食品饮料 行业周报 政策频出、多剑齐发，板块行稳、方能致远 投资要点 行情回顾：上周食品饮料（申万）行业整体上涨 3.10%，在 31 个子行业中排名 第 2 位，跑赢上证综指 4.58pct，跑赢创业板指 5.70pct。二级（申万）子板块 对比，上周子板块中白酒表现最好，涨幅为 4.01%，三级子行业中预加工食品、 白酒表现较好，分别上涨 4.34%、4.01%，保健品为三级子行业中表现最差，下 跌 1.77%。 上周大事： 政策利好，多剑齐发： 本周食品饮料板块涨幅居前，我们认为主要是受近期政 策利好。最近消费政策利好频出，三重叠加，一是《关于加力支持大规模设备更 新和消费品以旧换新的若干措施》，统筹安排 3000 亿元左右超长期国债支持相 关换新，二是政治局会议强调提振消费，三是国务院印发《关于促进服务消费高 质量发展的意见》。本周板块应声上涨，上涨较多的子行业具有以下几个特点： 1）强复苏赛道，如餐饮产业链、白酒等；2）之前下跌幅度较多的标的。 对于 Q3 食品饮料行情，我们认为： （1）基本面维度： 消费主要与居民收入、边际消费倾向有关。 一方面，消费与居民可支配收入有关，且更多跟未来收入预期有关 ...

华 发 集 闭 旗 下 个 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|------------------|----------------------------------------|-------------------------|-----------------------| | 2024 年 08 月 11 日 \n景旺电子（ 603228.SH ） | | | 公司研究●证券研究报告 | 深度分析 | | | | | 电子 | \| PCB Ⅲ | | 产品布局多元，全球化战略势能逐步释放 | 投资评级 | | 买入 | -A(上调) | | | 股价 | (2024-08-09) | | 23.78 元 | | 投资要点 | 交易数据 | | | | | 产品布局多元，车载占比相对最高：公司成立于 1993 年，深耕印制电路板行业， | 总市值（百万元） | | | 22,115.29 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|---------------|------------------------------------------------------------------------------------|-------------------------|----------------| | 2024 年 08 月 11 日 \n南芯科技（ 688484.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24H1 业绩高速增长，产品覆盖端到端全链路应 | 投资评级 | | 买入 -A( | 维持) | | 用 | 股价 交易数据 | (2024-08-09) | | 29.46 元 | | 投资要点 | | 总市值（百万元） | | 12,477.19 | | 2024 年 8 月 ...

债市汇市联动，货币政策新框架雏形显现 定期报告 货币政策执行报告点评·双循环周报（第 70 期） 投资要点 本周焦点：债市汇市联动，货币政策新框架雏形显现。交易商协会查处违规杠杆交 易，中长期国债收益率陡然上行。8 月 7 日银行间市场交易商协会公告称对 4 家涉 嫌在国债二级市场交易中涉嫌操纵市场价格、利益输送的农商行启动自律调查；8 月 8 日公告称"部分中小金融机构在国债交易中存在出借债券账户和利益输送等违 规情形，交易商协会已将部分严重违规机构移送中国人民银行实施行政处罚，对于 其他此类案件线索交易商协会正在加紧调查处理"，债券市场受此影响终于掀起新 一轮的收益率上涨，至 8 月 9 日经历了连续两个交易日的反弹后 10Y 国债收益率 报收于 2.199%。美元指数低位反弹风险仍然较高、我国经济轻型化升级债务融资 需求内生性降温两大背景下，央行稳定和提升长端收益率的决心不可低估。 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 货币政策执行报告点评：稳利率就是稳汇率，去杠杆才能防空 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | |-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|--------------------------------------| | 2024 \n投资要点 | 年 08 月 11 日 \n佳力奇（ 301586.SZ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周二（8 月 13 日）有一只创业板新股"佳力奇"询价。 | 交易数据 | | | | 佳力奇（ 301586.SZ ）：公司专注于军用航空复材零部件的研发、生产、销售及相 | 总市值（百万元） | | | | 关服务，主要包含飞机复材零部件及导弹复材零部件两大类。公司 2021-2023 年 ...

Investment Rating - The report assigns a neutral investment rating to the company, indicating that the expected investment return over the next six months will be in line with the performance of the CSI 300 Index [33]. Core Insights - The company, Jialiqi (301586.SZ), specializes in the research, production, and sales of composite materials for military aviation components, with a focus on aircraft and missile parts. The company has established deep cooperation with several major aircraft manufacturers under the Aviation Industry Corporation of China [9][26]. - The company reported revenues of 428 million yuan, 592 million yuan, and 463 million yuan for the years 2021 to 2023, with year-over-year growth rates of 82.13%, 38.33%, and -21.78% respectively. The net profit attributable to the parent company was 129 million yuan, 150 million yuan, and 103 million yuan for the same period, with year-over-year growth rates of 136.74%, 16.74%, and -31.78% respectively [11][2]. - In the first half of 2024, the company achieved revenue of 270 million yuan, a slight decrease of 0.28% year-on-year, and a net profit of 62 million yuan, down 21.64% year-on-year. The company expects a revenue range of 400 million to 450 million yuan for the first nine months of 2024, representing a year-on-year change of 13.92% to 28.17% [11][31]. Summary by Sections Basic Financial Status - The company has shown fluctuating revenue and profit figures over the past three years, with a notable decline in 2023. The main revenue source remains aircraft composite parts, contributing 78.81% of total revenue in 2023 [11][2]. Industry Situation - The company operates within the military aviation composite materials sector, which has been experiencing growth. The overall scale of China's aviation manufacturing industry increased from 67.06 billion yuan in 2016 to 93.41 billion yuan in 2019, with a compound annual growth rate of 11.68% [16][18]. Company Highlights - Jialiqi has established itself as a leading private enterprise in the field of aviation composite materials, recognized as a "gold supplier" by major aircraft manufacturers for five consecutive years. The company has also expanded its business into the flying car sector through collaboration with XPeng Huaitian [26][9]. Investment Projects - The company plans to invest in three main projects through its IPO, including the construction of an advanced composite materials production base, a research and development center, and a smart manufacturing system [27][28]. Comparison with Industry Peers - Compared to industry peers, Jialiqi's revenue and profit margins are below the industry average. The average revenue for comparable companies is 1.196 billion yuan, with a price-to-earnings ratio of 30.09X and a gross profit margin of 33.23% [31][32].

