破局与分化，高质量发展新"长"态 ——金融行业2024年中期策略报告 华龙证券研究所 银行/非银金融行业 行业评级：推荐（维持） 分析师：杨晓天 SAC执业证书编号：S0230521030002 2024年7月26日 证券研究报告 请认真阅读文后免责条款 请认真阅读文后免责条款 2024上半年市场走势（单位：%） 相关报告 20% 沪深300 非银金融(申万) 银行(申万) 证券Ⅱ(申万) 保险Ⅱ(申万) 10% 0% -10% -20% -30% 2024-01 2024-02 2024-03 2024-04 2024-05 2024-06 市场表现（2024.7.26) （单位：%） | --- | --- | --- | --- | |----------------|-------|-------|--------| | 指数 | 1M | 3M | 12M | | 沪深300 | -1.41 | -3.43 | -0.64 | | 非银金融(申万) | -0.49 | -2.39 | -7.55 | | 银行(申万) | -0.90 | -1.21 | 14.45 | | 证券Ⅱ(申万) | -0. ...

CDSE 🙂 华龙证券 向智能化要发展，向全球化要空间 ---汽车行业2024年中期投资策略 华龙证券研究所 汽车行业 分析师：杨阳 SAC执业证书编号：S0230523110001 联系人：李浩洋 SAC执业证书编号：S0230124020003 2024年07月26日 证券研究报告 请认真因读文后免费资款 CDSE 🙂 华龙证券 最近市场走势（单位： %） - 汽车 - iP 深300 12% ך 3% −6% − -15% -24% -33% 2023–07 2023–11 2024–03 2024–07 沪深300表现 (2024. 7. 25)( 辛侵： %) 表现1 M3M12M 汽车行业–3. 6−7. 8–9. 1 –2. 2–3. 5−10. 7广深300 相关报告 《汽车行业周报："车路云"试点城市官查，项目有望办送落地》2024. 7. 8 《汽车行业周报：比亚迪海豹登录日本市场，自主车企办快出海步伐》 2024. 7. 1 《汽车行业周报： 新M7 Ultra交付统方台，有好自主车企爆款搭力》2024. 6. 24 / HANDING PROPORTING PROPORTING 21 ...

供需格局改善及新技术驱动化工行业景气复苏 --化工行业2024年中期投资策略 华龙证券研究所 化工行业 分析师：孙伯文 SAC执业证书编号：S0230523080004 联系人：彭越 SAC执业证书编号：S0230124010004 2024年07月24日 证券研究报告 凝 聚 智 慧·创 造 财 富 最近市场走势（单位：%） 沪深300指数 基础化工(申万) -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 2023-07-24 2023-08-24 2023-09-24 2023-10-24 2023-11-24 2023-12-24 2024-01-24 2024-02-24 2024-03-24 沪深300表现（2024.7.24）（单位：%） | --- | --- | --- | --- | |---------|-------|--------|--------| | 表现 | 1m | 3m | 12m | | 化工 | -7.49 | -12.72 | -25.52 | | 沪深300 | -1.69 | -2.94 | -10.17 | 相关报告 • ...

固本开新，行稳致远 ---食品饮料行业2024年中期策略报告 华龙证券研究所 食品饮料行业 分析师：王芳 SAC执业证书编号：S0230520050001 2024年07月25日 证券研究报告 请认真阅读文后免责条款 《行业有望筑底反弹，关注中长期配置价值——食品饮料行业周报》 2024.07.22 《茅台批价企稳回升，关注上半年业绩预告—食品饮料行业周报》2024.07.16 《酒企积极调控，关注底部配置机会—食品饮料行业周报》2024.07.09 最近市场走势（单位：%） 相关报告 食品饮料 沪深300 8% -1% -11% -20% -29% -38% 2023-07 2023-11 2024-03 2024-07 沪深300表现（2024.07.25) （单位：%） | --- | --- | --- | --- | |----------|-------|--------|--------| | 表现 | 1M | 3M | 12M | | 食品饮料 | -5.16 | -16.49 | -25.11 | | 沪深300 | -2.23 | -3.47 | -10.67 | 请认真阅读文后免责条款 ...

证券研究报告 化工 报告日期：2024 年 07 月 24 日 产品价差改善修复盈利水平，新项目落地巩固产业链优势 ——卫星化学（002648.SZ）2024 年中报点评 华龙证券研究所 最近一年走势 市场数据 2024 年 07 月 23 日 当前价格（元） 16.95 52 周 价 格 区 间 12.74-20.13 （元） 总市值（百万元） 57,098.54 流通市值（百万 57,060.30 元） 总股本（万股） 336,864.57 流通股（万股） 336,638.92 近一月换手（%） 12.17 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 联系人：彭越 执业证书编号：S0230124010004 邮箱：pengy@hlzqgs.com 事件： 公司于 2024 年 7 月 17 日发布 2024 年度中期报告，2024 年 H1 公司实现营业收入 194.00 亿元，同比-4.59%，归母净利润为 20.56 亿元，同比提高 12.51%；2024 年 Q2 公司营业收入 105.96 亿元，较 2024 年 Q1 的 88.05 亿元环 ...

