ESG 点评报告 国有机构投资者是否更关注 ESG? -ESG 文献点评 核心观点 ● | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | ● | 文献导读:近几 ...

宏观研究报告 经济运行总体平稳, 劳动市场值得关注 -2024 年 8 月经济数据分析 核心观点 ● 8月经济运行总体平稳,高质量发展持续推进。在外部环境变化带来的不利 影响增多以及国内有效需求不足的双重影响下,经济数据中个别分项需要关 注:从供给端来看,8月工业增加值同比+4.5%(前值5.1%),工业生产强度 有所回落;8月服务业生产指数同比+4.6%(前值4.8%),今年上半年服务业 生产指数增速略高于第三产业整体增速,结合工业增加值和服务业生产指数 表现,三季度前两个月的实际增长中枢约在 4.5%附近。从需求端来看,8月 社零同比+2.1%,8月当月估算固投增速同比+2%,三驾马车仍然依赖出口。 另外,8月城镇调查失业率小幅上行 0.1个百分点至 5.3%,录得年内高点, 与历史的季节性表现略有不符,国内需求不足的压力逐步传导至劳动力市场。 ● "有效需求不足"延续,工业生产边际走弱。8月工业增加值同比+4.5%, 回落至5%下方,工业增长动力由政策驱动转向需求驱动,"国内有效需求不 足"导致工业生产强度边际走弱。8月产销率为96.2%,去年同期为 97.4%, 处于近几年同期的较低水平。另外,极端天 ...

ESG 点评报告 国有机构投资者是否更关注 ESG? -ESG 文献点评 核心观点 ● | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | ● | 文献导读:近几 ...

⚫ 880 Q2龙头净利环比修复，特钢需驶稳中有升 2( 丰 12 I 242销钱是头择利环比整复，成本控取得证效，企实发24三 ，家"，：企净 .6，422实， oI 维寺没 净9.0之，10.1：(信：.79亿： 2.，效， 分折 +F.I下.55，费7.5%2F5.9. e: f 产能逐步出情助力带龙头爱，制造业转型提动将带求，上半法 : ! 3币12.27，二业营点业发，点务料产次业示范控5 营: 1 2325 2/26 l: Ja i..hiiplok.ur.t'1 欧安了消代求，高、，：个、生、空 汽月，长久、专人 CC-I-:-12 管5收人>.57， 7非收入22.1，.1增10，1半： 1, +^ .A+ ⚫ ⚫ 相究 特制收快设交注：中信特A（8：久（2218： [可】技"其： . : ⚫ | --- | --- | --- | --- | --- | --- | --- | --- | |--------|-------|-----------|---------------|--------|---------|--------------|-------| | | | 302:2 | ...

Q2 龙头净利环比修复,特钢需求稳中有升 24Q2钢铁龙头净利环比修复,成本控制取得成效。钢企陆续发布 2024年 中报,在我们跟踪的36家钢企中,2024上半年 22 家实现盈利,占比 61%。 24Q2 来看,有 16 家公司净利润环比提升。盈利来看,龙头钢企净利润环比 修复。宝钢股份 Q2 归母净利润 26.18 亿,环比增长 35.93%;华菱钢铁 Q2 归母净利润 9.40亿,环比增长140.04%;南钢股份Q2归母净利润 6.79亿, 环比增长 22.65%。成本端来看,龙头钢企成本控制有效。宝钢股份 H1 营业 成本同比下降 4.53%,华菱钢铁同比下降 2.15%,南钢股份同比下降 9.39%。 ● 产能逐步出清助力普钢龙头发展,制造业转型拉动特钢需求。上半年钢铁 下游需求不足,钢价持续低位震荡,叠加钢铁上游原材料价格居高不下,国内 钢企面临较大供需侧压力。8月 22 日工信部发文暂停公示、公告新的钢铁产 能置换方案,助力钢铁落后产能的进一步出清和钢铁行业供给端结构优化。 2023年12月22日,工业和信息化部发布《重点新材料首批次应用示范指导 目录》,"先进钢铁材料"居首,制造业的转型升级以 ...

