证 券 研 究 报 告 ◼ 行 业 周 报 永辉全国首家胖东来式自主调改店恢复 营业，关注同店提升效率 ——行业周报（20240902-0906） [行业Table_I : ndustry] 商贸零售 2024年09月08日 日期: shzqdatemark [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 | | -1% 4% 商贸零售 | 沪深 300 | | -10% -5% 08/23 11/23 01/24 04/24 | 06/24 08/24 | [Table_ReportInfo] 相关报告： 《关注中报业绩兑现强的低估值零售企 业》 ——2024 年 08 月 25 日 《阿里稳步增长，淘天市场份额保持稳 定》 —— ...

证 券 研 究 报 告 行 业 专 题 [行业Table_Industry] : 电子 日期: shzqdatemark 2024年09月09日 | --- | --- | |-------------------------|----------------------| | | | | | | | [Table_Author] 分析师 : | 马永正 | | Tel: | 021-53686147 | | E-mail: | mayongzheng@shzq.com | | | | | SAC 编号 : | S0870523090001 | | 联系人 : | 杨蕴帆 | | Tel: | 021-53686417 | | E-mail: | yangyunfan@shzq.com | | SAC 编号 : | S0870123070033 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 09/23 11/23 02/24 04/24 06/24 09/24 电子 沪深300 -28% -24% -19% -15% -11% -6% -2% 2% 6% [Table_Repor ...

证 券 研 究 报 告 行 业 周 报 [Table_RiskWarning] 绿证核发和交易规则印发，甘肃省电力 现货市场正式运行 ——公用事业周报（20240902-20240906） [Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 《可再生能源绿色电力证书核发和交易规则》印发，推动新能源高质 量发展。2024 年 8 月 26 日，国家能源局印发了《可再生能源绿色电 力证书核发和交易规则》，以健全绿色低碳发展机制。实际上，在 2023 年 7 月，国家能源局就曾会同发展改革委、财政部联合印发《关 于做好可再生能源绿色电力证书全覆盖 促进可再生能源电力消费的通 知》。随着《通知》的印发，绿证核发全覆盖顺利推进，交易规模不断 扩大。截至 2024 年 7 月底，全国累计核发绿证 8.89 亿个，累计交易 绿证 2.91 亿个（其中随绿电交易绿证 1.54 亿个）。 《规则》背景&意义：具体来看此次《规则》印发，主要明确了 职责分工、账户管理、绿证核发、绿证交易及划转、绿证核销、 信息管理及监管等方面具体要求。有助于进一步培育绿电交易市 场，营造绿电消费环境，支撑能源转 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2024年09月09日 [Table_Author] 分析师: 方晨 Tel: 021-53686475 E-mail: fangchen@shzq.com SAC 编号: S0870523060001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -37% -32% -28% -23% -18% -13% -9% -4% 1% 09/23 11/23 01/24 04/24 06/24 09/24 建筑材料 沪深300 [Table_ReportInfo] 相关报告： 《存量房贷利率有望下调，房屋养老金新 举措试点》 ——2024 年 09 月 02 日 《西部大开发再出政策支持，关注基建受 益板块》 ——2024 年 08 月 27 日 《加快全面绿色转型，关注西南水电建 设》 ——2024 年 08 月 20 日 "金九"水泥推涨，关注旺季需求改善 ——建筑材料行业周报（20240902-20240906） [Table_Rating] 增持（维持） [ ...

证 券 研 究 报 告 行 业 周 报 周观点：Neo 采用高扭矩低转速电机，专注 泛任务化具身智能 [行业Table_Industry] : 传媒 日期: shzqdatemark 2024年09月09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 传媒 沪深300 -30% -25% -20% -15% -10% -5% 0% 5% 10% 09/23 11/23 01/24 04/24 06/24 09/24 [Table_ReportInfo] 相关报告： 《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 《周观点：《黑神话：悟空》销量超预 期，或将开启反向"手转端"趋势》 ——2024 年 08 月 27 日 《周观点：AI 可穿戴设备热潮涌现，新一 轮 AI 周期有望开启》 ——2024 年 08 月 19 日 ——互联网传媒行 ...

