[Table_Industry] [Table_Title] !"#$%&'() !"#$%28.60 & '()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn | --- | --- | |-----------------------|-------| | | | | [Table_Profit] *+,- | | | 456(785 ) | 242 | | 9:56(785 ) | 179 | | !#(& ) | 28.60 | | !;(78& ) | 6,922 | | 9:!;(78& ) | 5,114 | [Table_QuotePic] ./012-345678 -70% -60% -50% -40% -30% -20% -10% 0% 10% 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-09 !" ...

Group 1: Fixed Income Analysis - The report emphasizes the importance of optimizing the guarantee spread algorithm due to the significant narrowing of guarantee spreads, which affects the assessment of guarantee effectiveness [3][4] - A new calculation method for guarantee spreads is proposed, utilizing excess yield analysis based on the implied ratings of guaranteed and non-guaranteed bonds, which aims to provide more accurate investment decision-making references [3][4] - The average guarantee spread has decreased from 116.08 basis points to 25.45 basis points, indicating a trend of diminishing effectiveness as a measure of guarantee strength [3][4] Group 2: Database Industry Insights - The global database market is dominated by non-relational and hybrid databases, with relational databases still leading in popularity, particularly Oracle, MySQL, and Microsoft SQL Server [4][5] - The domestic database market in China shows a similar trend, with relational databases being predominant, while the demand for non-relational databases is growing [4][5] - The report forecasts that by 2025, China's data volume will surpass that of other countries, potentially driving significant demand for database solutions [4][5] Group 3: Employment Data Analysis - The U.S. non-farm employment data for August showed an increase of 142,000 jobs, which was below expectations, raising concerns about the labor market's health [5][6] - Despite the disappointing job growth, the unemployment rate fell to 4.2%, and wage growth rebounded, complicating the interpretation of labor market conditions [5][6] - The report suggests that the mixed employment data may lead to uncertainty in market expectations regarding recession and interest rate cuts [5][6] Group 4: Consumer Goods Sector Overview - The consumer goods sector is facing pressure from weak demand and competitive challenges, particularly in the beer and seasoning segments, where sales volumes are declining [6][7] - Despite the challenges, some companies are expected to benefit from cost reductions and improved profit margins, particularly in the beer segment [6][7] - The report highlights the need to identify alpha opportunities within the consumer goods sector, focusing on companies with strong independent growth narratives [6][7] Group 5: Electronic Industry Performance - The electronic industry has seen a mixed performance in 2024, with significant declines in semiconductor and display sectors, while other segments like PCB have shown growth [7][8] - The report indicates that the overall revenue and net profit for the electronic sector increased in Q2 2024, with notable growth in the semiconductor and consumer electronics segments [7][8] - Investment recommendations focus on AI-related technologies and domestic production capabilities, suggesting a positive outlook for companies involved in these areas [7][8] Group 6: Aviation and Transportation Sector - The aviation sector experienced a decline in stock performance in August, despite record passenger transport numbers during the summer peak season [8] - The report notes that while the overall market is entering a quieter period post-summer, upcoming holidays may provide a boost to demand [8] - It highlights the operational differentiation among airlines, with smaller private carriers showing resilience compared to larger state-owned airlines [8]

Group 1 - The report highlights a significant shift in market style, with a recent breakdown of the "banking group" leading to a change in investment focus from high-dividend stocks to other sectors [2][8] - The report suggests that the previous over-concentration of funds in dividend stocks has created trading congestion, prompting institutional investors to adjust their portfolios in response to media reports [2][8] - Despite short-term fluctuations in small-cap and technology sectors, the report anticipates that stable, high-dividend styles will dominate the market in the second half of the year, emphasizing the importance of sectors with "new productive forces" such as nuclear power and telecommunications [2][8] Group 2 - The report recommends focusing on public utilities, core military industry, nuclear power, and telecommunications for investment opportunities, maintaining a steady market outlook for the second half of the year [4][10] - It notes that the recent rise in real estate and market prices is influenced by foreign media reports regarding potential adjustments in mortgage rates, but the effectiveness of such policies in the current market environment remains limited [9][10] - The report emphasizes that the core factors affecting the real estate market are residents' income expectations and housing price expectations, with fiscal stimulus policies being crucial in influencing these factors [9][10] Group 3 - The weekly market review indicates that major indices mostly declined, with the Shanghai Composite Index dropping by 2.69%, and various industry sectors, including energy and information technology, experiencing significant downturns [11][14] - The report tracks market sentiment, noting a decrease in trading activity, with the average turnover rate for the entire A-share market at 0.94%, which is within the historical range [19][21] - Valuation indicators show that the PB and PE ratios for certain industries, such as coal and real estate, are above historical medians, suggesting potential overvaluation in these sectors [23][25]

交运/航空机场 证券研究报告/行业周报 2024 年 09 月 06 日 Email：duchong@zts.com.cn 分析师：李鼎莹 执业证书编号：S0740524080001 电话： Email：lidy@zts.com.cn | --- | --- | |----------------|----------------| | | | | 执业证书编号： | S0740522040001 | | 电话： | | | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 上市公司数 | 13 | | 行业总市值 (百万元) | 587,067 | | 行业流通市值(百万元 ) | 457,536 | [Table_QuotePic] 行业-市场走势对比 1,500.00 1,550.00 1,600.00 1,650.00 1,700.00 1,750.00 1,800.00 1,850.00 1,900.00 23-0923-1023-1123-1224-0124-0224-0324 ...

