中药 证券研究报告/专题研究报告 2024 年 09 月 17 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------|-----------------------------------------|-----------------|--------|------------------|----------------------------------|----------------------------------------------|----------|-------|------------|-------|-------|--------| | 评级：增持（ 维持 ） \n分析师：祝嘉琦 \n执业证书编号： S0740519040001 | [Table_Finance] 重点公司基本状况 \n简称 | \n股价 \n( 元 ...

[Table_Finance] 重点公司基本状况 [基本状况 Table_Profit] 轻工纺服 证券研究报告 /行业周 报 2024 年 9 月 17 日 评级：增持(维持) 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 执业证书编号：S0740520090002 Email：guomx@zts.com.cn 分析师：邹文婕 执业证书编号：S0740523070001 Email：zouwj@zts.com.cn 分析师：吴思涵 执业证书编号：S0740523090002 Email：wush@zts.com.cn 轻工公司数（申万分类） $$^ { 1 5 2 }$$ 轻工行业总市值（亿元） 6,595 轻工行业流通市值（亿元） 2,659 纺服公司数（申万分类） 104 纺服行业总市值（亿元） 4,831 纺服行业流通市值（亿元） 1,884 [Table_QuotePic] 行业-市场走势对比 -40% -30% -20% -10% 0% 10% 2023-09-18 2024-03-18 轻工制造(申万) 上证指 ...

、 OpenAI 发布 o1 模型，开启大模型新范式 -中泰通信行业周报（0909-0915） 通信 证券研究报告/行业周报 2024 年 9 月 17 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|----------|--------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

业绩平稳增长，种植牙增速亮眼 通策医疗(600763)/医疗服务 证券研究报告/公司点评 2024 年 09 月 17 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|----------------------|---------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a rating of "Overweight" for the industry [1] Core Views - The overall market has experienced a pullback, but there is optimism regarding the dual themes of AI and domestic production [1] - The report highlights the importance of AI as a key investment theme for 2024, with a focus on companies benefiting from the AI industry chain [7] Summary by Sections Market Review - The electronic index decreased by 2.35%, indicating an overall market pullback [12] - The A-share semiconductor index saw a decline of 5.1% [19] Industry News - Apple launched the iPhone 16 series, with expected global shipments of 73 million units in 2024, marking a significant increase from previous models [22] - Huawei introduced the Mate XT, the world's first three-fold screen smartphone, with prices ranging from 19,999 to 23,999 yuan [24] - OpenAI released the new o1 model series, significantly improving performance in reasoning tasks compared to previous models [25] Sector Tracking - The report emphasizes the focus on AI beneficiary sectors and domestic production themes, identifying key companies in various segments: - AI+: Luxshare Precision, Pegatron, GoerTek, and others [7] - Semiconductors: Zhaoyi Innovation, North Huachuang, and others [7] - The storage sector experienced a decline of 2.8%, with notable drops in companies like Zhongdian Port and East Core [27] - The logic IC sector showed a slight increase of 0.3%, with companies like Cambricon and Haiguang Information performing well [27] - The report suggests that the AI-enabled consumer electronics sector is expected to see growth due to new product launches and market demand [27] Important Announcements - Luxshare Precision announced plans to acquire Leoni AG, with a total consideration of approximately 2.05 billion euros for a 50.1% stake [5] - GoerTek plans to spin off its subsidiary Goer Micro for a separate listing on the Hong Kong Stock Exchange [6]

