| --- | --- | --- | --- | --- | |------------------|-----------------------------------------|-------------------|---------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 2024/6/27 \n类别 | 2024/6/27 \n内地市场权益提示 \n证券代码 | 星期四 \n证券简称 | 新股发行及今日交易提示 \n \n权益日期 | 最新公告链接 | | | 300282 | *ST三盛 | 距最后交易日剩余 14个交易日 | http://www.cninfo.com.cn/ ...

Investment Rating - The investment rating for the power equipment and new energy sector is "Recommended" (maintained) [2] Core Insights - The photovoltaic bracket industry is expected to benefit from downstream demand growth and declining raw material prices, with the market space projected to reach 86.15 billion yuan in 2024 and 97.44 billion yuan in 2025, representing year-on-year growth rates of 18.5% and 13.1% respectively [3][17][24] - The photovoltaic bracket is a critical component of solar power plants, directly impacting power generation efficiency and investment returns [9][10] - The industry has seen significant capacity expansion, with China's solar photovoltaic capacity exceeding 609 GW in 2023, a year-on-year increase of 55.3% [17] - The report highlights the performance improvement of leading companies in the sector, with strong cash flow and a shift towards profitability [3][28] Summary by Sections Section 1: Photovoltaic Bracket as the Backbone of Solar Power Plants - Photovoltaic brackets play a vital role in supporting and stabilizing solar panels, ensuring reliable operation for over 25 years [9] - The demand for photovoltaic brackets is expected to grow due to the increasing installation of solar power plants and the decline in raw material costs [17] Section 2: Overview of Listed Companies in the Bracket Sector - The report provides an overview of key players in the photovoltaic bracket market, including Zhongxinbo, Yihua, Zhenjiang, and Qingyuan, each with distinct advantages and product structures [28] - Zhongxinbo is a leading manufacturer of photovoltaic tracking brackets and fixed brackets, with a significant market share in Asia-Pacific and the Middle East [30] - Yihua focuses on connector manufacturing and has expanded into the photovoltaic bracket business, primarily serving major global clients [31] - Zhenjiang has established itself as a core supplier for Siemens in the wind power sector and has gradually entered the photovoltaic bracket market [35] - Qingyuan specializes in distributed photovoltaic brackets and has maintained a leading market share in Australia for 14 consecutive years [39] Section 3: Financial Performance of Photovoltaic Bracket Companies - Financial analysis shows that leading companies have improved their performance, with Zhongxinbo's revenue reaching 6.39 billion yuan in 2023, primarily from its bracket business [41] - The report indicates that the profitability of the bracket segment is expected to improve due to declining raw material costs and stable pricing [24][25] - The cash flow situation of Zhongxinbo is notably strong, with a net increase in cash and cash equivalents of 450 million yuan in 2023 [44]

Industry Investment Rating - The report maintains a "Recommend" rating for the hydrogen, ammonia, and methanol integration industry [1] Core Viewpoints - The integration of hydrogen, ammonia, and methanol production is driven by renewable energy, presenting a trend of technological diversification and integrated production [1] - The economic and environmental advantages of hydrogen, ammonia, and methanol integration are expected to further improve with the expansion of production scale and technological advancements [1] - Policies promoting low-carbon and green electricity both domestically and internationally are expected to enhance the application space for green hydrogen, green ammonia, and green methanol [1] - Wind-solar-hydrogen-ammonia-methanol integration projects have become a hot spot in the hydrogen industry due to their large investment scale, complementary wind and solar power, and low grid connection ratio [1] Technology and Production Pathways - The basic form of green hydrogen, ammonia, and methanol integration includes green electricity + green hydrogen production + synthesis of green ammonia/methanol [7] - Green ammonia synthesis involves using solar and wind power for electrolysis of water to produce hydrogen, which is then synthesized with nitrogen to produce ammonia [8][9] - Carbon capture and utilization (CCU) methods are used to synthesize green methanol by capturing CO2 and reacting it with green hydrogen [10][11] - Biomass gasification provides a carbon source for green methanol production, with two main pathways: gasification to CO and H2, or gasification to CO2 followed by reaction with green hydrogen [13][14] Market Trends and Key Players - The hydrogen, ammonia, and methanol integration industry is gaining attention from local governments due to low-carbon and green electricity policies [38] - Major players in the industry include state-owned enterprises like CNPC, Sinopec, and China Energy, as well as collaborations between state-owned and private companies [49] - The industry is seeing significant project developments, with green methanol and green ammonia projects being the focus of investment [44][46] Investment Recommendations - Green hydrogen, ammonia, and methanol integration projects are recommended due to their economic scale advantages and low-carbon emissions [53] - Companies with strong upstream and downstream integration capabilities and cost advantages in specific segments of the production chain are suggested for investment [53]

