Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company has demonstrated stable high growth in performance, with asset quality remaining robust. The net profit for the first half of 2024 increased by 19.6% year-on-year, while revenue grew by 12.0% [2][3]. - The company has a unique competitive advantage through its "Changnong Microloan Model," focusing on small and micro enterprises, which has led to a leading growth rate in performance compared to peers [3][22]. Summary by Sections Performance and Growth - In the first half of 2024, the company achieved revenue of 5.506 billion yuan, a year-on-year increase of 12.0%, with net profit reaching 1.734 billion yuan, up 19.6% [2][7]. - The growth in performance is attributed to several factors: 1. "Volume compensating for price," with net interest income forming the performance base, contributing 15.5 percentage points to performance [8]. 2. Investment income driving other non-interest income, contributing 5.5 percentage points [8]. 3. Cost optimization leading to an 11.1 percentage point positive contribution to profit [8]. 4. Increased provisioning impacting performance, with provisioning negatively affecting profit by 4.0 percentage points [8]. Credit and Deposit Trends - The total loans and advances reached 238.9 billion yuan, a year-on-year increase of 11.3%, with corporate loans growing by 14.0% and personal loans by 6.9% [10][12]. - The deposit balance increased by 16.7% year-on-year, driven primarily by a 26.6% growth in personal time deposits, indicating a trend towards more time deposits [12][13]. Asset Quality - The asset quality remains stable, with non-performing loan (NPL) ratios at 0.76%, slightly up from the end of 2023 [19][21]. - The company has a provisioning coverage ratio of 539%, indicating strong risk mitigation capabilities [21][22]. Future Outlook - The company is expected to maintain a high growth trajectory, with projected net profit growth rates of 17.4%, 16.0%, and 15.2% for 2024-2026 [3][22]. - The price-to-book (PB) ratios are forecasted to be 0.67, 0.60, and 0.54 for the same period [3][22].

建筑材料 / 行业投资策略周报 / 2024.09.18 单击或点击此处输入文字。 建材行业策略周报 投资评级:看好(维持) 最近 12 月市场表现 -37% -30% -22% -14% -7% 1% 建筑材料 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《下游需求未见起色，盈利能力亦 有承压》 2024-09-13 2. 《B 端消费建材减值计提专题研究— —涂料篇》 2024-09-11 3. 《建材行业策略周报》 2024-09-02 地产宽松政策延续，旺季需求待验证 证券研究报告 核心观点 ❖ 消费建材：9 月首周一二线城市成交较弱，宽松经济利好房地产的逐 步企稳。9 月供应延续低位持稳态势，虽然"金九"历史看是成交旺季，但 目前房企推盘积极性一般。据克而瑞，9 月 28 个重点城市预计新增商品住宅 供应面积 703 万方，环比下降 4%、同比下降 59%，绝对量不及二季度月 均，与一季度月均 699 万方基本持平。近期陆续提出的上海房屋养老计划、 调整中小套型住房建筑面积标准等，也印证了这一趋势，后续政策有望从利 率端、 ...

Investment Rating - The industry rating is not explicitly stated in the provided documents, but the overall sentiment appears to be positive based on the performance metrics discussed. Core Insights - Automotive sales showed a month-on-month recovery, with production and sales in August reaching 2.492 million and 2.453 million units, respectively, representing a month-on-month increase of 9% and 8.5% [2] - Domestic sales of passenger vehicles in August were 1.942 million units, up 8.3% month-on-month, while exports reached 511,000 units, marking a 9% month-on-month increase and a 25.4% year-on-year increase [2] - The market share of Chinese brands in passenger vehicles reached 66.9% in August, an increase of 10.1 percentage points [2] - New energy vehicle (NEV) sales in August saw significant year-on-year growth, with production and sales reaching 1.092 million and 1.1 million units, respectively, representing a year-on-year increase of 29.6% and 30% [3] - The export of NEVs was 110,000 units in August, reflecting a year-on-year growth of 22% [3] Summary by Sections Automotive Sales Performance - In August, the overall automotive industry produced and sold 2.492 million and 2.453 million vehicles, respectively, with month-on-month growth of 9% and 8.5% [2] - For the first eight months of the year, production and sales totaled 18.674 million and 18.766 million units, with year-on-year growth of 2.5% and 3% [2] Passenger Vehicle Market - Passenger vehicle production and sales in August were 2.221 million and 2.181 million units, both showing a month-on-month increase of 9.4% [2] - The market share of Chinese brands in the passenger vehicle segment has been steadily increasing, reaching 66.9% in August [2] Commercial Vehicle Market - Commercial vehicle production and sales in August were 271,000 and 272,000 units, with month-on-month increases of 5.7% and 1.4% [2] New Energy Vehicles - NEV sales in August reached 1.1 million units, with a market share of 44.8% [3] - The fastest-growing segment within NEVs was plug-in hybrid vehicles, which saw an 81.6% year-on-year increase in sales [3]

