Investment Rating - Maintain "Overweight" rating [5] Core Views - The company seized the opportunity of IoT market recovery in H1 2024, with multiple business segments flourishing [1] - Key drivers include heavy R&D investment, continuous development of module categories, and focus on automotive intelligence [1] - The company achieved significant milestones in 5G module development and global commercialization [1] - Revenue in H1 2024 reached 8 249 billion yuan, up 26 67% YoY, with net profit attributable to parent company surging 281 48% YoY to 209 million yuan [2] Financial Performance - H1 2024 revenue: 8 249 billion yuan, +26 67% YoY [2] - H1 2024 net profit attributable to parent company: 209 million yuan, +281 48% YoY [2] - Gross margin: 18 14%, +0 57% YoY [2] - R&D expenses: 796 million yuan, with 4 203 R&D personnel [1] - Contract liabilities: 227 million yuan, up from 164 million yuan in the same period last year [2] Business Development - Developed over 50 models of 5G modules covering industrial, Android smart, and automotive grades [1] - Achieved global first in large-scale commercial application of 5G CPE with Wi-Fi 7 [1] - Launched multiple smart module products with edge computing capabilities, winning 2024 AIoT Technology Innovation Product Award [1] - Expanded GNSS module product line, with LG290P and LG580P meeting high-precision positioning needs in various industries [6] - Pioneered satellite communication modules, with products like CC660D-LS and BG95-S5 achieving mass production [6] Market Position - Global leader in IoT solutions with comprehensive product portfolio covering cellular modules, automotive modules, smart modules, and satellite communication modules [9] - Products widely applied in smart transportation, smart energy, financial payment, smart city, and industrial IoT [9] - Maintains strong position in global automotive module market with multiple 5G module series adopted by major automakers [6] Industry Outlook - Global IoT connections estimated to reach 38 8 billion by 2029, up from 15 7 billion in 2023 [7] - Cellular IoT connections projected to grow to 6 7 billion by 2029 from 3 4 billion in 2023 [7] - Global cellular module shipments expected to reach 790 million units by 2029, with revenue of 9 495 billion USD [8] Financial Projections - 2024E revenue: 171 484 billion yuan, +23 72% YoY [10] - 2024E net profit attributable to parent company: 470 60 million yuan, +418 82% YoY [10] - 2025E revenue: 210 1875 billion yuan, +22 57% YoY [10] - 2026E revenue: 255 2048 billion yuan, +21 42% YoY [10] - 2026E net profit attributable to parent company: 889 20 million yuan [10]

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [5]. Core Insights - The wind power sector experienced a slowdown in revenue growth and profit pressure in the first half of 2024, with total revenue of 142.448 billion yuan, a year-on-year increase of 0.65%, and a net profit of 8.385 billion yuan, a decrease of 22.15% [2][32]. - The domestic wind power market is expected to see a new round of installation peaks driven by policy planning and increasing demand for offshore wind projects, particularly in Europe [2][15]. - The report highlights the importance of offshore wind as a core variable for the industry, with expectations for significant growth in installations in the second half of 2024 [2][15]. Summary by Sections 1. Review of the Wind Power Industry in H1 2024 - Domestic wind power installations reached 25.84 GW in H1 2024, a year-on-year increase of 12.40%, with onshore wind growing steadily and offshore wind underperforming expectations [15]. - The report anticipates total new installations for 2024 to exceed 85 GW, representing a growth of over 12% year-on-year [15]. 2. Operating Data Summary for the Wind Power Sector - In H1 2024, the wind power sector's listed companies reported a total revenue of 1,424.48 billion yuan and a net profit of 83.85 billion yuan, with a gross margin of 18.51% [32]. - The report notes a significant increase in overseas revenue, which reached 8.924 billion yuan, a year-on-year increase of 31.09%, accounting for 20.39% of total revenue [32]. 3. Core Segment Analysis - The report identifies three segments with relatively strong performance: 1. The complete machine segment, which is expected to see profit recovery due to increased installation scale and higher overseas revenue [2][46]. 2. The submarine cable segment, which has maintained revenue growth despite slight profit declines due to project delays [2][46]. 3. The export segment, where some companies have leveraged early overseas supply chain layouts to gain advantages [2][46]. 4. Industry Outlook and Investment Strategy - The report emphasizes the resonance of domestic and international demand, recommending a focus on both onshore and offshore wind segments for investment opportunities [3][2].

