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、从股市主题看科技发展方向预期. 从估值到市值 . 互联网泡沫时期的关股 三、宏观政策的作用和影响： 以新能源汽车为例 . | --- | --- | |-------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report rates the solid-state battery industry as "Outperform" [8] Core Insights - Solid-state batteries possess dual advantages in energy density and safety, with an accelerated industrialization process [9][15] - The future market potential for solid-state batteries is vast, with significant growth expected in production and application [9][32] Summary by Sections Industry Overview - Liquid batteries are facing a bottleneck in energy density and safety issues, while solid-state batteries are expected to open new application fields due to their advantages in both areas [15][20] - The global installed capacity of power batteries has grown significantly, with a compound annual growth rate of 68.8% from 2020 to 2023 [15][18] Market Potential - The global shipment of solid-state batteries is projected to reach 3.3 GWh in 2024 and grow to 614.1 GWh by 2030 [32] - The market space for solid-state batteries in China is expected to increase from approximately 1 billion yuan in 2023 to about 20 billion yuan by 2030 [32] Technology and Development - Composite electrolytes are expected to be the first to industrialize, with sulfide electrolytes remaining the preferred choice for all-solid-state batteries [11][35] - The solid-state battery industry is characterized by a shift from liquid to solid electrolytes, enhancing safety and performance [20][23] Key Players and Innovations - Major companies are actively investing in solid-state battery technology, with significant projects underway in China, Japan, and the US [29][30] - Notable advancements include the development of hybrid solid electrolytes that combine the benefits of polymer and oxide materials [45][48] Future Trends - The solid-state battery market is anticipated to become a mainstream battery technology, driven by ongoing technological advancements and increasing market demand [32][35] - Companies are focusing on the development of solid-state batteries with higher energy densities, targeting applications in electric vehicles and aerospace [22][27]

深南电路 电子 | 证券研究报告 — 调整盈利预测 2024 年 7 月 10 日 002916.SZ 买入 原评级:买入 市场价格:人民币 109.75 板块评级:强于大市 股价表现 (36%) (20%) (4%) 12% 28% 45% Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24May-24Jun-24Jul-24 深南电路 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 56.1 17.0 18.7 45.0 相对深圳成指 63.5 22.9 26.6 65.1 | | |-----------| | 512.88 | | 510.83 | | 56,288.31 | | 537.78 | | | | 63.97 | | | 以 2024 年 7 月 9 日收市价为标准 相关研究报告 《深南电路》20240416 《深南电路》20240315 《深南电路》20231127 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子:元件 证券分析师:苏凌瑶 lingyao.su@bocichina.com 证券投资咨询 ...

苏凌瑶 | --- | --- | --- | --- | --- | --- | |----------------|------------------|------------------------------|----------------|------------------|-------------------------------| | 中银证券研究部 | | | | | | | 首席经济学家 | | | 电新研究团队 | | | | 徐高 | S1300519050002 | gao.xu@bocichina.com | 武佳雄 | S1300523070001 | jiaxiong.wu@bocichina.com | | | 全球首席经济学家 | | 许怡然 | S1300122030006 | yiran.xu@bocichina.com | | 管涛 | S1300520100001 | tao.guan@bocichina.com | 李扬 | S1300523080002 | yang.li@bocichina.com | | 宏观研究团队 | | | 机械研究团队 | | ...

中银国际控股有限公司北京代表处 中国北京市西城区 西单北大街 110 号 8 层 邮编:100032 电话: (8610) 8326 2000 传真: (8610) 8326 2291 中银国际(新加坡)有限公司 注册编号 199303046Z 新加坡百得利路四号 中国银行大厦四楼(049908) 电话: (65) 6692 6829 / 6534 5587 传真: (65) 6534 3996 / 6532 3371 此外，央行曾于 2013 年、2017 年、2018 年分别设立过短期流动性调节工具（SLO）、临时流动性 便利（TLF）、临时准备金动用安排（CRA），均作为公开市场操作的补充，用以调节市场流动性， 具有短期临时性。临时正逆回购工具是否会成为常规政策仍存在不确定性。 买 入：预计该公司股价在未来 6-12 个月内超越基准指数 20%以上； 本报告由中银国际证券股份有限公司证券分析师撰写并向特定客户发布。 临时正回购启用，资金价格或回归中性 ◼ 利率走廊宽度收窄。潘行长在 6 月 19 日的表态中曾提及"如果未来考虑 更大程度发挥利率调控作用，需要也有条件给市场传递更加清晰的利率 调控目标信号 ...

