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 ...

电子 分析师：邹臣 登记编码：S0730523100001 半导体新周期开启，人工智能创新不止 z ouchen@ccnew.com 021-50581991 ——电子行业 2024 年中期投资策略 证券研究报告-行业半年度策略 强于大市(维持) 电子相对沪深300指数表现 发布日期：2024年06月21日 投资要点： 电子 沪深300 4%  回顾2024年上半年，随着行业库存去化及下游需求回暖，半导体 -1% -6% 行业一季度明显复苏，我们认为半导体行业已开启新一轮上行周 -11% -16% 期，AI为推动半导体行业成长的重要动力；AI大模型持续迭代，英 -21% 2023.06 2023.10 2024.02 2024.06 伟达发布基于Blackwell架构的GB200超级芯片及机柜解决方案 -26% -31% GB200 NVL72，人工智能创新从云端延展到终端，AI手机及AI PC 新品密集发布，苹果和微软分别推出Apple Intelligence及 资 料来源：中原证券研究所，聚源 Copilot+PC加速终端变革。展望2024年下半年，我们看好半导体 相关报告 产业链有望延续复苏态势；A ...

Summary of Conference Call Notes Company and Industry Overview - The conference call pertains to Zhongyuan Neipei, a company involved in the automotive parts industry, specifically focusing on brake systems and components for heavy-duty vehicles. Key Points and Arguments Business Performance and Market Position - The company estimates a unit value of approximately 6,000 to 7,000 yuan per vehicle for its products in the heavy truck sector, with actuator components priced around 200 to 300 yuan each [1][4]. - The company has established a strong customer base, including major clients such as Sinotruk, Shaanxi Automobile, Dongfeng Dana, and FAW [3][4]. - The company anticipates achieving its annual economic target of 40 to 50 million yuan, despite a slight downturn in the heavy truck market during the second quarter [4]. Product Development and Market Expansion - The company is experiencing growth in its new brake products, particularly in the North American market, following a recent acquisition that has allowed it to penetrate this market effectively [4][16]. - The company expects to produce between 120,000 to 140,000 units of its new brake products this year, capturing approximately 20% of the market share for heavy trucks [5][6]. - The transition from traditional brake products to new dual-metal brake products is ongoing, with the company currently holding an 80% market share in this segment [9][10]. Future Growth and Strategic Initiatives - The company is focusing on expanding its hydrogen fuel technology and has set a target to deliver 200 units this year, with significant interest from potential clients [17][18]. - A new factory in Thailand is under construction with an investment of 210 million yuan, expected to be operational by the end of 2025, which will help reduce tariffs and improve profit margins [24][25][27]. - The company plans to leverage its new production capabilities to enhance its competitive position in both domestic and international markets, particularly in North America and Europe [20][23]. Financial Projections and Market Strategy - The company projects revenues from its automatic brake business to reach 1 billion yuan within three years, with a focus on expanding its electronic product line to achieve similar growth [36][41]. - The company is also exploring partnerships with major global players, such as Cummins and DBM, to enhance its technological capabilities and market reach [20][38]. Challenges and Considerations - The company acknowledges challenges in the aftermarket segment due to competition from lower-quality products, but it aims to establish a stronger presence through innovative product designs [11][12]. - The transition to new product lines requires careful management to ensure customer acceptance and market penetration [7][8]. Additional Important Information - The company is actively working on improving its production efficiency and expanding its product offerings to meet the evolving demands of the automotive industry [44][45]. - The management emphasizes the importance of maintaining strong relationships with key clients to secure long-term contracts and ensure stable revenue streams [26][29]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, market positioning, and future growth prospects.

◼ A 股市场综述 第3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 1. A 股市场走势综述 第5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 本报告署名分析师具有中国证券业协会授予的证券分析师执业资格，本人任职符合监管机 构相关合规要求。本人基于认真审慎的职业态度、专业严谨的研究方法与分析逻辑，独立、 客观的制作本报告。本报告准确的反映了本人的研究观点，本人对报告内容和观点负责， 保证报告信息来源合法合规。 相关报告 图表目录 图 1：最近三年沪深两市平均市盈率变化（单位：倍） 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 投资要点： 联系人： 马嵚琦 证券研究报告-市场分析 发布日期：2024 年 06 月 13 日 周四 A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震荡上行，沪指 盘中在 3040 点附近遭遇阻力，午后股指震荡回落，盘中消费电子、半导体、 汽车以及通信设备等行业表现较好；酿酒、银行、房地产以及文化传媒等 行 ...

【重点数据更新】 | --- | --- | --- | --- | --- | --- | |-----------|----------|----------------------|----------------|---------------------|------------| | 代码 | 简称 | 本次解禁数量（万股） | 总股本（万股） | 占总股本比例（ % ） | 解禁日期 | | 688016.SH | 心脉医疗 | 1,601.47 | 12,326.21 | 12.99 | 2024/06/24 | | 688349.SH | 三一重能 | 376.57 | 120,552.10 | 0.31 | 2024/06/24 | | 688690.SH | 纳微科技 | 19,925.49 | 40,381.48 | 49.34 | 2024/06/24 | | 000333.SZ | 美的集团 | 27.79 | 698,011.58 | 0.00 | 2024/06/24 | | 688512.SH | 慧智微 | 33.48 | 45,520.35 | 0.07 | 2024/0 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 半导体医疗行业领涨 A 股震荡整固 ——市场分析 相关报告 《市场分析：周期行业领涨 A 股震荡整理》 2024-06-19 《市场分析：通信汽车行业领涨 A 股小幅上 扬》 2024-06-18 《市场分析：汽车半导体行业领涨 A 股震荡 整理》 2024-06-17 联系人： 马嵚琦 证券研究报告-市场分析 发布日期：2024 年 06 月 20 日 投资要点： ◼ A 股市场综述 周四（06 月 20 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震 荡上行，沪指盘中在 3028 点附近遭遇阻力，午后股指震荡回落，盘中半导 体、航运港口、黄金以及医疗服务等行业表现较好；软件开发、互联网服 务、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。创业板市场周四震荡回落，成指全天表现弱于主板市场。 ◼ 后市研判及投资建议 周四 A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震荡上行，沪指 盘中在 3028 点附近遭遇阻力，午后股指震荡回落，盘中半导体、航运港口 ...