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（ ...

证 券 研 究 报 告 行 业 周 报 | --- | --- | |--------------------------|-----------------------------| | | | | [ 行业 Table_Industry] : | 医药生物 | | 日期 : | shzqdatemark 2024年09月07日 | | [Table_Author] 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 分析师 : | 梁瑞 | | Tel: | 021-53686409 | | E-mail: | liangrui@shzq.com | | SAC 编号 : | S0870523110001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 医药生物 沪深300 -21% -17% -13% -9% -5% -1% 3% 7% 11% 09/23 11/23 01/24 04/24 06/24 09/24 ...

Investment Rating - The report maintains a "Buy" rating for the beauty and personal care sector [19] Core Insights - The cosmetics industry is experiencing increased differentiation, with a focus on channel, product, and organizational optimization. The total revenue for cosmetics in H1 2024 is projected to be 27.292 billion yuan, representing a year-on-year increase of 17.33%. The net profit attributable to the parent company for the same period is expected to be 4.080 billion yuan, up 20.71% year-on-year [4][5] - The medical beauty sector shows a slowdown in overall growth, with a focus on new materials and products driving performance. The total revenue for medical beauty in H1 2024 is expected to reach 8.702 billion yuan, a year-on-year increase of 15.36%. The net profit attributable to the parent company is projected to be 1.957 billion yuan, reflecting a year-on-year increase of 26.16% [4][12] Summary by Sections Cosmetics - Revenue for H1 2024 is projected at 27.292 billion yuan, with a year-on-year growth of 17.33%. Q2 alone is expected to generate 11.487 billion yuan, a 5.58% increase year-on-year [5][8] - The net profit attributable to the parent company for H1 2024 is expected to be 4.080 billion yuan, up 20.71% year-on-year, while Q2's net profit is projected at 1.319 billion yuan, down 3.99% year-on-year [5][8] - The overall gross margin for cosmetics in H1 2024 is expected to be 69.99%, showing a continuous improvement attributed to changes in product structure. The management expense ratio has improved, while the sales expense ratio continues to rise [8][4] Medical Beauty - Revenue for H1 2024 is projected at 8.702 billion yuan, with a year-on-year growth of 15.36%. Q2 is expected to generate 3.777 billion yuan, a 11.68% increase year-on-year [12][14] - The net profit attributable to the parent company for H1 2024 is expected to be 1.957 billion yuan, reflecting a year-on-year increase of 26.16%, with Q2's net profit projected at 1.028 billion yuan, up 26.78% year-on-year [12][14] - The overall gross margin for medical beauty in H1 2024 is expected to be 64.50%, with Q2's gross margin at 70.83%. The management and R&D expense ratios remain stable, while the sales expense ratio has improved due to enhanced efficiency [14][12] Investment Recommendations - The report suggests focusing on the trend of cost-effective consumption, highlighting companies like Runben and Shangmei. It also emphasizes strong alpha beauty leaders such as Proya, Juzhibio, and Aimeike. Additionally, it recommends paying attention to new product catalysts in medical beauty, including Jinbo Biological and Jiangsu Wuzhong [19][4]

证 券 研 究 报 告 行 业 周 报 越南纺服出口稳步增长，关注前瞻布局 海外产能的国产织造龙头 [行业Table_Industry] : 纺织服饰 日期: shzqdatemark 2024年09月08日 [Table_Author] 分析师: 杜洋 Tel: 021-53686169 E-mail: duyang@shzq.com SAC 编号: S0870523090002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -27% -23% -19% -16% -12% -8% -5% -1% 3% 09/23 11/23 01/24 04/24 06/24 09/24 纺织服饰 沪深300 [Table_ReportInfo] 相关报告： 《出海及织造板块中报优异，建议持续关 注》 ——2024 年 09 月 01 日 《纺织制造 24H1 业绩稳健，关注中报超预 期龙头》 ——2024 年 08 月 25 日 《7 月纺服社零略微承压，奥运提振体育用 品销售增长》 ——2024 年 08 月 18 日 ——轻工纺服行业周报（20240902-0906） [Table_Rat ...

