(cid:30525)(cid:30523)(cid:30525)(cid:30527)年(cid:30523)(cid:30528)月(cid:30525)(cid:30529)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) 年第十七期）： 维持评级 行业走势图 监管发布减持新规，强化监管约束力度 非银金融 沪深300 30% 市场表现： 20% 本期（(cid:30525)(cid:30523)(cid:30525)(cid:30527).(cid:30528).(cid:30525)(cid:30523)-(cid:30525)(cid:30523)(cid:30525)(cid:30527).(cid:30528).(cid:30525)(cid:30527)）非银（申万）指数-(cid:30526).(cid:30526)(cid:30523)%，行业排名 (cid:30524)(cid:30529)/(cid:30526)(cid:30524)，券商 10% Ⅱ指数-(cid:3 ...

Investment Rating - The industry investment rating is "Increase" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [46]. Core Insights - The securities sector experienced a decline of 3.57% this week, underperforming the CSI 300 index by 1.49 percentage points [3]. - The recent regulatory changes, including the new rules on shareholder share reductions, aim to enhance market transparency and protect investors' rights, which is expected to stabilize market expectations and boost investor confidence [3][38]. - The insurance sector has shown resilience, with an 18.35% increase in the insurance index since April 15, driven by favorable asset-side factors such as a recovering equity market and easing real estate policies [8]. Summary by Sections Securities - The average daily trading volume in A-shares was 851.7 billion yuan, with a slight decrease of 0.30% week-on-week [12]. - The PB valuation of the brokerage sector is currently at 1.05 times, which is at a historical low [3]. - The new regulations on share reductions are expected to reduce the likelihood of circumvention methods and enhance market integrity [3][38]. - The total financing scale for equity reached 146.7 billion yuan, with IPOs accounting for 27.1 billion yuan [16]. Insurance - As of March 2024, the total assets of insurance companies reached 32.86 trillion yuan, reflecting a year-on-year increase of 15.84% [31]. - The original insurance premium income for March 2024 was 215.44 billion yuan, showing a year-on-year growth of 10.73% [33]. - The insurance sector's asset allocation includes 45.41% in bonds and 12.02% in stocks and securities investment funds, indicating a diversified investment strategy [33]. Industry Dynamics - The China Securities Regulatory Commission (CSRC) has implemented new rules to regulate shareholder share reductions, which are designed to address market concerns and enhance regulatory oversight [38][40]. - The CSRC also released guidelines for investment research reports to improve the quality and independence of IPO pricing reports, which is crucial for the ongoing registration system reform [3][40].

Summary of Conference Call Company/Industry Involved - Central Securities Research Institute Core Points and Arguments - The conference call was initiated by a public relations analyst, Hu Yang, who provided an overview of the market strategy and viewpoints of the institute [1] - The presentation utilized the Wind platform for sharing insights and reports [1] - Following the introduction, colleagues from the strategy team were scheduled to provide detailed reports on recent market strategies [1] - The audience was encouraged to review a series of related reports that had been recently published [1] Other Important but Possibly Overlooked Content - The call emphasized the importance of market strategies in the current economic environment, although specific strategies were not detailed in the introduction [1]

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Investment Rating - The investment rating for the company is "Buy" [49]. Core Viewpoints - The company is a leading software and information service provider in the aerospace and government sectors, with a strong market presence and significant advantages in domestic database solutions [20][45]. - Despite a decline in revenue in 2023, the company is expected to benefit from the ongoing domestic replacement process and the gradual recovery of macroeconomic conditions, leading to a positive long-term outlook [61][70]. - The company has a robust pipeline of projects and orders, indicating a stable demand in the downstream market, which supports a high level of industry prosperity [8]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 1.667 billion yuan, a decrease of 12.00%, with a net profit attributable to shareholders of 59 million yuan, down 2.49% [49]. - The gross margin improved to 19.75%, an increase of 0.64 percentage points, while the net margin rose to 3.85%, up 0.26 percentage points [49]. - The company’s R&D expenses increased by 26.36% to 38 million yuan, reflecting a commitment to enhancing its core business capabilities [61]. Business Segments - The company operates in three main business areas: autonomous software products, information technology services, and information system integration, with a focus on the aerospace and government sectors [53][54]. - The autonomous software segment, particularly the Shentong database, is positioned as a core player in the domestic database market, benefiting from national strategic initiatives [70]. - The information technology services segment is expected to experience significant growth due to early market entry and established competitive advantages [18]. Future Projections - The company forecasts net profits of 64 million yuan, 80 million yuan, and 104 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.16 yuan, 0.30 yuan, and 0.26 yuan [61]. - Revenue is projected to decline slightly in the coming years, with expected figures of 1.521 billion yuan in 2024 and 1.426 billion yuan in 2025, before stabilizing in 2026 [62].

公司的投资评级如下: 中航证券社服团队：以基本面研究为核心，立足产业前沿，全球视野对比，深度跟踪元宇宙、餐饮旅游、免税、医美、珠宝、教育等行业，把球最新消费趋 势,以敏锐嗅觉挖掘价值牛股。 负责本研究报告全部或部分内容的每一位证券分析师，再次申明，本报告清晰、准确地反映了分析师本人的研究观点。本人薪酬的任何部分过去不曾与、现 在不与,未来也将不会与本报告中的具体推荐或观点直接或间接相关。 风险提示：投资者自主作出投资决策并自行承担投资风险，任何形式的分享证券投资收益或者分担证券证券投资损失的书面或口头承诺均为无效。 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 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大厦 中航证券有限公司 公司网址:www.avicsec.com 联系电话:010-59219558 传真:010-59562637 请务必阅读正文之后的免责声明部分 增持：未来六个月行业增长水平高于同期沪深 300指数。 中性：未来六个月行业增长水平与同期沪深 300指数相若。 减持：未来六个月行业增长水平低于同期沪深300指数。 ◆ 盈利预测 证券研究报告 请务必阅读正文之后的免责声明 ...

