Group 1: Key Insights on Satellite Internet and Communication Industry - The report highlights that during the period from 2024 to 2030, Xinke Mobile is expected to rapidly develop in the satellite internet sector, potentially becoming a rising star in global mobile communications due to its unique first-mover advantage [1] - Xinke Mobile holds significant positions in various international standardization organizations and has contributed to the development of global 5G standards, ranking eighth in the number of essential patents for global 5G standards and fifth in the number of non-terrestrial network patent families [1] - The company has successfully verified some of its products and technologies in the satellite internet field, with a recent end-to-end in-orbit test of 5G NTN technology conducted in collaboration with China Telecom and China Satcom [1] Group 2: Market Overview and Performance - During the week of August 5 to August 9, 2024, the media index fell by 0.76%, and the communication index dropped by 3.73%, while the Hang Seng Technology Index rose by 1.51% [2] - Key stocks in the A-share media and communication sector showed varied performance, with Xinke Mobile declining by 2.90% [4] - The report notes that Tongyu Satellite Communication is expected to complete its construction and commence operations by the end of the year [4] Group 3: Industry Trends and Future Outlook - The report indicates that the satellite internet sector is entering a phase of industrialization, with significant growth expected in the next five years, particularly for satellite manufacturing core component suppliers [14] - The structure of low-orbit communication satellites includes high-value components such as power systems and phased array antennas, which are anticipated to benefit from large-scale procurement demands driven by domestic satellite constellations [14] - The report emphasizes that the demand for satellite internet components may face risks related to insufficient downstream demand and delays in satellite constellation construction [14]

房地产周报 20240812:新房销售降 幅收窄，深圳启动收购商品房用作 保障房 2024 年 8 月 12 日 看好/维持 房地产 行业报告 近 5 个交易日 A 股地产板块表现强于大盘、H 股地产板块表现强于大盘。 A 股房地产指数(801180.SL)近 5 个交易日累计涨幅为 3.26%，中证 A 股指数 (930903.CSI)近 5 个交易日累计涨幅为-1.70%。A 股房地产板块近 5 个交易日 累计涨幅最高的 5 家公司为世联行(34.0%)、城建发展(18.3%)、金地集团 (15.1%)、莱茵体育(14.9%)、特发服务(14.4%)。 H 股恒生地产及物业管理指数(HSPDM.HK)近 5 个交易日累计涨幅为 3.77%， H 股恒生指数(HSI.HK)近 5 个交易日累计涨幅为 0.85%。H 股房地产板块近 5 个交易日累计涨幅最高的 5 家公司为珠光控股(27.4%)、九龙仓置业(17.5%)、 太古地产(15.6%)、四海国际(12.1%)、新城发展(11.9%)。 8/1~8/11，新房销售降幅收窄，二手房成交保持增长。 29 城商品房年内累计销售面积(1/1~8/10)同比增 ...

传媒互联网&通信行业: 通宇卫星预 计年底投入运营，奥飞数据认购 业投资基 2024 年 8 月 12 日 看好/维持 通信行业报告 周现点: 2024-2030 年期间，估升移改并未劳卫星互联网的建设法期，失现快 进发展，或将成为全球移动通往倾城一颗井井新至。主委理由：公司 在卫星互联网领域具备独特的先发优势。公司在 ITU-R、3GPP、 IMT-2020（5G） 接进组、CCSA 等国内外标准化组织担任重委职务， 全面参与 3GPP 的 5G 系统标准化制定工作，为全球 5G 标准及共演进 微出查委贡献，在 ETSI 拔露的全球 5G 标准必要专利教堂上排名亲人， 特別查委的是，公司在 5G 非地面网络专利装數量上排名上升至第五 径。可以看到，公司在移动通信领域具有较高的自主创新能力。 共次，公司在卫星互联网领境的部分产品种技术已经实现上至验证。 2023 年 11 月，中国信通院联合中国卫通和信科移动完成基于中至 26 高通臺卫星的 5G NTN 途明转发场景端到端在轨试验。在本次试验中, 信科移动研制了 5G NTN 全泰设备样机，包括终端、地面基站、圣地 一体化轻蔓型核心网等产品。试验和步验证了高 ...

