报告要点： [Table_Title] 每日复盘 证券研究报告 2024 年 08 月 09 日 20240809 市场复盘：市场震荡回落，成交量创下新低 2024 年 8 月 9 日市场震荡回落，成交量创下新低。上证指数下跌 0.27%，深证成指下跌 0.62%，创业板指下跌 0.98%。市场成交额 5659.25 亿元，较上一交易日减少 570.79 亿元。全市场 1281 只个股上涨，3808 只 个股下跌。 风格上看，稳定、周期、消费和成长风格都出现下跌；基金重仓股指数 表现劣于基金非重仓股；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：房地产 （1.39%），石油石化（0.66%），银行（0.45%）；表现相对靠后的是：消费 者服务（-2.33%），传媒（-2.13%），医药（-1.66%）。概念板块方面，多数 概念板块下跌，射频及天线、房地产精选、城中村改造等板块上涨；维生 素、合成生物、CRO 等大幅走低。 资金筹码方面，主力资金 8 月 9 日净流出 87.00 亿元。其中超大单净流 出 14.16 亿元，大单净流出 72.84 亿元，中单资金净流入 3.5 ...

公司研究|可选消费|媒体|| 浙教文化(600633)公司点评报告 证券研究报告 2024年08月09日 核心业务稳健发展，投资收益拖累业绩 渐教文化(600633) 2024 年半年报点评 事件: 公司发布 2024 年半年报。 点评: ● 公司业绩受投资收益拖累短期承压，费用率维持稳定 2024 年上半年，公司实现营业收入 14.13 亿元，同比下降 16.36%，实现 归母净利润 1.47 亿元，同比下滑 76.71%，主要受公司持有的交易性金融 资产公允价值变动损益较上期减少的影响。费用端看，公司 2024H1 销售/ 管理/研发费用率分别为 19.80%/12.95%/11.56%，较 2023 年同期+1.15/- 0.17/-0.43pct, 24H1 公司毛利率为 62.80%, 较去年同期下降 4.26pct。 数字文化多领域布局，游戏业务聚焦精品化 ● 2024H1，公司在线游戏运营业务实现营收 6.47 亿元，较去年同期减少 8.15%。子公司边锋网络坚持精品化运营,上半年边锋损蛋新增注册用户超 1300万,日活保持行业领先地位。公司拓展数字体育、数字文旅、数字艺 术等多领域,战旗网络拓 ...

Market Overview - On August 7, 2024, the market experienced narrow fluctuations with a continued decrease in trading volume. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.17%, and the ChiNext Index decreased by 0.43%. The total market turnover was 594.558 billion yuan, a decrease of 62.303 billion yuan from the previous trading day. A total of 2,160 stocks rose, while 2,933 stocks fell [2][12]. Market Style and Sector Performance - In terms of market style, stable and cyclical styles saw significant increases, while financial, consumer, and growth styles experienced declines. The non-heavyweight stock index outperformed the heavyweight stock index. Mid-cap value style outperformed growth, while large-cap and small-cap value styles underperformed growth [15][16]. - Among the 30 sectors, coal (1.25%), defense and military industry (0.99%), and electric power and public utilities (0.94%) performed relatively well, while agriculture, forestry, animal husbandry, and fishery (-1.78%), real estate (-1.02%), and consumer services (-0.92%) lagged behind [15][16]. Fund Flow Performance - On August 7, 2024, the main funds had a net outflow of 4.009 billion yuan. Specifically, large orders had a net outflow of 4.680 billion yuan, while small orders continued to see a net inflow of 3.390 billion yuan. Northbound funds had a net outflow of 2.136 billion yuan, with the Shanghai Stock Connect seeing a net inflow of 0.417 billion yuan and the Shenzhen Stock Connect experiencing a net outflow of 2.553 billion yuan. Conversely, southbound funds had a significant net inflow of 11.673 billion HKD [18][19]. ETF Fund Flow Performance - On August 7, 2024, the trading volume of major ETFs such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 decreased compared to the previous trading day. The trading volumes for these ETFs were 1.897 billion yuan, 2.088 billion yuan, 0.425 billion yuan, 0.560 billion yuan, 1.154 billion yuan, 1.159 billion yuan, and 0.509 billion yuan, respectively, with significant declines noted [20][22]. Global Market Performance - On August 6, 2024, European stock indices showed mixed results, with the German DAX rising by 0.09%, the UK FTSE 100 increasing by 0.23%, and the French CAC40 declining by 0.27%. In the US, major indices generally rose, with the Dow Jones Industrial Average up by 0.76%, the S&P 500 up by 1.04%, and the Nasdaq Composite up by 1.03%. Asian markets also saw widespread gains on August 7, with the Hang Seng Index rising by 1.38% and the Nikkei 225 increasing by 1.19% [23][24].

