策略点评 证券研究报告 市场有望演绎跨年行情，持续关注券商及科技成长 财信证券宏观策略周报（12.9-12.13） 2024 年 12 月 08 日 投资要点 上周（12.2-12.6)股指表现为，上证指数上涨 2.33%，收报 3404.08 点，深 证成指上涨 1.69%，收报 10791.34 点，中小 100 上涨 0.83%，创业板指上涨 1.94%；行业板块方面，钢铁、煤炭、机械设备涨幅居前；沪深两市日均成交 额为 16906.43 亿元，沪深两市成交额较前一周上升 13.42%，其中沪市上升 13.76%，深市上升 13.21%；风格上，中小盘股占有相对优势，其中上证 50 上 涨 1.54%，中证 500 上涨 2.17%；汇率方面，美元兑人民币(CFETS)收盘点位 为 7.2582，涨幅为 0.35%；商品方面，ICE 轻质低硫原油连续下跌 1.22%， COMEX 黄金下跌 0.97%，南华铁矿石指数下跌 0.15%，DCE 焦煤下跌 6.21%。 上证指数-沪深 300 走势图 -9% 1% 11% 21% 31% 2023-12 2024-03 2024-06 2024-09 上证指 ...

Investment Rating - The industry investment rating is "In line with the market" [2][7][42] Core Viewpoints - The optimization of the deposit self-discipline mechanism is expected to alleviate the pressure on interest margins by regulating non-bank interbank deposit rates and introducing "interest rate floor clauses" [7][42] - The banking sector's overall price-to-earnings (P/E) ratio is 5.88X, reflecting a 68.20% discount compared to the A-share market, while the price-to-book (P/B) ratio is 0.70X, indicating a 59.49% discount [6][18] - The market sentiment towards the asset quality of banks is anticipated to improve gradually due to supportive monetary policies and measures to stabilize local debts and the real estate market [7][42] Summary by Sections Market Review - In November, the banking sector recorded a return of 1.02%, underperforming the Shanghai Composite Index by 0.40 percentage points and outperforming the CSI 300 Index by 0.36 percentage points [16][20] - Among 42 A-share banks, 36 saw an increase in stock prices, with Changshu Bank leading at a 9.34% increase [20] Market Interest Rates - The yields on interbank certificates of deposit (CDs) have decreased, with AAA-rated 1M/3M/4M yields at 1.60%, 1.80%, and 1.80% respectively, showing a decline compared to the end of October [24] - The average interbank borrowing rate in November was 1.55%, down 4 basis points month-on-month [33] Industry Review - The People's Bank of China revised the narrow money (M1) statistical caliber, which will take effect from January 2025, to include more components [35] - The self-discipline mechanism for market interest rate pricing was introduced to regulate non-bank interbank deposit rates [37] Investment Recommendations - The report suggests focusing on high-quality banks with solid fundamentals, such as China Construction Bank, China Merchants Bank, and Ningbo Bank, which are expected to benefit from high dividends and risk-averse sentiment [7][42]

行业月度点评 医疗器械 证券研究报告 检验检查结果互认政策出台，关注医疗设备及 IVD 2024 年 12 月 02 日 评级 领先大市 评级变动： 维持 | --- | --- | --- | --- | |------------------------|----------|---------|---------| | 行业涨跌幅比较 | 医疗器械 | 沪深 | 300 | | 30% | | | | | 10% | | | | | -10% | | | | | -30% 2023-12 2024-03 | 2024-06 | 2024-09 | 2024-12 | | % | 1M | 3M | 12M | | 医疗器械 | 4.08 | 16.84 | -11.14 | | 沪深 300 | 1.48 | 18.85 | 13.34 | 龙靖宁 分析师 执业证书编号：S0530523120001 longjingning@hnchasing.com 1 医疗器械行业 11 月报：2024Q3 板块业绩承 压，后续有望迎来业绩复苏 2024-11-08 2 医疗器械行业深度：多因素下行业格局重 塑，后 ...

证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|-------------------|------------------|----------|-----------------------|-----------------------|----------------------------------------------------------------------|--------|-----------------------|-------| | 2024 年 12 月 05 | 行业点评 \n 日 | 重点股票 \nEPS | \n（元） | 2023A \n PE （倍） | 电力设备 \nEPS （元） | \n光伏协会年会召开，凝聚共识应对周期波动 \n2024E \n PE （倍） EPS | （元） | 2025E \n PE （倍） | 评级 | | 评级 | 同步大市 | 汉钟精机 | | | | 1.62 12.23 1.67 ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company is expected to enhance its product pipeline with the recent entry of a new product, a hydrophilic coated visual nasogastric tube, into the special review process for innovative medical devices, which could accelerate its market launch and improve clinical competitiveness [6][8] - The company has shown steady revenue growth, with projected revenues of 16.37 billion yuan in 2024, 19.71 billion yuan in 2025, and 23.38 billion yuan in 2026, representing year-on-year growth rates of 17.96%, 20.40%, and 18.63% respectively [8][10] - The net profit attributable to the parent company is forecasted to be 2.40 billion yuan in 2024, 2.90 billion yuan in 2025, and 3.48 billion yuan in 2026, with corresponding growth rates of 24.66%, 20.85%, and 20.08% [8][10] Financial Summary - The company's main revenue for 2022 was 13.63 billion yuan, with a slight increase to 13.88 billion yuan in 2023, and projected revenues of 16.37 billion yuan in 2024 [6][13] - The net profit attributable to the parent company was 1.67 billion yuan in 2022, increasing to 1.92 billion yuan in 2023, and expected to reach 2.40 billion yuan in 2024 [6][13] - Earnings per share (EPS) are projected to be 0.82 yuan in 2024, 0.99 yuan in 2025, and 1.19 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 16.40, 13.57, and 11.30 [10][13] Product Development - The new hydrophilic coated visual nasogastric tube is designed to improve the accuracy of placement and reduce the risk of cross-infection, addressing significant clinical challenges in the current market [7][8] - The company is recognized as a leader in the medical catheter industry in China, with a diverse product range and ongoing efforts in product upgrades and market expansion [7][8]

