Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [1]. Core Insights - The report highlights that the real estate policy adjustments are expected to boost market sentiment and improve housing sales, which will benefit the home furnishing sector. The valuation recovery in this sector is still ongoing, with significant room for improvement [3]. - The report emphasizes the strong growth in motorcycle exports, with a notable increase in both production and sales figures for motorcycles, particularly in the high-displacement segment [7]. Summary by Sections Home Furnishing - Recent adjustments in personal housing loan policies by the central bank are aimed at lowering the threshold for home purchases, which is expected to stimulate market sentiment. The minimum down payment for first-time homebuyers has been adjusted to no less than 15%, and for second homes to no less than 25% [3]. - The report suggests continued investment in the home furnishing sector, particularly in customized furniture and companies closely linked with real estate developers, such as Zhigang Home, Jiangshan Oupai, and Sofia [3]. - The report also identifies opportunities in the soft furnishings sector, with companies like Oupai Home and Gujia Home showing strong growth potential [3]. Paper and Packaging - The report notes a mixed performance in the paper market, with slight price increases in needle pulp and stable prices for unbleached pulp. However, demand remains weak, which may limit price increases [4]. - It recommends focusing on companies with strong dividend yields and stable demand, such as Sun Paper and Huawang Technology, which are well-positioned in the specialty paper segment [4]. Personal Care and Entertainment - The report indicates that domestic brands in the personal care sector are gaining market share, with significant growth in sales through new channels like Douyin and Xiaohongshu. The sales of hygiene products on e-commerce platforms increased by 10% year-on-year [4]. - It suggests investing in companies like Baiya Co., which are experiencing high growth in e-commerce and expanding their national presence [4]. New Tobacco Products - The report highlights the tightening regulations in the new tobacco sector, which are expected to benefit compliant leading companies like Smoore International, as they continue to cultivate new growth points [6]. Exports and Brand Expansion - The report notes a positive trend in exports, with furniture and parts exports returning to positive growth, increasing by 3.5% year-on-year [6]. - It recommends focusing on companies that are effectively leveraging cross-border e-commerce channels, such as Henglin Co., which is expected to maintain high growth in Q2 [6].

Investment Rating - The report maintains an "Outperform" rating for the utility sector [1]. Core Insights - The report highlights a 7.0% year-on-year increase in total electricity consumption in April, indicating robust growth in the utility sector [4]. - The report emphasizes the importance of coal-electricity integration to stabilize profits amid fluctuating coal prices, which constitute 70% of the total costs for coal-fired power companies [5][56]. Summary by Sections Market Review - The report notes mixed performance across sectors, with the Shenwan (2021) utility index declining by 0.9% while the environmental index remained flat [4][25]. - In the utility sector, thermal power saw a significant decline of 2.8%, while the environmental sector, particularly forestry, experienced a notable increase of 6.0% [4]. Industry Dynamics - The report discusses the Sichuan government's initiative to promote large-scale equipment upgrades, aiming for a 25% increase in investment across various sectors by 2027, which is expected to benefit the recycling sector [4]. - In April, total electricity consumption reached 741.2 billion kWh, with significant growth in the primary (10.5%) and tertiary (10.8%) industries [4]. - The National Development and Reform Commission (NDRC) has introduced new rules for the electricity market, incorporating storage and virtual power plants as new operational entities [4]. Investment Recommendations - The report recommends focusing on energy efficiency and recycling sectors, highlighting companies like Yingke Recycling and Beijiete as key investment opportunities [6]. - It suggests monitoring companies involved in coal-electricity integration, such as Anhui Coal Power and Huaneng International, which are transitioning towards greener energy [4][6]. Company Performance - The report lists top-performing stocks in the environmental sector, including Huicheng Environmental and ST Ba'an, while noting declines in stocks like Longyuan Technology and Jiufeng Energy in the utility sector [36][39]. - It provides detailed financial projections for several companies, indicating a positive outlook for firms like Zhongtai Co. and China Tianying, with buy ratings maintained [7].

