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[Table_ReportInfo] 2024 年 06 月 14 日 证券研究报告•宏观定期报告 宏观周报（6.10-6.14） 地产去库加快脚步，美国通胀数据走弱 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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CPI Analysis - In May 2024, the CPI year-on-year remained stable at 0.3%, slightly below market expectations[1] - Food prices decreased by 2.0%, contributing approximately 0.37 percentage points to the CPI decline, while non-food prices increased by 0.8%, adding about 0.68 percentage points to the CPI[1] - Month-on-month, the CPI fell by 0.1%, a slight decrease compared to the average decline of 0.2% over the past decade[1] - Core CPI, excluding food and energy, rose by 0.6% year-on-year, with a month-on-month decline of 0.2%[1] PPI Analysis - The PPI year-on-year decline narrowed by 1.1 percentage points to -1.4%, slightly above market expectations, driven by rising prices in non-ferrous metals, black metals, and coal[4] - Production material prices decreased by 1.6%, while living material prices fell by 0.8%[4] - Month-on-month, the PPI shifted from a decline of 0.2% to an increase of 0.2%, marking the end of six consecutive months of decline[4] Market Outlook - The CPI-PPI gap narrowed to 1.7 percentage points in May, indicating that CPI continues to be higher than PPI[5] - With rising pork prices expected to support food prices, the CPI is anticipated to rise steadily in June 2024[5] - The PPI is expected to continue its trend of narrowing declines in June due to lower base effects from the previous year[5]

[Table_StockInfo] 买入 2024年 06月 10日 （维持） 证券研究报告•公司动态跟踪报告 当前价： 19.36港元 中国重汽（3808.HK） 汽车 目标价： ——港元 完成股权激励授予，促进长远高质量发展 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a于ry]6 月 6日发布公告，根据限制性股票激励计划条款向 188名经选 [分Ta析bl师e_：Au郑th连or声] 定参与者授予总计 2717万股激励股份（占已发行股份总数 0.984%），授予价 执业证号：S1250522040001 格为人民币6.896元/股。 电话：010-57758531 邮箱：zlans@swsc.com.cn  业绩考核标准彰显公司成长信心。公司于 1月发布股权激励计划，归属条件中 提到 24/25/26年营收不低于948/1091/1255亿元，销售利润率（利润总额/营业 [相Tab对le指_Q数u表ot现eP ic] 收入）分别不低于7.5%/8%/8.5%，该目标对应利润总额71.1/87.3/106.7亿元。 我们认为，公司股权激励计划所设业绩考核标准表明了公司要继续巩固行 ...

Core Insights - The report indicates a weak overall performance of the Beijing Stock Exchange (BSE) with the BSE 50 index declining by 4.9% from the opening on June 3 to the closing on June 7, 2024, which is approximately 3.6 percentage points lower than the ChiNext index and 4.8 percentage points lower than the CSI 300 index [32][66]. Market Review - During the week, 249 stocks on the BSE saw 21 stocks increase in value, while 228 stocks decreased. Notably, YN Power (亿能电力) rose by 20.1% with a TTM PE ratio of 58.1, while Vision Smart (视声智能) fell by 37.5% with a TTM PE ratio of 14.5 [47]. - The top five gaining stocks were in the power equipment, electronics, machinery, and basic chemicals sectors, with 10 out of 21 gaining stocks having a TTM PE ratio exceeding 30 times [4][68]. - The report highlights that the transportation sector performed relatively well with a median decline of -3.8%, while the electronics sector showed a weaker performance with a median decline of -9.5% [49]. Industry Analysis - The report notes that the median TTM PE ratio for the defense and military industry was 70.7 times, which decreased by 9.0 times compared to the previous week. In contrast, the environmental protection industry saw a slight increase in its median TTM PE ratio by 0.4 times [49]. - The average market capitalization of BSE component stocks is reported at 1.26 billion, significantly lower than the average market capitalization of 7.29 billion for ChiNext and 9.21 billion for the Sci-Tech Innovation Board [54][62]. Fund Performance - The report indicates that the overall performance of BSE-themed funds was weak, with the Huatai-PineBridge BSE Innovation Selected Mixed Fund A and C showing a decline of approximately -1.7%, which is 1.8 percentage points lower than the overall fund performance [70].

[Table_ReportInfo] 2024 年 06 月 08 日 证券研究报告•市场投资策略 估值周报（0603-0607） 微盘股大跌，美股港股同步上涨 目 | --- | |------------------------------| | | | １Ａ股主要指数信值… | | 1.1 A 股主要指数 PE、PB 估值 | | 1.2 全 A股权风险溢价. | | 2 港股及海外主要指數估值. | | 3 行业及热门板块估值. | | 3.1 一级行业估值 | | 3.2 热门板块估值 | 估值周报（0603-0607） 图 目 目 诸务必阅读正文后的重要声明部分 估值周报（0603-0607） 1 A 股主要指数估值 北证 50 本周下跌 4.93%，跌幅最大，PE(TTM)较上周下降 1.75 至 29.29，1 年/3 年分 位数分别变化至 76.4%/88.7%；PB(LF)较上周下降 0.14 至 2.36，1 年/3 年分位数分别变化 至 27.5%/13.2%。 表 2: A股主要指数 PB(LF)估值情况 | --- | --- | --- | --- | |------------ ...

科技前瞻系列专题 科技公司的端侧AI布局 西南证券研究发展中心 海外研究团队 2024年6月 ...

2024年 06月 10日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（6.3-6.7） 以旧换新资金下达，存量市场迎来机会 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾S：um上m周ar，y]S W汽车板块下跌2.4%，沪深300下跌 0.2%。估值上，截 分析师：郑连声 止 6月 7日收盘，汽车行业PE（TTM）为20倍，较前一周下跌1.6%。 执业证号：S1250522040001  投资建议：乘用车方面，5月乘用车零售 168.5万辆，同比下降 3%，环比增 电话：010-57758531 邮箱：zlans@swsc.com.cn 长 10%，需求有所回暖。近期，财政部发布《关于下达2024年汽车以旧换新 补贴中央财政预拨资金预算的通知》，补贴总额达112亿元，其中，中央64.4 分析师：冯安琪 亿元，地方47.6亿元，截止6月 6日，汽车报废更新补贴申请量已超4万份， 执业证号：S1250524050003 伴随政策持续落地，需求有望持续向好。商用车方面，《交通运输大规模设备 电话：021-58351905 邮箱：faz@s ...

2024年 06月 09日 [Table_IndustryInfo] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0602-0608） 快手“可灵”视频生成大模型上线，苹果 WWDC24 召开在即 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ar，y]传 媒板块表现一般，下跌 4.75%，跑输创业板约 3.42个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指下跌 1.33%）；跑输市场约 4.59 个百分点（沪深 300 下跌 执业证号：S1250515070002 0.16%）。 电话：023-67791663 邮箱：liuyan@swsc.com.cn  细分行业：（1）游戏指数跑输市场：中信游戏指数（CI005577）下跌 5.37%， 沪深 300下跌0.16%。中信游戏指数相对于沪深300指数下跌5.21%；（2） 分析师：苟宇睿 广告指数跑输市场：中信广告指数（CI005847）下跌 4.79%，沪深 300下跌 执业证号：S1250524030001 电话：15882659190 0.16%。中信广告指数相对于沪深 300指数下 ...