[Table_MeetReportDate] 2024 年 05 月 30 日 星期四 核心观点 [Table_Title] 万联晨会 [Table_Summary] 概览 【市场回顾】 周三 A 股三大股指全线收涨，上证指数上涨 0.05%，报 3111.02 点； 深证成指上涨 0.25%，报 9414.98 点；创业板指上涨 0.27%，报 1811.07 点。A 股两市全天成交额 7082.01 亿元人民币，北向资金净流入 33.99 亿元人民币，其中，沪股通净流入 23.71 元人民币，深股通净流入 10.28 亿元人民币；南向资金净买入 67.74 亿港元。申万行业方面， 有色金属、汽车、电力设备行业领涨，家用电器、银行领跌；概念板 块方面，BC 电池、金属铅概念指数领涨，ST 板块、虚拟电厂概念指 数跌幅居前。港股方面，恒生指数下跌 1.83%，恒生科技指数下跌 2.32%；海外方面，美国三大股指全线下跌，道指下跌 1.06%，报 38,441.54 点，标普 500 指数收跌 0.74%，报 5266.95 点，纳指收跌 0.58%，报 16,920.58 点。欧洲股市和亚太股市主要股指均下跌 ...

[Table_RightTitle] 证券研究报告|机械设备 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 2023 年业绩有所好转，2024Q1 表现分化 (维持) 究 [Table_ReportType] [Table_ReportDate] ——机器人行业 2023 及 2024Q1 业绩综述报告 2024年05月29日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2023年机器人板块业绩好转，营收、归母净利润同比上涨。 机械设备 沪深300 10% ➢ 2023 年机器人板块营收增速小幅提升，板块营业收入合计 351.75 5% 行 亿元，同比增长13.71%；归母净利润扭亏为盈，大幅增长192.97% 0% -5% 业 至7.91亿元，总体来看利润端修复向好。 -10% 跟 -15% ➢ 2023年机器人板块ROE及毛利率、净利率均有一定程度的提升， -20% 踪 -25% 其中ROE由负转正，2023年同比+5.68pct至2.23%；毛利率、净 报 -30% 利率分别为22.89%、2.35 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [8]. Core Insights - The establishment of the National Integrated Circuit Industry Investment Fund Phase III, with a registered capital of 344 billion RMB, signifies strong national support for the semiconductor industry and a commitment to addressing critical supply chain issues [1][2]. - The Phase III fund has a larger investment scale than the combined total of Phases I and II, reflecting the government's determination to accelerate the development of the high-end chip industry and overcome "bottleneck" challenges [2]. - The participation of the six major state-owned banks, contributing a total of 114 billion RMB (33.14% of the registered capital), marks a significant shift towards "patient capital" in the semiconductor sector, which is expected to foster long-term project incubation and breakthroughs [2]. Summary by Sections Investment Scale and Direction - The Phase III fund focuses on "supplementing" the supply chain in chip manufacturing and semiconductor equipment, while also emphasizing "strengthening" leading enterprises in more mature technology segments [2]. - The fund aims to support industries related to computing power and storage, which are crucial for digital economy development and face "bottleneck" issues [2]. Participation of State-Owned Banks - The six major state-owned banks have signed the founding agreement for the Phase III fund, indicating a new level of commitment to the semiconductor industry [2]. - The operational duration of the Phase III fund is set for 15 years, longer than the 10-year terms of the previous phases, suggesting a focus on long-term investments [2]. Investment Recommendations - The report suggests focusing on breakthroughs in high-end semiconductor equipment, materials, and chip manufacturing, as well as industries benefiting from digitalization and AI advancements [2].

[Table_Summary] 概览 【重要新闻】 国债指数 212.66 0.07% Email: panyj@wlzq.com.cn 限购区域内，对于拥有 2 套及以上住房并已结清相应购房贷款的居民 家庭，又申请贷款购买住房，银行业金融机构可根据借款人偿付能力、 信用状况等因素审慎把握并具体确定首付款比例和贷款利率水平；居 民家庭在购房所在区内无住房且符合购房条件的，新购住房贷款可按 首套住房认定；在购房所在区内符合"租一买一""卖一买一"条件的， 新购住房申请住房贷款政策可按核减后名下住房套数认定。 【深圳优化房地产调控政策，下调房贷首付款比例和利率下限】自 5 月 29 日起，深圳市首套住房个人住房贷款最低首付款比例由原来的 30%调整为 20%，二套住房个人住房贷款最低首付款比例由原来的 40% 调整为 30%。首套住房商业性 万联证券研究所 www.wlzq.cn 请仔细阅读在本报告尾部的重要法律声明 [Table_Title] 万联晨会 核心观点 【金融监管总局党委传达学习中央政治局会议精神，贯彻落实《防范 化解金融风险问责规定（试行）》】会议强调，要促进金融与房地产良 性循环，进一步发挥城市房 ...

| --- | --- | --- | |---------------------------------------|------------------------|--------| | [Table_InnerMarketIndex] 国内市场表现 | \n指数名称 收盘 涨跌幅 | % | | 上证指数 | 3,088.87 | -0.88% | | 深证成指 | 9,424.58 | -1.23% | | 沪深 300 | 3,601.48 | -1.11% | | 科创 50 | 727.21 | -2.05% | | 创业板指 | 1,818.56 | -1.81% | | 上证 50 | 2,474.43 | -1.06% | | 上证 180 | 7,887.45 | -1.05% | | 上证基金 | 6,020.04 | -1.21% | | | | | Email: panyj@wlzq.com.cn 万联证券研究所 www.wlzq.cn 请仔细阅读在本报告尾部的重要法律声明 【市场回顾】 [Table_PromiseInfo] 证券分析师承诺 万联证券研究所 www.wlzq. ...

