Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The new electric power equipment industry in China is evolving under the "dual carbon" goals, focusing on developing a new power system primarily based on renewable energy, which poses significant challenges to traditional power systems [2][3]. - China is the largest and fastest-growing market for wind power globally, with a cumulative installed capacity of 441 million kilowatts by the end of 2023, representing a year-on-year growth of 20.77% and accounting for 43.19% of the global total [2]. - The ultra-high voltage (UHV) technology in China is leading globally, with 39 UHV projects completed and operational as of May 2024, covering a total length of approximately 52,000 kilometers [2]. Summary by Sections 1. New Electric Power Equipment Industry Chain Overview - The new electric power equipment is defined as advanced equipment characterized by large capacity, high parameters, cleanliness, efficiency, and intelligence, aimed at optimizing energy structure and promoting energy industry upgrades [7][9]. - The development of electric power equipment has gone through several stages, from initial establishment to significant technological breakthroughs and the current phase of intelligent development [10][11]. 2. Wind Power Generation - China's wind energy resources are abundant, primarily located in Northeast, North China, and Northwest regions, with a total installed capacity of 441 million kilowatts by the end of 2023 [2][3]. - The wind power industry is characterized by high technical barriers and strict standards, with leading companies holding significant competitive advantages [2]. - The trend in wind power equipment development is towards larger scales and offshore applications, with semi-direct drive technology showing advantages [2]. 3. Ultra-High Voltage Transmission - UHV transmission refers to AC voltages above 1000 kV and DC voltages above 800 kV, primarily used for efficient long-distance and large-capacity power transmission [2]. - As of May 2024, China has completed 39 UHV projects, with plans for five additional projects in 2024 [2]. - The UHV industry has high technical barriers, and leading companies maintain a strong market position [2]. 4. Development of New Electric Power Equipment in Henan Province - Henan is accelerating the development of new energy and equipment manufacturing, with key wind power manufacturing bases established in cities like Puyang and Xinyang [3]. - The province has a limited number of UHV companies, but the existing listed companies are industry leaders with high market shares in their respective segments [3].

Industry Overview - The new power equipment industry in China is developing rapidly under the "dual carbon" goals, focusing on high-efficiency clean energy equipment, advanced main and auxiliary equipment, new energy storage, and intelligent power transmission and transformation equipment [2] - Wind power is the largest and fastest-growing market globally, with China's cumulative installed capacity reaching 441 million kW by the end of 2023, accounting for 43.19% of the global market [2] - UHV (Ultra-High Voltage) technology is a key area, with China leading globally, having completed 39 UHV projects by May 2024, with a total line length of 52,000 kilometers [2] Wind Power Industry - China's wind power industry is concentrated in the northeast, north, and northwest regions, with a mismatch between wind resources and consumption capacity in some areas [2] - The industry is moving towards larger-scale wind turbines and offshore wind power, with semi-direct drive technology showing advantages [2] - The top five wind turbine manufacturers in China accounted for 73.8% of the market share in 2023, with Goldwind and Envision Energy leading the industry [42] UHV Industry - UHV technology is critical for long-distance, large-capacity power transmission, with China planning to start five new UHV projects in 2024 [2] - The UHV industry has high technical barriers, with leading companies maintaining strong market positions [2] - Key equipment in UHV projects includes DC transformers, converter valves, AC transformers, and combined electrical equipment [2] Henan Province's Development - Henan Province is accelerating the development of wind power and UHV industries, with four major wind power manufacturing bases in Puyang, Xinyang, Anyang, and Xuchang [3] - The province has introduced leading companies like Mingyang Smart Energy, Tianneng Group, and Xuji Wind Power, driving the development of wind power component manufacturers [3] - Henan is a hub for UHV projects, with plans to further develop its UHV network during the 14th Five-Year Plan period [3] Policy Support - National policies, such as the "New Power System Development Blueprint" and the "Action Plan for Green and Low-Carbon Innovation in Power Equipment," are driving the industry's growth [16] - Henan Province has introduced a series of policies to support the development of new power equipment, focusing on wind power and UHV technologies [22] Key Companies in Henan - Xuji Electric, Pinggao Electric, and Senyuan Electric are leading companies in Henan's power equipment industry, with significant market shares in their respective fields [3] - These companies are involved in wind power equipment manufacturing, UHV projects, and other advanced power technologies [3]