欢迎收听中行之声今天是5月27日星期一首先请听莱斯策略团队的最新观点地产行情结束了吗各位领导同事早上好下面由我来给大家分享一下本周的策略观点央行推出四项地产组合全后上周地产链震荡回调主要在于市场对于地产行业信心不足以及外围的美联储降息预期波动的干扰外部方面 美联储计要以及美国经济数据均指向美联储降息节奏可能会延后甚至不排除加息的可能那这就导致市场对于国内的流动性宽松预期转变为保守那在内部方面呢目前二手房价较糟点21年8月份已经持续下滑了约33个月现在是回到了18年初的一个水平这又导致全社会对于地产行业已经形成了较弱的一致预期 本次政策组合全是430政治局会议精神中关于地产去户存的落地再次确认了政策已经转向中央层面是将去户存定为地产政策下一阶段的新组件 政策收购存量房并推出保租房这个政策模式是在中央层面正式确认可阶段性消化存量地产储存并通过外力来打破此前的市场负反馈预期这样的话未来是有望看到房价起稳的这么一个现象此外这个模式在此前已经有 有部分的地方城市率先进行了试点积累经验所以往后看这是会赶后看这个模式的推进可能会快于市场预期当然另一方面我们要注意到地产相关表述依旧是在430政治局会议中的防风险部分那也再次确 ...

中航证券研究所发布 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------|---------|---------|---------|---------|---------|-----------------------------------------------------------------|---------|---------| | 图1 市场主流预期年内降息次数为1次 \nMEETING DATE | 375-400 | 400-425 | 425-450 | 450-475 | 475-500 | CME FEDWATCH TOOL - CONDITIONAL MEETING PROBABILITIES \n500-525 | 525-550 | 550-575 | | 2024/6/12 | | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 99.1% | 0.9% | | 2024/7/31 | 0.0 ...

证券研究报告 请务必阅读正文之后的免责声明部分 [证券研究报告] 公司的投资评级如下: 买入：未来六个月的投资收益相对沪深 300指数涨幅 10%以上。 持有：未来六个月的投资收益相对沪深 300指数涨幅-10%~10%之间。 卖出:未来六个月的投资收益相对沪深 300指数跌幅 10%以上。 增持:未来六个月行业增长水平高于同期沪深300指数。 中性:未来六个月行业增长水平与同期沪深300指数相若。 减持：未来六个月行业增长水平低于同期沪深300指数。 研究团队介绍汇总: 中航证券宏观团队：立足国内，放眼国际，全面覆盖国内外宏观经济、政策研究。以自上而下的宏观视角，诠释经济运行趋势与规律，以把银流动性变化为 核心，指导大类资产配置。 销售团队: | --- | --- | --- | |---------|--------------------------------------|-------| | | | | | | | | | 李裕淇, | , liyuq@avicsec.com, S0640119010012 | | | 李友琳, | , liyoul@avicsec.com, S064052105 ...

Investment Rating - The report assigns a "Buy" rating to the company, CIMC Enric (3899.HK) [1]. Core Insights - CIMC Enric is a leading player in clean energy and chemical tank equipment, with a well-established global presence and a combination of growth and dividend value [1]. - The company's revenue for 2023 reached 23.63 billion yuan, a year-on-year increase of 20.5%, with a net profit attributable to shareholders of 1.11 billion yuan, up 5.6% year-on-year [1][10]. - The clean energy segment contributed over 60% of the company's revenue in 2023, covering natural gas, petroleum gas, and hydrogen industries [1][10]. - The company has a balanced revenue contribution from domestic and overseas markets, with 51.5% from domestic and 48.5% from overseas in 2023 [1]. Summary by Sections Clean Energy - The clean energy segment is expected to benefit from the rising demand in the global natural gas industry, with a projected revenue of 14.91 billion yuan in 2023, reflecting a year-on-year growth of 40.8% and a gross margin of 12.8% [1][18]. - The company has established a comprehensive industrial chain for onshore clean energy, with major products including LNG, LPG, and CNG equipment, leading the domestic market in production and sales [1][20]. - The offshore clean energy business saw a revenue increase of 74% in 2023, reaching 2.2 billion yuan, driven by the growing demand for clean energy vessels [1][18]. Chemical Environment - The chemical environment segment generated 4.41 billion yuan in revenue in 2023, a decrease of approximately 17% due to market conditions [2]. - The company is focusing on expanding its after-market services and medical equipment sectors, which have shown promising growth [2]. Liquid Food - The liquid food segment achieved a revenue of 4.29 billion yuan in 2023, up 18.6% year-on-year, with significant progress in overseas beer projects and new business areas such as spirits and biopharmaceuticals [2][10]. - The company has a strong global customer base and has completed its capacity layout, positioning itself well to benefit from the beverage industry's growth [2]. Financial Forecast - The company is expected to see a steady increase in net profit, with projections of 1.36 billion yuan, 1.63 billion yuan, and 1.81 billion yuan for 2024, 2025, and 2026 respectively [3][4]. - The current stock price corresponds to a PE ratio of 11, 9, and 8 for the years 2024 to 2026, indicating a favorable valuation [3][4]. Dividend Policy - The company has maintained a dividend payout ratio above 38% since 2019, reaching a new high of approximately 49% in 2023, with a dividend yield of 3.7% [12][10].