传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 政策密集出台助力国内文化产业发展 ——传媒行业点评报告 证券研究报告-行业点评报告 同步大市(维持) 传媒相对沪深 300 指数表现 传媒 沪深300 11785 -36% -31% -26% -21% -16% -10% -5% 0% 2023.08 2023.12 2024.04 2024.08 资料来源：中原证券研究所，聚源 相关报告 《传媒行业月报：世界人工智能大会落幕，关 注 AI 应用落地进展》 2024-07-12 《传媒行业半年度策略：举 AI 为利矛，以红 利作坚盾》 2024-06-28 《传媒行业月报：暑期文化娱乐消费旺季将 至，关注电影、游戏定档进展》 2024-06-12 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 08 月 05 日 政策密集出台提振文化消费、助力文化产业发展。 投资要点： ⚫ 文化消费迎来国家级指引政策。8 月 3 日国务院发布《国务院关于 促进 ...

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 -29% -25% -21% -17% -12% -8% -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 | 2,905.34 | -0.92 | | 深证成指 | 8,553.55 | -1.38 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,384.39 | -1.02 | | 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 | 3,225.81 | ...

分析师：李泽森 登记编码：S0730523080001 lizs1@ccnew.com 021-50586702 美联储降息预期大幅增强，市 场有望企稳反弹 ——周度策略 | --- | --- | --- | |----------------|-----------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行业周观点 中原证券行业周观点 | --- | --- | |-------------------------|-----------| | 证券研究报告-行业周观点 | | | | | | 分析师：张壺梓 | 摘要： | | | 女林林池. | 跑赢对标指数 3.66 个百分点。从农林栽造编分子行业未看，本周水产办工板块涨幅分析师：陈拓 居前，何针办工板块跌幅居前。建议关注迎未周病反转的生猪养殖板块和宠物舍总板 步。登记编码：S0730522100003 • 分析师： 余典 本周汽车叛块下跌 0.94%，跑輪沪深 300 指数（-0.73%）0.21 个百分点，落跌幅径于 登记编码：S0730524030001 中 位一级 行业 茅 26 位。子旅块表现未希，除来用车、奇用车分别下跌 3. 65%、1. 66%, 汽车实际件、摩托车及其他、汽车领巷及服务分别上涨 1. 37%、1. 33%、6. 14%。老旧 营运货车更新补贴回则发布，明确了报废困三及以下种效标准营运失柴油货车补贴标 准，有望指动重卞户客，促进新能源重卞涉违单提升：新能源城市公交车回到发布办 是李年更新客杀。以旧换新政策坚步落地，朴贴标准 ...

—2024 年第二十八期：7 月 29 日-8 月 2 日 行业周观点 中原证券行业周观点 | --- | --- | --- | |----------------|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 证券研究报告 - 行业周观点 | 发布日期： 2024 年 8 月 4 日 | | 分析师：张蔓梓 | | 摘要： | | 登记编码： | S0730522110001 | ⚫ 农林牧渔 本期，农林牧渔（中信）指数上涨 2.93% ...

Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a potential increase in stock price relative to the market index [2][9]. Core Insights - The company reported a total revenue of 1.628 billion yuan for the first half of 2024, a decrease of 1.38% year-on-year, with a net profit of 402 million yuan, down 8.36% year-on-year [2][3]. - The pre-mixed liquor segment faced pressure with a revenue of 1.431 billion yuan, reflecting an 8.69% decline in sales volume [2][3]. - The company experienced a rise in sales expense ratio, leading to a decrease in net profit margin by 1.99 percentage points to 24.55% [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 1.628 billion yuan, with a year-on-year decrease of 1.38% [2]. - The second quarter revenue was 826 million yuan, down 7.25% year-on-year, while the first quarter saw an increase of 5.51% year-on-year [2][3]. - The gross profit margin for pre-mixed liquor improved by 3.95 percentage points to 70.56% due to price increases [2][3]. - The edible flavor segment reported a revenue of 176 million yuan, with a year-on-year growth of 7.5% [2][3]. Future Earnings Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.83 yuan, 0.95 yuan, and 1.09 yuan respectively, with corresponding price-to-earnings ratios of 21.43x, 18.69x, and 16.34x [2][3][4].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 医药医疗行业领涨 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 02 日 相关报告 投资要点： 《市场分析：军工半导体行业领涨 A 股蓄势 震荡》 2024-08-01 《市场分析：两市迎来普涨 沪指收复 2900 点》 2024-07-31 《市场分析：地产半导体行业领涨 A 股震荡 整理》 2024-07-30 ◼ A 股市场综述 周五（08 月 02 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 2931 点附近遭遇阻力，午后股指震荡回落，盘中医药、 医疗服务、工程咨询服务以及农牧饲渔等行业表现较好；证券、半导体、 通信设备以及消费电子等行业表现较弱，沪指全天基本呈现小幅震荡整理 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 2931 点附近遭遇阻力，午后股指震荡回落，盘中医药、医疗服务、 工程咨 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 -29% -24% -20% -16% -12% -8% -3% 1% 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 | 2,932.39 | -0.22 | | 深证成指 | 8,673.58 | -0.92 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,419.27 | -0.66 | | 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 | 3,260.85 | -0.78 | | 中证 500 | 4,85 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 军工半导体行业领涨 A 股蓄势震荡 ——市场分析 相关报告 《市场分析：两市迎来普涨 沪指收复 2900 点》 2024-07-31 《市场分析：地产半导体行业领涨 A 股震荡 整理》 2024-07-30 《市场分析：成长行业领涨 A 股窄幅波动》 2024-07-29 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 01 日 投资要点： ◼ A 股市场综述 周四（08 月 01 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高开后震 荡上行，沪指盘中在 2947 点附近遭遇阻力，午后股指维持震荡，盘中军工、 半导体、交运设备以及工程建设等行业表现较好；证券、酿酒、软件开发 以及互联网服务等行业表现较弱，沪指全天基本呈现小幅震荡整理的运行 特征。创业板市场周四震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周四 A 股市场冲高遇阻、小幅震荡整理 ...

