证券研究报告 2024 年 08 月 20 日 湘财证券研究所 行业研究 房地产行业数据点评 新房成交环比下降，二手房成交同比增幅收窄 相关研究： 核心要点： ❑ 上周新房成交环比下降，二手房成交同比增幅收窄 | --- | |------------------------------| | 1. | | 持低位，二手房成交节奏放缓》 | 2024.08.13 行业评级：增持 近十二个月行业表现 -50% -40% -30% -20% -10% 0% 10% 沪深300 房地产(申万) | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 3 | -13 | -26 | | 绝对收益 | -3 | -22 | -38 | | | | | 300 相比 | 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 根 ...

证券研究报告 2024 年 08 月 19 日 湘财证券研究所 行业研究 煤炭行业月度数据点评 相关研究： | --- | |--------| | 1. | | 偏弱》 | | 2. | | 支撑》 | 行业评级：增持 近十二个月行业表现 -10% 0% 10% 20% 30% 40% 煤炭(申万) 沪深300 -24% -18% -12% -6% 0% 6% 12% | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 40 | 41 | 29 | | 绝对收益 | 27 | 32 | 13 | | | | | 300 相比 | 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 联系人：王逸奇 Tel：(8621) 50293519 Email：wyq06893@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点 ...

证券研究报告 2024 年 8 月 16 日 湘财证券研究所 行业研究 原料药行业月报 维生素短期价格大幅上涨，关注板块相关投资机会 相关研究： | --- | --- | |--------------------------------|--------------------| | 1.《维生素D3 | 价格异动，关注该品 | | 种触底回升投资机会》 | 2024.7.10 | | 2.《肝素价格触底回升，关注产业 | | | 链修复投资机会》 | 2024.6.13 | 行业评级：增持 近十二个月行业表现 -35.00% -30.00% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 原料药 沪深300 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | 300 相比 | 分析师：张德燕 证书编号：S0500521120 ...

证券研究报告 2024 年 08 月 14 日 湘财证券研究所 行业研究 锂电材料行业周报 上周锂源价格跌幅缩窄，磷酸铁锂受储能需求释放产量增长明显 相关研究： 《上周锂源价格大跌，磷酸铁锂量增价跌， 负极材料开工降幅较大》 20240806 《上周负极材料开工大幅下行，隔膜供需压 力加大》 20240731 行业评级：增持 近十二个月行业表现 -60% -40% -20% 0% 20% 锂电材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 -30% -15% 0% 15% 30% | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -21 | -38 | | 绝对收益 | -5 | -30 | -54 | 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券 ...

Investment Rating - The industry investment rating is "Overweight" [2][6][18] Core Insights - In the first seven months of 2024, the sales area and amount of commercial housing showed a narrowing year-on-year decline, but the decline in July expanded [3][8] - The total sales area of commercial housing from January to July was 541 million square meters, down 18.6% year-on-year, while the sales amount decreased by 24.3% [3][8] - In July alone, the sales area was 62 million square meters, a year-on-year decline of 15.4%, marking the lowest level for the same period since 2014 [3][8] - The decline in sales amount in July was 18.5%, indicating a greater drop in housing prices compared to the sales area [3][8] Sales Performance - The sales area and amount for residential properties in the first seven months were 454 million square meters and a decline of 21.1% year-on-year, respectively [3][8] - The cumulative decline in sales has narrowed for three consecutive months, indicating a potential base effect in the second half of the year [3][8] Funding Situation - The total funds received by real estate companies from January to July decreased by 21.3% year-on-year, with improvements in the declines of deposits, prepayments, and domestic loans [4][12] - In July, the year-on-year decline in funds received was 11.8%, showing a significant improvement compared to previous months [4][12] Investment Trends - Real estate development investment from January to July decreased by 10.2% year-on-year, with new construction area down 23.2% [5][14] - The land market continues to show weak supply and demand, with residential land supply and transaction area down 38% and 34% year-on-year, respectively [5][16] Investment Recommendations - The report suggests focusing on high-quality real estate companies with strong financing capabilities, land acquisition abilities, and reasonable land reserve layouts, maintaining an "Overweight" rating for the industry [6][18]

