证券研究报告·行业点评报告 2024 年 9 月 12 日 江海证券研究发展部 有色金属行业点评报告 美联储降息预期升温，关注贵金属市场 分析师：周彪 表现 执业证书编号： S1410523110001 事件： ◆9 月 6 日，美国劳工统计局公布了 8 月非农就业报告，其中显示，美国 8 月非 农就业人数增加 14.2 万人，低于预期的 16.5 万人，前值为增加 11.4 万人；美国 8 月失业率为 4.2%，较前值（4.3%）小幅下降。 ◆9 月 11 日，美国劳工统计局公布的报告显示，美国 8 月 CPI 同比上升 2.5%，连 续第 5 个月回落，符合市场预期；8 月核心 CPI 同比上升 3.2%，符合预期，8 月核心 CPI 环比上升 0.3%，略超预期。 投资要点： 行业评级：中性（维持） 相对收益 -0.96 -5.02 -0.80 绝对收益 -5.32 -15.00 -16.23 % 1 个月 3 个月 12 个月 ◆通胀持续回落推动降息预期。为了应对通胀，美联储自 2022 年 3 月至 2023 年 7 月连续 11 次加息，累计加息幅度达 525 个基点。过去一年间，美联储将联邦基 ...

| --- | --- | --- | |---------------------------|------------------------|--------------------| | 证券研究报告·行业点评报告 | 2024 年 9 月 12 日 | 江海证券研究发展部 | | | 通信行业事件点评报告 | | | 分析师：周彪 | | | | 执业证书编号： | | | | S1410523110001 | | | | 联系人：吴雁宇 | | | | 执业证书编号： | 事件： | | 《关于推进移动物联网"万物智联"发 展的通知》印发，提示相关投资机会 S1410124010015 行业评级：增持（维持） ◆2024 年 9 月 11 日，据工信微报消息，工业和信息化部印发《关于推进移动物联 网"万物智联"发展的通知》，旨在提升移动物联网行业供给水平、创新赋能 能力和产业整体价值，加快推动移动物联网从"万物互联"向"万物智联"发 展。 投资要点： ◆文件明确移动物联网发展目标，到 2027 年基于 4G 和 5G 高低搭配、泛在智联、 安全可靠的移动物联网综合生态体系进一步完善。 该文件立足移 ...

证券研究报告·行业点评报告 2024年9月12日 江海证券研究发展部 医药生物行业报告 国家医保局高质量发展新动向与医药 行业机遇 分析师：吴春红 执业证书编号： S1410524050001 行业评级：增持（维持） | --- | --- | --- | --- | |----------|--------------------|--------|---------| | | | | | | | 近十二个月行业表现 | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -1.07 | -2.72 | -6.53 | | 绝对收益 | -5.44 | -12.79 | -21.96 | 数据来源：同花顺 iFinD，截至 2024 年 9 月 11 日数据 1、生物安全法如悬在 CXO 企业上方的达 摩克利斯之剑，悬而未决扑朔迷离-20240911 2、儿童药品清单出炉，激发兼具品牌影响 力和研发实力的企业崭露头角-20240911 3、医疗领域政策开放带动相关产业链的 完善和发展，快速布局抓住先机-20240910 ...

S1410523110001 相对收益 -0.25 1.27 -1.27 注：相对收益与沪深 300 相比 绝对收益 -4.62 -8.80 -16.70 数据来源：iFinD，截至 2024 年 9 月 11 日 相关研究报告 1. 苹果举办 2024 年秋季发布会，发布一 系列新产品 - 2024.09.11 2. 手机二季度出货量保持增长，行业景气 度持续复苏中 - 2024.08.05 3. 5 月国内市场手机出货量同比增长，关 注相关产业链公司 - 2024.07.12 电子行业事件点评报告 证券研究报告·行业点评报告 2024 年 9 月 12 日 江海证券研究发展部 华为发布全球首款三折叠屏手机，折叠 分析师：周彪 屏手机整体出货量快速增长 执业证书编号： 事件： ◆华为发布 Mate XT 非凡大师三折叠屏手机。2024 年 9 月 10 日，华为举办华为 见非凡品牌盛典及鸿蒙智行新品发布会。发布会上华为发布了全球首款三折叠 屏手机 Mate XT 非凡大师。 投资要点： ◆华为发布 Mate XT 非凡大师三折叠屏手机。2024 年 9 月 10 日，华为举办华为 见非凡品牌盛典及鸿蒙智行新 ...

