Investment Rating - The report does not explicitly state an investment rating for the oil industry, but it provides detailed insights into supply and demand dynamics, which can inform investment decisions. Core Insights - The average price of Brent crude oil in August 2024 was $77.8 per barrel, a decrease of $6.1 per barrel month-on-month and a decrease of $7.3 per barrel year-on-year. The average price for 2024 is projected to be $83.4 per barrel, an increase of $1.2 per barrel year-on-year [4]. - Global crude oil production in 2023 was 101.79 million barrels per day (mb/d), with consumption at 101 mb/d. For 2024, production is expected to rise to 102.36 mb/d (up 0.6% year-on-year), while consumption is projected to reach 102.94 mb/d (up 1% year-on-year), indicating a demand-supply gap of -0.59 mb/d [6]. - OPEC's production in 2023 averaged 32.19 mb/d, a decrease of 2.2% year-on-year. In the first seven months of 2024, OPEC's production was 31.95 mb/d, down 1.6% year-on-year but up 0.3% month-on-month [9]. - U.S. crude oil production in 2023 was 21.91 mb/d, an increase of 7.9% year-on-year. In the first seven months of 2024, production averaged 22.3 mb/d, up 3.8% year-on-year but down 0.3% month-on-month [11]. - Russian crude oil production in 2023 was 10.76 mb/d, a decrease of 2.0% year-on-year. In the first seven months of 2024, production averaged 10.5 mb/d, down 1.3% year-on-year and 2.4% month-on-month [13]. - U.S. crude oil consumption in 2023 was 20.24 mb/d, an increase of 1.2% year-on-year. In the first seven months of 2024, consumption averaged 20.25 mb/d, down 0.7% year-on-year and 1.2% month-on-month [16]. - Indian crude oil consumption in 2023 was 5.3 mb/d, an increase of 5.7% year-on-year. In the first seven months of 2024, consumption averaged 5.61 mb/d, up 5.6% year-on-year and 7.1% month-on-month [18]. - Chinese crude oil consumption in 2023 was 16.06 mb/d, an increase of 6% year-on-year. In the first seven months of 2024, consumption averaged 16.4 mb/d, up 1.9% year-on-year and 2.5% month-on-month [20]. Summary by Sections Supply - Global crude oil production is projected to increase slightly in 2024, with OPEC and Russian production declining [6][9][13]. - U.S. production shows a modest increase, while the number of drilling rigs has decreased [11]. Demand - U.S. crude oil consumption is experiencing a slight decline, while Indian consumption is growing significantly [16][18]. - Chinese consumption shows a slower growth rate compared to previous years [20].

Investment Rating - The report suggests a positive outlook on the autonomous driving and vehicle-road-cloud industries, indicating that the commercialization of driverless vehicles is becoming a reality in Shanghai and Wuhan [2][4]. Core Insights - Shanghai has issued the first batch of driverless passenger licenses, allowing companies like Baidu and AutoX to operate driverless vehicles for public use, marking a significant step towards the commercialization of autonomous driving [1][4]. - The development of autonomous driving technology is being accelerated in Shanghai, with policies aimed at expanding open test roads and facilitating the integration of autonomous vehicles into urban environments [1][4]. - Baidu's "Apollo Go" service has seen substantial growth in Wuhan, completing over 600,000 orders and achieving a 25% year-on-year increase in ride services in the first quarter of 2023 [2][4]. Summary by Sections Shanghai's Driverless Passenger Licenses - The first batch of driverless passenger licenses was issued during the 2024 World AI Conference, allowing for free public rides in designated areas [1][4]. - The licenses are valid from July 4, 2024, to January 4, 2025, and require vehicles to complete at least 5,000 kilometers of demonstration applications before commercial operation [1][4]. Development of Autonomous Driving in Shanghai - Shanghai has opened 1,003 test roads, totaling over 2,000 kilometers, to facilitate the testing and development of autonomous driving technology [1][4]. - The city aims to gradually open expressways for autonomous driving, laying the groundwork for broader integration into urban transport systems [1][4]. Baidu's "Apollo Go" in Wuhan - "Apollo Go" has successfully navigated complex road scenarios in Wuhan, achieving full coverage of the city and providing over 600,000 rides as of April 2023 [2][4]. - The service has demonstrated significant growth, with a reported 82.6 million rides in the first quarter of 2023, reflecting a 25% increase year-on-year [2][4]. Investment Recommendations - The report highlights the importance of the vehicle-road-cloud solution to address challenges faced by single-vehicle intelligence in complex road conditions [2][4]. - Companies to watch in the vehicle-road-cloud space include Wanji Technology, Tongxingbao, and Genvict Technologies, while key players in autonomous driving include Thunder Software Technology and Huizhou Desay SV Automotive [2][4].

