2024年12月07日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2024 年第四十二期） : 券商并购重组持续升温 市场表现: 本期（2024.12.2-2024.12.6）非银(申万)指数+2.86%,行业排 14/31,券商 II 指数+2.37%，保险Ⅱ指数+4.10%； 上证综指+2.33%，深证成指+1.69%，创业板指+1.94%。 个股涨跌幅排名前五位:天茂集团(+17.18%)、香溢融通(+10.79%)、华金 资本（+10.55%）、哈投股份（+9.23%）、新华保险（+8.13%）； 个股涨跌幅排名后五位:锦龙股份（-16.94%）、浙江东方（-3.00%）、永安期货 (-2.16%）、拉卡拉（-1.34%）、第一创业（-0.34%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块上涨2.37%,跑赢沪深 300 指数 0.93pct,跑赢上证综 指数 0.04pct。当前券商板块 PB 估值为 1.51 倍，位于 2020 年 50 分位点附近。 本周，12 月 3 日"浙商证券+国都证券"整合迎来实质性进展，证监会核准浙商证 券成为国都 ...

政还有比较大的赤字提升空间且增量政策正在谋划推进中。同时, 2024年12月07 | 证券研究报告|策略研究|策略点评 中央经济工作会议有望提振市场信心，短期市场或将继续走 張 | --- | --- | --- | --- | |-------|-------------------------------------------------------------|--------------|-------------------------------------------------------------------------| | | | | | | | 报告摘要 | 作者 | | | | 核心观点: | 黄忠云 | 分析师 | | | | | SAC 执业证书: S0640515120001 | | | ◆ 岁末年初是政府制定全年政策目标的重要政策窗口,同时又是业绩 | | 联系电话：010-59562478 | | | 真空期,因此 A 股存在较明显的"春季躁动"现象。平均来看, | | 邮箱：dongzy@avicsec.com | | | "春季躁动"多发生在春节后至两会之前，市场提 ...

2024年12月08日 证券研究报告 宏观研究|宏观点评 | --- | --- | --- | |-------------------------------------------------------------------------------|---------------------------------------------------|-----------| | | | | | 美联储 12 月降息概率再提升,我国 10 年期国债收益率持续 | | | | 下行 | 2024 年 12 月 2 日-12 月 8 日周报 | | | | 主要数据 | | | | 上证指数 | 3404.0764 | | 美联储12月降息概率再提升,美元指数高位波动,人民币汇率压力进一步增大 | 沪深300 | 3973.1405 | | 12 月 6 日美国劳工统计局公布最新的非农就业数据,数据显示随着飓风和罢工的 | 深证成指 | 10791.339 | | 负面影响消散,劳动力市场稳健增长:11月非农新增就业 22.7万人,高于预期的 22 万 | 主要指数走势图 | | | 人;11月失业率为 ...

联系电话：010-59219558 = 传真：010-59562637 2024年12月08日 证券研究报告|行业研究|行业点评 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------------------------|-------|----------------------------------|--------|---------------| | | | | | | | | | 电子 | | | | 投资评级 | | | | 电子行业周报: | | | | | | 增持 维持评级 | | | | | | 行业走势图 | | | | OpenAI 新品 12 连发，AI 应用百花齐放 | | | | | | | | 报告摘要 | | ...

2024年12月07日 证券研究报告|行业研究|行业点评 医药生物 中航证券医药生物行业双周报:医保谈判支持 "真创新"，进一步明确创新药发展趋势 报告摘要 投资要点: 本期 (11.23-12.07) 上证指数收于 3404.08, 上涨 4.19%; 沪深 300 指数收于 3973.14，上涨 2.78%；中小 100 指数收于 6567.19，上 涨 2.26%;本期申万医药行业指数收于 7771.67, 上涨 4.62%, 在在申 万 31 个一级行业指数中涨跌幅排名居第 17 位。其中,中药、医药商 业、化学制剂、生物制品、医疗服务、原料药、医疗器械的周涨跌幅分 别为 2.96%、3.57%、5.69%、3.17%、7.61%、4.67%、3.74%。 重要资讯: ◆ HER3 靶向药获批上市 12 月 4 日, Merus 的 HER2/HER3 双抗 Zenocutuzumab 获得 FDA 加速批准其上市,用于治疗神经调节蛋白 1 融合非小细胞肺癌 (NSCLC) / 胰 腺 导 管 腺 癌 (PDAC) 患 者 ， 商 品 名 为 Bizengri。 Zenocutuzumab 是全球首个 ...