2024 年 08 月 06 日 [Table_Title] 每日复盘 证券研究报告 20240806 市场复盘：市场震荡走强，三大指数集体回升 报告要点： 2024 年 8 月 6 日市场震荡走强，三大指数集体回升。上证指数上涨 0.23%，深证成指上涨 0.82%，创业板指上涨 1.25%。市场成交额 6568.61 亿元，较上一交易日减少 1367.70 亿元。全市场 4765 只个股上涨，486 只 个股下跌。 风格上看，周期、消费、成长风格均出现不同程度上涨，其中成长风格 涨幅最大，而稳定和金融风格则出现下跌；基金非重仓股指数表现优于基金 重仓股；成长风格表现优于价值，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上涨；表现相对靠前的是：消费者 服务（3.70%），国防军工（2.81%），房地产（2.52%）；表现相对靠后的 是：家电（-1.25%），银行（-1.05%），非银行金融（-0.95%）。概念板块方 面，多数概念板块上涨，K-12 教育、在线教育、动物保健精选等大幅上涨； 保险精选、央企银行、黄金珠宝等板块走低。 资金筹码方面，主力资金 8 月 6 日净流出 78.63 亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company announced its 2024 mid-year report, showing a total revenue of 4.613 billion yuan, a decrease of 17.56%, and a net profit attributable to shareholders of 891 million yuan, down 42.34% [3] - The decline in revenue is attributed to a high base effect from the previous year, with significant drops in various brand revenues [3] - The gross margin was impacted by increased manufacturing and logistics costs, leading to a net profit margin decline [3] - The company is focusing on online sales and multi-category development to enhance growth prospects [3] Financial Performance Summary - For 2024H1, total revenue was 4.613 billion yuan, with a year-on-year decrease of 17.56% [3] - The net profit attributable to shareholders was 891 million yuan, down 42.34% [3] - The gross margin for 2024H1 was 68.56%, a decrease of 1.76 percentage points year-on-year [3] - The net profit margin for 2024H1 was 19.31%, down 8.30 percentage points year-on-year [3] Revenue Breakdown - Revenue by brand for 2024H1: -汤臣倍健: 2.635 billion yuan (-19.77%) -健力多: 591 million yuan (-16.81%) -Lifespace: 210 million yuan (-24.79%) -LSG: 511 million yuan (-4.72%) -Other brands: 666 million yuan (-15.21%) [3] - Online and offline revenue for 2024H1 was 1.953 billion yuan and 2.629 billion yuan, respectively, with year-on-year declines of 20.54% and 15.82% [3] Future Projections - The company expects net profits for 2024-2026 to be 1.145 billion yuan, 1.411 billion yuan, and 1.645 billion yuan, with growth rates of 34.44%, 23.25%, and 16.57% respectively [3] - The corresponding price-to-earnings ratios for these years are projected to be 18, 15, and 12 times [3]

[Table_Title] 每日复盘 证券研究报告 2024 年 08 月 05 日 20240805 市场复盘：外盘影响市场情绪，三大指数震荡 下挫 报告要点： 2024 年 8 月 5 日外盘影响市场情绪，三大指数震荡下挫。上证指数下 跌 1.54%，深证成指下跌 1.85%，创业板指下跌 1.89%。市场成交额 7936.31 亿元，较上一交易日增加 674.96 亿元。全市场 507 只个股上涨， 4750 只个股下跌。 风格上看，大部分市场风格下跌。稳定、周期、金融、消费、成长风格 均出现不同程度下跌，其中成长风格跌幅最大，消费风格跌幅最小；基金重 仓股指数表现优于非基金重仓股；价值风格表现优于成长，大盘风格表现优 于中小盘。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：食品饮 料（1.16%），消费者服务（0.96%），非银行金融（-0.28%）；表现相对靠 后的是：电子（-4.87%），通信（-4.25%），计算机（-3.90%）。概念板块方 面，多数概念板块下跌，航空运输精选、白酒、K-12 教育等板块上涨；高速 铜连接、光模块(CPO)、消费电子代工等大幅走低。 资金筹码方面， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [7][12]. Core Insights - The company achieved rapid revenue growth, with a 27.22% year-on-year increase in revenue to 1.842 billion yuan and a 104.51% increase in net profit attributable to shareholders, reaching 387 million yuan in the first half of 2024 [2][5]. - The digital energy business is expanding globally, with significant growth in revenue, particularly in North America and Europe, where revenues increased by 30.93% and 39.04% respectively [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 1.842 billion yuan, a 27.22% increase year-on-year, and a net profit of 387 million yuan, up 104.51% [2]. - The digital repair business generated 1.438 billion yuan in revenue, growing 18.04%, while the digital energy business saw revenue of 378 million yuan, a remarkable 92.37% increase [2]. Business Segments - The company has built a multi-layered digital repair product ecosystem, focusing on the automotive aftermarket in North America and Europe, with key products like comprehensive diagnostic tools and TPMS series products showing significant revenue growth [3]. - The digital energy segment is leveraging power electronics and AI technologies to develop intelligent charging network solutions, with over 14 overseas regional headquarters established globally by mid-2024 [4]. Future Outlook - The revenue forecasts for 2024-2026 have been revised upwards to 3.987 billion, 4.786 billion, and 5.599 billion yuan respectively, with net profit estimates adjusted to 571 million, 655 million, and 779 million yuan [5][8]. - The expected earnings per share (EPS) for the next three years are projected to be 1.26, 1.45, and 1.72 yuan, with corresponding price-to-earnings (P/E) ratios of 20.32, 17.71, and 14.89 [5][8].

