证券研究报告 行业研究|行业点评研究|交通运输（2142） 持仓比例连续提高，物流、航运龙头增 持幅度靠前 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月25日 证券研究报告 |报告要点 2024Q2 交运行业基金持仓比例环比+0.02pct 至 2.47%。其中，交运行业 4 个二级板块，航运 港口、铁路公路、物流板块持仓比例均环比提高。重点个股方面，环比加仓前五名分别为中通 快递-W（+0.06pct）、中远海控（+0.06pct）、东航物流（+0.05pct）、华夏航空（+0.04pct）、 广深铁路（+0.03pct）。建议关注景气上行的航运、跨境物流板块及受益于出行旺季的标的。 |分析师及联系人 SAC：S0590522120002 李蔚 李天琛 曾智星 请务必阅读报告末页的重要声明 1 / 8 行业研究|行业点评研究 glzqdatemark2 2024年07月25日 交通运输 持仓比例连续提高，物流、航运龙头增持幅 度靠前 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 交通运输 沪深300 -20% -10% 0% 10% 2023/7 2023/ ...

证券研究报告 行业研究|行业专题研究|电力设备（2163） 电力设备与新能源 2024Q2 持仓分析： 电力运营商&电网设备&风电板块获增持 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月25日 证券研究报告 |报告要点 2024Q2 电新行业基金重仓比例为 8.53%，环比-0.3pct，2024Q2 电新行业超配比例为 2.65%，环比+0.09pct，接近历史中枢水平。各行业横向对比看，电新行业 2024Q2 基 金持仓占比位于第 4 名，超配比例排名第 5。总体看，电新行业基本面景气度仍较 高，目前行业整体估值已经进入相对合理区间。其中电力运营商&电网设备&风电板 块基金持仓环比上升。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 15 行业研究|行业专题研究 glzqdatemark2 2024年07月25日 电力设备 电力设备与新能源 2024Q2 持仓分析： 电力运营商&电网设备&风电板块获增持 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 电力设备 沪深300 -40% -23% -7% 1 ...

证券研究报告 行业研究|行业点评研究|汽车（2128） 以旧换新补贴力度大幅提升，有望显著 拉动汽车需求 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月25日 证券研究报告 |报告要点 两部委发布《关于加力支持大规模设备更新和消费品以旧换新的若干措施》，相比 4 月《汽车 以旧换新补贴实施细则》，大幅提升乘用车以旧换新补贴金额，同时增加对于老旧营运货车和 新能源公交车报废补贴细则，资金来源为 1500 亿元左右超长期特别国债，央地资金共担比例 按照 9:1 原则实行，中央分担比例至少 85%，有望带动汽车需求向上。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 glzqdatemark2 2024年07月25日 汽车 以旧换新补贴力度大幅提升，有望显著拉动 汽车需求 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 汽车 沪深300 -30% -17% -3% 10% 2023/7 2023/11 2024/3 2024/7 相关报告 1、 ...

证券研究报告 行业研究|行业点评研究|银行（2148） 银行调降存款挂牌利率影响解析 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月25日 证券研究报告 |报告要点 六家国有大行官网下调存款挂牌利率，其中活期、1 年及以下定期、2-5 年定期存款挂牌利率 分别下调 5BP、10BP、20BP。若仅考虑 2024 年 8-12 月这 5 个月的影响，则此次存款挂牌利率 预计能够降低上市银行 2024 年存款成本 2.24BP，能够提振上市银行 2024 年息差水平 1.62BP， 基本能够对对冲 LPR 调降对银行息差的影响。 |分析师及联系人 刘雨辰 SAC：S0590522100001 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 glzqdatemark2 2024年07月25日 银行 银行调降存款挂牌利率影响解析 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 银行 沪深300 -20% -7% 7% 20% 2023/7 2023/11 2024/3 2024/7 相关报告 1、《银行：LPR 调降影响解析》2024.07.22 2、《 ...