五年同期均值。本月社融支撑项来自政府融资和信托贷款,分别同比多增 4371 亿元、705亿元,除这两项以外的项目均呈现同比少增。本月社融的拖累项主 要来自对实体发放人民币贷款和企业直接融资(债券+股票),分别同比少增 2971 亿元、2001 亿元。有效社融增速下行,7月短暂回升未能持续。 宏观研究报告 M2 平行移动 等待政策合力 -2024 年 8 月金融数据解读 企业短期贷款仍然受到禁止手工补息的影响,企业中长贷持续表现偏弱,政府 项目投资对企业中长期贷款的拉动作用可能在 4 月后减弱。企业短贷同比多 减 1499亿元,禁止手工补息仍有影响,但影响环比减弱,预计年内后续月份 将持续受到禁止手工补息的影响,但影响程度将呈现逐月减弱。企业中长期贷 款在 4 月后的表现弱于一季度,映射一季度财政支出偏强且在支出上偏向基 建,4月后政府项目投资对企业中长期贷款的拉动作用可能减弱。二季度基础 建设贷款需求指数环比下滑 10pct。 2024年9月14日 | --- | --- | --- | |-------|---------------------------------------------------- ...

行业点评报告 · 电子行业 头部厂商引领创新, 消费电子换机周期可期 2024 年 09月 11 日 ● ● 事件: 9月9日苹果举行名为"高光时刻"的发布会,发布 iPhone 16 系列、 Apple Watch Series 10以及 AirPods 4 等。9月 10日，华为召开见非凡品 牌盛典及鸿蒙智行新品发布会。推出了全球首款三折叠手机华为 Mate XT。 消费电子终端产品持续升级、亮点频出:全新的 iPhone 16 系列除了在摄 像头、屏幕、散热、续航等方面进一步升级,最大的看点就是芯片全系支持 Apple Intelligence,对写作、语音、文本、图片等方面的处理将迎来全新体 验,对英语语言的支持将在10月推出,并将在明年推出中文支持。此外苹果 也推出了全新升级的 AirPods 和 Apple Watch,进一步提升使用体验。华为 的发布会发布了全世界首款三折叠手机,解决了屏幕和铰链的技术难题,同时 实现了屏幕的内折和外折,屏幕表面覆盖业内最大的 UTG 玻璃。华为 Mate XT 是首款搭载十档可变光圈的折叠屏产品,开启了折叠屏产品的全新形态。 | --- | --- | --- ...

