Summary of Conference Call Company or Industry Involved - The conference call was directed towards invited clients of Dongxing Securities Research Institute, indicating a focus on the financial services industry and investment research sector [1] Core Points and Arguments - The statements made by the guests during the meeting represent personal opinions and do not constitute specific judgments or investment advice regarding particular securities at specific price points or market conditions [1] Other Important but Possibly Overlooked Content - The nature of the meeting emphasizes the importance of understanding that opinions shared are subjective and should not be interpreted as definitive investment recommendations [1]

Group 1: Beauty Industry Insights - The overall consumer recovery is weak, but the beauty consumption remains vibrant, with high-quality domestic brands capturing market share from mid-to-high-end international brands due to their cost-effectiveness [1][32] - The beauty industry is experiencing intensified competition, leading to increased brand differentiation. Brands with technological R&D advantages and strong brand image will have a competitive edge [1][32] - Notable domestic brands such as Proya and Betaini have established strong product and brand power, while companies focusing on effective skincare, like Juzhibio and Marubi, are expected to benefit from favorable market conditions [1][32] Group 2: E-commerce Performance - The 618 shopping festival saw a decline in overall sales, with comprehensive e-commerce platforms generating 5,717 billion yuan, down 6.9% year-on-year, while live e-commerce platforms achieved 2,068 billion yuan, accounting for 27.84% of total sales [12][28] - The beauty category's performance was weak, with a 13% decline in sales across comprehensive e-commerce platforms, while Douyin's live e-commerce saw a 107% increase in beauty product sales compared to the previous year [11][12] - The shift towards high cost-performance products is evident, with platforms emphasizing low prices as a key marketing strategy during the 618 festival [11][42] Group 3: Brand Performance and Rankings - During the 618 festival, two domestic brands entered the top 10 on Tmall, with Proya maintaining its top position. Other brands like Weinuona and Kefu Mei showed significant movement in rankings [29][46] - Juzhibio reported over 60% year-on-year growth in GMV across all channels, with substantial increases on major platforms like Tmall and Douyin [29][46] - Han Shu and Proya continued to lead in sales on various platforms, demonstrating the competitive strength of domestic brands in the beauty sector [31][43] Group 4: Moutai's Market Strategy - Moutai is implementing strategies to stabilize market expectations and reverse the declining trend of its product prices, including the cancellation of certain packaging and the introduction of product upgrades [33][48] - The price of Moutai has decreased from approximately 2,500 yuan to around 2,150 yuan, reflecting a 15% drop, attributed to seasonal demand weakness and e-commerce promotions [34][50] - Moutai's long-term price outlook is supported by macroeconomic price growth expectations, suggesting potential recovery as overall market prices improve [34][51]

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The overall sales during the 618 shopping festival were weak, with a total sales amount of 742.8 billion yuan, a 6.9% year-on-year decline for comprehensive e-commerce platforms [2][3] - Live e-commerce platforms showed strong performance, with total sales reaching 206.8 billion yuan, accounting for 27.84% of the total sales during the event [2] - The themes of "low price" and "simplification" dominated this year's 618 shopping festival, reflecting a shift in consumer preferences towards high cost-performance products [2] - The beauty industry saw a decline in overall performance, with personal care and beauty sales on comprehensive e-commerce platforms dropping by 13% year-on-year [3] - However, some high-quality domestic brands managed to perform well, with Douyin's beauty products seeing a 107% increase in sales compared to last year [3][6] Summary by Sections Industry Overview - The beauty industry is experiencing a slowdown in consumer demand, with brand differentiation becoming more pronounced [3][6] - Domestic brands like Pechoin and Han Shu are gaining market share, outperforming international brands in certain categories [6] Key Companies and Performance - Pechoin achieved top sales across major platforms, with growth rates exceeding 70% on Tmall and Douyin [3][6] - Han Shu's sales increased significantly across various platforms, with a 140% increase on Tmall [6] - Other notable brands such as Cofo and Juzi Bio also reported substantial growth, with Cofo's sales on Douyin increasing by 300% [6] Investment Recommendations - The report recommends focusing on high-quality domestic beauty brands that have strong product development capabilities and brand recognition, such as Pechoin and Beitaini [6][7] - Companies positioned in high-potential segments, like Juzi Bio and Marumi, are also expected to benefit from the current market dynamics [6][7]

