Market Highlights - The State-owned Assets Supervision and Administration Commission (SASAC) initiated the third batch of central enterprise innovation consortiums on June 14, focusing on strategic emerging industries and future industries, with 24 innovation consortiums planned [4][18] - The Shenzhen Stock Exchange released the revised implementation measures for the Shenzhen-Hong Kong Stock Connect for 2024, adjusting the scale and weight requirements for ETFs [5][18] - The People's Bank of China reported an increase of 11.14 trillion yuan in RMB loans over the first five months, with household loans increasing by 889.1 billion yuan and corporate loans increasing by 9.37 trillion yuan [5][19] Macro Dynamics - In May, the new social financing (社融) increased by 2.06 trillion yuan, which is 508.8 billion yuan more than the previous year, primarily supported by a significant increase in government bonds [2][9] - The M1 money supply decreased by 4.2% year-on-year as of the end of May, indicating a broader trend of reduced liquidity in the market [2][9][31] - The total social financing stock reached 391.93 trillion yuan by the end of May, reflecting an 8.4% year-on-year growth [9] Industry Insights - The solar photovoltaic industry is experiencing price adjustments, with N-type G10L monocrystalline silicon wafers priced at 1.1 yuan per piece, indicating a competitive market environment [45] - The development of virtual power plants is being supported by local government measures, encouraging the mass production of key equipment and the integration of electric vehicles into the grid [45] - The charging pile industry is diversifying its business models, with new products and operational platforms emerging as the penetration rate of electric vehicles increases [22]

Group 1 - The report highlights that in May 2024, the Consumer Price Index (CPI) increased by 0.3% year-on-year, remaining unchanged from the previous month, while the Producer Price Index (PPI) decreased by 1.4%, with the decline narrowing by 1.1 percentage points compared to the previous month [4][28][36] - Food prices fell by 2.0%, but the decline was less than the previous month, mainly due to increased prices of pork, freshwater fish, and fresh vegetables, while non-food prices rose by 0.8%, reflecting a slight decrease in the growth rate [4][36][24] - The report suggests that the CPI may stabilize and gradually transition to moderate growth in the second half of the year, while the PPI is expected to continue the trend of narrowing year-on-year declines, supported by policies promoting industrial production [36][28][4] Group 2 - The report notes that the People's Bank of China is deploying 300 billion yuan for guaranteed housing re-loans, indicating a focus on supporting the housing sector [11][12] - The Ministry of Finance plans to reissue 20-year ultra-long special government bonds, with a total competitive bidding amount of 45 billion yuan, aimed at promoting investment and stabilizing growth [11][12] - The construction of China's first full-scenario hydrogen energy port has begun in Shandong, which is expected to enhance port operation quality and expand hydrogen energy application scenarios [12][11] Group 3 - The report indicates that the demand for freight via the China-Europe Railway Express has been increasing, with a total value of goods shipped from Chengdu reaching 21.17 billion yuan in the first five months of the year, a year-on-year increase of 21.6% [26][11] - The sales of new energy passenger vehicles reached 804,000 units in May, marking a year-on-year growth of 38.6% and a month-on-month increase of 18.8% [24][11] - The report emphasizes the importance of policy support and technological innovation in developing the vanadium battery storage industry in Sichuan [23][11]

Core Insights - The report highlights that China's Consumer Price Index (CPI) rose by 0.3% year-on-year in May, with urban areas increasing by 0.3% and rural areas by 0.4% [12][38] - The Producer Price Index (PPI) showed a month-on-month increase of 0.2%, while the year-on-year decline was 1.4%, indicating a narrowing of the decline compared to the previous month [12][38] - The report notes a significant growth in the photovoltaic industry, with China's crystalline silicon photovoltaic module exports reaching 83.8 GW from January to April, marking a 20% year-on-year increase [12][37] Economic Indicators - The CPI increase was attributed to a 2.0% decrease in food prices and an 0.8% increase in non-food prices, with service prices also rising by 0.8% [12] - The industrial producer purchase prices decreased by 1.7% year-on-year but increased by 0.3% month-on-month [12] Market Performance - The report indicates that the overall market valuation is reasonable, with the Shanghai Composite Index's price-to-earnings ratio (TTM) at 13.56 times, which is at the 23.41% historical percentile [35][37] - The report suggests that the electronic sector performed well, driven by product launches and price adjustments from major companies like Microsoft and Apple [95][98] Investment Recommendations - The report recommends focusing on sectors such as public utilities, electronics, and new productivity technologies, anticipating a moderate increase in the CPI in the second half of the year due to economic recovery and policy support [34][37][98] - It also highlights the potential growth in the robotics sector, particularly in AI and robotics integration, suggesting a focus on companies like Zhongke Chuangda and Estun [50]

本报告由川财证券有限责任公司编制 谨请参阅本页的重要声明 川财证券有限责任公司成立于 1988 年 7 月,前身为经四川省人民政府批准、由四川省财政出资兴办 的四川省川财证券公司,是全国首家由财政国债中介机构整体转制而成的专业证券公司。经过三十余 载的变革与成长,现今公司已发展成为由中国华电集团资本控股有限公司、四川省国有资产经营投资 管理有限责任公司、四川省水电投资经营集团有限公司等资本和实力雄厚的大型企业共同持股的证 券公司。公司一贯秉承诚实守信、专业运作、健康发展的经营理念,矢志服务客户、服务社会,创造 了良好的经济效益和社会效益;目前,公司是中国证券业协会、中国国债协会、上海证券交易所、深 圳证券交易所、中国银行间市场交易商协会会员。 研究所 川财证券研究所目前下设北京、上海、深圳、成都四个办公区域。团队成员主要来自国内一流学府。 致力于为金融机构、企业集团和政府部门提供专业的研究、咨询和调研服务，以及投资综合解决方 案。 本报告由川财证券有限责任公司编制 谨请参阅本页的重要声明 川财证券研究报告 分析师声明 本人具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉尽责的职业态度、专 ...

