Investment Rating - The report initiates coverage on Datang Power (601991.SH) with a "Buy" rating [2][5]. Core Views - Datang Power is positioned as a leading player in the thermal power sector, actively transitioning towards clean energy, with a total installed capacity of 73.29 million kilowatts as of the end of 2023, where clean energy accounts for over 37% of its total capacity [5][11]. - The recovery of the thermal power industry, optimization of electricity pricing structures, and the potential for value reassessment are highlighted as key factors for the company's growth [5][37]. - The company is expected to see significant revenue growth driven by both thermal and renewable energy segments, with projected revenues of CNY 128.17 billion, CNY 133.03 billion, and CNY 139.15 billion from 2024 to 2026, respectively [5][6]. Summary by Sections 1. Thermal Power Development - Datang Power has a solid foundation in thermal power, with a focus on developing clean energy simultaneously [11][16]. - The company has a significant share in the national thermal power market, with a coal-fired capacity of 45,624 MW, contributing to its primary revenue stream [16][19]. - The company has seen steady revenue growth, with a 4.8% increase in 2023, driven by higher electricity sales and prices [23][25]. 2. Industry Recovery and Pricing Optimization - The national thermal power installed capacity has shown steady growth, with coal power remaining a critical component of energy security [37]. - The report anticipates a downward trend in coal prices, which could enhance the profitability of thermal power operations [5][37]. - Capacity pricing adjustments are expected to contribute CNY 4.7 billion to CNY 5.1 billion in revenue for the company in 2024 [5][37]. 3. Transition to Clean Energy - Datang Power is rapidly expanding its renewable energy portfolio, with wind and solar projects significantly boosting overall profitability [5][11]. - The company has stable hydropower capacity, primarily located in the southwestern regions, which is expected to improve profitability due to favorable water conditions [5][11]. - The company holds a stake in Ningde Nuclear Power, which provides stable returns and contributes to its diversified energy mix [5][11]. 4. Financial Projections and Investment Recommendations - The report forecasts substantial growth in net profit, with projections of CNY 3.76 billion, CNY 4.25 billion, and CNY 4.80 billion for 2024 to 2026, reflecting a significant recovery from previous losses [5][6]. - The investment recommendation emphasizes the synergistic development of thermal and renewable energy, positioning Datang Power for high growth in the context of energy transition [5][6].

[Table_Main] 证券研究报告 | 行业点评 建筑材料 2024 年 08 月 15 日 建筑材料 中性（维持） 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 建筑材料 沪深300 -37% -31% -24% -18% -12% -6% 0% 6% 2023-08 2023-12 2024-04 2024-08 资料来源：聚源数据，德邦研究所 相关研究 1.《周观点：深圳加入收储行列，新 一 轮 政 策 或 可 期 加 速 去 库 存 》， 2024.8.11 2.《周观点：7 月百强房企销售季节 性回落，期待新一轮政策迎接下半年 旺季》，2024.8.4 3.《周观点：LPR 再下调 10bp，降 成本提信心》，2024.7.28 4.《三棵树（603737.SH）：价格下行 叠加减值拖累业绩表现，零售维持韧 性销量持续增长》，2024.7.27 5.《周观点：Q2 建材基金持仓仍维 持低位，静待政策落地后的底部反转 机会 ...

[Table_Main] 证券研究报告 | 公司点评 中矿资源(002738.SZ) 2024 年 08 月 15 日 买入（维持） 所属行业：有色金属/小金属 当前价格(元)：26.30 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 联系人 市场表现 中矿资源 沪深300 -43% -34% -26% -17% -9% 0% 9% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -6.04 | -11.09 | -21.51 | | 相对涨幅(%) | -1.34 | -4.53 | -12.00 | 资料来源：德邦研究所，聚源数据 相关研究 1.《中矿资源（002738.SZ）年报及一 季报点评：业绩承压，公司 Bikita 矿 山项目落地提高 ...

