[Table_Title] 有色行业周报：美联储降息落地 金属价格回升 | --- | --- | --- | |---------------|-------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Rank] 评级： 看好 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.3 -0.2 -0.1 0 25-Sep 6-Dec16-Feb 28-Apr 9-Jul19-Sep 基础化工 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 【首创化工】行业单季度业绩改善， 未来供需格局有望好转 维生素 A 涨幅居前，华鲁恒升上半年 利润同比增长 液氯涨幅居前，凯赛生物上半年利润 同比增长 【首创化工】2023 年策略报告——周 期起伏中寻求确定性，关注龙头股、 磷化工、氟化工三条主线 [Table_Title] 天然橡胶涨幅靠前，三美股份拟对外投资丰富产品 结构 [Table_ReportDate] 基础化工 | 行业简评报告 | 2024.0 ...

[Table_Title] 汽车行业周报：新车密集催化，九月前两周乘用车 零售销量同比增长 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.09.24 | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The industry investment rating is "Positive" [20] Core Viewpoints - The wafer foundry output is expected to grow by 20% in 2025, outperforming the 16% growth in 2024. This growth is driven by the recovery of inventory levels in automotive and industrial control supply chains, alongside increased wafer consumption from Edge AI and ongoing Cloud AI deployments [3][4] - Advanced process technologies are expected to maintain strong growth momentum in 2025, with 3nm processes becoming mainstream for flagship PC CPUs and mobile application processors. The contribution of 7/6nm, 5/4nm, and 3nm processes to global wafer foundry revenue is projected to reach 45% in 2025 [4] Summary by Sections Wafer Foundry Growth - The average capacity utilization rate of wafer foundries is projected to be below 80% in 2024 due to weak demand in consumer electronics. However, the market is expected to recover in 2025 with a 20% increase in output [3][4] Advanced Process Technologies - The 3nm process capacity is entering an upward phase, and 2025 will see it become mainstream for key products. The utilization rates for 5/4nm processes remain high due to demand from mid-range and high-end smartphone chips [4] Market Performance - From September 16 to September 20, the Shanghai Composite Index rose by 1.21%, while the CITIC Electronics sector fell by 0.14%. Year-to-date, the Shanghai Composite Index is down 8%, and the CITIC Electronics sector has decreased by 19.68% [5][7] Sector Performance - The top-performing sub-sectors in electronics from September 16 to September 20 include consumer electronics devices, panels, security, optical optoelectronics, and discrete devices, with respective gains of 5.89%, 2.61%, 2.04%, 1.33%, and 0.11% [11] Stock Performance - The top ten performing stocks in the electronics sector from September 16 to September 20 include Wavelength Optoelectronics, Huiwei Intelligent, and Shengxun Co., with respective increases of 25.3%, 18.8%, and 14.6% [14][15] Investment Recommendations - It is recommended to focus on semiconductor trends primarily related to computing power, storage, and PCB [17]

[Table_Title] 商社周报：8 月社零环比表现乏力，舒适、生活感成短 途游潮流 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.09.20 核心观点 [Table_Rank] 评级： 看好 [Table_Authors] 李田 分析师 SAC 执证编号：S0110522090002 litian11@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.4 -0.2 0 0.2 19-Sep 1-Dec12-Feb 25-Apr 7-Jul18-Sep 商贸零售 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 商社周报：中秋国庆临近，出境游短 途游景气、传统礼品市场承压 商社周报：五部门联合印发通知完善 市内免税店政策，政策驱动周度行情 商社周报：中报密集发布，关注结构 性机会 [Table_Summary] ⚫ 周度行情：本周（2024.9.9-2024.9.13）主要宽基指数下跌。上证综指 数下跌 2.23%，深证成指下跌 1.81%，创业板指下跌 0.19%。本周 （2024.9.9-2024. ...

[Table_Title] 汽车行业周报：以旧换新政策发力带动汽车销量增 长 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.09.19 核心观点 [Table_Authors] 岳清慧 汽车首席分析师 SAC 执证编号：S0110521050003 yueqinghui@sczq.com.cn -0.4 -0.2 0 0.2 [Table_Chart] 市场指数走势（最近 1 年） 18-Sep 29-Nov 9-Feb21-Apr 2-Jul12-Sep 汽车 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 汽车行业周报：多地提高以旧换新补 贴标准 汽车行业周报：24H1 申万汽车板块约 八成公司盈利 汽车行业周报：新一轮以旧换新政策 出台，中央资金支持力度强 [Table_Summary] l 以旧换新政策发力，带动行业销量增长 9 月 9 日，乘联会发布月度市场报告。数据显示，2024 年 8 月国内 乘用车市场零售销量为 190.5 万辆，同比下滑 1.0%，环比增长 10.8%。 其中，常规燃油车零售销量为 87.0 万辆，同比下滑 2 ...

[Table_Summary] [Table_Title] 制冷剂盈利修复，带动业绩大幅上涨 [Table_ReportDate] 三美股份(603379)公司简评报告 | 2024.09.19 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010-81152683 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.5 0 0.5 1 19-Sep 1-Dec12-Feb 25-Apr 7-Jul18-Sep 三美股份 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 28.59 | | 一年内最高 / 最低价（元） | 46.92/24.67 | | 市盈率（当前） | 32.71 | | 市净率（当前） | 2.83 | | 总股本（亿股） | 6. ...

[Table_Title] 1 生猪价格短期承压，白羽鸡价格短期震荡 [Table_ReportDate] 农林牧渔 | 行业简评报告 | 2024.09.18 [Table_Rank] 评级： 看好 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.3 -0.2 -0.1 0 0.1 18-Sep 29-Nov 9-Feb21-Apr 2-Jul12-Sep 农林牧渔 沪深300 资料来源：聚源数据 相关研究 [Table_OtherReport] 毛鸡近一周价格窄幅震荡，生猪股处 于历史估值低位 7 月上市公司出栏量稳健，近一周猪 价呈震荡态势 猪价再创年内新高，7 月规模场出栏稳 健 核心观点 [Table_Summary] ⚫ 生猪养殖：据搜猪网，2024 年 9 月 13 日全国生猪出栏均价 19.49 元/公斤，单日跌幅 0.92%。分区域来看，福建、湖南、贵州等地猪 价小幅上涨，其余大多数区域猪价均以下跌为主。其中陕西、山西 等地跌势明显，下跌 0. ...

[Table_Title] 英飞凌推出 12 英寸氮化镓晶圆，有望降低成本 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 英飞凌推出 12 英寸氮化镓晶圆，有望降低成本 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...