Market Overview - On August 14, 2024, the three major indices experienced fluctuations and closed lower, with the Shanghai Composite Index down by 0.60%, the Shenzhen Component Index down by 1.17%, and the ChiNext Index down by 1.42. The total market turnover was 4801.86 billion, an increase of 3.09 billion compared to the previous trading day [2][10]. Market Style and Sector Performance - In terms of market style, consumer, cyclical, financial, and growth styles saw declines, while stable styles increased. Non-fund heavy stocks outperformed fund heavy stocks, and growth stocks underperformed value stocks [14]. - Among the 30 CITIC first-level industries, most sectors declined. The best-performing sectors included media (up 1.24%), electric power and utilities (up 0.63%), and construction (up 0.04%). The worst-performing sectors were basic chemicals (down 1.80%), steel (down 1.74%), and electric equipment and new energy (down 1.50%) [14]. Fund Flow Performance - On August 14, 2024, the main funds experienced a net outflow of 44.33 billion. Specifically, there was a net outflow of 1.69 billion from large orders, 42.64 billion from big orders, and 1.50 billion from medium orders, while small orders saw a continuous net inflow of 45.82 billion [15]. - Northbound funds had a significant net outflow of 71.66 billion, with the Shanghai Stock Connect seeing a net outflow of 30.61 billion and the Shenzhen Stock Connect a net outflow of 41.06 billion. Southbound funds also experienced a net outflow of 10.41 million Hong Kong dollars [15]. ETF Fund Flow Performance - On August 14, 2024, the trading volume of major ETFs such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 mostly decreased compared to the previous trading day. The trading volumes were 13.25 billion, 18.96 billion, 2.91 billion, 4.66 billion, 10.28 billion, 5.22 billion, and 2.91 billion respectively, with notable changes in trading volumes for several ETFs [19].

[Table_TargetPrice] [Table_Main] 公司研究|医疗保健|医疗保健设备与服务 证券研究报告 三鑫医疗(300453)公司点评报告 2024 年 08 月 14 日 [Table_Title] 主营血透业务稳健增长，集采落地夯实领 [Table_Invest]买入|维持 先地位 ——三鑫医疗（300453.SZ）2024 半年报点评 [Table_Summary] 事件： 公司发布 2024 半年度报告，2024 年 H1 实现营业收入 6.86 亿元，同比增 长 18.00%；归母净利润 1.06 亿元，同比增长 18.74%；扣非归母净利润 0.94 亿元，同比增长 20.44%，EPS 为 0.20 元。 主营血透业务增长稳健，两大联盟集采落地夯实公司优势地位 公司业绩符合预期，经营效率小幅提升，毛利率 35.09%（+1.49pct），净利 率 16.81%（+0.21pct）；销售费用率为 6.26%（+0.64pct），管理费用率为 6.73%（-0.68pct），研发费用率为 4.12%（+0.92pct），财务费用率为-0.07% （+0.37pct）。公司 2024 ...

[Table_Invest]买入|维持 [Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 鼎捷软件(300378)公司点评报告 2024 年 08 月 14 日 [Table_Title] 业绩实现稳健增长，AIoT 业务快速发展 ——鼎捷软件(300378.SZ)2024 年半年度报告点评 [Table_Summary] 事件： 公司于 2024 年 8 月 9 日收盘后发布《2024 年半年度报告》。 点评： 营收利润双双增长，盈利能力不断提升 2024 年上半年，公司实现营业收入 10.04 亿元，同比增长 10.98%；实现 归母净利润 4244.13 万元，同比增长 17.48%；实现扣非归母净利润 4047.98 万元，同比增长 54.03%。分业务看，研发设计业务实现收入 5134.15 万元， 同比增长 15.29%；数字化管理业务实现收入 5.47 亿元，同比增长 0.15%； 生产控制业务实现收入 1.29 亿元，同比下降 1.19%；AIoT 业务实现收入 2.65 亿元，同比增长 51.01%。 持续深耕当地客群，非中国大陆地区实现较快增长 分地区来看，公司在中国 ...

2024 年 08 月 13 日 [Table_Title] 每日复盘 证券研究报告 20240813 市场复盘：三大指数震荡攀升，券商午后崛起 报告要点： 2024 年 8 月 13 日三大指数震荡攀升，券商午后崛起。上证指数上涨 0.34%，深证成指上涨 0.43%，创业板指上涨 0.93%。市场成交额 4798.77 亿元，较上一交易日减少 187.80 亿元。全市场 3728 只个股上涨，1375 只 个股下跌。 风格上看，稳定、周期、金融和成长风格均上涨，消费风格有所下跌； 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：国防军 工（1.15%），电子（1.08%），非银行金融（1.03%）；表现相对靠后的是： 食品饮料（-1.01%），医药（-0.78%），房地产（-0.48%）。概念板块方面， 多数概念板块上涨，西部大基建、油气开采、炒股软件等大幅上涨；新冠抗 原检测、维生素、新冠特效药等板块走低。 资金筹码方面，主力资金 8 月 13 日净流出 60.44 亿元。其中超大单净 流出 8.72 亿元，大单净流出 51.72 亿 ...

