证 券 研 究 报 告 行 业 周 报 5 年期 LPR 年内二次调降，继续引导房 贷利率下调 ——建筑材料行业周报（20240722-20240726） [Table_Rating] 增持（维持） [◼Table_Summary] 核心观点 5 年期 LPR 年内二次调降，与"517"取消个人住房贷款利率下限形成合 力，带动房贷利率下调。2024 年 7 月 22 日，央行分别下调 1 年期和 5 年 期 LPR 利率 10 个 bp，其中 1 年期 LPR 利率下调至 3.35%，5 年期 LPR 利率下调至 3.85%，且此次调降是 5 年期 LPR 利率继今年 2 月 20 日之后 年内第二次调降，累计调降幅度 35bp。随着本次 LPR 利率的下调，直接 带动房贷利率的回落。 上海及北京地区部分银行，已开始下调首套房贷利率至 3.4%。根据上证 报消息，上海及北京地区部分银行已经开始下调房贷利率，首套房贷利率 降至 3.4%，二套房贷利率降至 3.6%。我们认为，此次房贷利率的下调， 一方面能够直接降低购房成本，释放新增购房需求；另一方面也与前期 "517"政策提到的取消全国层面首套和二套住房商业性 ...

核电项目集中开工，关注核电装机项目 进一步扩大 -公用李业周抚（20240722-20240726） 增持（维持） 什么: 日 海 众用孝业 2024 牛07 月 30 日 分析养： 才具 021-53686475 Tel: fangchen@shzq.com E-mail: SAC 為手： S0870523060001 一年付主拍卖与ゲ某 300 比較 *** -2024 ✦ 07 Å 24 Å 毛失无常引入非常重合，关病责全 {$$} -2024 ￥ 07 月 16 日 む才東夏市，七力关注人 -2024 ✦ 07 用 09 用 技心观点 国家七网 2024 半七网被其将地 6000 亿元，创历文新高，社校七网被 并共进。根据国家屯阿消息，为か供构建新型屯力系统，2024 辛国家 屯司公司全年屯司投资将越过 6000 亿元，比去年新增 711 亿元，创历 文新高，新增投资主委用于特高压交直流工程建设、屯网数字化智能 升級等。对比往年，2023 年国家屯司计划投资越过 5200 亿元，同比 增长约 4%: 2022 年国家屯司计划安排屯司投资领为 5012 亿元，同比 塔长约 6%。 中广林宁雄 5 寺杭娱 ...

证 券 研 究 报 告 行 业 周 报 核电项目集中开工，关注核电装机项目 进一步扩大 ——公用事业周报（20240722-20240726） [行业Table_Industry] : 公用事业 日期: shzqdatemark 2024年07月30日 [Table_Author] 分析师: 方晨 Tel: 021-53686475 E-mail: fangchen@shzq.com SAC 编号: S0870523060001 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 公用事业 沪深300 -21% -17% -13% -10% -6% -2% 1% 5% 9% 07/23 10/23 12/23 03/24 05/24 07/24 [Table_ReportInfo] 相关报告： 《三中全会关注电力市场改革，煤电清洁 低碳转型路径明确》 ——2024 年 07 月 24 日 《核电龙头定增引入社保基金，长期资金 助力保障国家能源安全》 ——2024 年 07 月 16 日 《新版碳配额分配方案发布，电力关注具 备成长性核电板块》 ——2024 年 07 月 09 日 [Tab ...

Group 1 - The report highlights that central enterprises are expected to invest over 3 trillion yuan in large-scale equipment upgrades and renovations in the next five years [2][9]. - The report indicates that the profit growth rate of industrial enterprises has accelerated, with a year-on-year increase of 3.5% in the first half of the year [8]. - It notes that the investment in strategic emerging industries by central enterprises accounted for over 37% of total fixed asset investment, with a year-on-year growth of 16.9% [19]. Group 2 - The report emphasizes the importance of patience in capital allocation, suggesting that investors should focus on future industries and strategic emerging sectors [7][23]. - It discusses the deepening cooperation between state-owned and private enterprises, with over 390 billion yuan in equity cooperation since the deepening of state-owned enterprise reforms [10]. - The report mentions the normalization of infrastructure REITs issuance, expanding the scope to include various asset types and increasing the flexibility of fund usage [11]. Group 3 - The report outlines the need for a focus on new technological revolutions and industrial transformations, particularly in areas such as "AI+", brain-machine interfaces, and new energy storage [23][21]. - It highlights the recent trends in equity demand, noting that the total scale of newly issued stock funds was 0.00 billion yuan, indicating a low demand level [12][22]. - The report suggests that public utility price reforms are essential, particularly in water, energy, and transportation sectors, to optimize pricing mechanisms [23].

