证券研究报告 食品饮料 报告日期:2024 年 07 月 01 日 飞天批价企稳回升,关注中长期高质量发展 ——食品饮料行业周报 华龙证券研究所 投资评级:推荐(维持) 最近一年走势 分析师:王芳 执业证书编号:S0230520050001 邮箱:wangf@hlzqgs.com 《板块估值回调,关注中长期配置机会 —食品饮料行业周报》2024.06.17 《政策催化,关注白酒预期改善—食品 饮料行业周报》2024.05.20 《白酒一季度开门红,大众品成本下行 盈利改善—食品饮料行业》2024.05.17 摘要: 食品饮料板块估值持续回调。上周(06 月 24 日-06 月 28 日)食 品饮料板块涨跌幅-1.71%,同期上证指数涨跌幅-1.03%,食品饮 料跑输上证指数 0.69pcts。11 个申万三级子板块均呈回调态势, 其中乳品涨跌幅-0.33%,跑赢上证指数,其它子板块均跑输上证 指数。下半年来看,若需求端没有明显好转,预期板块依然呈现 弱复苏态势。建议关注结构性布局机会和个股的阿尔法逻辑,龙 头企业具备较强抗风险能力,全年业绩确定性较强,估值回调后 性价比凸显,更具中长期配置价值。 白酒:上周( ...

证券研究报告 汽车 报告日期:2024 年 07 月 01 日 比亚迪海豹登录日本市场,自主车企加快出海步伐 ——汽车行业周报 华龙证券研究所 投资评级:推荐(维持) 最近一年走势 分析师:杨阳 执业证书编号:S0230523110001 邮箱:yangy@hlzqgs.com 联系人:李浩洋 执业证书编号:S0230124020003 邮箱:lihy@hlzqgs.com 《新 M7 Ultra 交付破万台,看好自主车 企爆款潜力—汽车行业周报》2024.06.24 《欧盟加征关税决策出台,看好自主车 企产能出海—汽车行业周报》2024.06.17 《销量向上规模效应凸显,布局海外拉 动业绩增长—汽车行业 2023 年报及 2024 年一季报综述》2024.05.29 摘要: 本周观点:比亚迪海豹登录日本市场,自主车企加快出海步伐。 自主车企出海动作频繁。比亚迪 SEAL(即海豹)车型正式登录 日本;乌兹别克斯坦工厂首批量产车宋 PLUS DM-i 冠军版下线, 产能本地化助力市场拓展。长城汽车在马来西亚、印度尼西亚和 越南组装厂分别预计于 Q3 和 2025 年落地。哪吒汽车产能、市场 双端发力,携手马来 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 117 期，总第 1676 期（电子版） 2024 年 6 月 28 日 星期五 货币市场 欧元兑美元 1.0708 0.04 美元兑日元 160.6825 -0.06 一、市场分析 再度缩量，无序轮动 | --- | --- | --- | |--------------|---------------------|-----------| | | 沪深指数 \n收盘(点) | 涨跌幅(%) | | 上证指数 | 2945.85 | -0.9 | | 深证成指 | 8849.7 | -1.53 | | 中小 100 | 5646.22 | -1.29 | | 创业板指 | 1703.2 | -1.59 | | 沪深 300 | 3454.12 | -0.75 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39164.06 | 0.09 | | 纳斯达克 | 17858.68 | 0.3 | | 标普 500 | 5482.87 | 0.09 | | 英国富时 100 | ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 118 期，总第 1677 期（电子版） 2024 年 7 月 1 日 星期一 美元离岸人民币 7.2989 -0.02 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2967.4 | 0.73 | | 深证成指 | 8848.7 | -0.01 | | 中小 100 | 5667.84 | 0.38 | | 创业板指 | 1683.43 | -1.16 | | 沪深 300 | 3461.66 | 0.22 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39118.86 | -0.12 | | 纳斯达克 | 17732.6 | -0.71 | | 标普 500 | 5460.48 | -0.41 | | 英国富时 100 | 8164.12 | -0.19 | | 日经 225 | 39874.18 | 0 ...

