万联证券：万联晨会-20240822

Core Viewpoints - The A-share market experienced a collective decline on Tuesday, with the Shanghai Composite Index down 0.93%, the Shenzhen Component down 1.24%, and the ChiNext Index down 1.34%. The total trading volume in the Shanghai and Shenzhen markets was 557.74 billion yuan [1][4] - The advertising market in China showed signs of recovery in the first half of 2024, achieving a year-on-year growth of 2.7%. Notably, the advertising expenditure in the food and beverage sector decreased by 8.7% and 13.4% respectively [5][6] - Jiangsu Bank reported a year-on-year revenue growth of 7.2% and a net profit growth of 10.1% for the first half of 2024, with total assets increasing by 14.5% year-on-year [6] Market Review - The banking, home appliance, and media sectors led the market, while coal, agriculture, forestry, animal husbandry, and computer sectors lagged behind. Concept stocks related to titanium dioxide, e-sports, and internet insurance performed well, while Huawei-related stocks faced declines [1][4] - The gaming industry saw a significant boost with the launch of the domestic 3A game "Black Myth: Wukong," which achieved over 4.5 million sales and more than 1.5 billion yuan in revenue shortly after its release [1][4] Advertising Market Insights - The advertising expenditure in the elevator scene grew significantly, with LCD and poster advertising in elevators increasing by 22.9% and 16.8% year-on-year respectively. The outdoor advertising for cleaning products saw a tenfold increase compared to the previous year [5][6] - The recovery of the advertising market is attributed to the overall economic recovery, policy relaxation, and increased consumer willingness to spend, with fast-moving consumer goods and pharmaceuticals remaining the primary sectors for advertising investment [5][6] Banking Sector Analysis - Jiangsu Bank's net interest margin narrowed to 1.9%, a decrease of 38 basis points year-on-year. The bank's asset quality remained stable, with a non-performing loan ratio of 0.89% as of June 2024 [6] - The bank's fee and commission income grew by 11.3%, driven by a 31% increase in agency fee income, which contributed over 50% to the total income [6]