证 券 2024 年 05 月 31 日 研 究 电子烟带屏化+大屏化+智能化：新趋势、新增量 报 告 —电子行业动态研究报告 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 ▌ 事件 lvzy@cfsc.com.cn 自 Elfbar 推出了 Funky Republic TI7000 之后，带油电显示 分析师：毛正 S1050521120001 屏幕的一次性电子烟成为一种新的趋势，并带动其他品牌纷 maozheng@cfsc.com.cn 纷推出了自己的带屏一次性电子烟。Funky Republic TI7000 行业相对表现 是一款革命性的设备，提供了 7000 口的 15 种惊艳的口味并 采用了一个能够显示吸入和电池信息的屏幕。 表现 1M 3M 12M 电子(申万) -1.4 -0.7 -13.6 ▌ 从 0 到 1 的产业新趋势，屏幕成为“兵家必争之 沪深300 -0.3 2.2 -5.4 地” 市场表现 带屏电子烟是电子烟领域的新风潮。出于成本等各方面因素 (%) 电子 沪深300 的考虑，此前厂家在设计制造一次性电子烟的时候并不会添 10 加额外的附加功能。但随着行业政策 ...

告 究 2024 年 05 月 31 日 略 双融日报 市场情绪：29 分（较冷） 最近一年大盘走势 -20 -15 -10 -5 0 5 10 (%) 沪深300 相关研究 1、《双融日报》2024-05-30 2、《双融日报》2024-05-29 3、《双融日报》2024-05-28 ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 29 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 今日热点主题：虚拟电厂、低空经济、农业养殖 ▌ 风险提示 券 究 证券研究报告 近60个交易日华鑫全A情绪指数运行图 3500 3700 3900 4100 4300 4500 4700 全A指数 华鑫大盘情绪指数 20分位过冷线 50分位均值线 80分位过热线 诚信、专业、稳健、高效 证券研究报告 2318 2039 SW电子 SW钢铁 SW综合 SW纺织服饰 SW建筑材料 -26082 SW计算机 SW交通运输 SW医药生物 SW建筑装饰 SW食品饮料 SW银行 SW房地产 SW公用事业 SW电力设备 SW有色金属 图表 9:融券前一日净卖出前十行业（万元） 752 ...

（2）国内经济不及预期； （3）外部风险冲击加剧 请阅读最后一页重要免责声明 2 | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------|-------| | | | | | | | | | 1 、 | 涨价传导：大宗商品涨价， PPI 分项回升，对应 A 股板块接连上涨 ............................. | 5 | | 2 、 | 涨价逻辑：输入性-行政性-约束性-复苏性涨价 .............................................. | 8 | | | 2.1 、 输入性涨价：石油、黄金、铜等海外主导定价的大宗商品 ............................... | 8 | | | 2.2 、 行政性涨价：水、电、燃气、高速、高铁、医疗等公用事业价格改革 ..................... | 11 | | | 2.3 、 ...

证证 券券 研研 究究 报报 告告 策略深度报告 钟摆的另一端: 美国从二胀到衰退担忧 ...

证证 券券 研研 究究 报报 告告 行业策略报告 科技如剑破晓之锐 内容如甲守夜之固 2024年传媒中期策略 投资评级：推 荐 （ 维 持 ） ...