Investment Rating - The report maintains an "Overweight" rating for the electronics industry, indicating a positive outlook for the semiconductor sector as it is expected to recover in the second half of 2024 [4][32]. Core Insights - The SW Electronics Index fell by 5.29% in the past week, underperforming the CSI 300 Index by 1.62 percentage points, with the semiconductor sector experiencing the largest decline of 6.36% [2][7]. - The foldable smartphone market is evolving, with Huawei set to release a tri-fold device in late 2024, potentially priced above 20,000 yuan, while Apple is expected to enter the foldable market in 2026 [3][21]. - External factors, such as the tightening of chip export restrictions by the U.S. and Japan, are driving the domestic production of semiconductor equipment and materials [3][20]. Market Review - The SW Electronics Index's performance in the past week showed a decline across various sub-sectors, with the semiconductor sector being the worst performer [2][7]. - The report highlights a significant drop in the prices of TV panels, while the prices of monitor and laptop panels remained stable [16]. Industry News - The report notes that the global AMOLED smartphone panel shipments increased by 50.1% year-on-year in the first half of 2024, driven by a recovery in the smartphone market and increased domestic production capacity [23]. - Japan has updated its semiconductor export controls, adding five new items that will take effect on September 8, 2024, which may impact the supply chain [20]. Company Announcements - Several companies in the electronics sector have released their profit forecasts for the first half of 2024, with notable increases in expected net profits for companies like Lexin Technology and Peak Technology [25].

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [6] Core Views - The electronics sector is currently at the bottom of its cycle, with a weak recovery expected to begin in the first half of 2024, followed by a potential full recovery in the second half of the year [6] - The report highlights the emergence of new products in the foldable smartphone market, particularly Huawei's upcoming tri-fold device and Apple's anticipated entry into the market in 2026 [4][24] - External factors, such as increased export restrictions from the U.S. and Japan on semiconductor technology, are driving the domestic production of semiconductor equipment and materials [5][23] Market Review - In the week of July 22-26, the SW Electronics Index fell by 5.29%, underperforming the CSI 300 Index by 1.62 percentage points [9] - Among the six sub-sectors, the semiconductor sector experienced the largest decline at 6.36%, while the smallest decline was in the Other Electronics II sector at 1.47% [11][9] Industry News - The report notes a significant drop in TV panel prices, with 65-inch panels decreasing by 1.1% and 55-inch panels by 0.8% compared to the previous month [19] - The global AMOLED smartphone panel shipments saw a year-on-year increase of 50.1% in the first half of 2024, driven by a recovery in the smartphone market and increased domestic production capacity [26] Investment Suggestions - The report suggests focusing on semiconductor design companies with low PE/PEG ratios and real performance, as well as companies in the AIOT SoC chip sector, such as Zhongke Lanyun and Juchip Technology [6] - It also recommends monitoring companies involved in the foldable smartphone supply chain, such as Tonglian Precision and Jindian Solar [6]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1][10] Core Insights - The new DRG/DIP 2.0 version grouping scheme has been released, which is more aligned with clinical realities and has refined high-resource consumption groupings. The core grouping now includes 409 groups (an increase of 33) and 634 detailed groups (an increase of 6) [3][4] - The new grouping scheme supports the reasonable application of new drugs and technologies through a special case review mechanism, allowing medical institutions to apply for separate reviews for cases that do not fit the standard payment criteria [3][4] - The implementation of the 2.0 version is expected to enhance the efficiency of medical insurance fund settlement and alleviate financial pressure on medical institutions through a prepayment system [3][4] Summary by Sections Industry Overview - The report highlights the increasing approval of traditional Chinese medicine new drugs, indicating a positive trend in the sector [2] - The medical service scale is gradually expanding, suggesting long-term growth potential [2] Policy Changes - The 2.0 version of the DRG/DIP grouping will be implemented in 2025, with preparations required by the end of 2024 for regions already using the DRG/DIP payment system [3][4] - The new grouping aims to address the precision and clinical relevance issues of the previous version, ensuring that common missing disease categories in medical institutions are included [3][4] Investment Recommendations - The report suggests focusing on innovative drug companies such as Ailis, Kangfang Biotech, Kelun Botai, Maiwei Biotech, and others as potential investment opportunities [5]

