[Table_Title] 行业收益转为反转效应，或预示市场为存量资金博弈 [Table_ReportDate] 金融工程 | 市场监测周报 | 2024.08.12 本周（8.5-8.9，下同）市场各宽基指数弱势下行，小盘成长风格相对较 弱。主流宽基指数中创业板指下跌 2.60%，跌幅居前；而上证 50 指数则 下跌 1.10%。 ⚫ 市场资金层面： 权益类公募基金仓位平均而言环比下降：本周普通股票型基金、偏股混 合型基金的股票仓位分别为：86.04%、77.14%，较上周仓位分别下降 0.17%、0.06%，平均而言基金仓位与上周相比小幅下行；从长期来看仓 位历史分位数环比下降，分别降至 33.1%、13.9%分位数。 权益类公募基金成立规模较上周小幅回落：本周新成立的股票型基金募 集规模 10.2 亿元、混合型基金募集规模 11.3 亿元，合计规模 21.5 亿元， 较上周减少 7.1 亿元。 ⚫ 市场交易层面： 行业间收益分化程度较上周小幅扩大，且收益呈现明显的反转效应：本 周行业间收益率的标准差为 1.94%，较上周上行 0.14%，显示本周行业 间收益的差异较上周小幅扩大；从近两周行业收益在截面上 ...

[Table_Rank] 评级： 看好 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2648 [Table_Summary] [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 工程机械 沪深300 8-Aug20-Oct 1-Jan14-Mar 26-May 7-Aug 资料来源：聚源数据 相关研究 [Table_OtherReport] 12 月挖掘机内销增速转正，2024 年工 程机械行业有望迎来复苏 工程机械行业事件点评：10 月挖掘机 销量好于预期，工程机械需求将迎边 际改善 工程机械行业点评：增发万亿国债，工 程机械需求将迎边际改善 [Table_Title] 7 月挖掘机内销持续增长，出口跌幅收窄 [Table_ReportDate] 工程机械 | 行业简评报告 | 2024.08.09 核心观点 ⚫ 7 月挖掘机内销继续保持 20%以上增速，出口跌幅收窄。 当月挖掘机销量：根据中国工程机械工业协会数据，2024 年 7 月中国 挖掘机销 ...

Investment Rating - The investment rating for the company is "Buy" [3][9]. Core Views - The company, Shengmei Shanghai, reported a revenue of 2.404 billion yuan for the first half of 2024, representing a year-on-year growth of 49.33%. The net profit attributable to shareholders was 443 million yuan, a slight increase of 0.85% year-on-year [4]. - The company has adjusted its revenue guidance for 2024 to a range of 5.3 billion to 5.88 billion yuan, up from previous estimates, due to strong demand in the semiconductor equipment sector and successful new product launches [4]. - Shengmei Shanghai's product offerings cover wafer manufacturing and advanced packaging, including semiconductor cleaning equipment and advanced packaging wet process equipment [4]. - The company has seen significant growth driven by robust demand in the semiconductor industry and successful expansion into new markets and customer bases [4]. - Revenue projections for 2024, 2025, and 2026 are estimated at 5.572 billion, 6.806 billion, and 7.9 billion yuan respectively, with corresponding net profits of 1.142 billion, 1.502 billion, and 1.753 billion yuan [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue growth of 49.14% and a net profit growth of 17.66% [4]. - The company’s current price-to-earnings (PE) ratio is 46.08, with projected PE ratios of 37, 28, and 24 for 2024, 2025, and 2026 respectively [4][5]. Product Development - The company successfully delivered its wet process equipment with 4000 chambers in March 2024 and launched a new cleaning device for advanced packaging in May 2024 [4]. - The company participated in the SEMICON CHINA exhibition, showcasing its latest technologies and solutions to existing and potential customers [4]. Market Outlook - The semiconductor equipment demand in China remains strong, contributing to the company's revenue growth and market expansion [4]. - The company has successfully opened new markets and developed multiple new clients, enhancing overall revenue [4].

[Table_Title] 1 猪价持续上涨，建议关注低估值高成长标的 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.08.07 [Table_Rank] 评级： 看好 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.3 -0.2 -0.1 0 7-Aug18-Oct29-Dec10-Mar21-May1-Aug 农林牧渔 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 近期猪价震荡上行，建议关注生猪养 殖龙头 零食龙头向上势能持续，猪价近期淡 季不淡 食品掘金品类红利，生猪产能去化持 续 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 8 月 2 日全国生猪出栏均价 19.78 元 /公斤，日环比上涨了 0.12 元/公斤，较去年同期上涨了 2.92 元/公 斤，涨幅为 17.32%。近几日，猪价涨势加速连创新高，猪价冲高接 近 19.8 元/公斤。近期猪价上涨 ...

