通信 | 证券研究报告 — 行业周报 2024 年 8 月 14 日 强于大市 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 8 月 9 日 通信行业周报(0812-0818) 通信板块回调较深 行情回顾： 2024 年第 32 周(0805-0809)通信大板块和通信子板块均表现不佳，其他通 信设备下跌 0.52%，通信终端及配件下跌 2.25%，通信网络设备及器件下 跌 3.32%，通信应用增值服务下跌 3.40%，通信工程及服务下跌 3.47%， 通信线缆及配套下跌 4.29%，电信运营商下跌 4.65%。 全周(0805-0809) 建议关注标的组合阶段性表现不佳，按照算数平均计算 组合周跌幅为 4.82%，跑输通信（申万）板块指数（-3.73%）、创业板指 （-2.60%）、上证指数（-1.49%）和沪深 300 指数（-1.56%）。 投资建议： 建议关注：卫星互联网（创意信息、上海瀚讯、华力创通），光模块（中 际旭创、新易盛、华工科技），5G（灿勤科技、硕贝德）。 风险提示： 中美贸易摩擦造成的不确定性因素增多，宏观经济环境承压，相关政策 落地不及 ...

房地产行业 | 证券研究报告 — 行业周报 2024 年 8 月 14 日 房地产行业第 32 周周报（8 月 3 日-8 月 9 日） 本周新房二手房成交同比均由正转负；深圳拟收 购商品房用作保障房 本周新房成交面积同环比均由正转负；二手房成交面积环比降幅收窄，同比由正转负；新 房库存面积环比上升，同比下降；去化周期同环比均上升。 核心观点 新房成交面积同环比均由正转负，政策放松后前期积累的需求基本已经释放完毕，政策效果边际 减弱，不过一线城市仍然具备一定韧性，新房成交同比持续正增长。新房成交面积为188.3 万平方 米，环比下降24.3%，同比下降5.3%，同比增速由正转负，较上周下降了8.1 个百分点。一、二、 三四线城市新房成交面积分别为64.3、83.0、40.9 万平方米，环比增速分别为-7.6%、-32.3%、-27.5%， 同比增速分别为50.4%、-24.1%、-27.3%。一线城市同比增速上升了36.2 个百分点，二、三四线城 市同比降幅分别扩大了21.8、26.6 个百分点。 二手房成交面积环比降幅收窄，同比由正转负，二手房成交情况相对好于新房，一线城市同比仍 保持正增长。18 个城市成 ...

社会服务 | 证券研究报告 — 行业周报 2024 年 8 月 13 日 强于大市 社会服务行业双周报 板块回调关注度提升，服务消费再迎政策利好 | --- | |-----------------------------------------------------------------------| | 前两交易周（2024.07.29-2024.08.09）社会服务板块上涨 6.14%，在申万一级 | | 个行业排名中位列第 1。社会服务板块跑赢沪深 300 指数 8.42pct。近期市 | | 场迎来底部机遇，板块回调明显，关注度有所回升。此外暑期旅游市场持续 | | 火热，叠加国家就服务消费发展作出的全面部署，社服再迎政策催化，有望 | | 利好旅游、餐饮及教育相关产业链，我们维持行业强于大市评级。 | | &行业动态数据 | | 前两交易周社会服务板块上涨 6.14%，社会服务子板块及旅游零售板块中 | | 个上涨，涨跌幅由高到低分别为：教育（17.19%）、旅游及景区（5.16%）、 | | 酒店餐饮（4.23%）、专业服务（2.27%）、旅游零售（-3.41%）。 | | 北上资金方面，前 ...

| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-----------------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n8 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 8 月 13 日 \n中银晨会聚焦 -20240813 | | 1519.HK | | 极兔速递 | -W | | | 002001.SZ | | 新和成 | | | | 002409.SZ | | 雅克科技 | | ■ 重点关注 | | 002340.SZ | | 格林美 | | | | 68819 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The container shipping price index has decreased week-on-week, while new ship orders across various types have increased. As of August 8, the Drewry World Container Index fell by 3% to $5,551 per FEU, down 47% from the peak of $10,377 per FEU in September 2021, but up 291% from the pre-pandemic average of $1,420 per FEU in 2019 [2][7] - There has been a significant increase in inbound and outbound travel, particularly in the Yangtze River Delta region, with a total of 287 million inbound and outbound travelers in the first half of the year, a year-on-year increase of 70.9% [2][8] - Logistics business volume maintained expansion in July, with the logistics industry prosperity index at 51%, down 0.6 percentage points from June [2][12] Summary by Sections 2.1 Air Logistics High-Frequency Data Tracking - Air freight prices remained stable from late July to early August, with the Shanghai outbound air freight price index at 4,565 points, up 30.4% year-on-year [13] - In July, domestic cargo flights increased by 14.48% year-on-year, while international flights rose by 24.71% [15] 2.2 Shipping Port High-Frequency Data Tracking - The container shipping price index has dropped, with the SCFI index at 3,253.89 points, down 2.36% week-on-week [17] - In the first half of 2024, national port cargo throughput reached 8.563 billion tons, a year-on-year increase of 4.6% [21] 2.3 Express Logistics Dynamic Data Tracking - In June, express delivery volume increased by 17.70% year-on-year, with total express delivery volume reaching 14.571 billion pieces [23]

电力设备 | 证券研究报告 — 行业点评 2024 年 8 月 12 日 强于大市 电力设备行业动态点评 中共中央、国务院印发《加快经济社会发展全面 绿色转型的意见》，系统部署绿色转型方向 2024 年 8 月 11 日，中共中央、国务院印发《加快经济社会发展全面绿色转 型的意见》，我国首次从国家层面对全面绿色转型进行系统部署。《意见》 明确提出我国将大力发展非化石能源、推动传统产业绿色低碳改造升级、加 快构建新型电力系统、参与引领全球绿色转型进程；我国新能源装机增长无 忧，且有望凭借全球领先的光伏、风电制造能力推动全球绿色转型，推动全 球风光装机规模持续提升；供给侧，光伏上游制造产能或围绕环境、能效、 水效和碳排放等约束性标准进行产能淘汰；现阶段硅料价格企稳回升，光伏 装机需求提升、供给收缩趋势明确，产业链价格或恢复性增长；维持行业强 于大市评级。 支撑评级的要点 中共中央、国务院印发《加快经济社会发展全面绿色转型的意见》，对全面 绿色转型进行系统部署：2024 年 8 月 11 日，中共中央、国务院印发《关于加 快经济社会发展全面绿色转型的意见》（下称《意见》），我国首次从国家 层面对全面绿色转型进行系统 ...

Core Insights - The report highlights that July's Consumer Price Index (CPI) growth rate increased compared to June, primarily driven by weather impacts on food prices and summer travel consumption, which are expected to continue influencing CPI in the third quarter [2][3] - The report anticipates that while CPI will generally rise throughout the year, the upward trend may not be evident until the fourth quarter due to base effects [2] - The Producer Price Index (PPI) showed a weak year-on-year growth rate, with various factors such as declining manufacturing PMI and weakened export growth contributing to the pressure on PPI [2][3] Economic Overview - July CPI increased by 0.5% month-on-month and 0.5% year-on-year, with core CPI rising by 0.4% year-on-year [2] - Food prices significantly impacted CPI, with fresh vegetables and eggs rising by 9.3% and 4.4% respectively, contributing approximately 0.20 percentage points to the CPI increase [2] - Non-food prices also rose due to strong summer travel demand, with airfares and accommodation prices increasing more than the historical average for this period [2][3] Industry Performance - The report notes that the real estate sector showed a positive performance with a 1.64% increase, while the media sector rose by 2.24% [1] - Other sectors such as oil and petrochemicals, social services, and retail also experienced gains, indicating a generally positive trend across various industries [1] - The manufacturing sector's performance is under scrutiny due to a decline in the manufacturing PMI production index and weaker export growth, suggesting potential challenges ahead [3]

