20230905_民生证券_有色金属行业研究报告：2023H1盈利总体承压板块拐点在即_54页.pdf

本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 1 2023H1 2023H1 2023 09 05 2023 2023 2023 9 1 7.42%14 2023Q2 6.14%23 2023 H1 2.92%17 2023 2023Q2 2023H1 2023H1 3.29%12.06%2023H1 18.45%39.63%2023Q2 22.76 44.00%56.82%2023H1/13.8%/5.11%/14.81%11%31%13%2023H1 31.2%23.0%57.8%53.5%6.0%2023H1 40.6%37.8%40.5%+1 2 2023 3 EPS PE 2022A 2023E 2024E 2022A 2023E 2024E 601899.SH 12.80 0.76 0.84 1.03 17 15 12 603993.SH 5.94 0.28 0.34 0.53 21 17 11 000807.SZ 15.69 1.32 1.15 1.79 12 14 9 603799.SH 40.53 2.48 2.61 4.39 16 16 9 002738.SZ 49.90 4.62 4.24 5.22 11 12 10 600547.SH 26.25 0.20 0.51 0.66 131 51 40 600489.SH 11.15 0.44 0.60 0.69 25 19 16 Wind;2023 9 1 Table_Author S0100521120001 S0100522080006 S0100121120057 S0100122010038 S0100123070035 1.20230903+-2023/09/03 2.20230827+-2023/08/27 3.20230820-2023/08/20 4.20230813-2023/08/13 5.-2023/08/10 /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 2 1 2023Q2.3 2.11 2.1 2023Q2.11 2.2.14 2.3.16 3 2023Q2.24 4 2023H2.28 4.1+.28 4.2.34 4.3.39 5+.48 6.50.51.52 0YFUyRtOnOnMsMpMsPoRpO8O8Q8OnPqQnPmPjMrRzQjMoOoQbRoPqOxNsOrMvPnOxP/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 3 1 2023Q2 2023 7.42%2023Q2 6.14%23 2023 7.42%14 2023Q2 6.14%23 2023 H1 2.92%17 1 SW 2023 2023 9 1 7.15%wind wind-2021 2 2023 Q2 SW 6.14%3 2023 H1 SW 2.92%wind wind-2021 wind wind-2021 7.42%-20%0%20%40%60%SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW-6.14%-20%-10%0%10%20%SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW 2.92%-20%0%20%40%60%80%SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 4 2023 7.42%1.42%300-2.07%2023 Q2 6.14%300-5.15%-2.16%2023 H1 2.92%300-0.75%3.65%1%300 2023Q2-5.15%-2.16%-6.14%2023H1-0.75%3.65%2.92%2023 2023/9/1-2.07%1.42%7.42%Wind wind-2021 4 2023 2023 9 1 SW wind 801050.SI 2023 2 2023 2023 9 1 SW 7.42%SW-3.03%SW-0.6 0%SW-5.0 9%SW 17.92%SW 1 3.6 4%01,0002,0003,0004,0005,0006,0002,2003,2004,2005,200 300()/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 5 SW 2 2.9 8%SW 1 1.6 4%SW 35.40%SW 3 6.2 5%SW-2.6 6%SW 2.82%SW-11.94%SW-8.87%SW-3.72%SW 25.12%SW-27.63%SW-25.65%SW-28.12%Wind wind-2021 2023 2023 9 1 2023 7.42%35.40%25.12%22.98%13.64%11.64%0.60%2.66%3.72%5.09%8.87%11.94%25.65%28.12%2023 Q2 6.14%2023H1 2.92%5 2023 2023 9 1 36.25%6 2023 Q2%wind wind-2021 wind wind-2021 36.25%7.42%-45%-35%-25%-15%-5%5%15%25%35%45%1.10%-6.14%-20%-15%-10%-5%0%5%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 6 7 2023 H1,%wind wind-2021 2023 