行 ――轻工制造&纺织服饰行业 8 月月报 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% [Table_Doc] 业 行业月报 [Table_MainInfo] 家具行业平稳发展，"以旧换新"政策保障性增强 研 究 分析师： 袁艺博 SAC NO： S1150521120002 2024 年 7 月 30 日 [Table_Summary] 投资要点： 行业发展情况 1-6 月，国内家具社会零售总额为 720.60 亿元，同比增长 2.60%。 1-6 月，服装鞋帽、针、纺织品社零额为 7,098.30 亿元，同比增长 1.30%。 行情回顾 6 月 24 日至 7 月 26 日，轻工制造行业跑输沪深 300 指数 7.09 个百分点：SW 轻工制造（-9.56%）VS 沪深 300（-2.47%）；纺织服饰行业跑输沪深 300 指数 7.62 个百分点：SW 纺织服饰（-10.09%）VS 沪深 300（-2.47%）。 本月策略 近期房地产市场活跃度有所提升。 ...

Investment Rating - The industry investment rating is "Positive" for general equipment and automation equipment, "Neutral" for specialized equipment and transportation equipment, and "Positive" for engineering machinery [6][26]. Core Viewpoints - The report maintains a "Positive" rating for the industry, with specific "Increase" ratings for Sany Heavy Industry, China CRRC, and Zoomlion [20][21]. - In the first half of 2024, the national engineering machinery operating rate was 48.97%, indicating a recovery in the market [7][20]. - A total of 13,853 major projects were initiated nationwide in the first half of 2024, with a cumulative total investment of 100,654.3 billion yuan [6][20]. Summary by Sections Industry News - In the first half of 2024, 13,853 major projects were initiated, with a total investment of 100,654.3 billion yuan. This includes various infrastructure projects such as highways, railways, and water management [6][20]. Industry Data - The operating rate of engineering machinery in the first half of 2024 was 48.97%, with several provinces exceeding 60% [7][20]. Company Announcements - Langhong Technology reported a net profit of 24.96 million yuan for the first half of 2024, a 40.26% increase year-on-year [9]. - Haichang New Materials forecasted a net profit growth of 70%-100% for the first half of 2024 [10]. - Guangsha Huaneng projected a net profit increase of 29.09%-34.65% for the same period [11]. Market Review - From July 17 to July 23, 2024, the Shanghai and Shenzhen 300 Index fell by 1.67%, while the machinery equipment sector dropped by 1.97%, underperforming the index by 0.30 percentage points [13][15]. Weekly Insights - The estimated excavator sales for July are approximately 14,000 units, reflecting an 11.06% year-on-year increase, indicating a market recovery [20]. - The report suggests that recent policies aimed at optimizing the real estate market may positively impact housing sales and, consequently, the demand for engineering machinery [20].

行 业 研 [吨 able_MainInfo] 家具、服装上半年内销平稳,白板纸价格上行 究 分析师: 袁艺博 SAC NO: S1150521120002 2024 年 7 月 22 日 ――轻工制造&纺织服饰行业周报 [Table_Author] 证券分析师 袁艺博 022-23839135 yuanyb@bhzq.com [吨 able_Summary] 投资要点: 行业要闻 1)需求呈现改善趋势,包装纸头部企业掀起新一轮涨价。 2)东南亚电商行业涌现四大关键趋势。 证 券 研 究 报 告 [Table_IndQuoteP 最近一季度行业相对走势 ic] 沪深300 轻工制造 纺织服饰 行 业 周 报 [Table_Contactor] | --- | --- | |--------------------------------|-------| | 子行业评级 | | | 家居用品 | 中性 | | 造纸 | 中性 | | 包装印刷 | 中性 | | 文娱用品 | 中性 | | 纺织制造 | 中性 | | 服装家纺 | 中性 | | 饰品 | 中性 | | [Table_StkSuggest]重点品 ...

