＃市场ma数rk据etData＃ 市场数据日期 2024-07-27 收盘价（元） 34.65 总股本（百万股） 527.01 流通股本（百万股） 527.01 净资产（百万元） 2571.36 总资产（百万元） 14800.75 每股净资产(元) 4.88 来源：WIND，兴业证券经济与金融研究院整理 ＃分e析m师ail：Author＃ huangyang@xyzq.com.cn 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 涂料 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 三棵树 （ 603737 ） 603737 ＃title＃ Q2 营收微增，减值影响业绩 ＃createTime1＃ 2024 年 07 月 28 日 投资要点 ＃ sum公m司ary发＃布 2024 年中报：上半年实现营业收入 57.60 亿元，同比+0.42%；实 现归母净利润 2.10 亿元，同比-32.38%；扣非后归母净利润 0.79 亿元，同比 -64.36%，营收增长主要系多数产品销量增加所致，但部分产品价格下降 ...

证券研究报告 ＃industryId＃ 公用事业 三中全会推进能源价格改革，前 6 月全国天然气表观消费 量同比+10.01% ＃inve推stSu荐ggestion＃ ( ＃ investS uggesti onChan ge＃ 维持 ） ＃createTime1＃ 2024 年 7 月 28 日 caiyi@xyzq.com.cn S0190518030002 wangyuxuan@xyzq.com.cn S0190523070002 shiyisu@xyzq.com.cn S0190523110001 研究助理： zhulixian@xyzq.com.cn 投资要点 ＃ sum2m0a2r4y0＃722-20240726，本周 A 股电力指数-0.84%，截至 7 月 26 日 PE（TTM）估值 18.1x；A 股 燃气板块指数+0.46%，截至 7 月 26 日 PE（TTM）估值 12.9x。A 股电力指数-0.84%，其细分子 板块火电、水电、新能源发电变化幅度分别为-2.48%、-1.83%、1.66%。A 股燃气板块指数+0.46%。 本周火电组合：浙能电力+皖能电力+国电电力+华电国际+华 ...

＃title＃ 证券研究报告 ＃industryId＃ 房地产 ＃inve中stSu性ggestion＃ (维持) 新房二手房周报：5 年期 LPR 调降 10 个基点，基础设施 REITs 进入常态化发行阶段 2024 年 7 月 28 日 jinluyu@xyzq.com.cn S0190520080003 yanchangming@xyzq.com.cn S0190514110001 hongbo@xyzq.com.cn S0190523040002 《2024 年房地产行业中期策略 报 告 ： 渐 行 渐 近 的 拐 点 》 2024-6-25 ＃emailAuthor＃ 分析师： 我们跟踪 12 个城市新房+二手房合计成交面积：本周成交面积 251.7 万方，环 比+4.3%，同比+8.2%。2024 年 7 月以来，新房二手房整体成交面积环比-2.5%， 同比+13.1%。2024 年年初以来，新房二手房整体成交面积同比-21.4%，其中， 一/二/三四线新房二手房整体成交面积累计同比-9.4%/-24.3%/-23.2%。注：12 城为有周频新房二手房数据更新的北京、深圳、杭州、成都、青岛、苏州 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive sector, with specific recommendations for individual companies such as Great Wall Motors, Yinlun, Top Group, Aikodi, Fuyao Glass, and Kobot [3][10]. Core Insights - The automotive sector is expected to see an upward trend in sales due to the enhanced vehicle trade-in policy, which includes significant subsidies for both passenger and commercial vehicles. The total funding for the vehicle trade-in program is projected to increase from 11.2 billion to approximately 15 billion [8][9]. - The report highlights that the automotive sector outperformed the broader market, with a weekly decline of 1.8% compared to the Shanghai Composite Index's decline of 3.1% [10][11]. - The report suggests an upward adjustment in vehicle sales expectations, with a recommendation to increase allocation to the automotive sector. It anticipates a slowdown in price wars among luxury and joint venture brands [9][10]. Summary by Sections 1. Current Developments - The Chinese government has introduced a new vehicle trade-in policy that significantly increases subsidies for scrapping older vehicles, particularly for passenger cars and commercial trucks [8][9]. - Shanghai is set to open its autonomous taxi service to the public in August, with 20 L3 autonomous vehicles planned for deployment [8][9]. 2. Sector Performance - The automotive sector's PE-TTM (not adjusted) stands at 25.1, with historical valuation percentiles indicating a relatively low valuation compared to the past year [10][11]. - The sub-sectors of passenger cars, commercial vehicles, auto parts, and automotive services have varying PE-TTM ratios, with passenger cars at 26.7 and commercial vehicles at 31.9 [10][11]. 3. Key Company Recommendations - Recommended companies in the automotive sector include BYD, Great Wall Motors, Changan Automobile, and Li Auto for the complete vehicle segment, while Fuyao Glass and Kobot are highlighted for the auto parts segment due to their strong performance and growth potential [9][10]. 4. Market Trends - The report notes a decrease in trading volume for the automotive sector, indicating a potential shift in investor sentiment [10][11]. - The overall market sentiment is cautiously optimistic, with expectations of improved sales and pricing stability in the second half of 2024 [9][10].

