Investment Rating - The industry rating is "Overweight" [4][11] Core Viewpoints - The new rating method for wealth management companies emphasizes "quality over scale," discouraging the mere pursuit of growth in scale [4][8] - The rating system will focus on investment research capabilities and risk prevention, aligning with the regulatory trend towards quality and effectiveness [5][9] - The competition of wealth management products has strengthened against deposits due to multiple adjustments in deposit rates, with the scale of wealth management products reaching nearly 27 trillion yuan by the end of 2023 [9][10] Summary by Sections Wealth Management Company Rating Method - The regulatory authorities are seeking industry opinions on the new rating method for wealth management companies, which prioritizes quality over scale [4][8] - The rating will be based on investment research capabilities, risk management, and other factors, similar to previous methods for insurance and trust companies [8][9] Enhancing Competitiveness of Wealth Management Products - Wealth management products have regained competitiveness against deposits due to declining deposit rates, with average yields rising from 2.09% in 2022 to 2.94% in 2023 [9][10] - The scale of wealth management products has seen a recovery, but they still lag behind public funds in competitiveness [10] - The focus on improving product diversity, asset allocation, and investment research capabilities is increasingly urgent to ensure financial stability [10][11] Investment Recommendations - The pressure on bank interest margins persists, and enhancing non-interest income through wealth management can stabilize bank performance [11] - Future fiscal spending is expected to increase, potentially boosting credit demand, while real estate market policies are likely to alleviate risks [11] - There remains investment value in high-dividend stocks of large state-owned banks and quality regional banks, maintaining an "Overweight" rating for the industry [11]

Investment Rating - The report maintains an "Overweight" rating for the coal industry, particularly focusing on leading thermal coal companies [7][12]. Core Insights - The recent implementation of the "Management Measures for Coal Mine Resumption and Production Acceptance" by the Shanxi provincial government aims to enhance safety supervision and streamline the resumption process, but it emphasizes stricter acceptance standards [5][6]. - Shanxi's coal production has seen an unexpected decline due to safety regulations, with March and April production falling below 100 million tons for the first time since August 2021. The target for 2024 is to stabilize production at around 1.3 billion tons, but current projections suggest only 1.11 billion tons may be achieved, indicating significant pressure on future resumption efforts [7][12]. - As the peak summer demand approaches, electricity consumption is expected to rise seasonally, tightening the supply-demand balance for thermal coal and leading to stronger coal prices [7][12]. Summary by Sections Management Measures - The revised management measures simplify the resumption process while enforcing stricter safety standards, requiring clear responsibilities and enhanced safety controls for coal mines [6][5]. Production Outlook - The coal production in Shanxi is under pressure due to stringent safety regulations, with a significant gap between current output and the annual target. The emphasis on strict acceptance procedures may further delay capacity recovery [7][12]. Demand and Pricing - Anticipated seasonal increases in electricity demand are expected to tighten the thermal coal supply-demand dynamics, leading to a bullish outlook on coal prices [7][12].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [2]. Core Insights - The company has announced price increases for several key products, including the 10-year and 15-year Lao Bai Fen, effective June 20, with increases of 30 yuan per box, and the Panama 20-year product with an increase of 60 yuan per box [3][4]. - The Lao Bai Fen and Panama series are positioned as the company's mid-tier products, contributing significantly to its market share, which is close to 10 billion yuan [4]. - The company aims for a revenue growth target of approximately 20% year-on-year for 2024, with the price adjustments and market strategy optimizations being crucial to achieving this goal [4][5]. Financial Projections - Revenue projections for 2024-2026 are estimated at 387.54 billion yuan, 464.79 billion yuan, and 554.08 billion yuan, reflecting year-on-year growth rates of 21.4%, 19.9%, and 19.2% respectively [5]. - Net profit forecasts for the same period are 133.25 billion yuan, 167.15 billion yuan, and 205.31 billion yuan, with growth rates of 27.7%, 25.4%, and 22.8% respectively [5]. - Earnings per share (EPS) are projected to be 10.92 yuan, 13.70 yuan, and 16.83 yuan for 2024, 2025, and 2026 respectively [5].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating an expected investment return of 5% to 15% above the market benchmark index over the next 6-12 months [12]. Core Views - The company emphasizes quality and sustainable development, with a focus on maintaining its leading position in the industry. The new chairman, Zhang Deqin, highlighted the importance of quality as the core competitive advantage and outlined five key goals for 2024, including solidifying core business, ensuring sustainable growth, and enhancing brand culture [11][10]. - The company aims for a revenue growth of approximately 15% year-on-year for 2024, with a similar increase in operating costs. The projected net profit for 2024 is expected to grow by 15.1% [11][23]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are estimated at 174,500 million, 199,053 million, and 225,035 million respectively, reflecting year-on-year growth rates of 15.9%, 14.1%, and 13.1% [5][23]. - Net profit forecasts for the same years are 86,043 million, 98,765 million, and 111,855 million, with growth rates of 15.1%, 14.8%, and 13.3% respectively [5][23]. - The company maintains a gross margin of 92.1% across the forecast period, indicating strong profitability [5][23]. - Earnings per share (EPS) are projected to be 68.49, 78.62, and 89.04 for 2024, 2025, and 2026 respectively [5][23]. Recent Company Performance - Over the past 12 months, the company's relative performance compared to the CSI 300 index has shown a decline of 4.93% over one month, 3.88% over three months, but an increase of 7.92% over twelve months [10]. - The company has demonstrated resilience in its performance, maintaining a strong market position despite challenges [23].

