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].

证券研究报告 化工 报告日期：2024 年 09 月 02 日 磷矿石、维生素市场高位持稳运行，关注供给约束方向 ——化工行业周报 华龙证券研究所 最近一年走势 投资评级：推荐（维持） 原油：截至 2024 年 8 月 30 日，WTI 原油期货价格为 73.55 美元/ 桶，周环比下降 1.71%；布伦特原油期货价格为 78.8 美元/桶， 周环比下降 0.28%。亚洲主要消费国的炼厂开工负荷依然没有扭 转低迷状态，而美国传统旺季即将结束，炼厂开工负荷也面临走 向拐点，导致市场对需求前景难有乐观心态,预期市场博弈有望延 续，持续关注美联储降息影响及 OPEC+9 月后的产出策略。 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 聚酯化纤：市场对"金九银十"纺织旺季仍持谨慎态度，旺季特 征或并不明显。PA6 常规纺市场表现平淡，终端订单未有明显好 转，下游心态偏谨慎，需求较疲软，阶段性补货为主，市场交易 氛围一般致使 PA6 常规纺市场震荡下行，然高速纺切片下游纺丝 开工高位稳健，冬装订单稍有增加，市场交易稍有好转。 联系人：彭越 执业证书编号：S02301 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [1][30]. Core Viewpoints - The food and beverage sector outperformed the Shanghai Composite Index, with a weekly increase of +1.62%, ranking 19th among 31 industries [1][30]. - The report highlights a moderate recovery in demand, emphasizing structural opportunities within the sector, particularly for high-quality leading companies that demonstrate resilience and risk resistance [1][30]. - The report suggests focusing on high-end liquor brands such as Kweichow Moutai and Wuliangye, as well as regional leaders like Gujing Gongjiu and Yingjia Jiu [1][31]. Summary by Sections 1. Weekly Market Performance - From August 26 to August 30, the food and beverage index rose by +1.62%, while the Shanghai Composite Index fell by -0.43%, indicating a 2.05 percentage point outperformance [7][30]. - Sub-sectors with notable gains included pre-processed foods (+6.41%), condiments (+5.02%), and other alcoholic beverages (+4.33%), while soft drinks (-4.61%) and dairy products (-1.56%) saw declines [7][30]. 2. Price Fluctuations - The report notes that the price of Feitian Moutai remained stable at 2400 CNY per bottle, with slight fluctuations in other liquor prices [17]. - The average price of fresh milk was reported at 3.20 CNY per kilogram, with a downward trend in the prices of barley and sugar [17][18]. 3. Industry News - Key developments include the national branding strategy of Jinhuijiu through high-speed rail collaborations and the reported revenue growth in the liquor, beverage, and refined tea manufacturing sector [25][26]. - The report also mentions the acquisition plans of Mogao Co. for a 51% stake in Haotian Technology, which is expected to enhance its competitive edge [26]. 4. Key Company Announcements - Notable earnings reports include Wuliangye's revenue of 50.648 billion CNY, a year-on-year increase of 11.30%, and Dongpeng Beverage's revenue of 7.873 billion CNY, growing by 44.19% [27][29]. - The report highlights the strong performance of Three Squirrels, which achieved a revenue of 5.075 billion CNY, up 75.39% year-on-year [29][32]. 5. Weekly Insights - The report emphasizes the resilience of leading companies in the food and beverage sector amid a challenging demand environment, suggesting that long-term investment opportunities remain attractive [30][31].

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Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has experienced a decline in waterproof materials revenue, while the mortar powder business continues to grow. In the first half of 2024, the company achieved operating revenue of 15.218 billion yuan, a year-on-year decrease of 9.69%. Specifically, the waterproof materials segment generated revenue of 10.808 billion yuan, down 12.62% year-on-year, with a gross margin of 32.13%, an increase of 0.45 percentage points. Conversely, the mortar powder segment reported revenue of 2.128 billion yuan, up 11.76% year-on-year, with a gross margin of 27.46%, a decrease of 0.76 percentage points [1][2]. Summary by Sections Financial Performance - In the first half of 2024, the company reported total operating revenue of 15.218 billion yuan, a decline of 9.69% year-on-year. The net profit attributable to shareholders was 943 million yuan, down 29.31% year-on-year [1]. - The company’s revenue from engineering and retail channels reached 12.138 billion yuan, accounting for 79.76% of total revenue, an increase of 8.44% year-on-year [1]. Revenue Breakdown - The waterproof materials business generated 10.808 billion yuan in revenue, a decrease of 12.62% year-on-year, while the mortar powder business achieved 2.128 billion yuan, reflecting an increase of 11.76% year-on-year [1]. - The engineering channel revenue was 6.699 billion yuan, up 9.07% year-on-year, and the retail channel revenue was 5.438 billion yuan, up 7.66% year-on-year, indicating a continuous increase in the proportion of revenue from engineering and retail channels [1]. Future Outlook - The company is accelerating its global expansion, seeking a third growth curve through international research, establishing overseas companies, and expanding overseas channels. The projected revenue growth rates for 2024-2026 are -9.05%, 5.79%, and 11.35%, respectively, with expected revenues of 29.852 billion yuan, 31.579 billion yuan, and 35.164 billion yuan [1][3].

