Investment Rating - The report maintains a positive outlook on the chemical industry, indicating that leading companies have significant elasticity and competitive advantages [5]. Core Insights - The chemical sector has shown resilience, with the CITIC Basic Chemical Index rising by 4.23% this week, while the Shanghai Composite Index fell by 0.43% [11]. - Key developments include the successful production launch of Wanhua Chemical's 48,000 tons/year citral facility and Longhua New Material's 310,000 tons/year polyether expansion project [3][4]. - Investment opportunities are highlighted in various sectors, including tires, consumer electronics, and resilient chemical industries [4][5]. Market Performance - The overall performance of the chemical sector this week shows a positive trend, with significant gains in modified plastics (7.17%), organic silicon (6.97%), and potassium fertilizers (6.84%) [11][12]. - The report notes a decline in certain sub-sectors, such as membrane materials (-0.71%) and synthetic resins (-2.55%) [11][12]. Key Industry Dynamics - Wanhua Chemical's successful launch of the world's largest single-unit citral production facility marks a significant milestone for the company and the industry [3]. - Longhua New Material's expansion in polyether production enhances its capacity to meet growing demand across various applications [3]. - The tire industry is identified as a strong growth area, with domestic companies like Sailun Tire and Linglong Tire showing robust competitive capabilities [4]. Investment Themes - The report emphasizes the potential recovery in consumer electronics, suggesting that upstream material companies could benefit from increased demand in the panel supply chain [4]. - The phosphorous and fluorine chemical sectors are highlighted for their resilience, with supply constraints and environmental policies supporting price stability [4]. - The report also points to the vitamin sector, where supply disruptions from BASF could create investment opportunities [5].

华福证券 Top100 销售同比降幅缩窄，多城开办"商转公" 周度观点： 8月销售：TOP100房企销售总额累计同比降幅收窄 2024 年 1-8 月，TOP100 房企销售总额为 26832.4 亿元，同比下降 38.5%， 降幅较上月继续收窄 1.6 个百分点。8 月单月，TOP100 房企销售额同比下 降 22.1%，环比降低 2.43%。 我们认为，随着"金九银十"传统旺季来临，短期内核心城市新房市场活跃 度或小幅回升，但前期土地大幅缩量或制约房企供货能力，进而拖累销售 恢复，同时居民收入预期等长期因素目前尚未有明显改善，新房市场整体 仍承压。"以价换量"下，预计核心城市二手房市场有望保持一定活跃度。 超30城宣布开办房贷"商转公"业务 郑州、深圳、苏州、福州、厦门、台州、许昌等多城市近期宣布开办"商 转公"业务，即商业性住房贷款转公积金住房贷款，总计超过 30 座城市。 该业务有一定办理条件，以郑州为例，需满足房屋已经取得产权证书，银 行同意提前结清商业贷款，房屋所有权人或共有权人公积金连续、正常缴 存达六个月等要求。在开展城市方面，北京、上海、广州、杭州、西安、 成都等房地产热点城市由于公积金利用 ...

华福证券 康方生物（09926.HK） 依沃西头对头 K 药成功，一线肺癌 NDA 获受理 投资要点： 卡度尼利稳定增长，依沃西肺癌 TKI 耐药获批贡献业绩增量 24H1 实现收入 10.2 亿元（-72.13%），其中产品销售收入 9.39 亿元 （+23.96%）。分产品看：卡度尼利实现收入 7.06 亿（+16.5%），依沃西 发货收入 1.03 亿元，其他产品收入 1.31 亿元。24H1 产品销售毛利为 8.58 亿元，产品毛利率高达 91.3%。销售费用 5.16 亿元（同比+16.6%），研发 费用 5.94 亿元（同比+3.4%），净亏损 2.49 亿。公司研发高效，4 个新适 应症 NDA 已递交并审评、5 款产品新启动 7 个三期临床(包括 3 个新产品）。 卡度尼利在 1L 胃癌和 1L 宫颈癌全人群获益，将填补临床空白 1）1L 胃癌：NDA 于今年 1 月获 NMPA 受理，是目前唯一在 PD-1 低表达 人群做出 OS 获益的 IO 产品。2）1L 宫颈癌：NDA 于 4 月获 NMPA 受理， III 期研究已达到 PFS 和 OS 双主要终点，是目前唯一在全人群获益的 3 期 ...