1.2618 -0.03 截至收盘，沪指涨 0.76%，深成指涨 1.55%，创业板指涨 1.8%。 盘面上，AI 概念股集体爆发，应用方向领涨，PCB 概念股探底回升， 汽车零部件板块表现活跃，锂电池概念股一度冲高。 5G-A 股票适合积极型及以上投资者参考)。 敬请参阅正文之后的免责声明 - 1 - 二、重点新闻 华龙证券 偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 116 期，总第 1675 期（电子版） 2024 年 6 月 27 日 星期四 货币市场 欧元兑美元 1.0681 0.01 美元兑日元 160.5318 -0.18 | --- | --- | --- | |--------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2972.53 | 0.76 | | 深证成指 | 8987.3 | 1.55 | | 中小 100 | 5719.95 | 1.65 | | 创业板指 | 1730.64 | 1.8 | | 沪深 3 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 116 期，总第 1675 期（电子版） 2024 年 6 月 27 日 星期四 货币市场 欧元兑美元 1.0681 0.01 美元兑日元 160.5318 -0.18 | --- | --- | --- | |--------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2972.53 | 0.76 | | 深证成指 | 8987.3 | 1.55 | | 中小 100 | 5719.95 | 1.65 | | 创业板指 | 1730.64 | 1.8 | | 沪深 300 | 3480.26 | 0.65 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39127.8 | 0.04 | | 纳斯达克 | 17805.16 | 0.49 | | 标普 500 | 5477.9 | 0.16 | | 英国富时 100 | 8225.33 | -0.27 ...

Market Performance - The average weekly return of stock ETFs was -1.42%[41] - Among ETF types, industry and thematic ETFs experienced the largest declines, while style and strategy ETFs were relatively resilient[41] - Weekly return rankings: Style ETFs (-1.17%), Strategy ETFs (-1.25%), Scale ETFs (-1.26%), Thematic ETFs (-1.51%), Industry ETFs (-1.59%)[41] Fund Flows - Total net inflow for stock ETFs was 123.87 billion CNY, primarily concentrated in scale ETFs with a net inflow of 128.81 billion CNY[62] - Strategy ETFs saw a net inflow of 11.82 billion CNY, while industry ETFs had a net outflow of 3.85 billion CNY and thematic ETFs saw a net outflow of 12.80 billion CNY[62] - The largest net inflow among individual ETFs was for Huatai-PB CSI 300 ETF, with 30.50 billion CNY[63] Sector Performance - The electronics and communication sectors performed well, while real estate, retail, and media sectors saw significant declines[20] - Top performing sectors: Electronics (1.86%), Communication (1.28%), Construction (0.52%), Oil & Gas (0.36%), Automotive (0.34%)[20] - The worst performing sectors: Real Estate (-5.76%), Retail (-5.16%), Media (-5.12%), Food & Beverage (-5.01%), Composite (-4.46%)[20] ETF Highlights - The largest scale ETF by size was Huatai-PB CSI 300 ETF, with a total size of 2009.77 billion CNY[62] - The largest thematic ETF by size was Huaxia National Index Semiconductor ETF, with 229.90 billion CNY[24]

