行业月报 6 月价格集体调整,《稀土管理条例》发布 ――金属行业 7 月月报 | 分析师: | 张珂 | SAC NO : | S1150523120001 2024 年 7 月 2 日 | |----------------------------|-----------|-----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券分析师 张珂 | | 投资要点: | | | 022-23839062 | | 行业数据 | | | zhangke@bhzq.com | | 钢铁:根据中国物流信息中心数据, | 6 月 ...

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile and apparel sectors, with "Overweight" ratings for specific companies including Oppein Home (603833), Sophia (002572), Taobao (300005), Good Wife (603848), and Semir Apparel (002563) [40][41]. Core Insights - The report highlights the recent policy adjustments in Beijing aimed at stabilizing the real estate market, which includes changes to the minimum down payment ratios and interest rates for commercial personal housing loans [39]. - The report notes a slight decline in wood imports in the first five months of 2024, with a total volume of 27.85 million cubic meters, down 1.2% year-on-year, and a trade value of $5.77 billion, down 2.64% [17]. - The report indicates that the textile and apparel export situation has improved since the second quarter, with major Taiwanese textile manufacturers reporting significant revenue growth in May 2024 [39]. Industry News - Camel has launched a new high-end outdoor brand, Himalaya, targeting the premium market with a focus on professional outdoor products [18]. - The report discusses the recent performance of the light industry manufacturing sector, which underperformed the CSI 300 index by 0.96 percentage points, with a decline of 1.93% [12][35]. High-Frequency Data - As of June 28, 2024, domestic TDI and MDI prices have decreased, with TDI averaging 13,900 CNY/ton and MDI at 18,400 CNY/ton [19]. - Domestic prices for needle and broadleaf pulp have also declined, with needle pulp at 6,267.78 CNY/ton and broadleaf pulp at 5,383.20 CNY/ton [22]. Company Announcements - Wangli Security plans to grant 21.31 million restricted shares to no more than 341 individuals as part of its incentive plan [33]. - Fuanna intends to grant 12 million restricted shares to 163 individuals under its revised incentive plan [34]. Market Review - From June 24 to June 28, the light industry manufacturing sector saw a decline of 1.93%, while the textile and apparel sector fell by 2.58%, both underperforming the CSI 300 index [35][37]. - The report lists the top gainers and losers in the light industry and textile sectors during this period, highlighting significant fluctuations in stock performance [35][37].

行业半年度投资策略报告 品种表现分化,看好铜金组合 ――金属行业 2024 半年度投资策略报告 | 分析师: | SAC NO : | S1150523120001 | |----------------------|--------------|---------------------------------| | 证券分析师 | | | | 张珂 | 投资要点: | | | 022-23839062 | | | | zhangke@bhzq.com | 行业回顾 | | | 子行业评级 | | | | 钢铁 | | | | 有色金属 | | | | 重点品种推荐 | | | | 博威合金 | | 铜供需预期收紧,价格有望维持高位 | | 洛阳钼业 | | | | 中金黄金 | | | | 紫金矿业 | | | | 最近一年行业相对走势 | | | 2024 年 6 月 28 日 短期看,处于低位的铜矿冶炼费反映出铜矿供应偏紧,若下半年谈判的长协 | 加工费大幅回落,铜冶炼端供给有减产的可能;同时 | |--------------------------------------------------| ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [5]. Core Insights - The company has evolved from a small local mining enterprise to a multinational mining group with over 30 large-scale mining resource development bases globally, ranking among the top ten in the world for copper and gold resources [2][13]. - The company is expected to benefit from strong copper and gold price forecasts, driven by supply constraints and increasing demand from emerging sectors such as electric vehicles [3]. - The company's growth is supported by technological innovation, efficient management, and strategic acquisitions, with projected annual production growth rates for copper, gold, zinc/lead, silver, lithium, and molybdenum expected to reach 8.94%, 9.08%, 4.12%, 9.55%, 146.86%, and 30.26% respectively from 2024 to 2028 [4]. Summary by Sections Company Overview - The company has a significant resource base, with proven and probable reserves of copper at 33.4 million tons, gold at 1,148.49 tons, zinc/lead at 469.92 million tons, silver at 1,863.89 tons, and lithium at 442.65 million tons as of December 31, 2023 [15][16]. Financial Performance - In Q1 2024, the company reported revenues of 74.78 billion yuan and a net profit attributable to shareholders of 6.26 billion yuan, reflecting a year-on-year change of -0.22% and +15.05% respectively [2]. Production and Growth Projections - The company is projected to achieve a net profit of 25.78 billion yuan in 2024, with earnings per share (EPS) expected to reach 0.97 yuan, corresponding to a price-to-earnings (PE) ratio of 17.42X [5]. Market Position and Competitive Advantage - The company is positioned as a leading player in the non-ferrous metals industry, with a strong focus on innovation and management practices that enhance its competitive edge in resource acquisition and production efficiency [4][5].

