| --- | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|-------------------|--------|-------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 | —— | 晨会聚焦 | | 2024 年 9 月 24 日 \n中银晨会聚焦 | | 股票代码 600309.SH | | 股票名称 万华化学 | | -20240924 | | 002409.SZ | | 雅克科技 | | | | | | | | ■ 重点关注 | | 300750.SZ | | 宁德时代 | | | | 603203.SH | | 快克智能 | | 【策略研究】策略对话行业 * 王君 张天愉 高天然。非银板块兼具红利支撑 | | 688198.SH 688085.SH | | 佰仁医疗 三友医疗 | | ...

社会服务 | 证券研究报告 — 行业周报 2024 年 9 月 24 日 强于大市 相关研究报告 《中秋出行数据及 8 月国内消费数据点评》 20240920 《社会服务行业双周报》20240908 《入境游市场系列报告》20240905 中银国际证券股份有限公司 具备证券投资咨询业务资格 社会服务 证券分析师：李小民 (8621)20328901 xiaomin.li@bocichina.com 证券投资咨询业务证书编号：S1300522090001 证券分析师：纠泰民 (8621)20328498 taimin.jiu@bocichina.com 证券投资咨询业务证书编号：S1300524040001 社会服务行业双周报 中秋旅游市场表现平稳，国庆或将延续 前两交易周（2024.09.09-2024.09.20）社会服务板块下跌 1.77%，在申万一级 31 个行业排名中位列第 21。社会服务板块跑输沪深 300 指数 0.83pct。中秋 出行数据已得到公布，旅游出行市场逐步走出报复性修复区间，后续有望延 续稳定增长。十一将至，期待出行需求仍稳中有升，我们维持行业强于大市 评级。 市场回顾&行业动态数据 ...

Core Insights - The non-bank financial sector is supported by dividend advantages and policy catalysts, with a focus on high dividend yield sectors such as insurance, leasing, financial holding, and securities, which are expected to continue to show high cost-effectiveness [2][6][10] - The new "National Ten Articles" policy aims to promote high-quality development in the insurance industry, emphasizing product transformation and innovation, as well as increasing investment in strategic emerging industries and advanced manufacturing [6][9] - The acceleration of mergers and acquisitions in the brokerage sector is expected to boost market confidence, as regulatory support encourages concentrated development and highlights the importance of mergers and acquisitions [2][8][16] Non-Bank Financial Sector - The non-bank financial sector is currently characterized by a favorable dividend yield environment, with many high-dividend sectors experiencing significant price increases since early 2024, while sectors like leasing and financial holding still offer high dividend rates [2][6][10] - The stability of earnings in the non-bank financial sector is notable, with lower variance in return on equity (ROE) compared to more volatile sectors [2][6] Policy Catalysts - The "National Ten Articles" released on September 11 outlines a framework for the insurance industry's high-quality development over the next 5 to 10 years, focusing on risk prevention and regulatory measures [6][8] - Specific measures include enhancing asset-liability management, improving market exit mechanisms for underperforming insurance institutions, and promoting the development of floating income insurance products [9][10] Investment Opportunities - The insurance sector shows a robust average dividend yield, with major companies like Ping An and China Pacific Insurance yielding above 3%, indicating strong investor returns [10][11] - The multi-financial sector also presents high dividend yields, with companies like Haide Co. and Jiangsu Jinzhong leading in dividend performance [10][11] - In the brokerage sector, firms such as Huatai Securities and Guotai Junan are highlighted for their strong dividend yields and stability, making them attractive investment options [10][13] Mergers and Acquisitions - The brokerage sector is experiencing a surge in mergers and acquisitions, driven by regulatory encouragement and the need for firms to enhance their competitive edge through consolidation [16][17] - Historical trends indicate that mergers often occur at low valuation points, suggesting potential for upward valuation adjustments as market conditions improve [16][17]

| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|-----------------------|----------------|------------------------------------------------------------------------------------------| | 证券研究报告 \n9 月金股组合 股票代码 | —— | 晨会聚焦 \n股票名称 | | 2024 年 9 月 23 日 \n中银晨会聚焦 -20240923 | | 600309.SH | | 万华化学 | | | | 002409.SZ | | 雅克科技 | | | | | | | | ■ 重点关注 | | 300750.SZ | | 宁德时代 | | | | 603203.SH | | 快克智能 | | 【宏观经济】 8 月外汇市场分析报告 * 管涛 刘立品。受美联储宽松预期的影 | ...

