Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperforming the Market" [16] Core Insights - The pharmaceutical and biotechnology sector experienced a return of -0.41% from August 2 to August 9, 2024, outperforming the CSI 300 index by 1.15% [5][6] - The first batch of approximately 500 billion yuan in funding for large-scale equipment updates is expected to be disbursed soon, supporting the medical equipment sector [11][12] - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector is 23.78, indicating it remains at a low valuation level compared to recent years [8] Summary by Relevant Sections Equipment Update Policy - The National Development and Reform Commission and the Ministry of Finance announced measures to support large-scale equipment updates, with a funding scale of nearly 1500 billion yuan covering various sectors, including healthcare [11] - Specific regions have set ambitious targets for medical equipment investment growth, with some aiming for increases of over 25% by 2027 compared to 2023 levels [11] Market Opportunities - There is significant room for domestic substitution in the medical device sector, with current market shares for domestic brands in certain categories like CT and radiation therapy being relatively low [11][12] - The report highlights potential growth in innovative medical devices and pharmaceuticals, particularly companies that are entering rapid sales growth phases [12] Investment Recommendations - The report suggests investment opportunities in innovative medical device companies such as Baijun Medical and Sanyou Medical, as well as in innovative drug companies like Heng Rui Medicine and Xin Da Biology [12] - Other recommended sectors include traditional Chinese medicine, raw materials, CXO services, medical services, vaccines, and retail pharmacies [12]

Inflation Overview - July CPI increased by 0.5% month-on-month and 0.5% year-on-year, with core CPI rising 0.4% year-on-year[2] - Food prices significantly impacted CPI, with fresh vegetables and eggs rising 9.3% and 4.4% month-on-month, contributing approximately 0.20 percentage points to the CPI increase[2] - Non-food prices also rose due to strong summer travel demand, with airfares, tourism, and hotel prices increasing more than the historical average, contributing about 0.24 percentage points to CPI[4] PPI Analysis - July PPI decreased by 0.2% month-on-month and 0.8% year-on-year, with production materials down 0.3%[10] - Major industries contributing to PPI decline included non-metallic mineral products and black metal smelting, collectively pulling down PPI by approximately 1.25 percentage points[10] - Weak demand in the production sector suggests continued pressure on industrial prices, with expectations for PPI to remain under pressure in the coming months[11] Market Outlook - CPI is expected to remain stable in August and September due to ongoing weather and travel factors, but a rise is anticipated in Q4 as base effects come into play[4] - The overall inflation trend indicates that while CPI may rise, PPI's potential for recovery appears limited due to high base effects and weak external demand[11] - Risks include slow global inflation decline, rapid economic downturns in Europe and the US, and complex international situations[12]

Key Insights - The mechanical equipment industry is facing overall pressure on downstream demand and investment intensity in 2024, but there are still structural opportunities to focus on overseas exports, demand recovery, equipment replacement, and new technologies [2] - The "old-for-new" housing policy allows buyers to lock in new homes while selling old ones, which is a policy innovation that connects the first and second-hand housing markets, promoting inventory reduction and increasing business volume for real estate companies and intermediaries [6] Mechanical Equipment Industry - Domestic demand for engineering machinery is gradually bottoming out, with support from increased infrastructure investment and policy-driven equipment replacement. Excavator sales in the first half of 2024 were 103,213 units, down 5.15% year-on-year, while domestic sales increased by 4.66% [3] - The consumer electronics sector is recovering, leading to increased demand for 3C automation equipment. The industry is nearing a replacement cycle, with new AI-enabled smartphones and PCs expected to stimulate demand [3] - The wind power equipment sector is seeing positive signals in domestic offshore wind projects, with expected construction in the second half of 2024, and overseas markets entering a new development cycle [3] - The general equipment sector is showing signs of weak recovery as the inventory cycle approaches its bottom, with improvements in downstream demand expected to drive demand for general equipment [3] Real Estate Sector - The "old-for-new" policy is primarily driven by the need to reduce inventory, with over 80 cities supporting the initiative as of July 26, 2024. The policy aims to reintegrate old properties into the market and stimulate replacement demand [6] - Various models of the "old-for-new" policy have emerged, including the "help-sell" model, where intermediaries assist in selling old homes, and the acquisition model, where government platforms directly purchase old homes [6] - The policy's effectiveness is still under evaluation, with mixed results in terms of stimulating market activity and reducing inventory. The potential sales volume from the "old-for-new" policy is estimated at 5.50 trillion yuan, representing 53% of the national residential sales volume in 2023 [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3][4] Core Views - The company achieved a revenue of RMB 254 million in H1 2024, representing a year-on-year increase of 51.73%, and a net profit attributable to shareholders of RMB 21.03 million, up 71.70% year-on-year [3][4] - Q2 performance was temporarily pressured due to cost disturbances related to capacity expansion, but the summer peak season is expected to show strong performance [3][4] - The opening of the Shenyang-Baishan high-speed railway in 2025 is anticipated to significantly improve external traffic and boost visitor numbers [4] Summary by Sections Financial Performance - In H1 2024, the company recorded a revenue of RMB 254 million, a 51.73% increase year-on-year, and a net profit of RMB 21.03 million, up 71.70% year-on-year [3][4] - Q2 revenue was RMB 127 million, a 29.02% increase year-on-year, but net profit decreased by 36.95% to RMB 10.33 million due to increased costs from capacity expansion [4] Visitor Trends - The main scenic area received 1.087 million visitors in H1 2024, a 64.3% increase year-on-year, indicating strong growth in visitor numbers [4] - July saw a decline in visitors by 8.8% due to extreme weather conditions, but the demand for summer vacation tourism remains high [4] Future Outlook - The company plans to raise approximately RMB 500 million through a private placement, with RMB 350 million allocated for the second phase of the volcanic hot spring project and RMB 100 million for tourism transportation equipment upgrades [4] - The second phase project aims to enhance year-round operations and complement existing high-end hotel offerings, while transportation upgrades are expected to improve internal traffic capacity [4] Valuation - The company is projected to have EPS of RMB 0.71, 0.86, and 0.96 for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 32.7, 27.2, and 24.3 [5][6]

