证券研究报告 海外科技 行业定期报告 证券分析师 郑嘉伟 S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 S1350524060002 yubinglin@huayuanstock.com 联系人 郑冰倩 S1350124050014 zhengbingqian@huayuanstock.com 相关研究 2024 年 07 月 08 日 WAIC 2024 召开,AI 赋能千行百业 ——海外科技周报(24/07/01-24/07/05) 投资要点: ➢ 海外 AI:本周 7 月 4 日,2024 世界人工智能大会暨人工智能全球治理高级别会议(简称"WAIC 2024") 在上海举办,今年大会的主题是"以共商促共享,以善治促善智"。大会围绕会议论坛、展览展示、评奖 赛事、智能体验四大板块全方位展现前沿 AI 科技。会议论坛按照"1+3+X"架构焕新呈现,包含 1 场开 幕式和全体会议,全球治理、产业发展、科学前沿 3 场主论坛,若干场行业论坛,涵盖 AI 伦理治理、大 模型、数据、算力、具身智能、AI for Science、新型工业化、自动驾驶、投融资、教育与 ...

行业评级：看好（维持） 证券研究报告|行业专题 医药生物 2024年7月8日 | --- | --- | --- | |----------------|-------|-----------------------------------------------------------------------------------| | | | | | 血制品专题研究 | | | | ----- | | 非上市企业市场占比依然较大，上市公司外延具有弹性 | | | | 证券分析师 姓名：刘闯 资格编号： S1350524030002 邮箱： liuchuang@huayuanstock.com | | | | 证券分析师 姓名：李强 资格编号： S1350524040001 邮箱： liqiang01@huayuanstock.com | 请务必阅读报告末页的重要声明 核心观点：非上市企业市场占比依然较大，上市公司外延具有弹性 前文：近几年血制品行业整合明显，且从血制品行业特点以及产业发展趋势来看，未来血制品资源向头部企业集中是大趋势，本篇报告从产品销售、采浆站分布情况梳理了 中国血制品产业的整体情况，并 ...

Investment Rating - The transportation industry is rated as "Positive" (Overweight) [2][52]. Core Insights - The shipping industry is expected to maintain a strong performance due to ongoing capacity losses from rerouting and geopolitical tensions, leading to increased container prices even in off-peak seasons [8]. - The oil tanker sector is anticipated to see sustained growth over the next three years due to limited new orders and aging fleets, benefiting from increased oil transport demand [8]. - The express delivery sector is experiencing a competitive environment with prices at historical lows, but the potential for recovery in sentiment and profitability exists, particularly for leading companies [8]. - The aviation sector is poised for recovery with increased international flights and a favorable supply-demand balance, particularly during peak travel seasons [8]. Market Review - The Shanghai Composite Index decreased by 0.59% while the transportation index decreased by 0.20%, indicating a relatively better performance in the transportation sector compared to the overall market [14]. - The express delivery sector saw a significant decline of 4.39%, while the shipping sector showed a slight increase of 0.16% [14][16]. Sub-Industry Data Tracking Express Logistics - In the first half of the year, express delivery volume reached 80 billion pieces, with a year-on-year growth of 24.4% [5][6]. - The average ticket price in the express delivery sector is at a historical low, with limited downward space for prices [8]. Shipping - The China Containerized Freight Index (CCFI) reported a 4.6% increase, indicating a mixed trend across different shipping routes [3]. - The Baltic Dry Index (BDI) increased by 5.9%, reflecting a recovery in bulk shipping [3][43]. Aviation - Domestic flight ticket prices decreased by 12% year-on-year during the summer travel season, while international flights are recovering to pre-pandemic levels [7][8]. - The passenger transport volume in civil aviation reached 59 million in May, showing a year-on-year increase of 14.1% [33]. Road and Rail - In May, road passenger volume increased by 158.3% year-on-year, while freight volume grew by 3.5% [29]. - Rail passenger volume also saw a year-on-year increase of 10.87% [29].

