Investment Rating - The investment rating for the vanadium industry is "Recommended" [3] Core Viewpoints - In August, the supply of vanadium pentoxide saw a slight increase, while prices for vanadium products declined due to a decrease in steel production and high iron ore supply [1][3] - The overall supply-demand situation in the vanadium industry is characterized by weakness on both sides, with structural opportunities in the energy storage sector due to strong demand for high-purity vanadium pentoxide [3] Summary by Sections 1. Monthly Data Changes in the Vanadium Industry - In August, the production of vanadium pentoxide from 23 sample enterprises was 11,460 tons, a month-on-month increase of 1.25% [1][6] - The production of vanadium iron decreased by 2.44% to 3,365 tons, while vanadium nitrogen alloy and ammonium metavanadate saw larger declines of 16.72% and 18.88%, respectively [1][6] - The average daily crude steel production decreased by 12.58% to 2.54 million tons, indicating a significant drop in demand [1][6] 2. Monthly Data Trends Summary - The price of vanadium pentoxide in Sichuan decreased by 3.86% to 77,250 yuan per ton, while vanadium iron and vanadium nitrogen alloy prices also saw declines of 3.87% and 3.51%, respectively [6][7] - The supply of vanadium products is tightening, but the decline in crude steel production is more pronounced, leading to a wider supply-demand imbalance [1][3] 3. Industry News and Company Dynamics - Vanadium Yuxin Material Co., listed on the New Third Board, reported a 23.37% decrease in revenue for the first half of 2024, primarily due to a 24.13% drop in average selling prices of vanadium nitrogen alloy [11] - The Heilongjiang Provincial Industrial and Information Technology Department released a development plan for the vanadium industry, aiming for a production capacity of over 35,000 tons of vanadium pentoxide by 2026 [11] - Significant breakthroughs in mineral exploration in Xinjiang have increased the iron ore resource amount to 358 million tons, along with associated titanium dioxide and phosphorus pentoxide resources [11]

Investment Rating - The report indicates a short-term adjustment in the yield of wealth management products due to recent policy changes, suggesting a cautious outlook for the immediate future [1][6]. Core Insights - The central bank's recent policies, including interest rate cuts and reserve requirement ratio reductions, are expected to ease liquidity pressures and improve market confidence, leading to a significant rise in A-shares [1][6]. - Despite the positive market response, there are concerns about potential profit-taking and the sustainability of these gains, particularly in the bond market, which may face short-term adjustments [1][6]. - The report highlights that cash management products have maintained a stable annualized yield of 1.73%, while the yield gap between cash management products and money market funds has narrowed to 15 basis points [7][8]. Summary by Sections 1. Policy Impact on Wealth Management Yields - The central bank's announcement of monetary easing measures is expected to provide a favorable long-term environment for the bond market, despite short-term volatility in wealth management product net values [1][6]. 2. Cash Management Product Yields - As of September 22, 2024, cash management products reported a 7-day annualized yield of 1.73%, unchanged from the previous week, while money market funds saw a slight increase to 1.58% [7][8]. 3. Performance of Wealth Management Products - Non-cash fixed income products have shown a near 1-month annualized yield of 2.47%, an increase of 8 basis points from the previous week, while 6-12 month fixed income products have decreased to 3.63% [8][9]. - The 1-3 year fixed income products reported a 1-year annualized yield of 3.37%, reflecting a slight increase of 1 basis point [9]. 4. Maturity and Compliance of Wealth Management Products - From September 16 to September 22, 2024, the total maturity scale of wealth management products reached 254.7 billion, with an average compliance rate of 55%, a decrease of 1% from the previous week [11][12].

