Investment Rating - The report suggests a cautious outlook on the internet sector, indicating potential opportunities as the Federal Reserve is expected to ease monetary policy, which may benefit the sector [2][19]. Core Views - The report highlights that the Hong Kong stock market continues to underperform compared to global markets, primarily due to weak domestic demand indicators [2]. - The internet sector is expected to show resilience and potential recovery as companies focus on core businesses and cost-cutting measures to maintain profit margins [19]. - The report emphasizes the importance of AI technology in enhancing competitiveness and profitability for internet companies [19]. Summary by Sections Market Performance - The Hang Seng Index fell by 0.43% and the Hang Seng Tech Index by 0.23% during the week of September 9-13, 2024, indicating a continued weak performance compared to global markets [2]. - The US stock market saw significant gains, with the Dow Jones, S&P 500, and Nasdaq increasing by 2.60%, 4.02%, and 5.95% respectively, driven by expectations of an interest rate cut by the Federal Reserve [2]. Sector Analysis - The software and services sector's PE-TTM stands at 25.6x, above the Hang Seng Tech Index's 20.7x, indicating a relatively high valuation [5]. - The report notes that the advertising market is showing signs of mild recovery, with a 2.8% year-on-year increase in the first seven months of 2024 [13]. Company Performance - Key companies in the software sector, such as Meituan and Kingsoft, showed significant gains, while others like Tencent Music and iQIYI experienced declines [7][9]. - In the US market, major tech companies like Amazon and Microsoft saw substantial weekly increases of 8.8% and 7.2% respectively [9]. Industry Data - The film industry reported a box office of 2.80 billion yuan for the week of September 9-15, 2024, with the total box office for the year reaching 34 billion yuan [10]. - The report indicates that the advertising market is gradually recovering, with specific channels like elevator advertising showing notable growth [13]. Investment Recommendations - The report recommends focusing on stable dividend-paying internet companies in Hong Kong and those involved in overseas expansion, such as Reading Group and Meituan [19]. - It also suggests looking at US stocks related to consumer recovery, including DoorDash and Spotify [19].

| --- | --- | |--------------------------|---------------------------------------------------------------------| | | | | | | | | | | 半导体行业（美股） | 2024-09-16 星期一 | | | 行情回顾 | | | | | | | | | | | | 指数（VIX）周涨幅为 -14.86% ；美国散户投资人看空指数 (AAII Bearish) | | | 指数为 71.93 ，上个报告期为 70.65 。 | | | | | | 新闻摘要 | | | 黄仁勋在高盛 Communacopia Tech 大会的访谈摘要 | | | | | | 苹果发布会要点摘要 | | | | | | 美联储降息概率 | | | | | | 美国 8 月 CPI 数据 | | | | | | 投资建议 | | | | | | | | | | | | | | | | | | | | 研究部 | | | 姓名：徐晨 | | | SFC：BTK332 | | | ...

Investment Rating - The report suggests maintaining attention on the company due to its strategic clarity and solid fundamentals [2]. Core Insights - The company reported a revenue of 5.037 billion RMB for the first half of 2024, a year-on-year decrease of 1.7%. However, gross profit increased by 3.2% to 1.915 billion RMB, while net profit fell by 4.8% to 683 million RMB [1]. - The self-owned brand (APV) business saw significant growth, contributing 1.12 billion RMB in revenue, a year-on-year increase of 71.9%. The European and other markets experienced a rapid rise of 88%, while the US market grew by 20.6% [1]. - The company is focusing on cost management, with distribution and sales, administrative, and R&D expense ratios at 7.4%, 6.7%, and 15.1% respectively, showing changes of +3.3pp, -2.4pp, and +3.1pp year-on-year [1]. - The ODM segment aimed at enterprise clients is in a recovery phase, with reported revenue of 3.92 billion RMB. The European market saw a decline of 16%, while the US market decreased by 9.8%. In contrast, the Chinese market experienced a growth of 41.4% [1]. - The company continues to innovate, launching the MOYAL brand and developing products for asthma and COPD drug delivery systems [2].