Investment Rating - The investment rating for the company is "Hold" [5][12]. Core Views - The company reported a revenue of 37.441 billion yuan for the first half of 2024, a year-on-year increase of 3.15%, while the net profit attributable to shareholders decreased by 2.65% to 5.882 billion yuan [2]. - The company has a robust reserve of 18 approved nuclear power units, which corresponds to a total capacity of 20.64 GW, indicating strong long-term growth potential [2]. - The company is expected to exceed its renewable energy targets for the 14th Five-Year Plan, with an operational capacity of 22.37 GW in renewable energy as of June 30, 2024 [3]. Summary by Sections Financial Performance - In 1H2024, the company's operating income increased by 3.15% year-on-year to 37.441 billion yuan, while net profit decreased by 2.65% to 5.882 billion yuan [2]. - The gross margin was 47.51%, down by 1.03 percentage points year-on-year, and the net margin was 28.95%, down by 0.89 percentage points [2]. - The company expects revenues of 79.875 billion yuan, 86.663 billion yuan, and 93.782 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 11.464 billion yuan, 12.411 billion yuan, and 13.455 billion yuan [4][8]. Nuclear Power Development - The company has 25 operational nuclear power units with a total installed capacity of 23.75 GW and 18 approved units under construction [2]. - The Jiangsu Xuwei Nuclear Heating Power Plant, which includes two "Hualong One" pressurized water reactors and a high-temperature gas-cooled reactor, was approved in August 2024 [2]. Renewable Energy Expansion - The company has achieved a significant increase in renewable energy output, with a total of 158.70 billion kWh generated in 1H2024, marking a 52.87% year-on-year growth [3]. - The company has secured renewable energy indicators totaling 5.7756 million kW, with 1.6 million kW from wind and 4.1756 million kW from solar [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [15]. Core Views - The company has achieved a significant increase in its main profit, with a year-on-year growth of 81% in its core business profit, despite a decline in overall net profit due to investment income losses [2][3]. - The company continues to deepen its high-end strategy, with a focus on expanding its presence in the mid-to-high-end product market, leading to a 28.33% year-on-year increase in revenue for the first half of 2024 [2]. - The revenue from high-end equipment manufacturing and new materials reached approximately 1.057 billion yuan, accounting for about 22% of total revenue, reflecting a 40% year-on-year growth [2]. Financial Performance Summary - For the first half of 2024, the company reported operating revenue of 4.831 billion yuan, a year-on-year increase of 28.33%, and a net profit attributable to shareholders of 644 million yuan, a decrease of 9.56% [2]. - The gross profit margin for the first half of 2024 was 24.91%, an increase of 1.99 percentage points year-on-year, while the net profit margin was 13.77%, a decrease of 4.28 percentage points [2]. - The company’s revenue from the oil, chemical, and natural gas sectors increased by 39.3%, with a gross margin of 28.40%, reflecting a 2.29 percentage point increase year-on-year [3]. Earnings Forecast and Valuation - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 1.580 billion yuan, 1.758 billion yuan, and 1.912 billion yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 11.9, 10.7, and 9.8 [3][4].