证券研究报告 行业研究|行业专题研究|社会服务（2146） 24Q2 商社板块环比减仓，建议关注强 α龙头 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月25日 证券研究报告 |报告要点 2024Q2 社会服务、商贸零售、美容护理基金重仓持股比例分别为 1.23%、0.38%、0.37%，环比 分别+0.09pct、-0.18pct、-0.06pct；三个行业合计重仓比例 1.99%，环比下滑 0.15pct。行 业间对比来看，2 季度社会服务、商贸零售、美容护理基金配置比例排名分别为第 20、28、 30，加仓幅度分别排名第 10、26、22。 |分析师及联系人 SAC：S0590522060001 邓文慧 郭家玮 请务必阅读报告末页的重要声明 1 / 12 行业研究|行业专题研究 glzqdatemark2 2024年07月25日 社会服务 24Q2 商社板块环比减仓，建议关注强α龙头 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 社会服务 沪深300 -40% -23% -7% 10% 2023/7 2023/11 2024/3 2024/7 相关报告 1 ...

美研究报告 行业研究 | 行业专题研究 | 社会服务 (2146) 2402 商社板块环比减仓，建议关注强 α 龙头 诗券必闻读核李末页的支委声明 2024年07月 25 日 报告 | 报告委总 202402 驻会显示、奇贸本巷、关关注是基金查查计既比例分别为 1. 23%、0. 38%、0. 37%，环比 分 网+0.09pct、-0.18pct、-0.06pct；三个行业合计查查比例 1.99%，环比下涨 0.15pct。行 业问对比未病，2 李虎社会服务、病贸本等、美容护理基金配置比例排名分别为亲 20、28、 30，か仓幅度分別非名享 10、26、22。 | 分析师及联系人 坏文艺 SAC: $0590522060001 非家市 请券必闻读核查未真的支卖声明 1 / 12 行业务党 | 行业专题研究 2024-07 月 25日 社会服务 2402 商社板块环比减仓，建议关注强 α 龙头 赵京难汉： 上达成汉： 强予大亨（疫材） 径予大齐 相对大血大分 it 全区 东 2° X 300 10% ·23% -40% 2023/11 2024/3 2024/7 2023/7 相关设备 1、《社会展争：国内将 ...