2023 9 1 3 2023 2023 9 1 215.31%-47.85%52.25%-46.38%46.75%-36.52%43.10%-36.21%42.91%-34.94%42.65%-34.81%42.49%-31.86%42.10%-31.70%39.67%-30.56%37.38%-30.47%wind 2023 2023 9 1 215.31%22.91%2.92%-30%-20%-10%0%10%20%30%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 7 52.25%46.75%43.10%42.91%8 2023 9 1 9 2023 9 1 wind wind 2023H1 24.9%2023Q2 21.8%2.9%7.8%7.0%2023Q2 35,4%10.2%2019 2022 2023H1 2019Q4 2022Q2 215.31%52.25%46.75%43.10%42.91%42.65%42.49%42.10%39.67%37.38%0%50%100%150%200%250%-47.9%-46.4%-36.5%-36.2%-34.9%-34.8%-31.9%-31.7%-30.6%-30.5%-60%-50%-40%-30%-20%-10%0%4 2023Q2 2022Q2 2022H1 2023Q1 2023H1 2023H1 2023Q2 2023Q2 2023Q2 8271 15785 7960 16473 4.4%8514 2.9%7.0%6600 13803 7456 15496 12.3%8040 21.8%7.8%20.2%12.6%6.3%5.9%-6.6%5.6%-14.6%-0.8%522 950 376 713-24.9%337-35.4%-10.2%wind /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 8 10 2011-2023H1 11 2019Q1-2023Q2 wind wind 10 2019 2020 2021 2023H1 2023H1 51.41%2022 12 2011-2023H1 13 2011-2023H1 wind wind 2023H1 2.8%15.5%39.7%5.2%7.9%2023Q2-2%0%2%4%6%8%10%12%14%-5%0%5%10%15%2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2 05001000150020002500300035004000 54.36%56.99%58.04%58.72%57.31%55.56%54.83%55.72%56.51%54.73%52.77%50.67%51.41%46%48%50%52%54%56%58%60%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 9 5 2023Q2 2022Q2 2022Q3 2022Q4 2023Q1 2023H1/2022H1 2023Q2 2023Q2/2022Q2 2023Q2/2023Q1 SW 8,270.83 7,989.95 8090.46 7959.58 4.4%8513.74 2.9%7.0%SW 5,518.06 5,022.92 5203.98 5219.59 2.8%5677.79 2.9%8.8%SW 1,552.88 1,474.76 1638.38 1366.25-10.1%1434.46-7.6%5.0%SW 3,481.36 3,205.15 3224.66 3410.67 8.7%3756.77 7.9%10.1%SW 483.82 343.01 340.94 442.67 3.7%486.56 0.6%9.9%SW 709.54 709.16 790.98 760.68 15.5%867.50 22.3%14.0%SW 480.40 496.56 535.47 539.67 17.5%595.11 23.9%10.3%229.14 212.60 255.51 221.00 11.1%272.40 18.9%23.3%SW 1,276.09 1,107.37 1103.61 1130.17-7.9%1111.66-12.9%-1.6%SW 228.93 193.03 182.48 217.15-11.1%165.97-27.5%-23.6%SW 186.66 171.57 155.02 128.30-16.7%151.09-19.1%17.8%SW 347.46 297.09 303.87 294.48-9.3%321.31-7.5%9.1%SW 513.04 445.68 462.24 490.24-2.5%473.29-7.7%-3.5%SW 515.91 903.05 742.76 620.88 39.7%592.11 14.8%-4.6%SW 281.73 248.03 227.07 275.21 1.1%238.21-15.5%-13.4%SW 234.18 655.02 515.68 345.67 93.9%353.90 51.1%2.4%SW 251.24 247.45 249.13 228.26 5.2%264.68 5.4%16.0%SW 85.77 78.78 87.10 86.76 10.4%100.89 17.6%16.3%SW 165.47 168.67 162.03 141.49 2.1%163.80-1.0%15.8%wind 2023H1 19.1%22.2%22.3%49.1%2023Q2 2023Q2 /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 