2024 年 06 月 26 日 证券研究报告 | 银行理财周报 理财公司周度到期产品平均达标率为 66% 银行理财产品周数据 分析师:张菁 分析师登记编码:S0890519100001 电话:021-20321551 邮箱:zhangjing@cnhbstock.com 销售服务电话: 021-20515355 1、《压降非理财公司存量理财业务,带 来哪些机会变局—银行理财产品周观察》 2024-06-21 2024-06-19 2、《再降 9BP,日开非现固收近 1 月年 化 2.57% — 银 行 理 财 产 品 周 数 据 》 3、《日开非现固收理财近 1 月年化收益 率 2.66% — 银 行 理 财 产 品 周 数 据 》 2024-06-13 2024-06-05 2024-05-31 4、《现金管理类理财和货基的收益差距 缩至 20BP—银行理财产品周数据》 5、《理财公司将迎来评级,理财产品发 展会走向何方—银行理财产品周观察》 投资要点 现金管理类理财产品近 7 日年化收益率维持在 1.85%。截止 2024 年 6 月 23 日,现金管理类理财产品近 7 日年化收益率为 1.85%,与前 ...

2024 年 06 月 26 日 证券研究报告 | 银行理财周报 理财公司周度到期产品平均达标率为 66% 银行理财产品周数据 分析师:张菁 分析师登记编码:S0890519100001 电话:021-20321551 邮箱:zhangjing@cnhbstock.com 销售服务电话: 021-20515355 1、《压降非理财公司存量理财业务,带 来哪些机会变局—银行理财产品周观察》 2024-06-21 2024-06-19 2、《再降 9BP,日开非现固收近 1 月年 化 2.57% — 银 行 理 财 产 品 周 数 据 》 3、《日开非现固收理财近 1 月年化收益 率 2.66% — 银 行 理 财 产 品 周 数 据 》 2024-06-13 2024-06-05 2024-05-31 4、《现金管理类理财和货基的收益差距 缩至 20BP—银行理财产品周数据》 5、《理财公司将迎来评级,理财产品发 展会走向何方—银行理财产品周观察》 投资要点 现金管理类理财产品近 7 日年化收益率维持在 1.85%。截止 2024 年 6 月 23 日,现金管理类理财产品近 7 日年化收益率为 1.85%,与前 ...

Industry Investment Rating - The report maintains a "Recommend" rating for the hydrogen, ammonia, and methanol (hydrogen-ammonia-methanol) integration industry, highlighting its potential for growth and sustainability [1] Core Viewpoints - The hydrogen-ammonia-methanol integration industry is experiencing technological diversification and a trend towards integrated production, leveraging renewable energy sources like wind and solar for hydrogen production through electrolysis, followed by synthesis with nitrogen or carbon dioxide to create ammonia or methanol, forming a complete industrial chain from energy production to chemical manufacturing [1] - The economic and environmental advantages of hydrogen-ammonia-methanol integration are expected to become more pronounced with the expansion of production scale and technological advancements, driven by declining green electricity prices, process improvements, and economies of scale [1] - Policies promoting low-carbon and green electricity, both domestically and internationally, are expected to enhance the application space for green hydrogen, green ammonia, and green methanol, with stricter carbon regulations in Europe and the US, and supportive policies in China [1] Key Summaries by Section Renewable Energy-Driven Hydrogen-Ammonia-Methanol Integration - The integration of hydrogen, ammonia, and methanol production is characterized by technological diversification and industrial chain integration, utilizing renewable energy sources like wind and solar for hydrogen production through electrolysis, followed by synthesis with nitrogen or carbon dioxide to create ammonia or methanol [6] - The basic forms of green hydrogen-ammonia-methanol integration include "green electricity + green hydrogen production + synthesis of green ammonia/methanol," with key technical pathways such as air separation of nitrogen for ammonia synthesis, carbon capture for methanol synthesis, and biomass gasification for methanol synthesis [7][8][9][10][11][12][13] Green Hydrogen Production - Green hydrogen production, located in the midstream of the industrial chain, primarily employs alkaline water electrolysis (ALK) and proton exchange membrane (PEM) technologies, with ALK being commercially mature and PEM in the early stages of commercialization [15] - The mainstream electrolysis technologies for hydrogen production include ALK, PEM, high-temperature solid oxide electrolysis (SOEC), and anion exchange membrane (AEM) electrolysis, with ALK being the most widely used in China due to its maturity and cost-effectiveness [16][17] Green Ammonia and Methanol Applications - Green ammonia and methanol have extensive downstream applications, with green ammonia serving as an ideal green fuel and green methanol offering advantages in storage, transportation, and energy density [20][22] - Green ammonia is widely used in fertilizers, explosives, and fuels, while green methanol is primarily used in chemical production, with its demand driven by methanol-to-olefins and methanol fuel applications [20][22][23] Cost Advantages and Environmental Benefits - The integration of hydrogen-ammonia-methanol production offers cost advantages through economies of scale, technological improvements, and declining green electricity prices, with the potential to further reduce production costs and enhance environmental benefits through zero-carbon emissions and carbon fixation [25][28][29][30][31][32][33][34][35][36][37] Market Trends and Key Players - The hydrogen-ammonia-methanol integration industry is gaining attention from local governments and major players, with policies promoting low-carbon and green electricity driving the development of green hydrogen, green ammonia, and green methanol projects [38][39][40][41][42][43][44][45][46][47][48][49][50][51][52] - Major companies involved in hydrogen-ammonia-methanol integration projects include state-owned enterprises like CNPC, Sinopec, and China Energy, as well as private companies specializing in specific segments of the industrial chain [49][50][51][52] Investment Recommendations - The report recommends focusing on companies with strong upstream and downstream integration capabilities and financial management in the hydrogen-ammonia-methanol integration sector, as well as equipment manufacturers with cost advantages in specific segments of the production process [53]