Investment Rating - The industry investment rating for the food and beverage sector is "Positive" [1] Core Viewpoints - Moutai has implemented a series of measures to stabilize market expectations and reverse the downward trend in its pricing. The cancellation of the 12-bottle packaging and the opening policy for Moutai is expected to reduce social inventory and stabilize market prices [2][8] - The price of Moutai has recently decreased from approximately 2500 RMB per bottle to around 2150 RMB, reflecting a decline of about 15%. This is attributed to weakened seasonal demand and e-commerce promotions [2][8] - The report suggests that Moutai's long-term price is supported by macroeconomic nominal price growth expectations, indicating potential recovery in prices as overall market conditions improve [2][8] Market Performance - In the past week, the food and beverage sub-sectors experienced varied performance, with yellow wine increasing by 7.18%, while other categories like soft drinks and beer saw declines of 3.83% and 4.72% respectively [3][9] - The top-performing companies in the liquor sector included Kweichow Moutai, which is highlighted for its strategic pricing adjustments [12] Key Company Tracking - Moutai's recent initiatives include the cancellation of certain product packaging and the enhancement of its product quality, which are seen as critical steps to stabilize its market position [2][20] - The report also notes that Moutai's sales on platforms like JD.com have seen significant growth, with a 30% increase in sales during promotional events [20] Future Industry Events - Upcoming shareholder meetings for key companies such as Yili and Luzhou Laojiao are scheduled, which may provide further insights into industry trends and company strategies [5]

Group 1: Monetary Policy and Economic Outlook - The central bank maintains a supportive monetary policy stance, focusing on balancing short-term and long-term economic growth while managing financial risks [3][67]. - Future monetary policy will emphasize optimizing intermediate variables, gradually shifting focus from quantity targets to interest rate adjustments [13][36]. - The central bank plans to include secondary market government bond trading in its monetary policy toolkit to enhance liquidity management without resorting to quantitative easing [14][36]. Group 2: Real Estate Market Analysis - New home sales remain weak, with a year-to-date sales area decline of 33.89% across 20 cities, while first-tier cities show a 30.68% decrease [19]. - Second-hand home sales are showing signs of recovery, with a year-to-date sales area decline of only 4.17% across 10 cities, and a monthly increase of 14.92% [43]. - The central bank has announced a combination of supportive policies for the real estate sector, including lowering down payment ratios and adjusting loan interest rates [20]. Group 3: Cement Industry Developments - Recent policies aim to accelerate the elimination of outdated cement production capacity, with a focus on energy efficiency and carbon reduction [24][46]. - The cement industry is experiencing a challenging environment, with significant profit declines, exemplified by Conch Cement's gross margin dropping from 31.35% to 12.42% [25][60]. - New national standards for cement production are expected to increase operational costs for lower-standard producers, further optimizing the supply side of the industry [46][47]. Group 4: Company-Specific Insights - Inspur Information is leveraging AI server technology to enhance its "MetaBrain" ecosystem, marking a transition to a more integrated sales system [8]. - Nvidia's AI chips are seeing significant demand, leading to increased production capacity and operational growth for associated manufacturers [17]. - Wanma Technology has signed a cooperation framework with Lita Technology to deepen collaboration in AI hardware and software applications [16].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [1][3]. Core Insights - New home sales continue to show weakness, with a year-to-date cumulative sales area in 20 cities down by 33.89% compared to the previous year [1][14]. - In contrast, second-hand home sales are showing signs of recovery, with a year-to-date cumulative sales area in 10 cities down by only 4.17% [1][20]. - The report highlights the need for a genuine recovery signal in the real estate market, particularly in core cities, to improve market sentiment and stabilize home prices [3][31]. Market Performance - The A-share real estate index (801180.SL) decreased by 5.76% during the week of June 17-21, underperforming the broader market [1][8]. - The H-share real estate index (HSPDM.HK) also fell by 3.71% during the same period [1][11]. Sales Data - New home sales in first-tier cities saw a year-to-date cumulative sales area decline of 30.68% [1][14]. - Second-hand home sales in first-tier cities increased by 16.31% month-on-month for the period of June 1-23 [1][20]. Policy Developments - The central bank announced a combination of support policies for the real estate sector, including lowering the minimum down payment ratio for personal housing loans and canceling the lower limit on personal mortgage rates [2][30]. - The Ministry of Housing and Urban-Rural Development is promoting the acquisition of completed stock housing for use as affordable housing [2][30]. Investment Recommendations - The report suggests that the recovery of the real estate market will benefit quality real estate companies and intermediaries focused on first and second-tier cities, such as China Resources Land, China Merchants Shekou, and Beike [3][31].

