行 业 研 究 行 业 投 资 策 略 报 告 证券研究报告 ＃industryId＃ | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 业 周 报 相关报告 《【兴证通信】周观点：铜连接 进入订单释放期》2024-08-25 《【兴证通信】周观点：美股 AI 反弹下的光模块机会》2024-08- 20 《【兴证通信】周观点：中国移 动发布财报，运营商配置价值不 变》2024-08-11 | --- | |------------------------| | | | 分析师： 章林 | | zhanglin20@xyzq.com.cn | | S0190520070002 | | 代小笛 | | daixiaodi@xyzq.com.cn | | S0190521090001 | | 仇新宇 | | qiuxinyu@xyzq.com.cn | | S0190523070005 | | 朱锟旭 | | zhukunxu@xyzq.com.cn | | S0190524040001 许梓豪 | | xuzihao@xyzq.com.cn | | S0190524070002 | 研究助理： 王灵境 wanglingjing@xyzq.com.cn 风险提示：国际关系紧张；产品升级进度不及预期；市场竞争加剧。 请务必阅读正文之后的信息披露和重 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry, with specific recommendations for companies such as Baosteel, Hualing Steel, and Nanjing Steel [1][2][3]. Core Insights - The steel market is showing signs of stabilization after a period of decline, with expectations for demand to improve during the peak season. The apparent demand for rebar has increased to 2.1837 million tons, a week-on-week rise of 190,300 tons [2][3]. - The report highlights that the supply-demand structure for rebar is improving, while the hot-rolled steel market still requires monitoring due to potential inventory pressures [2][3]. - Iron ore inventory at ports has reached historical highs, and the average daily iron water output has decreased to 2.2089 million tons, down by 35,700 tons week-on-week, indicating a weak demand environment [2][3]. Summary by Sections 1. Market Performance Review - The steel sector has seen a 0.7% increase, outperforming the Shanghai Composite Index by 1.13 percentage points [6]. 2. Fundamental Tracking 2.1 National Steel Price Recovery - National steel prices have shown an overall recovery, with rebar prices in major cities like Beijing and Shanghai increasing by 68 and 92 yuan per ton respectively [10]. 2.2 Decrease in Blast Furnace Operating Rates - The operating rate of blast furnaces has decreased to 76.41%, a week-on-week decline of 1.06 percentage points, indicating reduced production capacity [27][32]. 2.3 Demand Recovery in Construction Steel - The average transaction volume of construction steel nationwide is 121,000 tons, with a slight week-on-week decrease of 140 tons, but the apparent consumption of rebar has increased [36]. 3. Industry Dynamics 3.1 Key Industry News - The report notes that Shanghai has optimized the supply structure for new residential land, which may positively impact steel demand [34]. 3.2 Major Company Announcements - Companies like Xining Special Steel and Shandong Steel reported varying financial performances, with Xining Special Steel achieving a revenue of 2.697 billion yuan, a year-on-year increase of 3.75% [37][39].

＃title＃ 行 业 研 究 证券研究报告 ＃industryId＃ 银行 业绩平稳，中期分红方案落地 ——银行业周报（2024.08.26-2024.08.30） 2024＃年createTime1 9 月 2 日＃ 投资要点 ⚫ 本周（8.19-8.23）中信银行指数整体下跌 5.86%，跑输沪深 300 指数＃summary 5.69 个＃ 百分点，表现居前为：青岛银行（+0.92%）、郑州银行(-0.57%)、江阴银行 (-1.07%)。 ⚫ 上市银行均已披露 2024 年半年报，2024H1 上市银行营收和归母净利润分别 同比-2.0%、 +0.4%，主要受规模增速下行，息差降幅收窄、投资收益高增 以及信用成本下行影响。 ✓ 规模：扩张增速放缓，2024H1 上市银行总资产同比+7.2%、贷款同比 +9.0%。国有大行发挥头雁作用，城农商行受益于区域信贷需求相对旺盛， 整体贷款增速较快，股份行贷款增长相对乏力。从贷款结构来看，对公贷款 贡献超 9 成，其中制造业、基建、租赁商业合计贡献近 60%，房地产小幅贡 献 5%；零售增速维持低位，按揭和信用卡余额持续下降，消费类信贷需求 疲弱，经营贷增长形 ...

＃title＃ 重点数据跟踪：1）综艺方面，本期（07/08-07/11）腾讯视频/爱奇艺/优酷视频/芒 果 TV 分别各有 12/10/9/8 款综艺进入 TOP30，环比上期（07/01-07/05）+0/-1/- 1/+0 部。2）剧集方面，本期腾讯视频/爱奇艺/优酷视频/芒果 TV 分别各有 14/14/9/4 款剧集进入 TOP30，环比上期-3/+3/+2/-1 部。 核心观点：经历大小盘分化行情的演绎，当前传媒板块估值及基金持仓均回到历 证券研究报告 ＃industryId＃ 传媒 行 业 研 究 中报落地市场担忧解除，破圈催化带动传媒重拾关注度 行 业 周 报 重点公司 重点公司 评级 ＃investSuggestion 推荐 ＃ (维持) ＃ investSugg estionChan ge＃ 相关报告 ＃relatedReport＃ 《【兴证传媒】每周一报 20240825： 《黑神话：悟空》销量超 1000 万份， 传媒有望重拾资金关注度》 《【兴证传媒】每周一报 20240818： 《黑神话：悟空》获 IGN 中国 10 分评 价，国产游戏迎来新里程碑时刻》 《【兴证传媒】每周一报 2 ...

