建筑材料 / 行业投资策略周报 / 2024.08.06 建材行业策略周报 因 授资评级:看好(维持) 最近 12月市场表现 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》 | 2024-07-29 | | 2. 《建材行业策略周报》 | 2024-07-22 | | 3.《建材行业策略周报》 | 2024-07-14 | � 地产去库是关键,产业链需求待修复 ■ 证券研究报告 核心观点 消费建材:政治局会议仍以防风险为首,继续提及存量消化。2024年 7月 30日,中共中央政治局召开会议,提出房地产方面,1要持续防范化解 重点领域风险,2要落实好促进房地产市场平稳健康发展的新政策,坚持消 化存量和优化增量相结合,积极支持收购存量商品房用作保障性住房,进一 步做好保交房工作,加快构建房地产发展新模式。③要完善和落实地方一揽 子化债方案,创造条件加快化解地方融资平台债务风险。 ...

房地产开发 / 行业投资策略周报 / 2024.08.06 ● 我在评级:未好(维持) 菜近 12 月市场表现 欧阳之无 分析师 SAC 证书编号：S0160524070001 oyzg@ctsec.com 주 梦想 分析师 SAC 证书编号：S0160524060001 wumr@ctsec.com 相关报考 1.《房地产行业周报(2024 年笫 30 周)》 2024-07-29 2.《房地产行业周报(2024 年第 29 周)》 2024-07-21 3.《房地产行业周报(2024 年笫 28 周)》 2024-07-15 房地产行业周报 | 2024 年第 31 画 证券研究报告 政治局会议定调下半年房地产工作 美格國 參 � 本周板块回顾：本周中方房地产指数上涨 1.32%，沪深 300 指数较上周下 跌 0.73%，板块跑赢沪深 300 指數 2.05pct，在 31 个板块中排序 18 位。 � 行业數據面願：本周 30 大中城市商品房成交面积 205 万千米,环比+26.8%, 阿比-14.7%。细分城市能级未看，30 大中城市中，一线城市商品房成交面积 59 万千米，环比+19.3%，同比- ...

汽车 / 行业专题报告 / 2024.08.06 obotaxi 行业 专题报 各 ● 技术齐级:春好(维持) 衰逝 12 月市场表现 所变旧 分析师 SAC 证书编号：S0160522110003 xingcy01 @ctsec.com 李 办 分析师 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报考 1. 《7 月变卡行业河祭》 2024-08-02 2. 《汽车行业周报》 2024-07-29 《 6 月份 中 国 车 市 运 行 回 原 》 3. 2024-07-26 �� .. ■ 证券研究报告 � Robotaxi 有愛推动高阶窄能驾驶於途牛快速提升 Robotaxi 有要推动高阶有能驾驶渗透单快速模升：作为高阶智能驾驶的 查委应用场录，随着 Robotaxi 行业的快速发展，具备 L4-L5 级智能驾驶的车 病渗透率有望快速找升。据弗若斯特沙利文分析，2023 年全球 L4-L5 级车辆 滲透率几乎为 0: 预计 2035 年全球 L4-L5 级车辆滲透率升至 7.6%，高中国 L4-L5 级车辆渗透率将达 12.5%。考虑规模效应的影响，Robotaxi ...

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [1]. Core Insights - The market composite index has shown an upward trend, with the Shanghai Composite Index closing at 2905.34, up by 0.50% for the week. The chemical sector also saw a slight increase of 0.43% [7][8]. - Significant price increases were observed in vitamins, particularly Vitamin A and E, due to supply disruptions from BASF. Vitamin A's average market price rose to 175 CNY/kg, a 90.22% increase, while Vitamin E reached 125 CNY/kg, up by 34.41% [18][20]. - The report highlights the strategic cooperation between Longbai Group and Sichuan Resources Group, indicating potential growth opportunities in the sector [2]. Market Performance Overview - The top five performing stocks in the chemical sector for the week included Jiangtian Chemical (+24.54%), Jianxin Co. (+17.22%), and Weilan Bio (+14.97). Conversely, the worst performers were Beisimei (-18.27%) and Wanhua Chemical (-6.70%) [12][14]. - The chemical products with the highest price increases included Vitamin A, Vitamin E, and isobutyraldehyde, while liquid gas and methyltrichlorosilane saw significant declines [18][19][22]. Chemical Sector Analysis - The chemical sector's sub-segments showed varied performance, with viscose (+6.73%) and coatings (+4.58%) leading the gains, while polyurethane (-6.01%) and coal chemicals faced declines [9][10]. - The report emphasizes the importance of domestic substitution in high-end optical materials, suggesting investment in companies like Stik and Dongcai Technology, which are positioned to benefit from this trend [3]. Price Movements - The report notes that crude oil prices fell by 0.71% during the week, impacting the overall chemical market dynamics [15]. - Key chemical products experienced notable price fluctuations, with pure MDI increasing by 4.47% to 18700 CNY/ton, while lithium carbonate saw a significant drop of 4.97% [23].