宏观经济 | 证券研究报告 — 总量周报 2024 年 9 月 22 日 宏观和大类资产配置周报 美联储正式开启降息周期 大类资产配置顺序：债券>大宗>股票>货币。 宏观要闻回顾 ◼ 经济数据：1-8 月，全国一般公共预算收入同比下降 2.6%，全国一般公共 预算支出同比增长 1.5%。 ◼ 要闻：中秋假期期间，全社会跨区域人员流动量预计日均超 2.05 亿人次， 比 2023 年同期增长 28.2%，全国国内出游 1.07 亿人次，按可比口径较 2019 年同期增长 6.3%，国内游客出游总花费 510.47 亿元，较 2019 年同期增长 8%；美联储 9 月降息 50BP，日央行、英国央行维持利率不变。 资产表现回顾 ◼ 人民币汇率升值带动人民币资产价格上涨。本周沪深 300 指数上涨 1.32%， 沪深 300 股指期货上涨 0.07%；焦煤期货本周上涨 5.0%，铁矿石主力合约 本周上涨 1.4%；股份制银行理财预期收益率收于 1.98%，余额宝 7 天年化 收益率持平于 1.38%；十年国债收益率下行 6BP 至 2.04%，活跃十年国债 期货本周上涨 0.3%。 资产配置建议 ◼ 大类资产配置顺 ...

医药生物 | 证券研究报告 — 行业周报 2024 年 9 月 22 日 强于大市 医药生物行业周报 中国创新药研发实力持续增强，出海前景可期。 申万医药生物指数在 2024.09.18-2024.09.20 期间下跌 0.79%，跑输沪深 300 指数 2.11 个百分点。从医药生物子板块来看，近一周各子板块中医药商业板 块跑赢沪深 300，医药商业板块、医疗服务板块和中药板块实现正向收益。 板块行情 ◼ 申万医药生物指数在 2024.09.18-2024.09.20 期间下跌 0.79%，排名第 31 名，跑输沪深 300 指数 2.11 个百分点。从医药生物子板块来看，近一周 各子板块中医药商业板块跑赢沪深 300，医药商业板块、医疗服务板块和 中药板块实现正向收益。截至 2024 年 9 月 20 日收盘，申万医药生物板 块市盈率（TTM）为 21.79 倍，仍然位于近年估值低位。 支撑评级的要点 ◼ 2024 年 ESMO 大会于西班牙举办，多家中国药企进行成果汇报。2024 年 欧洲内科肿瘤学会 ESMO 大会于 9 月 13 日至 17 日在西班牙巴塞罗那举 办，多家中国药企参会并进行成果汇报。 ...

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002557.SZ 买入 原评级：买入 市场价格:人民币 27.29 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (27%) (20%) (12%) (4%) 4% 12% Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24 洽洽食品 深圳成指 绝对 (19.2) 7.4 (5.6) (20.4) 相对深圳成指 (5.1) 9.6 5.3 (0.6) | --- | --- | |----------------------------------------|-----------| | | | | | | | 发行股数 ( 百万 ) | 507.00 | | 流通股 ( 百万 ) | 507.00 | | 总市值 ( 人民币 百万 ) | 13,836.09 | | 3 个月日均交易额 ( 人民币 百万 ) | 125.92 | | 主要股东 | | | 合肥华泰集团股份有限公司 | 42.47 | | 资料来源：公司公告， Wind ，中银证券 | | 相关研究报告 《洽洽 ...