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 ...

证券研究报告 银行 报告日期：2024 年 09 月 03 日 资产质量优异 资产规模稳步提升 ——苏州银行（002966.SZ）2024 年半年报点评报告 事件： 苏州银行发布 2024 年半年度报告，公司上半年实现营业收入 63.88 亿元，同比增长 1.88%；净利润 30.44 亿元，同比增长 11.20%。 其中归属于母公司股东的净利润 29.53 亿元，同比增长 12.10%。 投资评级：增持（首次覆盖） 资产规模稳步增长。2024H1，苏州银行资产总额 6595.14 亿元， 较上年末增加 576.73 亿元，增幅 9.58%；各项存款余额 4152.30 亿元，较上年末增加 514.10 亿元，增幅 14.13%；各项贷款余额 3251.16 亿元，较上年末增加 317.15 亿元，增幅 10.81%。公司净 利润维持双位数增长，主要受益于资产质量稳定和优秀的成本管 控能力。 资产质量维持稳定。2024H1，苏州银行不良贷款余额 27.37 亿元， 较年初上升 2.76 亿元；不良贷款率 0.84%，与年初基本一致，公 司不良率稳定在较低位；拨备覆盖率 486.8%，拨贷比 4.1%，公 司拨 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong performance in IT distribution, self-branded products, and cloud services, with a valuation lower than the industry average [4][7] Core Views - The company's 2024H1 performance slightly exceeded expectations, with revenue growing by 12.5% YoY and net profit attributable to shareholders increasing by 17.5% YoY (37.2% YoY excluding the impact of IIC) [2] - IT distribution business remains stable, with revenue reaching 59.83 billion yuan, a 9.8% YoY increase, and gross margin improving by 0.3% [2] - Self-branded products and cloud services grew significantly, driven by the AI and domestic innovation (Xinchuang) trends, with revenue increases of 45.5% and 62.7% YoY, respectively [2] - The company's AI server business, particularly the Shenzhou Kuntai AI server, achieved a 273.3% YoY revenue growth, indicating strong potential for future growth [2] Financial Performance and Forecasts - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 1.416 billion yuan, 1.730 billion yuan, and 2.114 billion yuan, respectively, with corresponding P/E ratios of 11.6x, 9.5x, and 7.8x [4][5] - Revenue is expected to grow steadily, with 2024-2026 revenue forecasts of 127.003 billion yuan, 134.447 billion yuan, and 142.620 billion yuan, representing YoY growth rates of 6.17%, 5.86%, and 6.08%, respectively [5] - Gross margin is projected to improve slightly, from 3.92% in 2022 to 4.86% in 2026, driven by the growth of high-margin self-branded and cloud services [5][10] Business Highlights - The company successfully introduced domestic semiconductor brands like Huawei HiSilicon, leveraging its leading position in IT distribution to capitalize on the domestic computing power trend [2][4] - The cloud services and software business achieved a 62.67% YoY revenue growth and a 6.82% YoY increase in gross margin, supported by the company's strategic focus on generative AI and data asset management [2] - The company's AI server business is expected to benefit from the acceleration of Xinchuang tenders, with significant revenue growth potential [2][4] Industry Comparison - The company's valuation is lower than the industry average, with 2024-2026 P/E ratios of 11.6x, 9.5x, and 7.8x, compared to the industry average of 26.0x, 22.2x, and 19.3x [4][7] - Key competitors include Aisidi (002416.SZ), Shenzhen Huaqiang (000062.SZ), and Inspur Information (000977.SZ), with the company showing stronger growth potential in self-branded and cloud services [4][7]

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1][3]. Core Viewpoints - The coal market is experiencing a slight recovery in sentiment, with supply and demand dynamics showing signs of stabilization. However, the overall demand is expected to shift back to industrial use as residential cooling needs decrease with the cooling weather [1][3]. - The report highlights that while the coal price adjustments have largely been absorbed, the long-term value proposition for coal companies remains intact due to stable assets and cash flows, supporting high dividend payouts [3][34]. Summary by Sections 1. Weekly Market Performance - From August 26 to August 30, 2024, the coal index rose by 1.91%, with sub-sectors like coking coal and coke showing increases of 2.55% and 2.31% respectively [9]. 2. Key Industry Data 2.1 Thermal Coal - As of August 30, 2024, the price of thermal coal in Qinhuangdao was 725.00 CNY/ton, a 0.14% increase week-on-week. The prices in Shanxi and Shaanxi showed slight declines [13][34]. - Inventory levels at major northern ports were 30.48 million tons, down 0.46% week-on-week but up 4.10% year-on-year [16][35]. 2.2 Coking Coal - The price of main coking coal at Jing Tang Port was 1,770.00 CNY/ton, up 5.36% week-on-week. Coking coal inventories at three ports totaled 3.51 million tons, up 2.34% week-on-week [20][35]. 2.3 Downstream Demand - National electricity consumption reached 766.9 billion kWh, a 20.83% year-on-year increase. However, coal consumption is expected to decline as the peak summer demand subsides [27][34]. 3. Industry News - The report notes a decline in revenue for the coal mining sector, with a 21.7% drop in profits for the coal extraction and washing industry in the first seven months of 2024 [32]. 4. Key Company Announcements - China Shenhua reported a revenue of 168.08 billion CNY for the first half of 2024, a decrease of 0.81% year-on-year, influenced by falling coal prices and reduced electricity sales [33]. 5. Weekly Insights - The supply of thermal coal is stable, with minor reductions expected due to seasonal factors. The demand for coking coal is influenced by the steel market, with speculative buying increasing but overall demand remaining weak [34][35].