| --- | --- | |------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Industry Investment Rating - The report highlights the positive impact of AI on the smartphone industry, indicating a favorable outlook for the sector [2][8] Core Viewpoints - AI technology is driving the smartphone industry into a new growth phase, with global smartphone shipments increasing by 12% YoY in Q2 2024, reaching 288 million units [2][16] - The penetration rate of AI-enabled smartphones is expected to reach 16% in 2024 and 54% by 2028, signaling a significant shift in the industry [2][16] - The success of AI smartphones hinges on their ability to deliver enhanced user experiences, including natural interactions, powerful image and video processing, and personalized services [3][17][18] Key Summaries by Section AI Technology Driving Industry Growth - AI smartphones are defined as devices capable of generating original content or performing context-aware tasks using large pre-trained generative AI models [2][8] - Major smartphone manufacturers, including Apple, Samsung, Xiaomi, and others, are actively investing in AI technology, with a focus on both high-end and mid-to-low-end markets [12][13] Global Smartphone Market Recovery - The global smartphone market saw a 10% YoY growth in Q1 2024, reaching 296.2 million units, marking the first double-digit growth in ten quarters [16] - AI technology is revitalizing the industry by stimulating consumer demand through innovative features and improved user experiences [16] Enhanced User Experience - AI smartphones offer multimodal interactions, enabling deeper and more natural communication with users, as well as advanced image and video processing capabilities [18][22][23] - Features like real-time translation, intelligent note-taking, and personalized services are becoming key differentiators for AI smartphones [26][27][29] Market Share and Competitiveness - The market share of GenAI-enabled smartphones surged from 1.3% in Q4 2023 to 6% in Q1 2024, with high-end models (>$600) accounting for over 70% of sales [31][32] - Samsung leads the GenAI smartphone market with a 58% share, while Chinese manufacturers are also making significant strides [31][32] Technological and Hardware Advancements - AI smartphones require advanced hardware, including high-performance processors (e.g., Qualcomm Snapdragon 8 Gen3), large memory (12GB+), and sophisticated imaging systems [38][39] - Edge computing and on-device AI models are becoming essential for improving user privacy and reducing service costs for manufacturers [36][37] Long-Term Industry Outlook - The continuous evolution of AI models and hardware is expected to drive long-term growth in the smartphone industry, with AI-enabled devices replacing traditional smartphones [40][41] - Leading manufacturers like Apple and Xiaomi, along with key hardware suppliers such as Qualcomm and BYD Electronics, are well-positioned to maintain market dominance [41]

周报关注中规则表现，按共保建仍在事迹 五联用行业 2024-07-29 圣期一 疗愉闻原: ♦ 上周（2024 年 07 月 22 日 -2024 年 07 月 26 日 ）， 落股指数周表現 为环比大幅下跌。上周俭生指袁周添跌幅为-2.28%，俭生科技指袁 周添英幅为-2.62%。美股市场，道指、标普 500、纳格上周添英幅分 列为+0.75%、-0.83%、-2.08%，纳斯达克瓦联网格敦周涨跌幅-1.94%， 纳斯达克中国全无指数周涨跌幅为-0.55%。 �根据 WIND 港股市场分行业未看，上周一级行业中资讯科技行业周 涨跌幅为-3.53%，表現于港文所一级行业排名中排名靠后。而二级 行业中，软件板块涨跌幅为-2.89%，媒体板块涨跌幅为+0.2%，媒体 版块表現排名在其他各行业中非首。软件与服务板块 PE-TTM 为 28.5x，位于近一年的 67.6%分径，目前高于悠生科技指数 PE-TTM (21.6x)：软件与服务板块 PS-TTM 为 2.9x，位于近一年的 43.3% 分 僅。 ♦长 WIND 美国中资殷板块分类，与互联网相关的板块中，互联网企 路、互联网云愿务、互联网游戏表现上涨。从估值 ...

| --- | --- | |--------------------|---------------------------------------------------------------------| | 周报 | 关 PCE 同比特定下降，关注 HPC 备经常长 | | 半导体行业（关股） | | | | 行航网威 | | | 上周（2024 年 07 月 22 日-2024 年 07 月 26 日），美股市场持续调整。 | | | 道指、标章 500、纳格周涨幅分别为 0.43%、-1.89%、-3.61%，贯域ギ | | | | 指數（VIX）周涨幅为 9.93%：美国教户投资人希空指數(AAII Bearish) 为 31.7%，较上个报寺势上升 8.3 个百分点：NAAIM 经理人持仓指载 为 76.70，上个报告剪为 87.94：CNN Business 5 日予均 Put/Call 比率 为 0.74，上个报告胡为 0.68。 成美/李件分析 ♦ 合积七(TSM.N):先进创程占比增长，关注 AI 芯片查求上演 新闻频卖 ♦羊采有舵手枕在中国市场面临淡烈的尤单 ♦美国 6 月个人消费 ...

