[Table_MainInfo]行业研究/信息服务 证券研究报告 行业周报 2024 年 09 月 15 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -36.26% -28.16% -20.06% -11.96% -3.86% 4.24% 2023/9 2023/12 2024/3 2024/6 信息服务 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《《轻工业数字化转型实施方案（征求意 见稿）》发布，充分挖掘行业数字化需求》 2024.09.04 《聚焦海思及华为全联接大会》 2024.09.08 《计算机行业 2024 年 9 月研究观点：华 为全联接大会前瞻，信创与 AI 得到重点 关注》2024.09.04 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 证书:S0850517080008 分析师:杨蒙 Tel:(021)23185700 Email:ym13254@haitong.com 证书:S0850523090001 联系人:杨昊翊 ...

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but it highlights the positive performance of listed insurers in terms of FVOCI asset allocation and their impact on stabilizing profit sheets [2][39][42] Core Views - The implementation of the new financial instrument standards (IFRS 9) has significantly impacted the insurance industry, particularly in the classification and management of FVOCI assets [2][9][10] - FVOCI assets, especially equity investments, play a crucial role in stabilizing insurers' profit sheets by reducing volatility in reported earnings [2][20][25] - Listed insurers have increased their allocation to FVOCI equity assets in 2024, driven by high-dividend strategies and the need to mitigate profit volatility [39][42] Summary by Sections New Financial Instrument Standards - The new financial instrument standards (IFRS 9) were introduced in China in 2017, aligning with international standards and simplifying financial asset classification into three categories: AC, FVOCI, and FVPL [9][10] - Insurers, especially those listed domestically and internationally, were required to implement IFRS 9 by 2023, with non-listed insurers expected to comply by 2026 [10][11] FVOCI and Its Impact on Insurers - FVOCI (Fair Value through Other Comprehensive Income) is a key classification under IFRS 9, allowing insurers to stabilize profit sheets by excluding equity asset fair value fluctuations from profit and loss statements [2][20][25] - Insurers face a dilemma between classifying equity assets as FVPL (higher profit volatility) or FVOCI (limited profit impact but no capital gains recognition) [25][26] - High-dividend stocks are preferred for FVOCI classification, as they provide stable dividend income without exposing profit sheets to equity market volatility [31][32] FVOCI Asset Classification and Disposal - Bonds and equities can be classified as FVOCI assets, while funds cannot [27][28] - Equity assets classified as FVOCI cannot be reclassified, and their cumulative fair value changes remain in other comprehensive income, affecting only retained earnings upon disposal [18][34] - Bonds classified as FVOCI can be reclassified, but equities cannot, and only bonds are subject to impairment under the Expected Credit Loss (ECL) model [34][37] FVOCI Trends in Listed Insurers - In 2024, listed insurers significantly increased their FVOCI equity asset allocations, with notable growth in FVOCI equity holdings for companies like China Life, Ping An, and China Pacific [39][41] - The FVOCI equity asset ratio for major insurers such as Ping An, China Pacific, and PICC reached 57.8%, 20.8%, and 40.5% respectively by mid-2024, reflecting a strategic shift towards high-dividend stocks [42] - Bond FVOCI ratios showed mixed trends, with PICC increasing its bond FVOCI ratio by 9.3 percentage points, while others like China Life and Ping An saw slight declines [45]

[Table_MainInfo]行业研究/钢铁 证券研究报告 行业周报 2024 年 09 月 15 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -20.95% -16.42% -11.88% -7.35% -2.82% 1.72% 2022/7 2022/10 2023/1 2023/4 钢铁 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《压力传导到原料端》2024.09.08 《2024Q2 钢铁板块归母净利 17 亿》 2024.09.02 《钢企盈利率创新低》2024.08.25 分析师:刘彦奇 Tel:(021)23219391 Email:liuyq@haitong.com 证书:S0850511010002 8 月出口钢材 950 万吨环增 21% [Table_Summary] 投资要点： 生铁产量微升和成材产量微降。上周 247 家钢企生铁日产周环比微增 0.34%， 五大成品钢材合计产量周环比微降 0.05%； 社会钢材库存环降 6.26%。上 ...

