A股財(cái)報(bào)深度分析系列（二）：23年中報(bào)業(yè)績(jī)點(diǎn)評(píng)：探尋盈利底

請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分——A股財(cái)報(bào)深度分析系列(二)證券分析師陳剛engdwzqcomcn證券分析師陳engdwzqcomcn證券分析師陳李0197988yjs_chenl@AQ速-2.2%；剔除金融和石相關(guān)研究3-08-31相關(guān)研究3-08-31金融組聯(lián)合點(diǎn)評(píng)》母凈利潤(rùn)同比增速分別為-2.4%/-38.7%/-3.1%/-24.9%；科創(chuàng)板和創(chuàng)業(yè)板環(huán)利潤(rùn)向中下游傳導(dǎo)23-08-28端受益(火電，電網(wǎng)設(shè)備)、下游需求超預(yù)期(新能源車(chē)，白電)。速和能力均下行；中游材料表速環(huán)比一季度改善；中游制造表下游消費(fèi)中可選消費(fèi)韌性?xún)?yōu)于必選消費(fèi)；金融地產(chǎn)板塊中房地產(chǎn)的資產(chǎn)周轉(zhuǎn)率明顯好轉(zhuǎn)；TMT板塊共服務(wù)板塊出行鏈業(yè)績(jī)提升增速上行，公用事業(yè)板塊毛利率提升。新能源車(chē)盈利增速放緩，工業(yè)母機(jī)和機(jī)器人產(chǎn)業(yè)鏈發(fā)展初期尚未業(yè)績(jī)驗(yàn)伏板塊中下游業(yè)績(jī)?nèi)〉酶咴鏊?，其中逆變器中?bào)歸母凈利潤(rùn)同比增速創(chuàng)新/20請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分 2.1.上游資源：景氣度仍受經(jīng)濟(jì)周期壓制 82.2.中游材料：盈利增速和能力大幅下行 82.3.中游制造：機(jī)械設(shè)備毛利率整體上行 92.4.下游消費(fèi)：可選較必選消費(fèi)更有韌性 102.5.金融地產(chǎn)：地產(chǎn)資產(chǎn)周轉(zhuǎn)率明顯好轉(zhuǎn) 12 2.7.公共服務(wù)：出行鏈業(yè)績(jī)提升增速上行 133.產(chǎn)業(yè)鏈分析：AI應(yīng)用端業(yè)績(jī)落地，半導(dǎo)體設(shè)備業(yè)績(jī)高增 14AI產(chǎn)業(yè)鏈：算力端業(yè)績(jī)?nèi)缘却?yàn)證，應(yīng)用端中報(bào)業(yè)績(jī)已有落地 143.2.半導(dǎo)體產(chǎn)業(yè)鏈：設(shè)備業(yè)績(jī)高增，產(chǎn)品仍受壓制 143.3.先進(jìn)制造產(chǎn)業(yè)鏈：新能源車(chē)盈利增速放緩，新興產(chǎn)業(yè)趨勢(shì)仍需驗(yàn)證 153.4.光伏風(fēng)電產(chǎn)業(yè)鏈：光伏逆變器業(yè)績(jī)高增，風(fēng)電整機(jī)盈利承壓 153.5.醫(yī)藥產(chǎn)業(yè)鏈：中藥板塊保持業(yè)績(jī)景氣度 16 4.1.供需視角：鋼鐵建材供需格局有所優(yōu)化 164.2.庫(kù)存視角：服飾家居庫(kù)存底部疊加中報(bào)盈利向上 174.3.出口視角：中高端制造享受出口增量空間 18 3/20請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分 圖6：ROE(TTM)走勢(shì)(單位：%) 7圖7：全A(非金融石油石化)ROE(TTM)拆解(單位：%，%) 7 5 表5：全A(非金融石化)的ROE(TTM)杜邦拆解(單位：%) 6A 7 18/20請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分2010-062011-062012-062013-062014-062015-062016-062017-062018-062019-062020-062021-062022-062023-062010-062011-062012-062013-062014-02010-062011-062012-062013-062014-062015-062016-062017-062018-062019-062020-062021-062022-062023-062010-062011-062012-062013-062014-062015-062016-062017-062018-062019-062020