Industry Investment Rating - Steel: Neutral [1] - Non-ferrous Metals: Positive [1] Core Views - The steel industry is experiencing a seasonal consumption lull, maintaining a weak supply-demand balance with a slight decrease in inventory. Short-term steel prices are expected to remain weak due to the transition between old and new national standards for rebar [1][3]. - Copper smelting fees remain low, with expectations of reduced production on the smelting side. Domestic demand is weak during the consumption off-season, but the pressure on copper prices is easing due to a slowdown in U.S. recession expectations. Short-term copper prices are anticipated to remain weak and volatile [1][3]. - The aluminum sector is seeing a recovery in supply due to the resumption of some alumina plants in Henan, but weak orders continue to suppress downstream operating rates, leading to a forecast of weak aluminum prices [2][3]. - Lithium prices are expected to remain weak as the demand for energy storage orders shows only a slight recovery, and lithium concentrate prices continue to decline [2][3]. Summary by Sections Steel - Current supply-demand conditions are weak, with a slight inventory decrease. As of August 9, the total steel inventory was 17.03 million tons, down 1.25% week-on-week [1][15]. - The production of five major steel varieties was 7.8351 million tons, down 7.17% week-on-week and down 15.72% year-on-year [15][17]. - The average profit margins for hot-rolled, cold-rolled, rebar, and medium-thick plates are negative, indicating ongoing challenges in profitability [26][28]. Copper - As of August 9, the copper smelting fee was $6.80 per ton, down 12.82% from the previous week [28]. - The LME copper spot price decreased by 1.92% to $8,800 per ton, while the domestic price fell by 2.57% to ¥71,600 per ton [28]. Aluminum - The LME aluminum spot price increased by 2.19% to $2,300 per ton, while the domestic price rose by 0.16% to ¥19,000 per ton [32]. - The operating rates of downstream aluminum processing companies continue to decline, leading to expectations of weak price performance [2][3]. Lithium - The price of battery-grade lithium carbonate fell by 1.82% to ¥81,000 per ton, while battery-grade lithium hydroxide decreased by 0.45% to ¥77,100 per ton [39]. - The overall lithium price trend is expected to remain weak due to declining costs and insufficient demand support [37][39]. Rare Earths and Minor Metals - Prices for light rare earths, such as praseodymium-neodymium oxide, increased by 0.40% to ¥374,000 per ton, while heavy rare earths like dysprosium oxide and terbium oxide saw declines of 1.14% and 1.42%, respectively [48][49]. - Tungsten concentrate prices rose by 0.76% to ¥133,000 per ton, indicating a positive trend in minor metals [51].

[Table_ 编辑人Contactor] 晨会纪要（2024/8/13） 崔健 022-28451618 SACNO: S1150511010016 cuijian@bhzq.com [Table_MainInfo]渤海证券研究所晨会 行业专题评述 深圳商品房收储模式出台，地产后周期有望受益——轻工制造&纺织服饰行 业周报——中性 金融工程研究 权益市场震荡回撤，房地产板块领涨――公募基金周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2024/8/13） [Table_MorningSection] 行业专题评述 深圳商品房收储模式出台，地产后周期有望受益——轻工制造&纺织服饰行业周报——中性 袁艺博（证券分析师，SAC NO：S1150521120002） 投资要点： 1、行业要闻 1）巴西 Veracel 纸浆厂开始年度停机检修； 2）彪马上半年净利同比下降 25%。 2、公司重要公告 1）健盛集团：公司上半年归母净利润同比增长 33.82%； 2）华利集团：公司上半年归母净利润同比增长 29.04%。 3、 ...

[Table_Contactor] 编辑人 晨会纪要（2024/8/12） [Table_MainInfo]渤海证券研究所晨会 崔健 022-28451618 SACNO: S1150511010016 cuijian@bhzq.com 宏观及策略分析 出口不确定性上升，进口仍待内需改善——2024 年 7 月进出口数据点评 金融工程研究 监管力度加大，利率上行调整――利率债周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2024/8/12） [Table_MorningSection] 宏观及策略分析 出口不确定性上升，进口仍待内需改善——2024 年 7 月进出口数据点评 周 喜(证券分析师，SAC NO：S1150511010017) 宋亦威(证券分析师，SAC NO：S1150514080001) 严佩佩(证券分析师，SAC NO：S1150520110001) 靳沛芃(研究助理，SAC NO：S1150124030005) 1、出口动能边际走弱 7 月出口同比增长 7.0%，较 6 月下降 1.6 个百分点 ...