Investment Rating - The industry investment rating is "Positive" [1][23]. Core Viewpoints - The report highlights a significant growth in Kuaishou e-commerce, with a 55% year-on-year increase in search payment order volume during the 618 shopping festival [3][17]. - The establishment of the first batch of 10P computing power at the Gansu hub of the national integrated computing power network is noted as a key development [3][17]. - The report indicates a mixed performance in the media and communication sectors, with the media index declining by 5.12% and the communication index increasing by 1.28% during the week of June 17-21, 2024 [7][11]. Summary by Sections Industry Overview - The media and communication industry is experiencing varied performance, with the media index down 5.12% and the communication index up 1.28% in the specified week [7][11]. - The overall market performance includes a decline in the Shanghai Composite Index by 1.14% and the ChiNext Index by 1.98% [7][11]. Key Announcements - Kuaishou e-commerce reported a 55% increase in search payment orders during the 618 shopping festival, with a 26% increase in active merchants and a 25% increase in orders from small and medium-sized merchants [17]. - The Gansu hub of the national integrated computing power network successfully launched its first batch of 10P computing power, with plans to expand significantly by the end of the year [17]. - Filin Kosen has achieved mass production of 2.0T/8.0T data center switches, indicating advancements in hardware development capabilities [17]. Stock Performance - Key stocks in the media and communication sector showed varied performance, with stocks like Mango Super Media down by 8.09% and Langchao Information up by 2.67% during the week [11][13]. - The report provides a detailed table of stock performance, including market capitalization and profit forecasts for various companies in the sector [5].

东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 2024 年 6 月 24 日 看好/维持 传媒 行业报告 周观点: 浪潮信息借助 AI 服务器东风,增值渠道升级为元脑生态。2017-2019 年,公 司软硬一体化 2B 销售体系处于 1.0 阶段,公司与软件厂商存在"供养式"合 作关系,以及利益分配规则不明确等问题。在 AI 时代来临后,2019 年 4 月, 公司在 IPF2019 大会上正式推出"元脑生态"(Meta Brain),联合具备 AI 技 术开发能力的左手伙伴与分销渠道的右手伙伴,共同为行业提供端到端的 Al 解决方案。AI 时代为公司与软件开发厂商合作建立了实践场景,同时市场存在 大量增量客户对人工智能较为关注。公司推出"元脑生态",标志公司软硬一 体化 2B 销售体系成型,进入快速发展 2.0 时代。 走势概览: 本周(2024.6.17-2024.6.21),传媒(申万)指数下跌 5.12%,通信(申万) 指数上涨 1.28%,上证指数下跌 1.14%,创业板指数下跌 1.98%,恒生科技指 数下跌 0.17%。 本周(2024.6.17-2024.6.21),涨跌幅排 ...

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