间和可能性，重塑内容产业的创作模式，不仅为专业的创作者提供了效率更高的内容生产工具， 也为普通的用户提供了更加低门槛的内容创作捷径。一方面通过 AI 工具提升内容生产的效率， 有效减少内容创作的时间和成本，缩短创作周期，未来的内容产业中，部分非核心内容的创作 可能被 AI 工具替代；另一方面借助 AI 工具的力量能够降低内容创作的门槛，使更多的创作者 参与到内容创作之中，提升内容产品的丰富性和创意性。 主线二：关注高分红、高股息、低估值、低风险个股 在政策的提倡和引导下，未来上市公司将越来越重视投资者回报，进一步推动分红力度提高， 提升股息率水平，也为高分红的公司带来更多的关注。在市场风险偏好较低时，此类公司的市 场表现较为稳定，长期投资收益的回报较高。 风险提示：宏观经济波动影响文化消费需求；行业监管政策超预期变化；项目制特点导致公司 行业年度策略：把握周期，拥抱成长 2024-06-27 （张蔓梓 S0730522110001 13681931564 zhangmz@ccnew.com） 行业月报：券商板块 2024 年 5 月回顾及 6 月前瞻 2024-06-25 本报告版权属于中原证券股份有限公司 ...

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 ...

Group 1: Market Review - Global technology stocks continue to lead the market, with the Nasdaq rising by 18% and the Taiwan index by 28% in the first half of 2024. In contrast, the domestic market shows a divergence between large and small-cap stocks, with the large-cap indices like the Shanghai 50 and CSI 300 recording positive returns, while the small-cap index, represented by the CSI 1000, fell by 18% [7][81][84] - The domestic market is characterized by a range-bound fluctuation, with stable performance in mature industries such as banking, home appliances, coal, and oil and petrochemicals, which have attracted capital due to high dividend yields [7][84] Group 2: External Environment - The rise of protectionist policies and geopolitical tensions is increasing uncertainty in the global economic landscape, which may impact export-oriented economies [10][93] - Inflation in developed economies is expected to decline, potentially opening the door for interest rate cuts, which could influence market dynamics [10] Group 3: Domestic Environment - The economy is transitioning towards high-quality development, with a focus on new productive forces driven by technology. The contribution of high-tech manufacturing to GDP growth is increasing, with sectors like new energy vehicles and solar batteries maintaining double-digit growth rates [12][88] - Real estate continues to drag down investment, while consumption remains relatively stable, and exports are holding strong [10][88] Group 4: Profit and Valuation Expectations - The overall profit growth of listed companies is declining, with a reported decrease of 4.7% in net profit for A-share companies in Q1 2024. However, industrial enterprises are showing signs of improvement, with a 0.7% year-on-year profit growth in May 2024 [32][33] - Among various industries, the electronic and agricultural sectors are experiencing significant profit growth, while real estate and construction are facing substantial declines [32][33] Group 5: Funding Behavior - Public fund issuance is relatively cold, with a low stock position in public funds. Financing funds have also decreased, indicating a cautious approach from investors [10][20] - The net inflow of northbound funds has slowed down, reflecting a more cautious investment sentiment in the market [10][20] Group 6: Trends and Allocation - The report emphasizes the importance of "patient capital" and suggests focusing on sectors with high return on equity (ROE) and high dividend yields, such as technology and mature industries like electricity and resources [13][25] - The new "National Nine Articles" policy aims to promote high-quality development in the capital market, enhancing the quality of new listings and improving the management of dividends and buybacks [8][25]

证券研究报告-行业半年度策 略 同步大市(下调) 传媒相对沪深 300 指数表现 传媒 沪深300 -36% -30% -24% -19% -13% -7% -1% 5% 2023.06 2023.10 2024.02 2024.06 资料来源:中原证券研究所,聚源 相关报告 《传媒行业月报:暑期文化娱乐消费旺季将 至,关注电影、游戏定档进展》 2024-06-12 《传媒行业月报:2024Q1 业绩表现分化,关 注 AI 更新以及降价效应》 2024-05-22 《传媒行业专题研究:2023 年业绩修复明显, 2024Q1 细分板块变化致整体略承压》 2024-05-17 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 行业回顾:传媒板块年内跌幅较大。截至 2024 年 6 月 21 日,中信 传媒指数年内下跌 20.80%,排在全行业第 28 位,同期沪深 300 以及上证指数分别上涨 1.88%和 0.78%,创业板指下跌 7.16%;传 媒板块均不同程度跑输以上对比基准。 在细分子板块中,出版、其他广告营销分别下跌 6.96%和 ...

电气设备 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 分析师:唐俊男 登记编码:S0730519050003 tangjn@ccnew.com 021-50586738 研究助理:王兴广 登记编码:S0730123120001 wangxg1@ccnew.com 0371-65585753 ——电气设备行业月报 证券研究报告-行业月报 同步大市(维持) 电气设备相对沪深 300 指数表现 发布日期:2024 年 06 月 28 日 投资要点: 电气设备 沪深300 -27% -22% -18% -13% -9% -4% 0% 5% 2023.06 2023.10 2024.02 2024.06 资料来源:中原证券,聚源 相关报告 《电气设备行业专题研究:新型电力装备产 业分析及河南产业概况》 2024-06-12 《电气设备行业月报:政策托举宏观向好, 海外需求仍有韧性,关注电气设备板块龙头 企业》 2024-05-31 《电气设备行业月报:需求增长助力行业复 苏,关注电气设备板块龙头企业》 2024-04- 15 联系人:马嶔琦 电话: 021-50586973 地址: 上海浦 ...

