建筑材料 / 行业专题报告 / 2024.09.11 投资评级:看好(维持) | --- | --- | |--------|----------------------------------| | | 月市场表现 \n建筑材料 沪深 300 | | -8% 0% | | | -15% | | | -23% | | | -31% | | | -38% | | 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com | --- | --- | |--------------------------|------------| | | | | | | | | | | | | | 相关报告 | | | 1. 《建材行业策略周报》 | 2024-09-02 | | 2. 《建材行业策略周报》 | 2024-08-26 | | 3. 《建材行业策略周报》 | 2024-08-20 | B 端消费建材减值计提专题研究——涂料篇 证券研究报告 地产仍处调整期，计提减值压力依存 核心观点 ❖ 背景：地产开启下行周期，涂料企业情况各异，整体计提压力依存。 2020 年 7 月开始，为了调 ...

汽车行业周报 单击或点击此处输入文字。 汽车 / 行业投资策略周报 / 2024.09.11 投资评级:看好(维持) 最近 12 月市场表现 | --- | --- | |-------|----------| | | | | | 上证指数 | | 1% 7% | | | -5% | | | -11% | | | -17% | | | -23% | | 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《上海市电动自行车以旧换新补贴政 策点评》 2024-09-05 2. 《8 月重卡行业洞察》 2024-09-05 3. 《8 月新能源汽车行业洞察》 2024- 09-05 新能源车及汽车出口带来市场增量 证券研究报告 核心观点 ❖ 板块表现： 9 月 2 日-9 月 6 日沪深 300 指数涨幅-1.03%，申万行业指数中，一级行业汽车 相对收益为 3.70%，二级行业中，汽车零部件相对收益为 2.94%，汽车服务相 对收益为 2.68%，摩托车及 ...

食品饮料 / 行业投资策略报告 / 2024.09.11 投资评级:看好(维持) | --- | --- | --- | |------------------------|-------|-----------------------| | 最近 12 \n食品饮料 | | 月市场表现 \n沪深 300 | | -6% 0% | | | | -12% | | | | -19% | | | | -25% | | | | -31% | | | 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 分析师 李茵琦 SAC 证书编号：S0160523020001 liyq03@ctsec.com 分析师 赵婕 SAC 证书编号：S0160523100002 zhaojie@ctsec.com 分析师 任金星 SAC 证书编号：S0160524010001 renjx@ctsec.com 相关报告 1. 《24Q2 食品饮料基金持仓分析》 2024-07-23 2. 《食品饮料 2024 年半年报前瞻》 2024-07-03 3. 《啤酒行业研究专题报告》 2024- 06 ...

Industry Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [2] Core Views - Low-altitude economy is experiencing rapid development under policy support, with continuous improvements in regulatory frameworks [4] - Local governments are actively responding by formulating development strategies tailored to regional characteristics [4] - Regional industrial clusters are being leveraged to build low-altitude economy hubs, with notable progress in provinces like Jiangxi and Guangdong [4] - Investment recommendations focus on key areas such as airspace planning, air traffic control informatization, 5G infrastructure, eVTOL aircraft, and drone systems [4] Regional Summaries Central China - **Hunan Province**: Aims to become a national low-altitude economy demonstration province, targeting over 20 large-scale enterprises and a total output value of 160 billion yuan by 2025 [10] - **Sunward Intelligent (002097.SZ)**: A leader in underground engineering equipment, with a growing aviation business segment and a strategic partnership with Volkswagen for flying car development [11][12][13] - **Hubei Province**: Wuhan and Shiyan are actively promoting low-altitude economy development through policy incentives and infrastructure investments [15][16][17] - **Aerospace Nanhu (688552.SH)**: A major supplier of air defense early warning radar systems, though facing short-term performance pressure due to delivery delays [18][19][20] Southwest China - **Sichuan Province**: Plans to build 20 general airports and over 100 vertical take-off and landing points by 2027, aiming for comprehensive coverage of regional airports [22] - **AVIC UAV (688297.SH)**: A specialized company in high-end UAV systems, with significant revenue growth from 2018 to 2022, though facing a slight decline in 2023 [24][25][26] - **Zongheng UAV (688070.SH)**: A market leader in industrial UAVs, focusing on low-altitude digital economy applications, though profitability remains under pressure [27][28][29][30] - **Sichuan Jiuzhou (000801.SZ)**: A traditional air traffic control and military enterprise, with stable revenue but declining profitability [32][33][34] Northwest China - **Shaanxi Province**: Released a development plan for the low-altitude manufacturing industry, aiming for comprehensive industrial upgrading by 2027 [46] - **AECC Aviation Power (600893.SH)**: China's leading aero-engine manufacturer, with steady revenue growth and a focus on military and civilian applications [46][47] - **Tianhe Defense (300397.SZ)**: A high-tech enterprise specializing in military-civilian dual-use technologies, with a focus on low-altitude airspace management [48][49][50] Northeast China - **Liaoning Province**: Shenyang aims to establish a low-altitude economy ecosystem by 2026, with over 100 related enterprises and an industry scale of 3 billion yuan [51] - **Heilongjiang Province**: Plans to build 46 A2-level general airports by 2025, with a focus on general aviation industry development [51][52] - **AVIC Helicopter (600038.SH)**: A leading helicopter manufacturer in China, with a diverse product portfolio and ongoing development of eVTOL aircraft [52][53] - **Guanglian Aviation (300900.SZ)**: An aerospace manufacturing company expanding into the UAV market, with steady revenue growth but declining profitability due to increased R&D investment [53][54]