传媒互联网&通信行业：通宇卫星预 计年底投入运营，奥飞数据认购产 业投资基金 2024 年 8 月 12 日 看好/维持 通信 行业报告 周观点： 2024-2030 年期间，信科移动将乘势卫星互联网的建设浪潮，实现快 速发展，或将成为全球移动通信领域一颗冉冉新星。主要理由：公司 在卫星互联网领域具备独特的先发优势。公司在 ITU-R、3GPP、 IMT-2020（5G）推进组、CCSA 等国内外标准化组织担任重要职务， 全面参与 3GPP 的 5G 系统标准化制定工作，为全球 5G 标准及其演进 做出重要贡献，在 ETSI 披露的全球 5G 标准必要专利数量上排名第八， 特别重要的是，公司在 5G 非地面网络专利族数量上排名上升至第五 位。可以看到，公司在移动通信领域具有较高的自主创新能力。 其次，公司在卫星互联网领域的部分产品和技术已经实现上星验证。 2023 年 11 月，中国信通院联合中国卫通和信科移动完成基于中星 26 高通量卫星的 5G NTN 透明转发场景端到端在轨试验。在本次试验中， 信科移动研制了 5G NTN 全套设备样机，包括终端、地面基站、星地 一体化轻量型核心网等产品。试验初步验证了 ...

Group 1: Lithium Battery Sector - The lithium battery sector is expected to see a fundamental improvement, with supply-demand dynamics showing signs of marginal recovery after a period of oversupply [2] - Domestic companies have strong advantages over competitors from Japan and South Korea in terms of cost, technology, and production experience, which is crucial for profitability [2] - The focus on overseas markets is seen as a key breakthrough for domestic companies to escape intense competition, with companies like Guoxuan High-Tech and CATL positioned to benefit from this trend [2] Group 2: Food and Beverage Industry - The food and beverage sector has experienced a decline in asset prices due to slow recovery in demand, particularly affecting the liquor segment [3] - The sector's price-to-earnings ratio (PE) has dropped from approximately 53x at the end of 2020 to a current low of 21x, indicating potential value [3] - The performance of liquor prices, such as Moutai, is expected to rebound with the overall recovery of commodity prices, supported by changes in the Producer Price Index (PPI) [3] Group 3: Real Estate Sector - In Q2 2024, the total market value of fund holdings in the real estate sector decreased by 4.86%, indicating a continued low allocation to real estate stocks [8] - The top three companies by market value in real estate holdings are Poly Developments, China Merchants Shekou, and Vanke A, with significant reductions in their respective holdings [8] - The market for new homes is expected to improve as supply optimizes and pent-up demand is released, particularly in core cities [9] Group 4: Telecommunications Sector - Xinke Mobile is positioned to capitalize on the satellite internet wave from 2024 to 2030, leveraging its unique advantages in the satellite internet field [10] - The company has made significant contributions to global 5G standardization and ranks high in essential patent numbers, indicating strong innovation capabilities [10] - Xinke Mobile's products have already undergone successful satellite verification, positioning the company well for future growth in the satellite internet market [10]

东 兴 晨 报 东兴晨报 P1 分析师推荐 【东兴电力设备及新能源】2024 年锂电板块中期策略：基本面有望迎来改善， 关注出海与固态电池应用进程（20240805） 展望全年，当前板块核心问题仍在于供给过剩，短期内基本面仍处于筑底阶 段，经过供不应求-产能扩张-供过于求等阶段的演绎，叠加再融资政策收紧 资金端压力进一步提升，目前行业尾部出清阶段持续，我们认为板块供需格 局有望迎来边际改善，盈利能力弹性或将有所提升，板块基本面有望迎来拐 点，我们看好业绩见底企稳后回归的机遇。 1、电池环节：动力电池出海提速：我们认为出海依旧是行业发展主旋律，中 国企业相较日韩竞争对手在成本、技术及生产经验等维度具有较强优势，盈 利能力表现更稳健，目前政策端业务拓展限制整体可控，基于我国锂电产业 链完备发展布局与先发优势，全球市占率长期有望延续提升趋势，从企业盈 利角度，海外市场超额收益为破局内卷的关键突破口，海外布局具有先发优 势的龙头企业有望重归利润增长通道。建议关注欧美已有产能投产、美国本 土电池材料/电芯产能建成在即的国轩高科，同时全球龙头地位稳固、欧美市 场布局领先的宁德时代，以及联合三大商用车巨头切入北美新能源商用 ...