行 业 研 究 证券研究报告 ＃industryId＃ 煤炭开采 维持 ） ＃title＃ 煤炭行业周报（07.21-07.27）—— 煤价延续震荡，低估值配置价值再现 ＃createTime1＃ 2024 年 07 月 28 日 投资要点 ＃⚫ summary 动力煤：＃日耗攀升，库存缩减 动力煤港口价格：7 月 26 日，秦皇岛动力煤平仓价为 861 元/吨，周环比 +0.3%；2024年 7月，动力煤长协价（Q5500）为 700元/吨，同比-0.1%，环比 持平。 产地坑口价：7 月 26 日，山西大同 Q5500 坑口含税价 726 元/吨，周环比减少 2 元/吨；鄂尔多斯 Q5500 坑口含税价 668 元/吨，周环比减少 1 元/吨；陕西榆 林 Q5800 坑口含税价 732 元/吨，周环比减少 3 元/吨。 库存：北港：7 月 26 日，北方港口煤炭库存 2534.0 万吨，周减 16.0 万吨。下 游：7 月 25 日，沿海八省终端用户库存 3633.6 万吨，周减 9.5 万吨；可用天数 14.9 天，周减 0.6 天。7 月 25 日，内陆 17 省终端用户库存 9070.3 万吨，周减 ...

Investment Rating - The report maintains a neutral investment rating for the real estate sector, indicating a performance in line with the relevant market indices [5][35]. Core Insights - The real estate sector has experienced a general decline, with the Hang Seng Real Estate Index dropping by 2.68% this week and 17.60% year-to-date [6][7]. - The report highlights a shift in policy towards supporting the real estate market, including measures to lower down payment ratios and remove mortgage rate floors [2][26]. - The performance of leading real estate companies has shown significant divergence, with state-owned enterprises maintaining stable financial conditions and dividend payouts, while many private firms have reported substantial losses [26][27]. Summary by Sections Market Overview - The Hang Seng Index decreased by 2.28%, while the Hang Seng Real Estate Index fell by 2.68% during the week of July 22-28, 2024 [6][7]. - The top three companies in terms of weekly stock performance were Midea Real Estate (+5.0%), Shenzhen Holdings (-1.1%), and Greentown China (-1.7%) [4][6]. Policy Changes - The central government has introduced policies aimed at optimizing the real estate market, including the April 30 Politburo meeting's emphasis on "digesting stock and optimizing increment" [2][26]. - Recent measures include the establishment of a real estate financing coordination mechanism and adjustments in housing purchase policies in major cities [26][27]. Company Performance - Year-to-date stock performance for leading companies shows Midea Real Estate (+39.7%), CIFI Holdings (+11.8%), and New Town Development (+8.7%) leading the market [4][6]. - The report recommends quality state-owned real estate management companies, including China Resources Land and China Overseas Development, as well as property management firms like China Resources Mixc Life and Poly Property [27]. Trading Activity - The report notes an increase in the proportion of shares held by Hong Kong Stock Connect for Vanke Enterprises, Yuexiu Property, and CIFI Holdings [13]. - The most short-sold companies included Vanke Enterprises, with a short ratio of 13.6% of total shares [17]. Industry Dynamics - The report indicates a significant decline in sales volume in major cities, with a 16.0% year-on-year decrease in cumulative sales area for July [30]. - The performance of property management companies has shown a mixed trend, with some companies like Jinmao Services and Greentown Services reporting substantial year-to-date gains [10][12].

行 业 研 究 ＃title＃ ＃ assAuthor＃ ＃summary＃ 证券研究报告 ＃industryId＃ 电气设备 多重因素共振催化，风电景气向上拐点将至 ——电力设备与新能源行业周报 维持 ） ＃createTime1＃ 2024 年 07 月 28 日 行业策略 电力设备 电改背景下电网智能化推进加速，持续关注出口带来的高景气及特高压业绩兑现 风电 江苏、广东海风开工进度有望推进，海外风电放量在即，推荐塔筒+海缆组合 氢能 政策边际持续改善，海外规划愿景宏大，推荐绿氢产业链，重点关注氢电解槽 光伏 看好逆变器价稳量增，新技术带来的结构性机会 新能源车 推荐锂电池龙头，关注后续产业链供需修复带来的机遇 资料来源：兴业证券经济与金融研究院 推荐标的 电力设备 许继电气、平高电气、中国西电、思源电气、明阳电气、望变电气 风电 东方电缆、天顺风能、海力风电、泰胜风能、金雷股份 氢能 科威尔 光伏 阳光电源，德业股份，固德威，福莱特（建材组联合覆盖），福斯特（化工组联合 覆盖） 新能源车 宁德时代、亿纬锂能、科达利、中伟股份、璞泰来、特锐德 资料来源：兴业证券经济与金融研究院 细分行业 锂电：以旧换新补 ...