行 业 研 究 / 电 气 设 备/ 证 券 研 究 报 告 电网设备板块2024年半年报总结：细分 板块表现突出，关注特高压/出海双主 线 2024 年 09 月 10 日 [Table_Title] 电气设备行业专题研究 [Table_Summary] 【投资要点】 出海方面，推荐关注：金盘科技、伊戈尔、海兴电力、三星医疗、威 胜控股 【风险提示】 投资展望：我们建议关注特高压、出海两条主线。特高压方面，新能 源发电占比不断提升，"沙戈荒"能源外送通道需求迫切。2024 年 5 月，国网披露 14 条特高压储备项目，表明特高压建设景气周期明确。 出海方面， 国内电力设备产业链相较于全球具备显著优势；海外多 市场需求景气，亚非拉新兴市场增长明确，国内电力设备企业出海具 备丰富增长空间。 【配置建议】 数据总览：2024 年中，国家电网追加全年投资至 6000 亿元，强调主 要投向领域为特高压及配电领域。国网已公布 3 批次特高压设备、4 批次输变电设备、2 批次计量设备（智能电能表及用电信息采集）的 招中标情况。特高压方面，2024 年前三批次设备招标额共计 91.90 亿元，核心设备换流变压器、换流阀、组 ...

Investment Rating - The report assigns a "Buy" rating to the company, with an upward adjustment [4]. Core Insights - The company has successfully transitioned from a solid mineral exploration enterprise to a large-scale mining company, benefiting from the lithium salt industry's boom from 2020 to 2022 and strategic acquisitions made prior to the industry's growth [3][4]. - The company has expanded its lithium salt production capacity significantly, reaching 66,000 tons by the end of 2023, and has made strategic acquisitions of lithium mines to enhance its resource reserves [3][4]. - The company is also developing copper resources, with significant acquisitions in Zambia, indicating a shift towards becoming a diversified multi-metal mining group [4][21]. Summary by Sections Company Overview - The company focuses on lithium resource extraction and refining, producing high-quality lithium hydroxide, lithium carbonate, and lithium fluoride, and has established a strong reputation in the market [20]. - Key resources include the Bikita mine in Zimbabwe and the Tanco mine in Canada, which are critical for the company's lithium production [20][21]. Development History - The company has undergone three major development phases, transitioning from solid mineral exploration to a comprehensive mining enterprise, with significant revenue growth driven by lithium and cesium resources [30][31]. Financial Forecast - Revenue projections for 2024-2026 are estimated at 4.75 billion, 5.82 billion, and 7.30 billion yuan, with net profits of 811.83 million, 1.16 billion, and 1.91 billion yuan respectively [7][8]. - The company is expected to achieve a significant increase in earnings per share (EPS) from 1.11 yuan in 2024 to 2.61 yuan in 2026 [7][8]. Resource Development - The company has made substantial investments in lithium and cesium resources, with a focus on expanding production capacity and enhancing its market position [3][4]. - The copper resource development is seen as a new growth point, with the Kitumba copper mine acquisition expected to contribute significantly to future profits [21][22]. Market Position - The company is positioned as a leader in the cesium and rubidium fine chemical sector, with a comprehensive supply chain and significant market share in cesium formate production [22][23].