证券研究报告 2024 年6月 5日 湘财证券研究所 行业研究 氟化工行业分析报告 萤石价格处于高位，制冷剂不同品种价格走势分化 相关研究： 核心要点：  上游萤石价格上涨 1. 《第三代制冷剂配额元年，景 气度上行》 2024.4.11 萤石价格上涨。截至2024年6月4日，萤石97%湿粉价格3808元/吨，相 较于一个月前上涨5.3%，相较于一周前上涨1.2%。矿山复产进度依旧缓 2《. 2024年度第三代制冷剂配额发 慢，供应增量有限，但受南北区域差异影响，近日厂家挺价出货情绪有所 放 ， 主 流 品 种 集 中 度 高 》 松动。预计未来萤石价格高位震荡运行。 2024.1.16  制冷剂R32和R22价格走势较为强劲 制冷剂需求端方面，6月国内空调排产增速有所放缓。家用空调是制冷剂 行业评级：买入 下游最主要的应用领域。据奥维云网（AVC）排产监测数据，6月国内家 用空调企业总排产1856万台，其中内销排产1192万台，同比增长4.9%； 近十二个月行业表现 外销排产664万台，同比增长24.6%，内外销增速均有所放缓。这主要是 因为受到此前原材料铜价格上涨及家电以旧换新政策的推动，行业备货热 ...

证券研究报告 2024年 06月 05日 湘财证券研究所 行业研究 半导体行业事件点评 智能手机市场复苏，嵌入式存储需求上行 相关研究： 核心要点： 1.《AI成长可期，需求复苏可望》 ❑ 智能手机市场复苏迹象渐显 2023.12.24 IDC 发布的统计数据显示，2024YQ1 全球智能手机出货量同比增长约 2.《Sora内测开启，AI视频生成的 7.8%， IDC表示智能手机市场正在走出过去两年的动荡期。中国市场， 新时代序幕正式拉开》 2024.03.01 中国信通院统计数据显示，2024年4月，国内市场手机出货量2407.1万 3.《存储产品市场走势分化，DXI 部，同比增长28.8%。2024年1-4月，国内市场手机出货量9148.6万部， 指数回落》 2024.05.29 同比增长12.3%。 ❑ 嵌入式存储受益，带动模组企业营收上行 行业评级：增持 智能手机的景气度是 NAND Flash，特别是嵌入式存储市场发展的重要 近十二个月行业表现 驱动力之一。受益于嵌入式存储需求上行，其他领域需求弱复苏。存储 模组企业业绩上行。2024YQ1 江波龙营收同比增长 200.47%，毛利率环 比上涨 5. ...

证券研究报告 2024年 06 月05 日 湘财证券研究所 行业研究 证券行业周报 股票成交额环比回落，板块估值处于历史低位 相关研究： 核心要点： ❑ 市场回顾：上周券商板块小幅下跌，板块估值处于历史低位 1. 《证券行业周报：上市券商监 管新规出台，引导行业高质量发 上周（5.27-5.31）上证指数下跌0.1%，深证成指下跌0.6%，沪深300指数 下跌 0.6%，创业板指下跌 0.7%。非银金融(申万)下跌 0.8%，涨跌幅排名 展》 2024.05.14 18/31，跑输沪深300指数0.2pct；其中，券商指数下跌0.2%，跑赢沪深300 指数0.4pct，券商指数PB估值1.05x，处于近十年约1%分位。 行业评级：增持 上周涨幅最大的五家券商分别为：国信证券（+3.5%）、首创证券（+2.8%）、 国泰君安（+2.5%）、海通证券（+2.3%）、山西证券（+1.4%）。 近十二个月行业表现 跌幅最大的五家券商分别为：中国银河（-1.3%）、光大证券（-1.4%）、浙 20% 商证券（-2.3%）、国联证券（-3.6%）、长江证券（-4%）。 10% ❑ 行业周数据：日均股票成交额环比下降，债基 ...