Group 1: Electronic Industry Insights - In H1 2024, 聚灿光电 (300708.SZ) achieved a revenue of 1.334 billion CNY, representing a year-on-year growth of 11.24%[1] - The company's gross margin increased to 14.60%, up by 4.67 percentage points compared to the previous year[1] - Net profit for H1 2024 reached 113 million CNY, a significant year-on-year increase of 351.03%[1] Group 2: Market Trends and Projections - The global LED market is projected to reach a value of 13 billion USD in 2024, indicating a recovery in the LED industry[3] - High-end LED chips are now at the forefront of domestic production, with significant advancements in product performance and stability[3] - EPS forecasts for the company are 0.32 CNY, 0.40 CNY, and 0.52 CNY for 2024, 2025, and 2026 respectively, maintaining a "recommended" rating[3] Group 3: Oil Market Dynamics - As of July 1, 2024, Brent and WTI crude oil futures prices increased by 10.52% and 12.34% month-on-month, settling at 86.60 USD/barrel and 83.38 USD/barrel respectively[4] - OPEC's crude oil production rose to 26,629 thousand barrels per day, reflecting a month-on-month increase of 0.11%[4] - U.S. crude oil and petroleum product inventories increased by 2.19% month-on-month, indicating a rise in supply[5] Group 4: Aluminum Industry Overview - Global bauxite reserves are estimated at 550-750 billion tons, with known reserves around 300 billion tons, sufficient for 75 years of demand[7] - The top three bauxite producing countries (Australia, Guinea, and China) account for over 72% of global production, highlighting a monopolistic supply structure[8] - The average price of bauxite has increased by 30.8% from Q3 2020 to Q1 2024, correlating with a rise in public fund allocations to the aluminum sector[9]

Group 1: Electronic Industry - The company, 聚灿光电 (300708.SZ), reported a revenue growth of 11.24% year-on-year for the first half of 2024, with a gross margin of 14.60%, an increase of 4.67 percentage points [2] - The net profit for the first half of 2024 reached 113 million yuan, a significant increase of 351.03% year-on-year, driven by precise market demand understanding and high-end product performance improvements [2] - The company has increased its production capacity and efficiency, leading to a rise in both revenue and gross margin, with cash flow from operating activities increasing by 44.92% year-on-year [2] Group 2: LED Chip Market - The high-end LED chip products have reached a leading level domestically, with expectations for a new chapter of high-quality development in the industry [5] - The global LED market value is projected to reach 13 billion USD in 2024, with a clear trend towards high-end product demand [5] - The company is expected to see continuous growth in performance due to the stable progress of fundraising projects and the anticipated expansion of the Mini LED market [5] Group 3: Energy Industry - As of July 1, 2024, Brent and WTI crude oil futures prices increased by 10.52% and 12.34% month-on-month, respectively, indicating a continued upward trend in oil prices [6] - OPEC's crude oil production rose to 26,629 thousand barrels per day, reflecting a slight increase of 0.11% month-on-month [6] - The overall oil and petroleum product inventory in the U.S. increased by 2.19% month-on-month, indicating a rise in supply [6] Group 4: Communication Industry - The domestic satellite internet sector is entering an industrialization phase, with satellite manufacturing core component suppliers expected to benefit significantly [7] - The demand for optical modules and IDC is projected to maintain a rapid growth trend driven by AI large models [7] - The satellite internet low-orbit communication satellite structure includes high-value components such as power systems and phased array antennas, which are expected to see increased procurement demand [7] Group 5: Machinery Industry - The specialized equipment sector, including laser, lithium battery, semiconductor, and photovoltaic processing equipment, is expected to benefit from the appreciation of the RMB [8] - Historical data shows that during periods of RMB appreciation, these sectors have experienced significant price increases and profit growth [8] - The current valuation levels of these sectors are at historical lows, indicating potential for valuation recovery if the RMB continues to appreciate [8] Group 6: Aluminum Industry - The global bauxite market is characterized by a highly concentrated supply structure, with the top three producing countries accounting for over 72% of global output [10] - Bauxite is essential for producing alumina, and its supply is expected to remain stable for the next 75 years based on current reserves [10] - The pricing of bauxite has been on an upward trend since 2020, positively impacting the allocation effectiveness of the aluminum industry [11] Group 7: Banking Industry - The central bank is expected to maintain a prudent monetary policy with a focus on promoting consumption and supporting the real economy [12] - The banking sector's performance growth is anticipated to be slow in the short term due to a combination of factors including interest rate declines and reduced loan demand [12] - Long-term investment value in the banking sector is highlighted, particularly for high-dividend stocks amid a recovering economy [12] Group 8: Non-Banking Financial Sector - The effects of various favorable policies are expected to gradually manifest, particularly in the real estate sector [14] - The positive sentiment in both domestic and international capital markets is likely to enhance investor risk appetite [14] - The focus on policy changes and macroeconomic recovery is expected to drive the valuation recovery of the non-banking financial sector [14] Group 9: Construction and Building Materials Industry - The construction and building materials sector is facing challenges due to weak demand driven by real estate market pressures [15] - Recent data indicates a decline in prices for key materials such as cement and glass, reflecting ongoing industry weakness [16] - Government policies aimed at stabilizing the real estate market are expected to support a gradual recovery in demand for building materials [16]

