行业周报 2024 年 07 月 21 日 环保及公用事业 证券研究报告 稳健公用事业资产市场表现持续领先, 继续推荐天然气长输管网运营商 行业走势: 上周上证综指上涨 0.37%,创业板指数上涨 2.49%,公用事业指数 上涨 0.07%,环保指数下跌 1.62%。 本周要点: 公用事业稳健资产表现持续跑赢市场,继续推荐天然气长输管网商: 上周,上周上证综指上涨 0.37%,公用事业指数上涨 0.07%,其中, 水力发电板块上涨 1.62%,核电板块中两大龙头中国核电、中国广核 分别上涨 6.05%、4.17%,表现显著优于行业与市场平均。2024 年上 半年,市场震荡之下公用事业板块低波红利的防御属性凸显,价值重 估,市场给予核电、水电等红利低波标的的估值不断提升。天然气长 输管网的自然垄断属性和"管输费×输气量"的稳定业务模式决定了其 也为公用事业板块中稳定性居前的品种,资产价值稀缺性不容忽视; 同时,我国天然气消费量的持续增长为此类公司注入长期的确定性增 长动力。随着市场对于稳健资产重视度的不断提升,该细分板块也有 望迎来价值重估。推荐盈利稳定、气量增速快的安徽省级天然气长输 管网公司【皖天然气】、河 ...

本报告仅供 Choice 东方财富 使用,请勿传阅。 2024 年 07 月 21 日 有色金属 海外衰退预期施压金属价格,持续看好 黄金表现 工业金属:IMF 上调中国经济增速预期,海外衰退预期压制金 属价格 国内来看,二十届三中全会公报强调坚定不移实现全年经济社会发 展目标。要落实好宏观政策,积极扩大国内需求,要统筹好发展和 安全,落实好防范化解房地产、地方政府债务、中小金融机构等重 点领域风险的各项举措。IMF 将中国今年经济增长预测上调至 5%, 较 4 月预测高出 0.4 个百分点。海外来看,美国上周初请失业金人 数 24.3 万人,环比大幅增加 2 万人,创 5 月初以来最大增幅。美联 储发布经济状况褐皮书,大多数地区经济活动近期保持轻微到适度 的增长速度,但由于即将到来的选举、国内政策、地缘政治冲突和 通货膨胀的不确定性,预计未来六个月的经济增长将放缓。美联储 理事沃勒称越来越接近需要降息的时间。海外衰退预期对金属价格 形成压制。建议关注:洛阳钼业、金诚信、西部矿业、藏格矿业、 河钢资源、江西铜业、铜陵有色、云南铜业、华锡有色、锡业股 份、兴业银锡、神火股份、云铝股份、中国铝业、天山铝业、创新 ...

本报告仅供 Choice 东方财富 使用,请勿传阅。 行业周报 2024 年 07 月 21 日 煤炭 上半年煤矿安监趋严,生产端供给收缩 行业走势:本周上证指数上涨 0.37%,沪深 300 指数上涨 1.92%,创 业板指数上涨 2.49%,煤炭行业指数(中信)上涨 0.42%。本周板块个 股涨幅前 5 名分别为:兖矿能源、陕西煤业、中国神华、中煤能源、山 煤国际,本周板块个股跌幅前 5 名分别为:甘肃能化、淮河能源、金能 科技、电投能源、陕西黑猫。 本周观点: 6 月国内煤炭产量有所回调,山西地区环比增量明显。从国内生产端看,据 国家统计局,2024 年 6 月,全国规上工业原煤产量为 4.05 亿吨,同比上升 3.61%,增速实现由负转正,环比+5.61%。2024 年 6 月日均产量 1351.3 万 吨,为近三年第二高位,仅次于 2023 年 11 月份的 1379.9 万吨。2024 年 1-6 月全国规上工业原煤产量 22.7 亿吨,同比-1.7%,累计降幅进一步收窄。 分省单月来看,山西省 6 月原煤产量 11456 万吨,同比-6.5%,环比+8.42%; 其次是内蒙古,产量为 10815 ...

