¼ 原达 沪深 300 指数走势图 资料来源：Wind，源达信息证券研究所 证券研究报告/投资策略 增持回购策略周报(20240916-20240920) 主要内容 ➢ 本周A股上市公司增持情况 2024 年 9 月 16 日至 2024 年 9 月 20 日，共计 20 家公司发布增持公告， 其中，亚太实业、宝立食品、中盐化工、嘉华股份、神马股份、杰瑞股份、 百邦科技、平煤股份、新锦动力发布增持计划公告，4 家公司发布完成增持 公告，其余公司发布增持进展情况公告。 雪天盐业控股股东拟出资 1-2 亿元增持公司股票，占公告日总股本的 1.06%- 2.11%。 ➢ 2024/01/01-2024/09/20部分上市公司增持情况 2024 年 1 月 1 日至 9 月 20 日，发布增持计划公告的公司共计 1266 家，其 中，评级机构家数大于 10 家（含 10 家）的有 79 家，山鹰国际、平煤股份、 华凯易佰拟增持比例较高，其拟增持金额占公告日市值的比例分别为 3.71%、 1.23%-2.46%、1.12%。 分析师：刘丽影 执业登记编号：A0190519050001 liuliying@yd.com. ...

% 源达 | --- | --- | |------------------------------------------------------------|-------| | 证券研究报告/行业研究 | | | 六维力传感器：高附加值核心部件，人形机器人推动行业长足发展 | | | | | | ——力传感器专题研究 | | 投资要点 ➢ 六维力传感器是机器人核心部件，市场空间有望加速扩容 六维力传感器适用于力作用点随机并对测量精度要求较高的场景，适合在人 形机器人和协作机器人中应用。人形机器人产品加快迭代成熟，有望拉动六 维力传感器市场空间。2023年12月特斯拉发布的Optimus Gen2已能完成单 腿瑜伽等复杂动作。2023年国产人形机器人领军企业优必选推出工业版人形 机器人Walker S，可在工商业领域精密作业。根据MIR睿工业数据，2023年 中国六维力传感器市场规模为2.35亿元，同比增长14.3%，并预计在2026- 2030年，人形机器人的规模量产将显著增加六维力传感器需求，并推动生产 成本降低，市场有望迎来快速扩容期。 ➢ 人形机器人商业图景远大，推动六维力传感器市场加快增长 以O ...

%l 源达 证券研究报告/投资策略 | --- | --- | |---------------------------------------------------------------------|-------------------------| | | 报告日期:2024年09月13日 | | 8 月 CPI 同比涨幅继续扩大，全国人大常委会正式批准渐进式延迟退休方案 | | | 宏观策略周报 | | 投资要点 > 资讯要闻 1. 9月9日，国家统计局公布8月份CPl和PPl数据。1）8月份，受高温多雨天气等因素影响， 全国CPl同比涨幅继续扩大，环比季节性上涨。从同比看，CPI上涨0.6%，涨幅比上月扩大 0.1个百分点。从环比看，CPI上涨0.4%，涨幅比上月回落0.1个百分点。2）8月份，受市 场需求不足及部分国际大宗商品价格下行等因素影响，全国PPI同比、环比均下降。从同 比看, PPI下降1.8%,降幅比上月扩大1.0个百分点。从环比看, PPI下降0.7%，降幅比上 月扩大0.5个百分点。 2. 9月13日，全国人民代表大会常务委员会关于实施渐进式延迟法定退休年龄的决定，同 步启动延 ...

7d 源达 申万农林牧渔指数与沪深 300 走势 资料来源：wind，源达信息证券研究所 证券研究报告/行业研究 2024H1 业绩高增，板块处于估值低位 ——农林牧渔行业 2024 半年报点评 投资要点 ➢ 农林牧渔行业经营业绩边际改善 申万农林牧渔行业所有上市公司2024H1共实现营业收入5,678亿元，同比减 少约5%，虽然营业总收入规模略有下降，但归母净利润大幅增长。2024H1 共实现归母净利润91亿元，相较于2023H1的-109亿元同比增长184%，行业 整体业绩明显修复。归母净利润增速在31个申万一级行业中排名第一，且显 著高于排名第二的社会服务行业92%的归母净利润增速。 ➢ 细分行经营整体向好，种业业绩高增，生猪养殖行业业绩修复 申万农林牧渔行业众多细分行业经营业绩明显修复，归母净利润相较2023年 同期大幅改善，其中种子同比增长140%、生猪养殖同比增长111%、水产饲 料同比增长100%、其他农产品加工同比增长95%、畜禽饲料同比增长84%， 众多细分行业经营业绩表现突出，处于周期上行通道，后续盈利规模有望继 续增加。 申万生猪养殖行业业绩大幅改善，2023H1受猪价低迷影响，行业内所 ...