10 6 2023Q2 2022Q2 2022Q3 2022Q4 2023Q1 2023H1/2022H1 2023Q2 2023Q2/2022Q2 2023Q2/2023Q1 SW 521.91 536.67 407.21 375.80-24.9%337.34-35.4%-10.2%SW 252.05 150.44 111.61 181.58-22.2%177.90-29.4%-2.0%SW 114.18 66.86 47.20 68.97-34.5%65.72-42.4%-4.7%SW 116.22 72.33 70.46 98.66-12.1%95.45-17.9%-3.2%SW 21.65 11.25-6.04 13.96-14.5%16.72-22.8%19.7%SW 17.68 9.22 19.79 15.13 19.1%23.06 30.5%52.4%SW 17.79 13.15 17.39 15.86 22.5%23.14 30.1%45.9%-0.12-3.94 2.40-0.73-498.0%-0.08-32.4%-89.2%SW 77.76 51.69 48.66 48.41-49.1%33.98-56.3%-29.8%SW 24.46 17.31 15.28 10.24-74.1%2.63-89.2%-74.3%SW 7.40 6.01 2.38 5.77-15.5%5.25-29.1%-9.0%SW 18.76 11.94 16.32 20.56-29.1%15.89-15.3%-22.7%SW 27.14 16.43 14.68 11.84-53.9%10.21-62.4%-13.8%SW 152.34 307.47 212.39 113.53-22.3%84.60-44.5%-25.5%SW 16.37 6.10-1.58 10.82-37.8%13.14-19.8%21.4%SW 135.97 301.37 213.97 102.71-19.6%71.47-47.4%-30.4%SW 22.08 17.85 14.75 17.15-8.7%17.80-19.4%3.8%SW 5.34 3.21 3.31 4.92 9.5%6.10 14.3%23.9%SW 16.74 14.64 11.45 12.22-15.2%11.70-30.1%-4.3%wind /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 11 2 2.1 2023Q2 2023Q2 Q1 3 2023H1 SHFE-5.11%-13.8%-0.04%-14.81%-32.5%-7.12%2023Q2 SHFE-6.06%-10.82%+0.37%-21.30%-27.59%-18.36%-2.09%-1.04%-0.21%-11.00%-1.00%-13.69%7 2023Q2/2022H1 2022H2 2023H1 2023H1 2023H1 2022Q2 2023Q1 2023Q2 2023Q2 2023Q2 71,516 62,666 67,861-5.11%8.29%71,474 68,579 67,143-6.06%-2.09%21,423 18,518 18,466-13.80%-0.28%20,598 18,562 18,370-10.82%-1.04%15,325 15,292 15,319-0.04%0.17%15,247 15,335 15,303 0.37%-0.21%25,849 24,058 22,022-14.81%-8.46%26,355 23,304 20,741-21.30%-11.00%308,422 185,266 208,172-32.50%12.36%286,040 209,220 207,124-27.59%-1.00%199,775 187,612 185,541-7.12%-1.10%210,558 199,178 171,905-18.36%-13.69%wind 2023H1 2023H1 5.65%2022 2023Q2 5-6 Q1 10.42%9.61%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 12 14 2023H1 15 2023Q2 wind wind 2023H1 2023H1 141.45 31%2022H1 192.79 11%35.32 13%2023Q2 2023Q2 70.34 95.18 16.71 38%18%23%1%2%20%2023Q2 82.9 12%16 2023H1 17 2023Q2 wind wind /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 13 18 2023H1 19 2023Q2 wind wind 2023H1(103.0 34.1 33.6 27.4 15.1 2023Q2 2023H1 48.6 16.0 16.0 11.9 8.3 2023Q2 Q1 20 2023H1 21 2023Q2 wind wind-1000%-500%0%500%1000%1500%2000%0204060801001202023H1%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 14 2.2 2023H1+3.29%+12.06%2023H1+18.45%+39.76%2023H1 COMEX+3.29%+12.06%2051.40/22 2023H1 COMEX 2051.4/wind SW 2023H1 1132.05+16.47%2023Q2+12.54%+10.34%2023H1 