本报告仅供 Choice 东方财富 使用,请勿传阅。 行业周报 2024 年 07 月 21 日 环保及公用事业 国家发展改革委、国家能源局印发《煤 电低碳化改造建设行动方案(2024— 2027 年)》的通知 ESG 行情跟踪: 本周上证综指上涨 0.37%,沪深 300 上涨 1.92%;ESG 指数方面,中 证 500ESG 基准指数下跌 0.99%,沪深 300ESG 基准指数上涨 1.75%, 国证 ESG300 指数上涨 1.42%,中证 ESG100 指数上涨 1.77%,华证 ESG 领先指数上涨 1.51%。 ESG 政策要闻: 1)国内要闻:国家发展改革委、国家能源局印发《煤电低碳化改造 建设行动方案(2024—2027 年)》的通知,旨在全面贯彻党的二十大 精神,认真落实党中央、国务院决策部署,加大节能降碳工作力度, 统筹推进存量煤电机组低碳化改造和新上煤电机组低碳化建设,加快 构建清洁低碳安全高效的新型能源体系,助力实现碳达峰碳中和目 标。 2)国际要闻:欧盟委员会主席在新任期内达成新的清洁工业协议的 预期,旨在通过技术创新、政策支持和市场机制的协同作用,推动工 业部门实现更高效、更环 ...

本报告仅供 Choice 东方财富 使用,请勿传阅。 2024 年 07 月 21 日 电子 行业周报 小米推出轻薄折叠屏新品,台积电财 报 HPC 持续保持高景气 小米发布新品,大折叠屏新机三维全面超越 Ultra 旗舰: IT 之家 7 月 19 日消息,在雷军第五次个人年度演讲上,雷军亲自 发布小米第四代大折叠屏手机-MIX Fold 4。该机型重量仅有 226g, 展开厚度 4.59mm,合起厚度 9.47mm,MIX Fold 4 真正做到了三维 全面超越 Ultra 旗舰。官方称,得益于四微曲屏幕、四微曲机身、 圆弧金属中框,其手感媲美直板旗舰。据雷军介绍,MIX Fold 4 能 做到更轻更薄的重要原因有三点:其一,采用全面升级的小米龙骨 转轴 2.0,拥有更轻薄、更可靠、更精密三种特质。其二,使用重 金打造"全碳架构",超大碳纤维使用面积,含有 100%碳纤维转轴 浮板、100% 碳纤维屏幕衬板、100% 碳纤维中框电池仓衬板。其三, 在于整机堆叠的突破,首次采用三层五面立体主板;同样面积下, 比单层主板多承载 2.3 倍器件。在这三大技术的加持下,MIX Fold 4 成为小米手机有史以来, ...

本报告仅供 Choice 东方财富 使用,请勿传阅。 行业周报 2024 年 07 月 21 日 环保及公用事业 稳健公用事业资产市场表现持续领先, 继续推荐天然气长输管网运营商 行业走势: 上周上证综指上涨 0.37%,创业板指数上涨 2.49%,公用事业指数 上涨 0.07%,环保指数下跌 1.62%。 本周要点: 公用事业稳健资产表现持续跑赢市场,继续推荐天然气长输管网商: 上周,上周上证综指上涨 0.37%,公用事业指数上涨 0.07%,其中, 水力发电板块上涨 1.62%,核电板块中两大龙头中国核电、中国广核 分别上涨 6.05%、4.17%,表现显著优于行业与市场平均。2024 年上 半年,市场震荡之下公用事业板块低波红利的防御属性凸显,价值重 估,市场给予核电、水电等红利低波标的的估值不断提升。天然气长 输管网的自然垄断属性和"管输费×输气量"的稳定业务模式决定了其 也为公用事业板块中稳定性居前的品种,资产价值稀缺性不容忽视; 同时,我国天然气消费量的持续增长为此类公司注入长期的确定性增 长动力。随着市场对于稳健资产重视度的不断提升,该细分板块也有 望迎来价值重估。推荐盈利稳定、气量增速快的安徽 ...

