[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]

[Table_Main] 证券研究报告 | 行业深度 有色金属 2024 年 08 月 13 日 有色金属 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 有色金属 沪深300 -31% -24% -18% -12% -6% 0% 6% 12% 2023-08 2023-12 2024-04 数据来源：聚源数据，德邦研究所 相关研究 1.《有色金属周报：降息预期下贵金 属领涨，持续看好金银投资机会》， 2024.8.4 2.《黄金：降息预期提升，金价展望 2600 美元》，2024.8.1 3.《宝武镁业（002182.SZ）：持续 推进镁下游汽车压铸件和储氢等应 用，业绩短期受弱镁价拖累》， 2024.7.30 4.《西部矿业（601168.SH）：铜矿 量价齐升，玉龙三期扩能项目推进》， 2024.7.29 5.《老铺黄金（6181.HK）： 古 法 传 承 ， 奢 品 营 运 》 ， 2024.7.28 金属加工：价格与需求共振 ...