行 业 研 究 [Table_Reportdate] 2024年06月11日 [table_invest] [ATabIl领e_N域ewT竞itle] 争日趋白热：英特尔新发布 标配 行 Lunar Lake、英伟达Blackwell已投产 业 周 ——电子行业周报2024/6/3-2024/6/9 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 方霁 S0630523060001 fangji@longone.com.cn 电 ➢ 电子板块观点：英特尔新AIPC架构Lunar Lake发布，综合AI算力提升至120TOPS，其 子 [table_stockTrend] 于AIPC赛道的竞争力进一步提升；英伟达Blackwell芯片已投产，Blackwell Ultra AI芯 片将于2025年推出，产品更新加速有望重塑AI竞争格局并助推英伟达再上新高。当前电 子行业供需处于底部平衡回暖阶段，行业估值处于历史低位，建议关注AI芯片及光模 块、周期筑底、国产替代、IOT四大投资主线。 ➢ 英特尔新AIPC架构Lunar Lake发布，综合AI算力提升至120TOPS，其于A ...

Group 1: Gold Reserves and Prices - The People's Bank of China (PBOC) paused its increase in gold reserves, maintaining 72.8 million ounces as of the end of May, ending an 18-month streak of increases[2] - As of May 2024, the PBOC's gold reserves totaled 2,262.45 tons, with a month-on-month increase of 5 tons, reflecting a net increase of 282 tons since November 2022[2] - The recent fluctuations in gold prices were influenced by the European Central Bank's (ECB) interest rate cuts, with London gold prices dropping below $2,300 per ounce on June 7[2] Group 2: U.S. Treasury Yields and Economic Indicators - On June 6, the ECB lowered its key interest rates by 25 basis points, signaling a potential easing cycle among developed economies[3] - The U.S. GDP growth forecast for Q2 2024 was revised down to 1.8% by the Atlanta Fed's GDP Now model, while the ISM manufacturing PMI for May recorded 48.2, indicating a contraction[3] - The 10-year U.S. Treasury yield fell from 4.61% to 4.28% but rebounded to 4.43% following stronger-than-expected non-farm payroll data on June 7[3] Group 3: Foreign Exchange Reserves and Currency Stability - China's foreign exchange reserves stood at $32,320 billion at the end of May, an increase of $312 billion from the previous month, remaining stable since 2015[15] - The ratio of foreign exchange reserves to GDP was 2.5% at the end of 2023, indicating a stable economic environment despite fluctuations in the currency market[15] - The PBOC has shifted its monetary policy tools, increasing the proportion of claims on other deposit-taking institutions from 10% to 40% of total assets from 2015 to 2023[15] Group 4: Commodity Market Trends - Oil prices have experienced volatility, with Brent crude fluctuating around $80 per barrel following OPEC+ announcements of potential production cuts[18] - As of May 31, U.S. commercial crude oil inventories rose to 455.9 million barrels, with production remaining stable at 13.1 million barrels per day, reflecting a year-on-year increase of 700,000 barrels per day[18] - The U.S. rig count decreased to 594, down 6 from the previous week, indicating a tightening supply environment in the oil market[18]

行 业 研 究 [Table_Reportdate] 2024年06月11日 [table_invest] [医Tabl改e_N2ew0Ti2tle4] 年重点任务发布，布局细分领 超配 行 域优质个股 业 ——医药生物行业周报（2024/06/03-2024/06/09） 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 市场表现： 医 证券分析师 药 伍可心 S0630522120001 上周（6.3-6.7）医药生物板块整体下跌2.01%，在申万31个行业中排第8位，跑输沪 生 wkx@longone.com.cn 深300指数1.85个百分点。年初至今，医药生物板块整体下跌15.33%，在申万31个行业中 联系人 物 排第26位，跑输沪深300指数19.50个百分点。当前，医药生物板块PE估值为25.9倍，处于 付婷 历史低位水平，相对于沪深300的估值溢价为122%。子板块中，中药上涨0.13%，其余均 futing@longone.com.cn 下跌，跌幅前三的医药商业、化学制药 ...

