2024年 06月 12日 证券研究报告 | 产业周报 到港量整体回升，需求持续走弱，矿价环比下跌 7.65% 铁矿行业周度报告 钢铁 投资要点 投资评级：推荐（维持） 供应：本周进口（6.1-6.7）铁矿石发运量整体连续两周持续下滑，到港量出 现回升。澳洲、巴西本周发货量（14个港口）合计2281.6万吨，环比减少88.9 分析师：张锦 万吨，降幅为-3.75%，连续两周持续下滑，降幅主要来自巴西。澳洲、巴西发 分析师登记编码：S0890521080001 货量（14个港口合计）分别为1724万吨、557.6万吨，环比分别为8.51%、 电话：021-20321304 -28.66%。四大矿山中，除力拓因上周发货降幅明显导致本周有回升之外，其他 邮箱：zhangjin@cnhbstock.com 三大矿山发货至中国的量均下滑。力拓、必和必拓、淡水河谷、FMG本周至中 国的发货量分别为522万吨、481.2万吨、419.3万吨、339.2万吨，环比分别 研究助理：吴晗 为53.8%、-4.77%、-32.73%、-7.6%。到港方面，中国26港到港量2343 万 邮箱：wuhan@cnhbstock.com ...

2024年 06月 12日 证券研究报告 | 产业点评报告 月制氢项目建设进度加快，大规模、高效、一体化有望成为未来趋势 5 氢能点评报告 氢能 投资要点 投资评级：推荐（维持） 事件：5月制氢项目集中取得突破。根据对北极星、国际氢能网、绿氢之家 等相关资料的整理，包括许继PEM制氢发电一体化项目、圣圆能源内蒙制氢 分析师：张锦 加氢一体化项目、内蒙古乌兰察布10万吨/年风光制氢一体化项目等在内的12 分析师登记编码：S0890521080001 个项目取得了进展。从各项目公示的信息来看，制取规模扩大化、应用技术高 电话：021-20321304 效化、产业链一体化成为主要趋势。 邮箱：zhangjin@cnhbstock.com 绿氢项目将逐渐向大规模商业化发展：从2025年5月公布进展的各项目来 看，绿氢制取规模均突破了5000Nm³/h，其中项目规划规模最大的是内蒙古乌 研究助理：张后来 兰察布10万吨/年风光制氢一体化项目，建成后制氢规模可达200000 Nm³/h。 邮箱：zhanghoulai@cnhbstock.com 中国早期的小规模绿氢示范项目已经逐渐验证技术路线和商业模式的可行性， 未 ...

2024年 06月 11日 证券研究报告 | 产业周报 下游淡季效应逐步显现，钢厂库存连续两周上升 钢铁行业周度报告 钢铁 投资要点 投资评级：推荐（维持） 供应：本周（6.1-6.7）高炉开工率、日均铁水产量均下滑，钢铁供应总体回 落。本周（6.1-6.7）高炉开工率（样本数247家）81.5%，环比下跌0.15个百 分析师：张锦 分点；日均铁水产量235.75万吨，环比下降0.03%。五大材总产量896.13万 分析师登记编码：S0890521080001 吨，环比减少0.75%；其中螺纹钢、线材、中厚板、热轧板卷、冷轧板卷的周 电话：021-20321304 度产量分别为233.07万吨、94.72万吨、158.18万吨、325.52万吨、84.64万 邮箱：zhangjin@cnhbstock.com 吨，环比分别为-2.67%、-0.49%、-0.73%、0.89%、-1.87%。本周五大材供给 总体回落，除热轧板卷外，其他四品类产量环比均下滑，其中螺纹钢产量下滑 研究助理：吴晗 幅度较为显著。 邮箱：wuhan@cnhbstock.com 库存：本周（6.1-6.7）钢厂持续累库、连续两周上升 ...