Group 1 - The report highlights a recovery in the consumer electronics industry, with a focus on the Android ecosystem showing healthy inventory levels and a weak recovery, particularly with Huawei's return impacting market dynamics [4] - The report anticipates that Apple's iPhone inventory for Q2 is expected to be good, with a low base from the previous year, suggesting potential growth [4] - The report suggests monitoring the consumer electronics supply chain, particularly companies like Lens Technology and GoerTek [4] Group 2 - The report notes that the retail sales of new energy vehicles reached 804,000 units in May, representing a year-on-year increase of 38.5% [17] - The report indicates that the overall market valuation is within a reasonable range, with the Shanghai Composite Index's TTM P/E ratio at 13.56 times, which is at the historical 23.41% percentile [67] - The report mentions that the electronic sector performed well, with significant increases in stock prices for electronics, defense, and coal sectors, while real estate and construction materials saw declines [44][15]

国常会：要充分认识房地产市场供求关系的新变化 【川财研究】策略周报：本周指数回落，电子板块表现较好(20240601） 指数跟踪 川财证券研究报告 | --- | --- | --- | --- | |--------------------------------------------|-----------------------|--------------------------|---------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 | | 报告类别：其他研究报告 | 报告时间：2024 年 6 月 11 日 | | 分析师：张卓然 | | 执业证书：S1100522070001 | 联系方式：zhangzhuoran@cczq.com | | 北京：东城区建国门内大街 28 号民生金融中心 | A 座 6 层，100005 | 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 | 楼，200120 | 成都：高新区交子大道 | 177 ...

| --- | --- | --- | |--------------------------------------------------|-------------------------------------------|-------------------------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 | \n报告类别：其他研究报告 | 川财证券研究报告 \n报告时间： 2024 年 06 月 07 日 | | 分析师：张卓然 | 执业证书： S1100522070001 | 联系方式： zhangzhuoran@cczq.com | | 北京：东城区建国门内大街 28 号民生金融中心 | 座 6 层， 100005 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 楼， | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 国办印发《深化医药卫生体制改革 2024 年重点工作任务》 国家金融监督管 ...

| --- | --- | --- | |---------------------------------------------------------|----------------------------------|-------------------------------------------------| | | | | | 川财证券研究所晨报 所属部门：总量研究部 | 报告类别：其他研究报告 | 报告时间： 2024 年 06 月 06 日 | | 分析师：张卓然 | 执业证书： S1100522070001 | 联系方式： zhangzhuoran@cczq.com | | 北京：东城区建国门内大街 28 号民生金融中心 | 层， 100005 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 楼， 200120 | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 乘联会：初步统计 5 月乘用车市场零售 168.5 万辆 同比下降 3% 策略：昨日三大指数回落，两市成交 6 ...

本报告由川财证券有限责任公司编制 谨请参阅本页的重要声明 分析师声明 重要声明 本报告由川财证券有限责任公司（已具备中国证监会批复的证券投资咨询业务资格）制作。本报告仅供川财证券有 限责任公司（以下简称"本公司"）客户使用。本公司不因接收人收到本报告而视其为客户，与本公司无直接业务 关系的阅读者不是本公司客户，本公司不承担适当性职责。本报告在未经本公司公开披露或者同意披露前，系本公 司机密材料，如非本公司客户接收到本报告，请及时退回并删除，并予以保密。 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的真实性、准确性及完整性不作任何保 证。本报告所载的意见、评估及预测仅为本报告出具日的观点和判断，该等意见、评估及预测无需通知即可随时更 改。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。同时，本报告所指的证券 或投资标的的价格、价值及投资收入可能会波动。本公司不保证本报告所含信息保持在最新状态。对于本公司其他 专业人士（包括但不限于销售人员、交易人员）根据不同假设、研究方法、即时动态信息及市场表现，发表的与本 报告不一致的分析评论或交易观点，本公司没有义务向本报告所有 ...

重要声明 本报告由川财证券有限责任公司编制 谨请参阅本页的重要声明 相关主管部门支持 5G 发展政策即将发布 策略：昨日三大指数涨跌分化，上证指数回落，创业板指走强。海外方面，欧佩克+初步 同意将集体性减产措施延长至 2024 年底，但当前市场对全球经济下行的担忧制约油价 走强。国内方面，5 月财新中国制造业 PMI 升至 51.7，创 2022 年 7 月以来新高，显示 制造业生产经营活动扩张加速。方向上，建议关注新质生产力、公用事业、电子等领域。 事件：5 月 23 日，国务院印发《2024—2025 年节能降碳行动方案》的通知。通知中提 出：2024 年，单位国内生产总值能源消耗和二氧化碳排放分别降低 2.5%左右、3.9%左 右，规模以上工业单位增加值能源消耗降低 3.5%左右，非化石能源消费占比达到 18.9% 左右，重点领域和行业节能降碳改造形成节能量约 5000 万吨标准煤、减排二氧化碳约 1.3 亿吨。2025 年，非化石能源消费占比达到 20%左右，重点领域和行业节能降碳改造 形成节能量约 5000 万吨标准煤、减排二氧化碳约 1.3 亿吨，尽最大努力完成"十四五" 节能降碳约束性指标。（中 ...