Investment Rating - The report maintains a positive investment suggestion for the banking sector, indicating a recovery in performance after a slight adjustment [1]. Core Insights - The CITIC Bank Index fell by 2.98% during the week of July 22-26, 2024, outperforming the CSI 300 Index by 0.69 percentage points. Notable performers included Hangzhou Bank (+0.69%), Industrial and Commercial Bank (+0.34%), and Bank of Communications (0.00%) [4]. - A comprehensive interest rate cut was implemented, with the People's Bank of China lowering the 7-day reverse repo rate by 10 basis points to 1.70%, and both the 1-year and 5-year LPRs were reduced by 10 basis points to 3.35% and 3.85%, respectively [4][9]. - Major state-owned banks led a new round of deposit rate cuts, with reductions in various deposit rates announced shortly after the interest rate adjustments [4][10]. - The report anticipates that while the banking sector faces pressure on interest margins, the margins are expected to stabilize in the short term, with a potential slight recovery in net interest margins for some listed banks [5][6]. Summary by Sections 1. Investment Highlights - The banking sector is expected to stabilize and recover in the second half of the year, supported by improved fundamentals and performance growth [6]. - Key investment lines include stable growth and high dividend yield stocks, with recommendations for major state-owned banks and select city commercial banks [6]. 2. Industry and Company Dynamics 2.1 Industry Dynamics - The central bank conducted a net injection of 12,400 billion yuan into the market, indicating a proactive monetary policy stance [7]. - The central bank's adjustments to the 7-day reverse repo rate and LPR are aimed at enhancing financial support for the real economy [8][9]. 2.2 Company Dynamics - Hangzhou Bank reported a revenue increase of 5.36% and a net profit growth of 20.06% for the first half of 2024, with a stable asset quality [13]. - Qilu Bank also showed strong performance with a revenue growth of 5.53% and a net profit increase of 16.98% for the same period [13]. 3. Recent Market Review - The report includes a detailed analysis of the performance of various banks, highlighting fluctuations in stock prices and valuation metrics [14][15].

行 业 研 究 证券研究报告 ＃industryId＃ 电子 ＃investSuggestion 推荐 ＃ ＃ investSugg estionChan ge＃ (维持) AMD 发布锐龙 AI 300 系列处理器，重视 AI 落地 终端趋势和自主可控 ＃createTime1＃ 2024 年 07 月 28 日 重点公司 ＃相关报告 relatedReport＃ 《【兴证电子】周报：台积电 Q2 营收和毛利率超预期，继续看好 AI 落地终端趋势和自主可控》 2024-07-20 《【兴证电子】周报：三星 Galaxy Unpacked 大会成功召 开，继续看好 AI 落地终端趋势 和自主可控》2024-07-13 分析师： 姚康 yaokang@xyzq.com.cn S0190520080007 仇文妍 qiuwenyan@xyzq.com.cn S0190520050001 张元默 zhangyuanmo@xyzq.com.cn S0190523020002 王佩麟 wangpeilin@xyzq.com.cn S0190522080002 王恬恬 wangtiantian22@xyzq.com.cn ...

行 业 研 究 除 ＃ S0190521060002 证券研究报告 ＃非银industryId＃ 行 业 周 报 investS uggesti onChan ge＃ ） 维持 推荐 （ 投资要点 ＃相关报告 relatedReport＃ ＃分析师： emailAuthor＃ ⚫ 风险提示：利率下行、市场大幅波动、政策落地不达预期、行业竞争加剧。 重点公司 重点公司 评级 南华期货 增持 中国太保 买入 中国平安 增持 新华保险 增持 中国人寿 增持 江苏金租 增持 东方财富 增持 中信证券 增持 瑞达期货 增持 ＃title＃ 兴证非银周报（240722-240726）： ＃createTime1＃ 2024 年 7 月 28 日 周度回顾： 本周保险Ⅱ(申万)下跌 4.4%，跑输沪深 300 指数 0.78pct；10 年期国债到期收益率下行 7.5BP 至 2.19%。本周保险板块受长端利率快速下行影响估值大幅回调。本周证券 II（申 万）下跌 0.02%，跑赢沪深 300 指数 3.64pct，板块 PB 估值维持 1.12 倍。 保险行业： 本周金融监管总局公布 6 月保费收入数据，财产险和人身险同 ...