华福证券 20240815 日报：平安银行发布 2024 半年度报告 投资要点： 板块表现： 8 月 15 日，沪深 300、银行指数均收涨。截至收盘，沪深 300 指 数上涨 0.99%，银行指数上涨 1.32%。分板块来看，国有行、股份行、 城商行、农商行分别上涨 0.70%、2.00%、0.80%、1.52%。 个股表现： 截至收盘，涨幅前三的银行分别为沪农商行+2.87%、招商银行 +2.82%、浦发银行+1.98%。涨跌幅后三的银行分别是浙商银行-0.71%、 农业银行+0.43%、齐鲁银行+0.44%。 行业新闻： 华东两省的金融监管局要求公募基金纳入 SPV。公募基金、资管 计划等占总资产规模达到 2.5%是预警，季度监控。目前嘉兴、杭州、 温州、金华、湖州等地区的部分银行已收到监管的要求，部分之前投 资基金活跃规模较大的银行面临压降的问题。 个股公告 平安银行《2024 年半年度报告》。业绩方面，二季度，公司营收 增速为-11.8%，较一季度提升 2.2pct。归母净利润增速为 1.5%，较一 季度降低 0.76pct。规模方面，截至 2024 年二季度末，资产增速为 4.61%， 较一季度末 ...

华福证券 汽车 国 内 乘 用 车 周 度 销 量 数 据 点 评 （ 2024.8.5 - 2024.8.11） 核心观点： 乘用车整体销量 乘用车整体销量 40.4 万，环比减少 12.0%，整体销量有所回落， 但仍优于周均表现，新能源乘用车销量 21.4 万，环比减少 6.4%，销量 相对上周下降，但涨势依然保持稳定；周度新能源渗透率达到 52.88%， 再次突破 50%重要关口。 特斯拉 尽管 8 月首个完整周内各品牌订单普遍回落，但特斯拉逆势实现 24%的环比增长，展现出显著的市场韧性，其销量达 1.55 万辆，表现 出强劲的增长势头。值得注意的是，8 月 8 日朝阳商务局发布了总额为 1000 万元的新能源汽车消费券。补贴发放的首日，北京蟹岛特斯拉交 付中心迎来了大量消费者，这一举措有望进一步推动特斯拉在国内市 场的销量增长。 吉利 宏观经济下行；汽车销量不及预期；汽车产业刺激政策落地不及 预期；市场价格战加剧的风险。 强于大市（维持评级） 吉利纯电车型销量逆势增长，达到 13.1 万辆，环比增长 28.7%。 银河系列已成为吉利新的增长动力，周度销量突破 6800 辆，环比增长 71.7%。其中 ...

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 [4][9]. Core Views - The company has demonstrated strong revenue growth, with a 35.4% increase in revenue to 2.63 billion yuan in the first half of 2024, and a significant 133.0% increase in net profit to 250 million yuan [2][3]. - The company's proprietary pharmaceutical products are experiencing rapid growth, contributing to improved profitability, with a 76.6% increase in revenue from proprietary products in H1 2024 [2][3]. - The company is expanding its international presence, achieving a 16.2% increase in overseas pharmaceutical revenue, and plans to launch products in multiple international markets [3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 2.63 billion yuan, a 35.4% increase year-on-year, and a net profit of 250 million yuan, up 133.0% [2]. - The company expects revenue growth rates of 35%, 19%, and 20% for 2024, 2025, and 2026, respectively, with net profit growth rates of 200%, 32%, and 31% during the same period [5][6]. Product Segmentation - The revenue from proprietary pharmaceutical products reached 1.86 billion yuan in H1 2024, marking a 76.6% increase, while other product segments showed varied performance [2]. - The company has established a robust product pipeline, with 22 proprietary products generating over 10 million yuan in sales, accounting for 90.94% of proprietary sales revenue [2]. International Expansion - The company has successfully entered 31 countries/regions with its products and plans to begin shipments to international markets by September 2024 [3]. - The revenue from overseas pharmaceutical products reached 310 million yuan in H1 2024, reflecting a 16.2% increase [3]. Research and Development - The company is making progress in its R&D efforts, focusing on innovative drugs in oncology and rare diseases, with several clinical trials underway [3]. - The company has received regulatory approvals for multiple products, enhancing its long-term growth prospects [3].

