2024 年 07 月 09 日 证券研究报告 | 产业点评报告 松原氢能产业园中标结果出炉,大标方制氢设备落地有望加速 氢能点评报告 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 资料来源:iFinD,华宝证券研究创新部 2024.06.22-2024.06.28》2024-07-01 速氢能与传统行业共振 —氢能月度报 告》2024-07-01 伏支架行业发展变化》2024-06-27 氢能 投资要点 投资评级:推荐(维持) 事件:6 月中能建松原氢能产业园一期工程电解槽采购项目公布中标结果。 此次一期工程的招标内容包括 64 套 1050 方电解槽、32 套 2100 方气液处理器、 8 套 8400 方氢气纯化设备。6 月 26 日,电解槽招标结果公示,采购中标通知 书陆续发出,64 套电解槽订单由多家企业瓜分,目前官方已经宣布的企业有阳 光氢能、华光环能、中船派瑞氢能,其中阳光氢能、中船派瑞氢能两家公司 ...

2024 年 07 月 09 日 证券研究报告 | 产业周报 动力电池行业周报:欧盟启动对华电动汽车加征临时反 补贴税 2024.06.29-2024.07.05 电力设备及新能源 分析师:胡鸿宇 分析师登记编码:S0890521090003 电话:021-20321074 邮箱:huhongyu@cnhbstock.com 研究助理:蒲楠昕 021-20515355 力蓄电池等碳足迹、碳核算标准研究— 2024.06.22-2024.06.28》2024-07-01 告》2024-07-01 投资要点 投资评级:推荐(维持) 行业数据:1)本周工业级碳酸锂市场均价 8.65 万元/吨,相比上周持平;电 池级碳酸锂市场均价 8.95 万元/吨,相比上周持平。2)三元材料 523 单晶动 力市场价格在 12.15 万元/吨,较上周价格下调 0.3 万元/吨;三元材料 622 多晶消费市场价格在 12.05 万元/吨,较上周价格下调 0.18 万元/吨;高镍 811 多晶动力材料市场价格在 15.45 万元/吨,较上周价格下调 0.05 万元/吨。前 驱体价格受原料镍盐,钴盐影响,价格持续下滑,三元材料成本面缺乏 ...

Performance Overview - In June 2024, the average monthly return for the 217 accounts in the ranking system was -1.33%[1] - Among the accounts, 82 achieved positive returns, accounting for 37.79% of the total[28] Top Performing Accounts - The top performer in the aggressive category was Taiping Value Pioneer with a return of 3.49%, ranking 1st out of 46[28] - Zhongde Allianz Anwin Hui Xuan No. 6 achieved a return of 1.50%, ranking 1st in the mixed aggressive category[28] - Zhongyi Steady Finance led the enhanced bond category with a return of 0.69%, ranking 1st out of 16[28] Market Index Performance - The CSI 300 Index fell by 3.30% in June 2024[25] - The Hang Seng Index decreased by 2.00% during the same period[25] - The total net price index for corporate bonds rose by 0.15%[25] Risk and Return Analysis - The report categorized domestic investment-linked insurance products into six primary categories based on risk-return structures[6] - The aggressive category showed significant volatility, with the top account experiencing a return of 3.49% while others faced declines[28]

Investment Rating - The investment rating for the steel industry is "Recommended" (maintained) [1] Core Viewpoints - The steel industry is experiencing a low-level rebound in prices due to weak supply and demand, despite ongoing pressure on profitability for steel companies [5][21] - Short-term steel prices are expected to remain volatile, influenced by real estate demand and inventory changes [5] Supply Summary - Daily molten iron production has decreased, with total production of the five major materials down by 1.41% week-on-week [3] - The average daily molten iron production is 2.3932 million tons, reflecting a slight decrease of 0.05% [10] - The operating rate of blast furnaces is at 82.81%, down by 0.3 percentage points [3] Inventory Summary - Total inventory of the five major materials is 17.7999 million tons, with a week-on-week increase of 0.3% [3] - Social inventory increased by 1.4%, while factory inventory decreased by 2.3% [3][11] Consumption Summary - Apparent consumption of the five major materials totaled 8.9184 million tons, down 0.73% week-on-week and 2.7% year-on-year [4] - The demand for construction steel remains weak, with a slight increase in long material consumption due to growth in wire rod demand [4] Price and Profitability Summary - The comprehensive steel price index is at 103.54 points, reflecting a week-on-week increase of 0.56% [5][11] - Despite a rebound in steel prices, profitability remains under pressure, with negative margins reported for various steel products [5][20]

相关研究报告 内容目录 策略周报 策略周报 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------|--------|--------|--------|------------------------------------------------------------------|-------|-----------|--------| | 市场 | 基本面 | 较上周 | 政策面 | 较上周 | 影响因素及周度变化情况（↑利好，-中性，↓利空） \n资金/供需 较上周 | | 估值/情绪 | 较上周 | | A股 | t | → | - | ↑ | ↓ | → | t | → | | 港股 | - | → | - | → | - | → | ↓ | → | | 债市 | ↑ | → | ↓ | 入 | ↑ | → | ↓ | 入 | | 黄金 | ↑ | → | - | 入 | l | ↑ | - | ↑ | 敬请参阅报告结尾处免责声明 万得全A(除金融石化) 60.0% 中证1000 上证指数 50.0% ...

