Investment Rating - The industry rating is "Overweight" [7] Core Insights - The public utility sector has underperformed, with a decline of 1.75% compared to the Shanghai and Shenzhen 300 index, which fell by 0.73% [2][11] - The carbon market has seen a significant decrease in transaction volume, down 54.07% week-on-week, with an average price of 91.18 yuan/ton [3][15] - The inflow of water into the Three Gorges Reservoir has increased significantly year-on-year, with an average inflow of 25,728.57 cubic meters per second, up 54.06% [4][19] - Domestic natural gas prices have risen, with the LNG ex-factory price at 4,875 yuan/ton, up 3.09% week-on-week [5][21] Summary by Sections 1. Industry Market Trends - As of August 2, 2024, the public utility sector has dropped 1.75%, ranking 30th among first-level industries [2][11] - Sub-sectors show varied performance: thermal power down 2.86%, hydro down 0.29%, photovoltaic up 3.5%, wind down 1.24%, gas down 0.8%, heating services up 1.15% [2][11] 2. Carbon Market Dynamics - The national carbon market's total transaction volume was 506,400 tons, with a total transaction value of 46.1752 million yuan [3][15] - The European carbon market index closed at 69.76 euros/ton [3][15] 3. Water Resource Management - The average outflow from the Three Gorges Reservoir was 28,585.71 cubic meters per second, with a year-on-year increase of 67.45% [4][19] 4. Natural Gas Pricing Trends - The LNG import price was 12.91 USD/mmbtu, reflecting a week-on-week increase of 4.95% [5][21] - The NYMEX natural gas futures price in the US was 1.98 USD/mmbtu, down 0.8% week-on-week [5][21] 5. Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice to enhance renewable energy consumption responsibility weights for 2024 [6][24] - The State Council's plan aims to improve the carbon emission accounting system by 2025, establishing a dual control system for carbon emissions [8][25] 6. Investment Recommendations - Long-term outlook suggests a decline in traditional fossil fuel usage and an increase in electricity consumption [9][28] - Recommendations include focusing on stable performance and high dividend yield leading power operators and regional operators with strong price support [9][28]

Industry Rating - The report maintains an "Overweight" rating for the defense and military industry [3][15] Core Views - The defense and military industry index rose by 2.4% last week (07/29~08/02), outperforming the CSI 300 index by 3.1% [4][8] - Since the beginning of 2024, the defense and military industry index has fallen by 6.6%, underperforming the CSI 300 index by 5.2 percentage points [4][8] - As of 08/02, the PE (TTM) of the defense and military industry is 49.5x, at the 15.0th percentile since 2012, and the PB (LF) is approximately 2.7x, at the 35.1th percentile since 2012 [4][8] - CATL's strategic investment of several hundred million USD in AutoFlight is expected to accelerate the development of eVTOL aviation battery technology, enhancing energy density and performance, which will support longer flight distances and higher payloads for eVTOLs [5][15] - The collaboration between CATL and AutoFlight is seen as a significant step towards advancing low-altitude economy-related industrial chains [5][15] Market Performance - Top performers in the defense and military sector last week include Xingwang Yuda (35.0%), Hangxin Technology (34.1%), China Satcom (18.0%), China Satellite (17.1%), and Zongheng Co (16.2%) [10] - Top performers since the beginning of 2024 include Andawell (45.4%), China Shipbuilding (40.0%), China Shipbuilding Industry (37.3%), Huafeng Technology (30.1%), and Weihai Guangtai (22.6%) [10][14] Key Developments - CATL and AutoFlight signed a strategic investment and cooperation agreement on 08/03/2024, with CATL exclusively investing several hundred million USD to become a strategic investor in AutoFlight [5] - The collaboration aims to enhance eVTOL battery energy density, safety, and stability, leveraging CATL's innovative battery technologies, including its condensed-state battery with an energy density of 500Wh/kg [5]

证券研究报告 2024 年 08 月 06 日 湘财证券研究所 行业研究 房地产行业数据点评 新政效果逐渐减弱，二手房成交量有转弱迹象 相关研究： 核心要点： 1. 《周度数据跟踪：一线城市二 手房成交节奏放缓》 2024.07.30 行业评级：增持 近十二个月行业表现 -50% -40% -30% -20% -10% 0% 10% 2023/7/28 2023/9/26 2023/11/25 2024/1/24 2024/3/24 2024/5/23 2024/7/22 沪深300 房地产(申万) | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -1 | -6 | -26 | | 绝对收益 | -3 | -12 | -41 | | | | | 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 ...