-062021-062022-062023-06AH1全部A表1：全A整體和各板塊的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)板塊歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4全部A股-3.2%.9%2.1%.6%2.0%7.4%-2.2%-10.0%6.8%7.2%-10.0%6.8%全A非金融石化-9.2%-6.1%1.1%4.2%4.6%7.6%11.4%-14.4%10.5%11.4%-14.4%10.5%板-2.4%1%.5%1.1%.5%6.3%-4.0%-9.4%6.4%6.6%-9.4%6.4%科創(chuàng)板-38.7%-47.6%10.4%4.7%.7%31.1%41.8%-21.2%16.8%22.8%-21.2%16.8%創(chuàng)業(yè)板-3.1%.0%10.9%10.4%11.1%20.1%28.6%-17.4%11.1%12.7%-17.4%11.1%證 -24.9% -23.9%12.7% 4.4% 7.6% 21.1% 28.5% -14.4%9.1%9.1% 12.4% -14.4%9.1%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出；單元格顏色變化為項(xiàng)目?jī)?nèi)橫向?qū)Ρ?，下同圖1：全A歸母凈利潤(rùn)同比增速(單位：%)圖2：全A營(yíng)業(yè)收入同比增速(單位：%)0%全部A股全部A股(非金融石油石化)0%60%-40%Wind，東吳證券研究所60%50%40%30%60%50%40%30%20%10%0%Wind，東吳證券研究所/20請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分表2：各大寬基指數(shù)的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)板塊歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4滬深3000.7%6.8%4.7%1.4%1.5%9.9%-3.9%-7.1%5.3%4.8%-7.1%5.3%中證500-17.6%-17.8%-5.8%1.8%2.5%5.9%9.7%-14.2%6.8%11.6%-14.2%6.8%中證1000-22.9%-16.2%-3.0%1.1%3.3%3.4%-2.0%-14.4%9.8%7.6%-14.4%9.8%創(chuàng)業(yè)板指13.0%33.5%33.5%20.2%23.9%40.9%32.0%-20.3%12.4%10.7%-20.3%12.4%科創(chuàng)50-14.4%-14.5%47.0%11.6%10.6%43.0%27.0%-26.6%18.9%22.8%-26.6%18.9%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出圖3：2023年H1各大寬基指數(shù)盈利增速情況(單位：%)40%滬深300中證500中證1000創(chuàng)業(yè)板指科創(chuàng)50歸母凈利潤(rùn)同比營(yíng)收同比歸母凈利潤(rùn)環(huán)比營(yíng)收環(huán)比Wind，東吳證券研究所金融(3.8%)>成長(zhǎng)(3.7%)>消費(fèi)(3.5%)>周期(-20.3%)。從2023年Q2歸母凈利潤(rùn)環(huán)比改善情況看，穩(wěn)定(41.7%)>成長(zhǎng)(10.7%)>周期(-1.5%)>金融(-13.9%)>表3：中信風(fēng)格的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)板塊歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4成長(zhǎng)3.7%-11.5%17.0%4.1%5.0%13.2%10.7%-23.7%14.3%15.4%-23.7%14.3%金融3.8%11.0%-1.6%-6.4%-6.3%-3.2%-13.9%-6.2%9.6%-1.4%-6.2%9.6%穩(wěn)定21.9%19.3%12.4%7.8%7.9%10.1%41.7%-9.2%12.6%3.3%-9.2%12.6%消費(fèi)3.5%8.0%5.8%5.9%6.2%4.6%-17.1%-2.0%0.5%5.2%-2.0%0.5%周期-20.3%-17.1%-3.8%0.3%0.4%