证券研究报告|行业深度报告 轨交设备 行业评级 强于大市（首次评级） 2024年8月15日 轨交设备行业深度系列报告：营业里程持 续增长，轨交装备迎来新机遇 证券分析师： 俞能飞 执业证书编号：S0210524040008 唐保威 执业证书编号：S0210524050012 华福证券 华福证券 请务必阅读报告末页的重要声明 投资要点 ➢ 政策支持行业发展，轨交装备迎来新机遇。轨道交通是指运营车辆需要在特定轨道上行驶的一类交通工具或运输系统，通常我们 把这类交通方式简称"轨交"。国家高度重视轨道交通产业的发展，并出台了一系列的政策支持，为轨道交通企业的发展提供了 强有力的政策保障。在"十二五"规划中，城市轨道交通的发展重点在制定技术路线及交通网络建设方面；在"十三五"规划和 "十四五"规划中，国家分别提出要加快和有序推进城市轨道交通的发展。随着交通强国战略的深入实施、智慧城市的快速建设 以及"双碳"目标的积极推进，轨道交通装备行业正迎来前所未有的发展机遇。 华福证券 华福证券 ➢ 铁路移动装备不断发展，"中国速度"领跑世界。根据国家铁路局2024年3月21日印发的《铁路机车车辆目录》（自2024年7月 1日起施 ...

华福证券 房地产 开发投资磨底，销售降幅收窄 投资要点： 事件：8 月 15 日，国家统计局公布 2024 年 1-7 月行业数据，前 7 个月 房地产开发投资同比下降 10.2%；商品房销售面积和销售额分别同比下降 18.6%和 24.3%，到位资金同比下降 21.3%。 房地产累计开发投资降幅扩大 1-7 月全国房地产累计开发投资 6.1 万亿，同比下降 10.2%，降幅扩大 0.1pct。7 月房地产开发投资 8348 亿，环比下降 29.8%，同比下降 10.8%， 降幅较前值扩大 0.7pct。 7 月开发投资持续磨底，随着"三大工程"建设积极推进以及项目"白名 单"制度的持续健全，未来有望带动房地产开发投资额修复。 销售面积、销售金额累计降幅缩窄 1-7 月全国新建商品房销售面积 5.4 亿㎡，销售额 5.3 万亿，分别同比下降 18.6%和 24.3%，降幅缩窄 0.4pct 和 0.7pct。7 月商品房销售面积 6233 万 ㎡，销售额 6197 亿，分别同比下降 15.4%和 18.5%，降幅较前值分别扩大 0.9pct 和 4.2pct。 7 月需求端政策宽松延续，党的二十届三中全会提出 ...

epyTtropeR_elbaT|tsriF_elbaT Tabl e_First|Tabl e_Summary 华福证券 宏 观 事 件 点 评 宏 观 研 究 经济数据点评 \运行总体平稳，延续回升向好 行业名 事件： 8月15日，统计局公布2024年7月经济增长数据。 投资要点： 工业生产规模持续扩张。7月份，规模以上工业增加值同比实际增长 5.1%，较上月回落0.2个百分点。从环比看，7月份，规模以上工业增加值 比上月增长0.35%。 社消增速小幅回升。暑期传统旺季提振消费需求，叠加促消费政策发力显 效，社消零售增速小幅回升。7月份，社会消费品零售总额37757亿元，同 比增长2.7%，6月份为2.0%。7月环比增长0.35%，上个月为下降0.1%。 商品零售增长提速。分消费类别来看，7月商品零售同比增长2.7%，6月份 为1.5%；服务消费维持较高增速增长，1-7月服务零售额同比增长7.2%。 从贡献来看，7月份社消零售增速的提升主要是受到商品零售的拉动，商 品零售拉动社消零售总额增长2.4个百分点，餐饮收入拉动0.3个百分点。 投资规模持续扩大。1-7月份，全国固定资产投资（不含农户）287611 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6]. Core Views - The company is driven by a "three-engine" strategy focusing on large-volume infusion, raw materials, and innovative research and development, which supports its growth trajectory [3][14]. - The company has established a robust operational framework with three major capital platforms: large-volume infusion, antibiotic intermediates, and drug research and development [14][16]. - The company is positioned as a leader in the large-volume infusion market in China, with a revenue of 10.1 billion yuan in 2023, benefiting from post-pandemic recovery and an aging population [3][29]. Summary by Sections Company Overview - Founded in 1996, the company has evolved into a specialized innovative pharmaceutical group, listing on the Shenzhen Stock Exchange in 2010 and expanding into antibiotic intermediates and innovative drugs [14][16]. - The company has a diverse product portfolio with 646 varieties and 1,022 specifications, including 135 varieties of infusion products [16][22]. Financial Performance - The company reported a revenue of 21.45 billion yuan in 2023, a year-on-year increase of 12.7%, with a net profit of 2.46 billion yuan, up 44% year-on-year [22][23]. - The company expects revenue growth rates of 10% for 2024 and 2025, with net profit growth rates of 19% and 14% respectively [5][9]. Large-Volume Infusion Segment - The large-volume infusion market is characterized by a stable competitive landscape, with the company holding a significant market share and benefiting from cost advantages through scale [3][29]. - The company has been enhancing its product structure and introducing new products, which are expected to drive profitability [3][29]. Antibiotic Intermediates - The company’s subsidiary, Chuaning Bio, is a leader in the antibiotic intermediate sector, with a diverse product lineup and a focus on synthetic biology for cost reduction and efficiency [3][4]. - The market for antibiotic intermediates is stable, with potential for price increases, supported by the company's technological and cost advantages [4][29]. Innovative Drug Development - The company’s subsidiary, Kelun Biotech, has made significant strides in innovative drug development, including partnerships with major pharmaceutical companies and promising drug pipelines [4][5]. - The ADC pipeline, particularly the SKB264 product, is expected to capture a substantial market share, with ongoing clinical trials showing promising results [4][5].

