Investment Environment - Vietnam implements a negative list system for foreign investment, with 25 prohibited industries and 59 restricted industries, primarily related to national security and services like education and entertainment[3] - Foreign investment methods include direct investment, indirect investment, and mergers & acquisitions, with significant opportunities in sectors like banking, aviation, and telecommunications[3] - Vietnam offers advantages such as political stability, rapid economic growth, tax incentives, and a strategic geographic location with multiple ports[3] - Challenges include macroeconomic instability, low labor quality (only 20% of workers have good education or training), and reliance on imported machinery and raw materials[3] Labor Market - Vietnam's labor costs are among the lowest globally, higher only than Mexico and India, with average salaries for production workers at $5,000 annually[5] - Vietnam's population growth rate is comparable to China's in 2001, but its aging population is similar to China's in 2012, with 65+ age group accounting for 20% of the population[6] - The labor participation rate in Vietnam is declining, currently at 75%, similar to China's level in 2006[9] Export and Industry - Vietnam's export-to-GDP ratio reached 90% in 2022, driven by strong performance in manufacturing and construction sectors[11] - Machinery and equipment exports have grown significantly since 2005, now accounting for 40% of total exports, while textiles and agriculture have declined[13] - The U.S. and China remain Vietnam's largest export markets, with the U.S. accounting for 30% of exports in 2021[14] Stock Market - Vietnam's stock market capitalization has grown rapidly, reaching 120% of GDP in 2020, similar to China's level in 2007[18] - The top 30 companies account for over 60% of the total market capitalization, with financial and real estate sectors dominating[18] - Foreign investors play a significant role, with foreign holdings showing a strong correlation with the Ho Chi Minh Index performance[27] Risks - Global geopolitical changes and U.S. inflation could significantly impact Vietnam's market stability[41] - Domestic economic recovery may be hindered by weak consumer demand and unstable real estate markets[41]

证券研究报告 非金融公司|公司点评|东方电气（600875） 在手订单饱满，提质增效回报股东 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月10日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 公司实现营收 334.57 亿元，同比+11.84%，实现归母净 利润 16.91 亿元，同比-15.52%，实现扣非归母净利润 16.34 亿元，同比-10.16%。2024Q2 公 司实现营收 184.04 亿元，同比+21.09%，实现归母净利润 7.86 亿元，同比-20.08%，实现扣 非归母净利润 5.79 亿元，同比-33.08%。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月10日 东方电气(600875) 在手订单饱满，提质增效回报股东 | --- | --- | |--------------------------|-------------------------| | | | | 行 业： | 电力设备/其他电源 ...

证券研究报告 宏观经济|宏观点评 就业市场仍总体走弱，美联储降息在即 ——美国 8 月非农就业数据点评 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月10日 证券研究报告 |报告要点 美国家庭调查的失业率从 7 月的 4.2528%，回落到 8 月的 4.2213%，仍高于美联储 6 月预期， 失业率略微下降的一个重要原因可能是暂时性失业的回落。新增非农 14.2 万人，前值下修到 8.9 万，其中私人部门的新增就业 11.75 万人。职位空缺 7 月较 6 月继续下降，为 767 万，职 位空缺失业比 1.07，工作岗位的需求维持低位。美联储主席在 Jackson Hole 的会议上说， "我们不寻求也不欢迎劳动力市场状况进一步降温"。综合各数据，9 月份降息基本没有悬念， 我们认为降息 25 基点仍是最可能的情形。 |分析师及联系人 樊磊 王博群 SAC：S0590521120002 SAC：S0590524010002 请务必阅读报告末页的重要声明 1 / 33 宏观经济|宏观点评 glzqdatemark2 2024年09月10日 报告类型 就业市场仍总体走弱，美联储降息在 ...