证券研究报告 行业点评 医疗器械 《关于进一步推进医疗机构检查检验结果互认的指 导意见》发布，国产企业有望受益 2024 年 12 月 02 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 -10% 10% 30% 医疗器械 沪深300 | --- | --- | --- | --- | --- | |--------------|---------|---------|---------|---------| | -30% 2023-12 | 2024-03 | 2024-06 | 2024-09 | 2024-12 | | % | | 1M | 3M | 12M | | 医疗器械 | | 4.08 | 16.84 | -11.14 | | 沪深 | 300 | 1.48 | 18.85 | 13.34 | 龙靖宁 分析师 执业证书编号:S0530523120001 longjingning@hnchasing.com 相关报告 1 医疗器械行业 11月报：2024Q3 板块业绩承压， 后续有望迎来业绩复苏 2024-11-08 2 医疗器械行业深度：多因素下行业格局重塑， 后集采时代的骨科行业投资机 ...

证券研究报告 晨会纪要 晨会纪要 2024 年 12 月 05 日 | --- | --- | --- | --- | --- | |------------|----------|-------|-------|--------| | | | | | | | 市场数据 | | | | | | 指数名称 | 收盘 | | | 涨跌 % | | 上证指数 | 3364.65 | | | -0.42 | | 深证成指 | 10604.01 | | | -1.02 | | 创业板指 | 2213.41 | | | -1.43 | | 科创 50 | 999.36 | | | -0.59 | | 北证 50 | 1293.94 | | | -2.20 | | 沪深 300 | 3930.56 | | | -0.54 | 晨会聚焦 一、财信研究观点 【市场策略】大盘震荡走低，沪指结束三连阳 【基金研究】基金数据日跟踪 【债券研究】债券市场综述 二、重要财经资讯 【财经要闻】财政部将于 12 月在香港发行 60 亿元人民币国债 【财经要闻】好房子、好社区高质量发展技术交流会召开 【财经要闻】第六届服务型制造大会在杭州举办 ...

证券研究报告 | --- | --- | --- | --- | --- | --- | |----------------------------|-----------|-----------------|----------|--------|-----------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 年 | 12 月 | 04 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 | | 3378.81 | | 0.44 | 【市场策略】大盘全天震荡，沪指收三连阳 | | 深证成指 | | 10713.58 | | -0.40 | | | 创业板指 | | 2245.50 | | -0.44 | 【基金研究】基金数据日跟踪 | | 科创 50 | | 1005.26 | | -1.04 | 【债券研究】债券市场综述 | | 北证 50 | | 1323.02 ...

行业深度 汽车 证券研究报告 汽车行业 2024 年三季报总结：以旧换新推动需求回 暖，行业整体经营维持稳定 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|--------|-----------------------|------------|-----------------------|------------|-----------------------|-------| | \n重点股票 EPS | （元） | 2023A \n PE （倍） | EPS （元） | 2024E \n PE （倍） | EPS （元） | 2025E \n PE （倍） | 评级 | | 拓普集团 | 1.28 | 41.64 | 1.71 | 31.17 | 2.21 | 24.12 | 增持 | | 银轮股份 | 0.74 | 25.43 | 0.97 | 19.40 | 1.33 | 14.15 | 买入 | | 均胜电子 | 0.77 | 22.21 | 1.00 | 17.10 | 1.25 | 13.68 | 买 ...

证券研究报告 | --- | --- | --- | --- | --- | --- | |----------------------------|-----------|-----------------|----------|--------|--------------------------------------------------------------------------------| | | | | | | 晨会纪要 晨会纪要 | | | 2024 年 | 12 月 | 04 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 | | 3378.81 | | 0.44 | 【市场策略】大盘全天震荡，沪指收三连阳 | | 深证成指 | | 10713.58 | | -0.40 | | | 创业板指 | | 2245.50 | | -0.44 | 【基金研究】基金数据日跟踪 | | 科创 50 | | 1005.26 | | -1.04 | 【债券研究】债券市场综述 | | 北证 50 | ...