行 业 研 行业周报 [Table_MainInfo]低锂价压力下雅宝暂停澳洲扩张计划 究 | --- | --- | --- | --- | |-------------------------------|----------|------------------------------------------------------|------------------------| | | | | ――金属行业周报 | | 分析师： | 张珂 | ： S1150523120001 | 2024 年 8 月 6 日 | | [Table_Author]证券分析师 | | | | | 张珂 | | | | | 022-23839062 | | 行业情况及产品价格走势初判 | | | zhangke@bhzq.com | | 钢铁：本周钢材产量继续收缩，库存小幅下降；据 | Mysteel 不完全统计，预 | | [Table_Contactor] | | 月将有部分钢厂减产检修，初步测算建材减量达 | 198 万吨；螺纹钢新 | | [Table_IndInvest]行业评级钢铁 | 中性 | 旧国标切换 ...

行 -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% SW机械设备 沪深300 [Table_Doc] 业 行业周报 [Table_MainInfo]7 月挖掘机销量约 1.37 万台，同比增长 8.6% ――机械设备行业周报 分析师： 宁前羽 SAC NO： S1150522070001 2024 年 8 月 7 日 [Table_Summary] 投资要点： 行业要闻 1) 国务院办公厅印发《加快构建碳排放双控制度体系工作方案》。 2) 国务院印发《深入实施以人为本的新型城镇化战略五年行动计划》。 公司重要公告 1) 天宜上佳：与西通航签订《战略合作协议》。 2) 华东重机：终止投资建设亳州年产 10GW N 型高效太阳能电池片生产基 地项目。 3) 华锐精密：发布 2024 年半年度报告，实现归母净利润 7,193.77 万元。 周行情回顾 2024 年 7 月 31 日至 2024 年 8 月 6 日，沪深 300 指数下跌 0.78%，申万机 械设备行业上涨 1.15%，跑赢沪深 300 指数 1.93 个百分点，在申万所有一级 行业中位于第 12 位。 估值方面 ...

行 业 行业周报 研 [吨 able_MainInfo] 促消费再出新政，美联储降息预期关注出口链 究 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [Table_Contactor] | --- | --- | |--------------------------------|-------| | 子行业评级 | | | 家居用品 | 中性 | | 造纸 | 中性 | | 包装印刷 | 中性 | | 文娱用品 | 中性 | | 纺织制造 | 中性 | | 服装家纺 | 中性 | | 饰品 | 中性 | | [Table_StkSuggest]重点品种推荐 | | | 欧派家居 | 增持 | | 索菲亚 | 增持 | | 好太太 欧派家居 | 增持 | | 探路者 | 增持 | | 森马服饰 | 增持 | [Table_IndQuotePic] 最近一季度行业相对走势 行 业 周 报 ――轻工制造&纺织服饰行业周报 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 8 月 5 日 [吨 able_Summary] 投资 ...

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [30][39]. - The report recommends "Overweight" ratings for specific companies: Oppein Home (603833), Sophia (002572), Haotaitai (603848), Ternua (300005), and Semir Apparel (002563) [30][39]. Core Insights - In the first half of the year, the domestic furniture retail sales totaled 72.06 billion yuan, a year-on-year increase of 2.60% [30][8]. - The retail sales of clothing, shoes, hats, and textiles reached 709.83 billion yuan, growing by 1.30% year-on-year [30][19]. - The light industry manufacturing sector underperformed the CSI 300 index by 7.09 percentage points from June 24 to July 26, with a decline of 9.56% compared to the index's decline of 2.47% [30][26]. - The textile and apparel sector also lagged behind the CSI 300 index by 7.62 percentage points, with a decline of 10.09% [30][26]. Industry Development - The furniture industry is experiencing stable growth, supported by the "old-for-new" policy, which has been reinforced to enhance consumer demand [30][8]. - The Ministry of Industry and Information Technology noted that the optimization of real estate policies has boosted market expectations, further releasing the consumption potential in the furniture market [30][8]. - The "old-for-new" policy is expected to be supported by approximately 300 billion yuan in special long-term bonds, aimed at promoting large-scale equipment updates and consumer goods replacements [30][30]. Market Strategy - The recent increase in activity in the real estate market is attributed to policy adjustments aimed at supporting housing demand [30][29]. - The report highlights that the furniture market's consumption potential is being further released due to product innovation and customization capabilities [30][30]. - The report suggests that the demand for home products is likely to increase as the effects of the "old-for-new" policy become more pronounced [30][30].

