晨会纪要 ⚫ 核心结论 分析师 【量化】指数化配置系列研究（1）：另类 ETF 交易策略：日内动量 本文基于指数的日内动量效应，设计了一个简洁而明确的 ETF 交易策略， 并在上证 50、沪深 300、中证 500 和中证 1000 这 4 个 ETF 上，取得了较 好的业绩表现。 【电力设备】风电行业 2024 年中期策略报告：全球海风装机需求共振，陆 风风机具备出口机会 国内海风开工在即，装机量有望高增。海外海上风电建设加速，海风多环节 具备出口机会。亚非拉区域具备陆风风机出口机会，国内陆上风电景气度提 升。综合三条选股主线来看，我们建议关注海缆、桩基、定转子、风机环节 未来投资机会。海缆环节推荐东方电缆、中天科技，建议关注亨通光电；桩 基环节推荐天顺风能，建议关注大金重工、泰胜风能、海力风电；风电主机 推荐金风科技、明阳智能，建议关注运达股份；定转子环节建议关注振江股 份。 【宏观】7 月通胀数据点评：食品价格带动 CPI 回升，PPI 仍然偏弱 食品价格上涨带动 CPI 回升 7 月 CPI 同比增长 0.5%，为去年 2 季度以来剔 除春节月份最大增幅。核心 CPI 同比增速回落。PPI 环比继续下 ...

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company achieved a main revenue of 1.004 billion yuan, a year-on-year increase of 10.98%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 17.48% [1]. - The company is expanding its overseas market in response to the digitalization needs of Chinese enterprises going abroad, with overseas market demand accounting for over 50% of its overseas revenue [1]. - The company has effectively controlled costs, resulting in profit growth that outpaces revenue growth, with a gross margin of 57.44%, down 3.72 percentage points year-on-year [1]. - The company is continuously enriching its AI-driven applications, with industry-specific AI applications growing by 114% year-on-year [1]. - Future revenue projections for the company are 2.531 billion yuan, 2.888 billion yuan, and 3.260 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 186 million yuan, 229 million yuan, and 271 million yuan for the same years [2]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a main revenue of 1.004 billion yuan, a 10.98% increase year-on-year, and a net profit of 42 million yuan, a 17.48% increase year-on-year [1]. - The company’s revenue from mainland China and non-mainland regions was 455 million yuan and 549 million yuan respectively, with growth rates of 7.37% and 14.16% [1]. Cost Management - The company has seen a decrease in sales, management, and R&D expense ratios compared to the previous year, contributing to a more significant growth in net profit compared to revenue [1]. AI Applications - The company is focusing on expanding its AI applications, with significant growth in industry-specific AI applications and the introduction of new general AI applications [1]. Future Projections - Revenue and net profit forecasts for the company indicate a positive growth trajectory, with expected revenues of 2.531 billion yuan in 2024 and net profits of 186 million yuan [2].

金工量化周报 分析师 | 冯佳睿 S0800524040008 | | --- | | 13564917688 | | fengjiarui@research.xbmail.com.cn | 相关研究 市场缩量下探，北水年度净流出 技术分析洞察（2024.08.05-2024.08.09） 核心结论 投资建议：本周北向资金继续流出，年度净买入额由正转负。周五市场成交 缩量到 5659 亿，沪深 300 等 ETF 未见成交放量，护盘资金没有明显动作。 主要宽基指数缩量下探窄幅振荡，正在构造中枢支撑。我们认为地量之后或 还有地价，市场磨底阶段需要注意控制仓位，耐心等待增量资金。1）行业 层面建议关注食品饮料、房地产、建筑材料、医药生物等板块，以上板块均 得到北向资金增持。2）主题层面建议关注转基因、特色小镇、毛发医疗、 建筑节能等概念，近期检测到技术走势斜率的排名靠前。3）个股层面近期 没有检测到横盘突破形态特征。 宽基指数：缩量下探构造支撑。本周中证全指录得 1.70%的跌幅，主要宽基 指数缩量下探。其中上证指数跌幅 1.48%，创业板指跌幅 2.60%，微盘股指 数涨幅 0.38%。上证 50 本周向下笔走 ...

