Investment Rating - The industry investment rating is "Outperform the Market" [1][20] Core Viewpoints - The beer industry continues to experience a trend of product structure upgrades, with a slight increase in sales and a stable rise in net profit margin [2][3] - In Q1 2024, the growth rate of beer prices has narrowed, but cost benefits are expected to continue, leading to an acceleration in profit levels [2][4] - The report suggests actively positioning in the market, recommending stable companies like Qingdao Beer and focusing on reform-driven companies like Yanjing Beer [4] Summary by Sections Industry Overview - In 2023, the six major beer companies reported a total revenue of 153.8 billion yuan, a year-on-year increase of 6.3% [3] - Total sales volume for these companies reached 36.78 million kiloliters, up 2.2% year-on-year [3] - The average price per ton for these companies was 4,182 yuan, reflecting a 4.0% year-on-year increase [3] Cost and Profitability - The average cost per ton for the six major beer companies rose by 2.3% to 2,351 yuan in 2023 due to increasing raw material prices [3] - Despite cost pressures, the beer sector's gross profit margin improved by 0.8 percentage points to 40.8% [3] - The net profit margin for the beer sector increased by 0.9 percentage points to 12.3% in 2023 [3] Q1 2024 Performance - In Q1 2024, the revenue of major beer companies decreased by 0.4% year-on-year, with sales volume down 4.1% and price up 3.5% [3] - The cost per ton increased by only 0.2% year-on-year, indicating a significant reduction in cost growth compared to 2023 [3] - The net profit margin for Q1 2024 improved by 2.2 percentage points year-on-year, significantly better than in 2023 [3] Investment Recommendations - The report anticipates a performance pattern for beer companies in 2024 that is lower in the first half and higher in the second half, driven by ongoing cost benefits [4] - It is recommended to actively invest in Qingdao Beer and to pay attention to Yanjing Beer, which is making significant reforms [4]

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The report highlights the impact of the U.S. government increasing tariffs on Chinese electric vehicles and key strategic industries, which is expected to affect the supply chain dynamics [1]. - In the photovoltaic sector, the U.S. Department of Commerce has initiated anti-dumping and countervailing investigations on solar products from Southeast Asia, which may lead to a competitive landscape shift as leading manufacturers deploy local production capabilities in the U.S. [1]. - The wind power sector is anticipated to see a growth pattern in installations, with significant projects progressing in offshore wind, indicating a favorable outlook for related supply chain segments [1]. - The report suggests prioritizing investments in segments with competitive advantages and new technology iterations within the industry chain [1]. - The report notes that the domestic new energy vehicle market is expected to expand further due to policies promoting vehicle trade-ins and rural adoption, with a projected increase in sales volume throughout the year [1]. Summary by Sections Market Overview - The power equipment and new energy sector experienced a decline of 1.68% this week, with various sub-sectors showing mixed performance [7][9]. - The nuclear power sector saw a slight increase of 0.27%, while the photovoltaic sector faced the largest decline of 3.57% [9]. Key Industry Information - The U.S. government has announced significant tariff increases on electric vehicles and lithium batteries, with rates rising from 25% to 100% for electric vehicles and from 7.5% to 25% for batteries [1]. - The report emphasizes the ongoing challenges in the lithium battery materials market, with prices for lithium carbonate and other materials showing downward trends due to supply growth and demand slowdown [10][12]. Price Trends - The report provides detailed observations on the pricing trends of various lithium battery materials, indicating a general decline in prices due to increased supply and reduced demand [10][12]. - In the photovoltaic market, prices for silicon materials and solar cells have also been on a downward trajectory, reflecting competitive pressures and market dynamics [13][14][15]. Recommendations - The report recommends focusing on segments with strong growth potential, such as tower foundations and submarine cables in the wind power sector, as well as domestic production capabilities in the hydrogen energy sector [1]. - It suggests prioritizing investments in battery cell segments with favorable market positions and integrated supply chains [1].

