2024年 05月 28日 证券研究报告 | 产业周报 动力电池行业周报 2024.05.17-2024.05.24 电力设备及新能源 投资要点 投资评级：推荐（维持） 行业数据：1）本周碳酸锂持续探底，均价为10.6万元/吨（+0.49%），供应 量稳定，国内产量持续提升，仍有少量库存累计。2）三元材料 523 单晶动力 分析师：胡鸿宇 市场价格在13.07万元/吨，较上周价格上涨 0.03 万元/吨；三元材料 622 多 分析师登记编码：S0890521090003 晶消费市场价格在12.13万元/吨，较上周价格上涨 0.03 万元/吨；高镍 811 多 电话：021-20321074 晶动力材料市场价格在 16.06 万元/吨，较上周价格上涨0.06万元/吨。当前各 邮箱：huhongyu@cnhbstock.com 型号市场价格受其原料影响较大，近期钴盐价格下探，镍盐价格上涨，三元材 料价格跟涨。3）负极材料市场集中度较高，本周价格持平，市场参考价格为 研究助理：蒲楠昕 3.3万元/吨，整体订单量有所提升。4）电解液价格筑底持续维稳，磷酸铁锂电 邮箱：punanxin@cnhbstock.com 解 ...

2024年 05月 27日 证券研究报告 | 产业周报 高炉开工率环比持平，钢价震荡偏强 钢铁行业周度报告 钢铁 投资要点 投资评级：推荐（维持） 供应：本周（5.18-5.24）高炉开工率环比持平，五大材产量均有增加。本周 （5.18-5.24）高炉开工率（样本数247家）81.5%，环比持平；日均铁水产量 分析师：张锦 236.8万吨，环比小幅下降0.04%。五大材总产量896.01万吨，环比增加0.73%； 分析师登记编码：S0890521080001 其中螺纹钢、线材、中厚板、热轧板卷、冷轧板卷的周度产量分别为235.74万 电话：021-20321304 吨、93 万吨、155.14 万吨、325.36万吨、86.77万吨，环比分别为0.92%、 邮箱：zhangjin@cnhbstock.com 0.63%、1.99%、0.22%、0.03%，五大材产量环比均有增量，中厚板增幅最大。 库存：本周（5.18-5.24）钢材库存持续下滑。根据钢联数据，本周五大材钢 销售服务电话： 材总库存（社库+厂库）1758.89万吨，环比-3%，降幅较上周轻微收窄。其中 021-20515355 螺纹钢、线材 ...

策略周报 风险提示及免责声明 ★ 本报告所载的任何建议、意见及推测仅反映本公司于本报告发布当日的独立判断。本公司不保证本报告所 载的信息于本报告发布后不会发生任何更新，也不保证本公司做出的任何建议、意见及推测不会发生变化。 ★ 本公司秉承公平原则对待投资者，但不排除本报告被他人非法转载、不当宣传、片面解读的可能，请投资 者审慎识别、谨防上当受骗。 2024 年 05 月 26 日 证券研究报告 | 策略周报 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 基本面回顾与资产配置展望：美国 PMI 数据强于预期，美联储官员近期表态普遍 偏鹰，降息预期再度降温，全球风险偏好短期冲高回落。 相关研究报告 研究助理：郝一凡 策略周报 图表目录 敬请参阅报告结尾处免责声明 策略周报 销售服务电话： 021-20515355 A 股市场关键指标跟踪监测及下周重点事件展望。 投资要点 敬请参阅报告结尾处免责声明 华宝证券 1/9 | --- | --- | |-----------------------------|-- ...