[Table_Main] 证券研究报告 | 公司点评 继峰股份(603997.SH) 2024 年 08 月 15 日 买入（维持） 所属行业：汽车/汽车零部件 当前价格(元)：11.12 证券分析师 邓健全 资格编号：S0120523100001 邮箱：dengjq＠tebon.com.cn 赵悦媛 资格编号：S0120523100002 邮箱：zhaoyy5＠tebon.com.cn 赵启政 资格编号：S0120523120002 邮箱：zhaoqz＠tebon.com.cn 研究助理 秦梓月 邮箱：qinzy＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 2023-08 2023-12 2024-04 继峰股份 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | 9.66 | 0.91 | -13.06 | | 相对涨幅 (%) | 14.36 | 7 ...

[Table_Main] 证券研究报告 |行业周报 传媒 2024 年 08 月 15 日 传媒 优于大市（维持） 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 传媒 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 2023-08 2023-12 2024-04 资料来源：德邦研究所、聚源数据 相关研究 1.《传媒互联网行业 7 月报： AI 创 新成果涌现，政策推动传媒消费内需 增长》，2024.8.11 2.《国务院印发《关于促进服务消费 高质量发展的意见》，内需驱动传媒 基本面改善》，2024.8.6 3.《传媒互联网行业周报：国务院印 发《关于促进服务消费高质量发展的 意见》，2024 年第四批进口游戏版 号发放》，2024.8.5 4.《传媒互联网行业周报：2024 年 Chinajoy 顺利闭幕，智谱发布清影视 频创作智能体》，2024.7.30 5.《传媒互联网行业周报：泡泡玛特 预告 H1 高增，关注 ChinaJoy 下周 举办 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company is focusing on a dual-engine development strategy combining environmental protection and new energy, accelerating the construction of a new energy business ecosystem centered around wind, solar, hydrogen, and methanol [1][4] - The company reported significant growth in its financial performance, with a 10.92% year-on-year increase in revenue to 2.649 billion yuan and a 118.93% increase in net profit to 360 million yuan for the first half of 2024 [3][4] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 2.649 billion yuan, a year-on-year increase of 10.92% - The net profit attributable to shareholders was 360 million yuan, representing a year-on-year growth of 118.93% - The earnings per share (EPS) for the first half of 2024 was 0.15 yuan, up 114.29% from the same period last year [3][4] Project Development Summary - The company has 20 operational waste incineration power generation projects, with a total daily processing capacity of 21,550 tons, and has achieved a waste input volume of approximately 4.2904 million tons, a year-on-year increase of 25.98% [3] - The company is actively developing integrated projects in regions rich in wind and solar resources, including a 1.8 GW project in Heilongjiang, which includes wind and solar power generation and energy storage [4] Future Revenue and Profit Forecast - The company expects to achieve operating revenues of 8.743 billion yuan, 11.016 billion yuan, and 13.611 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 64.2%, 26%, and 23.6% [4][5] - The net profit attributable to shareholders is projected to be 815 million yuan, 1.212 billion yuan, and 1.522 billion yuan for the same years, with growth rates of 141.6%, 48.7%, and 25.6% [4][5]

[Table_Main] 证券研究报告 | 公司首次覆盖 万达电影(002739.SZ) 2024 年 08 月 14 日 买入（首次） 所属行业：传媒/影视院线 当前价格(元)：10.40 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 万达电影 沪深300 -34% -26% -17% -9% 0% 9% 17% 26% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |--------------|-------|--------|--------| | 沪深 300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -6.31 | -16.80 | -25.39 | | 相对涨幅(%) | -2.33 | -11.36 | -16.38 | 资料来源：德邦研究所，聚源数据 相关研究 万达电影(002739.SZ)首次覆盖:儒 意加持院线龙头迎来价值重估，AI 赋能 IP 拓展带来长期增长 投资要点 儒意入主后， ...

