[Table_MainInfo] 行业研究/农业 证券研究报告 行业周报 2024年02月26日 [Table_InvestInfo] 投资评级 优于大市 维持 能繁去化仍在途中，水产价格大多走强 市场表现 [Table_Summary] 投资要点： [Table_QuoteInfo] 农业 海通综指 18.71% 上周农业板块上涨2.3%。上周农业板块上涨2.3%，位列申万一级行业第30名。  10.08% 子行业中仅有肉鸡养殖（-0.1%）下跌，水产养殖（+9.2%）、果蔬加工（+5.4%） 1.46% 涨幅相对较大。其他主要行业中，生猪养殖（+0.5%）、动物保健（+1.6%）、 种子（+2.0%）也有不同程度的上涨。 -7.16% -15.78%  仔猪价格涨至高位，但当前猪周期仍处于产能去化之中。根据 Wind 数据，全 -24.41% 周生猪均价13.8元/公斤。涌益数据显示上周15kg仔猪价格为602元/头；50kg 2022/10 2023/1 2023/4 2023/7 二元母猪价格为1543元/头。根据涌益数据，1月能繁母猪环比-0.76%，较2023 年 12 月 0.84%的降幅有 ...

[Table_MainInfo] 行业研究/交通运输 证券研究报告 行业周报 2024年02月26日 周报：2 月 20 日，全社会跨区域人员流动 量完成 17532.3 万人次 [Table_Summary] 投资要点： 一周市场回顾：上证综指上涨，交运跑大输盘，上涨3.9%。2024.2.19-2024.2.23，  交通运输指数(+3.9%)，同期上证综指（+4.8%）。子板块绝对周涨跌幅中，公交 （+8.8%）、跨境物流（+8.3%）、高速公路（+7.3%）、仓储物流（+7.2%）、 公路货运（+7.1%）、快递（+5.1%）、航运（+4.6%）、铁路运输（+2.7%）、 港口（+2.1%）、航空运输（+2.0%）。 交运一周专题推荐：油运价格跟踪，蒙煤运输情况跟踪，疫后全国公路货运车  流量跟踪。 航运数据观察：2024年2月23日，SCFI指数收于2110点，环比前一期（2024.2.9）  -2.6%；2024年2月23日，BDI收于1866点，环比前一周+15.9%；BDTI日度指 数收于1209点，环比前一周（2024.2.16）-9.8%；BCTI日度指数收于1062点， 环比前一周 ...

Investment Rating - The report indicates a neutral investment rating for the public utility sector, suggesting that the expected return for the industry is between -10% and 10% relative to the benchmark index [8]. Core Insights - The coal price has shown short-term fluctuations, with a notable increase from 908 to 933 RMB/ton at the beginning of the year, driven by low port inventories and increased demand during the Spring Festival [4]. - In Ningxia, significant investments in renewable energy and coal mining projects are expected to grow by over 50% in 2024, with a focus on energy security projects [4]. - The experience from South Australia in managing distributed solar energy, where wind and solar generation accounted for 75% of the energy mix, provides valuable lessons for operational demand management [4]. - Compared to early 2020, natural gas prices have returned to similar levels, while coal prices remain significantly higher, indicating a potential investment opportunity in the coal sector [5]. - The report highlights that leading power companies are currently undervalued, with expected dividend yields of over 6% in 2024, suggesting a favorable investment environment for thermal power stocks [5]. Summary by Sections Coal Market Dynamics - The coal price has increased due to low inventories and high demand during the Spring Festival, with a year-on-year increase in daily electricity consumption of 8.3% in southern provinces [4]. - Despite a recent price drop, coal production is resuming, indicating a potential balance in supply and demand [4]. Renewable Energy Investments - Ningxia's investment plan for 2024 aims for a 50% increase in renewable energy projects, focusing on large-scale solar and energy security initiatives [4]. Lessons from South Australia - South Australia's management of distributed solar energy includes measures such as establishing operational baselines and increasing storage capacity, which could be beneficial for other regions [4]. Valuation of Power Companies - The report suggests that leading power companies are undervalued, with potential for significant returns, particularly in the thermal power sector [5].

