证券研究报告 行业研究|行业专题研究|商用车（212806） 以旧换新撬动内需，商用车龙头充分受 益 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月04日 证券研究报告 |报告要点 两部委发布《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》（以下简称《措 施》），对比 4 月《汽车以旧换新补贴实施细则》，增加对于国三老旧营运货车和新能源公交报 废补贴细则，资金来源为 1500 亿元左右超长期特别国债，央地资金共担比例按照 9:1 原则实 行，中央至少分担 85%，减轻地方财政压力，有望显著拉动整车内需。内需向上，叠加出口高 增长，龙头率先受益，盈利有望超预期，配置价值进一步提升。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 15 行业研究|行业专题研究 glzqdatemark2 2024年08月04日 商用车 以旧换新撬动内需，商用车龙头充分受益 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 商用车 沪深300 -30% -13% 3% 20% 202 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the defense and military industry [1]. Core Insights - The demand for efficient cost-performance guided bombs is surging, aligning with the current trends of low-cost and intelligent warfare [5][6]. - The strategic deterrent effect of guided bombs is significant, with a kill radius reaching nearly 1,000 meters, indicating a substantial increase in wartime demand and production efficiency [7][22]. Summary by Sections Section 1: Overview of Guided Bombs - Guided bombs are preferred for their high destruction capability, long range, high precision, and low cost, making them one of the most widely used conventional weapons in modern high-tech local wars [6]. - The types of guided bombs include various categories such as explosive bombs, fragmentation bombs, incendiary bombs, armor-piercing bombs, cluster bombs, and guided bombs [6]. Section 2: Demand and Production Trends - The production rate of various munitions in Russia has increased significantly, with some factories reporting a fivefold increase in overall production rates compared to 2023 [7]. - The FAB-3000 bomb, with a total mass of 3,067 kg and an explosive charge of 1,387 kg, is designed to target complex and protected important objectives, showcasing the growing demand for high-capacity guided bombs [7]. Section 3: Development History of Guided Bombs - The development of guided bombs has progressed through three main stages: 1. Basic unguided systems with low accuracy [9]. 2. Conventional bombs with passive guidance systems [9]. 3. Advanced smart bombs with composite guidance systems [9]. Section 4: Guidance Systems and Precision - The glide distance and release altitude significantly affect the precision of guided bombs, with higher altitudes generally yielding better accuracy [12]. - JDAM bombs demonstrate a clear advantage in precision compared to conventional bombs, with a much lower miss distance [12]. Section 5: Future Directions - The future of guided bombs is focused on standardization, serialization, and modularization, with the U.S. military developing a comprehensive system of approximately 135 types of guided bombs [13]. - The integration of drones for deploying guided bombs is increasingly common, reflecting a shift in operational tactics [13]. Section 6: Cost and Performance Analysis - The cost of guided bomb kits ranges from approximately 20,000 to 30,000 RMB, depending on performance [16]. - The cost-effectiveness of guided bombs is significantly higher than that of conventional bombs, with laser-guided bombs demonstrating a much lower expenditure for similar operational effectiveness [17]. Section 7: Domestic Developments - China has a rich experience in developing various types of guided bombs, with several models showcased at international airshows [20]. - The demand for energetic materials, particularly black powder, is expected to rise due to the increasing production of guided bombs [34].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of HKD 11.8 billion for H1 2024, a year-on-year decrease of 6% and a half-on-half decrease of 17%. The net profit attributable to shareholders was HKD 2.7 billion, reflecting a year-on-year increase of 27% but a half-on-half decrease of 15%. Overall, the performance met expectations [5][6] - The automotive glass segment showed strong growth, while the float glass and architectural glass segments were the main revenue drags, compounded by the negative impact of RMB depreciation. The company expects its automotive glass annual production capacity to reach 29.46 million pieces by the end of 2024, a year-on-year increase of 7% [5][6] - The company’s gross profit margin improved significantly, with the overall gross margin at 34.3% and net profit margin at 23.1%, both showing year-on-year increases. The float glass and architectural glass margins faced pressure due to weak demand, while automotive glass profitability continued to improve due to marginal cost improvements [5][6] Summary by Sections Financial Performance - For H1 2024, the company’s revenue from float glass, automotive glass, and architectural glass was HKD 7 billion, HKD 3.3 billion, and HKD 1.6 billion respectively, with year-on-year changes of 13%, 9%, and -3% [5][6] - The company’s comprehensive gross margin and net profit margin were 34.3% and 23.1%, respectively, with year-on-year increases of 5.3 percentage points and 6.1 percentage points [5][6] Future Outlook - The company is expected to achieve revenues of HKD 27.7 billion, HKD 28.8 billion, and HKD 30.2 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3%, 4%, and 5% [5][6] - The net profit attributable to shareholders is projected to be HKD 5.9 billion, HKD 6.5 billion, and HKD 7.2 billion for the same years, with year-on-year growth rates of 9%, 12%, and 10% [5][6]