% 源达 资料来源：Wind，源达信息证券研究所 证券研究报告/行业研究 报告日期:2024年09月09日 行业 2024H1 经营稳健，数字经济和人工智能驱动行业增长 ——通信行业 2024 半年报业绩点评 投资要点 ➢ 2024H1通信行业保持稳健增长，在全行业中业绩增速居前 2024H1申万通信行业营收同比增长3.92%，在31个申万一级行业中增速位 居第九。2024H1申万通信行业归母净利润同比增长7.32%，在31个申万一级 行业中增速位居第十二。从2024H1看，受益数字经济、人工智能和5G扩建， 通信行业保持稳健增长步伐。2024年第二季度申万通信行业营收同比增长 3.19%，在31个申万一级行业中增速位居第十一位。2024年第二季度申万通 信行业归母净利润同比增长7.37%，在31个申万一级行业中增速位居第十一 位。从季度营收和利润看，通信行业增长步伐保持稳健。 ➢ 电信运营商经营稳健，通信网络设备及通信应用子版块业绩亮眼 从2024Q1&2024Q2通信行业子版块经营情况看，多数板块营收和盈利保持 稳健增长。其中其他通信设备、通信应用增值服务板块经营情况表现较为亮 眼。从盈利能力情况看，20 ...

%l 源达 证券研究报告/投资策略 | --- | --- | |--------------------------------------------|-------------------------| | | 报告日期:2024年09月06日 | | 8 月制造业 PMI 小幅回落，全 A 业绩静待复苏 | | | | | | 宏观策略周报 | | 投资要点 > 资讯要闻 1.A股2024年半年报总结：全A业绩微降，行业表现分化。1）2024年上半年全A整体盈利 微降。2024年上半年全行业实现营业收入34.87万亿元，同比增速为-1.42%；实现归母净 利润2.90万亿元，同比增速为-2.37%；实现扣非归母净利润2.75万亿元，同比增速为- 0.74%。2) 2024年二季度业绩承压。2024年二季度全行业实现营业收入17.98万亿元，同 比增速为-1.75%；实现归母净利润1.46万亿元，同比增速为-0.41%；实现扣非归母净利润 1.39万亿元，同比增速为0.82%。 2. 8月31日，国家统计局公布8月中国制造业PMI为49.1%，较7月继续回落0.3个百分点， 制造业景气度基本稳定。 3. ...

Investment Rating - The report rates the home appliance industry as "Positive" [1] Core Insights - In the first half of 2024, the home appliance industry achieved a revenue of 798.69 billion yuan, representing a year-on-year growth of 6.27%, and a net profit of 62.31 billion yuan, with a year-on-year increase of 7.87% [2][14] - The export scale of the domestic home appliance industry saw rapid growth, with a total export value of 347.9 billion yuan in the first half of 2024, marking an 18.3% increase year-on-year [3][14] - Government policies promoting "old-for-new" appliance exchanges are expected to boost domestic demand in the latter half of 2024 [4][28] Summary by Sections 1. Overview of 2024H1 & 2024Q2 Home Appliance Industry Performance - The home appliance industry reported a revenue of 798.69 billion yuan in 2024H1, with a net profit of 62.31 billion yuan, showing growth in both metrics [2][14] - In 2024Q2, the revenue was 424.14 billion yuan, with a net profit of 35.96 billion yuan, reflecting a year-on-year growth of 4.69% and 6.30% respectively [2][14] 2. Performance of Various Sub-sectors in 2024H1 - The white goods sector accounted for 67.51% of the total revenue in 2024H1, with a net profit contribution of 76.04% [18][23] - The small appliance sector showed a net profit of 5.10 billion yuan in 2024H1, growing by 6.55% year-on-year [23][24] 3. Policy Support for Domestic Demand Growth - The government initiated a large-scale equipment update and "old-for-new" appliance exchange program in March 2024, with various local governments providing subsidies to encourage consumer upgrades [4][28] - The implementation of these policies is expected to enhance domestic demand for home appliances in the second half of 2024 [4][28] 4. Investment Recommendations - The report suggests focusing on the white goods sector, highlighting companies such as Haier, Midea, and Gree as stable investments [5][29] - It also recommends monitoring companies in the small appliance sector that are expanding their overseas business, such as Roborock [5][29]