2024年 06月 11日 证券研究报告 | 产业周报 动力电池行业周报：工信部发布动力电池安全新国标， 宁德时代就供应链问题发表声明 2024.05.31-2024.06.06 电力设备及新能源 投资要点 投资评级：推荐（维持） 行业数据：1）本周碳酸锂持续探底，均价为9.75万元/吨，相比上周下跌0.45 万元/吨，跌幅4.41%，供应量充足，国内产量持续提升，仍有少量库存累积。 分析师：胡鸿宇 2）三元材料 523 单晶动力市场价格在12.98万元/吨，市场整体情绪较为悲观； 分析师登记编码：S0890521090003 三元材料 622 多晶消费市场价格在13.83万元/吨，较上周价格下调；高镍 811 电话：021-20321074 多晶动力材料市场价格在15.96万元/吨，较上周价格下调。三元厂家开工负荷 邮箱：huhongyu@cnhbstock.com 降低，厂家控制库存水平，采购不积极，因此开工更多以单定产，且由于客供 比例提高，三元厂加工性质难以改变，需求较为稳定。当前三元材料仍处于低 研究助理：蒲楠昕 价出货阶段，市场低位价格不断调整。3）负极材料市场集中度较高，本周价格 邮箱：pun ...

北向资金本周净流入 53 亿元，外资再度小幅净流入。 两市日均成交金额回落至 7684 亿元，较前一周增加 324 亿元，活跃度从低位水平小幅回 升，但仍然相对低迷。 图 7: 北向资金周度净流入 (亿元) 北向资金周度净买入额(亿元) 600 500 400 300 200 100 0 -100 -200 -300 -400 23/10 23/11 23/12 24/01 24/02 24/03 24/04 24/05 ★ 根据证券投资者适当性管理有关法规，该研究报告仅适合专业机构投资者及与我司签订咨询服务协议的普 通投资者，若您为非专业投资者及未与我司签订咨询服务协议的投资者，请勿阅读、转载本报告。 敬请参阅报告结尾处免责声明 华宝证券 9/9 敬请参阅报告结尾处免责声明 华宝证券 5/9 策略周报 资料来源：Wind，华宝证券研究创新部 | --- | --- | --- | --- | |----------------|-------|------------------------------|-------| | | | | | | 指数简称 | | 过去十周换手率分位数变化趋势 | | | W ...

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The issuance of non-principal guaranteed wealth management products in May 2024 decreased by 2.1% year-on-year, totaling 2,549 products [9] - The proportion of fixed income + strategy wealth management products issued by wealth management companies increased from 49% in January to 57% in May 2024 [14] - The average performance benchmark for fixed income products decreased by 56 basis points year-on-year and 5 basis points month-on-month [12] Summary by Sections 1. Regulatory Policies and Asset Management Market News - Regulatory authorities are seeking opinions on a new rating method for banking wealth management companies, emphasizing quality over scale [6] 2. Monthly Overview of the Wealth Management Market 2.1 Non-Principal Guaranteed Wealth Management Products - In May 2024, 2,549 non-principal guaranteed wealth management products were issued, a decrease of 2.1% year-on-year and 5.0% month-on-month [9] - The issuance breakdown includes 2,341 fixed income products, 39 mixed products, 104 equity products, and 10 commodity and financial derivative products [9] 2.2 Wealth Management Subsidiary Products - Wealth management subsidiaries issued 1,335 products in May 2024, with 1,305 being fixed income, 19 mixed, 5 equity, and 6 commodity and financial derivative products [13] - The average performance benchmark for fixed income products varies by duration, with benchmarks of 2.62% for products under 3 months and 3.77% for products over 3 years [14] 2.3 Product Break-even Situation - In May 2024, 1,483 wealth management products were at a break-even point, accounting for 2.52% of all market products, an improvement from 3.08% the previous month [2] 2.4 Product Tracking - New Mixed Wealth Management Products - New mixed wealth management products participating in the Beijing Stock Exchange's IPOs were issued by Xingyin Wealth Management [2] 3. Performance Benchmarks - The average performance benchmarks for various durations in May 2024 were 2.60% for products under 1 month, 2.72% for 1-3 months, 2.92% for 3-6 months, 3.23% for 6-12 months, 3.35% for 1-3 years, and 3.77% for over 3 years [12]

