医药生物 行业研究/行业周报 24年医保目录调整征求意见稿发布，关注潜在受益 证 券 标的 研 ——医药生物行业周报（2024.06.11-06.14） 究 ◼ 行情回顾 报 增持( 维持) 告 上周（2024年6月11日-6月14日），A股申万医药生物下跌0.75%， 行 板块整体跑赢沪深 300 指数 0.17pct，跑输创业板综指数 2.43pct。在 申万 31个一级子行业中，医药板块周涨跌幅排名为第15位。恒生医 行业： 医药生物 业 研 疗保健指数下跌 0.36%，板块整体跑赢恒生指数 1.95pct。在恒生 12 日期： y 20x2z4q年da0te6m月a1r8k日 究 个一级子行业中，医疗保健行业周涨跌幅排名为第2位。 ◼ 核心观点 分析师： 孟维肖 E-mail： mengweixiao@yongxi 6 月 13 日，国家医保局研究起草了《2024 年国家基本医疗保险、工 ngsec.com 伤保险和生育保险药品目录调整工作方案（征求意见稿）》以及 SAC编号： S1760524030001 《2024 年国家基本医疗保险、工伤保险和生育保险药品目录调整申 分析师： 徐昕 报指南（征求 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Insights - In May 2024, the total retail sales of consumer goods reached 39,211 billion yuan, with a year-on-year increase of 3.7%. Excluding automobiles, the retail sales amounted to 35,336 billion yuan, up 4.7% year-on-year [1] - The total retail sales from January to May 2024 were 195,237 billion yuan, reflecting a year-on-year growth of 4.1%, with non-automobile retail sales at 176,707 billion yuan, up 4.4% [1] - The beverage category showed a year-on-year growth of 6.5% in May, while the food and oil category grew by 9.3% and the tobacco and alcohol category by 7.7% [1] - The restaurant income in May 2024 was 4,274 billion yuan, a year-on-year increase of 5.0%, with a significant recovery trend observed [1] Summary by Sections Retail Sales Performance - In May 2024, the retail sales growth rate improved compared to April, with a total retail sales year-on-year increase of 3.7%, and a month-on-month increase of 1.4 percentage points [1] - The retail sales growth for the beverage category continued to rise, indicating strong consumer demand, particularly during the May Day holiday [1] Restaurant Sector Recovery - The restaurant sector continued its recovery, with online food sales showing robust growth, achieving a year-on-year increase of 19.6% from January to May 2024 [1] - The restaurant income for the first five months of 2024 was 21,634 billion yuan, reflecting a year-on-year growth of 8.4% [1] Investment Recommendations - The report suggests that the recovery in the restaurant sector is ongoing, with significant potential for growth throughout the year. It recommends focusing on supply chain opportunities within the restaurant industry [1] - For beverage consumption, the report highlights the resilience of demand and suggests attention to companies with strong channel layouts and brand advantages, recommending specific companies such as Anjiu Food, Dongpeng Beverage, and Qianwei Central Kitchen [1]

建筑材料 行业研究/行业周报 证 电子纱价格上涨，行业龙头弹性可期 券 ——建材行业周报（2024.6.11-2024.6.14） 研 究 ◼ 核心观点 报 增持( 维持) 告 本周核心观点与重点要闻回顾 行 消费建材：房地产数据依然处于筑底阶段，收储有望提速，地产链有 业 望修复。根据中指研究院，2024年1-5月，TOP100企业拿地总额3146 行业： 建筑材料 研 亿元，同比下降26.7%，较1-4月降幅进一步扩大。政策端再迎多重利 日期： y 20x2z4q年da0te6m月a1r8k日 究 好：央行下调个人住房公积金贷款利率 0.25 个百分点，降低置业成 本；首套/二套住房贷款最低首付比例分别调至不低于 15%/25%，置业 分析师： 黄骥 门槛再降低；取消房贷利率下限，有助于释放刚性及改善性需求。据 E-mail： huangji@yongxingsec. 中国房地产报，6 月 12 日央行召开保障性住房再贷款工作推进会，保 com 障性住房再贷款支持国企收储未售新房助力存量商品房“去库存”，保 SAC编号： S1760523090002 障性住房再贷款进入实质落地阶段。我们认为收储有望提速， ...

