证 券 研 究 报 告 行 业 周 报 中报披露完毕，把握业绩稳健增长的低 估值标的 ——行业周报（20240826-0830） [Table_Rating] 增持（维持） [Table_Summary] ◼ 周度核心观点： 传统零售： 建议关注高筑供应链壁垒、积极探索新零售业态、高股息低估值的零 售企业。行业整体来看，24H1 社零总额同比增长 3.7%，限额以上零 售业单位中便利店、专业店、超市零售额同比分别增长5.8%、4.5%、 2.2%，百货、品牌专卖店零售额同比下降 3.0%、1.8%。个股营收角 度来看，24H1 小商品城/名创优品/孩子王/红旗连锁/家家悦/爱婴室/王 府井/永辉超市/重庆百货分别+31.1%/25.0%/8.7%/3.7%/3.0%/1.7%/- 5.4%/-10.1%/-11.6%；归母净利润角度来看，24H1 小商品城/名创优 品/孩子王/红旗连锁/家家悦/爱婴室/王府井/永辉超市/重庆百货分别27.5%/+16.4%/+14.7%/+3.8%/-8.8%/+2.2%/-43.4%/-26.3%/- 21.1%。建议关注高筑供应链壁垒、积极探索新零售业态、高股息低 估值的 ...

证 券 研 究 报 告 行 业 周 报 市内免税迎政策利好，免税市场扩容有 望 ——社服行业周报（2024.08.26-08.30） [行业Table_Industry] : 社会服务 日期: shzqdatemark 2024年09月01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% -3% 2% 08/23 11/23 01/24 04/24 06/24 08/24 社会服务 沪深300 [Table_ReportInfo] 相关报告： 《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 《《关于促进服务消费高质量发展的意见》 发布，关注行业景气度提升》 ——2024 年 08 月 11 日 [Table_Rati ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [3] Core Viewpoints - The automotive sector is expected to stabilize in August, driven by policy support and a more stable pricing system. The second round of the "old-for-new" policy is anticipated to release pent-up demand among consumers [6][9] - New energy vehicle (NEV) sales have shown strong performance, with retail sales of 490,000 units from August 1-18, representing a year-on-year increase of 58% [6][19] - The European Commission has proposed final anti-subsidy tax rates for Chinese electric vehicles, which may impact the export strategies of domestic automakers [7][28] Summary by Sections 1. Market Review - The automotive sector's performance from August 19-23 saw a decline of 2.18%, ranking 10th among 31 primary industries. The motorcycle and other segments performed best, while automotive services saw the largest decline [5][14] - The top five gainers in the industry included Xiangyang Bearing (+11.17%) and Aima Technology (+10.60%), while the top five losers included Dong'an Power (-17.70%) and Jun Chuang Technology (-17.22%) [5][18] 2. Industry Data Tracking 2.1 Weekly Average Retail/Wholesale Volume - Retail volume for passenger vehicles from August 1-18 was 907,000 units, with a year-on-year increase of 8% [19] - NEV retail sales during the same period reached 490,000 units, with a year-on-year increase of 58% [19] 2.2 Raw Material Prices - As of August 23, 2024, domestic prices for hot-rolled steel, aluminum ingots, magnesium ingots, and other materials showed slight fluctuations [21] 3. Recent Industry/Key Company Dynamics 3.1 Recent Industry Developments - The European Commission has disclosed the final anti-subsidy tax rates for Chinese electric vehicles, with rates for major companies like BYD at 17.0% and SAIC at 36.3% [7][28] - Hainan is advancing legislation to phase out fuel vehicles by 2030, promoting the development of new energy vehicles [29] 3.2 Recent Key Company Developments - Changan Automobile plans to acquire a 10% stake in Huawei's subsidiary for 11.5 billion yuan [33] - NIO has launched a "Power Partner Plan" to expand its battery swap network [34] 4. Recent New Vehicle Launches - New models launched include Chery's Kaiyi Kunlun and Denza's Z9GT, with various powertrain options and price ranges [38] 5. Investment Recommendations - Recommended stocks for the automotive sector include Changan Automobile, BYD, Great Wall Motors, and Jianghuai Automobile, focusing on hybrid and overseas markets [9][39] - For automotive parts, recommended stocks include Bertley and Baolong Technology for smart vehicle components, and Top Group and Aikodi for lightweight components [9][39]

