Investment Rating - The report suggests a shift in the investment rating for the Chinese electric vehicle (EV) industry from policy-driven to market-driven, with a projected penetration rate of over 50% in 2024, marking the first time EVs are expected to surpass traditional fuel vehicles [2]. Core Insights - The report highlights that the penetration rate of new energy vehicles (NEVs) in China has exceeded 30% in 2023 and is anticipated to surpass 50% in 2024, indicating a significant market transition [2]. - The competitive landscape is evolving, with domestic brands expected to increase their market share, and leading companies benefiting from first-mover advantages [2]. - The report emphasizes the importance of vertical integration for automakers to maintain core competitiveness and bargaining power, which can lead to cost reduction and efficiency improvements [2]. - It recommends focusing on companies with strong product capabilities, successful international expansion, and stable supply chains [2]. Summary by Sections Market Dynamics - In August 2023, the retail sales of NEVs reached 718,000 units, a year-on-year increase of 48%, and cumulative retail sales for the year reached 5.707 million units, up 35% [1]. - The wholesale sales of NEVs in China for the same period were 675,000 units, reflecting a 24% year-on-year growth, with cumulative wholesale sales of 6.237 million units for the year, a 29% increase [1]. - Notable delivery figures include Li Auto with 48,122 units (up 37.8% YoY) and Leap Motor with 30,305 units (up 113.5% YoY) in August [1]. Policy Developments - The report mentions the introduction of the first national safety inspection standard for NEVs, effective March 1, 2024, which mandates safety checks for power batteries and electrical systems [1]. - A notification supporting the scrapping and updating of old operational trucks has been issued, with funding shared between central and local governments [1]. Competitive Landscape - The report indicates that the competitive environment is intensifying, with a focus on the launch of high-competitiveness new models and ongoing price wars in the domestic market [2]. - The emergence of overseas protectionism is also noted as a potential challenge for the industry [2].

周度报告——新能源汽车 smingfTable_Title] 欧盟公布反补贴税收决议草案 福特放缓电动车生产计划 [T报ab告le_日R期an：k] 2024 年 8 月 25 日 ★ 动态跟踪 市场销量方面，8 月 1-18 日，乘用车新能源市场零售 49 万辆， 同比去年 8 月同期增长 58%，较上月同期增长 27%；全国乘用车 厂商新能源批发 43.1 万辆，同比去年 8 月同期增长 33%，较上 月同期增长 21%。 上周，欧盟委员会公布对从中国进口的电动汽车征收最终反补贴 税的决定草案。拟议的附加税率有小幅下调：比亚迪、吉利、上 汽分别加征关税 17.0%、19.3%和 36.3%；配合调查的企业税率为 21.3%，不配合调查的企业税率为 36.3%；从上海工厂出口的特 新 能 源 与 新 材 料 斯拉获得 9%的最低关税税率。上述关税均是在对电动汽车进口 征收 10%的常规进口税的基础上进行征收。调查期间尚未开始出 口的中国企业以及与欧盟企业的合资企业可能会享有较低的关 税税率。此外，不会追溯征收反补贴税。 另外，福特汽车电动化转型放缓。表示将取消一款三排座电动 SUV 的生产计划，并推迟推出其 ...

周度报告——新能源汽车 smingfTable_Title] 欧盟或征收追溯性关税 极氪将于 25 年进入日本市场 [T报ab告le_日R期an：k] 2024 年 8 月 18 日 ★ 动态跟踪 市场销量方面，8 月 1-11 日，新能源乘用车市场零售 27.4 万辆， 同比去年 8 月同期增长 57%，较上月同期增长 25%，对应新能源 渗透率达到 52.6%；厂商批发 22.1 万辆，同比去年 8 月同期增长 29%，较上月同期增长 16%，对应新能源渗透率达到 57.1%。 政策端，上周，国家能源局印发《配电网高质量发展行动实施方 案（2024—2027 年）》，提出将建设一批满足新型主体接入的项 目。结合分布式新能源的资源条件、开发布局和投产时序，有针 对性加强配电网建设，提高配电网对分布式新能源的接纳、配置 新 能 源 与 新 材 料 登记。 和调控能力；满足电动汽车充电基础设施的用电需求，助力构建 城市面状、公路线状、乡村点状的充电基础设施布局。 欧盟近期表示，将考虑是否对中国电动车从今年 3 月起征收追溯 性关税，将在秋季做出最终决定。今年 3 月起已经开始进行海关 与之相关联，极星 Pole ...