| --- | --- | --- | |---------------------------------------------------|----------|----------| | [Table_InnerMarketIndex] 国内市场表现 \n指数名称 | \n 收盘 | 涨跌幅 % | | 上证指数 | 3,124.04 | 1.14% | | 深证成指 | 9,507.75 | 0.88% | | 沪深 300 | 3,635.71 | 0.95% | | 科创 50 | 738.65 | 1.57% | | 创业板指 | 1,830.96 | 0.68% | | 上证 50 | 2,497.60 | 0.94% | | 上证 180 | 7,974.22 | 1.10% | | 上证基金 | 6,075.68 | 0.92% | | | | | Email: panyj@wlzq.com.cn 证 券 研 究 报 告 晨会纪要 市场研究 万联证券研究所 www.wlzq.cn 请仔细阅读在本报告尾部的重要法律声明 [Table_MeetContent] 万联证券研究所 www.wlz ...

[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 多数名酒价格变动，5 月中旬全国白酒环比 强于大市 研 (维持) 究 价格总指数有所下跌 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(05.20-05.26) 2024年05月27日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周食品饮料板块下跌 2.73%，于申万 31 个子行业中位列第 8。上周 食品饮料 沪深300 （2024年5月20日-2024年5月26日），沪深300指数下跌2.08%， 10% 申万食品饮料指数下跌 2.73%，跑输沪深 300 指数 0.65 个百分点，在 5% 0% 行 申万31个一级子行业中排名第8。年初至今沪深300指数上涨4.97%， -5% 业 申万食品饮料指数下跌 1.54%，跑输沪深 300 指数 6.51 个百分点，在 -10% 周 申万31个一级子行业中排名第13。上周食品饮料子板块多数下跌，其 -15% ...

策略研究 | 策略周观点 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Core Views - The report indicates a downward trend in the A-share market, with the Shanghai Composite Index closing at 3,116.39, down 1.33% [6][8] - The Shenzhen Component Index fell by 1.56%, and the ChiNext Index decreased by 1.38%, reflecting a broad market decline [6][8] - Northbound capital saw a net outflow of 3.266 billion yuan, with the Shanghai Stock Connect experiencing a net outflow of 1.126 billion yuan and the Shenzhen Stock Connect a net outflow of 2.14 billion yuan [6][8] - The total trading volume in the two markets was 856 billion yuan, with all sectors experiencing declines, particularly in non-ferrous metals, social services, and media industries [6][8] Market Review - The report highlights that all industry sectors closed lower, with notable declines in non-ferrous metals, social services, and media sectors [6][8] - Concept sectors such as PEEK materials and minimum market capitalization saw gains, while cobalt mining, gold jewelry, and small metals indices faced significant declines [6][8] - In the Hong Kong market, the Hang Seng Index closed down 1.7%, and the Hang Seng Technology Index fell by 2.41% [6][8] - Internationally, U.S. major indices collectively declined, while European and Asia-Pacific indices showed mixed performance [6][8] Important News - President Xi Jinping emphasized the need for comprehensive deepening of reforms during a meeting with enterprises and experts, focusing on enhancing the socialist market economy and promoting high-quality development [6][8] - Premier Li Qiang highlighted the importance of ensuring summer grain harvests during his research in Henan, advocating for agricultural innovation and the establishment of innovation platforms in the seed industry [6][8]

Core Insights - The report emphasizes the importance of accelerating the development of new productive forces as a key investment theme [2][19] - The China Securities Regulatory Commission (CSRC) is implementing strict regulations to enhance market stability and protect investors [22] Market Review - On Thursday, major A-share indices rose, with the Shanghai Composite Index increasing by 0.08%, the Shenzhen Component Index by 0.21%, and the ChiNext Index by 0.29%. The total trading volume in the Shanghai and Shenzhen markets reached 850.5 billion yuan, with over 2,800 stocks rising [7][16] - The report highlights that the real estate, building materials, and banking sectors showed significant gains, while the port shipping and automotive sectors faced declines [7][16] Important News - The Ministry of Commerce reported that China's foreign trade performance in April met expectations, with imports and exports reaching a historical high of 3.64 trillion yuan, an increase of 80 billion yuan from March. Year-on-year growth rates for imports and exports were 8%, 5.1%, and 12.2% respectively [7][16] - The National Development and Reform Commission (NDRC) is promoting the establishment of a modern industrial system and the transformation of traditional industries to enhance the development of strategic emerging industries [7][16] Investment Strategy - The report discusses the necessity of developing new productive forces to transition from high-speed growth to high-quality development, addressing challenges such as an aging population and rising macro leverage ratios [8][21] - It identifies strategic emerging industries, including new energy, new materials, and advanced manufacturing, as key areas for investment, with a focus on digital economy and artificial intelligence [21][22] - The report suggests that investors should look for opportunities in sectors with strong policy support and technological breakthroughs, particularly in artificial intelligence, new energy vehicles, and energy storage systems [21][22]