挖掘价值 投资成长 行 业 研 究 / 商 贸 零 售/ 证 券 研 究 报 告 美容护理24Q2总结：关注新概念&性 价比的赛道机会以及具备较强综合竞 争力的龙头 2024 年 09 月 10 日 [Table_Title] 商贸零售行业动态点评 【风险提示】 [Table_Summary] 【事项】 主线一：关注赛道机会显著，能够持续实现较优表现的新概念&新原 料标的（锦波生物、巨子生物、江苏吴中）； 医美板块：关注产品差异化、性价比。当前医美消费趋势来看，消费 者更为青睐概念较新、具备稀缺性的医美产品；同时，求美者针对于 医美日常维养项目的需求依然相对稳定，但在消费力有所承压的背景 下更加追求产品性价比，一定程度上导致医美机构产品破价的情况频 发，在机构端需要持续通过低价吸引客流的情况下，或导致机构盈利 能力受到影响，进而催生了下游机构对于盈利空间更为充足的品牌定 制产品的需求。从医美业务表现来看，上游环节中，具备差异化新概 念的重组胶原产品、为机构提供更高盈利空间的品牌定制业务、具备 性价比的水光类产品贡献较好增长；下游机构端来看，消费降级趋势 压缩医美机构盈利空间，客单价有所下行。建议关注具备差异化 ...

行 业 研 究 / 传 媒 互 联 网/ 证 券 研 究 报 告 诸神的黄昏：超级入口的诞生与智能应 用的重构 2024 年 09 月 09 日 [Table_Title] 传媒互联网行业专题研究 【配置建议】 [Table_Summary] 【投资要点】 传统应用形式将会被 AI Agent 取代，数据量越小、供给颗粒度越大 的交易类应用越容易被颠覆。在"小程序"的战争中，手机厂商集体 败给了微信，新一轮流量争夺中，比"小程序"更轻的模式将会出现。 此外，AI Agent 将会成为 C 端应用的主要形态，由于手机厂商基因和 数据限制，多 Agent 协同是手机厂商和应用的最好合作形态。数据量 越小、供给颗粒度越大，原有应用格局越容易被颠覆，航空、快递、 票务、酒旅、外卖、电商，格局被颠覆难度逐步增大。 大模型是 AI 时代超级流量入口，传统手机厂商将通过自建大模型把 握入口优势。生成式人工智能不仅带来生产方式的变革，也将带来交 互方式的变革。用户使用越便捷（语音操控）、给用户的选择越少（直 接回答）、用户对结果的满意度越高（数据应用），其流量入口价值越 大。AI 的流量价值可以类比"小程序对传统 App 的 ...

[Table_Title] 汽车行业专题研究 行业盈利能力改善，整车利润弹性释放 2024 年 09 月 06 日 [Table_Summary] 【投资要点】 商用车整体表现平稳，客车表现优于货车。2024Q2 商用车企业实现营 收 875.57 亿元，同比-1.66%，环比+3.40%。实现归母净利润 26.20 亿元，同比-16.46%，环比+14.66%。实现毛利率 12.13%，同比-0.52pct， 环比+0.94pct。实现净利率 2.99%，同比-0.53pct，环比+0.29pct。 乘用车利润端表现突出，增速优于营收。2024Q2 乘用车企业实现营收 4732.33 亿元，同比+7.76%，环比+18.49%。实现归母净利润 185.91 亿元，同比+47.49%，环比+54.65%，优于营收增速。实现毛利率 15.28%， 同比+2.03pct，环比-0.05pct。实现净利率 3.93%，同比+1.06pct， 环比 0.92pct。汽零板块整体增收不增利。2024Q2 汽零板块实现营收 3324 亿元，同比+7.92%，环比+6.06%，实现归母净利润 191 亿元，同 比-11.3 ...

