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 ...

证 券 研 究 报 告 [Table_Author] 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 宏 观 数 据 消费偏弱，投资偏稳 ——2024 年 8 月经济数据点评 [日期Table_Industry] : shzqdatemark [Table_Summary] 主要观点 2024年09月20日 消费偏弱，投资偏稳 8 月主要经济数据继续放缓。工业增长持续下滑，而消费数据本月再 度走弱，受商品零售拖累，尤其是地产类消费以及汽车消费。我们认 为作为经济第一增长动力的投资表现相对平稳，跌幅有限。其中制造 业投资和基建投资均有所下滑，但仍高于全部投资。房地产投资跌幅 未再扩大，相关数据持续改善，期待房地产投资进一步趋稳。在"十 四五"规划重大工程项目建设加快推进以及大规模设备更新推动下， 有望持续扩大有效投资，保持投资稳定增长。我们认为，经济在开年 发力后，趋于平稳运行。7 月政治局会议也提出了下半年改革发展稳 定任务很重，要增强经济持续回升向好态势。 市场有望波动中走稳回暖 我们认为宏观环境变化为 ...

证 券 研 究 报 告 行 业 动 态 周观点： OpenAI 发布新模型 o1，加持 微软 Office 升级 [行业Table_Industry] : 电子 日期: shzqdatemark 2024年09月21日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -25% -20% -16% -11% -7% -3% 2% 6% 11% 09/23 12/23 02/24 04/24 07/24 09/24 电子 沪深300 [Table_ReportInfo] 相关报告： 《助听器功能或将登陆苹果 AirPods Pro， 中国企业突破氢离子注入核心技术》 ——2024 年 09 月 18 日 《新需求、新方案——从加工方式演进路 径看消费电子钛合金投资机会》 ——2024 年 09 月 09 日 《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》 ——2024 年 09 月 09 日 ——先进科技主题周报 20240909-20240915 [Table_Ra ...

证 券 研 究 报 告 行 业 周 报 [行业: 日期: Table_Industry] 食品饮料 shzqdatemark 2024年09月22日 [Table_Author] 王慧林 15951919467 wanghuilin@shzq.com : S0870524040001 赖思琪 021-53686180 laisiqi@shzq.com : S0870524090001 袁家岗 02153686249 yuanjiagang@shzq.com SAC 编号: S0870524090003 | --- | |----------| | | | Tel: | | E-mail: | | SAC 编号 | | 分析师 : | | Tel: | | E-mail: | | SAC 编号 | | 分析师 : | | Tel: | | E-mail: | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -33% -29% -24% -20% -15% -11% -7% -2% 2% 09/23 12/23 02/24 04/24 07/24 09/24 食品饮料 沪深300 [Tab ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report maintains a positive outlook on the growth certainty and sustainability of the power equipment sector under the backdrop of new power system construction, suggesting to focus on investment opportunities in this sector [2] - The global energy transition is leading to a replacement cycle in power infrastructure in Europe and the US, coupled with increased electricity demand driven by AI, making overseas market demand for power equipment noteworthy [2] - Domestic power equipment companies are expected to increase their global market share, with specific recommendations for companies involved in overseas expansion [2] Summary by Sections Market Review - The power equipment industry experienced a decline of 0.83% over the past week, outperforming the broader market, ranking 7th among all primary industries [1] - Sub-sectors showed varied performance: grid equipment rose by 0.44%, photovoltaic equipment by 0.03%, while wind power equipment fell by 0.48%, motors by 1.48%, and batteries by 2.17% [1] Recommendations for Companies - Recommended companies for overseas expansion include Haixing Electric, Igor, and others such as Weisheng Information, Samsung Medical, Jinpan Technology, Huaming Equipment, Shenneng Electric, Mingyang Electric, and Huatong Cable [2] - For UHV (Ultra High Voltage) equipment, recommended companies include XJ Electric, Pinggao Electric, China XD Electric, and Pirelli [2] - In the area of grid digitalization, recommended companies are Dongfang Electronics, State Grid Information Communication, and Zeyu Intelligent [2] - For virtual power plants and microgrids, recommended companies include Anke Rui, Suwen Electric, and Guoneng Rixin [2] - In thermal power and flexibility transformation, recommended companies are Dongfang Electric and Qingda Environmental Protection [2] Additional Insights - The report highlights the launch of Guangzhou's first urban low-altitude flight route, indicating the potential growth of the low-altitude economy supported by local policies [3] - The report notes a significant increase in public charging stations for electric vehicles, with 54,000 new installations in August 2024, reflecting a 43.6% year-on-year growth [4] - The photovoltaic sector is expected to benefit from new technology developments and a surge in centralized installations, with recommendations for companies like GCL-Poly and High Measurement [5]