2024 年 08 月 12 日 [Table_Title] 每日复盘 证券研究报告 20240812 市场复盘：三大指数窄幅整理，市场量能萎缩 报告要点： 2024 年 8 月 12 日三大指数窄幅整理，市场量能萎缩。上证指数下跌 0.14%，深证成指下跌 0.24%，创业板指下跌 0.20%。市场成交额 4986.57 亿元，较上一交易日减少 672.68 亿元。全市场 1510 只个股上涨，3647 只 个股下跌。 风格上看，稳定、周期、金融和成长风格都出现下跌，消费风格有所上 涨；基金重仓股指数表现优于基金非重仓股；成长股表现劣于价值股。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：医药 （1.31%），煤炭（0.74%），农林牧渔（0.59%）；表现相对靠后的是：房地 产（-3.55%），消费者服务（-2.60%），商贸零售（-2.07%）。概念板块方 面，多数概念板块下跌，新冠特效药、新冠肺炎检测、体外诊断等大幅上 涨；射频及天线、城中村改造、房地产精选等大幅走低。 资金筹码方面，主力资金 8 月 12 日净流出 162.80 亿元。其中超大单净 流出 59.80 亿元，大单净流出 ...

[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 12 日 [Table_Title] 月度渗透率过半，供需进入新阶段 [Table_Summary] 报告要点： 7 月新能源销量正式过半,供需两端均开启新阶段 7 月国内新能源车零售销量 87.9 万辆，同比去年同期增长 36.9%，新能 源车渗透率达到 51.1%，正式迈过 50%大关。从供给端看，产业生命周期 曲线而言，50%渗透率意味着进入成长期后半段，曲线由凹曲线越过拐点 成为凸曲线，二阶导由正转负，潜在自然增长动力减弱。开辟新增长曲 线，推动出海，强化竞争优势或者通过并购等手段提升老曲线竞争力， 成为标配发展手段。从需求端看，迈过 50%渗透率阶段，消费市场从早期 大众进入后期大众阶段，消费者需求向更加综合化、一体化，更注重"一 揽子"满足需求，抽象而言更注重品牌化所体现的整体感受的阶段正在 到来。建议关注智能/自动驾驶、人形机器人、飞行汽车等新曲线机会， 以及老曲线上成本力与品牌力领先，出海本地化发展基盘稳固以及具备 并购与"新合资"优势的相关产业链企业。 出海 ...

证券研究报告 [Table_Title] 每日复盘 2024 年 08 月 12 日 20240812 市场复盘：三大指数窄幅整理，市场量能萎缩 报告要点： 2024 年 8 月 12 日三大指数窄幅整理，市场量能萎缩。上证指数下跌 0.14%，深证成指下跌 0.24%，创业板指下跌 0.20%。市场成交额 4986.57 亿元，较上一交易日减少 672.68 亿元。全市场 1510 只个股上涨，3647 只 个股下跌。 风格上看，稳定、周期、金融和成长风格都出现下跌，消费风格有所上 涨；基金重仓股指数表现优于基金非重仓股；成长股表现劣于价值股。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：医药 （1.31%），煤炭（0.74%），农林牧渔（0.59%）；表现相对靠后的是：房地 产（-3.55%），消费者服务（-2.60%），商贸零售（-2.07%）。概念板块方 面，多数概念板块下跌，新冠特效药、新冠肺炎检测、体外诊断等大幅上 涨；射频及天线、城中村改造、房地产精选等大幅走低。 资金筹码方面，主力资金 8 月 12 日净流出 162.80 亿元。其中超大单净 流出 59.80 亿元，大单净流出 ...

