2024.07.23 [Table_Invest] 评级: 增持 上次评级: 增持 家电持仓比例环比提升,家空出口延续亮眼表现 ——2024W29 家电行业周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |----------------|----------------------------|-------------------------------|----------------------------| | [table_Authors | 蔡雯娟](分析师) | 田平川(研究助理) | 曲世强(研究助理) | | | 021-38031654 | 021-38676666 | 021-38031025 | | | caiwenjuan024354@gtjas.com | tianpingchuan026740@gtjas.com | qushiqiang028674@gtjas.com | | 登记编号 | S0880521050002 | S0880122070069 | S0880123070132 | 本报告导读: 家电持仓 ...

股 票 研 究 [Table_Industry] 机械行业 行 业 周 报 证 券 研 究 报 告 2024.07.20 [Table_Invest] 评级: 增持 上次评级: 增持 三中全会强调出海和自主可控,船舶集装箱维持高景气 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |-----------------|---------------------------|-------------------------|---------------------------| | [table_Authors] | 徐乔威(分析师) | 李启文(分析师) | 刘麒硕(研究助理) | | | 021-38676779 | 021-38038435 | 0755-23976666 | | | xuqiaowei023970@gtjas.com | liqiwen027858@gtjas.com | liuqishuo028693@gtjas.com | | 登记编号 | S0880521020003 | S0880524060001 | S088012 ...

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, consistent with the previous rating [1]. Core Insights - The online sales of floor cleaning machines continue to perform well, while the online sales of air conditioners, refrigerators, and washing machines show mixed results with year-on-year changes of -0.55%, +2.06%, and +6.81% respectively [3][5]. - The prices of copper and aluminum have decreased on a month-on-month basis, with copper averaging 78,770 CNY/ton and aluminum at 19,700 CNY/ton as of July 17, 2024, reflecting declines of -1.03% and -2.43% respectively [3][13]. - The report highlights strong performance in specific product categories, such as gas stoves and dishwashers, which saw year-on-year sales growth of +3.53% and +0.63% respectively [3][5]. Summary by Sections 1. Retail Data Updates - Online sales of floor cleaning machines have shown a year-on-year increase of +19.69%, while other major appliances have seen weaker performance [5][6]. - The average prices of air conditioners have decreased, while the average prices of refrigerators have increased [5]. 2. Brand-Specific Retail Data - Midea's air conditioners have shown a slight increase in market share, with a cumulative market share increase of +0.04 percentage points [7][8]. - Haier's refrigerators and washing machines also saw slight increases in market share, with respective increases of +0.02 and +0.01 percentage points [7][8]. 3. Raw Material Price Updates - The report notes a decrease in copper and aluminum prices, with year-to-date increases of +13.90% and +1.23% respectively [13]. - The latest WTI crude oil price is reported at $82.85 per barrel, reflecting a month-on-month increase of +0.91% [13]. 4. Investment Recommendations - The report recommends several companies based on their performance and market position, including TCL Electronics, Stone Technology, Midea Group, and Haier Smart Home, among others [20].

[Table_Industry] 海外科技 2024.07.21 [Table_Invest] 评级: 增持 上次评级: 增持 指引积极,短暂回调不改长期趋势 ---海外科技行业 2024 年第 50 期 | --- | --- | --- | |----------------|---------------------------|----------------------| | [table_Authors | 秦和平](分析师) | 李奇(分析师) | | | 0755-23976666 | 0755-23976888 | | | qinheping027734@gtjas.com | liqi028295@gtjas.com | | 登记编号 | S0880523110003 | S0880523060001 | 本报告导读: 台积电产能持续释放,指引积极,对后市保持乐观;PC、智能手机 Q2 出货持续边 际复苏;博通指引积极,大客户算力投资规模未见放缓。 [Table_subIndustry] 细分行业评级 [Table_Report] 相关报告 海外科技《萝卜快跑开启商业运营,软银为 AI 项 ...

Investment Rating - The investment rating for Midea Group is "Accumulate" with a target price of 81.39, maintaining the previous rating of "Accumulate" [1][3]. Core Views - Midea Group is preparing for its H-share listing, which is expected to accelerate its overseas development plans, including the establishment of a foreign currency pool [2][3]. - The company forecasts net profit attributable to shareholders for 2024-2026 to be 37.02 billion, 39.88 billion, and 43.26 billion yuan, respectively, with corresponding EPS of 5.31, 5.72, and 6.20 yuan, reflecting year-on-year growth of 10%, 8%, and 8% [3]. - The company plans to issue up to 651 million shares for overseas listing, accounting for approximately 8.5% of the total share capital [3]. - The report highlights that the discount rates for leading home appliance companies listed in both A and H shares are relatively low, with Haier Smart Home and Hisense Home Appliances showing discount rates of 17.3% and 22.7%, respectively [3]. - Midea Group's H-share issuance is expected to attract market interest, with a projected fundraising scale of 37.042 billion Hong Kong dollars if the issue price is set at 85% of the current price [3]. Summary by Sections - **Investment Recommendations**: The report maintains profit forecasts and the "Accumulate" rating, with a focus on the company's strong cash flow performance and historical price range between 49.18 and 72.71 yuan over the past 52 weeks [3][4]. - **Market Position**: Midea Group is positioned to enhance its overseas presence through the H-share listing, which is anticipated to provide a high dividend yield of 4.8% post-issuance, assuming a maintained dividend payout ratio [3].