计算机 / 行业投资策略周报 / 2024.09.17 生成式 AI 开启新篇章，算力需求景气加速 投资评级:看好(维持) 最近 12 月市场表现 -35% -26% -18% -10% -1% 7% 计算机 沪深300 上证指数 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 李宇轩 SAC 证书编号：S0160524080001 liyx02@ctsec.com 相关报告 1. 《北美 CSP 如何看待 AI 投入——谷 歌》 2024-09-08 2. 《特斯拉 FSD 计划入华，与国内智驾 同台竞争》 2024-09-08 3. 《加州 AI 法案落地在即，平衡安全 与创新》 2024-09-07 核心观点 证券研究报告 OpenAI 大模型重磅迭代，Scaling Law 转移至推理阶段。9 月 13 日， ChatGPT 中的 o1 系列模型向 ChatGPT Plus 和 Team 用户开放，其中包括 o1- preview 和 o1-mini 两个版本。本次模型迭代开辟了基座模型发展新方向，通 过强化学习构建内部思维链，在编码、数学、 ...

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [1] Core Insights - In August 2024, the National Energy Administration issued 952 million green certificates, bringing the total to 1.841 billion by the end of August. Wind power accounted for 37.05%, solar power for 22.45%, conventional hydropower for 34.13%, biomass power for 6.3%, and other renewable energy sources for 0.07% [3][7] - Key company updates include: - China Resources Power's electricity sales in August reached 19.041 billion kWh, up 10.0% year-on-year, with a cumulative total of 135.666 billion kWh, up 5.8% [3][12] - Longyuan Power's electricity generation in August was 4.995 billion kWh, up 7.38% year-on-year, with a cumulative total of 51.255 billion kWh, up 1.05% [3][12] - Hubei Energy's electricity generation in August was 4.113 billion kWh, up 1.56% year-on-year, with a cumulative total of 29.833 billion kWh, up 26.71% [3][12] - The spot price of thermal coal at Qinhuangdao Port was 858 RMB/ton on September 12, 2024, a decrease of 17 RMB/ton (-1.94%) year-on-year, but an increase of 14 RMB/ton (+1.66%) week-on-week [3][14] - Water inflow at the Three Gorges Dam was 14,000 cubic meters/second on September 13, 2024, with a weekly average of 12,943 cubic meters/second, down 4.53% year-on-year but up 6.21% week-on-week [3][17] Summary by Sections Industry News - The National Energy Administration released data on green certificate issuance and trading for August 2024, with 952 million certificates issued, and a total of 1.841 billion certificates issued by the end of August [7] Key Company Announcements - China Resources Power reported a 10.0% year-on-year increase in electricity sales for August, totaling 19.041 billion kWh [12] - Longyuan Power's electricity generation increased by 7.38% year-on-year in August, totaling 4.995 billion kWh [12] - Hubei Energy's electricity generation increased by 1.56% year-on-year in August, totaling 4.113 billion kWh [12] Domestic Electricity Data Tracking - The average spot electricity prices in major provinces varied, with Guangdong at 387.21 RMB/MWh and Shanxi at 323.64 RMB/MWh [14] Fossil Fuel and Hydrological Data Tracking - The spot price of thermal coal at Qinhuangdao Port was reported at 858 RMB/ton, showing a year-on-year decrease [14] - Water inflow at the Three Gorges Dam showed fluctuations, with a year-on-year decrease but a week-on-week increase [17] Major Company Dividends and Dividend Yields - The report includes a table summarizing the dividend yields of major companies in the utility sector over the past 12 months, indicating varying dividend policies among companies [19]

Revenue and Expenditure Progress - General public budget revenue for the first seven months of 2024 was CNY 13.6 trillion, with a year-on-year growth rate of -2.6%, significantly below the budget target of 3.3% by 5.9 percentage points[5] - The revenue completion rate for the first seven months was 60.6%, lower than the average of 64.9% from 2017 to 2023, only higher than the same period in 2022[5] - Non-tax revenue grew by 12% in the same period, increasing its share of total revenue from 16.45% to 18%[7] Fiscal Deficit and Funding - The expected shortfall in general public budget revenue by year-end could reach approximately CNY 900 billion, with government fund revenue likely to decline by 10%, corresponding to a shortfall of about CNY 700 billion[20] - The total revenue gap across both accounts is estimated at CNY 1.6 trillion, necessitating accelerated implementation of existing policies and introduction of new measures[20] - As of August, the net financing scale of national bonds reached CNY 3 trillion, accounting for 69.3% of the annual central deficit target, marking the highest progress since 2015[16] Government Financing and Debt Issuance - The issuance of special bonds has been slow, with a progress rate of 65.9% in the first eight months, the second lowest since 2019, but has accelerated since August[16] - The remaining quota for local government bonds is approximately CNY 1.3 trillion, with a total of nearly CNY 2.9 trillion available for financing through national and local bonds combined[20] - The central government has over CNY 8 billion in remaining quota space for national bond issuance, which can be utilized if necessary[20]

