石油化工 分析师:原教教 生记结局:S0730512100001 gumh00@ccnew.com 021-50586308 涤纶长丝累累券券业绩均 -桐尾殷份(601233)公司点评报告 买入(维持) 证券研究报告-公司总评报告 | --- | |----------------------| | 市场教操(2024-07-18) | | 收益价(元) | | 一年内最高/最低(元) | | 沪深 300 指数 | | 市 净率(倍) | | 流過市值(亿元) | | 基础教務(2024-03-31) | | 等股净资产(元) | | | 毛利率(%)6.71 净资产妆益率_掉海(%)1.61 资产负债率(%)67.56 总股本/流通股(万股) 241,111.95/227,230.9 6 B 股/H 股(万股)0.00/0.00 个股相对沪藻 300 格数表现 -15% 2024.07 2023.11 2024.03 -2690 资料未源:中原证券研究所,菜源 相关报告 《柯昆殷份(601233)公司总评报告: 二季度经 登回暖,未来业绩有望延续复苏》 2023-07-27 《桐昆殷份(601233)公司 ...

石油化工 分析师:顾敏豪 登记编码:S0730512100001 gumh00@ccnew.com 021-50586308 涤纶长丝景气复苏带动业绩增长,未来有 望进一步改善 ——桐昆股份(601233)公司点评报告 证券研究报告-公司点评报告 买入(维持) 市场数据(2024-07-18) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 14.56 | | 一年内最高/最低(元) | 16.34/10.91 | | 沪深 300 指数 | 3,520.93 | | 市净率(倍) | 0.97 | | 流通市值(亿元) | 330.85 | | 基础数据(2024-03-31) | | | 每股净资产(元) | 14.96 | | 每股经营现金流(元) | -2.21 | | 毛利率(%) | 6.71 | | 净资产收益率_摊薄(%) | 1.61 | | 资产负债率(%) | 67.56 | | 总股本/流通股(万股) | 241,111.95/227,230.9 | | | 6 | | B 股/H 股(万 ...

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 ...

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]