[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 15 日 [Table_Title] 高速率数通光模块需求旺盛,北三渗透或加速 ——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(2024.07.08-2024.07.12)上证综指上涨 0.72%,深 证成指上涨 1.82%,创业板上涨 1.69%。本周申万通信上涨 2.66%。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(2024.07.08-2024.07.12)通信板块三级子行业 中,通信终端及配件上涨幅度最高,涨幅为 4.85%,通信工程及服 务回调幅度最高,跌幅为 0.13%,本周各细分板块主要呈上涨趋 势。 个股方面:本周(2024.07.08-2024.07.12)通信板块涨幅板块分析 方面,神宇股份(36.17%)、移远通信(19.97%)、意华股份 (18.23%)涨幅分列前三。 Cignal AI:高速率数通光模块需求旺盛 7 月 12 日消息, ...

[Table_Title] 华润持续赋能，血制品主业发展未来可期 [Table_Summary] 报告要点： [Table_Invest] 买入|首次推荐 | --- | --- | |------------------------------|--------------| | [Table_Base 基本数据 ] | | | 52 周最高 / 最低价（元）： | 36.45 / 23.7 | | A 股流通股（百万股）： | 425.94 | | A 股总股本（百万股）： | 504.25 | | 流通市值（百万元）： | 14729.01 | | 总市值（百万元）： | 17436.92 | 资料来源：Wind 请务必阅读正文之后的免责条款部分 1 / 26 录 图表目录 请务必阅读正文之后的免责条款部分 图 23: 丹霞生物股权结构图 . 图 25: 丹霞生物采浆量情况（吨） . 图 27: 国内人纤维蛋白原市场份额情况（%） ....................................................................................... ...

[Table_Title] 宏观研究报告 证券研究报告 《如何看央行国债借入操作》2024.07.07 或三板做市指数（针对做市转让标的），北交所基准指数为北证 50 指数。 分析师声明 作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，以勤勉的职业态度，独立、客观地出具本报告。本人 承诺报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业操守和专业能力，本报告清晰准确地反映了本人的研究观点并通过 合理判断得出结论，结论不受任何第三方的授意、影响，特此声明。 证券投资咨询业务的说明 根据中国证监会颁发的《经营证券业务许可证》（Z23834000），国元证券股份有限公司具备中国证监会核准的证券投资咨询业务资格。 证券投资咨询业务是指取得监管部门颁发的相关资格的机构及其咨询人员为证券投资者或客户提供证券投资的相关信息、分析、预测 或建议，并直接或间接收取服务费用的活动。证券研究报告是证券投资咨询业务的一种基本形式，指证券公司、证券投资咨询机构对 证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告， 并向客户发布的行为。 法律声明 ...

[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 07 月 14 日 [Table_Title] ROBOTAXI 出圈,关注自动驾驶长期趋势 [Table_Summary] 报告要点: 武汉萝卜快跑 ROBOTAXI 火爆出圈,自动驾驶市场教育意义强 国家智能网联汽车(武汉)测试示范区于 2019 年正式成立。成立以来持 续扩展测试范围,截至 2023 年底,全市累计开放测试道路里程已突破 3378.73 公里(单向里程),覆盖武汉 12 个行政区,辐射面积约 3000 平 方公里,触达人口超 770 万,开放里程和开放区域数量保持全国第一。 由于广阔的全市开放测试范围叠加长期以来与萝卜快跑等 ROBOTAXI 项 目的深度合作推进,并在 2024 年增加 ROBOTAXI 投放数量,虽然整体投 放数量占比仍然有限,但在感官层面形成了"涌现"现象,并借助发达 的自媒体平台火爆出圈,给全市场形成了一波良好的市场教育。且从媒 体评论反馈看,市场对相关产品接受度高。有利于未来高级别自动驾驶 产品推广普及。 多城市加大 ROBOTAXI 推 ...

