国货龙头表现亮眼，医美新品持续发布 证 券 ——美容护理行业周报（20240617-0621） 研 究 [Table 增_R 持at （ing 维] 持） [➢Ta bl主e_S要u观mm点ar y] 报 告 618大促收官，直播电商延续增长，国货崛起 [行Ta业bl:e _Indu美st容ry]护 理 渠道端，618 各平台聚焦用户体验，回归低价策略。根据星图数 日期: s 20h2z4q年da0t6e月m2a3r日k 据，2024 年 618 期间，综合电商平台、直播平台累积销售额为 7428 亿元。其中综合电商平台销售总额达5717亿元，天猫占据综合电商平 [T分ab析le师_A: utho梁r]瑞 台榜首位置，京东紧随其后，拼多多位居第三。直播电商累积销售额 Tel: 021-53686409 达 2068 亿元，同比+12%，抖音仍排名直播电商平台榜首。分品类 E-mail: liangrui@shzq.com 看，美容护肤261亿元，同比-13%；香水彩妆91亿元，同比-14%。 SAC编号: S0870523110001 品牌端，珀莱雅/可复美/韩束品牌表现突出。天猫平台，根据星图 数据，珀莱雅 ...

重视中药板块投资价值；夏季关注清热解毒中 证 券 成药市场 研 究 ——医药生物行业周报（20240617-0621） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 政协会议围绕促进中医药传承创新发展协商议政。十四届全国政协第 [行Ta业bl:e _Indu医st药ry]生 物 二十次双周协商座谈会6日17日在京召开，中共中央政治局常委、全国 日期: s 20h2z4q年da0t6e月m2a3r日k 政协主席王沪宁主持会议。他表示，中共十八大以来，以习近平同志 为核心的中共中央高度重视中医药工作，把发展中医药摆在重要位 [T分ab析le师_A: utho张r]林 晚 置，推动我国中医药事业取得显著成绩。围绕促进中医药传承创新发 Tel: 021-53686155 展协商议政，要深入学习领会习近平总书记关于中医药工作的重要论 E-mail: zhanglinwan@shzq.com 述和中共中央决策部署，增强调研议政、履职建言的针对性和实效 SAC编号: S0870523010001 性，推动发挥中医药在建设健康中国中的重要作用。 王沪宁表示，要在推动 ...

证 券 胖东来调改永辉首店初见成效，持续关 研 注同店提升效率 究 报 ——行业周报（20240617-0621） 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl周e_度Su核mm心a观ry]点 ： [行Ta业bl:e _Indu商st贸ry]零 售 传统零售： 日期: s 20h2z4q年da0t6e月m2a3r日k 建议关注高筑供应链壁垒、积极探索新零售业态、高股息低估值的零 售企业。24年1-5月社零总额同比增长4.1%，单5月份社零总额同比 [T分ab析le师_A: utho张r]洪 乐 增长 3.7%；推算 1-5月线下零售整体增长 5.23%，优于社零总额；限 Tel: 021-53686159 额以上零售业单位中专业店、便利店、超市、零售额同比分别增长 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 5.1%、4.9%、1.8%，百货、品牌专卖店零售额同比下降 3.2%、 1.0%。按经营单位所在地分，5月城镇消费品零售额同比增长 3.7%， [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 乡村消费 ...

Group 1: ESG Performance Impact - Good ESG performance helps improve operating income, enhancing business performance[23] - Companies in the top 30% of ESG scores in A-shares had an average net profit margin of 9.34% and return on equity of 8.44%, significantly higher than those in the bottom 30%[25] - Strong ESG performance can increase customer loyalty and create competitive advantages, leading to higher product premiums[24] Group 2: Risk Mitigation - Transition risks arise from changes in policies, technologies, and consumer preferences, potentially leading to asset value declines[3] - Companies experiencing severe ESG events saw an average market value decline of 6%[4] - Physical risks from climate change can lead to infrastructure damage and supply chain disruptions, affecting operations and reputation[26] Group 3: Financing Benefits - Good ESG performance reduces financing constraints, particularly for small and medium-sized enterprises[15] - Enhanced transparency from ESG disclosures lowers risk premiums, thereby reducing financing costs[15] - The People's Bank of China offers carbon reduction loans with 60% funding support at an interest rate of 1.75%[5]