Investment Rating - The report maintains a "Buy" rating for several companies including China National Offshore Oil Corporation (CNOOC), Yangnong Chemical, and Tongkun Co., Ltd. [8][20][27] Core Viewpoints - The report highlights significant price increases in refrigerants and polyester filament yarn, suggesting continued attention to these sectors along with agricultural chemicals [5][6][19] - The report notes that the recent drop in oil prices, influenced by unexpected increases in EIA crude oil inventories and Federal Reserve monetary policy, may create investment opportunities in undervalued, high-dividend companies like CNOOC [5][19] - The report emphasizes that the polyester filament yarn industry is experiencing a rebound in profitability due to reduced inventory levels and price increases following production halts [6][19] Summary by Sections Industry Tracking - The report discusses the impact of geopolitical factors and Federal Reserve policies on oil prices, noting a decrease in WTI and Brent crude prices by 2.9% and 2.2% respectively [21][22] - It also mentions the increase in natural gas prices, with a notable rise of 13.95% for U.S. Henry Hub natural gas [21][22] Price Movements - Significant weekly price increases were observed in R22 refrigerant (11.11%), natural gas (6.49%), and aniline (5.61%) [5][19] - Conversely, products like synthetic ammonia and acetic acid saw substantial declines, with synthetic ammonia dropping by 7.14% [5][19] Key Chemical Products Price Trends - The report indicates that the polyester filament yarn market is recovering, with price adjustments expected as manufacturers respond to improved cash flow conditions [26] - PTA prices have shown an upward trend, with a weekly average increase of 1.89% [25] Recommended Companies - The report identifies several leading companies in various sectors as investment opportunities, including Wanhua Chemical in polyurethane, Hualu Energy in coal chemical, and Juhua in refrigerants [20][21]

Group 1 - The report highlights that the median price-to-earnings (PE) ratio of North Exchange component stocks in eight industries is lower than that of corresponding A-share and Sci-Tech Innovation Board component stocks [2][56]. - The energy equipment and services industry, computer and peripheral equipment industry, and semiconductor products and equipment industry showed the highest weekly gains of 9.99%, 9.48%, and 6.63% respectively [4][84]. - Among the 248 listed companies on the North Exchange, 163 experienced an increase, with 11 companies rising over 10% and only 2 companies falling over 10% [5][67]. Group 2 - The report details that a precision machinery parts supplier serves globally recognized companies in various sectors, including semiconductor and medical imaging, and has increased investment in product development to enhance quality and market capabilities [7]. - The company specializes in research, production, and sales of power distribution and control equipment for high-speed rail, commercial power generation, and urban rail transit, with products including transformers and complete sets of high and low voltage equipment [8]. - The company has established a stable management team and has received multiple quality certifications, including ISO9001:2015 and ISO14001:2015, reflecting its commitment to quality management [9]. Group 3 - The global small home appliance market is steadily growing, with China being a significant consumer market, as sales volume increased from 3.426 billion units in 2016 to 4.060 billion units in 2021, and market sales rose from $187.6 billion to $253.2 billion [18]. - The report indicates that the LED lighting market is projected to grow from $53.066 billion in 2018 to $125.150 billion by 2025, with a compound annual growth rate (CAGR) of 13.04% [20]. - The report notes that the North Exchange's overall market sentiment is improving, supported by incremental capital inflows, which is aiding in the recovery of the overall market [86].

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting potential growth opportunities in various segments [7][8]. Core Insights - The report emphasizes the strong performance of new energy vehicle manufacturers, with Xiaomi and XPeng exceeding expectations in their Q1 2024 financial results. Xiaomi aims for annual deliveries of 100,000 units, while XPeng shows significant improvement in gross margins and revenue growth [5][7]. - Tesla's Shanghai energy storage factory has officially commenced operations, marking an expansion of its industrial ecosystem in China. This factory is expected to produce up to 10,000 Megapack units, contributing to the growth of the energy storage sector [6][7]. - The report notes that the automotive industry is experiencing a recovery phase, driven by government policies promoting vehicle trade-ins and the introduction of new models [30][34]. Summary by Sections Market Performance and Valuation Levels - The automotive index fell by 3.97%, ranking 24th among 30 industries, with significant declines in passenger vehicles, commercial vehicles, and automotive parts [15][20]. - The automotive industry's PE ratio is at 25.9, while the PB ratio is at 2.2, indicating a moderate valuation compared to historical levels [22]. Industry Data Tracking and Commentary - In May, the average daily wholesale of passenger vehicles showed a mixed performance, with a year-on-year decline in the first week but a recovery in the second week, indicating a potential stabilization in the market [28][30]. - The report highlights the impact of government policies on stimulating demand, particularly in the context of trade-in programs for older vehicles [30]. Industry Rating and Investment Strategy - The report suggests focusing on companies with deep collaborations, such as Seres and Jianghuai Automobile, and emphasizes the growth potential in the automotive parts sector due to technological changes and export opportunities [34][8]. - Specific growth areas include lightweight materials, interior and exterior components, and smart automotive technologies, with recommended stocks in these segments [34][8]. Company Announcements and Industry News - Notable developments include NIO's expansion of its battery swap stations and the establishment of a significant number of charging stations in Slovakia to support electric vehicle growth [41][44]. - The report also mentions the increasing sales of electric vehicles in the U.S., indicating a broader trend towards electrification in the automotive market [42].

