Core Insights - The report highlights that China's Consumer Price Index (CPI) rose by 0.3% year-on-year in May, with urban areas increasing by 0.3% and rural areas by 0.4% [12][38] - The Producer Price Index (PPI) showed a month-on-month increase of 0.2%, while the year-on-year decline was 1.4%, indicating a narrowing of the decline compared to the previous month [12][38] - The report notes a significant growth in the photovoltaic industry, with China's crystalline silicon photovoltaic module exports reaching 83.8 GW from January to April, marking a 20% year-on-year increase [12][37] Economic Indicators - The CPI increase was attributed to a 2.0% decrease in food prices and an 0.8% increase in non-food prices, with service prices also rising by 0.8% [12] - The industrial producer purchase prices decreased by 1.7% year-on-year but increased by 0.3% month-on-month [12] Market Performance - The report indicates that the overall market valuation is reasonable, with the Shanghai Composite Index's price-to-earnings ratio (TTM) at 13.56 times, which is at the 23.41% historical percentile [35][37] - The report suggests that the electronic sector performed well, driven by product launches and price adjustments from major companies like Microsoft and Apple [95][98] Investment Recommendations - The report recommends focusing on sectors such as public utilities, electronics, and new productivity technologies, anticipating a moderate increase in the CPI in the second half of the year due to economic recovery and policy support [34][37][98] - It also highlights the potential growth in the robotics sector, particularly in AI and robotics integration, suggesting a focus on companies like Zhongke Chuangda and Estun [50]

本报告由川财证券有限责任公司编制 谨请参阅本页的重要声明 川财证券有限责任公司成立于 1988 年 7 月,前身为经四川省人民政府批准、由四川省财政出资兴办 的四川省川财证券公司,是全国首家由财政国债中介机构整体转制而成的专业证券公司。经过三十余 载的变革与成长,现今公司已发展成为由中国华电集团资本控股有限公司、四川省国有资产经营投资 管理有限责任公司、四川省水电投资经营集团有限公司等资本和实力雄厚的大型企业共同持股的证 券公司。公司一贯秉承诚实守信、专业运作、健康发展的经营理念,矢志服务客户、服务社会,创造 了良好的经济效益和社会效益;目前,公司是中国证券业协会、中国国债协会、上海证券交易所、深 圳证券交易所、中国银行间市场交易商协会会员。 研究所 川财证券研究所目前下设北京、上海、深圳、成都四个办公区域。团队成员主要来自国内一流学府。 致力于为金融机构、企业集团和政府部门提供专业的研究、咨询和调研服务，以及投资综合解决方 案。 本报告由川财证券有限责任公司编制 谨请参阅本页的重要声明 川财证券研究报告 分析师声明 本人具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉尽责的职业态度、专 ...

Group 1 - The report highlights a recovery in the consumer electronics industry, with a focus on the Android ecosystem showing healthy inventory levels and a weak recovery, particularly with Huawei's return impacting market dynamics [4] - The report anticipates that Apple's iPhone inventory for Q2 is expected to be good, with a low base from the previous year, suggesting potential growth [4] - The report suggests monitoring the consumer electronics supply chain, particularly companies like Lens Technology and GoerTek [4] Group 2 - The report notes that the retail sales of new energy vehicles reached 804,000 units in May, representing a year-on-year increase of 38.5% [17] - The report indicates that the overall market valuation is within a reasonable range, with the Shanghai Composite Index's TTM P/E ratio at 13.56 times, which is at the historical 23.41% percentile [67] - The report mentions that the electronic sector performed well, with significant increases in stock prices for electronics, defense, and coal sectors, while real estate and construction materials saw declines [44][15]