Investment Rating - The industry investment rating is "Outperform" [17] Core Views - The report highlights that the sales area of commercial housing in April 2024 was 65.84 million square meters, with a year-on-year decline of 22.8%, marking the lowest level for the same period since 2013 [1][3] - The total investment amount in real estate development for April 2024 was 884.6 billion yuan, with a year-on-year decrease of 10.5% [1][3] - The average selling price of commercial housing in April 2024 was 10,194 yuan per square meter, showing a year-on-year decline of 9.9% but a month-on-month increase of 6.8% [1][3] Summary by Sections Sales Performance - The sales area in April 2024 was 65.84 million square meters, with a year-on-year decline of 22.8%, which is a 4.6 percentage point increase in the decline compared to March [1] - The sales amount was 671.2 billion yuan, down 30.4% year-on-year, also a 4.6 percentage point increase in the decline compared to March [1] - The average selling price for commercial housing was 10,194 yuan per square meter, reflecting a month-on-month increase of 6.8% but a year-on-year decrease of 9.9% [1][3] Investment and Construction - The total investment in real estate development for April 2024 was 884.6 billion yuan, with a year-on-year decrease of 10.5% [1] - The new construction area was 62.27 million square meters, down 14.0% year-on-year, although this decline was an improvement compared to March [1] - The completed area in April was 36.01 million square meters, with a year-on-year decline of 19.1% [9] Developer Financing - The total funds received by real estate companies in April 2024 amounted to 834.7 billion yuan, a year-on-year decrease of 21.3% [9] - The funds from housing sales were 387.7 billion yuan, down 36.1% year-on-year, while non-housing funds were 447.0 billion yuan, down 1.5% year-on-year [9] - The report indicates that the financing environment for the industry has shown signs of recovery, with a total of 54.6 billion yuan raised through bonds and trusts in April [9]

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the rise in international oil prices and the increase in prices of diammonium phosphate, vitamin A, and vitamin E, suggesting a focus on large energy state-owned enterprises and related oil service companies for potential investment opportunities [1] - It emphasizes the seasonal demand and inventory replenishment in sub-industries such as chemical fibers, refrigerants, and fertilizers, indicating a potential recovery in the pesticide sector [1] Summary by Sections Industry Performance and Price Changes - As of May 19, 2024, 41.58% of tracked chemical products saw a month-on-month price increase, while 51.49% experienced a decrease, and 6.93% remained stable [5] - The average price of WTI crude oil decreased by 4.3%, while NYMEX natural gas increased by 18.8% [5] Investment Recommendations - The report suggests focusing on large energy state-owned enterprises and oil service companies due to rising commodity prices and potential operational improvements [5] - It recommends monitoring semiconductor and OLED companies that exceeded expectations in their first-quarter reports, as well as the seasonal demand in chemical fibers, refrigerants, and fertilizers [5] - Long-term investment themes include the recovery of the semiconductor and display panel industries, with attention to advanced packaging and OLED penetration [5] Company Highlights - Wanhu Chemical is highlighted as a key stock for May, with a projected EPS of 6.51, 7.79, and 8.54 for 2024-2026 [6][8] - Anji Technology is also noted for its strong revenue growth and profitability, with a projected EPS of 4.92, 6.17, and 7.29 for the same period [10][12]