Investment Rating - The report maintains an "Outperform" rating for the utility sector [2]. Core Insights - The utility sector is expected to benefit from ongoing recovery trends in thermal power and stable performance in water and nuclear energy sectors [3][4]. - The report highlights the importance of ESG (Environmental, Social, and Governance) factors in investment decisions, particularly in the context of climate change adaptation and green finance initiatives [4][11]. Summary by Sections Market Performance - The report notes a 5% decline in the CSI 300 index from September 2023 to January 2024, indicating a challenging market environment for the sector [2]. Related Research - Several reports are referenced, including analyses of the utility sector's annual reports and quarterly updates, emphasizing the recovery in thermal power and the potential for profit recovery in water and gas sectors [3][4]. Policy Dynamics - The report discusses the release of the "China Climate Change Adaptation Progress Report (2023)" by the Ministry of Ecology and Environment, summarizing advancements in climate change adaptation across key sectors [9]. - It also mentions the establishment of a carbon management service platform in Shanghai to enhance carbon data management for industries [10]. ESG Performance - Gree Electric Appliances is highlighted for its strong ESG performance, with a comprehensive score of 69.76, ranking 16th in the home appliance sector [15][24]. - The report details Gree's commitment to energy efficiency, having implemented 335 energy-saving projects in 2023, resulting in significant reductions in electricity and gas consumption [24][25]. ESG Financial Products Tracking - As of May 18, 2024, the total issuance of ESG bonds in China reached 3,985, with a total scale of 6.06 trillion RMB, indicating a growing market for sustainable finance [5][36]. - The report notes that environmental protection products account for the largest share of ESG funds, at 40.52% of the total net asset value of 506.44 billion RMB [32][36]. Expert Opinions - Experts emphasize the critical role of finance in methane reduction efforts within the oil and gas industry, highlighting the need for substantial funding and innovative solutions [40].

[Table_Main] 证券研究报告 | 行业周报 轻工制造 2024年05月19日 轻工制造 周观点：地产政策多箭齐发，家居估值修 复仍未结束，摩托出口增速亮眼 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 毕先磊 资格编号：S0120524030001 家居：地产政策多箭齐发，预期有望扭转，板块估值虽有修复，但仍有明显空  邮箱：bixl3＠tebon.com.cn 间，继续推荐布局家居板块。5月 17日，央行、国家金融监督管理总局发布《关 于调整个人住房贷款最低首付款比例政策的通知》，对于贷款购买商品住房的居民 研究助理 家庭，首套住房商业性个人住房贷款最低首付款比例调整为不低于 15%，二套住 房商业性个人住房贷款最低首付款比例调整为不低于 25%，有利于降低购房门 槛，提振市场情绪。同日，央行发布《关于下调个人住房公积金贷款利率的通知》 《关于调整商业性个人住房贷款利率政策的通知》，宣布取消全国层面首套住房和 市场表现 二套住房商业性个人住房贷款利率政策下限，同时，自 2024年 5月 18日起，下 轻工制造 沪深300 调个人住房公积金贷款利率 0.25 ...

[Table_Main] 证券研究报告 |行业周报 传媒 2024年05月19日 传媒互联网行业周报：《歌手 传媒 2024》和《庆余年 2》爆火，持 优于大市（维持） 证券分析师 续看好恒生科技投资机会 马笑 资格编号：S0120522100002 [Table_Summary] 投资要点： 邮箱：maxiao＠tebon.com.cn 投资组合：腾讯控股、网易、恺英网络、上海电影、三七互娱、神州泰岳、吉比特、  姚记科技、汤姆猫、快手、芒果超媒、皖新传媒、百度集团、美团、分众传媒等。 研究助理  投资主题：游戏，AI和VR，教育，短剧，影视动漫，广告，数据要素等。 王梅卿  受益标的：港股海外公司阿里巴巴-SW、京东集团-SW、拼多多、爱奇艺、移卡、 邮箱：wangmq＠tebon.com.cn 阅文集团、美图公司、哔哩哔哩-W、猫眼娱乐、泡泡玛特、云音乐、祖龙娱乐、中 手游、心动公司、东方甄选、巨星传奇等；A股主要有慈文传媒、掌阅科技、三人 市场表现 行、万达电影、浙数文化、电广传媒，南方传媒，中文传媒、电魂网络、冰川网络、 中文在线、昆仑万维、万兴科技、游族网络、力盛体育、遥望科技、东方时尚、浙 ...

