Investment Rating - The report maintains a "Market Perform" rating for the automotive industry [2][41]. Core Insights - The 2024 automotive trade-in subsidy has been announced, which is expected to accelerate the trade-in actions and boost overall automotive sales [10][11]. - The automotive industry experienced a slight decline in sales and production in May, but the new energy vehicle (NEV) sector continues to show rapid growth [8][18]. - The report highlights three main investment themes: "Electrification," "Intelligentization," and "Globalization" [11][41]. Summary by Sections Market Review - From May 15 to June 14, 2024, the automotive industry index declined by 3.85%, underperforming the Shanghai and Shenzhen 300 index, which fell by 2.33% [7][14]. - The static price-to-earnings (P/E) ratio for the automotive sector is 22.83, significantly higher than the 11.84 for the Shanghai and Shenzhen 300 index [16]. Automotive Industry Data Tracking - In May, China's automotive production and sales reached 2.372 million and 2.417 million units, respectively, with a year-on-year increase of 1.7% and 1.5% [8][18]. - NEV production and sales reached 940,000 and 955,000 units, showing a year-on-year growth of 31.9% and 33.3%, with a market share of 39.5% [8][18]. - The report indicates that dealer inventory levels are below the warning line, suggesting a healthy demand environment [29]. Policy and Industry Dynamics - The Ministry of Finance has allocated a total of 11.198 billion yuan for the 2024 automotive trade-in subsidy, with a target of recycling 3.78 million old vehicles [10][37]. - Various government departments are promoting NEV adoption in rural areas and enhancing safety management for NEVs [32][33]. Investment Recommendations - The report suggests focusing on companies benefiting from the electrification trend, such as BYD and Changan Automobile, as well as those involved in intelligent driving technologies [11][41]. - Companies with stable market shares and potential for growth in NEV and overseas markets are also highlighted as investment opportunities [11][41].

| --- | --- | --- | --- | --- | |------------|-------|---------|-------|--------| | | | | | | | 市场数据 | | | | | | 指数名称 | | 收盘 | | 涨跌 % | | 上证指数 | | 2963.10 | | -1.17 | | 深证成指 | | 8924.17 | | -1.55 | | 创业板指 | | 1731.51 | | -1.39 | | 科创 50 | | 739.14 | | -2.54 | | 北证 50 | | 703.35 | | -3.73 | | 沪深 300 | | 3476.81 | | -0.54 | 【债券研究】债券市场综述 【财经要闻】应对南方暴雨灾害，中国保险业已接报案估损 6.19 亿元 【公司跟踪】翰宇药业（300199.SZ）：利拉鲁肽注射液获得美国 FDA 暂 定批准 袁闯 分析师 执业证书编号:S0530520010002 yuanchuang@hnchasing.com 翁伟文 研究助理 wengweiwen@hnchasing.com 一、财信研究观点 ...

策略报告 图 17：非金融企业境内股票融资（亿元） 图 18：融资买入额及占比（亿元、%） 策略报告 策略报告 免责声明 本报告中所指投资及服务可能不适合个别客户，不构成客户私人咨询建议。任何情况下，本报告中的信息或所表 述的意见均不构成对任何人的投资建议。在任何情况下，本公司及本公司员工或者关联机构不承诺投资者一定获 利，不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任。投资者务必注意，其据此作出的任何 投资决策与本公司及本公司员工或者关联机构无关。 财信证券研究发展中心 证券研究报告 此报告 考 请务必阅读正文之后的免责条款部分 内容目录 图表目录 请务必阅读正文之后的免责条款部分 1 A 股行情回顾 表 1：主要股指涨跌幅 策略报告 上周在中国 5 月份经济数据公布、2024 年陆家嘴论坛召开、科创板八条改革措施落 地下，A 股市场继续震荡磨底。从市值风格来看，小微盘股风格与大盘股风格走势接近、 周跌幅相差不大，此前因"退市及 ST 风险担忧"导致的市值风格分化或将告一段落，后 续市值风格走势将更为均衡；从行业风格来看，此前领涨的 TMT 板块走向分化，电子及 通信等"硬科技"方向继续领涨行 ...

证券研究报告 晨会纪要 晨会纪要 2024 年 06 月 21 日 | --- | --- | --- | --- | |------------|-------|---------|--------| | | | | | | 市场数据 | | | | | 指数名称 | | 收盘 | 涨跌 % | | 上证指数 | | 3005.44 | -0.42 | | 深证成指 | | 9068.85 | -1.63 | | 创业板指 | | 1762.70 | -1.44 | | 科创 50 | | 755.15 | 0.46 | | 北证 50 | | 719.90 | -2.62 | | 沪深 300 | | 3503.28 | -0.72 | A 股市场概览 | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 类别 | 总市值 ( 亿元 ) | 流通市 值 ( 亿元 ) | 市盈率 PE | 市净率 PB | | 上证指数 | 568203 ...