行 业 研 究 [Table_Reportdate] 2024年06月11日 [table_invest] [关Tabl注e_N资ewT本itle] 市场改革预期，把握资负改善 超配 行 下的保险配置机遇 业 周 ——非银金融行业周报（20240603-20240609） 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 陶圣禹 S0630523100002 tsy@longone.com.cn 非 ➢ 行情回顾：上周非银指数下跌2.5%，相较沪深300超跌2.3pp，其中券商与保险指数呈现同 银 [table_stockTrend] 步下跌态势，分别为-2.61%和-2.05%。市场数据方面，上周市场股基日均成交额8804亿 23% 金 元，环比上一周增长4.5%，两融余额1.5万亿元，环比上一周降低1.5%；股票质押市值2.5 15% 融 万亿元，环比上一周降低3.6%。 7% -1% ➢ 券商：IPO重启、并购重组加速，关注资本市场相关政策落地。1）政策法规完善方面，上 -8% 周证监会就行政处罚裁量基本规则公开征求意见，统一执法尺度，增强裁量公开性与公正 -16% ...

行 业 研 究 [Table_Reportdate] 2024年06月11日 [table_invest] [硅Tabl料e_N检ewT修itle] 去库加速，关注海风施工进程 标配 行 ——新能源电力行业周报（2024/06/03-2024/06/09） 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn ➢ 市场表现： 证券分析师 王珏人 S0630523100001 电 本周（06/03-06/07）申万光伏设备板块下跌5.82%，跑输沪深300指数5.66个百分点， wjr@longone.com.cn 力 申万风电设备板块下跌5.16%，跑输沪深300指数5个百分点。本周光伏板块涨幅前三个 联系人 设 付天赋 股为迈为股份、晶科能源、阳光电源，跌幅前三个股为爱康科技、亿晶光电、拓日新能。 备 ftfu@longone.com.cn 本周风电板块涨幅前三个股为明阳智能、三一重能、禾望电气，跌幅前三个股为中环海 与 陆、新强联、吉鑫科技。 [table_stockTrend] ...

4.长安汽车（000625）：新能源、出口销量同环比双增，与广汽共谋高质量发展——公司 简评报告 晨会纪要 本周 A 股延续调整。上证综指下跌 1.15%，创业板指下跌 1.33%，科创 50 指数下跌 0.71%。热点方面，出口超预期提速，外需方面继续回暖；海外方面美国公布 5 月 ISM 制造 业 PMI 不及预期，但非农依然较强，美联储降息可能依然遥远，欧元区如期开启降息符合预 期。行业板块上，周初海外英伟达利好科技成长相关板块，此后风格切换较快，周四微盘股 票迎来大跌，整体依然缺乏主线行情，不过集运运价指数的上涨带动航运相关概念板块领涨。 根据 Wind 热门概念指数分类，本周涨幅居前的是航运精选（+5.60%）、绿电（+3.71%）、 电力股精选（+2.37%）、半导体设备（+2.34%）、半导体硅片（+2.04%）、央企（+1.90%）。 行业政策方面：6 月 7 日沪深交易所分别就程序化交易管理实施细则公开征求意见，有利于 维护市场交易的公平秩序。6 月 7 日，发改委分别印发了水泥、合成氨、炼油、钢铁行业的 节能降碳专项行动计划，产能约束下或有利于相关产业链的价格提升。 多数产品基数继续下沉后 ...

行 业 研 究 [Table_Reportdate] 2024年6月11日 [table_invest] [首Tabl批e_N智ewT能itle] 网联汽车准入和上路通行试点 标配 行 名单公布，L3级智能驾驶产业化提速 业 ——汽车行业周报（2024/06/03-2024/06/09） 周 报 [table_main] [证Ta券b分le析_A师u：th ors] 投资要点： 黄涵虚 S0630522060001 hhx@longone.com.cn ➢ 本周汽车板块行情表现：本周沪深300环比下跌0.16%；汽车板块整体下跌2.36%，涨幅在 汽 [table_stockTrend] 31个行业中排第11。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板 车 块分别变动-1.86%、-4.19%、-0.67%。（2）汽车零部件：车身附件及饰件、底盘与发动机 系统、轮胎轮毂、其他汽车零部件、汽车电子电气系统子板块分别变动-1.44%、-4.07%、 -3.29%、-6.84%、-6.31%；（3）汽车服务：汽车经销商、汽车综合服务子板块分别变动- 7.11%、-4.89%。（4）其他交运设备： ...