Investment Rating - The report maintains a "Buy" rating for Changgao Electric New Energy (002452) with a target price of 8.98 yuan [1][10]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 115-132 million yuan for the first half of 2024, representing a year-on-year growth of 35.26%-55.26% [6]. - The company has successfully won bids for 500kV GIS products, with a total bid amount of 280 million yuan, marking a 10.3% increase compared to the previous year [6]. - The company is actively expanding its product range, including plans to invest 96 million yuan in a new GIL assembly plant to enhance its capabilities for 220-1000kV products [6]. - Historical burdens have been cleared, with the company recognizing credit impairment of 12 million yuan and asset impairment of 44 million yuan in 2023, releasing goodwill impairment risks [6]. - Profit forecasts for 2024-2026 are set at 300 million, 380 million, and 450 million yuan respectively, with year-on-year growth rates of 76%, 26%, and 18% [6]. Summary by Sections Financial Data and Valuation - Revenue for 2022 was 1,222.90 million yuan, with a projected increase to 1,855.00 million yuan in 2024, reflecting a year-on-year growth of 24.21% [13]. - The net profit attributable to shareholders is expected to rise from 173.08 million yuan in 2023 to 304.17 million yuan in 2024, indicating a growth of 75.74% [13]. - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 17.25, 13.74, and 11.63 respectively [13]. Market Performance - The stock has shown a significant recovery, with a 41% increase from its lowest price of 4.44 yuan to the current price of 8.98 yuan [7].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 115-132 million yuan in H1 2024, representing a year-on-year growth of 35.26%-55.26% [2] - The company has successfully won bids for 500kV GIS products, with a total bid amount of 280 million yuan, marking a 10.3% increase compared to the previous year [2] - The company plans to invest 96 million yuan to establish a new GIL assembly plant, enhancing its product range and competitive edge [2] - The company has cleared historical burdens by recognizing credit impairment of 12 million yuan and asset impairment of 44 million yuan in 2023, releasing goodwill impairment risks [2] - The projected net profits for 2024-2026 are 300 million, 380 million, and 450 million yuan, with respective year-on-year growth rates of 76%, 26%, and 18% [2] Summary by Sections Financial Performance - The company reported a revenue of 1,493.38 million yuan in 2023, with a year-on-year growth of 22.12% [9] - The projected revenue for 2024 is 1,855 million yuan, reflecting a growth of 24.21% [9] - The net profit attributable to shareholders for 2023 was 173.08 million yuan, with a significant year-on-year increase of 198.57% [9] Market Position - The company has made significant strides in the high-voltage equipment market, particularly with the 500kV GIS products [2] - The company is expanding its product categories, including the introduction of 10kV silicon steel distribution transformers and amorphous alloy transformers [2] Investment Outlook - The current stock price corresponds to a price-to-earnings (P/E) ratio of 17.3 for 2024, indicating a favorable valuation compared to future earnings growth [2][9] - The company is positioned for continued growth, with a focus on high-voltage equipment and innovative product development [2]

20240712 市场复盘：指数涨跌互现，市场震荡整理 7 月 12 日，华夏上证 50ETF 成交额放大。华夏上证 50ETF、华泰柏瑞 沪深 300ETF、嘉实沪深 300ETF、易方达沪深 300ETF、南方中证 500ETF、 南方中证 1000ETF 和华夏中证 1000ETF 成交额分别为 27.26 亿元、30.67 亿元、8.71 亿元、7.36 亿元、7.53 亿元、7.01 亿元和 4.30 亿元，分别较上 一交易日变化+11.33 亿元、-6.19 亿元、-3.11 亿元、-1.54 亿元、-6.68 亿元、 -5.37 亿元、-1.86 亿元。7 月 11 日主要宽基 ETF 资金流向显示资金主要流入 中证 500ETF，流入金额为 3.33 亿元。 7 月 11 日欧洲三大股指普遍上涨。德国 DAX 指数上涨 0.69%，报 18534.56 点；英国富时 100 指数上涨 0.36%，报 8223.34 点；法国 CAC40 指数上涨 0.71%，报 7627.13 点。美股三大指数涨跌不一，道琼斯工业指数 上涨 0.08%，收于 39753.75 点；标普 500 指数下跌 0. ...