Investment Rating - The report maintains an "Outperform" rating for the biotech sector, indicating a positive outlook compared to the broader market [5]. Core Insights - The biotech innovation sector saw a slight decrease in heavy holdings by all funds, with a total market value of 21.2 billion yuan in Q2 2024, down from 22 billion yuan in Q1 2024 [2][17]. - The proportion of heavy holdings in biotech innovation drugs relative to the overall market remained stable at 0.80%, while the proportion relative to the pharmaceutical industry increased to 8.02%, reflecting a growing preference for innovative drugs among institutions [2][20]. - The overall circulation market value of biotech innovation drugs is still seen as having significant room for growth, with heavy holdings accounting for only 3.70% of the total circulation market value [2][25]. Weekly New Drug Market Review - From July 15 to July 19, 2024, the top five companies in the new drug sector by stock price increase were: - Gilead Sciences (14.89%) - Kedi (8.13%) - Mengke Pharmaceutical (6.42%) - Keji Pharmaceutical (6.34%) - Shouyao Holdings (5.51%) - The top five companies by stock price decrease were: - Laika Pharmaceutical (-20.00%) - Hualing Pharmaceutical (-18.79%) - Lepu Biopharma (-15.85%) - Saintno Pharmaceutical (-12.62%) - Junsheng Tai (-12.22%) [1][11]. New Drug Approval & Acceptance - In the past week, seven new drugs or new indications were approved for market launch, 19 new drugs were approved for IND, 35 new INDs were accepted, and 14 new NDAs were accepted [6][29]. - Notable approvals included: - Rongchang Biopharma's injection of Taitasip for rheumatoid arthritis [7]. - Micron Biopharma's PPAR agonist for type 2 diabetes [7]. - Hansoh Pharmaceutical's third-generation EGFR-TKI for acceptance [7]. Domestic New Drug Industry Focus - The report highlights the acceptance of clinical trial applications for BRII-693, a novel lipopeptide antibiotic aimed at treating difficult-to-treat multidrug-resistant Gram-negative bacterial infections [35].

Industry Investment Rating - The report maintains a **Leading Market-A** rating for the industry, indicating a positive outlook for the next 6 months [2] Core Viewpoints - Green methanol is identified as a long-term solution for the shipping industry to meet IMO's stringent environmental regulations, with a focus on reducing CO2 emissions and other pollutants [1] - Existing ship orders are expected to drive a demand of 6.72 million tons of green methanol, with demand expected to ramp up starting in 2025 [1] - The supply side faces challenges with many planned projects but limited actual implementation, leading to potential supply-demand mismatches in the near future [2] Industry Overview - The shipping industry accounts for nearly 3% of global anthropogenic CO2 emissions, making decarbonization efforts crucial [8] - IMO's revised greenhouse gas reduction strategy aims for a 40% reduction in carbon intensity by 2030 and net-zero emissions by 2050 [11] - Green methanol is highlighted as a viable alternative fuel that can meet all IMO environmental regulations and has minimal marine pollution impact [19] Demand Analysis - Existing ship orders indicate a demand for 6.72 million tons of green methanol, with container ships being the primary driver [21] - The delivery of methanol-powered container ships is expected to peak between 2025 and 2026, leading to a surge in green methanol demand [30] Supply Analysis - Despite a large number of planned green methanol projects, actual implementation is limited, with many projects delayed or not started [32] - Global renewable methanol production capacity is projected to reach 6.3 million tons by 2025, with China being a major contributor [32] - The cost of green methanol production is currently high, with key cost components being hydrogen and CO2 [37] Investment Recommendations - The report suggests focusing on upstream biomass gasification and CCUS-related companies, as well as downstream green methanol project operators [44] - Key companies to watch include **Binglun Environment** for CCUS technology, **Jilin Electric Power** for green methanol projects, and **China Tianying** for green hydrogen and methanol integration [40][41][42] Industry Performance - The industry has underperformed compared to the CSI 300 index, with a relative return of -22.1% over the past 12 months [3]