Investment Rating - The report suggests that the best investment phase for the automotive industry has passed, indicating a shift towards new growth curves and a focus on competitive advantages in existing markets [4]. Core Insights - In July, domestic new energy vehicle retail sales reached 879,000 units, a year-on-year increase of 36.9%, with a penetration rate of 51.1%, marking a significant transition in the supply and demand landscape [2]. - The report emphasizes the importance of exploring new growth opportunities in smart/automated driving, humanoid robots, and flying cars, while also focusing on companies with strong cost and brand advantages in the traditional automotive sector [2][4]. - The automotive industry is entering a new phase where consumer demand is shifting towards more integrated and brand-focused experiences, moving from early adopters to a broader market [2]. Summary by Sections Market Overview - In July, the retail sales of passenger vehicles were 1.729 million units, a decrease of 2% year-on-year, while wholesale sales were 1.956 million units, down 5% year-on-year [15]. - The new energy vehicle market saw retail sales of 879,000 units in July, up 37% year-on-year, with cumulative retail sales for the year reaching 4.991 million units, a 34% increase [15]. Industry Developments - Mercedes-Benz became the first international automaker authorized to conduct L4 autonomous driving tests in Beijing [23]. - GAC's robotaxi service received approval for road testing in Hengqin, marking a significant step in autonomous vehicle deployment [30]. - CATL signed a strategic investment agreement with Peak Aviation to develop eVTOL aviation batteries, indicating a push towards innovative transportation solutions [28]. Investment Recommendations - Long-term investment focus should be on automotive technology related to smart/automated driving, humanoid robots, and flying cars, driven by technological advancements and policy support [4]. - Short-term attention should be given to value-leading component manufacturers benefiting from macroeconomic cycles [4].

Investment Rating - The report maintains a positive investment recommendation for the automotive and auto parts industry, suggesting a focus on long-term opportunities in automotive technology and international expansion [5]. Core Insights - In July, the retail sales of new energy vehicles (NEVs) in China reached 879,000 units, marking a year-on-year growth of 36.9% and a penetration rate of 51.1%, indicating a shift into a new phase of supply and demand dynamics [2][20]. - The report emphasizes the importance of exploring new growth curves through international expansion, enhancing competitive advantages, and potential mergers and acquisitions as the industry matures [2]. - The demand side is transitioning from early adopters to a broader consumer base, with a growing emphasis on integrated solutions and brand experience [2]. Summary by Sections Monthly Sales and Market Trends - In July, the retail sales of passenger vehicles in China were 1.729 million units, a year-on-year decrease of 2%, while the cumulative retail sales for the year reached 11.568 million units, a growth of 2% [20]. - The wholesale volume for NEVs in July was 955,000 units, reflecting a year-on-year increase of 30% [20]. Industry Developments - Mercedes-Benz became the first international automaker authorized to conduct L4 autonomous driving tests in Beijing [3]. - Geely Radar has established partnerships with numerous dealers in Thailand, marking a significant step in its international strategy [3][49]. - CATL signed a strategic investment agreement with Peak Aviation to develop eVTOL aviation batteries [3][35]. Investment Recommendations - The report suggests focusing on three key areas for long-term investment: smart/automated driving, humanoid robots, and flying cars, driven by technological advancements and regulatory support [4]. - Short-term attention should be given to value-leading component manufacturers that exhibit strong cyclical characteristics [4].

Investment Rating - The report gives a "Recommended" rating for the telecommunications and electronics industry, considering the sustained high prosperity of the telecommunications sector driven by AI, 5.5G, and satellite communications [2][3]. Core Insights - The telecommunications sector experienced a market correction, with the overall index down by 3.73% during the week of August 5-9, 2024. The Shanghai Composite Index fell by 1.48%, the Shenzhen Component Index by 1.87%, and the ChiNext Index by 2.60% [2][8]. - Despite the correction, the report highlights the ongoing high demand for data center interconnections, particularly due to the rapid development of generative AI, which requires a tenfold increase in fiber connections within data centers [2][3]. - A significant agreement was reached between Lumen Technologies and Corning for the supply of next-generation fiber optic cables, which will double Lumen's intercity fiber mileage in the U.S. and support the growing AI workload and high-bandwidth applications [2][3]. Market Overview - The telecommunications sector's sub-industry performance showed varied results, with other communication equipment experiencing the least decline at 0.59%, while communication cables and accessories saw the highest drop at 5.31% [9][10]. - Notable stock performances included Xintian Technology with a remarkable increase of 78.29%, followed by Zhongtong Guomai at 21.6% and Huiyuan Communication at 10.56% [11]. Key Developments - The "Qianfan Constellation" plan aims to launch 15,000 satellites for a comprehensive communication network, with the first batch of satellites successfully launched on August 5, 2024. This initiative is expected to enhance domestic communication services significantly [12]. - The Ministry of Industry and Information Technology (MIIT) announced plans to expand telecommunications business openness and reform the satellite internet business access system, aiming to create a more efficient and unified market entry environment [13]. - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the importance of central enterprises leading the use of innovative products in key technology sectors, including satellite navigation and chips [15]. Recommended Focus Areas - The report suggests focusing on the computing power supply chain and satellite internet sectors, with recommended stocks including Zhongji Xuchuang, Xinyi Sheng, and China Telecom among others [3].