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].

epyTtropeR_elbaT|tsriF_elbaT 宏 观 研 究 Tabl e_First|Tabl e_Summary 华福证券 Tabl e_First|Tabl e_R eportD ate 宏观事件点评 2024 年 8 月 15 日 通胀继续走弱，9 月降息箭在弦上： 美国 7 月 CPI 数据点评 事件： 7月美国CPI同比2.9%，预期和前值3.0%；CPI环比0.2%，预期0.2%，前值 -0.1%；核心CPI同比3.2%，预期3.2%，前值3.3%；核心CPI环比0.2%，预 期0.2%，前值0.1%。 投资要点： 7月美国CPI环比回升但在基数效应下同比继续走弱，自2021年3月以来重 回"2字头"： 7月美国CPI和核心CPI同比继续回落，反映通胀压力边际减 弱，与7月走弱的PMI、非农就业等数据维持一致，但环比较6月数据边际 好转，并未继续失速下行。从主要分项看，食品项环比持平（0.2%）但幅 度尚可，能源项环比在两个月转负后本月回至0附近；核心商品跌幅扩大 （-0.1%→-0.3%），其中运输产品（新车和二手车）降幅尤为明显（- 0.6%→-0.8%），商品端持续呈现通缩迹象 ...

华福证券 20240814 日报：浙商银行发布 2024 年半年度业绩快报 投资要点： 板块表现： 8 月 14 日，沪深 300、银行指数均收跌。截至收盘，沪深 300 指 数下跌 0.75%，银行指数微跌 0.07%。分板块来看，国有行上涨 0.35%、 股份行、城商行、农商行分别下跌 0.20%、0.26%、0.59%。 个股表现： 截至收盘，涨幅前三的银行分别为中信银行+1.61%、浙商银行 +1.08%、交通银行+1.07%。跌幅前三的银行分别是常熟银行-2.25%、 长沙银行-1.19%、宁波银行-1.13%。 行业新闻： 央行主管媒体发文，提示长债利率风险。央行主管金融时报今日 发布评论员文章《促进债券市场在规范中健康发展》，提出央行要从 宏观审慎角度出发，持续关注市场运行情况，为防范系统性风险、维 护金融市场稳定，及时提示风险，阻断单边行情放大风险。 个股公告 浙商银行发布 2024 年半年度业绩快报。2024 年上半年，公司营 业收入、归母净利润分别同比增长 6.18%、3.31%。不良贷款率 1.43%， 较 2024Q1 下降 1bp；拨备覆盖率 178.12%，较 2024Q1 末提升 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Kangzhe Pharmaceutical [3]. Core Views - Kangzhe Pharmaceutical is positioned as a rapidly growing platform-based commercialization enterprise, accelerating its innovative transformation [14]. - The company has a robust commercial capability that has been validated over time, which is expected to empower the promotion of innovative drugs [14]. - The innovative pipeline is entering a realization phase, with several products expected to contribute to the company's second growth curve [14]. - The negative impact of centralized procurement has been largely absorbed, and the risk for existing products is expected to decrease [14]. - The financial forecast indicates a recovery in net profit growth from 2024 onwards, with significant growth expected in subsequent years [14]. Summary by Sections 1. Company Overview - Kangzhe Pharmaceutical has evolved through three stages: initial focus on imported original drug agency sales, transitioning to product rights control, and now emphasizing collaboration with global biotech companies for innovative product development [14][17]. 2. Innovative Pipeline - The company currently has around 30 innovative products in its pipeline, with 13 of them being high-potential differentiated products. Notable products include the oral methylene blue sustained-release tablet, which is set to launch in 2024, and the lukotini cream expected to be launched in 2025-2026 [14][26]. 3. Commercialization and Market Presence - Kangzhe has established a comprehensive sales network covering over 50,000 hospitals and approximately 250,000 retail pharmacies in China, supported by a team of about 4,400 academic promotion specialists [28][29]. - The company has demonstrated efficient clinical development capabilities, with rapid IND to NDA timelines for its innovative products [29]. 4. Financial Performance and Forecast - The report projects net profits for 2024, 2025, and 2026 to be CNY 1.70 billion, CNY 2.04 billion, and CNY 2.49 billion respectively, reflecting a recovery in growth rates after a decline in 2023 [2][14].

