Market Overview - The overall A-share market showed a positive trend with the Wind All A Index rising by 1.53% to close at 4238.42 points, while the Shanghai Composite Index increased by 0.76% to 2972.53 points [11] - The small-cap stocks outperformed larger stocks, with the CSI 1000 Index rising by 2.86% [11] - In terms of industry performance, media, computer, and electronics sectors led the gains, while banking, coal, and home appliances lagged behind [11] Company Tracking - China Wangwang (0151.HK) reported a revenue increase of 2.9% for the fiscal year 2023, with a net profit growth of 18.4% [25][68] - Minglida (301268.SZ) announced a change in the use of part of its raised funds, reallocating 4.5 billion yuan for a new project in Mexico [27][70] - Aide Biological (300685.SZ) entered into a companion diagnostic cooperation with Servier, enhancing its competitive edge in the oncology precision medicine market [53][71] - Zhejiang Haideman (688577.SH) participated in a project that won the National Science and Technology Progress Award [31][69] Economic and Policy Insights - The Ministry of Finance reported that online retail sales reached 5.77 trillion yuan from January to May, marking a 12.4% increase [22][46] - The financial regulatory authority is studying ways to increase the upper limit of insurance funds' investment in venture capital funds [17][41] - The State-owned Assets Supervision and Administration Commission (SASAC) is providing greater support for central enterprise venture capital funds, managing 126 funds with a total subscribed capital of 52.9 billion yuan [18][42] Industry Dynamics - The first hydrogen energy highway demonstration project in China has been announced, aiming to enhance logistics and transportation efficiency [66][48] - The government is implementing a fiscal subsidy policy for equipment updates and consumer goods replacement, which is expected to stimulate economic growth [14][37]

Economic Indicators - In May, China's industrial added value increased by 5.6% year-on-year, down 1.1 percentage points from the previous month[21] - Retail sales in May grew by 3.7% year-on-year, an increase of 1.4 percentage points from the previous month[21] - Fixed asset investment from January to May rose by 4% year-on-year, with a 0.2 percentage point slowdown compared to the previous month[63] Real Estate Market - New residential sales prices in first-tier cities fell by 0.7% month-on-month in May, with a year-on-year decline of 3.2%[44] - Real estate development investment decreased by 10.1% year-on-year from January to May, with new residential sales area down by 23.6%[65] Monetary Policy - The Loan Prime Rate (LPR) remained unchanged for four consecutive months, with the one-year LPR at 3.45% and the five-year LPR at 3.95%[10] - As of June 21, the net monetary injection was 390 billion CNY, indicating a significant increase in liquidity[108] International Context - In May, U.S. retail sales showed a month-on-month growth of only 0.1%, below the expected 0.3%[41] - The Australian central bank maintained its cash rate at 4.35%, indicating a cautious approach to inflation management[47] Market Trends - The CRB commodity price index averaged 294.28 points for the week ending June 14, reflecting a week-on-week increase of 4.12 points[13] - The Baltic Dry Index (BDI) averaged 1966.6 points for the week ending June 21, up 78.60 points from the previous week[77]

Economic Indicators - The People's Bank of China announced the June LPR rates: 1-year at 3.45% and over 5 years at 3.95%, unchanged from May[3] - In May, China's industrial added value increased by 5.6% year-on-year and 0.30% month-on-month; retail sales totaled 39,211 billion yuan, up 3.7% year-on-year[3] - Fixed asset investment from January to May reached 188,006 billion yuan, with a year-on-year growth of 4.0%[3] Market Performance - The Shanghai Composite Index fell by 1.14% last week, closing at 2,998.1 points, while the Shenzhen Component Index dropped by 2.03%[28] - The Hang Seng Index increased by 0.48%, and the S&P 500 rose by 0.61%[41] - Year-to-date, the Shanghai Composite Index is down 0.40%, while the bond fund index has gained 1.96%[11] Fund Issuance - A total of 9 new funds are set to be issued this week, with a target scale exceeding 15 billion yuan[19] - The new funds include 3 equity mixed funds, 2 international (QDII) stock funds, and 4 passive index funds[19] Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced the "Eight Measures for the Sci-Tech Innovation Board," focusing on enhancing the board's support for technological innovation[4] - CSRC Chairman Wu Qing emphasized the need for targeted regulation to protect the majority of small investors[4] Investment Trends - Northbound capital saw a net outflow of 16.116 billion yuan, while southbound capital recorded a net inflow of 24.118 billion HKD last week[27] - The market remains volatile, with a focus on high-dividend stocks as a potential investment strategy[46]

