Investment Rating - The industry investment rating is "Overweight (Maintain)" [16][17] Core Viewpoints - The textile and apparel industry is experiencing a stable economic operation with a proactive inventory replenishment phase, and exports are showing a recovery trend. In H1 2024, China's textile and apparel exports reached USD 143.24 billion, a year-on-year increase of 1.6% [4][12] - The sportswear sector is benefiting from sports events driving consumer demand, with Adidas reporting a strong Q2 2024 performance, achieving revenue of EUR 5.822 billion, a year-on-year increase of 11% in currency-neutral terms. The company has raised its full-year guidance based on better-than-expected Q2 results [3][4] Summary by Relevant Sections Textile and Apparel Industry - The A-share SW textile and apparel index fell by 2.15% during the week of July 22-26, 2024, while the light industry manufacturing sector dropped by 2.81%. Northbound capital increased significantly in companies like Baoxini and Biyinlefen [3] - The report suggests focusing on quality menswear brands and anticipates continued growth in brand apparel performance in the second half of the year [3][4] - The report highlights the expected boost in demand for textile manufacturing due to the upcoming Paris Olympics, recommending companies like Huali Group and Weixing Co. [4] Light Industry - The light industry is expected to benefit from ongoing export replenishment, with leading companies' performance becoming increasingly important. For instance, Jiayi Co. anticipates a net profit of RMB 305-325 million for H1 2024, representing a year-on-year increase of 87.06%-99.32% [7][12] - The home furnishing sector is undergoing a transformation, with a focus on real estate policy improvements that could restore market confidence and demand [7][12] Cross-Border E-commerce - The global e-commerce market is rapidly growing, with increased competition among leading cross-border e-commerce platforms. The demand for overseas warehouses is expected to rise, with platforms like Temu and SHEIN focusing on semi-managed models [9][12]

Investment Rating - The industry investment rating is "Increase" (maintained) [5][25]. Core Viewpoints - Major international events, such as the Paris Olympics, have a strong driving force for the tourism industry, leading to a surge in travel orders and hotel bookings from mainland tourists [6][7]. - Data from Ctrip shows that orders for travel to Paris during the Olympics (July 26 - August 11) have increased by 114% year-on-year, with hotel bookings up by 194% and car rentals by 126% [6]. - The average ticket price for flights from China to France has decreased by over 20% compared to the same period last year, while the number of flights has increased by approximately 60% [6][7]. - The global sports tourism industry is growing at an annual rate of around 15%, making it one of the fastest-growing segments [6]. - Domestic hotel groups like Jinjiang International and Huazhu Group are expanding globally, with significant increases in average room prices during the Olympics [6][7]. - The expansion of visa-free countries and favorable policies are expected to boost both outbound and inbound tourism, enhancing brand recognition for domestic hotel brands abroad [7][8]. Summary by Sections Industry Data Tracking - The average occupancy rate of star-rated hotels in Shanghai in June 2024 was 66.30%, up 2.40 percentage points year-on-year, recovering to 98.81% of the 2019 level [15]. - Hainan's tourist throughput in June 2024 was 3.9456 million, a decrease of 4.20% year-on-year but an increase of 6.71% compared to 2019 [17]. - The number of dining establishments in Beijing in June 2024 was 138,914, a decrease of 2.55% month-on-month but an increase of 11.11% year-on-year [19]. Investment Recommendations - Recommended stocks include Huazhu Group-S, Jinjiang Hotels, China Duty Free, and others in the tourism and dining sectors [8][22].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [4]. Core Insights - The report highlights the ongoing transformation of Guizhou Moutai towards "new business" models, focusing on customer, scenario, and service transformations to adapt to complex market conditions [4][42]. - The performance of major liquor brands like Moutai and Wuliangye continues to be strong, with Moutai being recognized as the most valuable liquor brand globally, valued at $50.1 billion, reflecting a growth of $352 million from 2023 [4][42]. - The report notes a 9% growth in the liquor industry in Yibin, with overall industrial growth in the region at 11.8% [5][43]. Summary by Sections Liquor Industry - Guizhou Moutai held a market conference to discuss its transition to "new business" strategies, emphasizing the need for transformation in customer engagement and service [4][42]. - Moutai and Wuliangye were recognized in the Hu Run National Trend Brand List, with Moutai being the highest valued national brand [4][42]. - The liquor industry in Yibin saw a 9% increase in value, contributing to the region's overall industrial growth [5][43]. Beer Industry - The upcoming 2024 Olympics and major sports events are expected to boost beer sales, with Qingdao Beer reporting a 17% increase in sales during the European Championship [6][45]. - The report suggests that beer brands with strong social attributes will likely see increased sales during these events [6][45]. Soft Drinks - The trend towards larger packaging sizes in beverages is noted, with several brands launching new large-format products, indicating a shift in consumer preferences [7][46]. - The report identifies large packaging as a growth driver due to increased consumer demand during the summer [7][46]. Frozen Foods - The frozen food sector is projected to grow, driven by the recovery of the restaurant industry and increased product innovation [8][47]. - The report anticipates a positive trend for frozen noodle products, with market expansion expected in 2024 [8][47]. Seasoning Products - The 2024 China Seasoning Industry High-Quality Development Conference was held, focusing on brand marketing and channel upgrades [9][48]. - The conference aimed to enhance collaboration across the seasoning industry, promoting integration and development [9][48]. Investment Recommendations - The report recommends focusing on high-demand liquor brands such as Luzhou Laojiao and Jinshiyuan, as well as beer brands like Qingdao Beer and Chongqing Beer, which are optimizing product structures [10][48]. - For soft drinks, brands like Dongpeng Beverage and Bai Run are highlighted for their stable national expansion and marketing strategies [10][48]. - The report also suggests monitoring companies in the frozen food sector, such as Anjifood, which are well-positioned to benefit from the growing demand for pre-prepared meals [10][48].