Group 1 - The manufacturing PMI for July is at 49.4%, indicating a slight decline and suggesting that the manufacturing sector's economic conditions need improvement [38] - Large enterprises have a PMI of 50.5%, showing a recovery of 0.4 percentage points from the previous month, while small and medium enterprises have PMIs of 49.4% and 46.7%, respectively, indicating increased operational pressure [38] - The production PMI is at 50.6%, down 0.5 percentage points, but still in the expansion zone, while the new orders PMI is at 49.3%, reflecting insufficient market demand [38] Group 2 - In the first half of 2024, China's total import and export value reached 21.17 trillion yuan, a year-on-year increase of 6.1%, with exports growing by 6.9% and imports by 5.2% [39] - The trade surplus expanded by 12% to 3.09 trillion yuan, indicating a strong export performance despite a slight decline in imports [39] - The export growth rate to major trading partners such as ASEAN and the EU shows mixed results, with ASEAN exports increasing by 10.7% while EU exports decreased by 2.6% [39] Group 3 - The Consumer Price Index (CPI) in June rose by 0.2%, while the Producer Price Index (PPI) decreased by 0.8%, with the decline in PPI narrowing compared to the previous month [40] - The CPI has maintained moderate positive growth over the past five months, and with increased consumer promotion policies, it is expected to rise moderately [40] - The PPI is anticipated to recover as economic conditions stabilize, supported by rising prices in cement and chemical products [40] Group 4 - Retail sales of consumer goods in June totaled 40,732 billion yuan, showing a year-on-year growth of 2.0%, but a month-on-month decline of 1.7% [41] - The retail sales growth rate for non-automotive consumer goods was 3.0%, while automotive retail sales saw a decline of 6.2% year-on-year [41] - The overall retail sales growth for the first half of 2024 was 3.7%, indicating a need for enhanced consumer spending capacity and willingness [41] Group 5 - Fixed asset investment in the first half of 2024 reached 245,391 billion yuan, with a year-on-year growth of 3.9%, driven mainly by infrastructure and manufacturing investments [43] - Infrastructure investment grew by 5.4%, while manufacturing investment increased by 9.5%, although real estate development investment fell by 10.1% [43] - The sales of new residential properties continued to decline, with a 25.0% drop in sales value, indicating ongoing challenges in the real estate sector [43] Group 6 - The M2 money supply grew by 6.2% year-on-year, while the M1 money supply decreased by 5%, indicating a shift in financial dynamics [45] - The total social financing scale reached 395.11 trillion yuan, with a year-on-year growth of 8.1%, reflecting a robust financing environment despite a slowdown in growth rates [45] - The central bank's monetary policy is expected to increasingly focus on interest rate adjustments as a tool for economic management [45] Group 7 - The profits of industrial enterprises above designated size increased by 3.5% year-on-year in the first half of 2024, indicating a stable recovery in corporate profitability [46] - The equipment manufacturing sector contributed significantly to profit growth, with a 6.6% increase in profits, accounting for a substantial portion of the overall industrial profit increase [46] - Despite the positive trends, domestic demand remains a constraint on further improvements in corporate profitability [46]