——市场分析 证券研究报告-市场分析 发布日期：2024 年 06 月 12 日 投资要点： 《市场分析：地产交运行业领涨 A 股小幅整 理》 2024-06-07 《市场分析：周期行业领涨 A 股窄幅波动》 2024-06-06 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（06 月 12 日）A 股市场低开高走、小幅震荡上涨，早盘股指低开后震 荡整理，沪指盘中在 3021 点附近获得支撑，午后股指震荡上行，盘中医疗 服务、文化传媒、汽车以及通信设备等行业表现较好；保险、银行、航运 港口以及多元金融等行业表现较弱，沪指全天基本呈现震荡上扬的运行特 征。创业板市场周三震荡整理，成指全天表现弱于主板市场。 周三 A 股市场低开高走、小幅震荡上涨，早盘股指低开后震荡整理，沪指 盘中在 3021 点附近获得支撑，午后股指震荡上行，盘中医疗服务、文化传 媒、汽车以及通信设备等行业表现较好；保险、银行、航运港口以及多元 金融等行业表现较弱，沪指全天基本呈现震荡上扬的运行特征。当前上证 综指与创业板指数的平均市盈率分别为 12.93 倍、29.19 倍，处 ...

传媒 分析师：乔琪 暑期文化娱乐消费旺季将至，关注电 登记编码：S0730520090001 影、游戏定档进展 q iaoqi@ccnew.com 021-50586985 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深300指数表现 发布日期：2024年06月12日 投资要点： 传媒 沪深300 6%  行情回顾与估值表现：5月传媒板块下跌7.52%，同期上证指数、 -1% -7% 沪深300以及创业板分别下跌0.58%、0.68%、2.87%，与基准指 -14% -21% 数相比，传媒板块在5月的下跌幅度相对更大，排在全行业涨跌幅 2023.06 2023.10 2024.02 2024.06 -27% 第30位。 -34% -41% 子板块全部下跌，其中社交互动与媒体下跌12.73%、互联网广告 资 料来源：聚源，中原证券研究所 营销下跌10.68%、信息搜索与聚合下跌10.00%，互联网影音视频、 相关报告 出版、其他文化娱乐下跌幅度相对较小，5月分别下跌2.45%、 《传媒行业月报：2024Q1业绩表现分化，关 3.67%、4.01%。 注AI更新以及降价效应》 2024 ...

基础化工 分析师：顾敏豪 登记编码：S0730512100001 行业景气边际回暖，围绕两条主线布局 g umh00@ccnew.com 021-50586308 ——基础化工行业月报 证券研究报告-行业月报 同步大市(维持) 基础化工相对沪深300指数表现 发布日期：2024年06月12日 投资要点： 基础化工 沪深300 5% 2024年5月份中信基础化工行业指数下跌1.50%，在30个中信一级 0% -5% 行业中排名第17位。子行业中，磷肥及磷化工、有机硅和民爆用品 -11% 行业表现相对较好。主要产品中，5月份化工品整体有所回调，涨跌 -16% -21% 比较上月下降。上涨品种中，异丁醛、天然橡胶原料、制冷剂R22、 -26%2023.06 2023.10 2024.02 2024.06 新戊二醇和天然乳胶涨幅居前。6月份的投资策略，建议继续关注煤 -31% 化工、轻烃化工和磷化工行业。 资 料来源：中原证券、聚源数据 ⚫ 市场回顾：根据wind数据，2024年5月份中信基础化工行业指 相关报告 数下跌1.50%，跑输上证综指0.92个百分点，跑输沪深 300 指数 《基础化工行业深度分析：行业景气 ...