分析师:陈拓 登记编码:S0730522100003 chentuo@ccnew.com 电力市场化改革有望提速,建议长期关注 真正创造价值的好公司 证券研究报告-行业半年度策 略 强于大市(维持) 电力及公用事业相对沪深 300 指数表现 电力及公用事业 沪深300 -17% -14% -10% -7% -4% 0% 3% 7% 2023.06 2023.10 2024.02 2024.06 资料来源:中原证券研究所,聚源 相关报告 《电力及公用事业行业月报:电力需求延续快 速增长,1-4 月电力行业利润增长 44.1%》 2024-05-30 《电力及公用事业行业专题研究:电力产业链 分析及河南省产业概况》2024-04-30 《电力及公用事业行业月报:工业拉动用电量 增长,一季度电力板块全面盈利》2024-04-30 ——电力及公用事业行业 2024 年中期投资策略 发布日期:2024 年 06 月 28 日 投资要点: ⚫ 2024 年上半年电力及公用事业走势强于市场。截至 6 月 25 日,作 为防御属性较强的板块,电力及公用事业指数上涨 8.47%,跑赢沪 深 300 指数(0.78%)7.69 ...

分析师:刘智 登记编码:S0730520110001 liuzhi@ccnew.com 021-50586775 内需看设备更新、新质生产力,外需看优 势装备出海 机械 ——中原机械行业 2024 年中期策略 证券研究报告-行业半年度策 略 同步大市(维持) 机械相对沪深 300 指数表现 机械 沪深300 -32% -27% -22% -16% -11% -6% -1% 5% 2023.06 2023.10 2024.02 2024.06 资料来源:中原证券研究所,聚源 相关报告 《机械行业月报:持续关注设备更新+出口产 业链 》 2024-05-30 《机械行业月报:设备更新政策持续下沉发 力,出口产业链景气持续》 2024-04-30 《机械行业专题研究:工业机器人产业链分析 及河南省产业概况》 2024-04-25 ⚫ 2024 年中信机械板块下跌 10.87%,位居全部行业第 15。截止到 2024 年 6 月 26 日收盘,2024 年中信机械行业下跌 10.87%,跑输 沪深 300 指数(+1.43%)12.3 个百分点,排名 30 个中信一级行业 第 15 名。中信机械三级子行业中服务机器人 ...

分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 | --- | --- | --- | |-----------------------|-----------|------------| | 国际市场表现 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 | 17,716.47 | -2.06 | 【重点数据更新】 2、1—5 月份，规模以上工业企业营业收入同比增长 2.9%，利润总额同比增长 3.4%。 工程建设以及医疗器械等行业的投资机会。 （张刚 S0730511010001 021-50586990 zhanggang@ccnew.com） 周二 A 股市场冲 ...

——市场分析 《市场分析：成长行业领涨 A 股先抑后扬》 2024-06-26 联系人： 马嵚琦 证券研究报告-市场分析 发布日期：2024 年 06 月 27 日 ◼ A 股市场综述 ◼ 后市研判及投资建议 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；政策超预期变化；国际关 系变化带来经济环境变化；海外宏观流动性超预期收紧；海外波动加剧。 表 1: A股主要指数表现 (单位:点) . 图表目录 本报告版权属于中原证券股份有限公司 www.ccnew.com 周四（06 月 27 日）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 2944 点附近获得支撑，午后股指震荡整固，盘中消费电子、银行以及工程建设等行业表现 较好；半导体、通信设备、互联网服务以及软件开发等行业表现较弱，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。上证综指收市报 2945.85 点，跌 0.90%，深证成指收市报 8849.70 点，跌 1.53%，科创 50 指数下跌 1.96%，创业 板指下跌 1.59%。深 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agriculture, forestry, animal husbandry, and fishery industry [2][6]. Core Insights - The agriculture, forestry, animal husbandry, and fishery industry has underperformed compared to benchmark indices, with a return of -7.51% from early 2024 to June 26, 2024, lagging behind the CSI 300 index by 8.94 percentage points [5][12]. - The industry is expected to enter an upward cycle as pig prices stabilize and rise, driven by a reduction in supply and improved profitability in the breeding sector [5][30]. - The pet food sector has shown significant growth, while the wood processing sector has lagged behind; overall, the industry is currently valued at a historical low, presenting investment opportunities in specific sub-sectors [5][6]. Summary by Sections Market Review - The agriculture, forestry, animal husbandry, and fishery index has seen a decline of -12.65% over the past year, underperforming the Shanghai Composite Index by 7 percentage points [10]. - The pet food sub-sector has performed well, while the wood processing sub-sector has seen lesser gains [12][13]. Livestock Breeding - The pig breeding sector is entering an upward cycle, with a decrease in piglet supply and a stabilization of pig prices, leading to increased optimism among breeders [15][22]. - The average price of pigs reached 18.84 yuan/kg in mid-June 2024, reflecting a month-on-month increase of 3.80% and a year-on-year increase of 31.64% [22][24]. - The leading pig breeding company, Muyuan Foods, reported a 9% year-on-year increase in pig output for the first five months of 2024 [26]. Animal Health - The animal health sector is expected to benefit from the upcoming launch of new vaccines and the increasing scale of livestock breeding operations [44][46]. - The market for veterinary drugs has shown steady growth, with a compound annual growth rate of 7.76% from 2016 to 2021, although it faced a slight decline in 2022 due to the downturn in the breeding sector [42][44]. Seed Industry - The seed industry is poised for growth as 2024 is marked as the year of commercialization for biological breeding in China, with favorable policies and regulations being implemented [5][6]. - Companies in the seed sector are expected to benefit from increased industry concentration and profitability [5][6]. Pet Food - China's pet food market is projected to continue growing significantly, driven by changes in population structure and rising living standards [5][6]. - The market for pet food exports has shown signs of recovery, with domestic brands gaining market share [5][6].