行业周报 | 建筑材料 深圳推出商品房收购政策 玻璃价格继续调整 建材行业周报 20240805-20240811 核心结论 1、水泥：本周全国水泥均价 382.2 元/吨，环比持平，同比+20.67 元/吨（+5.72%）。 全国水泥煤炭价差 271.54 元/吨，环比-1.17 元/吨（-0.43%），同比+19.11 元/ 吨（+7.57%）。全国库容比 66.31%，环比-0.75pct，同比-6.94pct。全国出货率 48.8%，环比+2.1pct，同比-4.0pct。 2、玻璃：本周国内浮法均价 1456.96 元/吨，环比-14.01 元/吨（-0.95%），同比 -628.41 元/吨（-30.1%）。玻璃-纯碱-天然气价差 205.30 元/吨，环比-58.21 元/ 吨（-22.09%），同比-654.90 元/吨（-76.13%）。库存 6049 万重箱，环比-2.48%。 3、玻纤：本周无碱玻璃纤维纱均价 4029 元/吨，环比持平；中碱玻璃纤维纱均 价为 5350 元/吨，环比持平；缠绕直接纱均价 3750 元/吨，环比持平；电子纱均 价 9200 元/吨，环比持平。 4、储能：本 ...

Investment Rating - The investment rating for the company is "Buy" [3][4] Core Insights - The company's revenue and profit are steadily recovering, with a high dividend policy maintained. In the first half of 2024, the company reported a revenue of 5.967 billion yuan, a year-on-year increase of 8.17%, and a net profit attributable to shareholders of 2.493 billion yuan, up 11.74% year-on-year [3] - The demand for advertising in daily consumer goods remains strong, with the company's main advertising clients being in the daily consumer goods sector, accounting for 64% of the total advertising revenue in the first half of 2024, which is an increase of 3 percentage points year-on-year [3] - The company is expanding its media points in lower-tier and overseas markets, with a total of approximately 1.097 million self-operated elevator TV media devices as of July 31, 2024, showing growth in various market tiers [3] Financial Performance - The company's earnings per share (EPS) are projected to be 0.37, 0.40, and 0.43 for the years 2024, 2025, and 2026 respectively [2][3] - Revenue forecasts for 2024, 2025, and 2026 are 12.9 billion yuan, 13.9 billion yuan, and 14.9 billion yuan, reflecting a year-on-year growth of 7.9% for both 2024 and 2025, and 7.3% for 2026 [3] - The net profit attributable to shareholders is expected to be 5.361 billion yuan, 5.780 billion yuan, and 6.159 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of 11%, 8%, and 7% respectively [3] Dividend Policy - The company has maintained a high dividend level, distributing 1.00 yuan per 10 shares (including tax) during the reporting period, totaling 1.444 billion yuan, with a dividend payout ratio of 57.92% [3] - The company plans to distribute cash dividends of no less than 80% of the net profit attributable to shareholders after deducting non-recurring gains and losses for the next three years, indicating a stable dividend policy [3]

行业周报|电力设备 证券研究报告 新型电力系统方案推动电网设备投资，持续推荐风电和光储板块 2024 年 08 月 10 日 电新行业周报 20240805-20230811 核心结论 专题：《加快构建新型电力系统行动方案（2024—2027 年）》发布新型电力系统 9 项专项 行动。8 月 6 日，三部门联合印发《加快构建新型电力系统行动方案（2024-2027 年）》， 提出 9 项专项行动，为下一阶段电力系统建设、改造、升级提供政策支持。基于上述对 行动方案的详细解读，我们从源、网、荷、储四个环节对未来新型电力系统发展方向进 行展望。从优先级角度出发，我们从行动方案中可以总结到网>源>荷、储。源网荷储四 大环节下一阶段建设需求强劲，电力设备板块推荐思源电气、国电南瑞、东方电子、平 高电气、海兴电力、中国西电、伊戈尔、许继电气、华明装备、安科瑞、四方股份、泽 宇智能，建议关注青达环保、龙源技术、大连电瓷、望变电气、金盘科技。 多晶硅报价上涨，上半年光伏产量同比增长超过 30%。8 月 4 日，多晶硅 N 型料的主流 价格为每千克 37-42 元，多晶硅致密料的主流价格为每千克 34-37 元，N 型致密料 ...

行业周报 | 计算机 从美股六大科技公司财报看 AI 计算机行业周观点第 20 期 核心结论 美股科技巨头陆续公布 2024 年第二季度（自然年与自然季度）财报并召开 电话会，我们对 AI 相关信息进行简单梳理。 微软：①过去 1 年，公司扩大了数据中心覆盖范围，并宣布在四大洲投资。 增加了 AMD、Nvidia 的新一代 AI 加速器以及自研的 Azure Maia，并推出了 新的 Cobalt 100。②现有超 6 万个 Azure AI 客户，同比增长近 60%，客户的 平均支出不断增长。Azure OpenAI服务能访问最新的GPT-4o和GPT-4o mini。 通过 MaaS，提供对第三方模型的 API 访问，包括 Meta 和 Mistral 的最新模 型，付费 MaaS 客户数量环比增长一倍以上。③自上市两年多以来，已有超 过 7.7 万家组织采用了 GitHub Copilot。Copilot 占 GitHub 整个 2024 财年收 入增长的 40%以上。④Copilot for Microsoft 365 客户环比增长超 60%，大部 分企业客户会回购更多席位，目前拥有超 1 万个席位的 ...