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [13] Core Viewpoints - In April 2024, the average new home price in 70 major cities decreased by 0.6% month-on-month, marking the largest monthly decline since December 2014. The average price of second-hand homes fell by 0.9%, also the largest decline since October 2014. This indicates increasing downward pressure on overall housing prices [1][5] - The report highlights that the current housing price decline has lasted for nearly a year, with April's month-on-month decline being the largest in over nine years. The report suggests that the stabilization of the real estate market and buyer expectations may be negatively impacted by the continued decline in investment and sales [1][6] - The report anticipates that the recovery of demand in the real estate sector may take longer than previous cycles due to weak household income and employment expectations, as well as unaltered housing price expectations [1][6] Summary by Sections Price Trends - In April 2024, new home prices in first-tier cities fell by 0.6%, with Beijing experiencing a decline of 0.7% and Shenzhen seeing a drop of 1.0%. Second-hand home prices in first-tier cities decreased by 1.1%, with Beijing and Shenzhen showing significant declines [1][8] - Second-tier cities saw new home prices decrease by 0.5% and second-hand home prices drop by 0.9%. The number of cities with second-hand home price declines exceeding 1% has significantly increased [1][6] - Third-tier cities also experienced price declines, with new home prices down by 0.6% and second-hand home prices down by 0.9% [1][6] Product Segmentation - The report notes that all types of housing products saw price declines in April, with the largest drop in entry-level products (under 90 square meters), which fell by 0.7% for new homes and 1.0% for second-hand homes, marking the largest monthly decline since 2011 [1][6] - Mid-range products (90-144 square meters) saw new home prices decrease by 0.6% and second-hand home prices by 0.9%. High-end products (over 144 square meters) also experienced similar declines [1][6] Investment Recommendations - The report suggests focusing on three main lines: local state-owned enterprises benefiting from inventory reduction, real estate companies with no liquidity risks and solid fundamentals, and real estate brokerage firms benefiting from a recovery in second-hand home transactions [1][6]

交通运输 | 证券研究报告 — 行业点评 2024年5月18日 强于大市 消费型交通主题系列点评 之二 外国旅游团乘坐邮轮入境免签，我国邮轮经济有 望稳步提升 国家移民管理局：5月15日起乘坐邮轮来华的外国旅游团可免签入境。我们认为： 全面实施邮轮入境免签政策，有助于培育具有开放性的新型消费业态，疫情过后 随着全球邮轮业逐步恢复，国内邮轮经济有望逐步重启，我们预计未来我国邮轮 运输市场规模有望超200亿元。建议关注运营北海航线且具备参与东南亚邮轮航 线经营能力的海峡股份（002320.SZ）及运营维京邮轮的相关标的。 支撑评级的要点  全面实施邮轮入境免签政策，有助于培育具有开放性的新型消费业态。 国家移民管理局发布公告：决定从2024年 5月 15 日起，乘坐邮轮并经 由境内旅行社组织接待的外国旅游团（2 人及以上），可从天津、辽宁大 连、上海、江苏连云港、浙江温州和舟山、福建厦门、山东青岛、广东 广州和深圳、广西北海、海南海口和三亚等13个城市的邮轮口岸免办签 证整团入境停留不超过15天。旅游团须随同一邮轮前往下一港，直至本 次邮轮出境，活动范围为沿海省（自治区、直辖市）和北京市。我们认 为，此项政策出 ...