Core Insights - The report emphasizes the importance of patience in investment strategies, particularly focusing on the value of Hong Kong stocks with high dividend yields [1][88]. - It suggests that the current market environment requires a cautious approach, with a focus on defensive and low-volatility stocks, while waiting for positive signals from upcoming policy reforms [88]. Market Review - In June 2024, the A-share market experienced a downward trend, with industry performance differences narrowing, indicating a challenging environment for generating excess returns [20][40]. - The report notes that the overall economic recovery in China is slowing, with domestic consumption and credit demand weakening, while external demand pressures may increase in the second half of the year [93][97]. Economic Environment and Policy Impact - The report highlights that the domestic economy is facing challenges, with production and export strength being offset by a slowdown in internal demand [7][97]. - It points out that the effectiveness of recent real estate policy optimizations is still under observation, particularly whether these effects can spread to other regions [12][104]. Asset Allocation Outlook - The report advocates for a diversified asset allocation strategy to mitigate risks associated with market uncertainties, suggesting investments in gold, Hong Kong stocks, and overseas assets [88][94]. - It recommends a focus on sectors such as utilities, banking, and coal, which may offer better value during market adjustments [109]. Industry Performance - The report indicates that defensive sectors, including coal, real estate, and agriculture, performed relatively well in June 2024, while sectors like media, technology, and finance faced significant declines [49][51]. - It also notes that the valuation levels across various industries have declined, with many indices falling into lower quartiles, suggesting a potential for value investment opportunities [43][49].

2024 年 07 月 03 日 证券研究报告 | 银行理财周报 现金管理类理财和货基的收益差距缩至 14BP 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 021-20515355 1、《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 》 2024-06-26 2024-06-21 2、《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》 3、《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 》 2024-06-19 2024-06-13 2024-06-05 4、《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 》 5、《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》 投资要点 现金管理类理财产品近 7 日年化收益率升至 1.88%。2024 年上半年,现金 管理类理财产品 7 日年化收益均值为 2.07%,同比下降了 2 ...

2024 年 07 月 02 日 证券研究报告 | 产业周报 铁矿到港量明显回升,矿价环比下跌 1.13% 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 行业走势图(2024 年 7 月 1 日) 1、《库存周环比增 0.7%,钢价连续第 五周震荡下行—钢铁行业周度报告》 2024-07-01 2024-06-25 告》2024-06-24 2、《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》 3、《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 钢铁 投资要点 投资评级:推荐(维持) 供应:本周进口(6.22-6.28)铁矿石发运持续增长,受前期高发运的影响, 到港量明显回升。澳洲、巴西本周发货量(14 个港口)合计 2771.1 万吨,环 比增加 174.8 万吨,增幅为 6.72%,增量主要来自巴西。澳洲、巴西发货量(14 个港口合计)分别为 1864.7 万吨、912.4 万吨 ...

2024 年 07 月 01 日 证券研究报告 | 产业月报 上游制氢增量降价趋势不减,政策加速氢能与传统行业共振 氢能月度报告 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 伏支架行业发展变化》2024-06-27 受政策与资本关注—氢氨醇一体化深度 报告》2024-06-26 2024.06.15-2024.06.21》2024-06-24 氢能 投资要点 投资评级:推荐(维持) 5 月主要省市高纯氢价格保持低位稳定,可再生能源项目数量增加:5 月上 海/北京/广东/河南/河北高纯氢(≥4N)市场主流价格为 2.7/2.3/2.3/2.1/2.2 元 /Nm3,环比上月均持平。根据中国氢能联盟的统计数据,5 月中国氢价指数生 产侧指数略有下降,为 29.4 元/千克。从可再生能源制氢情况来看,5 月全国共 有 78 个可再生制氢能源项目,环比增加 8.33%,合计可再生能源制氢规模达 751.7MW,环比下降 ...

2024 年 07 月 01 日 证券研究报告 | 产业周报 动力电池行业周报:工信部发布《2024 年汽车标准化 工作要点》,开展动力蓄电池等碳足迹、碳核算标准研 2024.06.22-2024.06.28 电力设备及新能源 分析师:胡鸿宇 分析师登记编码:S0890521090003 电话:021-20321074 邮箱:huhongyu@cnhbstock.com 邮箱:punanxin@cnhbstock.com 021-20515355 资料来源:wind,华宝证券研究创新部 发展变化》2024-06-27 2024.06.15-2024.06.21》2024-06-24 投资要点 投资评级:推荐(维持) 行业数据:1)本周工业级碳酸锂市场均价跌至 8.65 万元/吨,相比上周下跌 0.45 万元/吨,跌幅 4.95%;电池级碳酸锂市场均价跌至 8.95 万元/吨,相比上 周下跌 0.45 万元/吨,跌幅 4.79%。2)三元材料 523 单晶动力市场价格在 12.45 万元/吨,较上周价格下调 0.25 万元/吨;三元材料 622 多晶消费市场 价格在 12.23 万元/吨,较上周价格下调 0.2 ...