股 票 研 究 证 券 研 究 报 告 次新板块回调，市场交易活跃度分化 本周新股发行信息 ——次新市场周报（ 年 月第 周） | --- | --- | --- | --- | |----------|-------------------------------------|--------------------|-------------------------------| | | [table_Authors] 王政之 ( 分析师 ) | 施怡昀 ( 分析师 ) | 2024 11 2 \n王思琪 ( 分析师 ) | | | 021-38674944 | 021-38032690 | 021-38038671 | | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | | 登记编号 | S0880517060002 | S0880522060002 | S0880524080007 | 本报告导读： 11 月第 2 周，次新板块随大盘回调，新股指数和近端次新股指数当周分别下跌 4.38% 和 1.89 ...

股 票 研 究 ——煤炭行业周报 [table_Authors] 黄涛(分析师) 王楠瑀(研究助理) 021-38674879 021-38032030 [Table_Report] 相关报告 huangtao@gtjas.com wangnanyu028176@gtjas.com 登记编号 S0880515090001 S0880123060041 本报告导读： 年末决断或转向确定性 [Table_Industry] 煤炭 [Table_Invest] 评级： 增持 上次评级: 增持 股票研究 /[Table_Date] 2024.11.17 在 12 月政策完全落地后，预计市场投资思路会逐步考虑确定性，对于煤炭稳定的红 利龙头，可能重新迎来布局机会。 投资要点： 煤炭《疆煤聚焦"就地转化"，外运补充内陆供 给》2024.11.10 煤炭《国君煤炭行业基本面数据库大全 20241110》2024.11.10 煤炭《政策预期仍强，重指数轻个股》2024.11.10 煤炭《三季报符合预期，行业 ROE 触底》 2024.11.03 煤炭《国君煤炭行业基本面数据库大全 20241103》2024.11.03 [投 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.17 ——食品饮料行业周度更新 | --- | |---------------------------| | | | | | | | [Table_Industry] 食品饮料 | | 增持 | | 增持 | 双十一超预期，大众品边际改善 | --- | --- | --- | --- | |----------|-----------------------------------|---------------------|-------------------------| | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 姚世佳 ( 分析师 ) | 李美仪 ( 分析师 ) | | | 021-38676442 | 021-38676912 | 021-38038667 | | | zimeng@gtjas.com | yaoshijia@gtja ...

Industry Investment Rating - The report maintains an **Overweight** rating for the construction engineering industry, consistent with the previous rating [2] Core Views - The report highlights the importance of **state-owned enterprise (SOE) reforms** and **Belt and Road initiatives**, recommending key companies such as China Communications Construction, China Energy Engineering, and China Railway Construction [2] - The **market value management** of SOEs is emphasized, with specific focus on improving operational efficiency and profitability through mergers, equity incentives, and share buybacks [3] - The **Belt and Road initiative** continues to drive infrastructure projects globally, with significant progress in Latin America and Europe, particularly through projects like the Qiankai Port in Peru and the China-Europe Railway Express [5] - The **real estate market** is showing signs of stabilization, with policies aimed at reducing taxes and expanding urban renewal projects to nearly 300 cities [6] Key Company Recommendations State-Owned Enterprises (SOEs) - **China Communications Construction (CCC)**: Recommended for its strong performance in infrastructure projects, with a dividend yield of 2.67% and a PB ratio of 0.63 [8] - **China Railway Construction (CRCC)**: Highlighted for its high dividend yield of 3.74% and a PB ratio of 0.49, making it a key player in the infrastructure sector [8] - **China State Construction Engineering (CSCEC)**: Noted for its robust order book, with a dividend yield of 4.49% and a PB ratio of 0.56, particularly strong in real estate development [8] Belt and Road Initiative - **China Railway Group (CREC)**: Actively involved in Belt and Road projects, including the Qiankai Tunnel in Peru, with a dividend yield of 3.20% and a PB ratio of 0.55 [5] - **China Energy Engineering (CEE)**: Recommended for its role in energy and infrastructure projects under the Belt and Road initiative, with a dividend yield of 1.08% and a PB ratio of 0.97 [8] Real Estate and Urban Renewal - **Anhui Construction Engineering Group**: Highlighted for its high dividend yield of 5.30% and involvement in urban renewal projects [6] - **Jiangsu Provincial Construction Group**: Recommended for its strong performance in real estate development, with a dividend yield of 6.00% [6] Sector-Specific Recommendations Infrastructure and Energy - **China Power Construction (PowerChina)**: Recommended for its dominant position in hydropower and pumped storage projects, with a dividend yield of 2.35% and a PB ratio of 0.74 [8] - **China Metallurgical Group (MCC)**: Noted for its involvement in mining and infrastructure projects, with a dividend yield of 2.13% and a PB ratio of 0.69 [10] Urban Development and Smart Cities - **Tunnel Co Ltd**: Recommended for its expertise in urban infrastructure and smart city projects, with a dividend yield of 4.80% and a PB ratio of 0.73 [8] - **Huashi Group**: Highlighted for its role in smart city and AI-driven infrastructure projects, with a dividend yield of 3.57% and a PB ratio of 1.19 [8] Financial Metrics and Valuation - The report provides detailed financial metrics for key companies, including **dividend yields**, **PB ratios**, and **PE ratios**, with a focus on companies with low PB ratios and high dividend yields, such as **China Railway Construction (PB 0.49)** and **China State Construction Engineering (PB 0.56)** [8][10] - Companies like **China Communications Construction** and **China Railway Group** are highlighted for their strong order books and potential for valuation re-rating due to improved cash flows and asset quality [8][10]

