电力设备 | 证券研究报告 — 调整盈利预测 2024 年 8 月 14 日 688005.SH 增持 原评级：增持 市场价格:人民币 22.00 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (60%) (48%) (36%) (24%) (12%) 0% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 容百科技 上证综指 至今 个月 个月 个月 绝对 (43.6) (3.3) (28.1) (59.3) 相对上证综指 (40.4) 0.2 (19.2) (49.2) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 483.03 | | 流通股 ( 百万 ) | | 315.45 | | 总市值 ( 人民币 百万 ) | | 10,626.65 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 167.26 | | 主要股东 | | ...

电力设备 | 证券研究报告 — 业绩评论 2024 年 8 月 14 日 688778.SH 增持 原评级：增持 市场价格:人民币 29.71 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (24.6) (8.4) (18.5) (32.0) (39%) (31%) (23%) (15%) (7%) 1% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Apr-24May-24Jun-24Jul-24Aug-24 厦钨新能 上证综指 相对上证综指 (21.4) (5.0) (9.6) (21.9) | --- | --- | |-------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 420.77 | | 流通股 ( 百万 ) | 420.77 | | 总市值 ( 人民币 百万 ) | 12,501.11 | | 3 个月日均交易额 ( 人民币 | 51.10 | | 主要股东 | | | 厦门钨业股份有限公司 | 50.26 | | 资料来源：公司公告， ...

Investment Rating - The investment rating for the company is "Accumulate" [1][4] Core Views - The company reported a year-on-year revenue growth of 15.33% for the first half of 2024, achieving a revenue of RMB 7.23 billion and a net profit of RMB 844 million [4][6] - The main relay business has shown solid growth, with a revenue of RMB 6.49 billion, reflecting an 8% increase year-on-year [4][6] - The overall gross margin slightly decreased to 34.78%, while the net profit margin improved to 15.31% [4][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of RMB 7.23 billion, up 8.89% year-on-year, and a net profit of RMB 844 million, up 15.33% year-on-year [4][6] - The gross margin decreased by 0.97 percentage points to 34.78%, while the net profit margin increased by 0.46 percentage points to 15.31% [4][6] - The company’s operating efficiency improved, with per capita sales collection rising by 9.1% to RMB 602,000 [4][6] Business Segments - The main relay business maintained a stable market share, with a revenue of RMB 6.49 billion, up 8% year-on-year, despite a slight decline in gross margin to 36.15% [4][6] - The electrical products segment saw a revenue decline of 3.98% to RMB 405 million, attributed to a sluggish domestic construction distribution market [4][6] - New product categories such as film capacitors and current sensors experienced significant growth, with shipment volumes increasing by 20%, 118%, and 129% respectively [4][6] Valuation - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 1.59, RMB 1.83, and RMB 2.09 respectively, with corresponding price-to-earnings ratios of 17.7, 15.4, and 13.5 [4][5] - The company’s total market capitalization is approximately RMB 29.34 billion [3]

通信 | 证券研究报告 — 行业周报 2024 年 8 月 14 日 强于大市 通信行业相对沪深 300 指数表现 资料来源：万得，中银证券 注：收盘价截止到 2024 年 8 月 9 日 通信行业周报(0812-0818) 通信板块回调较深 行情回顾： 2024 年第 32 周(0805-0809)通信大板块和通信子板块均表现不佳，其他通 信设备下跌 0.52%，通信终端及配件下跌 2.25%，通信网络设备及器件下 跌 3.32%，通信应用增值服务下跌 3.40%，通信工程及服务下跌 3.47%， 通信线缆及配套下跌 4.29%，电信运营商下跌 4.65%。 全周(0805-0809) 建议关注标的组合阶段性表现不佳，按照算数平均计算 组合周跌幅为 4.82%，跑输通信（申万）板块指数（-3.73%）、创业板指 （-2.60%）、上证指数（-1.49%）和沪深 300 指数（-1.56%）。 投资建议： 建议关注：卫星互联网（创意信息、上海瀚讯、华力创通），光模块（中 际旭创、新易盛、华工科技），5G（灿勤科技、硕贝德）。 风险提示： 中美贸易摩擦造成的不确定性因素增多，宏观经济环境承压，相关政策 落地不及 ...

