金融工程 | 证券研究报告 — 周报 2024 年 6 月 30 日 中银量化多策略行业轮动 周报 – 20240628 下周(20240627-20240704):消费者服务(15.4%)、机械(7.7%)、电力 及公用事业(7.7%)、电力设备及新能源(7.7%)、国防军工(7.7%)、 家电(7.7%)、商贸零售(7.7%)、农林牧渔(7.7%)、医药(7.7%)、 银行(7.7%)、通信(7.7%)、计算机(7.7%) 业绩回顾:中信一级行业平均周收益率 -2.3%,近 1 月平均收益率6.7%。本周(20240620-20240627,下文同)收益率表现最好的三个行 业是银行(1.7%)、建材(-0.1%)、传媒(-0.4%)。收益率表现最差 的三个行业是煤炭(-4.0%)、电子(-3.8%)、有色金属(-3.7%)。 模型表现:截至 2024/6/27,行业轮动策略获得累计收益-5.56%,中信一 级行业等权基准收益-9.35%,对应累计超额收益 3.80%。Wind 普通股票 型基金指数基准收益-6.04%,对应累计超额收益 0.48%。其中:行业盈 利景气度追踪策略较中信行业等权超额收益为 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4] - The market price is HKD 19.08, with a sector rating of "Outperform" [1] Core Insights - The self-developed idle game "Let's Go Muffin" has performed well, maintaining a top ten position on the iOS sales chart since its launch in Hong Kong, Macau, and mainland China, and is expected to significantly contribute to the company's 2024 earnings [3][4] - The stable issuance of domestic game licenses and the anticipated release of major titles during the summer are expected to drive revenue growth for the TapTap platform [4] - The company has adjusted its profit forecasts upward for 2024, 2025, and 2026, with projected net profits of RMB 538 million, RMB 690 million, and RMB 827 million respectively, corresponding to P/E ratios of 15.18, 11.82, and 9.87 [4][5] Summary by Sections Stock Performance - The company's stock has shown a 12-month absolute performance of -10.0% and a relative performance of -4.0% compared to the Hang Seng Index [1] Financial Metrics - The total market capitalization is approximately HKD 9,170.59 million, with 480.64 million shares outstanding [2] - The average daily trading volume over the past three months is HKD 75.96 million [2] Game Performance - "Let's Go Muffin" has been a standout product, achieving a peak ranking of fourth on the iOS sales chart and maintaining strong sales since its launch [4] - The company has a solid pipeline with four games in reserve, two of which have already received licenses [4] Market Trends - The report highlights a trend of increasing bargaining power for quality content providers in the gaming industry, which is expected to benefit the company and its platform, TapTap [4] - The anticipated influx of major mobile games during the summer is expected to enhance user engagement and advertising revenue on TapTap [4]

通信 | 证券研究报告 — 行业周报 2024 年 6 月 25 日 强于大市 通信行业周报(0624-0630) 通信行业相对沪深 300 指数表现 资料来源:万得,中银证券 注:收盘价截止到 2024 年 6 月 21 日 中银国际证券股份有限公司 具备证券投资咨询业务资格 通信 证券分析师:庄宇 yu.zhuang@bocichina.com 证券投资咨询业务证书编号:S1300520060004 证券分析师:吕然 (8610)66229185 ran.lv@bocichina.com 证券投资咨询业务证书编号:S1300521050001 联系人:袁妲 da.yuan@bocichina.com 一般证券业务证书编号:S1300122070006 鸿蒙开启万物互联 华为开发者大会带来全新的 HarmonyOS NEXT、盘古大模型 5.0、昇腾 AI 云服务、GaussDB 数据库等最新科技创新成果,分享鸿蒙生态开放的新能力, 持续为消费者和开发者带来创新体验。 第 25 周主题: 6 月 21-23 日,华为开发者大会(HDC 2024)盛大开幕。大会宣布,Top5000 应用全部启动鸿蒙原生开发。 ...