37.51+18.45%+39.76%2023Q2 22.76+44.00%56.82%60801001205001,0001,5002,0002,5002017-08-312017-12-052018-03-132018-06-142018-09-182018-12-242019-04-012019-07-052019-10-102020-01-152020-04-232020-07-282020-10-302021-02-052021-05-122021-08-162021-11-172022-02-232022-05-272022-09-012022-12-062023-03-142023-06-16COMEX /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 15 23 2023H1 24 2023Q2 wind wind SW 2023 H1 14.72 8.80 7.35 2023Q2 8.77 4.41 4.38 25 2023H1%26 2023Q2%wind wind-20%0%20%40%05001000150020002500SW()(%)-80%-60%-40%-20%0%20%40%60%80%100%120%01002003004005006007002018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22023Q12023Q2SW()(%)(%,)-200%-150%-100%-50%0%50%100%-20002004006008001,000-100%-50%0%50%100%-20002004006008001,0001,2001,4001,600 /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 16 2.3 2023H1-57.8%-53.5%-31.2%-23.0%2023Q2-60.8%-55.4%-46.8%-37.0%2023H1 40.6%278 23Q2 126 55.2%16.9%2023H1 37.8%24.0 23Q2 13.1 19.8%21.4%2022 2023H1 2022 2022Q1 98.49%31.02%99.65/2022 2023 2022 2023Q2 48.04/46.98%28.18%2021 2022 2023 2023Q2 204.12/20.68%9.48%2021 27 2023H1 wind 0501001502002503003502020-062020-092020-122021-032021-062021-092021-122022-032022-062022-092022-122023-032023-06:/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 17 8 2023H1 2023Q2 23H1 23Q2 23Q2(6-8%CIF)/7.4 7.2-73.2%-74.1%-6.8%(99.8%)/271.1 253-43.1%-47.0%-12.6%(20%)/39585 36754-57.8%-60.8%-13.3%(73.5%)/168.4 161.8-53.5%-55.4%-7.5%(99.9%)/2445550 2171270-18.3%-27.5%-20.2%(99.5%)/324902 251135-31.2%-46.8%-37.0%()/364791 298405-23.0%-37.0%-30.8%/87574 81944-37.0%-41.0%-12.1%/255 214-27.4%-39.2%-28.0%99.0%/299363 236294-32.8%-46.9%-34.8%(96%)/344599 277325-24.7%-39.4%-32.7%(99.9%)/22147 23076-30.8%-27.9%8.8%(99.65%)/81612 81206 1.7%1.2%-1.0%(99.99%)/53492 56694 23.3%30.6%12.7%(99%)/69767 67742-5.7%-8.4%-5.6%(99.99%)/5849 6270 3.4%10.8%15.5%(99.99%FOB)/208 205-9.1%-10.2%-2.4%(99.7%)/15094 14779-1.6%-3.6%-4.1%(45%)/4017 3276 48.4%21.1%-31.1%(99.95%)/2683 2654 3.2%2.1%-2.1%(99.7%)/74034 70043-10.5%-15.3%-10.2%(WO365%)/118764 119468 5.3%5.9%1.2%2023H1 2.2%3560 40.0%278 /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 18 28 CS 29 CS wind wind 2.3.1 Q2 2023Q2 2023H1 2023 2023 4 2023Q2 Q2-27.5%-20.2%Q2-46.8%-37.0%Q2-37.0%-30.8%9 2023H1 2023Q2 23H1 23Q2 23Q2(99.9%)/2445550 2171270-18.3%-27.5%-20.2%(99.5%)/324902 251135-31.2%-46.8%-37.0%()/364791 298405-23.0%-37.0%-30.8%99.0%/299363 236294-32.8%-46.9%-34.8%(96%)/344599 277325-24.7%-39.4%-32.7%2023H1 2.7%946 40.6%278 