业 研 [Table_MainInfo] 6 月全球黄金 ETF 延续流入资金 行业周报 | --- | --- | --- | |--------------|------------------|--------------------| | | | ――金属行业周报 | | 分析师: 张珂 | : S1150523120001 | 2024 年 7 月 23 日 | | | | | 行业情况及产品价格走势初判 钢铁:下游处季节性消费淡季,钢铁消费环比下降,钢材产量随之走弱;当 前行业供需双弱,基本面对价格缺乏支撑,需关注宏观预期对价格的影响。 铜:CSPT 召开季度会议,敲定 2024 年第三季度铜精矿现货 TC 指导价为 30 美元/干吨,冶炼端仍存减产预期;消费淡季下,需求端仍表现一般,预计 短期铜价震荡运行。 铝:晋豫地区铝土矿未有全面大规模复产消息,叠加部分地区降雨影响,氧 化铝供给仍维持紧张局面;国内铝下游行业需求表现一般,电解铝维持供应 宽松,预计短期铝价震荡运行。 锂:据 Mysteel 消息,其调研的 42 家样本企业中,仅有 7 家锂盐生产企业在 7 月出现了停产检修,预计 7 月锂盐 ...

行 业 行业周报 [Table_MainInfo] 2024 年 6 月叉车销量约 11.17 万台,同比增长 11.1% ――机械设备行业周报 分析师: 宁前羽 SAC NO: S1150522070001 2024 年 7 月 17 日 [Table_Summary] 投资要点: [Table_Author] 证券分析师 宁前羽 022-23839174 ningqy@bhzq.com 行业要闻 1) 6 月叉车销量约 11.17 万台,同比增长 11.1%。 2) 6 月起重机销量为 4718 台,各品类均有所下降。 证 | --- | --- | |-----------------------------|-------| | [Table_IndInvest]子行业评级 | | | 通用设备 | 看好 | | 专用设备 | 中性 | | 交运设备 | 中性 | | 工程机械 | 看好 | | 自动化设备 | 看好 | 3) 欧盟委员会公告对原产于中国的移动式升降作业平台作出反倾销初裁。 公司重要公告 1) 柳工:发布 2024 年半年度业绩预告,归母净利润同比增长 45%-70%。 2) 山推股份 ...

行业周报 业 研 [Table_MainInfo] 基本面表现偏弱,需关注宏观预期 究 | --- | --- | --- | --- | |------------------------------|----------------------------|----------------|--------------------| | | | | ――金属行业周报 | | 分析师: 张珂 | SAC NO: | S1150523120001 | 2024 年 7 月 17 日 | | [Table_Author] 证券分析师 | [投资要点: Table_Summary] | | | | 张珂 | | | | | 022-23839062 | 行业情况及产品价格走势初判 | | | | zhangke@bhzq.com | | | | | [Table_Contactor] | | | | | [Table_IndInvest] 子行业评级 | | | | | 钢铁 | | | | | 有色金属 | | | | [Table 重点品种推荐 _StkSuggest] 博威合金 增持 洛阳钼业 增持 中金黄 ...

业 行业周报 [吨 able_MainInfo] 上半年出口保持平稳,关注出海企业中报业绩 研 究 ――轻工制造&纺织服饰行业周报 | --- | --- | --- | --- | --- | |----------------------------------------------|--------------|------------------------------------|--------------------------------------------|--------------------------------------| | 分析师: 袁艺博 | | SAC NO: | S1150521120002 | 2024 年 7 月 15 日 | | [Table_Aut 证券分析师hor]袁艺博022-23839135 | | [吨 able_Summary]投资要点:行业要闻 | | | | yuanyb@bhzq.com | | 1)2024 年 6 | 月生活用纸主要区域市场纸浆及原纸价格情况。 | | | [Table_Contactor] | | | | | | [T ...

业 行业周报 [Table_MainInfo] 2024 年 6 月挖掘机销量为 16603 台,同比增长 5.31% | | | | | | |-------------------------------------------|----------|----|-----------------------------------------|---------------------------------------------------------------------| | | | | | ―― | | 分析师: 宁前羽 | | | SAC NO: | S1150522070001 | | [Table_Author] 证券分析师 | | | [Table_Summary] | | | 宁前羽 | | | 投资要点: | | | 022-23839174 | | | | | | ningqy@bhzq.com | | | 行业要闻 | | | | | 1) | 6 月挖掘机销量为 | 16603 台,同比增长 5.31%。 | | [Table_IndInvest] 子行业评级 | | 2) ...

