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证券研究报告 | --- | --- | --- | --- | --- | --- | |--------------------------|-----------|-----------------|----------|--------|------------------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 年 | 09 月 | 26 日 | | | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 2896.31 | 1.16 | | 【市场策略】大盘高开冲高回落，成交量时隔四个月破万亿 | | 深证成指 | | 8537.73 | 1.21 | | | | 创业板指 | | 1641.54 | 1.62 | | 【基金研究】基金数据日跟踪 | | 科创 50 | | 667.34 | 0.04 | | 【债券研究】债券市场综述 | | 北证 50 | | ...

证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|--------------------------|------------------------|----------|------------------------------------------|----------------------------|---------------------------|--------|------------------------------------------|--------------| | 2024 年 09 月 24 | 行业月度点评 汽车 \n 日 | 8 \n重点股票 \nEPS | \n（元） | 月新能源汽车销售 \n2023A \n PE （倍） | 110.0 \n2024E \nEPS （元） | \n \n \n PE （倍） EPS | （元） | 万辆，渗透率达 \n2025E \n PE （倍） | 44.8% \n评级 | ...

证券研究报告 公司深度 紫光股份(000938.SZ) 计算机 ｜ IT 服务Ⅱ "云-网-安-算-存-端"全产业链布局，充分受益 AIGC | --- | --- | |-------------------------------|----------------------| | | | | 2024 年 09 月 24 日 | | | 评级 | 买入 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 19.52 | | 52 周价格区间（元） | 14.71-25.50 | | 总市值（百万） | 55828.76 | | 流通市值（百万） | 55828.76 | | 总股本（万股） | 286008.00 | | 流通股（万股） | 286008.00 | 涨跌幅比较 -42% -22% -2% 18% 2023/09 2023/12 2024/03 2024/06 2024/09 紫光股份 IT服务Ⅱ | --- | --- | --- | --- | |------------|-------|--------|--------| | % | 1M | 3M | 12M | | ...

Industry Investment Rating - The report maintains a "Synchronized with the Market" rating for the securities industry [12] Core Views - The revised "Regulations on the Calculation Standards for Risk Control Indicators of Securities Companies" will help high-quality securities companies, especially those with higher classification ratings, break through the limitations of net stable funding ratio and capital leverage ratio, further improve ROE, expand business scope, and provide more diversified financial services [12] - The optimization measures will promote the improvement of the competitive landscape within the industry, enhance the overall service capabilities and operational efficiency of the industry, and better provide comprehensive financial services for the real economy [12] - Key stocks to focus on are CITIC Securities (600030 SH) and Huatai Securities (601688 SH) [12] Key Stock EPS and PE Ratios - CITIC Securities: 2023A EPS is 1 33 yuan with a PE ratio of 15 65x, 2024E EPS is 1 31 yuan with a PE ratio of 15 89x, and 2025E EPS is 1 63 yuan with a PE ratio of 12 77x, rated as "Increase Holdings" [4] - Huatai Securities: 2023A EPS is 1 35 yuan with a PE ratio of 10 15x, 2024E EPS is 1 14 yuan with a PE ratio of 12 02x, and 2025E EPS is 1 58 yuan with a PE ratio of 8 67x, rated as "Buy" [4] Risk Control Indicators - The revised regulations optimize the calculation standards for risk control indicators of securities companies, including adjustments to risk capital preparation, total on and off balance sheet assets, liquidity coverage ratio, net stable funding ratio, and risk control indicators [5] - Large securities companies have shown significant improvement in risk control indicators in 2024H1, with a safe distance from warning standards [5] - High quality securities companies are expected to benefit from the policy dividends of risk control indicator optimization, which will help them further expand their balance sheets and boost ROE [5] Market Performance - The securities industry (Securities II) showed a 1 month increase of 8 56%, a 3 month increase of 4 12%, and a 12 month decrease of 12 04% [2] - The CSI 300 index showed a 1 month increase of 0 74%, a 3 month decrease of 4 11%, and a 12 month decrease of 10 35% [2] Related Reports - Securities Industry Monthly Report for September 2024: Marginal improvement in performance, acceleration of mergers and acquisitions [3] - Securities Industry Monthly Report for August 2024: Policy efforts to enhance the intrinsic stability of the capital market, potential recovery in securities industry performance [3] - Securities Industry Review: Suspension of securities lending to enhance investor confidence, conducive to market stabilization and recovery [3]

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% 1M 3M 12M 策略点评 证券研究报告 2024 年 09 月 24 日 中债综指-上证指数走势图 -14% -9% -4% 1% 6% 中债综指 上证指数 上证指数 0.31 -4.50 -8.60 中债综指 -0.05 0.04 1.00 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 刘文蓉 分析师 执业证书编号:S0530523070001 liuwenrong@hnchasing.com 洪欣佼 研究助理 hongxinjiao@hnchasing.com 相关报告 1 大类资产跟踪周报（09.18-09.20）：A 股持续震 荡磨底趋势，贵金属表现强势 2024-09-19 2 经济金融高频数据周报（09.18-09.20）2024-09- 18 3 经济金融高频数据周报（09.02-09.06）2024-09- 09 经济基本面有望改善，市场将迎来底部反弹 金融支持经济高质量发展新闻发布会精神解读 投资要点 事件：9 月 24日，中国人民银行行长潘功胜、国家金融监督管理总局 局长李云泽、中国证券监督管理委员会主席吴清介绍金融支持经济高 质 ...

策略点评 证券研究报告 基本面仍待改善，节前以稳为主 2024年09月16日 上证指数-沪深 300 走势图 5% 0% -5% -10% -15% 2023-12 2024-03 2024-06 2023-09 黄红卫 分析师 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 相关报告 1 财信宏观策略&市场资金跟踪周报(9.9-9.13): 市场震荡磨底,长假前交投意愿或偏低 2024-09- 08 2 财信宏观策略&市场资金跟踪周报 (9.2-9.6): 市场业绩拐点尚待确认,关注高景气板块 2024- 09-01 3 财信宏观策略&市场资金跟踪周报（8.26- 8.30):美联储降息临近,关注高股息蓝筹 2024- 08-25 财信宏观策略&市场资金跟踪周报(9.16-9.20) 投资要点 > 上周 (9.9-9.13)股指低开,上证指数下跌 2.23%,收报 2704.0点,深证成 指下跌 1.81%,收报 7983.55点,中小 100下跌 1.58%,创业板指下跌 0.19%; 行业板块方面,通信、房地产、计算机涨幅居前;主题概念方面,首板指数、 ...

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