1. 市场资讯 国家主席习近平在北京人民大会堂同来华进行国事访问的东帝汶总统奥尔塔 举行会谈。习近平指出，中国将进一步全面深化改革，构建高水平社会主义 市场经济体制，推进高质量发展和高水平对外开放，这将给全球经济复苏、 地区发展和两国合作带来新动力、新契机。 央行公告称，为维护月末银行体系流动性合理充裕，7 月 29 日以固定利率、 数量招标方式开展 3015.7 亿元 7 天期逆回购操作，操作利率 1.70%。Wind 数据显示，今日有 582 亿元逆回购到期。 国家发改委紧急下达 5 亿元中央预算内投资，支持湖南、河南、四川、陕西 暴雨洪涝和福建台风灾害灾后应急恢复，重点用于受损水利防洪、学校医院 等灾区基础设施和公共服务设施应急恢复建设，推动尽快恢复正常生产生活 秩序。 报告要点： 资金筹码方面，主力资金 7 月 29 日净流出 50.53 亿元。其中超大单净 流入 2.78 亿元，大单净流出 53.31 亿元，中单资金净流出 9.94 亿元，小单 持续净流入 60.47 亿元。 Wind热门概念指数涨跌幅前十和后十（%） 6. 全球市场表现 7 月 26 日欧洲三大股指普遍上涨。德国 DAX 指数上涨 ...

行业研究报告 发布时间：2024年7月29日 新能源博弈座者为手，容能科技开辟新方向 汽车行业开究报告 分析师： 刘 乐 执业证书编号：S0020524070001 耐 箱： liule@gyzq.com.cn 联系电话：021-5109-7188 III 报告委总 ● 汽车行业发展沿经典的生命周期商线演进，当前国内新能源车与传统丰周期重叠进入成长后期标标荡,期阶 我，后续活两个方向发展：一是原有曲线寻找新出路，体现在出海、并购杂以品牌化为代表的壁垒构建方 面；另一方向则是开辟新成长曲线，体现在自动驾驶、人形机器人布飞行汽车方面。同时变纸期政策驱动。 ● 长期与短期繁峰共振 1）汽车产业的发展脉络一直都很清晰。 至2008年前后，传统燃油车第一曲线基本进入成长后期和寒荡期阶段。 2009年后都是在包括宏观种产业政策的推动下波动标荡 2）与经典产业生命周期曲线指引的趋势一样，寒荡期开始寻来第二曲线。因此2009年"十城千辆"推动新能 源丰发展。但由于政策推动，智能电动丰发展节奏快，到当前为止心经进入成长后期和寒荡期阶段，与国内进 入袁退期的传统燃油车一起开始成长曲线中后期的发展模式： (1) 在原有曲线上出海， ...

Investment Rating - The report maintains a positive investment rating for the automotive and auto parts industry, particularly highlighting the benefits from the "old-for-new" policy and the growth potential in commercial vehicles and leading passenger car manufacturers [2][10]. Core Insights - The "old-for-new" policy introduced by the National Development and Reform Commission and the Ministry of Finance aims to support the replacement of old diesel trucks and promote the electrification of public transport, with significant subsidies for eligible vehicles [2]. - The penetration rate of new energy vehicles (NEVs) in China reached 48% as of June 2024, indicating a shift towards a "late majority" consumer phase, where brand recognition and comprehensive product offerings become crucial [3]. - The report emphasizes the competitive advantages of Chinese automotive companies in the global market, drawing parallels with historical trends observed during Japan's automotive expansion in the 1980s [4][8]. Summary by Sections 1. Market Overview - The automotive sector experienced a weekly decline of 1.80%, with commercial vehicles showing a significant increase of 5.19%, while passenger vehicles saw a decrease of 3.33% [14][17]. 2. Policy Impact - The new "old-for-new" policy includes substantial subsidies: 80,000 yuan for scrapping and replacing eligible trucks, 35,000 yuan for purchasing without scrapping, and 30,000 yuan for early scrapping of old trucks [2][40]. - The policy also doubles the subsidies for passenger vehicles under the "old-for-new" scheme, reflecting a strong governmental push to stimulate the automotive market [2]. 3. New Energy Vehicles - The report notes that NEV retail sales from July 1-21, 2024, reached 461,000 units, a 26% year-on-year increase, indicating robust growth in this segment [21]. - The top-selling NEV brands during this period included BYD, AITO, and Li Auto, showcasing the competitive landscape in the NEV market [25][26]. 4. Industry Trends - The report highlights the importance of brand strength and technological advancements in the automotive sector, particularly as companies transition from early adopters to a broader consumer base [3][9]. - It suggests that companies with strong brand recognition and innovative product offerings are likely to benefit from the ongoing market transformation [10]. 5. Global Expansion - The report discusses the competitive advantages of Chinese automotive companies in international markets, emphasizing the importance of local production and partnerships in overcoming trade barriers [4][8]. - It also notes that the export of Chinese automobiles reached 552 billion USD in the first half of 2024, with a 25% increase year-on-year, reflecting growing global demand [29]. 6. Key Developments - Significant partnerships and technological advancements are noted, such as the collaboration between Xpeng Motors and Volkswagen on electronic architecture, which aims to enhance product offerings in the Chinese market [32]. - The report also mentions the strategic moves by companies like BYD and Chery in expanding their production capabilities and market presence [44][39].