Investment Rating - The communication industry maintains an "Overweight" rating [10] Core Insights - OpenAI's release of the "Science Competition" model has led to a significant increase in computing power, with the model achieving high rankings in competitive programming and surpassing human-level accuracy in various scientific benchmarks [5][18] - The 3GPP has initiated the standardization work for 6G networks, marking the official start of 6G industrialization, with significant global support and participation from over 90 companies [6][20] Summary by Sections Market Performance - In the past week (September 9-15, 2024), the Shanghai Composite Index and Shenzhen Component Index decreased by -2.23% and -1.81%, respectively, while the CITIC Communication Index increased by 2.16%, ranking first among 30 primary industries [4][13] - The top five performing stocks in the communication sector included Dafu Technology (+37.31%), Dingxin Communication (+21.45%), and Zhongji Xuchuang (+16.62) [4][15] Industry Core Insights - OpenAI's advancements in AI models have led to a substantial increase in computational demands, with the "o1" model demonstrating exceptional reasoning capabilities [5][18] - The 1.6T optical module industry standard has been established, indicating a mature industrial ecosystem, with major support from companies like Meituan, China Telecom, and Huawei [5][18] - The 3GPP's first 6G standard project has received broad industry attention, with a significant increase in participation compared to previous generations [6][20] Industry News - Apple supplier Jabil Technology is investing approximately $238.2 million to establish a manufacturing facility in India [8][21] - Microsoft is collaborating with Atom Computing to develop the world's most powerful quantum computer, exceeding 1200 physical qubits [9][22] Investment Recommendations - Suggested companies to watch include those in computing power leasing (e.g., Runze Technology, Lianang Technology) and optical modules (e.g., Zhongji Xuchuang, Xinyi Sheng) [5][19]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [5]. Core Insights - The company is positioned as a leading international coal enterprise with a focus on expanding its production capacity and maintaining a stable high dividend policy [3][5]. - The company has a robust coal production capacity of 231 million tons per year as of the end of 2023, with plans to increase this to 300 million tons over the next 5-10 years [3][18]. - The company benefits from its unique overseas coal assets, particularly in Australia, which contribute significantly to its revenue and profit [4][28]. - The coal chemical segment is expected to recover profitability due to improved industry supply-demand dynamics [4]. - The company has committed to distributing approximately 60% of its net profit as cash dividends from 2023 to 2025, with a minimum dividend of 0.5 RMB per share [4][25]. Summary by Sections Company Overview - The company, Yanzhou Coal Mining Company Limited, is a major player in the coal industry, with a significant presence in both domestic and international markets [10]. - It has a total coal resource of 4.71 billion tons, ranking it among the top in the industry [10][14]. Production Capacity and Growth - The company has been expanding its production capacity through both acquisitions and organic growth, with an expected increase of 11.8 million tons in capacity by 2025 [3][17]. - The coal production in 2023 reached 132.1 million tons, showing a significant increase from previous years [21][22]. Financial Performance - The company’s revenue is projected to grow, with expected revenues of 148.56 billion RMB, 155.96 billion RMB, and 163.92 billion RMB for 2024, 2025, and 2026 respectively [5]. - The net profit for the same years is forecasted to be 16.36 billion RMB, 19.73 billion RMB, and 21.54 billion RMB [5]. Dividend Policy - The company has a strong commitment to returning value to shareholders through dividends, with a historical payout ratio above 55% [25][26]. International Operations - The company has established a significant presence in Australia, with coal production from its Australian operations accounting for 29% of total production in 2023 [4][23]. - The Australian operations are characterized by a high degree of market pricing flexibility, which enhances profit margins [24].

证券研究报告 2024年9月18日 行业：基础化工 增持 （维持） | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | 24H1 | 行业呈现回暖态势，制冷剂、轮胎、 | | | | | | 煤化工等板块业绩亮眼 | | | | | | 2024 半年报业绩回顾 | | | | | | SAC 编号： S0870523040001 SAC 编号： S0870123060051 | | | | 行业营业收入和归母净利润逐季度改善 ◆ 根据iFinD数据统计，2024年上半年，基础化工（申万）实现营业收入 10781.50 亿元，同比 +2.09%，实现归母净利润 664.69 亿元，同比 -5.07%；其中，2024Q2实现营业收入 5752.90 亿元，同比 +6.24%，环比 +14.40%，实现归母净利润 362.29 亿元，同比 +4.65%， ...

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