证 券 研 究 报 告 [Table_Author] 分析师: 胡月晓 Tel: 021-53686171 E-mail: huyuexiao@shzq.com SAC 编号: S0870510120021 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 宏 观 数 据 经济趋于平稳运行 ——2024 年 5 月经济数据点评 [日期Table_Industry] : shzqdatemark [Table_Summary] 主要观点 2024年06月20日 经济趋于平稳运行 5 月主要数据除了消费外均有所回落。作为经济成效综合体现的工业 增长高位下滑，但增速仍较可观，也表明了中国经济整体运行的韧 性。而此前消费数据仍然受到基数的影响持续下滑，随着未来基数的 回落，消费表现有望进一步回升。我们认为作为经济第一增长动力的 投资主要依赖于制造业和基建，而这两项均呈现开年高增后的小幅下 滑，制造业投资相对更加平稳。随着超长期限国债的发行，加快中央 预算内资金下达和地方政府专项债券发行使用进度，也将有助于拉动 基建 ...

13 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------|----------|----------|----------|----------|----------|----------|----------|-------| | | 近1周 | 近1月 | 近3月 | 近6月 | 今年以来 | 近1年 | 近3年 | 近5年 | | 该组合 | -0.09% | -1.08% | 0.26% | -2.91% | 0.59% | -7.34% | -13.53% | - - | | 同类平均(普通股票基金) | -0.13% | -1.36% | 2.40% | -4.61% | -2.46% | -12.78% | -27.92% | - - | | 沪深300 | -0.60% | -0.68% | 1.82% | 2.39% | 4.34% | -5.76% | -32.85% | - - | | 同类排名 | 484\|947 | 452\|941 | 641\|922 | 376\|9 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [6]. Core Insights - The report highlights significant developments in the food and beverage sector, including the registration of 180,000 new tobacco stores in 2023, bringing the total to 9.05 million nationwide [6]. - Key projects such as Moutai's "14th Five-Year Plan" for sauce-flavored liquor are progressing, with a total investment of 4.2 billion yuan and expected production by September 30 [6]. - The report emphasizes the expansion of Moutai's packaging market in Southwest China and the participation of Wuliangye in international trade events to enhance brand recognition [6]. - The snack food segment is experiencing rapid growth, with the "Mingming Busy" group surpassing 10,000 stores nationwide, indicating significant market potential [6]. - The beer industry is upgrading production capacity, with major breweries like Carlsberg and China Resources Snow Beer investing heavily in new facilities to meet seasonal demand [6]. Summary by Sections Alcoholic Beverages - Moutai's new project is set to produce sauce-flavored liquor with a total investment of 4.2 billion yuan, with 56% of the target output already achieved [6]. - Wuliangye is actively participating in international trade events to enhance its global presence and competitiveness [6]. - The report notes that high-end liquor sales are expected to remain strong, with recommendations to focus on companies like Luzhou Laojiao and Jiuzi Wine [11]. Beer - Major breweries are upgrading their production capacities, with Carlsberg's new plant expected to produce 500,000 kiloliters annually and China Resources Snow Beer expanding its capacity to 700,000 kiloliters [8]. - The report anticipates increased beer consumption during the summer months due to rising temperatures [8]. Soft Drinks - The launch of Yuanqi Forest's new purified water product is expected to accelerate growth in the bottled water market, which is projected to reach over 300 billion yuan by 2025 [9]. - The purified water segment is expected to grow at a compound annual growth rate of 7.7% over the next five years [9]. Frozen Foods - The report highlights the growing popularity of lotus root products, with companies like Anjijia and Zhengda increasing their offerings [9]. - The lotus root market is expected to expand significantly due to its versatility and the increasing trend of pre-prepared meals [9]. Seasoning Products - Chubang is set to launch new products that cater to the demand for healthier and organic options, reflecting a shift towards health-conscious consumer preferences [10]. - The report emphasizes the integration of health trends into the seasoning industry, with a focus on reducing salt and enhancing flavor [10]. Frozen Baking - The trend towards healthier baking products is noted, with a growing demand for low-sugar and low-fat options in the baking sector [10]. - The report suggests that the baking industry will continue to evolve towards healthier alternatives to meet consumer demands [10]. Investment Recommendations - The report suggests focusing on companies with strong demand and structural opportunities in the liquor sector, such as Luzhou Laojiao and Jiuzi Wine [11]. - In the beer segment, companies like Qingdao Beer and Chongqing Beer are recommended for their product optimization and channel expansion strategies [11]. - For the snack food sector, companies like Yanjinpuzi and Qiaqia Food are highlighted for their growth potential and market strategies [12].