金属与材料|有色金属 行业定期报告 证券分析师 田源 S1350524030001 tianyuan@huayuanstock.com 田庆争 S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 S1350524040002 xiangqirui@huayuanstock.com 联系人 板块表现: 相关研究 2024 年 07 月 07 日 美国 6 月失业率超预期,金价重回上涨趋势 看好(维持) ——有色金属 大宗金属周报(24/7/1-24/7/7) 投资要点: ➢ 受鲍威尔鸽派发言及美国 6 月失业率超预期影响,9 月降息预期升温,金价重回上涨趋势,等待下周通胀 数据再次验证。铜金中长期逻辑仍未改变,仍建议继续关注贵金属、低冶炼自给率的铜和高氧化铝自给率的 电解铝板块,小金属建议关注:钨、锰、锑和铟,同时可关注滞涨品种如镍和镁等。 ➢ 贵金属板块:美国失业率再升,降息预期升温,金价重回上涨趋势。伦敦现货黄金上涨 2.07%、上期所黄 金上涨 1.54%,伦敦现货白银上涨 4.12%、上期所白银上涨 4.57%,钯金上涨 5.56%,铂金上涨 1.09%。 ...

金属与材料|有色金属 行业定期报告 证券分析师 田源 S1350524030001 tianyuan@huayuanstock.com 田庆争 S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 S1350524040002 xiangqirui@huayuanstock.com 联系人 板块表现: 相关研究 2024 年 7 月 07 日 碳酸锂底部震荡,关注软磁和铜合金材料的主题机会 看好(维持) ——有色金属 能源金属&新材料周报(24/7/01-24/7/07) 投资要点: ➢ 能源金属方面,价格整体呈弱势运行趋势。锂:本周,碳酸锂价格下跌 1.04%至 90550 元/吨,氢氧化锂 价格下跌 0.54%至 82450 元/吨,近期市场偏弱震荡运行。供给端,碳酸锂产量稳步攀升,6 月碳酸锂产 量 64868 吨,环比上升 4%,增速放缓;需求端,补库行情结束,部分下游库存足够满足生产需求,长协 供给稳定下现货成交相对清淡。预计后续价格偏弱震荡运行。建议关注:天齐锂业、赣锋锂业、中矿资源、 永兴材料。 ➢ 钴:本周海外 MB 钴价上涨 1.03%至 12. ...

金属与材料|有色金属 行业定期报告 证券分析师 田源 S1350524030001 tianyuan@huayuanstock.com 田庆争 S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 S1350524040002 xiangqirui@huayuanstock.com 联系人 板块表现: 相关研究 2024 年 07 月 07 日 美国 6 月失业率超预期,金价重回上涨趋势 看好(维持) ——有色金属 大宗金属周报(24/7/1-24/7/7) 投资要点: ➢ 受鲍威尔鸽派发言及美国 6 月失业率超预期影响,9 月降息预期升温,金价重回上涨趋势,等待下周通胀 数据再次验证。铜金中长期逻辑仍未改变,仍建议继续关注贵金属、低冶炼自给率的铜和高氧化铝自给率的 电解铝板块,小金属建议关注:钨、锰、锑和铟,同时可关注滞涨品种如镍和镁等。 ➢ 贵金属板块:美国失业率再升,降息预期升温,金价重回上涨趋势。伦敦现货黄金上涨 2.07%、上期所黄 金上涨 1.54%,伦敦现货白银上涨 4.12%、上期所白银上涨 4.57%,钯金上涨 5.56%,铂金上涨 1.09%。 ...

