【中泰研究丨晨会聚焦】金工李倩云：FOF 二季度如何进行权益和固收配置？—— 2024 年 FOF 二季报分析 证券研究报告 2024 年 8 月 7 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 Email： 今日重点>> 【金工】李倩云：美国衰退情绪升温，A 股 ETF 资金持续流入 研究分享 >> 【金工】李倩云：FOF 二季度如何进行权益和固收配置？——2024 年 FOF 二季报分析 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【金工】李倩云：美国衰退情绪升温，A 股 ETF 资金持续流入 李倩云｜中泰金工基金组组长 S0740520050001 7 月 A 股震荡收跌，风格板块中，消费风格持续领跌，成长几乎收平，金融板块表现较好平均收涨 4%。主要消费行业中，消费者服务收涨 4%，商贸零售收涨 2%，汽车收涨 1%，家电收跌-1%，食 品饮料收跌-2%。周期板块普跌，煤炭跌-9%，石油石化跌-6%，有色金属和基础 ...

[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：李垚 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn [Table_Profit] 基本状况 上市公司数 107 行业总市值(亿元) 10,845.04 行业流通市值(亿元) 4,979.85 [Table_QuotePic] 行业-市场走势对比 (60.00) (40.00) (20.00) - 20.00 沪深300 申万房地产 23-0523-0723-0923-1124-0124-0324-0524-07 公司持有该股票比例 [Table_Report] 相关报告 房地产 证券研究报告/行业研究周报 2024 年 8 月 6 日 [房地产行业周报 Table_Summary] -20240804 ◼ 一周行情回顾 本周，申万房地产指数上涨 1.32%，沪深 300 指数下跌 0.73%，相对收益 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 美国衰退情绪升温，A股ETF资金持续流入 ——中泰时钟资产配置策略（2024年08月） 中泰证券金融工程|基金研究与资产配置 2024.08.06 分析师：李倩云 S0740520050001 liqy02@zts.com.cn 目录 CONTENTS 中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 一、资产评分及观点简述 二、市场回顾 三、宏观及情绪指标 四、行业轮动及多资产组合 投资要点 ◼ 7月A股震荡收跌，风格板块中，消费风格持续领跌，成长几乎收平，金融板块表现较好平均收涨4%。主要消费行业中，消费者服 务收涨4%，商贸零售收涨2%，汽车收涨1%，家电收跌-1%，食品饮料收跌-2%。周期板块普跌，煤炭跌-9%，石油石化跌-6%，有色 金属和基础化工跌-3%。成长风格中国防军工领涨5%，电子涨1%，通信跌-2%。金融中非银金融领涨7%，银行业也上涨2%。 ◼ 转债在权益拖累下持续收跌-2.5%，国债指数收涨0.9%，企业债指数收涨0.7%。标普500上涨1.1%，恒生指数回落- ...

乘用车销量全面上行：截至 7 月 28 日的一周，乘用车批发日均销量为 7.34 万辆，周 环比上升 30.48%，月初至今同比下降 15.84%，乘用车零售日均销量为 6.54 万辆，周 环比上升 28.32%，月初至今同比下降 5.94%。 钢材库存整体上行：从库存来看，上周螺纹钢库存周环比下降 3.04%，线材、热轧板 卷库存周环比分别上升 0.31%、1.85%。相较于上月以及去年同期，热轧板卷库存目 前处于相对高位。 进出口指标全面回落 | 高频数据观察（7/29-8/5） 固定收益周报 证券研究报告/高频数据观察 2024 年 8 月 6 日 [Table_Industry] [T[分Taab析blele_师_MT：iatilen肖] 雨 执业证书编号：S0740520110001 Email：xiaoyu@zts.com.cn 生产：主要开工率涨跌互现。高炉开工率全面下行：截至上周五，全国高炉开工率周 环比下降 1.05 个百分点，月初至今同比下降 1.06 个百分点，唐山高炉开工率周环比下 降 3.33 个百分点，月初至今同比下降 0.67 个百分点。汽车轮胎开工率全面上行：截至 上周四，汽车 ...

华利集团（300979.SZ）/纺服 证券研究报告/公司点评 2024 年 8 月 6 日 [Table_Industry] 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 [Table_Title] 评级：买入（维持） 市场价格：55.88 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn 分析师：郭美鑫 [Table_Profit] 基本状况 | --- | --- | |------------------|----------| | 总股本(百万股) | 1167.00 | | 流通股本(百万股) | 1166.99 | | 市价(元) | 55.88 | | 市值(百万元) | 65211.96 | | 流通市值(百万元) | 65211.53 | [Table_QuotePic] 股价与行业-市场走势对比 -30% -20% - ...

【中泰研究丨晨会聚焦】固收肖雨：信用利差进阶指南 证券研究报告 2024 年 8 月 6 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： Email： 今日重点 >> 【固收】肖雨：信用利差进阶指南 【电子】王芳：AI 全视角 - 科技大厂财报专题 Meta&亚马逊 24Q2 季 报点评 研究分享 >> 【固收】肖雨：美国的"衰退"，为何日股买单——海外市场点评 欢迎关注中泰研究所订阅号 晨报内容回顾： [b_Suy 今日预览 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【固收】肖雨：信用利差进阶指南 肖雨｜中泰固收行业负责人 S0740520110001 对于信用利差的观察通常有两种方法。一种方法是通过既有收益率曲线与国开债收益率曲线作差得 到，此类方法的优势在于可以获知任意剩余期限对应的信用利差，缺陷在于目前市场上已有的曲线 通常是大类收益率曲线，对于具体细类的刻画不足。另一种方法是划分特定聚类后取聚类内样本券 的信用利差平均数或中位数，缺陷在于样本进入或退出极易对变化值造成扰动，误判该 ...