[Table_MainInfo] 行业研究/机械工业/新能源板块 证券研究报告 行业周报 1 月公桩新增同比+36.8%， 中央财经会议鼓励汽车以旧换新 [Table_Summary] 投资要点： 1月公桩新增5.6万台，同/环比+36.8%/-43.9%。根据中国充电联盟微信公众  号，2024年1月公共充电基础设施新增5.6万台，同/环比+36.8%/-43.9%。其 中：1）充电桩：截至1月，联盟内成员单位总计上报公共充电桩278.2万台， 其中直流充电桩 121.4 万台、交流充电桩 156.7 万台；2）充电量：1 月全国 充电总电量约42.2亿度，较12月增长4.1亿度，同/环比+82.5%/+10.8%； 3） 桩车增量比：2024年1月，充电基础设施增量为26.5万台，新能源汽车销量 72.9万辆，桩车增量比为1：2.8。 中央财经委员会第四次会议召开，鼓励汽车等传统消费品以旧换新。根据中  华人民共和国中央人民政府官网，习近平总书记2月23日下午主持召开中央 财经委员会第四次会议，鼓励汽车等传统消费品以旧换新。会议指出：1）研 究大规模设备更新和消费品以旧换新：推动各类生产设备、服务设备 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for CITIC Pacific Special Steel Group, with a target price of 19.46 CNY based on a 14x PE valuation for 2024 [9]. Core Viewpoints - CITIC Pacific Special Steel is a leading specialized steel manufacturer with an annual production capacity exceeding 20 million tons, benefiting from a comprehensive industrial layout along coastal and river areas [6][13]. - The company has successfully adapted to the "dual carbon" policy, achieving a record total sales volume of 9.4221 million tons in the first half of 2023, with a 12.55% year-on-year increase in revenue to 58.325 billion CNY [7][18]. - The acquisition of Tianjin Steel Pipe has positioned the company as the world's largest producer of special seamless steel pipes, enhancing its production capacity and operational efficiency [8][29]. - The company is focusing on green manufacturing and digital transformation, with significant investments in R&D and environmental upgrades [25][28]. Summary by Sections Company Overview - CITIC Pacific Special Steel is recognized as a global leader in specialized steel materials, with a diverse product range that meets the demands of key industries such as energy, transportation, and aerospace [6][13]. - The company has a rich history dating back to the late Qing Dynasty and has evolved through various mergers and acquisitions to become a significant player in the steel industry [13]. Financial Performance - In the first half of 2023, the company reported a revenue of 58.325 billion CNY, a 12.55% increase year-on-year, despite a 19.52% decline in net profit to 3.04 billion CNY [18][20]. - The sales volume of special steel reached 9.4221 million tons, marking a 22.67% increase, while the average selling price decreased by 9% to 6190.2 CNY per ton [23][25]. Market Position and Strategy - The company has strategically positioned itself to capitalize on the growing demand for special steel driven by the transition to green energy and advanced manufacturing [30][32]. - The report highlights the importance of the "dual circulation" development strategy in boosting domestic demand for special steel products [32]. Industry Outlook - The special steel industry is expected to benefit from ongoing trends in manufacturing transformation and the increasing demand for high-quality steel in various sectors, including automotive and renewable energy [30][32]. - The report notes that the domestic special steel market is poised for steady growth, supported by government policies aimed at enhancing the quality of steel production [32][34].

[Table_MainInfo] 行业研究/医药与健康护理 证券研究报告 行业周报 2024年02月26日 [Table_InvestInfo] 2024 年春节后股市迎开门红，医药年度投 投资评级 优于大市 维持 资策略继续看好器械及药品 市场表现 [Table_Summary] [Table_QuoteInfo] 投资要点： 医药与健康护理 海通综指 5.52% -1.09%  上周（0219-0223）上证综指上升4.8%，SW医药生物上升2.1%，涨跌幅在申 -7.70% 万一级行业中排名第31。生物医药板块表现前三的分别是化学原料药(+5.8%)、 -14.31% 化学制剂(+3.1%)、医疗服务(+2.8%)。个股涨幅前三为景峰医药(+60.9%)、常 -20.92% 山药业(+41.0%)、长药控股(+40.3%)；个股跌幅前三为兴齐眼药(-9.7%)、益丰 -27.53% 2023/2 2023/5 2023/8 2023/11 药房(-9.0%)、阳光诺和(-8.7%)。 资料来源：海通证券研究所  2024年春节后股市迎开门红，医药年度投资策略继续看好器械及药品。2月19 日开盘以来， ...