行业点评报告 · 电子行业 头部厂商引领创新,消费电子换机周期可期 2024 年 09月 11 日 ● ● 事件: 9月9日苹果举行名为"高光时刻"的发布会,发布 iPhone 16 系列、 Apple Watch Series 10以及 AirPods 4 等。9月 10日，华为召开见非凡品 牌盛典及鸿蒙智行新品发布会。推出了全球首款三折叠手机华为 Mate XT。 消费电子终端产品持续升级、亮点频出:全新的 iPhone 16 系列除了在摄 像头、屏幕、散热、续航等方面进一步升级,最大的看点就是芯片全系支持 Apple Intelligence,对写作、语音、文本、图片等方面的处理将迎来全新体 验,对英语语言的支持将在10月推出,并将在明年推出中文支持。此外苹果 也推出了全新升级的 AirPods 和 Apple Watch,进一步提升使用体验。华为 的发布会发布了全世界首款三折叠手机,解决了屏幕和铰链的技术难题,同时 实现了屏幕的内折和外折,屏幕表面覆盖业内最大的 UTG 玻璃。华为 Mate XT 是首款搭载十档可变光圈的折叠屏产品,开启了折叠屏产品的全新形态。 | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the companies in the non-ferrous metals sector, specifically recommending Zijin Mining (601899.SH), Luoyang Molybdenum (603993.SH), China Minerals (002738.SZ), Shandong Gold (600547.SH), and Chifeng Jilong Gold (600988.SH) [4][9]. Core Insights - China's mineral resource security is insufficient, leading to a high dependence on imports: Approximately half of the reserves of 30 major minerals in China are below the world average, with per capita proven reserves at 58% of the global average. China is the world's largest producer of non-ferrous metals, with a significant reliance on imports for 30 out of 35 major minerals [3][12][15]. - The new international landscape necessitates that domestic non-ferrous enterprises "go global": The imbalance in mineral resource reserves, production, and consumption in China has resulted in a high dependence on foreign sources, with projections indicating that by 2035, two-thirds of 40 mineral resources will still rely on imports [3][30][31]. - Opportunities and challenges coexist, with the "Belt and Road" initiative being a crucial platform for domestic non-ferrous mining companies to expand overseas: As of the end of 2021, Chinese enterprises had over 400 mining projects abroad, but face increasing complexities and risks in international acquisitions due to rising protectionism and tightening resource policies in host countries [3][4][25]. Summary by Sections Section 1: Resource Security and Dependence - China's non-ferrous metal resource supply is inadequate, with significant reliance on imports for key minerals. The country has a trade deficit in mineral products that has been expanding, reaching a historical high of $704.18 billion in 2022 [3][18][19]. Section 2: Going Global Strategy - The report emphasizes that for national supply chain security, policies are encouraging non-ferrous enterprises to expand internationally. The high dependence on foreign resources for strategic minerals is a pressing issue, with 15 out of 28 critical minerals having over 50% reliance on imports [25][30]. Section 3: Opportunities in the Belt and Road Initiative - The "Belt and Road" initiative presents significant opportunities for Chinese non-ferrous enterprises to acquire resources in regions rich in minerals, such as Central Asia and Africa, where there is a strong willingness to develop mineral resources for economic growth [3][4][44]. Section 4: Investment Recommendations - The report recommends companies with established overseas mining operations and production capabilities, highlighting their potential for future growth through expansion and acquisitions [4][9].

Investment Rating - The report maintains a "Buy" rating for the Apple supply chain companies, highlighting strong growth potential and favorable market conditions [3][11][60]. Core Insights - Innovation is identified as the core driver for Apple's new cycle, with significant value increases in chips, cameras, and design elements [2][6]. - The global smartphone market is expected to see renewed growth in 2024 after a decline in 2022, with Apple maintaining a strong position in the high-end market [2][25]. - AI technology is anticipated to be a major growth driver for Apple, potentially leading to a new wave of iPhone upgrades and increased market share [2][36][48]. - Hardware innovation within the Apple supply chain is expected to drive significant value increases, with a focus on mobile functionality, aesthetic upgrades, and a new replacement cycle [2][60]. Summary by Sections 1. Apple Supply Chain Review - Innovation has been a key competitive advantage for Apple, with significant product upgrades occurring in four major cycles since the launch of the first iPhone [6][12]. - The report emphasizes that the Apple supply chain's performance is closely tied to the company's product cycles and innovation [11][12]. 2. Smartphone Market Dynamics - The global smartphone market is experiencing a bifurcation, with both high-end and low-end segments growing, while Apple's dominance in the high-end market remains unchallenged [2][25]. - Capital expenditure growth is slowing, indicating a more conservative approach to capacity expansion and upgrades within the supply chain [2][34]. 3. AI Opportunities - AI is positioned as a key growth driver for Apple, with the potential to significantly enhance user experience and drive new product cycles [2][36][48]. - The introduction of Apple Intelligence is expected to integrate AI capabilities across Apple's product lines, enhancing functionality and user engagement [36][37]. 4. Hardware Innovation - The report highlights that hardware innovations, particularly in mobile devices, are expected to lead to substantial value increases across the Apple supply chain [2][60]. - Key areas of innovation include improvements in camera technology, processing power, and overall device design, which are anticipated to drive sales growth [2][59]. 5. Recommended Companies - The report recommends several companies within the Apple supply chain, including Luxshare Precision, GoerTek, and others, based on their expected performance and growth potential [3][60][61].