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [1]. Core Insights - Alibaba has released the open-source multimodal model Qwen2-VL, which surpasses GPT-4o in multiple performance metrics. This model supports real-time video dialogue and can understand long videos exceeding 20 minutes [1][16]. - In August, a total of 117 domestic online games were approved, including titles from major companies like Tencent and 37 Interactive Entertainment [10]. - Google's researchers have introduced GameNGen, the first AI game engine capable of real-time simulation without traditional game engine components, achieving over 20 frames per second [13]. Summary by Sections 1. Weekly Market Performance - From August 26 to August 30, the Shenwan Media Index rose by 4.41%. The top five gainers included Guangxi Guangdian, Sanliu Wu, and Fushi Holdings [7]. 2. Industry News - The National Press and Publication Administration announced the approval of 117 domestic online games in August, with various platforms represented [10]. - The National Radio and Television Administration emphasized the need for the micro-short drama industry to evolve from "substandard" to "high-quality" productions [11]. - The 54th Statistical Report on China's Internet Development indicated that as of June 2024, the number of internet users reached 1.1 billion, with short video users accounting for 95.5% of the total [12]. 3. Key Company Announcements - 37 Interactive Entertainment reported a revenue of 9.232 billion yuan for the first half of 2024, a year-on-year increase of 18.96% [14]. - Huayi Brothers announced a revenue of 308 million yuan for the same period, a decrease of 9.05% [14]. - Other companies like Shenzhou Taiyue and Haikan Co. also reported significant revenue growth [15]. 4. Weekly Insights - The continuous iteration and optimization of AI models like Qwen2-VL are expected to expand AI applications across various sectors, particularly in gaming, education, and companies developing AI models [22]. 5. Investment Recommendations - The report suggests focusing on three major AI application scenarios within the media sector: gaming/film industry (recommended companies include 37 Interactive Entertainment, Century Huatong, and Wanda Film), AI education (recommended companies include Zhongwen Media, Phoenix Media, and Shandong Publishing), and companies involved in AI model development [22].

请认真阅读文后免责条款 证券研究报告 美容护理 报告日期：2024 年 09 月 01 日 首款"国产少女针"成功获批，行业会议频开 ——美容护理行业周报 华龙证券研究所 最近一年走势 首款"国产少女针"获批，点燃医美新热潮。2024 年 8 月 27 日， 山东采采医疗科技有限公司申报的"注射用聚己内酯微球面部填 充剂"获得国家药品监督管理局获批第三类医疗器械批准，注册 编号为国械注准 20243131626，适用范围为用于皮下组织注射填 充，以纠正中重度鼻唇沟皱纹，意味着首款"国产少女针"诞生， 也再次点燃了医美行业的再生热潮。 上海缙嘉专家工作站揭牌仪式在缙嘉研发中心成功举行。2024 年 8 月 22 日，上海缙嘉专家工作站揭牌仪式在缙嘉研发中心成功举 行。依托于上海市政府发布的《上海市化妆品产业高质量发展行 动计划》，上海缙嘉积极响应国家鼓励的产学研医联合攻关的科 技项目立项模式，进一步增强企业的自主创新能力和核心竞争力， 不断用实际行动为国家加快建设具有全球影响力的科技创新中心 注入新的活力。 朗姿股份收购北京丽都全部股权和湖南雅美控股权。2024 年 8 月 27 日，朗姿股份发布公告称，公司下 ...