房地产行业 | 证券研究报告 — 行业周报 2024 年 8 月 14 日 房地产行业第 32 周周报（8 月 3 日-8 月 9 日） 本周新房二手房成交同比均由正转负；深圳拟收 购商品房用作保障房 本周新房成交面积同环比均由正转负；二手房成交面积环比降幅收窄，同比由正转负；新 房库存面积环比上升，同比下降；去化周期同环比均上升。 核心观点 新房成交面积同环比均由正转负，政策放松后前期积累的需求基本已经释放完毕，政策效果边际 减弱，不过一线城市仍然具备一定韧性，新房成交同比持续正增长。新房成交面积为188.3 万平方 米，环比下降24.3%，同比下降5.3%，同比增速由正转负，较上周下降了8.1 个百分点。一、二、 三四线城市新房成交面积分别为64.3、83.0、40.9 万平方米，环比增速分别为-7.6%、-32.3%、-27.5%， 同比增速分别为50.4%、-24.1%、-27.3%。一线城市同比增速上升了36.2 个百分点，二、三四线城 市同比降幅分别扩大了21.8、26.6 个百分点。 二手房成交面积环比降幅收窄，同比由正转负，二手房成交情况相对好于新房，一线城市同比仍 保持正增长。18 个城市成 ...

社会服务 | 证券研究报告 — 行业周报 2024 年 8 月 13 日 强于大市 社会服务行业双周报 板块回调关注度提升，服务消费再迎政策利好 | --- | |-----------------------------------------------------------------------| | 前两交易周（2024.07.29-2024.08.09）社会服务板块上涨 6.14%，在申万一级 | | 个行业排名中位列第 1。社会服务板块跑赢沪深 300 指数 8.42pct。近期市 | | 场迎来底部机遇，板块回调明显，关注度有所回升。此外暑期旅游市场持续 | | 火热，叠加国家就服务消费发展作出的全面部署，社服再迎政策催化，有望 | | 利好旅游、餐饮及教育相关产业链，我们维持行业强于大市评级。 | | &行业动态数据 | | 前两交易周社会服务板块上涨 6.14%，社会服务子板块及旅游零售板块中 | | 个上涨，涨跌幅由高到低分别为：教育（17.19%）、旅游及景区（5.16%）、 | | 酒店餐饮（4.23%）、专业服务（2.27%）、旅游零售（-3.41%）。 | | 北上资金方面，前 ...

| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-----------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n8 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 8 月 13 日 \n中银晨会聚焦 -20240813 | | 1519.HK | | 极兔速递 | -W | | | 002001.SZ | | 新和成 | | | | 002409.SZ | | 雅克科技 | | ■ 重点关注 | | 002340.SZ | | 格林美 | | | | 68819 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The container shipping price index has decreased week-on-week, while new ship orders across various types have increased. As of August 8, the Drewry World Container Index fell by 3% to $5,551 per FEU, down 47% from the peak of $10,377 per FEU in September 2021, but up 291% from the pre-pandemic average of $1,420 per FEU in 2019 [2][7] - There has been a significant increase in inbound and outbound travel, particularly in the Yangtze River Delta region, with a total of 287 million inbound and outbound travelers in the first half of the year, a year-on-year increase of 70.9% [2][8] - Logistics business volume maintained expansion in July, with the logistics industry prosperity index at 51%, down 0.6 percentage points from June [2][12] Summary by Sections 2.1 Air Logistics High-Frequency Data Tracking - Air freight prices remained stable from late July to early August, with the Shanghai outbound air freight price index at 4,565 points, up 30.4% year-on-year [13] - In July, domestic cargo flights increased by 14.48% year-on-year, while international flights rose by 24.71% [15] 2.2 Shipping Port High-Frequency Data Tracking - The container shipping price index has dropped, with the SCFI index at 3,253.89 points, down 2.36% week-on-week [17] - In the first half of 2024, national port cargo throughput reached 8.563 billion tons, a year-on-year increase of 4.6% [21] 2.3 Express Logistics Dynamic Data Tracking - In June, express delivery volume increased by 17.70% year-on-year, with total express delivery volume reaching 14.571 billion pieces [23]