Industry Investment Rating - The report maintains an "Overweight" rating for the medical consumables industry [6][17] Core Views - The medical consumables sector rose 0 76% last week, outperforming the CSI 300 by 1 15 percentage points [3][8] - The sector's PE ratio is 31 89X, up 0 28 percentage points from the previous week, while the PB ratio is 2 19X, indicating historically low valuations [4][10] - Domestic high-value consumables companies are increasing R&D investments, with new product approvals expected to accelerate import substitution in areas like cardiac electrophysiology and vascular intervention [6][17] Sector Performance - The medical consumables sector closed at 4840 55 points, up 0 76% last week [3][8] - Top-performing companies include Zhonghong Medical (+16 5%), Sanyou Medical (+7 7%), and Anjie Medical (+6 1%) [9] - Underperforming companies include Jianfan Biotech (-1 6%), Bairun Medical (-2 4%), and Lepu Medical (-2 6%) [9] Company Performance - Jianfan Biotech reported H1 2024 revenue of 1 496 billion yuan, up 47 77% YoY, with net profit of 553 million yuan, up 99 10% YoY [5][13] - Anjie Medical achieved H1 2024 revenue of 264 million yuan, up 28 43% YoY, with net profit of 124 million yuan, up 57 93% YoY [5][14] - Sanxin Medical reported H1 2024 revenue of 686 45 million yuan, up 18% YoY, with net profit of 106 25 million yuan, up 18 74% YoY [5][15] - Zhenghai Biotech's H1 2024 revenue declined 11 80% YoY to 198 02 million yuan, with net profit down 21 68% YoY to 86 03 million yuan [5][12] Investment Recommendations - Focus on innovative interventional and electrophysiological consumables companies with strong product pipelines [6][17] - Pay attention to low-value consumables companies showing positive business development trends in 2024 [6][17]

证券研究报告 2024 年 08 月 15 日 湘财证券研究所 行业研究 房地产行业数据点评 相关研究： | --- | |------------| | 1. | | | | 2024.08.13 | 行业评级：增持 近十二个月行业表现 -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 2023/8/14 2023/10/13 2023/12/12 2024/2/10 2024/4/10 2024/6/9 2024/8/8 沪深300 房地产(申万) | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 2 | -5 | -24 | | 绝对收益 | -3 | -14 | -38 | | | | | 300 相比 | 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 ...

证券研究报告 2024 年 08 月 15 日 湘财证券研究所 行业研究 事件点评 7 月我国高空平台销量约 1.7 万台，同比增长 6.7% 相关研究： 核心要点： 1《. 20240617湘财证券-机械行业： 6月我国高空平台销量约1.7万 台，同比减少9.1%》 5月我国高空平台销量约1.6万 台，同比下降23.6%》 2.《20240717湘财证券-机械行业： 行业评级：增持 近十二个月行业表现 机械设备(申万) 沪深300 -30% -20% -10% 0% 10% 23/08 23/10 23/12 24/02 24/04 24/06 24/08 | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 ...

证券研究报告 2024 年 8 月 15 日 湘财证券研究所 行业研究 石油石化行业动态分析 原油价格近期有所下跌，中长期有望高位震荡 相关研究： 1. 《OPEC+部分条款不及预期引 高位运行》 2024.6.10 % 1 个月 3 个月 12 个月 相对收益 -2.8 -1.0 8.7 绝对收益 -6.7 -8.9 -4.4 注：相对收益与沪深 300 相比 分析师：顾华昊 证书编号：S0500523080001 Tel：(8621)50293561 Email：ghh07400@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 原油价格 近期原油价格有所下跌。截至 2024 年 8 月 14 日，布伦特原油期货结算价 为 79.76 美元/桶，相较于一个月前下降了 5.09 美元/桶；WTI 原油期货结 算价为 76.98 美元/桶，相较于一个月前下降了 4.93 美元/桶；俄罗斯 ESPO 原油现货价格为 73.77 美元/桶，相较于一个月前下降了 5.45 美元/桶。近期 原油价格的下跌，主要是由于经济数据疲软，导致市场对原油需求前景担 忧。中国第二季度 GDP ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the production and sales of products such as soda ash and sodium bicarbonate using natural soda methods, with significant performance contributions from the Alashan project [3][4]. - The company has a substantial cost advantage in producing soda ash through natural soda methods, which is the most cost-effective production process compared to other methods [3][4]. - The Alashan natural soda project is gradually ramping up production, contributing to revenue growth [4]. Summary by Relevant Sections Company Overview - The company is engaged in the production of soda ash, sodium bicarbonate, and coal-based urea, with leading production and sales volumes in the industry [3]. - The company has a production capacity of 5.8 million tons/year for soda ash, 1.5 million tons/year for sodium bicarbonate, and 1.54 million tons/year for urea [3]. Project Development - The Alashan natural soda project plans to build a soda ash capacity of 7.8 million tons/year and sodium bicarbonate capacity of 800,000 tons/year, with the first phase already in production [3]. - The first phase of the project began trial production in June 2023, with multiple production lines reaching full capacity [3]. Financial Performance - In the first half of 2024, the company achieved revenue of 7.07 billion yuan, a year-on-year increase of 32.0%, and a net profit of 1.21 billion yuan, up 14.9% year-on-year [3]. - The gross profit margin for the first half of 2024 was 44.35%, an increase of 7.7 percentage points year-on-year [3]. - The company expects net profits for 2024-2026 to be 2.579 billion, 2.719 billion, and 3.219 billion yuan, respectively [4][5]. Cost Structure - The average production costs for soda ash using different methods in 2023 were 1,637 yuan/ton for the ammonia-soda method, 1,732 yuan/ton for the limestone-soda method, and 895 yuan/ton for the natural soda method, highlighting the cost advantage of the latter [3].