Investment Rating - The investment recommendation for the industry is "Outperform the Market" [4]. Core Insights - The National Healthcare Security Administration issued the 2.0 version of the DRG/DIP payment grouping scheme on July 23, 2024, aiming to optimize payment standards and regulate medical insurance payments, promoting healthy and stable development in the pharmaceutical industry [1]. - The 2.0 version adjusted the grouping to better align with clinical realities, increasing the ADRG groups from 376 to 409, covering 634 disease diagnosis-related groups [2]. - Supporting policies have been introduced to rationalize and enhance payment and settlement efficiency, including a special case negotiation mechanism for complex cases and new drugs, allowing medical institutions to apply for special case negotiations [3]. - The implementation of DRG/DIP payment methods has shown initial success, with over 90% of coordinated areas in the country adopting these reforms by the end of 2023 [4]. - The report suggests that the introduction of DRG payment methods in the U.S. led to a significant reduction in per capita Medicare spending growth and average hospital stay duration, indicating potential cost savings in the Chinese context as well [4]. Summary by Sections Industry Events - The issuance of the 2.0 version of the DRG/DIP payment grouping scheme is expected to optimize payment standards and regulate medical insurance payments [1]. Adjustments in Grouping - The 2.0 version includes 409 ADRG groups and 634 disease diagnosis-related groups, with a reduction in core disease groups from 11,553 to 9,520 [2]. Supporting Policies - New policies allow for special case negotiations and aim to improve the efficiency of medical insurance fund settlements [3]. Implementation Progress - By the end of 2023, over 90% of coordinated areas had implemented DRG/DIP payment methods, indicating progress in the reform [4]. Investment Recommendations - The report recommends focusing on companies involved in minimally invasive surgeries and day surgeries, as well as those in medical information technology, which are expected to benefit from the ongoing reforms [4].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [5]. Core Insights - The introduction of the 2.0 version of the DRG/DIP payment scheme aims to optimize payment standards and regulate medical insurance payments, promoting healthy and stable development in the pharmaceutical industry [1]. - The 2.0 version has adjusted grouping to better align with clinical realities, increasing the number of ADRG groups from 376 to 409, resulting in a total of 634 disease diagnosis-related groups [2]. - The policy allows for a special case negotiation mechanism for complex cases and new drugs, enabling medical institutions to self-declare special cases, which can account for up to 5% of total DRG or DIP cases [3]. - As of the end of 2023, over 90% of coordinated areas in the country have implemented DRG/DIP payment reform, indicating initial success in the reform process [4]. Summary by Sections Industry Events - On July 23, the National Healthcare Security Administration issued a notice on the 2.0 version of the grouping scheme, which is expected to enhance payment standards and regulate medical insurance payments [1]. Policy Adjustments - The 2.0 version includes a comprehensive list of diseases and surgical operations, optimizing the structure of core disease categories and reducing the total number of categories from 11,553 to 9,520 [2]. Supportive Policies - The report highlights the importance of improving the efficiency of medical insurance fund settlements and encourages prepayment to alleviate pressure on medical institutions [3]. Investment Recommendations - The report draws parallels with the U.S. Medicare system, noting that after the introduction of the DRG payment method in 1983, per capita spending growth decreased significantly, suggesting potential cost savings in the current context [5]. - Companies involved in minimally invasive procedures and day surgeries are expected to benefit, along with those in healthcare information technology [5].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities in the humanoid robot and precision reducer sectors [6]. Core Insights - The rapid development of humanoid robots is driving the demand for domestic precision reducers, which are increasingly entering the supply chains of major companies like Tesla, suggesting potential for market share expansion and high growth [1][8]. - The precision reducer market is characterized by high technical barriers and is transitioning from a simple niche market to a more diversified one, with domestic leaders expected to capture over 25% of the global market share in the future [5][9]. Summary by Sections 1. Precision Reducers and Humanoid Robots - Precision reducers are essential components in high-end equipment, with applications in robotics, semiconductor devices, and aerospace equipment. The domestic market for harmonic reducers, RV reducers, and precision planetary reducers has reached approximately 25 billion, 43 billion, and 36 billion RMB respectively [2][18]. - The demand for precision reducers is expected to see significant growth driven by humanoid robots, with optimistic projections estimating global sales of 2 million units by 2035, leading to market impacts of 50 billion and 423 billion RMB for precision planetary and harmonic reducers respectively [4][48]. 2. Market Dynamics and Competition - The precision reducer market is currently experiencing a phase of rapid domestic share increase, with the top three companies in harmonic and RV reducers holding over 60% market concentration. The industry is characterized by strong technical barriers and a relatively small market size [5][28]. - The report highlights that the domestic market for precision reducers is expected to grow, with the potential for leading companies to solidify their positions globally [9][10]. 3. Investment Recommendations - The report suggests focusing on leading companies in the precision reducer sector, such as "Lüde Harmonic" and "Shuanghuan Transmission," which are well-positioned within the global supply chains and have strong operational stability [6][10]. - The short-term demand for precision reducers is expected to recover slowly, but there are significant long-term growth opportunities driven by the expansion of humanoid robots and related technologies [6][10].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the chemical industry [2]. Core Insights - The recent interest rate cut by the People's Bank of China, reducing the one-year and five-year Loan Prime Rates (LPR) by 10 basis points to 3.35% and 3.85% respectively, is expected to stabilize the fundamentals of high-dividend sectors within the chemical industry [1]. - The decline in interest rates is anticipated to enhance the valuation of undervalued assets, benefiting growth-oriented stocks and those in the chemical sector with solid fundamentals [1]. - Non-renewable resource products are expected to benefit from rising resource extraction costs due to limited quality mineral resources and increased demand, leading to a potential upward shift in resource prices [1]. - The easing of monetary policy is likely to improve terminal demand, particularly in the real estate supply chain, positively impacting demand for various chemical products [1]. - The report suggests that the export demand for chemical products may increase due to enhanced price competitiveness resulting from a weaker RMB [1]. Summary by Sections Industry Events - The central bank's interest rate cut is seen as a catalyst for the recovery of the economy and stabilization of high-dividend sectors [1]. Dividend Sectors - High-dividend leading companies in the large chemical sector are highlighted for their stable cash dividend rates and robust performance under high oil prices [1]. Non-Dividend Sectors - The report emphasizes the potential for valuation recovery in low-valued assets and growth-oriented stocks, driven by increased market liquidity and investment demand [1]. Resource Products - The report identifies agricultural and energy-related resource products as key areas of focus, particularly those with constrained supply and rapidly expanding demand [2]. Chemical Products Demand - The report recommends monitoring demand for chemical products such as polyethylene, titanium dioxide, soda ash, PVC, MDI, polyester filament, and coatings, which are expected to benefit from the real estate sector's recovery [2]. Export Opportunities - Industries with high export ratios, such as tires, vitamins, methionine, and sucralose, are expected to gain from improved price competitiveness in the international market [2].