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2024 年 07 月 29 日 [Table_Title] 千帆星座发射在即，关注卫星互联网催化 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2024.07.22-2024.07.26）上证综指回调 3.07%，深 证成指回调3.44%，创业板回调3.82%。本周申万通信回调 3.25%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信及电子行业"推荐"评级。 细分行业：本周（2024.07.22-2024.07.26）通信板块三级子行业 中，通信线缆及配套上涨幅度最高，涨幅为 6.84%，通信网络设备及 器件回调幅度最高，跌幅为 5.42%，本周各细分板块主要呈回调趋 势。 个股方面：本周（2024.07.22-2024.07.26）通信板块涨幅板块分析 方面，世纪鼎利（18.52%）、神宇股份（15.95%）、世嘉科技 （9.92%）涨幅分列前三。 千帆星座发射在即 据媒体报道，"千帆星座"首批组网卫星发射仪式将于 8 ...

终究到了出手一刻，但无论是逆回购利率还是 LPR 利率，下降幅度应是 不够的，反而给了债券市场突破的契机。 之所以 MLF 多调整了 10bp，应该是 MLF 需求偏弱所导致的，但作为周 期调控者来说，应通过量价去平稳需求，因此，央行月内罕见地进行了两次 MLF 操作。如果稳信用是一个重要目标，在没有其他长期投放工具的替代之 前，MLF 工具应不会很快退出政策工具箱。 人民币兑美元汇率出现了大幅升值，这个原因很明显，当前中间价和盘 中价出现了非常罕见的大幅偏离，这个汇率应该不是基本面的作用，而更应 该清楚的是，现在政策的考虑是又期待宽松带来稳信用的结果，又怕宽松本 身带来利率及汇率的大幅下跌，这就是我们年初所说的类特里芬难题，这本 身是不能兼顾的，在挣扎之后，政策还要去选择稳信用，悬念只是节奏和时 间。 很多人在找商品大幅下跌的短期原因，但实际上，商品本身因为中国的 宽信用不利问题，已经在转势的节点，况且，主流金属就商品周期来说，位置 还偏高估，在这个新的趋势下，短期的节奏很多是情绪上的，比如这周的全球 权益市场、债券市场和商品市场，都是共势的。 美国二季度 GDP 增速远超市场预期，PCE 也略超市场预期， ...

7 月 25 日欧洲三大股指涨跌互现。德国 DAX 指数下跌 0.48%，报 18298.72 点；英国富时 100 指数上涨 0.40%，报 8186.35 点；法国 CAC40 指数下跌 1.15%，报 7427.02 点。美股三大指数涨跌互现，道琼斯工业指数 上涨 0.20%，收于 39935.07 点；标普 500 指数下跌 0.51%，收于 5399.22 点；纳斯达克综合指数下跌 0.93%，收于 17181.72 点。热门中概股涨跌不 一，纳斯达克中国金龙指数下跌 0.68%。 本文基于客观数据进行分析，本文数据仅供参考，不构成投资建议。 [Table_PicStock] 主要市场走势图 | --- | --- | |-----------------------------|--------------------------| | | | | [Table_Report] 相关研究报告 | | | | | | [Table_Author] 报告作者 | | | 分析师 | 朱定豪 | | 执业证书编号 | S0020521120002 | | 邮箱 | zhudinghao@gyzq.com ...

本文基于客观数据进行分析，本文数据仅供参考，不构成投资建议。 请务必阅读正文之后的免责条款部分 11 / 12 | --- | --- | --- | --- | |-------|---------------------------------------------|-------|--------------------------------------------| | （ 1 | 投资评级说明 \n）公司评级定义 | （ 2 | ）行业评级定义 | | 买入 | 股价涨幅优于基准指数 15% 以上 | 推荐 | 行业指数表现优于基准指数 10% 以上 | | 增持 | 股价涨幅相对基准指数介于 5% 与 15% 之间 | 中性 | 行业指数表现相对基准指数介于 -10%~10% 之间 | | 持有 | 股价涨幅相对基准指数介于 -5% 与 5% 之间 | | | | 卖出 | 股价涨幅劣于基准指数 5% 以上 | 回避 | 行业指数表现劣于基准指数 10% 以上 | 备注：评级标准为报告发布日后的 6 个月内公司股价（或行业指数）相对同期基准指数的相对市场表现，其中 A 股市场基准为沪深 300 ...

