证券研究报告 公司点评 宁德时代(300750.SZ) 电力设备｜ 电池 龙头地位稳固，神行 电池引领新潮流 2024年 03月 19日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 3,285.94 4,009 .17 4,201.13 5,072.94 5,978.36 归母净利润(亿元) 307.29 441.21 455.00 564.73 686.29 评级变动 维持 每股收益（元） 6.99 10.03 10.34 12.84 15.60 交易数据 每股净资产（元） 37.39 44.94 54.42 66.18 80.47 当前价格（元） 190.96 P/E 27.34 19.04 18.46 14.88 12.24 52周价格区间（元） 140.75-410.37 P/B 5.11 4.25 3.51 2.89 2.37 总市值（百万） 840040.92 资料来源：iFinD，财信证券 流通市值（百万） 743761.08 总股本（万股） 439904.20 投资要点： 流通股（万股） 389485.30  事件：公司发布 2023年 ...

证券研究报告 行业点评 银行 信贷结构偏弱，非银贷款高增 银行业 2 月金融数据点评 2024年02月19日 2022A 2023E 2024E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 邮储银行 0.94 5.06 1.08 4.41 1.25 3.81 增持 评级变动： 维持 招商银行 5.47 5.69 5.66 5.50 6.24 4.99 买入 行业涨跌幅比较 宁波银行 3.49 6.09 4.22 5.03 5.07 4.19 买入 银行 沪深300 常 熟银行 1.00 6.88 1.25 5.50 1.53 4.50 增持 19% 资料来源：iFinD，财信证券 9% -1% 投资要点： -11%  央行发布2月金融统计数据报告。人民币贷款余额243.96万亿元，同 -21% 比增长10.1%。人民币贷款增加 1.45万亿元，同比少增 3600亿元。人 2023-02 2023-05 2023-08 2023-11 2024-02 民币存款增加9600亿元，同比少增 1.85万亿元。 % 1M 3M 12M  信贷结构偏弱 ...

501069 华宝标普中国A股质量价值指数 2024-03-26(因以通讯方式召开基金份额持有人大会,华宝标普中国A股质量 价值指数将在2023年3月24日当日开市起停牌) 501072 国金红利增强 2024-03-26(因基金份额持有人大会会议计票日为2021年12月7日,国金低波红利于2021年 12月7日开市起停牌) 501086 华宝MSCIESG指数 2024-03-26(因基金份额持有人大会公告计票日为2023年10月10日,华宝MSCIESG指数将于 2023年10月10日开市起停牌) 501106 广发中证10年期国开债(LOF)A 2024-03-26(因基金进入清算程序,广发10年A自2020年5月7日开始停牌) 501309 国泰恒生港股通指数(LOF) 2024-03-26(因基金份额持有人大会计票日为2023年5月24日,国泰恒生港股通指 数(LOF)将于2023年5月24日开市起停牌) 502016 长信一带一路指数 2024-03-26(因持有人大会计票日,长信一带一路于2018年4月19日开市起停牌 ) 502017 带路A 2024-03-26(因持有人大会计票日,长信一带 ...

Investment Rating - The report maintains a "Leading the Market" rating for the industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The battery index increased by 11.08% from February 14 to March 14, outperforming the Shanghai and Shenzhen 300 index, which rose by 5.86% [8]. - The report highlights a recovery in the prices of key raw materials, with lithium carbonate rising to 112,500 CNY/ton, a 14.68% increase from mid-February [10]. - The production of power and other batteries in February was 43.6 GWh, a 33.1% decrease month-on-month, while the year-on-year decline was 3.6% [23]. - New energy vehicle production and sales in February were 464,000 and 477,000 units, respectively, reflecting a year-on-year decrease of 16% and 9.2% [30]. Summary by Sections Market Review - The battery index outperformed the Shanghai and Shenzhen 300 index, with 91 stocks in the battery sector rising and only 12 falling in the past month [8]. - The top five performing stocks in the battery sector saw significant gains, with the highest being Haike Xinyuan at +55.66% [8]. Industry Chain Data Tracking Lithium and Cobalt Salts - Lithium carbonate prices increased by 14.68% to 112,500 CNY/ton, while lithium hydroxide rose by 12.65% to 93,500 CNY/ton [10][12]. - Cobalt sulfate prices rose by 2.36% to 32,500 CNY/ton, and nickel sulfate prices increased by 11.21% to 29,800 CNY/ton [12]. Major Raw Materials - Phosphate lithium prices slightly increased by 1.02% to 43,400 CNY/ton, while ternary material prices showed minor increases [14][15]. - The price of ternary electrolyte decreased by 6.00% to 23,500 CNY/ton, while hexafluorophosphate lithium rose by 5.26% to 70,000 CNY/ton [17]. Investment Recommendations - The report suggests focusing on leading companies in the industry chain such as Ningde Times, Keda Li, and Enjie [34]. - It also recommends monitoring companies involved in new technologies like sodium-ion batteries and composite electrolytes [34].

