中泰证券：【中泰研究丨晨会聚焦】煤炭杜冲：政策催化不断，煤企迎来机遇-20240812

Group 1: Automotive Industry Insights - The year 2024 is projected to be the "Year of Intelligent Driving," with affordable intelligent driving expected to create new investment trends [3][4] - The core capabilities of automotive manufacturers are ranked as: intelligent capabilities = market demand control capabilities > electrification pace [3] - Key catalysts for the intelligent driving market include increased policy support, accelerated technological advancements, and the launch of urban L3 models [3][4] Group 2: Coal Industry Opportunities - The coal power sector is expected to strengthen its role as a "ballast" and "peak regulation" source, with policies encouraging the integration of coal and electricity [5][6] - The installed capacity of thermal power has shown a compound annual growth rate (CAGR) of 4.8% from 2014 to 2023, while the generation capacity has grown at a CAGR of 8.3% [5] - The "coal-electricity joint operation" model is gaining traction, with significant growth in the installed capacity of coal enterprises participating in power generation [6] Group 3: Banking Sector Performance - The banking sector's net interest margin stabilized at 1.54% in Q2 2024, with net profit showing a year-on-year increase of 0.36% [6] - The overall non-performing loan ratio decreased to 1.56%, indicating improvements in asset quality [6] - The capital adequacy ratio for commercial banks continues to rise, with core Tier 1 capital adequacy ratio at 10.74% as of Q2 2024 [6] Group 4: Macro Economic Trends - The Consumer Price Index (CPI) showed a month-on-month increase of 0.5% in July 2024, driven primarily by rising food prices due to extreme weather conditions [7] - The Producer Price Index (PPI) remained stable at -0.2%, reflecting ongoing issues with domestic demand and international commodity price fluctuations [7] - The tourism sector significantly contributed to the CPI increase, with travel-related services seeing a month-on-month rise of 9.4% [7] Group 5: New Energy and Power Systems - The "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" emphasizes the integration of smart scheduling and virtual power plants [8] - The plan outlines nine key actions focusing on upgrading the energy supply chain and enhancing the management of power loads [8] - The cumulative installed capacity of new energy storage is expected to grow at a CAGR of over 30% from 2024 to 2030 [8]