拟通过专项债支持回收闲置土地,后续 地产政策有望进一步发力 ——建筑材料行业周报(20240624-20240628) [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2024年07月02日 | 分析师 : | 方晨 | |--------------|-------------------| | Tel: | 021-53686475 | | E-mail: | fangchen@shzq.com | | SAC 编号 : | S0870523060001 | 证 券 研 究 报 告 最近一年行业指数与沪深 300 比较 行 业 周 报 建筑材料 沪深300 -27% -23% -18% -14% -9% -4% 0% 5% 9% 06/23 09/23 11/23 02/24 04/24 06/24 相关报告: 《"以购代建"提速,关注新版"产能置换" 推动行业降碳进程》 ——2024 年 06 月 25 日 《保障性再贷款推动商品房收储提速,玻 纤迎来第四轮提价》 ——2024 年 06 月 18 日 《上海等地相继优化地产政策,节能降碳 关注水泥技改加速》 ——2 ...

拟通过专项债支持回收闲置土地,后续 地产政策有望进一步发力 ——建筑材料行业周报(20240624-20240628) [行业Table_Industry] : 建筑材料 日期: shzqdatemark 2024年07月02日 | 分析师 : | 方晨 | |--------------|-------------------| | Tel: | 021-53686475 | | E-mail: | fangchen@shzq.com | | SAC 编号 : | S0870523060001 | 证 券 研 究 报 告 最近一年行业指数与沪深 300 比较 行 业 周 报 建筑材料 沪深300 -27% -23% -18% -14% -9% -4% 0% 5% 9% 06/23 09/23 11/23 02/24 04/24 06/24 相关报告: 《"以购代建"提速,关注新版"产能置换" 推动行业降碳进程》 ——2024 年 06 月 25 日 《保障性再贷款推动商品房收储提速,玻 纤迎来第四轮提价》 ——2024 年 06 月 18 日 《上海等地相继优化地产政策,节能降碳 关注水泥技改加速》 ——2 ...

证 券 研 究 报 告 行 业 周 报 零跑 C16 上市值得期待,华为 ADS3.0 首搭 阿维塔 ——汽车与零部件行业周报(2024.6.24-2024.6.28) 增持(维持) ◼ 行情回顾 | [ 行业 Table_Industry] : | 汽车 | |------------------------------|-----------------------------| | 日期 : | shzqdatemark 2024年07月02日 | | 分析师 : | 仇百良 | | E-mail: | qiubailiang@shzq.com | | SAC 编号 : | S0870523100003 | | 分析师 : | 李煦阳 | | E-mail: | lixuyang@shzq.com | | SAC 编号 : | S0870523100001 | | 联系人 : | 刘昊楠 | | E-mail: | liuhaonan@shzq.com | | SAC 编号 : | S0870122080001 | 最近一年行业指数与沪深 300 比较 07/23 09/23 11/23 02/24 0 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 计算机 日期: shzqdatemark 2024年07月02日 分析师: 吴婷婷 Tel: 021-53686158 E-mail: wutingting@shzq.com SAC 编号: S0870523080001 最近一年行业指数与沪深 300 比较 -41% -35% -30% -24% -18% -12% -6% -1% 5% 06/23 09/23 11/23 02/24 04/24 06/24 计算机 沪深300 相关报告: 《鸿蒙+盘古构建系统级原生智能》 ——2024 年 06 月 25 日 | +AI | | |---------------------------------|-------------------| | ——2024 年 | 06 月 18 日 | | 《端侧 AI 催化密集,关注 | AI PC 进展》 | | ——2024 年 | 06 月 12 日 | | 《端侧 AI 进展积极》 | | | ——2024 年 | 06 月 04 日 | | 《微软发布 Copilot+PC ,英 ...

Investment Rating - The investment rating for BYD is "Buy" (maintained) [4][10]. Core Insights - In June, BYD achieved record sales of 341,700 vehicles, a year-on-year increase of 35.02%. Cumulative sales for the year reached 1.613 million units, up 28.46% year-on-year [4]. - The company’s core technology has been recognized, being selected for the first batch of intelligent connected vehicle pilot programs and winning a national science and technology progress award [4]. - BYD's overseas market sales maintained high growth, with exports in the first half of the year increasing by 173.80% year-on-year [4]. Summary by Sections Sales Performance - June sales reached 341,700 units, with pure electric vehicle sales at 145,200 units (up 13.25%) and plug-in hybrid vehicle sales at 195,000 units (up 57.93%) [4]. - The sales breakdown includes 324,800 units from the Dynasty and Ocean series, 12,300 units from Tengshi, and 418 units from Yangwang [4]. Technological Advancements - BYD was included in the national pilot program for intelligent connected vehicles, indicating recognition of its R&D capabilities [4]. - The company led a project that won a second-class national science and technology progress award, focusing on key components and platforms for electric vehicles [4]. Overseas Expansion - In June, BYD exported 27,000 vehicles, a year-on-year increase of 156.22%, with total exports for the first half of the year reaching 203,400 units [4]. - The company opened its 108th store in Thailand and launched its first store in Jamaica, enhancing its brand presence internationally [4]. Financial Projections - BYD is expected to achieve net profits of 35.32 billion, 41.25 billion, and 49.53 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.58%, 16.78%, and 20.08% [4][5]. - The projected P/E ratios for the same years are 20.33X, 17.41X, and 14.50X [4][5].