Investment Rating - The report suggests a positive outlook for the Chinese electric vehicle (EV) industry, indicating a shift from policy-driven growth to market-driven growth, with a recommendation to focus on companies with strong product capabilities and stable supply chains [3]. Core Insights - The penetration rate of new energy vehicles (NEVs) in China has surpassed 50% for the first time, marking a significant milestone in the market's evolution [2][3]. - In July, NEV sales reached 991,000 units, a year-on-year increase of 27%, with a domestic sales figure of 887,000 units, reflecting a 30.7% growth [2]. - The report highlights the increasing integration of electric vehicles with the power grid, emphasizing the importance of smart charging and energy storage solutions [2]. - The competitive landscape is evolving, with domestic brands expected to gain market share, and leading companies benefiting from first-mover advantages [3]. Summary by Sections 1. Key Target Tracking - The report includes a weekly performance overview of related sectors, indicating fluctuations in stock prices for major players in the NEV market [11][12]. 2. Industry Chain Data Tracking 2.1. Global Vehicle Data - Global NEV sales and penetration rates are tracked, showcasing trends and shifts in the market [14][19]. 2.2. China Vehicle Data - Detailed statistics on NEV sales in China, including electric and plug-in hybrid vehicles, are provided, illustrating the growth trajectory [18][24]. 2.3. European Vehicle Data - The report presents data on NEV sales in Europe, highlighting the region's market dynamics [19][22]. 3. Hot News Summary - The report compiles significant policy updates, industry data, and corporate developments relevant to the NEV sector [5]. 4. Industry Perspectives - Insights into the evolving market landscape and competitive dynamics are discussed, emphasizing the importance of innovation and strategic positioning [3]. 5. Investment Recommendations - The report advises investors to focus on companies with strong product offerings and successful international expansion strategies [3].

周度报告——风电行业 风电板块震荡下行， 行业催化密集落地 报告日期: 2024 年 8 月 11 月 ★ 风电行情回原 本周风屯设备板块下跌 3.0%，跑输沪深 300 指数 1.4 个百分 点，跑輪创业板指数 0.4 个百分点。 ★ 裝机登方面，1-6 月份全国新增发电裝机容量 15276 万千瓦，同 比增加 1878 万千瓦；其中，新增风电装机客量 2584 万千瓦， 同比增加 285 万千瓦。 从发电器上看，6 月份全国规模以上工业风力发电器 669 亿千 瓦时，同比增长 12.7%。从用电量上看，6 月份全社会用电量 8205 亿千瓦时，同比增长 5.8%。 原材料方面，本周铸造生铁/底钢/中原板现货价格分别为 3278/2250/3500 元/ч;，环比上周变化-0.3%/-3.43%/-0.85%; 电 解铜现贷价格 71515 元/吨，环比上周下跌 2.43%； 环氧材脂 12900 元/ 呢，环比上周不变； 轶轶硼现货价格 150 元/ 千克， 环比上周不变。 ★ 近期，风电领域逆未多项积极进展，包括广西北海跨将启动的 6.5GW 海上风电项目招标，以及上海获批的 2930 万千瓦深远 海风 ...

周度报告——风电行业 国内风电企业加速出海， 开启海上风电全球布局新篇章 技卡日期: 2024 年 8 月 4 日 ⋆ 风心价信可原 本网风 屯 丧 备 赦 失 下跌 3.8%， 始 沪 深 300 指 敦 3.1 个 百 分 点，她给创业板指数 2.5 个百分点。 ★ 发机登方向，1-6 月份全国新增发屯发机客户 15276 万千瓦，阿 比增加 1878 万千瓦；共中，新增风屯菜机客量 2584 万千瓦， 同比增加 285 万千瓦。 从发屯至上看，6 月份全国规核以上工业风力发屯至 669 亿千 瓦时，阿比增长 12.7%。从用屯至上看，6 月份全社会用屯至 8205 亿千瓦时，阿比增长 5.8%。 原材料方面，本周铸递生钱/ 底钢/ 中 原板现货价格分别为 3292/2330/3530 元/晚，环比上周 支化-0.51%/0%/-2.75%； 屯解 饲现 ¢ 价格 73295 无 / 晚 ， 环 比 上 周 下 跌 1.23%； 环 氧 特 黯 12900 无/晚，环比上周不支； 铁铁砌现货价格 150 无/千克， 环比上网 不变。 ⋆ 近日，明阳智能与线国资产管理公司 Luxcara 签订了首选供应 奇 ...