[Table_MainInfo]行业研究/机械工业 证券研究报告 行业周报 2024 年 09 月 15 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_AuthorInfo] 市场表现 [Table_QuoteInfo] 资料来源：海通证券研究所 分析师:赵玥炜 Tel:(021)23219814 Email:zyw13208@haitong.com 证书:S0850520070002 分析师:赵靖博 Tel:(021)23185625 Email:zjb13572@haitong.com 证书:S0850521100001 分析师:毛冠锦 Tel:021-23183821 Email:mgj15551@haitong.com | --- | |------------------------------| | 证书 :S0850523060003 | | 联系人 : 刘绮雯 | | Tel:(021)23185686 | | Email:lqw14384@haitong.com | | 联系人 : 丁嘉一 | | Tel:(021)23187266 | | Email: ...

[Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 亿纬锂能（300014）公司研究报告 2024 年 09 月 14 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 32.80 | | 52 周股价波动（元） | 30.53-48.60 | | 总股本 / 流通 A 股（百万股） | 2046/1861 | | 总市值 / 流通市值（百万元） 相关研究 | 67100/61055 | | --- | --- | --- | --- | |--------------------------|--------|----------|-------| | | | | | | [Table_QuoteInfo] | | | | | 市场表现 亿纬锂能 | | 海通综指 | | | 2.85% | | ...

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证券研究报告 （优于大市，维持） 《加快构建新型电力系统， 特高压、配网等为电网重点投资领域》 吴杰（电力设备与新能源行业首席分析师） SAC号码：S0850515120001 房青（电力设备与新能源行业高级分析师） SAC号码：S0850512050003 联系人：陶裕斌（电力设备与新能源行业） 2024年9月14日 投资建议 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------- ...

[Table_MainInfo]行业研究/汽车与零配件 证券研究报告 行业信息点评 2024 年 09 月 14 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -18.49% -12.88% -7.27% -1.66% 3.94% 9.55% 2023/9 2023/12 2024/3 2024/6 汽车与零配件 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《8 月汽车产销整体平稳，静待"金九银 十"》2024.09.12 《地方以旧换新相继展开，消费者置换新 车意愿增加》2024.09.09 《新车密集上市，经济型乘用车中报盈利 整体走强》2024.09.02 多款热门新能源车型陆续上市，刺激消费 需求释放 [Table_Summary] 投资要点： 小鹏 MONA M03 上市 48 小时大定超 30000 台。2024 年 8 月 27 日，小鹏汽车 智能纯电掀背轿跑 MONA M03 上市，新车售价 11.98 万元起，凭借出众的外观 设计和智能化水平，上市 ...

Investment Rating - The automotive industry is rated "Outperform" compared to the market [2] Core Insights - The "old-for-new" policy is expected to support the automotive industry's overall performance, with a gradual recovery in sales and profitability anticipated after the price wars in the passenger vehicle sector [2][3] - The automotive sector's valuation remains at a relatively high level due to strong production and sales in the first half of 2024 [1][2] Summary by Sections 1. Industry Overview - In H1 2024, the domestic automotive sales reached 14.05 million units, a year-on-year increase of 6.1%. The total revenue for the automotive manufacturing industry was 47,672 billion yuan, also up 6.1% year-on-year, with a total profit of 2,377 billion yuan, reflecting a 9.2% increase [1][11][12] 2. Segment Analysis 2.1 Passenger Vehicles - Passenger vehicle sales in H1 2024 were 11.98 million units, up 6.3% year-on-year. The SUV segment accounted for 52.7% of total sales, with SUV sales increasing by 11.5% [13][15] - The revenue for the passenger vehicle sector in Q2 2024 decreased by 11.6% year-on-year, while net profit increased by 28.1% [15] 2.2 Commercial Vehicles - In H1 2024, commercial vehicle sales reached 2.07 million units, a 4.9% increase year-on-year, with truck sales at 1.82 million units, up 4.4% [17][18] - The bus segment saw a 9.3% increase in sales, indicating a gradual recovery in demand [17] 2.3 Trucks - Truck sales in H1 2024 totaled 1.82 million units, with a breakdown showing heavy trucks at 27.7% of sales. The overall segment is experiencing a slow recovery [24][28] 2.4 Auto Parts - The auto parts sector reported a revenue of 250.5 billion yuan in H1 2024, a 7.5% increase year-on-year, with net profit rising by 16.7% [32] 2.5 New Energy Vehicles - New energy vehicle production and sales reached 4.929 million and 4.944 million units respectively in H1 2024, marking a year-on-year increase of 30.1% and 32.0% [34][36] - However, the revenue for the new energy vehicle sector decreased by 3.6% year-on-year, with net profit down by 33.7% [34][36] 3. Investment Recommendations - The report recommends focusing on companies benefiting from the "old-for-new" policy and those with strong growth potential in the commercial vehicle sector, such as China National Heavy Duty Truck Group and Yutong Bus [2][3]

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