[Table_Main] 证券研究报告 | 行业点评 传媒 2024 年 08 月 14 日 传媒 优于大市（维持） 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 传媒 沪深300 -44% -37% -29% -22% -15% -7% 0% 7% 2023-08 2023-12 2024-04 资料来源：聚源数据，德邦研究所 相关研究 1.《新华都(002264.SZ)：深耕白酒电 商业务，有望充分受益白酒线上化》， 2024.8.12 2.《传媒互联网行业 7 月报： AI 创 新成果涌现，政策推动传媒消费内需 增长》，2024.8.11 3.《国务院印发《关于促进服务消费 高质量发展的意见》，内需驱动传媒 基本面改善》，2024.8.6 4.《传媒互联网行业周报：国务院印 发《关于促进服务消费高质量发展的 意见》，2024 年第四批进口游戏版号 发放》，2024.8.5 5.《传媒互联网行业周报：2024 年 Chinajoy 顺利闭幕，智谱发布清影视 频创作智能体》，2 ...

Group 1: Financial Data Overview - In July, the new social financing (社融) increased by CNY 770.8 billion, a year-on-year increase of CNY 234.2 billion[2] - The total social financing stock grew by 8.2% year-on-year, up 0.1 percentage points from the end of June[2] - The M2 money supply grew by 6.3% year-on-year, with an increase of 0.1 percentage points from June[3] Group 2: Loan and Deposit Trends - New RMB loans in July amounted to CNY 260 billion, a decrease of CNY 85.9 billion year-on-year[3] - The total RMB loan balance grew by 8.7% year-on-year, down 0.1 percentage points from June[3] - RMB deposits decreased by CNY 800 billion in July, a year-on-year decrease of CNY 320 billion[3] Group 3: Sector-Specific Insights - Corporate loans increased by CNY 130 billion, but short-term loans decreased by CNY 550 billion year-on-year[5] - The significant increase in bill financing reached CNY 558.6 billion, a year-on-year increase of CNY 198.9 billion, supporting corporate loan growth[5] - The decline in long-term loans for residents indicates a shift from demand-driven to supply-driven dynamics in the housing market[4] Group 4: Economic Implications - The ongoing "de-real estate" trend is leading to a decrease in housing demand and a shift in loan characteristics[4] - The government bond net financing in July was CNY 691.1 billion, a year-on-year increase of CNY 280.2 billion, but the pace of issuance has slowed[5] - The monetary policy focus may need to shift towards broadening credit availability to stimulate economic growth[6]

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The production of power batteries in China continues to grow, with a total output of 91.8 GWh in July, representing a year-on-year increase of 33.1% and a month-on-month increase of 8.6% [4] - The cumulative production from January to July reached 521.8 GWh, with a year-on-year growth of 36.2% [4] - The report highlights the strong performance of lithium iron phosphate batteries, which accounted for 74.7% of total production in July, with a year-on-year growth of 43.2% [4] - The cumulative installation volume of power batteries from January to July was 244.9 GWh, reflecting a year-on-year increase of 32.8% [4] Summary by Sections Production Data - In July, the production of ternary batteries was 23.0 GWh, making up 25.1% of total production, with a year-on-year increase of 9.7% [4] - Lithium iron phosphate battery production was 68.5 GWh, with a year-on-year increase of 43.2% [4] - Cumulative production of ternary batteries from January to July was 149.9 GWh, with a year-on-year growth of 24.1% [4] Installation Volume - In July, the installation volume of power batteries was 41.6 GWh, a year-on-year increase of 29.0% [4] - Ternary battery installation volume was 11.4 GWh, accounting for 27.3% of total installations, with a year-on-year increase of 7.5% [4] - Cumulative installation volume of ternary batteries from January to July was 73.6 GWh, with a year-on-year growth of 25.7% [4] Company Rankings - In July, the top five domestic power battery companies by installation volume were CATL (19.42 GWh), BYD (9.37 GWh), and others [5] - Cumulatively, from January to July, CATL led with 112.73 GWh, followed by BYD with 59.88 GWh [5] Investment Recommendations - The report suggests focusing on the new energy vehicle supply chain, highlighting key players such as CATL, BYD, and others in various segments [5]