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： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - The company announced a plan to issue up to 167 million shares to specific investors, raising a total of up to 4.5 billion yuan for three projects aimed at expanding production capacity in automotive electronics [10]. - The new orders from various clients, including major automotive manufacturers, provide strong support for the company's expansion plans [10]. - The projected revenue growth for 2024-2026 is expected to be 29.26%, 25.08%, and 19.54% respectively, with net profit growth rates of 36.49%, 29.24%, and 23.77% [10]. Summary by Sections Company Overview - The company operates in the computer/software development industry and has a current stock price of 97.26 yuan [6]. - The total share capital is 555.01 million shares, with a market capitalization of approximately 53.64 billion yuan [6]. Financial Projections - Revenue is projected to reach 28.32 billion yuan in 2024, 35.42 billion yuan in 2025, and 42.34 billion yuan in 2026, with corresponding growth rates of 29.26%, 25.08%, and 19.54% [11]. - The expected net profit for the same years is 2.11 billion yuan, 2.73 billion yuan, and 3.38 billion yuan, with growth rates of 36.49%, 29.24%, and 23.77% [11]. - Earnings per share (EPS) are forecasted to be 3.80 yuan, 4.92 yuan, and 6.08 yuan for 2024, 2025, and 2026 respectively [10]. Capital Raising and Investment Projects - The funds raised will be allocated to three key projects: the construction of an automotive electronics base, production of intelligent automotive electronic systems, and the development of a smart computing center [10]. - The total investment for these projects is approximately 57.43 billion yuan, with significant portions funded by the new share issuance [10]. Market Position and Orders - The company has secured new project orders from major clients such as Ideal Auto, GAC, and Geely, which are expected to bolster its production capabilities in smart driving and smart cockpit technologies [10]. - The ongoing demand for new projects is seen as a strong underpinning for the company's growth and expansion strategy [10].