华福证券 华菱钢铁（000932.SZ） 2024 年半年报点评：Q2 业绩环比改善，品种高 端化持续迈进 投资要点： 事件 公司发布 2024 年半年报：2024 年上半年，公司实现营业收入 759.5 亿元，同比-4.5%；实现归母净利润 13.31 亿元，同比-48.2%。2024 年 Q2，公司实现营业收入 389.02 亿元，环比+5%/同比-1.9%；实现归母 净利润 9.4 亿元，环比+140%/同比-50%。 实现精益生产，保持平稳经营 1）量：公司上半年实现钢材销量 1269 万吨，同比-6%；其中板材 / 长 材 / 管 材 销 量 分 别 为 734/444/91 万 吨 ， 分 别 同 比 -2.65%/-11.38%/-4.21%。2）价：下游需求不及预期拖累钢价，上半年 板材/长材/管材不含税销售均价为 4598/3626/6719 元/吨，其中镀层板 材售价同比+0.15%，其余钢材品种售价同比均呈下滑。3）利：面对行 业严峻形势，公司聚焦提高精细化管理水平，上半年销售毛利率为 7.03%，其中板材/长材/管材毛利率分别为 10.99%/1.64%/8.76%；在主 要控股参股公 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.77 yuan [4] Core Views - The company's H1 2024 revenue reached 2.841 billion yuan, a year-on-year increase of 5.6%, with net profit attributable to the parent company of 726 million yuan, up 28.1% year-on-year [1] - Q2 2024 performance exceeded expectations, with revenue of 1.619 billion yuan, up 15.8% year-on-year, and net profit attributable to the parent company of 409 million yuan, up 34.3% year-on-year [2] - The company's plasma collection volume reached 1,294 tons in H1 2024, a 15% year-on-year increase, maintaining a leading position in the domestic industry with a 20% market share [2] - Core product gross margins improved significantly, with albumin gross margin at 52.6% (+8.4 ppts year-on-year) and immunoglobulin (including chromatography) gross margin at 57.5% (+11.4 ppts year-on-year) [2] - The company's R&D pipeline is progressing well, with several products in clinical trials or awaiting approval, providing strong momentum for future growth [2] Financial Performance and Valuation - The company's 2024-2026 net profit attributable to the parent company is forecasted to be 1.34/1.56/1.83 billion yuan, with growth rates of 21%/16%/18% respectively [2] - The 2024-2026 P/E ratios are estimated at 35/30/26X, based on the current market capitalization [2] - The company's revenue is expected to grow from 5.18 billion yuan in 2023 to 8.62 billion yuan in 2026, with a CAGR of 18% [3] - Net profit is projected to increase from 1.11 billion yuan in 2023 to 1.83 billion yuan in 2026, with a CAGR of 18% [3] - The company's ROE is expected to improve from 8.7% in 2023 to 10.2% in 2026, driven by profitability and efficiency gains [6] Product and Market Analysis - The company's albumin revenue declined by 6.9% year-on-year to 1.113 billion yuan in H1 2024, while immunoglobulin (including chromatography) revenue grew 22.0% to 1.339 billion yuan [2] - The company's plasma collection strategy, including regional grid management and new media utilization, has been effective in driving growth [2] - The company's chromatography-based immunoglobulin product is expected to see significant market expansion, contributing to future revenue growth [2] R&D and Pipeline - The company's subsidiary, Chengdu Rongsheng, has obtained approval for its chromatography-purified fibrinogen product and passed GMP compliance checks [2] - Several other products, including subcutaneous immunoglobulin and recombinant coagulation factors, are progressing well in clinical trials [2] - The company's R&D pipeline includes multiple products in advanced stages, such as human prothrombin complex and coagulation factor IX, which have received clinical trial approvals [2]