公用事业 / 行业投资策略周报 / 2024.09.10 绿电环境溢价增值，绿证市场建设提速 投资评级:看好(维持) 最近 12 月市场表现 -16% -10% -4% 2% 8% 13% 公用事业 沪深300 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《中电联发布 2024 年 1-7 月份全国 电力市场交易简况》 2024-09-02 2. 《关于推动新型信息基础设施协调 发展有关事项的通知》 2024-09-04 3. 《可再生能源绿色电力证书核发和 交易规则》 2024-09-05 证券研究报告 公用事业周报(2024.09.02-2024.09.07） 核心观点 ❖ 7 月全国电力市场交易数据：2024 年 7 月，完成市场交易电量 6035 亿千瓦 时，同比增长 13.6%。其中，中长期电力直接交易电量合计为 4205 亿千瓦时， 同比增长 1.1%。1-7 月，完成市场交易电量 34950.9 亿千瓦时，同比增长 9.5%， 占全社会用电量比重为 62.4%，同比增长 1pct；占电网售电量比重为 76.2%， 同比增 ...

公用事业 / 行业点评报告 / 2024.09.10 三行业碳市场工作方案征求意见稿发布 投资评级:看好(维持) | --- | --- | |-----------|------------| | | | | | 月市场表现 | | | 沪深 300 | | 13% | | | 2% 8% | | | -4% | | | -16% -10% | | 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 1. 《能源转型白皮书出台，绿证交易数 据公布》 2024-09-06 2. 《核电核准创新高 绿电交易新规落 地》 2024-08-30 3. 《国家能源局发布 7 月绿证核发与交 易数据》 2024-08-30 核心观点 碳市场跟踪 证券研究报告 ❖ 生态环境局发布水泥、钢铁、电解铝碳市场工作方案：近日，生态环境 局办公厅发布《全国碳排放权交易市场覆盖水泥、钢铁、电解铝行业工作方案 （征求意见稿）》（后文简称"《方案》"），提出积极稳妥有序将水泥、钢铁、电 解铝行业纳入全国碳排放权交易市场覆盖范围。《方案》包括总体要求、工作 目标、实施重点排放单 ...