证券研究报告 行业研究|行业专题研究|通信（2173） 5G RedCap 助力物联网发展 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月04日 证券研究报告 |报告要点 5G RedCap 技术的引入弥补了中高速物联场景，RedCap 对终端硬件能力进行裁剪，从而降低 成本和功耗，同时继承大带宽、低时延、切片等 5G 代际能力。R17 RedCap 的速率能力可以覆 盖 LTE-Cat.4 的业务，而 R18 RedCap 则可以覆盖 LTE-Cat.1/1bis 的业务。3GPP 提出了三类 RedCap 典型应用场景：工业无线传感器、视频监控、可穿戴设备。产业链紧跟 5G RedCap 产 品的研发，5G RedCap 模组在商用初期价格约在 300 元左右，预计未来模组价格会逐步下探。 建议关注物联网模组头部厂商：移远通信、广和通、美格智能。 |分析师及联系人 张宁 张建宇 SAC：S0590523120003 SAC：S0590524050003 请务必阅读报告末页的重要声明 1 / 8 行业研究|行业专题研究 glzqdatemark2 2024年08月04日 通信 5 ...

证券研究报告 行业研究|行业点评研究|非银金融（2149） 保险产品预定利率再次下调影响解析 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月03日 证券研究报告 |报告要点 金融监管总局向保险行业下发《关于健全人身保险产品定价机制的通知》，要求各保险公司新 备案的普通型、分红型、万能型保险产品的预定利率上限分别降至 2.5%、2.0%、1.5%。监管 此举的目的在于压降保险公司的负债成本。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 glzqdatemark2 2024年08月03日 非银金融 保险产品预定利率再次下调影响解析 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 非银金融 沪深300 -30% -17% -3% 10% 2023/8 2023/12 2024/4 2024/8 相关报告 1、《非银金融：2024Q2 金融板块持仓点评： 保 险 和 银 行 获 增 配 ， 证 券 被 减 配 》 2024.07.22 2、《非银金融：关于证监会《依法批准暂停 转 ...

系研究报告 行业研究 | 行业专题研究 | 通信 (2173) 5G RedCap 助力物联网发展 诗券必闻读核李术页的支委声明 2024年08月04日 f免报告 | 报告委总 5G RedCap 技术的引入除补了中高達物联场茶，RedCap 对终场硬件能力进行病育，从高降货 成本科功耗，网时结系大审定、货时延、物片等 5G 氏陈能力。R17 RedCap 的选手能力可以费 点 LTE-Cat.4 的业务，充 R18 RedCap 对可以费点 LTE-Cat.1/1bis 的业务。3GPP 提出了三美 RedCap 亲婺应用场求：工业无线传奇奇、视频监控、环劣就设备。产业经系求 5G RedCap 产 总的场发，5G RedCap 核组在高周科劳价格均在 300 无左右，预计未未被组价格会进步下探。 建议关注物联网模组实举广市：移送通信、广构通、关秘警能， | 分析师及联系人 系宁 祭走宇 SAC: $0590523120003 SAC: $0590524050003 诗券必闻读核李某页的支委声明 1 / 8 行业务党 | 行业专题研究 20244,08,1104,81 通信 5G RedCap 助力物联网 ...

紫研究报告 行业研究 | 行业专题研究 | 商用 争（212305） 以旧换新撬动内需，商用车龙头充分受 活 诗条必闻读核含本页的支委声明 2024年08月04日 f免报告 | 报告委总 两半未发布《关于か力支持大规模设备更新科消费总以旧装新的营子搭载》《以下背称《将 活》》，对比４月《汽车以旧装桥补贴安装编制》，增办对于因三老旧密连贷车构新能涨公交援 度补贴网料，这会未涨为 1500 亿元左右超长期转别因後，突地资金会披比例装照 9:1 原则实 行，中央至少分类 85%，减轻地方财政压力，有贸易茶栽动娄丰内容。内容向上，金沙出口满 增长，龙头率先交单，盈利有望越预期，配置价值进一步规升。 | 分析师及联系人 态会 陈希竹 SAC: $0590523110004 SAC: $0590523100009 靖秀必闻读核李永真的支委声明 1 / 15 行业务党 | 行业专题研究 20244,08,1104,81 商 用 车 以旧换新撬动内需，商用车龙头充分受益 赵京难汉： 上达成汉： 受予大齐（疫材） 这予大方 相对大血大分 20% -13% -30% 2023/12 2024/4 2024/8 2023/8 相关 ...