9.8%-1.5%-8.1%1.3%7.4%-8.1%1.3%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出圖4：2023年H1中信風(fēng)格的盈利增速情況(單位：%)成長(zhǎng)金融成長(zhǎng)金融穩(wěn)定消費(fèi)周期%歸母凈利潤(rùn)同比營(yíng)收同比歸母凈利潤(rùn)環(huán)比營(yíng)收環(huán)比Wind，東吳證券研究所20請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分表4：國(guó)證指數(shù)價(jià)值和成長(zhǎng)不同市值的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)板塊歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4大盤(pán)價(jià)值-2.6%3.2%7.0%-3.7%-3.6%7.8%-6.6%-7.2%2.2%5.2%-7.2%2.2%中盤(pán)價(jià)值-5.5%0.9%20.2%3.6%5.4%10.0%12.1%-16.9%16.4%9.1%-16.9%16.4%小盤(pán)價(jià)值-28.1%-24.5%-16.8%-0.9%2.2%1.5%-0.2%-11.7%5.2%8.1%-11.7%5.2%大盤(pán)成長(zhǎng)-12.8%2.4%37.2%4.1%6.7%33.3%-8.5%-9.0%-0.4%4.4%-9.0%-0.4%中盤(pán)成長(zhǎng)-18.1%-13.1%58.7%-1.8%4.3%35.6%1.4%-10.3%0.1%2.5%-10.3%0.1%小盤(pán)成長(zhǎng)-39.4%-37.6%-7.2%-0.5%1.6%9.7%14.2%-18.4%11.2%15.1%-18.4%11.2%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出圖5：2023年H1價(jià)值和成長(zhǎng)不同市值的盈利增速情況(單位：%)10% 大盤(pán)價(jià)值中盤(pán)價(jià)值小盤(pán)價(jià)值大盤(pán)成長(zhǎng)中盤(pán)成長(zhǎng)小盤(pán)成長(zhǎng)歸母凈利潤(rùn)同比營(yíng)收同比歸母凈利潤(rùn)環(huán)比營(yíng)收環(huán)比Wind，東吳證券研究所AROE受杜邦三因素中資產(chǎn)周轉(zhuǎn)率(TTM)為59.4%，銷(xiāo)售凈利率(TTM)為4.5%，分別較2023年Q1表5：全A(非金融石化)的ROE(TTM)杜邦拆解(單位：%)項(xiàng)目2023H12023Q12022A2022H12022Q12021AROE(TTM)6.5%6.9%7.2%7.7%7.8%7.9%資產(chǎn)周轉(zhuǎn)率(TTM)59.4%60.0%60.4%61.5%61.4%銷(xiāo)售凈利率(TTM)4.5%4.8%4.9%5.2%5.2%權(quán)益乘數(shù)243.0%241.9%243.8%245.4%244.5%247.5%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出/20請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分2010-062011-062012-062013-062014-062015-062016-062017-062018-062019-062020-062021-062022-062023-062010-062011-062012-062013-062014-062015-062016-062017-062018-062010-062011-062012-062013-062014-062015-062016-062017-062018-062019-062020-062021-062022-062023-062010-062011-062012-062013-062014-062015-062016-062017-062018-062019-062020-062021-062022-062023-06圖6：ROE(TTM)走勢(shì)(單位：%)ROE(TTM)ROE(TTM)全部A股ROE(TTM)8%6%Wind，東吳證券研究所圖7：全A(非金融石油石化)ROE(TTM)拆解(單資產(chǎn)周轉(zhuǎn)率(TTM)80%70