| --- | --- | --- | --- | |--------------------------|-------|------------------------------------------|-------| | 1 \n指数 | % | 近一周涨跌幅 近一月涨跌幅 今年以来涨跌幅 | | | 道琼斯工业指数 | | -0.93 -0.01 2.74 | | | 纳斯达克指数 | | -1.17 1.84 7.15 | | | 标普 500 | | -0.26 2.52 7.42 | | | 富时 100 | | -0.30 0.85 -0.95 | | | 法国 CAC40 | | 1.18 4.73 6.43 | | | 德国 DAX | | 0.45 5.01 6.34 | | | 日经 225 | | -0.56 7.67 18.60 | | | 恒生指数 | | -1.42 2.99 -4.07 | | | 沪深 300 | | 0.20 5.35 3.32 | | | 上证综指 | | 0.63 6.28 2.39 | | | 印度 SENSEX30 | | 0.51 3.77 ...

Group 1 - The report indicates that the A-share market continues to experience fluctuations, with opportunities outweighing risks, as evidenced by the upward movement of major indices such as the Shanghai Composite Index, which rose by 0.28% to close at 3054.6 points [31][7] - The market is characterized by a rapid rotation of styles, with significant movements observed in market capitalization factors and industry factors, leading to improved investor sentiment and a notable increase in market profitability [31][36] - The report anticipates that the A-share index is likely to continue its upward trend, driven by strong liquidity and market sentiment, despite potential pressures from upcoming earnings reports in mid-April [31][47] Group 2 - The report highlights that the TMT sector is expected to benefit from the ongoing global artificial intelligence wave, which is likely to create new industrial chains and business models, while the technology sector in China is poised for rapid development [47] - The renewable energy sector, including photovoltaic, new energy vehicles, and lithium batteries, is identified as having significant recovery potential, although caution is advised regarding performance risks in areas with excess capacity [47] - The biopharmaceutical sector is projected to see valuation and performance recovery, particularly in innovative drugs, as the market adjusts to previous policy pressures [47] Group 3 - The report notes that the capital market is receiving continuous favorable policies, which are expected to enhance investor sentiment and support the A-share market [45][42] - The report emphasizes the importance of monitoring the real estate market, as recent data indicates ongoing price declines, suggesting that further policy support may be necessary to stimulate sales [39][36] - The report also mentions that the U.S. Federal Reserve's interest rate cut expectations have cooled, which may impact sectors such as innovative drugs and digital currencies, while benefiting precious metals and copper prices [46]

| --- | --- | --- | --- | --- | |------------|-------|---------|-------|--------| | | | | | | | 市场数据 | | | | | | 指数名称 | | 收盘 | | 涨跌 % | | 上证指数 | | 3054.64 | | 0.54 | | 深证成指 | | 9612.75 | | 0.60 | | 创业板指 | | 1884.09 | | 0.06 | | 科创 50 | | 808.67 | | 0.47 | | 北证 50 | | 892.73 | | 3.42 | | 沪深 300 | | 3569.99 | | 0.22 | 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 王与碧 分析师 执业证书编号:S0530522120001 wangyubi@hnchasing.com 2024 年 03 月 18 日 【宏观经济】中国 2 月货币供应量 M2 同比增长 8.7%，增速与上月持平 【宏观经济】国家统计局：2 月各线城市商品住宅销售价格环比降幅总体 收 ...

