汽车 行业研究/行业周报 证 小米 SU7上市，24小时大定接近 9万台 券 ——汽车行业周报（2024/03/25~2024/03/29） 研 究 ◼ 行情回顾 报 过去一周(2024/03/25~2024/03/29），申万汽车行业下跌 2.03%，表现 增持( 维持) 告 弱于同花顺全 A，所有一级行业中涨跌幅排名第 24。细分板块涨跌 行 幅：过去一周(2024/03/25~2024/03/29），汽车零部件跌幅最小，乘用 行业： 汽车 业 车跌幅最大。汽车零部件下跌 0.04%，摩托车及其他下跌 0.62%，商 研 用车下跌2.14%，汽车服务下跌2.82%，乘用车下跌5.86%。 日期： y 20x2z4q年da0te4m月a0r1k日 究 分析师： 王琎 ◼ 核心数据 E-mail： wangjin@yongxingsec. 数据跟踪： com 1）行业总量：据中汽协数据，2024年 2月汽车销量约 158万辆，环 SAC编号： S1760523080002 比-35.1%，同比-19.9%。 2）车企端：据乘联会数据，2024 年 2 月，比亚迪、吉利和长安零售 近一年行业与沪深300比较 销 ...

建筑材料 行业研究/行业点评 证 玻纤恢复性调价，需求边际改善 券 ——行业动态点评 研 究 报 ◼ 事件 告 增持( 维持) 据中证网报道，3月25日，中国巨石发布通知，对产品价格进行恢 复性调整，直接纱复价 200 元-400 元/吨，丝饼纱复价 300 元-600 行 元/吨 ，已签订的合同仍按原合同执行。 行业： 建筑材料 业 核心观点： 日期： y 20x2z4q年da0te4m月a0r1k日 研 行业从 22 年下半年进入下行期，盈利已处于底部阶段。据卓创资 究 讯数据，玻纤产品价格持续下跌，以直接纱为例，已从22Q2高点 分析师： 黄骥 的6300元/吨跌至目前约3000元/吨。根据中国玻璃纤维工业协会， E-mail： huangji@yongxingsec. com 与此同时，原材料价格持续上涨，玻纤企业收入及利润大幅下滑。 SAC编号： S1760523090002 23 年规模以上玻纤及制品制造企业收入同比下降 9.6%，利润总额 分析师： 李瑶芝 同比下降51.4%，盈利水平处于历史低位。23年以来企业通过延迟 E-mail： liyaozhi@yongxingsec. 投产，关停老线 ...

石油石化 行业研究/行业周报 证 美国燃油需求转好，油价延续高位震荡 券 ——石油化工行业周报（20240318-20240322） 研 究 报 ◼ 市场行情回顾 告 增持( 维持) 板块表现 本周（20240318-20240322）中信石油化工板块上涨约0.48%，上证综 行 合指数成份上涨约 1.21%，同上证综合指数相比，石油化工板块落后 行业： 石油石化 业 约 0.7 个百分点。子板块方面，石油化工子板块涨跌互现，其中其他 日期： y 20x2z4q年da0te3m月a2r8k日 研 石化、油品销售及仓储、油田服务等子板块涨幅居前。 究 本周（20240318-20240322）石油化工板块领涨个股包括宝利国际、康 分析师： 詹烨 普顿、ST洲际、蒙泰高新、统一股份等；领跌个股包括海油工程、东 E-mail： zhanye@yongxingsec.c 华能源、三联虹普、恒逸石化、东方盛虹等。其中民营大炼化公司周 om 度涨跌幅如下：恒力石化（+3.17%）、荣盛石化（+0.84%）、新凤鸣（- SAC编号： S1760521040001 3.26%）、桐昆股份（-3.38%）、东方盛虹（-3.55 ...

电力设备 行业研究/行业周报 再 证 1-2 月逆变器累计出口 10.16亿美元，同比-48% 券 ——光伏行业周报（2024.03.18-03.22） 研 究 ◼ 行情回顾 报 增持( 维持) 告 过去一周，电力设备行业下跌 1.06%，在所有一级行业中涨跌幅排名 行 第 21。从申万二级行业看，电机上涨 7.72%，其他电源设备上涨 0.60%，电池上涨 0.36%，电网设备下跌 0.65%，风电设备下跌 行业： 电力设备 业 研 0.87%，光伏设备下跌 4.18%。从申万三级行业看，光伏辅材下跌 日期： y 20x2z4q年da0te3m月a2r8k日 究 2.29%。光伏加工设备下跌3.36%。光伏电池组件下跌5.51%， 分析师： 开文明 ◼ 核心观点 E-mail： kaiwenming@yongxin 逆变器出口量有所恢复，新兴市场需求表现强劲。根据海关总署数 gsec.com 据，1 月逆变器出口量 392.75 万个，同比下降 27.7%、环比增加 SAC编号： S1760523070002 11.8%，2 月逆变器出口量 306.72 万个，同比下降 6.3%、环比下降 分析师： 刘清馨 ...

