[Table_Page] 投资策略月报|煤炭开采 证券研究报告 [煤Table_炭Title] 行业月报（2024 年 5 月） [Table_G行rade] 业评级 买入 前次评级 买入 需求季节性增长，供给仍受制约，煤价有望企稳回升 报告日期 2024-06-19 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 煤炭板块回顾：5月涨幅突出，24年行业涨幅排名3/30。根据Wind， 40% 5月煤炭（中信）板块上涨6.3%，跑赢沪深300指数7.0pct。年初以 28% 16% 来累计涨幅15.2%，跑赢沪深300指数12.1pct，排名中信各行业指数 4% 3/30。目前板块PE（TTM）12.6倍，而PB（最新报告期）1.65倍， -8%06/23 08/23 11/23 01/24 04/24 06/24 估值整体处于历史中高位置，但相对其他板块仍低估。 -20% ⚫ 煤炭市场回顾：5月需求增速回落，供给和补库支撑煤价。（1）国内煤 煤炭开采 沪深300 价：动力煤和焦煤价格在4-5月上涨后，6月以来有所回落；（2）国际 煤价：5月以来，澳洲高卡动力煤 ...

Investment Rating - The report recommends a "Buy" rating for the low-altitude economy sector, highlighting the potential for significant growth and investment opportunities in this emerging market [3]. Core Insights - The low-altitude economy is identified as a trillion-yuan blue ocean market, with a current scale exceeding 500 billion yuan in 2023 and projected to reach 2 trillion yuan by 2030 [2][14]. - The industry is characterized by a strong domestic manufacturing logic, particularly in the eVTOL (electric Vertical Take-Off and Landing) segment, which is expected to replace traditional helicopters [15][19]. - The development of the low-altitude economy is still in its early stages, with key drivers being policy support and infrastructure improvement [2][30]. Summary by Sections 1. Low-altitude Economy: A Trillion-Yuan Blue Ocean Market - The low-altitude economy encompasses activities within a vertical height of 1,000 meters, with significant potential for growth in manufacturing, infrastructure investment, and low-altitude service operations [10][12]. - The industry is currently dominated by low-altitude aircraft manufacturing and operational services, contributing nearly 55% to the economic scale [11]. 2. Key Driving Factors: Policy Support and Infrastructure Development - Since 2023, central government policies have increasingly focused on the low-altitude economy, with over 60 relevant policies issued by various departments [31][34]. - Infrastructure development is crucial, with a focus on communication, navigation, and monitoring systems to ensure safe operations [35][36]. 3. Development Path: Overcoming Current Challenges - The industry faces challenges such as small scale, limited application scenarios, and underdeveloped infrastructure, but these are expected to improve with ongoing policy and infrastructure enhancements [3][30]. - The establishment of government-led funds and the integration of manufacturing and financing are anticipated to accelerate industry growth [3]. 4. Investment Recommendations - The report suggests focusing on companies like Zhongxin Haizhi, Shenzhen Airport, Huaxia Airlines, and SF Holding, which are well-positioned to benefit from the growth of the low-altitude economy [3]. 5. Financial Analysis of Key Companies - Shenzhen Airport (000089.SZ) has a current price of 6.63 CNY with a target value of 8.23 CNY, rated as "Hold" [4]. - SF Holding (002352.SZ) is currently priced at 36.13 CNY with a target value of 39.80 CNY, also rated as "Hold" [4].

Investment Rating - The report assigns a "Buy" rating for Tianfu Energy [2]. Core Views - Tianfu Energy is positioned as the largest integrated power and network platform in the Xinjiang Production and Construction Corps, with asset integration solidifying its core position [54][84]. - The company has seen significant improvement in its business scale and profitability, with a notable recovery in 2023, achieving a net profit of 431 million yuan, a year-on-year increase of 630 million yuan [84]. - The company benefits from its integrated power generation, transmission, and distribution model, which is expected to reduce reliance on high-cost purchased electricity [68]. Summary by Sections 1. Asset Integration and Business Expansion - Tianfu Energy is the largest independent local power grid in the Xinjiang Production and Construction Corps, providing comprehensive energy services in the Shihezi area [54]. - The company has undergone an asset restructuring, with the controlling shareholder changing to China New Power Group, which aims to integrate power resources and develop renewable energy projects [56][81]. - The company’s main businesses, including electricity, heat, water, and natural gas, hold a natural monopoly in the Shihezi region, with plans for significant industrial growth in the area [54][56]. 2. Advantages of Integrated Power Generation and Distribution - The company has seen a substantial increase in revenue due to the implementation of a dual pricing policy for electricity in 2023, alongside a decrease in coal prices and reduced purchased electricity [84]. - The company maintains strategic partnerships with multiple coal suppliers, enhancing its operational efficiency and cost management [61][68]. - The development of renewable energy projects is expected to stabilize downstream demand and further enhance profitability [68]. 3. Expansion in Natural Gas Market and New Materials Industry - Tianfu Energy is actively expanding its natural gas market presence and has made acquisitions to enhance its position in the silicon carbide new materials industry [84]. - The company has acquired a 51% stake in Xinjiang Yunrun Energy, which holds a pipeline franchise in the region, contributing to increased gas supply [61]. 4. Profit Forecast and Investment Recommendations - The report forecasts net profits for Tianfu Energy to reach 627 million yuan, 757 million yuan, and 858 million yuan from 2024 to 2026, respectively [84]. - The company is expected to benefit from its integrated platform and resource consolidation, with a target price of 7.36 yuan per share based on a 1.3x price-to-book ratio for 2024 [84].