Economic Data Summary - In August 2024, China's industrial added value increased by 4.5% year-on-year, below the expected 4.7% and down from the previous value of 5.1%[5] - The total retail sales of consumer goods in August reached 38,726 billion yuan, growing by 2.1% year-on-year, which is lower than the expected 2.7% and the previous value of 2.7%[5] - Fixed asset investment cumulative year-on-year growth was 3.4% in August, slightly below the expected 3.5% and down from the previous 3.6%[5] Industrial Performance - Industrial production weakened, with a 0.6 percentage point decline in growth to 4.5% in August, influenced by high inventory and weak domestic demand[6] - The mining sector's added value fell by 0.9 percentage points to 3.7%, while manufacturing decreased by 1.0 percentage points to 4.3%[6] - Public utilities saw a year-on-year increase of 2.8 percentage points to 6.8%, supported by extreme weather and a low base[6] Consumer Trends - Retail sales showed a decline both year-on-year and month-on-month, indicating weak consumer momentum[7] - The automotive sector was the largest drag on retail sales, with a year-on-year decline of 7.3% in August, contributing to a 0.7 percentage point decrease in overall retail sales[7] - Food and communication equipment contributed positively to retail sales, with year-on-year growth of 10.1% and 14.8%, respectively[7] Investment Insights - Fixed asset investment in August was estimated to have a month-on-month growth of 2.0%, up by 0.2 percentage points from the previous month, mainly driven by real estate and other investments[9] - Manufacturing investment growth was 8.0%, while infrastructure investment was at 1.2%, both showing a decline compared to July[9] - Real estate development funds saw a year-on-year decline of 10.6%, indicating ongoing challenges in the sector despite a slight narrowing of the decline[10] Policy Recommendations - The necessity for incremental policy support to stabilize the economy has increased, with potential adjustments in monetary policy and fiscal measures aimed at boosting consumption[12] - Risks include potential policy changes and slower-than-expected economic recovery, which could impact market performance[12]

[Table_Industry] 证券研究报告/月度报告 2024 年 9 月 15 日 政府债券支撑社融，关注增量稳增长政策 ——2024 年 8 月金融数据解读 [Table_Summary] 要点 [Table_Main] [Table_Title] 分析师：张德礼 执业证书编号：S0740523040001 ◼ 2024 年 8 月新增社融约 3.03 万亿元，高于市场预期的 2.70 万亿元，同比少 增约 979 亿元，存量社融同比小幅回落 0.1 个百分点至 8.1%。8 月新增人民 币贷款 9000 亿元，高于市场预期的 8850 亿元，同比少增 4600 亿元。8 月份 货币供应量 M1、M2 同比分别为-7.3%和 6.3%，其中 M1 同比较前值回落 0.7 个百分点，M2 同比和前值持平。 ◼ 社融主要分项中，8 月社融口径人民币贷款新增规模为 10441 亿元，低于近 5 年同期均值（13343 亿元），实体有效需求不足情况依然延续。 ◼ 表外融资方面，8 月新增信托贷款 484 亿，同比多增 705 亿元，是对表外信 贷的主要贡献项。可能原因是在低息的融资渠道收紧后，部分房企转向了高 ...

、 拜登政府打出"中国牌" ——海外经济与政策周报 证券研究报告/宏观经济周刊 2024 年 09 月 15 日 | --- | --- | |--------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [Table_Title] 分析师：杨畅 | [ 投资要点 Table_Summary ] | | 执业证书编号： S07405190 ...

、 补库需求释放，煤价稳中探涨 煤炭 证券研究报告/行业周报 2024 年 9 月 15 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|-------|----------------------------------|--------------------------------------------------------|-------------|----------------------------------|------------------|-------------|-----------|--------------------|----------------------|---------------------------------------------------------------------------------------- ...

员工持股计划锁定更高营收目标，有望助推公司经营业绩释放 华夏航空（002928.SZ）/航空 证券研究报告/公司点评 2024 年 9 月 15 日 | --- | |--------------------| | | | | | | | 评级：买入（维持） | | | | 元 | | | | S0740522040001 | | | Email：duchong@zts.com.cn 分析师：李鼎莹 执业证书编号：S0740524080001 Email：lidy@zts.com.cn | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|--------------------|-------|-------|-------|-------| | [Table_Finance 公司盈利预测及估值 1] \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,643 | 5,151 | 7,790 | 9,095 ...