Group 1 - The market adjustment space is limited due to the gradual resolution of factors disturbing the market, such as rising trade protectionism and geopolitical conflicts, leading to a weakening marginal impact on the market [1][52] - Economic fundamentals support the market, with growth momentum expected to continue throughout the year, as indicated by various international organizations raising China's economic growth forecast [52] - The market valuation is within a reasonable range, with the overall A-share index's price-to-earnings ratio at 16.57% historical percentile and price-to-book ratio at 0.78% [1][52] Group 2 - The real estate market shows positive changes amid a downturn, with an increase in new home visits and transaction volumes in first-tier and some hot cities following the implementation of new policies [4][34] - The financing balance data indicates an overall outflow of financing funds, with net buying amounts in sectors like electronics, computers, and automobiles being notable [5][32] - The market's risk premium indicates that the Shanghai Composite Index has entered a historical opportunity value range after a phase of adjustment [1][52] Group 3 - The industry and theme allocation shows that sectors like electronics, computers, automobiles, and non-bank financials are of interest, with a focus on high dividend, carbon neutrality, and state-owned enterprise reform themes [55][84] - The Northbound capital flow indicates a net inflow in sectors such as electronics and communication, while the banking sector experienced a slight outflow [46][73] - The financing balance as of June 21, 2024, was 1,470.88 billion, with a net outflow of 5.137 billion during the period [28][32]

Market Analysis - The market experienced low trading volume with a significant decrease in capital participation, leading to a five-day consecutive decline in the Shanghai Composite Index and a notable drop in the ChiNext Index [4][6][17] - The overall market saw more stocks rising than falling, with over 2800 stocks gaining, despite the decline in major indices [5][6] Key News - Major manufacturers in the polyester filament industry have started production cuts to stabilize prices, resulting in a nearly 10% price increase for key products over the past month. The prices for POY, DTY, and FDY have risen by 7.8%, 3.9%, and 3.7% respectively [19] - The National Development and Reform Commission has issued a significant document promoting the integration of vehicles, roads, and cloud technology, which is expected to boost the development of smart transportation and autonomous driving, benefiting several related companies [19] Stock Performance - A number of stocks reached their daily limit up, including Qiujiang Co. (9.92% increase), Zhongyan Dadi (10.03% increase), and Zhejiang Medicine (10% increase), driven by various factors such as government support and technological advancements [20]

Investment Rating - The industry is rated as "Recommended" due to the expected expansion of the HarmonyOS ecosystem and the release of Pangu Model 5.0, which enhances AI capabilities across various sectors [4][27]. Core Insights - The report highlights significant advancements in Huawei's HarmonyOS and Pangu Model, indicating a strong potential for AI integration in various applications, which is expected to drive growth in the industry [4][25]. - The establishment of new innovation alliances by the State-owned Assets Supervision and Administration Commission (SASAC) aims to enhance collaboration in strategic emerging industries, including AI and computing [15][16]. Summary by Sections 1. Market Performance - From June 17 to June 21, 2024, the Shenwan Computer Index fell by 1.91%, with notable gainers including Huaming Intelligent and Information Development, while Shenzhou Digital and Guoneng Rixin saw significant declines [11][14]. 2. Industry News - The SASAC initiated the construction of 24 innovation alliances focusing on strategic emerging industries, which will enhance cooperation between academia and industry [15]. - The 11th International Conference on Intelligent Connected Vehicles (CICV 2024) emphasized the integration of vehicle-road-cloud systems and AI in autonomous driving [15]. 3. Key Company Announcements - Companies like Jiean High-tech and Jiuyuan Yinhai reported on regulatory actions and transactions, indicating ongoing developments in the sector [16]. 4. Weekly Insights 4.1 Harmony Native Intelligence - Huawei's HarmonyOS NEXT was introduced, marking a significant step in creating a self-controlled operating system ecosystem, enhancing AI capabilities in various applications [17][18]. - The integration of AI features in HarmonyOS is expected to align with industry trends, similar to Apple's AI initiatives [18][19]. 4.2 Pangu Model 5.0 Release - The Pangu Model 5.0 features upgrades in multi-modal capabilities and strong reasoning abilities, making it suitable for various business scenarios [22][23][24]. - The model's advancements are expected to facilitate applications in industries such as autonomous driving and industrial manufacturing [23][24]. 5. Investment Recommendations - The report suggests focusing on companies within the Huawei Harmony and Ascend ecosystem, as well as AI computing-related firms, indicating a robust investment landscape [27].