证券研究报告 2024年 05 月30 日 湘财证券研究所 行业研究 房地产行业政策点评 广深同步调整楼市政策，积极助力去库存 相关研究： 核心要点： ❑ 广州大幅优化限购、限贷政策，放松力度领先其他一线城市 1. 《房地产行业数据及政策点评： 销售和投资承压，政策发力去库 5月28日，广州市人民政府办公厅发布《关于进一步促进我市房地产市场 平稳健康发展的通知》，大幅调整优化限购、限贷、限售等政策。同日，深 存》 2024.05.20 圳宣布下调个人住房贷款最低首付款比例和利率下限。截至目前，四个一 2. 《政策点评：上海优化限购、 线城市中仅剩北京尚未在5月17日之后跟进调整楼市政策。 限贷政策，打开一线城市政策空 本次广州新政主要有以下变化：（1）非本市户籍居民家庭在限购区（越秀、 间》 2024.05.29 海珠、荔湾、天河、白云（不含江高镇、太和镇、人和镇、钟落潭镇）、南 沙等）购房的社保或个税年限从2年缩短至6 个月，这也是四个一线城市 行业评级：增持 中最为宽松的要求。（2）信贷政策大幅放松，一是将首套/二套房首付比例 从30%/40%下调至15%/25%，并取消房贷利率下限。二是放宽首套房认定 ...

证券研究报告 2024年 05月 29日 湘财证券研究所 行业研究 锂电材料行业周报 上周板块大幅下跌，正极材料供给下行明显，各环节材料价格 总体平稳 相关研究： 核心要点： ❑ 市场行情：上周锂电材料板块大幅下跌且跑输基准5.12pct，板块估值延 《上周板块下跌， 锂源及正极材料价格弱 续回落 势，其余环节价稳量增》 20240522 上周锂电材料板块大幅下跌，周跌幅为 5.72%，跑输基准（沪深 300） 《上周板块震荡反弹，供需政策边际向好， 5.12pct。板块估值（市盈率TTM）周回落1.57x至25.3x，当前估值历史 但基本面有待改善》 20240516 分位数为13%。 行业评级：增持 ❑ 正极材料：锂源价格基本平稳，正极材料价格略涨，三元材料及磷酸铁 锂供给走低 近十二个月行业表现 价格走势：上周三元正极原料端四氧化三钴价格周环比略涨 0.39%至 30% 锂电材料板块涨跌幅 30% 对比基准:沪深300累计涨跌幅-右 12.75万元/吨；钴、镍及锰的硫酸盐价格分别为3.15万元/吨、3.23万元 10% 15% -10% 0% /吨和0.6万元/吨，周环比变动分别为+1.61%、+4.0 ...

证券研究报告 2024年 05月 29 日 湘财证券研究所 行业研究 中药行业周报 一季度医药工业经济运行情况公布，中成药双降、中药饮片稳增 核心要点：  上周中药Ⅱ下跌3.1%，医药板块延续回调态势 相关研究： 上周（2024.05.20-2024.05.24）医药生物报收 7353.06 点，下跌 3.74%；中药Ⅱ 1. 《中医药积极参与重症医学 报收6915.24点，下跌3.1%；化学制药报收9779.21点，下跌3.9%；生物制品 医疗服务能力建设，优势有望进 报收6380.84点，下跌4.61%；医药商业报收5811.96点，下跌2.68%；医疗器 一步发挥》 20240514 械报收6560.84点，下跌3.21%；医疗服务报收4539.26点，下跌4.58%。医药 2. 《2024补助资金预算通知发 板块延续回调态势，二级子行业均下跌，其中，医药商业和中药跌幅相对较 布，医疗机构能力建设有望进一 小。自2024年年初以来，医药生物板块累计下跌12.78%，中药板块累计下跌 2.26%。 步提升》 20240521 从公司表现来看，表现居前的公司有：千金药业、ST 九芝、健民集团、昆药 集团、 ...