公司点评 | 中国移动 公司发布 2024 年半年度报告，2024 年半年度实现营业收入 5467.44 亿元， 同比增长 3%；实现归母净利润 802.01 亿元，同比增长 5.3%。EBITDA 实 现 1823 亿元，占主营业务收入比为 39.3%，EBITDA 率为 33.3%。公司 2024 年中期派息每股 2.6 港元，同比增长 7%。 CHBN 四轮协同促进，收入结构持续优化。2024 年上半年，个人市场收入 达到 2551.8 亿元，同比下降 1.6%；家庭市场收入达到 698.4 亿元，同比增 长 7.5%；政企市场收入达 1119.7 亿元，同比增长 7.3%；新兴市场收入达 266.1 亿元，同比增长 13.2%。CHBN 中，HBN 收入占比达到 45%，同比 提升 2.3pct。 投资建议：预计公司 2024-2026 年归母净利润分别为 1415/1503/1585 亿元， 对应 PE 分别为 16/15/14 倍，维持"买入"评级。 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|--- ...

公司点评 | 华明装备 业绩持续稳健增长，海外市场布局提速 华明装备（002270.SZ）2024 年半年报点评 事件：公司发布 2024 年半年报。2024 年上半年公司实现营业收入 11.21 亿 元，同比+23.24%；实现归母净利润 3.15 亿元，同比+9.64%。2024 年 Q2 公司实现营业收入 6.70 亿元，同比+34.73%，环比+48.41%；实现归母净利 润 1.88 亿元，同比+11.07%，环比+47.80%。分业务来看，2024 年上半年 公司电力设备、数控设备、电力工程业务分别实现营业收入 8.32/0.78/1.85 亿元，同比+8.16%/-5.20%/+531.56%。 2024 年上半年公司电力设备核心业务毛利率同比稳中有增。24 年上半年公 司综合毛利率与净利率分别为 47.76%/28.40%，同比-6.58pct/-3.61pct，其 中Q2综合毛利率及净利率分别为44.63%/28.30%，同比-12.10pct/-6.02pct， 环比-7.76pct/-0.26pct。公司综合利润率同比下滑的主要原因为上半年毛利 率较低的电力工程收入占比同比大幅提升。分业 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 389 million yuan for H1 2024, representing a year-over-year increase of 35.16%, and a net profit of 136 million yuan, up 29.19% year-over-year [1]. - The company's large client strategy has shown significant results, with over 100 deep collaborations established with major clients by June 30, 2024 [1]. - Sales cash flow and contract liabilities growth have slowed down, indicating a decrease in customer payment willingness and a slowdown in order growth [1]. - The company has effectively controlled costs, maintaining stable profitability, with a gross margin of 78.61% in Q2 2024 [1]. - A mid-term dividend of 10 yuan per 10 shares is proposed, with a payout ratio of 87% [1]. - The company is expected to resist temporary demand weakening risks due to its large client and talent strategies, with projected net profits of 275 million, 332 million, and 410 million yuan for 2024, 2025, and 2026 respectively [1]. Summary by Sections Financial Performance - H1 2024 revenue reached 389 million yuan, with a growth rate of 35.16% year-over-year [1]. - Q2 2024 revenue was 249 million yuan, reflecting a year-over-year increase of 39.50% [1]. - The company achieved a net profit of 136 million yuan in H1 2024, up 29.19% year-over-year [1]. Business Strategy - The large client strategy has been effective, with significant partnerships formed with industry leaders [1]. - The company has focused on recruiting and training sales talent, alongside launching new products [1]. Cost Management - The gross margin for Q2 2024 was 78.61%, a slight decrease of 0.15 percentage points year-over-year [1]. - The overall expense ratio remained stable, with sales, management, and R&D expense ratios at 19.85%, 7.11%, and 1.31% respectively [1]. Shareholder Returns - A cash dividend of 10 yuan per 10 shares is proposed for H1 2024, with a high payout ratio of 87% [1]. Future Outlook - The company is projected to achieve net profits of 275 million, 332 million, and 410 million yuan for 2024, 2025, and 2026, indicating growth rates of 25.5%, 20.6%, and 23.5% respectively [1].