2024 年 07 月 02 日 证券研究报告 | 产业周报 铁矿到港量明显回升,矿价环比下跌 1.13% 铁矿行业周度报告 分析师登记编码:S0890521080001 电话:021-20321304 邮箱:zhangjin@cnhbstock.com 研究助理:吴晗 邮箱:wuhan@cnhbstock.com 021-20515355 行业走势图(2024 年 7 月 1 日) 1、《库存周环比增 0.7%,钢价连续第 五周震荡下行—钢铁行业周度报告》 2024-07-01 2024-06-25 告》2024-06-24 2、《海外铁矿发货小增、钢厂库存减, 矿价基本趋稳—铁矿行业周度报告》 3、《高炉开工率环比增加,消费呈现长 材增、板材降的格局—钢铁行业周度报 钢铁 投资要点 投资评级:推荐(维持) 供应:本周进口(6.22-6.28)铁矿石发运持续增长,受前期高发运的影响, 到港量明显回升。澳洲、巴西本周发货量(14 个港口)合计 2771.1 万吨,环 比增加 174.8 万吨,增幅为 6.72%,增量主要来自巴西。澳洲、巴西发货量(14 个港口合计)分别为 1864.7 万吨、912.4 万吨 ...

2024 年 07 月 01 日 证券研究报告 | 产业月报 上游制氢增量降价趋势不减,政策加速氢能与传统行业共振 氢能月度报告 分析师:张锦 分析师登记编码:S0890521080001 电话:021-20321304 邮箱:zhangjin@cnhbstock.com 研究助理:张后来 邮箱:zhanghoulai@cnhbstock.com 021-20515355 伏支架行业发展变化》2024-06-27 受政策与资本关注—氢氨醇一体化深度 报告》2024-06-26 2024.06.15-2024.06.21》2024-06-24 氢能 投资要点 投资评级:推荐(维持) 5 月主要省市高纯氢价格保持低位稳定,可再生能源项目数量增加:5 月上 海/北京/广东/河南/河北高纯氢(≥4N)市场主流价格为 2.7/2.3/2.3/2.1/2.2 元 /Nm3,环比上月均持平。根据中国氢能联盟的统计数据,5 月中国氢价指数生 产侧指数略有下降,为 29.4 元/千克。从可再生能源制氢情况来看,5 月全国共 有 78 个可再生制氢能源项目,环比增加 8.33%,合计可再生能源制氢规模达 751.7MW,环比下降 ...

2024 年 07 月 01 日 证券研究报告 | 产业周报 动力电池行业周报:工信部发布《2024 年汽车标准化 工作要点》,开展动力蓄电池等碳足迹、碳核算标准研 2024.06.22-2024.06.28 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 邮箱:punanxin@cnhbstock.com 021-20515355 资料来源:wind,华宝证券研究创新部 发展变化》2024-06-27 2024.06.15-2024.06.21》2024-06-24 投资要点 投资评级:推荐(维持) 行业数据:1)本周工业级碳酸锂市场均价跌至 8.65 万元/吨,相比上周下跌 0.45 万元/吨,跌幅 4.95%;电池级碳酸锂市场均价跌至 8.95 万元/吨,相比上 周下跌 0.45 万元/吨,跌幅 4.79%。2)三元材料 523 单晶动力市场价格在 12.45 万元/吨,较上周价格下调 0.25 万元/吨;三元材料 622 多晶消费市场 价格在 12.23 万元/吨,较上周价格下调 0.2 ...

2024 年 07 月 01 日 证券研究报告 | 产业月报 上游制氢增量降价趋势不减,政策加速氢能与传统行业共振 氢能月度报告 分析师:张锦 分析师登记编码:S0890521080001 电话:021-20321304 邮箱:zhangjin@cnhbstock.com 研究助理:张后来 邮箱:zhanghoulai@cnhbstock.com 021-20515355 伏支架行业发展变化》2024-06-27 受政策与资本关注—氢氨醇一体化深度 报告》2024-06-26 2024.06.15-2024.06.21》2024-06-24 氢能 投资要点 投资评级:推荐(维持) 5 月主要省市高纯氢价格保持低位稳定,可再生能源项目数量增加:5 月上 海/北京/广东/河南/河北高纯氢(≥4N)市场主流价格为 2.7/2.3/2.3/2.1/2.2 元 /Nm3,环比上月均持平。根据中国氢能联盟的统计数据,5 月中国氢价指数生 产侧指数略有下降,为 29.4 元/千克。从可再生能源制氢情况来看,5 月全国共 有 78 个可再生制氢能源项目,环比增加 8.33%,合计可再生能源制氢规模达 751.7MW,环比下降 ...