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3] Core Views - Wealth management product scale has reached a new high, with a significant increase of over 2 trillion yuan since April 2024 [1][6] - The growth in wealth management product scale is largely influenced by the recent policy adjustment restricting manual interest subsidies, leading to a notable "deposit migration" phenomenon [1][6] - Non-cash fixed-income wealth management products have seen a continuous increase in scale, accounting for 67.91% of the total scale as of May 19, 2024 [7][8] - Agricultural Bank of China Wealth Management, ICBC Wealth Management, CCB Wealth Management, and Bank of China Wealth Management have seen significant scale growth, with Agricultural Bank of China Wealth Management leading at 4666.19 billion yuan [10][11] - In the low-interest-rate era, asset allocation has become increasingly important, with investors shifting towards more diversified investment strategies, including equities, mutual funds, and insurance products [12][13] Summary by Relevant Sections Wealth Management Scale Growth - Wealth management product scale reached 29.6 trillion yuan by May 19, 2024, an increase of 2.89 trillion yuan from the end of March 2024 [1][6] - The growth is attributed to seasonal recovery and the impact of policy adjustments restricting manual interest subsidies [1][6] - In April 2024, RMB deposits decreased by 3.92 trillion yuan, with household deposits decreasing by 1.85 trillion yuan and non-financial corporate deposits decreasing by 1.87 trillion yuan, indicating a significant shift towards wealth management products [1][6] Characteristics of Deposit Migration to Wealth Management - Non-cash fixed-income wealth management products accounted for 67.91% of the total scale as of May 19, 2024, an increase of 2.41% from the beginning of the year [7][8] - Cash management wealth management products accounted for 29.56%, a decrease of 1.94% from the beginning of the year [7][8] - Products with a maturity of less than one month saw an increase in scale, while daily open-end products saw a slight decline [7][8] - The annualized return of open-end products with a maturity of less than one month was 2.59% as of May 19, 2024 [7][8] Growth in Wealth Management Companies - Agricultural Bank of China Wealth Management saw the highest scale growth at 4666.19 billion yuan, followed by ICBC Wealth Management, CCB Wealth Management, and Bank of China Wealth Management, all with growth exceeding 2000 billion yuan [10][11] - A total of 11 wealth management companies saw scale growth exceeding 1000 billion yuan [10][11] - The growth in scale is likely related to the high proportion of parent bank channel sales, with Agricultural Bank, ICBC, and CCB selling over 90% of their wealth management subsidiary products [10][11] Importance of Asset Allocation in Low-Interest-Rate Era - Investors are increasingly focusing on asset allocation as traditional high-interest savings and large-denomination certificates of deposit become less attractive [12][13] - Residents typically allocate 25%-35% of their funds to low-risk, stable investments, with wealth management products regaining trust and seeing scale growth [12][13] - In a low-interest-rate environment, investors are advised to diversify their investments, including equities, mutual funds, and insurance products, to enhance returns [12][13]

2024 年 05 月 19 日 证券研究报告 | 策略周报 A 股活跃度回落，短期需整固 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 周度市场特征一览：上证 50、沪深 300 估值有所上升，其余指数估值水平普遍回 落。各宽基指数换手率及分位数均持续下滑，两市日均成交金额回落，市场活 跃度高位回落。行业轮动速度升至高位，赚钱效应有所减弱。 周度策略观点及下周重点事件展望。 邮箱：haoyifan@cnhbstock.com 相关研究报告 风险提示：经济修复不及预期，政策效果不及预期，地缘风险，海外再通胀 风险。 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------|----------| | | 策略周报 | | 1. 资产配置观点……………………… ...

Core View - White horse stocks have staged a comeback in 2024, significantly outperforming the broader A-share market and small-cap stocks, with the white horse stock index rising by 7.21% year-to-date as of May 17, while the Wind All A Index fell by 0.22% and the Guozheng 2000 Index dropped by 8.58% [2][8] - The resurgence of white horse stocks is driven by four key factors: valuation bottoming out, stable profitability, a shift in market style favoring large caps, and policy support for value investing [10][15][45][46] - The current market environment favors a return to core assets, with a focus on value investing principles such as selecting companies with strong moats, high ROE, stable cash flows, and high dividend yields [17][32][49] White Horse Stocks' Comeback - After underperforming small-cap stocks in 2021-2022 and roughly matching their performance in 2023, white horse stocks have turned around in 2024, delivering positive returns and outperforming the broader market [9] - The white horse stock index's price-to-earnings ratio (TTM) has fallen to below 10x, indicating that valuations have bottomed out and these stocks are now in a range with high allocation value [10][12] - Despite a slowdown in macroeconomic growth since 2022, white horse stocks have maintained superior profit growth compared to the overall market and small-cap stocks, with stronger stability and consistent dividend-paying ability [13][14] Market Style and Macro Factors - The A-share market's large-cap/small-cap style rotation cycle is approximately 6 years, and the current cycle has lasted 7 years, with large caps underperforming small caps for 3 consecutive years, creating conditions for a style shift [15][30] - As China's economy transitions to high-quality development, many previously high-growth industries and companies have entered a mature phase, with significantly reduced growth potential [30] - The new "National Nine Articles" policy emphasizes value investing and encourages long-term investment, with measures such as stricter regulation of speculative trading and higher dividend payouts [31][46] Investment Strategy - The current market favors a return to core assets, with a focus on selecting high-quality individual stocks based on fundamentals rather than industry themes or valuation expansion [32][34] - Investors should consider broad-based indices with a focus on core assets, such as A50, SSE 50, and CSI 300, as well as dividend-related ETFs, while de-emphasizing industry attributes [35] - For active equity funds, investors should look for those with a large-cap value or absolute return style, high industry diversification, and strong stock-picking ability [37] - Fixed-income plus funds with a focus on low valuation and high dividend attributes are also attractive options for risk-averse investors seeking stable returns [51]