Policy Impact - The central bank's "combination punch" includes a 50 basis point reserve requirement cut, releasing approximately CNY 1 trillion in liquidity, with potential further cuts of 25-50 basis points by year-end[3] - The 7-day reverse repurchase rate is lowered by 20 basis points to 1.5%, aiming to guide loan and deposit rates downward[3] - Existing mortgage rates are expected to decrease by about 50 basis points, reducing annual household interest expenses by approximately CNY 150 billion[3] Market Reaction - The A-share market saw a significant increase, with the Shanghai Composite Index rising by 4.15%, marking the largest single-day gain since August 2020[3] - Trading volume surged to nearly CNY 1 trillion, indicating strong market participation and optimism[3] Future Outlook - The report suggests that the A-share market may have entered a phase of rebound, with potential for broad-based gains across sectors such as consumer goods, infrastructure, and TMT (Technology, Media, and Telecommunications)[6] - Continued fiscal policy support is crucial for transitioning from a rebound to a sustained market uptrend, particularly focusing on household income and consumption[5] Debt Market Perspective - The bond market may experience a short-term adjustment due to profit-taking, with a potential consolidation period of 1-2 months anticipated[6] - Despite this, the long-term trend for bonds remains positive, supported by expectations of further interest rate cuts from both domestic and U.S. Federal Reserve policies[6] Risk Factors - Key risks include potential underperformance of policy measures, slower-than-expected economic recovery, and external factors such as U.S. economic conditions and geopolitical tensions[2][7]

+ 2024 年 09 月 24 日 证券研究报告 | 产业月报 8 月国内钢铁供需双弱，出口同比增幅重回两位数 钢铁 8 月月报 分析师：张锦 分析师登记编码：S0890521080001 电话：021-20321304 8 月钢铁供给同比降幅扩大，长材库存去化明显，出口同比提速。8 月粗钢产 量 7792 万吨，同比-10.4%，前值为-9%。库存端，因钢材减量主要来自建材端， 螺纹、线材的去库趋势较为明显，板材库存变化幅度不大。截至 8 月底，螺纹 钢、线材、中厚板、热轧板卷、冷轧板卷的库存与 7 月底库存相比，变化幅度 分别为-21.6%、-21.4%、-2.2%、2.7%、-2.1%。8 月国内钢材出口 950 万吨， 同比 14.7%，前值为 7.1%。 邮箱：zhangjin@cnhbstock.com 邮箱：wuhan@cnhbstock.com 钢材终端消费仍处淡季之中，钢价持续震荡下行。8 月淡季影响持续深入，整 体需求偏弱。五大材周度平均表观消费量合计 831.6 万吨，同比-10%，前值为 -4%。其中长材周度平均表观消费合计 291.03 万吨，同比-22.2%，环比-11.4%; ...

2024 年 09 月 24 日 证券研究报告 | 产业周报 铁水产量连续第四周回升，铁矿供应远端降、近端增 铁矿行业周度报告 分析师登记编码：S0890521080001 电话：021-20321304 供应：本周（9.14-9.20）进口铁矿石远端供应下滑，近端供应增长 9.31%。 本周澳洲、巴西本周发货量（14 个港口）合计 2477.4 万吨，环比下滑 197 万 吨，下滑幅度为-7.37%，高于去年同期 12.7%。澳洲、巴西发货量（14 个港口 合计）分别为 1762 万吨、715.4 万吨，环比分别为-6.21%、-10.1%。四大矿 山发货至中国的量合计 1958.8 万吨，环比-13.4%,四家矿山发货量均呈下滑态 势。力拓、必和必拓、淡水河谷、FMG 本周至中国的发货量分别为 592.8 万吨、 432 万吨、591.1 万吨、342.9 万吨，环比分别为-4.08%、-25.84%、-10.71%、 -14.17%。到港方面，中国 26 港到港量 2229.2 万吨，环比 9.31%；中国北方 港口到港量 1264.8 万吨，环比 11.85%。国内矿方面，9 月 7 日-9 月 20 ...

2024 年 09 月 23 日 证券研究报告 | 产业周报 动力电池行业周报：锂矿供给出清正在进行中，现已出 现锂矿减产甚至停产消息 2024.09.14-2024.09.20 电力设备及新能源 分析师：胡鸿宇 分析师登记编码：S0890521090003 电话：021-20321074 邮箱：huhongyu@cnhbstock.com 行业数据：1）本周工业级碳酸锂市场均价 7.15 万元/吨，较上周价格持平； 电池级碳酸锂市场均价 7.45 万元/吨，较上周价格持平。2）三元材料 523 单 晶动力市场价格在 10.95 万元/吨，较上周价格持平；三元材料 622 多晶消费 市场价格在 10.9 万元/吨，较上周价格持平；高镍 811 多晶动力材料市场价格 在 14.9 万元/吨，较上周价格持平。3）负极材料市场集中度较高，本周价格持 平，市场参考价格为 3.3 万元/吨，市场供应充足。4）电解液价格持平，磷酸 铁锂电解液市场均价为 1.83 万元/吨，较上周同期价格持平；三元/常规动力电 解液市场均价为 2.5 万元/吨，较上周同期价格持平。电解液企业多为定制生 产，基本按单进行生产，与下游市场关联 ...