| --- | |-------| | | | | | | 行 业 事 件 快 评 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.11.17 ——关于证监会发布《市值管理指引》的点评 市值管理新规落地，市场流动性改善预期强化 投资银行业与经纪业 [Table_Industry] [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|-------|-------|---------------------------|-------|-------| | | | | | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 王思 玥 ( 研究助理 ) | | | 吴浩东 ( 分析师 ) | | | | | 021-38676647 | 021-38031024 | | | 010-8393978 ...

股票研究 /[Table_Date] 2024.11.17 ——国君交运周观察 [table_Authors] 岳鑫(分析师) 尹嘉骐(分析师) 陈亦凡(研究助理) 0755-23976758 021-38038322 0755-23976666 [Table_subIndustry] yuexin@gtjas.com yinjiaqi@gtjas.com chenyifan029909@gtjas.com 登记编号S0880514030006 S0880524030004 S0880124070025 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 航空淡季油降价升，预计 Q4 将大幅减亏 [Table_Industry] 运输 [Table_Invest] 评级： 增持 上次评级: 增持 本报告导读： 航空：重申大逻辑，待供需恢复盈利中枢上升可期。Q3 盈利再超 2019 年，预计 Q4 淡季大幅减亏，旺季将展现超预期盈利弹性，淡季逆向布局。油运：近期贸易 节奏主导短期运价波动。预计供需继续向好，新船订 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 股票研究 /[Table_Date] 2024.11.17 [table_Authors] 吴晓飞(分析师) 管正月(分析师) 周逸洲(研究助理) 0755-23976003 021-38032026 010-83939811 wuxiaofei@gtjas.com guanzhengyue@gtjas.com zhouyizhou028696@gtjas.com 登记编号 S0880517080003 S0880521030003 S0880123070150 行 业 周 报 小米产业链有望逐步进入预期强化期 [Table_Industry] 汽车 [Table_Invest] 评级： 增持 上次评级: 增持 ——汽车行业周报（2024.11.11-2024.11.17） [Table_Report] 相关报告 本报告导读： 参照小米 SU7 上市节奏，预计小米第二款纯电 SUV 将于 2025 年 H1 正式发布交 付，小米产业链有望逐步进入新一轮预期强化期。 投 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 行 业 周 报 证 券 研 究 报 告 ——商社行业周报（2024.11.11-11.17） | --- | --- | --- | --- | |----------|-------------------------------------|-------|------------------------------| | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | | 庄子童 ( 分析师 ) | | | 021-38677706 | | 021-38032683 | | | liuyuenan@gtjas.com | | zhuangzitong026312@gtjas.com | | 登记编号 | S0880516030003 | | S0880524070002 | 本报告导读： 百度首款 AI 眼镜推出，预计将于 25 年上半年上市；假期政策正式落地，全体公民 放假的假日增加 2 天，即农历除夕、5 月 2 日，放假总数由 11 天 ...

| --- | |-------| | | | | | | | --- | |-------| | | | | | | 证 券 研 究 报 告 ——基础化工行业周报 股票研究 /[Table_Date] 2024.11.17 重视内需复苏与精细化工细分龙头 | --- | --- | --- | |-------------------------|------------|----------------------------------| | [Table_Invest] 评级： | | [Table_Industry] 基础化工 \n增持 | | | 上次评级 : | 增持 | | --- | --- | --- | --- | |-----------------|-------------------------|--------------------------|-----------------------------| | | | | | | [table_Authors] | 沈唯 ( 分析师 ) | 钟浩 ( 分析师 ) | 周志鹏 ( 分析师 ) | | | 0755-2397679 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——2024 年 10 月社零数据点评 股票研究 /[Table_Date] 2024.11.15 评级： [Table_Industry]批发零售业 [Table_Invest] 增持 上次评级: 增持 双十一前置和以旧换新拉动 10 月社零超预期 | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|---------------------|-------|-------|-----------------------------| | | | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 于清泰 ( 分析师 ) | | | 宋小寒 ( 分析师 ) | | | 021-38677706 | 021-38022689 | | | 010-83939087 | | | liuyuena ...