请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 制造业持续支撑整体投资 基建投资方面, ＞ 5月新口径下的基建投资单月同比相比前值回落0.2个百分点至4.9%，狭义基建投资增长进一步放缓。从基建相关的高频数据来看，5月份基建的发力并 不强劲，沥青开工率还是处于较低位且不及去年同期。值得注意的是，5月政府发债提速，与基建投资的表现似乎并不一致。对此我们认为，政府债券 融资是基建项目的重要资金来源，但发情到项目落地的传导需要时间，本月加速发行侦券所募集的资金或在后期才能到位继而在基建投资上得到休现。 8 8 =基础设施建设投资(不含电力):当月同比 =基础设施建设投资(不含电力):累计同比 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 0-8202 GO-VZOZ 0-8202 60-£Z0Z l l-EZOZ 0-vZ0Z l -EZOZ 0-4Z02 0-৮ZO2 0-EZO2 0-EZ02 0-tvZ07 0-�ZO o-ezo 数据来源：Wind，太平洋证券研究院 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 证券研究报告 03 制造业持续支撑整体投资 房地产开发投 ...

2024年06月15日 行 业周报 看好 / 维持 行 家电 业 研 究 家电 石头发布 P10S Pro 扫拖机器人，多家公司披露 2023 年年度权益 分派实施公告 ◼ 走势比较 报告摘要 20% 12% 市场行情回顾：1）指数方面，本周家电板块小幅增长 0.11%， 太 4% 平 洋 (1(4 2% %))51/6/32 72/8/32 8/11/32 02/1/42 2/4/42 41/6/42 2 第0 二24 。年 2初 ）至 个今 股家 方电 面板 ，块 TC涨 L电幅 子为 、14 海.5 信2% 家， 电在 、申 长万 虹一 美级 菱行 2业 02中 4涨 年幅 初排 以名 来 证 (20%) 累计涨幅位居前三，其中TCL电子年涨幅为154.51%。3）资金方面， 券 北向资金净流出218.73亿元，上周净流入53.05亿元；南向资金净 家电 沪深300 股 流入245.52亿元，较上周净流入减少2.28亿元。 份 ◼ 子行业评级 有 白色家电Ⅱ 无评级 楼市数据跟踪：2024年5月，国内30大中城市商品房成交面积 限 黑色家电Ⅱ 无评级 和成交套数分别为 863.76 万平方米（-35.7 ...

Core Insights - The report indicates a divergence in market performance, with growth and the Sci-Tech 50 index outperforming other sectors, while dividend, consumption, and stability indices lagged behind [6][54]. - The overall valuation of the market has slightly increased, with significant differentiation across sectors, particularly favoring growth styles [50][72]. - The report highlights that the current valuation levels of various industries are generally low, with many sectors concentrated in the third and fourth quadrants of valuation metrics [41][59]. Market Performance - Last week, micro-cap stocks, growth, and the Sci-Tech 50 index showed the best performance, while dividend, consumption, and stability indices performed the weakest [6][54]. - The communication, electronics, and computer sectors recorded the highest gains, whereas food and beverage, agriculture, forestry, animal husbandry, and transportation sectors showed the weakest performance [14][50]. Valuation Analysis - The report notes that the overall industry valuation is differentiated, with financial real estate and raw materials exceeding the 50% historical percentile, while equipment manufacturing, industrial services, transportation, consumption, and technology sectors are below the 50% historical percentile [20][39]. - The current PE and PB metrics indicate that the most undervalued industries are concentrated in the third quadrant, while the most overvalued industries are in the first quadrant, with coal and electronics being the exceptions [41][59]. Sector Insights - The financial and real estate sectors, particularly non-bank financials, real estate, and building materials, are currently above the 50% historical percentile in terms of PB-ROE [39][40]. - The equipment manufacturing, consumption, and technology sectors are experiencing lower historical valuation levels, indicating potential investment opportunities [20][39]. Investment Strategy - The report suggests that from a PEG perspective, dividend and Sci-Tech 50 indices currently have the lowest values, indicating high allocation value [59]. - From a PB-ROE perspective, the growth style has the lowest values, suggesting that investors are paying the least premium for growth, which provides a higher margin of safety [59].

