[Table_Title] 每日复盘 证券研究报告 20240801 市场复盘：指数震荡回调，航天逆市走强 报告要点： 2024 年 8 月 1 日指数震荡回调，航天逆市走强。上证指数下跌 0.22%，深证成指下跌 0.92%，创业板指下跌 1.31%。市场成交额 7865.09 亿元，较上一交易日减少 1215.57 亿元。全市场 2169 只个股上涨，2858 只 个股下跌。 风格上看，大部分市场风格下跌。周期、消费、金融、成长风格均出现 不同程度下跌，消费风格跌幅最大，稳定风格上涨；非基金重仓股指数小幅 上涨，基金重仓股指数均大幅下跌；价值风格表现优于成长，中小盘风格表 现优于大盘。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：建筑 （0.74%），国防军工（0.57%），交通运输（0.52%）；表现相对靠后的是： 食品饮料（-2.25%），房地产（-2.15%），电力设备及新能源（-1.32%）。概 念板块方面，多数概念板块下跌，商业航天、高铁、低空经济等大幅上涨； 央企煤炭、白酒、炒股软件等大幅走低。 资金筹码方面，主力资金 8 月 1 日净流出 167.05 亿元。其中超大单净 流出 ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 [Table_TargetPrice] 水羊股份(300740)公司点评报告 2024 年 08 月 01 日 [Table_Title] 24H1 利润承压，EDB 持续沉淀品牌资产 [Table_Invest]买入|维持 ——水羊股份(300740) 2024 年半年报点评 [Table_Summary] 事件： 公司发布 2024 年半年度报告。 点评： 销售费用高投放叠加投资收益变动致利润承压，产品结构优化带动毛 利率提升 24H1 公司实现营业收入 22.93 亿元，同比增长 0.14%，实现归属母公司净 利润 1.06 亿元，同比下降 25.74%，实现扣非归母净利润 1.19 亿元，同比 下降 19.07%。利润承压主要系公司聚焦品牌资产建设，加大了主要品牌的 品牌种草、市场投放等相关费用支出以及远期外汇合约到期影响投资收益 所致。盈利能力方面，24H1 公司毛利率为 61.48%，同比明显提升 4.57pct， 净利率为 4.77%，同比下降 1.64pct。费用端来看，24H1 公司销售费用率 为 46.84%，同比 ...

Market Overview - On July 31, 2024, the market experienced a significant increase, with the Shanghai Composite Index rising by 2.06%, the Shenzhen Component Index by 3.37%, and the ChiNext Index by 3.51. The total market turnover reached 908.066 billion yuan, an increase of 304.561 billion yuan compared to the previous trading day. A total of 5,048 stocks rose while 254 stocks fell [2][12]. Market Style and Sector Performance - All market styles saw a general increase, with cyclical, consumer, financial, and growth styles rising significantly, while stable styles experienced a slight decline. The non-fund heavy stock index outperformed the fund heavy stock index, and the growth style outperformed the value style. Small and mid-cap stocks also outperformed large-cap stocks [2][17]. - Among the 30 first-level industries of CITIC, all showed an upward trend. The top-performing sectors included consumer services (5.26%), comprehensive finance (5.06%), and pharmaceuticals (4.66%). Conversely, the banking sector (-0.29%), electric power and public utilities (-0.25%), and construction (0.89%) lagged behind [2][17]. Fund Flow Performance - On July 31, 2024, the main funds saw a net inflow of 16.652 billion yuan, with large orders contributing 12.896 billion yuan and small orders continuing to see a net outflow of 0.598 billion yuan. Northbound funds also experienced a significant net inflow of 19.580 billion yuan, with the Shanghai Stock Connect contributing 11.363 billion yuan and the Shenzhen Stock Connect 8.217 billion yuan [20][21]. ETF Fund Flow Performance - On July 31, 2024, most ETFs, including the Shanghai 50, CSI 300, CSI 500, and CSI 1000, saw an increase in trading volume compared to the previous trading day. The trading volumes for various ETFs were as follows: 2.485 billion yuan for the Shanghai 50 ETF, 5.353 billion yuan for the CSI 300 ETF, and 2.878 billion yuan for the CSI 1000 ETF, with notable changes in trading volumes [3][24]. Global Market Performance - On July 30, 2024, European stock indices showed mixed results, with Germany's DAX rising by 0.49% and the UK's FTSE 100 declining by 0.22%. In the U.S., the Dow Jones Industrial Average increased by 0.50%, while the S&P 500 and Nasdaq Composite fell by 0.50% and 1.28%, respectively. Asian markets generally rose on July 31, with the Hang Seng Index up by 2.01% and the Nikkei 225 by 1.49% [25][26].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 水井坊(600779)公司点评报告 2024 年 07 月 30 日 [Table_Title]Q2 业绩增 30%，高档品提速 ——水井坊 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现总收入 17.19 亿元（+12.57%）， 归母净利 2.42 亿元（+19.55%），扣非归母净利 2.28 亿元（+13.88%）。 2024Q2，公司实现总收入 7.85 亿元（+16.62%），归母净利 0.56 亿元 （+29.60%），扣非归母净利 0.74 亿元（+74.42%）。 Q2 高档产品增长加速，平均单价同、环比提升 1）24H1 酒类收入同比+6.50%。24H1，公司酒类收入 16.14 亿元，同比 +6.50%，24Q2 酒类收入同比+11.19%。 2）Q2 产品结构优化，平均单价同增 10.42%。24H1，公司白酒销量 0.37 万千升，同比+5.31%，单价 216.09 元/500ML，同比+1.13%；24Q2，公司 白酒销量 0 ...