Industry Investment Rating - The report maintains a "Neutral" rating for the steel industry and an "Overweight" rating for the non-ferrous metals industry [1][2] Core Views - Steel: Downstream demand is in a seasonal off-peak period, with weak supply and demand dynamics. Steel prices are expected to fluctuate, with attention needed on the upcoming Third Plenum [1] - Copper: Antofagasta has agreed on a new processing fee (TC) of $23.25 per dry ton with some Chinese smelters, covering 50% of copper concentrate supply for H2 2024 and H1 2025. Copper prices may fluctuate in the short term due to moderate demand [1][2] - Aluminum: Supply of alumina remains tight, with no large-scale resumption of bauxite mining in Shanxi and Henan. Aluminum prices are expected to fluctuate due to steady production release and moderate downstream demand [1] - Lithium: Tariffs imposed by the US and EU on Chinese new energy vehicles and batteries may impact export demand. Lithium prices are expected to remain weak due to oversupply pressures [2] Key Data and Trends Steel - Demand: Shanghai terminal rebar and wire rod procurement volume was 16,300 tons on July 5, up 10.14% from June 28 [9] - Supply: Production of five major steel products was 8.9792 million tons on July 5, down 1.41% from June 28 and 4.14% year-on-year [10] - Inventory: Total steel inventory (social + mill) was 17.561 million tons on July 5, up 0.22% from June 28 and 10.11% year-on-year [14] - Raw materials: PB fines price at Qingdao Port rose 1.95% to 836 yuan/wet ton from June 28 to July 5 [15] Copper - Processing fees: TC/RC for Chinese smelters was $2.60 per ton and 0.26 cents per pound on July 5, up 8.33% from June 28 [22] - Prices: LME copper spot price rose 3.51% to $9,800 per ton, while Yangtze River nonferrous copper spot price rose 2.73% to 79,900 yuan per ton from June 28 to July 5 [23] - Inventory: LME copper inventory increased 6.38% to 191,600 tons, while SHFE copper inventory rose 0.39% to 250,600 tons [23] Aluminum - Prices: LME aluminum spot price rose 0.40% to $2,500 per ton, while Yangtze River nonferrous aluminum spot price rose 0.60% to 20,300 yuan per ton from June 28 to July 5 [25] - Inventory: LME aluminum inventory decreased 2.65% to 999,700 tons, while SHFE aluminum inventory fell 2.19% to 152,500 tons [25] Lithium - Prices: Domestic battery-grade lithium carbonate price fell 1.29% to 91,800 yuan per ton, while lithium concentrate (6%-6.5%) import price fell 0.98% to $1,015 per ton from June 28 to July 5 [31] Recommended Stocks - The report maintains "Overweight" ratings for the following stocks: Boway Alloy (601137), CMOC Group (603993), Zhongjin Gold (600489), Yunnan Tin (000960), and Zijin Mining (601899) [2] Market Performance - From June 28 to July 5, the steel sector rose 1.92%, while the non-ferrous metals sector gained 2.61%. Precious metals and industrial metals were among the top performers [43]

行 业 行业周报 [Table_MainInfo] 关注地产政策显效,纺织制造企业订单有望平稳 研 究 ――轻工制造&纺织服饰行业周报 | | | | | |----------------------------------------------|--------------|--------------------------------------|---------------------------------------| | 分析师: 袁艺博 | | SAC NO: | 2024 年 7 月 8 日 | | [Table_Author] 证券分析师袁艺博022-23839135 | | [Table_Summary]投资要点:行业要闻 | | | yuanyb@bhzq.com | | 1)土耳其对进口瓦楞原纸实施保障措施。 | | | [Table_Contactor] | | | | | [Table_Contactor][Table_IndInvest]子行业评级 | | 2)美国服装市场前景喜忧参半。 | | | 家居用品 | 中性 | | | | 造纸 | 中性 | 公司重要公告 | ...