Core Insights - The report highlights the strong performance of the automotive and real estate sectors, leading the A-share market amidst slight fluctuations [20][25] - It emphasizes the importance of selecting undervalued leading companies and monitoring the upward trend in export demand as part of the half-year industry strategy [20][44] - The report notes the significant growth in new energy vehicle sales, which reached 3.895 million units, a year-on-year increase of 32.5%, accounting for 33.9% of total new car sales [43] Recent Market Analysis - The engineering and infrastructure sectors have shown strong performance, contributing to the overall stability of the A-share market [24][25] - The semiconductor and medical sectors are also highlighted for their upward trends, indicating a robust recovery in these industries [20][24] - The report discusses the impact of government policies on the market, particularly in relation to the automotive sector and the promotion of new energy vehicles [43] Industry Reports - The report includes a monthly review of the brokerage sector, indicating a positive outlook for the upcoming months [20][44] - It also covers the performance of the semiconductor industry, which has been a leading sector in the A-share market [20][24] - The report mentions the establishment of the third phase of the large fund, which is expected to boost exports of high-end products [20][24] Economic Indicators - The report notes that the overall economic environment remains stable, with slight fluctuations in the market [20][24] - It highlights the importance of monitoring external factors and policy changes that could impact market performance [20][24] - The report indicates that consumer confidence is gradually improving, which may support future market growth [28][43]

Market Overview - The A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 2971 points before retreating in the afternoon [2][6][13] - Key sectors performing well included real estate, automotive, engineering machinery, and home appliances, while communication equipment, software development, semiconductors, and electronic components lagged [2][6][13] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices were 12.67 times and 28.04 times, respectively, both below the median levels of the past three years, indicating a favorable environment for medium to long-term investments [2][6][13] Investment Recommendations - Investors are advised to focus on short-term investment opportunities in sectors such as engineering machinery, home appliances, real estate, and automotive [2][6][13] - The market is expected to maintain a fluctuating pattern, with close attention needed on policy, funding, and external factors [2][6][13] Sector Performance - On June 25, the Shanghai Composite Index closed at 2950.00 points, down 0.44%, while the Shenzhen Component Index closed at 8850.29 points, down 0.83% [6][26] - The engineering machinery, home appliances, and real estate sectors showed significant capital inflow, while semiconductors and automotive sectors experienced capital outflow [30] Key Index Data - The major indices showed varied performance, with the Shanghai Composite Index down 0.44%, the Shenzhen Component Index down 0.83%, and the ChiNext Index down 1.82% [31][32] - The total trading volume for both markets was 651.2 billion yuan, slightly lower than the previous trading day [6][26]

Industry Overview - The light industry manufacturing sector underperformed the broader market, with the CITIC Light Industry Manufacturing Index dropping by 17.64% as of June 21, 2024, underperforming the Shanghai Composite Index, CSI 300 Index, and ChiNext Index by 18.42pct, 19.52pct, and 10.47pct respectively [2] - Industry valuations are at historically low levels, with sub-sectors like home furnishings, entertainment light industry, and other light industries at 0.27%, 6.35%, and 0.09% percentiles respectively [2] - Industry fundamentals showed revenue pressure in 2023 but improved in Q1 2024, with gross and net profit margins recovering to 20.81% and 4.67% respectively in 2023, and further improving in Q1 2024 [2] Paper Industry - Waste paper prices remained low in H1 2024 due to weak demand, with yellow board paper prices at 1,438 yuan/ton as of June 21, 2024, down 10.07% from end-2023 [9] - Wood pulp prices rose to mid-high historical levels due to supply constraints, with prices expected to stabilize as new capacity comes online in H2 2024 [9] - Boxboard and corrugated paper prices declined in H1 2024 due to weak domestic demand, but supply pressure is expected to ease with slower capacity expansion [10] - Cultural paper demand remained relatively stable, with prices peaking in March-April 2024 before declining, but expected to remain firm in H2 2024 [10] - Leading paper companies maintained stable profitability, with specialty paper companies showing stronger performance [11] Home Furnishings Industry - The real estate sector's ongoing adjustment in 2024 has pressured the home furnishings industry, but policy support and rising second-hand home transactions are supporting demand [3] - Domestic sales showed moderate recovery, with furniture manufacturing revenue and profits growing in 2024, while exports turned positive with double-digit growth [3] - Industry valuations are at historical lows, with the home furnishings sector's PE(TTM) at 19.27x as of June 18, 2024, in the 0.82% percentile [13] - Industry concentration is increasing, with CR10 rising from 13.01% in 2021 to 16.00% in 2023, led by companies like Oppein Home and Sophia [13] - The integrated home furnishing model is becoming a key industry trend, with penetration expected to reach 24.1% in 2023 and market size projected at 947.3 billion yuan [14] Export Sector - Light industry exports have rebounded since H2 2023, with strong growth in soft furniture and home furnishing exports continuing into 2024 [5] - U.S. housing demand is recovering, with existing home sales improving and furniture wholesaler inventories at low levels, suggesting potential restocking demand [5] - Cross-border e-commerce and overseas warehouses are driving export growth, with over 2,500 overseas warehouses established nationwide [5] Investment Recommendations - The report maintains a "Synchronized with Market" rating for the industry [5] - For the paper sector, focus on leading companies with integrated forest-pulp-paper operations, such as Sun Paper [5] - In home furnishings, recommend undervalued leaders with strong brands and integrated home furnishing models, including Oppein Home and Sophia [5] - For export-oriented companies, suggest focusing on branded exporters with self-operated overseas warehouses, such as Loctek and ZIOTECH [5]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 over the next six months [27]. Core Viewpoints - The brokerage index experienced a volatile decline in May, reaching a new low for the year by the end of the month, with the index down 3.87%, underperforming the CSI 300 by 3.19 percentage points [4][6]. - The average P/B ratio for the brokerage sector fluctuated between 1.144 and 1.208, closing at 1.144 at the end of May [10][12]. - The overall market environment for the brokerage industry is expected to improve gradually, with a focus on high-quality development and the potential for a recovery cycle in profitability [25]. Summary by Sections 1. May Market Review - The brokerage index showed a downward trend throughout May, with a significant drop in trading volume, leading to a median level of brokerage business activity not seen in the past 12 months [4][15]. - The average daily trading volume in May was 847.9 billion yuan, down 7.48% month-on-month [15][17]. 2. Key Factors Affecting Monthly Performance - The performance of equity markets showed signs of weakening, while fixed income markets stabilized, leading to a positive outlook for proprietary trading returns in the brokerage sector [12][19]. - Margin financing balances slightly increased to 1.5265 trillion yuan, marking a 0.96% rise month-on-month, contributing positively to monthly performance [19][20]. - The total amount of investment banking business declined for the second consecutive month due to a drop in both equity and debt financing [22][24]. 3. Investment Recommendations - The report suggests maintaining a cautious approach towards directional equity trading while focusing on fixed income investments, which are expected to contribute positively to monthly returns [25][26]. - The brokerage sector is advised to pay attention to leading brokerages and quality small and medium-sized brokerages for potential trading opportunities [25].