| --- | --- | --- | --- | --- | --- | |--------------|------------|----------|-----------|--------|----------| | 日期 | 3 个月以内 | 3-6 个月 | 6-12 个月 | 1-3 年 | 3 年以上 | | 2023 年 1 月 | | | | 5.09% | 4.90% | | 2 月 | | 3.60% | 4.00% | 5.23% | 4.85% | | 3 月 | 3.25% | | 5.30% | 5.00% | 5.07% | | 4 月 | 3.28% | | | 4.70% | 5.15% | | 5 月 | | | 5.40% | 4.25% | 5.55% | | 6 月 | | | | | 5.53% | 资料来源：普益标准，华宝证券研究创新部 资料来源：普益标准，华宝证券研究创新部 注：发行机构为理财子公司的混合类产品，其业绩比较基准为区间收益的，计算区间收益下限的平均值 2024 年 5 月理财子公司发行的净值型理财产品业绩比较基准，按产品种类和期限分，业 绩比较 ...

户外居家人们生活中对电力的新需求与日续增并承认绿色能源无处不在的使命华宝新浪先后开创光冲户外电源和全场景家庭绿电解决方案新品类并打造了Jackery电小二光冲户外电源领导品牌和Geniverse电厂柜全场景家庭绿电专家品牌两大全球品牌满足户外和居家场景的电力新需求 历经12年发展,环保新能构建了领先的数字化全价值链M2C商业模式产品和服务已覆盖全球多个国家和地区全球销量领先,累计销售400万台 2011年华宝新能从深圳起步持续多年深耕构建起及研发创新先进制造品牌营销零售渠道等议题的数字化全价值链M2C商业模式坚持自主创新不断加大技术研发投入吸纳并培养出一支高水平全球化人才队伍产品技术创新优势突出 作为行业先行者,华宝新能是国家便携储能行业标准,国家便携太阳能板行业标准的主要起草单位,取得多种国际认证。在研发工业设计领域屡获殊荣,成为便携标杆。 华宝新能拥有智能化自动生产设备提高制造运营效率坚持安全第一以先进的制空体系为打造高品质安全高效的产品工业体系保驾护航为快速服务全球消费者华宝新能打造境外加境内光芒独立战第三方电商平台限价营售的全方位渠道布局 以创新技术先进制造全方位渠道的驱动华宝新能坚持打造链接全世界消 ...

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Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The annualized yield of cash management financial products has slightly increased to 1.88% as of June 2, 2024, while the yield of money market funds stands at 1.68%, resulting in a yield gap of 20 basis points [3][6]. - The annualized yield for non-cash fixed income financial products over the past month is 2.73%, which is an increase of 24 basis points from the previous week [3][8]. - The annualized yield for closed-end fixed income financial products over the past six months is 3.87%, up by 6 basis points from the previous week [3][8]. - The annualized yield for closed-end fixed income financial products over the past year is 3.52%, reflecting a 2 basis point increase from the previous week [3][8]. Summary by Sections 1. Cash Management Product Annualized Yield - As of June 2, 2024, the annualized yield for cash management financial products is 1.88%, showing a slight recovery compared to the previous week [6]. 2. Performance Review of Financial Products - The report provides a performance review of financial products issued by financial companies, with data up to June 2, 2024 [8]. - The annualized yield for non-cash fixed income financial products over the past month is 2.73%, an increase of 24 basis points [8]. - The annualized yield for closed-end fixed income financial products over the past six months is 3.87%, up by 6 basis points [8]. - The annualized yield for closed-end fixed income financial products over the past year is 3.52%, reflecting a 2 basis point increase [8]. 3. Maturity and Compliance Status of Financial Products - From May 27 to June 2, 2024, the total maturity scale of financial products is 539.788 billion, with an average compliance rate of 71.2%, which is an increase of 4.5% from the previous week [12]. - Financial companies achieving 100% compliance include Bohai Bank Wealth Management, Schroder Jiao Yin Wealth Management, and BlackRock Jianxin Wealth Management [12].