行业深度 元件 证券研究报告 科技进步与周期回暖交汇，PCB 迎发展机遇 2024 年 07 月 17 日 评级 领先大市 评级变动： 首次 行业涨跌幅比较 元件 沪深300 -35% -25% -15% -5% 5% 15% 2023-07 2023-10 2024-01 2024-04 | --- | --- | --- | --- | |----------|-------|-------|--------| | % | 1M | 3M | 12M | | 元件 | 6.83 | 31.47 | 2.31 | | 沪深 300 | -1.13 | -0.27 | -10.20 | 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 袁鑫 研究助理 yuanxin@hnchasing.com 相关报告 1 电子行业 2024 年 6 月报：半导体设备销售额 高增，国产替代有望提速 2024-07-02 2 电子行业 2024 年 5 月报：台股 FPCB 企业营 收高增，建议关注软板及 HDI 板 2024-05-21 3 电子行业 2024 年 4 月报： ...

证券研究报告 外全局 其根本 초 金市场 2024 年 07 A 27 日 上证借款-上证基金借款大学园 - 基金指数 - - 上证指数 12% 2% -8% 2023-07 2023-10 2024-01 2024-04 - 18% 主兵神矣未見（漢夫情%） # 其名# 上证相关 ✦ 证券会 成為主 无个方会 ft # # # # 貸款法介 ++五�60 -7.46-2.82 -3.03-2.16 -8.49-9.14 -7.92-7.43 0.372.17 1.070.27 对 飞め 快 生 证书简考:90530522070001 liufeit on g@hnchasing.com 外 村 井 相关系令 1 基金行业周援 (20240708-20240712): 落嚴 通尚昆息 (HKD) 格敦晓å产品发行 2024-07- 09 2 基金行业网报(20240701-20240705): 可关 注意奇 基金行业周报（20240729-20240802） : 基金发行降温 设计失点 > 查美新闻查理: 1) 矛凡皮持续举升，多个行业损涤价询。授证券 时报报道，2024 年以未，全原材杆价格上涨积供客关系储 ...

证券研究报告 公司点评 宁德时代(300750.SZ) 电力设备｜ 电池 盈利能力稳定，市场地位继续领先 2024 年 07 月 29 日 评级 买入 | --- | --- | |---------------------|---------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 184.53 | | 52 周价格区间（元） | 140.75-247.14 | | 总市值（百万） | 811711.90 | | 流通市值（百万） | 718717.50 | | 总股本（万股） | 439880.80 | | 流通股（万股） | 389485.50 | 涨跌幅比较 宁德时代 电池 -41% -21% -1% 19% 2023-07 2023-10 2024-01 2024-04 2024-07 % 1M 3M 12M 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 宁德时代 2.50 -4.61 -17.99 电池 -1.66 -11.78 -35.16 1 宁德时代（300750.SZ）深度报告：技术 ...

行业月度点评 电子 证券研究报告 结构性需求支撑 PCB 龙头业绩向好 2024 年 07 月 22 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 电子 沪深300 -31% -21% -11% -1% 9% 2023-07 2023-10 2024-01 2024-04 2024-07 % 1M 3M 12M 电子 0.75 13.21 -8.35 沪深 300 0.55 -0.75 -8.03 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 袁鑫 研究助理 yuanxin@hnchasing.com 相关报告 1 电子行业 2024 年 6 月报：半导体设备销售 额高增，国产替代有望提速 2024-07-02 2 电子行业 2024 年 5 月报：台股 FPCB 企业 营收高增，建议关注软板及 HDI 板 2024-05- 21 3 电子行业 2024 年 4 月报：行业温和复苏， 建议关注高多层 PCB2024-04-25 | --- | --- | --- | --- | --- | --- | --- | --- | |---------- ...

证券研究报告 | --- | --- | --- | --- | --- | --- | |----------------------------------------|-----------|-----------------|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 年 | 07 月 | 29 日 | | | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 2890.90 | 0.14 | | 【市场策略】风格轮动速度较快，短期静待指数企稳 | | 深证成指 | | 8597.17 | 1.45 | | | ...

Group 1 - The A-share market experienced a decline, with the Shanghai Composite Index dropping 3.07% to close at 2890.8 points, marking the first time it fell below 2900 points since February [26][34] - The average daily trading volume in the Shanghai and Shenzhen markets was 6281.26 billion, a decrease of 3.66% from the previous week [26][34] - Defensive sectors such as defense, environmental protection, and electric power equipment showed positive performance, while high-dividend sectors like coal, oil, and banking weakened [34][42] Group 2 - The valuation of the Wande All A Index was reported at a price-to-book ratio of 1.37, which is below the historical 99.4% level over the past decade, indicating a potential "first-level bottom" [34][50] - The relative return rate of the Wande All A Index compared to the yield of the 10-year Chinese government bond was +0.32, surpassing the historical 99.75% level, suggesting a long-term value advantage in the A-share market [34][50] - The industrial profit growth rate for large-scale industrial enterprises in China increased by 3.5% year-on-year in the first half of 2024, indicating a weak recovery trend [45] Group 3 - The report highlights the potential for investment opportunities in sectors aligned with the 20th National Congress reform themes, such as fiscal and financial reforms, state-owned enterprise reforms, and regional coordinated development [50] - High-dividend large-cap blue-chip stocks remain attractive for investment, particularly in sectors like coal, petrochemicals, banking, and power generation, given the weak recovery of the domestic economy [50][62] - The AI industry chain is expected to flourish, driven by increased capital expenditure from overseas tech giants and the gradual establishment of a commercialized AI ecosystem in China [51] Group 4 - The report indicates a shift in market style, with small-cap stocks showing relative strength as the market transitions from high-dividend defensive stocks to sectors like new energy, home appliances, and automotive exports [42][34] - The real estate market showed slight improvement, with key cities like Beijing and Shanghai experiencing a rise in second-hand housing prices, which could signal a broader market recovery [46] - The recent unexpected interest rate cuts by the central bank are expected to support short-term rates and potentially stimulate investment in the capital markets [47][49]

