国家主席习近平：中方愿同阿方构建"五大合作格局"。 川财观点 核心观点 每日热点 工业和信息化部：组织完成了《电动自行车电气安全要求》强制性国家标准第 1 号修改 单（征求意见稿）的编制工作。 研究报告 2024 年一季度 A 股上市公司实现营业收入 16.88 万亿元，较 2023 年一季度同比上涨 0.16%；实现净利润 1.43 万亿元，同比回落 4.74%。 消费端复苏态势良好 风险提示：海外黑天鹅事件导致全球市场大幅波动，进而对国内市场风险传递。 1/6 部门 团队 观点 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 每日热点 国家主席习近平在北京钓鱼台国宾馆出席中阿合作论坛第十届部长级会议开幕式并发 表主旨讲话。习近平指出，经过双方共同努力，在首届中阿峰会期间提出的推进中阿务 实合作"八大共同行动"取得重要早期收获。中方愿以此为基础，同阿方构建"五大合 作格局"，推动中阿命运共同体建设跑出加速度。一是更富活力的创新驱动格局。二是 更具规模的投资金融格局。三是更加立体的能源合作格局。四是更为平衡的经贸互惠格 局。五是更广维度的人文交流格局。 商务部、海关总署、中央军委装备发展部：发布 2 ...

Core Insights - The report highlights the release of the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" by the State Council, which aims to reduce energy consumption and carbon emissions per unit of GDP by approximately 2.5% and 3.9% respectively in 2024, and achieve a non-fossil energy consumption ratio of around 18.9% [22][16][10] - By 2025, the non-fossil energy consumption ratio is expected to reach about 20%, with energy savings of approximately 50 million tons of standard coal and a reduction of carbon dioxide emissions by about 130 million tons in key sectors and industries [22][10][16] Industry Analysis - The action plan includes nine key tasks, focusing on reducing fossil energy consumption and enhancing non-fossil energy consumption, particularly in high-energy-consuming sectors such as steel, petrochemicals, non-ferrous metals, building materials, energy efficiency in construction, and transportation [32][22] - The core strategy for reducing fossil energy consumption and promoting non-fossil energy consumption involves optimizing the energy consumption structure, enhancing the capacity for renewable energy absorption, and encouraging the use of non-fossil energy [32][22] - For production tasks, the focus is on controlling capacity and output in high-energy-consuming industries, raising entry barriers for new projects, and upgrading old equipment to improve energy efficiency [32][22] - The consumption tasks emphasize updating old equipment and enhancing the recycling of waste equipment [32][22] Market Trends - The report notes a slight decline in the manufacturing Purchasing Managers' Index (PMI) to 49.5% in May, indicating a decrease of 0.9 percentage points from the previous month, reflecting a slowdown in manufacturing activity [19][6] - The report suggests continued attention to new productive forces, public utilities, and electronics as potential investment directions [6][19]

| --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|--------------------------|-------------------------------------------|------------------------------------------------------------------------------------------| | | | | | | | | | | | 5 月制造业企业生产经营活动预期整体稳定 | | | — 5 月 PMI 数据点评 | | | | | | | 所属部门：总量研究部 | | 报告类别：宏观研究报告 | 报告时间： 2024 年 5 月 31 日 | | 分析师：陈雳 | 执业证书： | S1100517060001 | 联系方式： chenli@cczq.com | | 联系人：马骏 | 执业证书： | S1100 ...

川财证券研究报告 2024-2025 年节能降碳行动方案发布 —行业动态点评 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年5月30日 分析师：孙灿 执业证书：S1100517100001 联系方式：Suncan@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号中海国际中心B座17楼，610041 ❖ 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 ...

| --- | --- | --- | --- | |--------------------------------------------|------------------------|--------------------------|---------------------------------------------| | 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 5 月 30 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 号中海国际中心 B 座 17 楼，610041 | 每日热点 中央网信办、市场监管总局、工业和信息化部：联合印发《信息化标准建设行动计划（2024 ...

| --- | --- | --- | --- | |------------------------------------------------------------|---------------------------------------------------|----------------------|----------------------------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 \n分析师：张卓然 | 报告类别：其他研究报告 \n执业证书：S1100522070001 | | 报告时间：2024 年 5 月 29 日 \n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 号中海国际中心 B 座 17 楼，61 ...

| --- | --- | --- | --- | |--------------------------------------------|-----------------------|--------------------------|---------------------------------------------| | 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 5 月 27 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 号中海国际中心 B 座 17 楼，610041 | 每日热点 习近平在山东考察时强调：以进一步全面深化改革为动力，奋力谱写中国式现代化山东 篇章。 ...

Core Insights - The report indicates that the profits of industrial enterprises above designated size in China reached 20,946.9 billion yuan from January to April, reflecting a year-on-year growth of 4.3% [2][10]. - The report highlights that state-owned enterprises experienced a profit decline of 2.8%, while foreign and Hong Kong-Macau-Taiwan invested enterprises saw a profit increase of 16.7% [10]. - The report suggests that the overall market valuation is reasonable, with the Shanghai Composite Index's price-to-earnings ratio at 12.28 times, which is at the 22.13% historical percentile [27]. Market Overview - The report notes that the major indices experienced a downward trend, with coal, public utilities, and agriculture sectors showing the highest weekly gains [3][29]. - It mentions that the net inflow of northbound funds was 27.48 billion yuan, indicating a positive sentiment in the market despite the overall index decline [39]. - The report discusses the impact of the U.S. Federal Reserve's recent statements on inflation and interest rates, suggesting that high rates may persist longer than the market expects [3][39]. Industry Focus - The report emphasizes the importance of the semiconductor industry, particularly following the announcement of a 26 trillion won support plan by the South Korean government [39]. - It highlights the growth in e-commerce logistics, with the index reaching 113.2 points in April, marking a significant increase and indicating a robust logistics sector [41]. - The report also points out the recent measures in Chongqing to support new energy storage development, which could impact the market dynamics in the energy sector [41].

| --- | --- | --- | --- | |--------------------------------------------------|-------------------------|----------------------|--------------------------------------------------| | | | | | | 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 5 月 17 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 号中海国际中心 B 座 17 楼， 610041 | 国家发展改革委党组在《求是》杂 ...

Group 1 - The People's Bank of China announced a plan to establish a 300 billion yuan re-loan for affordable housing, with a rate of 1.75% and a term of 1 year, extendable up to 4 times. This re-loan can potentially lead to 500 billion yuan in bank loans [4][24]. - The minimum down payment ratio for first-time homebuyers' commercial loans has been adjusted to no less than 15%, while for second homes, it is set at no less than 25%. Local banks will determine the specific ratios based on city government policies [9][37]. - The real estate sector is showing signs of recovery, with the real estate, building materials, and construction decoration industries leading the market gains [6][23]. Group 2 - In 2023, A-share listed companies achieved a total revenue of 72.48 trillion yuan, reflecting a steady growth trend despite challenges in certain sectors like real estate and building materials [12][44]. - The automotive industry saw a profit growth rate of 48.12% in 2023, driven by the rapid development of the domestic new energy vehicle sector, making China the world's largest automobile exporter with over 5.22 million vehicles exported [22][28]. - The overall dividend amount for A-share listed companies exceeded 2.1 trillion yuan in 2023, marking an increase of over 3% from 2022, indicating a trend towards higher shareholder returns [22][44].