Investment Rating - The report does not explicitly state an investment rating for the automotive industry Core Insights - The automotive sector is experiencing a mixed performance, with the overall market showing a decline of 1.44% this week, while the broader market (CSI 300) fell by 2.23% [7][14] - The introduction of the "old-for-new" policy and the upcoming peak sales season (September and October) are expected to boost passenger vehicle consumption [12][28] - Significant growth in the market share of domestic brands, with BYD's DM5.0 model performing well and companies like Chery and Geely benefiting from the electrification transition [12][28] - New energy vehicle (NEV) sales have surpassed 1 million units in a month, with hybrid models driving growth [8][13] Summary by Sections Investment Highlights - The automotive sector's performance this week shows a decline, with specific segments like passenger vehicles and commercial vehicles experiencing varied changes [7][14] - The "old-for-new" policy has led to an increase in registrations and subsidy applications, indicating a potential recovery in passenger vehicle sales [12][28] - Domestic brands have captured a significant market share, with BYD, Chery, and Geely showing notable sales growth [12][28] Market Performance - The automotive sector's overall decline of 1.44% places it 11th among 31 industries, with specific segments like passenger cars and commercial vehicles showing different performance metrics [7][14] - NEV sales reached 1.027 million units in August, marking a year-on-year increase of 43% [8][13] Sales Data Tracking - August retail sales of narrow passenger vehicles were 1.905 million units, down 1% year-on-year but up 11% month-on-month [12][25] - NEV retail sales in August reached 1.027 million units, with a penetration rate of 53.9% [8][13] - The report highlights the performance of major manufacturers, with BYD, Geely, and Chery showing significant sales increases [28] Inventory and Material Prices - The comprehensive inventory coefficient for automotive dealers was reported at 1.16, indicating a decrease in inventory levels [35] - The report includes tracking of raw material prices, which are crucial for production costs in the automotive sector [37] New Model Tracking - The report lists new models launched, including significant entries from Geely and BYD, indicating ongoing innovation in the market [42][43]

Investment Rating - The report indicates a positive outlook for the battery and energy storage sectors, with a focus on key players like Ningde Times and Shangneng Electric [6][7][8]. Core Insights - The battery sector experienced a 2.17% decline in the week of September 9-15, 2024, but outperformed the CSI 300 index by 0.06 percentage points. Major inflows were seen in stocks like Ningde Times and Nord [6][20]. - In August, domestic new energy vehicle sales reached 1.1 million units, marking a year-on-year increase of 30% and a month-on-month increase of 11%. The overall penetration rate for passenger vehicles was approximately 54.4% [7][13]. - The energy storage sector saw a total of 16 new bidding projects and 10 winning projects, with a total scale of 1.44 GW/3.60 GWh for bidding and 0.75 GW/1.85 GWh for winning projects [8][16]. Summary by Sections Battery Sector - **Sales Growth**: In August, new energy vehicle sales were 1.1 million units, with exports reaching 110,000 units, reflecting a 6% month-on-month increase. The forecast for 2024 anticipates total sales of 11.5 million units, a 20% increase year-on-year [7][13]. - **Supply Chain Adjustments**: The supply side is adjusting with stable prices for lithium salts and other materials. The price of industrial-grade lithium carbonate was reported at 70,000 yuan/ton, with a week-on-week increase of 1.45% [14][23]. - **Key Players**: Ningde Times is highlighted as a leading global player, with a conservative shipment forecast of 480 GWh for 2024 and an estimated profit of 46 billion yuan [15][19]. Energy Storage Sector - **Bidding and Winning Projects**: The energy storage market saw a total of 16 bidding projects with a scale of 0.69 GW/1.76 GWh and 10 winning projects totaling 0.75 GW/1.85 GWh. The average winning price for energy storage systems was 0.51 yuan/Wh, showing a slight decrease [8][16][32]. - **Operational Data**: In the first half of 2024, 10.37 GW/24.18 GWh of new electrochemical energy storage stations were added, representing a 40% year-on-year increase. The average utilization rate improved from 34% to 42% [17][18]. - **Key Players**: Shangneng Electric has established a full industry chain layout in energy storage, including upstream inverters and downstream power stations, and is leading in inverter shipments [18][19].