强大于市 低基数影响下,本周新房二手房成交同比增速 均转正;金融监管总局再提"保交房" 本周新房成交面积环比由正转负,同比由负转正;二手房成交面积环比由正转负,同比 由负转正;新房库存面积同环比均下降,去化周期同比上升,环比下降。 核心观点 ◼ 6 月因房企年中冲刺和核心一二线城市新政落地影响,下半月新房成交有所修复,7 月 进入传统销售淡季,房企推盘力度转弱,首周新房成交面积环比由正转负;受低基数影 响,同比由负转正。40 个城市新房成交面积为316.5 万平方米,环比下降31.2%,同比 上升30.9%,同比由负转正,较上周上升了50.0 个百分点。一、二、三四线城市新房成 交面积环比增速分别为-11.2%、-18.8%、-58.6%,同比增速分别为42.2%、33.1%、8.8%, 一、二、三四线城市同比均由负转正,同比增速较上周分别上升了60.7、56.5、24.4 个 百分点。 ◼ 二手房成交季节性回落,成交面积环比由正转负;受低基数影响,同比由负转正。18 个 城市成交面积为181.7 万平方米,环比下降7.2%,同比上升26.4%,同比由负转正,较 上周上升了33.0 个百分点。一、二、三四线城 ...

宏观和大类资产配置周报 经济数据：美国 6 月非农就业人口增长 20.6 万人，超过预期的 19 万人， 但仍较前值 27.2 万人(调整前数据)显著下滑。（万得） 要闻：国家主席习近平出席上海合作组织成员国元首理事会第二十四次会 议时指出，面对"小院高墙"的现实风险，我们要维护发展权利。坚持普 惠包容，联手推动科技创新，维护产业链供应链稳定通畅，激发地区经济 内生动力，推动实现共同发展目标。会议正式批准白俄罗斯加入上海合作 组织，决定由中国接任 2024 至 2025 年度上海合作组织轮值主席国。（万 得） 本周沪深 300 指数下跌 0.88%，沪深 300 股指期货下跌 1.06%；焦煤期货 本周上涨 1.41%，铁矿石主力合约本周上涨 4.21%；股份制银行理财预期 收益率与上周继续持平，余额宝 7 天年化收益率与上周持平；十年国债收 益率上行 7BP 至 2.28%，活跃十年国债期货本周下跌 0.22%。 大类资产配置顺序：股票>大宗>债券>货币。本周美联储公布最新一次议 息会议的纪要。纪要显示与会官员们对于高利率应该持续多久仍有分歧， 仍需要等待更多通胀降温的证据。在讨论货币政策展望时，与会者指出 ...

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1] Core Views - The recent pullback in the food and beverage sector presents an opportunity for strategic positioning [2] - The liquor sector, particularly leading brands, shows strong risk resilience, with current valuations nearing historical lows since 2016, suggesting a favorable entry point [2][4] - The beer segment is expected to see a recovery in demand as cost pressures ease and seasonal consumption increases [4] Market Review - The food and beverage sector experienced a decline of 1.7% last week, ranking 23rd among all sectors [2][9] - Within sub-sectors, meat products and health products performed relatively better, with declines of 0.1% and 0.3% respectively, while soft drinks and beer saw larger declines of 3.0% and 4.8% [2][11] - As of July 5, the price-to-earnings ratio (PE-TTM) for the liquor sector was 19.6X, and for the food and beverage sector, it was 19.7X [2][11] Industry Data - The price of fresh milk in China was 3.27 yuan/kg as of June 28, down 0.6% week-on-week and down 13.3% year-on-year [3][30] - The national average price for live pigs was 9.41 yuan/kg as of July 5, up 5.6% week-on-week and up 31.2% year-on-year [3][33] - The price of various duck products was reported as 9.2 yuan/kg for duck necks, 8.8 yuan/kg for duck wings, and 24.4 yuan/kg for duck feet [3][33] Key Insights - Moutai has paused the supply of its 1935 product to stabilize prices and enhance channel value [4] - The T5 summit for beer highlighted a consensus on premiumization and a strong outlook for cost improvements, suggesting a positive trend for the beer industry [4] - Recommended stocks include Shanxi Fenjiu, Wuliangye, Qingdao Beer, Qiaqia Food, Luzhou Laojiao, Guizhou Moutai, and Yili [4]

澜起科技 电子 | 证券研究报告 — 业绩评论 2024 年 7 月 8 日 688008.SH 买入 原评级:买入 市场价格:人民币 57.31 板块评级:强于大市 股价表现 (29%) (23%) (16%) (10%) (4%) 3% Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24 澜起科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (0.5) 10.1 26.6 (8.6) 相对上证综指 (0.1) 13.8 30.5 (0.1) | | |-----------| | 1,141.46 | | 1,141.46 | | 65,417.14 | | 981.20 | | | | 6.15 | | | 以 2024 年 7 月 5 日收市价为标准 | | |---------------------------| | 相关研究报告 | | 《澜起科技》20240426 | | 《澜起科技》20240403 | | 《澜起科技》20231113 | | 中银国际证券股份有限公司 | ...