Investment Rating - The industry investment rating is "Overweight (Maintain)" [6][12] Core Insights - In August 2024, the total electricity consumption reached 964.9 billion kWh, representing a year-on-year growth of 8.9%. The first industry saw a 4.6% increase, the second industry a 4.0% increase, and the third industry a 11.2% increase [4] - The sustained high temperatures have led to a significant increase in urban and rural residential electricity consumption, which grew by 23.7% year-on-year, an increase of 17.8 percentage points compared to July [4] - Cumulatively, from January to August 2024, total electricity consumption increased by 7.9% year-on-year, amounting to 6561.9 billion kWh, with significant contributions from the first industry (7.0%), second industry (6.3%), and third industry (11.0%) [4] Summary by Sections Electricity Consumption - In August 2024, total electricity consumption was 964.9 billion kWh, up 8.9% year-on-year, with urban and rural residential consumption increasing by 23.7% [4] - For the first eight months of 2024, total electricity consumption was 6561.9 billion kWh, reflecting a 7.9% year-on-year growth [4] Power Generation Capacity - From January to August 2024, solar power generation capacity increased by 48.8%, leading the growth among energy sources. Total installed power generation capacity reached approximately 3.13 billion kW, a 14.0% increase year-on-year [5] Investment Strategy - The report suggests focusing on hydropower leaders like Yangtze Power, which benefit from favorable water conditions, and the nuclear power sector, highlighting companies such as China National Nuclear Power and China General Nuclear Power [6]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [6][12] Core Viewpoints - In August 2024, the total electricity consumption reached 964.9 billion kWh, representing a year-on-year growth of 8.9%. The first industry saw a 4.6% increase, the second industry a 4.0% increase, and the third industry a 11.2% increase [4] - The sustained high temperatures have led to a significant increase in urban and rural residential electricity consumption, which grew by 23.7% year-on-year, an increase of 17.8 percentage points compared to July [4] - Cumulatively, from January to August 2024, total electricity consumption increased by 7.9% year-on-year, totaling 6561.9 billion kWh. The first industry grew by 7.0%, the second by 6.3%, and the third by 11.0%. Urban and rural residential electricity consumption increased by 10.9% [4] Summary by Relevant Sections Electricity Generation Capacity - From January to August 2024, the total installed power generation capacity reached approximately 3.13 billion kW, with a year-on-year growth of 14.0%. Solar power generation capacity increased by 48.8%, wind power by 19.9%, thermal power by 3.6%, hydropower by 2.3%, and nuclear power by 2.3% [5] Investment Strategy - The report suggests focusing on leading hydropower companies like Yangtze Power, which benefit from favorable water conditions, and the nuclear power sector, highlighting companies such as China National Nuclear Power and China General Nuclear Power as having growth potential [6]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [7] Core Viewpoints - The Federal Reserve's interest rate cut of 50 basis points is expected to have a positive impact on the real estate sector, enhancing market expectations for future monetary policy adjustments [7] - The acceleration of national bond issuance for water conservancy projects is anticipated to boost demand and stabilize prices for construction materials, particularly cement [8] - The construction materials sector is currently at a low point, but there is potential for price recovery, especially in cement and other related materials [10] Summary by Relevant Sections Cement - The national average price of cement was 501.74 RMB/ton, with a week-on-week increase of 0.3%. Prices in North China, Central South, and Southwest regions rose by 2.5%, 0.4%, and 0.3% respectively [9] - National cement shipment volume was 3.1245 million tons, showing a week-on-week decrease of 1.8% [9] Flat Glass - The average price of float flat glass was 1318.8 RMB/ton, with a week-on-week decrease of 4.0%. Inventory levels increased by 2.391 million weight boxes, attributed to lower production and sales rates during the Mid-Autumn Festival [9] - Daily production of float glass was 166,100 tons, reflecting a week-on-week decrease of 0.51% [9] Photovoltaic Glass - The price of photovoltaic glass remained stable at 22 RMB/square meter, with an operating rate of 72.6%, down 0.5 percentage points from the previous week [9] Fiberglass and Carbon Fiber - Prices for fiberglass and carbon fiber remained stable during the reporting period [9] Investment Recommendations - Focus on resilient consumer building material leaders such as Weixing New Materials, Beixin Building Materials, and Tubao, as well as cement companies like Huaxin Cement and Anhui Conch Cement, which are expected to benefit from improved demand in the peak season [10]

