证券研究报告 | 行业点评 [Table_Main] 光伏行 业点评：座谈会或带来行业 [ 电Tab 气le_I 设nve 备st] 评级： 看好 供需超预期改善 日期： 2024.05.25 事件描述 [分Ta析bl师e_ A蔡ut紫ho豪r] 登记编码：S0950523070002 2024年 5月 17日下午，在工业和信息化部电子信息司指导下，中国光伏行 ： 0755-23375705 业协会在北京组织召开“光伏行业高质量发展座谈会”。 ： caizihao@wkzq.com.cn 联系人 钟林志 事件点评 ： 021-61102511 ： zhonglinzhi@wkzq.com.cn 市场竞争+行政指导规范助力行业走出困境。光伏属于市场化行业，需要发挥 市场化手段解决行业困境。企业应适应光伏技术迭代速度快的特点，建立有 [行Ta业bl表e_现Pic Quote] 2024/5/22 1% 效的知识产权保护措施；发挥行业兼并重组的市场化手段，畅通市场退出机 -7% 制；光伏企业应坚持创新驱动、坚持长期主义，合作共赢，共同维护公平竞争 -15% -24% 秩序。光伏行业规模化优势是重要竞争要素，在市场化 ...

Investment Rating - The report rates the hydrogen energy industry as "Positive" [2]. Core Insights - Japan is a pioneer in hydrogen energy, having established a national strategy for hydrogen as early as 2017, while contrasting views from figures like Elon Musk highlight the ongoing debate about hydrogen's role in the energy system [7][8]. - The report identifies four key indicators for hydrogen's energy positioning: heating value price, volumetric energy density, mass energy density, and energy efficiency, emphasizing that hydrogen has advantages in mass energy density but disadvantages in volumetric energy density and energy efficiency [11][12]. - Hydrogen is seen as a viable solution for decarbonization in sectors that are difficult to electrify, such as cement, glass, and steel industries, where it can significantly reduce carbon emissions [24][28]. Summary by Sections Section 1: Hydrogen Energy Perspectives - Japan has been proactive in hydrogen energy development, establishing the Hydrogen Energy Association in 1973 and launching various strategic initiatives over the years [5][9]. - Elon Musk's criticism of hydrogen as an energy storage solution contrasts with Japan's commitment to hydrogen, raising questions about the future of hydrogen in the energy landscape [10][11]. Section 2: Identifying Hydrogen's Energy Positioning - The report outlines that hydrogen's heating value price is competitive, especially if green hydrogen prices drop to 10 CNY/kg, making it comparable to natural gas [13]. - Hydrogen's mass energy density is highlighted as a significant advantage, particularly in applications where weight is critical, such as aerospace [16]. - The volumetric energy density of hydrogen is lower than that of natural gas and other fuels, which limits its use in certain applications [18]. - Energy efficiency remains a challenge, with the "electric-hydrogen-electric" cycle achieving only 35%-42% efficiency, but potential improvements through heat and power integration are noted [22][37]. Section 3: Application Scenarios for Hydrogen - Hydrogen is positioned as a key player in hard-to-electrify sectors, with significant potential for reducing carbon emissions in industries like cement and glass [24][27]. - The report emphasizes the economic value of hydrogen in long-duration energy storage, particularly in scenarios where seasonal electricity demand varies significantly [36]. - Heat and power integration can enhance the overall efficiency of hydrogen systems, with examples from Japan's residential fuel cell systems demonstrating high energy conversion efficiencies [37]. Section 4: Investment Recommendations - The report suggests focusing on companies involved in the entire hydrogen supply chain, particularly those engaged in storage, transportation, and refueling infrastructure [2].

证券研究报告 [|T a行ble业_跟Fir踪st ] [Table_Main] 寻找氢的能源定位——从日本和马斯 [电Tab气le_I设nve备st] 评级： 看好 克的分歧说起 日期： 2024.05.24 报告要点 [分Ta析bl师e_ A蔡ut紫ho豪r] 登记编码：S0950523070002 日本是在氢能源的方向上走的最早、最坚定的国家之一，是全世界第一个把 ： caizihao@wkzq.com.cn 氢能作为国家战略的国家。然而，马斯克则表示“氢气是我能想象到的能源存 分析师 张鹏 储最愚蠢的事情”。如何看待日本和马斯克的分歧？如何理解氢在能源体系 登记编码：S0950523070001 中的定位？我们试着结合氢的物理属性和应用场景，提出我们的思考。 ： 18373169614 针对氢在能源体系中的定位，我们构建了四维指标：热值价格、体积能量密 ： zhangpeng1@wkzq.com.cn 度、质量能量密度、能量效率。氢的在质量能量密度方面有优势，在体积能量 [行Ta业bl表e_现Pic Quote] 2024/5/23 密度、能量效率方面存在劣势。从热值价格角度，氢并没有贵的离谱：以 2 ...

