1-2 月份，全国规模以上工业增加值同比增长 7.0%，比上年 12 月份加快 0.2 个百分点 1-2 月份，全国房地产开发投资 11842 亿元，同比下降 9.0% 国家发改委消息，本次汽、柴油价格不作调整，未调金额纳入下次调价时累加或冲抵 策略：昨日三大指数走强，北向资金净流入 28.25 亿元。海外方面，2024 年度全球游戏 开发者大会（GDC）与英伟达 GPU 技术大会（GTC）召开，关注会议催化方向。市场方面， 随着上周会证监会进一步加大对上市公司违法行为的监督，市场整体情绪回暖明显，临 近年报预披露期，关注业绩预期改善的方向。 【川财研究】策略点评：两会召开，全年经济增长目标 5%（20240305） 点评 拟连续几年发行超长期特别国债。政府工作报告指出从今年开始拟连续几年发行超长期 特别国债，专项用于国家重大战略实施和重点领域安全能力建设，今年先发行 1 万亿元。 而这也与会议提到的财政政策要适度加力、提质增效相符。这也能够有效为 2024 年经 济"稳增长"打基础。 风险提示：政策不及预期；海外政策收紧超预期；海外黑天鹅事件扰动。 1/6 部门 团队 观点 宏观 国家统计局数据显示，1—2 ...

Investment Rating - The report does not explicitly provide an investment rating for the public utilities industry or coal sector, but it mentions the performance of these sectors in the market [2]. Core Insights - The public utilities sector and coal sector showed varied performance, with coal ranking first among 31 primary industry classifications with a gain of 5.04%, while public utilities ranked 17th with a gain of 1.03% [2]. - In the coal sector, two stocks hit the daily limit up, with the top three performers being Yunmei Energy (10.12%), Pingmei Shares (10.02%), and Xinjie Energy (9.30%) [2]. - The public utilities sector had no stocks hitting the daily limit up or down, with the top three performers being Qianyuan Power (8.05%), Lingda Shares (5.79%), and ST Shengda (4.92%) [2]. Industry News - The Ministry of Industry and Information Technology issued the "Guidelines for the Construction of Carbon Peak and Carbon Neutrality Standard System in the Industrial Field," aiming to establish a preliminary standard system by 2025 and a more comprehensive system by 2030 [3].

川财证券研究报告 先进制造产业链核心数据跟踪 —行业跟踪 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年2月22日 分析师：孙灿 执业证书：S1100517100001 联系方式：suncan@cczq.com 北京：东城区建国门内大街28号民生金融中心A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，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 跟踪点评 今日上证指数上涨 1.27%，沪深 300 上涨 0.86%，中证 1000 上涨 1.54%，创业板综上涨 1.54%，科创 50上涨0.96%，北证50上涨1.04%。申万行业分类中 31个一级行业分类 中，机械设备、国防军工和电力设备分别实现 1.67%、1.38%和0.81%的涨跌幅，分别排 名7、9和22。 机械设备板块中今日有多只股票涨停,无股票跌停。排名前三的股票为安控科技、光智 科技和英特科技，涨跌幅分别为 15.90%、12.18%和 11.88%；排名后三的股票为蓝盾光 电、海川智能和黄河旋风，涨跌幅分别为 ...

川财证券研究报告 光伏行业数据跟踪 —行业跟踪 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年4月9日 联系方式：suncan@cczq.com 分析师：孙灿 执业证书：S1100517100001 北京：东城区建国门内大街28号民生金融中心A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，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 市场行情 截至2024年 4月9日收盘，上证指数上涨 0.05%，深证成指上涨0.58%，创业板指上涨 1.14%，沪深300下跌 0.08%，申万电力设备指数上涨 2.15%，同期申万光伏设备指数上 涨1.56%，跑赢沪深 300 指数1.64个百分点，跑输申万电力设备指数 0.59 个百分点。 今日三大指数早市区间震荡，尾盘拉升最终收红，光伏设备板块全天高位震荡。价格方 面，今日申万光伏设备指数收于 5952.06点，当前市盈率为 12.12；从个股表现来看（以 申万光伏设备57只成分股为样本），今日板块涨多跌少，整体表现较好，仅 3只个股收 ...