2024 年 07 月 01 日 证券研究报告 | 产业周报 库存周环比增 0.7%,钢价连续第五周震荡下行 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 邮箱:zhangjin@cnhbstock.com 研究助理:吴晗 邮箱:wuhan@cnhbstock.com 021-20515355 资料来源:iFind,华宝证券研究创新部 1、《海外铁矿发货小增、钢厂库存减, 矿价基本趋稳—铁矿行业周度报告》 2024-06-25 告》2024-06-24 2、《高炉开工率环比增加,消费呈现长 材增、板材降的格局—钢铁行业周度报 3、《钢材下游需求有边际好转,钢价震 荡上行—钢铁 5 月月报》2024-06-21 钢铁 投资要点 投资评级:推荐(维持) 供应:本周(6.22-6.28)高炉开工率环比增加,长材产量增幅明显。本周 (6.22-6.28)高炉开工率(样本数 247 家)83.11%,环比增加 0.3 个百分点。 五大材总产量 910.72 万吨,环比 2.16%,相较去年同期(940.74 万吨)-3.2%, 低于季节性水平,前值为-4. ...

策略周报 7 月 7 日，法国议会选举第二轮投票 ★ 本报告所载的任何建议、意见及推测仅反映本公司于本报告发布当日的独立判断。本公司不保证本报告所 载的信息于本报告发布后不会发生任何更新，也不保证本公司做出的任何建议、意见及推测不会发生变化。 ★ 在任何情况下，本报告所载的信息或所做出的任何建议、意见及推测并不构成所述证券买卖的出价或询 价，也不构成对所述金融产品、产品发行或管理人作出任何形式的保证。在任何情况下，本公司不就本报告 中的任何内容对任何投资做出任何形式的承诺或担保。投资者应自行决策，自担投资风险。 ★ 本公司秉承公平原则对待投资者，但不排除本报告被他人非法转载、不当宣传、片面解读的可能，请投资 者审慎识别、谨防上当受骗。 ★ 本报告版权归本公司所有。未经本公司事先书面授权，任何组织或个人不得对本报告进行任何形式的发 布、转载、复制。如合法引用、刊发，须注明本公司出处，且不得对本报告进行有悖原意的删节和修改。 ★ 本报告对基金产品的研究分析不应被视为对所述基金产品的评价结果，本报告对所述基金产品的客观数据 展示不应被视为对其排名打分的依据。任何个人或机构不得将我方基金产品研究成果作为基金产品评价结 ...

| --- | --- | --- | --- | --- | |------------------|-----------------------------------------|-------------------|---------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 2024/6/27 \n类别 | 2024/6/27 \n内地市场权益提示 \n证券代码 | 星期四 \n证券简称 | 新股发行及今日交易提示 \n \n权益日期 | 最新公告链接 | | | 300282 | *ST三盛 | 距最后交易日剩余 14个交易日 | http://www.cninfo.com.cn/ ...