证券研究报告 | 行业周报 [Table_Main] 电子行 业半月报：OpenAI/谷歌/微软 [ 电Tab 子le_I nvest] 评级： 看好 纷至沓来，AI 大模型开启价格战 日期： 2024.05.23 报告要点 [分Ta析bl师e_ A王ut少ho南r] 登记编码：S0950521040001 5月上板块走势回顾：2024年 5月上（5月 1日-5月 30日），大盘指数中， 上证综指上涨0.49%，深证成指下跌0.04%，创业板指下跌1.05%，沪深300 ： 0755-23375522 ： wangshaonan@wkzq.com.cn 上涨0.60%。截至 2024年 5月 15日，申万电子指数为3251.95，较5月1 联系人 金凯笛 日下跌 2.54%，行业涨跌幅在所有一级行业中排序 29/31。申万电子各子行 业中，消费电子板块上涨 0.24%，元件板块下跌 1.79%，其他电子板块下跌 ： 021-61102509 ： jinkaidi@wkzq.com.cn 2.65%，电子化学品板块下跌 2.78%，光学光电子板块下跌 2.91%，半导体 板块下跌3.78%。5月上，申万电子行业 ...

证券研究报告 [|T a行ble业_跟Fir踪st ] [Table_Main] [有Tab色le_I金nve属st] 铅锌价格超预期上涨，后续何去何从？ 评级： 看好 日期： 2024.05.14 报告要点 [分Ta析bl师e_ A王ut小ho芃r] 登记编码：S0950523050002 近期铅锌价格为何超预期上涨？在“二次通胀”预期渐起，矿端持续偏紧背景 ： 021-61102510 下，工业金属价格均出现较大幅度反弹，LME锌价 2月以来底部反弹近 20%， ： wangxiaopeng@wkzq.com.cn 铅价亦涨超10%。我们认为本轮上涨主要系金融属性与供需层面共振，金融 分析师 刘艺帆 属性上，年初降息预期延后，海外重回通胀状态，以美元计价的金融品种整体 登记编码：S0950523050003 偏强，供需层面，矿端复产推迟、TC持续下行，海内外冶炼厂减产使得锭端 ： 18217026088 过剩程度有所缓解，此外，全球制造业PMI重回扩张区间预示制造业开始触 ： liuyifan@wkzq.com.cn 底回升带动需求回暖。 [行Ta业bl表e_现Pic Quote] 2024/5/14 铅 ...

Investment Rating - The investment rating for the renewable energy industry is "Positive" [1] Core Insights - The report highlights significant growth in the power grid and energy storage sectors, with a focus on new investment directions such as ultra-high voltage direct current and distribution networks [5][6][10] - The energy storage sector is experiencing a bifurcation in performance, with large-scale storage showing strong growth while household storage faces challenges [7][10] - The green energy sector is viewed as undervalued, with potential for significant growth driven by increasing installation capacity and favorable policy changes [11][14] Summary by Sections 1. 2023 & 2024 Q1 Summary and Investment Outlook - The power grid sector's overall profit growth reached 23.4% in 2023, an increase of 7.9 percentage points [5] - The return on equity (ROE) for the power grid sector improved to 10.4%, up 1.1 percentage points from the previous year [18] - The energy storage sector saw a 290% increase in new installations in China, totaling 22.0 GW in 2023 [8] 2. Five Key Indicators of Industry Changes - Profit growth in the inverter and large-scale storage segment was 150.8% year-on-year, while household storage profits decreased by 34.3% [28] - The ROE for the inverter and large-scale storage segment rose to 27.3%, an increase of 11.9 percentage points [30] - Capital expenditures in the inverter and large-scale storage segment grew by 46.9% in 2023 [33] 3. Key Company Performance Overview - Companies involved in ultra-high voltage and distribution networks are expected to see significant performance improvements as these sectors enter a growth phase [5][6] - The report suggests that companies with established supply chains in overseas markets, particularly in Europe, are well-positioned to benefit from increased demand for energy equipment [5] - The green energy sector is projected to recover from a performance vacuum, with an expected return to high growth due to increased capital expenditures [11][14]

