Investment Rating - The investment rating for the company is "Buy" (maintained) [6][15]. Core Views - The company reported a revenue of 647 million yuan for the first half of 2024, representing a year-on-year growth of 14.82%. However, the net profit attributable to shareholders decreased by 71.92% to 17.06 million yuan due to ongoing capacity ramp-up and construction of projects [6][4]. - The traditional business remains stable, with the reflective film segment maintaining a high gross margin of 36.56% and holding the leading global market share. The company is expanding into new applications such as Mini LED reflective films [6][5]. - The company is focusing on the development of lithium battery separators, with a unique product that has high porosity and large pore size, which is expected to significantly enhance the performance of solid-state and semi-solid batteries [5][6]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a net profit of 8.82 million yuan, a quarter-on-quarter increase of 7.19%, with a gross margin of 25.68% [6][4]. - The company forecasts revenues of 1.535 billion yuan, 2.127 billion yuan, and 2.625 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.44%, 38.61%, and 23.42% [6][8]. Business Segments - Reflective Films: The company continues to dominate the market with a stable increase in sales and a high gross margin, benefiting from trends in larger television sizes and increased Mini LED penetration [6][5]. - Optical Base Films: The company is improving key indicators and increasing the proportion of high-end products, leading to a quarterly improvement in gross margin [6][4]. Future Growth Potential - The company is strategically positioning itself in the solid-state and semi-solid battery separator market, predicting a demand for 1.5 to 2 billion square meters of new functional separators as the industry grows [5][6]. - The CPI film market is also targeted for growth, with the company aiming to break the long-standing foreign monopoly through its own R&D efforts [5][6].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [5] Core Viewpoints - The performance of telecom operators shows stable growth, with revenue and profit margins gradually increasing. In H1 2024, the revenues for China Mobile, China Unicom, and China Telecom were 546.744 billion, 197.341 billion, and 265.973 billion yuan respectively, with year-on-year growth rates of 3.0%, 2.9%, and 2.8%. The net profits were 80.201 billion, 6.039 billion, and 21.812 billion yuan, with year-on-year growth rates of 5.3%, 10.9%, and 8.2% [6][13][14] - Profit margins are gradually improving, with China Mobile showing a slight advantage. The gross profit margins for the three operators are stable, while net profit margins have increased to 14.68%, 6.97%, and 8.26% respectively. The optimization of three expense categories has been a key factor in the improvement of net profit margins [16][21] - Capital expenditures continue to decrease, with an ongoing optimization of expenditure structure. In H1 2024, capital expenditures for China Mobile, China Unicom, and China Telecom were 64 billion, 23.9 billion, and 47.2 billion yuan, showing changes of -21.38%, -13.37%, and 13.46% year-on-year [21][24] Summary by Sections 1. Stable Growth in Performance - The telecom operators' mid-year reports indicate a clear logic of stable growth. In H1 2024, the revenues and net profits of the three major operators reflect a consistent upward trend [13][14] - The performance metrics highlight the advantages of the operators, with China Mobile leading in net profit margin [16][21] 2. Consumer Market Steadily Expanding - The C-end business is progressing steadily, with mobile customer numbers increasing significantly. By H1 2024, the mobile customer numbers for China Mobile, China Unicom, and China Telecom reached over 1 billion, 272 million, and 340 million respectively [28][29] - The broadband customer numbers also saw growth, with China Mobile, China Telecom, and China Unicom reaching 272 million, 193 million, and 117 million households respectively [28] 3. Rapid Expansion of Emerging Businesses - The operators are embracing the construction of computing power infrastructure to enhance AI model development. By H1 2024, China Mobile's general computing power reached 8.2 EFLOPS, while China Telecom achieved 21 EFLOPS in intelligent computing power [35][37] - The development of large models showcases AI service capabilities, with China Mobile launching the "Nine Heavens" AI base and China Telecom introducing the "Starry Sky" voice model [36][37] 4. B&G Business as a Revenue Growth Driver - The B&G segment is becoming a major revenue driver, with significant growth in cloud services and 5G applications. By H1 2024, the revenue from cloud computing for China Mobile, China Unicom, and China Telecom reached 504 billion, 317 billion, and 552 billion yuan respectively, with year-on-year growth rates of 19.3%, 24.3%, and 20.4% [32][33]

证 券 研 究 报 告 行 业 周 报 存量房贷利率有望下调，房屋养老金新 举措试点 ——建筑材料行业周报（20240826-20240830） [Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 存量房贷利率下调呼声渐强。近期市场消息称，有关方面正在考虑进一步 下调存量房贷利率，允许存量房贷进行"转按揭"操作。我们认为，当前 来看，存量房贷利率下调呼声渐强有几方面因素：1）2023 年 9 月两部门 曾引导降低存量首套住房贷款利率。根据中国人民银行报告显示，截至 2023 年 9 月末，超过 22 万亿存量房贷利率完成下调，调整后平均降幅 73 个基点，每年减少借款人利息支出 1600 亿元至 1700 亿元。2）新增房贷 利率进一步下降，新旧房贷利差扩大。根据贝壳研究院数据显示，主流房 贷利率进一步下调，2024 年 5 月百城首套房贷利率平均 3.45%，环比下 降 12bp；二套主流房贷利率平均 3.9%，环比下降 26bp，进入"3 时 代"。随着新增房贷利率的进一步下降，存量和新增房贷利差扩大。 [Table_Author] 分析师: 方晨 Tel: 021-5 ...

| --- | |-------| | | | | | --- | |-------| | | | | | | | | | | 中高端背板技术加速渗透，2024Q2 全球 基础手表份额创历史新高 [行业Table_Industry] : 电子 日期: shzqdatemark 2024年09月02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_Q ...

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]