核感股份(002714) / 养殖业 / 公司总评 / 2024.08.04 Q2 业绩担有为盛日养殖成本持续工行 ● 投资计划:考虑(文献) | --- | |------------| | 技术教育 | | 状食价(无) | | | 等嚴冲災产(无)11.54 多縣本(化縣)54.65 蒸汽 12 月市场表现 条例 伏 SAC 证书简予：S0160522050003 yujq01@ctsec.com 治关报告 1. 《QI 业绩暂永压，出程稳步扩张，成 本伐券稳固》 2024-04-28 2. 《Q3 指与为鱼，降本增效持续报进》 2023-10-31 3. 《产能稳步增长，成本优势进一步加 2023-08-19 格》 : � 4 1 1 1 1 ■ 证券好文报告 � 事件：会司 2024H1 营业收入+9.63%，同比装守为量。公司 2024 年上半年实 现容业妆入 568.66 亿元 ( 同比 +9.63%)，均与冷利润 8.29 亿元：半二季度妆 入 305.94 亿元（同比+10.56%）归草冷利润 32.08 亿元。 籍你反种，公司 2024Q2 操作为量。1）2024Q2 以来，生籍价格连多进 ...

| --- | --- | --- | |-----------------------------------|-------|--------------| | | | | | | | | | ) 财通证 荣 | | 证券研究报告 | | 服务消费弱于往年同期 实体经济图谱 | | | | 2024年第29期 | | | | | | | | 分析师:陈兴 博士 | | | | 财通宏观首席分析师 S0160523030002 | | | | 分析师:马骏 博士 S0160523080004 | | | | 联系人: 陈莹 | | | 2024年8月3日 各行业量价速览 · 暑期已过半，7月高频数据指向经济继续放缓。消费端，地产新政效果褪去,新房销售增速由升转降，二手房则量 升价跌,乘用车零售销量增速降幅收窄,商品消费整体未见起色,服务消费环比李节性回升,但弱于往年。受极端 天气、专项债发行缓慢以及建筑工地资金到位率下降等因素影响，工业生产和建筑业较为液软，沥青开工率降至同 期新低,钢厂盈利持续恶化,印证货运物流增速回落。内需疲软拖累黑色、有色等上游大宗商品价格回落。7月经 济未见起色,稳增长诉求提升,静待 ...

Global Market Trends - Global funds saw inflows of $146 million into bonds and $89 million into stocks, while $125 million flowed out of the currency market during the week of July 24-31, 2024[10] - The S&P 500 and Nasdaq indices experienced declines during the same period[4] - Emerging markets attracted more global funds compared to developed markets, with a cumulative return difference of 25.7% since 2024[20] Domestic Market Insights - Northbound capital inflows were highest in the financial sector, totaling 44.84 billion CNY, followed by medical aesthetics at 31.24 billion CNY, and public services at 18.79 billion CNY[5] - The top individual stocks for northbound inflows included China Nuclear Power (6.18 billion CNY) and WuXi AppTec (6.04 billion CNY), while Kweichow Moutai saw the largest outflow at -11.7 billion CNY[39] - Southbound capital inflows were led by information technology (47.4 billion HKD) and energy (38.9 billion HKD) sectors[5] Fundraising and Financing Activities - A total of 36.57 billion CNY was raised this week, with an IPO scale of 19 billion CNY and two companies going public[5] - The balance of margin financing and securities lending increased to 1,437.14 billion CNY, reflecting a rise of 74.16 billion CNY from the previous week[6] Risk Factors - Potential risks include rising risk-free interest rates, significant macroeconomic fluctuations, and unexpected market volatility, particularly regarding global capital returning to the U.S.[6]