大家好欢迎参加智商交易及运产业链系列电话会中原海发线上交流目前所有参会者正处于静音状态现在开始播报名字声明声明播报完毕后主持人可直接开始发言谢谢 浙商证券研究所提醒您一本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则未经合法授权严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合谢谢 好的各位投资者下午好我是中央交易的卢超尧那近期京市场火热然后运价不断飙升行业的景气度是有目共睹的那今天市场是受到消息面的影响反应比较剧烈我们也是很荣幸的邀请到了中央海发的谢总在第一时间与我们就市场最关心的一个问题做一个交流那首先想请谢总对公司的业务情况做一个简单的介绍谢谢各位投资者大家好我们这边是中央海发的投资团队 最近可能这个中央 ...

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 | --- | --- | --- | |-------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,028.05 | -0.76 | | 深证成指 | 9,262.35 | 0.07 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,542.88 | -0.87 | | 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 | 3,379.68 | -0.92 | | 中证 500 | 5,217.47 | 0.16 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7,801.2 ...

周二 A 股市场低开低走、小幅震荡整理，早盘股指低开后震荡回落，沪指 盘中在 3013 点附近获得支撑，午后股指维持震荡，盘中半导体、电子元件、 计算机设备以及教育等行业表现较好；酿酒、银行、航运港口以及电力等 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 13.05 倍、28.91 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。两市周二成交 金额 7054 亿元，处于近三年日均成交量中位数区域下方。新国九条发布， 推动市场走向成熟，提振市场长期信心。5 月出口保持韧性，地产销售有 所改善，汽车销售略有下降。新增地方政府专项债券发行在 5 月显著提速， 将有力支持扩大有效投资，稳固经济大盘。宏观和市场监管利好政策预期 依然较强，市场有望在关键点位得到支撑，未来股指总体预计将保持震荡 格局，同时仍需密切关注政策面、资金面以及外部因素的变化情况。我们 建议投资者短线关注汽车、文化传媒、半导体以及电子元件等行业的投资 机会。 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政策及经 济复苏进度不及预期；宏观经济超预期扰动；政策超预期变 ...

半导体 分析师：邹臣 登记编码：S0730523100001 大基金三期成立，关注国产替代方向 z ouchen@ccnew.com 021-50581991 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深300指数表现 发布日期：2024年06月11日 投资要点： 半导体 沪深300 5%  5月国内半导体行业表现相对较弱。2024年5月国内半导体行业 -1% -7% （中信）下跌1.71%，同期沪深300下跌0.68%，半导体行业 -13% （中信）年初至今下跌14.18%；5月费城半导体指数上涨 -19% -252%023.06 2023.10 2024.02 2024.06 9.63%，同期纳斯达克100上涨6.28%，年初至今费城半导体指 -31% 数上涨22.70%。 -37%  全球半导体月度销售额继续同比增长，存储器月度价格环比回 资 料来源：聚源，中原证券研究所 落。2024年4月全球半导体销售额同比增长15.8%，连续6个月 相关报告 实现同比增长，环比增长1.1%；根据WSTS的最新预测，上调预 《半导体行业月报：半导体行业24Q1复苏 测2024年全球 ...

-27% -22% -18% -14% -9% -5% 0% 4% 2023.06 2023.10 2024.02 2024.06 上证指数 深证成指 【宏观策略】 资料来源：聚源，中原证券研究所 | --- | --- | --- | |------------|-----------|------------| | 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 | 18,366.95 | -0.59 | 资料来源：聚源，中原证券研究所 【财经要闻】 3、证监会就《中国证监会行政处罚裁量基本规则（征求意见稿）》公开征 求意见，进一步规范证监会及其派出机构行政处罚裁量。 周度策略：出口继续走强，市场或有支撑 市场分析：地产交运行业领涨 A 股小幅整 ...