房地产开发 /行业点评报告 /2024.04.30 房地产行业周报（2024 年第 17 周） 证券研究报告 投资评级:看好(维持) 成都宣布取消住房限购政策 最近12月市场表现 核心观点 ❖ 本周板块回顾：本周申万房地产指数上涨 3.1%，沪深 300 指数较上周上涨 房地产开发 沪深300 上证指数 1.20%，板块跑赢沪深300指数1.89pct，在31个板块中排第8位。 9% 0% ❖ 行业数据回顾：本周30大中城市商品房成交面积180万平米，环比+19.5%， -9% 同比-38.8%。细分城市能级来看，30 大中城市中，一线城市商品房成交面积 -18% 46万平米，环比+21.5%，同比-44.5%；二线城市商品房成交面积83万平米， -27% 环比-5.4%，同比-46.4%；三线城市商品房成交面积52万平米，环比+101%， -36% 同比-10.5%。我们重点监测的14城二手房成交面积194万平米，环比-0.2%， 同比-20.6%。细分城市能级来看，2 个一线城市二手房成交面积 36 万平米， 环比-8.2%，同比-17.0%；9个二线城市二手房成交面149万平米，环比+2.2%， 分析师 ...

国防军工 / 行业深度分析报告 /2024.04.30 低空经济未来已来，近万亿市场待释放 证券研究报告 投资评级:看好(维持) 低空经济未来已来，近万亿市场待释放 最近12月市场表现 核心观点 ❖ 政策扶持下低空经济高速发展，相关监管持续完善：中央层面，低空经 国防军工 沪深300 上证指数 济作为重要新质生产力，自2021年国务院首次将“低空经济”写入国家规划 5% 以来，各部门相继出台政策持续催化低空经济产业发展。地方层面，2024 年 -3% 多地已将低空经济纳入政府工作报告。监管层面，民用航空器必须取得TC（型 -11% 号合格证）、PC（生产许可证）、OC（运行许可证）和AC（适航证）方可进 -19% 行商业运营。亿航智能EH216-S成为全球首个“三证齐全”的eVTOL飞行器， -26% 随着国内低空经济认证流程进一步完善，有利于加快低空经济产业布局。 -34% ❖ eVTOL 低空经济核心载体，市场空间有望达 900 亿美元：相较于直升 机、汽车等其他交通工具，eVTOL 具有便捷性、低噪声、高速度、低成本等 分析师 佘炜超 SAC证书编号：S0160522080002 优势，是低空经济的核心 ...

Industry Investment Rating - The report highlights a positive outlook for the TMT sector, particularly in areas like electronics, AI, hydrogen energy, new energy vehicles, and machinery, driven by policy and industry catalysts [2][6] Core Views - Overseas markets are expected to see a potential rebound if housing and oil prices decline by June, with domestic economic performance better than last year but showing marginal slowdown [2][6] - The US economy remains resilient, with strong liquidity and credit data, and consumer confidence and new home sales exceeding expectations [1][6] - Domestic economic growth in Q1 2024 showed a 2.3% increase in industrial enterprise revenue and a 4.3% increase in profits, setting a baseline for A-share corporate earnings [2][6] - TMT sector is favored over dividend stocks due to better risk-reward ratios, with policy and industry catalysts driving growth [2][6] Sector and Company Analysis TMT Sector - Focus on electronics (storage, consumer electronics), AI (accelerated infrastructure investment by giants like Nvidia, Meta, Microsoft, and Google), hydrogen energy, new energy vehicles (subsidies for vehicle replacement), and machinery (robotics, equipment updates) [2][6] - Policy support includes low-altitude flight subsidies in Chongqing and subsidies for new energy vehicle sales, with central and local governments sharing costs at a 6:4 ratio [2][6] - Industry advancements include the development of a 504-bit superconducting quantum computing chip in China and rising memory chip prices in Taiwan [2][6] Key Companies - **Ningde Times (300750.SZ)**: Strong battery sales growth with stable unit profits, driven by supply chain control and scale effects. Market share increased to 48.6% domestically and 38.4% globally, supported by new product launches [7][8] - **Zhejiang Dingli (603338.SH)**: Expanding overseas and increasing production capacity, with a focus on high-altitude platforms. The company's fifth-phase project is in trial production, enhancing product competitiveness [9] - **Dongfang Yuhong (002271.SZ)**: Benefiting from relaxed real estate policies, the company is well-positioned in the waterproofing sector with both B2B and B2C channels driving growth [10] - **Huatushanding (300492.SZ)**: A leading non-academic training provider in China, expected to see rapid growth due to increased demand for public service exams [11] - **Hudian (002463.SZ)**: Positioned as a leader in AI server-related PCBs, benefiting from the global surge in computing demand and AI server upgrades [12] - **Xiechuang Data (300857.SZ)**: Leveraging strong demand and high barriers in server remanufacturing, the company is well-positioned to capture global market opportunities [13] - **Tsingtao Brewery (600600.SH)**: Structural upgrades in product offerings and cost efficiency improvements are driving profit growth [14] - **Furee (300049.SZ)**: Rapid growth in medical device business, with potential upside from the FDA approval of NASH treatment Resmetirom [15] - **Kuka Home (603816.SH)**: Optimized overseas supply chain and improved profitability, with strong potential for domestic demand recovery [16] - **CICC (601995.SH)**: Strong asset management and investment banking capabilities, with potential for further expansion [17] Market Outlook - May is expected to be a pivotal month for A-shares, with structural performance driven by earnings growth and policy catalysts [6] - Overseas markets may see a second wave of growth if housing and oil prices decline, while domestic economic performance remains stable with limited downside [2][6]

基础化工 / 行业投资策略周报 /2024.04.29 化工行业周报 证券研究报告 投资评级:看好(维持) MMA、异丙醇涨幅靠前 最近12月市场表现 核心观点 ❖ 本周行情：本周市场综合指数整体上行，上证综指报收 3088.64，本周上涨 基础化工 沪深300 上证指数 0.76%，深证指数本周上涨 1.99%，A 股指数上涨 0.75%；其中化工板块上涨 1% 0.19%。 -5% -11% ❖ 化工公司行情：本周涨幅前五的股票为：南京聚隆（36.30%）、亚太实业 -18% （32.11%）、安诺其（27.21%）、亚邦股份（26.67%）、惠云钛业（26.25%）。本 -24% 周跌幅前五的股票为：新乡化纤（-18.84%）、宁科生物（-15.10%）、和邦生物 -31% （-13.50%）、硅宝科技（-13.37%）、中广核技（-10.22%）。 ❖ 化工品行情：本周涨幅前五的化工品为：MMA、异丙醇、二乙二醇乙醚华 分析师 毕春晖 SAC证书编号：S0160522070001 东、丙酮、苯酚；本周跌幅前五的化工品为：异佛尔酮二异氰酸酯(IPDI)华东、 bich@ctsec.com 液氯、硫酸、正 ...