| --- | --- | --- | --- | |--------------------------------------------|-----------------------|--------------------------|---------------------------------------------| | 川财证券研究所晨报 \n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 03 月 19 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 | A 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，200120 | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 研究报告 风险提示：政策不及预期；海外政策收紧超预期；海外黑天鹅事件扰动。 总量研究 策略 昨 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into market performance and investment opportunities in the technology manufacturing sector. Core Insights - The Chinese economy is expected to accelerate recovery in Q2 2024, with domestic demand policies gradually taking effect, leading to improved demand growth rates. [3][16] - The report highlights the potential for a new round of commodity price increases driven by improved Chinese demand and ongoing geopolitical tensions, particularly the Russia-Ukraine conflict. [3][16] - The market is anticipated to experience volatility in April 2024, with rapid sector rotation and a focus on new production capabilities and future technologies for investment strategies. [3][17] Summary by Sections 1. Investment Views - In March 2024, the market continued to rebound, with the Shanghai Composite Index maintaining above 3000 points, and April is expected to show a wide range of fluctuations. [3][17] - The report suggests focusing on new production capabilities and future technologies while avoiding high-risk investments. [3][17] - The report identifies key sectors such as non-bank financials, real estate, and coal as underperforming, while sectors like non-ferrous metals and petrochemicals showed strong performance. [3][17] 2. Macroeconomic Conditions - The PMI for March 2024 was reported at 50.80, up from 49.10 in February, indicating improved manufacturing activity. [19] - New export orders rose significantly to 51.30 in March from 46.30 in February, reflecting a recovery in manufacturing operations. [19] 3. A-share Industry Performance - In March 2024, the machinery equipment sector rose by 3.61%, ranking 11th out of 31 sectors, outperforming the Shanghai Composite Index by 2.75 percentage points. [32] - The defense and military industry saw a 4.41% increase, ranking 7th out of 31 sectors, also outperforming the Shanghai Composite Index by 3.55 percentage points. [32] 4. Key Stocks in Machinery Equipment Sector - The top three performing stocks in the machinery equipment sector for March were Jindun Co. (200.00%), Robotec (89.86%), and Jinrong Tianyu (85.07%). [34] - The worst performers included Changfu Co. (-21.87%), Lanke High-tech (-20.94%), and Jiyang Precision (-19.53%). [34] 5. Key Stocks in Defense Industry - The top three performing stocks in the defense industry for March were Zongheng Co. (101.58%), Lihang Technology (65.86%), and Guangqi Technology (50.44%). [36] - The worst performers included Guoguang Electric (-17.07%), Qiyi Er (-16.67%), and Hongyuan Electronics (-8.33%). [36] 6. First Quarter Performance - From January to March 2024, the machinery equipment sector declined by 3.92%, ranking 17th out of 31 sectors, underperforming the Shanghai Composite Index by 6.15 percentage points. [38] - The defense industry also saw a decline of 6.29%, ranking 23rd out of 31 sectors, underperforming the Shanghai Composite Index by 8.52 percentage points. [38]