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投资评级系统说明 以报告发布日后的 6－12 个月内，所评股票/行业涨跌幅相对于同期市场指数的涨跌幅度为基准。 | --- | --- | --- | |--------------|----------|---------------------------------------------------------| | | | | | | | | | 类别 | 投资评级 | 评级说明 | | | 买入 | 投资收益率超越沪深 300 指数 15% 以上 | | | 增持 | 投资收益率相对沪深 300 指数变动幅度为 5% － 15% | | 股票投资评级 | 持有 | 投资收益率相对沪深 300 指数变动幅度为 -10% － 5% | | | 卖出 | 投资收益率落后沪深 300 指数 10% 以上 | | | 领先大市 | 行业指数涨跌幅超越沪深 300 指数 5% 以上 | | 行业投资评级 | 同步大市 | 行业指数涨跌幅相对沪深 300 指数变动幅度为 -5% － 5% | | | 落后大市 | 行业指数涨跌幅落后沪深 300 指数 5% 以上 | 免责声明 本公司具有中国证监会核准的证券投资 ...

Investment Rating - The report indicates a positive outlook for the real estate sector, with expectations for continued policy support and potential recovery in core cities [2][10]. Core Insights - The recent Third Plenary Session of the 20th Central Committee emphasized the need to mitigate real estate risks and accelerate the establishment of a new development model for the sector [2][10]. - Local governments are implementing supportive measures, such as Beijing's "old-for-new" housing program and various cities reducing mortgage rates, which are expected to stimulate demand [2][10]. - As of July 21, 2024, the cumulative transaction area of commercial housing in 30 major cities decreased by 35.98% year-on-year, with first-tier cities showing a smaller decline of 29.89% [2][10]. Summary by Sections 1. Weekly Insights - The report highlights a shift towards more proactive real estate policies, with local governments introducing various support measures to boost housing demand [2][10]. - The overall tone of real estate regulation is expected to become more positive, with administrative restrictions likely to ease [2][10]. 2. Policy Dynamics and Key News - National statistics reveal a 19.0% year-on-year decline in new commercial housing sales area for the first half of 2024, with residential sales down by 21.9% [11]. - The Central Committee's decision includes accelerating the establishment of a dual rental and purchase housing system and enhancing local governments' autonomy in real estate market regulation [13]. 3. High-Frequency Data on Housing Market - From July 15 to July 21, 2024, the weekly transaction area of commercial housing in 30 major cities decreased by 11.28% month-on-month and 33.52% year-on-year [15]. - The cumulative transaction area for the year up to July 21 shows a significant decline, with first-tier cities experiencing a smaller drop compared to second and third-tier cities [15]. 4. Land Market Data - The land market is showing signs of cooling, with a 15.90% increase in land supply but a 42.97% decrease in land transaction area from July 15 to July 21, 2024 [32][36]. - The average land price for transactions in 100 major cities has seen fluctuations, with a notable increase in the premium rate for land transactions [37]. 5. Real Estate Development Investment Data - As of June 2024, total real estate development investment reached 52,528.83 billion yuan, reflecting a 10.10% year-on-year decrease, with residential investment down by 10.40% [43].

晨会纪要 【公司跟踪】英诺特（688253.SH）：实控人提议回购 5000 万元-1 亿元公司股份 龙靖宁（S0530523120001） 四、湖南经济动态 公司 7 月 24 发布 2024 年上半年业绩预告。公司上半年实现归属于上市公司股东的净利润 2,500 万元–3,200 万元， 比上年同期增长 37.46%–75.95%；实现扣除非经常性损益后的净利润 2,500 万元–3,200 万元，比上年同期增长 52.94% -95.76%。 业绩增长一方面得益于公司旗下医药工业板块全国销售渠道逐步铺开，工业板块收入持续增长，与公司其他业务 协同效应得到逐步体现；另一方面，随着零售药房门店数量的进一步增加以及并购企业交割完成纳入公司合并财务报 表，公司零售药房业务逐步增长，营收规模和毛利率同比增加，市场占有率得到提升。 风险提示：本次业绩预告相关数据是公司财务部门初步测算的结果，未经注册会计师预审计。 据华声在线消息，7 月 23 日上午，湖南省政府新闻办召开新闻发布会，解读《湖南省加快高等院校科技成果转化 的若干措施》。省科技厅厅长朱皖介绍，高校已成为全省创新驱动发展的重要策源地。"十三五"以来，省内 ...