证券研究报告·行业点评报告 2024 年 9 月 12 日 江海证券研究发展部 医疗器械行业报告 集采新政激活康复市场，人工耳蜗迎发 展机遇 事件： 行业评级：增持（首次） 近十二个月行业表现 ◆近期，国家医疗保障局将人工耳蜗等高值医用耗材纳入集采范围的决策，为康 复医疗市场注入了新的活力。 ◆政策背景：2024 年 9 月 10 日，国家医疗保障局副局长颜清辉在国新办新闻发布 会上宣布，医保部门将开展新批次国家组织药品和高值医用耗材集采，明确将 人工耳蜗等高值医用耗材纳入集采范围。此前，国家医保局党组成员、副局长 施子海带队赴天津调研，实地考察高值医用耗材集中采购工作，并强调加快推 进新批次集采，确保中选产品及时进院使用。这一系列举措旨在通过集采降低 患者医疗负担，提升医疗服务质量和可及性，同时推动医药行业健康发展。 投资要点： ◆市场需求变化：（1）老年康复需求激增：随着我国人口老龄化加速，老年康复 医疗服务需求持续增长。据数据显示，我国 60 岁以上老年人口中，耳聋发病率 较高，而许多老年人因经济原因未能植入人工耳蜗。集采政策实施后，人工耳 蜗费用将大幅降低，有望激发老年群体的井喷式需求；（2）认知健康 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage with a current price of 27.44 yuan [1]. Core Insights - The company, Shuguang Data Infrastructure Innovation Technology (Beijing) Co., Ltd., focuses on liquid cooling data center products and has seen significant growth in its cold plate liquid cooling segment, with a revenue increase of 430.66% year-on-year in 2023 [1]. - The liquid cooling technology is becoming a mainstream solution in the industry, with the Chinese liquid cooling data center market projected to grow from 26.09 billion yuan in 2019 to 128.32 billion yuan by 2025, representing a CAGR of 30.41% [1][29]. - The company is actively expanding into overseas markets, having established a wholly-owned subsidiary in Singapore and winning contracts for data center projects in Malaysia [1]. Company Overview - The company was established in January 2002 and is headquartered in Beijing, focusing on the research, development, production, and sales of liquid cooling data center products [5]. - As of August 30, 2024, the controlling shareholder is Shuguang Information Industry (Beijing) Co., Ltd., holding a 62.07% stake, with the actual controller being the Institute of Computing Technology, Chinese Academy of Sciences [1][8]. Industry Analysis - The data center infrastructure industry is regulated by several national authorities, and there is a strong push from government policies to adopt energy-efficient liquid cooling technologies [13]. - The cooling technology landscape includes both air cooling and liquid cooling, with liquid cooling expected to replace traditional air cooling due to increasing power density in data centers [18]. - The report highlights that the liquid cooling market is expected to see substantial growth, with the infrastructure market projected to expand from 6.47 billion yuan in 2019 to 24.53 billion yuan by 2025, reflecting a CAGR of 24.87% [29].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" with a current price of 63.99 CNY and a target price of 67.50 CNY over a 6-month period [1]. Core Insights - The company reported a total revenue of 172 million CNY for the first half of 2024, reflecting a year-on-year increase of 0.49%, while the net profit attributable to shareholders decreased by 27.69% to 37 million CNY, primarily due to increased operating expenses [3][5]. - The second quarter of 2024 saw revenue growth both year-on-year (+8.96%) and quarter-on-quarter (+10.44%), although net profit faced a decline due to rising sales and management expenses [3]. - The company is increasing its R&D investments to strengthen its market position, with R&D expenses rising by 16.79% year-on-year in the first half of 2024 [3]. - The company is actively expanding into overseas markets, with the commercialization of humanoid robots expected to create significant growth opportunities [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 410 million CNY, with a year-on-year growth of 15.2%, and a net profit of 76 million CNY, reflecting a decline of 10% [5]. - The company’s financial ratios indicate a return on equity (ROE) of 3.7% for 2024, with earnings per share (EPS) expected to be 0.45 CNY [5][7]. - The estimated price-to-earnings (P/E) ratio for 2024 is 142.6 times, which is expected to decrease to 84.7 times by 2026 [5][7].