每日热点 川财观点 国内生产总值增长 5%左右，经济高质量增长更为重要。今年政府工作报告提出，经济增 长预期目标为 5%左右，从数据上看，略低于 2023 年 5.2%的增速。但考虑到 2022 年受 疫情影响，基数相对偏低，今年依旧保持略低于去年的水平发展，已然属于一个不低的 增速。同时，当前经济发展更加注重发展质量和效益，5%的经济增速能够为扎实推进高 质量发展提供有利的环境。 加快发展新质生产力。会议提出"大力推进现代化产业体系建设，加快发展新质生产力"。 具体来看，科技是提升生产效率的关键要素，也是推动企业高质量发展的基础，要以科 技引领创新发展，才能不断塑造发展新动能新优势，促进社会生产力提升。 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 长 5.2%。 每日热点 国家统计局数据显示，1-2 月份，全国规模以上工业增加值同比增长 7.0%，比上年 12 月份加快 0.2 个百分点。从环比看，2 月份，规模以上工业增加值比上月增长 0.56%。 二、川财研究观点 2/6 产业研究 储能 3 月 15 日，安徽亳州市经信局印发《支持先进光伏和新型储能产业 作用，明确独立储 ...

Group 1 - The core viewpoint of the report emphasizes the importance of achieving a GDP growth target of around 5% for the year, which is slightly lower than the previous year's growth of 5.2%. This growth is considered adequate given the low base effect from the pandemic in 2022, and it aligns with the focus on high-quality economic development [61][70]. - The report highlights that from January to February, the industrial added value of large-scale enterprises increased by 7.0% year-on-year, which is an acceleration of 0.2 percentage points compared to December of the previous year [2][10][17]. - Real estate development investment in the same period was 118.42 billion yuan, showing a decline of 9.0% year-on-year, with residential investment dropping by 9.7% [2][17]. Group 2 - The report indicates that the government plans to issue long-term special bonds for several consecutive years, starting with 1 trillion yuan this year, aimed at supporting major national strategies and enhancing key areas of security capability [52][61]. - It stresses the need to accelerate the development of a modern industrial system and new productive forces, with technology being a key factor in improving production efficiency and driving high-quality corporate development [3][52]. - The report notes that the retail sales of consumer goods reached 81,307 billion yuan in January and February, reflecting a year-on-year growth of 5.5%, with non-automotive retail sales increasing by 5.2% [9][10].

川财证券研究报告 先进制造产业链核心数据跟踪 —行业跟踪 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年2月22日 分析师：孙灿 执业证书：S1100517100001 联系方式：suncan@cczq.com 北京：东城区建国门内大街28号民生金融中心A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，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 跟踪点评 今日上证指数上涨 1.27%，沪深 300 上涨 0.86%，中证 1000 上涨 1.54%，创业板综上涨 1.54%，科创 50上涨0.96%，北证50上涨1.04%。申万行业分类中 31个一级行业分类 中，机械设备、国防军工和电力设备分别实现 1.67%、1.38%和0.81%的涨跌幅，分别排 名7、9和22。 机械设备板块中今日有多只股票涨停,无股票跌停。排名前三的股票为安控科技、光智 科技和英特科技，涨跌幅分别为 15.90%、12.18%和 11.88%；排名后三的股票为蓝盾光 电、海川智能和黄河旋风，涨跌幅分别为 ...

Investment Rating - The report does not explicitly state the investment rating for the utility industry, but it provides a framework for categorizing ratings based on expected returns over a six-month period [10]. Core Insights - The utility sector showed a mixed performance today, with no stocks hitting the upper limit and no stocks hitting the lower limit. The top-performing stocks in the utility sector were Qianyuan Electric Power, Lingda Co., and ST Shengda, with gains of 8.05%, 5.79%, and 4.92% respectively [2]. - The coal sector outperformed, with a notable increase of 5.04%, ranking first among the 31 primary industry classifications. The top three stocks in the coal sector were Yunmei Energy, Pingmei Shares, and Xinjie Energy, with increases of 10.12%, 10.02%, and 9.30% respectively [2]. Industry News - The Ministry of Industry and Information Technology issued the "Guidelines for the Construction of Carbon Peak and Carbon Neutrality Standard System in the Industrial Field." By 2025, the aim is to establish a preliminary standard system with over 200 urgently needed standards, focusing on general standards, greenhouse gas accounting, and low-carbon technologies [3].