Investment Rating - The report indicates a positive outlook for the clean energy sector, particularly for hydropower and nuclear power industries, which are expected to benefit from government policies promoting non-fossil energy sources [3][4]. Core Insights - The acceleration of clean energy development is highlighted, with specific emphasis on hydropower and nuclear power benefiting from the government's push for green transformation. The report notes that the southwestern region of China, rich in hydropower resources, will be a key area for future development [3]. - Traditional industries are undergoing a green transformation driven by low-carbon upgrades and digitalization. The report emphasizes the importance of integrating digital technologies with green initiatives to enhance operational efficiency and safety in sectors such as construction and transportation [3]. - The report suggests that leading companies in the construction and materials sectors are likely to maintain stable operations and growth due to increased market share and favorable economic conditions [4]. Summary by Sections - **Clean Energy Development**: The report discusses the government's commitment to developing clean energy sources, particularly in hydropower and nuclear power, which are expected to see significant investment and growth [3]. - **Traditional Industry Transformation**: It outlines the push for low-carbon transformation in traditional industries, emphasizing the need for compliance with stricter energy efficiency and environmental standards [3]. - **Investment Recommendations**: The report recommends focusing on leading companies in the construction sector, such as China State Construction and China Nuclear Engineering, as well as other firms that are well-positioned to benefit from the ongoing economic recovery and policy support [4].

华明装备(002270)/ 电网设备 / 公司点评 / 2024.08.12 核心业务盈利能力强劲,后续成长道 核心观点 ■ 证券研究报告 � 事件:2024年８月８日,公司发布 2024年半年度报告,公司 2024HI 实现营 收 11.21 亿元,同比增长 23.2%;归母净利润 3.15 亿元,同比增长 9.6%。2024Q2 公司实现营收 6.70 亿元，同比增长 34.7%;归母净利润 1.88 亿元，同比增长 l1.1%。 核心业务盈利能力强劲:2024Q2 公司实现归母净利率 28.3%,同比-6.0pct, 环比-0.3pct,主要系二季度确认的电力工程收入较多,电力工程业务按工程项 目施工进度上半年实现营业收入 1.85 亿元,同比增长 531.56%。但是核心的 分接开关业务的盈利能力稳中有升,上半年电力设备业务实现营业收入 8.32 亿元，同比增长 8.16%，该业务毛利率 59.6%，同比+0.38pct。 后续成长路径清晰:1)短期看国内需求增速,2024年国网投资增长约13%, 主要仍然会向一次设备领斜,整体网内需求明确。2)中期看高附加值产品的 国产替代，包括特高压、核电等领域的 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company is a leading player in the pig farming industry, with a fully integrated pork supply chain that includes feed processing, breeding, pig farming, and slaughtering [2][9]. - The pig price has entered an upward cycle, with the price reaching 10.43 CNY/kg on August 1, 2023, a 32.8% increase from the beginning of the year, indicating potential profitability for the company [2][18]. - The company has a significant cost advantage, with average profits per pig being nearly 100 CNY higher than the industry average, driven by scale procurement, breeding systems, and technological innovations [2][22]. Summary by Sections Company Overview - The company was established in 1992 and has focused on pig farming for over 30 years, expanding its operations outside Henan province since 2012 [2][9]. - The annual pig output has grown from 11.01 million heads in 2018 to 63.82 million heads in 2023, achieving a market share of 8.8% [2][9]. Industry Trends - The pig farming industry is experiencing a trend towards larger-scale operations, which are better equipped to manage costs and navigate price fluctuations [16][21]. - The current pig price cycle began in April 2022, with a typical upward phase lasting around 20 months [17][18]. Financial Performance - The company is expected to achieve revenues of 1283.8 billion CNY in 2024, with net profits projected at 181.2 billion CNY [3][41]. - The company’s revenue growth rate is forecasted to be 15.8% in 2024, followed by 1.0% in 2025 and a slight decline of 0.6% in 2026 [3][41]. Cost Structure and Efficiency - The company has maintained a cost advantage through innovations in feed formulation, breeding systems, and smart farming technologies [2][22]. - The average cost of raising pigs is expected to decrease, with a target of reducing costs by 600 CNY per pig [2][36]. Future Outlook - The company is well-positioned for long-term growth, with a focus on high-quality development in its breeding and slaughtering operations [2][24]. - The company’s capital expenditure needs are expected to decline, leading to a lower debt ratio and potential for increased dividends in the future [2][39].

Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1] Core Views - The company operates six major hydropower stations along the Yangtze River, solidifying its position as the leader in the hydropower industry with a total installed capacity of 71.8GW and annual power generation of 2762.63 billion kWh in 2023 [3] - The acquisition of Wudongde and Baihetan hydropower stations in 2023 increased the company's total installed capacity by 57.46% to 71.8GW and design power generation capacity by 52.83% to 2932.03 billion kWh [3] - The company is actively expanding capacity at Xiluodu, Xiangjiaba, and Gezhouba stations, with an expected additional capacity of 3.9GW, potentially accelerating in 2024 [3] - The six-station joint dispatch is expected to increase annual power generation by 60-70 billion kWh, leveraging improved water inflow and optimized pricing mechanisms [3] - The company maintains strong profitability with a 2023 dividend payout ratio of 73.66% and a dividend yield of 3.9%, ranking among the top in the industry [3] - The company's investment income as a percentage of net profit attributable to shareholders increased to 22.70% in Q1 2024 [3] Financial Projections - The company is expected to achieve revenues of 87.308 billion yuan, 89.262 billion yuan, and 90.794 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to shareholders of 34.739 billion yuan, 36.286 billion yuan, and 37.116 billion yuan [3] - The projected PE ratios for 2024, 2025, and 2026 are 20.81x, 19.92x, and 19.47x, respectively [3] Industry Position - The company is the largest hydropower operator in China, with its six stations forming the world's largest clean energy corridor [8] - The company's installed capacity accounts for 17.34% of China's total hydropower capacity, and its power generation represents 21.48% of the national total in 2023 [8] - The company's hydropower assets are located along the Yangtze River, with a significant portion of power generation concentrated in the flood season from May to October [16] Expansion and Development - The company is actively pursuing pumped storage and new energy projects, with a focus on the downstream Jinsha River base for integrated water, wind, and solar energy development [32] - The company has a pumped storage project pipeline of nearly 42GW, equivalent to two Three Gorges stations, and is accelerating the development of these projects [32] - The company is also expanding internationally, with investments in overseas power distribution and clean energy projects, including the acquisition of Luz del Sur in Peru [34] Financial Performance - The company's hydropower business is expected to generate revenues of 77.391 billion yuan, 78.634 billion yuan, and 79.232 billion yuan in 2024, 2025, and 2026, respectively, with gross margins of 64.05%, 64.67%, and 64.91% [36] - The company's international, power distribution, and smart energy businesses are projected to achieve revenues of 9.48 billion yuan, 10.428 billion yuan, and 11.262 billion yuan in 2024, 2025, and 2026, respectively, with a stable gross margin of 35% [36]

计算机 / 行业投资策略周报 / 2024.08.11 千帆星座成功首发，打造国产低轨互联网 投资评级:看好(维持) 最近 12 月市场表现 -40% -32% -24% -16% -8% 0% 计算机 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《AI 驱动 AWS 增长，Kuiper 项目持 续推进》 2024-08-05 2. 《北美 CSP 如何看待日趋增长的 AI Capex？》 2024-08-05 3. 《苹果连续六个季度收入超预期》 2024-08-04 核心观点 证券研究报告 ❖ 我国成功发射千帆极轨 01 组卫星。8 月 6 日 14 时 42 分，我国在太原卫 星发射中心使用长征六号改运载火箭，成功将千帆极轨 01 组卫星发射升空， 卫星顺利进入预定轨道，发射任务获得圆满成功。此次任务是长征系列运载 火箭的第 530 次飞行。"千帆星座"也称"G60 星链"，该项目由上海松江区 牵头，联合多家资本共同打造 ...

农林牧渔 / 行业投资策略周报 / 2024.08.11 供应偏紧猪价升破 20 元，持续推荐生猪养殖 投资评级:看好(维持) 最近 12 月市场表现 -20% -16% -12% -8% -4% 0% 农林牧渔 沪深300 分析师 余剑秋 SAC 证书编号：S0160522050003 yujq01@ctsec.com 相关报告 1. 《供应偏紧猪价延续上涨，持续推荐 生猪养殖》 2024-08-04 2. 《供应持续偏紧，看好猪价上行趋势》 2024-07-28 3. 《7 月 USDA 上调全球小麦、玉米产 量预测》 2024-07-22 农业重点数据跟踪周报 证券研究报告 核心观点 ❖ 生猪养殖：猪价偏强上涨，价格周期反转。市场挺价情绪较强，供应持续偏紧 张，猪价向上持续创年内新高；补栏积极性一般，压栏和二育进场较为谨慎。中 长期，企业现金流压力明显，价格周期反转，持续推荐配置生猪养殖。1）数量 端：7 月能繁母猪存栏有所增加。根据钢联统计，7 月能繁母猪存栏量较 6 月 环比+1.11%，其中规模场环比+1.14%，中小散环比+0.20%。2）价格端：震 荡向上。根据涌益咨询，8 月 8 日，商品猪 ...

