房地产/公募 REITs 2024 年 8 月 14 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 | 40 | | 行业总市值(亿元) | 1151.33 | | 行业流通市值(亿元) | 584.95 | 元) [Table_QuotePic] 行业-市场走势对比 75% 95% 115% 135% REITs指数 上证指数 [Table_Report] 相关报告 、 保障房项目收益率与运营成本和收储价格的关系 -基于上市保障房 R ...

[Table_Main] 评级：增持（ 维持 ） | --- | |-------------------| | S0740517030004 | | daizf@zts.com.cn | | | | S0740519050002 | | dengmj@zts.com.cn | 研究助理 乔丹 Email： qiaodan@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |----------------------|------------| | 上市公司数 | 42 | | 行业总市值(百万元) | 11,658,517 | | 行业流通市值(百万元) | 8,905,072 | [Table_QuotePic] 行业-市场走势对比 公司持有该股票比例 [Table_Report] 相关报告 、 银行角度看 7 月社融：信贷的票据占比较高，未来关注需求 行业名称 银行 证券研究报告/行业点评报告 2024 年 08 月 13 日 [Table_Finance] 重点公司基本状况 EPS PEPEG 评级 2023A 2024E 2025E 2026E 2023A ...

公司持有该股票比例 [Table_Title] 评级：增持（首次） 市场价格：9.53 元 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | --- | --- | |---------------------|--------| | | | | 基本状况 | | | 总股本 ( 百万股 ) | 81.52 | | 流通股本 ( 百万股 ) | 29.22 | | 市价 ( 元 ) | 9.53 | | 市值 ( 百万元 ) | 776.87 | | 流通市值 ( 百万元 ) | 278.42 | [Table_QuotePic] 股价与行业-市场走势对比 -40% -20% 0% 20% 40% 60% 80% 100% 120% 2023-112023-122024-012024-022024-032024-042024-052024-062024-072024-08 云里物里 北证50 ◼ 蓝牙传感器： 1）市场概况：物联网产业蓬勃发 ...

Core Insights - The report emphasizes that the snack food industry is a business of culture and flavor, with Chinese snacks possessing "resource endowments" that can be leveraged for new product development [3] - The current state of the Chinese snack food industry is characterized by a "large industry, small companies" dynamic, with a market size of over 1 trillion yuan and a high growth rate in flavored snacks [3] - The report discusses the necessity and potential for "big single products" in the snack food sector, highlighting the challenges of channel management and brand establishment for smaller categories [3] Industry Overview - The Chinese snack food industry is highly fragmented, with low concentration in the flavored snack segment and a scarcity of major brands, particularly in Chinese snack single products [3] - The report identifies the necessity for big single products due to challenges in channel management, cost-effectiveness, and brand recognition [3] - The potential for big single products is supported by consumer willingness to pay a premium for emotional value, lower price points, and diverse distribution channels [3] Case Study: Oreo - The report analyzes how Oreo successfully established itself as a leading product through effective product design, early channel development, and clear brand positioning [3] - Historical context is provided, noting that economic conditions and societal changes in the U.S. post-World War II created opportunities for emotional consumption [3] Future Outlook - The report outlines characteristics of snack categories likely to produce big single products, focusing on consumer satisfaction and emotional engagement [3] - It suggests that the availability of raw materials and the development of new agricultural technologies can enhance the growth of related snack categories [3] Investment Recommendations - The report expresses optimism about the investment value in the snack food industry, particularly in two areas: the rapid development of Chinese spicy snacks, recommending companies like Yanjinpuzi and Jinzhai Foods, and established nut snack leaders like Qiaqia Foods, while also monitoring companies like Three Squirrels and Ganyuan Foods [3]

2024Q2 收入加速增长，盈利能力持续提升 | --- | |--------------------------| | | | | | [Table_Industry] | | [Table_Title] 评级：买入 | | | 分析师：王可 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 分析师：郑雅梦 执业证书编号：S0740520080004 Email：zhengym@zts.com.cn 杰克股份（603337.SH） /机械设备 证券研究报告/公司点评 2024 年 8 月 12 日 | --- | --- | --- | --- | --- | --- | |---------------------------------------------|--------------|-------|--------------------------|-------|-------| | [Table_Finance] 公司盈利预测及估值 \n指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百 ...

证券研究报告 2024年8月12日 〖中泰电子〗AI全视角 - 科技大厂财报专题 | 高通&MTK&Intel 24Q2季报点评：云端AI发展 赋能增长夯力 分析师： 壬芳 S0740521120002 杨旭 S0740521120001 拳雪峰 S0740522080004 中泰证券研究所 专业 | 领先 | 深度 | 诚信 1 高通24Q2业绩概览 | --- | --- | --- | --- | |-------------------------|-------|-------|------------| | | | | FY24Q3 | | 半位： 亿美元 | 美际 | yoy | qoq | | 音收 | 94 | +11% | +0% | | –QCT | 81 | +12% | +1% | | 手机 | 59 | +12% | -5% | | loT | 14 | -8% | +9% | | 汽车 | 8 | +87% | +34% | | -QTL | 13 | +3% | -3% | | -QSI | 0.02 | -78% | -33% | | 净利润（GAAP） | 21.29 | ...