Investment Rating - The report suggests a focus on "Outperform" for sectors related to technological innovation and new productivity development, indicating a positive outlook for investments in these areas [7][9]. Core Insights - The China Securities Regulatory Commission (CSRC) emphasizes the importance of supporting new productivity as a key responsibility and opportunity for the capital market, which can enhance the vitality of the market and allow investors to share in high-quality economic growth [3][9]. - The CSRC has introduced eight measures to deepen STAR Market reforms, which include strengthening the positioning of "hard technology," optimizing issuance and underwriting systems, and enhancing market risk prevention [3][9]. - The State Council has issued policies to support high-quality venture capital development, focusing on diversifying venture capital sources and improving exit mechanisms [4][9]. - A comprehensive financial service plan for technological innovation has been established, which includes green channels for bond issuance and support for cross-border financing [6][9]. - The central bank has initiated a RMB 500 billion re-lending program for technological innovation, with the first loans issued in June 2024 [6][9]. Summary by Sections Section 1: STAR Market Reforms - The CSRC's eight measures aim to enhance the service coverage and precision of the capital market, supporting both emerging and traditional industries [3][9]. - Key measures include optimizing the listing company financing system and supporting mergers and acquisitions [3][9]. Section 2: Venture Capital Development - The State Council's policies focus on five key measures: cultivating diverse venture capital entities, broadening funding sources, enhancing government guidance, improving exit mechanisms, and optimizing the market environment [4][9]. Section 3: Financial Services for Technological Innovation - The work plan from multiple departments aims to create a supportive financial ecosystem for technological innovation, including specialized risk control mechanisms and green channels for bond issuance [6][9]. - The plan emphasizes the importance of providing a full lifecycle financial service for technology companies, from angel investment to capital market financing [6][9]. Section 4: Investment Recommendations - The report highlights key areas for investment focus, including AI computing and applications, smart transportation, power IT, and data elements, suggesting these sectors will receive substantial support [7][9].

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 [Table_InvestInfo] 医疗 IT 订单月度数据跟踪系列： Q2 中标金额显著增长，"公立医疗机构经济管理 年"活动发布助推医疗信息化建设 [Table_Summary] 投资要点： 我们选取了卫宁健康、创业慧康、久远银海、嘉和美康四家医疗信息化行业的 上市公司，跟踪统计采招网（www.bidcenter.com.cn）公开的中标订单数据，发 布医疗 IT 订单月度数据跟踪系列报告。因为部分医疗 IT 项目为非公开招投标， 以及第三方数据有统计误差，因此跟踪数据不等同公司实际订单数据，供趋势 性参考。 Q2 千万级大单频出。根据采招网的公开中标信息，二季度千万级大单的数量与 金额有所提升，24Q2 卫宁健康、创业慧康分别中标 9 个、8 个千万级项目，最 高中标金额分别达到 4660 万元、5000 万元； 6 月卫宁健康、创业慧康各有 3 个千万级别以上的中标项目。项目内容包含院内 IT、电子病历与互联互通评级、 智慧医院、医共体、卫健 IT 等。 2024 年医疗 IT 订单有望稳健复苏。