Industry Investment Rating - Overweight (Maintained) [1] Core Views - Computing power is the foundation of AI systems, driving GDP growth, digital transformation, and industrial digitization [2] - The computing power industry chain spans GPU chips, servers, IDC providers, and AIGC application service providers, offering significant investment opportunities [2] - Key investment logic includes the evolution of GPU chips, server market growth, IDC customization, computing power leasing, and computing power scheduling [2] Industry Chain Analysis Upstream: GPU Chips and Moore's Law - Traditional Moore's Law is gradually becoming obsolete, with computing power driving a new version of Moore's Law [2][11] - GPU, ASIC, and FPGA are becoming increasingly important due to the growing demand for AI computing power [13] Midstream: Server Market - The AI server market is experiencing rapid growth, with global AI server shipments expected to reach 1.9 million units by 2025, a CAGR of 29% from 2022-2026 [15] - AI server prices are significantly higher than general-purpose servers, with mainstream AI servers priced between $100,000-$150,000 per unit [15] Downstream: Data Centers and AIGC Applications - Data centers are expanding rapidly, with China Mobile and China Telecom leading in computing power scale and regional node construction [25] - AIGC applications are expected to grow significantly, with China's AIGC industry projected to reach 7.2 trillion yuan by 2028 and 11.4 trillion yuan by 2030 [19][20] Company Analysis Industrial Fulian - A key supplier for NVIDIA's A100 and H100 GPU boards, with a dominant market share in high-speed switches [34] - The company is advancing in AI-driven switch iterations, with 800G switches expected to contribute to revenue by 2024 [34] Inspur Information - A global leader in server market share, ranking second globally and first in China [36] - The company has launched the G7 computing platform and AI training servers with significant performance improvements [36] Sugon - Specializes in high-end servers with advanced cooling technologies and strong R&D capabilities [38] - The company has made breakthroughs in domestic chip-based server development and holds multiple patents [38] Yunsai Zhilian - Focuses on big data, industry solutions, and intelligent products, with significant investments in AI computing centers [40] - The company's Yidian Computing Center is expected to become a leading AI computing facility in China [40] Da Ming City - Transitioning into computing power leasing, with a focus on the "Hong Kong Data, Fujian Computing" model [42] - The company is exploring new business models in collaboration with Fujian Big Data Group [42] Hengwei Technology - A leader in network visualization, transitioning towards intelligent visualization [44] - The company has strong relationships with telecom operators and has secured significant contracts in the visualization sector [44]

证 券 研 究 报 告 行 业 专 题 "一期一观"：核电蓄能，成长和确定性 兼备 [行业Table_Industry] : 公用事业 日期: shzqdatemark 2024年09月06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 公用事业 沪深300 -17% -13% -9% -5% -1% 2% 6% 10% 14% 09/23 11/23 01/24 04/24 06/24 09/24 [Table_ReportInfo] 相关报告： 《《中国的能源转型》白皮书发布，推进能 源转型》 ——2024 年 09 月 02 日 《国常会核准 5个新项目，核电项目提速》 ——2024 年 08 月 27 日 《配电网高质量发展，风电光伏装机首超 煤电》 ——2024 年 08 月 19 日 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 回顾：我国核电行业目前 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Views - The company has demonstrated stable growth in its rail transit business, with a significant increase in revenue from new energy locomotive development and overseas market expansion [5]. - The emerging equipment business is expected to see breakthroughs driven by innovation, particularly in power semiconductor devices and carbon silicon products [5]. - The company is well-positioned to capitalize on the opportunities presented by the "new infrastructure" initiative, particularly in the intercity and urban rail sectors [5]. Financial Summary - For the first half of 2024, the company achieved operating revenue of 10.284 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 1.507 billion yuan, up 30.56% year-on-year [5]. - The rail transit equipment segment generated revenue of 6.139 billion yuan in 2024H1, reflecting a year-on-year growth of 30.87% [5]. - The emerging equipment business reported revenue of 4.094 billion yuan in 2024H1, with a year-on-year increase of 9.21% [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.750 billion yuan, 4.374 billion yuan, and 5.285 billion yuan, corresponding to year-on-year growth rates of 20.76%, 16.61%, and 20.84% respectively [5][6]. - The earnings per share (EPS) for the same period is projected to be 2.66 yuan, 3.10 yuan, and 3.74 yuan, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 times [5][6]. Market Position - The company maintains a stable market share in the rail transit sector, with significant orders in the urban rail signaling system contributing to revenue growth [5]. - The company ranks among the top in the domestic market for photovoltaic inverters, with a bid-winning capacity of 8.35 GW in 2024H1 [5][7].