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but it highlights positive trends in certain sectors such as TMT, consumer goods, and pharmaceuticals [3][4][32] Core Views - Global economic resilience in 2024 has led to 80% of multinational companies achieving their performance targets in Q1 2024 [3] - Revenue growth in China for multinational companies has rebounded to 12 1% in Q1 2024, although the revenue share has declined over the past two years [3] - Multinational companies remain optimistic about the Chinese market, particularly in sectors like durable consumer goods, TMT, and financial services [26][27] "Numbers" Perspective on China - Multinational companies' revenue in China has shown signs of recovery since Q2 2023, with a notable rebound in Q1 2024 [3][16] - The revenue share of China in the total revenue of multinational companies has declined, with a 0 4 percentage point drop to 15 1% in 2023 [16] - The recovery in China's revenue is partly driven by improved performance in the semiconductor and hardware sectors [16] Global Outlook - Multinational companies are optimistic about the global economic recovery, particularly in sectors like energy, TMT, and consumer goods [3][19] - The development of AI and the recovery of consumer electronics are seen as key drivers for future growth [3][22] - Despite geopolitical uncertainties, multinational companies remain confident in their business prospects [3] Operational Details - 54% of multinational companies plan to increase capital expenditures, with TMT, consumer goods (excluding automotive), and pharmaceuticals showing the strongest intentions [32][34] - Companies like Volkswagen are investing heavily in electrification and digital transformation, while Ford Motor is tightening capital expenditures due to market volatility [4][35] - AI infrastructure development is driving significant growth in power demand, with companies like NextEra Energy expecting a 15% CAGR in data center demand over the next decade [4] AI Wave - AI-related infrastructure investments are growing, with companies like Apple and Microsoft focusing on data centers and servers [4] - The demand for electricity is expected to rise significantly due to AI infrastructure development, with companies like Caterpillar and NextEra Energy anticipating long-term growth opportunities [4] Market Sentiment in China - 56% of multinational companies hold a positive outlook on the Chinese market, particularly in sectors like TMT, durable consumer goods, and financial services [26][27] - Consumer confidence and policy effectiveness remain key concerns, with some industrial companies acknowledging weak demand and overcapacity issues [28][29]

证券研究报告 北交所投资策略|专题报告 北交所半年报点评：补库和 CAPEX 低意 愿，毛利率有改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月10日 证券研究报告 |报告要点 2024Q2 需求复苏缓慢；随着存货消化和产能利用率提升，毛利率开始修复;由于费用支出存在 刚性，以及政府补贴政策改变，影响净利率和 ROE 表现。企业营运效率年度比较仍处于下降 通道，但 Q2 较 Q1 环比有所改善。建议关注下半年三大结构性机会，1）绩优分红板块；2）消 费电子板块；3）出海为主导的汽车零部件后装市场等。 |分析师及联系人 刘建伟 SAC：S0590524050005 请务必阅读报告末页的重要声明 1 / 17 北交所投资策略|专题报告 glzqdatemark2 2024年09月10日 毛利率有改善 国联北证|策略专题八 北交所半年报点评：补库和 CAPEX 低意愿， 市场表现 -30% -7% 17% 40% 2023/9 2023/12 2024/3 2024/6 2024/9 北证50 相关报告 1、《领先工艺包提供商，产品实现国产替代 ——北交所新股申购策略之八》2024. ...