单击或点击此处输入文字。 建筑装饰 / 行业投资策略周报 / 2024.09.15 从总量到结构，从规模到质量 投资评级:看好(维持) 最近 12 月市场表现 -28% -22% -16% -11% -5% 1% 建筑装饰 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 分析师 李美岑 SAC 证书编号：S0160521120002 limc@ctsec.com 分析师 刘斐然 SAC 证书编号：S0160522120003 liufr@ctsec.com 相关报告 1. 《如何看待回调后的建筑央企》 2024-09-09 2. 《上半年收入确认放缓，经营回款同 比承压》 2024-09-08 3. 《革故鼎新，"剩"者为王》 2024- 08-23 核心观点 证券研究报告 ❖ 国内基建投资总量或趋稳，景气度或集中在新基建及沿海、西部地区。 经过近二十年的发展，我国的基础设施建设取得了举世瞩目的成就。截至 2023 年末，国内铁路营业里程 15.9 万公里（其中高铁营业里程 4.5 万公里），铁路 路网密度 165.2 公里/万平方公里；公路里程 54 ...

Group 1: Market Overview - The social services sector has seen a market performance decline of 37% over the past 12 months, compared to a 15% decline in the CSI 300 index[1] - The hotel occupancy rate (OCC) is at 57.61%, down 0.94 percentage points week-on-week, and down 5.93 percentage points compared to 2019[18] - The average daily rate (ADR) for hotels is 194.45 CNY, reflecting a 1.61% decrease week-on-week and a 5.64% decrease compared to 2019[18] Group 2: Sector Insights - In the education sector, the K12 market is experiencing high growth, with leading companies expected to benefit from regulatory changes and increased demand for quality education services[23] - The public service examination training sector is set to see growth as the 2025 examination cycle approaches, with companies like Zhonggong Education focusing on employment services for the 18-45 age group[26] - The beauty and medical aesthetics sectors are witnessing a shift towards domestic brands, with new product launches expected to drive growth, particularly in the lead-up to the Double 11 shopping festival[2] Group 3: Investment Recommendations - Investors are advised to focus on companies with strong growth potential in the tourism sector, particularly those with new projects or improved transportation links, such as Jiuhua Tourism and Huangshan Tourism[1] - In the hotel sector, attention should be given to leading brands that are expected to perform well in the third quarter, alongside new brand incubation and product iteration[1] - The retail sector is showing signs of recovery, with many companies' valuations at low levels, suggesting potential investment opportunities in undervalued stocks[2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's short-term performance is under pressure due to slowing growth in downstream industries and rising costs [1] - The company reported a revenue of 1.685 billion yuan for the first half of 2024, a year-on-year increase of 5.89%, but a net profit attributable to shareholders of 68 million yuan, down 48.87% year-on-year [3] - The company is focusing on expanding its liquid packaging line, with steady growth in beverage packaging production lines [3] - Despite short-term challenges in the dairy industry, there are opportunities for import substitution due to imbalanced supply and demand [3] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 3.258 billion yuan, with net profits of 114 million yuan, corresponding to a PE ratio of 24.30 [4] - Revenue growth rates are projected at 3.57% for 2024, 23.74% for 2025, and 26.20% for 2026 [5] - The company's gross profit margin for Q2 was 28.09%, a decrease of 1.41 percentage points year-on-year [3] - The company's inventory as of 2023 was 3.104 billion yuan, an increase of 25.52% year-on-year, indicating future revenue certainty [3] Market Position and Strategy - The company is capitalizing on the increasing demand for sugar-free beverages, with the proportion of sugar-free tea drinks rising from 14% to 27% in 2023 [3] - The company is enhancing its offerings in sterile filling equipment and solid food packaging equipment to meet market demands [3] - The dairy consumption in China is currently below the recommended levels, indicating potential growth opportunities in the future [3]

轻工制造 / 行业投资策略周报 / 2024.09.16 前 8 月家具出口额同比+9.9%，各地家居补贴落地 投资评级:看好(维持) 最近 12 月市场表现 -33% -27% -20% -13% -6% 0% 轻工制造 沪深300 分析师 吕明璋 SAC 证书编号：S0160523030001 lvmz@ctsec.com 联系人 何栋 hedong@ctsec.com 相关报告 1. 《天津江苏跟进补贴，关注相关家居 转债》 2024-09-15 2. 《8 月家具社零同比-3.7%，增速环比 下行》 2024-09-14 3. 《沪深出台家居补贴细则，电子烟新 规落地》 2024-09-08 核心观点 轻工行业周报 证券研究报告 本周行情回顾：本周（2024.9.9-2024.9.13）申万轻工指数收报 1532.24 点， 周涨跌幅为-2.07%，跑赢沪深 300 指数 0.16pct，在 31 个申万一级行业中排名 第 14。本周轻工制造细分板块普跌，文娱用品/包装印刷/造纸/家居用品分别- 1.55%/-1.88%/-1.90%/-2.45%。 前 8 月家具出口额同比+9.9%，关注轻工出口链 ...