中报深度：全行业供需结构梳理

Core Insights - The report emphasizes the need to explore industry structures for investment opportunities, as overall performance in the A-share market remains subdued [9][10] - It identifies two main questions: which industries have reasonable supply structures and improving demand, and which industries are likely to see supply clearance in a context of overall strong supply [9][10] Supply and Demand Analysis 1. Industries with Improving Demand and Reasonable Supply Structures - Key industries to focus on include motorcycles and others, electric grid automation equipment, agricultural product processing, gas, rare earths, fertilizers, as well as consumer electronics, marine equipment, agricultural machinery, coal, thermal power, and broiler farming [20][42] 2. Industries Likely to Achieve Supply Clearance - Industries that are currently optimizing their supply structures and are likely to clear supply include environmental protection, ports, renovation materials, titanium dioxide, pesticides, fluorine chemicals, and coal chemicals [23][42] Detailed Industry Insights 1. Cyclical Industries - Supply structures are relatively reasonable with improving demand in cyclical industries such as coal (thermal and coking), chemicals (civil explosives and fertilizers), and non-ferrous metals (rare earths and other new materials) [13][20] - Industries with potential for supply clearance include energy metals (lithium and diamonds), real estate chain products (glass, cement, titanium dioxide), and chemicals [13][20] 2. Manufacturing Industries - Key manufacturing sectors with reasonable supply structures and improving demand include motorcycles, commercial vehicles, agricultural machinery, and marine equipment [25][29] - Industries likely to see supply clearance include silicon materials, inverters, power transmission and transformation equipment, and military electronics [25][29] 3. Consumer Industries - Consumer sectors with reasonable supply structures and improving demand include broiler farming, pharmaceutical distribution, and beer [31][34] - Industries likely to achieve supply clearance include home appliances, kitchen and bathroom appliances, and leisure foods [31][34] 4. TMT Industries - TMT sectors with reasonable supply structures and improving demand include consumer electronics and semiconductor equipment [36][40] - Industries likely to see supply clearance include panels, passive components, LED, integrated circuit manufacturing, and security equipment [36][40] Summary - The report highlights the importance of focusing on industries with reasonable supply structures and improving demand, as well as those likely to achieve supply clearance, across cyclical, manufacturing, consumer, and TMT sectors [42][56]