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]

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][15]. Core Views - The company's performance in the first half of 2024 fell short of expectations, with a revenue of 263 million yuan, a year-on-year decline of 4.80%. The net profit attributable to shareholders was 63 million yuan, down 21.58% year-on-year [3][4]. - The decline in revenue was primarily due to a decrease in oil and gas extraction business, attributed to a reduction in active drilling platforms in the U.S. [3][4]. - The CVD diamond project is expected to contribute positively to the company's performance in the second half of 2024, following its successful launch [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a gross margin of 53.60%, a decrease of 0.42 percentage points compared to the previous year. The net profit margin was 20.96%, down 6.95 percentage points year-on-year [4][6]. - The company’s operating cash flow decreased significantly by 92.05% year-on-year, primarily due to reduced sales collections and increased payments for material procurement [4][12]. Revenue Breakdown - Revenue from resource extraction and engineering construction decreased by 12.81% to 158 million yuan, while precision machining revenue increased by 4.68% to 89 million yuan. Other income rose by 59.73% to 16 million yuan [3][4]. Research and Development - The company maintained a high level of R&D investment, with an R&D expense ratio of 11.73%, which is an increase of 0.46 percentage points year-on-year. The company secured 53 patents during the reporting period [4][5]. Future Projections - Revenue projections for 2023-2025 are estimated at 566 million yuan, 583 million yuan, and 603 million yuan, respectively. Net profit is projected to be 133 million yuan, 146 million yuan, and 154 million yuan for the same years [5][6][11].

Investment Rating - The report does not explicitly state an investment rating for the synthetic biology industry [2]. Core Insights - Synthetic biology combines life sciences and engineering design to create new biological systems or modify existing metabolic processes, offering low-cost and high-efficiency alternatives to traditional chemical synthesis [2][8]. - The synthetic biology industry is still in its early stages globally, presenting both opportunities and challenges for future development [2][8]. - The report highlights the development strategy of synthetic biology, emphasizing the DBTL (Design-Build-Test-Learn) cycle as a framework for innovation and application [18]. Summary by Sections 1. Overview of Synthetic Biology - Synthetic biology is defined as a new interdisciplinary field that integrates biology, chemistry, information science, engineering, and mathematics, marking a significant advancement in biological sciences [8]. - It can be categorized into cell-based and cell-free synthetic biology, with the latter showing advantages in standardization and efficiency [9]. 2. Development History of Synthetic Biology - The history of synthetic biology spans several key milestones from the 1950s to recent advancements, including the first artificial synthesis of a virus and the creation of synthetic cells [12][15][17]. 3. Development Strategies - The DBTL strategy is crucial for addressing application challenges in synthetic biology, focusing on iterative cycles of design, construction, testing, and learning [18]. 4. Synthetic Biology Industry Chain - The industry chain consists of upstream technologies (gene sequencing, synthesis, editing), midstream platform companies that develop and implement engineering solutions, and downstream product companies that focus on market needs [20][22][23]. 5. Current Status of Synthetic Biology in China - China's synthetic biology industry has seen significant policy support since 2010, indicating a favorable environment for growth and innovation [2][6]. - The report outlines the development of synthetic biology in Henan Province, emphasizing the establishment of a biomanufacturing cluster and key enterprises [10][10.1].

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% -20% -16% -12% -8% -4% 0% 2023.07 2023.11 2024.03 2024.07 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 | 2,938.75 | 2.06 | | 深证成指 | 8,754.09 | 3.37 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,442.08 | 2.16 | | 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 | ...

生物医药Ⅱ 分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 合成生物产业链分析及河南产业概况 证券研究报告-行业深度分析 发布日期：2024 年 07 月 31 日 投资要点： 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 ⚫ 全球合成生物产业概况。合成生物学（synthetic biology），又 称为工程生物学，该学科结合了生命科学观察分析方法和工程学 设计思维的学科。在生物合成基本规律的基础上，通过工程方法 设计新的生物系统，或者改造旧的生物代谢过程，甚至从头合成 有特定功能的生物系统，从而实现新的功能或者新物质合成。与 化学合成法相比。合成生物学工艺符合低碳发展的方向，在合适 工艺条件下，能够以较低成本，较高效率的方式来运作。相较于 天然提取法，合成生物学在合适工艺条件下也表现出效率高，成 本低，非资源依赖等特点。但目前全球的合成生物学仍处于发展 的初级阶段，未来机遇与挑战并存。 ⚫ 我国合成生物产业概况。2010 年之后，我国逐步加强合成生物领 域的顶层 ...