Core Insights - The company reported a revenue of 1.83 billion yuan for the first half of 2024, a year-on-year decrease of 5.6%, with toll revenue at 1.79 billion yuan, down 5.1% [1] - The net profit attributable to shareholders was 314 million yuan, reflecting a significant decline of 26.5% compared to the previous year [1] - Various factors contributed to the underperformance, including extreme weather conditions and traffic diversion due to road network changes [1][2] Revenue Analysis - The toll revenue decline was attributed to severe weather impacting central provinces and increased free holiday days, which negatively affected income [1] - The core asset, Guangzhou North Second Ring, saw a 7.4% decrease in revenue due to traffic diversion from the opening of a new highway [1] Cost and Profitability - Operating costs rose to 903 million yuan, an increase of 8.6% year-on-year, primarily driven by a 10.1% rise in operating rights amortization [1] - Maintenance expenses surged by 39% due to weather-related costs, leading to a notable drop in gross margin by 6.5 percentage points to 50.1% [1] Investment Income - Investment income fell to 76 million yuan from 130 million yuan in the previous year, mainly due to the Guangzhou North Ring Expressway ceasing toll collection [1] - The project is still incurring operational and maintenance costs, resulting in losses that impacted overall investment returns [1] Financial Performance - Financial expenses decreased by 12.2% to 249 million yuan, benefiting from optimized debt structure and lower market interest rates [1] - The actual profit from total external borrowings decreased from 3.24% at the end of the previous year to 2.92% [1] Future Outlook - The second half of 2024 is expected to see improved performance compared to the first half, driven by favorable road network changes [2] - The company anticipates a net profit of 740 million yuan for 2024, with projected earnings per share (EPS) of 0.44 yuan [2]

房地产基金重仓持仓 2024Q2：地产 股重仓持仓继续降低，基金持续低 配地产股 2024 年 8 月 8 日 看好/维持 房地产 行业报告 2024Q2 地产板块持仓： 2024Q2，基金重仓持股总市值为 26446.4 亿元，持仓市值较上季度减少 2.15%；其中地产股重仓持仓市值较上季度减少 4.86%。 2024Q2，31 个行业板块中，地产板块持仓市值及占比分别为 244.2 亿元和 0.9%，在 31 个板块中排名第 22；持仓占比较上季度减少 0.03%，在 31 个板 块中排名第 18；持仓市值较上季度减少 4.86%，在 31 个板块中排名第 20。 2024Q2，基金重仓持有的 A 股总市值为 24078.4 亿元，其中 A 股地产股重仓 持仓市值为 187.1 亿元，A 股地产股重仓持仓占比为 0.8%；A 股地产股重仓 持仓占比与申万房地产板块流通市值占比之差为-0.60%,上季度为-0.65%。 2024Q2 地产股持仓： 2024Q2，地产股票中，重仓持仓市值最大的三家公司为保利发展、招商蛇口、 万科 A；持仓市值分别为 71.9 亿元、36.9 亿元、18.3 亿元；重仓持仓市值 ...