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [5]. Core Insights - The smart glasses market is gradually heating up, with Ray-Ban Meta's sales exceeding expectations in 2024, setting a benchmark for the industry. Major companies like Qualcomm, Samsung, and Google are collaborating on mixed-reality glasses, while ByteDance is exploring AI glasses. The report anticipates a "battle of the glasses" by 2025, with a significant market for non-display AI smart glasses expected to emerge [3]. - The report highlights that traditional eyewear manufacturers must integrate more features into their products to avoid obsolescence, targeting a market worth 16.4 billion yuan annually. The penetration rate of AI glasses is projected to rise from 10% to 20% [3]. - The semiconductor industry is at a cyclical bottom, with a weak recovery expected in the first half of 2024 and a full recovery anticipated in the second half. The report suggests focusing on undervalued stocks in semiconductor design and related sectors [5]. Summary by Sections Market Review - The SW electronic index fell by 0.17% from September 18 to September 20, underperforming the CSI 300 index by 1.49 percentage points. Among six sub-sectors, optical optoelectronics showed the highest increase at 1.28%, while components saw the largest decline at -2.41% [8][10]. Industry News - The report notes significant developments in the semiconductor sector, including breakthroughs in measurement equipment and SK Hynix's expected revenue surpassing Intel, positioning it as the third-largest chip manufacturer globally [17][18]. Company Announcements - Various companies in the electronic sector are making strategic moves, including stock buybacks and equity incentive plans, indicating a proactive approach to enhance shareholder value and align management interests with company performance [24].

证 券 研 究 报 告 行 业 动 态 Neo 明确定位家庭使用场景，中国医陪 护场景需求规模或超 40 万个 [行业Table_Industry] : 传媒 日期: shzqdatemark 2024年09月23日 [Table_Author] 分析师: 陈旻 Tel: 021-53686134 E-mail: chenmin@shzq.com SAC 编号: S0870522020001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -26% -21% -16% -10% -5% 0% 5% 11% 16% 09/23 12/23 02/24 04/24 07/24 09/24 传媒 沪深300 [Table_ReportInfo] 相关报告： 《周观点：Open AI 发布推理系列模型 o1，1X 有望充分受益》 ——2024 年 09 月 16 日 《周观点：Neo 采用高扭矩低转速电机， 专注泛任务化具身智能》 ——2024 年 09 月 09 日 《周观点：1X 发布新型人形 Neo Beta， "AI+硬件"有望率先落地》 ——2024 年 09 月 01 日 ——"A ...

证 券 研 究 报 告 行 业 周 报 旅游市场供需两旺，关注假日经济热度 延续 ——社服行业周报（2024.09.16-09.20） [行业Table_Industry] : 社会服务 日期: shzqdatemark 2024年09月22日 [Table_Author] 分析师: 翟宁馨 Tel: 021-53686140 E-mail: zhainingxin@shzq.com SAC 编号: S0870523100005 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -35% -30% -26% -22% -17% -13% -9% -4% 0% 09/23 12/23 02/24 04/24 07/24 09/24 社会服务 沪深300 [Table_ReportInfo] 相关报告： 《国庆假期旅游双循环特征明显，演唱会 带动下全域旅游热潮兴起》 ——2024 年 09 月 16 日 《中秋假期旅游需求提前释放，酒店业进 入竞争新阶段》 ——2024 年 09 月 08 日 《市内免税迎政策利好，免税市场扩容有 望》 ——2024 年 09 月 01 日 [Table_R ...