2024年12月07日 证券研究报告|行业研究|行业点评 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------|--------------------|--------------------------------------------------------------------------------------------|---------------| | | | | | | | | 社会服务行业·周观点 OpenAI 将持续推出新产品，AI 应用再迎强催化 | 投资评级 | | 增持 维持评级 | | | 本周行情:社会服务(申万)板块指数周涨跌幅为4.50%,在申万 | 行业走势图 | | | | � | 一级行业涨跌幅中排名6/31。 各基准指数周涨跌幅情况为:社会服务(4.50%)、上证指数 | 200 | | | | ...

行业报告:光伏与太阳能十二月观点。 分析师:曾帅 证券执业证书号: S0640522050001 分析师:王卓亚 证券执业证书号：S0640523110001 2024年12月3日 上苏 信 限公司 BC电池闪亮登场、备受关注，行业自律纷纷响应、谋事在人 行业评级:增持 股市有风险，入市需谨慎 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 中航新能源团队投资观点 ■ 重点组合：爱旭股份(12月金股)、通威股份、协鑫科技H、协鑫集成、比亚迪、中集安瑞科田、皖能电力、帝科股份、亿纬理能、中科电气、 天赐材料、中国重汽A、吉利汽车H ■ 投资观点: | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of the Conference Call for AVIC High-Tech Industry Overview - The aerospace auxiliary materials sector is characterized by high urgency due to significant increases in application ratios in new aircraft models, such as the G35, which enhance performance in military and drone applications [2][3] - The demand for military aviation composite materials in China is projected to reach approximately 18,000 tons over the next decade, with further increases anticipated due to drone requirements [4][5] - In the civil aviation sector, the usage ratio of composite materials in advanced foreign aircraft has reached 50%, while domestic models like the C919 currently utilize about 12%, with the CR929 expected to reach 50% [2][6][8] - The potential demand for auxiliary materials in China's civil aviation market over the next 20 years is estimated at around 110,000 tons, with general aviation and drones contributing an additional 20,000 tons and over 2,500 tons, respectively [2][9][10] Key Insights and Arguments - The demand for composite materials in drones is particularly stringent due to weight reduction requirements, with composites making up 50%-80% of their structure [7][11] - AVIC High-Tech holds a monopolistic position in the prepreg market, benefiting from the ramp-up of new aircraft models and expansion into the civil market, although it faces pressure on profit margins [2][26] - The company’s performance this year has been subpar, primarily due to the transition between old and new aircraft models, but it is expected to recover to mid-to-high growth rates in the coming years [32][33] Investment and Market Dynamics - Investment in the aerospace supply chain should focus on the carbon fiber segment, where military applications are concentrated and competition in the civil sector is intense, leading to price pressures [12][20] - Prepregs are identified as a critical intermediate product with significant cost-saving potential, although the downstream forming processes are highly concentrated and influenced by aircraft design complexities [13][14] - The breakthrough in high-performance carbon fiber technology is crucial for promoting the application of composite materials, with domestic production of T800 grade carbon fiber already achieved [15][16] Company-Specific Developments - AVIC High-Tech has made significant strides in expanding its civil aviation market presence, including the establishment of joint ventures for producing components and materials [28][29] - The company’s competitive advantage in the high-end civil aviation market stems from its stable product quality and safety, leveraging its military aviation experience [29] - The overall gross margin for AVIC High-Tech was reported at 36.75%, which is relatively low compared to upstream and downstream players, indicating room for improvement through efficiency and supply chain management [31] Future Outlook - The company is expected to see a gradual increase in new model production and civil market expansion, with initiatives aimed at cost reduction and efficiency improvements to enhance profitability [33][34] - AVIC High-Tech is positioned as a key player in the aerospace materials sector, with potential for growth driven by both military and civil aviation demands [30][33]

