Group 1 - The A-share market experienced a low opening followed by a slight upward trend, with notable performance in the military, home appliance, photovoltaic equipment, and engineering machinery sectors, while consumer electronics, computer equipment, communication devices, and electronic components lagged behind [7][28]. - The Shanghai Composite Index closed at 2,977.13 points, up 0.48%, while the Shenzhen Component Index rose by 0.50% to 8,879.33 points, indicating a general upward trend in the market [7][28]. - The average price-to-earnings (P/E) ratios for the Shanghai and Shenzhen markets are currently at 12.68 times and 27.37 times, respectively, which are below the median levels of the past three years, suggesting that the market is still in a low valuation zone suitable for medium to long-term investments [28][17]. Group 2 - The total trading volume for the two markets was 681.9 billion yuan, which is below the median trading volume of the past three years, indicating a cautious market sentiment [28][17]. - The report highlights that the recent "New National Nine Articles" policy is expected to enhance market maturity and boost long-term confidence [28]. - Economic indicators show stable CPI and a significant narrowing of PPI declines, alongside high export growth, which supports economic stabilization [28][17]. Group 3 - Short-term investment opportunities are recommended in sectors such as military, new energy, engineering machinery, and home appliances, reflecting a positive outlook for these industries [28][17]. - The report emphasizes the need to closely monitor policy changes, funding conditions, and external factors that may impact the market [28].

有色金属 分析师:李泽森 登记编码:S0730523080001 lizs1@ccnew.com 021-50586702 铜基材料产业链分析之河南概况 证券研究报告-行业深度分析 相关报告 《有色金属行业月报:美联储表态偏鹰,金属 价格普遍下跌》 2024-07-02 《有色金属行业半年度策略:稳中求进,静待 云开》 2024-07-01 《有色金属行业月报:美国通胀数据有所降 温,金属价格普遍上涨》 2024-06-03 联系人:马嶔琦 电话: 021-50586973 地址: 上海浦东新区世纪大道1788 号16 楼 邮编: 200122 发布日期:2024 年 07 月 18 日 报告要点: ⚫ 铜基材料是以铜或铜合金为基体,加入其他功能性元素或物质形成 的合金或复合材料。铜基材料以其优异的导电导热性能,良好的机 械性能、耐蚀性能以及高延展成形性能成为关系现代工业发展和国 计民生的重要大宗基础原材料。先进铜基材料指区别于一般纯铜材 料,普通黄铜、白铜和青铜等传统金属合金,具有更高强度、导电 性、导热性、弹性、耐蚀性、易切削性或综合性能优异的铜基材料, 主要包括高强高导铜合金、耐蚀铜合金、耐磨铜合金、超 ...

分析师:唐俊男 登记编码:S0730519050003 tangjn@ccnew.com 021-50586738 电力设备及新能源 政策引导光伏产能合理投放,产业链 价格有望筑底 ——光伏行业月报 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 电力设备及新能源 沪深300 -36% -31% -25% -19% -13% -7% -2% 4% 2023.07 2023.11 2024.03 2024.07 资料来源:聚源数据,中原证券研究所 相关报告 《电力设备及新能源行业半年度策略:电网 投资加速与海外市场拓展:电力设备行业的 双重机遇》 2024-07-10 《电力设备及新能源行业半年度策略:凛冬 已至,剩者为王》 2024-07-01 《电力设备及新能源行业月报:电气设备需 求向好,原材料价格下行提振企业利润,关 注电气设备板块龙头企业》 2024-06-28 联系人:马嶔琦 电话: 021-50586973 地址: 上海浦东新区世纪大道 1788 号 16 楼 邮编: 200122 投资要点: ⚫ 6 月光伏指数显著下跌,个股表现低迷。本月光伏行业下跌 15. ...

计算机设备 分析师:唐月 登记编码:S0730512030001 tangyue@ccnew.com 021-50586737 算力需求增长,龙头持续受益 ——浪潮信息(000977)公司点评报告 发布日期:2024 年 07 月 17 日 投资要点: 证券研究报告-公司点评报告 增持(首次) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 39.10 | | 一年内最高/最低(元) | 50.60/27.48 | | 沪深 300 指数 | 3,498.28 | | 市净率(倍) | 3.15 | | 流通市值(亿元) | 574.87 | | 基础数据(2024-03-31) | | | 每股净资产(元) | 12.42 | | 每股经营现金流(元) | -2.37 | | 毛利率(%) | 8.08 | | 净资产收益率_摊薄(%) | 1.68 | | 资产负债率(%) | 62.74 | | 总股本/流通股(万股) | 147,213.51/147,024.3 | | B 股/H 股(万股) | 0.0 ...

分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,962.85 | -0.45 | | 深证成指 | 8,835.14 | -0.47 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,501.58 | 0.09 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,355.22 | 0.04 | | 中证 500 | 4,856.58 | -0.85 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7,801.23 | 0.58 | | 资料来源：聚源，中原 ...