Investment Rating - The report assigns a "Buy" rating for the company [1][3]. Core Views - The company is demonstrating confidence in its future development through a share buyback plan, intending to repurchase shares at a price not exceeding RMB 2.74 per share, with a total value between RMB 50 million to 100 million [1]. - The medical services segment is showing steady growth, with Q1 2024 revenue reaching RMB 740 million, a year-on-year increase of 5.62% [2][3]. - The company is actively expanding its hospital network, with new facilities expected to enhance bed utilization rates and overall revenue [2][3]. - The pharmaceutical segment is also performing well, with a 45.24% increase in revenue to RMB 121 million in Q1 2024, driven by strategic acquisitions [2][3]. Summary by Sections Company Overview - The latest closing price is RMB 2.24, with a one-year high of RMB 3.90 and a low of RMB 1.66 [2]. - The current price-to-earnings (PE) ratio is 228.40, and the price-to-book (PB) ratio is 3.40 [2]. Financial Performance - Revenue projections for 2024 to 2026 are RMB 4.006 billion, RMB 4.484 billion, and RMB 5.004 billion, with year-on-year growth rates of 11.6%, 11.9%, and 11.6% respectively [3]. - The net profit attributable to the parent company is expected to rise significantly, from RMB 143 million in 2024 to RMB 350 million in 2026, reflecting growth rates of 362.7%, 78.5%, and 37.5% [3]. - Earnings per share (EPS) is projected to increase from RMB 0.04 in 2024 to RMB 0.10 in 2026 [3]. Business Segments - The medical services segment is expected to benefit from both organic growth and external expansion, with ongoing projects to increase hospital capacity [2][3]. - The pharmaceutical segment is leveraging acquisitions to enhance its market position and revenue potential [2][3].

Investment Rating - The report assigns a "Buy" rating to the company [1] Core Views - The company plans to repurchase shares at a price not exceeding RMB 2 74 per share with a total amount ranging from RMB 50 million to RMB 100 million The repurchased shares will be used to reduce registered capital [1] - The healthcare services sector has shown steady growth with a 5 62% increase in revenue to RMB 740 million in Q1 2024 New hospital constructions are progressing well with several projects expected to be operational by the end of 2024 [3] - The company's pharmaceutical sector achieved a 45 24% increase in revenue to RMB 121 million in Q1 2024 driven by the acquisition of Gansu Furen Pharmaceutical and the exploration of the "Duyiwei" brand's potential in the consumer market [3] - The company's share repurchase demonstrates confidence in future development and is expected to enhance earnings per share and shareholder returns [3] Financial Projections - Revenue is projected to grow from RMB 40 06 billion in 2024 to RMB 50 04 billion in 2026 with a compound annual growth rate (CAGR) of 11 6% [3] - Net profit attributable to the parent company is expected to increase significantly from RMB 143 million in 2024 to RMB 350 million in 2026 with growth rates of 362 7% 78 5% and 37 5% respectively [3] - The company's PE ratio is forecasted to decrease from 53 7 in 2024 to 21 9 in 2026 indicating improving valuation metrics [3] Business Development - The healthcare services sector is expected to benefit from both organic growth and external expansion The company is actively pursuing asset injections and has submitted materials to the Shenzhen Stock Exchange for a private placement [3] - The company's controlling shareholder manages nearly 30 secondary and above hospitals nationwide with a total of 20 000 beds which is approximately twice the scale of the listed company's assets [3] Financial Ratios - The company's gross margin is expected to improve from 30 1% in 2023 to 35 6% in 2026 while the net margin is projected to increase from 1 1% to 7 3% over the same period [4] - ROE is forecasted to rise from 1 4% in 2023 to 8 4% in 2026 reflecting enhanced profitability and efficiency [4]

[Table_Rank] 评级： 看好 [Table_Authors] 何立中 电子行业首席分析师 SAC 执证编号：S0110522110002 helizhong@sczq.com.cn 电话：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 电子 沪深300 24-Jul 4-Oct15-Dec 25-Feb 7-May18-Jul [Table_Summary] 资料来源：聚源数据 相关研究 [Table_OtherReport] 电子周报：上半年集成电路进出口保 持向好态势 电子周报：小于 1nm 新工艺，有望绕 开 EUV 光刻机限制 2024 上半年电子行情复盘 [Table_Title] 英特尔 Q2 收入下降，Q3 指引不乐观 [Table_ReportDate] 电子 | 行业简评报告 | 2024.08.06 核心观点 ⚫ 英特尔 2024Q2 收入下降 8 月 2 日，英特尔发布 2024Q2 财报，收入为 128 亿美元，同比下降 1%，环比微增 1 亿美元；non-GAAP 毛利率较去年同期以及今年一季 度均有下降， ...

