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]

证券研究报告|行业点评 2024/5/16 新能源行业 投资评级 看好 光伏、风电行业2 0 2 4 年年报一季报总结：业绩承压， 否极泰来 ...

证券研究报告 | 行业点评 [Table_Main] 强化“ 功能性”定位，上市券商监管新规助 [非Tab银le_I金nve融st] 评级： 看好 力一流投行建设 日期： 2024.05.16 —《关于加强上市证券公司监管的规定》点评 [分Ta析bl师e_ A徐ut丰ho羽r] 登记编码：S0950524020001 事件描述 ： 15026638387 ： xufy@wkzq.com.cn 2024年5月10日，证监会发布《关于加强上市证券公司监管的规定》。 [行Ta业bl表e_现Pic Quote] 2024/5/16 7% 1% 事件点评 -4% -9% 上市券商是打造一流投行及投资机构的核心力量，也是加快推进金融强国建设过程中 -15% 的关键环节。2009年，证监会首次发布《关于加强上市证券公司监管的规定》，并分 -20% 2023/5 2023/8 2023/11 2024/2 别于2010年、2020年进行了修订，但从实施效果看，我国上市券商在公司治理、投 非银金融 上证综指 沪深300 资者保护、信息披露、合规风控等方面与国际一流投行还有很大差距。2024年4月， 新“国九条”颁布，同日，证监 ...

证券研究报告 | 行业点评 [Table_Main] 强化“ 功能性”定位，上市券商监管新规助 [非Tab银le_I金nve融st] 评级： 看好 力一流投行建设 日期： 2024.05.16 —《关于加强上市证券公司监管的规定》点评 [分Ta析bl师e_ A徐ut丰ho羽r] 登记编码：S0950524020001 事件描述 ： 15026638387 ： xufy@wkzq.com.cn 2024年5月10日，证监会发布《关于加强上市证券公司监管的规定》。 [行Ta业bl表e_现Pic Quote] 2024/5/16 7% 1% 事件点评 -4% -9% 上市券商是打造一流投行及投资机构的核心力量，也是加快推进金融强国建设过程中 -15% 的关键环节。2009年，证监会首次发布《关于加强上市证券公司监管的规定》，并分 -20% 2023/5 2023/8 2023/11 2024/2 别于2010年、2020年进行了修订，但从实施效果看，我国上市券商在公司治理、投 非银金融 上证综指 沪深300 资者保护、信息披露、合规风控等方面与国际一流投行还有很大差距。2024年4月， 新“国九条”颁布，同日，证监 ...

Industry Investment Rating - The report rates the non-ferrous metals industry as **Positive** [1] Core Views - Lead and zinc prices have risen more than expected since February, driven by financial attributes and supply-demand dynamics [1] - Zinc prices have rebounded nearly 20% from the bottom since February, while lead prices have risen over 10% [1] - The global manufacturing PMI has returned to the expansion zone, indicating a recovery in demand [1] - Zinc supply is tight on the mining side, with overseas production falling short of expectations, while domestic production is gradually recovering [10][11] - Lead supply is stable, with overseas mining production increasing slightly and domestic mining supply remaining resilient [42][43] - Zinc demand is expected to grow by 2.3% in 2024, with domestic demand growing at 3.5% and overseas demand at 1% [1] - Lead demand is expected to grow by 2.1% in 2024, with domestic demand growing at 2.3% and overseas demand at 2% [1] Zinc Supply and Demand - Overseas zinc mining production fell short of expectations in 2023, with a 2.3% year-on-year decline [10] - Domestic zinc mining production increased by 370,000 tons in 2023, driven by post-pandemic recovery [11] - Overseas zinc smelting production is gradually recovering, with Glencore's production increasing by 10% in 2023 [15] - Domestic zinc smelting production surged by 10.7% in 2023, driven by high profits and sufficient ore supply [16] - Zinc demand in 2024 is expected to be driven by domestic recovery, with overseas recession risks remaining [24] Lead Supply and Demand - Overseas lead mining production increased by 3.9% in 2023, with major contributions from Asia and the Americas [42] - Domestic lead mining production remained stable in 2023, with a slight increase in some regions [43] - Overseas lead smelting production increased by 3.1% in 2023, driven by the recovery of major smelters [45] - Domestic lead smelting production increased by 12.8% in 2023, driven by new capacity and improved technology [48] - Lead demand in 2024 is expected to be supported by replacement demand for lead-acid batteries, with domestic demand growing at 2.3% [65] Price Outlook - Zinc prices are expected to remain strong in the short term, with prices ranging between 20,000-25,000 yuan/ton in 2024 [1] - Lead prices are expected to remain in a wide range of fluctuations due to oversupply [1] - The supply gap for zinc is expected to widen from 2026, opening up room for price increases [1]