Investment Rating - The report suggests a positive outlook for the Chinese electric vehicle (EV) industry, indicating a shift from policy-driven growth to market-driven growth, with a projected penetration rate of over 50% for new energy vehicles in 2024 [3]. Core Insights - The report highlights that in July, the retail sales of new energy vehicles reached 860,000 units, with a year-on-year growth of 29%, despite a month-on-month decline of 3% [2]. - BYD achieved a record sales figure of 341,000 units in July, marking a 30.5% year-on-year increase [2]. - The report emphasizes the importance of product strength, successful international expansion, and stable supply chains for companies in the industry [3]. Summary by Sections Market Dynamics - In July, the sales figures for various companies included 51,000 units for Li Auto, 22,000 units for Leap Motor, and 20,498 units for NIO, indicating strong performance among new energy vehicle manufacturers [2]. - The report notes the global expansion of new energy vehicle companies, with Leap Motor shipping its first batch of vehicles to Europe and Zeekr launching in Thailand [2]. Policy Developments - The Ministry of Transport and the Ministry of Finance released guidelines to support the replacement of old public transport vehicles with new energy buses, offering an average subsidy of 60,000 yuan per vehicle [2]. Competitive Landscape - The report indicates that the market share of domestic brands is expected to continue expanding, with leading companies benefiting from first-mover advantages [3]. - The ongoing price competition in the domestic market and rising protectionism abroad are highlighted as significant factors influencing the competitive landscape [3].

周度报告 -- 商品期货 商品估值及风格轮动周报 : 衰退交易重回视野 报告日期: 2024 年 8 月 4 日 ★商品市场概述 2024 年 8 月 2 日当周,涨幅靠前的品种集中于低估值品种,跌 幅靠前品种集中于黑色及能源板块。 ★产业利润表现 黑色金属板块，成材瑞相对估值偏低，短期成材矛盾不大导致 铁水降幅预期受限。有色金属板块，铜现货进口利润扩大。 化工板块，终端需求转弱趋势未变，化工品估值中性偏高。 ★风格轮动及品种间相对估值表现 周内,周期/成长风格轮动至多配成长;工业品/农产品风格轮 动至空配南华农产品;黄金属/工业品风格轮动至多配南华贵金 届; 金/油比价轮动至多配金。 周内委利对表现相对最强的三个头寸分别为： 棕榈油-豆油主力 合约价差、PP-3*MA 主力合约价差、螺焦主力合约比价； 周内 委利对表现相对最弱的三个头寸分别为：莱油-棕榈油主力合约 价差、螺纹热卷主力合约价差、菜油-豆油主力合约价差。 海外方面，7月非农数据意外爆冷，市场焦点从美联储９月是否 降息,转为此次降息周期的空间和时间。衰退交易重回视野, 海外市场风险资产大跌,人民币汇率回升。国内方面,潜在需 求支撑政策或来源于 3 ...

周度报告—金融工程 金工大类资产配置周报 [Table_Rank] 报告日期： 2024 年 08 月 04 日 [Table_Summary] ★市场回顾 宽基指数方面，本周涨跌幅排名前五的宽基指数及其涨跌幅分 别为中证 2000(3.6%)，中证 1000(2.3%)，小盘价值(1.3%)，中证 500(1.1%)，中证 REITs(收盘)(0.8%)；本周涨跌幅排名后五的宽 基指数及其涨跌幅分别为日经 225(-4.7%)，纳斯达克综指 (-3.4%)，道琼斯工业平均(-2.1%)，标普 500(-2.1%)，大盘成长 (-2.0%)；本月涨跌幅排名前五的宽基指数及其涨跌幅分别为中 证 REITs(收盘)(0.4%)，大盘价值(-0.6%)，中证 2000(-1.0%)，胡 志明股市指数(-1.2%)，上证 50(-1.3%)；本月涨跌幅排名后五的 宽基指数及其涨跌幅分别为日经 225(-8.2%)，纳斯达克综指 (-4.7%)，标普 500(-3.2%)，道琼斯工业平均(-2.7%)，大盘成长 (-2.7%)。 行业指数方面，本周涨跌幅排名前五的行业指数及其涨跌幅分 别为综合(6.2%)，社会服务(5 ...

金工策略周报 东证衍生品研究院金融工程组 2024年8月4日 王冬黎 金融工程首席分析师（国债期货） 从业资格号： F3032817 投资咨询号： Z0014348 Email: dongli.wang@orientfutures.com 联系人 徐凡 金融工程分析师(基本面量化&FoF) 从业资格号： F03107676 Email: fan.xu@orientfutures.com 李晓辉 金融工程首席分析师（商品CTA） 从业资格号： F03120233 投资咨询号： Z0019676 Email: Xiaohui.li01@orientfutures.com 联系人 范沁璇 金融工程分析师(资产配置) 从业资格号： F03111965 Email: qinxuan.fan@orientfutures.com 常海晴 金融工程分析师(股指期货) 从业资格号：F03087441 投资咨询号：Z0019497 Email: haiqing.chang@orientfutures.com 股指期货基差与展期收益跟踪 2 主要内容 ★股指市场与基差点评： 上周市场企稳，小盘修复较多。上证50、沪深300、中证5 ...