Core Insights - The report indicates that the overall economic growth in the Guangdong-Hong Kong-Macao Greater Bay Area is expected to exceed 5% in 2024, driven by a gradual recovery in external demand and strengthening economic momentum in Hong Kong and Macau [4][6] - The report highlights significant growth in the new energy vehicle market, with retail sales of 274,000 units from August 1 to 11, representing a year-on-year increase of 57% and a month-on-month increase of 25% [4][6] - The semiconductor industry is experiencing a new upward cycle, driven by strong demand in the generative AI sector, with global semiconductor sales continuing to grow year-on-year [15] Market Analysis - The A-share market is currently experiencing fluctuations, with the communication and military industries leading slight gains, while the banking and pharmaceutical sectors are showing narrow fluctuations [7][8] - The report notes that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 12.26 times and 26.45 times, respectively, indicating that the market is still in a relatively low valuation zone suitable for medium to long-term investments [6][8] - The report suggests that investors should focus on short-term opportunities in sectors such as communication equipment, consumer electronics, software development, and gaming [6][8] Industry Reports - The chemical industry is facing a downturn, with the index dropping 3.36% in July, attributed to the ongoing decline in chemical product prices due to factors like the Federal Reserve's rate hikes and a decrease in global demand [13] - The cultural industry is expected to benefit from recent policy support, which aims to stimulate domestic cultural consumption, particularly in areas like film, television, and gaming [13] - The report emphasizes the importance of the lithium battery sector, which has seen a decline of 2.91%, suggesting a cautious approach to investment opportunities in this area [8][9] Investment Recommendations - The report recommends focusing on sectors such as pharmaceuticals, particularly in vitamin and artificial bone repair materials, as well as the cultural and entertainment sectors due to favorable policy changes [8][9] - In the semiconductor industry, the report advises monitoring the domestic market's performance and the potential impacts of export controls, while also highlighting the importance of domestic substitution strategies [15] - The report suggests that investors should pay attention to the food and beverage sector, particularly in health products and soft drinks, as these areas show potential for growth despite recent declines [14]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股震荡整理 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 14 日 相关报告 投资要点： 《市场分析：通信军工行业领涨 A 股小幅上 扬》 2024-08-13 《市场分析：银行医药行业领涨 A 股窄幅波 动》 2024-08-12 《市场分析：汽车地产行业领涨 A 股小幅震 荡》 2024-08-09 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 ◼ A 股市场综述 周三（08 月 14 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 2853 点附近获得支撑，午后股指震荡回落，盘中消费 电子、游戏、软件开发以及水泥建材等行业表现较好；医药、军工、证券 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。 创业板市场周三震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场冲高遇阻、小幅震荡整理，早盘股指低 ...

Investment Rating - The report suggests a positive outlook for the media industry, particularly in sectors benefiting from recent policy support, such as gaming, film, and immersive experiences [4][12]. Core Insights - Recent policy documents have been released that aim to promote the development of the domestic cultural industry, which is expected to invigorate consumer demand in various sectors including movies, TV shows, and games [4][12]. - The media index fell by 4.66% in July, underperforming compared to major indices like the CSI 300 and the Shanghai Composite [3][13]. - The overall valuation of the media sector has decreased, with the current PE ratio at 19.04, significantly below the historical average of 24.70 [3][17]. Summary by Sections 1. Investment Recommendations - The report highlights the importance of recent policy initiatives that are expected to stimulate the cultural industry, suggesting investors focus on opportunities in gaming, film, and immersive experiences [4][12]. - It recommends continuous attention to high-dividend and low-valuation stocks, particularly state-owned publishing companies, which show stable performance and strong cash flow [4][12]. 2. July Market Review 2.1. Market Performance - The media index's decline of 4.66% in July was more pronounced than the declines in the CSI 300 and Shanghai Composite indices [3][13]. - Only the broadcasting and television sector saw a slight increase of 0.37%, while other sectors like social media and film experienced significant declines [3][13]. 2.2. Valuation Levels - As of July 31, 2024, the media sector's PE ratio was 19.04, with historical averages indicating a much higher valuation [3][17]. 3. July Industry News - Key policy documents released in July emphasize the need for a robust cultural industry, which is expected to enhance consumer engagement in various media sectors [4][12]. - The report notes significant advancements in AI technology, which are anticipated to drive innovation and application diversity in the media sector [4][12]. 4. Monthly Industry Data 4.1. Film Market - In July 2024, the domestic film market generated a box office of 5.378 billion yuan, a year-on-year decrease of 38.33% [21][24]. - The average ticket price was 41.05 yuan, with a total of 1.31 billion viewers [21][24]. 4.2. TV and Online Drama Market - The top five TV dramas in July included "Longing for You Season 2" and "You Are More Beautiful Than the Stars," with significant viewership [30][31]. 4.3. Variety Show Market - The leading variety shows included "Singer 2024" and "Running Man Season 12," showcasing strong audience engagement [32][33]. 4.4. Gaming Market - The gaming market saw revenues of 147.267 billion yuan in the first half of 2024, with mobile games contributing significantly [34][36]. 4.5. Advertising Market - The advertising market experienced a year-on-year growth of 2.7% in the first half of 2024, indicating a stable demand for advertising services [42].

