1.3 两融情况 图 8：两融余额与交易占比情况 数据来源：万得，西南证券整理，数据截至 2024/06/14 整体来看，本周融资净买入额及融券净卖出额分别为 63.80 亿元、-2.71 亿元，相较于 上周（-159.70 亿元、-31.69 亿元）有所上升；分行业来看，本周融资净买入额较高的行业 包括电子、交通运输、电力及公用事业，分别为 17.68 亿元、7.54 亿元和 6.80 亿元，融券 净卖出额较高的行业包括食品饮料、有色金属行业，净卖出额分别为 0.79 亿元、0.35 亿元。 请务必阅读正文后的重要声明部分 4 2 公募基金仓位及行业配置高频探测 因子情绪表现与基金仓位探测周跟踪（6.11-6.14） 从最近一个月（四周）主动权益基金仓位变动情况来看：医药、基础化工、轻工制造仓 位明显增加，分别增加 0.78%、0.48%、0.43%；电新、通信、煤炭明显减少，分别减少 0.75%、 0.56%、0.43%。 数据来源：万得，恒生聚源，西南证券整理，数据截至 2024/06/14 因子情绪表现与基金仓位探测周跟踪（6.11-6.14） 本文统计包括 barra 的 10 个风格因子等在内共计 ...

PE-TTM (木周》 PE2023 -TTM (上周) 国际比 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|--------|--------|--------|--------|--------|--------|--------|--------| | | | | | | | | | | | Intell | 15.13 | 45.1% | 72. 7% | 62 10 | | | 15. 25 | -0 12 | | | | | | | | | | -0. 57 | | 基础化工 | | | | | | | | | | | 18.50 | 0.0% | 61. 7% | 77.0% | 54.5% | 20, 28 | 18, 84 | 0. 34 | | | | | 76, 6% | | | | 18. 02 | | | | | | | | | | | | | 电力设备 | | 90.2% | 33.8% | 20. 3% | | | 24. 77 | -0. 03 | | | 54, 67 | 78. 4% ...

2024年 06月 16日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（6.11-6.14） 欧盟关税政策影响有限，FSD 入华预期再度加强 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾S：um上m周ar，y]S W汽车板块上涨1.3%，沪深300下跌 0.9%。估值上，截 分析师：郑连声 止 6月 14日收盘，汽车行业PE（TTM）为21倍，较前一周上涨1.6%。 执业证号：S1250522040001  投资建议：6月12日，欧盟委员会正式公布对从中国进口的电动汽车征收临时 电话：010-57758531 邮箱：zlans@swsc.com.cn 关税，比亚迪17.4%、吉利20%、上汽集团38.1%，中国其他参与调查但尚未 抽样的电池电动汽车生产商将被征收21%的加权平均税。目前中国自主品牌出 分析师：冯安琪 口欧盟地区数量较少，且国内电车具有供应链完备、成本可控等优势，本次征 执业证号：S1250524050003 收临时关税政策不会完全抵消中国车企在欧洲的竞争优势。此外，本次加征税 电话：021-58351905 邮箱：fa ...

[2T0a2b4le年_I0n6du月str1y5In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报（6.10-6.14） 静待医药行情回暖 投资要点 西南证券研究发展中心  [行Ta情ble回_S顾u：m本m周ar医y] 药生物指数下跌0.75%，跑赢沪深300指数0.17个百分点， [分Ta析bl师e_：Au杜th向or阳] 行业涨跌幅排名第15。2024年初以来至今，医药行业下跌15.9%，跑输沪深 执业证号：S1250520030002 300 指数 19.18 个百分点，行业涨跌幅排名第 27。本周医药行业估值水平 电话：021-68416017 (PE-TTM)为 26倍，相对全部A股溢价率为82.16% (-1.39pp)，相对剔除银行 邮箱：duxy@swsc.com.cn 后全部 A 股溢价率为 34.31% (-1.38pp)，相对沪深 300 溢价率为 121.74% (-0.63pp)。本周相对表现最好的是医疗研发外包，上涨1.4%。 [行Ta业bl相e_对Qu指o数te表Pic现]  各地药店监管趋严，持续规范行业行为。6月 2日起，国家医保局发文 ...