Core Insights - The report highlights a stable economic recovery in China, with GDP growth of 5.0% year-on-year in the first half of 2024, driven by a 5.8% increase in the secondary industry and a 4.6% increase in the tertiary industry [5][10][21] - The A-share market is experiencing fluctuations, with defensive sectors leading the gains, while the overall market remains at a low valuation level, making it suitable for medium to long-term investments [5][24][25] Market Performance - The Shanghai Composite Index closed at 2,974.01 with a slight increase of 0.09%, while the Shenzhen Component Index fell by 0.59% to 8,801.62 [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 12.72 and 27.73, respectively, indicating that the market is still undervalued compared to historical averages [10][24] Economic Indicators - In June 2024, the Consumer Price Index (CPI) rose by 0.2% year-on-year, while the Producer Price Index (PPI) decreased by 0.8%, showing a narrowing decline [21][23] - The total import and export value in the first half of 2024 increased by 6.1%, with exports growing by 6.9% and imports by 5.2% [21] Industry Analysis - The agricultural sector, particularly pig farming, is seeing a recovery in profitability, with the average price of pigs in June 2024 reaching 18.44 CNY/kg, a year-on-year increase of 28.77% [28][29] - The semiconductor industry is experiencing a new growth cycle, driven by demand from AI applications, with a 19.3% year-on-year increase in global semiconductor sales in May 2024 [32] - The electric power and public utilities sector is expected to perform well in 2024, supported by ongoing market reforms and stable earnings from leading companies [18][34] Investment Recommendations - The report suggests focusing on sectors such as chips, communication, cloud computing, and renewable energy for potential investment opportunities [21][23] - In the pig farming sector, companies like Muyuan Foods and Da Bei Nong are recommended due to their favorable valuation and growth prospects [28][29] - For the semiconductor industry, companies involved in AI applications and high-performance computing are highlighted as key investment targets [32]

Summary of Conference Call Industry Overview - The discussion focuses on the machinery sector, specifically related to Central Securities' analysis of the mechanical industry for the mid-2024 outlook [1] Core Insights and Arguments - The overall viewpoint emphasizes the importance of both domestic and external demand in driving growth within the machinery sector [1] - Domestic demand is primarily driven by equipment upgrades and new production capacity, indicating a shift towards modernization and efficiency [1] - External demand is highlighted as being influenced by the competitive advantages of Chinese machinery manufacturing as it expands into international markets [1] Additional Important Points - The analysis suggests a clear and straightforward understanding of the current market dynamics, focusing on the dual aspects of demand [1]

——市场分析 相关报告 《市场分析：成长行业走强 A 股小幅整理》 2024-07-16 《市场分析：银行地产行业领涨 A 股震荡整 理》 2024-07-12 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 周三（07 月 17 日）A 股市场先抑后扬、小幅震荡整理，早盘股指低开后震 荡回落，沪指盘中在 2957 点附近获得支撑，午后股指维持震荡，盘中房地 产、酿酒、医疗服务以及游戏等行业表现较好；消费电子、有色金属、通 信设备以及电子元件等行业表现较弱，沪指全天基本呈现震荡整理的运行 特征。创业板市场周三震荡上行，成指全天表现强于主板市场。 周三 A 股市场先抑后扬、小幅震荡整理，早盘股指低开后震荡回落，沪指 盘中在 2957 点附近获得支撑，午后股指维持震荡，盘中房地产、酿酒、医 疗服务以及游戏等行业表现较好；消费电子、有色金属、通信设备以及电 子元件等行业表现较弱，沪指全天基本呈现震荡整理的运行特征。当前上 证综指与创业板指数的平均市盈率分别为 12.74 倍、27.60 倍，处于近三 年中位数以下水平，市场估值依然处于较低区域，适合中长期布局 ...

各位投资者大家下午好下面的话我带来理念是行业2024年中期投资策略标题的话就是业绩成压分化持续今天的话主要分享一下几个方面首先我们是对板块的业绩和行情进行一个简单的回顾从板块营收这个图可以看到2017年以来的话可以分为三个阶段从去年以来的话增速的话是明显下降而且成压 而且从历史走势来看2021年板块首次突破万亿元达到1.20万亿元但是达到2023年以来整个板块营收的话是一个成样一个态势具体从数字来看的话呈现两个特点第一个特点从我们从中规数来看2023年的话板块中规数是负了8.24但是今年一季度的话下降到10.11% 显示整个板块的话业绩还是比较大的一个压力没有触及的一个迹象这是第一个第二个从这个营收增速来看的话从去年的一个营收增长6.9%到今年一季度的下降10% 2.9也是近年来的一个首次一个下降主要的一个原因的话就是一个是板块里面这个细分领域这个分化比较显著最核心的因素的话就是虽然说我们的量在增长但是的话由于这个产能一个持续释放一个供需失衡导致这个价格的话一个显著沉压的一个态势而结合到一个历史态势后我们预计 整个板块2024年营收的话总体来说可能还是又面临一个比较大的一个压力可能并且还是一个负增长一个态势从 ...

资料来源：Wind,中原证券 分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 资料来源：Wind,中原证券 | --- | --- | --- | |------------|-----------|------------| | 指数名称 | 收盘 | 涨跌幅 (%) | | 道琼斯 | 30,772.79 | -0.67 | | 标普 500 | 3,801.78 | -0.45 | | 纳斯达克 | 11,247.58 | -0.15 | | 德国 DAX | 12,756.32 | -1.16 | | 富时 100 | 7,156.37 | -0.74 | | 日经 225 | 26,643.39 | 0.62 | | 恒生指数 | 17,727.98 | -1.60 | 2、住建部举办保障性住房建设、城中村改造工作专题培训班，强调有关 城市要落实好中央补助、地方政府专项债券、土地、配套金融和税费优惠 等支持政策，积极争取保障性住房再贷款政策支持。 【宏观策略】 周度策略：行业周观点 市场分析：银行地产行业领涨 A 股 ...