Market Analysis - The market showed mixed performance with the ChiNext index experiencing a significant rise in the afternoon session [1] - Consumer electronics, automotive, ride-hailing, and semiconductor sectors led the gains, while sectors like film, childcare services, paper, and insurance faced declines [2] Semiconductor Industry Insights - Global semiconductor monthly sales continue to improve, with the electronics sector entering a peak demand season in Q3, driven by strong AI cloud computing needs [4] - NVIDIA's B series chips are being actively stocked, with expectations for large-scale shipments in Q4, indicating a potential boost in demand for consumer electronics, particularly with the anticipated increase in iPhone 16 production [4] - The overall outlook for the year suggests a year-on-year increase in mobile and PC shipments, supported by AI-driven device upgrades and cloud computing infrastructure development [4][11] Key News Highlights - Baidu launched an AI social app named "Wen Xiaoyan," enhancing real-time interaction with AI virtual characters, which reflects the acceleration of AI applications [5] - IDC reported that global smartphone shipments reached 290 million units in Q2 2024, marking a 6.5% year-on-year increase and indicating a potential new replacement cycle in the smartphone market [5] - The semiconductor sector is showing signs of recovery, with nearly 70% of companies in the A-share market reporting positive mid-year performance forecasts, driven by sustained demand and accelerated growth in the AI sector [11]

Market Overview - The market experienced fluctuations with the Shanghai Composite Index closing at 2962.85 points, down 0.45%, and the Shenzhen Component Index at 8835.14 points, down 0.47% [1][3] - The total trading volume in the Shanghai and Shenzhen markets reached 675.1 billion, an increase of 34.4 billion compared to the previous trading day [2][4] Sector Performance - The sectors showing strength included liquor, Shanghai state-owned enterprise reform, insurance, and photovoltaic equipment, while sectors such as copper cable connections, smart cockpits, PCB, and Apple concepts faced declines [11][12] - Notable stocks that hit the daily limit included Fudan Ruohua and Shanghai Material Trade, driven by state-owned enterprise reform themes [11] Digital Virtual Human Industry - The digital virtual human market is rapidly developing, with the market size in China reaching 333.47 billion in 2023 and projected to grow to 640.27 billion by 2025, indicating a strong growth trend [22] - Advances in AIGC technology are enhancing the production efficiency and application capabilities of digital virtual humans, leading to increased business value and automation levels [4][22] Financing and Investment Trends - As of July 16, the financing balance on the Shanghai Stock Exchange was reported at 749.06 billion, a decrease of 1.33 billion from the previous trading day, while the Shenzhen Stock Exchange's financing balance was 676.03 billion, an increase of 0.96 billion [20] - The overall financing balance across both exchanges totaled 1.425 trillion, reflecting a slight decrease of 0.38 billion [20]

Market Analysis - The market is experiencing a rebound, with major indices such as the Shanghai Composite Index and Shenzhen Component Index showing positive trends, recording gains of 0.48% and 0.5% respectively [14][16]. - The semiconductor sector is particularly active, with the photolithography machine segment leading the gains [1][2]. - Key stocks such as China Mobile and Yangtze Power have reached historical highs, indicating strong performance in heavyweight stocks [1]. Sector Performance - The photolithography machine, rail transit equipment, industrial mother machine, and ride-hailing sectors are among the top gainers, while consumer electronics, copper cable high-speed connections, and PCB sectors are facing declines [2][15]. - The advanced packaging market is projected to grow significantly, driven by strong demand from mobile, consumer electronics, telecommunications, and automotive sectors, with a compound annual growth rate (CAGR) of 10.7% expected from 2023 to 2029 [6]. Financing and Investment Trends - As of July 17, the financing balance on the Shanghai Stock Exchange was reported at 746.642 billion yuan, a decrease of 24.19 billion yuan from the previous trading day, while the Shenzhen Stock Exchange's financing balance was 673.38 billion yuan, down by 26.51 billion yuan [4]. - Major companies in the advanced packaging field, including TSMC, Intel, and Samsung, are expected to invest approximately 11.5 billion USD in 2024 [6]. Key News Highlights - The sixth-generation Baidu Apollo autonomous vehicle is set for large-scale deployment, featuring advanced solid-state LiDAR technology, which is expected to drive growth in the laser radar market [20]. - The domestic fuel cell heavy truck registration volume increased by 38% year-on-year in the first half of 2024, indicating a growing market for fuel cell vehicles [20]. Stock Performance - Notable stocks that reached their daily limit include Tianmai Technology, which surged by 19.99% due to its involvement in ride-hailing and smart public transport [21]. - Other stocks such as Weiao Co. and Huadong CNC also saw significant gains, attributed to their respective sectors of rail transit and industrial machinery [21].

1、市场综述 上周五市场全天震荡反弹，三大指数小幅上涨，科创 50 指数涨近 2%。 板块方面，轨交设备、半导体、光刻机、Sora 概念等板块涨幅居 前，黄金、房地产、汽车整车、农业等板块跌幅居前。 偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 132 期，总第 1691 期（电子版） 2024 年 7 月 22 日 星期一 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2982.31 | 0.17 | | 深证成指 | 8903.23 | 0.27 | | 中小 100 | 5747.9 | 0.23 | | 创业板指 | 1725.49 | 0.45 | | 沪深 300 | 3539.02 | 0.51 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40287.53 | -0.93 | | 纳斯达克 | 17726.94 | - ...

| --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2964.22 | -0.61 | | 深证成指 | 8869.82 | -0.38 | | 中小 100 | 5729.67 | -0.32 | | 创业板指 | 1723.91 | -0.09 | | 沪深 300 | 3514.92 | -0.68 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 40415.44 | 0.32 | | 纳斯达克 | 18007.57 | 1.58 | | 标普 500 | 5564.41 | 1.08 | | 英国富时 100 | 8198.78 | 0.53 | | 日经 225 | 39908.48 | 0.78 | | 恒生指数 | 17635.88 | 1.25 | | | 货币市场 | | | | 收盘(点) | 涨跌幅(%) | | 美元离岸人民币 | 7.2963 | 0.01 | ...