Investment Rating - The investment rating for the power equipment and new energy sector is "Recommended" (maintained) [2] Core Insights - The photovoltaic bracket industry is expected to benefit from downstream demand growth and declining raw material prices, with the market space projected to reach 86.15 billion yuan in 2024 and 97.44 billion yuan in 2025, representing year-on-year growth rates of 18.5% and 13.1% respectively [3][17][24] - The photovoltaic bracket is a critical component of solar power plants, directly impacting power generation efficiency and investment returns [9][10] - The industry has seen significant capacity expansion, with China's solar photovoltaic capacity exceeding 609 GW in 2023, a year-on-year increase of 55.3% [17] - The report highlights the performance improvement of leading companies in the sector, with strong cash flow and a shift towards profitability [3][28] Summary by Sections Section 1: Photovoltaic Bracket as the Backbone of Solar Power Plants - Photovoltaic brackets play a vital role in supporting and stabilizing solar panels, ensuring reliable operation for over 25 years [9] - The demand for photovoltaic brackets is expected to grow due to the increasing installation of solar power plants and the decline in raw material costs [17] Section 2: Overview of Listed Companies in the Bracket Sector - The report provides an overview of key players in the photovoltaic bracket market, including Zhongxinbo, Yihua, Zhenjiang, and Qingyuan, each with distinct advantages and product structures [28] - Zhongxinbo is a leading manufacturer of photovoltaic tracking brackets and fixed brackets, with a significant market share in Asia-Pacific and the Middle East [30] - Yihua focuses on connector manufacturing and has expanded into the photovoltaic bracket business, primarily serving major global clients [31] - Zhenjiang has established itself as a core supplier for Siemens in the wind power sector and has gradually entered the photovoltaic bracket market [35] - Qingyuan specializes in distributed photovoltaic brackets and has maintained a leading market share in Australia for 14 consecutive years [39] Section 3: Financial Performance of Photovoltaic Bracket Companies - Financial analysis shows that leading companies have improved their performance, with Zhongxinbo's revenue reaching 6.39 billion yuan in 2023, primarily from its bracket business [41] - The report indicates that the profitability of the bracket segment is expected to improve due to declining raw material costs and stable pricing [24][25] - The cash flow situation of Zhongxinbo is notably strong, with a net increase in cash and cash equivalents of 450 million yuan in 2023 [44]

Industry Investment Rating - The report maintains a "Recommend" rating for the hydrogen, ammonia, and methanol integration industry [1] Core Viewpoints - The integration of hydrogen, ammonia, and methanol production is driven by renewable energy, presenting a trend of technological diversification and integrated production [1] - The economic and environmental advantages of hydrogen, ammonia, and methanol integration are expected to further improve with the expansion of production scale and technological advancements [1] - Policies promoting low-carbon and green electricity both domestically and internationally are expected to enhance the application space for green hydrogen, green ammonia, and green methanol [1] - Wind-solar-hydrogen-ammonia-methanol integration projects have become a hot spot in the hydrogen industry due to their large investment scale, complementary wind and solar power, and low grid connection ratio [1] Technology and Production Pathways - The basic form of green hydrogen, ammonia, and methanol integration includes green electricity + green hydrogen production + synthesis of green ammonia/methanol [7] - Green ammonia synthesis involves using solar and wind power for electrolysis of water to produce hydrogen, which is then synthesized with nitrogen to produce ammonia [8][9] - Carbon capture and utilization (CCU) methods are used to synthesize green methanol by capturing CO2 and reacting it with green hydrogen [10][11] - Biomass gasification provides a carbon source for green methanol production, with two main pathways: gasification to CO and H2, or gasification to CO2 followed by reaction with green hydrogen [13][14] Market Trends and Key Players - The hydrogen, ammonia, and methanol integration industry is gaining attention from local governments due to low-carbon and green electricity policies [38] - Major players in the industry include state-owned enterprises like CNPC, Sinopec, and China Energy, as well as collaborations between state-owned and private companies [49] - The industry is seeing significant project developments, with green methanol and green ammonia projects being the focus of investment [44][46] Investment Recommendations - Green hydrogen, ammonia, and methanol integration projects are recommended due to their economic scale advantages and low-carbon emissions [53] - Companies with strong upstream and downstream integration capabilities and cost advantages in specific segments of the production chain are suggested for investment [53]

2024 年 06 月 26 日 证券研究报告 | 银行理财周报 理财公司周度到期产品平均达标率为 66% 银行理财产品周数据 分析师:张菁 分析师登记编码:S0890519100001 电话:021-20321551 邮箱:zhangjing@cnhbstock.com 销售服务电话: 021-20515355 1、《压降非理财公司存量理财业务,带 来哪些机会变局—银行理财产品周观察》 2024-06-21 2024-06-19 2、《再降 9BP,日开非现固收近 1 月年 化 2.57% — 银 行 理 财 产 品 周 数 据 》 3、《日开非现固收理财近 1 月年化收益 率 2.66% — 银 行 理 财 产 品 周 数 据 》 2024-06-13 2024-06-05 2024-05-31 4、《现金管理类理财和货基的收益差距 缩至 20BP—银行理财产品周数据》 5、《理财公司将迎来评级,理财产品发 展会走向何方—银行理财产品周观察》 投资要点 现金管理类理财产品近 7 日年化收益率维持在 1.85%。截止 2024 年 6 月 23 日,现金管理类理财产品近 7 日年化收益率为 1.85%,与前 ...