[Table_Main] 证券研究报告|行业周报 建筑材料 2024年05月19日 建筑材料 周观点：建材或迎极佳修复窗口期 中性（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 闫广 资格编号：S0120521060002 周观点：本周多部门联合出台一系列地产刺激政策，降低首付比例（首套 15%， 邮箱：yanguang＠tebon.com.cn 二套25%）、取消商贷利率下限、降低公积金贷款利率（下调0.25个百分点），地 王逸枫 产首付及利率政策迎来最宽松阶段；同时央行设立3000亿再贷款支持政府收购已 资格编号：S0120524010004 建未售商品房，加快地产行业去库存。前期多地取消或放松地产限购政策后，中 邮箱：wangyf6＠tebon.com.cn 央层面再出强力政策组合拳，地产基本面或加速触底企稳；我们认为，建材板块 将迎来极佳修复窗口期，地产及地产链经过长期的调整，龙头企业经营风险大幅 研究助理 释放、估值也回落至历史底部位置，当前随着政策刺激力度增大，板块赔率大幅 提升，从政策驱动到基本面拐点的过程，B 端企业有望率先受益于地产政策放松 带来的高弹性，重点优先 ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024年05月19日 4 月全社会用电量同比+7.0%，三产用 公用事业 电量维持快速增长 优于大市（维持） 环保与公用事业周报 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn  行情回顾：本周各板块涨跌不一，申万(2021)公用事业行业指数下跌 0.9%，环保 行业指数上涨 0%。公用事业板块中热电跌幅较大，下跌 2.8%，环保板块中园林 研究助理 涨幅较大，上涨6.0%。 刘正  行业动态 邮箱：liuzheng3＠tebon.com.cn 环保： （1）四川印发设备更新方案，再生资源板块迎发展良机。四川省政府印发《四 市场表现 川省推动大规模设备更新和消费品以旧换新实施方案》。目标到2027年，全省工 公用事业 沪深300 业、农业、建筑、交通、教育、文旅、医疗等领域设备投资规模较 2023 年增长 9% 25%以上。重点行业主要用能设备能效基本达到节能水平，环保绩效达到 A 级水 0% 平的产能比例大幅提升，规模以上工业企业 ...

[Table_Main] 证券研究报告 | 行业周报 煤炭开采 2024年05月19日 煤炭周报：地产新政出台，需求 煤炭 预期改善 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃  供给延续回落，建材需求边际改善。4 月行业生产数据出炉：1）4 月份，全国原 资格编号：s0120523050002 煤产量3.72亿吨，同比-2.9%，增速较 3月扩大 0.6PCT，环比-6.9%；日均产量 邮箱：zhaikun＠tebon.com.cn 1239 万吨，环比下降 49 万吨；国内煤炭进口量 0.45 亿吨,环比+9.4%,同比 薛磊 +11.2%；供给合计 4.17 亿吨,环比-5.4%。2）4月份，全社会发电量6901亿千瓦 资格编号：S0120524020001 时，同比+3.1%，其中火电发电量 4579亿千瓦时，环比-12%，同比+1.3%；4月 邮箱：xuelei＠tebon.com.cn 水电发电量 835 亿千瓦时，环比+17.3%，同比+21%，火电出现季节性回落，水 电替代效应增强。3）4 月国内水泥产量1.74万吨，同比-8.6%，环比+12. ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024年05月18日 公用事业 ESG 周报：生态环境部发布《中国适 应气候变化进展报告（2023）》 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 郭雪 资格编号：S0120522120001  热点聚焦： 邮箱：guoxue＠tebon.com.cn  国内：生态环境部发布《中国适应气候变化进展报告（2023）》。报告从适应气候 研究助理 变化政策体系、气候变化监测预警和风险管理、自然生态系统、经济社会系统、区 域格局和保障机制建设等六方面全面总结了《国家适应气候变化战略 2035》印发 卢璇 以来，我国各重点领域在适应气候变化行动中取得的进展与成效。 邮箱：luxuan＠tebon.com.cn 刘正  国外：ESMA宣布发布其在投资基金名称中使用ESG和可持续发展相关术语的最 邮箱：liuzheng3＠tebon.com.cn 终指南。欧盟市场监管机构欧洲证券和市场管理局（ESMA）在5月14日宣布发 布其在投资基金名称中使用ESG和可持续发展相关术语的最终指南，包括可持续 市场表现 投资基金 ...

[Table_Main] 证券研究报告 | 行业周报 汽车 2024年05月18日 4 月重卡销量同比-1%，零跑国际 汽车 合资公司成立 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 邓健全 资格编号：S0120523100001  行业重点新闻。（1）白宫正式宣布对华电动车加征关税至102.5%。当地时间5月 邮箱：dengjq＠tebon.com.cn 14 日，美国白宫宣布，将对包括电动汽车、电脑芯片、医疗用品在内的一系列中 赵悦媛 国商品加征关税。新措施将影响价值 180 亿美元自中国进口的商品，包括钢铁和 资格编号：S0120523100002 铝材、半导体、电池、关键矿物、太阳能电池和起重机等。根据白宫官网，针对中 邮箱：zhaoyy5＠tebon.com.cn 国电动汽车的关税将从目前的25%提升至100%，另征收2.5%特别关税。（2）零 赵启政 跑国际合资公司正式成立，将自2024年9月起于欧洲9国开始电动汽车销售，随 资格编号：S0120523120002 后将拓展至全球其它主要市场。零跑国际是Stellantis集团与零跑汽车按51%：49% 邮 ...