华福证券 啤酒 2024 年 08 月 14 日 重庆啤酒（600132.SH） 收入端韧性十足，内外兼修赋能业绩稳健发展 事件：重庆啤酒发布 2024 年上半年报告，公司 24H1 实现营业收入 88.61 亿元，同比+4.18%，实现归属于母公司股东的净利润 9.01 亿元，同比 +4.19%，实现扣非归母净利润 8.88 亿元，同比+3.91%。根据中报，公司 24Q2 单季度实现营收 45.68 亿元，同比+1.54%，归母净利润 4.49 亿元，同 比-5.99%，扣非归母净利润 4.42 亿元，同比-6.58%。 销量表现稳健，结构有所承压 24 年上半年，公司在外部宏观经济大环境的挑战，以及极端天气不利 因素的影响下，仍旧实现了销量的稳步增长，但结构端有所承压。公司 24H1 实现啤酒销量达 178.38 万吨，同比+3.3%，对应吨酒价格同比增长 0.25%至 4834.46 元/吨，单季度来看，公司 24Q2 综合啤酒业务收入达 44.46 亿元，同比+0.86%，其中实现销量 91.7 万吨，同比+1.53%，对应吨酒价 格同比-0.66%。 分 档 次 来 看 ， 上 半 年 公 司 高 ...

电子 2024 年 08 月 14 日 行 业 研 究 行 业 定 期 报 告 华福证券 电子 电子月报（台股）2024-7：代工&光学先行复苏， H2 旺季来临 投资要点： ➢ 半导体：旺季效应初步显现，下半年复苏动能持续增强。7 月，半导 体厂商逐渐步入旺季，以台积电、联电为代表的代工厂商营收环比复苏强 劲。台积电 7 月营收同比增长 44.7%，环比增长 23.6%，AI 和 HPC 订单强 劲，5/3 纳米制程涨价。联电同比增加 9.61％，环比增长 19.08％，第三季 出货环比增加、产能利用率提升。此外传统服务器市场持续修复，带动信 骅营收高增。 ➢ 存储：利基存储价格有所分化。南亚科 7 月营收环比-18.38%、同比 +12.65%。7 月华邦电、旺宏业绩则平稳增长。旺宏则表示 Q3 nor 业务环 比望持续改善，24H2 价格亦有望高于 24H1，涨价通道明确。威刚则预期 下半年内存合约价将继续上涨，不受现货价波动影响。 ➢ 消费电子：光学增长强劲，PC 同比修复。大立光 7 月营收同比+55%， 主要受惠客户新机铺货，对 8 月营收持乐观态度。玉晶光表示随着旺季的 到来，新款手机产品开始出 ...

华福证券 果略 研 《关于健全基本医疗保险参保长效机制的指 导意见》医保新政解读——产业经济医疗周报 (2024.8.5-2024.8.9) 本周医药指数表现良好 2024 年 08 月 14 日 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 1、美国的脆弱与中国的路径选择——2024.08.12 2、全球资产有望走出恐慌阶段——2024.08.12 3、降息预期升温，黄金在流动性冲击下回落—— 海外市场周观察（0805-0809）——2024.08.11 投资要点： 医药指数本周关注的 6 个子行业有四个录得正收益，表现良好。 医保新政有助于构建公平有效的医疗保障体系 《关于健全基本医疗保险参保长效机制的指导意见》提出了多项 医保新政，旨在提升参保机制的稳定性和可持续性。加强参保人群覆 盖，确保全民医保覆盖面更广。优化医保基金管理，提高基金使用效 率，减少浪费。强化医疗服务监管，提升医疗服务质量，保障患者权 益。同时，降低不合理医疗费用，便利异地就医，提高参保人就医便 利性。这些措施有助于构建更加公平、高效、可持续的医疗保障体系。 风险提示 技术 ...