2024年06月15日 行 业周报 看好 / 维持 行 家电 业 研 究 家电 石头发布 P10S Pro 扫拖机器人，多家公司披露 2023 年年度权益 分派实施公告 ◼ 走势比较 报告摘要 20% 12% 市场行情回顾：1）指数方面，本周家电板块小幅增长 0.11%， 太 4% 平 洋 (1(4 2% %))51/6/32 72/8/32 8/11/32 02/1/42 2/4/42 41/6/42 2 第0 二24 。年 2初 ）至 个今 股家 方电 面板 ，块 TC涨 L电幅 子为 、14 海.5 信2% 家， 电在 、申 长万 虹一 美级 菱行 2业 02中 4涨 年幅 初排 以名 来 证 (20%) 累计涨幅位居前三，其中TCL电子年涨幅为154.51%。3）资金方面， 券 北向资金净流出218.73亿元，上周净流入53.05亿元；南向资金净 家电 沪深300 股 流入245.52亿元，较上周净流入减少2.28亿元。 份 ◼ 子行业评级 有 白色家电Ⅱ 无评级 楼市数据跟踪：2024年5月，国内30大中城市商品房成交面积 限 黑色家电Ⅱ 无评级 和成交套数分别为 863.76 万平方米（-35.7 ...

Investment Rating - The report assigns a "Buy" rating for China Taiping (00966) with a target price based on the last closing price of 8.86 HKD [1][6]. Core Insights - China Taiping's 2023 annual report highlights strong growth in life insurance business and excellent investment performance. The company achieved insurance service revenue of 107.49 billion HKD, a year-on-year decrease of 1.3%, while the net profit attributable to shareholders reached 6.19 billion HKD, reflecting a year-on-year increase of 44.1% [2][4]. Summary by Relevant Sections Financial Performance - The company reported a net profit of 6.19 billion HKD in 2023, with a growth rate of 44.05%. The projected net profits for 2024, 2025, and 2026 are 7.36 billion HKD, 8.48 billion HKD, and 9.64 billion HKD, respectively [4]. - The diluted earnings per share (EPS) for 2023 was 1.50 HKD, with projections of 1.78 HKD, 2.05 HKD, and 2.33 HKD for the following three years [4]. Life Insurance Business - The new business value (NBV) for life insurance reached 6.81 billion RMB, with a comparable year-on-year growth of 27.8%. The total premium income for life insurance was 187.5 billion HKD, an increase of 4.7% year-on-year [2][4]. Investment Performance - The company's investment assets totaled 1.3 trillion HKD, reflecting a year-on-year increase of 14.9%. The net investment income and total investment income were 44.92 billion HKD and 33.57 billion HKD, respectively, with total investment income showing a significant year-on-year increase of 138.8% [2][4]. - The company has optimized its investment strategy, significantly increasing its bond investments, which accounted for 68.7% of the investment portfolio by the end of 2023, up 6.5 percentage points year-on-year [2][4].

2024年06月17日 行 业周报 看好 / 维持 行 电力设备及新能源 业 研 究 电力设备及新能源 新能源周报（第 91 期）：从光伏 SNEC 看大底部后的未来趋势 ◼ 走势比较 报告摘要 10% 0% ⚫ 行业整体策略：光伏SNEC展示未来趋势：大底部、分化与新技术等 太 (10%) 在光伏SNEC大会上，我们深度感受到周期性大底部带来的变化：分 平 (20%) 化加大、新技术突破、出海加速等；同电动车产业链一样，我们推荐 各环节创新型龙头。继续推荐景气度趋势向上的环节：电力设备、电 洋 (30%) 改、海风等。 证 (40%) 新能源汽车产业链核心观点： 券 电 沪力 深设 300备及新能源 1）智能化仍是电动车未来10年最大主题，特斯拉、比亚迪等龙头是 股 核心。近期比亚迪表示将在智能驾驶领域投入1000亿元，聚焦包括生 ◼ 子行业评级 份 成式AI、大模型等在内的智能驾驶技术研发。 有 电站设备Ⅱ 无评级 2）未来全球供需逐步优化。近期，由斯特兰蒂斯和奔驰共同投资的欧 限 电气设备 无评级 洲电池公司ACC将暂停两座超级电池生产基地的建设规划。 电源设备 无评级 公 3）欧美电动车销量环比有所修 ...