Core Insights - The report highlights the need to recognize the new changes in the supply-demand relationship of the real estate market, emphasizing the importance of meeting public expectations for quality housing and ensuring the effective implementation of existing policies [4][6][23]. Market Overview - As of May 31, the Shanghai Composite Index decreased by 0.07%, the CSI 300 Index fell by 0.60%, the Shenzhen Component Index dropped by 0.64%, the ChiNext Index declined by 0.74%, and the SSE 50 Index decreased by 0.49% [44]. - The electronic, defense, and coal sectors showed positive performance with increases of 2.84%, 2.43%, and 2.03% respectively, while the real estate, building materials, and comprehensive sectors experienced declines of -4.72%, -4.62%, and -3.58% respectively [44]. Valuation Analysis - The overall market valuation is considered reasonable, with the Shanghai Composite Index's price-to-earnings ratio (TTM) at 13.56 times, which is at the historical 23.41% percentile, and a price-to-book ratio of 1.24 times, at the historical 1.38% percentile [44]. - The ChiNext Index has a TTM price-to-earnings ratio of 28.72 times, at the historical 4.63% percentile, and a price-to-book ratio of 3.60 times, at the near ten-year 14.03% percentile, indicating a relatively reasonable valuation for A-shares [44]. Capital Flow - Northbound capital saw a net outflow of 56.61 billion yuan this week, with the Shanghai Stock Connect experiencing a net outflow of 18.81 billion yuan and the Shenzhen Stock Connect a net outflow of 37.79 billion yuan [10]. - Year-to-date, the cumulative net inflow of northbound capital reached 830.23 billion yuan [10]. Employment Data - In the U.S., non-farm payrolls increased by 272,000 in June, significantly higher than the previous month's revised figure of 165,000, which has tempered expectations for interest rate cuts [4][29].

| --- | --- | --- | |--------------------------------------------------|-------------------------------------------|-------------------------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 | \n报告类别：其他研究报告 | 川财证券研究报告 \n报告时间： 2024 年 06 月 07 日 | | 分析师：张卓然 | 执业证书： S1100522070001 | 联系方式： zhangzhuoran@cczq.com | | 北京：东城区建国门内大街 28 号民生金融中心 | 座 6 层， 100005 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 楼， | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 国办印发《深化医药卫生体制改革 2024 年重点工作任务》 国家金融监督管 ...

| --- | --- | --- | |---------------------------------------------------------|----------------------------------|-------------------------------------------------| | | | | | 川财证券研究所晨报 所属部门：总量研究部 | 报告类别：其他研究报告 | 报告时间： 2024 年 06 月 06 日 | | 分析师：张卓然 | 执业证书： S1100522070001 | 联系方式： zhangzhuoran@cczq.com | | 北京：东城区建国门内大街 28 号民生金融中心 | 层， 100005 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 楼， 200120 | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 乘联会：初步统计 5 月乘用车市场零售 168.5 万辆 同比下降 3% 策略：昨日三大指数回落，两市成交 6 ...

本报告由川财证券有限责任公司编制 谨请参阅本页的重要声明 分析师声明 重要声明 本报告由川财证券有限责任公司（已具备中国证监会批复的证券投资咨询业务资格）制作。本报告仅供川财证券有 限责任公司（以下简称"本公司"）客户使用。本公司不因接收人收到本报告而视其为客户，与本公司无直接业务 关系的阅读者不是本公司客户，本公司不承担适当性职责。本报告在未经本公司公开披露或者同意披露前，系本公 司机密材料，如非本公司客户接收到本报告，请及时退回并删除，并予以保密。 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的真实性、准确性及完整性不作任何保 证。本报告所载的意见、评估及预测仅为本报告出具日的观点和判断，该等意见、评估及预测无需通知即可随时更 改。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。同时，本报告所指的证券 或投资标的的价格、价值及投资收入可能会波动。本公司不保证本报告所含信息保持在最新状态。对于本公司其他 专业人士（包括但不限于销售人员、交易人员）根据不同假设、研究方法、即时动态信息及市场表现，发表的与本 报告不一致的分析评论或交易观点，本公司没有义务向本报告所有 ...

