万联证券：万联晨会-20240823

Core Viewpoints - The A-share market experienced a collective decline on Wednesday, with the Shanghai Composite Index down 0.35%, the Shenzhen Component down 0.28%, and the ChiNext Index down 0.6%. The total trading volume in the Shanghai and Shenzhen markets was 509.43 billion yuan. The non-ferrous metals, social services, and electronics sectors led the gains, while agriculture, media, and construction materials sectors faced declines [1][4] - Xiaomi Group reported a revenue of 164.395 billion yuan for the first half of 2024, representing a year-on-year growth of 29.6%, with adjusted net profit increasing by 51.3% to 12.666 billion yuan. In Q2 2024, Xiaomi's revenue reached a record high of 88.888 billion yuan, up 32% year-on-year, with adjusted net profit growing by 20.1% to 6.175 billion yuan. The innovative business segment, including smart electric vehicles, generated revenue of 6.4 billion yuan, with 27,307 units of the Xiaomi SU7 delivered in Q2 [5][6] Market Performance - The domestic market saw the Shanghai Composite Index close at 2,856.58, down 0.35%, and the Shenzhen Component at 8,229.75, down 0.28%. The CSI 300 Index fell by 0.33%, and the ChiNext Index decreased by 0.60%. The total trading volume was 509.43 billion yuan [2][4] - In the international market, the Dow Jones increased by 0.14% to close at 40,890.49, the S&P 500 rose by 0.42% to 5,620.85, and the Nasdaq gained 0.57% to 17,918.99. The Hang Seng Index fell by 0.69% to 17,391.01, while the Hang Seng Tech Index dropped by 1.82% [2] Industry Insights - In the express delivery industry, July saw a significant increase in online retail sales, driving a substantial rise in express delivery volumes. The overall performance remained strong despite the seasonal downturn, although price competition pressures persisted, leading to a decline in average prices. Major companies are expected to maintain strong competitive advantages, and current valuations are at relatively low historical levels, suggesting potential for valuation recovery [6][7] - The airport industry experienced a notable increase in passenger throughput during July, with significant growth in both domestic and international routes. The report suggests continued monitoring of international passenger flow and duty-free sales recovery [8][10] - The aviation sector also saw a rise in total turnover during July, with both domestic and international passenger volumes increasing. The average ticket price faced downward pressure, but the overall supply-demand dynamics are expected to improve, benefiting listed airlines [10][11] Company-Specific Analysis - Xiaomi Group's financial performance indicates a robust growth trajectory, with significant increases in both revenue and profit margins. The company's innovative ventures, particularly in the electric vehicle segment, are contributing positively to its overall financial health [5][6] - Changshu Bank reported a 12% year-on-year increase in revenue and a 19.6% rise in net profit for the first half of 2024. The bank's total assets grew by 15.6%, with loans increasing by 11.3%. The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% [12][13]