国防军工周报 (7. 29–8. 2) 。 高效费比制予炸弹驱动 含能炸药及智能樸块需求跃升 国联证券国防军工研究团队 2024年8月4日 证券研究报告 报告诉级：强于大势丨维持 请务必问读报告未页的重要声明 第一部分 日 求 高效费比航空炸弹轰符合当前低成本种智能化战争趋势 养二部分 航空炸弹的模块化设计、套件价格及装药情况 养三部分 结论 Post 高效费比航空炸弹或将合当前低成本种 1 > 宿 能 化 或 季 港 參 航空炸弹简介：高致伤+远射程+高精度+低成本的无动力打击弹药首选 ◥ 就空外界是飞机挂或被放的无效力打击弊药，是现代高技术局新战争中使用教重重大的常规兵器之一，具有高敏伤、选料程、高精度、 儀成本的优势。 ◥ 航空炸牙一般都由牙体战战斗部、牙翼、引信、牙牙(英群猛)等几部分独成。一些特殊航牙还为装有制导教室、升力翼面、减速教室等 附件以实现特定功能。 ◥ 航空炸碎品奏繁多，用于摆放杀伤日标的主用炸弹包括爆战炸弹、杀伤炸弹、燃烧炸弹、穿甲炸弹、乘表炸弹、于串炸弹和射手炸弹 作。 GBU-53/BSDBI - - "暴风之佳" 清狗式精确制导航空炸 27 , 38.92 12 11 81 导训 ...

证券研究报告 非金融公司 | 公司总评 | 宇通客车（600000） 浅拳致７月销量承压，８月有望环比向 上 诗条必闻读核含本页的支委声明 2024年08月04日 报告 | 报告委总 2024 予 8 月 2 日，公司复布 7 月产领技报，7 月公司失现李丰领奖 3355 纳，同比-8. 7%，环 比-29.3%: 1-7 月李丰玉计简圣 2.4 万辆，网比+27.1%。新能涨公文车以旧换新补贴改革落 地，有望是亲栽动的旁，金か泽外旁亲甚至，希好公司显利向上，分如比例弄视升。 | 分析师及联系人 态会 陈希竹 SAC: $0590523110004 SAC: $0590523100009 请券必闻读核查未真的支卖声明 1 / 5 非全級公司总经 20244,08,1104,81 字通客车 (600066) 淡季致７月销量承压，８月有望环比向上 达汽车/ 奇 风 车ओ 买入（贷村）经济评选： स था ी21. 68 元 是 本 數 地 总裁本/演唱戰本 (百方記) 2, 213, 94/2, 213, 94 选词 A 显 李佳 (百方无) 47, 998. 20 年氣冲突占 以 6. 57 天戶 外環中 (1 ...

Investment Rating - The investment rating for Gree Electric Appliances is "Buy" (maintained) [6] Core Insights - Gree Electric Appliances has launched its third employee stock ownership plan, involving up to 12,000 employees with a funding scale not exceeding 1.614 billion yuan and a stock scale of up to 7.94621 million shares, accounting for 1.41% of the total share capital [3][10] - The share purchase price is set at 20.31 yuan per share, which is 50% of the average price on the trading day before the board meeting [10] - The plan includes performance targets for the first and second phases, requiring a weighted average return on equity (ROE) of no less than 20% for the fiscal years 2024 and 2025 [11] - The new incentive plan is expected to have a positive impact due to the recent government subsidies for replacing old appliances, which aligns with the company's operational strategies [11] Summary by Sections Company Overview - Gree Electric Appliances operates in the home appliance/white goods industry [6] - Current stock price is 40.65 yuan, with a total market capitalization of approximately 226.96 billion yuan [6] Financial Data - Total shares outstanding: 5,631.41 million; circulating shares: 5,583.15 million [6] - Earnings per share (EPS) for 2024 is projected at 5.68 yuan, with a price-to-earnings (P/E) ratio of 7.2 [11] - Revenue for 2024 is estimated at 218.51 billion yuan, reflecting a growth rate of 7.13% [11] Performance Projections - Expected net profit for 2024 is 31.99 billion yuan, with a growth rate of 10.24% [11] - The company anticipates achieving net profits of 32 billion yuan in 2024 and 35.5 billion yuan in 2025, corresponding to P/E ratios of 7.2 and 6.4, respectively [11]