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| --- | --- | --- | --- | --- | --- | |-----------------------------------|-----------|-----------------|----------|--------|----------------------------------------------------------------------| | 市场数据 | 2024 年 | 06 月 | 24 日 | | 晨会纪要 晨会纪要 \n晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 2998.14 | -0.24 | | 【市场策略】短期以稳为主，静待政策及经济面变化 | | 深证成指 | | 9064.84 | -0.04 | | | | 创业板指 | | 1755.88 | -0.39 | | 【基金研究】基金数据日跟踪 | | 科创 50 | | 758.37 | 0.43 | | 【债券研究】债券市场综述 | | 北证 50 | | 730.57 | 1.48 | | 二、重要财经资讯 | | 沪 ...

Investment Rating - The industry investment rating is "In line with the market" [1] Core Views - The cosmetics sector showed a significant improvement in May, with a total retail sales of 406 billion yuan, representing a year-on-year growth of 18.7% [9][19] - The skincare category outperformed the color cosmetics category in terms of month-on-month growth, with notable increases in sales across major platforms [21][22] - Domestic brands, particularly Proya, are expected to gain more market share due to their strong growth momentum and competitive pricing [5][9] Market Performance Review - The Shenwan Beauty Care Index fell by 10.02% from May 16 to June 15, ranking 29th among 31 sub-industries [13] - The individual sub-sectors of personal care products, cosmetics, and medical beauty experienced declines of -10.73%, -14.36%, and -7.52% respectively [13] - The overall market underperformed compared to the Shanghai Composite, CSI 300, and ChiNext indices by 7.22 percentage points, 7.69 percentage points, and 7.44 percentage points respectively [13] Industry Information Tracking - In May, the total GMV for skincare and color cosmetics on platforms like Tmall, Douyin, and Kuaishou reached 180.1 billion yuan, 194.15 billion yuan, and 31.8 billion yuan, with month-on-month growth rates of 103.2%, 34.3%, and 53.2% respectively [21][22] - The top three brands in the skincare category on Tmall were Proya, L'Oreal, and Lancôme, while Douyin's top three were Han Shu, Proya, and L'Oreal [25] - The medical beauty sector is expected to continue its growth trajectory, supported by the approval of multiple new products and increasing market penetration [10]

证券研究报告 行业月度点评 家用电器 家电内外销市场并重，寻找相对稳定性标的 2024年 06月19日 2023A 2024E 2025E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 石头科技 15.59 25.98 17.51 23.14 20.95 19.33 买入 评级变动： 维持 海尔智家 1.76 16.83 1.93 15.31 2.13 13.93 买入 萤石网络 0.71 51.56 0.86 42.81 1.01 36.62 买入 行业涨跌幅比较 涛涛车业 2.57 26.23 3.36 20.03 4.12 16.35 买入 家用电器 沪深300 资料来源：同花顺iFind，财信证券 21% 11% 投资要点： 1%  投资建议：1）外销市场展望下半年，补库周期延续下叠加销售旺季， -9% 以及加税预期下的加快出口，预计下半年的出口表现将优于上半年。2） -19% 内销市场家电以旧换新政策引导下，各地方纷纷出台相应补贴政策， 2023-06 2023-09 2023-12 2024-03 2024-06 同时品牌和渠道携手 ...

行业配置及主题跟踪报告 2024 年 06 月 18 日 | --- | --- | --- | --- | |------------|-------|-------|--------| | % | 1M | 3M | 12M | | 上证指数 | -3.41 | -1.27 | -7.86 | | 沪深 300 | -2.86 | -0.95 | -10.78 | 策略报告 证券研究报告 美国 CPI 超预期回落，市场降息预期重燃 上证指数-沪深 300 走势图 -20% -10% 0% 10% 2023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-06 上证指数 沪深300 相关报告 1 大类资产跟踪周报（05.27-05.31）：央行再度 提示长债风险，A 股市场缩量调整 2024-06-04 2 大类资产跟踪周报（05.20-05.24）：美国降息 预期延后，市场风险偏好回调 2024-05-30 3 大类资 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a supply agreement with CATL for 58,600 tons of solid lithium hexafluorophosphate, which is expected to enhance its market share and profitability [4][5] - The current profitability in the electrolyte segment is at a low point, but demand is expected to grow, leading to an improvement in the supply-demand balance [5] - The projected net profits for 2024, 2025, and 2026 are estimated at 1.218 billion, 1.787 billion, and 2.086 billion yuan respectively, with corresponding P/E ratios of 32.33, 22.04, and 18.88 [5][6] Financial Summary - Main revenue for 2022 was 22.317 billion yuan, which is projected to decrease to 15.405 billion yuan in 2023 and stabilize around 15.407 billion yuan in 2024 [6] - The net profit attributable to shareholders decreased from 5.714 billion yuan in 2022 to 1.891 billion yuan in 2023, with a further decline to 1.218 billion yuan expected in 2024 [6] - Earnings per share (EPS) are projected to drop from 2.98 yuan in 2022 to 0.99 yuan in 2023, with a forecast of 0.63 yuan in 2024 [6] Market Position - The agreement with CATL is expected to significantly increase the company's supply to the leading battery manufacturer, enhancing its competitive position in the market [4][5] - The company is anticipated to supply approximately 500 GWh of batteries based on the projected electrolyte production from the signed agreement [5]