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 /[Table_Date] 2024.07.28 猪料弱存栏低，看好 Q3 价格 [Table_Industry] 农业 [Table_Invest] 评级： 增持 上次评级: 增持 [table_Authors] 王艳君(分析师) 021-38674633 wangyanjun022998@gtjas.com 登记编号 S0880520100002 本报告导读： 生猪：猪价高位稳定，继续看好三季度生猪价格。当前板块估值仍低，继续推荐养 殖板块。饲料：上半年饲料产量仍弱，关注养殖利润改善后的饲料后周期困境反转。 投资要点： [生猪：价格高位稳定 Table_Summary] ，看好三季度价格高位持续。 猪价高位稳定。7 月 19 日~25 日生猪均价 19.33 元/Kg，环比上涨 0.22 元/kg。出栏体重整体稳定，根据涌益咨询数据，出栏体重 125.03kg，环比持平。 需求缩量而价格仍稳定。7 月价格高位后，屠宰量和需求端受到一 定程度抑制，另一方面高温也抑制需求增 ...

股 票 研 究 股票研究 /[Table_Date] 2024.07.28 坚持做强做优做大国有企业，能源电力订单增速快 [Table_Industry] 建筑工程业 [Table_Invest] 评级： 增持 上次评级: 增持 ——建筑行业第 358 期周报 | --- | --- | --- | |----------|-----------------------|---------------------------| | | 韩其成(分析师) | 郭浩然(分析师) | | | 021-38676162 | 010-83939793 | | | hanqicheng8@gtjas.com | guohaoran025968@gtjas.com | | 登记编号 | S0880516030004 | S0880524020002 | 本报告导读： 推荐电改中国能建/中国电建，房改中国建筑，税改基建中国中铁/中国交建/中国铁 建，车路云/低空隧道股份/华设集团/设计总院，节能降碳中国化学/中材国际等。 投资要点： 行 业 周 报 [Table_subIndustry] 细分行业评级 [Table_Repo ...

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 | --- | --- | --- | |-------------------|--------------------|-----------------------| | 徐强(分析师) | 邵潇(分析师) | 于歆(分析师) | | 010-83939805 | 0755-23976520 | 021-38038345 | | xuqiang@gtjas.com | shaoxiao@gtjas.com | yuxin024466@gtjas.com | | S0880517040002 | S0880517070004 | S0880523050005 | 本报告导读： 上周 CEA 周成交 110 万吨，周成交均价 91 元/吨。地方碳配额周成交 67 万吨，周 成交均价 46 元/吨。全国 CCER 周成交 2.33 万吨。 投资要点： [Table_Summary] 环保板块上周涨跌幅。1）上周环保、燃气、水务、电力（申万指数） 分别波动+0.87%、+0.73%、+ ...

股 票 研 究 [Table_subIndustry] 证 券 研 究 报 告 宏观预期好转，板块承压企稳 [Table_Industry] 有色金属 [Table_Invest] 评级： 增持 上次评级: 增持 股票研究 /[Table_Date] 2024.07.27 ——工业金属周报 | --- | --- | --- | |----------|-------------------|----------------------------| | | 于嘉懿(分析师) | 孟宪博(分析师) | | | 021-38038404 | 021-38038432 | | | yujiayi@gtjas.com | mengxianbo029249@gtjas.com | | 登记编号 | S0880522080001 | S0880523120001 | 本报告导读： 美国二季度经济增长、通胀放缓，美联储 9 月降息确定性强，宏观衰退预期缓和。 国内再出政策支持设备更新和消费品以旧换新，货币政策亦有空间，工业金属基本 面存在改善动力，铜、铝价格或将企稳。 投资要点： [Table_Report] 相关报告 ...

证 券 研 究 报 告 股票研究 /[Table_Date] 2024.07.28 股 票 研 究 [Table_subIndustry] 细分行业评级 [Table_Report] 相关报告 本报告导读： 投资要点： | --- | --- | --- | --- | |----------|--------------------|----------------------|-------------------------| | | 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880521120003 | S0880524030003 | ——2024 年 7 月上市险企产品策略点评 保险《预计寿险 NBV 好于预期，财险 COR 小幅 承压》2024.07.17 保险《预计利润环比 ...