、 中泰科技：特斯拉拟于 25Q1 在中国推出 FSD，国内高阶智驾有望加速落地 [评Ta级ble：_M增ai持n] （维持） 分析师：孙行臻 特斯拉 FSD：入华节点将近，版本迭代加速。 执业证书编号：S0740524030002 Email：sunxz@zts.com.cn [基Ta本ble状_P况rofit] 上市公司数 332 行业总市值(亿元) 26100.36 行业流通市值(亿元) 14347.47 监管：1）安全检测：自驾数据安全引起重视，2024 年 4 月 28 日公布第一批汽车 数据处理安全检测名单，特斯拉 2022、2023 款 Model 3、Model Y 车型符合安全 要求检测。2）路测资质：入华步伐渐行渐近，上海示范区发放道路测试牌照。 计算中心：海外算力使用 Dojo，2024 年年底 Dojo1 的算力将等同于 8000 块 H10 0 的算力；入华后数据本地化存储，将寻求本土算力支持。 数据/模型：场景异于美国，特斯拉需要大量中国本土数据强化模型，智能网联汽车 数据出境+建立上海数据中心实现本地数据存储+在华高销量推动训练侧数据积累 深厚，形成合力，解决入华后特斯拉的数据积 ...

执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 执业证书编号：S0740522040004 Email：wupeng@zts.com.cn 执业证书编号：S0740522080002 [Tab锂le电_&Su电m力ma设ry备]：特斯拉预计在 2025 年第一季度在中国内地和欧洲推出 FSD 系统，但 这一计划尚需获得当地监管部门的批准。湖南省发布以旧换新方案，老旧营运货车报 废更新最高补贴 9.5 万元。9 月 3 日，四川省交通运输厅关于印发《交通运输大规模设 备更新专项行动方案》的通知，到 2027 年交通运输领域设备投资规模较 2023 年增长 25%以上，带动设备投资总规模超 200 亿元，其中高速公路服务区快充桩实现 100%覆 盖。理想汽车披露理想智能驾驶 8 月出行报告，8 月新增智能驾驶里程 2 亿公里，总里 程 22.6 亿公里；新增智能驾驶用户 4.4 万人，总智能驾驶用户 90.8 万人，智能驾驶试 驾用户占比 55%。我们预计 1 季度为全年单位盈利的最低点，2 季度环比向上或持 平；展望 24 年季度利润环比向上。1）看好后续价格相对 ...

、 房地产/公募 REITs 2024 年 9 月 8 日 [Table_Main] 评级：增持（维持） 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 分析师：李垚 执业证书编号：S0740520110003 Email：liy@zts.com.cn [Table_Profit] 基本状况 上市 REITs 数 42 行业总市值(亿元) 1203.52 行业流通市值(亿元) 元) 598.14 [Table_QuotePic] 行业-市场走势对比 [Table_Report] 相关报告 多支高速 REITs 拟举行中期报告说明会 证券研究报告/行业研究周报 [公募Table_Summary] REITs 行业周报-2024 年 9 月 8 日 ◼ 一周行情回顾 本周 REITs 指数下跌 0.33%，其中经营权类下跌 0.28%，产权类下跌 ...

、 需求边际好转，预期有望改善 公司持有该股票比例 [Table_Report] 相关报告 煤炭 证券研究报告/行业周报 2024 年 9 月 8 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|---------|-----------------------------------------|--------------------------------------|------------|-----------------|---------|---------|--------|---------|----------------|--------------------------------------------------------------------------|------- ...

、 评级：增持（维持） 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：李雪峰 执业证书编号：S0740522080004 Email：lixf05@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn 分析师：张琼 执业证书编号：S0740523070004 Email：zhangqiong@zts.com.cn 分析师：刘博文 执业证书编号：S0740524030001 Email：liubw@zts.com.cn | --- | --- | |-------------------------|-----------| | | | | 基本状况 | | | 上市公司数 | 454 | | 行业总市值 ( 百万元 ) | 5,667,278 | | 行业流通市值 ( 百万元 ) | 2,826,950 | [Table_QuotePic] 行业-市场走 ...

、 医疗器械板块 2024H1 总结：低耗板块表现亮眼，看好下半年院内诊疗边际改善+设备更新陆续 落地 医疗器械 证券研究报告/专题研究报告 2024 年 9 月 6 日 [Table_Title] 评级：增持（ 维持 ） 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：谢木青 执业证书编号：S0740518010004 电话：021-20315895 Email：xiemq@zts.com.cn 分析师：于佳喜 执业证书编号：S0740523080002 Email：yujx03@zts.com.cn | --- | --- | |-----------------------|-------| | | | | 上市公司数 | 510 | | 行业总市值 ( 亿元 ) | 54413 | | 行业流通市值 ( 亿元 ) | 45150 | [Table_QuotePic] 行业-市场走势对比 -35.00% -30.00% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% ...