中原证券行业周观点2024年第二十六期：7月15日-7月19日

Investment Ratings - The report suggests a cautious approach towards investment opportunities in the lithium battery sector due to a recent decline in the index and underperformance compared to the Shanghai and Shenzhen 300 Index [1] - The semiconductor materials sector is recommended for attention, particularly in sub-industries with high technical difficulty and low domestic replacement rates [1] - The report indicates a positive outlook for the agricultural and forestry sector, suggesting a focus on pig farming and pet food segments that are experiencing a cyclical reversal [1] Core Insights - The lithium battery index fell by 1.74%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 1.92% [1] - The new materials index decreased by 0.19%, while the semiconductor industry is expected to accelerate domestic replacement processes due to geopolitical tensions [1] - The light industry manufacturing sector saw a significant decline of 3.4%, with all sub-sectors reporting losses, particularly in home furnishings due to weak real estate data [1] - The agricultural sector outperformed the benchmark index, with a 3.79% increase, driven by strong performance in pig farming [1] - The pharmaceutical sector's index rose by 1.44%, with a focus on vitamin and anti-aging investment opportunities [1] Summary by Sections Lithium Batteries - The lithium battery index decreased by 1.74%, with global electric vehicle sales reaching 1.3241 million units in May, a year-on-year increase of 25.21% [9] - The report advises cautious attention to investment opportunities in the sector due to ongoing price pressures [9] New Materials - The new materials index fell by 0.19%, with semiconductor materials showing a notable increase of 6.31% [10] - The report highlights the acceleration of domestic semiconductor replacement processes amid geopolitical tensions [10] Light Industry Manufacturing - The light industry manufacturing index dropped by 3.4%, with all sub-sectors declining, particularly home furnishings [12] - The report suggests monitoring companies that may benefit from price increases in the paper sector [12] Agriculture, Forestry, Animal Husbandry, and Fishery - The agricultural sector index rose by 3.79%, outperforming the benchmark index by 1.87 percentage points [13] - The report recommends focusing on pig farming and pet food sectors that are showing signs of recovery [13] Pharmaceuticals - The pharmaceutical index increased by 1.44%, with a recommendation to focus on the vitamin sector and anti-aging concepts [14] - The report notes the potential for growth in innovative drugs and traditional Chinese medicine [14] Securities - The securities index showed a rebound, increasing by 3.34%, outperforming the benchmark index [16] - The report indicates that market volume will be a key factor in determining the extent of future rebounds [16] Machinery - The machinery sector index fell by 1.37%, with semiconductor equipment showing strong performance [17] - The report suggests focusing on sectors benefiting from large-scale equipment updates and cyclical recovery [17] Photovoltaics - The photovoltaic sector rose by 2.69%, with a focus on companies involved in inverter production and other key segments [18] - The report indicates that the industry is undergoing capacity reduction, which may stabilize prices [18] Power and Utilities - The power and utilities index increased by 0.97%, with water power and other generation sectors performing well [19] - The report recommends focusing on stable profit-generating sectors like water and nuclear power [21]