Investment Rating - The report maintains a "Recommended" investment rating for the machinery equipment industry [1]. Core Viewpoints - The machinery equipment index rose by 2.4% last week, ranking 13th among 31 primary industries, with positive returns across most sub-industries except for rail transit equipment. The industry is expected to focus on new productive forces and large-scale equipment updates throughout the year, with recommendations to pay attention to sectors such as CNC machine tools, semiconductor equipment, rail transit equipment, elevators, and agricultural machinery. The overall machinery equipment index remains low, indicating structural investment opportunities within the industry [1][2]. Summary by Sections Market Performance - From August 26 to August 30, 2024, the machinery equipment industry increased by 2.4%, with automation equipment leading at +5.03% and rail transit equipment declining by -8.71%. The top five gainers included Yijiahe (+33.40%) and Ning Shui Group (+20.71%) [9][10]. Key Industry Data - As of July 2024, the manufacturing PMI was 49.1%, with a year-on-year decrease of 0.6 percentage points. Fixed asset investment increased by 3.6% year-on-year, with manufacturing investment up by 9.3% [12][13]. Industry News - The Ministry of Housing and Urban-Rural Development issued a notice to update and eliminate construction machinery over ten years old, focusing on high-pollution and outdated equipment [29][30]. - The State Council approved five nuclear power projects, totaling 11 units, indicating a stable development trend in the nuclear power sector [2][30]. - The report highlights the ongoing recovery in the domestic excavator market, with August sales expected to reach around 6,600 units, a year-on-year increase of nearly 17% [1][31].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company achieved revenue growth against the trend, with cement prices declining putting pressure on profits. In the first half of 2024, the company reported operating revenue of 16.237 billion yuan, a year-on-year increase of 2.56%, while net profit attributable to shareholders fell by 38.74% to 731 million yuan [1][2] - Despite a significant decline in domestic cement demand, the company managed to increase its revenue, supported by growth in aggregate and concrete business, as well as overseas sales [2][3] - The overseas cement and clinker sales volume increased by 47.0% year-on-year, reaching 7.5976 million tons in the first half of 2024, contributing significantly to the company's performance [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company reported a cement and clinker sales volume of 28.4844 million tons, a decrease of 4.9% year-on-year, with average selling prices dropping by 21.76 yuan/ton to 304.24 yuan/ton [1] - The overall gross margin decreased by 0.73 percentage points compared to the same period last year, standing at 24.38% [1] - The aggregate business revenue grew significantly, reaching 2.962 billion yuan, a year-on-year increase of 36.96%, while concrete business revenue was 3.943 billion yuan, up 24.21% year-on-year [1][2] Revenue Forecast - The company is expected to achieve operating revenues of 34.117 billion yuan, 37.384 billion yuan, and 39.187 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 1.874 billion yuan, 2.434 billion yuan, and 2.602 billion yuan [2][3] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 11.9, 9.1, and 8.5 respectively, compared to the average valuation of comparable companies at 20.4 times P/E for 2024 [2][4]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company achieved double-digit growth in the first half of 2024, with a sales revenue of 39.205 billion yuan, representing a year-on-year increase of 11.45% [3] - The gross profit margin for the company's products was 86.69%, showing a slight decline of 0.11 percentage points year-on-year, while the gross profit margin for other alcoholic beverages increased by 1.58 percentage points to 62.23% [3] - The company is focusing on mid-to-high-priced products, which has led to an improvement in profitability, with a net profit margin of 39.15%, up 0.05 percentage points year-on-year [4] Financial Performance Summary - The company’s sales revenue for the first half of 2024 was 39.205 billion yuan, with a gross profit margin of 77.36%, an increase of 0.58 percentage points year-on-year [4] - The company’s net profit for the first half of 2024 was 27.971 billion yuan, with a year-on-year growth of 14.17% [6] - The company’s operating income is projected to be 92.699 billion yuan in 2024, with a year-on-year growth of 11.32% [6] Market Data - As of August 30, 2024, the company's stock price was 123.03 yuan, with a total market capitalization of approximately 477.55 billion yuan [3] - The company has a total of 2,530 distributors, an increase of 98 from the previous year, with significant growth in the eastern region [3] Earnings Forecast - The forecast for the company's revenue is 92.699 billion yuan for 2024, 102.068 billion yuan for 2025, and 112.356 billion yuan for 2026, with respective growth rates of 11.32%, 10.11%, and 10.08% [6] - The projected net profit for 2024 is 33.676 billion yuan, with a year-on-year growth of 11.47% [6]