根据采招网的公开中标信 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 2024 年 07 月 06 日 [Table_AuthorInfo] "车路云"产业观察（1）：五部委发布 20 个 车路云试点城市，工信部就车路云应用和 商业运营主体做出回答 [Table_Summary] 投资要点： 20 个试点城市名单发布。根据工信部网站，2024 年 7 月 3 日，工业和信息化部、 公安部、自然资源部、住房和城乡建设部、交通运输部公布智能网联汽车"车路 云一体化"应用试点城市名单，确定了 20 个城市（联合体）为智能网联汽车"车 路云一体化"应用试点城市，指出按要照试点工作方案扎实推进建设任务，建立 完善协调工作机制，落实资金等保障措施，确保试点工作取得实效，加快形成 可复制可推广的经验。分别是北京市、上海市、重庆市、鄂尔多斯市、沈阳市、 长春市、南京市、苏州市、无锡市、杭州-桐乡-德清联合体、合肥市、福州市、 济南市、武汉市、十堰市、长沙市、广州市、深圳市、海口-三亚-琼海联合体、 成都市。 工信部：明确智能网联汽车"车路云一体化"试点商业化运营主体。根据每经网 援引工信部网站消息，2024 年 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 [Table_InvestInfo] 科技金融系列观察 5： 投早、投小、投长期、投硬科技，扎实推 动科技创新和产业创新深度融合 [Table_Summary] 投资要点： 深化科创板改革八条措施，服务科技创新和新质生产力发展。 2024 年 6 月 19 日，中国证监会主席吴清在 2024 陆家嘴论坛开幕式上的主旨演 讲指出，服务新质生产力发展，是资本市场义不容辞的责任，也是难得的机遇。 代表新质生产力发展方向的优质企业，能够为资本市场带来更多源头活水，让 投资者更好分享经济高质量发展的成果。 吴清指出证监会拥抱新质生产力发展的下一步工作，一是要提升多层次市场的 服务覆盖面和精准度。发展新质生产力不仅包括培育壮大新兴产业、布局建设 未来产业，也包括传统产业的改造提升。当务之急是深入研究相关企业的特点、 发展规律及其在投融资、激励约束、公司治理等方面的需求，有针对性地丰富 资本市场的工具、产品和服务。二是要壮大耐心资本。证监会将和有关方面一 道，积极创造条件吸引更多中长期资金进入资本市场，围绕创业投资、私募股 权投资"募投管退" ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 [Table_InvestInfo] 医疗 IT 订单月度数据跟踪系列： Q2 中标金额显著增长，"公立医疗机构经济管理 年"活动发布助推医疗信息化建设 [Table_Summary] 投资要点： 我们选取了卫宁健康、创业慧康、久远银海、嘉和美康四家医疗信息化行业的 上市公司，跟踪统计采招网（www.bidcenter.com.cn）公开的中标订单数据，发 布医疗 IT 订单月度数据跟踪系列报告。因为部分医疗 IT 项目为非公开招投标， 以及第三方数据有统计误差，因此跟踪数据不等同公司实际订单数据，供趋势 性参考。 Q2 千万级大单频出。根据采招网的公开中标信息，二季度千万级大单的数量与 金额有所提升，24Q2 卫宁健康、创业慧康分别中标 9 个、8 个千万级项目，最 高中标金额分别达到 4660 万元、5000 万元； 6 月卫宁健康、创业慧康各有 3 个千万级别以上的中标项目。项目内容包含院内 IT、电子病历与互联互通评级、 智慧医院、医共体、卫健 IT 等。 2024 年医疗 IT 订单有望稳健复苏。根据采招网的公开中标信 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 [Table_InvestInfo] 二十届三中全会： 抓紧打造自主可控的产业链供应链， 因地制宜发展新质生产力 [Table_Summary] 投资要点： 二十届三中全会闭幕，进一步全面深化改革。根据新华社消息，中国共产党第 二十届中央委员会第三次全体会议，于 2024 年 7 月 15 日至 18 日在北京举行。 审议通过了《中共中央关于进一步全面深化改革、推进中国式现代化的决定》。 习近平就《决定（讨论稿）》向全会作了说明。到二〇三五年，全面建成高水平 社会主义市场经济体制，中国特色社会主义制度更加完善，基本实现国家治理 体系和治理能力现代化，基本实现社会主义现代化，为到本世纪中叶全面建成 社会主义现代化强国奠定坚实基础。到二〇二九年中华人民共和国成立八十周 年时，完成本决定提出的改革任务。 因地制宜发展新质生产力，促进实体经济和数字经济深度融合。全会提出，高 质量发展是全面建设社会主义现代化国家的首要任务。要健全因地制宜发展新 质生产力体制机制，健全促进实体经济和数字经济深度融合制度。统筹推进财 税、金融等重点领域改革。 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 [Table_InvestInfo]"车路云"产业观察（2）： 上海发放首批无驾驶人载客牌照，萝卜快跑覆盖武汉 全市，智能驾驶和车路云协同发展恰逢其时 [Table_Summary] 投资要点： 上海发放首批无驾驶人载客牌照许可。根据中国质量新闻网 7 月 8 日消息，在 2024 世界人工智能大会期间，上海发放首批无驾驶人智能网联汽车示范应用许 可，获证企业分别为赛可智能科技（上海）有限公司、百度智行科技（上海） 有限公司、上海裹动科技有限公司（AutoX）、小马易行科技（上海）有限公司。 市民可通过相应软件预约乘坐这些无人车，且所有示范应用阶段无驾驶人载人 车辆均为免费体验。上述无驾驶人智能网联汽车在完成至少单个车辆 5000 公里 的示范应用，并验证车辆运营系统及载人运营的安全性、可靠性后，相关部门 会对这些企业和车辆进行评估。若通过评估，可在指定区域内进行商业化运营。 根据新浪城市财经，据无驾驶人载客牌照许可证显示，有效期为 2024 年 7 月 4 日至 2025 年 1 月 4 日，颁证机构为上海市经信委、上海市交通 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业专题报告 [Table_InvestInfo] 计算机行业 2024Q2 持仓分析， 机构持仓水平减少至历史低位 2.1% [Table_Summary] 投资要点： 计算机行业 2024Q2 机构持仓水平减少至 2.1%。我们根据 Wind 的机构研究，进 行了机构（基金和基金管理公司）持仓分析。2020Q2-2021Q3，计算机行业机构 持仓水平持续下降，分别为 6.3%、4.3%、4.2%、2.8%、2.6%和 2.4%。2021 年， 计算机行业机构持仓水平在 3%以下的历史低位，Q1-Q3 持仓水平环比缓慢下降， 并于 2021Q3 达到 2.4%的低位，虽然 2021Q4 计算机行业机构持仓出现略微反弹， 持仓水平恢复至 2.5%。但是 2022Q1，计算机行业机构持仓水平再次恢复下降趋 势，持仓水平再次跌至 2.3%的水平，2022Q2，计算机行业机构持仓水平继续下跌， 刷新十年来历史最低点，达到 2.0%。2022Q3，计算机行业机构持仓水平回升至 2.6%；2022Q4，进一步回升至 3.4%；2023Q1，计算机行业机 ...