2024 年 03 月 13 日 涨跌幅比较 -10% 10% 30% 50% 70% 电广传媒 电视广播Ⅱ | --- | --- | --- | --- | --- | |--------------|---------|---------|---------|---------| | -30% 2023-03 | 2023-06 | 2023-09 | 2023-12 | 2024-03 | | % | | 1M | 3M | 12M | | 电广传媒 | | 9.55 | -20.74 | -8.19 | | 电视广播Ⅱ | | 7.77 | -16.69 | -12.70 | 公司点评 电广传媒(000917.SZ) 评级 增持 | --- | --- | |-----------------------|-----------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 5.16 | | 52 周价格区间（元） | 4.04-8.87 | | 总市值（百万） | 7314.60 | | 流通市值（百万） | 7313.11 | | 总股本（万股） | 141755.70 | | ...

【财经要闻】证监会：适度拓宽优质机构资本空间，支持头部机构通过 并购重组、组织创新等方式做优做强 【财经要闻】国家发改委：加快国家人工智能创新应用先导区建设，支 持上海浦东等新区积极打造国际消费中心重要承载地 【重点公司跟踪】中矿资源（002738.SZ）：收购赞比亚 Kitumba 铜矿 65% 股权 【公司跟踪】捷成股份（300182.SZ）：发布AIGC产品智能创作引擎ChatPV 【公司跟踪】百济神州-U（688235.SH）：FDA 批准"替雷利珠单抗"用 于治疗既往接受化疗后晚期或转移性食管鳞状细胞癌患者 证券研究报告 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 【宏观策略类】财信宏观策略&市场资金跟踪周报（3.11-3.15）：市场 震荡上行，机会大于风险 一、重要新闻整理：3 月 15 日，证监会集中发布《关于严把发行上市准入关从源头上提高上市公司质量的意见（试 行）》等四项政策文件。 二、新发行基金情况：本周（20240318-20240322），拟发行基金 6 只。分类型来看，中长期纯债型基金 1只、偏 股混合型基金 1 只、被动指数型基金 3 只、被动指数型债券基金 1 只 ...

Group 1 - The report indicates that the market is experiencing a volatile upward trend, with opportunities outweighing risks [28][50]. - The China Securities Regulatory Commission (CSRC) has announced policies to support high-quality institutions through mergers and acquisitions, and organizational innovation [35][30]. - The report highlights that the A-share market has shown strong buying momentum, with the Shanghai Composite Index rising by 0.28% and the ChiNext Index increasing by 4.25% [50][8]. Group 2 - The report tracks key companies, noting that Ningde Times (300750.SZ) achieved a net profit of 44.1 billion yuan in 2023, a 44% year-on-year increase [4][40]. - Zhongkuang Resources (002738.SZ) has acquired a 65% stake in the Kitumba copper mine in Zambia, indicating strategic expansion in the mining sector [20]. - The report mentions that Deep South Circuit (002916.SZ) faced a 14.81% decline in net profit for 2023, attributed to market demand issues and increased costs [39][19]. Group 3 - The report discusses the macroeconomic environment, noting that social financing increased by 8.06 trillion yuan in the first two months of 2024, the second-highest level for the same period in history [14][35]. - It highlights that the real estate market is still in a low-price phase, with new residential sales prices in major cities continuing to decline [13][34]. - The report emphasizes the importance of the TMT sector, suggesting that the ongoing AI wave will create new business models and opportunities [50]. Group 4 - The report outlines the performance of various sectors, indicating that the automotive, food and beverage, and non-ferrous metals sectors have shown strong growth [8]. - It notes that the government is pushing for significant investments in equipment upgrades across various industries, projecting a 25% increase by 2027 compared to 2023 [50]. - The report suggests that the biopharmaceutical sector is expected to recover as the market adjusts to previous pressures from policy changes [50].