行业报告：先进制造行业周报 2024年6月15日 AI PC+AI Phone引领科技电子产品升级方向，智能终端产品市场规模及渗透率均将持续快速提升 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 ...

态。FOMC 成员认为当前劳动力市场的表现依然强劲,但已经有所降温。 2024年06月13日 证券研究报告 宏观研究|宏观点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|-----------| | | | | | 美联储维持利率不变，点阵图预期年内降息一次 | | | | | 美联储 2024年6月议息会议点评 | | | | 主要数据 | | | | 上证指数 | 3037.4675 | | ◆ 美联储维持利率不变,缓于预期的通胀数据支撑市场降息预期 | 沪深 300 | 3544.1225 | | 北京时间 6月13日凌晨,美联储公布6月议息会议决议,维持当前利率不变,联 | 深证成指 | 9269.9358 | | 邦基金 ...

将延续降幅逐渐缩窄的趋势。 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|-----------| | 5 月通胀温和回升,后续回升趋势有望延续 \n报告摘要 | 2024年5月通胀数据点评 \n主要数据 | | | | 上证指数 | 3037.4675 | | 5 月 CPI 环比为-0.1%,高于过去 10年(2014年至2023年) 同月均值的-0.2%, | 沪深300 | 3544.1225 | | 同时,5月核心 CPI 环比为-0.2%,低于过去 10年同月均值的+0.1%,显示去除食品和 | 深证成指 | 9269.9358 | | 能源后,5月CPI 弱于季节性。结合5月交通工具用燃料环比低于近10年同月均值的 | ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Views - The company demonstrates resilience through diversified operations, achieving steady growth in 2023 with a revenue of 4.738 billion yuan, up 11.2% year-on-year, and a net profit of 579 million yuan, up 10.5% year-on-year [1]. - The first quarter of 2024 shows significant performance improvement, with a revenue of 1.618 billion yuan, up 51.1% year-on-year, and a net profit of 246 million yuan, up 42.2% year-on-year [1]. - The company's growth is primarily driven by a doubling in revenue from LNG insulation composite materials, which reached 865 million yuan, up 114.5% year-on-year [1]. - The semiconductor precursor business benefits from a recovery in storage demand and expansion in High Bandwidth Memory (HBM) production, with the company achieving full coverage of major 12-inch clients [1][2]. - The company is positioned as a leader in domestic semiconductor materials, expected to benefit from the recovery in the electronics industry and ongoing localization efforts [8]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 31.33% and a net margin of 12.67%, maintaining stability [1]. - R&D investment increased by 48.8% to 190 million yuan, with an R&D expense ratio of 4.02% [1]. - Forecasted revenues for 2024-2026 are 6.802 billion yuan, 8.588 billion yuan, and 10.671 billion yuan, representing year-on-year growth rates of 43.6%, 26.2%, and 24.3% respectively [8]. Business Segments - The precursor business generated 1.231 billion yuan in revenue in 2023, up 4.6% year-on-year, with domestic production capacity ramping up [1]. - The company has successfully developed new products in the photoresist line, enhancing its offerings in the semiconductor materials sector [2]. - LNG board orders are robust, with the company expanding its business model to include engineering installation services alongside key materials [7]. Market Outlook - The report anticipates a significant increase in HBM demand, projected to grow nearly 200% in 2024, with further doubling expected in 2025 [1]. - The company is well-positioned to capitalize on the growth in advanced packaging and semiconductor materials, with ongoing investments in production capacity [6].

● 利率债:本周公布贸易数据,低基数下对债市影响较小,进口也体现出 需求不足的一面;端午出行数据同样表现出居民消费的疲软;海外方 面,美国就业非农超预期,美债抬升金价下跌,但和失业率背离,就业 统计口径有较大影响, 实际就业情况可能有较大偏差, 并非如数据显示 强劲, 但今年降息概率仍旧较低;本月仍有较多数据未发布,市场关注 股市有风险 入市需谨慎 [证券研究报告] 期，美元指数有所上行。 数据超预期,但同时就业率指向相反,加拿大及欧洲央行降息符合预 2 1.1 制造业回暖和低基数使得出口保持较快增速,内需疲软导致进口增 速不及预期 2.2 利率债走势分析：央行本周跨月后回笼资金，贸易数据出口超预 | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 三、 主要资产价格分析 | | ...