Investment Rating - The industry investment rating is maintained as "Add" for the non-bank financial sector [3]. Core Insights - The implementation of the "T+1" transfer of securities lending has led to a continuous decline in the scale of securities lending, with the market lending scale at 41.9 billion yuan, down 1.3% week-on-week and down 40.2% compared to before the new regulations [2][9]. - As of the end of February 2024, the asset management scale of securities firms reached 5.3 trillion yuan, an increase of 1.7% from January, ending a continuous decline since September of the previous year. Public fund assets also saw significant growth, with a total scale surpassing 29 trillion yuan for the first time, up 7.1% [2][9]. - The report emphasizes three main investment themes: 1) Listed securities firms with strong merger and acquisition potential; 2) Wealth management targets benefiting from the recovery of the equity market; 3) Listed securities firms with competitive advantages in fixed income business expected to exceed first-quarter earnings forecasts [2][9]. Industry Data - The average daily trading volume of A-shares was 1,082.3 billion yuan, up 4.3% week-on-week. The margin financing and securities lending balance increased by 1.9% and decreased by 1.3% respectively [2][19]. - In the investment banking sector, the IPO and refinancing fundraising scale for January-February 2024 decreased by 44.6% and 71.3% year-on-year, while the bond underwriting scale increased by 19.2% [2][19]. - As of the end of February 2024, the private equity fund scale was 20.3 trillion yuan, down 0.2% from the previous month [2][19].

Investment Rating - The industry investment rating is "Maintain Accumulate" for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The approval of low-concentration atropine by Xingqi Eye Pharmaceutical is a significant positive development for the myopia prevention market, which is a blue ocean opportunity. The drug is aimed at children aged 6 to 12 years with myopia between 100 to 400 degrees and astigmatism not exceeding 150 degrees [3][11]. - The myopia rate among Chinese youth is alarmingly high, with a reported overall rate of 51.9% in 2022, affecting over 90 million children and adolescents. This has led to myopia prevention becoming a national strategy, with government initiatives aimed at reducing the prevalence of myopia [12][13]. Market Review - During the week of March 18-22, 2024, the A-share pharmaceutical and biotechnology sector fell by 2.13%, underperforming the CSI 300 index by 1.43 percentage points and the ChiNext index by 2.97 percentage points. The sector ranked 30th among 31 first-level sub-industries [2][13]. Company Dynamics - Recent announcements include the approval of clinical trial applications for various drugs by companies such as Betta Pharmaceuticals and Suzhou Micron Medical Technology, indicating ongoing innovation and regulatory progress within the industry [18].

Investment Rating - The industry investment rating is maintained at "Overweight" [8] Core Viewpoints - The liquor and tobacco retail sectors are performing well, with the national liquor industry achieving a total production of 6.29 million kiloliters in 2023, a year-on-year decrease of 5.1%. However, sales revenue reached 756.3 billion yuan, an increase of 9.7%, and total profit amounted to 232.8 billion yuan, a growth of 7.5%, indicating a trend of volume reduction but price increase and structural improvement [8][9] - The retail sales of social consumer goods in January-February 2024 grew by 5.5% year-on-year, with the tobacco and liquor category increasing by 13.7%, outperforming the overall consumer market and demonstrating strong resilience [8] - The dining sector remains optimistic, with restaurant revenue in January-February 2024 increasing by 12.5% year-on-year, which may boost the upstream supply chain's performance. Focus is suggested on the frozen food and frozen baking industries [8] - Two main lines are recommended for consumer goods: (1) In the snack industry, channel integration and increasing the number of terminal stores for leading brands may create incremental opportunities for manufacturing snack companies. (2) In the seasoning industry, companies with improved organizational management capabilities may continue to benefit from cost advantages, suggesting a focus on their investment value [8] Market Performance Review - The SW Food and Beverage Index fell by 0.85% this week, underperforming the CSI 300 by 0.15 percentage points. The CSI 300 index decreased by 0.7%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.22% and 0.49%, respectively [9][15] - As of the end of this week, the overall valuation level of the food and beverage sector is at 25.15x, ranking 15th among SW first-level industries [9] Key Data Tracking - The average wholesale price of Feitian Moutai is 2885 yuan, and for Wuliangye, it is 965 yuan as of March 27, 2024 [20] - The domestic beer production in December 2023 was 2.148 million kiloliters, a year-on-year decrease of 15.3% [23] - The average retail price of yogurt and milk as of March 22, 2024, is 16.10 yuan per liter and 12.32 yuan per kilogram, respectively [25] - The average wholesale price of pork is 20.34 yuan per kilogram as of March 27, 2024 [34]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - The domestic excavator sales are expected to show positive year-on-year growth in March 2024, indicating a recovery in the market [2][3] - The demand for equipment updates is anticipated to rise starting in 2024 due to an 8-year replacement cycle and supportive government policies aimed at promoting large-scale equipment updates [3] - Infrastructure investment is expected to play a crucial role in stabilizing economic growth, with a significant increase in fixed asset investment and infrastructure spending in early 2024 [3] - The decline in real estate development investment has narrowed compared to the previous year, which may positively impact the machinery sector [3] Summary by Sections Sales Forecast - CME estimates that excavator sales (including exports) will be around 25,000 units in March 2024, a year-on-year decrease of approximately 2.26%, with domestic sales expected to reach 14,800 units, reflecting a growth of 6.48% [2] Market Dynamics - The first quarter of 2024 is projected to see a total domestic excavator sales volume of 49,980 units, a year-on-year decline of about 13%, with domestic market sales at 26,058 units, down 9.61%, and export sales at 23,926 units, down 16.47% [2] Investment Recommendations - The report suggests focusing on companies such as Zoomlion, XCMG, SANY Heavy Industry, LiuGong, Hengli Hydraulic, Hangcha Group, and Anhui Heli due to the anticipated recovery in excavator sales and improving downstream conditions [4]