Group 1: Overall Performance - In the first half of 2024, the overall profit of the A-share market slightly declined, with total operating revenue reaching 34.87 trillion yuan, a year-on-year growth rate of -1.42%. The net profit attributable to shareholders was 2.90 trillion yuan, down by 2.37% year-on-year, while the net profit excluding non-recurring items was 2.75 trillion yuan, a decrease of 0.74% year-on-year [1][11] - The second quarter of 2024 saw continued pressure on performance, with total operating revenue of 17.98 trillion yuan, a year-on-year decline of 1.75%. The net profit attributable to shareholders was 1.46 trillion yuan, down by 0.41% year-on-year, while the net profit excluding non-recurring items was 1.39 trillion yuan, showing a slight increase of 0.82% year-on-year [1][11] Group 2: Industry Performance - The electronic industry showed remarkable performance in the first half of 2024, with operating revenue growth of 17.3%, and a year-on-year increase of 18.9% in the second quarter, driven by downstream demand recovery, inventory digestion, and new product launches [2][12] - The agricultural, forestry, animal husbandry, and fishery industry experienced significant profit growth, with a net profit increase of 188.4% in the first half of 2024 and 264.1% in the second quarter, largely due to rising pig prices [2][14] - The real estate and non-bank financial industries faced substantial declines, with operating revenue growth rates of -21.9% and -15.8% respectively in the first half of 2024, and -26.7% for real estate in the second quarter [12][14] Group 3: Asset and Cash Flow Performance - The non-financial sectors of the A-share market saw construction and fixed asset growth rates of 5.0% and 8.5% respectively, indicating strong downstream demand in certain industries such as public utilities, construction decoration, non-ferrous metals, and power equipment [3][15] - Most industries exhibited good profit quality, with 17 out of 29 sectors having a ratio of operating cash flow to net profit greater than 1, indicating strong self-sustaining capabilities [4][18] - The mechanical equipment, environmental protection, and agricultural sectors showed significant cash flow growth rates of 403.8%, 28.2%, and 24.0% respectively, while the real estate and construction decoration sectors faced declines of -141.9% and -115.2% [4][19] Group 4: Investment Recommendations - It is recommended to focus on industries with sustained growth and improving economic conditions, including electronics, automotive, home appliances, oil and petrochemicals, public utilities, and telecommunications [5][21] - The electronics sector is expected to benefit from external sanctions driving domestic innovation, with strong demand for AI-related products and new consumer electronics launches anticipated in September 2024 [21][22] - The automotive industry is supported by domestic demand policies and the increasing international market presence of Chinese brands, particularly in the electric vehicle segment [22][23] - The home appliance sector is driven by replacement demand and has promising long-term export prospects [24][25] - The oil and petrochemical sector is benefiting from rising international oil prices and increased production capacity among major companies [26][27] - The public utilities sector is expected to see stable profitability and potential for price recovery in the long term [28][30] - The telecommunications sector is poised for growth due to advancements in AI and steady performance from operators [32][33]

% 源达 资料来源：Wind，源达信息证券研究所 证券研究报告/行业研究 报告日期:2024年09月05日 行业 2024H1 业绩表现亮眼，抓住顺周期和国产替代机遇 ——电子行业 2024 半年报业绩点评 投资要点 ➢ 2024H1电子行业经营表现亮眼，周期复苏趋势明显 2024H1申万电子行业营收同比增长17.27%，在31个申万一级行业中增速位 居第一。2024H1申万电子行业归母净利润同比增长39.26%，在31个申万一 级行业中增速位居第四。从2024H1看，受益下游需求复苏、库存消化及新品 发布，显示面板、电子元器件、消费电子和半导体等行业都有明显增速。 2024Q2申万电子行业营收同比增长18.87%，在31个申万一级行业中增速位 居第一位。2024Q2申万电子行业归母净利润同比增长29.69%，在31个申万 一级行业中增速位居第四位。从季度营收增速看，电子行业复苏趋势加强，处 于周期上行通道中。 ➢ 细分板块经营均有改善，关注半导体、消费电子和显示行业 从2024Q1&2024Q2电子行业子版块经营情况看，多数板块营收和盈利情况 均有明显改善。其中半导体、元件、光学光电子和消费电子板块经营表现 ...

7d 源达 沪深 300 与新质生产力指数 资料来源：wind，源达信息证券研究所 | --- | --- | |----------------------------------------------------------------------------------|-------| | | | | | | | 源达相关研究报告： | | | 《雄安新区专题研究：发展新质生产 力，疏解北京非首都职能，推动京津 冀一体化发展》 | | | --- | --- | |----------------------------------------|-------| | 证券研究报告/行业研究 | | | 系统布局高端产业，打造中国经济新增长极 | | | | | | ——雄安新区专题研究 | | 投资评级: 看好 投资要点 ➢ 打造中国经济新增长极，雄安新区战略地位突出 雄安新区毗邻京津冀，承载疏解北京非首都功能，不断承接北京优质企业资 源，肩负推动京津冀协同发展，打造中国经济新增长极的历史使命。政策优势 明显，区位优势突出，产业基础设施完善，利于系统布局前沿产业，打造能够 协调带动全国经济发展的新的 ...