Investment Rating - The report gives a "Buy" rating for several companies including Lixun Precision, Weir Shares, and Micron Innovation, while Saintbond is rated as "Hold" [7][8]. Core Viewpoints - The A-share technology hardware companies are undergoing a valuation reshaping, driven by a recovery in smartphone demand and the implementation of AI at the edge, which is expected to boost consumption [2][12][22]. - The semiconductor demand is at a recovery node, with storage chips leading the sales growth, particularly benefiting from the recovery in mobile phone inventory [12][20]. - The report highlights two main investment lines: Apple Intelligence driving the Apple supply chain and Tesla's autonomous driving entering a commercial phase [13][23]. Summary by Sections Overall View - A-share technology companies are expected to see a valuation reshaping due to a recovery in smartphone demand and inventory levels returning to a healthy state [12][17]. - The semiconductor market is showing signs of recovery, with storage chips being a significant driver of growth [20][21]. AI and Edge Technology - Apple is focusing on edge AI, which is expected to enhance consumer demand and create a competitive advantage through its proprietary technology [13][25][27]. - Tesla's advancements in autonomous driving technology are anticipated to accelerate commercial applications, particularly with the introduction of Robotaxi [13][16]. Supply Side: Price Increase Expectations - The report anticipates price increases in storage chips due to improved supply-demand dynamics, particularly in DDR5 and NAND markets [14][15]. - The demand for high-end CIS chips is expected to rise, driven by flagship smartphone launches, leading to potential price increases [15][16]. Recommended Stocks - The report recommends focusing on companies within the Apple and Tesla supply chains, including Lixun Precision, Weir Shares, and Micron Innovation, among others [7][8].

Market Performance - On July 12, major Asian stock indices showed mixed results, with the Hang Seng Index rising by 2.59% to 18,293.38 points, while the Nikkei 225 fell by 2.45% to 41,190.68 points[3] - The A-share market exhibited varied performance across styles, with cyclical, growth, and stable styles declining, while the financial style saw a significant increase[2][11] Sector Analysis - Among the 30 primary sectors, real estate (up 2.47%), banking (up 2.15%), and home appliances (up 0.87%) performed well, while coal (-1.98%), non-ferrous metals (-1.79%), and computers (-1.50%) lagged behind[11][49] - Concept sectors such as photovoltaic inverters and urban village renovation experienced substantial gains, while state-owned coal and near-term new stocks faced significant declines[11] Capital Flow - On July 12, the main capital saw a net outflow of 13.596 billion yuan, with large orders contributing to a net outflow of 8.453 billion yuan[13][23] - Northbound capital recorded a slight net inflow of 2.734 billion yuan, with the Shanghai Stock Connect seeing a net inflow of 3.301 billion yuan[14] Monetary Policy - The central bank conducted a 20 billion yuan reverse repurchase operation on July 12, with a winning rate of 1.80%[7] Economic Indicators - In the first half of the year, RMB loans increased by 13.27 trillion yuan, with a year-on-year growth of 8.8%[27] - The total value of China's goods trade reached 21.17 trillion yuan in the first half, marking a 6.1% year-on-year increase[42]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][10]. Core Insights - The company has a clear three-tier industrial layout, with the first tier focusing on core components for turbochargers and precision parts, providing a stable foundation for growth. The second tier targets core components for electric, hydrogen fuel, and natural gas vehicles, while the third tier encompasses linear rolling components, including products for industrial machines and humanoid robots, indicating significant growth potential [9][10]. - The company reported a 21.65% year-on-year increase in sales of turbocharger core components, totaling 31.73 million units, with related revenue reaching 1.014 billion yuan, a 15.67% increase. Sales of new energy components also grew by 22.20%, achieving revenue of 151 million yuan, up 64.75% [10]. Financial Data and Valuation - Revenue projections are as follows: 1,097.28 million yuan in 2022, 1,343.25 million yuan in 2023, and expected to reach 1,670.98 million yuan in 2024, reflecting a year-on-year growth of 22.42% and 24.40% respectively [4]. - Net profit attributable to shareholders is projected to be 228.87 million yuan in 2022, 263.51 million yuan in 2023, and 334.14 million yuan in 2024, with corresponding year-on-year growth rates of 16.35% and 26.81% [4]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 31.32 in 2022 to 21.45 in 2024, indicating improving valuation metrics [4][10].