证券研究报告 建筑材料 报告日期：2024 年 09 月 09 日 行业需求下滑业绩承压，估值底部静待政策起效 ——建材行业 2024 年半年报报综述 华龙证券研究所 最近一年走势 投资评级：推荐（维持） 建材行业：2024 年上半年，主要建材产品需求下滑，行业整体业 绩承压。下半年建材行业业绩有望改善，目前建材板块估值处于 历史底部，随着地产政策利好影响释放底部回升，维持建材行业 分析师：彭棋 "推荐"评级。 水泥行业：2024 年上半年，受房地产市场整体延续调整态势、基 建项目开工不足以及大范围连续性降雨天气影响，2024 年上半年 水泥需求持续弱势，水泥行业业绩整体承压。我们重点研究的 12 家水泥上市公司在 2024 年上半年实现营收 1822.07 亿元，同比下 滑 19.65%，实现归母净利润-4.03 亿元，同比转盈为亏。中长期 来看，水泥行业供给侧改革力度加大，行业供需格局有望改善； 短期来看，目前行业错峰生产力度加大，行业实际产能受限，水 泥库存下滑价格上涨，有望带动行业盈利能力提升。关注高盈利 能力的龙头企业，同时关注出海业务带来的业绩增长：华新水泥 （600801.SH） 、海螺水泥（6 ...

Industry Investment Rating - The report maintains a "Recommend" rating for the media industry [1] Core Views - Tencent released its new-generation large model "Hunyuan Turbo," which improves inference efficiency by 100% and reduces costs by 50% [1] - The price of Hunyuan Turbo is 0.05 yuan per 1,000 tokens for output and 0.015 yuan per 1,000 tokens for input, making it more affordable for enterprises and developers [1] - Step-1X, an image generation model by Jieyue Xingchen, focuses on deep semantic alignment and detail generation, optimized for Chinese cultural elements [1] - Zhizhi Huazhang completed a financing round with a pre-investment valuation of 20 billion yuan, supported by state-owned capital [1] - The report suggests focusing on three major AI application scenarios in the media sector: gaming/film, AI education, and companies developing AI models or products [1] Market Performance - The Shenwan Media Index fell by 0.74% from September 2 to September 6, 2024 [7] - Top gainers in the media sector included Shengyibao (002095 SZ) and *ST Wentou (600715 SH), while top losers included Guangxi Broadcasting (600936 SH) and 365 Net (300295 SZ) [7] Key Industry News - Jieyue Xingchen launched Step-1X, an image generation model with deep semantic alignment and detail generation capabilities, optimized for Chinese cultural elements [11] - Zhizhi Huazhang secured financing with a pre-investment valuation of 20 billion yuan, led by Zhongguancun Science City Company [12] - Alipay introduced "Zhi Xiaobao," a service-oriented AI native application, marking the first of its kind in China [13] - Zhiyuan Research Institute launched FlagEval, the world's first model evaluation service including text-to-video capabilities [14] Company Announcements - Qitian Technology (300061 SZ) announced a change in control, with Shenzhen Qicaihong Haoyue Technology becoming the new controlling shareholder [15] - Gibbit (603444 SH) announced a semi-annual dividend of 4.50 yuan per share [16] - Huayang Lianzhong (603825 SH) returned 130 million yuan of temporarily used raised funds to the dedicated account [16] - Jishi Media (601929 SH) completed a share repurchase of 50.9135 million shares, accounting for 1.46% of the total shares [17] - Chinese Media (600373 SH) provided a guarantee of 450 million yuan for its subsidiary Jiangxi Xinhua Distribution Group [17] Investment Recommendations - The report recommends focusing on AI applications in gaming/film, AI education, and companies developing AI models or products [22] - Specific recommendations include companies like 37 Interactive Entertainment (002555 SZ), Century Huatong (002602 SZ), Wanda Film (002739 SZ), and Giant Network (002558 SZ) [22]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1]. Core Views - The company's revenue growth is driven by acquisitions and the expansion of urban intelligence business, with significant new contracts signed in international markets [1]. - The financial technology business achieved a revenue of 3.028 billion yuan, reflecting a year-on-year growth of 29.30%, maintaining its leading position in the domestic intelligent financial equipment market for 16 consecutive years [1]. - The urban intelligence business reported a revenue of 1.678 billion yuan, with a year-on-year growth of 29.71%, focusing on digital government and smart transportation sectors [1]. - The company has become the controlling shareholder of Guangdian Wuzhou, enhancing its computing power layout and optimizing revenue structure [1]. Financial Performance Summary - For the first half of 2024, the company achieved a total operating revenue of 4.707 billion yuan, a year-on-year increase of 29.45%, and a net profit attributable to shareholders of 498 million yuan, up 5.20% [1]. - The net profit excluding non-recurring gains and losses was 440 million yuan, reflecting a growth of 6.73% [1]. - The company expects stable revenue growth in its financial technology business, with projected net profits for 2024-2026 being 1.102 billion, 1.256 billion, and 1.437 billion yuan respectively [2]. Market Data - The company's stock price is currently 9.42 yuan, with a 52-week price range of 8.38 to 13.44 yuan, and a total market capitalization of approximately 23.39 billion yuan [1]. - The company has a projected P/E ratio of 20.6 for 2024, which is lower than the average P/E of comparable companies [2]. Revenue Forecast - The company is expected to achieve operating revenues of 11.002 billion, 12.838 billion, and 14.897 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 21.66%, 16.68%, and 16.04% [3].

