Investment Rating - The report rates the real estate and property management industry as "Buy" [2] Core Insights - The State Council proposed to continue reserving new policies, with transaction declines beginning to narrow. The central government emphasized the importance of the real estate industry to the people's livelihoods and overall economic stability, pushing for policy implementation and further research on inventory reduction and market stabilization measures [2][10] - Local policies are being explored to enhance residents' purchasing power, with various cities implementing measures such as home purchase residency policies and relaxed mortgage down payment requirements [2][12] - The basic market conditions show a decrease in transaction volume, with new home transaction area in 53 cities at 4.49 million square meters, a 12.6% decrease month-on-month and a 23.5% decrease year-on-year, although the decline is less severe than in previous years [19][21] Summary by Sections 1. Industry Policy and Market Tracking - Central policies include the establishment of a financing coordination mechanism for real estate projects, providing support for projects with sufficient collateral and reasonable debt levels [10][11] - Local policies have been introduced to improve purchasing power, including subsidies and adjustments to loan terms [12][14] 2. Key Company Tracking - The report includes a list of recommended stocks in the real estate sector, all rated as "Buy," with reasonable values provided for each [5] 3. Real Estate Development Sector Investment View - The report indicates a slight recovery in transaction volumes in first-tier cities, with Shanghai showing a notable increase in new home transactions [25] 4. Property Management Sector Investment View - The property management sector has seen a rise in stock prices, with state-owned enterprises performing relatively well compared to private firms [3] 5. Risk Indicators - The report does not include risk indicators as per the task requirements.

[Table_Page] 投资策略月报|农林牧渔 证券研究报告 [农Table_林Title] 牧渔行业 [Table_G行rade] 业评级 买入 前次评级 买入 5 月生猪行业重回盈利区间，关注水产价格复苏趋势 报告日期 2024-06-10 核心[T 观able 点_Sum mary] 相[Ta对ble市_Pi场cQu表ote现] 1%  畜禽养殖：受益前期行业产能去化以及部分地区二次育肥热情较高，5月 05/23 07/23 09/23 11/23 01/24 03/24 -4% 猪价表现强势。据畜牧业信息网，5月全国生猪均价15.90元/公斤，环比 -9% 上涨5.57%，同比上涨10.8%，5月底全国均价站上18元/公斤，全行业 -14% 顺利实现盈利。截至1季度末，统计局公布能繁母猪存栏量约3992万头， -19% 同比下降 7.3%；全国生猪存栏量为 40850 万头，同比下降 5.2%，季度 -24% 农林牧渔 沪深300 环比下降5.9%，当前生猪存栏处于21年以来最低水平。前期产能去化效 应正在逐步显现，随着后续供给改善及需求季节性回暖，3季度猪价有望 [分Tab析le师_A：uth ...

[Table_Page] 跟踪分析|医药生物 证券研究报告 [医Table_药Title] 生物行业 [Table_行Grade] 业评级 买入 前次评级 买入 持续关注优质创新资产 报告日期 2024-06-10 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现  本周申万医药指数下跌0.99%，涨跌幅在全行业稍微靠前。截至2024 4% 年6月7日，本周内申万医药生物指数下跌0.99%，跑输沪深300指 -2% 06/23 08/23 11/23 01/24 03/24 06/24 数约 0.59 个百分点，在所有 32 个申万一级子行业中涨幅排名第 10 -7% -13% 位。行业PE估值（TTM，剔除负值）为25.87x，相对沪深300估值 -18% 溢价率 222.5%。从 2010 年以来的历史数据来看，医药生物指数 PE -24% 最高值和最低值分别为 72.7x 和 20.9x，相对沪深 300 估值溢价均值 医药生物 沪深300 为297.7%。目前申万医药生物指数估值仍处于底部区间，板块配置性 价比较高。 [分Ta析ble师_A：uth or]罗 ...