| --- | --- | --- | |-------------------------------|--------|-----------| | | | | | 发行股数 ( 百万 ) | | 637.75 | | 流通股 ( 百万 ) | | 630.58 | | 总市值 ( 人民币 百万 ) | | 14,680.99 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 334.35 | | 主要股东 | | | | 阜新金胤能源咨询有限公司 | | 38.93 | 相关研究报告 《大金重工》20230829 《大金重工》20221103 中银国际证券股份有限公司 具备证券投资咨询业务资格 电力设备：风电设备 证券分析师：陶波 bo.tao@bocichina.com 证券投资咨询业务证书编号：S1300520060002 证券分析师：曹鸿生 (8621)20328513 hongsheng.cao@bocichina.com 证券投资咨询业务证书编号：S1300523070002 公司公布 2023 年年报及 2024 年一季报，2023 年公司实现营收 43.25 亿元，同比 -15.3 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024年5月18日 002459.SZ 晶澳科技 买入 出货量保持增长，24Q1 盈利阶段性承压 原评级：买入 市场价格:人民币 14.11 公司发布 2023 年年报及 2024 年一季报，盈利分别同比+27%/-119%；公司 组件出货量持续增长，竞争力持续提升；维持买入评级。 板块评级:强于大市 支撑评级的要点  2023年公司业绩同比增长27.23%：公司发布2023年年报，全年实现营 股价表现 收815.56亿元，同比增长11.74%；实现盈利70.39亿元，同比增长27.21%； 实现扣非盈利71.40亿元，同比增长28.46%。根据年报数据计算，2023Q4 9% 公司实现盈利2.75亿元，同比减少87.76%，环比减少85.93%。 (6%)  2024年一季度公司业绩同比下降118.70%：公司发布2024年一季报，一 (20%) 季度实现营收159.71亿元，同比减少22.02%；实现盈利-4.83亿元，同比 (35%) 减少118.70%，环比减少275.79%；实现综合毛利率5.06%，同比下降14.05 (50%) 个百分点，环比下 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company experienced a significant increase in revenue and profit in 2023, with revenue reaching RMB 118.68 billion, a year-on-year growth of 43.55%, and net profit of RMB 7.44 billion, up 153.41% [2][4] - In Q1 2024, the company reported a decline in performance, with revenue of RMB 23.08 billion, a slight decrease of 0.3% year-on-year, and net profit of RMB 1.18 billion, down 29.09% [2][4] - The company led the market in N-type solar module shipments, achieving 48.41 GW in 2023, a remarkable growth of 352% year-on-year, which constituted approximately 62% of total shipments [2][4] - The company is actively expanding its integrated production capacity, targeting a total of 120 GW for silicon wafers, 110 GW for batteries, and 130 GW for modules by the end of 2024, with a focus on N-type products [2][4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 118,681.78 million, with a gross profit of RMB 16,665.35 million, resulting in a gross margin of 14.04% [4][5] - The net profit for 2023 was RMB 7,440.48 million, with a net profit margin of 6.27% [4][5] - For Q1 2024, the company reported a net profit of RMB 1,175.72 million, with a net profit margin of 5.09% [4][5] Production Capacity - As of the end of 2023, the company's production capacities were 85 GW for silicon wafers, 90 GW for batteries, and 110 GW for modules, with an integrated capacity utilization rate exceeding 85% [2][4] - The company aims to achieve a shipment target of 100-110 GW in 2024, with N-type modules expected to account for 90% of total shipments [2][4] Valuation - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 0.45, 0.62, and 0.81 respectively, with corresponding price-to-earnings ratios of 17.1, 12.5, and 9.5 [2][5]

银行 | 证券研究报告 — 行业点评 2024年5月17日 强于大市 银行股外资持股跟踪 外资持股银行比例持续上行 上周外资持股银行比例较前周上升 0.03pct，截至周五持股市值比例 1.64%。42 家银行中，上周外资增持前十分别为：沪农、江苏、常熟、长沙、苏州、紫 金、成都、青农、招行；上周外资减持前十分别为：民生、渝农、苏农、江 阴、平安、浙商、瑞丰、宁波、青岛、郑州。  外资持续增持银行股，小行获增持力度较大 上周，外资持股银行比例较前周上升 0.03pct，截至周五持股市值比例 1.64%。外资交易行业分化，在 30 个申万行业中，银行持股比例变化 幅度从高到低排名第 8。上周 42 家银行中增持前十分别为：沪农、江 苏、常熟、长沙、苏州、紫金、成都、青农、招行。  外资微幅减持大行 上周 6 家国有行中，交通银行被增持 0.10pct，其余五家均被小幅减 持，减持幅度未超过0.01pct。  外资交易股份行分化，招行、兴业获持续增持 上周 9 家股份行中，4 家获增持，招行、浦发分别获 0.11pct、0.10pct 增持，兴业、华夏获小幅减持 0.05pct、0.01pct，浦发、招行与 ...