告 行业周报 业 研 [Table_MainInfo] 淡季内需求偏弱，多品种价格调整 究 | --- | |------------------------------| | [Table_Author] 证券分析师 | | 张珂 | | 022-23839062 | | zhangke@bhzq.com | | [Table_Contactor] | | [Table_IndInvest] 子行业评级 | | 钢铁 | | 有色金属 | [Table_StkSuggest] 重点品种推荐 博威合金 增持 洛阳钼业 增持 中金黄金 增持 锡业股份 增持 紫金矿业 增持 ――金属行业周报 | --- | --- | --- | |---------------|-------------------|--------------------| | 分析师： 张珂 | ： S1150523120001 | 2024 年 7 月 30 日 | | | | | 行业情况及产品价格走势初判 钢铁：下游处季节性消费淡季，高温和台风等天气因素对下游施工造成影响， 钢材产量随之收缩；当前行业供需双弱，基本面对价格缺乏支撑， ...

Investment Rating - The industry investment rating is "Positive" for general equipment and automation equipment, "Neutral" for specialized equipment and transportation equipment, and "Positive" for engineering machinery [6][26]. Core Viewpoints - The report maintains a "Positive" rating for the industry, with specific "Increase" ratings for Sany Heavy Industry, China CRRC, and Zoomlion [20][21]. - In the first half of 2024, the national engineering machinery operating rate was 48.97%, indicating a recovery in the market [7][20]. - A total of 13,853 major projects were initiated nationwide in the first half of 2024, with a cumulative total investment of 100,654.3 billion yuan [6][20]. Summary by Sections Industry News - In the first half of 2024, 13,853 major projects were initiated, with a total investment of 100,654.3 billion yuan. This includes various infrastructure projects such as highways, railways, and water management [6][20]. Industry Data - The operating rate of engineering machinery in the first half of 2024 was 48.97%, with several provinces exceeding 60% [7][20]. Company Announcements - Langhong Technology reported a net profit of 24.96 million yuan for the first half of 2024, a 40.26% increase year-on-year [9]. - Haichang New Materials forecasted a net profit growth of 70%-100% for the first half of 2024 [10]. - Guangsha Huaneng projected a net profit increase of 29.09%-34.65% for the same period [11]. Market Review - From July 17 to July 23, 2024, the Shanghai and Shenzhen 300 Index fell by 1.67%, while the machinery equipment sector dropped by 1.97%, underperforming the index by 0.30 percentage points [13][15]. Weekly Insights - The estimated excavator sales for July are approximately 14,000 units, reflecting an 11.06% year-on-year increase, indicating a market recovery [20]. - The report suggests that recent policies aimed at optimizing the real estate market may positively impact housing sales and, consequently, the demand for engineering machinery [20].

行 业 研 [吨 able_MainInfo] 家具、服装上半年内销平稳,白板纸价格上行 究 分析师: 袁艺博 SAC NO: S1150521120002 2024 年 7 月 22 日 ――轻工制造&纺织服饰行业周报 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [吨 able_Summary] 投资要点: 行业要闻 1)需求呈现改善趋势,包装纸头部企业掀起新一轮涨价。 2)东南亚电商行业涌现四大关键趋势。 证 券 研 究 报 告 [Table_IndQuoteP 最近一季度行业相对走势 ic] 沪深300 轻工制造 纺织服饰 行 业 周 报 [Table_Contactor] | --- | --- | |--------------------------------|-------| | 子行业评级 | | | 家居用品 | 中性 | | 造纸 | 中性 | | 包装印刷 | 中性 | | 文娱用品 | 中性 | | 纺织制造 | 中性 | | 服装家纺 | 中性 | | 饰品 | 中性 | | [Table_StkSuggest]重点品 ...