Company Overview - The company, Zhongjing Food, has shown steady revenue growth from 2014 to 2024, with a notable acceleration in sales growth since 2020 due to the significant expansion of the compound seasoning market [1] - From 2014 to 2019, the company's sales grew at an average annual rate of 9.22%, increasing from 387 million yuan in 2014 to 628 million yuan in 2019 [1] - From 2020 to Q1 2024, the average annual sales growth rate was 14.31%, reaching 994 million yuan in 2023, with single product sales approaching the level of major products [1] - Compound seasonings remain the fastest-growing category for the company, with a sales growth of 18.96% in 2023, significantly higher than the growth of basic seasoning ingredients [2] - The company's compound seasoning products entered a stable growth phase after 2019, with an average annual sales growth of 13.47% from 2019 to 2023 [2] Market Position and Competitive Advantages - The company's main products include mushroom sauce and Shanghai scallion oil, which have competitive barriers and market competitiveness [12] - The company's seasoning ingredients, such as star anise and large ingredients, are differentiated in the market due to their unique flavor profiles, achieved through supercritical CO2 extraction technology [12] - The company has a higher gross margin compared to competitors, driven by its raw material advantages and retail-oriented product strategy [14] - The company's raw material advantage is supported by the unique mushroom cultivation capabilities in Xixia, which provides high-quality and cost-effective raw materials, forming a core competitive barrier [14] Financial Performance and Projections - The company's revenue is projected to grow from 882 million yuan in 2022 to 1,406 million yuan in 2026, with a compound annual growth rate (CAGR) of 12.77% from 2023 to 2026 [16] - Net profit is expected to increase from 126 million yuan in 2022 to 237 million yuan in 2026, with a CAGR of 36.72% from 2023 to 2026 [16] - Earnings per share (EPS) are forecasted to rise from 1.26 yuan in 2022 to 2.37 yuan in 2026, with a corresponding P/E ratio decreasing from 22.66 in 2022 to 12.05 in 2026 [16] Industry Overview - The compound seasoning industry has experienced rapid growth, with the market size reaching 150 billion yuan in 2020, growing at an average annual rate of 14.86% from 2014 to 2020 [49] - The industry's output increased from 711,000 tons in 2019 to an estimated 850,000 tons in 2020, with a CAGR of 26.34% from 2016 to 2020 [49] - The industry's revenue grew from 77.5 billion yuan in 2019 to 88.5 billion yuan in 2020, with a CAGR of 14.27% from 2013 to 2020 [49] - The penetration rate of compound seasonings in China is relatively low at 26% in 2020, compared to 73% in the US, 66% in Japan, and 59% in South Korea, indicating significant growth potential [55] Investment Recommendation - The company's major products are expected to continue growing, with projected EPS of 1.86 yuan, 2.13 yuan, and 2.37 yuan for 2024, 2025, and 2026, respectively [72] - Based on the closing price of 28.55 yuan on June 21, 2024, the corresponding P/E ratios are 15.35x, 13.40x, and 12.05x for 2024, 2025, and 2026, respectively [72] - The company is given an "Overweight" rating for the first time [72]