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(cid:30525)(cid:30523)(cid:30525)(cid:30527)年(cid:30523)(cid:30529)月(cid:30524)(cid:30523)日 证券研究报告|行业研究|行业点评 非银金融 投资评级 增持 非银行业周报（(cid:30525)(cid:30523)(cid:30525)(cid:30527) 年第十九期）： 维持评级 行业走势图 中小券商股权流转加速，券商行业并购重组持续推 非银金融 沪深300 进 30% 20% 10% 市场表现： 0% 本期（(cid:30525)(cid:30523)(cid:30525)(cid:30527).(cid:30529).(cid:30526)-(cid:30525)(cid:30523)(cid:30525)(cid:30527).(cid:30529).(cid:30530)）非银（申万）指数-(cid:30525).(cid:30528)(cid:30527)%，行业排名(cid:30524)(cid:30529)/(cid:30526)(cid:30524)，券商Ⅱ指 -10% 数-(cid:30525).(c ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report emphasizes the integration of vehicle, road, and cloud systems, highlighting the importance of data interconnectivity for the development of intelligent connected vehicles [5][8] - The report identifies key investment opportunities in companies involved in V2X technology, smart vehicles, and intelligent components, suggesting a focus on firms like Wanji Technology, Best, and BYD [3][13] Summary by Sections Investment Recommendations - Key recommended stocks include Beite Technology, Best, Micro Light, Mingzhi Electric, and Wanji Technology among others [3] - The core stock portfolio includes companies such as Beite Technology, Best, and Softcom Power [3] Industry Focus - The report highlights several sectors for tracking: - **Photovoltaic Equipment**: The report notes that the rapid increase in HJT penetration and declining raw material prices are expected to stimulate downstream demand [4] - **Battery Swapping**: The market for battery swapping stations is projected to reach 135.755 billion by 2025, with a focus on operational companies in this field [4] - **Energy Storage**: The report indicates that energy storage is essential for new grid construction, with favorable policies expected to enhance industry conditions [4] - **Semiconductor Equipment**: Demand is expected to reach $140 billion by 2030, with a focus on platform companies and domestic alternatives [4] - **Automation**: The market for industrial consumables is projected to grow from 40 billion to 55.7 billion by 2026 [4] - **Hydrogen Energy**: The report supports green hydrogen initiatives aligned with carbon neutrality [4] - **Engineering Machinery**: The report suggests focusing on leading companies with product and cost advantages [4] Policy and Development - The report discusses the acceleration of intelligent connected vehicle development due to ongoing policy support, including the establishment of testing zones and the issuance of demonstration licenses [5][13] - It notes that over 50 provinces and cities have released implementation details, supporting the construction of 17 national testing demonstration zones [13] Data Interconnectivity - The report emphasizes that data interconnectivity is crucial for the application of the vehicle-road-cloud integration system, which combines physical and information spaces for efficient operation [8][11]

图1 市场仍预期到年底前美联储年内至少降息 25BP 资料来源：CME，中航证券研究所 中航证券研究所发布 请务必阅读正文之后的免责声明部分 [证券研究报告] 资料来源:CREIS,中航证券研究所 中航证券研究所发布 请务必阅读正文之后的免责声明部分 券未有采取行动以确保于本报告中所指的证券适合个别的投资者。本报告的内容并不构成对任何人的投资建议，而中航证券不会因接受本报告而规他们为客 本报告所裁资料的来源及观点的出处皆被中航证券认为可能，但中航证券并不能担保其准确性或完整性。中航证券不对因使用本报告的材料而引致的损 失负任何责任, 除非该等损失因明确的法律或法规而引致。投资者不能仅依靠本报告以取代行使独立判断。在不同时期，中航证券可发出其它与本报告所载 资料不一致及有不同结论的报告。本报告及该等报告仅反映报告撰写日分析师个人的不同设想、见解及分析方法。为免生疑，本报告所载的观点并不代表中 航证券及关联公司的立场。 中航证券在法律许可的情况下可参与或投资本报告所提及的发行人的金融交易，向该等发行人提供服务或向他们要求给予生意,及或持有其证券或进行 [证券研究报告] 联系电话:010-59219558 - 传真 ...

Investment Rating - The investment rating for the defense and military industry is "Overweight" [1] Core Views - The defense and military industry index decreased by 1.71%, ranking 7th out of 31 industries [1] - The commercial aerospace sector experienced a pullback after a previous surge, indicating a return to rationality in the market [1] - Major military enterprises saw an increase in stock prices, with notable gains from companies like Zhongbing Hongjian (+12.99%) and Aerospace Electric (+8.00%) [1] - The market is influenced by several factors, including the active participation of large-cap stocks and the gradual confirmation of demand changes [1][3] Summary by Sections Recent Market Performance - The defense and military index saw a decline of 1.71%, while the overall market indices also experienced slight decreases [11] - The top gainers included companies like Zhongbing Hongjian and Aerospace Electric, while the biggest losers faced significant declines [11] Important Events and Announcements - Recent announcements include the establishment of a civil aviation test flight center and successful test flights of new military technologies [12][14] Industry Outlook - The military industry is expected to enter an upward cycle post-2024, aiming to achieve the centenary goals by 2027 [3] - The second half of the year is anticipated to perform better than the first half, with quarterly performance expected to improve [3] Investment Opportunities - Focus on new growth points in the military industry, such as commercial aerospace and low-altitude economy, which are expected to drive structural growth [4] - Attention should be given to military central enterprises and their subsidiaries, which are likely to benefit from value management and quality improvement initiatives [4][5] Market Data - The average annual market size for China's aerospace launches is projected to exceed 26 billion yuan from 2024 to 2026, driven by increasing satellite deployment needs [27][29] - The market for liquid rocket launches is expected to significantly surpass that of solid rockets, indicating a shift in industry dynamics [29]