证券研究报告 2024 年 08 月 05 日 湘财证券研究所 行业研究 煤炭行业周报 动力煤支撑较强，焦煤震荡偏弱 相关研究： 核心要点： ❑ 市场回顾：煤炭板块下跌 1.63%，估值周环比下滑 | --- | |----------------| | 1. | | 力煤支撑较强》 | | 2. | | 偏强运行》 | 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 | 43 | 35 | 26 | | 绝对收益 | 30 | 26 | 11 | | | | | 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： ...

证券研究报告 2024 年 08 月 06 日 湘财证券研究所 行业研究 医疗服务行业周报 医药政策频出，创新产业链持续受关注 --医疗服务行业周报 7.29-8.2 相关研究： | --- | --- | |------------------|------------| | 1. | | | 医疗需求旺盛》 | | | | 2024.07.22 | | 2.《DRG/DIP | 版发布，支 | | 付方式不断改进》 | | | | 2024.07.30 | 行业评级：增持 近十二个月行业表现 -60.00% -40.00% -20.00% 0.00% 20.00% 23/8 23/9 23/10 23/11 23/12 24/1 24/2 24/3 24/4 24/5 24/6 24/7 沪深300 医疗服务II | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | 300 相比 | 分析师：蒋 ...

证券研究报告 2024 年 8 月 5 日 湘财证券研究所 行业研究 药品行业周报 政策催化板块反弹，重视医药优质资产底部投资价值 ——药品行业周报（7.29-8.4） 相关研究： 核心要点： ❑ 支持产业发展政策催化下板块大幅反弹 | --- | |--------| | 1. | | | | | | 2. | | 机会》 | 行业评级：增持 近十二个月行业表现 -30% -20% -10% 0% 10% 20% 医药生物 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：S0500521120003 Tel：(8621) 50295326 Email：zhangdy@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 上周医药生物上涨 3.2%，位列全市场一级行业涨幅第 4 位，跑赢万得全 A 2.43 pct。 ...

证券研究报告 2024 年 08 月 04 日 湘财证券研究所 行业研究 疫苗行业周报 多款疫苗获新进展，三大因素驱动行业长期向好 核心要点： 相关研究： | --- | |----------------------------| | 1. | | 技术性疫苗行业迎更大发展空 | | 间》 20240722 | | 2. | | 全边际不断增厚》 | 行业评级：增持 近十二个月行业表现 -50 -40 -30 -20 -10 0 10 23/07 23/10 24/01 24/04 24/07 沪深300_累计 疫苗_累计 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | | | | 绝对收益 | | | | | | | | 300 相比 | 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@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 敬请阅读末页之重 ...

证券研究报告 2024 年 8 月 2 日 湘财证券研究所 行业研究 电力行业月度策略 6 月全社会用电量同比增长 5.83%，电网投资进一步加快 相关研究： 《三中全会进一步全面深化改革，公用 事业市场化改革加速》 2024.07.22 《电改深化，电力资产价值重估》 2024.06.21 行业评级：增持 近十二个月行业表现 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | 9 | 20 | | 绝对收益 | -4 | 3 | 5 | | | | | 300 相比 | 分析师：孙菲 证书编号：S0500524010002 Tel：(8621) 50293587 Email：sf06902@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： ❑ 6 月全社会用电量同比增长 5.83%，气温升高推动下半年用电增速加快 2024 年 1-6 月全国全社会用电量同比增长 8.1%。分产业来看，第一产业同 比增长 ...

证券研究报告 2024 年 08 月 02 日 湘财证券研究所 行业研究 房地产行业数据点评 7 月新房销售面积环比下降，同比降幅继续收窄 相关研究： | --- | |-----------------------| | 1. | | 现，6月销售明显改善》 | 2024.07.03 行业评级：增持 近十二个月行业表现 -50% -40% -30% -20% -10% 0% 10% 2023/8/1 2023/9/30 2023/11/29 2024/1/28 2024/3/28 2024/5/27 2024/7/26 沪深300 房地产(申万) | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -3 | -25 | | 绝对收益 | -4 | -8 | -40 | | | | | | 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 ...

证券研究报告 2024 年 8 月 2 日 湘财证券研究所 行业研究 政策点评 创新药产业支持政策不断，看好板块底部投资机会 相关研究： | --- | |----------------| | 1. 《GLP-1 | | | | 2. | | 估值底或已现》 | 行业评级：增持 近十二个月行业表现 -40% -30% -20% -10% 0% 10% 20% 2023-08-02 2023-11-02 2024-02-02 2024-05-02 | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 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：张德燕 证书编号：S0500521120003 Tel：(8621) 50295326 Email：zhangdy @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 政策点评： 7 月 30 日，上海市人民政府办公厅发布关于支持生物医药产业全链条创 新 ...