[Table_Page] 投资策略周报|煤炭开采 证券研究报告 [煤Table_Title] 炭行业周报（2024 年第 23 期） [Table_G行rade] 业评级 买入 前次评级 买入 安全生产月+迎峰度夏，供需面稳中向好 报告日期 2024-06-10 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 近期市场动态：港口动力煤价维持平稳，产地部分煤价延续上涨，焦 40% 煤价格小幅回落。根据Wind数据，动力煤方面，秦港5500大卡煤价 28% 6月6日最新报价873元/吨，周环比下跌1元/吨。本周各地煤价涨跌 16% 4% 互现，其中产地部分煤种价格小幅上涨，进入安全生产月，产地安全检 -8%06/23 08/23 11/23 01/24 03/24 06/24 查力度总体仍较严，下游冶金化工采购较为积极。而港口煤价总体保持 -20% 基本平稳，主要由于近期南方雨水天气较多，电厂负荷提升有限，经过 煤炭开采 沪深300 前期补库后，近期市场采购积极性略有减弱。6月中旬以后随着气温继 续升高，日耗将继续提升，预计供需趋于平衡略偏紧，后期煤价有望恢 [分T ...

[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 6.3-6.9 报告日期 2024-06-10 核心[T 观abl 点e_Su ：mmary] 相[Ta对bl市e_P场icQ表uot现e]  纺织服装行业周观点。纺织制造板块，首先，建议关注色织布龙头鲁泰 6% A，短期业绩困境反转，估值低，且近年连续回购注销B股，长期受益 1% 06/23 08/23 10/23 12/23 02/24 04/24 海外品牌产能多地布局，及下游品牌客户受益经典风格回归。其次，建 -4% 议关注毛纺、色纺纱龙头新澳股份、百隆东方，其去年业绩表现前高后 -9% 低，目前原材料价格趋于稳定，下游需求回暖，且稳步推进产能扩张， -13% 预计今年业绩表现逐季向上。最后，服装家纺板块，一方面看好高端、 -18% 性价比等方向的龙头公司，主要顺应消费两极分化趋势，建议关注海澜 纺织服饰 沪深300 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 ...

[Table_Page] 投资策略周报|有色金属 证券研究报告 [金Table_属Title] 及金属新材料行业 [Table_行Grade] 业评级 买入 前次评级 买入 期待需求转暖 报告日期 2024-06-10 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现  基本金属：美联储降息预期推迟，实际需求改善慢于价格上涨，预计 14% 基本金属价格震荡。较强的美国就业、通胀粘性使美联储24年降息概 6% -1% 率下降，欧元区、加拿大已开始降息，海外高利率缓和方向不变。铜矿、 06/23 08/23 10/23 01/24 03/24 06/24 -9% 阴极铜供给均仍紧张，前期实际需求改善慢于期货价格上涨，预计下周 -16% 基本金属价格震荡。建议关注：紫金矿业、洛阳钼业（A+H）、西部矿 -24% 业、金诚信、中国铝业（A+H）、云铝股份、天山铝业等。 有色金属 沪深300  钢铁：供需小幅改善，成本及钢材情绪降温。供给端，高炉开工环比收 缩，低盈利率有望压制铁水供给。需求端，线螺采购环比回升。成本端， [分Ta析ble师_A：uth or]宫 帅 预计低 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights the launch of Apple Intelligence, which is expected to accelerate the application of AI across various platforms including iPhone, iPad, and Mac. The features include natural language generation and understanding, enhancing user interaction with Siri and other applications [2] - Apple Intelligence offers diverse application scenarios, improving text writing, image generation, and voice assistance. Siri's capabilities have been significantly enhanced, allowing for more natural semantic understanding and personalized user experiences [2] - The integration of AI capabilities into hardware is anticipated to drive the adoption of AI applications. Apple is deploying models locally on devices, which is expected to reduce application costs and increase the richness of AI applications [2] - The report suggests that companies with large model development capabilities, such as Tencent, Baidu, and Kuaishou, are likely to benefit from the growing demand for AI applications. It also recommends focusing on companies like Kunlun Wanwei, Sheng Tian Network, and others in various content sectors [2] Summary by Sections Industry Overview - The report discusses the impact of Apple's new AI technology on the media industry, emphasizing the potential for increased application and service penetration in the AI sector [2] Company Analysis - The report provides a detailed valuation and financial analysis of key companies in the media sector, all rated as "Buy" with specific target prices and earnings projections for 2024 and 2025 [7][8] - Companies highlighted include Light Media, Mango Super Media, Wanda Film, and others, with target prices ranging from 6.36 to 252.54 RMB per share [7] Investment Recommendations - The report recommends monitoring companies that are well-positioned to leverage AI advancements, including those in text, image, and video content sectors. Specific companies to watch include China Publishing, Visual China, and Huace Film & TV [2]