Investment Rating - The report maintains the investment rating for the power and gas sectors, indicating a stable outlook for these industries [2]. Core Insights - The total profit of the electricity and heat industry increased by 23% year-on-year in the first seven months of 2024, with the electricity and heat production and supply sector achieving a profit growth of 23.2% [44]. - The report highlights the performance of various segments within the power sector, including thermal, hydro, and nuclear power, as well as the gas sector, recommending specific companies for investment based on their performance and market conditions [2][44]. Summary by Sections 1. Power Sector Data Tracking - Thermal power: The domestic coal spot price decreased by 0.6% week-on-week, with Qinhuangdao port coal inventory down by 10.3% [8]. - Hydro power: As of August 30, 2024, the inflow and outflow of the Three Gorges Reservoir decreased by 35.11% and 27.44% year-on-year, respectively [17]. - Green energy: In the first seven months of 2024, new wind and solar installations reached 29.91 GW and 125.53 GW, respectively [25]. - Total electricity consumption: The total electricity consumption for the first seven months of 2024 was 55,971 billion kWh, reflecting a year-on-year increase of 7.7% [36]. 2. Natural Gas Key Data Tracking - Domestic gas prices increased by 3.29%, while imported gas prices rose by 0.95% as of August 30, 2024 [40]. - The average LNG ex-factory price in Shanghai was 5,112 RMB/ton, marking a 3.29% increase from August 23 [40]. 3. Industry News - The report notes that the total profit of large-scale industrial enterprises in the first seven months of 2024 was 40,991.7 billion RMB, with a year-on-year growth of 3.6% [44]. - The report also mentions the issuance of green certificates, with 1.82 million green certificates issued in July 2024, and a total of 8.89 billion green certificates issued by the end of July 2024 [44]. 4. Company Announcements - Zhejiang Energy Power reported a net profit of 3.927 billion RMB for the first half of 2024, while Changjiang Power reported a net profit of 11.362 billion RMB [4]. 5. Investment Recommendations - For the power sector, the report recommends focusing on thermal power companies such as Zhejiang Energy, Anhui Energy, and Shenneng, as well as hydro and nuclear power companies like China Nuclear Power and China General Nuclear Power [2]. - In the gas sector, the report suggests investing in companies like Xin'ao and Jiufeng Energy [2].

＃assAuthor＃ 行 业 研 究 行 业 周 报 the subject of the subject of the subject of the successful 来源：兴业证券经济与金融研究院 证券研究报告 ＃相关报告 relatedReport＃ jiyuze@xyzq.com.cn S0190522080004 caoxinrui@xyzq.com.cn S0190521050002 潘江滢 panjiangying@xyzq.com.cn S0190524060001 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan | --- | --- | |----------|-------| | | | | 重点公司 | | | 重点公司 | 评级 | | 海大集团 | 买入 | | 温氏股份 | 增持 | | 牧原股份 | 增持 | | 普莱柯 | 增持 | | 金龙鱼 | 增持 | 《【兴证农业】周报：猪价维持 震荡，鸡苗价格坚挺》 《【兴证农业】周报：猪价上涨 预期持续兑现，价格向上突破》 《【兴证农业】周报：猪价连续 调涨，毛鸡价格回落》 ...

＃title＃ 行 业 周 报 行 业 研 究 重点公司 资料来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《【兴证建材】周观点：地产政 策持续改善，继续关注建材底部 机会》2024-01-21 《【兴证建材】周观点：政策推 动地产资金改善，行业有望逐渐 走出底部》2024-01-14 《【兴证建材】周观点：地产政 策再度加码，布局建材底部机 会》2024-01-07 ＃ emailAuthor＃ | --- | --- | |----------|-------| | 重点公司 | 评级 | | 东方雨虹 | 增持 | | 三棵树 | 增持 | | 森鹰窗业 | 增持 | | 伟星新材 | 增持 | | 科顺股份 | 增持 | | 坚朗五金 | 增持 | | 兔宝宝 | 增持 | | 中国巨石 | 增持 | | 北新建材 | 增持 | 证券研究报告 ＃industryId＃ 建筑材料 | --- | --- | --- | --- | --- | |-------|----------------|-------|------------------------|-------| ...

行 ＃title＃ S0190522050001 S0190524070011 赵远喆 zhaoyuanji@xyzq.com.cn 证券研究报告 ＃industryId＃ 有色金属 旺季需求预期好转，锂价底部反弹 维持 ） ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ ＃createTime1＃ 2024 年 09 月 01 日 重点公司 投资要点 ＃summary＃ 核心观点：本周碳酸锂期货呈现底部反弹，这一方面是由于前期锂价持续下跌， 最新现货报价跌破众多矿山生产成本支撑价位；另一方面则是 9 月旺季将至，碳 酸锂下游排产环比上行，在价格已经大幅回落之际，需求阶段性好转带来锂价底 部反弹。虽然当前价格已经击破了众多锂盐企业成本支撑线，但基于信贷压力、 政府监管、重启成本等因素考量，矿端实质性减产数量较少。从中期维度看，锂 价要彻底扭转颓势，仍需更为明确的产能出清信号。但即便当前价格下行周期尚 未完全结束，其跌幅最大阶段已经过去，同时板块个股从高位已明显回落，最新 PB 估值基本处于历史底部，股票处于左侧观察窗口周期，重点个股如中矿资源、 永兴材料 ...

行 业 研 究 证券研究报告 ＃industryId＃ 煤炭开采 行 业 周 报 | --- | --- | --- | |------------------------------------------------------------|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | ＃ investSuggestion 推荐 ＃ | （ ＃ investS uggesti 维持 ） | ＃ title ＃ 煤炭行业周报（ 08.25-08.31 ）—— 动煤价格小幅回升，焦煤开启补库行情 ＃ createTime1 ＃ 2024 年 09 月 01 日 | | | onChan ...