证券研究报告·行业点评报告 2024 年 9 月 9 日 江海证券研究发展部 电子行业事件点评报告 多款 PC 新处理器发布，持续拉动行业 复苏 事件： 行业评级：增持（维持） ◆英特尔正式发布酷睿 Ultra 200V 系列处理器。当地时间 2024 年 9 月 3 日，英特 尔正式发布酷睿 Ultra 200V 系列处理器，包含了 Ultra 5/7/9 三个类别。 ◆高通推出 8 核骁龙 X Plus 处理器。2024 年 9 月 4 日，高通推出 8 核骁龙 X Plus 处理器，旨在提供更便宜的 Windows on Arm PC。 投资要点： ◆英特尔正式发布酷睿 Ultra 200V 系列处理器。当地时间 2024 年 9 月 3 日，英特 尔正式发布酷睿 Ultra 200V 系列处理器，包含了 Ultra 5/7/9 三个类别。英特尔 将联手逾 20 家合作伙伴推出超 80 款配备酷睿 Ultra 200V 系列处理器的设备。 该系列处理器统一采用 4 个 P 核和 4 个低功耗 E 核心的 8 核设计，P 核频率最 高可达 5.1GHz，并首度集成 Xe2 图形架构及性能相较前代提升四倍、 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - In August, global new ship orders reached 106 vessels and 3.87 million CGT, showing a year-on-year increase of 27% and a month-on-month increase of 63%. China secured 95 vessels and 3.47 million CGT, achieving a 90% market share [2] - China's shipbuilding orders remain the highest globally, with a total of 1,015 new ship orders and 28.22 million CGT in the first eight months of the year, reflecting a year-on-year increase of 53% and a market share of 67% [2] - New ship prices continued to rise in August, with the newbuilding price index reaching 189.2 points, a year-on-year increase of 9% and a 49% increase compared to the same period in 2020 [2] - The demand for VLCC vessels is strong, with a significant recovery in the global VLCC newbuilding market, and Chinese shipyards are favored by many well-known shipowners [2] - The long-term outlook for China's shipbuilding industry remains positive, with related companies expected to benefit from increased ship demand and upgrades [2] Summary by Sections Industry Performance - The shipbuilding industry has shown a significant increase in new orders, with a total of 1,454 vessels and 42.07 million CGT ordered globally, marking a year-on-year increase of 30% [2] - China's hand-held order volume reached 77.15 million CGT, a year-on-year increase of 15.78 million CGT, maintaining a 54% market share [2] Price Trends - The price of new ships has been on an upward trend, with specific vessel types like LNG carriers and VLCCs showing notable price increases [2] Market Outlook - The report suggests that the shipbuilding industry will maintain a high level of prosperity in the medium to long term, with a focus on companies such as China Shipbuilding, China Heavy Industry, and others [2]

证券研究报告·行业点评报告 2024 年 9 月 4 日 江海证券研究发展部 通信行业事件点评报告 《推动北斗规模应用和产业高质量发 展倡议》发布，提示相关投资机会 执业证书编号： 分析师：周彪 S1410523110001 事件： ◆2024 年 9 月 3 日，空天信息产业国际生态大会在重庆开幕。会议期间，重庆市 空天信息产业专家委员会成立并发布《推动北斗规模应用和产业高质量发展倡 议》，呼吁业界通过共建基础设施、多方协同攻关、共谋应用场景、共筑产业 链条、共聚产业生态等五个方面各方协力、开拓创新，推动北斗规模应用和产 业高质量发展。 投资要点： ◆共建基础设施方面，提出要加强资源整合和开放共享。 共建基础设施方面，提出要夯实北斗高质量发展数据之基，加强资源整合和开 放共享，统一标准规范，创新合作模式，推进地基增强、星基增强、短报文通 信、卫星互联网等应用基础设施建设。 ◆多方协同攻关方面，提出要对关键技术进行攻关。 多方协同攻关方面，提出要建立技术交流、测试评估、开放实验室等产业技术 协同创新平台，携手对关键技术进行攻关，完善科技成果转化机制，实现新技 术、新产品、新工艺的研发和应用落地，激活北斗高质量 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 5.001 billion yuan, a year-on-year growth of 37.90%, and net profit attributable to shareholders of 702 million yuan, up 40.48% [4] - The company continues to focus on its "big single product strategy" and is expanding its product matrix with new series [4] Financial Performance - Revenue for the first half of 2024 was 5.001 billion yuan, with a year-on-year growth of 37.90% - Net profit attributable to shareholders was 702 million yuan, reflecting a growth of 40.48% - The company’s gross margin for Q2 2024 was 69.60%, a decrease of 1.30 percentage points, while the net margin was 14.50%, down 0.76 percentage points [4][5] Brand Performance - The main brand, Proya, achieved a revenue growth of 37.67%, while the sub-brands, Caitang and OR, grew by 40.57% and 41.91% respectively [4] - The revenue share of the Proya brand slightly decreased to 79.71%, while Caitang and OR's shares increased to 11.66% and 2.76% [4] Future Projections - Revenue projections for 2024-2026 are 11.441 billion yuan, 14.153 billion yuan, and 17.026 billion yuan, with growth rates of 28.49%, 23.70%, and 20.30% respectively - Net profit projections for the same period are 1.511 billion yuan, 1.818 billion yuan, and 2.222 billion yuan, with growth rates of 20.37% for 2024 and 22.23% for 2025 and 2026 [4][5]