计算机 / 行业点计报告 / 2024.08.04 苹果连续六个季度收入超预期 ● 投资计划:方对(点击) 衰逝 12 月李场表現 合并并 杨祥 SAC 证书简予：S0160522050001 yangye01@ctsec.com 各有有 王 矫 丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com � 油关报告 : 1. 《META 2Q24: 业缘超预病, AI 动力 广寺业务商增长》 2024-08-03 2. 《高通手机业务大出低迷，AIPC 有 翌引領新時代》 2024-08-02 3. 《扫地机厂商竞争演烈，积极探寻家 二増长由线》 2024-08-02 的相互 ■ 证券所究报告 � 羊果是柴六个单度营收杂量利均超预期。8月1日周四美股宜后，消费也 子与科技 乒乓羊莱发布了 2024 年二季度时报。苹果 2Q24 实现密收 858 亿美 元，同比增长 4.9%，好于市场一县预前（844.6 亿美元），收入站的装升，主 美全盆子 iPad 及软件服务业务的增长等办。苹果 2Q24 毛利率为 46.3%，同比 增办 1.8pct，受好于市场一致预期(46.1%)；软 ...

数据来源:wind 8月2日数据,财通证券研究所 农林牧渔 / 行业投资策略周报 / 2024.08.04 供应偏紧猪价延续上涨,持续推荐生猪 因投资评级:看好(维持) 最近 12月市场表现 -18% � � 会剑秋 分析师 SAC 证书编号： S0160522050003 yujq01@ctsec.com 相关报告 1.《供应持续偏紧,看好猪价上行趋势》 2024-07-28 2. 《7月 USDA 上调全球小麦、玉米产 量预测》 2024-07-22 3. 《供应偏紧猪价延续上涨，宠物公司 业绩可期》 2024-07-21 � op � 农业重点数据跟踪周报 ■ 证券研究报告 核心观点 ip 生猪养殖：猪价震荡向上,价格周期反特。供应方面延续偏紧张,猪价持续向上 持续创年内新高；看涨情绪下存在压栏和二育进场，高温天气下量有限。 中长 期,企业现金流压力明显,价格周期反转,持续推荐配置生猪养殖。1) 数量 端:6月能繁母猎存栏有所增加。据国家统计局数据,6月能紧母猪存栏数量 4038 万头,月环比+1.0%。2)价格端:震荡向上。根据涌益咨询,8月1日, 商品猪出栏价为 19.46 元/kg，周环比+1.1 ...

Group 1: Insurance Fund Sources and Allocation - Insurance funds primarily come from premium income, with total premium income exceeding CNY 5.1 trillion as of the end of 2023, reflecting a year-on-year growth of 9.1%[5] - By the end of 2023, the balance of insurance funds reached over CNY 27.7 trillion, with bond investments accounting for 45.4% of this total, amounting to CNY 12.6 trillion[9] - Insurance companies prefer long-term bonds, with over 70% of their bond investments being in bonds with maturities exceeding 5 years, aligning with their long liability durations[17] Group 2: Investment Preferences and Trends - Insurance institutions favor government bonds, particularly local government bonds, which account for 42.3% of their bond holdings[15] - The investment strategy of insurance companies is primarily allocation-based, with a positive correlation between the growth rate of government bond investments and interest rate trends[20] - The proportion of insurance funds allocated to fixed-income assets has increased in recent years, driven by a favorable market environment for bonds[10] Group 3: Regulatory and Economic Influences - Regulatory requirements encourage insurance companies to invest in high-rated credit bonds and government bonds, with liquidity coverage ratios mandated to be above 100% under stress scenarios[22] - Changes in accounting standards, particularly the introduction of IFRS 9, have led to a preference for high-rated bonds due to increased impairment provisions for lower-rated bonds[24] - The decline in bond yields has pressured insurance companies' net investment returns, necessitating improved asset-liability matching strategies[28]