2024-06-09 行业周报 看好/维持 行 业 研 究 汽车行业 车路协同智能网联加速，智能汽车β机会迎来自动驾驶时刻  走势比较 报告摘要 太 四部门有序开展智能网联汽车准入和上路通行试点，研究确定了9 平 个进入试点的联合体。加速建设智能化路侧基础设施。实现试点区域5G 洋 通信网络全覆盖，部署LTE-V2X直连通信路侧单元（RSU）等在内的C- 证 V2X基础设施。开展交通信号机和交通标志标识等联网改造，实现联网 券 率90%以上，试点运行车辆100%安装C-V2X车载终端。重点路口和路段 股 份  子行业评级 同步部署路侧感知设备和边缘计算系统（MEC），提升车载终端装配率， 有 开展规模化示范应用。城市级应用试点项目，推动智能化路侧基础设施 限 和云控基础平台建设，提升车载终端装配率，开展智能网联汽车“车路 公 云一体化”系统架构设计和多种场景应用。车路协同智能网联加速，政 司  推荐公司及评级 证 ...

证券研究报告|公司深度报告 2024年6月10日 赛轮轮胎（601058.SH）： 液体黄金、巨胎提升竞争力，全球布局引领未来 ...

2024年06月17日 行 业周报 看好 / 维持 行 电力设备及新能源 业 研 究 电力设备及新能源 新能源周报（第 91 期）：从光伏 SNEC 看大底部后的未来趋势 ◼ 走势比较 报告摘要 10% 太 (100 %% )91/6/32 03/8/32 01/11/32 12/1/42 2/4/42 31/6/42 ⚫ 在 光行业 伏整 SN体 E策 C略 大： 会光 上伏 ，S 我N 们EC 深展 度示 感未 受来 到趋 周势 期： 性大 大底 底部 部、 带分化 来与 的新 变技 化术 ：等 分 平 (20%) 化加大、新技术突破、出海加速等；同电动车产业链一样，我们推荐 各环节创新型龙头。继续推荐景气度趋势向上的环节：电力设备、电 洋 (30%) 改、海风等。 证 (40%) 新能源汽车产业链核心观点： 券 电 沪力 深设 300备及新能源 1）智能化仍是电动车未来10年最大主题，特斯拉、比亚迪等龙头是 股 核心。近期比亚迪表示将在智能驾驶领域投入1000亿元，聚焦包括生 ◼ 子行业评级 份 成式AI、大模型等在内的智能驾驶技术研发。 有 电站设备Ⅱ 无评级 2）未来全球供需逐步优化。近期，由斯特兰 ...

Group 1: Social Financing and Credit Data - In May, the new social financing scale increased by 2.07 trillion yuan, which is 513.2 billion yuan more year-on-year, slightly below market expectations[11] - New RMB loans in May amounted to 950 billion yuan, which is 410 billion yuan less year-on-year and lower than market expectations[15] - M2 growth year-on-year was 7.0%, down from 7.2% in the previous month, and also below market expectations[48] Group 2: Government and Corporate Financing - Government bonds contributed significantly to the increase in social financing, with an addition of 1.23 trillion yuan in May, which is 668.2 billion yuan more year-on-year[35] - Corporate bonds saw an increase of 313 billion yuan in May, which is 2.457 billion yuan more year-on-year, primarily due to a low base last year[35] - Short-term loans for enterprises decreased by 120 billion yuan, while medium to long-term loans increased by 500 billion yuan, both showing a year-on-year decline[28] Group 3: Monetary Indicators - M1 decreased by 4.2% year-on-year, a drop of 2.8 percentage points from the previous value, indicating a sluggish economic recovery[48] - The decline in M1 is attributed to weak demand in the real estate sector and a shift of deposits towards financial products[48] - In May, household deposits increased by 420 billion yuan, which is a decrease of 116.4 billion yuan year-on-year[48]