Investment Rating - The report provides a standard investment rating for the battery and energy storage industry, indicating a cautious outlook due to recent market fluctuations [2]. Core Insights - The report highlights a positive trend in the demand for electric vehicles, with an estimated retail sales of 770,000 units in May, reflecting a year-on-year increase of over 123% from last year's rural sales [7]. - The energy storage sector is experiencing a significant increase in project bidding, with a total scale of 1.18GW/12.38GWh for new projects, marking a substantial week-on-week improvement [10][28]. - The report emphasizes the importance of leading companies in the industry, such as CATL and Shuneng Electric, which are expected to benefit from their strong market positions and technological capabilities [9][12]. Summary by Sections Battery Sector - The domestic retail sales of narrow-sense new energy vehicles are expected to reach approximately 770,000 units in May, with a penetration rate of 46.7%, supported by new product iterations from various manufacturers [7]. - The supply side of the industry is undergoing orderly adjustments, with lithium salt prices experiencing fluctuations and the pricing of cathode materials remaining under pressure due to oversupply [8]. - CATL is projected to ship 480GWh in 2024, with an estimated profit of around 46 billion yuan, while increasing its self-supply ratio of lithium salts [9]. Energy Storage Sector - A total of 16 new bidding projects were added this week, with a total bidding scale of 1.18GW/12.38GWh, indicating a significant increase in market activity [10]. - The first quarter of 2024 saw a year-on-year increase of 160% in domestic energy storage project bidding scale, with a notable rise in the market concentration of leading suppliers [11]. - The average bidding price for energy storage EPC projects this week was 1.26 yuan/Wh, reflecting an 8% decrease from the previous week [10][28].

Investment Rating - The report suggests a focus on four main investment themes within the electronics sector: AI chips, optical modules, cyclical bottoming, and domestic substitution [6][8]. Core Insights - Nvidia's revenue growth has exceeded 200% for three consecutive quarters, driven by strong demand for AI chips, positioning the company as a leader in the industry [6]. - The electronics industry is currently experiencing a bottoming phase with improving supply-demand dynamics and historically low valuations, making it an opportune time for investment [6][8]. - Microsoft's Build 2024 conference introduced new AI solutions, indicating a shift towards comprehensive AI infrastructure and product offerings [7]. Summary by Sections Industry Overview - The electronics sector has shown resilience, with the overall market performance lagging behind the broader indices, indicating potential for recovery [8][25]. - The semiconductor sub-sector has faced challenges, with a decline of 4.28% noted in recent performance metrics [25][32]. Key Company Performances - Nvidia reported a staggering 262% year-over-year revenue increase, reaching $26 billion, with a net profit growth of 620% to $14.88 billion [6][23]. - Microsoft is expanding its AI capabilities through new product launches and partnerships, enhancing its competitive position in the AI landscape [7]. Investment Recommendations - The report recommends focusing on AI-driven innovation sectors, including companies like Cambricon, Haiguang Information, and Longxin Zhongke for computing chips, and various optical device manufacturers [8]. - It also highlights potential in cyclical recovery stocks, particularly in memory and analog chips, as well as companies benefiting from strong overseas demand in the IoT sector [8].