Investment Rating - The report maintains a rating of "Buy" for the company [5] Core Views - The company, Yipuli, is a leading player in the civil explosives industry, benefiting from high demand in mining, energy, and water conservancy sectors due to favorable policies and market conditions [2][3] - The company has a strong market position and is expected to achieve stable growth driven by its integrated service model and expansion into western regions and overseas markets [3][6] Summary by Sections Company Overview - Yipuli is a leading civil explosives company in China, with a focus on integrated blasting services, production, and sales of explosives [16] - The company ranks second in production value and first in industrial explosives output among civil explosive manufacturers in 2023 [16] Industry Analysis - The civil explosives industry is supported by high demand from mining (70% of demand) and infrastructure projects (approximately 10%) [2] - The industry is experiencing improved supply dynamics due to policy-driven capacity reductions and increased concentration among leading firms [2] Business Analysis - The company’s integrated blasting service accounts for 63.7% of its revenue, with a focus on mining and infrastructure projects [26] - The company has a strong order book, with new contracts signed in 2023 amounting to 31.9 billion yuan, indicating robust future revenue potential [24] Financial Forecast - Revenue is projected to grow at a CAGR of 13.0% from 2024 to 2026, with net profit expected to increase by 20.7% in 2024 [6][7] - The company’s current PE and PB ratios are at historical lows, suggesting undervaluation relative to its growth potential [3][7] Growth Drivers - Key growth drivers include ongoing investments in mining and infrastructure projects, favorable commodity prices, and the company’s strategic expansion into western China and international markets [11][24]

[Table_Title] 建筑行业专题研究 Q2业绩阶段性承压，央企韧性更优，看 好H2实物工作量及估值恢复 2024年 09 月 06 日 [Table_Summary] 【投资要点】 Q2 建筑企业新签订单同比下降 7.8%，央企订单韧性更强。我们的样 本建筑企业 2024H1 合计新签订单 8.7 万亿元，同比-1.7%，其中 2024Q2 新签订单 4.25 万亿元，同比-7.8%（2024Q1:5.0%），分所有制来看， 央企、地方国企及民企 2024Q2 分别新签订单 38105/3966/446 亿元， 同比下降 6.8%/15.5%/ 15.1%，央企的订单韧性仍然最优。分板块来 看，央企中能源建设类企业订单增速较快，而地方国企内分化明显， 江浙沪地区地方国企订单整体优于其余区域地方国企。 Q2 建筑企业收入和利润有压力，央企降幅相对较小。2024H1，建筑上 市公司实现收入 41401.7 亿元，同比-3.3%，实现归母净利润 971.2 亿元，同比-11.0%，其中 Q2 单季度，建筑上市公司实现收入 21048.7 亿元，同比-7.5%，实现归母净利润 468.6 亿元，同比-18.3 ...

Group 1: Election Trends - The overall voter turnout for the 2024 European Parliament elections increased from 50.66% in 2019 to 51.05% in 2024, with France's turnout rising from 50.12% to 51.49%[12][1] - The rise in young voter participation has been a key factor in the ascendance of right-wing parties in France[12][1] - The European People's Party (EPP) remains the largest party group with 188 seats, while the Socialists and Democrats (S&D) hold 136 seats, a decrease of 12 seats from the previous election[16][1] Group 2: Political Landscape in France - Macron's decision to dissolve the National Assembly aims to regain an absolute majority for his party, following a significant decline in support[20][1] - The first round of the National Assembly elections saw the far-right National Rally (RN) leading with 33% of the votes, while the left-wing alliance secured 28%[34][1] - The second round resulted in no party achieving a majority, leading to a "hung parliament" scenario, increasing political uncertainty in France[38][1] Group 3: Implications for Governance - The "hung parliament" situation complicates legislative processes, requiring more negotiation and compromise among parties[38][1] - The rise of the far-right has been fueled by public concerns over immigration, inflation, and economic issues, with the RN's support rising to 33% by mid-2024[48][1] - The political division and high voter turnout reflect deep societal concerns, particularly regarding the influence of the far-right on future governance[38][1]