山西证券：研究早观点-20240813

Market Overview - The market is experiencing a pullback, with the North Exchange showing a significant decline of 34.52% in the first half of 2024, while the Shanghai and Shenzhen indices remained relatively stable with a slight increase of 0.89% [6][7][8] - The trading volume on the North Exchange has decreased significantly, with average daily trading volume dropping from 224.96 billion to below 30 billion [6][7] New Stock Market Activity - The new stock market activity has decreased, with only 10% of newly listed stocks showing positive returns in the past week, a significant drop from 58.06% previously [3][4] - Notable new listings include Longtu Guangzhao on the Sci-Tech Innovation Board, which saw a first-day increase of 121.62% [3][4] Company Performance - Guizhou Moutai reported a total revenue of 834.51 billion yuan for the first half of 2024, a year-on-year increase of 17.56%, with a net profit of 416.96 billion yuan, up 15.88% [24] - Nanxin Technology achieved a revenue of 1.25 billion yuan in the first half of 2024, marking an impressive growth of 89.28% year-on-year, with a net profit increase of 103.86% [21][22] Industry Trends - The textile and apparel sector has shown resilience, with the SW textile and apparel index rising by 0.25% despite broader market declines [13][14] - Puma's Q2 2024 revenue was 2.117 billion euros, a slight decline of 0.2% year-on-year, but a 2.1% increase when excluding currency effects [10][11] Investment Recommendations - Focus on high-dividend companies within the textile sector, as they typically have strong cash flows and limited capital expenditures [14] - Recommendations for the North Exchange include companies with strong scarcity, such as Shuguang Shuchuang and Minshida, as well as those in popular sectors like artificial intelligence and low-altitude economy [8][9]