Equity Research Report Bank of Hangzhou (600926 CH) 1H24 Revenue Growth Expedited, Credit Expanded Steadily Huatai Research Quick Take Rating (Maintain): OVERWEIGHT Target price (RMB): 14.42 12 August 2024 │ China (Mainland) Regional Banks 1H24 revenue growth gathered pace; credit expanded steadily On 25 July, the Bank of Hangzhou posted its preliminary interim results. For 1H24, revenue/attributable net profits rose 5.4/20.1% yoy, with the growth rate changing by +1.9/-1.0pp vs 1Q24. Revenue growth sped up ...

Equity Research Report Horizon Construction Development (9930 HK) Profit Grew Robustly; First-ever Interim Dividend Proposed Huatai Research Interim Results Review Rating (Maintain): BUY Target price (HKD): 2.59 12 August 2024 │ China (Hong Kong) Architectural Design & Services Revenue/attributable NP up 15.9/13.1% yoy in 1H24; maintain BUY In 1H24, Horizon reported revenue/attributable net profit (NP) of RMB4.87/0.27bn (up 15.9/13.1% yoy), sustaining robust growth. We attribute this mainly to continued gro ...

报告行业投资评级 Huatai Research Initiation Rating (Initiate): BUY [1] 报告的核心观点 1) Broadcom 是一家通信半导体和软件巨头,正在乘借人工智能浪潮扩展业务 [2] 2) Broadcom 从网络架构革命中获益,其以太网交换机芯片有望成为人工智能收入的关键增长点 [3][17] 3) Broadcom 凭借技术优势、经验积累和客户关系,在ASIC定制芯片设计服务领域有望实现快速增长 [4][18] 4) Broadcom 的人工智能相关收入有望保持显著增长 [5][19] 行业研报总结 1) 从核心技术和网络演进中获益 - Broadcom 在以太网交换机芯片和定制芯片设计服务方面占据领先地位,有望从人工智能带来的网络架构革命中获益 [7][9][10][11][12][13][14][15][16] - Broadcom 采用开放生态系统,有利于其以太网交换机芯片业务的推广 [17][18][68][69][70] 2) 凭借技术、经验和客户优势,乘ASIC趋势而上 - Broadcom 在ASIC定制芯片设计服务领域具有丰富的产品和工具基础,以及完善的研发体系,有助于加快产品上市并提高研发效率 [71][72][73][74][75][76][77][78][79] 3) VMware有望从企业私有人工智能部署需求中获益 - VMware 通过与NVIDIA等人工智能厂商的合作,为企业提供私有人工智能部署解决方案 [80][81][82][83][84][85][86][87]

Equity Research Report Economics Potential Fed Cuts Opens Up Room for PBoC to Lower Rates 12 August 2024 │ China (Mainland) Quick Take Comment on PBoC's 2Q24 Monetary Policy Execution Report (MPER) Huatai Research Analyst Eva YI SAC No. S0570520100005 SFC No. AMH263 evayi@htsc.com +(852) 3658 6000 Analyst CHANG Huili, PhD SAC No. S0570520110002 SFC No. BJC906 changhuili@htsc.com +(86) 10 6321 1166 Analyst WANG Mingshuo, PhD SAC No. S0570123070085 SFC No. BUP051 wangmingshuo@htsc.com +(86) 10 6321 1166 Concl ...

报告行业投资评级 报告给予行业"OVERWEIGHT"的投资评级,预计行业指数将会跑赢基准指数[27][28]。 报告的核心观点 1) 中国6月社融/新增贷款数据虽然偏弱,但市场已经充分预期了"新常态"下的金融数据表现[2] 2) 内生M1同比或已见底,有望在3季度开始改善,为A股市场带来支撑[3][4] 3) 企业和居民加杠杆意愿仍待改善,但A股市场可能已充分反映了这一点[5][7] 4) 流动性持续注入实体经济,大盘蓝筹业绩稳健的股票表现优异,建议重点配置A50指数[8] 报告分析要点总结 1) 6月社融/新增贷款数据偏弱,但市场已经预期[2] 2) M1同比增速下滑受"存款外流"影响,但压力有所缓解[3] 3) 内生M1同比或在3季度开始改善,为A股带来支撑[4] 4) 企业和居民加杠杆意愿仍待改善,但A股可能已充分反映[5][7] 5) 流动性持续注入实体经济,大盘蓝筹表现优异,建议重点配置A50[8]