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Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [4][8]. Core Insights - The company, Runben Co., Ltd., focuses on a dual strategy of mosquito repellent and baby care products, achieving a revenue of 1.033 billion yuan in 2023, a year-on-year growth of 20.66%, and a net profit of 226 million yuan, with a year-on-year growth of 41.23% [4][58]. - The revenue breakdown for 2023 shows that mosquito repellent products accounted for 31.49% of total revenue, baby care products for 50.48%, and essential oils for 14.15% [58]. - The company benefits from the growing outdoor activities and changing consumer attitudes towards mosquito control, with the mosquito repellent market expected to reach 12.006 billion yuan by 2024, growing at a compound annual growth rate (CAGR) of 7.28% from 2020 to 2024 [5][41]. Summary by Sections Company Overview - Runben Co., Ltd. specializes in the research, production, and sales of mosquito repellent and personal care products, with three core product lines: mosquito repellent, baby care, and essential oils [4][55]. - The company has established a strong brand presence since its inception in 2006, transitioning from offline distribution to a robust online sales model [55][31]. Financial Performance - In 2023, the company reported a revenue of 1.033 billion yuan and a net profit of 226 million yuan, with respective year-on-year growth rates of 20.66% and 41.23% [4][58]. - Forecasts for 2024-2026 predict revenues of 1.352 billion yuan, 1.714 billion yuan, and 2.033 billion yuan, with growth rates of 30.84%, 26.85%, and 18.60% respectively [7][10]. Market Analysis - The mosquito repellent market in China has shown steady growth, with retail sales increasing from 6.209 billion yuan in 2015 to an expected 12.006 billion yuan in 2024 [5][41]. - The baby care market is also expanding, driven by the demand for quality products from younger parents, with expectations for the market size to exceed 30 billion yuan in 2021 [5][68]. Competitive Advantages - The company offers high cost-performance products, with flagship items priced between 20-50 yuan, ensuring quality and effectiveness [6][100]. - Runben maintains a strong supply chain and operational capabilities, with significant investments in production automation and smart supply chain management [6][104]. - The company has a robust online presence, ranking first in sales on platforms like Tmall and actively expanding its offline distribution channels [6][84].

最近一年行业指数与沪深 300 比较 06/23 09/23 11/23 02/24 04/24 06/24 电子 沪深300 -30% -25% -21% -16% -12% -7% -3% 2% 6% | [ 行业 Table_Industry] : | 电子 | |------------------------------|----------------------------| | 日期 : | shzqdatemark2024年07月01日 | | 分析师 : | 马永正 | | Tel: | 021-53686147 | | E-mail: | mayongzheng@shzq.com | | SAC 编号 : | S0870523090001 | | 联系人 : | 陈凯 | | Tel: | 021-53686412 | | E-mail: | chenkai@shzq.com | | SAC 编号 : | S0870123070004 | | 联系人 : | 杨蕴帆 | | Tel: | 021-53686417 | | E-mail: | yangyunfan@shzq.com | | ...

Market Performance - The Chinese stock index fell by 2.12%, while the mixed fund index decreased by 1.75%[7] - The bond index rose by 0.12%, underperforming the bond market by 0.15% compared to the China Bond Composite Wealth Index[9] - The Shanghai Composite Index dropped by 1.03%, and the Shenzhen Component Index fell by 2.38%[39] Fund Indexes - The annuity index decreased by 0.23%, outperforming the Shanghai and Shenzhen markets but underperforming the bond market[24] - Lifecycle fund indexes generally declined, with the 20-35 year index down by 1.36% and the 0-5 year index up by 0.22%[47] - The lifecycle (0-5) index performed similarly to the bond market, while the 20-35 index was lower than the Shanghai Composite Index by 0.34% but higher than the Shenzhen Component Index by 1.02%[14] Performance Metrics - The annualized return for the annuity index since inception is 6.49% with a volatility of 6.45%[27] - The lifecycle (20-35) fund index has an annualized return of 8.96% since inception, with a volatility of 20.56%[52] - The active management fund index serves as a benchmark for performance comparison and investment decision-making for fund of funds (FOF) strategies[9]

绿证核发交易系统正式启用,引导绿色 电力消费 ——公用事业周报(20240624-20240628) 增持(维持) [◼Table_Summary] 核心观点 国家绿证核发交易系统 6月 30 日正式启用,引导绿色电力消费。2024 年 6 月 26 日,国家能源局发布通知,定于 2024 年 6 月 30 日正式启用 国家绿证核发交易系统,以提升绿证核发效率,推动绿证核发全覆 盖。通知中提到,国家绿证核发交易系统每月以电网企业、电力交易 机构提供的数据为基础,对已建档立卡的项目上月电量核发绿证。从 我国绿证制度的发展来看,2017 年我国已经开始试行绿证制度,2023 年 7 月对绿证制度进行了修订完善,标志我国绿证核发进入新阶段。 根据中国电力企业联合会数据显示,2024 年 1-5 月我国绿证交易 3907 万张,对应电量 390.7 亿千瓦时。随着绿证交易的进一步推广,有望 引导绿色电力消费和可再生能源的开发和消纳。 1-5月累计发电装机容量同比增长 14.1%,核电累计同比增速扩大。国 家统计局数据显示,2024 年 1-5 月全国发电装机容量累计值约为 30.4 亿千瓦时,同比增长 14.1%。其 ...