金属与材料|有色金属 行业定期报告 证券分析师 田源 S1350524030001 tianyuan@huayuanstock.com 田庆争 S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 S1350524040002 xiangqirui@huayuanstock.com 联系人 板块表现: 相关研究 2024 年 7 月 07 日 碳酸锂底部震荡,关注软磁和铜合金材料的主题机会 看好(维持) ——有色金属 能源金属&新材料周报(24/7/01-24/7/07) 投资要点: ➢ 能源金属方面,价格整体呈弱势运行趋势。锂:本周,碳酸锂价格下跌 1.04%至 90550 元/吨,氢氧化锂 价格下跌 0.54%至 82450 元/吨,近期市场偏弱震荡运行。供给端,碳酸锂产量稳步攀升,6 月碳酸锂产 量 64868 吨,环比上升 4%,增速放缓;需求端,补库行情结束,部分下游库存足够满足生产需求,长协 供给稳定下现货成交相对清淡。预计后续价格偏弱震荡运行。建议关注:天齐锂业、赣锋锂业、中矿资源、 永兴材料。 ➢ 钴:本周海外 MB 钴价上涨 1.03%至 12. ...

建筑材料行业 公司点评 | 证券分析师 | |------------------------------| | 戴铭余 | | S1350524060003 | | daimingyu@huayuanstock.com | | 刘晓宁 | | S1350523120003 | | liuxiaoning@huayuanstock.com | 市场表现: 伟星新材 沪深300指数 -50% 0% 50% 07-0308-0309-0310-0311-0312-0301-0302-0303-0304-0305-0306-03 相关研究 2024 年 07 月 05 日 伟星新材 (002372.SZ) 增持(维持) ——行业下行期质地优势进一步凸显,高分红提升配置价值 投资要点: ➢ 事件:公司发布 2023 年年报以及 2024 年一季报,1)年报:公司实现营业收入 63.78 亿元,同比下降 8.27%,实现归母净利润 14.32 亿元,同比上升 10.40%,其中四季度,公司实现营业收入 26.32 亿元, 同比下降 5.67%,实现归母净利润 5.58 亿元,同比上升 5.60%。2)一季度:公司实现营 ...

Investment Rating - The report assigns a "Buy" rating for the company, highlighting its potential for profit growth and stable dividend value [3][5][7]. Core Insights - Shenzhen International is developing a comprehensive logistics model, focusing on key economic regions and maintaining a stable dividend policy. The company has a diversified business structure, with significant contributions from toll roads, environmental protection, and modern logistics [3][4][19]. - The logistics business is expected to provide performance elasticity through core warehousing assets and transformation opportunities, with ongoing projects anticipated to enhance revenue [3][4][21]. - The toll road and environmental protection sectors are stable, with the company benefiting from its stake in Shenzhen Expressway, which operates multiple toll roads in the region [4][26]. Summary by Sections 1. Comprehensive Logistics Service Platform - The company has seen revenue growth from HKD 10.1 billion to HKD 20.5 billion from 2017 to 2023, with a CAGR of 12.5%. The core business segments include toll roads and environmental protection, contributing approximately 50% of total revenue [14][18]. 2. Full-Chain Logistics Model Layout - The company is expanding its logistics assets in economically developed areas through self-construction and acquisitions. The logistics network includes various transport modes, enhancing its competitive edge [19][21]. 3. Profit Forecast and Investment Recommendations - The forecasted net profits for 2024, 2025, and 2026 are HKD 30.8 billion, HKD 40.2 billion, and HKD 42.5 billion, respectively, with corresponding PE ratios of 5.0, 3.8, and 3.6. The company is expected to maintain a dividend payout ratio of around 50%, leading to a projected dividend of approximately HKD 15.4 billion in 2024 [5][7][32].

图 9：公司历史 PB-Band 源引金融活水 泽润中华大地 | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|--------------------------|-------| | | 2022 | 2023 | 2024E | 2025E | 2026E | | 流动资产： | | | | | | | 货币资金 | | | | 1745 1624 3126 898 897 | | | 应收票据及应收账款 | | | | 1800 1707 1624 1545 1470 | | | 应收票据 | | | | 112 48 48 48 48 | | | 应收账款 | | | | 1688 1659 1576 1497 1422 | | | 应收款项融资 | | | | 175 408 408 408 408 | | | 预付款项 | | | | 171 63 63 63 63 | | | 其他应收款(合计 ) | | | | 162 106 106 106 106 | | | 应收股利 | ...