[行业Table_Industry] : 通信 日期: shzqdatemark 2024年08月29日 [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 证 券 研 究 报 告 -23% -20% -16% -13% -9% -6% -2% 1% 4% 08/23 11/23 01/24 04/24 06/24 08/24 通信 沪深300 行 业 周 报 [Table_ReportInfo] 相关报告： 《海外算力板块反弹，重视光模块估值修 复机会》 ——2024 年 08 月 21 日 《卫星互联网催化不断，重视运营商类稳 增长标的》 ——2024 年 08 月 15 日 《"投资不足"风险驱动算力开支持续，星 网产业化迎拐点》 ——2024 年 08 月 08 日 运营商中报陆续发布，降息预期促科技股新增长 ——通信行业周报（2024.8.19-2024.8.25） [Table_Rating] 增持（维持） ◼[Table_Su ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [4] Core Insights - The report highlights a significant increase in investment in key energy sectors, with a projected growth of over 25% by 2027 compared to 2023, focusing on equipment updates and technological upgrades in coal power, wind, solar, and hydropower sectors [5] - The low-altitude economy is expected to accelerate with the establishment of a low-altitude smart network in Shanghai, aiming for comprehensive coverage by 2026, indicating a growing investment opportunity in low-altitude infrastructure and related components [6] - The report emphasizes the growth potential in the electric vehicle charging infrastructure, driven by the increasing number of electric vehicles and initiatives like NIO's county-wide charging network plan [7] - The solar energy sector saw a new installed capacity of 21.05 GW in July 2024, reflecting a year-on-year increase of 12.33%, with a total of 123.53 GW installed from January to July, indicating a strong demand trend [8] Summary by Sections Electric Power Equipment - The National Development and Reform Commission and the National Energy Administration have issued a plan for large-scale equipment updates in energy sectors, emphasizing the importance of energy efficiency and flexibility upgrades [5] - Recommended stocks in the electric power equipment sector include Haixing Electric, Igor, and others, with a focus on high-voltage, digital grid, and virtual power plant technologies [5] Low Altitude Economy - Shanghai's initiative to build a low-altitude smart network is expected to enhance the low-altitude economy, with a focus on infrastructure and components such as batteries and electric control systems [6] New Energy Vehicles - The report discusses the growth of the charging infrastructure for electric vehicles, highlighting NIO's plan to enhance its charging network across counties by mid-2025 [7] Solar Energy - The solar sector's growth is supported by a significant increase in installed capacity, with expectations for continued demand growth due to declining prices in the supply chain [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Viewpoints - A new round of government and party innovation is expected to start, with a focus on self-controllable technology. The emphasis has shifted from electronic documents to electronic government services, with significant developments anticipated in 2024 [6] - The issuance of 1 trillion long-term special bonds is expected to boost capital expenditure in the innovation sector, reinforcing the logic of domestic substitution and self-control [6] Market Review - During the week of August 19-23, the Shanghai Composite Index fell by 0.87%, the ChiNext Index dropped by 2.80%, and the CSI 300 Index decreased by 0.55%. The computer sector index fell by 2.69%, underperforming the Shanghai Composite Index by 1.82 percentage points and outperforming the ChiNext Index by 0.11 percentage points [5] Policy Insights - The government has placed significant emphasis on the innovation industry, with the "14th Five-Year Plan" stating that by 2025, all administrative and electronic government systems should achieve domestic substitution [6] - The State-owned Assets Supervision and Administration Commission has issued guidelines to standardize procurement management for central enterprises, emphasizing the use of innovative products in key technology sectors [6] Demand Drivers - The issuance of 1 trillion special bonds is aimed at supporting the development of the innovation industry, focusing on achieving high-level technological self-reliance [6] Investment Recommendations - Suggested companies to focus on include: 1) Innovation: Dameng Data, China Software, Nandstar, Haiguang Information, Cambrian, and Softcom Power 2) HarmonyOS: Softcom Power, Runhe Software, ChinaSoft International, Jiulian Technology, and Dongfang Zhongke [7]

[行业Table_Industry] : 机械 日期: shzqdatemark 2024年08月28日 证 券 研 究 报 告 [Table_Author] 分析师: 刘阳东 Tel: 021-53686144 E-mail: liuyangdong@shzq.com SAC 编号: S0870523070002 分析师: 王亚琪 Tel: 021- 53686472 E-mail: wangyaqi@shzq.com SAC 编号: S0870523060007 行 业 周 报 | --- | --- | |-----------------------------------------|------------| | | | | [Table_QuotePic] 最近一年行业指数与沪深 | 300 比较 | | | 沪深 300 | -23% -19% -15% -12% -8% -4% -1% 3% 7% [Table_ReportInfo] 相关报告： 《杰克股份 24H1 业绩亮眼，智元机器人发 布五款商用人形机器人新品》 ——2024 年 08 月 23 日 《工程机械内销延续复苏趋势，Fig ...

[Table_Stock] 埃科光电（688610） 证 券 研 究 报 告 公 司 点 评 -55% -47% -38% -30% -22% -14% -5% 3% 11% 08/23 11/23 01/24 03/24 06/24 08/24 埃科光电 沪深300 [Table_QuotePic] 最近一年股票与沪深 300 比较 | --- | --- | |-------------------------|----------------------| | | | | [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 | | --- | --- | |-----------------------------|--- ...

24Q2 单季度业绩创新高，成本控制显成 效 ——紫金矿业 2024 半年报点评 | --- | --- | --- | |--------------------------|-----------------------------|-------| | | | | | | | | | | | | | [ 行业 Table_Industry] : | 有色金属 | | | 日期 : | shzqdatemark 2024年08月28日 | | | [Table_Author] 分析师 : | 于庭泽 | | | SAC 编号 : | S0870523040001 | | | 联系人 : | 郭吟冬 | | | SAC 编号 : | S0870123060051 | | [Table_QuotePic] 最近一年股票与沪深 300 比较 证 券 研 究 报 告 [Table_BaseInfo] 基本数据 最新收盘价（元） 16.07 12mth A 股价格区间（元） 11.44-19.47 总股本（百万股） 26,577.89 无限售 A 股/总股本 77.34% 流通市值（亿元） 4,265.80 公 司 ...

电动化、智能化、出海齐发力，长安自主崛起 [Table_I 行业 ndustry] : 汽车 日期: shzqdatemark 2024年08月28日 [Table_Author] 分析师: 仇百良 E-mail: qiubailiang@shzq.com SAC 编号: S0870523100003 分析师: 李煦阳 E-mail: lixuyang@shzq.com SAC 编号: S0870523100001 联系人: 刘昊楠 Tel: 021-53686194 E-mail: liuhaonan@shzq.com SAC 编号: S0870122080001 [Table_QuotePic] 最近一年股票与沪深 300 比较 长安汽车 沪深300 -15% -5% 5% 15% 25% 35% 45% 55% 65% 08/23 11/23 01/24 04/24 06/24 08/24 证 券 研 究 报 告 [Table_BaseInfo] 基本数据 最新收盘价（元） 11.68 12mth A 股价格区间（元） 11.68-21.48 总股本（百万股） 9,917.29 无限售 A 股/总股本 ...