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|-----------------------|--------------------------------------------------------------------| | 2024 年 08 月 09 日 \n盐津铺子（ 002847.SZ ） \n品类渠道多点开花，夯实内功提质增效 \n 事件：公司发布 2024 年半年度报告。根据公告， 2024H1 公司实现营业收入 24.59 | 投资评级 \n股价 | (2024-08-09) | 食 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1][8]. Core Views - The company reported a revenue of 6.888 billion yuan for the first half of 2024, a year-on-year decrease of 46.58%, primarily due to declining raw material prices affecting product pricing [1]. - The net profit attributable to shareholders was 0.1 billion yuan, down 97.29% year-on-year, with a significant drop in key financial metrics [1]. - The company achieved a turnaround in Q2 2024, reporting a net profit of 0.48 billion yuan, compared to a loss in Q1 2024 [1]. - Strategic investments exceeding 90 million yuan were made in precursor materials, manganese iron lithium, and sodium batteries, with expectations for improved profitability in the second half of 2024 as production ramps up [1][3]. Financial Performance - For Q2 2024, the company achieved revenue of 3.196 billion yuan, a year-on-year decrease of 23.39% and a quarter-on-quarter decrease of 13.43% [1]. - The company's main product sales volume reached 54,900 tons in H1 2024, a year-on-year increase of 18.17%, maintaining a leading market share in high-nickel ternary materials [1][3]. - The company’s R&D expenses increased by 49.07% year-on-year to 179 million yuan, reflecting efforts to maintain technological leadership and expand the R&D team [1][3]. Global Expansion - In H1 2024, overseas customer sales accounted for 17% of total sales, a significant increase of 16 percentage points year-on-year [3]. - The company is expanding its production capacity in South Korea, with plans for a total of 100,000 tons/year for ternary materials and 20,000 tons/year for phosphates [3]. - The company has completed the acquisition of a factory in Poland and is progressing with site selection for a North American facility [3]. Profit Forecast - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 215 million yuan, 481 million yuan, and 730 million yuan respectively, reflecting ongoing investments in new business areas [2][4].

核心 CPI 同比再创新低，期待财政补贴尽快见效 事件点评 CPI、PPI 点评（2024.7） 投资要点 7 月 CPI 受食品价格和基数走低的共同拉动小幅反弹，但核心 CPI 同比却再度下降至阶 段性低位水平，侧面反映出当前我国的消费内需动能仍然偏弱。7 月 CPI 同比小幅上行 0.3 个百分点至 0.5%，达到 23Q2 以来的次高水平，一方面受到去年同期大幅走低的基 数影响，另一方面 7 月食品价格在极端高温雨水天气下大幅上行是最主要的拉动因素。 扣除食品和能源价格后核心 CPI 同比下行 0.2 个百分点至 0.4%，为 2021 年 4 月以来最 低涨幅，服务同比小幅回落 0.1 个百分点至 0.6%，维持在较为稳定的增长区间，消费 品同比尽管上行 0.6 个百分点至 0.5%，但主要因为去年同期基数大幅走低，汽车价格 跌幅再度扩大，显示当前我国的消费内需动能仍旧偏弱，期待超长期特别国债加码消费 品补贴能够尽快见效。 高温极端天气、肉类供需均衡，共同推动低基数下食品涨幅走高，对 CPI 形成短期拉动。 7 月食品 CPI 环比超季节性大幅上涨 1.2%，叠加低基数影响，共同推动食品 CPI 同比 ...

Group 1 - The report indicates that significant fluctuations in overseas markets have limited impact on A-shares, which are primarily influenced by domestic fundamentals, policies, and liquidity [21][25]. - Historical data shows that after 15 instances of significant fluctuations in the S&P 500 and Nikkei 225, the Shanghai Composite Index experienced 8 instances of increase and 7 instances of decrease within three months [21]. - The core factors affecting A-share performance include the strength of domestic fundamentals, domestic policies, and liquidity conditions [21][24]. Group 2 - The report suggests that A-shares may continue a short-term rebound trend, supported by marginal improvements in economic expectations and ongoing recovery in corporate earnings [2][34]. - It highlights that export growth remains robust, with July exports showing a year-on-year increase of 7.0%, driven by strong performance in machinery and electronics [34]. - The report emphasizes that domestic policies aimed at boosting consumption and investment are being implemented, which could enhance economic growth [34][39]. Group 3 - The report recommends a balanced allocation towards technology growth, undervalued dividend stocks, and certain consumer sectors in the short term [2][34]. - It identifies specific sectors such as computing (smart driving), media (AI applications), electronics (semiconductors, consumer electronics), and communication (computing power) as areas of potential investment [2][34]. - The report notes that the recovery trend in A-share earnings is continuing, with a reported earnings growth rate of -2.8% for the first half of 2024, showing improvement compared to previous periods [34][38].