蔓梓 登记编码：S0730522110001 分析师：陈拓 登记编码：S0730522100003 分析师：邹臣 登记编码：S0730523100001 分析师：李泽森 登记编码：S0730121070006 分析师：余典 登记编码：S0730524030001 分析师：龙羽洁 登记编码：S0730523120001 研究助理：石临源 ...

Lithium Battery - The lithium battery index decreased by 0.93%, underperforming the CSI 300 index which increased by 1.32% [1] - Short-term investment opportunities in the sector are suggested due to the overall encouragement of macro policies for the new energy vehicle industry [10] New Materials - The new materials index rose by 0.4%, but still underperformed the CSI 300 index [12] - The semiconductor industry is expected to benefit from a rebound, with a focus on electronic specialty gases and photolithography materials [12] - The state emphasizes the strategic resource nature of high-precision diamond materials, suggesting investment in companies with R&D capabilities in functional diamonds [12] Nonferrous Metals - The nonferrous metals index increased by 5.27%, significantly outperforming the CSI 300 index [13] - Copper, aluminum, and tungsten saw notable increases of 8.90%, 7.09%, and 5.79% respectively, while lithium prices fell by 1.56% [13] - Investment opportunities are recommended in gold and copper sectors due to the complex international situation and expectations of continued monetary easing [13] Light Industry Manufacturing - The light industry manufacturing index rose by 1.67%, outperforming the CSI 300 index by 0.35 percentage points [15] - The paper industry is expected to see demand recovery as it transitions from off-peak to peak season, with a focus on companies with integrated advantages in pulp and paper [15] - The home furnishing sector is anticipated to benefit from policies promoting consumption upgrades [15] Agriculture, Forestry, Animal Husbandry, and Fishery - The agriculture, forestry, animal husbandry, and fishery index decreased by 0.33%, underperforming the CSI 300 index by 1.65 percentage points [16] - The pig farming sector is expected to see price stabilization and potential increases due to seasonal demand [16] - Investment opportunities are suggested in the poultry and pet food sectors, which are experiencing rapid growth [16] Pharmaceuticals - The CS pharmaceutical sector decreased by 0.79%, ranking last among 30 sectors [18] - Investment opportunities are highlighted in CXO services due to delays in U.S. biosecurity legislation discussions, as well as in traditional Chinese medicine and innovative drugs [19] Securities - The securities index showed strength after a period of narrow fluctuations, with a closing price reaching a new high since August [20] - If overall market trading volume increases, the securities sector may experience a recovery trend [20] Machinery - The CS machinery sector increased by 0.6%, underperforming the CSI 300 index [21] - Investment focus is recommended on sectors benefiting from large-scale equipment updates, particularly in shipbuilding and engineering machinery [21] Photovoltaics - The photovoltaic sector decreased by 0.87%, significantly underperforming the CSI 300 index [22] - Short-term price increases in polysilicon are noted, with expectations of a supply decrease in the fourth quarter [22] - Long-term investment is suggested in leading companies in photovoltaic glass, integrated components, and other related fields [22]

分析师：李泽森 登记编码：S0730523080001 lizs1@ccnew.com 021-50586702 经济运行总体平稳，市场有望 企稳回升 ——周度策略 | --- | --- | --- | |--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...