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the increase in international oil prices, leading to price rises in vitamins and TDI [1] - It suggests monitoring price changes and mid-term performance of products like vitamins, polyester filament, refrigerants, and fertilizers in August [1] - The report emphasizes investment opportunities in semiconductor and OLED companies due to various catalysts, including the third phase of the major fund and downstream capacity expansion [1] - It notes the high oil prices and recommends focusing on large energy state-owned enterprises and related oil service companies for operational improvements [1] Summary by Sections Industry Performance and Price Changes - In the week of August 5-11, 2024, among 101 tracked chemical products, 23 saw price increases, 43 saw decreases, and 35 remained stable [6] - The average price of WTI crude oil rose to $76.84 per barrel, a weekly increase of 4.52%, while Brent crude rose to $79.66 per barrel, up 3.71% [1] - The average price of natural gas futures closed at $2.16 per mmbtu, with a weekly increase of 9.25% [1] Investment Recommendations - As of August 11, the SW basic chemical sector's P/E ratio (TTM excluding negative values) is 18.18, at the 38.48% historical percentile [6] - The report recommends focusing on price changes and mid-term performance of vitamins, polyester filament, refrigerants, and fertilizers [6] - It suggests that the oil and gas extraction sector will continue to perform well under high oil prices, with energy state-owned enterprises improving efficiency and dividend policies [6] Company Highlights - The report identifies "New and Successful" stocks for August: Xinhecheng and Yake Technology [2][7] - Xinhecheng reported a revenue of 15.117 billion yuan in 2023, a decrease of 5.13% year-on-year, but a revenue increase of 24.54% in Q1 2024 [7] - Yake Technology achieved a revenue of 4.738 billion yuan in 2023, a year-on-year increase of 11.24%, with a strong Q1 2024 performance [12]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][4] Core Views - The company has established a wholly-owned subsidiary, Feiling Micro, to enter the automotive vision processing chip market, launching three products: M1, M1 Pro, and M1 Max. This move is expected to create business synergies with the company's CMOS image sensors, further enriching its automotive product line [3][4] - The M1 series chips are designed to provide high-performance image processing capabilities, including support for high-resolution RGB-IR image processing and advanced algorithms for low-light noise reduction and image enhancement [4] - The company maintains a "Buy" rating based on its expected growth and product development in the automotive sector [4] Financial Summary - The company's total revenue for 2022 was RMB 2,483 million, with a projected increase to RMB 5,707 million in 2024, representing a growth rate of 99.7% [5][6] - The net profit is expected to turn positive in 2023 with RMB 14 million, and further increase to RMB 462 million in 2024, reflecting a significant growth rate of 3,147.8% [5][7] - The estimated EPS for 2024 is RMB 1.15, with projected PE ratios of 44.2, 25.2, and 16.9 for 2024, 2025, and 2026 respectively [5][6] Market Performance - The company's stock price has shown a relative performance of -4.8% in the last month, but a positive trend of 15.4% over the last three months compared to the Shanghai Composite Index [1][2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has raised its revenue guidance for 2024 to a range of RMB 5.30 billion to RMB 5.88 billion, up from the previous range of RMB 5.00 billion to RMB 5.80 billion, indicating strong market demand and successful order acquisition [3][4] - The gross margin for Q2 2024 is approximately 53.4%, reflecting a quarter-over-quarter increase of 7.1 percentage points, and a year-over-year increase of 3.7 percentage points [3][4] - The company has made significant technological advancements in high-temperature single-wafer SPM, PECVD, and ArF Track equipment, positioning itself as a potential second global supplier for high-temperature single-wafer SPM [4] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of approximately RMB 2.40 billion, a year-over-year increase of 49%, with a gross margin of about 50.7% [4] - Q2 2024 revenue reached approximately RMB 1.48 billion, showing a quarter-over-quarter increase of 61% and a year-over-year increase of 49% [4] - The net profit attributable to the parent company for Q2 2024 was approximately RMB 363 million, reflecting a quarter-over-quarter increase of 353% and a year-over-year increase of 18% [4] Market Expansion - The company is successfully expanding its domestic and international markets, consolidating existing clients while acquiring new ones, which has led to multiple significant orders [4] - The recovery in global semiconductor demand has exceeded expectations in the domestic market, contributing to the company's revenue growth [4] Valuation - Based on the revised revenue guidance, the earnings per share (EPS) estimates for 2024, 2025, and 2026 have been adjusted to RMB 2.71, RMB 3.53, and RMB 4.41 respectively [4] - As of August 9, 2024, the company's total market capitalization is approximately RMB 41.7 billion, with corresponding price-to-earnings (PE) ratios for 2024, 2025, and 2026 at 35.3, 27.1, and 21.7 times respectively [4][5]