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[Table_ReportInfo] 2024 年 06 月 14 日 证券研究报告•宏观定期报告 宏观周报（6.10-6.14） 地产去库加快脚步，美国通胀数据走弱 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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CPI Analysis - In May 2024, the CPI year-on-year remained stable at 0.3%, slightly below market expectations[1] - Food prices decreased by 2.0%, contributing approximately 0.37 percentage points to the CPI decline, while non-food prices increased by 0.8%, adding about 0.68 percentage points to the CPI[1] - Month-on-month, the CPI fell by 0.1%, a slight decrease compared to the average decline of 0.2% over the past decade[1] - Core CPI, excluding food and energy, rose by 0.6% year-on-year, with a month-on-month decline of 0.2%[1] PPI Analysis - The PPI year-on-year decline narrowed by 1.1 percentage points to -1.4%, slightly above market expectations, driven by rising prices in non-ferrous metals, black metals, and coal[4] - Production material prices decreased by 1.6%, while living material prices fell by 0.8%[4] - Month-on-month, the PPI shifted from a decline of 0.2% to an increase of 0.2%, marking the end of six consecutive months of decline[4] Market Outlook - The CPI-PPI gap narrowed to 1.7 percentage points in May, indicating that CPI continues to be higher than PPI[5] - With rising pork prices expected to support food prices, the CPI is anticipated to rise steadily in June 2024[5] - The PPI is expected to continue its trend of narrowing declines in June due to lower base effects from the previous year[5]

[Table_StockInfo] 买入 2024年 06月 10日 （维持） 证券研究报告•公司动态跟踪报告 当前价： 19.36港元 中国重汽（3808.HK） 汽车 目标价： ——港元 完成股权激励授予，促进长远高质量发展 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a于ry]6 月 6日发布公告，根据限制性股票激励计划条款向 188名经选 [分Ta析bl师e_：Au郑th连or声] 定参与者授予总计 2717万股激励股份（占已发行股份总数 0.984%），授予价 执业证号：S1250522040001 格为人民币6.896元/股。 电话：010-57758531 邮箱：zlans@swsc.com.cn  业绩考核标准彰显公司成长信心。公司于 1月发布股权激励计划，归属条件中 提到 24/25/26年营收不低于948/1091/1255亿元，销售利润率（利润总额/营业 [相Tab对le指_Q数u表ot现eP ic] 收入）分别不低于7.5%/8%/8.5%，该目标对应利润总额71.1/87.3/106.7亿元。 我们认为，公司股权激励计划所设业绩考核标准表明了公司要继续巩固行 ...

Core Insights - The report indicates a weak overall performance of the Beijing Stock Exchange (BSE) with the BSE 50 index declining by 4.9% from the opening on June 3 to the closing on June 7, 2024, which is approximately 3.6 percentage points lower than the ChiNext index and 4.8 percentage points lower than the CSI 300 index [32][66]. Market Review - During the week, 249 stocks on the BSE saw 21 stocks increase in value, while 228 stocks decreased. Notably, YN Power (亿能电力) rose by 20.1% with a TTM PE ratio of 58.1, while Vision Smart (视声智能) fell by 37.5% with a TTM PE ratio of 14.5 [47]. - The top five gaining stocks were in the power equipment, electronics, machinery, and basic chemicals sectors, with 10 out of 21 gaining stocks having a TTM PE ratio exceeding 30 times [4][68]. - The report highlights that the transportation sector performed relatively well with a median decline of -3.8%, while the electronics sector showed a weaker performance with a median decline of -9.5% [49]. Industry Analysis - The report notes that the median TTM PE ratio for the defense and military industry was 70.7 times, which decreased by 9.0 times compared to the previous week. In contrast, the environmental protection industry saw a slight increase in its median TTM PE ratio by 0.4 times [49]. - The average market capitalization of BSE component stocks is reported at 1.26 billion, significantly lower than the average market capitalization of 7.29 billion for ChiNext and 9.21 billion for the Sci-Tech Innovation Board [54][62]. Fund Performance - The report indicates that the overall performance of BSE-themed funds was weak, with the Huatai-PineBridge BSE Innovation Selected Mixed Fund A and C showing a decline of approximately -1.7%, which is 1.8 percentage points lower than the overall fund performance [70].