行业周报 · 通信行业 中国移动数字化转型加速, Lumen 携康宁共塑光纤未来 o 一周通信板块指数下跌，通信网络设备、光纤光缆子板块相关标的表现较 好。本周上证指数跌幅为 1.48%；深证成指跌幅为 1.87%；创业板指数跌幅 为 2.60%；一级行业指数中，通信板块跌幅为 3.73%。根据我们对于通信行业 公司划分子板块数据，通信网络设备、光纤光缆子板块相关标的表现较好，板 块涨幅为 3.23%、0.62%。通信板块个股中，上涨、维持和下跌的个股占比分 别为 22.14%、1.53%和 76.34%。 。 中国移动 2024H1 业绩增长稳健，Lumen 与康宁合作有望推动光纤技术 快速演进。中国移动发布 2024 年中期业绩报告，2024H1 营业收入达人民币 5467 亿元/+3.0%，归母净利润达 802 亿元/+5.3%，中国移动盈利能力持续提 升，彰显其战略转型的显著成效。此外，Lumen 科技公司与康宁公司签订关 键供应协议，将显著扩展 Lumen 的城际光纤网络，满足人工智能时代对超大 数据传输和低延迟的需求。这项采购代表了 Lumen 历史上规模最大的光缆投 资，确保了其数据中心运营商网 ...

Investment Rating - The report provides a "Buy" rating for multiple companies in the public utility sector, indicating a positive outlook for their performance [8]. Core Insights - The report emphasizes the acceleration of new energy construction and the increasing value of traditional energy regulation and new energy environmental value in electricity pricing. It highlights the importance of enhancing coal power regulation and the orderly development of nuclear power [6]. - The report identifies significant growth opportunities in high-energy-consuming industries transitioning to green and low-carbon products, as well as in the circular economy sector [6]. Company Summaries - **Huaneng International (华能国际)**: Current price is 7.36, with projected EPS of 0.78 for 2024 and a PE ratio of 9.4, rated as "Recommended" [8]. - **Huadian International (华电国际)**: Current price is 5.47, with projected EPS of 0.62 for 2024 and a PE ratio of 8.8, rated as "Recommended" [8]. - **Guodian Power (国电电力)**: Current price is 5.52, with projected EPS of 0.42 for 2024 and a PE ratio of 13.1, rated as "Recommended" [8]. - **Inner Mongolia Huadian (内蒙华电)**: Current price is 4.14, with projected EPS of 0.39 for 2024 and a PE ratio of 10.6, rated as "Recommended" [8]. - **Waneng Power (皖能电力)**: Current price is 8.48, with projected EPS of 0.84 for 2024 and a PE ratio of 10.1, rated as "Recommended" [8]. - **Xinneng Power (新能电力)**: Current price is 6.53, with projected EPS of 0.60 for 2024 and a PE ratio of 10.9, rated as "Recommended" [8]. - **Jiangsu Guoxin (江苏国信)**: Current price is 6.99, with projected EPS of 0.79 for 2024 and a PE ratio of 8.8, rated as "Recommended" [8]. - **GCL-Poly Energy (协鑫能科)**: Current price is 7.30, with projected EPS of 1.02 for 2024 and a PE ratio of 7.2, rated as "Recommended" [8]. - **Three Gorges Energy (三峡能源)**: Current price is 4.75, with projected EPS of 0.33 for 2024 and a PE ratio of 14.4, rated as "Recommended" [8]. - **Longyuan Power (龙源电力)**: Current price is 17.09, with projected EPS of 0.86 for 2024 and a PE ratio of 19.9, rated as "Recommended" [8]. - **Xinneng Technology (芯能科技)**: Current price is 7.81, with projected EPS of 0.54 for 2024 and a PE ratio of 14.5, rated as "Recommended" [8]. - **Zhonglv Electric (中绿电)**: Current price is 8.61, with projected EPS of 0.50 for 2024 and a PE ratio of 17.2, rated as "Recommended" [8]. - **Yangtze Power (长江电力)**: Current price is 29.18, with projected EPS of 1.37 for 2024 and a PE ratio of 21.3, rated as "Recommended" [8]. - **Huaneng Hydropower (华能水电)**: Current price is 11.37, with projected EPS of 0.48 for 2024 and a PE ratio of 23.7, rated as "Recommended" [8]. - **Chuan Investment Energy (川投能源)**: Current price is 18.29, with projected EPS of 1.08 for 2024 and a PE ratio of 16.9, rated as "Recommended" [8]. - **China Nuclear Power (中国核电)**: Current price is 10.70, with projected EPS of 0.60 for 2024 and a PE ratio of 17.8, rated as "Recommended" [8]. - **China General Nuclear Power (中国广核)**: Current price is 4.69, with projected EPS of 0.23 for 2024 and a PE ratio of 20.4, rated as "Recommended" [8].