2024 年 07 月 21 日 医 药 医 药行业 2402 基金特色分析: 医药特 仓下降至历史低位,板块 PE 低位置荡 目 公募基金医 蔚特色比例下降: 全 新基金超配 3.42pct,非 苏基金低配 1.45pct。2018 年至今,从单 季度的基金持仓情况未看,全部公募基金对医药板块的持仓比例以及 非 医 药 基 金 对 医 药 板 块 的 持 仓 比 例 均 凸 下 降 至 历 戈 较 低 位 置 。 202402,全部公募基金对医药板块的持仓比例为 10.16%,环比下降 0.97pct; 别除 医 药主题基金后的持仓比例为 5.29%, 环 比 下 降 0.15pct;同期医药股在 A 股总市值中占比为 6.74%,环比下降 0.45pct;非医药基金对医药行业低配 1.45pct。 目公募基金医药特色特点: 202402, 各區药标的全部基金持有基金数最多的前三名股票为:迈瑞 医疗(534)、恒瑞医药(401)、科伦药业(191),其中,持有迈瑞医 疗和恒瑞医药的基金数量依然显著领先其余个股;多质药标的非药基 金特有基金教最多的前三名股票为:迈瑞医疗(208)、恒瑞医药(113)、 爱 尔 ...

Industry Investment Rating - The report maintains a "Leading the Market-A" investment rating for the industry [2] Core Views - Green methanol is identified as a long-term solution for the shipping industry to meet IMO's stringent environmental regulations, particularly for reducing CO2, SOx, NOx, and particulate emissions [1] - Existing ship orders are expected to support a demand of 6.72 million tons of green methanol, with demand likely to be released starting in 2025 as ships are delivered [1] - The supply side is characterized by numerous planned projects but limited actual implementation, leading to potential supply-demand mismatches in the short term [2] Demand Analysis - Current ship orders indicate that 49.5% of new ships will use alternative fuels, primarily LNG and methanol, with methanol-powered ships concentrated in container vessels [1] - The IMO targets 5%-10% of zero-carbon fuel usage by 2030, which could translate to a demand of 21.3-42.6 million tons of green methanol under extreme assumptions [1] - Methanol-powered container ships are expected to be delivered in significant numbers from 2024 to 2027, with 2025-2026 being the peak years for green methanol demand [1] Supply Analysis - As of May 2024, domestic green methanol projects in China have a planned capacity of 11 million tons, but most projects are delayed or not started [2] - Global renewable methanol production capacity is projected to reach 6.3 million tons in 2025, 12.8 million tons in 2026, and 19.2 million tons in 2027, with China being a major contributor [2] - The high cost of green methanol production, currently at 4272.84 RMB/ton, is a significant barrier, with hydrogen costs accounting for 75.33% of the total production cost [2] Industry Dynamics - The shipping industry's carbon emissions account for nearly 3% of global anthropogenic emissions, making it a critical sector for decarbonization efforts [9] - IMO's revised greenhouse gas reduction strategy aims for a 40% reduction in carbon intensity by 2030 and net-zero emissions by 2050 [12] - Green methanol is seen as a competitive alternative fuel for shipping due to its ability to reduce CO2 emissions by up to 95% and eliminate SOx and particulate emissions [20] Key Companies - **Binglun Environment**: Focuses on CCUS technology and has applied its products in various carbon capture projects, with a cumulative carbon capture capacity exceeding 10 million tons/year [43] - **Jilin Electric Power**: Invests in green hydrogen and ammonia projects, with an 800 MW renewable energy project expected to produce 32,000 tons of green hydrogen and 180,000 tons of green ammonia annually [44] - **China Tianying**: Plans to build a 1300 MW renewable energy project with a capacity to produce 50,000 tons of green hydrogen and 480,000 tons of synthetic ammonia annually [45] - **Huifeng Co., Ltd.**: Engaged in the storage, transportation, and distribution of liquid hydrogen and methanol, with partnerships in hydrogen and ammonia energy projects [46] Investment Recommendations - The report suggests focusing on upstream biomass gasification and CCUS-related companies, as well as downstream green methanol project operators [47] - Companies involved in hydrogen production equipment, such as electrolyzers and hydrogen power supplies, are also recommended for investment [47]