Summary of Conference Call Notes Industry Overview - The conference discusses the aerospace composite materials industry, highlighting its growth potential and the increasing application of composite materials in both military and civilian aviation sectors [1][10]. - The introduction of new aircraft models, such as JMS and the 919, is expected to drive a new phase of rapid development in the composite materials sector [1]. Key Insights and Arguments - Composite materials significantly enhance aircraft performance by reducing weight and improving stealth capabilities, which is crucial for military applications [2]. - The use of composite materials in military drones has reached 50% to 80% of their structural weight, indicating a strong trend towards increased utilization in unmanned aerial vehicles [3]. - The application of composite materials in civilian aviation has historically been low in China, but recent advancements in technology and production capacity are expected to boost their usage [4][5]. - The 919 aircraft is projected to use up to 50% composite materials, marking a significant shift in the industry [6]. Market Dynamics - The civilian aviation market is anticipated to become a larger segment for composite materials, with a notable increase in demand for general aviation and electric vertical takeoff and landing (eVTOL) aircraft [8][9]. - The global eVTOL market is expected to see annual production exceeding 10,000 units by 2030, further driving demand for composite materials [9]. Competitive Landscape - The competitive landscape in the carbon fiber segment differs between military and civilian applications, with domestic players gaining ground in the civilian market [10][11]. - The production of prepreg (pre-impregnated composite materials) is highlighted as a critical intermediary step in the composite manufacturing process, with significant barriers to entry due to the need for specialized design and manufacturing capabilities [12][13]. Cost and Efficiency Considerations - The industry faces pressure for cost reduction, particularly in military applications, which may impact revenue and profit margins [18]. - Scale effects in carbon fiber production are crucial, as high manufacturing costs necessitate larger production volumes to maintain profitability [19]. - Technological advancements in manufacturing processes are essential for reducing costs in composite material production [20][22]. Company-Specific Insights - The company, referred to as "高科," is positioned as a leader in the aerospace composite materials sector, with a strong focus on both military and civilian applications [23][24]. - 高科 has established a dominant position in the prepreg market, leveraging its collaboration with aviation manufacturing institutes [25]. - The company is expanding its presence in the civilian market, particularly in high-end applications, and is expected to benefit from increased demand in this segment [27][28]. - Despite current lower profit margins compared to competitors, there is potential for improvement through operational efficiencies and scale [30]. Future Outlook - The company is expected to experience growth in both military and civilian sectors, with new aircraft models contributing to increased production volumes [31]. - The long-term outlook for 高科 is positive, with anticipated improvements in profitability and market position as the industry evolves [32]. Conclusion - The aerospace composite materials industry is poised for significant growth, driven by advancements in technology and increasing applications in both military and civilian aviation. The company 高科 is well-positioned to capitalize on these trends, making it a noteworthy investment opportunity.

2024年11月30日 证券研究报告|策略研究|策略点评 如何参与本轮并购重组行情的交易——并购重组系列专题 (二) 报告摘要 核心观点: ◆ 从基本面角度来看,上市公司盈利能力在并购重组完成后持续改 善,其中前两个季度改善更为显著。基本面改善支撑下,2013年- 2016 年并购潮吸引到了更多资金参与并购重组板块的投资机会,重 组指数呈现出明显的超额收益。市场对并购重组公司业绩改善预期 较强,首次披露并购重组计划前后存在较明显的抢跑效应,重组完 成后或更多反应兑现逻辑。 � 分行业来看,汽车作为中国近几年产业升级重点行业之一,是本轮 并购潮以来最热门的行业。而上一轮并购潮热门行业如传媒、社会 服务等在本轮并购潮以来,并购数量均大幅下降。分重组目的来 看,两轮并购潮的目的变化与我们此前报告《关注新一轮并购重组 行情——并购重组系列专题（一)》中提出的并购潮受政策驱动程度 较大相互呼应。在借壳上市政策较松且 IPO 收紧的 2013-2016年 企业重组以买壳上市目的较多,而在后续对买壳上市监管政策趋严 的政策导向下，今年买壳上市为目的的重组占比已明显下降。 � 进一步分析不同行业、不同重组目的下，并购从首次披 ...