Investment Rating - The report maintains a "Bullish" outlook for the automotive industry, anticipating a rise in the CSI 300 index by 20% or more over the next six months [40]. Core Insights - The China Passenger Car Association (CPCA) forecasts a 33% year-on-year increase in retail sales of new energy vehicles (NEVs) in May, with a penetration rate of 46.7%. For the period from May 1 to May 19, retail sales of passenger cars reached 900,000 units, down 5% year-on-year, while NEV retail sales were 412,000 units, up 26% year-on-year [6][13]. - The launch of the 2024 NEV countryside promotion campaign aims to boost consumption in lower-tier cities, with 99 participating models priced under 300,000 yuan [6][13]. - XPeng Motors reported a significant increase in gross margin and revenue in Q1 2024, with vehicle deliveries of 21,900 units, a 20% increase year-on-year, and total revenue of 6.55 billion yuan, up 62% year-on-year [8][13]. - Xiaomi has raised its annual delivery target for the Xiaomi SU7 to 120,000 units, with plans to expand production capacity and enhance smart driving features [8][14]. Summary by Sections Investment Highlights - The report highlights the expected recovery in retail sales due to government incentives for trade-ins and the launch of the NEV countryside promotion [6][13]. - XPeng's strategic partnerships and new model launches are expected to drive future growth [8][13]. - Xiaomi's expansion plans and increased delivery targets indicate strong market confidence [8][14]. Market Performance - The automotive sector saw a decline of 4.19% this week, ranking 27th among 31 industries. The overall CSI 300 index fell by 2.08% [8][15]. - Specific segments such as passenger vehicles and automotive parts experienced varied performance, with some segments showing resilience while others faced declines [8][15]. Industry Data Tracking - The CPCA reported a total of 900,000 passenger cars sold in early May, with NEVs showing a strong growth trajectory [24]. - The report includes tracking of raw material prices, which are crucial for manufacturing costs in the automotive sector [27][28]. Company Announcements - Recent announcements from companies like RuiMa Precision and LiZhong Group indicate ongoing investments in production capabilities and strategic partnerships [32][33]. Industry Dynamics - Significant collaborations, such as SAIC's partnership with Audi and NIO's agreement with FAW, highlight the industry's focus on innovation and market expansion [33][36].

Investment Rating - The report maintains a "Market Weight" rating for the industry, indicating that the industry index is expected to perform within a range of -10% to 10% relative to the CSI 300 index over the next six months [39]. Core Insights - The report highlights three main catalysts for the stock price of Jiaxin Silk: the introduction of new product lines, expansion of overseas production capacity, and rising prices due to supply constraints [1]. - Jiaxin Silk has established production bases in Jiaxing, Central and Western China, and Southeast Asia, with a total production capacity expected to reach 20 million pieces, of which 30% will be from overseas [1]. - The company reported a revenue of 4.3 billion yuan and a net profit of 170 million yuan in 2023, showing a decline of 0.7% and 8.9% year-on-year, respectively, primarily due to inventory pressures and reduced orders in overseas markets [1]. Summary by Sections Data Tracking - As of May 24, the cotton price index in China was 16,465 yuan/ton, with an import cotton price index of 15,748 yuan/ton, indicating a domestic and foreign cotton price difference of 717 yuan/ton [5][20]. - In April, the retail sales reached 35,699 billion yuan, with a year-on-year increase of 2.3%, while the textile industry PPI decreased by 0.7% [5][20]. - Cumulative revenue for the textile industry in the first three months was 520.2 billion yuan, reflecting a 7% increase year-on-year, with profits rising by 25% [5][20]. Market Performance - The report notes that the overall textile and apparel sector underperformed the CSI 300 index, with the sector index declining by 3.21% compared to a 2.08% drop in the CSI 300 [11]. - Key stocks that performed well included Kanglongda, Zhongyin Fashion, and Jiama Clothing, with increases of 6.1%, 5.1%, and 3.4%, respectively [11]. - The textile and apparel sector's PE ratio stands at 18.21, representing a 57% premium over the CSI 300 [11]. Investment Recommendations - The report suggests focusing on high-growth targets in sportswear and high-end apparel, such as Anta Sports, Bosideng, and Biyinlefen [5][37]. - It also recommends textile manufacturing leaders like Huali Group, Weixing Co., and Xin'ao Co. as potential beneficiaries of market share gains [5][37].