Investment Rating - The report maintains a positive outlook on the photovoltaic and wind power equipment sectors, with specific stock recommendations highlighted for potential investment opportunities [8][19]. Core Insights - The photovoltaic sector is experiencing price stabilization in silicon materials, while module prices remain under pressure due to inventory concerns and market dynamics [9][17]. - The wind power sector shows a steady bidding environment for onshore wind projects, with increasing tender sizes and stable pricing, indicating a resilient market [19][20]. Summary by Sections Photovoltaic Sector - Silicon material prices are stable, with major manufacturers maintaining a price of 42 yuan/kg, leading to a competitive market environment [9][17]. - Silicon wafer prices are also stable, but inventory levels have risen significantly, exceeding 5 billion pieces, which may impact future pricing strategies [9][17]. - Battery cell prices are declining, with production levels for various technologies reported, indicating a challenging market for specialized battery manufacturers [9][17]. - Module prices are under pressure, with new orders priced around 0.65-0.7 yuan/W, reflecting a cautious market outlook for Q4 [9][17]. - Recommended stocks include Dike Co., which leads in TOPCon materials with over 50% market share, indicating strong growth potential [10][18]. Wind Power Sector - Onshore wind project bidding has seen approximately 4451.85 MW tendered, with average bid prices stabilizing, suggesting a healthy competitive landscape [19][20]. - Offshore wind projects are gaining momentum, with recent tenders indicating a recovery in market sentiment and potential for accelerated development [20]. - Recommended stocks include Daikin Heavy Industries, which is positioned well in the offshore equipment sector, and Oriental Cable, which leads in high-end submarine cable technology [21][21]. Market Performance - The photovoltaic equipment sector outperformed the CSI 300 index by 2.27 percentage points, while the wind power equipment sector also showed resilience [23]. - Key stocks in the photovoltaic sector that performed well include ST Zhongli, JinkoSolar, and Zhonglai Co., while the wind power sector saw gains in stocks like Zhenjiang Co. and Tongyu Heavy Industry [23]. Industry Data Tracking - The report includes detailed tracking of price movements in the photovoltaic and wind power sectors, providing insights into market trends and potential investment opportunities [30][34].

行 业 研 究 医 药 生 物 [Table_Reportdate] 2024年09月18日 行 业 周 报 [table_invest] 超配 [Table_NewTitle 医保目录与] 待遇持续优化，行业刚需凸显 ——医药生物行业周报（2024/09/09-2024/09/15） [table_main] 投资要点： ➢ 市场表现： [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn [table_stockTrend] [相关研究 table_product] 1.业绩风险释放，企稳回暖可期—— 医药生物行业2024年中报业绩综述 2.信邦制药（002390）：医疗服务短 期承压，中药饮片快速放量——公司 简评报告 3.华兰生物（002007）：血制品业务 稳健，Q2业绩增长良好——公司简 评报告 上周（9月9日至9月13日）医药生物板块整体下跌2.55%，在申万31个行业中排第20 位，跑 ...

Group 1: Economic Data and Policy Outlook - Economic data for August 2024 was below expectations, indicating significant internal demand pressure, while external constraints have somewhat eased. The need to boost internal demand has become more critical to meet annual growth targets [6][8] - Retail sales in August showed a year-on-year increase of 2.1%, down from 2.7% in the previous month, with service consumption outperforming goods consumption [6][7] - Fixed asset investment growth slightly declined to 3.4% year-on-year in August, with infrastructure investment showing a notable drop [6][7] Group 2: Sector Performance and Investment Trends - Manufacturing investment remains robust, supported by policies for equipment upgrades, although sectors like pharmaceuticals and automotive are experiencing declines [7][8] - Real estate continues to face challenges, with significant year-on-year declines in both development investment and sales area, despite some signs of recovery in construction metrics [7][8] - The industrial value-added growth for August was 4.5%, reflecting a slowdown from 5.1% in the previous month, with high-energy-consuming products showing negative growth [7][8] Group 3: Financial and Market Insights - The central bank's August financial data indicated a stable M2 growth of 6.3%, while new RMB loans decreased significantly, suggesting a tightening credit environment [12][13] - The A-share market has been experiencing a volume contraction, with major indices like the Shanghai Composite Index and the ChiNext Index showing declines [10][14] - Recent government policies, including the launch of delayed retirement reforms and easing foreign investment restrictions, are expected to influence market dynamics positively [12][14]

Economic Data Overview - In August 2024, the total retail sales of consumer goods increased by 2.1% year-on-year, down from 2.7% in the previous month[2] - Fixed asset investment (FAI) grew by 3.4% year-on-year, slightly lower than the previous value of 3.6%[2] - The industrial added value for large-scale enterprises rose by 4.5% year-on-year, down from 5.1% in July[2] Consumer Behavior Insights - Service consumption outperformed goods consumption, with service retail sales growing by 6.9% year-on-year, compared to a 3.9% increase in goods retail sales[2] - The automotive sector saw a significant decline of 7.3%, likely due to price promotions, while home appliances rebounded with a growth of 3.4%[2] Investment Trends - Fixed asset investment showed a slight decline, with a month-on-month seasonally adjusted increase of only 0.16%, below the five-year average of 0.45%[2] - Manufacturing investment remained robust at 8.0%, although infrastructure investment dropped to 6.2%[3] Real Estate Market Challenges - Real estate development investment and sales area both experienced year-on-year declines exceeding 10%[3] - In August, the transaction area of commercial housing in 30 major cities fell by 19.62% year-on-year, indicating ongoing downward pressure despite a low base from the previous year[3] Industrial Production Dynamics - The industrial added value growth was impacted by high-energy-consuming products, which continued to show negative growth, while integrated circuits and smartphones saw increases of 17.8% and 8.9%, respectively[3] - Power generation increased by 5.75%, supporting the growth in public utility production[3] Risk Factors - Potential risks include policy implementation falling short of expectations, continued downturn in the real estate sector, and risks of an economic recession in the United States[3]

