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 | --- | --- | --- | |--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [12]. Core Insights - The company reported a revenue of 4.624 billion yuan for the first half of 2024, a year-on-year decline of 4.20%, while net profit attributable to shareholders increased by 105.81% to 91 million yuan, driven by product price increases and foreign exchange gains [2][3]. - The surface active agent industry is expected to maintain stable growth, supported by increasing demand in various sectors such as personal care and cleaning products, with the company holding a leading position in the market [3]. - The company's OEM business in personal care products is anticipated to become a significant profit growth point, with new production capacities gradually coming online [5]. Financial Performance - The company achieved a gross margin of 6.92% in the first half of 2024, an increase of 0.89 percentage points year-on-year, while the net profit margin improved to 1.98%, up 1.06 percentage points [2][3]. - The forecasted earnings per share (EPS) for 2024 and 2025 are 0.44 yuan and 0.52 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.10 and 15.35 based on the closing price of 7.93 yuan on September 19, 2024 [5][8]. Market Position - The company is a leader in the production of anionic surface active agents, with a market share exceeding 70% in the domestic market, indicating a strong competitive position [3]. - The report highlights the company's strategic investments in high-standard, intelligent factories for OEM services, which are expected to enhance customer loyalty and market competitiveness [5]. Industry Outlook - The surface active agent industry is projected to benefit from stable demand driven by economic growth and increased consumer awareness regarding hygiene and personal care [3]. - The report notes that the industry concentration is rising due to stricter safety and environmental regulations, which may favor established players like the company [3].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件通讯行业领涨 A 股小幅震荡 ——市场分析 相关报告 《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 《市场分析：金融地产行业领涨 A 股小幅整 理》 2024-09-13 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 20 日 投资要点： ◼ A 股市场综述 周五（09 月 20 日）A 股市场探底回升、小幅震荡上涨，早盘股指低开后震 荡回落，沪指盘中在 2717 点附近获得支撑，尾盘股指止跌回升，盘中软件 开发、通信服务、消费电子以及黄金等行业表现较好；光伏设备、半导体、 证券以及酿酒等行业表现较弱，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回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场探底回升、小幅震荡上涨，早盘股指低 ...

相关报告 2024-8-22 分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 0371-65585753 研究助理：郑婷 登记编码：S0730122110004 zhengting@ccnew.com 河南研究：经济数据跟踪（2024 年 8 月） 证券研究报告—宏观点评 发布日期：2024 年 9 月 20 日 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： 《河南研究：经济数据跟踪（2024 年 7 月）》 全国经济运行情况：2024 年 8 月份，全国规模以上工业增加值同 比增长 4.5%，社会消费品零售总额同比增长 2.1%，全国固定资产 投资（不含农户）累计同比增长 3.4%，货物贸易进出口总值累计 同比增长 6.0%。总体来看，8 月份我国经济供需两端均有回落，内 生修复动能有所放缓，前期系列促消费政策以及强劲外需有效支撑 经济总体平稳运行。接下来在全球经济增长波动加大以及贸易摩擦 升温背景下，外需拉动经济增长的可持续性存在不确定因素，对应 提振有效需求的必要性进一步增强。后续仍待存量政策落地 ...

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 [2][28]. Core Insights - The company achieved an operating income of 30.183 billion yuan in the first half of 2024, a year-on-year decrease of 4.18%, and a net profit attributable to shareholders of 10.570 billion yuan, down 6.51% year-on-year [4][6]. - The company’s investment income (including fair value changes) and other income have increased, while the proportions of brokerage, investment banking, asset management, and interest net income have all seen varying degrees of decline [7][10]. - The company remains a leader in wealth management and institutional brokerage, with a net income from brokerage business of 4.880 billion yuan, a decline of 7.75% year-on-year, which is better than the industry average [10][11]. - The investment banking sector faced significant pressure, with net income from investment banking fees down 54.63% year-on-year, while debt financing business showed stability with a slight increase [11][14]. - The company’s asset management fees decreased slightly, but the scale of public fund management continued to grow, with net income from asset management fees down 1.09% year-on-year [14][17]. - The company’s self-operated business has increased its non-directional investment layout, maintaining stable investment income (including fair value changes) with a year-on-year increase of 0.38% [17][22]. - The company’s overseas business revenue grew by 25.02% year-on-year, indicating robust performance in international markets [21][22]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a basic earnings per share (EPS) of 0.69 yuan, down 8.00% year-on-year, and a return on equity (ROE) of 3.96%, a decrease of 0.31 percentage points year-on-year [4][6][22]. - The company plans to distribute a dividend of 2.40 yuan per share (before tax), representing 34.89% of the net profit attributable to shareholders for the first half of the year [6][22]. Business Segments - The brokerage business accounted for 16.2% of net income, investment banking for 5.7%, asset management for 16.3%, interest income for 3.7%, and investment income for 39.6% in the first half of 2024 [7][10]. - The company’s wealth management business has focused on refined customer management and upgraded its advisory talent development strategy, achieving a customer base of 14.7 million, an increase of 500,000 from the end of 2023 [10][11]. Market Position - Despite challenges in equity financing, the company maintained its leading position in the market, with a market share of 18.44% in equity financing and 14.36% in debt financing, both ranking first in the industry [11][14]. - The company’s asset management business continues to lead the market with a market share of 13.23% [14][17]. Future Outlook - The company is expected to have an EPS of 1.19 yuan and 1.29 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 18.00 yuan and 19.00 yuan [22][26].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -21% -18% -15% -12% -8% -5% -2% 1% 2023.09 2024.01 2024.05 2024.09 上证指数 深证成指 资料来源：Wind，中原证券研究所 | --- | --- | --- | |---------------------|---------------------|------------| | | | | | 指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 深证成指 | 2,736.02 8,087.60 | 0.69 1.19 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 | 3,196.04 | 0.79 | | 300 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 | 3,077.61 | 0.63 | | 中证 500 | 4,520.39 | ...