Investment Rating - The report maintains a "Hold" rating for Nongfu Spring (09633 HK) [5] Core Views - Nongfu Spring achieved revenue of RMB 22 173 billion in H1 2024, a YoY increase of 8 36% Net profit attributable to shareholders was RMB 6 24 billion, up 8 04% YoY [2] - Tea beverage business maintained strong growth momentum, contributing 38% of total revenue with RMB 8 43 billion in sales, up 59 5% YoY [3] - Packaged water segment was significantly impacted by public opinion, with revenue declining 18 3% YoY to RMB 8 531 billion [3] - Gross margin slightly decreased by 1 38 percentage points to 58 78% due to new product promotions and rising raw material costs [3] - The company continues to innovate with new product launches across various categories [3] Financial Performance - H1 2024 financial highlights: - Revenue: RMB 22 173 billion (+8 36% YoY) [2] - Net profit: RMB 6 24 billion (+8 04% YoY) [2] - Gross margin: 58 78% (-1 38pct YoY) [3] - Net margin: 28 14% (-0 08pct YoY) [3] - 2024-2026 financial forecasts: - Revenue: RMB 46 768/54 420/61 760 billion [4] - Net profit: RMB 12 968/15 358/17 647 billion [4] - EPS: RMB 1 15/1 37/1 57 [4] - P/E: 24/20/18x [4] Business Segments - Tea beverages: - Revenue: RMB 8 43 billion (+59 5% YoY) [3] - Contribution to total revenue: 38% (+12 2pct YoY) [3] - Packaged water: - Revenue: RMB 8 531 billion (-18 3% YoY) [3] - Contribution to total revenue: 38 47% (-12 5pct YoY) [3] - Other segments: - Functional drinks: RMB 2 55 billion (+3 8% YoY) [3] - Juice drinks: RMB 2 114 billion (+25 4% YoY) [3] - Others: RMB 548 million (-7 3% YoY) [3] Product Innovation - New product launches in H1 2024: - Packaged water: Pure water and edible ice [3] - Water-soluble C100: Blood orange flavor [3] - Teaπ: Jasmine lemon tea flavor [3] - Jianjiao: Calcium lactate and theanine flavors [3] Valuation Metrics - Current price: HKD 27 55 [5] - Market cap: HKD 138 705 06 million [5] - P/E (2024E): 24x [4] - P/B (2024E): 9 4x [4] - EV/EBITDA (2024E): 15x [7]

华福证券 AI 推理需求走出明显上行趋势，互联网大厂 AI 大模型建设卓有成效-算力周跟踪 投资要点： 本周算力芯片板块和云计算板块出现回调。（1）CPU/GPU 板块：本 周（0826-0828）海内外股均有承压，其中英伟达-2.91%，英特尔-4.53%， AMD-5.56%，国产算力链中，龙芯中科-6.89%，寒武纪-5.07%，海光信息 -2.02%。（2）云计算板块：除商汤科技+1.82%外，其他标的均出现回调， 微软-1.49%，亚马逊-3.52%，Meta -2.13%。 一、从国内互联网大厂财报看 AI 大模型落地 百度智能云业务营收亮眼，文心大模型日调用量超 6 亿次。8 月 22 日， 百度发布 24Q2 财报，财报显示，公司云业务实现营收 51 亿元，同比增长 14%，其中 AI 收入占比 9%，环比增长 30.43%。云业务增长主要原因在于 以千帆平台为代表的一站式企业级大模型平台使用量显著增长。据量子位 援引 Q2 财报电话会信息，千帆 App Builder 构建应用量已超数十万。此外， 据 IDC 数据，百度智能云大模型平台产品市场份额达到 19.9%，位居第一。 文心大模型热度 ...

Investment Rating - The industry is rated as "Outperform the Market" [7] Core Insights - The collectible card game segment is experiencing significant growth, with a market size of 11.31 billion yuan in 2022, showing a year-on-year increase of 42.1% [5] - The collectible card market is expected to grow at rates of 40.5%, 33.0%, and 30.8% from 2023 to 2025, reaching a market size of 27.66 billion yuan by 2025 [5] - The key drivers for consumer choice in collectible cards are aesthetic design (39.5%) and favored IP characters (38.9%) [4] Summary by Sections Collectible Card Format - Collectible cards are priced between 2 to 10 yuan, with packs containing 3 cards priced between 2 to 10 yuan and boxes containing 18 to 30 packs priced between 60 to 180 yuan [2] Gameplay and Collection - Collectible cards are categorized into competitive and collectible types, where competitive cards are used for strategic gameplay and collectible cards are primarily for collection [3] Importance of IP - The collectible card industry heavily relies on IP collaborations, with popular series including Ultraman, Pokémon, and My Little Pony [4] Market Size and Growth - The collectible card industry in China had a market size of 11.31 billion yuan in 2022, with the IP card market accounting for 8.67 billion yuan [5] Investment Recommendations - Suggested companies to watch include card-related firms like Yaoji Technology and Huali Technology, as well as IP-related companies such as Aofei Entertainment, Yuedu Group, and Bilibili [6]