Core Insights - The report highlights the significant rebound in A-share indices since February 2024, with large-cap indices showing less decline compared to mid and small-cap indices [4][43]. - The predicted PE ratios for 2024 indicate that large-cap indices have a PE of approximately 10.2, mid-cap indices at 12.0, and small-cap indices at 19.4, suggesting a valuation disparity among different market segments [6][67]. - The report identifies key stocks with substantial weekly gains, including Huace Film & TV (+95.41%) and DingTong Technology (+65.40%), indicating strong market performance in specific sectors [7]. Market Review - A-share indices experienced varied performance, with large-cap indices declining by 0.55%, mid-cap indices down by 1.16%, and small-cap indices decreasing by 0.20% during the week of March 18-22, 2024 [66]. - The report notes that the small-cap index outperformed both large and mid-cap indices, reflecting a shift in market sentiment towards smaller companies [66]. Industry News - The commercial aerospace sector is highlighted for its recent achievements, including the successful launch of the Chang Zheng 8 rocket and the Yuhang 2 satellite, which are expected to drive demand in upstream hardware and enhance technological maturity [28][62]. - The report discusses the low-altitude economy, emphasizing the Civil Aviation Administration's focus on developing this sector, which is anticipated to boost growth and quality in related industries [62]. Company Announcements - Aerospace Electronics reported a revenue of 18.727 billion yuan in 2023, with a 15.46% increase in aerospace product revenue, while civilian product revenue declined by 12.86% [12]. - Zhongke Chuangda announced a revenue of 5.242 billion yuan in 2023, a decrease of 3.73% year-on-year, with a significant drop in net profit by 39.36% [13]. - The report also mentions that Jinda Co. achieved a revenue of approximately 1.790 billion yuan in 2023, reflecting a growth of 2.07% year-on-year, with a notable increase in sales of flat wire products for electric vehicles [15].

有色金属 行业研究/行业周报 证 美联储 3 月维持当前利率，金价续创历史新高 券 ——有色行业周报（2024.03.18-2024.03.22） 研 究 报 ◼ 行情回顾 增持( 维持) 告 截至2024年3月22日，本周（2024.3.18-2024.3.22）有色金属（申万） 指数环比上周涨跌幅为-2.08%，在申万31个一级行业中位列第29位， 行 2024年年初以来总体涨跌幅为4.65%。 行业： 有色金属 业 日期： y 20x2z4q年da0te3m月a2r8k日 研 ◼ 核心观点 究 1、工业金属 分析师： 魏亚军 （1）铜：本周伦铜、沪铜分别报收8847美元/吨、72290元/吨，环比 E-mail： weiyajun@yongxingse c.com 上周分别-2.5%、-1.15%。本周美联储议息会议召开，决议3月维持当 SAC编号： S1760523090004 前利率，但市场对6月降息的预期有所改善，根据CME FedWatch Tools 显示， 5/6 月降息概率分别为 12.28%/75.60%，环比上周分别变化 近一年行业与沪深300比较 +5.84pct/+16.76pct ...