证 券 研 究 报 告 ◼ 行 业 周 报 特高压第三次服务招标启动, 板块成长属性凸显 ——电力设备与新能源行业周报(2024.06.10-06.14) | [ 行业 Table_Industry] : | | |------------------------------|-----------------| | 日期 : | 2024年06月20日 | | 分析师 : | | | Tel: | | | E-mail: | dingya@shzq.com | | SAC 编号 : | | 最近一年行业指数与沪深 300 比较 -39% -34% -29% -24% -18% -13% -8% -3% 2% 06-23 09-23 11-23 01-24 04-24 06-24 电力设备 沪深300 相关报告: | 《政策护航新能源消纳,电力设备景气持 | | |---------------------------------------|-------------------| | 续》 | | | ——2024 年 | 06 月 13 日 | | 《深化电力体制改革,板块景气度向好》 | | | —— ...

证 券 卫星互联网&商业航天协同共振，国产厂商新成长阶段来临 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 报 告 聚焦卫星互联网，行业向三化持续迈进。自07年国家发布《关于促进 [行Ta业bl:e _Indu通 st信ry] 卫星应用产业发展的若干意见》以来，政策风向助力卫星互联网向着 日期: s 20h2z4q年da0t6e月m2a0r日k 商业化、系统集成化、产业互联化三大方向发展。 24年国内外火箭&卫星双端呈现边际新变化： [T分ab析le师_A: utho刘r]京 昭 1）国外层面：Starlink 布局预期进行，星舰试飞获全球关注。火箭发 E-mail: liujingzhao@shzq.com 射方面，截止2024年6月5日，Space X共计完成59次发射任务， SAC编号: S0870523040005 其中星舰1次，猎鹰九号58次。卫星制造方面，截止24年6月2日， 卫星累计发射量攀升至6470颗，本年发射卫星数量达到878颗，卫星 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 发射端成绩持续瞩目。 2）国 ...

人形机器人前景广阔，AI 新品发布或带动 3C 设 证 券 备需求 研 究 ——机械行业周报（2024.6.10-2024.6.14） 报 告 [Table 增_R 持at （ing 维] 持） [◼T abl行e_情Su回mma顾ry ] 过去一周（2024.6.10-2024.6.14），中信机械行业上涨0.64%，表现处 [行Ta业bl:e _Indu机st械ry] 于中上游，在所有一级行业中涨跌幅排名第9。具体来看，工程机械下 日期: s 20h2z4q年da0t6e月m1a9r日k 跌2.06%，通用设备上涨1.22%，专用设备上涨2.21%，仪器仪表上涨 2.05%，金属制品上涨1.86%，运输设备下跌2.07%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 E-mail: liuyangdong@shzq.com 特斯拉股东大会召开，Optimus 机器人将于 25 年开始限量生产。6 SAC编号: S0870523070002 月 14日特斯拉股东大会上宣布 Optimus人形机器人计划从 2025年开 分析师: 王亚琪 始限量生产。目前超 ...