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Investment Rating - The report does not explicitly state an investment rating for Dongyue Group Core Insights - Dongyue Group is a leading player in China's fluorochemical industry, established in 1987 and listed on the Hong Kong main board in 2007. The company has grown into a significant production base for fluorosilicon materials and serves as a key supplier for renowned domestic and international companies [3][41] - The company benefits from the rising prices of refrigerants, with the global refrigerant market expected to grow from 202 tons in 2024 to 229 tons in 2029, reflecting a compound annual growth rate (CAGR) of 2.5% [13][25] - The fluorinated polymer materials segment has vast potential, with applications across various industries including construction, electronics, and aerospace [34][39] Summary by Sections 1. Company as China's Fluorochemical Leader - Dongyue Group is recognized as a leading enterprise in the fluorochemical sector in China, focusing on the manufacturing and distribution of refrigerants, polymers, and other chemical products [3][41] 2. Benefiting from Rising Refrigerant Prices - The company is positioned to benefit from the increasing prices of refrigerants, with specific price increases noted for various refrigerants such as R22 and R32 [25][26] 3. Vast Space for Fluorinated Polymer Materials - The fluorinated polymer materials segment includes products like PTFE, PVDF, and FKM, which have extensive applications in multiple industries [34][39] 4. Subsidiary Dongyue Silicon Materials as a Leader in Organic Silicon - Dongyue Silicon Materials, a subsidiary, is a major player in the organic silicon market, producing a range of products including silicone rubber and intermediates [41] 5. Synergy Between Dichloromethane, PVC, and Caustic Soda Segments with Refrigerants - The report highlights the interdependence of the dichloromethane, PVC, and caustic soda segments with the refrigerant division, indicating a collaborative operational strategy [6] 6. Future Hydrogen Energy IPO Aspirations - Dongyue Group is planning to pursue an IPO for its hydrogen energy segment, indicating future growth and diversification strategies [6] 7. Profit Forecast - The company has shown a compound annual growth rate (CAGR) of 38% in net profit from 2019 to 2022, with a revenue CAGR of 16% during the same period [6][8]

Investment Rating - The report maintains an "Outperform" rating for Standard Chartered PLC (2888 HK) with a target price of 88.16 [46]. Core Insights - The company's Q4 2023 earnings report showed a pre-tax profit increase of 824.4% year-on-year, exceeding Bloomberg consensus expectations of 766.8% [2][5]. - Net interest income grew by 6.0% year-on-year, surpassing the consensus forecast of 5.7% [2][5]. - The Common Equity Tier 1 (CET1) ratio increased to 14.10%, higher than the expected 13.95% [2][5]. Summary by Sections Earnings Performance - Q4 2023 revenue growth was 6.9% year-on-year, below the consensus estimate of 10.9% [2]. - Underlying profit before taxation was reported at 1.16 billion USD, reflecting a 63.0% year-on-year increase [4]. - The statutory profit before taxation reached 1.14 billion USD, marking an 824.4% increase year-on-year [4]. Asset Quality - Credit impairment losses were reported at 62 million USD, significantly lower than the consensus estimate of 474 million USD [2][4]. - The non-performing loan (NPL) ratio decreased by 15 basis points to 2.47%, higher than the expected 2.03% [2][4]. Capital and Dividends - The CET1 ratio improved by 0.1 percentage points year-on-year to 14.10%, exceeding the consensus forecast [2][4]. - The company announced a 50% increase in annual dividends and a 1 billion USD share buyback plan [2][4].

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2024年02月26日 第 8 周新房成交同比增速回升、供销比回落 [Table_Summary] 投资要点：  上周1大中城市新房成交情况：  2024年第8周30大中城市新房成交面积为65万平方米，同比2023年-79%。 其中一线城市销售面积15万平方米，同比2023年-76%。二线城市销售面 积37万平方米，同比 2023年-78%。三线城市销售面积 13万平方米，同 比2023年-83%。  2024年2月1日-22日30城累计成交面积247万平方米，环比2024年1 月同期-56%，同比-69%。一线城市累计成交面积47万平方米，环比2024 年1月同期-68%，同比-74%。二线城市累计成交面积141万平方米，环比 2024年1月同期-54%，同比-68%。三线城市累计成交面积59万平方米， 环比2024年1月同期-46%，同比-66.5%。  上周18城二手房成交量情况：  18 城 2024 年第 8 周二手房成交量为 90 万平方米，同比-57%。其中一线 城市二手房成交面积 17 万平方米，同比-59% ...