Group 1 - The report highlights that Hunan's total retail sales of consumer goods from January to May increased by 5.9%, surpassing the national average by 1.8 percentage points [3][64] - The report indicates that the engineering machinery and real estate sectors have shown resilience, with the market continuing its adjustment trend [5][36] - The report emphasizes the rapid development of the technology sector in China, particularly in key areas such as computing power, software, and media applications [6][40] Group 2 - The report notes that the domestic market for excavators is estimated to have sold around 7,300 units in June, reflecting a year-on-year growth of nearly 20% [24][26] - The report mentions that the sales of new energy vehicles reached 3.895 million units from January to May, marking a 32.5% increase year-on-year [28][44] - The report states that the virtual power plant in Hunan has been launched, which is expected to contribute to energy transition and achieving carbon neutrality goals [30][57] Group 3 - The report details that the company Le Xin Medical has obtained medical device registration for electronic blood pressure monitors, enhancing its product offerings [32][59] - The report indicates that Huatian Hotel plans to use part of its properties for mortgage loans, seeking a credit limit of 330 million yuan from Changsha Bank [63] - The report highlights that the company Jiejia Weichuang has won a bid for a high-efficiency perovskite thin-film solar cell pilot line project, showcasing its competitive edge in the market [62]

Investment Rating - The report maintains a "Market Perform" rating for the food and beverage industry [1] Core Viewpoints - The food and beverage sector continues to experience a weak adjustment, with the index declining by 3.67% in May 2024, underperforming the CSI 300 index by 2.99 percentage points [5][11] - Despite the overall decline, certain companies within the sector show stable revenue and profit growth, indicating defensive attributes [53] - The valuation of the food and beverage industry has reached its lowest level since 2018, with a TTM PE of 20.99 [5][20] Monthly Review - The food and beverage index fell by 3.67% in May 2024, ranking 22nd among 31 primary industries [11] - The snack sector, which had previously outperformed, saw a significant correction with a decline exceeding 10% [11] - The beverage and dairy sectors performed relatively better, with declines of 2.52% and 1.42% respectively [11] Northbound Capital Situation - In May, northbound capital experienced a net outflow of approximately 1.4 billion yuan from the food and beverage sector, following substantial inflows in previous months [15][17] - Major stocks like Kweichow Moutai and Wuliangye saw significant net purchases, while companies like Yili and Haitian saw reductions in holdings [17][18] Economic Data Tracking - In May, the total retail sales of consumer goods reached 39,211 billion yuan, growing by 3.7% year-on-year, but below market expectations [6][26] - The Consumer Price Index (CPI) showed a year-on-year increase of 0.3%, with food prices experiencing a decline of 2.0% [28][30] - Essential consumption categories like grain and oil, beverages, and tobacco maintained strong growth, with year-on-year increases of 9.3%, 6.5%, and 7.7% respectively [35][37][40] Investment Recommendations - The report suggests focusing on high-certainty performance stocks that have become more attractive in terms of valuation after recent declines [53] - Long-term stock selection should prioritize absolute leading companies at valuation bottoms, high dividend stocks, and growth-oriented stocks with favorable valuations [53]

Investment Rating - The industry is rated as "Leading the Market" with specific stocks such as Mindray Medical, Xinmai Medical, and Furuide being recommended for "Buy" or "Increase" ratings [1][4][22]. Core Viewpoints - The report emphasizes the expansion and quality improvement of centralized procurement, with a focus on innovation and international market expansion as key themes for investment [4][22]. - The medical device sector has shown resilience, with a notable performance compared to other sub-sectors within the pharmaceutical industry, indicating a potential for recovery and growth [3][8]. - The report highlights the supportive policies for innovative medical devices, which are expected to enhance clinical application and market penetration [5][22]. Summary by Sections Market Review - The medical device sector experienced a decline of -9.72% over the past month, outperforming the broader pharmaceutical sector by 1.20 percentage points [3][8]. - As of June 16, 2024, the average PE ratio for the medical device sector was 29.54, indicating a premium over the pharmaceutical sector and the broader market [3][12]. Industry Insights - The National Healthcare Security Administration has outlined plans to expand centralized procurement, aiming to include more provinces and enhance the variety of products procured [4][22]. - There is a growing emphasis on innovative medical devices, with local governments implementing supportive measures to facilitate their entry into the market [5][22]. - The international market presents significant opportunities for domestic companies, with government policies encouraging exports and participation in global competition [5][22]. Key Company Dynamics - Mindray Medical, Xinmai Medical, and Furuide are highlighted as companies with strong innovation capabilities and potential for market share expansion due to their competitive advantages [1][22]. - The report also suggests monitoring companies like Aibo Medical and Yuyue Medical, which are positioned to benefit from centralized procurement and domestic substitution trends [6][22].

