[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2024 年 08 月 19 日 [Table_Title] 华为全联接大会将于 9 月召开，鸿海：GB200 预计 于 Q4 开始出货 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2024.08.12-2024.08.16）上证综指上涨 0.60%，深 证成指回调0.52%，创业板回调0.26%。本周申万通信上涨 2.42%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信及电子行业"推荐"评级。 细分行业：本周（（2024.08.12-2024.08.16）通信板块三级子行业 中，通信工程及服务上涨幅度最高，涨幅为 3.63%，通信线缆及配套 回调幅度最高，跌幅为 1.78%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2024.08.12-2024.08.16）涨幅板块分析方面，世 纪鼎利（ 60.53% ） 、 亿 通 科 技 、 （ 37.25% ） 、 天 邑 股 份 （32.82%）涨幅分列前三。 鸿海：英伟 ...

[Table_Title] 宏观研究报告 证券研究报告 波动抬升环境下的交易线索 本周关注： 我国 7 月工业增加值同比 5.1%，较上月回落 0.2pct。固投同比 3.9%； 其中制造业投资同比 9.3%，增速延续回落态势。经济在纠偏，随着设备更新 速度的回落，经济基本面也在逐步往潜在增长率的位置走，全年经济能否完 成目标，现在的关键点在地产上 今年 6 月始我国地产销售跌幅收窄，5-7 月累计同比分别为-20.3%、- 19%、-18.6%。新开工面积 7 月累计同比-23.2%，前值为-23.7%。从新开工 数据表现来看，预计后续地产销售和投资继续改善的动能有限。 流动性梗阻问题依然存在。7 月社融存量增速 8.2%，较上月回升 0.1pct， 主要系政府信用的扩张拉动，政府债增速 15.4%，较上月提高 0.4pct。但这 个扩张对基建的积极效果有限。 考虑到政策的强定力以及现实环境，利率债的上涨不会太迅速，但在因 措施升级造成的债市下跌后，债市的反弹意味着市场久期调整的完毕，后续 若无力度加码，利率债也不太会继续下跌。 近期市场在讨论降准的可能性。我们认为短期内降准的概率不大，央行 最近的几次降准 ...

[Table_Main] 行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2024 年 08 月 19 日 [Table_Title] 智能电动加力，关注海外电动化趋势 [Table_Summary] 报告要点： 国内智能电动持续加力发展 本周行业端智能电动化仍呈持续加力发展态势。8 月 11 日，中共中央国 务院印发关于加快经济社会发展全面绿色转型的意见。意见提出，推广 低碳交通运输工具。到 2030 年，营运交通工具单位换算周转量碳排放强 度比 2020 年下降 9.5%左右。到 2035 年，新能源汽车成为新销售车辆的 主流。上海市政府印发《上海市交通领域大规模设施设备更新专项工作 方案（2024-2027 年）》，计划到 2027 年底前上海市公交车、出租汽车 全面实现新能源化。同时智能化方面，全球首个面向智慧交通场景应用 的 RISC-V 车路云协同验证示范系统于在上海临港发布，上海 RISC-V 数字基础设施生态创新中心一并成立；中汽中心与华为签署合作协议， 推动在政策标准等领域全方位合作。而企业端智能化是主要发力方向， 埃安旗下高端品牌昊铂发布了智慧数字底盘 ...

Market Overview - On August 16, 2024, the three major indices showed narrow fluctuations, with the Shanghai Composite Index rising by 0.07% to 2879.43 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.24% and 0.08% respectively [2][11] - The total market turnover was 5941.35 billion, a decrease of 2.09 billion from the previous trading day, with 1668 stocks rising and 3529 stocks falling [2][11] Market Style and Sector Performance - In terms of market style, stability, consumption, cyclical, and growth styles saw declines, while the financial style increased; non-fund heavy stocks outperformed fund heavy stocks, and growth stocks underperformed value stocks [17] - Among the 30 CITIC first-level industries, most sectors declined; the top performers included communication (1.58%), banking (1.17%), and home appliances (0.63%), while the worst performers were agriculture, forestry, animal husbandry, and fishery (-1.79%), national defense and military industry (-1.72%), and building materials (-1.58%) [17] Fund Flow Performance - On August 16, 2024, the main funds experienced a net outflow of 85.74 billion, with large orders seeing a net outflow of 78.70 billion and small orders continuing to see a net inflow of 84.97 billion [20] - Northbound funds had a significant net outflow of 67.75 billion, with the Shanghai Stock Connect seeing a net outflow of 25.68 billion and the Shenzhen Stock Connect a net outflow of 42.07 billion [22] ETF Fund Flow Performance - On August 16, 2024, the trading volume of major ETFs such as the Shanghai 50, CSI 300, and CSI 500 mostly decreased compared to the previous trading day, with notable changes in trading volumes for various ETFs [23] - The main inflow of funds on August 15 was into the CSI 300 ETF, with an inflow amount of 56.44 billion [23] Global Market Performance - On August 15, 2024, major European stock indices rose, with the German DAX index increasing by 1.66%, the UK FTSE 100 by 0.80%, and the French CAC40 by 1.23% [26] - On August 16, 2024, major Asia-Pacific stock indices also closed higher, with the Hang Seng Index rising by 1.88% and the Nikkei 225 Index increasing by 3.64% [26]