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides investment suggestions focusing on specific sectors and companies within the industry [4]. Core Insights - The overall market indices have declined, with the Shanghai Composite Index closing at 2765.81, down 2.69% for the week, and the chemical sector also saw a decrease of 2.42% [4][8]. - The top five gaining stocks in the chemical sector this week were: Baolidi (+24.17%), Huhua Co. (+10.35%), Qicai Chemical (+9.82%), Lekai Film (+8.96%), and Baihehua (+8.34%). Conversely, the top five losing stocks were: Ningxin New Materials (-15.45%), Zhongxin Fluorine Materials (-15.06%), Juhua Co. (-12.18%), Yingtai Biological (-11.72%), and Xiangyuan New Materials (-11.47%) [4][13][15]. - The report highlights significant price movements in chemical products, with formic acid, dichloropropane, and other products experiencing notable price increases, while trichloroethylene and ethylene glycol butyl ether saw significant declines [4][18][19]. Summary by Sections Weekly Chemical Market Review - The overall market indices have shown a downward trend, with the chemical sector specifically declining by 2.42% [4][8]. - The report details the performance of various sub-sectors within the chemical industry, noting that compound fertilizers saw a slight increase, while viscose and fluorine chemicals experienced significant declines [10]. Chemical Product Price Changes - The report indicates that crude oil prices fell by 5.66% during the week, influenced by decreased demand and increased supply concerns [16]. - The top five chemical products with price increases included formic acid (+16.67%), dichloropropane (+10.23%), and others, while trichloroethylene (-7.70%) and ethylene glycol butyl ether (-7.62%) were among the largest decliners [18][19]. Investment Recommendations - The report suggests focusing on high-end optical materials for domestic substitution, particularly in products like OCA optical adhesive and high-end resins, recommending companies such as Stik and Dongcai Technology [4]. - It also highlights the animal nutrition sector, suggesting that amino acids may replace some soybean meal demand due to ongoing reduction actions [4]. - The report emphasizes the importance of leading companies in the chemical industry, particularly those integrated with upstream and downstream operations, such as Satellite Chemical and Wanhua Chemical [4].

江淮汽车(600418) / 商用车 / 公司点评 / 2024.09.10 24Q2 业绩同比高增长，智能网联进展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-09 | | 收盘价 ( 元 ) | 22.63 | | 流通股本 ( 亿股 ) | 21.84 | | 每股净资产 ( 元 ) | 6.17 | | 总股本 ( 亿股 ) | 21.84 | | 最近 12 月市场表现 | | -21% -4% 14% 32% 50% 68% 江淮汽车 沪深300 上证指数 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 证券研究报告 ❖ 事件：2024H1 实现营业收入 213.40 亿元，同比-4.77%；实现归母净利润 3.01 亿元，同比+93.01%；实现扣非归母净利润 0.92 亿元，同比+137.77%。其中， 2024Q2 ...

长城汽车(601633) / 乘用车 / 公司点评 / 2024.09.09 Q2 业绩同比高增长，出海进展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-06 | | 收盘价 ( 元 ) | 23.27 | | 流通股本 ( 亿股 ) | 84.96 | | 每股净资产 ( 元 ) | 8.62 | | 总股本 ( 亿股 ) | 85.42 | | 最近 12 月市场表现 | | 长城汽车 沪深300 上证指数 -27% -19% -11% -2% 6% 14% 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《业绩预告同比高增长，海外销售增 长+国内结构优化》 2024-07-15 2. 《总销量同比下滑，坦克品牌销量同 比增速较高》 2024-06-06 3. 《4 月销量稳步增长，海外销量历史 新高》 2024 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant year-on-year growth in performance, with a revenue of 301.13 billion yuan for the first half of 2024, representing a 15.76% increase, and a net profit attributable to shareholders of 13.63 billion yuan, up 24.44% year-on-year [4] - The gross margin improved to 20.01%, an increase of 1.68 percentage points year-on-year, while the sales expense ratio rose to 4.75%, up 0.58 percentage points [4] - The company is accelerating its global expansion and local production, with new factories in Uzbekistan and Thailand, and a strategic partnership with Uber to promote electric vehicles [4] - The forecast for net profit attributable to shareholders for 2024-2026 is 36.87 billion, 45.09 billion, and 54.12 billion yuan respectively, with corresponding PE ratios of 19.85, 16.23, and 13.53 [4] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 301,127 million yuan, a 15.76% increase year-on-year, and a net profit of 13,631 million yuan, a 24.44% increase [4][5] - The second quarter of 2024 saw a revenue of 176,182 million yuan, up 25.89% year-on-year, and a net profit of 9,062 million yuan, up 32.80% [4] - The company’s gross margin for the first half of 2024 was 20.01%, reflecting a year-on-year increase of 1.68 percentage points [4] - The projected revenue for 2024 is 765,146 million yuan, with a growth rate of 27.03% [5] - The projected net profit for 2024 is 36,868 million yuan, with a net profit growth rate of 22.73% [5] Global Expansion and Strategic Initiatives - The company has initiated production at its Uzbekistan factory and launched the "Song PLUS DM-i Champion Edition" in June 2024 [4] - The first automotive transport roll-on/roll-off ship successfully set sail in January 2024, marking a new phase in overseas market expansion [4] - The Thailand factory was officially completed and put into operation in July 2024, contributing to the transformation of the Thai automotive industry [4]