周报 国产 AI 大会吹响集结号,应用场景持续落地 互联网行业 2024-07-08 星期一 行情回顾: 上周(2024 年 07 月 02 日-2024 年 07 月 05 日),港股指数周表现 为环比上涨。上周恒生指数周涨跌幅为+0.46%,恒生科技指数周涨 跌幅为+1.19%。美股市场道琼斯指、标普、纳指表现上涨,中概股 周涨跌幅则为持续环比上涨。美股市场,道指、标普 500、纳指上周 涨跌幅分别为+0.66%、+1.95%、+3.50%,纳斯达克互联网指数周涨 跌幅+2.80%,纳斯达克中国金龙指数周涨跌幅为+2.83%。 根据 WIND 港股市场分行业来看,上周一级行业中资讯科技行业周 涨跌幅为+2.22%,表现于港交所一级行业排名中排名靠前。而二级 行业中,软件板块涨跌幅为+0.43%,媒体板块涨跌幅为-+3.92%,媒 体版块表现排名在各行业中靠前。软件与服务板块 PE-TTM 为 30.3x,位于近一年的 78.1%分位,目前高于恒生科技指数 PE-TTM (22.7x);软件与服务板块 PS-TTM 为 3.2x,位于近一年的 55.9% 分位。 按 WIND 美国中资股板块分类,与互联网相 ...

周报 半导体代工涨价,关注美劳动力市场变化 半导体行业(美股) 2024-07-08 星期一 上周(2024 年 07 月 01 日-2024 年 07 月 05 日),美股市场持续调整。 道指、标普 500、纳指周涨幅分别为 0.53%、1.68%、2.65%,费城半 导体指数周涨幅为 3.27%。市场情绪面:芝加哥期权交易所市场波动 为 26.1%,较上个报告期下降 2.2 个百分点;NAAIM 经理人持仓指数 为 103.66,上个报告期为 85.44;CNN Business 5 日平均 Put/Call 比率 | | |-------------------------------------------------------------| | 行情回顾 | | 指数(VIX)周涨幅为 2.13%;美国散户投资人看空指数(AAIIBearish) | | 为 0.67,上个报告期为 0.69。 | 政策/事件分析 台积电(TSM.N):台积电再添大单,关注未来营收增长 新闻摘要 美联储降息预期 英伟达市值下降 美国 6 月非农报告 投资建议 当前半导体板快正在经历周期性调整后端。美国费城半导体指数 ...

作为参会者大家下午好感谢大家参加国人证券七月金股会议首先有请的是国人证券医药生物首席分析师马云涛老师有请您好的谢谢主持人各位投资者大家下午好我是国人证券的医药行业分析师马云涛那么我们我们今天给大家带来的这个七月的金股呢是山外山 那熟悉323的这个投资应该都清楚了就是公司其实是去年医药行业的一个这个比较明显的股票就是这个从上市然后一直到这个最高点其实也取得了一个不错的涨幅那么这个其实也是和公司的这个整体业绩是有关系的因为公司其实去年上半年的时候就受益于这个疫情整个公司的这个营收和利润都有一个大幅的一个增长 那么也是在这个时候上了市了所以说整个公司受到了这个市场比较高的一个关注度那么我们在这个时间点推荐山外山的话其实主要还是几个点第一呢就是说从整个行业的角度来看的话那首先的话就是这个雪兔行业目前来看的话生长空间还是比较大的因为目前我国的渗透率还是很低的然后第二呢就是从 目前整个行业的这个新闻领域来看的话那主要是几个嘛一个是血透的设备然后呢一个是血透的耗材还有一个是血透的服务那么呃目前看的话就是说血透的设备这一边呢就是呃国产设备的话差不多就是不到30%这样一个市占率那么随着像山外山岸然后威高血液进化这样的企业这个逐 ...