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 ——汽车行业周报（2024.7.22-2024.7.26） 股票研究 /[Table_Date] 2024.07.28 以旧换新政策加码，结构性行情延续 [Table_Industry] 汽车 [Table_Invest] 评级： 增持 上次评级: 增持 | --- | --- | --- | --- | |----------|---------------------|------------------------|----------------------------| | | 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 | S0880521030 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a positive outlook for compliant payment institutions [2]. Core Insights - The implementation of the "Non-Bank Payment Institutions Supervision Management Regulations Implementation Rules" aims to enhance regulatory compliance and promote healthy development within the payment industry [4][5]. - The rules provide detailed regulations on the establishment and termination of payment institutions, business operations, and supervision management, ensuring that the overarching regulations are effectively implemented [5]. - Compliant leading payment institutions are expected to benefit more from the stricter regulatory environment, as the rules further clarify requirements such as net asset ratios and reserve fund balances [5]. Summary by Sections Regulatory Framework - The "Implementation Rules" serve as a detailed framework to ensure the effective execution of the "Non-Bank Payment Institutions Supervision Management Regulations" [4]. - The rules specify the application materials, procedures, and timelines for payment institution licenses, as well as management of payment business licenses and branch registrations [5]. Business Operations - The rules refine the classification of payment businesses and establish requirements for the completeness of systems, net asset ratios, and average reserve fund balances [5]. - Payment institutions must publicly announce any changes to their fee structures 30 days prior to implementation [5]. Supervision and Management - The rules outline procedures for reporting significant events and risk incidents, as well as enforcement inspection protocols [5]. - The central bank and its branches are granted authority to impose penalties on payment institutions and their major shareholders for violations [5]. Investment Recommendations - The report suggests accumulating shares in compliant leading payment institutions such as Lakala and Yika, as they are expected to benefit from the regulatory changes [5][8].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, specifically highlighting the growth potential of domestic auto parts suppliers benefiting from Stellantis' accelerated electrification strategy [1][5]. Core Insights - Stellantis' rapid transition to electrification is expected to create significant demand for auto parts, providing growth opportunities for domestic suppliers with strong export capabilities [1][5]. - Stellantis has set an ambitious DF30 plan aiming to double its revenue to €300 billion by 2030, with a focus on maintaining a double-digit operating profit margin [1][29]. - The collaboration with Leap Motor is anticipated to enhance Stellantis' electric vehicle offerings and market presence, particularly in global markets outside of Greater China [2][46]. Summary by Sections Investment Recommendations - The report recommends key domestic companies in the Stellantis supply chain, including Songyuan Co., Shuanghuan Transmission, Xinquan Co., Moulding Technology, and Aikodi, which are expected to benefit from Stellantis' electrification push [5][1]. Stellantis Overview - Stellantis was formed through the merger of PSA and FCA, becoming the fourth largest automotive group globally, with a diverse brand portfolio covering various market segments [7][18]. - The merger has resulted in significant synergies, improving operational efficiency and financial performance, with Stellantis achieving a compound annual growth rate (CAGR) of 8.2% in revenue from 2021 to 2023 [20][18]. Aggressive New Energy Strategy - Stellantis plans to invest €30 billion in electrification and software development over the next decade, aiming to launch over 75 electric models and achieve global electric vehicle sales of 5 million units by 2030 [2][41]. - The company has established four electric vehicle platforms to enhance its electric vehicle lineup, focusing on range, charging time, and affordability [42][41]. Collaboration with Leap Motor - Stellantis has invested €1.5 billion in Leap Motor, acquiring a nearly 20% stake and forming a joint venture to facilitate the export and sales of Leap Motor vehicles globally [46][47]. - This partnership is expected to leverage Stellantis' existing infrastructure to support Leap Motor's international expansion while enhancing Stellantis' electric vehicle technology [46][47].

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 ——公用事业行业周报（2024.7.22-2024.7.26） | --- | --- | --- | --- | |----------|-----------------------------|----------------------------|-------------------------| | | 于鸿光(分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang025906@gtjas.com | sunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880122070052 | S0880123070143 | 本报告导读： 中电联预计用电增速维持高位，迎峰度夏供需总体紧平衡；2Q24 风电增速放缓，光 伏装机维持高增。 ...

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 /[Table_Date] 2024.07.28 ——半导体新一轮景气周期推荐系列之八 4452273 | --- | --- | |-----------------|----------------------------| | 舒迪(分析师) | 陈豪杰(研究助理) | | 021-38676666 | 021-38038663 | | shudi@gtjas.com | chenhaojie026733@gtjas.com | | S0880521070002 | S0880122080153 | 本报告导读： 海力士业绩创新高强化存储周期趋势和 HBM 的需求趋势，看好国产 AI算力的自主 可控、HBM 设备公司的需求拉动以及利基存储的持续涨价。 投资要点： [Table_Summary] 海力士 Q2 收入创新高，营运利润大幅改善，主要源于存储涨价和 AI 需求（HBM、DDR5、企业级 SSD 等）的拉动。1）24Q2：收入 16.42 万亿韩元，环比+32% ...