Investment Rating - The report rates the electric power equipment industry as "outperforming the market" [2][7]. Core Insights - The Central Committee of the Communist Party of China and the State Council issued the "Opinions on Accelerating the Comprehensive Green Transition of Economic and Social Development," marking a systematic deployment of green transition at the national level [3]. - The report highlights that China will vigorously develop non-fossil energy, promote the green and low-carbon transformation of traditional industries, and accelerate the construction of a new power system, aiming to lead the global green transition process [3]. - The demand for photovoltaic (PV) installations in China is expected to remain strong, supported by the country's leading manufacturing capabilities in solar and wind energy [3]. - The report notes that the price of silicon materials has stabilized and is showing signs of recovery, with a clear trend of increasing demand for PV installations and a contraction in supply, which may lead to a recovery in industry chain prices [2][3]. Summary by Sections Policy and Market Dynamics - The "Opinions" set forth 33 specific goals, including the enhancement of non-fossil energy consumption to around 25% by 2030, up from approximately 17.9% in 2023, indicating a growth potential of over 7 percentage points from 2023 to 2030 [3]. - The report emphasizes that the execution of energy consumption indicators in the PV supply chain is expected to strengthen, optimizing the main industry chain supply [3]. Industry Supply and Demand - The report indicates that the core reason for the continuous decline in prices within the PV main industry chain is the abundance of existing production capacity [3]. - The production of silicon materials is projected to be around 138,000 tons in July 2024, with expectations of stable production in August, suggesting a potential optimization of supply and demand in the upstream PV industry chain [3]. Investment Recommendations - The report suggests that the fundamentals of the PV market have reached a bottom, with upward signals in silicon prices and a release of global PV installation demand, indicating a potential reversal in supply-demand relationships [3]. - Recommended companies include Tongwei Co., JinkoSolar, First Solar, Flat Glass Group, LONGi Green Energy, JA Solar, and Trina Solar, with additional companies to watch such as Junda Co., Daqo New Energy, GCL-Poly Energy, and Canadian Solar [3].

Core Insights - The report highlights that July's Consumer Price Index (CPI) growth rate increased compared to June, primarily driven by weather impacts on food prices and summer travel consumption, which are expected to continue influencing CPI in the third quarter [2][3] - The report anticipates that while CPI will generally rise throughout the year, the upward trend may not be evident until the fourth quarter due to base effects [2] - The Producer Price Index (PPI) showed a weak year-on-year growth rate, with various factors such as declining manufacturing PMI and weakened export growth contributing to the pressure on PPI [2][3] Economic Overview - July CPI increased by 0.5% month-on-month and 0.5% year-on-year, with core CPI rising by 0.4% year-on-year [2] - Food prices significantly impacted CPI, with fresh vegetables and eggs rising by 9.3% and 4.4% respectively, contributing approximately 0.20 percentage points to the CPI increase [2] - Non-food prices also rose due to strong summer travel demand, with airfares and accommodation prices increasing more than the historical average for this period [2][3] Industry Performance - The report notes that the real estate sector showed a positive performance with a 1.64% increase, while the media sector rose by 2.24% [1] - Other sectors such as oil and petrochemicals, social services, and retail also experienced gains, indicating a generally positive trend across various industries [1] - The manufacturing sector's performance is under scrutiny due to a decline in the manufacturing PMI production index and weaker export growth, suggesting potential challenges ahead [3]