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行 业 行业半年度投资策略报告 [Table_MainInfo] 把握出海主线，寻高股息优质标的 ――2024 年轻工制造&纺织服饰半年度策略报告 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 6 月 28 日 [Table_Summary] 投资要点： 家居行业弱复苏，以旧换新或撬动存量需求 证 券 研 究 报 告 [Table_IndQuotePic] 最近一年行业相对走势 [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 | | 森马服饰 | 增持 | [Table_Author] 证券分析师 袁艺博 022-23839 ...

业 行业周报 CME 预估 6 月挖掘机销量约 1.60 万台,同比小幅增长 | | | | | ―― 机械设备行业周报 | |--------------------------------|----------------|----|----------------------------------|------------------------------------------------------------------| | 分析师: 宁前羽 | | | SAC NO : | S1150522070001 2024 年 6 月 26 日 | | 证券分析师 | | | | | | 宁前羽 | | | 投资要点 : | | | 022-23839174 | | | | | | ningqy@bhzq.com | | | 行业要闻 | | | | | 1) | 5 月我国工程机械进出口贸易额为 | 48.46 亿美元,同比增长 2.45% 。 | | 子行业评级 | | 2) | CME 预估 6 | 月挖掘机销量约 1.60 万台,同比小幅增长 。 | | 通用设备 | 看好 | | 公司重要 ...

业 行业月报 618 成交额同比+11%,家居、服装销售均有所受益 ――轻工制造&纺织服饰行业 7 月月报 | 分析师: 袁艺博 | | SAC NO : | |----------------------|------|--------------| | 证券分析师 | | | | 袁艺博 | | | | 022-23839135 | | | | yuanyb@bhzq.com | | | | 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 | | | 月度股票池 | | | | 欧派家居 | 增持 | | | 索菲亚 | 增持 | | | 好太太 | 增持 | | | 探路者 | 增持 | | | 最近半年行业相对走势 | | | 投资要点: | 行业发展情况 | |-------------------------------------------------------------------------------| ...

行业周报 需求暂无明显改善,多数品种价格下行 ――金属行业周报 | 分析师: | 张珂 | SAC NO : | S1150523120001 | 2024 年 6 月 25 日 | |------------------------|-----------|------------------------------|--------------------|-------------------------------------------------------| | 证券分析师 | | [ 投资要点: Table_Summary] | | | | 张珂 | | | | | | 022-23839062 | | 行业情况及产品价格走势初判 | | | | zhangke@bhzq.com | | 钢铁: 5 | | | | | | | | | | 子行业评级 | | | | | | 钢铁 | 中性 | | | 5 月 | | 有色金属 | 看好 | 铜矿砂及其精矿进口量较 | 4 | 月略有回落,且不及去年同期,需求端表现一般; | | 重点品种推荐 | | 短期铜价或震荡调整。 | | | | 博威 ...

研 美国 5 月通胀回落,国内下游需求不佳 行业周报 ――金属行业周报 | 分析师: | 张珂 | S1150523120001 | 2024 年 6 月 18 日 | |------------------|----------|-----------------------------------------|-----------------------------------------------------| | 证券分析师 | | | | | 张珂 | | | | | 022-23839062 | | | | | zhangke@bhzq.com | | | | | | | | | | 子行业评级 钢铁 | 中性 | 口需求造成一定影响,后续钢价或继续承压。 | | | 有色金属 | 看好 | | | | 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 | | | | | | | 矿山产能正常释放,供应端维持宽松;下游需求表现一般,基 | 本面维持宽松下锂价或低位运行。 本周策略 ( ...