华福证券 观 研 投资要点： 巴菲特大幅减持苹果逻辑探析 ——全球热点观察系列（6） 团队成员 分析师： 金晗(S0210523060002) jh30159@hfzq.com.cn 分析师： 燕翔(S0210523050003) yx30128@hfzq.com.cn 相关报告 1、一周综评与展望：全球股市剧烈震荡—— 2024.08.10 2、通胀数据点评：CPI 环比涨幅扩大，PPI 原料 价格上行——2024.08.09 3、进出口数据点评：外贸持续有韧性 —— 2024.08.08 北京时间 2024 年 8 月 3 日晚，巴菲特旗下伯克希尔—哈撒韦公司公布 2024 年二季度财务报告，公司经营业务实现了稳定的业绩增长。投资组合方面， 股票仓位已连续三个季度下降，而现金储备（含短期国库券）则出现飙升， 从 2024 年一季度的 28.6%大幅提升至 2024 年二季度的 45%。这一变化主 要来自于减持苹果公司股份，苹果公司占二级市场股票投资的比例从一季 度的 40.3%降至二季度的 29.6%左右。 公观专题 本次大幅减持苹果公司的速度和幅度在过去数十年的投资历史中都是极为 罕见的，巴菲特为何大幅 ...

华福证券 电子 2024 年 08 月 15 日 强于大市（维持评级） 一年内行业相对大盘走势 电子 工业富联发布半年报，AI 服务器需求旺盛-算力 周跟踪 投资要点： 本周算力芯片、数据中心板块普涨。（1）CPU/GPU 板块：本周 （ 0812-0814 ） 海 外 股 涨 势 强 于 国 产 算 力 ， 其 中 英 伟 达 +12.73% ， AMD+4.83%，英伟达（0813）单日+6.53%，我们认为微软、亚马逊等科技 巨头强劲 AI 资本支出的增长表明英伟达的基本面仍然强劲。国产算力链 中，海光信息+2.17%，龙芯中科+2.20%。（2）数据中心板块：超微电脑 +13.43%，广达+8.40%，纬颖+4.53%，我们看好计算机行业其在 AI 算力需 求高涨背景下的长期发展潜力。 一、重点公司业绩 | 工业富联 工业富联发布 2024 半年度报告，受益 AI 服务器需求旺盛，公司营收 增长亮眼。工业富联 8 月 13 日发布了 2024 年半年度报告，上半年公司实 现营业收入 2660.91 亿元，同比增长 28.69%，实现归母净利润 87.39 亿元， 同比增长 22.04%。品牌客户不断增 ...

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 index within the next six months [15]. Core Views - The company's H1 2024 results slightly exceeded the forecast median, with revenue reaching 3.763 billion yuan, a year-on-year increase of 44.08% [2]. - The company is well-positioned to benefit from the domestic demand for computing power driven by the national integrated computing network and the "East Data West Computing" initiative [3]. - The company has made significant progress in adapting its products to AI large models, including the recent adaptation to Tongyi Qianwen, showcasing its advancements in the AI field [4]. Summary by Sections Financial Performance - For H1 2024, the company achieved a net profit of 853 million yuan, a year-on-year increase of 25.97% [2]. - The gross margin for H1 2024 was 63.43%, showing a year-on-year increase of 0.56 percentage points [2]. - The company expects to achieve revenues of 8.699 billion yuan in 2024, with a projected net profit of 1.839 billion yuan [5]. Market Opportunities - The report highlights the growing demand for computing power in various sectors, including internet, finance, and telecommunications, with over 30 cities in China building or planning intelligent computing centers [3]. - The anticipated procurement of AI servers by major telecom operators indicates a significant opportunity for the company in the domestic computing chip market [3]. Product Development - The company has rapidly increased its R&D personnel from 1,283 at the end of 2022 to 1,855 by H1 2024, indicating a strong focus on product iteration and innovation [4]. - The successful adaptation of its products to major AI models positions the company as a leader in the domestic AI computing landscape [4].