Investment Rating - The report assigns a "Hold" rating for China Duty Free Group (601888.SH) with a first-time coverage [6]. Core Views - The report emphasizes the long-term positive outlook for the duty-free industry driven by national policies aimed at boosting domestic consumption and the recovery of high-quality consumer demand [2]. - It highlights the strong competitive position of China Duty Free as a leading player in the retail sector, benefiting from significant scale advantages and a robust market presence [3]. - The report also notes short-term profitability improvements due to reduced airport rental costs and enhanced inventory turnover rates [4]. Summary by Sections Long-term Perspective - The duty-free market is expected to grow significantly, with a target of attracting 300 billion yuan in duty-free shopping back to China, particularly in Hainan [2]. - The overall economic trend in China remains positive, with increasing demand for high-quality consumer goods [2]. Mid-term Perspective - China Duty Free has established itself as the largest travel retail operator globally, with a market share exceeding 85% in domestic duty-free sales since 2018 [3]. - The company operates approximately 200 duty-free stores across more than 100 cities, leveraging its strong brand and extensive distribution network [3]. Short-term Perspective - The company has signed rental agreements with major airports, significantly reducing base rental fees and commission rates, which is expected to enhance profitability as international travel recovers [4]. - The report argues that the opening of duty-free licenses will ultimately benefit leading companies like China Duty Free by accelerating the exit of smaller competitors [4]. Financial Projections - Revenue is projected to grow from 675 billion yuan in 2023 to 1,030 billion yuan by 2026, with corresponding net profits increasing from 67 billion yuan to 109 billion yuan during the same period [5]. - The report provides a price-to-earnings (PE) ratio forecast of 23x for 2024, 19x for 2025, and 17x for 2026, indicating a favorable valuation outlook [4].

证券研究报告|行业点评2024/05/17 新能源行业 投资评级 看好 五大指标洞察行业变化（2 3 年&2 4 Q1 ） — — 电网/储能/电力 ...

证券研究报告 | 行业点评 [Table_Main] 钨行业 点评：钨价春季躁动的原因是什 [ 有Tab 色le_I 金nve 属st] 评级： 看好 么？ 日期： 2024.05.17 事件描述 [分Ta析bl师e_ A王ut小ho芃r] 登记编码：S0950523050002 5 月 7 日，据章源钨业公布 2024 年 5 月上半月长单采购报价：55%黑钨精 ： 13401186193 矿：14.35万元/标吨；55%白钨精矿：14.25万元/标吨; 仲钨酸铵(国标零级)： ： wangxiaopeng@wkzq.com.cn 21.10万元/吨。 分析师 祁岩 事件点评 登记编码：S0950523090001 ： 13661240951 1、钨价为什么上涨？ ： qiyan1@wkzq.com.cn 1）长期积累的供应链紧张是本轮上涨核心要素：2024 年首批总量控制政策 联系人 何能锋 收紧、全球新增钨矿产能不及预期、国家环保和安全督察等生产限制性因素 ： 13116101317 作用下，叠加需求预期向好及贸易商惜售行为推动上涨。 ： henengfeng@wkzq.com.cn 2）成本上升及限制 ...

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The growth rate of new energy vehicle sales is stabilizing, with automakers experiencing revenue growth without profit increase, leading to a decline in net profit [3][17] - The implementation of the vehicle replacement policy and the central enterprise assessment of new energy vehicles is expected to provide a slight boost to sales in Q2 2024 [5][10] - The automotive industry is facing intensified price competition, resulting in increased revenue but decreased profitability, with an overall decline in net profit of 14.3% year-on-year in Q1 2024 [17][21] Summary by Sections Sales Performance - In Q1 2024, new energy passenger vehicle retail reached 1.77 million units, a year-on-year increase of 34.5%, with a penetration rate of 36.6% [8][9] - Companies like BYD and Great Wall Motors showed significant sales growth, while others like BAIC Blue Valley experienced a decline [8][10] Financial Performance - The overall revenue of the industry increased year-on-year but decreased quarter-on-quarter, with notable growth from companies like Seres (421.8%) and Great Wall Motors (47.6%) [13] - The net profit of the industry decreased by 14.3% year-on-year, with BYD, Great Wall Motors, and Seres being exceptions with positive growth [17][21] Cost Structure - The average R&D expense ratio in the industry increased from 3.9% in Q4 2023 to 4.1% in Q1 2024, driven by intensified competition in smart technology [31] - The average sales expense ratio decreased to 5.9%, indicating effective cost control among automakers [31] - Advertising expenses increased significantly for most companies, with BYD, Changan, and GAC seeing increases of 94%, 53%, and 49% respectively [42]