行业点评报告 · 公用事业行业 明确能源转型量化目标，完善绿色转型价格与市场机制 《关于加快经济社会发展全面绿色转型的意见》点评 2024年8月13日 ● 事件:中共中央、国务院发布《关于加快经济社会发展全面绿色转型的意见》 (以下简称《意见》)。《意见》提出,以碳达峰碳中和工作为引领,协同推 进降碳、减污、扩绿、增长,深化生态文明体制改革,健全绿色低碳发展机制, 加快经济社会发展全面绿色转型。 ● 加强煤电调节支撑价值,积极安全有序发展核电。传统能源方面,《意见》 提出加快现役煤电机组节能降碳改造、灵活性改造、供热改造"三改联动" 合理规划建设保障电力系统安全所必需的调节性、支撑性煤电。"三改联动" 增强调峰、调频等调节性价值,有望带动容量补偿、辅助服务收入占比提升。 随着电改推进,我们测算至2030年煤电将有50%左右收入来自边际成本低、 稳定性高的容量补偿和辅助服务,其或将成为煤电主要且稳定的利润来源,煤 电公用事业属性将显著提升。《意见》同时提出积极安全有序发展核电,保持 合理布局和平稳建设节奏,我们预计核电建设有望按每年 8-10 台推进,预计 2025、2030、2035年我国核电在运装机将分别达 ...

行业周报 • 交通运输行业 宁波港危险品集装箱燃爆，中东局势再发酵 —交通运输行业周报 0811 o 本周板块行业行情回顾：本周（8 月 5 日-8 月 9 日），31 个 SW 一级行业中， 交通运输行业累计涨跌幅为-2.31%、位列第 23 位；沪深 300 指数涨跌幅为 -1.56%。 SW 交通运输各个子板块累计涨跌幅分别为：快递（+1.80%）、航空机场 (-1.37%）、铁路（-2.25%）、港口（-2.99%）、跨境物流（-3.10%）、仓 储物流 (-3.37%) 、高速公路 (-3.67%) 、公路货运 (-3.98%) 、航运 (-4.23%) 、 公交（-9.65%）。 。 航空 机 场 基 本 面 跟 踪： 根 据 航 班 管 家 平 台 数 据， 2024 年 第 32 周 (2024.8.5-8.11)，全国民航共计执行客运航班量 11.8 万架次，日均 16890 架次。其中，国内航班量为 103352 架次，周环比+1.46%，恢复至 2019 年的 123.80%；国际及地区航班最为 12361 次，周环比+0.4%，恢复至 2019 年的 82.2%。 根据 OAG 数据， ...

毎日晨报 银河观点集萃 ● 宏观：CPI 好于预期, PPI 维持弱势——7 月 CPI、PPI 数据分析。下半年通 账延续温和走势:CPI 低位温和回升,服务支出韧性支撑核心 CPI 小幅上行。 首先,下半年猪价总体将呈上涨走势,但大幅上涨可能性较小;其次,服务消 费支出的韧性有助于推动核心 CPI上行;最后,高基数效应逐步消退。PPI 年 内难以转正,回暖需要政策发力。首先,5月开始 PPI 翘尾因素影响明显缓解, 但新涨价因素未能同步回升拖累同比增速进一步改善;其次,全球经济和需求 前景疲弱,担忧情绪有增无减,或成为制约油价反弹的主要利空;最后,7月 政治局会议强调宏观政策要更加给力,在加快存量政策落地要求下,需关注后 续"两重"项目的加速落地对基建的支持。 ● 银行:强化逆周期调节,畅通货币政策传导机制。货币政策转宽,逆周期调节 力度有望加码,降准降息仍有空间,防范化解金融风险导向延续,为经济持续 复苏和银行资产质量有带来积极支撑。货币政策框架转型和利率市场化受关 注,银行资产端定价仍有下行空间,但息差层面压力可控,存款挂牌利率调降 持续推动负债端成本优化。在资产荒的环境之下,银行板块红利价值延续,配 ...