S1410523110001 执业证书编号： 联系人：吴雁宇 执业证书编号： S1410124010015 行业评级：增持（维持） % 1 个月 3 个月 12 个月 相对收益 1.64 1.46 2.69 绝对收益 -1.09 -8.60 -12.82 数据来源：iFinD，截至 2024 年 8 月 7 日 ◆2024 年 9 月 4 日，工业和信息化部、中央网信办、教育部、财政部等十一部门 印发《推动新型信息基础设施协调发展有关事项的通知》。 投资要点： ◆新型信息基础设施主要包括网络基础设施和新技术设施。 新型信息基础设施主要包括 5G 网络、光纤宽带网络、骨干网络、国际通信网 络、卫星互联网等网络基础设施，数据中心、通用算力中心、智能计算中心、 超算中心等算力基础设施，人工智能、区块链、量子计算等新技术设施。 ◆文件以促进协调发展为目标，提出"1 统筹 6 协调"等 7 方面主要工作。 文件以促进协调发展为目标，以推动新型信息基础设施跨区域、跨网络、跨行 业协同建设为重点方向，提出"1 统筹 6 协调"等 7 方面主要工作，即全国统 筹布局、跨区域协调、跨网络协调、跨行业协调，发展与绿色协调、发展与 ...

证券研究报告·行业点评报告 2024 年 9 月 4 日 江海证券研究发展部 房地产行业点评报告 8 月百城二手房价格继续下行，关注"金 九银十" 分析师：周彪 执业证书编号： S1410523110001 事件： 相对收益 -0.37 -6.67 -23.73 绝对收益 -3.64 -15.45 -38.68 % 1 个月 3 个月 12 个月 数据来源：同花顺 iFinD，截止 2024 年 9 月 3 日 相关研究报告 加速-2024.08.08 行业评级：中性（维持） ◆9 月 1 日，中指研究院报道：2024 年 8 月，全国百城新建住宅平均价格为 16461 元/平方米，环比上涨 0.11%，同比上涨 1.76%，受部分城市优质改善项目入市 带动，百城新建住宅价格环比结构性上涨。 投资要点： ◆部分城市优质改善项目入市，推动新建住宅价格持续上涨。8 月一线及二线城 市新房价格环比分别上涨 0.27%、0.09%，其中上海、合肥、西安新房价格环比 涨幅居百城前列，主要受高价新开盘项目结构性影响。三四线代表城市房价环 比下跌 0.09%，同比上涨 0.01%。同比来看，热点城市持续保持韧性。其中，上 ...

分析师：任沐昕 执业证书编号：S1410524050002 | --- | --- | --- | --- | |----------|--------------------|------------------|----------------| | | | | | | | 近十二个月行业表现 | | | | | | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -1.36 | -5.95 | -8.39 | | 绝对收益 | -4.89 | -14.75 | -22.28 | | | 注：相对收益与沪深 | 数据来源：同花顺 | iFind 300 相比 | | --- | --- | |--------------------------------|--------------------| | 2024 年 9 月 4 日 | 江海证券研究发展部 | | 机械设备行业 | | | 制造业绿色化发展成果跟踪及回顾 | | 证券研究报告·行业点评报告 机械军工组行业研究组 事件： 行业评级：中性（维持） 相 ...