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The food and beverage sector experienced a decline of 2.73% last week, ranking 8th among 31 first-level sectors in the Shenwan classification. The dairy sector performed relatively well, with an increase of 1.84% [5] - The report highlights the positive impact of real estate policies on the demand for liquor, particularly as the Dragon Boat Festival approaches, suggesting a recovery in liquor sales [1][5] - The report emphasizes the importance of high-end liquor and strong regional leaders, recommending stocks such as Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu [1] Summary by Sections 1. Market Performance - The food and beverage sector's performance was flat compared to the CSI 300 index, with notable individual stock movements, including significant gains for companies like Jiaoda Onlly and West China Animal Husbandry [5] - The top five gainers included Jiaoda Onlly (+20.7%), West China Animal Husbandry (+16.9%), and Mogao Co. (+10.9%), while the top five losers included Huangshi Group (-13.6%) and Juewei Food (-9.9%) [5] 2. Liquor Pricing - The report provides updated pricing for major liquor brands, noting a decrease in the price of Feitian Moutai to 2,530 RMB, down 20 RMB week-on-week, while the price of Wuliangye increased slightly to 970 RMB [9][10] - The competitive landscape in the liquor industry is intensifying, with a continued focus on high-end products and regional leaders [1] 3. Consumer Goods and Raw Material Prices - The snack sector shows upward momentum, with companies like Chacha Food focusing on channel expansion and product differentiation [1] - The frozen food sector, represented by Anjui Food, is noted for its stable operations and low valuation, with a projected growth rate exceeding 20% in Q1 2024 [1] - In the dairy sector, the report highlights a downward trend in raw milk prices, with a focus on health-oriented and premium products [1][15] 4. Core Company Dynamics - The report outlines recent corporate actions, including cash dividend distributions by companies like Panda Dairy and Qingdao Beer, indicating a commitment to shareholder returns [29] - It also mentions the strategic initiatives of companies like Anqi Yeast and Laobai Gan Liquor in enhancing their incentive plans and stock performance [29]

Investment Rating - The report maintains a positive outlook on the photovoltaic sector, indicating potential stabilization at the bottom due to dual efforts from supply and demand policies [9][18]. Core Insights - The photovoltaic industry is expected to stabilize as policies from the Ministry of Industry and Information Technology are anticipated to support reasonable competition and address issues of price undercutting [9][18]. - In April, the domestic photovoltaic installed capacity reached 14.37 GW, showing a slight year-on-year decline but a significant month-on-month increase of 59.3% [9][18]. - The wind power sector is projected to maintain growth, with a total of 16.84 GW of new wind power installations from January to April 2024, representing an increase of 18.42% year-on-year [12][21]. Summary by Sections Photovoltaic Sector - Supply-side policies are being discussed to encourage mergers and acquisitions and combat price competition [9][18]. - Demand-side growth is driven by large-scale photovoltaic base construction projects, with international interest from regions like the Middle East [9][18]. - Silicon material prices are declining, with expectations of stabilization in the near future due to supply adjustments [10][19]. - The price of silicon wafers is also decreasing, with production rates expected to drop to 60-61 GW in May [10][19]. - Battery and module prices are under pressure due to high inventory levels and rising costs of raw materials like silver [10][19]. Wind Power Sector - The average bidding price for onshore wind turbine components is around 1995 CNY/kW, with a slight decrease noted [12][21]. - The new wind power installation capacity is expected to reach approximately 89.88 GW for the entire year of 2024, reflecting a year-on-year increase of about 18.42% [12][21]. - Recent developments in offshore wind projects are progressing, with several provinces announcing feasibility studies and project bids [22][23]. - Companies like 大金重工 and 东方电缆 are highlighted as key players benefiting from the growth in offshore wind energy [23].

行 业 研 究 [Table_Reportdate] 2024年05月27日 [table_invest] [李Tabl佳e_N琦ewT“itle] 618”首日预售超26亿，广东省 标配 行 调整医美外科项目 业 ——美容护理行业周报(2024/5/20-2024/5/24) 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 任晓帆 S0630522070001 rxf@longone.com.cn ➢ 市场表现：（1）美容护理板块：本周沪深300指数下跌2.08%，申万美容护理指数下跌 美 [table_stockTrend] 4.07%，行业跑输大盘1.99pcts，涨幅在全部申万一级行业中排倒数第7位。（2）个股方面： 容 14% 本周板块内个股全部下跌，其中跌幅较小前五的个股分别为倍加洁（-0.50%）、百亚股份 护 4% （-0.93%）、珀莱雅（-1.01%）、稳健医疗（-1.62%）、*ST美谷（-1.70%）；本周板块跌幅 理 -6% 较大前五的个股分别为名臣健康（-10.31%）、科思股份（-8.47%）、中顺洁柔（-8.07%）、 -16% 嘉亨家 ...