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 163 期，总第 1722 期（电子版） 2024 年 9 月 4 日 星期三 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2802.98 | -0.29 | | 深证成指 | 8268.05 | 1.17 | | 中小 100 | 5356.15 | 1.32 | | 创业板指 | 1556.32 | 1.26 | | 沪深 300 | 3273.43 | 0.26 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40936.93 | -1.51 | | 纳斯达克 | 17136.3 | -3.26 | | 标普 500 | 5528.93 | -2.12 | | 英国富时 100 | 8298.46 | -0.78 | | 日经 225 | 37208.26 | -3. ...

Market Analysis - The market experienced fluctuations with the Shenzhen Composite Index and the ChiNext Index rebounding while the Shanghai Composite Index adjusted [3] - Notable sectors included foldable screen concepts, photovoltaic stocks, and robotics, with several stocks hitting the daily limit up [3] - The banking sector faced collective declines, with major banks like Agricultural Bank and China Construction Bank dropping over 4% [3] - Overall, more than 4,100 stocks rose in the market, with a trading volume of 607.2 billion yuan, an increase of 110.6 billion yuan from the previous trading day [3] Data Insights - As of August 28, the financing balance on the Shanghai Stock Exchange was 726.406 billion yuan, a decrease of 0.897 billion yuan from the previous trading day; the Shenzhen Stock Exchange's financing balance was 652.325 billion yuan, down by 0.728 billion yuan, totaling 1.378731 trillion yuan across both exchanges, a reduction of 1.625 billion yuan [4] Investment Advisory Perspective - Following the close of semi-annual report disclosures, the market has shown new changes, with the banking sector's significant drop impacting the Shanghai Composite Index, which reached a new low, while individual stock sentiment improved markedly [5] - The increase in trading volume indicates a rebound in low-priced stocks, and the appreciation of the RMB suggests potential actions from northbound capital, as many blue-chip stocks are in a state of overselling [5] Concept Hotspots - The State Council released a white paper on energy transition, emphasizing the balance between new and traditional energy sources, aiming to enhance the reliability of non-fossil energy and accelerate the establishment of a diverse and clean energy supply system [6] - The "14th Five-Year Plan" anticipates rapid growth in new energy storage installations, with a projected cumulative installed capacity of 168.7 GW by 2028, reflecting a compound annual growth rate (CAGR) of 37.4% from 2024 to 2028 [6] Key News - Huawei's flagship phone Mate 70 is expected to launch in November, potentially initiating a wave of AI smartphone upgrades, with significant implications for the smartphone industry [6] - The first China Digital Human Conference is set to take place on September 23-24, focusing on the rapid development of the virtual human industry, with projections indicating a market size of 640.27 billion yuan by 2025 [6]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 161 期，总第 1720 期（电子版） 2024 年 9 月 2 日 星期一 一、市场分析 冲高回落 人心思涨 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2842.21 | 0.68 | | 深证成指 | 8348.48 | 2.38 | | 中小 100 | 5404.49 | 3.01 | | 创业板指 | 1580.46 | 2.53 | | 沪深 300 | 3321.43 | 1.33 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41563.08 | 0.55 | | 纳斯达克 | 17713.62 | 1.13 | | 标普 500 | 5648.4 | 1.01 | | 英国富时 100 | 8376.63 | -0.04 | | 日经 225 | 38957.5 | ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 162 期，总第 1721 期（电子版） 2024 年 9 月 3 日 星期二 1、市场综述 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2811.04 | -1.1 | | 深证成指 | 8172.21 | -2.11 | | 中小 100 | 5286.61 | -2.18 | | 创业板指 | 1536.95 | -2.75 | | 沪深 300 | 3265.01 | -1.7 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41563.08 | 0.55 | | 纳斯达克 | 17713.62 | 1.13 | | 标普 500 | 5648.4 | 1.01 | | 英国富时 100 | 8363.84 | -0.15 | | 日经 225 | 38813.36 | 0.29 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 165 期，总第 1724 期（电子版） 2024 年 9 月 6 日 星期五 一、市场分析 谨防加速下跌 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2788.31 | 0.14 | | 深证成指 | 8249.66 | 0.28 | | 中小 100 | 5331.44 | 0.2 | | 创业板指 | 1564.72 | 0.65 | | 沪深 300 | 3257.76 | 0.17 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40755.75 | -0.54 | | 纳斯达克 | 17127.66 | 0.25 | | 标普 500 | 5503.41 | -0.3 | | 英国富时 100 | 8241.71 | -0.34 | | 日经 225 | 36719.76 | ...

