证券研究报告 建筑材料 报告日期：2024年05月 23日 重磅地产政策出台，有望带动行业估值修复 ——建材行业 2023 年年报及 2024 年一季报综述 华龙证券研究所 摘要：  2024 年 5 月 17 日，重磅地产政策密集出台：①中国人民银行发 投资评级：推荐（维持） 布调整个人住房贷款最低首付款比例，以及商业性个人住房贷款 最近一年走势 利率政策的通知：对于贷款购买商品住房的居民家庭，首套住房 商业性个人住房贷款最低首付款比例调整为不低于15%，二套住 房商业性个人住房贷款最低首付款比例调整为不低于25%。②商 业性个人住房贷款利率方面，取消全国层面首套住房和二套住房 商业性个人住房贷款利率政策下限。③央行将设立3000亿元保障 性住房再贷款，鼓励引导金融机构按照市场化、法治化原则，支 持地方国有企业以合理价格收购已建成未出售商品房，用作配售 型或配租型保障性住房。④住房公积金个人住房贷款利率下调 0.25 个百分点。调整后，5 年以下（含 5 年）和 5年以上首套个 人住房公积金贷款利率分别调整为2.35%和2.85%，5年以下（含 分析师：彭棋 5 年）和 5 年以上第二套个人住房公积金贷款 ...

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 93 期，总第 1652 期（电子版） 2024 年 5 月 24 日 星期五 沪深指数 收盘(点) 涨跌幅(%) 上证指数 3116.39 -1.33 货币市场 一、市场分析 跌破多条均线，指标出现背离迹象 | --- | --- | --- | |--------------|--------------|-----------| | | | | | 沪深 300 | 3641.79 | -1.16 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39065.26 | -1.53 | | 纳斯达克 | 16736.03 | -0.39 | | 标普 500 | 5267.84 | -0.74 | | 英国富时 100 | 8339.23 | -0.37 | | 日经 225 | 38507.56 | -1.52 | | 恒生指数 | 18868.71 | -1.7 | | --- | --- | --- | |----------------|----------|--- ...

| --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3158.54 | 0.02 | | 深证成指 | 9693.05 | 0.12 | | 中小 100 | 5972.64 | 0.16 | | 创业板指 | 1877.93 | 0.88 | | 沪深 300 | 3684.45 | 0.23 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39671.04 | -0.51 | | 纳斯达克 | 16801.54 | -0.18 | | 标普 500 | 5307.01 | -0.27 | | 英国富时 100 | 8370.33 | -0.55 | | 日经 225 | 38775.46 | 0.41 | | 恒生指数 | 19195.6 | -0.13 | | | 货币市场 | | | | 收盘(点) | 涨跌幅(%) | | 美元离岸人民币 | 7.2534 | ...

一、市场分析 股指蓄势待发 板块良性轮动 周四市场全天冲高回落，三大指数均小幅上涨。 下跌方面，航运股陷入调整，招商轮船跌超 5%。总体上个股涨多 跌少，全市场超 2800 只个股上涨。沪深两市成交额 8478 亿，较上个交 易日放量 867 亿。 截至收盘，沪指涨 0.08%，深成指涨 0.21%，创业板指涨 0.29%。 截至 5 月 15 日，上交所融资余额报 7933.16 亿元，较前一交易日减少 5.9 亿元；深交所融资余额报 7020.07 亿元，较前一交易日减少 10.51 亿元；两市合计 14953.23 亿元，较前一交易日减少 16.41 亿元。 [][][][][][][][][]][]][]][]][]][][][]][]][][][]][][][][][][][][][][][][][][][][][][][]][][][][]][][][]][][][]][][][]][][][][]][] 据媒体报道，SEMI（国际半导体产业协会）与 TechInsights 合作编制的最新报告显示，随着电子板块销售额的 上升、库存的稳定和晶圆厂产能的增加，2024 年第一季度全球半导体制造业出现 ...

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 90 期，总第 1649 期（电子版） 2024 年 5 月 21 日 星期二 美元兑日元 156.429 0.1 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3171.15 | 0.54 | | 深证成指 | 9750.82 | 0.43 | | 中小 100 | 6005.61 | 0.54 | | 创业板指 | 1875.93 | 0.59 | | 沪深 300 | 3690.96 | 0.35 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39806.77 | -0.49 | | 纳斯达克 | 16794.87 | 0.65 | | 标普 500 | 5308.13 | 0.09 | | 英国富时 100 | 8424.2 | 0.05 | | 日经 225 | 39295.6 | 0.58 | | ...

Market Overview - The report highlights a significant market rally driven by real estate policies, with major indices rising over 1% last Friday [3][5][18]. - The real estate sector saw a resurgence, with stocks like Vanke A, Rong'an Real Estate, and Poly Development experiencing substantial gains [4][5]. Data Insights - The financing balance on the Shanghai Stock Exchange reached 794.53 billion, an increase of 1.22 billion from the previous trading day, while the Shenzhen Stock Exchange's balance was 703.43 billion, up by 1.42 billion, totaling 1.4979 trillion across both exchanges [17]. Key News - The report discusses the progress of the domestically produced C919 aircraft, which is set to commence its first overseas commercial flight from Hong Kong to Shanghai on June 1. This marks a significant milestone as it enters the mass production and delivery phase, with expectations of a robust growth period ahead [8]. - The report notes that the Chinese aviation market is projected to receive 9,084 aircraft from 2021 to 2040, with a total market value estimated at nearly 3 trillion yuan, reflecting a compound annual growth rate of over 20% [8]. Concept Highlights - The report identifies several sectors with notable stock performance, including real estate, low-altitude economy, and glass substrate concepts, which have shown strong upward trends [4][5]. - Specific stocks that reached their daily limit include Zhongshen Power, Zhongtian Service, and Vanke A, all benefiting from trends in real estate and low-altitude economy [21][23].