Investment Rating - The report rates the general equipment industry as "In line with the market" [1] Core Views - The general equipment industry is experiencing a steady operation with a need for improvement in market demand [1] - The industry has seen a significant pullback, with the general equipment index down 7.7% from May 1 to June 16, underperforming the CSI 300 index by 6.0 percentage points [6] - The overall market performance of the general equipment sector has been weak, with various sub-sectors such as machine tools and other general equipment experiencing notable declines [6] Market Review - The general equipment sector has faced a substantial pullback, with the overall index down 7.7% from May 1 to June 16, ranking 93rd among 133 secondary industry indices [6] - The machine tool, other general equipment, and instrument sectors have seen declines of -12.7%, -9.4%, and -8.6% respectively [6] - The sector's price-to-earnings (P/E) ratio is currently at 27.8, which is at a historical low of 9.0% [9] Economic Performance - The general machinery industry has shown stable growth, with a 3.05% increase in revenue and a 7.52% increase in profit in the first quarter of 2024 compared to the previous year [14] - The total export delivery value for the general machinery industry reached 37.789 billion yuan, a year-on-year increase of 13.49% [14] - The production of key products such as pumps and compressors has seen significant growth, with some products achieving double-digit growth rates [14] Sub-sector Data Tracking - The forklift industry has seen a total sales volume of 123,876 units in April 2024, representing a year-on-year increase of 23.9% [27] - The production of industrial robots increased by 25.9% year-on-year in April 2024, indicating a recovery in demand driven by policy support and market recovery [28] - The machine tool sector has faced challenges, with a 13.8% decline in revenue and a 77.8% drop in total profit in the first quarter of 2024 compared to the previous year [21] Policy and Industry Dynamics - The implementation of policies to promote large-scale equipment updates is expected to enhance the demand for domestic general equipment [13][26] - The report suggests focusing on leading companies in the sector, particularly in machine tools and industrial robots, as they are likely to benefit from the upcoming demand surge [2]

Investment Rating - The report maintains a "Market Perform" rating for the automotive industry [2][41]. Core Insights - The 2024 automotive trade-in subsidy has been announced, which is expected to accelerate the trade-in actions and boost overall automotive sales [10][11]. - The automotive industry experienced a slight decline in sales and production in May, but the new energy vehicle (NEV) sector continues to show rapid growth [8][18]. - The report highlights three main investment themes: "Electrification," "Intelligentization," and "Globalization" [11][41]. Summary by Sections Market Review - From May 15 to June 14, 2024, the automotive industry index declined by 3.85%, underperforming the Shanghai and Shenzhen 300 index, which fell by 2.33% [7][14]. - The static price-to-earnings (P/E) ratio for the automotive sector is 22.83, significantly higher than the 11.84 for the Shanghai and Shenzhen 300 index [16]. Automotive Industry Data Tracking - In May, China's automotive production and sales reached 2.372 million and 2.417 million units, respectively, with a year-on-year increase of 1.7% and 1.5% [8][18]. - NEV production and sales reached 940,000 and 955,000 units, showing a year-on-year growth of 31.9% and 33.3%, with a market share of 39.5% [8][18]. - The report indicates that dealer inventory levels are below the warning line, suggesting a healthy demand environment [29]. Policy and Industry Dynamics - The Ministry of Finance has allocated a total of 11.198 billion yuan for the 2024 automotive trade-in subsidy, with a target of recycling 3.78 million old vehicles [10][37]. - Various government departments are promoting NEV adoption in rural areas and enhancing safety management for NEVs [32][33]. Investment Recommendations - The report suggests focusing on companies benefiting from the electrification trend, such as BYD and Changan Automobile, as well as those involved in intelligent driving technologies [11][41]. - Companies with stable market shares and potential for growth in NEV and overseas markets are also highlighted as investment opportunities [11][41].

| --- | --- | --- | --- | --- | |------------|-------|---------|-------|--------| | | | | | | | 市场数据 | | | | | | 指数名称 | | 收盘 | | 涨跌 % | | 上证指数 | | 2963.10 | | -1.17 | | 深证成指 | | 8924.17 | | -1.55 | | 创业板指 | | 1731.51 | | -1.39 | | 科创 50 | | 739.14 | | -2.54 | | 北证 50 | | 703.35 | | -3.73 | | 沪深 300 | | 3476.81 | | -0.54 | 【债券研究】债券市场综述 【财经要闻】应对南方暴雨灾害，中国保险业已接报案估损 6.19 亿元 【公司跟踪】翰宇药业（300199.SZ）：利拉鲁肽注射液获得美国 FDA 暂 定批准 袁闯 分析师 执业证书编号:S0530520010002 yuanchuang@hnchasing.com 翁伟文 研究助理 wengweiwen@hnchasing.com 一、财信研究观点 ...

策略报告 图 17：非金融企业境内股票融资（亿元） 图 18：融资买入额及占比（亿元、%） 策略报告 策略报告 免责声明 本报告中所指投资及服务可能不适合个别客户，不构成客户私人咨询建议。任何情况下，本报告中的信息或所表 述的意见均不构成对任何人的投资建议。在任何情况下，本公司及本公司员工或者关联机构不承诺投资者一定获 利，不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任。投资者务必注意，其据此作出的任何 投资决策与本公司及本公司员工或者关联机构无关。 财信证券研究发展中心 证券研究报告 此报告 考 请务必阅读正文之后的免责条款部分 内容目录 图表目录 请务必阅读正文之后的免责条款部分 1 A 股行情回顾 表 1：主要股指涨跌幅 策略报告 上周在中国 5 月份经济数据公布、2024 年陆家嘴论坛召开、科创板八条改革措施落 地下，A 股市场继续震荡磨底。从市值风格来看，小微盘股风格与大盘股风格走势接近、 周跌幅相差不大，此前因"退市及 ST 风险担忧"导致的市值风格分化或将告一段落，后 续市值风格走势将更为均衡；从行业风格来看，此前领涨的 TMT 板块走向分化，电子及 通信等"硬科技"方向继续领涨行 ...