行业周报 • 机械设备行业 7 月挖机销量+8.6%，Figure 02 正式发布 核心观点 o 市场行情回顾：上周机械设备指数下跌 2.55%，沪深 300 指数下跌 1.56%, 创业板指下跌 2.60%。机械设备在全部 28 个行业中涨跌幅排名第 21 位。 别 除负值后，机械行业估值水平（整体法）23.6 倍。上周机械行业涨幅前三的板 块分别是油气开发设备、工程机械、仪器仪表；年初至今涨幅前三的细分板块 分别是轨道交通设备、航运装备、工程机械。 • 周关注：7 月挖机销量+8.6%，Figure 02 正式发布 o 【工程机械】据中国工程机械工业协会对挖掘机主要制造企业统计，2024 年 7 月销售各类挖掘机 13690 台，同比增长 8.6%，其中国内 6234 台，同比增 长 21.9%；出口 7456 台，同比下降 0.51%。2024 年 1-7 月，共销售挖掘机 116903 台，同比下降 3.72%；其中国内 59641 台，同比增长 6.23%；出口 57262 台，同比下降 12.3%。2024 年 3 月起，国内挖机销量同比增速持续为 正。从周期波动角度, 挖掘机市场自 2022 年 ...

行业周报·电力设备与新能源行业 国务院系统部署加快经济社会全面绿色转型 2024 年 08 月 11 日 核心观点 o 行情回顾：2024 年 8 月 5 日-8 月 9 日沪深 300 指数涨幅为-1.56%；创业板 指数涨幅为-2.60%；电新指数涨幅-1.24%，行业排名第 14。按照三级子行业 拆分来看，核电/太阳能/配电设备涨幅较大，分别为 3.00%/1.71%/1.00%。 。 估值分析：估值已处于历史低位，预期收益率明显增高。Wind 数据显示， 2024 年 8 月 9 日，电力设备与新能源行业（CI）市盈率（TTM）为 23.33 倍， 为 10 年历史估值分位点的 8.43%，处于历史底部区域。分子行业看，2024 年 ８ 月 ９ 日，电网/储能/太阳能/新能源车/风电行业的市盈率分别为 21.23 倍 /32.35 倍 /18.89 倍 /21.504 倍 /35.26 倍 ，为 10 年 历 史 估 值 分 位 点 的 14.4%/17.02%/10.65%/3.31%/66.80%。 。 行业数据： 1）产业链价格再下滑。Wind 数据显示，截至 8 月 9 日，碳酸锂 8.02 ...

Investment Rating - The report maintains a "Buy" rating for the construction materials industry, particularly highlighting opportunities in cement and consumer building materials [2][24]. Core Insights - Cement: The market continues to experience a supply-demand tug-of-war, with carbon emissions regulations expected to accelerate industry consolidation. The national average cement price has continued to decline, primarily due to weak demand and stringent supply controls. The clinker line shutdown rate remains high, stabilizing supply. The traditional off-season for cement is currently affecting demand recovery, with adverse weather conditions further impacting the market. However, as some northern regions end their kiln shutdowns and weather improves, demand is expected to gradually recover, leading to a rebound in cement prices [22][23]. - Float Glass: Price declines have slowed, with supply continuing to decrease. The float glass price has continued to drop, but the rate of decline has narrowed. Demand remains weak, with downstream procurement primarily based on need. The industry is currently in a low-demand season, and significant improvements in demand are not anticipated in the short term [22][23]. - Fiberglass: Prices for roving have softened, while electronic yarn prices remain stable. Roving prices have slightly decreased, with general demand being weak. The production capacity remains stable, but inventory pressure persists. Electronic yarn prices are stable, with limited new orders from downstream [22][23]. Summary by Sections Cement - The national average cement price has decreased to 323.20 CNY/ton, down 1.83% week-on-week, but up 4.32% year-on-year. The clinker inventory has slightly decreased, with a weekly capacity utilization rate of 65.20%, down 1.57 percentage points from the previous week [13][22]. Float Glass - The average price of float glass is 1458.28 CNY/ton, down 0.71% week-on-week and down 29.23% year-on-year. Inventory levels remain high despite a slight decrease [14][22]. Fiberglass - The price of roving has decreased to 3825 CNY/ton, down 3.16% week-on-week, while electronic yarn prices remain stable at 9250 CNY/ton, with a year-on-year increase of 12.80% [22][23]. Consumer Building Materials - In the first half of 2024, retail sales of building and decoration materials decreased by 1.20% year-on-year. However, June saw a month-on-month increase of 21.29%, indicating some recovery. Major cities like Shenzhen have initiated "stockpiling" measures to stabilize the real estate market, which is expected to boost consumer building material demand [23][24]. Investment Recommendations - For cement, recommended stocks include Huaxin Cement (600801.SH) and Shangfeng Cement (000672.SZ), with a focus on Conch Cement (600585.SH). For consumer building materials, recommended stocks include Beixin Building Materials (000786.SZ) and Gongyuan Co. (002641.SZ) [23][24].

