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].

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 23 日 | | | | | 【财经要闻 】 | | | 上证指数 | 深证成指 | 1 、中证协正就修改《首次公开发行证券网下投资者管理规则》向行业 | | -1% 2% | | | 征求意见，此次规则进行多处修改。其中，新增一条规定：网下机构投 | | -9% -5% | | | 资者应当设置首发证券风险绩效考核指标，对报价的客观性、审慎性进 | | -12% | | | 行回溯验证。 | | -20% -16% | | | | | -23% 2023.08 | 202 ...

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 证券研究报告—宏观点评 发布日期：2024 年 8 月 22 日 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 投资要点： 全国经济运行情况：2024 年 7 月份，全国规模以上工业增加值同 比增长 5.1%，社会消费品零售总额同比增长 2.7%，全国固定资产 投资（不含农户）累计同比增长 3.6%，货物贸易进出口总值累计 同比增长 6.2%。总体来看，7 月份我国主要经济指标边际走弱，"供 给偏强而需求偏弱，外需偏强而内需偏弱"的结构性特征仍然延续， 提振有效需求仍是经济修复的核心要点。接下来在全球制造业景气 度下行预期下，内需增长压力将更为突显，故仍需系列增量政策持 续发力，稳固经济增长预期。 河南研究：经济数据跟踪（2024 年 7 月） 相关报告 河南省经济运行情况：2024 年 7 月份，河南省规模以上工业增加 值同比增 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][13]. Core Viewpoints - The company reported a revenue of 2.635 billion yuan for the first half of 2024, remaining flat year-on-year, while the net profit attributable to shareholders decreased by 59.38% to 36.78 million yuan [1][5]. - The company is expected to benefit from the recovery in demand for electric cables and the military sector, particularly with the C919 aircraft entering mass production [4][5]. - The report highlights that the company has achieved record-high new orders in the electric cable business, indicating a potential turnaround in revenue in the second half of 2024 [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 2.635 billion yuan, with a net profit of 36.78 million yuan, reflecting a significant decline compared to the previous year [1][6]. - The gross margin for the first half of 2024 was reported at 8.46%, down 1.35 percentage points year-on-year, while the net profit margin decreased to 1.65%, down 2.07 percentage points [1][5]. Business Segments - The electric cable segment generated 1.204 billion yuan in revenue, down 7.04% year-on-year, while the aluminum strip segment saw a slight increase of 1.56% to 1.247 billion yuan [1][3]. - The aerospace components processing segment experienced a revenue decline of 23.67% to 76 million yuan, attributed to slower recovery in military demand [4][5]. Market Outlook - The report emphasizes the steady growth in demand for electric cables, supported by significant investments in the power grid, with the State Grid planning to invest over 500 billion yuan in 2024 [3][4]. - The military sector is expected to see increased demand as the "14th Five-Year Plan" progresses, with the company positioned to benefit from this trend [4][5]. Earnings Forecast - The revenue forecasts for 2024 to 2026 have been adjusted to 6.175 billion yuan, 6.896 billion yuan, and 7.559 billion yuan, respectively, with net profit estimates revised to 142 million yuan, 210 million yuan, and 267 million yuan [5][6].

Market Overview - The A-share market experienced slight fluctuations on August 22, 2024, with the Shanghai Composite Index facing resistance around 2861 points and closing at 2848.77 points, down 0.27% [6][7] - The Shenzhen Component Index closed at 8162.18 points, down 0.82%, while the ChiNext Index fell by 0.76% [6][7] - The total trading volume for both markets was 552.2 billion yuan, which is below the median of the past three years [3][12] Sector Performance - The banking, communication services, battery, and military industries showed strong performance, while the automotive, semiconductor, securities, and software development sectors lagged [3][6] - Over 80% of stocks in the two markets declined, with textiles, banking, and utilities among the top gainers, while gaming, energy metals, and education sectors faced the largest declines [6][9] Valuation and Investment Strategy - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 12.22 times and 25.90 times, respectively, both below the median levels of the past three years, indicating a favorable environment for medium to long-term investments [3][12] - The report suggests that investors should focus on short-term opportunities in the banking, communication services, battery, and aerospace military sectors [3][12] Economic Outlook - The report highlights that recent policies, including the "New National Nine Articles," are expected to enhance market maturity and boost long-term confidence [3][12] - With the expectation of economic stabilization and recovery driven by macroeconomic adjustments and growth policies, the market outlook remains cautiously optimistic [3][12]