Core Insights - The report highlights the release of the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" by the State Council, which aims to reduce energy consumption per unit of GDP by approximately 2.5% and carbon dioxide emissions by about 3.9% in 2024 [24][6][3] - It emphasizes the importance of non-fossil energy consumption, targeting a share of 18.9% in 2024 and 20% in 2025, with significant energy savings and carbon reduction goals set for key industries [24][6][3] - The report suggests focusing on sectors such as new productivity, public utilities, and electronics, as well as the ongoing development of 5G technology to enhance digital economic growth [3][9] Market Overview - The Caixin China Manufacturing PMI rose to 51.7 in May, the highest since July 2022, indicating accelerated expansion in manufacturing activities [17][3] - The report notes a mixed performance in the stock market, with the Shanghai Composite Index retreating while the ChiNext Index strengthened [3] Policy and Industry Focus - The action plan outlines nine key tasks, including the reduction of fossil energy consumption and the promotion of non-fossil energy sources, with specific actions for high-energy-consuming industries such as steel, petrochemicals, and construction [6][44] - The report discusses the need for improved energy consumption structure and the enhancement of renewable energy capacity, alongside the encouragement of non-fossil energy consumption [6][51] Future Opportunities - The report indicates potential investment opportunities in low-carbon projects and the energy storage industry, particularly in light of new green energy initiatives [34][30] - It also highlights the upcoming AI Summit by NVIDIA, which will explore AI applications in various sectors, suggesting a growing intersection between AI and industrial digitalization [35]

国家主席习近平：中方愿同阿方构建"五大合作格局"。 川财观点 核心观点 每日热点 工业和信息化部：组织完成了《电动自行车电气安全要求》强制性国家标准第 1 号修改 单（征求意见稿）的编制工作。 研究报告 2024 年一季度 A 股上市公司实现营业收入 16.88 万亿元，较 2023 年一季度同比上涨 0.16%；实现净利润 1.43 万亿元，同比回落 4.74%。 消费端复苏态势良好 风险提示：海外黑天鹅事件导致全球市场大幅波动，进而对国内市场风险传递。 1/6 部门 团队 观点 本报告由川财证券有限责任公司编制 谨请参阅本页的重要声明 每日热点 国家主席习近平在北京钓鱼台国宾馆出席中阿合作论坛第十届部长级会议开幕式并发 表主旨讲话。习近平指出，经过双方共同努力，在首届中阿峰会期间提出的推进中阿务 实合作"八大共同行动"取得重要早期收获。中方愿以此为基础，同阿方构建"五大合 作格局"，推动中阿命运共同体建设跑出加速度。一是更富活力的创新驱动格局。二是 更具规模的投资金融格局。三是更加立体的能源合作格局。四是更为平衡的经贸互惠格 局。五是更广维度的人文交流格局。 商务部、海关总署、中央军委装备发展部：发布 2 ...

Core Insights - The report highlights the release of the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" by the State Council, which aims to reduce energy consumption and carbon emissions per unit of GDP by approximately 2.5% and 3.9% respectively in 2024, and achieve a non-fossil energy consumption ratio of around 18.9% [22][16][10] - By 2025, the non-fossil energy consumption ratio is expected to reach about 20%, with energy savings of approximately 50 million tons of standard coal and a reduction of carbon dioxide emissions by about 130 million tons in key sectors and industries [22][10][16] Industry Analysis - The action plan includes nine key tasks, focusing on reducing fossil energy consumption and enhancing non-fossil energy consumption, particularly in high-energy-consuming sectors such as steel, petrochemicals, non-ferrous metals, building materials, energy efficiency in construction, and transportation [32][22] - The core strategy for reducing fossil energy consumption and promoting non-fossil energy consumption involves optimizing the energy consumption structure, enhancing the capacity for renewable energy absorption, and encouraging the use of non-fossil energy [32][22] - For production tasks, the focus is on controlling capacity and output in high-energy-consuming industries, raising entry barriers for new projects, and upgrading old equipment to improve energy efficiency [32][22] - The consumption tasks emphasize updating old equipment and enhancing the recycling of waste equipment [32][22] Market Trends - The report notes a slight decline in the manufacturing Purchasing Managers' Index (PMI) to 49.5% in May, indicating a decrease of 0.9 percentage points from the previous month, reflecting a slowdown in manufacturing activity [19][6] - The report suggests continued attention to new productive forces, public utilities, and electronics as potential investment directions [6][19]