Group 1: Domestic Demand and Economic Indicators - Domestic demand remains relatively insufficient, with CPI increases primarily driven by food prices, while PPI shows a significant decline, indicating weak demand, especially in black metal processing[9] - The acceleration in export growth and a decline in import growth reflect a mixed picture of internal and external demand, suggesting a need for further domestic demand expansion policies[9] - Recent data indicates that the effective demand is still lacking, necessitating an increase in total policy measures[2] Group 2: U.S. Monetary Policy and Economic Outlook - The probability of a 25bps rate cut by the Federal Reserve in September is high, driven by disappointing non-farm employment data and declining inflation, with market expectations for a total of 100bps cuts this year possibly being overly optimistic[2][13] - The core CPI's unexpected rise indicates persistent core inflation, particularly in services and housing, which may influence the Fed's rate cut pace[13] - The upcoming U.S. presidential election could impact fiscal deficits and inflation, with both Democratic and Republican outcomes likely to affect the Fed's monetary policy trajectory[15] Group 3: A-Share Market Performance - A-shares have continued to adjust with reduced trading volume, with the Shanghai Composite Index down 4.86% and the ChiNext Index down 2.87% over the past ten trading days[17] - The recent policy changes, including the reduction of foreign investment restrictions in the manufacturing sector, may provide long-term benefits to the capital market[17][24] - The insurance sector is expected to benefit from new regulatory measures aimed at enhancing risk management and promoting high-quality development[24][27]

行 业 研 机 械 设 备 究 [Table_Reportdate] 2024年09月13日 行 业 周 报 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn [table_stockTrend] -34% -27% -20% -14% -7% 0% 7% 23-09 23-12 24-03 24-06 申万行业指数:机械设备(0764) 沪深300 [相关研究 table_product] 1.国茂股份（603915）：需求有待企 稳，经营性回款改善——公司简评报 告 [table_invest] 超配 [Table_NewTitle 自动化设备下游有待企稳，寻找结构性 ] ——机械设备行业周报（20240909-20240913） 机会 [table_main] 投资要点： ➢ 短期看，自动化设备内需市场整体增速放缓。按照申万行业分类，自动化设备为机械设备 下属二级行业，机器人、工控设备、激光设备为三级子行业。根据同花顺测算的行业平均 营收增速，2021年后，自动化设备领域主要子行业成长放缓，其中机器人板块2024H1平 均营收同比下降 ...

| --- | --- | --- | --- | |---------------------------------------------------------------|-------------------------------------|----------------|-------| | | | | | | | | | | | | | | | | | | | | | 证券分析师：杜永宏 执业证书编号： 联系人：付婷 联系方式： | 证券分析师：伍可心 执业证书编号： | S0630522120001 | | 2 核心观点 ● 受多因素扰动上半年业绩承压，下半年业绩有望企稳向好。统计432家医药生物板块上市公司2024H1整体实现营业收入 12287.04亿元，同比下降0.98%；归母净利润1024.87亿元，同比下降8.97%。2023Q1-2024Q2，医药生物行业上市公司营 收同比增速分别为2.10%、5.33%、-3.32%、-1.87%、-0.40%、-1.58%；归母净利润同比增速分别为0.16%、-1.25%、- 4.61%、4.02%、1.66%、-2.42%。受疫情基数 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年09月12日 [晨会纪要 Table_NewTitle] 20240912 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 联系人： 花雨欣 hyx@longone.com.cn [table_main] 重点推荐 ➢ 1.国茂股份（603915）：需求有待企稳，经营性回款改善——公司简评报告 ➢ 2.旺季批价波动，关注需求复苏——食品饮料行业周报（2024/9/2-2024/9/8） 财经要闻 ➢ 1.国务院印发《关于加强监管防范风险推动保险业高质量发展的若干意见》 ➢ 2.美国8月未季调CPI低于预期，核心CPI持平预期 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 正文目录 1. 重点推荐 ............. 3 1.1. 国茂股份（603915 ): 需求有待企稳，经营性回款改善――公司简评报告.. 3 1.2. 旺季批价波动，关注需求复苏――食品饮料行业周报（2024/ ...