Group 1: QDII Fund Overview - As of June 30, 2024, the total investment quota for QDII funds reached $167.79 billion, an increase of $2.27 billion from the previous quarter[4] - There are currently 251 QDII funds in the market, with a total scale of 430.92 billion yuan, reflecting a 1.21% increase in number and a 4.37% increase in scale compared to the previous quarter[4] - The average return for the 251 QDII funds was 3% in Q2 2024, with alternative assets like gold showing a notable increase of 4.85%[5] Group 2: Regional Allocation - QDII funds primarily invested in Hong Kong and the United States, which together accounted for over 90% of the total allocation, remaining stable from the previous quarter[2] - The market value share of Hong Kong decreased by 3.11% in Q2 2024, while the attractiveness of the US market increased, with its market value share rising by 3.45%[2][29] - The market value of QDII funds in Hong Kong was 172.02 billion yuan, representing 50.44% of the total, while the US accounted for 40.52% with a market value of 138.20 billion yuan[34] Group 3: Industry Allocation - The top three industries in QDII fund allocation were Consumer Non-Durables (25.38%), Telecommunications (23.38%), and Information Technology (20.64%) as of Q2 2024[3][35] - The Real Estate sector had the lowest allocation at 1.42%, followed by Materials at 1.15% and Utilities at 0.59%[35] - Overall investment market value in these sectors increased by 3.64% compared to the end of Q1 2024[35]

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 美容护理 日期: shzqdatemark 2024年07月28日 [Table_Author] 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 -39% -34% -29% -23% -18% -13% -8% -2% 3% 07/23 10/23 12/23 03/24 05/24 07/24 美容护理 沪深300 [Table_ReportInfo] 相关报告： 《24H1 化妆品社零增速承压，继续关注头 部国货品牌》 ——2024 年 07 月 20 日 《润本 24H1 业绩超预期，昊海生科第四代 玻尿酸获批》 ——2024 年 07 月 13 日 《锦波 24H1 利润预增 165%~183%，关注 业绩兑现度高的美护龙头》 ——2024 年 07 月 06 日 关注国际美妆集团 24H1 业绩 ——美容护理行业周报（20240722-0726） ...

Exchange Rate Forecast - The market's short to medium-term expectations for the RMB exchange rate remain stable, with predicted values of 7.26, 7.25, 7.25, and 7.15 for the end of July 2024, September 2024, December 2024, and June 2025 respectively[2]. - The highest and lowest predicted values for the same periods are 7.35 (highest) and 7.15 (lowest) for 1 month, 7.45 (highest) and 7.00 (lowest) for 3 months, 7.52 (highest) and 7.00 (lowest) for 6 months, and 7.65 (highest) and 6.90 (lowest) for 12 months[6]. Market Sentiment - The expectation of RMB depreciation has dissipated, with a prevailing sentiment of "stability with a slight upward trend" in the exchange rate due to a stable foreign trade environment and potential interest rate cuts by the ECB and other Western central banks[2][3]. - The capital market's recovery foundation is expected to strengthen as the RMB exchange rate stabilizes, leading to a potential upward trend in market expectations[3][15]. Economic Influences - The main factors influencing the exchange rate are shifting towards economic growth and inflation, with the impact of interest rate parity diminishing[3]. - China's economic recovery is anticipated to continue, supported by stable policy expectations and a favorable inflation outlook, which may lead to a gradual appreciation of the RMB[3][18]. Geopolitical Factors - The ongoing geopolitical tensions, particularly the escalation of the Russia-Ukraine conflict, are altering the international financial landscape and may impact commodity markets and overall financial stability[7][18].

货币中美元兑人民币、欧元兑美元、英镑兑美元、美元兑日元、 美元兑瑞士法郎、澳元兑美元分别变动 0.12%、-0.24%、-0.59%、 -0.19%、-0.6%、-1.49%。 请务必阅读尾页重要声明 7 无评级 由于我们无法获取必要的资料，或者公司面临无法预见结果的重大不确定性事 件，或者其他原因，致使我们无法给出明确的投资评级 行业投资评级： 分析师给出下列评级中的其中一项代表其根据行业历史基本面及（或）估值对所研究行业以报 或纳斯达克综合指数为基准。 投资评级说明： 不同证券研究机构采用不同的评级术语及评级标准，投资者应区分不同机构在相同评级名称下的定义差异。本评级 体系采用的是相对评级体系。投资者买卖证券的决定取决于个人的实际情况。投资者应阅读整篇报告，以获取比较 完整的观点与信息，投资者不应以分析师的投资评级取代个人的分析与判断。 免责声明 本报告仅供上海证券有限责任公司(以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客 户。 2.1 汽车燃油消费拖累美国零售 公司业务资格说明 [Table_RiskWarning] 风险提示 [Table_Author] 分析师: 胡月晓 T ...

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证 券 研 究 报 告 行 业 动 态 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年07月25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 07/23 10/23 12/23 02/24 05/24 07/24 计算机 沪深300 -38% -32% -27% -21% -16% -11% -5% 0% 6% [Table_ReportInfo] 相关报告： 《周观点：电子信息产品市场需求改善， PCB 厂商业绩表现突出》 ——2024 年 07 月 17 日 《"车路云"政策利好频现，Robotaxi 商业 化加速》 ——2024 年 07 月 16 日 《WAIC 2024 开幕，AI 大模型及应用百花 齐放（更正）》 ——2024 年 07 月 11 日 周观点：大模型加速发展，关注国产算 力新机遇 ——先进科技主题周报 20240715-20240721 [Table_Ra ...