晨会纪要 晨会纪要 | --- | --- | --- | --- | --- | |------------|-------|---------|-------|--------| | | | | | | | 市场数据 | | | | | | 指数名称 | | 收盘 | | 涨跌 % | | 上证指数 | | 3018.05 | | -0.40 | | 深证成指 | | 9219.07 | | -1.07 | | 创业板指 | | 1788.50 | | -1.26 | | 科创 50 | | 751.69 | | -0.69 | | 北证 50 | | 739.26 | | 0.65 | | 沪深 300 | | 3528.75 | | -0.47 | | --- | --- | --- | --- | --- | |------------|-----------------|--------------------|-----------|-----------| | 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 | 569748 ...

证券研究报告 策略点评 央行牵头推进库存去化， 政策利好有望加速落地 房地产市场周报（06.10-06.16） 2024年 06月17日 投资要点  本周观点：端午节假期后，市场活跃度略有提升，但并未出现明显放 上证指数-沪深 300走势图 量。受益于限购限贷等政策的放松，近期一二线城市商品房成交量延 续修复态势，但各能级城市间的分化仍然较大。从政策面来看，根据 上证指数 沪深300 新华社报道，央行已宣布设立额度 3000 亿元的保障性住房再贷款， 10% 未来根据执行情况和需要可调整完善；央行还表示，将借鉴前期试点 0% 经验，着力推动保障性住房再贷款政策落地见效，加快推动存量商品 -10% 房去库存。央行部署表明，政府将加快推进存量商品房去化，且后续 用于收储的资金投放力度可能还将根据市场实际情况进一步加大。另 -20% 2023-06 2023-09 2023-12 2024-03 2024-06 一方面，房地产融资协调机制也在加快落实，如万科近日再获 41 亿 元银行贷款以满足其经营需要，这反映金融支持政策仍在发力。总体 % 1M 3M 12M 来看，“5.17”新政以来中央和各地方落实相关政策的 ...

证券研究报告 行业点评 新能源电池 5 月半固态电池装车量环比增长 30.9% 2024年 06月17日 2023A 2024E 2025E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 领先大市 宁德时代 10.03 18.43 11.25 16.43 13.41 13.79 买入 评级变动： 维持 科达利 4.45 21.43 5.38 17.73 6.48 14.72 买入 中科电气 0.06 153.67 0.47 19.62 0.75 12.29 买入 行业涨跌幅比较 资料来源：iFinD，财信证券 新能源电池 沪深300 9% 投资要点： -1%  事件：6月 14日，中国汽车动力电池产业创新联盟发布 2024年 5月 -11% 动力电池月度信息，5 月我国电池产量同比增长 34.7%，环比增长 -21% -31% 5.7%。 -41% 2023-06 2023-09 2023-12 2024-03  电池产量同比增长 34.7%：5 月，我国动力和其他电池合计产量为 82.7GWh，环比增长 5.7%，同比增长 34.7%。1-5 月，我 ...

证券研究报告 行业点评 银行 企业活期存款下降，信贷结构待改善 银行业 5 月金融数据点评 2024年06月17日 2023A 2024E 2025E 重点股票 评级 评级 同步大市 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 招商银行 5.81 5.82 6.24 5.42 6.57 5.15 买入 评级变动： 维持 宁波银行 3.87 5.91 4.31 5.30 4.72 4.84 买入 行业涨跌幅比较 建设银行 1.35 5.36 1.39 5.28 1.44 5.13 买入 银行 沪深300 资料来源：iFinD，财信证券 20% 10% 投资要点： 0%  央行发布5月金融统计数据报告。人民币贷款余额248.73万亿元，同 -10% 比增长9.3%。5月份人民币贷款增加9500亿元，同比少增 4100亿元。 -20% 人民币存款新增 1.68万亿，同比多增 2200亿元。 2023-06 2023-09 2023-12 2024-03  信贷结构偏弱。居民贷款需求偏弱。5月，住户贷款新增 757亿元， % 1M 3M 12M 同比少增2915亿元。其中，短期贷 ...

Market Overview - The overall A-share market showed a rebound with the Wande All A Index rising by 0.62% to 4360.66 points, while the Shanghai Composite Index increased by 0.48% to 3030.25 points [19] - The technology sector performed well, particularly in consumer electronics and semiconductor industries, with significant activity in the vehicle-road-cloud integration concept [19][48] Industry Dynamics - The National Development and Reform Commission (NDRC) reported that from January to May, the investment in equipment and tools increased by 17.5%, contributing over 50% to total investment growth [55] - The "old-for-new" appliance sales on major e-commerce platforms surged over 80%, becoming a significant driver for household appliance consumption growth [55][27] - The 618 shopping festival and the "old-for-new" policy collectively stimulated a 13% year-on-year increase in retail sales of household appliances in May [58] - The global offshore wind power sector is expected to see accelerated growth, with 10.8 GW of new installations in 2023, marking a 24% increase from the previous year [29][60] Company Updates - Zai Jian Pharmaceutical (688266.SH) received acceptance for its application for the marketing authorization of a recombinant human thyroid-stimulating hormone product, which is the first of its kind for a specific indication in China [35] - Junhe Co., Ltd. (603617.SH) anticipates a net profit increase of 110% to 150% year-on-year for the first half of 2024, driven by recovering demand in overseas markets [36] - Sany Heavy Energy (688349.SH) announced the implementation of its annual equity distribution plan, proposing a cash dividend of 5.90 yuan per 10 shares [37]