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 8 月 8 日 300693.SZ 增持 原评级：增持 市场价格:人民币 20.34 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (49%) (39%) (30%) (20%) (10%) 0% Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jul-24Aug-24 盛弘股份 深圳成指 绝对 (30.1) 10.1 (29.9) (44.8) 相对深圳成指 (19.9) 11.4 (17.5) (20.9) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 311.09 | | 流通股 ( 百万 ) | | 253.46 | | 总市值 ( 人民币 百万 ) | | 6,327.48 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 214.04 | | 主要股东 | | | ...

强于大市 房地产 | 证券研究报告 — 行业深度 2024 年 8 月 8 日 住房"以旧换新"政策研究 住房"以旧换新"——一个被低估的方向 核心观点 "以旧换新"购房政策，即购房者可先锁定新房，再由中介进行旧房销售，或者由房企、地方国有平台公司、 第三方直接收购二手旧房，部分城市同时还提供换房补贴。"以旧换新"是属于贯通一二手房市场、买与卖 市场的政策创新，对一二手房联动、新房项目积极去库存、房企和中介公司业务量增加等都有积极的作用。 我们认为"以旧换新"政策实施的背景主要有二：1）去库存。当前广义库存去化周期已处于 15 年 10 月的水 平，15 年"去库存"的主要手段为货币化棚改。而从目前政策来看，"以旧换新"是类似的，可将居民持有的 房产再投入市场，激发置换需求的政策。2）目前热点城市新房二手房都出现了疲弱甚至相互竞争，循环降 价的现象，导致地产循环链条中断。目前市场上存在卖一买一、卖旧买新、卖小买大的改善型和住房升级 需求。据我们的不完全统计，截至 7 月 26 日，全国已有超 80 个城市表态支持住房"以旧换新"。 在政策的实施过程中，各地根据自身情况，探索出了多种模式，主流模式有以下几种：1 ...

机械设备 | 证券研究报告 — 行业策略报告 2024 年 8 月 8 日 强于大市 机械设备行业 2024 下半年展望 下游需求阶段性承压，关注出海、新技术等结构性机会 2024 年以来，机械设备行业各下游需求和投资强度整体承压，我们展望 2024 年下半年， 认为机械设备行业仍然存在结构性机会，建议关注海外出口、需求复苏、以旧换新以及新 技术带来的机会。 支撑评级的要点 工程机械：国内需求逐步筑底，海外出口非洲及拉丁美洲或成未来新看点。根据中国 工程机械工业协会发布数据，2024 年 1-6 月份挖掘机销量 103,213 台，同比下降 5.15%， 其中国内 53,407 台，同比增长 4.66%，已经连续四个月实现同比增长；出口 49,806 台， 同比下降 13.81%，降幅持续收窄。未来，国内市场在地产需求持续偏弱的大背景下， 万亿国债等政策持续加大基建投入，农田水利建设及人工替代需求释放，以及政策推 动的老旧设备更新替代，将为工程机械需求提供支撑，国内需求有望逐步见底；海外 市场依旧具备韧性，但是传统的俄罗斯、北美洲、东南亚等地区增长略显疲势，非洲 和拉丁美洲等其他新兴市场增速较高，且渗透率提升 ...

| --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------| | 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 8 日 \n中银晨会聚焦 -20240808 | | | | | | | 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 | 【 宏观经济 】 1-7 月进出口数据点评 * 陈琦 朱启兵。 出口同比增速延续正增 ...

强于大市 行情回顾： 通信 | 证券研究报告 — 行业周报 2024 年 8 月 7 日 通信板块小幅增长 通信行业相对沪深 300 指数表现 ◼ 24 年第 31 周(0729-0802)通信大板块和通信子板块均表现较好，通信配套 服务上涨 2.34%，终端设备上涨 1.44%，通信运营上涨了 1.08%；通信传 输设备下跌了 1.21%。 ◼ 全周(0729-0802) 建议关注标的组合阶段性表现相对较好，按照算数平均 计算组合周涨幅为 0.81%，跑赢通信（申万）板块指数（0.24%）、创业 板指（-1.28%）、上证指数（0.50%）和沪深 300 指数（-0.73%）。 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 地不及预期。 资料来源：万得，中银证券 注：收盘价截止到 2024 年 8 月 2 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 ...

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