[Table_Industry] 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：安永超 执业证书编号：S0740522090002 Email：anyc@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn [Table_Profit] 基本状况 行业流通市值(亿元) 21,798.44 上市公司数 131 行业总市值(亿元) 24,627.94 行业-市场走势对比 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 有色金属（申万） 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-07 公司持有该股票比例 [Table_Report] 图表：国内锡社会库存（吨） 锡锭：库存：中国（周） 0 5000 10000 15000 20000 25000 2021-122022-032022-062022-09202 ...

行业评级：增持（维持） 投资要点 分析师：郭中伟 执业证书编号：S0740521110004 Email：guozw@zts.com.cn 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn 分析师：刘耀齐 执业证书编号：S0740523080004 Email：liuyq@zts.com.cn 分析师：陈沁一 执业证书编号：S0740523090001 Email：chenqy01@zts.com.cn 基本状况 | --- | --- | |--------------------|-----------| | 上市公司数 | 131 | | 行业总市值(亿元) | 24,627.94 | | 行业流通市值(亿元) | 21,798.44 | -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 有色金属（申万） 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-07 来源：wind、中泰证券研究 ...

Industry Investment Rating - The report maintains an **Overweight** rating for the industry [1] Core Views - The snack industry is characterized by a **"large industry, small companies"** structure, with a market size of **471.8 billion yuan** in 2024, growing at a 5-year CAGR of **1.2%** and a 10-year CAGR of **2.9%** [10] - **Flavored snacks** account for **57%** of the market, with a 5-year CAGR of **2%** and a 10-year CAGR of **3%** [10] - The industry is highly fragmented, with a **CR5 of 16.5%** in China, significantly lower than Japan (**28.8%**) and the US (**48.5%**) [11] - **Chinese snack brands** are relatively small, with leading products like **ChaCha sunflower seeds** generating **4.27 billion yuan** in revenue, while global brands like **Oreo** achieve **26.96 billion yuan** [12][13] Key Discussions Necessity of Snack Monoliths - **Channel and inventory management**: Long-tail snack categories face challenges in demand forecasting and inventory turnover, leading to high inventory levels and low turnover rates [15][16] - **Improving cost efficiency**: Smaller categories often face higher channel fees and lower efficiency ratios, while larger monoliths can negotiate better terms and achieve higher ROI [19][20] - **Brand building**: Smaller snack categories struggle to establish strong brand identities due to unstable product output and lack of cultural depth, whereas monoliths can create lasting brand impressions [23] Possibility of Snack Monoliths - **Emotional value**: Consumers are willing to pay a premium for snacks that provide emotional comfort, with **82%** of consumers considering emotional value in their purchase decisions [24] - **Low price point**: Affordable snacks like **Japanese "dagashi"** (cheap snacks) have broad appeal, especially among children, due to their low cost and accessibility [25] - **Diverse channels**: The snack industry benefits from a wide range of sales channels, including supermarkets (**36.9%**) and online platforms, which enhance consumer reach and engagement [26] Case Study: Oreo's Success - **Product design**: Oreo's naming and design were more modern and appealing compared to its competitor Hydrox, with a simple yet catchy name and a design that evolved over time [34][35] - **Channel advantage**: Nabisco's early and extensive channel development gave Oreo a significant edge, with **$45 million** in revenue compared to Sunshine Biscuit's **$12 million** in 1912 [37] - **Brand marketing**: Oreo's clear brand positioning as a **"fun, child-friendly"** product, combined with iconic advertising campaigns like **"Twist, Lick, Dunk"**, helped it surpass Hydrox and become a cultural icon [38][39] Future Outlook Consumer Preferences - **Strong satisfaction, low satiety**: Snacks that trigger the brain's reward system, such as those high in fat, sugar, or salt, are more likely to become monoliths [44] - **Low calorie density**: Snacks that are less filling but highly satisfying can counteract the law of diminishing marginal utility, making them more addictive [44] Producer Considerations - **Accessibility of raw materials**: The availability of key ingredients like sunflower seeds and konjac has driven the growth of related snack categories in China [45] - **Taste memory**: Products that create a lasting impression on consumers, such as **Coca-Cola** and **Oreo**, can achieve long-term success by embedding themselves in consumer habits [46] Investment Recommendations - **Chinese spicy and卤-flavored snacks**: Companies like **YanJinPuZi** and **JinZai Food** are recommended due to their rapid growth in this category [47] - **Nut-based snacks**: **ChaCha Food** is recommended for its historical success in the nut snack category, while **Three Squirrels** and **GanYuan Food** are worth monitoring [47]

证券研究报告 2024年8月12日 【中泰电子】AI全视角 - 科技大厂财报专题 | 高通&MTK&Intel 24Q2季报点评：云端AI发展 赋能增长动力 分析师： 王芳 S0740521120002 杨旭 S0740521120001 李雪峰 S0740522080004 1 高通24Q2业绩概览 FY24Q3 | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-----------|------------|----------|------------| | 单位：亿美元 | 实际 | yoy | qoq | 市场预期 | 是否超预期 | | 营收 | 94 | +11% | +0% | 92 | 超预期 | | ——QCT | 81 | +12% | +1% | 79 | 超预期 | | 手机 | 59 | +12% | -5% | - | - | | loT | 14 | -8% | +9% | - | - | | 汽车 | 8 | +87% | +34% | - | - | | ——QTL ...