2024 年 09 月 23 日 证券研究报告 | 产业周报 日均铁水产量增幅收窄，成材价格震荡上行 钢铁行业周度报告 分析师：张锦 分析师登记编码：S0890521080001 电话：021-20321304 供应：本周（9.14-9.20）日均铁水产量增幅收窄，成材端螺纹钢增产明显。 本周高炉开工率（样本数 247 家）78.23%，环比上升 0.6 个百分点；日均铁水 产量持续回升至 223.83 万吨，环比上升 0.45 万吨，涨幅为 0.2%，低于前期的 0.35%的增幅。五大材总产量 808.02 万吨，环比 0.9%，增量主要来自长材端。 长材产量合计 276.4 万吨，环比 3%；板材产量合计 531.62 万吨，环比-0.14%。 前期吨钢利润的逐步恢复促进钢厂复产，分品种来看，螺纹钢增产明显，热卷 产量回落。本周螺纹钢、线材、中厚板、热轧板卷、冷轧板卷的周度产量分别 为 194.23 万吨、82.17 万吨、145.77 万吨、301.28 万吨、84.57 万吨，环比分 别为 3.36%、2.06%、-0.05%、-0.29%、0.28%。本周铁水产量连续第三周回 升，长流程钢厂复产稳步 ...

2024 年 09 月 22 日 证券研究报告 | 策略周报 美联储降息落地，市场情绪边际改善 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 1、《节前情绪低迷，量价再临冰点 —策 略周报》2024-09-17 2、《沪指跌破 2800，情绪低迷待政策信 号—策略周报》2024-09-08 3、《月末超跌修复，银行板块大幅回 落—策略周报》2024-09-01 4、《成交延续低迷，仍待政策破局—策 略周报》2024-08-24 5、《A 股再现地量，继续保持耐心—策 略周报》2024-08-18 投资要点 基本面回顾与资产配置展望：美联储降息落地，50BP 降息幅度相对偏大，且美 联储主席鲍威尔否认经济衰退，提振全球风险偏好；国内经济通胀数据延续低迷， 政策加码的必要性提升，但 LPR 按兵不动显示出政策仍有定力，需耐心等待增量政 策落地。 A 股市场回顾与展望：上周（9 月 18 日-9 月 20 日）A 股市场成交活跃度有所回 升，两市成交额从低位回升至 5626 亿元，较前一周增加 433 亿元 ...

2024 年 09 月 20 日 证券研究报告 | 银行理财周报 美联储降息是否会影响银行理财产品收益？ 银行理财产品周数据 | --- | --- | |-------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

2024 年 09 月 19 日 证券研究报告 | 产业点评报告 全国碳交易扩容，加快钢铁行业绿色转型 ——《全国碳排放权交易市场覆盖水泥、钢铁、 电解铝行业工作方案（征求意见稿）》解读 碳交易扩容点评 分析师登记编码：S0890521080001 电话：021-20321304 邮箱：zhangjin@cnhbstock.com 碳交易对钢铁行业的影响：《意见稿》将"2.6 万吨二氧化碳当量"作为纳入 全国碳市场的钢铁行业重点排放单位门槛，相当于将国内钢铁冶炼企业全部纳 入全国碳市场。届时，我国钢铁行业将由地方碳市场转向全国碳市场，根据环 球零碳研究中心预测，预计覆盖钢铁冶炼企业数量由60余家增加至560家左右， 覆盖钢铁碳排放规模由 2 亿吨扩容至近 18 亿吨左右。碳交易对钢铁行业影响主 要体现在：1）促进钢铁行业绿色低碳转型；2）促进传统设备的升级改造和电 炉钢的发展；3）促进企业兼并重组。 邮箱：wuhan@cnhbstock.com 021-20515355 资料来源：iFind，华宝证券研究创新部 相关研究报告 1、《铁矿发运量明显下滑 12.26%，需 求小幅回升 0.78%—铁矿行业周度报告 ...