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Viewpoints - The new DRG/DIP 2.0 grouping scheme released by the National Healthcare Security Administration is more aligned with clinical realities, enhancing the grouping of high-resource-consuming categories. The core grouping now includes 409 groups, an increase of 33 from the previous version, and the detailed grouping has 634 groups, an increase of 6 [4][5] - The new scheme allows for a quantitative approach to special case negotiations, supporting the reasonable application of new drugs and technologies. Medical institutions can apply for separate reviews for cases that do not fit the DRG/DIP payment standards, with a cap on special case negotiations not exceeding 5% of total DRG discharges or 5‰ of total DIP discharges [4][5] - The efficiency of medical insurance fund settlement is expected to improve, with a prepayment system alleviating financial pressure on medical institutions. Regions are encouraged to complete annual fund settlement by June 30 of the following year and to implement a prepayment mechanism for designated medical institutions [4][5] - The 2.0 version is set to be implemented in 2025, with regions that have already adopted DRG/DIP payments required to prepare for the transition by December 31, 2024 [4][5] - The report emphasizes that medical institutions should not use DRG/DIP payment standards as limits for assessing medical staff or linking to performance distribution indicators [4][5] Summary by Sections - The report highlights that since 2019, over 90% of regions have adopted DRG/DIP payment methods, with 26 provinces achieving full coverage. The 2.0 version addresses previous inaccuracies and clinical relevance issues, supporting the treatment of complex cases and the application of new drugs and technologies [4][5] - The report suggests focusing on innovative drug companies such as Ailis, Kangfang Biotech, Kelun Botai, Maiwei Biotech, and others for investment opportunities [6]

Investment Rating - The industry investment rating is "Increase" (Maintain) [4] Core Viewpoints - The tourism industry is experiencing a significant boost due to major international events, particularly the Paris Olympics, which has led to a substantial increase in travel orders from mainland China to Paris, with a year-on-year growth of 114% for travel orders and 194% for hotel bookings [6][7] - The average hotel prices in Paris are expected to rise by approximately 150% during the Olympics, indicating strong demand and pricing power for hotel operators [7] - The global sports tourism market is growing at an annual rate of around 15%, making it one of the fastest-growing segments in the tourism industry [6] - Domestic hotel groups like Jinjiang International and Huazhu Group are expanding their global presence through acquisitions and partnerships, enhancing their competitiveness in international markets [7][8] - The outlook for outbound and inbound tourism in China is optimistic, with predictions for a significant recovery and growth in 2024, supported by favorable policies and an expanding list of visa-free countries [8] Summary by Sections Industry Data Tracking - Travel data shows a significant increase in passenger volume and flight frequency, with domestic flights to France increasing by about 60% compared to last year [6][8] - The average hotel price in major cities is rising, reflecting increased demand and occupancy rates [20] Recommendations - The report suggests focusing on specific companies within the hotel sector, such as Huazhu Group and Jinjiang Hotels, as well as companies in the restaurant and tourism sectors like Haidilao and China Youth Travel Service [9][25]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is experiencing positive growth, with key players like Guizhou Moutai and Wuliangye showing strong brand value and market positioning [3][4] - The industry is adapting to market changes with a focus on high-quality development and transformation strategies [3][4] - The report highlights the increasing demand for large-packaged beverages and the positive outlook for frozen food products [5][6][45] Summary by Sections Industry News - Guizhou Moutai is transitioning to a "new business" model, focusing on customer, scene, and service transformations to adapt to market complexities [3][4] - Moutai and Wuliangye are recognized in the "Top 20 Classic National Trend Brands" and have high brand values, with Moutai valued at $50.1 billion, up from $35.5 billion in 2023 [3][4] - The Yibin liquor industry saw a 9% increase in value, with overall industrial growth at 11.8% [4][42] Company Performance - Wei Long's net profit is expected to rise by 34-39% year-on-year, driven by channel expansion and improved production efficiency [5][43] - Qingdao Beer reported a 17% increase in sales during the early stages of the UEFA European Championship, indicating a potential sales surge during the upcoming Paris Olympics [5][44] Market Trends - The demand for large-packaged beverages is rising, with various brands launching new products in larger sizes to meet consumer preferences [5][6][44] - The frozen food sector is projected to grow, with an emphasis on product innovation and expanding market reach [45][46] Investment Recommendations - The report suggests focusing on high-demand segments within the liquor market, particularly premium and real estate wines, with specific recommendations for companies like Luzhou Laojiao and Jinhuijiu [8][47] - In the beer sector, companies like Qingdao Beer and Chongqing Beer are highlighted for their product optimization and channel expansion strategies [8][47] - For soft drinks, East Peak Beverage and Bai Run Co. are recommended for their national expansion and marketing strategies [8][47]