[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 双碳政策频发，关注再生资源、节能改造设备 报告日期 2024-06-10 [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、北控水务集 4% 团、军信股份；（2）设备类：聚光科技、美埃科技等；（3）再生资源 -3%06/23 08/23 11/23 01/24 03/24 06/24 类：大地海洋、英科再生、赛恩斯、朗坤环境等。 -10% -16% ⚫ 《关于建立碳足迹管理体系的实施方案》发布，关注节能降碳相关需 -23% 求。6月4日，生态环境部等15部门联合印发《关于建立碳足迹管理 -30% 体系的实施方案》，要求到2027年碳足迹管理体系初步建立，到2030 环保 沪深300 年碳足迹管理体系更加完善，应用场景更加丰富。其中重点要求发布重 点产品碳足迹核算规则标准，优先聚焦电力、煤炭、天然气、钢铁、电 [T分ab析le师_A：uth or] 郭鹏 ...

[Table_Page] 跟踪分析|公用事业 证券研究报告 [公Table_用Title] 事业行业深度跟踪 [Table_G行rade] 业评级 买入 前次评级 买入 领涨的归因——公用事业化与火电新三部曲 报告日期 2024-06-10 核心[T 观able 点_Sum ：mary] [相Tab对le_P市icQ场uote表] 现 ⚫ 关注：浙能电力+华润电力+国电电力+广州发展+长江电力+桂冠电力 10% 4% ⚫ 上周公用事业板块领涨，本质上反映了公用事业化程度的提升。上周 -2%06/23 08/23 11/23 01/24 03/24 06/24 SW 公用指数上涨 3.81%、位列第一，市场关注亦持续提升。从基本 -8% 面来看归因有四：（1）公用事业化程度最高的水电，当前发电量良好 -14% （测算长江电力4-5月发电量同比+24.6%），叠加Q1体现的电价上涨， -20% 公用事业 沪深300 市场对全年业绩信心提升，进而分红的置信度提高，四家水电同日新 高；（2）火电正从周期逻辑走向价值逻辑，煤价平稳已然兑现、叠加 电改关注度提升（测算容量电价Q2执行仍然良好、辅助服务政策有望 [分Ta析 ...

[Table_Page] 投资策略周报|机械设备 证券研究报告 [机Table_械Title] 设备行业 [Table_G行rade] 业评级 买入 前次评级 买入 5 月挖机内销再超预期，关注内需边际变化 报告日期 2024-06-10 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现  根据国家统计局，工业企业当月利润由降转增，4月份，全国规模以上 8% 工业企业利润由 3 月份同比下降 3.5%转为增长 4.0%，增速回升 7.5 2% 个百分点，企业当月利润明显改善，1-4月份，规上工业企业利润同比 -5%06/23 08/23 10/23 01/24 03/24 05/24 -12% 增长4.3%，增速与1-3月份持平，继续保持平稳增长；5月份，制造 -19% 业采购经理指数、非制造业商务活动指数和综合PMI产出指数分别为 -26% 49.5%、51.1%和51.0%，比上月下降0.9、0.1和0.7个百分点，我国 机械设备 沪深300 经济总体产出继续扩张，企业生产经营活动保持恢复发展态势。  市场表现分析：上周（6 月3 日-6 月7 日）机械行业指 ...