证券研究报告 2024年8月5日 〖中泰电子〗AI全视角 - 科技大厂财报专题 | Meta&亚马逊 24Q2季报点评：资本开支增长 强劲，云业务克眼 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 Meta 24Q2业绩概览 | --- | --- | --- | |---------------------|-------|-------| | 单位： 亿美元 | 美际 | yoy | | 蓉收 | 391 | +22% | | –Family of Apps | 387 | +22% | | 广告 | 383 | +22% | | 其他 | 4 | +73% | | –Reality Labs | 4 | +28% | | 净利润（GAAP） | 135 | +73% | | 毛利率（GAAP） | 81% | -0% | | Basic EPS（GAAP） | 5.31 | +75% | | Diluted EPS（GAAP） | 5.16 | +73% | | | | | ...

Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved Core Insights - Meta's Q2 2024 revenue reached $39.07 billion, a year-over-year increase of 22%, driven primarily by strong advertising revenue [9][12] - Amazon's Q2 2024 revenue was $148 billion, a year-over-year increase of 10%, but slightly below market expectations [38][42] Summary by Sections Meta: Performance Exceeds Expectations, Driven by Advertising Revenue - Q2 2024 revenue was $39.07 billion, exceeding market expectations by 2% [9] - Advertising revenue was $38.33 billion, contributing significantly to overall growth [24] - Gross margin remained stable at 81%, with R&D expenses increasing by 13% year-over-year [12][19] Meta Business Segments: AI-Enabled Advertising Drives Revenue Growth - Family of Apps revenue was $38.72 billion, up 22% year-over-year, primarily from advertising [24] - Reality Labs revenue was $350 million, up 28% year-over-year, driven by sales of Quest headsets [32] Amazon: Revenue Below Expectations, AWS and Advertising Perform Well - Q2 2024 revenue was $148 billion, slightly below expectations, with AWS and advertising leading growth [38][42] - AWS revenue was $26.3 billion, a year-over-year increase of 19%, exceeding market expectations [68] - Advertising revenue reached $12.8 billion, up 20% year-over-year [72] Amazon Business Segments: AWS Cloud Business Exceeds Expectations - Online Stores revenue was $55.4 billion, a year-over-year increase of 5%, but below expectations [61] - Third-Party Seller revenue was $36.2 billion, up 12% year-over-year, also below expectations [65] - Subscription revenue was $10.9 billion, up 10% year-over-year, meeting market expectations [76] Capital Expenditure: Significant Increases Expected - Meta revised its 2024 capital expenditure guidance to a midpoint of $38.5 billion, up from previous estimates [85] - Amazon's capital expenditure for Q2 2024 was $17.6 billion, a year-over-year increase of 54% [56]

评级：增持（维持） 分析师：范劲松 执业证书编号：S0740517030001 电话：021-20315138 Email：fanjs@zts.com.cn 分析师：赵襄彭 执业证书编号：S0740524010001 E-mail：zhaoxp@zts.com.cn 分析师：熊欣慰 执业证书编号：S0740519080002 Email：xiongxw@r.qlzq.com.cn Email：xiongxw@zts.com.cn 分析师：何长天 执业证书编号：S0740522030001 Email：hect@zts.com.cn 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |--------------------|-----------| | 上市公司数 | 124 | | 行业总市值(亿元) | 43,074.55 | | 行业流通市值(亿元) | 19,112.80 | [Table_QuotePic] 行业-市场走势对比 公司持有该股票比例 [Table_Report] ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in the automation equipment sector, focusing on intelligent manufacturing solutions across various industries, including consumer electronics, new energy, and semiconductors [9][10]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of approximately 17.66% from 2016 to 2023, and a net profit of 390 million yuan in 2023, reflecting a year-on-year growth of 17.8% [14][16]. - The company is expected to benefit from the upcoming innovation cycle in the 3C (computer, communication, and consumer electronics) sector, particularly with the rise of AI-enabled devices [20][21]. Summary by Sections 1. Company Overview - The company, established in 2006 and listed in 2021, is a leading player in the automation equipment industry, focusing on the development and sales of automated production lines and key components [9][10]. - The company’s main products include automation equipment, flexible production lines, and essential components, serving sectors such as consumer electronics, new energy vehicles, and semiconductors [10][12]. 2. Market Trends and Growth Opportunities - The new energy vehicle market in China has seen significant growth, with production and sales reaching 9.44 million and 9.495 million units in 2023, respectively, marking year-on-year increases of 30.8% and 37.9% [3]. - The company is well-positioned to benefit from the anticipated recovery in the 3C supply chain, particularly with the introduction of new AI-enabled products [20][21]. 3. Financial Performance and Projections - The company’s revenue is projected to grow from 51.71 billion yuan in 2024 to 79.42 billion yuan in 2026, with net profits expected to rise from 4.96 billion yuan to 7.76 billion yuan during the same period [5][14]. - The report highlights an improvement in the company's profitability, with a gross margin of 33.79% and a net margin of 7.94% in 2023, both showing year-on-year increases [16][17]. 4. Strategic Initiatives - The company is actively investing in R&D, with a focus on advanced packaging and semiconductor equipment, aiming to capitalize on the domestic market's shift towards localization [5][24]. - The company is also exploring opportunities in the low-altitude economy, leveraging its expertise in smart manufacturing and robotics to develop drone applications [5][24].