——市场分析 相关报告 联系人： 马嵚琦 投资要点： 周三（07 月 31 日）A 股市场平开高走、大幅震荡上涨，早盘股指平开后震 荡上行，沪指盘中在 2935 点附近遭遇阻力，午后股指维持震荡，盘中证券、 酿酒、半导体以及汽车等行业表现较好；铁路公路、银行、公用事业以及 电力等行业表现较弱，沪指全天基本呈现单边震荡上扬的运行特征。创业 板市场周三震荡上行，成指全天表现强于主板市场。 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政策及经 济复苏进度不及预期；宏观经济超预期扰动；政策超预期变化；国际关 系变化带来经济环境变化；海外宏观流动性超预期收紧；海外波动加剧。 表 2: 港股主要指数表现（单位：点） 1. A股市场走势综述… 2. 后市研判及投资建议 本报告版权属于中原证券股份有限公司 www.ccnew.com 周三（07 月 31 日）A 股市场平开高走、大幅震荡上涨，早盘股指平开后震荡上行，沪指盘 中在 2935 点附近遭遇阻力，午后股指维持震荡，盘中证券、酿酒、半导体以及汽车等行业表现 较好；铁路公路、银行、公用事业以及电力等行业表现较弱，沪指全天基本呈现单边震荡上扬 的运行特征。创业板市 ...

分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 研究助理：王兴广 登记编码：S0730123120001 wangxg1@ccnew.com 0371-65585753 证券研究报告-行业月报 同步大市(维持) 电气设备相对沪深 300 指数表现 电气设备 沪深300 -28% -24% -20% -16% -12% -8% -4% 0% 2023.07 2023.11 2024.03 2024.07 资料来源：中原证券，聚源 相关报告 《电气设备行业半年度策略：电网投资加速 与海外市场拓展：电力设备行业的双重机 遇》 2024-07-10 《电气设备行业月报：电气设备需求向好， 原材料价格下行提振企业利润，关注电气设 备板块龙头企业》 2024-06-28 《电气设备行业专题研究：新型电力装备产 业分析及河南产业概况》 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 电气设备 国内电网建设加速，海外需求维持稳定， 关注电气设备板块龙头企业 ——电 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 基本面改善，盈利下滑趋势扭转 ——水井坊(600779)2024 年中报点评 发布日期：2024 年 07 月 31 日 投资要点： 证券研究报告-中报点评 增持(首次) 市场数据(2024-07-30) | --- | --- | |----------------------|---------------------| | 收盘价(元) | 36.25 | | 一年内最高/最低(元) | 73.41/34.84 | | 沪深 300 指数 | 3,369.38 | | 市净率(倍) | 4.30 | | 流通市值(亿元) | 177.03 | | 基础数据(2024-06-30) | | | 每股净资产(元) | 8.43 | | 每股经营现金流(元) | -0.60 | | 毛利率(%) | 80.96 | | 净资产收益率_摊薄(%) | 5.89 | | 资产负债率(%) | 50.97 | | 总股本/流通股(万股) | 48,836.14/48,836.14 | | B ...

Core Insights - The report highlights a potential recovery in the equipment update cycle driven by domestic and overseas demand, suggesting that industries focusing on self-sufficiency may see growth opportunities [29][12][11] - The automotive sector, particularly in new energy vehicles (NEVs), is experiencing steady growth, with production and sales figures showing significant year-on-year increases [13][12] - The semiconductor industry is entering a new growth phase, driven by rising demand in artificial intelligence and consumer electronics, with a notable increase in integrated circuit production [21][15] Industry Reports - The report indicates that the overall industrial output is either growing slowly or declining, with factor prices weakening again [26] - The photovoltaic industry is expected to stabilize as policies guide reasonable capacity deployment, with a focus on eliminating outdated production capacity [11][16] - The report notes that the communication services, medical services, semiconductor, and aviation sectors present short-term investment opportunities [5][12] Market Analysis - The A-share market is currently experiencing a low valuation environment, with the average P/E ratios for the Shanghai Composite Index and the ChiNext Index below their three-year median levels, suggesting a favorable long-term investment climate [4][12] - The report emphasizes the importance of monitoring policy changes, funding conditions, and external factors that could impact market stability [12][4] - The report also mentions that the central bank's recent monetary policy adjustments aim to support economic growth, which may lead to a gradual recovery in market sentiment [7][12]

相关报告 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 07 月 30 日 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政策及经 济复苏进度不及预期；宏观经济超预期扰动；政策超预期变化；国际关 系变化带来经济环境变化；海外宏观流动性超预期收紧；海外波动加剧。 第1页 / 共7页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 表 3: 中信一级行业全天深跌幅分布情况（单位: 点）. 内容目录 1. A股市场走势综述… 2. 后市研判及投资建议 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 地产半导体行业领涨 A 股震荡整理 投资要点： 《市场分析：成长行业领涨 A 股窄幅波动》 2024-07-29 《市场分析：成长行业领涨 A 股小幅波动》 2024-07-26 《市场分析：汽车新能源行业领涨 A 股小幅 震荡》 2024-07-25 ◼ A 股市场综述 周二（0 ...