[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 05 日 [Table_Title] 北美云厂资本开支上行，高轨互联网卫星成功发射 ——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（2024.07.29-2024.08.02）上证综指上涨 0.50%，深 证成指回调0.51%，创业板回调1.28%。本周申万通信回调 0.12%。 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（2024.07.29-2024.08.02）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 6.04%，通信线缆及配套 回调幅度最高，跌幅为 3.60%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2024.07.29-2024.08.02）通信板块涨幅分析方 面 ， 欧比特（ 39.96% ） 、 高 鸿 股 份 （ 15.71% ） 、 纵 横 通 信 （14.37%）涨幅分列前三。 北美云厂业绩及资本开支 Meta：Q2 ...

[Table_Title] 宏观研究报告 证券研究报告 美国衰退交易有点早 本周关注： 7 月中国 PMI 49.4，较前值回落 0.1 个百分点，生产和新订单分项延续 回落，但这不用太多交易，PMI 在 7 月本身就存在季节性上的不利影响，当 前基本面向上的弹性虽有限，但也未见大规模下行。 按照原材料购进价格去推算，7 月 PPI 同比大概率会在-1%左右，维持震 荡态势。后续若美联储继续紧缩自己的数量政策，商品的压力是确定的，悬念 只是幅度与节奏，但当前，商品新一轮下跌趋势还没在宏观上走出来。 30 大中城市 7 月销售面积同比-17%，降幅继续收窄，其可能的原因是开 发商把更多的资源挪到了现房开发端，现货供应增加导致销售改善，但从现 房的出清率看，需求仍然是个问题。 人民币汇率的升值有基本面的原因，但也不全是基本面的原因，但至少 短时，美国的降息交易给汇率提供了升值基础，但从基本面的角度，人民币币 值可能有所高估。 美国 PMI 和债券收益率破位，这源于美国糟糕的就业数据，但我们应注 意三点，一是美国背后的信用投放还在加速，比如 M2 在继续上升；二是美国 这一轮的就业表现的确比基本面好，这就导致后续存 ...

Market Overview - On August 2, 2024, the Shanghai Composite Index decreased by 0.92%, the Shenzhen Component Index fell by 1.38%, and the ChiNext Index dropped by 1.66%. The total market turnover was 726.135 billion yuan, a decrease of 60.374 billion yuan from the previous trading day. A total of 995 stocks rose, while 4189 stocks declined [2][12]. Market Style and Sector Performance - Most market styles experienced declines, with the growth style suffering the largest drop. The consumption style saw slight gains. Non-fund heavy stocks outperformed fund-heavy stocks, and value stocks outperformed growth stocks. Large-cap stocks performed better than small-cap stocks [2][14]. - Among the 30 sectors, the top performers were Agriculture, Forestry, Animal Husbandry, and Fishery (up 1.08%), and Pharmaceuticals (up 0.82%). The worst performers included Communication (down 2.99%), Electronics (down 2.75%), and Computers (down 2.45%) [2][14]. Fund Flow Performance - On August 2, 2024, the main funds had a net outflow of 28.675 billion yuan. Specifically, there was a net outflow of 10.944 billion yuan from large orders and 17.731 billion yuan from big orders, while small orders saw a continuous net inflow of 28.913 billion yuan [2][16]. - Northbound funds had a net outflow of 3.230 billion yuan, with the Shanghai Stock Connect seeing a net outflow of 2.435 billion yuan and the Shenzhen Stock Connect a net outflow of 0.795 billion yuan. Southbound funds also experienced a net outflow of 1.896 billion Hong Kong dollars [2][16]. ETF Fund Flow Performance - On August 2, 2024, most ETFs, including the SSE 50 ETF and CSI 300 ETF, saw an increase in trading volume compared to the previous trading day. The trading volumes for various ETFs were as follows: SSE 50 ETF (2.269 billion yuan), CSI 300 ETF (4.492 billion yuan), and others, with notable changes in trading volume [2][18]. Global Market Performance - On August 1, 2024, major European stock indices fell, with the DAX down 2.30%, the FTSE 100 down 1.01%, and the CAC 40 down 2.14%. In the US, the Dow Jones Industrial Average decreased by 1.21%, the S&P 500 fell by 1.37%, and the Nasdaq Composite dropped by 2.30%. Asian markets also saw declines, with the Hang Seng Index down 2.08% and the Nikkei 225 down 5.81% [2][21].