证券研究报告 行业研究|行业深度研究|小金属（212405） 供需缺口放大，钼价中枢上移 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月10日 证券研究报告 |报告要点 钼是全球稀缺的战略性小金属，短期全球钼矿供给增量主要来自于在产矿山的改扩建项目。 根据我们的测算，2024-2026 年全球钼供给量预计为 27.7/29.3/30.3 万吨，分别同比增加 0.7/1.5/1.1 万吨。钢铁行业高端化转型和风电、新能源汽车等战略性新兴产业的高速发展， 有望催化高性能、高附加值的不锈钢、合金钢等钼含量高的特钢需求潜力释放。我们预计 2024- 2026 年全球钼需求量分别为 29.9/31.5/33.0 万吨，分别同比增加 1.3/1.6/1.5 万吨；供需缺 口分别为-2.1/-2.2/-2.7 万吨。全球钼供需缺口持续放大，支撑钼价中枢上移。推荐资源端 禀赋优质的龙头矿企紫金矿业、洛阳钼业等。 |分析师及联系人 丁士涛 刘依然 SAC：S0590523090001 SAC：S0590523110010 请务必阅读报告末页的重要声明 1 / 29 行业研究|行业深度研究 glzqd ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported stable order growth and significant performance increase in nuclear power engineering [4] - In H1 2024, the company achieved revenue of 54.627 billion yuan, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 0.955 billion yuan, up 6.88% year-on-year [5][6] - The company has a strong competitive advantage and stable profit growth, benefiting from the high prosperity of the nuclear power industry [5] Financial Performance Summary - In H1 2024, the company’s revenue from nuclear power engineering increased by 30.22% year-on-year, while industrial and civil engineering revenue decreased by 5.71% [5] - The gross margin and net margin for H1 2024 were 9.83% and 2.43%, respectively, both showing year-on-year improvements [5] - The company signed new contracts worth 76.637 billion yuan in H1 2024, representing a year-on-year increase of 17.07% [5] Future Projections - Revenue projections for 2024-2026 are 119.687 billion yuan, 128.457 billion yuan, and 135.312 billion yuan, with year-on-year growth rates of 9.42%, 7.33%, and 5.34% respectively [5][6] - Net profit attributable to shareholders is projected to be 2.452 billion yuan, 2.939 billion yuan, and 3.277 billion yuan for the same period, with growth rates of 18.86%, 19.87%, and 11.50% respectively [5][6] - The company’s earnings per share (EPS) are expected to be 0.81 yuan, 0.98 yuan, and 1.09 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 8.4, 7.0, and 6.3 [5][6]

地方细则落地，政策弹性可期 ——家电行业8月月报及9月投资策略 国联证券家电研究团队 分析师：管泉森 S0590523100007 | 孙珊 S0590523110003 | 贺本东 S0590523110005 | 崔甜甜 S0590523110009 | 莫云皓 S0590523120001 2024年9月9日 证券研究报告 报告评级：强于大市|维持 请务必阅读报告末页的重要声明 目 录 第一部分 9月投资观点 第二部分 8月市场回顾 第三部分 重点数据跟踪 第四部分 投资建议&核心报告 guolian securities 下 B 9月投资观点 1、 Q 2 地方细则持续落地，期待内需政策弹性 | --- | --- | --- | --- | |-----------------------------------------------------------------------------|----------|----------|-------------------------------------------------------------------------| | | | ...

证券研究报告 行业研究|行业专题研究|农林牧渔（2111） 生猪养殖行业扭亏为盈，宠物食品企业 表现亮眼 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月09日 证券研究报告 |报告要点 2024H115 家上市猪企实现归母净利润 11.91 亿元，同比扭亏为盈。2024H13 家宠物食品企业 总营收 52.29 亿元（同比+22.36%），总归母净利润 5.49 亿元（同比+111.73%），其中乖宝宠 物境内外业务稳健增长叠加产品结构改善，带动利润增长；中宠股份主粮业务持续发力，叠加 国内业务实现盈利带动利润增长。2024H1 上市 4 家主要饲料企业总营收 705.25 亿元（同比3.39%），总归母净利润 20.66 亿元（同比+90.57%）。 |分析师及联系人 王明琦 马鹏 涂雅晴 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 23 行业研究|行业专题研究 glzqdatemark2 2024年09月09日 农林牧渔 生猪养殖行业扭亏为盈，宠物食品企业表现 亮眼 投资建议： 强于大市（维持） 上次建议： ...

展 证券研究报告 非金融公司|公司点评|德赛西威（002920） 新订单有力支撑，定增扩产助力长远发 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月09日 证券研究报告 |报告要点 2024 年 9 月 6 日，公司发布公告：董事会和监事会审议通过了公司向特定对象发行股票的相 关议案，拟向不超过 35 名特定对象发行不超过 1.67 亿股，募资总额不超过 45 亿元。募集资 金用于三个项目：1）德赛西威汽车电子中西部基地建设项目（一期）；2）智能汽车电子系统 及部件生产项目；3）智算中心及舱驾融合平台研发项目。这三个募投项目可以有效扩大智能 驾驶、智能座舱等汽车电子产品的产能；并优化公司产能布局，提升区域客户集群配套服务能 力；同时持续研发有竞争力的产品，实现公司的可持续发展。 |分析师及联系人 高登 黄程保 SAC：S0590523110004 SAC：S0590523020001 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月09日 德赛西威(002920) 新 ...