一般公共预算收支方面：1-4 月，全国一般公共预算收入 80926 亿元，同比下降 2.7%， 扣除去年同期中小微企业缓税入库抬高基数、去年年中出台的减税政策翘尾减收等特殊因 素影响后，可比增长 2%左右。分税收和非税收入看，1-4 月，全国税收收入 66938 亿元， 同比下降 4.9%，扣除特殊因素影响后可比增长 0.5%左右；非税收入 13988 亿元，同比增 长 9.4%。1-4 月，全国一般公共预算支出 89483 亿元，同比增长 3.5%。分中央和地方看， 中央一般公共预算本级支出 11268 亿元，同比增长 10.5%；地方一般公共预算支出 78215 亿元，同比增长 2.6%。 6.国家发改委等四部门发布《关于做好 2024 年降成本重点工作的通知》 证券研究报告 HTTP://WWW.LONGONE.COM.CN 10/16 请务必仔细阅读正文后的所有说明和声明 宏观周报 5 月 23 日，国家发改委等四部门发布《关于做好 2024 年降成本重点工作的通知》，优 化税费优惠政策。落实好研发费用税前加计扣除、科技成果转化税收减免等结构性减税降 费政策，重点支持科技创新和制造业发展，强化企业科技 ...

二、分析师声明： 三、免责声明： 四、资质声明： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 8/8 请务必仔细阅读正文后的所有说明和声明 证券分析师：周啸宇，执业证书编号：S0630519030001；证券分析师：王珏人，执业 证书编号：S0630523100001 塔筒平均中标单价约为 1536 元/kW，回调至市场正常水平。今年以来，陆上风电机组裸机 报价逐步回暖，高于 1000 元/kW 的盈亏平衡点，整机厂商利润空间有望修复。 ➢ 2.光伏电池、组件短期盈利提升，关注各地海风开工进程——新能源电力行业周报 （20240513-20240519） 投资建议：白酒板块建议关注需求稳健的高端酒和景气度较强的区域龙头，贵州茅台、 泸州老窖、山西汾酒、今世缘、古井贡酒、迎驾贡酒等。零食板块建议关注产品成长逻辑强、 渠道增速较快的盐津铺子、甘源食品和劲仔食品。速冻食品板块建议关注产能、渠道优势明 显的安井食品。乳制品板块建议关注产品结构不断升级以及 DTC 渠道渗透率持续提升的新 乳业。 本周（截至 5 月 17 日），陆上风电机组招标约 950MW，开标约 1484.3MW，开标规模 包 ...

晨 会 纪 要 [Table_Reportdate] 2024年05月24日 [table_main] 重点推荐 ➢ 2.2024年新能源汽车下乡活动启动，促进三四线城市、县区等新能源汽车消费——汽车行 业周报（2024/05/13-2024/05/20） ➢ 1.习近平主持召开企业和专家座谈会强调，紧扣推进中国式现代化主题，进一步全面深化 改革 ➢ 3.国家发改委等四部门发布《关于做好2024年降成本重点工作的通知》 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 3. A 股市场评述 证券研究报告 HTTP://WWW.LONGONE.COM.CN 2/8 1.1.假日错月叠加高基数，4 月社零弱复苏——4 月社零报告 证券分析师：姚星辰，执业证书编号：S0630523010001；证券分析师：任晓帆，执业 证书编号：S0630522070001 餐饮增速高于商品零售，体育、娱乐用品类表现亮眼。1）分商品及服务：餐饮、商品 零售增长平稳，商品零售略弱于餐饮。4月社零餐饮服务总额3915亿元，同比上涨4.4%（环 比-2.5pct），在去年高基数下仍保 ...