Market Analysis - The market experienced fluctuations with the Shanghai Composite Index falling below 2800 points, reaching a new low for the current phase, while the ChiNext Index showed relatively stronger performance [3] - The overall market saw more stocks declining than rising, with nearly 3900 stocks down. The total trading volume in the Shanghai and Shenzhen markets was 559.4 billion yuan, a decrease of 21.2 billion yuan from the previous trading day [3][4] - Key sectors that performed well included pharmaceutical commerce, solid-state batteries, insurance, and education, while sectors such as ST stocks, oil and gas, consumer electronics, and non-ferrous metals faced declines [3] Data Insights - As of September 3, the financing balance on the Shanghai Stock Exchange was reported at 728.447 billion yuan, a decrease of 0.021 billion yuan from the previous trading day. The Shenzhen Stock Exchange's financing balance was 652.974 billion yuan, down by 0.043 billion yuan, bringing the total financing balance across both exchanges to 1.381421 trillion yuan, a reduction of 0.0451 billion yuan [4] Investment Advisory Views - The market is expected to continue its downward trend, with individual stocks showing divergence after a period of broad increases. The major indices opened lower and trended downwards, with the Shanghai Composite Index likely to approach previous lows in the 2700-point range [5] - Short-term operations may require patience as the number of declining stocks increases, indicating a potential for further market corrections [5] Concept Highlights - The introduction of Wi-Fi 7 is anticipated to drive significant demand in the telecommunications sector, with projections indicating a compound annual growth rate (CAGR) exceeding 100% from 2024 to 2028, leading to a penetration rate of 26% for Wi-Fi 7 consumer electronics by 2028 [6] - Advances in solid-state battery technology, particularly a new lithium-sulfur positive electrode material developed by Chinese researchers, could enhance energy density beyond 600 watt-hours per kilogram, significantly outperforming current lithium-ion batteries [7] - The establishment of a comprehensive service platform for remote sensing data in China is expected to facilitate the rapid development of the data element market, projected to reach nearly 200 billion yuan by 2025 [7] Upcoming Major Events - The 2024 Berlin Consumer Electronics Show will take place from September 6 to 10, focusing on the consumer electronics sector [9] - The 2024 Low Altitude Economy Development Conference is scheduled for September 6 to 8 in Wuhu, which may impact the low-altitude economy sector [9] - The inaugural Huawei HiSilicon All-Connect Conference will be held on September 9, potentially influencing the Huawei HiSilicon sector [9]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 159 期，总第 1718 期（电子版） 2024 年 8 月 29 日 星期四 美元离岸人民币 7.1283 -0.06 欧元兑美元 1.1131 0.1 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2837.43 | -0.4 | | 深证成指 | 8078.82 | -0.31 | | 中小 100 | 5189.58 | 0.06 | | 创业板指 | 1531.45 | 0.05 | | 沪深 300 | 3286.5 | -0.57 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 41091.42 | -0.39 | | 纳斯达克 | 17556.03 | -1.12 | | 标普 500 | 5592.18 | -0.6 | | 英国富时 100 | 8343.85 | -0.02 | | 日经 ...