社会服务行业点评报告 证券研究报告·行业点评报告 2024 年 9 月 11 日 江海证券研究发展部 暑运收官，中秋假期旅游预定起势明显 分析师：吴春红 执业证书编号： S1410524050001 事件： 联系人：黄燕芝 执业证书编号： S1410123120005 近十二个月行业表现 注：相对收益与沪深 300 相比 数据来源：同花顺 iFinD，截至 2024 年 9 月 10 日数据 ◆暑运期间（7 月 1 日至 8 月 31 日），全国铁路累计发送旅客 8.87 亿人次，日均 发送旅客 1431.2 万人次，创暑运旅客发送量历史新高；民航暑运旅客运输量同 样创出历史新高，达 1.4 亿人次，日均 228.9 万人次，较 2019 年、2023 年分别 增长 17.7％和 12.3％。 ◆9 月 4 日，飞猪发布《2024 中秋假期出游风向标》显示中秋假期旅游的预定起 势明显，截至当日，国内酒店、国内租车、国内门票等预定量较 2019 年同期增 长双位数以上，和端午假期相比，中秋假期的预定量也明显加大。 投资要点： ◆暑期出入境游高增，其中入境游订单同比增长约七成，出境游订单同比增长超 四成。境外游客 ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company, Beijing Kaide Quartz Co., Ltd., has achieved breakthroughs in domestic substitution for high-end quartz products, particularly in the semiconductor industry, and is recognized as a national "specialized and innovative" small giant enterprise [3][8]. - The company's revenue has shown robust growth, with a five-year CAGR of 18.56%, and a significant increase of 39.16% year-on-year in the first half of 2024 [3][14]. - The semiconductor industry is experiencing a recovery, which is expected to positively impact the demand for quartz products [3][23]. - The company has successfully developed key quartz components for 8-inch wafers, addressing the critical issue of domestic substitution for quartz components in integrated circuit processes [3][8]. Summary by Sections 1. Company Overview - Beijing Kaide Quartz was established in 1997 and has over 20 years of experience in providing customized quartz products for military semiconductor integrated circuit production lines [3][8]. - The company has a concentrated shareholding structure, with the largest shareholder holding 19.83% of the shares [3][11]. 2. Financial Performance - The total revenue of Kaide Quartz increased from 111 million yuan in 2018 to 260 million yuan in 2023, with a strong growth momentum [3][14]. - The company's gross margin has remained relatively stable, with figures ranging from 38.90% to 48.08% from 2018 to 2023 [3][17]. - In the first half of 2024, the company reported a revenue of 157 million yuan, a year-on-year increase of 39.16%, primarily driven by sales of semiconductor quartz products [3][14]. 3. Industry Dynamics - The semiconductor industry is recovering, which is expected to enhance the demand for quartz products used in semiconductor manufacturing [3][23]. - The company has achieved a breakthrough in domestic substitution for high-end quartz products, particularly in the 8-inch and 12-inch quartz products, which have long been dominated by foreign companies [3][8]. 4. Product Lines and Applications - The main products of Kaide Quartz include quartz instruments, quartz pipelines, and quartz boats, which are widely used in semiconductor integrated circuit manufacturing and the photovoltaic solar industry [3][23]. - The company's semiconductor quartz glass products accounted for 76.97% of its revenue in the first half of 2024, indicating a strong focus on this segment [3][18]. 5. Profitability Forecast and Valuation - The company is expected to achieve revenues of 353 million yuan, 471 million yuan, and 617 million yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 36.07%, 33.16%, and 31.19% [3][4]. - The average PE ratios for comparable companies are projected to be 16.03, 12.08, and 9.74 for 2024, 2025, and 2026, respectively [3][4].

证券研究报告·行业点评报告 2024 年 9 月 11 日 江海证券研究发展部 医药行业点评报告 儿童药品清单出炉，激发兼具品牌影响 力和研发实力的企业崭露头角 分析师：吴春红 事件： 行业评级：增持（维持） % 1 个月 3 个月 12 个月 ◆2024 年 9 月 9 日国家卫生健康委网站发布了国家卫生健康委、工业和信息化部 和国家药监局联合制定了《第五批鼓励研发申报儿童药品清单》。 投资要点： ◆我国儿童药品清单的历次发布和实施，儿童用药的研发进展显著加速，市场供 应状况得到改善。前四批的实施情况取得不错的进展，从 2016 年以来，国家卫 生健康委会同有关部门，先后制定并发布了四批含 129 种药品的《鼓励研发申 报儿童药品清单》。其中的 30 个药品已获批上市，覆盖神经系统用药、消化道 和新陈代谢用药、心血管系统用药等 8 个治疗领域，其中有 15 个是罕见病用药。 主要有以下成效：一是填补国内用药空白。前四批清单 30 个已上市药品中，27 个为清单发布后首次获批上市，且其中 12 个为国内新通用名药品，如国内首个 治疗儿童痉挛症罕见病的氨己烯酸散剂，国内首个治疗新生儿低氧性呼吸衰竭 和肺动脉高压 ...