2024年 05月 23日 证券研究报告 | 产业深度报告 高承载容量、低运营成本，固态储氢开启规模化之路 固态储氢深度报告 氢能 投资要点 投资评级：推荐（维持） 固态储氢行业位于氢能产业链中游，发展空间广阔：我国氢能行业受限于氢 气在长距离领域应用的局限性、储氢环节的安全性和经济性、长距离储运氢气 分析师：张锦 的可操作性，需要低损耗、灵活性强的存储载体来支持储氢行业的发展。当前， 分析师登记编码：S0890521080001 突破氢能行业“卡脖子”的关键在于提高储氢效率和降低成本，相比气态、液 电话：021-20321304 态储氢，经济、高效、安全、无需高额储氢设备的固态储氢脱颖而出，固态储 邮箱：zhangjin@cnhbstock.com 氢技术的日渐成熟更加彰显出其在储氢密度和本征安全性能方面的巨大优势， 固态储氢应用场景有望不断拓宽。 研究助理：张后来 固态储氢技术具有稳定、载量大的优势，其中金属氢化物有望率先突破技术 邮箱：zhanghoulai@cnhbstock.com 难点：固态储氢是指在一定温度、压力等条件下，利用固态储氢材料实现可逆 存储与释放氢气的技术，分为物理吸附储氢和化学 ...

2024年 05月 22日 证券研究报告 | 银行理财周报 银行理财收益表现周报 银行理财产品周数据 投资要点 分析师：张菁 分析师登记编码：S0890519100001 现金管理类理财产品近7日年化收益率为1.88%。截止2024年5月19日， 电话：021-20321551 现金管理类理财产品近7日年化收益率为1.88%，首次降至1.9%以下。货币基 邮箱：zhangjing@cnhbstock.com 金7日年化收益率为1.71%，从7日年化收益率平均值来看，现金管理类理财 和货币基金的收益差距不到20BP。 销售服务电话： 统计由理财公司发行的理财产品收益表现，数据截止2024年5月19日。 021-20515355 日开固收非现金理财产品近1月年化收益率2.59%，较上周下降6BP。 相关研究报告 封闭6-12个月固收理财产品近6月年化收益率3.79%，较上周下降14BP。 1、《中长期大额存单额度收紧，会影响我 封闭1-3年固收理财产品近1年年化收益率3.45%，较上周下降7BP。 的投资吗？—银行理财产品周观察》 2024-05-17 2024.5.13-2024.5.19，理财公司到期产 ...

2024年 05月 22日 证券研究报告 | 产业月报 原材料成本上行叠加下游补货刚需，原镁进入震荡行情 镁行业月度报告 有色金属 投资要点 投资评级：推荐（维持） 4月金属镁生产成本提升，受检修复工与原材料价格影响镁锭价格预计盘整 运行：从原料端来看，4月我国兰炭开工率48.33%，环比提升3.78%，生产成 分析师：张锦 本1298.41元/吨，环比下降 0.18%，陕西兰炭中料主流价903.64元/吨，环比 分析师登记编码：S0890521080001 下降3.77%；其中已煅烧白云石进口29.9吨，未煅烧白云石进口1856.64吨， 电话：021-20321304 环比提升 24.22%，已煅烧/未煅烧白云石出口 573.38 吨/9229.02 吨，环比 邮箱：zhangjin@cnhbstock.com +10.77%/-7.79%；硅铁产量 38.45 万吨，环比减少 9.74%，兰州硅铁价格 6736.36元/吨，环比增加6.32%。展望5月，受企业现货与钢招需求释放等事 研究助理：张后来 件影响，硅铁市场预计仍以震荡行情为主，将对金属镁生产市场产生成本压力。 邮箱：zhanghoulai@ ...

2024年 05月 22日 证券研究报告 | 产业月报 钒制品价格环比下滑，供给收缩或将缓解压力 钒行业月度报告 有色金属 投资要点 投资评级：推荐（维持） 上游：主要钢企铁水产量环比减少，钒渣供给收缩。4月钒钛粉价格国内不同区 域涨跌不一，其中攀西地区钒钛粉价格环比下跌18.77%，承德地区价格环比上涨 分析师：张锦 1.55%；整体来看攀西地区钢厂高炉产量的下降，对钒钛粉需求趋弱，这也是导致 分析师登记编码：S0890521080001 价格环比大幅下滑的主要因素。承德地处京津冀，区域内钢厂较多，尽管个别钢厂 电话：021-20321304 铁水生产产量下降，但整体区域内生产变化呈增长，钒钛粉价格与铁矿价格走势基 邮箱：zhangjin@cnhbstock.com 本一致。主要生产钒渣的钢企，高炉铁水产量下降，也导致钒渣供给出现一定程度 收缩。 研究助理：张后来 中游：主要钒制品供给环比减少，价格下滑。4月23家样本企业五氧化二钒产 邮箱：zhanghoulai@cnhbstock.com 量9842吨，环比减少8.28%；24家样本企业钒铁产量3508吨，环比增加9.97%； 37家样本企业钒氮合金 ...