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 均胜电子(600699)公司点评报告 2024 年 07 月 31 日 业绩如期兑现，北美整体转盈 国际化企业盈利提升，智能化大厂持续向前 [Table_Invest]买入|维持 [Table_Summary] 事件： ——均胜电子(600699)公司点评报告 2024 年 7 月 29 日公司发布半年度业绩快报，实现营业收入 279.80 亿元， 同比增长 0.24%，归母净利润 6.38 亿元，同比增长 34.14%,扣非后归母净 利润 6.40 亿元，同比增长 61.47%。 全球业务整合顺利，出海领先企业盈利水平持续攀升 作为外延并购与内生发展结合的国际化企业，近年来公司积极推进全球性 企业的内生整合与效率提升，整体成果显著。自 2022 年三季度公司业绩转 正以来，连续 8 个季度业绩持续攀升，展现出公司业绩持续向好的发展韧 性与持续提升的发展趋势。受益于近年来重点推进的各项降本增效措施， 2024年上半年公司整体毛利率水平同比稳步提升2.4个百分点至约15.8%， 二季度单季度同比提升 2.3 个百分点至约 16.1%， ...

Group 1 - The report indicates that the A-share market showed mixed performance across different styles, with financial and growth styles slightly up, while cyclical, consumer, and stable styles declined [25][62]. - Among the 30 first-level industries, real estate (up 1.72%), agriculture, forestry, animal husbandry, and fishery (up 1.36%), and consumer services (up 0.76%) performed relatively well, while oil and petrochemicals (down 2.54%), home appliances (down 2.12%), and coal (down 1.79%) lagged behind [25][62]. - The report highlights that the main funds experienced a net outflow of 117.14 billion yuan on July 30, with large orders contributing significantly to this outflow [26][65]. Group 2 - The report notes that the ETF trading volume increased compared to the previous trading day, with notable inflows into the HuShen 300 ETF, which saw a net inflow of 27.84 billion yuan [47][26]. - The report provides detailed trading volumes for various ETFs, indicating significant increases in trading activity for several major ETFs, including the HuShen 300 ETF and the CSI 500 ETF [47][26]. - The report also mentions that the Northbound funds experienced a net outflow of 24.45 billion yuan on July 30, with the Shanghai Stock Connect contributing a net outflow of 18.16 billion yuan [7][66]. Group 3 - The report states that the major global indices showed mixed results, with the Dow Jones Industrial Average down 0.12% and the S&P 500 up 0.08% on July 29 [50][71]. - The report highlights that the Asian markets also had varied performances, with the Hang Seng Index down 1.37% and the Nikkei 225 Index up 0.15% [4][27]. - The report emphasizes the importance of monitoring global market trends as they can impact domestic market performance and investor sentiment [71].

1. 市场资讯 国家主席习近平在北京人民大会堂同来华进行国事访问的东帝汶总统奥尔塔 举行会谈。习近平指出，中国将进一步全面深化改革，构建高水平社会主义 市场经济体制，推进高质量发展和高水平对外开放，这将给全球经济复苏、 地区发展和两国合作带来新动力、新契机。 央行公告称，为维护月末银行体系流动性合理充裕，7 月 29 日以固定利率、 数量招标方式开展 3015.7 亿元 7 天期逆回购操作，操作利率 1.70%。Wind 数据显示，今日有 582 亿元逆回购到期。 国家发改委紧急下达 5 亿元中央预算内投资，支持湖南、河南、四川、陕西 暴雨洪涝和福建台风灾害灾后应急恢复，重点用于受损水利防洪、学校医院 等灾区基础设施和公共服务设施应急恢复建设，推动尽快恢复正常生产生活 秩序。 报告要点： 资金筹码方面，主力资金 7 月 29 日净流出 50.53 亿元。其中超大单净 流入 2.78 亿元，大单净流出 53.31 亿元，中单资金净流出 9.94 亿元，小单 持续净流入 60.47 亿元。 Wind热门概念指数涨跌幅前十和后十（%） 6. 全球市场表现 7 月 26 日欧洲三大股指普遍上涨。德国 DAX 指数上涨 ...