证券研究报告 | 行业点评 [Table_Main] [Table_Invest] 2024 年五一旅游数据点评 休闲服务 评级： 中性 出行人数创新高，“下沉式旅游”吸睛 日期： 2024.05.10 事件描述 [分Ta析bl师e_ A何ut晓ho敏r] 登记编码：S0950523110001 2024 年五一假期，国内旅游市场在去年同期高位基础上保持稳中有增的态 ： （021）6139 2631 势，总出行人数突破2.95亿人次，除水运外，各模态出行人数均比去年同期 ： hexiaomin@wkzq.com.cn 有所上升。受益于互免签证政策，出入境游人数同比增速（+35.1%）高于国 内游人数同比增速（+7.6%）。免税方面，因23年基数较高，24年五一假期 [行Ta业bl表e_现Pic Quote] 2024/5/10 5% 海南离岛购物金额、购物人数、客单价数据较 23 年同期分别下降 38.05%/ -4% 21.28%/ 21.27%，较2019年同期分别增长237.65%/ 98.61%/ 170.08%。 -12% -20% -28% -37% 事件点评 2023/5 2023/8 2023 ...

证券研究报告 | 行业点评 [Table_Main] [Table_Invest] 锂电行业点评：中游材料受益于以旧换 电气设备 新政策，IRA 法案或边际宽松 评级： 看好 日期： 2024.05.10 事件描述 [分Ta析bl师e_ A张ut鹏ho r] 1） 近期，商务部、财政部等7部门联合印发《汽车以旧换新补贴实施细则》， 登记编码：S0950523070001 自《细则》印发之日至 2024 年 12 月 31 日期间，报废国三及以下排放标准 ： 18373169614 燃油乘用车或2018年4月30日前注册登记的新能源乘用车，并购买符合节 ： zhangpeng1@wkzq.com.cn 能要求乘用车新车的个人消费者，可享受一次性定额补贴。 [行Ta业bl表e_现Pi cQuote] 2024/5/9 2） 美国政府近期宣布，在《通胀削减法》对电池材料的规定生效之前，将有 2% -6% 两年的宽限期，让电动车企业和电池制造商在2026年年底之前从非中国公司 -14% 获得石墨等关键电动汽车电池矿物的替代供应。 -23% -31% 事件点评 -39% 2023/5 2023/8 2023/11 20 ...

证券研究报告|行业点评 2024/5/9 电气设备行业 投资评级 看好 锂电材料行业 2 0 2 4 年Q 1 财 报 点 评 ： 盈 利 承 压， 有望进入底部区间 ...

以上的那么也是基于这样一个基础啊所以今年我们给出来的这个产量和成本指引呢其实并没有在在一季度也并没有调整 那么从邦邦街可能大家比较关注的就是我们二财场这个超高邦邦的一个进展目前来看呢我们在跟超高邦邦周边社区的谈判呢实际上还是进展的比较顺利的那当然这个谈判还是持续在进行过程当中但是同时呢我们跟 社区其实在年初就达成了社区公司达成了五项合同那么这五项商业合同主要是用于支持ChocoBamba的这个玉玻璃还有一些开发准备当作的那么这五项合同实际上在近期也得到了进一步的一个延期那么这些合同会延期到今年2020年年底所以ChocoBamba的 开发准备工作也是在顺利的进行过程当中那么不仅有社区公司的参与同时邦巴斯业主团队也有人员和机器设备进入所以也都是在同步做矿区的开发准备的一个工作 另外一点可能大家比较关注的就是针对邦邦思想就是我们重载道路的问题重载道路其实很长从去年 第一季度四月开始我们基本恢复了我们的这个重摆道路的运输之后呢实际上绝大部分时间都是非常通畅的那可能有的投资者也关注到我们在四月今年的四月初其实是有一个短期的堵路的那么也可以看到这个短期的堵路呢是实际上持续了应该是五六天的时间那么道路就恢复了通畅 其实我 ...

Investment Rating - The report rates the industry as "Positive" [2] Core Insights - The 2024 Beijing International Auto Show showcased a significant shift towards new energy vehicles (NEVs), with NEVs accounting for nearly 80% of the total new cars displayed, marking the highest proportion in the history of the event [3][4] - The report highlights a transformation in consumer perception regarding domestic brands and NEVs, as joint venture brands collaborate with Chinese companies to launch smart electric vehicles, reshaping the market landscape [4] - The increase in plug-in hybrid electric vehicles (PHEVs) is notable, with their share rising from 18.1% at the 2023 Shanghai Auto Show to 25.6% at the 2024 Beijing Auto Show, indicating a potential large-scale replacement of traditional fuel vehicles [4][8] Summary by Sections Event Description - The 2024 Beijing International Auto Show, themed "New Era, New Cars," took place from May 4, 2024, covering an area of 220,000 square meters, featuring 117 global debuts and 278 new energy models [3] Event Commentary - The report discusses the emergence of a "Joint Venture 2.0" era, where consumer awareness of domestic brands and NEVs is evolving. Joint venture brands are launching electric models, which is changing consumer attitudes towards NEVs [4] - The report anticipates that PHEVs will increasingly replace traditional fuel vehicles due to their advantages in cost and convenience, as evidenced by the rising number of PHEVs at the auto show [4][8] Key Models Overview - The report lists several key models introduced at the auto show, emphasizing the focus on new energy vehicles. Notable models include the BYD Seal 06, Changan Mazda EZ-6, and various models from other domestic and international brands [9][12]