2024 年 06 月 25 日 证券研究报告 | 产业周报 海外铁矿发货小增、钢厂库存减,矿价基本趋稳 铁矿行业周度报告 分析师登记编码:S0890521080001 电话:021-20321304 邮箱:zhangjin@cnhbstock.com 研究助理:吴晗 邮箱:wuhan@cnhbstock.com 021-20515355 1、《高炉开工率环比增加,消费呈现长 材增、板材降的格局—钢铁行业周度报 告》2024-06-24 2024-06-18 2、《钢材下游需求有边际好转,钢价震 荡上行—钢铁 5 月月报》2024-06-21 3、《铁矿发运量整体出现两位数的增长, 矿价持续偏弱运行—铁矿行业周度报告》 钢铁 投资要点 投资评级:推荐(维持) 供应:本周进口(6.15-6.21)铁矿石发运量持续增长,供应端韧性较强。澳 洲、巴西本周发货量(14 个港口)合计 2602.3 万吨,环比小幅增加 12 万吨, 增幅为 0.46%,澳洲、巴西发货量均稳中有增。澳洲、巴西发货量(14 个港口 合计)分别为 1907.7 万吨、694.5 万吨,环比分别为 0.5%、0.35%。四大矿山 中除 FMG ...

2024 年 06 月 25 日 证券研究报告 | 产业月报 金属镁受原料端影响价格上行,镁行业下游整体需求稳中有升 镁行业月度报告 分析师:张锦 分析师登记编码:S0890521080001 电话:021-20321304 邮箱:zhangjin@cnhbstock.com 研究助理:张后来 邮箱:zhanghoulai@cnhbstock.com 021-20515355 行业走势图(2024 年 6 月 24 日) 2024-05-22 2024-05-22 2024-04-23 缓 解 压 力 — 钒 行 业 月 度 报 告 》 钒供需结构再匹配—钒行业月度报告》 有色金属 投资要点 投资评级:推荐(维持) 5 月金属镁生产成本进一步提升,镁锭价格受上游价格影响走高:从原料端 来看,5 月我国兰炭开工率 50.71%,环比提升 2.38%,生产成本 1367.5 元/ 吨,环比增长 5.32%,陕西兰炭中料主流价 981.43 元/吨,环比增长 8.61%; 其中已煅烧白云石进口 3000 吨左右,未煅烧白云石进口 3194.94 吨,环比提 升 72.08% , 已 煅 烧 / 未 煅 烧 白 云 ...

2024 年 06 月 25 日 证券研究报告 | 产业月报 金属镁受原料端影响价格上行,镁行业下游整体需求稳中有升 镁行业月度报告 分析师:张锦 分析师登记编码:S0890521080001 电话:021-20321304 邮箱:zhangjin@cnhbstock.com 研究助理:张后来 邮箱:zhanghoulai@cnhbstock.com 021-20515355 行业走势图(2024 年 6 月 24 日) 2024-05-22 2024-05-22 2024-04-23 缓 解 压 力 — 钒 行 业 月 度 报 告 》 钒供需结构再匹配—钒行业月度报告》 有色金属 投资要点 投资评级:推荐(维持) 5 月金属镁生产成本进一步提升,镁锭价格受上游价格影响走高:从原料端 来看,5 月我国兰炭开工率 50.71%,环比提升 2.38%,生产成本 1367.5 元/ 吨,环比增长 5.32%,陕西兰炭中料主流价 981.43 元/吨,环比增长 8.61%; 其中已煅烧白云石进口 3000 吨左右,未煅烧白云石进口 3194.94 吨,环比提 升 72.08% , 已 煅 烧 / 未 煅 烧 白 云 ...