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [1] Core Insights - The Japanese dairy industry has entered a mature phase, with government policies playing a crucial role in supply and demand management. The industry has a solid foundation, but faces challenges such as market saturation and pricing pressures [2][5] - The report highlights the importance of internationalization and functionalization as key strategies for Japanese dairy companies to expand their market presence and product offerings [2][28] Summary by Sections Historical Development of Japanese Dairy Industry - The development of the Japanese dairy industry has been significantly influenced by government policies, starting from the post-war "student milk" program which boosted consumption [2][5] - The industry has transitioned from a focus on liquid milk to a more diverse range of products, including dry milk and functional dairy products [2][28] Challenges Faced by Japanese Dairy Companies - Japanese dairy companies are facing several challenges, including market saturation due to an aging population, stable downstream market dynamics, and difficulties in raising prices in a deflationary environment [2][28] - The report identifies four main strategies for companies to navigate these challenges: diversification of product categories, international expansion, functional product development, and internal cost reduction [2][28] Supply Chain and Pricing Dynamics - The unique "one collection, multiple sales" system in Japan allows small farmers to have a stronger bargaining position, which helps stabilize the supply chain [18][21] - The pricing of raw milk is influenced by international commodity prices and domestic policies, leading to a situation where prices are easier to increase than to decrease [24][48] Demand Trends and Market Segmentation - The demand for traditional liquid milk is declining, while there is a noticeable increase in demand for dry milk products and functional dairy items due to changing consumer preferences [28][29] - The report notes that the aging population and health consciousness are driving growth in functional dairy products, creating new market opportunities [39][42] Competitive Landscape - The Japanese dairy market is characterized by a high concentration of domestic brands, with major players like Meiji, Yakult, and Snow Brand having a long history and strong consumer recognition [32][44] - New entrants face significant barriers to entry in this mature market, making it challenging to gain market share from established brands [44]

华福证券 361 度（01361.HK） 24H1 业绩点评：电商、童装表现靓丽，中期派 息比率提升 事件：公司于 8.12 发布 24H1 业绩，上半年实现营收 51.4 亿元，同比+19.2%， 实现净利润 7.9 亿元，同比+12.2%，业绩符合预期。每股拟派息 16.5 港仙， 对应中期派息比率 40.3%。 经营分析： 销量驱动高质量增长，童装占比略提升 分产品，成人装中鞋/服/配饰 1H24 分别实现营收 22.8/15.8/0.8 亿 元，同比+20.1%/15.7%/13%，其中销售单价鞋同比+0.4%、服-5.1%主 要系产品组合变动，鞋/服增长动力主要来自性能提升、产品升级拉动 销量增长。童装 1H24 营收同增 24.2%至 11.3 亿元，占比+0.9Pct，其 销量增长 26%部分冲淡单价同比-1.4%带来的影响；期间夯实童装产品 梯度，篮球尖货下探至青少年人群，并推出瑜伽裤、防晒衣等品类。 线下开店放缓、单店驱动增长；电商 618 增速行业领跑 1）线下：截至 1H24 末公司于内地共有 5740 家成人装店、2550 家童装店，较 1H23/23 年末分别净增 98/6 家、10 ...

华福证券 银行 2024 年 08 月 13 日 银行 20240813 日报：央行新增支农支小再贷款额度 1000 亿元，支持 12 省防汛抗洪救灾及灾后重建工作 投资要点： 板块表现： 8 月 13 日，沪深 300、银行指数均收涨。截至收盘，沪深 300 指 数上涨 0.26%，银行指数上涨 0.43%。分板块来看，国有行、股份行、 城商行、农商行分别上涨 0.72%、0.01%、0.75%、0.85%。 个股表现： 截至收盘，涨幅前三的银行分别为长沙银行+2.3%、邮储银行 +1.91%、渝农商行+1.81%。跌幅前三的银行分别是齐鲁银行-0.65%、 平安银行-0.60%、招商银行-0.56%。 行业新闻： 央行发布《2024 年 7 月社会融资规模增量统计数据报告》。初步 统计，2024 年前七个月社会融资规模增量累计为 18.87 万亿元，比上 年同期少 3.22 万亿元。其中，对实体经济发放的人民币贷款增加 12.38 万亿元，同比少增 3.27 万亿元。7 月份，社会融资规模新增 7708 亿元， 同比多增 2342 亿元；人民币贷款规模少增 767 亿元，同比少增 1131 亿元。 央行发 ...