23Q2 476 11.9%1.2%126 55.2%16.9%2023H1 64.5-37.5%58.5-19.3%51.0-44.3%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 19 30 31 wind wind 32 2022&2023H1 wind 2.3.2 Q2 2023H1 2023H1 Q2 Q2 23Q2 47.0%60.8%55.4%12.6%13.3%7.5%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 20 10 2023H1 2023Q2 23H1 23Q2 23Q2(6-8%CIF)/7.4 7.2-73.2%-74.1%-6.8%(99.8%)/271.1 253-43.1%-47.0%-12.6%(20%)/39585 36754-57.8%-60.8%-13.3%(73.5%)/168.4 161.8-53.5%-55.4%-7.5%2023H1 1.1%513 37.8%24.0 23Q2 238.2 15.5%13.4%23Q2 13.1 19.8%21.4%2023H1 20.9-7.6%1.6-77.9%0.8-85.2%0.7-78.4%33 34 wind wind /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 21 35 2022&2023H1 wind 2.3.3 2023H1 2023H1 559.8 1.3%23Q2 12.8%16.4%10.2%2023H1 25.9 40.5%1 2023H1 16%2 2023H1 25%wind wind 0%10%20%30%40%50%60%70%80%0200400600800100012002017 2018 2019 2020 2021 2022 2023H1镍板块营 业收入 增速（右 轴）-200%0%200%400%600%800%1000%0102030405060702017 2018 2019 2020 2021 2022 2023H1镍板块归 母净利 润 增速（右 轴）/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 22 10 2023H1 2023Q2 23H1 23Q2 23Q2/193,636 180,408-6.0%-17.8%-12.8%/120,123 109,363-21.2%-30.1%-16.4%/)43,135 40,805-8.1%-16.4%-10.2%wind 2023H1 3.4 20.8 1.6 74.9%77.9%7.6%2023Q2 10.6+1.1%1.3-64.1%3 2023H1&Q2 wind 2.3.4 Q2 2022 2023H1/69.1/57.6/39.4%/40.8%2023H1 52.5%383.12 23Q2 27.5%23.6%165.97-90%-80%-70%-60%-50%-40%-30%-20%-10%0%10%0510152025力勤资源 盛屯矿业 华友钴业2023H1 2023Q2 23H1增速 2023Q2增速/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 23 36 2017-2023H1 37/wind 2023H1 10.56-66.2%1.02-45.4%0.84-93.8%0.45-85.1%2023Q2 1.34-91.5%0.96-8.75%0.26-81.1%0.07-98.96%38 2023H1 wind-60%-40%-20%0%20%40%60%0100200300400500600700800900%02000004000006000008000001000000120000014000002021 1 2021 3 2021 5 2021 7 2021 9 2021 11 2022 1 2022 3 2022 5 2022 7 2022 9 2022 11 2023 1 2023 3 2023 5 2023 7 2023 9-/-/-/-/-100%-80%-60%-40%-20%0%05101520253035 2022H1 2023H1%/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 24 3 2023Q2:SW 2023Q2 0.36pct 3.62%2023Q2 4680 2023 AI 23Q2 39 0.36pct 3.62%wind 0.65%0.73%1.17%1.15%1.54%1.49%1.49%1.64%2.56%3.41%2.63%2.49%2.79%2.92%4.58%3.02%4.74%3.40%2.32%1.30%0.85%1.18%0.99%1.79%1.47%1.56%1.65%2.61%2.34%2.72%4.13%3.65%4.47%4.79%4.53%4.05%3.98%3.62%0%1%2%3%4%5%6%2014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q2/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 25 40 2023Q2 3.62%2023Q1 0.36pct%wind 10 2023Q1 58.29%2023Q2 59.70%16.37%16.93%2023Q2 10 664.00 2023Q1 58.29%2023Q2 59.70%A 188.31 16.93%100.01 8.99%83.65 