Investment Rating - The report maintains a "Recommended" rating for the banking sector, indicating a positive outlook based on the current economic conditions and monetary policy adjustments [2]. Core Insights - The central bank's second-quarter monetary policy execution report highlights a reasonable growth in total credit, with a year-on-year increase of 8.3% in total loans and 8.8% in RMB loans as of June [1]. - The report emphasizes the importance of balancing short-term and long-term economic goals, with a focus on enhancing macro policy consistency and strengthening counter-cyclical adjustments to support economic recovery [1]. - The monetary policy framework is set to continue evolving, with increased attention on interest rate marketization to lower financing costs and improve the transmission mechanism of monetary policy [1]. - The report suggests that there is still room for further reductions in reserve requirement ratios (RRR) and interest rates, which could positively impact the banking sector's asset quality and support economic recovery [2]. Summary by Sections Credit Growth and Structure - Credit growth is being optimized, with significant increases in loans to small and micro enterprises (16.5%) and the manufacturing sector (18.1%), both exceeding the overall loan growth rate [1]. - The average interest rate for newly issued loans was 3.68% in June, down by 0.51 percentage points year-on-year, indicating a trend towards lower financing costs [1]. Policy Adjustments - The report indicates that the central bank is likely to adopt more accommodative policies, with potential for further RRR cuts and interest rate reductions to achieve the annual economic growth target of "keeping growth above 5%" [1][2]. - The focus on preventing and mitigating financial risks remains unchanged, particularly in key areas such as real estate and local government debt [2]. Investment Recommendations - The report recommends specific banks for investment, including Industrial and Commercial Bank of China (601398), China Construction Bank (601939), Postal Savings Bank of China (601658), Changshu Bank (601128), and Chengdu Bank (601838) [2].

Investment Rating - The report maintains a "Recommend" rating for Huami New Materials (836247 BJ) [2][3] Core Views - Revenue growth in Q2 2024: YoY increase of 0 44% to 190 56 million yuan QoQ increase of 11 49% to 100 46 million yuan [1] - Net profit decline: YoY decrease of 12 52% to 20 59 million yuan QoQ decrease of 6 23% to 9 96 million yuan [1] - Gross margin improvement: Increased by 1 76 pct YoY to 30 32% [1] - R&D investment growth: Increased by 38 22% YoY to 14 71 million yuan with 5 new patents added [1] - Special engineering plastics project progressing: 12 production lines in ramp-up phase [2] Financial Performance - Rubber and plastic materials: Revenue increased by 5 56% YoY to 146 30 million yuan with gross margin up 4 81 pct to 26 25% [1] - Rubber and plastic products: Revenue decreased by 13 45% YoY to 44 26 million yuan with gross margin down 4 06 pct to 43 78% [1] - Operating expenses ratio: Increased by 3 11 pct YoY to 11 02% [1] Future Projections - 2024-2026 net profit forecast: 57 million yuan (+9 54%) 72 million yuan (+26 07%) 91 million yuan (+27 30%) [2] - 2024-2026 PE ratio: 28x 22x 17x [2] - Revenue growth forecast: 10 38% in 2024 27 38% in 2025 27 71% in 2026 [6] Industry and Market Position - Strong technical capabilities in rubber and plastic industry [2] - Expanding applications in automotive aerospace and high-speed rail sectors [2] - Strategic positioning with technical centers in multiple cities [1] - Collaboration with universities and research institutions [1]