行业半年度策略：半导体新周期开启，人工智能创新不止 行业专题研究：行业盈利承压，静待市场出清 行业月报：猪价加速上行，宠物板块 618 维持快速增长 行业专题研究：新型电力装备产业分析及河南产业概况 证券研究报告-晨会聚焦 发布日期：2024 年 06 月 25 日 【重点数据更新】 【财经要闻】 资料来源：聚源，中原证券研究所 资料来源：聚源，中原证券研究所 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 2,963.10 | -1.17 | | 深证成指 | 8,924.17 | -1.55 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,476.81 | -0.54 | | 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 | 3,3 ...

Market Overview - The A-share market opened lower and experienced fluctuations, with the Shanghai Composite Index finding support around 2960 points before rebounding in the afternoon. Sectors such as electricity, banking, insurance, securities, and aviation performed well, while communication equipment, software development, semiconductors, and automotive sectors lagged behind [2][5][12]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are currently at 12.80 times and 28.80 times, respectively, which are below the median levels of the past three years, indicating that the market valuation remains low and is suitable for medium to long-term investments [2][12]. - The total trading volume on the two exchanges was 698.7 billion yuan, which is below the median trading volume of the past three years. The recent "New National Nine Policies" have been released, promoting market maturity and boosting long-term confidence [2][12]. Sector Performance - The report highlights that over 90% of stocks declined, with the electricity, banking, insurance, aviation, and securities sectors experiencing smaller declines. In contrast, sectors such as transportation equipment, optical electronics, electric machinery, semiconductors, and communication equipment saw larger declines [22]. - The report suggests short-term investment opportunities in sectors such as engineering machinery, petrochemicals, software development, and semiconductors [2][12]. Economic Context - The economic environment is relatively stable, with a slight decline in investment, a gradual stabilization in consumption, and a cooling in industrial production. The central bank's governor indicated a gradual inclusion of secondary market government bond trading into the monetary policy toolbox, aiming to create a suitable liquidity environment [2][12]. - U.S. inflation data came in below expectations, leading to a mixed performance in overseas markets. Future stock indices are expected to maintain a fluctuating pattern, with close attention needed on policy, funding, and external factors [2][12].

2.19% 1.6. 策略模拟 ETF 基金组合跟踪 光伏 ETF(515790.sh) 第9页 / 共17页 图 11：沪深两市周度日均成交金额（亿元） 上周末，融资余额为 14,760 亿元，较前一周末+32 亿元。 4.1. 指数估值 申万创业板最新市盈率为 28.5 倍，处于 2014 年以来历史分数 1.7%。 2.00 2.50 3.00 3.50 4.00 资料来源：Wind，中原证券研究所 资料来源：Wind，中原证券研究所 6. 风险提示 5.1. 风险偏好 | --- | --- | --- | --- | --- | --- | --- | |------------|-------------------------------------------------------|----------|------------|-------------------------------|-----------|-------------| | 表 | 5.2. 换手率 \n1：主要指数换手率变化（%） \n上证综指 | 深证成指 | 沪深 300 | 创业板指 | 上证 50 | 科创 ...

3、工信部印发《2024 年汽车标准化工作要点》，从健全汽车技术标准体 系、加快关键急需标准研制等五方面提出 19 条具体任务。其中提到，加 大智能网联汽车标准研制力度、强化汽车芯片标准供给等。 | --- | --- | --- | |------------|-----------|------------| | 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 | 18,028.52 | -1.67 | 市场分析：周期行业领涨 A 股震荡整理 资料来源：聚源，中原证券研究所 -27% -22% -18% -13% -9% -4% 0% 4% 2023.06 2023.10 2024.02 2024.06 上证指数 深证成指 | --- | --- ...

-300 -200 -100 0 100 200 300 400 沪股通资金净流入（周） 深股通资金净流入（周） 买入：未来 6 个月内公司相对沪深 300 涨幅 15％以上； 增持：未来 6 个月内公司相对沪深 300 涨幅 5％至 15％； 谨慎增持：未来 6 个月内公司相对沪深 300 涨幅-10％至 5% 观望：未来 6 个月内公司相对沪深 300 涨幅－15％至-10％； 卖出：未来 6 个月内公司相对沪深 300 跌幅 15％以上。； 第6页 / 共7页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 ——市场分析 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 工程基建行业领涨 A 股震荡整理 证券研究报告-市场分析 发布日期：2024 年 06 月 21 日 相关报告 《市场分析：通信汽车行业领涨 A 股小幅上 扬》 2024-06-18 联系人： 马嵚琦 周五（06 月 21 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 2992 点附近获得支撑，午后 ...