行业研究报告 发布时间：2024年7月29日 新能源博弈座者为手，容能科技开辟新方向 汽车行业开究报告 分析师： 刘 乐 执业证书编号：S0020524070001 耐 箱： liule@gyzq.com.cn 联系电话：021-5109-7188 III 报告委总 ● 汽车行业发展沿经典的生命周期商线演进，当前国内新能源车与传统丰周期重叠进入成长后期标标荡,期阶 我，后续活两个方向发展：一是原有曲线寻找新出路，体现在出海、并购杂以品牌化为代表的壁垒构建方 面；另一方向则是开辟新成长曲线，体现在自动驾驶、人形机器人布飞行汽车方面。同时变纸期政策驱动。 ● 长期与短期繁峰共振 1）汽车产业的发展脉络一直都很清晰。 至2008年前后，传统燃油车第一曲线基本进入成长后期和寒荡期阶段。 2009年后都是在包括宏观种产业政策的推动下波动标荡 2）与经典产业生命周期曲线指引的趋势一样，寒荡期开始寻来第二曲线。因此2009年"十城千辆"推动新能 源丰发展。但由于政策推动，智能电动丰发展节奏快，到当前为止心经进入成长后期和寒荡期阶段，与国内进 入袁退期的传统燃油车一起开始成长曲线中后期的发展模式： (1) 在原有曲线上出海， ...

Investment Rating - The report maintains a positive investment rating for the automotive and auto parts industry, particularly highlighting the benefits from the "old-for-new" policy and the growth potential in commercial vehicles and leading passenger car manufacturers [2][10]. Core Insights - The "old-for-new" policy introduced by the National Development and Reform Commission and the Ministry of Finance aims to support the replacement of old diesel trucks and promote the electrification of public transport, with significant subsidies for eligible vehicles [2]. - The penetration rate of new energy vehicles (NEVs) in China reached 48% as of June 2024, indicating a shift towards a "late majority" consumer phase, where brand recognition and comprehensive product offerings become crucial [3]. - The report emphasizes the competitive advantages of Chinese automotive companies in the global market, drawing parallels with historical trends observed during Japan's automotive expansion in the 1980s [4][8]. Summary by Sections 1. Market Overview - The automotive sector experienced a weekly decline of 1.80%, with commercial vehicles showing a significant increase of 5.19%, while passenger vehicles saw a decrease of 3.33% [14][17]. 2. Policy Impact - The new "old-for-new" policy includes substantial subsidies: 80,000 yuan for scrapping and replacing eligible trucks, 35,000 yuan for purchasing without scrapping, and 30,000 yuan for early scrapping of old trucks [2][40]. - The policy also doubles the subsidies for passenger vehicles under the "old-for-new" scheme, reflecting a strong governmental push to stimulate the automotive market [2]. 3. New Energy Vehicles - The report notes that NEV retail sales from July 1-21, 2024, reached 461,000 units, a 26% year-on-year increase, indicating robust growth in this segment [21]. - The top-selling NEV brands during this period included BYD, AITO, and Li Auto, showcasing the competitive landscape in the NEV market [25][26]. 4. Industry Trends - The report highlights the importance of brand strength and technological advancements in the automotive sector, particularly as companies transition from early adopters to a broader consumer base [3][9]. - It suggests that companies with strong brand recognition and innovative product offerings are likely to benefit from the ongoing market transformation [10]. 5. Global Expansion - The report discusses the competitive advantages of Chinese automotive companies in international markets, emphasizing the importance of local production and partnerships in overcoming trade barriers [4][8]. - It also notes that the export of Chinese automobiles reached 552 billion USD in the first half of 2024, with a 25% increase year-on-year, reflecting growing global demand [29]. 6. Key Developments - Significant partnerships and technological advancements are noted, such as the collaboration between Xpeng Motors and Volkswagen on electronic architecture, which aims to enhance product offerings in the Chinese market [32]. - The report also mentions the strategic moves by companies like BYD and Chery in expanding their production capabilities and market presence [44][39].

[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 07 月 29 日 [Table_Title] 千帆星座发射在即，关注卫星互联网催化 ——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（2024.07.22-2024.07.26）上证综指回调 3.07%，深 证成指回调3.44%，创业板回调3.82%。本周申万通信回调 3.25%。 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（2024.07.22-2024.07.26）通信板块三级子行业 中，通信线缆及配套上涨幅度最高，涨幅为 6.84%，通信网络设备及 器件回调幅度最高，跌幅为 5.42%，本周各细分板块主要呈回调趋 势。 个股方面：本周（2024.07.22-2024.07.26）通信板块涨幅板块分析 方面，世纪鼎利（18.52%）、神宇股份（15.95%）、世嘉科技 （9.92%）涨幅分列前三。 千帆星座发射在即 据媒体报道，"千帆星座"首批组网卫星发射仪式将于 8 ...