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company's core games are performing steadily, with a focus on product release schedules. The short-term performance is slightly under pressure, but cash dividends and share buybacks are boosting investor confidence [1]. - In H1 2024, the company achieved operating revenue of 1.96 billion yuan, a year-on-year decrease of 16.57%, and a net profit attributable to shareholders of 518 million yuan, down 23.39% year-on-year. The R&D expense ratio increased significantly, reflecting a commitment to enhancing product development [1]. - The company has a robust pipeline of self-developed and agency games, with several titles expected to launch in the near future, which could positively impact future revenues [2]. Financial Performance - The company reported a significant increase in overseas game revenue, reaching 255 million yuan, a year-on-year growth of 113.77%. This indicates strong international market performance [1]. - The financial forecast for 2024-2026 estimates net profits of 1.08 billion yuan, 1.25 billion yuan, and 1.38 billion yuan respectively, with corresponding EPS of 14.9, 17.4, and 19.2 yuan, and PE ratios of 13x, 11x, and 10x [3][5]. - The company plans to continue its "small steps, fast running" strategy, focusing on stable long-term operations of core products and expanding its game portfolio [3]. Product Pipeline - The company has a rich reserve of games, including self-developed titles like "Wanjian Changsheng" and "Zhangjian Chuanqi," which have received approval and are set for release in the upcoming quarters [2]. - Agency games such as "Fengshen Fantasy World" are scheduled to launch in October 2024, with additional titles expected in the second half of 2024 [2].

[Table_TargetPrice] [Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 润本股份(603193)公司点评报告 2024 年 08 月 16 日 [Table_Title] 旺季业绩表现亮眼，产品结构优化带动均价提升 ——润本股份(603193)2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年度报告。 点评： Q2 旺季营收实现快速增长，盈利能力明显优化 24H1 公司实现营业收入 7.44 亿元，同比增长 28.47%，实现归母净利润 1.8 亿元，同比增长 50.69%，实现扣非归母净利润 1.75 亿元，同比增长 48.05%。盈利能力方面，24H1 公司毛利率为 58.64%，同比提升 3.09pct， 净利率为 24.2%，同比提升 3.57pct。费用端来看，24H1 公司整体费用控 制良好，期间费用率合计为 29.74%，同比下降 0.78pct。其中，销售费用率 为 28.73%，同比提升 2.03pct；管理费用率为 1.89%，同比下降 0.51pct； 研发费用率为 1.98%，同比下降 0.09pct。 ...