7.52%66.39 5.97%45.74 4.11%40.67 3.66 39.21 3.53%35.86 3.22%33.20 2.99%30.97 2.78%2023Q1 16.37%2023Q2 16.93%41 2023Q2 16.93%wind 0%5%10%15%20%2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q216.37%8.87%7.68%5.59%3.94%2.81%2.22%3.52%2.24%5.05%16.93%8.99%7.52%5.97%4.11%3.66%3.53%3.22%2.99%2.78%0%2%4%6%8%10%12%14%16%18%2023Q1 2023Q2/本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 26 11 2023Q2 10()()(%)()2023Q2%601899.SH 434 82 165,616-2,999 8.07%1,883,058 16.93%603799.SH 117 45 21,785 1,213 13.79%1,000,137 8.99%002466.SZ 121 43 11,965-1,014 8.11%836,451 7.52%002460.SZ 102 42 10,890 162 9.02%663,866 5.97%000975.SZ 65 24 39,093 957 15.72%457,387 4.11%600547.SH 125 45 17,322 1,040 4.79%406,727 3.66%300395.SZ 57 19 7,973 1,512 16.71%392,094 3.53%603688.SH 111 49 3,164-478 8.76%358,562 3.22%002738.SZ 79 31 6,518 2,444 10.75%332,032 2.99%688122.SH 42 25 5,557-2,351 8.55%309,704 2.78%wind 2023 Q2 5 1028.92 0.99%2.63%1512.46 2.22%3.53%13601.51 0.83%1.62%6836.83 0.85%1.64%1071.44 0.27%0.77%Q2 0.99%2.63%Q2 1028.92 12 2023Q2 top10 2023Q1 2023Q2 2023Q1()2023Q2()2023Q2 688598.SH 0.99%2.63%126679.94 292237.80 165557.86 300395.SZ 2.22%3.53%283490.79 392094.19 108603.40 601600.SH 0.83%1.62%106337.40 180431.76 74094.36 603876.SH 0.85%1.64%108610.57 182408.43 73797.87 300811.SZ 0.27%0.77%33948.51 86173.75 52225.25 600547.SH 2.81%3.66%358866.56 406727.07 47860.51 002738.SZ 2.24%2.99%286395.89 332031.52 45635.64 600459.SH 0.40%0.85%51483.49 94472.97 42989.48 000630.SZ 0.83%1.31%106335.84 145743.67 39407.83 000426.SZ 0.00%0.33%558.40 36584.89 36026.49 Wind Q2 Q2 5 13702.61 4.78%2.42%2351.17 /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 27 5.05%2.78%10392.40 3.54%1.75%A 2998.56 16.37%16.93%24201.44 2.57%1.46%Q2 Q2 13 2023Q2 top10 2023Q1 2023Q2 2023Q1()2023Q2()2023Q2 000933.SZ 4.78%2.42%610509.84 269663.66-340846.19 688122.SH 5.05%2.78%644771.63 309704.42-335067.21 600988.SH 3.54%1.75%451453.13 194914.89-256538.25 601899.SH 16.37%16.93%2089443.85 1883057.95-206385.90 603993.SH 2.57%1.46%328037.97 162899.86-165138.12 002466.SZ 7.68%7.52%980144.23 836450.76-143693.47 603799.SH 8.87%8.99%1131501.15 1000137.32-131363.82 603688.SH 3.52%3.22%449685.49 358561.92-91123.56 002240.SZ 0.86%0.31%109677.71 33963.36-75714.35 600219.SH 0.98%0.51%124821.02 56904.98-67916.04 Wind /本公司具 备证券 投资咨 询业务 资格，请务必 阅读最 后一页 免责声 明 证券研究 报告 28 4 2023H2 4.1+2023 6 15 FOMC 5%-5.25%10 500BP 2023 3 5%5.5%25 18 12 5.5%3 5.75%CME FedWatch 42 wind 2023H2 2024 10%2023 1-7 298 3.48%2023