食品饮料 行业研究/行业周报 茅台批价有所波动，关注板块配置价值 证 券 ——食品饮料行业周报（20240611-0614） 研 究 ◼ 核心观点 报 增持( 维持) 告 茅台批价有所波动，关注板块配置价值 行 据今日酒价数据，本周飞天批价波动较大，24 年散飞批价从 6/11 的 2445元下跌至6/14的2230元，我们认为批价波动主因供需两端短期 行业： 食品饮料 业 研 错配、电商促销等因素影响所致，后续批价或有望企稳。公司管理层 日期： y 20x2z4q年da0te6m月a1r8k日 究 近期对外传递公司治理积极信号，有望强化投资者信心，宏观层面近 期经济企稳预期有所提升，基本面延续稳健复苏，白酒作为顺周期板 分析师： 汪玲 块或优先受益，建议关注板块配置价值，标的方面，建议关注具备韧 E-mail： wangling@yongxingse 性较强的高端酒、区域性优势酒企等，标的方面建议关注贵州茅台、 c.com 泸州老窖、五粮液、今世缘、古井贡酒等。 SAC编号： S1760524030002 居民消费延续平稳恢复，关注行业结构性增量机会 分析师： 夏明达 本周国家统计局公布CPI数据，2024 ...

Group 1 - The core viewpoint indicates that during the week of June 6-12, the A-share market experienced a decline in margin financing balance and a slight decrease in trading activity. Major indices saw a general drop in PE valuation percentiles, with the CSI 300 and SSE 50 leading the decline [16][28][57] - The sentiment analysis shows that the stock-bond yield spread has decreased, suggesting a relatively high investment cost-effectiveness in the A-share market. As of June 12, 2024, the dividend yield of the CSI 300 was 3.14%, while the 10-year government bond yield was 2.28%, resulting in a stock-bond yield of -0.87%, which is below the average for the year [8][22][57] - The trading activity saw a mixed performance, with the CSI 300 experiencing the largest increase in trading volume at 10.23%, while the ChiNext index saw the largest decline at 5.16% [31][30] Group 2 - The report highlights that the PE valuation percentiles for major indices generally fell, with the CSI 300 experiencing the largest drop of 3.0 percentage points, followed by the SSE 50 with a decline of 2.9 percentage points [28][36] - In terms of industry performance, the oil and petrochemical sector led the gains, while the non-bank financial sector saw the largest decline, with a drop of 4.4 percentage points [48][3] - The report also notes that within the cyclical sector, the oil and petrochemical industry increased by 4.0 percentage points, while the construction materials sector fell by 2.3 percentage points [48][3]

计算机 沪深300 -20% -4% 12% 28% 44% 60% 09/22 11/22 02/23 04/23 07/23 09/23 增持(维持) 行业: 计算机 日期: yxzqdatemark 2024年06月17日 | 分析师: | 李行杰 | |-------------|------------------------| | E-mail : | lixingjie@yongxingsec. | | | com | | SAC 编号: | S1760524010003 | | 分析师: | 黄伯乐 | | E-mail : | huangbole@yongxings | | | ec.com | | SAC 编号: | S1760520110001 | ◼ 核心观点 本周核心观点与重点要闻回顾 低空经济:低空经济:武汉市发布《支持低空经济高质量发展的若 干措施》,沈阳低空经济管理服务平台揭牌,相关产业链有望持续 受益。6 月 7 日,武汉市发布《支持低空经济高质量发展的若干措 施》,单笔奖励企业资金可达 1000 万元。6 月 13 日,"低空视界 腾 飞未来"沈阳低空经济管理服务平台揭牌仪 ...