证券研究报告·行业点评报告 2024 年 9 月 3 日 江海证券研究发展部 非银金融行业点评报告 国常会研究推动保险业高质量发展的 若干意见，深化行业改革成长强动力 分析师：周彪 事件： 行业评级：增持（维持） 近十二个月行业表现 ◆8 月 30 日，国务院总理李强主持召开国务院常务会议，研究推动保险业高质 量发展的若干意见。 会议指出，保险业在保障和改善民生、防灾减损、服务实体经济等方面具有重 要作用。要夯实保险业高质量发展制度基础，牢固树立服务优先理念，充分发 挥商业保险等市场机制作用，大力提升保险业保障能力和服务水平。要紧盯关 键领域和薄弱环节加强监管，保障消费者合法权益，健全风险防范制度体系。 要培育壮大保险资金等耐心资本，打通制度障碍，完善考核评估机制，为资本 市场和科技创新提供稳定的长期投资。 投资要点： ◆五大上市险企业绩显著改善，四家保司推中期分红计划。A 股五大险企今年上 半年共实现归属于母公司净利润 1717.99 亿元，同比增长 12.55%。具体来看， 中国太保归母净利润 251.32 亿元，同比(下同)增长 37.09%；中国人保归母净利 润 226.87 亿元，增长 14.11% ...

证券研究报告·行业点评报告 2024 年 9 月 2 日 江海证券研究发展部 电力设备行业事件点评报告 S1410524040001 国务院印发《中国的能源转型》白皮书， 重视电力设备板块投资机会 联系人：王金帅 S1410123090009 执业证书编号： 相对收益 -0.25 -6.23 -18.35 % 1 个月 3 个月 12 个月 绝对收益 -3.75 -13.45 -30.13 数据来源：iFind 截止日期：2024 年 8 月 30 日 相关研究报告 1. 江海证券-行业点评报告-电力设备行 业：配电网高质量发展行动实施方案发 布，重视配电网设备投资机会-20240814 2.江海证券-行业点评报告-电力设备行 业：新型电力系统方案发布，重视电网设 备和储能环节投资机会-20240807 3.江海证券-行业点评报告-电力设备行 业：两网投资额持续提升，重视电网设备 更新带来的投资机会-20240731 4.江海证券-行业点评报告-电力设备行 业：5 月新能源装机持续高增，电网工程 端投资加快-20240701 5.江海证券-行业点评报告-电力设备行 业：新能源装机持续高增，重视配套电网 建设投 ...

Industry Investment Rating - The report maintains an "Overweight" rating for the electric two-wheeler industry [1] Core Views - The introduction of the "Electric Bicycle Replacement Program" by the Ministry of Commerce and other departments is expected to drive the replacement of old electric bicycles with new ones, creating investment opportunities in the industry [1] - Lead-acid battery manufacturers are expected to benefit from the policy, as the program encourages consumers to replace old lithium-ion battery electric bicycles with lead-acid battery ones, with increased subsidies [1] - The electric two-wheeler industry is characterized by high cost-effectiveness and an optimized competitive landscape, with a total sales volume of approximately 50 million units in 2023 and a social ownership of 370 million units [1] Key Points by Section Policy Impact - The "Electric Bicycle Replacement Program" aims to subsidize consumers who replace old electric bicycles with new ones, particularly those that meet industry standards [1] - The policy supports collaboration between electric bicycle sales companies, manufacturers, and recycling companies to offer additional discounts to consumers [1] Lead-Acid Battery Market - Lead-acid batteries account for nearly 80% of the electric bicycle battery market due to their safety and affordability [1] - The top two lead-acid battery manufacturers hold a combined market share of 49%, with the top six accounting for 77.5% [1] - Tianneng Power holds the leading position in the domestic electric light vehicle lead-acid battery market, with a market share exceeding 45% [1] Industry Competitive Landscape - Electric light vehicles are favored for their low cost and high safety, making them an attractive option for short-distance travel [1] - The implementation of the "Electric Bicycle Industry Standard Conditions" and related regulations is expected to further optimize the industry structure, with the Ministry of Industry and Information Technology planning to release a "white list" of qualified companies [1] Investment Recommendations - The report recommends focusing on companies in the electric two-wheeler battery sector, such as Tianneng Power and Chaowei Power [1] - It also suggests paying attention to electric two-wheeler manufacturers, including Ninebot-WD, Yadea Group, Aima Technology, Xinri E-Vehicle, and Luyuan Group [1]