证 券 研 究 报 告 行 业 周 报 持续追踪华为三折叠手机进展，24Q3 晶 圆代工产能利用率有望进一步改善 [行业Table_Industry] : 电子 日期: shzqdatemark 2024年09月09日 [Table_Author] 分析师: 马永正 Tel: 021-53686147 E-mail: mayongzheng@shzq.com SAC 编号: S0870523090001 联系人: 陈凯 Tel: 021-53686412 E-mail: chenkai@shzq.com SAC 编号: S0870123070004 联系人: 杨蕴帆 Tel: 021-53686417 E-mail: yangyunfan@shzq.com SAC 编号: S0870123070033 | --- | --- | --- | |----------------|-------------------------------------------|-----------------------| | | | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [5] Core Insights - The report highlights the upcoming Mid-Autumn Festival and its impact on demand trends in the food and beverage sector [5] - Key industry news includes the launch of Moutai Group's "Quality Month" activities, emphasizing quality as a core value [5][17] - Moutai received the "Global Brand Building Award" at the 2024 Phoenix Star Listed Company Awards, reinforcing its commitment to quality and market expansion [5][17] - Wuliangye is accelerating its internationalization efforts, participating in trade promotion events in Denmark and Finland [5][17] - Jinshiyuan is expanding its production capacity, with new facilities expected to increase total capacity to 78,000 tons by 2025 [5][17] - Six major liquor-producing regions issued a joint declaration to promote cooperation and ecological sustainability [5][17] - The report notes the successful launch of limited edition products and recognition of Yanghe's distillery as a Guinness World Record holder [5][17][18] Summary by Sections 1. Weekly Insights and Investment Recommendations - The report emphasizes structural opportunities in the liquor sector, particularly for high-end and regional wines [9][22] - Recommendations include focusing on companies like Luzhou Laojiao, Jinshiyuan, and others that cater to both high and low-end consumer demands [9][22] 2. Market Performance Review - The SW Food and Beverage Index fell by 3.53%, underperforming the CSI 300 Index, which declined by 2.71% [24] - Among sub-sectors, meat products saw a slight increase, while snacks and soft drinks experienced declines [24] 3. Key Industry Data Tracking - The report tracks significant data in the liquor sector, noting a 5.10% year-on-year decline in national liquor production in July 2024 [34] - The average price for high-end liquor in major cities is reported at approximately 1,220.85 CNY per bottle [34] 4. Cost and Packaging Data Tracking - The report discusses trends in raw material prices and packaging costs, which are critical for the food and beverage industry [20][21] 5. Important Company Announcements - The report summarizes key announcements from various companies, including new product launches and capacity expansions [5][17][18] 6. Industry News - The report covers significant events and developments in the food and beverage industry, including competitions and awards that highlight quality and innovation [5][17][19]

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 社会服务 日期: shzqdatemark 2024年09月08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 -37% -32% -27% -23% -18% -13% -8% -4% 1% 09/23 11/23 01/24 04/24 06/24 09/24 社会服务 沪深300 [Table_ReportInfo] 相关报告： 《市内免税迎政策利好，免税市场扩容有 望》 ——2024 年 09 月 01 日 《潮玩出海势头强劲，关注大众旅游市 场》 ——2024 年 08 月 25 日 《思考乐教育中期业绩亮眼，关注体育旅 游消费》 ——2024 年 08 月 18 日 中秋假期旅游需求提前释放，酒店业进 入竞争新阶段 ——社服行业周报（2024.09.02-09.06） [Table_Rating] 增持（ ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6][12]. Core Viewpoints - The SW pharmaceutical and biotechnology index fell by 21.09% in the first half of 2024, underperforming the CSI 300 index by 21.98 percentage points. Among sub-industries, the SW Traditional Chinese Medicine II index had the best performance, declining by 12.73%, while SW Medical Services saw the largest drop at 38.23% [6][7]. - Overall revenue remains stable, with an improvement in sales expense ratio and an increase in R&D expense ratio. The total revenue for the SW pharmaceutical and biotechnology sector in H1 2024 was CNY 12,650.18 billion, a year-on-year decrease of 1.43%, while net profit attributable to shareholders was CNY 1,041.50 billion, down 9.79% year-on-year [6][7]. - The second quarter of 2024 saw a revenue of CNY 6,232.59 billion for the SW pharmaceutical and biotechnology sector, reflecting a year-on-year increase of 3.85%, with a net profit of CNY 501.56 billion, down 7.70% year-on-year [6][7]. Summary by Sections Revenue and Profitability - The gross margin for the SW pharmaceutical and biotechnology sector was 33.05%, up 1.03 percentage points year-on-year, while the net margin was 8.70%, down 0.89 percentage points year-on-year [6]. - In Q2 2024, the gross margin was 33.27%, an increase of 1.43 percentage points year-on-year, and the net margin was 8.47%, down 1.00 percentage point year-on-year [6]. Sub-industry Performance - The top three sub-industries in terms of revenue growth in H1 2024 were chemical pharmaceuticals (+1.92%), pharmaceutical commerce (-0.04%), and medical devices (-0.18%). The net profit growth leaders were chemical pharmaceuticals (+14.09%), medical devices (-6.38%), and pharmaceutical commerce (-7.96%) [7]. - In Q2 2024, the revenue growth leaders were medical devices (+37.64%), chemical pharmaceuticals (+16.37%), and medical services (+4.65%). The net profit growth leaders were medical devices (+21.58%), chemical pharmaceuticals (-9.43%), and traditional Chinese medicine (-11.45%) [7]. Policy Support and Recommendations - Continuous supportive policies are being introduced, with a focus on innovation in drugs and medical devices. The government aims to strengthen policy guarantees across the entire chain, optimizing pricing management, medical insurance payments, and drug supply mechanisms [7][8]. - The report suggests focusing on sub-sectors with strong Q2 performance, particularly chemical pharmaceuticals and medical devices, and highlights specific companies such as Kangfang Biotech, Ailisi, United Imaging, Yuyue Medical, and Aohua Endoscopy [8].

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 社会服务 日期: shzqdatemark 2024年09月08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 -37% -32% -27% -23% -18% -13% -8% -4% 1% 09/23 11/23 01/24 04/24 06/24 09/24 社会服务 沪深300 [Table_ReportInfo] 相关报告： 《市内免税迎政策利好，免税市场扩容有 望》 ——2024 年 09 月 01 日 《潮玩出海势头强劲，关注大众旅游市 场》 ——2024 年 08 月 25 日 《思考乐教育中期业绩亮眼，关注体育旅 游消费》 ——2024 年 08 月 18 日 中秋假期旅游需求提前释放，酒店业进 入竞争新阶段 ——社服行业周报（2024.09.02-09.06） [Table_Rating] 增持（ ...