Market Overview - The market experienced a day of fluctuation with the ChiNext index leading the decline [3] - Major indices saw a decrease, with the Shanghai Composite Index closing at 3157.97, down 0.42%, and the Shenzhen Component down 0.71% [14] - A total of 4093 stocks declined, indicating a poor profit-making effect with a rise-to-fall ratio of only 0.28 [6][13] Sector Performance - Active sectors included copper foil, AI PC, automotive, and pork stocks, which saw significant gains [4][6] - Conversely, sectors such as gold, military industry, and quantum technology faced collective adjustments [4] Financing and Investment Trends - As of May 20, the financing balance on the Shanghai Stock Exchange was reported at 791.846 billion, an increase of 0.669 billion from the previous trading day [12] - The total financing balance across both exchanges reached 1,496.261 billion, reflecting a rise of 0.2827 billion [12] Nuclear Power Development - The "Linglong No. 1," the world's first land-based commercial modular small reactor, has officially started its main control room, marking a peak in system equipment installation [7] - Expected to be operational by 2026, it will generate an annual output of 1 billion kWh, sufficient to meet the electricity needs of over 500,000 households in Hainan [7] - China's nuclear power generation is projected to increase from 5% in 2022 to around 10% by 2035, supported by a more proactive policy environment [7] Real Estate Policy Changes - The Chongqing government has adjusted its real estate transaction policies, allowing new housing to be listed for sale immediately after obtaining property rights certificates [9][20] - This change aims to stimulate the housing market, which has been experiencing weak demand [35] Upcoming Events - The 26th Integrated Circuit Manufacturing Annual Conference and Supply Chain Innovation Development Conference is scheduled for May 22, 2024 [44] - The 8th World Drone Conference will take place on May 24, 2024 [44]

图 1：住房公积金贷款利率调整(%) 从期间净买入额数据可以看出，融资资金总体流入。 | --- | --- | --- | --- | --- | |------------|-----------------|-------------------|-------------------|---------------------| | 截止日 | 融资余额 (亿元) | 期间买入额 (亿元) | 还额(亿元) 期间偿 | 期间净买 入额(亿元) | | 2024-05-17 | 14,945.81 | 766.77 | 812.11 | -45.35 | | 2024-05-16 | 14,991.15 | 739.43 | 713.09 | 26.34 | | 2024-05-15 | 14,964.81 | 680.35 | 696.80 | -16.45 | | 2024-05-14 | 14,981.26 | 687.42 | 671.84 | 15.58 | | 2024-05-13 | 14,965.68 | 746.53 | 727.75 | 18.77 | 资料来源：Wind，华龙证券研 ...

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 91 期，总第 1650 期（电子版） 2024 年 5 月 22 日 星期三 一、市场分析 缩量调整未跌破中短期均线，仍存上攻机会 周三市场全天震荡调整，创业板指领跌。 总体上个股跌多涨少，全市场超 4000 只个股下跌。沪深两市成交 额 7993 亿，较上个交易日缩量 1961 亿。 截至收盘，沪指跌 0.42%，深成指跌 0.71%，创业板指跌 0.77%。 2、数据揭秘： | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3157.97 | -0.42 | | 深证成指 | 9681.66 | -0.71 | | 中小 100 | 5963.31 | -0.7 | | 创业板指 | 1861.48 | -0.77 | | 沪深 300 | 3676.16 | -0.4 | | | 海外市场指数 | | | | 收盘(点) | 涨跌 ...

证券研究报告 社会服务 报告日期：2024年05月 20日 政策预期强化，核心旺季临近，业绩提振可期 ——社会服务行业周报 华龙证券研究所 摘要：  总书记对旅游工作作出重要指示强调着力完善现代旅游业体系 投资评级：推荐（维持） 加快建设旅游强国推动旅游业高质量发展行稳致远。总书记强调 最近一年走势 要以新时代中国特色社会主义思想为指导，完整准确全面贯彻新 发展理念，坚持守正创新、提质增效、融合发展，统筹政府与市 场、供给与需求、保护与开发、国内与国际、发展与安全，着力 完善现代旅游业体系，加快建设旅游强国，让旅游业更好服务美 好生活、促进经济发展、构筑精神家园、展示中国形象、增进文 明互鉴。各地区各部门要切实增强工作责任感使命感，分工协作、 狠抓落实，推动旅游业高质量发展行稳致远。  各地将发放总额超 1 亿元旅游消费券。2024年5月19日是第14 个“中国旅游日”，活动主题是“畅游中国，幸福生活”。文化 分析师：姬志麒 和旅游部在整个5月采用线下线上相结合方式，以“主题月、主 题周、主题日”形式开展系列宣传推广，进一步提振旅游从业者 执业证书编号：S0230521030008 信心，激发旅游市场消费 ...