Market Overview - On July 24, major indices in the A-share market experienced fluctuations, with the Shanghai Composite Index down 0.46% to 2901.95 points, the Shenzhen Component Index down 1.32% to 8493.10 points, and the ChiNext Index down 1.23% to 1650.91 points. The total market turnover was 631.43 billion yuan, a decrease of 35.2 billion yuan from the previous trading day, with 799 stocks rising and 4444 stocks falling [37][40]. Market Style and Sector Performance - Most market styles saw declines, with cyclical, financial, consumer, and growth styles down, while stable styles increased. The index of fund-heavy stocks declined less than that of non-fund-heavy stocks. Value style outperformed growth, and large-cap stocks outperformed small-cap stocks [8][52]. - Among the 30 first-level industries, the top performers were Electric Power and Utilities (up 1.26%), Defense and Military (up 0.76%), and Construction (up 0.42%). The worst performers included Home Appliances (down 2.78%), Real Estate (down 2.74%), and Automotive (down 2.60%) [29][52]. Fund Flow Performance - On July 24, northbound funds recorded a net outflow of 2.276 billion yuan, with the Shanghai Stock Connect seeing a net outflow of 695 million yuan and the Shenzhen Stock Connect a net outflow of 1.582 billion yuan. Southbound funds also experienced a net outflow of 760,000 Hong Kong dollars [9][54]. - The trading volume of ETFs such as the Huaxia SSE 50 ETF, Huatai-PB CSI 300 ETF, and others increased compared to the previous trading day, with notable inflows into the CSI 300 ETF amounting to 3.949 billion yuan on July 23 [58].

Investment Rating - The investment rating for Jiangling Motors is upgraded to "Buy" [6] Core Views - Jiangling Motors reported a revenue of 17.9 billion yuan for the first half of 2024, representing a year-on-year growth of 16.14%, and a net profit attributable to shareholders of 895 million yuan, up 22.77% year-on-year [3] - The company is actively transforming towards electric and intelligent vehicles, launching its new brand "Jiangling Lexing New Energy" and its first model "Jiangling Lexing E Road" in 2023 [5] - The company has achieved significant growth in its core products, with light commercial vehicle sales increasing by 14.78% and pickup sales by 33.43% in the first half of 2024 [4] Summary by Relevant Sections Financial Performance - In the first half of 2024, Jiangling Motors sold 38,000 light commercial vehicles, 37,000 pickups, and 56,000 SUVs, leading to a total sales volume of 160,000 vehicles, a 9.11% increase year-on-year [4] - The company’s revenue growth outpaced sales growth, indicating a high-quality development with profit growth exceeding revenue growth [4] Electric and Intelligent Transformation - Jiangling Motors has been focusing on electric and intelligent vehicle technologies since 2017, with significant advancements in electric vehicle development and partnerships with major tech companies for smart driving solutions [5] - The company has received approval for L4 level autonomous driving freight vehicles to operate in urban environments, marking a significant milestone in its autonomous driving initiatives [5] Investment Recommendations and Profit Forecast - The forecast for Jiangling Motors' revenue from 2024 to 2026 is projected to be 38.26 billion yuan, 42.75 billion yuan, and 46.58 billion yuan respectively, with net profits expected to be 1.82 billion yuan, 2.13 billion yuan, and 2.48 billion yuan [6] - The estimated earnings per share for the same period are projected to be 2.11 yuan, 2.47 yuan, and 2.87 yuan, with corresponding price-to-earnings ratios of 11.02, 9.43, and 8.11 [6]

[Table_Index] 主要数据： 上证综指： 2915.37 深圳成指： 8606.58 沪深 300： 3439.88 中小盘指： 3156.68 创业板指： 1671.44 分析师 朱定豪 分析师 房倩倩 [Table_Title] 每日复盘 证券研究报告 20240723 市场复盘：三大指数集体下跌，市场全天走弱 2024 年 7 月 23 日三大指数集体下跌，大盘大幅走弱。上证指数下跌 1.65%，深证成指下跌 2.97%，创业板指下跌 3.04%。市场成交额 6666.34 亿元，较上一交易日增加 53.57 亿元。全市场 567 只个股上涨，4672 只个 股下跌。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：银行 （0.92%），电力及公用事业（-0.20%），交通运输（-0.48%）；表现相对靠 后的是：有色金属（-4.82%），电子（-3.87%），食品饮料（-3.32%）。概念 板块方面，多数概念板块下跌，医保支付改革、智慧医疗、SPD 等大幅上 涨；半导体设备、半导体精选、GPU 等大幅走低。 7 月 23 日，上证 50、沪深 300、中证 500 以及中证 100 ...