证 券 研 究 报 告 行 业 周 报 [行业: 日期: Table_Industry] 医药生物 shzqdatemark 2024年09月22日 | --- | --- | |-------------------------|----------------------| | | | | [Table_Author] 分析师 : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号 : | S0870523010001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -26% -22% -17% -13% -9% -5% -1% 3% 7% 09/23 12/23 02/24 04/24 07/24 09/24 医药生物 沪深300 [Table_ReportInfo] 相关报告： 《人工耳蜗纳入新批次国采，安徽省中成 药集采覆盖多个 OTC 大品种》 ——2024 年 09 月 17 日 《寒冬渐逝，重拾信心》 ——2024 年 09 月 07 日 《血液瘤领域重磅产品频出，我 ...

证 券 研 究 报 告 ◼ 行 业 周 报 黄金珠宝板块关注节日催化下终端动销 ——行业周报（20240916-0920） [行业Table_I: 日期: ndustry] 商贸零售 shzqdatemark 2024年09月22日 | --- | --- | |-------------------------|----------------------| | | | | | | | [Table_Author] 分析师 : | 张洪乐 | | Tel: | 021-53686159 | | E-mail: | zhanghongle@shzq.com | | SAC 编号 : | S0870523040004 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -32% -28% -24% -19% -15% -11% -7% -2% 2% 09/23 12/23 02/24 04/24 07/24 09/24 商贸零售 沪深300 [Table_ReportInfo] 相关报告： 《8 月社零同比增长 2.1%，关注高股息低 估值的零售企业》 ——2024 年 09 月 16 ...

证 券 研 究 报 告 行 业 周 报 美妆品牌积极推新，持续丰富品类、功 效 ——美容护理行业周报（20240918-0920） [Table_Rating] 增持（维持） [➢Table_Summary] 主要观点 珀莱雅：源力精华 3.0 推出，产品持续升级迭代 成分上，采用独家专研 XVII 型重组胶原蛋白。相比大部分胶原作用通 路单一、解决问题顾此失彼，XVII 型胶原蛋白不仅横跨全皮层，更能 在基底膜实现胶原「直补」与「促生」双通路这意味着，基底膜更强 韧、表皮层更新变活跃,还能提升真皮层的多种核心胶原，在各个维度 上，养出稳且好的饱满肌肤。直补 XVII 型胶原蛋白后 6 重核心胶原蛋 白提升显著。此外搭载胶原导航仪羟脯氨酸衍生物，并配伍经典成分 PrOECM 弹力肽。与源力 2.0 相比，（1）褪红速度更快，达到源力 2.0 的 1.9 倍。新增前沿成分消退素不仅有效抑制红痛更开启主动消退 模式，减少内在不适。能够应对天生红敏、密集爆痘、顽固面红、光 电场景等多种泛红问题。（2）质地和温和度升级。精选自带修护功效 的芝麻籽油与燕麦仁油，搭配温和蔗糖酯乳化剂打造双相水凝乳体 系。干皮可感水润，油 ...

证 券 研 究 报 告 行 业 周 报 金九银十旺季来临，关注服饰秋冬装销 售 ——轻工纺服行业周报 20240916-0920 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 一、行情回顾：本周（2024.09.16-2024.09.20），A股 SW纺织服饰行 业指数上涨 1.04%，轻工制造行业上涨 1.72%，而沪深 300 上涨 1.32%，上证指数上涨 1.21%。纺织服装和轻工制造在申万 31 个一级 行业中涨幅排名分别为第 20 位/第 14 位。 二、核心逻辑： 1）纺服行业：行业"主动补库"开启，出口延续恢复态势，建议关注 制造端高分红标的及品牌服饰长期成长性。 纺织制造：我们认为纺织制造出海仍是重要方向，建议关注华利集 团、伟星股份、新澳股份等。 8 月我国纺服社零环比改善。2024 年 1-8 月，限额以上纺织服装类零 售额 9046 亿元，同比增长 0.3%。我国实物商品网上零售额 8.01 万亿 元 ， 同 比 +8.1% ；其中 穿类商品 零售同比 +5.0%(1-7 月 分 别 为 +8.7%/+6.3%)，线上消费增速环比有所放缓。单 ...