[Table_Page] 行业专题研究|医药生物 2024年6月17日 证券研究报告 [ 2Tab 0le_ 2Title 4] ASCO 国内药企重点研究总结报告 中国之声唱响国际舞台，多领域百花齐放 分析[T师ab：l 李安飞 分析师： 罗佳荣 e_Author] SAC 执证号：S0260520100005 SAC 执证号：S0260516090004 SFC CE.no: BOR756 021-38003669 021-38003671 lianfei@gf.com.cn luojiarong@gf.com.cn 请 注意，李安飞并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 核心观点： ⚫ 国内药企入选ASCO口头报告数量创新高。美国临床肿瘤学会（ASCO）年会是全球肿瘤领域最权威的学术交 流盛会，越来越多的中国药企亮相 ASCO 年会，从大会入选口头报告的数量看，今年共有超 50 项研究入选口 头报告，较2023年翻番，体现出国内药企整体的新药研发能力正逐渐被全球认可。从药物类型看，涉及ADC、 双抗、单抗、小分子等多种药物类型，我们按药物 ...

[Table_Page] 跟踪分析|银行 证券研究报告 银[Ta行ble_Ti资tle] 负跟踪 20240616 [Table_行Grade] 业评级 买入 前次评级 买入 6 月信贷可能仍偏弱 报告日期 2024-06-16 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 本期：2024/6/10~6/16，上期：2024/6/3~6/9，下期：2024/6/17~6/23， 14% 本文数据来源：Wind。 7% ⚫ 央行动态：本期央行公开市场共开展 80 亿元 7 天逆回购操作，利率 0% 06/23 08/23 11/23 01/24 04/24 06/24 -6% 1.80%，逆回购到期100亿元，整体实现净回笼20亿元。下期央行公 -13% 开市场将有 80 亿元逆回购到期，另外，下周一有 2370 亿元 MLF 到 -20% 期。本期央行公开市场逆回购保持净回笼，余额回落至80亿元，下期 银行 沪深300 进入 6 月税期，预计资金面有所扰动，但银行间流动性整体充裕，公 开市场余额维持低位。 [分Ta析ble师_A：uth or]倪 军 ⚫ 政府 ...

[Table_Page] 跟踪分析|银行 证券研究报告 [ 2Tab 0le_T 2itle 4] 年 5 月金融数据点评 [Table_G行rade] 业评级 买入 前次评级 买入 如何理解 M1 与 M0 增速明显分化？ 报告日期 2024-06-16 核心[T观able点_Sum：mar y] [相Tab对le_P市icQ场uote表] 现 ⚫ 6月14日，央行公布24年5月金融数据，点评如下： 14% ⚫ 5月信贷增速回落，但得益于政府债多增，社融增速略有回升。货币方 7% 面，由于政府债发行后未及时支出，财政存款多增，居民企业存款向广 0% 06/23 08/23 11/23 01/24 03/24 06/24 义基金迁徙，银行类债券融资高增，M2增速继续下行，下行幅度小于 -6% -13% 4月，主要得益于非银体系未继续明显降杠杆，非银存款多增。 -20% ⚫ 本期数据市场关注较高点在于M1增速明显下滑。5月M1增速-4.2%， 银行 沪深300 M1包含流动中现金（M0）和单位活期存款，5月M0增速11.7%，单 位活期存款增速-7.1%，显示 M1 增速的下行主要是单位活期增速下 [分Ta析b ...