Group 1: Capital Market Trends - The capital market is experiencing a healthy ecosystem with new policy expectations rising, as indicated by the upcoming announcements from the China Securities Regulatory Commission during the Lujiazui Forum[6] - The new regulations on share buybacks and reductions in illegal selling have been implemented, with a notable case involving a company repurchasing 26,900 shares after a violation[6] - The number of companies under special treatment (ST) has reached 169, slightly lower than previous years, indicating a gradual formation of a market survival of the fittest mechanism[7] Group 2: Export and Real Estate Market - May exports increased by 7.6% year-on-year, surpassing expectations of 6.4%, reflecting a recovery in external demand[8] - The real estate market has shown signs of recovery in key cities following the implementation of new policies, with Shanghai, Shenzhen, and Guangzhou seeing month-on-month increases in new home sales of 27.7%, 7.2%, and 6.4% respectively[9] - The overall transaction volume of residential properties in 30 cities decreased by 14% month-on-month, with first-tier cities showing a slight increase of 0.1%[12] Group 3: Economic Indicators and Monetary Policy - Recent U.S. economic data has shown signs of weakening, with the ISM manufacturing PMI at 48.7, below expectations, indicating a cooling economy[17] - The Federal Reserve is expected to maintain interest rates, with a 70% probability of a rate cut in September due to the economic slowdown[17] - The European Central Bank has also cut rates by 25 basis points, reflecting a broader trend of monetary easing among developed economies[45] Group 4: Market Performance and Investment Insights - The A-share market has continued to decline, with the Shanghai Composite Index dropping by 1.15% and the ChiNext Index by 1.33%[23] - Northbound capital inflows totaled 6.01 billion yuan, while financing balances decreased by 12.14 billion yuan, indicating a cautious investment environment[22] - The shipping sector has shown resilience, with related stocks performing well amid rising shipping rates, suggesting potential investment opportunities in this area[23]

[证券分析师 Table_Authors] 胡少华 S0630516090002 hush@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 联系人 董澄溪 dcx@longone.com.cn Ø 5月美国就业报告好坏参半，政策信号偏鹰。非农就业人数增长27.2万人，超过预期与前 值，但失业率上升也超预期。劳动参与率从62.7%下滑至62.5%，家庭调查统计的劳动力 总数减少了25万人，导致失业率的分母减小。5月失业率的走高在一定程度上是由于有一 部分就业人员退出劳动力市场，而非劳动力需求的恶化。5月时薪增速仍超前值和预期， 意味着劳动力的需求侧依然较为强劲，因此就5月非农就业报告本身包含的信息来说，劳 动力市场总体偏紧。市场解读出的政策信号偏鹰，降息预期下调导致美债收益率曲线向上 平移、美股下跌。 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 法规简评 3/8 非周期性行业对就业增长的贡献仍较大。教育和医疗业增长 8.6 万人，休闲酒店业增 长 4.2 万人，政府就业增长 4. ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The report highlights that Changan Automobile's wholesale sales in May 2024 reached 206,800 units, with a year-on-year increase of 12.03% for the first five months of 2024 [7] - The company is experiencing a recovery in sales due to the easing of market sentiment and the positive impact of new policies, including vehicle replacement subsidies [7] - Changan's overseas sales for May 2024 saw a significant increase of 72.93% year-on-year, indicating a strong performance in international markets [8] - The report emphasizes the company's strategic partnerships and advancements in smart vehicle technology, including the development of L3 autonomous driving capabilities [8] Summary by Sections Sales Performance - In May 2024, Changan's total wholesale sales were 206,800 units, with a month-on-month increase of 3.29% and a year-on-year decrease of 1.59% [7] - Cumulative wholesale sales from January to May 2024 reached 1,109,000 units, reflecting a year-on-year growth of 12.03% [7] - The company's self-owned brand sales in May 2024 were 123,200 units, with a slight month-on-month increase of 1.29% [7] Market Dynamics - The report notes that the overall market sentiment has improved, leading to a recovery in monthly sales, supported by the implementation of vehicle replacement subsidies and the conclusion of the Beijing Auto Show [7] - Changan's overseas sales for May 2024 were 33,300 units, marking a year-on-year increase of 72.93% and a cumulative total of 173,900 units for the first five months, up 80.81% year-on-year [8] New Energy Vehicles - The company's self-owned brand new energy vehicle sales reached 55,000 units in May 2024, with a year-on-year increase of 87.76% [8] - The report highlights the strong performance of the "Qiyuan" and "Deep Blue" brands, with significant month-on-month increases in sales [8] Strategic Initiatives - Changan has become one of the first companies in China to pilot L3-level intelligent connected vehicles, enhancing its competitive edge in smart vehicle technology [8] - The company has signed a strategic cooperation agreement with GAC Group to enhance operational efficiency and resource sharing [8] Financial Projections - The report forecasts the company's net profit for 2024 to be 9.817 billion yuan, with expected earnings per share (EPS) of 0.99 yuan [10] - The projected revenue for 2024 is 188.374 billion yuan, reflecting a year-on-year growth of 25% [10]