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company is committed to a high-end strategy, focusing on premium products and enhancing its competitive advantage in the domestic market [3] - Cost reduction and efficiency improvement measures are showing results, with a strong emphasis on fine management and resource allocation [4] - The internal reform benefits are expected to drive earnings growth, with projected EPS for 2024-2026 at 0.94, 1.16, and 1.38 yuan respectively [5] Summary by Relevant Sections Product Strategy - The company continues to advance its high-end strategy, concentrating on products such as A-grade 15, A-grade 20, and 1915, while also establishing an innovation liquor division targeting the 100 yuan price range and mass-market liquor [3] Management Efficiency - The company is enhancing cost-effectiveness through various measures, including detailed performance assessments, resource allocation, and regular meetings to support departmental collaboration [4] Earnings Forecast - The company is expected to benefit from internal reforms, with projected revenues increasing from 5,257 million yuan in 2023 to 8,219 million yuan in 2026, reflecting a growth rate of 16.2% in 2026 [5][10] - The net profit is forecasted to rise from 666 million yuan in 2023 to 1,262 million yuan in 2026, with a notable growth rate of 19.2% in 2026 [5][10]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [2]. Core Insights - Resource-based products are better positioned to withstand uncertainties in the pharmaceutical industry, particularly in the context of trade conflicts and domestic price reductions [3]. - The demand for GLP-1 products is rapidly increasing, creating opportunities for domestic companies due to production capacity gaps [4]. - The potential for continued efficiency improvements in state-owned pharmaceutical enterprises is highlighted, with recent performance surpassing industry averages [5]. - The price cycle of certain raw materials is expected to show upward elasticity due to changing demand dynamics [6]. - Synthetic biology applications are anticipated to achieve breakthroughs, enabling large-scale production of previously difficult-to-manufacture compounds [7]. - The domestic market for respiratory testing is expected to grow steadily, with significant barriers to entry protecting established players [8]. Summary by Sections Pharmaceutical Industry Trends - The pharmaceutical sector has recently underperformed compared to the CSI 300 index, with a weekly decline of 3.74% [21]. - Over the past month, the pharmaceutical industry has lagged behind the CSI 300 index by 1.31 percentage points, with a growth of only 0.71% [24]. Key Recommendations - Focus on GLP-1 products and their supply chain, recommending companies like Zhongsheng Pharmaceutical and BoRui Pharmaceutical for their promising clinical data [9]. - Monitor the raw material sector for price recovery, particularly for VB1 and nicotine extraction products [10]. - State-owned enterprises in the pharmaceutical sector are expected to continue improving efficiency, with recommendations for companies like Guoyao Modern [10]. - Resource-based products, particularly blood products, are expected to maintain their premium pricing, with recommendations for companies like Pailin Biological [10]. Notable Companies and Earnings Forecasts - Pailin Biological: 2024 EPS forecast of 1.06, rated "Buy" [12]. - BoYa Biological: 2024 EPS forecast of 1.09, rated "Buy" [12]. - Zhongsheng Pharmaceutical: 2024 EPS forecast of 0.48, rated "Buy" [14]. - Noteworthy companies in the respiratory testing market include Yingnuote and Shengxiang Biological, both rated "Buy" [10].