摘要: 证券行业并购重组可分为三个主要阶段,2004-2011年券商并购重组案例高发。本阶段主要的股权收购方包括三类机构,即以中信、华泰为代表的优质券商,中 央汇金、建银投资为代表的重组平台以及瑞银集团为代表的外资机构。 部分券商风险化解及三类优质机构自身发展的需要催生了本阶段的大量并购案例。1)2003年底至2004年上半年,随着证券市场的持续低迷和结构性调整,证券 公司的业务风险迅速暴露。随着部分高风险证券公司被关闭、托管,优质券商、国有金控集团以及外资金融机构三类机构通过并购重组参与行业风险处置,以实现 自身发展目标。中信证券等优质证券公司托管收购风险券商,以完善自身区域布局、业务布局。汇金公司和建银投资则根据国务院部署,通过注资、重组等手段作 为股东方推进风险券商的风险处置和改制.瑞银集团等外资金融机构则通过参与重组我国高风险证券公司进入中国证券业.2)"一参一控"政策出台后,风险处置 阶段参控股多家券商的机构为达到要求再度整合旗下券商股权。 三类机构分别形成专业/区域子公司、参股多家券商、新设合资券商三种模式。1)优质券商出于自身区域、业务布局的需要把握时机收购风险券商,采用增资扩 股、洁偿债务、接 ...

Carbon Market Insights - From July 15 to July 19, the cumulative trading volume of CEA was 645,000 tons, a decrease of 43.0% compared to the previous week[3] - The cumulative transaction amount was 6 million yuan, down 43.5% from the previous week[3] - On July 19, the transaction price was 89.3 yuan/ton, a decline of 1.9% from July 12[3] ESG Bonds and Funds - As of July 21, there were 6,032 ESG bonds, an increase of 9 from the previous week, with a total balance of 12.9 trillion yuan, up 0.15%[19] - The number of Wind ESG investment funds remained at 539, with a total scale of 480.11 billion yuan, down 2.26%[26] - The number of Wind carbon neutrality/ESG concept funds was 1,393, with a total scale of 1.3 trillion yuan, a decrease of 4.65%[37] Renewable Energy Production - In June 2024, the total power generation was 768.52 billion kWh, a year-on-year increase of 3.9%[39] - The green energy generation was 281.5 billion kWh, showing a significant year-on-year growth of 29.7%[39] - The production of new energy vehicles reached 1.025 million units in June 2024, a year-on-year increase of 36.8%[41]

2024.07.24[Table_Invest] 评级: 增持 上次评级: 增持 股 票 研 究 [Table_Industry] 医药 行 业 事 件 快 评 证 券 研 究 报 告 分组优化贴近临床,创新支持力度不减 ——国家医保局推进 DRG2.0 版方案点评 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |-----------------|-------------------|--------------------------| | [table_Authors] | 丁丹(分析师) | 张拓(分析师) | | | 0755-23976735 | 0755-23976170 | | | dingdan@gtjas.com | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | S0880523090003 | 本报告导读: 升级分组方案为常规更新,不改 DRG 既定实施进度,新方案更贴近临床实际;政策 持续支持特例单议,创新支持力度不减。 [Table_Report] 相关报告 医药《【国泰君安 ...

[Table_Industry] 化肥 2024.07.24[Table_Invest] 评级: 增持 上次评级: 增持 磷肥进入出口旺季,磷矿石价格上行 ——6 月磷肥出口数据点评 [Table_subIndustry] 细分行业评级 | --- | --- | --- | |-----------------|--------------------------|----------------------------| | [table_Authors] | 钟浩(分析师) | 钱伟伦(分析师) | | | 021-38038445 | 021-38038878 | | | zhonghao027638@gtjas.com | qianweilun027712@gtjas.com | | 登记编号 | S0880522120008 | S0880523040003 | 本报告导读: 三季度为磷肥传统出口旺季,叠加后续国内秋季用肥的推进,磷肥及磷矿石行情有望 持续向好。 投资要点: [Table_维持Summary] "增持"评级。目前磷肥出口订单充足,后续国内秋季备肥需求有 望接力,磷矿石在磷肥行情回暖 ...

2024.07.24[Table_Invest] 评级: 增持 上次评级: 增持 基金配置历史低位,加仓逻辑具备共性 ——建材行业 2024Q2 基金持仓分析 | --- | --- | --- | --- | |-----------------|---------------------|---------------------|---------------------------| | [table_Authors] | 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | | 登记编号 | S0880513070005 | S0880521010001 | S0880123070145 | 本报告导读: 建材行业 24Q2 基金持仓在历史低位徘徊呈现赔率优势,板块内市场共性偏好产品涨 价/C 端地产后市场/高股东回报等投资逻辑,持续 ...