萤石网络(688475) / 计算机设备 / 公司点评 / 2024.08.10 生态升级"2+5+N"，电商渠道出货进一步提升 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-09 | | 收盘价(元) | 28.88 | | 流通股本(亿股) | 4.05 | | 每股净资产(元) | 6.69 | | 总股本(亿股) | 7.88 | 最近 12 月市场表现 萤石网络 沪深300 计算机设备 -31% -18% -6% 7% 19% 32% 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《发展多维感知+AI 交互，品牌出海 带来增量》 2024-04-14 2. 《业绩平稳向上，新品打开商用新篇 章》 2023-10-21 3. 《电商加码、新品放量、供应链优化 三重演绎》 2023-08-06 证券研究报告 ❖ 事件：公司 ...

● 投资评级:培持(维持) | --- | |------------| | 未未教据 | | 收益价(元) | | | 等殷冷資产(无)4.84 总股本(亿股)5.00 衰逝 12 月市场表現 � 张盘敏 分析师 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 未 陈 至 联系人 zhucx@ctsec.com � 相关报告 1. 《IP 业务短期波动，在手订半充尾》 2023-11-03 2. 《盈利能力大幅改善，核心 IP 贡献 字性》 2023-08-05 3. 《订半节奏影响短期，长期发展趋势 明 海 》 2023-04-23 芯原股份(688521) / 半乎体 / 公司点评 / 2024.08.10 业绩琢磨 ■ 证券研究报告 多地域, 总 � 事件：公司发布 2024 年半年度报告，2024 上半年公司实现营业收入 9.32 亿 无，阿比下降 21.27%；利润瑞实现归草净利润-2.85 亿元。辛二季度公司实现 登业收入 6.14 亿元，环比大幅增长 92.96%；实现归母净利润-0.78 亿元，亏损 較第一季度大幅收窄 62.40% 业绩整体环比大幅改 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The marketing strategy focuses on high-end branding, maintaining a high sales expense ratio above 26% to build a foundation for premiumization [2] - The company is increasing its investment in high-end products despite pressure on demand for mid-to-high-end products, with a focus on leveraging high-end offerings to drive growth in lower-tier products [2] - The company is adopting a dual-channel strategy to enhance efficiency and precision in its distribution, utilizing a "mushroom strategy" to target both established and emerging markets [2] Summary by Sections Company Overview - Sichuan Shui Jing Fang Co., Ltd. is a well-known mid-to-high-end liquor company in China, with its origins tracing back to 1951 [26] - The company has undergone several name changes and restructuring, becoming a national player in the mid-to-high-end liquor market [26] Market Analysis - The mid-to-high-end liquor market reached over 100 billion yuan in 2022, with a compound annual growth rate of nearly 20% from 2016 to 2022 [42] - The market is characterized by a fragmented structure, providing opportunities for established brands to gain market share [42] Product Strategy - The company focuses on high-priced products, with a product matrix that emphasizes mid-to-high-end offerings [2] - Key products include "Zhenrong Ba" and "Tianhao Chen," which are positioned to capture both high-end and mass-market segments [2] Financial Projections - The company is expected to achieve net profits of 1.37 billion yuan, 1.52 billion yuan, and 1.71 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.8%, 11.5%, and 12.0% [2]

| --- | --- | |--------------------------------------|--------------| | | | | | 证券研究报告 | | 工价初现回落 | | | 实体经济图谱 2024 年 第 3 0 期 | | | | | | 分析师：陈兴 博士 | | | 财通宏观首席分析师 S0160523030002 | | | 分析师：马骏 博士 S0160523080004 | | | 联系人：陈莹 | | 1 2024年8月10日 各行业量价速览 • 进入8月，高频数据显示经济仍暂偏弱。消费端，房地产销售增速回落，二手房价环比降幅走扩，乘用车零售销量 增速降幅收窄，厂商降价力度放缓导致市场价出现拐点，本月国内新能源车渗透率首次超越燃油车，而服务消费仍 弱于往年。受极端天气及资金到位等因素影响，生产继续放缓，本周钢材产量大幅回落，主因多家钢厂因亏损停产， 叠加新旧国标转换影响。近来政策重点关注消费领域，一方面，继续支持收购存量商品房作为保障性住房；另一方 面，促进服务消费的政策也已出台，后续消费，特别是服务消费，或是稳增长的重要突破口。 | --- | --- | - ...