[Table_Page] 跟踪分析|商贸零售 证券研究报告 [批Table_零Title] 社服行业 [Table_G行rade] 业评级 买入 前次评级 买入 5 月社零温和增长，化妆品表现亮眼 报告日期 2024-06-17 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 2024年5月社零同比增长3.7%。据国家统计局数据，2024年5月我 4% 国社零总额3.92万亿元/YOY+3.7%，增速较4月增长1.4pct。其中， -4%06/23 08/23 11/23 01/24 04/24 06/24 -11% 除汽车以外的消费品零售总额3.53万亿元/YOY+4.7%。分地区看，乡 -19% 村社零增速略高于城镇，5月城镇社零总额3.41万亿元/YOY+3.7%， -26% 乡村社零总额0.51万亿元/YOY+4.1%。分类型看，5月商品零售3.49 -34% 万亿元/YOY+3.6%，餐饮收入4274亿元/YOY+5.0%，增速较4月分 商贸零售 沪深300 别增长1.6pct、0.6pct。 ⚫ 分品类看，化妆品表现亮眼，珠宝高基数下有所下滑。粮油食 ...

[Table_Page] 投资策略周报|纺织服饰 证券研究报告 [纺Table_织Title] 服饰行业 [Table_行Grade] 业评级 买入 前次评级 买入 纺织服装与轻工行业数据周报 6.10-6.16 报告日期 2024-06-16 核心[T 观able 点_Su ：mmary] [相Tab对le_市Pic场Quo表te] 现 ⚫ 纺织服装行业周观点。纺织制造板块，一方面建议关注色织布龙头鲁 10% 4% 泰 A，短期业绩困境反转，估值低，且近年连续回购注销 B 股，长期 -2%06/23 08/23 11/23 01/24 03/24 06/24 有望受益供求格局积极变化，供应端海外品牌供应链多地布局，需求端 -8% 下游品牌客户经典风格回归，另一方面建议关注毛纺龙头新澳股份、色 -14% 纺纱龙头百隆东方，去年业绩基数前高后低，今年业绩有望前低后高， -20% 纺织服饰 沪深300 加速向上。服装家纺板块，一方面看好消费两极分化趋势的高端和性价 比方向的龙头公司，建议关注海澜之家、比音勒芬、富安娜、港股波司 登、安踏体育等公司，另一方面看好部分疫情期间品牌力向上的龙头公 [分Ta析ble师_A ...

[Table_Page] 投资策略周报|非银金融 证券研究报告 [Table_Title] 非银金融行业 [Table_行Grade] 业评级 买入 前次评级 买入 行业边际利好催化，估值底部修复可期 报告日期 2024-06-16 [Table_Summary] [相Tab对le_P市icQ场uote表] 现 核心观点： 14% ⚫ 证券：资本市场互联互通迎来新进展，促进两地深度融合发展。据 7% wind，本周沪深两市成交额日均0.72万亿元（环比下跌6.49%），沪 0% 06/23 08/23 11/23 01/24 04/24 06/24 深两融余额 15108 亿元（环比下跌 0.14%）。6 月14 日，证监会官 -6% -13% 网就《香港互认基金管理规定》公开征求意见，旨在进一步优化基金 -20% 互认安排，更好的满足两地投资者多元化的投资需求，同时此举将进 非银金融 沪深300 一步支持香港国际金融中心建设。同日，沪、深交易所发布了《上海 证券交易所沪港通业务实施办法（2024年修订）》、《深圳证券交易 [相Ta关ble研_Do究cR：ep ort] 所深港通业务实施办法》（统称《实施办法 ...

[Table_Page] 跟踪分析|环保 证券研究报告 [环Table_保Title] 行业深度跟踪 [Table_G行rade] 业评级 买入 前次评级 买入 固废现金流改善带动估值修复，重视分红提升潜力 报告日期 2024-06-16 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 建议关注：（1）高股息：瀚蓝环境、光大环境、三峰环境等；（2）设 4% 备：美埃科技、景津装备等；（3）再生资源：赛恩斯、朗坤环境等。 -3%06/23 08/23 11/23 01/24 03/24 06/24 ⚫ 固废板块——下一个水务，现金流改善正逐步兑现、期待分红提升。 -10% -16% 年初至今固废板块股价表现优异，根据Wind，光大环境/绿色动力环保 -23% /瀚蓝环境/三峰环境涨幅分别为48%/28%/16%/16%，当前Wind一致 -30% 预期对应2024年PE仅为5.1x/5.2x/10x/11x。根据各公司23年年报 环保 沪深300 等，截至23年底固废公司在建筹建项目占总在手产能的比重平均已下 降至15%以内，未来Capex将大幅收窄，自由现金流将 ...