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [2][5][24] Core Viewpoints - The basic chemical industry index fell by 3.36% in July 2024, underperforming the Shanghai Composite Index by 2.39 percentage points and the CSI 300 Index by 2.79 percentage points, ranking 26th among 30 first-level industries [2][5] - The overall chemical product prices continued to show a downward trend, with significant price increases in sulfuric acid, anionic surfactants, sulfur, fatty alcohols, and palm oil, while other products experienced declines [2][5][24] - Investment strategies for August 2024 suggest continued focus on coal chemical, light hydrocarbon chemical, phosphate chemical, and polyester filament industries due to supply constraints and demand recovery [2][5][24] Market Review - In July 2024, the basic chemical industry index decreased by 3.36%, ranking 26th among 30 first-level industries, with a year-on-year decline of 27.10% [5][7] - Among 33 sub-industries, five saw increases, with spandex, viscose, and dyeing chemicals leading the gains at 6.28%, 4.99%, and 2.48% respectively [7][9] - A total of 505 stocks in the basic chemical sector saw 205 rise and 298 fall, with ST Yongyue and Tian Sheng New Materials leading the gains [9][24] Industry and Company News - The chemical raw materials and chemical products manufacturing industry saw a year-on-year increase of 9.2% in June 2024 [10][11] - The investment in the chemical raw materials and chemical products manufacturing industry grew by 8.4% in the first half of 2024 [11][12] - New and Cheng plans to invest 10 billion yuan in a nylon new materials project, which will enhance its competitiveness in the market [17][24] Product Price Tracking - In July 2024, international oil prices showed a downward trend, with WTI crude oil down 4.45% and Brent crude oil down 6.58% [2][5] - Among 317 tracked products, 91 saw price increases, while 183 experienced declines, indicating an overall price adjustment in the chemical products market [2][5][24]

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 板块跌幅收窄，上涨个股数量增多 ——食品饮料行业月报 发布日期：2024 年 08 月 14 日 ⚫ 2024 年 7 月，食品饮料板块下跌 2%，子板块有涨有跌。其中，预 加工食品、保健品、啤酒、其它酒、软饮料等子板块表现优异，当 月分别上涨 3.17%、2.70%、2.70%、4.13%和 4.88%。当月，对食 品饮料整体拖累较大的是零食板块，后者下跌 6.82%。同期，沪深 300 下跌 0.47%，食品饮料板块跑输大盘。 ⚫ 7 月份板块延续弱势，但跌幅收窄。2024 年以来，食品饮料板块以 下跌为主，跌多涨少。其中，2 月板块反弹主要是对 1 月超跌的补偿， 之后 3 月和 4 月呈震荡之势，6 月份在茅台批价下跌的拖累下再次 大幅走弱，7 月份延续弱势但跌幅收窄。 ⚫ 食品饮料板块的估值进一步下沉。根据 IFIND 的数据，截至 2024 年 7 月 31 日，板块的静态市盈率为 13.26 倍——较 2020 年高点下 降了 70.95%，估值创下自 2014 年以来的十 ...

资料来源：Wind,中原证券 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 14 日 -26% -22% -19% -15% -11% -7% -4% 0% 2023.08 2023.12 2024.04 2024.08 上证指数 深证成指 资料来源：Wind,中原证券 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,867.95 | 0.34 | | 深证成指 | 8,409.22 | 0.43 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,334.39 | 0.26 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信军工行业领涨 A 股小幅上扬 ——市场分析 证券研究报告-市场分析 发布日期：2024 年 08 月 13 日 相关报告 投资要点： 《市场分析：银行医药行业领涨 A 股窄幅波 动》 2024-08-12 《市场分析：汽车地产行业领涨 A 股小幅震 荡》 2024-08-09 《市场分析：证券消费行业领涨 A 股小幅震 荡》 2024-08-08 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 ◼ A 股市场综述 周二（08 月 13 日）A 股市场冲高遇阻、小幅震荡上涨，早盘股指高开后震 荡上行，沪指盘中在 2865 点附近遭遇阻力，午后股指震荡回落，尾盘再度 上行，盘中通信设备、电子元件、军工以及电池等行业表现较好；医药、 医疗器械、房地产以及酿酒等行业表现较弱，沪指全天基本呈现震荡整理 的运行特征。创业板市场周二震荡上行，成指全天表现强于主板市场。 ◼ 后市研判及投资建议 周二 A 股市场冲高遇阻、小幅震荡 ...

Group 1 - The A-share market experienced slight fluctuations with a small increase, with the Shanghai Composite Index facing resistance around 2865 points during the trading session on August 13, 2024 [2][5] - Key sectors that performed well included communication equipment, electronic components, military industry, and batteries, while the pharmaceutical, medical device, real estate, and liquor industries showed weaker performance [2][5] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index were 12.22 times and 26.23 times, respectively, indicating that the market valuation remains in a low range suitable for medium to long-term investment [2][10] Group 2 - The total trading volume for both markets on August 13 was 480 billion yuan, which is below the median of the average daily trading volume over the past three years [2][10] - The report highlights that the recent policy measures, including the "New National Nine Articles," are expected to enhance market maturity and boost long-term confidence [2][10] - Investors are advised to focus on short-term investment opportunities in sectors such as communication equipment, electronic components, military industry, and batteries [2][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 -26% -22% -19% -15% -11% -7% -4% 0% 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 | 2,858.20 | -0.14 | | 深证成指 | 8,373.47 | -0.24 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,325.86 | -0.17 | | 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 | 3,169.15 | ...

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 13 日 上证指数 深证成指 -26% -22% -19% -15% -11% -7% -4% 0% 2023.08 2023.12 2024.04 2024.08 资料来源：聚源，中原证券研究所 国内市场表现 | --- | --- | --- | |--------------------------------|------------|-----------| | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 2,858.20 | -0.14 | | 深证成指 | 8,373.47 | -0.24 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,325.86 | -0.17 | | 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 ...