电子 行业研究/行业周报 A 三星电子或提高 1b DRAM 良率,NAND/DRAM 市场 价小幅波动 ——存储芯片周度跟踪(2024.06.10-2024.06.14) ◼ 核心观点 NAND:NAND 颗粒市场价格小幅波动, 西部数据预览 2Tb QLC NAND 闪存芯片。根据 DRAMexchange,上周(0610-0614)NAND 颗粒 22个品类现货价格环比涨跌幅区间为-0.62%至 3.11%,平均涨跌 幅为 0.20%。其中 9个料号价格持平,7 个料号价格上涨,6个料号价 格下跌。根据 CFM 闪存市场报道,西部数据预览了其创新的 BICS8 2Tb QLC NAND 闪存芯片,这款芯片以其 218 层的堆叠技术,成为目 前业界最高密度的闪存产品。BICS8 2Tb QLC NAND 闪存芯片的单芯 片容量达 2Tb,西数有望通过 16 层堆叠技术提供 4TB 的存储容量颗 粒。 DRAM:颗粒价格小幅波动,三星电子或将提高 1b DRAM 良率及产 能。根据 DRAMexchange,上周(0610-0614)DRAM 18 个品类现货 价格环比涨跌幅区间为-3.69%至 0.04% ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [5]. Core Views - The company, Rongbai Technology, is a leader in high-nickel ternary cathode materials, with a global strategic layout. Despite a decline in profitability in 2023, the company is expected to maintain its leading position in the industry [5][32]. Company Overview - Rongbai Technology, established in 2013, is a multinational group formed by a Sino-Korean team with over 20 years of experience. The company specializes in high-nickel ternary cathode materials, including NCM523, NCM622, and NCM811 [13][15]. - The management team has a strong background, with key figures including Bai Houshan and Liu Xianglie [26][29]. Financial Analysis - In 2023, the company's revenue was 22.66 billion yuan, a year-on-year decrease of 25%, while the net profit attributable to the parent company was 580 million yuan, down 57% year-on-year [32]. - The ternary cathode materials business accounted for 93% of total revenue in 2023, with a declining gross margin from 16% in 2021 to 8% in 2023 [33][32]. Industry Overview - The demand for ternary materials is driven by the growth in the electric vehicle and energy storage sectors. In 2023, the global ternary material production was 966,000 tons, a slight decrease of 2.8% year-on-year, but the company maintained its leading position with a market concentration of 61% among the top five producers [40][52]. - The forecast for 2024 indicates a production increase to 750,000 tons, with a focus on high-nickel products [56]. Key Highlights - Rongbai Technology possesses core technological capabilities, including precursor co-precipitation technology and high-voltage single crystal material production technology [64]. - The company is expanding its global footprint with plans for R&D centers in Korea, the USA, and Europe by 2025 [65][66]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 22.85 billion yuan in 2024, with a growth rate of 0.9%, and net profits of 638 million yuan, reflecting a 9.8% increase [69]. - The estimated PE ratios for 2024 and 2025 are 19 and 13, respectively, indicating a favorable valuation compared to peers [72].

A 三星电子出 AI 解决方案,骁龙 6s Gen3 提升 AI 性能 ——电子行业周报(2024.06.10-2024.06.14) ◼ 核心观点 本周核心观点与重点要闻回顾 玻璃基板:电气硝子推出新型玻璃-陶瓷基板 GC Core,玻璃基板产 业或将加速发展。电气硝子此次开发出的 GC Core 基板芯材由玻璃粉 末和陶瓷粉末低温共烧而成,拥有陶瓷的部分性质,不易产生裂纹, 可直接使用 CO2 激光器钻孔,降低量产成本。我们认为,玻璃基板 或将适合 HPC、AI 领域的芯片,相关产业链有望持续受益。 铜连接:GB200 采用铜缆连接,预估 2024 年出货量为 42 万片,相关 产业链或将受益。GB200 采用 72 个 Blackwell GPU 全互连的 NVLink 技术,拥有超过 2英里的 NVLink铜缆。GB200在 2024 年预估出货量 为 42 万片,2025 年将达到 200 万片。我们认为,GB200 出货顺利或 将提振铜连接相关器件需求,相关产业链有望持续受益。 先进封装:三星电子发布三星 AI 解决方案,相关产业链有望持续收 益。三星电子发布三星 AI 解决方案。该方案整合了三星 ...

汽车 行业研究/行业周报 证 欧盟对中国电动汽车加征关税 券 ——汽车行业周报（2024/06/11~2024/06/14） 研 究 ◼ 行情回顾 报 过去一周(2024/06/11~2024/06/14），申万汽车行业上涨 1.33%，表现 增持( 维持) 告 强于同花顺全 A，所有一级行业中涨跌幅排名第 5。细分板块涨跌 行 幅：过去一周(2024/06/11~2024/06/14），乘用车涨幅最大，汽车服务 行业： 汽车 业 跌幅最大。乘用车上涨 4.26%，汽车零部件上涨 0.32%，摩托车及其 研 他下跌0.47%，商用车下跌0.88%，汽车服务下跌3.33%。 日期： y 20x2z4q年da0te6m月a1r7k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 5 月汽车销量约 241.7 万辆， SAC编号： S1760523080002 环比+2.5%，同比+1.5%。 2）车企端：据乘联会数据，2024 年 5 月，比亚迪、一汽大众和吉利 零售销量位列前三，分别约 26.8、12.4 ...