[Table_Title] 汽车行业周报：新能源公交补贴细则出台，有望提 振客车板块 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.08.06 [Table_Rank] 评级： 看好 核心观点 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn ⚫ 新能源公交补贴细则出台，有望推动公交内需 7 月 31 日，交通运输部、财政部印发《新能源城市公交车及动力 电池更新补贴实施细则》。细则明确， 1）补贴范围：补贴资金支持车龄 8 年及以上，即 2016 年 12 月 31 日前注册登记的城市公交车车辆更新和新能源城市公交车辆动力电池 更换。 2）补贴金额：鼓励合理选择更换的新能源城市公交车辆车长类 型。每辆车平均补贴 6 万元，对更新新能源城市公交车的，每辆车平 均补贴 8 万元；对更换动力电池的，每辆车补贴 4.2 万元。 3）补贴资金：补贴资金由中央财政和地方财政总体按 90:10 比例 共担，其中，东部省份按 85:15 比例分担，对中部省份按 90:10 比例分 担，对西部省份按 ...

Investment Rating - The industry investment rating is "Positive" [1][27]. Core Insights - The report highlights that leading liquor companies are focusing on maintaining volume and price stability, with a particular emphasis on the third quarter as a critical period for achieving annual revenue goals. Moutai Group is targeting new business markets and transforming domestic customer bases to meet growing consumer demands for personalized and high-quality products [3][19]. - In the mass consumer goods market, companies are facing significant performance pressure due to slowing demand growth and a downward pricing structure. However, some firms are expected to achieve rapid growth through product and channel transformations, benefiting from demographic changes and consumption upgrades [3][21]. - Recommended stocks include leading liquor brands such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as beer companies like Qingdao Beer and Yanjing Beer, and snack companies like Jin Zai Food and Yan Jin Pu Zi [3][23]. Summary by Sections 1. Market Performance Review - The food and beverage sector experienced a decline of 1.39%, underperforming the CSI 300 index by 0.66 percentage points. Non-liquor segments such as food processing and leisure foods showed positive growth, while liquor faced a decline of 2.49% [6]. 2. Industry Data Tracking 2.1 Liquor Prices - As of August 4, the wholesale prices for Feitian Moutai were 2680 RMB for original boxes and 2410 RMB for loose bottles, reflecting weekly increases of 90 RMB and 35 RMB, respectively [7]. 2.2 Agricultural Product Prices - The price of fresh milk in major production areas decreased to 3.22 RMB/kg, a year-on-year decline of 14.10% [9]. 2.3 Packaging Material Prices - The price of aluminum ingots fell to 19140 RMB/ton, a month-on-month decrease of 5.2% [15]. 3. Industry Information and Important Company Announcements 3.1 Industry Information - The national liquor price index has shown a downward trend, indicating an adjustment period for the industry. Guizhou liquor accounts for 37.3% of national profits, highlighting its significant market position [19][20]. 3.2 Important Company Announcements - Ganyuan Food reported a 26.14% increase in revenue for the first half of 2024, reaching 104.24 million RMB, with a net profit growth of 39.26% [23].

[Table_Rank] 评级： 看好 [Table_Authors] 分析师：李田 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.6 -0.4 -0.2 0 4-Aug15-Oct26-Dec7-Mar18-May29-Jul 商贸零售 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 周报： 行业估值进一步下修，董宇辉 离职东方甄选 周报： 5 月社零小幅回升，限额以上 企业增速较上月提升较多 周报：美团2024Q1营收增速稳定，新 业务亏损大幅收窄 [Table_Title] 周报： 亚马逊财报显示海外需求回落，餐饮盈利多承压 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.08.05 核心观点 [Table_Summary] ⚫ 周度行情：本周（2024.7.28-2024.8.4）主要宽基指数有涨有跌。上证 综指数上涨 0.5%，深证成指下跌 0.51%，创业板指下跌 1.28%。商贸 零售子板块方面， 细分行业多数上涨。其中贸易 ...