图 20: 出口集装箱运价指数（点） 图 21：中国主要港口外贸货物吞吐量当月值（万吨）………………………………………………………… 13 2.2 2024 年 5 月金融统计数据报告 事件：一、广义货币增长 7% 5 月末，广义货币(M2)余额 301.85 万亿元,同比增长 7%。狭义货币(M1)余额 64.68 万 亿元,同比下降 4.2%。流通中货币(M0)余额 11.71 万亿元,同比增长 11.7%。前五个月净投 放现金 3618 亿元。 二、前五个月人民币贷款增加 11.14 万亿元 图 22: 中国猪肉当周平均价（元/公斤） 图 23： 南华工业品指数（点） 图 24: 货币投放量（亿元）. 5 月末，本外币贷款余额 253.31 万亿元，同比增长 8.9%。月末人民币贷款余额 248.73 万亿元，同比增长 9.3%。前五个月人民币贷款增加 11.14 万亿元。分部门看，住户贷款 增加 8891 亿元，其中，短期贷款增加 293 亿元，中长期贷款增加 8598 亿元；企（事） 业单位贷款增加 9.37 万亿元，其中，短期贷款增加 2.44 万亿元，中长期贷款增加 7.11 万 亿元，票据融资 ...

晨会纪要 晨会纪要 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------|-------|-------|---------|-------|-------|-------|-------|-------|--------| | | | | | | | | | | | | 市场数据 | | | | | | | | | | | 指数名称 | | | 收盘 | | | | | | 涨跌 % | | 上证指数 | | | 3015.89 | | | | | | -0.55 | | 深证成指 | | | 9281.25 | | | | | | 0.31 | | 创业板指 | | | 1806.19 | | | | | | 0.83 | | 科创 50 | | | 757.11 | | | | | | 0.38 | | 北证 50 | | | 736.69 | | | | | | -1.11 | | 沪深 300 | | | 3536.20 | | | | | | -0.15 | 一、财信研究观点 【债券研究】债券市场综述 ...

Global Economy and Inflation - The Baltic Dry Index (BDI) reflects global economic conditions, with a recent average value of 1888 points, increasing by 43.40 points from the previous week [26][27] - The economic uncertainty index for the US decreased to 119.55 points, while the European index increased to 270.83 points, indicating mixed economic outlooks [28][30] - The CRB commodity price index averaged 290.16 points, down by 4.82 points, suggesting fluctuating inflation levels [31][32] Domestic Economy and Inflation - China's official manufacturing PMI fell to 49.5%, a decrease of 0.9 percentage points from the previous month, indicating a slowdown in economic momentum [54] - The average price of pork in China was 27.49 yuan per kilogram, up by 1.24 yuan, reflecting stable inflation trends [41][42] Industrial Production - The operating rate of blast furnaces was 82.07%, showing a slight increase of 0.59 percentage points, indicating stable industrial activity [48][49] - The operating rate for rebar steel mills was 42.31%, up by 1.01 percentage points, reflecting ongoing demand in construction [67] Consumption - Essential goods consumption remains stable, with the Keqiao textile price index at 105.19 points, up by 0.61 points [5][98] - Optional goods consumption is weakening, as the average daily sales of passenger cars decreased to 35,200 units, down by 116,200 units from the previous week [80][81] Investment - Real estate investment is showing signs of weakness, with the average daily transaction area for residential properties in 30 major cities at 247,300 square meters, down by 79,900 square meters [82] - Infrastructure investment is strengthening, with excavator sales reaching 8,518 units, an increase of 1,926 units year-on-year [103] Exports - The export container freight index was reported at 1733.47 points, indicating stable growth in exports [7][110] - The foreign trade cargo throughput at major Chinese ports was 44,722.19 million tons, an increase of 3,322 million tons year-on-year [7] Emerging Industries - The semiconductor index has risen, with the Philadelphia Semiconductor Index averaging 5489.88 points, up by 248.85 points [8] - The photovoltaic index has decreased, with the SPI at 14.07 points, down by 0.20 points [8]

策略报告 1 A 股行情回顾 上周（6.10-6.14)股指低开，上证指数下跌 0.61%，收报 3032.6 点，深证成指下跌 0.04%， 收报 9252.25 点，中小 100 上涨 0.88%，创业板指上涨 0.58%；行业板块方面，通信、电 子、计算机涨幅居前；主题概念方面，覆铜板指数、连板指数、光模块(CPO)指数涨幅居 前；沪深两市日均成交额为 7488.38 亿，沪深两市成交额较前一周下降 2.18%，其中沪市 上升 2.32%，深市下降 5.72%；风格上，中小盘股占有相对优势，其中上证 50 下跌 1.25%， 中证 500 上涨 0.08%；汇率方面，美元兑人民币(CFETS)收盘点位为 7.2557，涨幅为0.18%； 商品方面，ICE 轻质低硫原油连续上涨 3.97%，COMEX 黄金上涨 1.01%，南华铁矿石指 数下跌 1.43%，DCE 焦煤上涨 0.67%。 | --- | --- | --- | --- | --- | |----------------------|-----------------|------------|------------|---------- ...

证券研究报告 内容目录 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 | --- | |------------------| | | | | | 1 A 股行情回顾. | | 2 策略点评 | | 3 行业数据 | | 4 市场估值水平 . | | 5 市场资金跟踪 | | 6 风险提示 | 此报告仅供内部客户参考 -2- 1 A 股行情回顾 | --- | --- | --- | --- | --- | |----------------------|-----------------|------------|------------|------------| | 名称 | 周五收盘价 | 当周涨跌幅 | 当月涨跌幅 | 当年涨跌幅 | | 创业板综 | 2,250.19 1.68% | | -2.24% | -11.45% | | 中小板指 | 5,841.79 0.88% | | 0.37% | -2.97% | | 中小板综 | 9,707.85 0.88% | | -1.72% | -8.68% | | 创业板 50 | 1,718.41 0.87% | | -0.37% | -3 ...