[Table_Title] 每日复盘 证券研究报告 20240815 市场复盘：大盘放量反弹，三大指数均上涨 报告要点： 2024 年 8 月 15 日大盘放量反弹，三大指数盘中均涨逾 1%。上证指数 上涨 0.94%，深证成指上涨 0.71%，创业板指上涨 0.53%。市场成交额 5943.44 亿元，较上一交易日增加 1141.58 亿元。全市场 3866 只个股上 涨，1275 只个股下跌。 风格上看，稳定、消费、周期、金融和成长风格有所上涨；非基金重仓 股指数表现优于基金重仓股；成长股表现劣于价值股。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：煤炭 （2.26%），传媒（2.20%），综合金融（1.75%）；表现相对靠后的是：国防 军工（0.22%），建材（0.27%），农林牧渔（0.28%）。概念板块方面，多数 概念板块上涨，网络游戏、虚拟人、短剧游戏等大幅上涨；工业气体、水泥 制造精选、ST 板块等板块走低。 资金筹码方面，主力资金 8 月 15 日净流出 13.39 亿元。其中超大单净 流入 24.54 亿元，大单净流出 37.93 亿元，中单资金净流出 54.25 亿元，小 单 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][9]. Core Views - The company continues to innovate and upgrade its product offerings, leading to an increase in profit margins for meat products [2][3]. - Despite a decline in total revenue and net profit in the first half of 2024, the company is expected to recover with a projected net profit of 4.80 billion yuan in 2024, showing a year-on-year decrease of 4.97% [3][8]. - The report highlights the impact of rising pork prices on profitability, with an average wholesale price of pork increasing by over 33% since late May 2024 [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 27.67 billion yuan, a decrease of 9.34% year-on-year, and a net profit of 2.30 billion yuan, down 19.05% [3]. - The total external sales volume of meat products in H1 2024 was 1.51 million tons, a decline of 7.74% year-on-year, with an average price decrease of 1.73% to 18,300 yuan per ton [3]. - The gross profit margin for H1 2024 was 18.29%, an increase of 1.00 percentage points year-on-year, primarily driven by improved margins in packaged meat products [3]. Product and Market Strategy - The company is focusing on product upgrades, launching high-margin new products such as light chicken sausages and energy sausages, which are expected to enhance profit margins [3]. - The company has optimized its distribution network, with a total of 17,305 distributors by the end of H1 2024, a decrease of 2.56% from the beginning of the year [3]. - The company aims to expand its sales network, currently having over 1 million sales points across most provinces, facilitating rapid distribution [3]. Future Outlook - The company forecasts net profits of 4.80 billion yuan, 5.04 billion yuan, and 5.24 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of -4.97%, 5.05%, and 3.91% [3][8]. - The report suggests that the recovery in pork prices will positively impact the company's profitability through frozen products [3].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 重庆啤酒(600132)公司点评报告 2024 年 08 月 15 日 [Table_Title] 销量韧性强，结构顺势优化 ——重庆啤酒 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。24H1，公司实现总营收 88.61 亿元（+4.18%），归母 净利 9.01 亿元（+4.19%），扣非归母净利 8.88 亿元（+3.91%）。24Q2，公司 实现总营收 45.68 亿元（+1.54%），归母净利 4.49 亿元（-5.99%），扣非归母 净利 4.42 亿元（-6.58%）。 二季度主流啤酒带动增长，销量韧性强 1）高档啤酒收入表现平稳，主流、经济啤酒收入较快增长。24H1，公司高档、 主流、经济啤酒收入分别为 52.63、31.74、1.86 亿元，同比+2.82%、+4.37%、 +11.45%，高档啤酒收入占比为 61.03%，同比-0.44pct。24Q2，公司高档、主 流、经济啤酒收入分别为 26.92、16.54、1.00 亿元，同比-1.90%、+5.12%、 +10. ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of 5% to 15% relative to the benchmark index [6]. Core Insights - The company reported significant growth in revenue and net profit for the first half of 2024, with revenue reaching 194 million yuan, a year-on-year increase of 261.28%, and net profit attributable to shareholders amounting to 25.75 million yuan, a staggering increase of 5424.74% [1]. - The company has a robust order backlog, totaling 731 million yuan as of June 30, 2024, which is a 32.91% increase from the end of 2023, indicating strong future revenue potential [1]. - The cultural tourism and performance segment contributed significantly to revenue, accounting for 78.54% of total revenue, with notable projects achieving high pre-sale success [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 194 million yuan, a 261.28% increase year-on-year, and a net profit of 25.75 million yuan, up 5424.74% year-on-year. The cash flow from operating activities increased by 46.3% to 23.61 million yuan due to improved customer payments [1][2]. - The company expects net profits to reach 201 million yuan, 233.35 million yuan, and 274.25 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.05, 1.22, and 1.43 yuan [2][3]. Business Segments - The cultural performance segment generated revenue of 39.78 million yuan in H1 2024, a 5.05% increase year-on-year, with successful projects including the opening and closing ceremonies of the 14th National Winter Games [1]. - The cultural tourism performance segment saw revenue of 152 million yuan, with projects like "Wujie·Chang'an" and "Xianghu·Yayun" achieving significant sales milestones [1]. Market Position and Strategy - The company is focused on creative design and has established a brand advantage through extensive project experience, positioning itself as a comprehensive service provider in the industry [1]. - The report highlights the company's proactive exploration of C-end business opportunities, which enhances overall business stability [1].