%60%50%80%70%60%50%40%63%62%61%60%59%58%資產(chǎn)負(fù)債率(右軸)Wind，東吳證券研究所表6：全A(非金融石油石化)2023年中報(bào)利潤(rùn)拆解表(單位：億元，%)項(xiàng)目2023H1合計(jì)值(億元)同比增速(%)2023Q2合計(jì)值(億元)同比增速(%)2023Q1合計(jì)值(億元)同比增速(%)收入274212.97.2%4448.754.0%9764.224.5%成本226530.69.3%9299.74.9%7230.94毛利潤(rùn)47682.28-0.6%25149.0022533.28-1.2%期間費(fèi)用26444.59%0.024.57銷(xiāo)售費(fèi)用9.095%645.65%213.44.3%管理費(fèi)用3.70%496.805%316.904%研發(fā)費(fèi)用4.19.1%0.3%60.31.1%財(cái)務(wù)費(fèi)用87.62-8.4%69-25.5%2.8%營(yíng)業(yè)稅金及附加80.996%3.8%資產(chǎn)減值損失8378.8%.05.2%公允價(jià)值變動(dòng)損益.81688.9%-16.42-108.4%.23.4%投資收益68.64-9.3%7-13.6%7-3.7%利潤(rùn)20905.57-9.3%4.47-11.5%1.10-6.8%營(yíng)業(yè)外收入-0.2%-0.6%營(yíng)業(yè)外支出.94-1.7%-18.0%利潤(rùn)總額20932.12-9.3%1.30-11.6%0.82-6.6%所得稅002.66-10.0%45.79-12.6%7-7.2%凈利潤(rùn)9.46-9.1%5.60-11.4%3.86-6.4%歸母凈利潤(rùn)0.02-9.1%1.44-11.7%8.58-6.1%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；統(tǒng)計(jì)全部A股上市公司，根據(jù)整體法測(cè)算得出2.行業(yè)分析：周期板塊業(yè)績(jī)承壓，利潤(rùn)向中下游傳導(dǎo)20請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分90%34474990%344749務(wù)板塊出行鏈業(yè)績(jī)提升增速上行，公用事業(yè)板塊受益于原材料價(jià)格下行毛利率提升。2.1.上游資源：景氣度仍受經(jīng)濟(jì)周期壓制響，建議關(guān)注庫(kù)存分位數(shù)較低的工業(yè)金屬(銅、鋁等)。表7：上游資源行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)申萬(wàn)行業(yè)23H1歸母凈利潤(rùn)同比23H1營(yíng)收同比ROE(TTM)近10年分位數(shù)歸母凈利潤(rùn)同比23H1-23Q1營(yíng)收同比23H1-23Q1ROE23H1-23Q1毛利率23H1-23Q1銷(xiāo)售凈利率23H1-23Q1資產(chǎn)周轉(zhuǎn)率23H1-23Q1資產(chǎn)負(fù)債率23H1-23Q1石油石化0-14.0%-3.2%66.6%66.6%-4.4%-3.5%-0.7%-0.4%-0.2%-3.6%0.0%油氣開(kāi)采Ⅱ-11.%-5.88.0%-5.6%-12.6%-1.7%0.2%-0.2%-3.3%0.2%油服工程38.4.%%73.8%-71.7%-6.0%0.2%0.6%0.2%-0.4%-0.3%煉化及貿(mào)易-16.3%-3.%61.9%-3.8%-3.0%-0.6%-0.4%-0.2%-3.5%0.1%有色金屬-31.0%4.%85.7%85.7%-11.3%-1.5%-2.0%-1.1%-0.7%-2.8%0.4%金屬新材料-26.7%-1.73.8%-19.6%-3.1%-1.3%-0.6%-0.8%-1.9%-0.6%工業(yè)金屬-20.1%. 78.5%-7.5%0.8%-1.1%-0.7%-0.3%-2.0%0.4%貴金屬19.3%17.85.7%15.6%6.3%0.5%-0.6%0.1%2.4%0.9%小金屬-48.5%-8.% 78.5%-6.0%-5.3%-2.3%-1.0%-0.8%-7.3%0.2%能源金屬1.5%10.%88.0%-21.4%-25.9%-5.8%-3.5%-3.9%-3.9%0.7%煤炭-26.2.2%-7.85.7%85.7%-31.3%-8.1%-2.9%-1.3%-2.0%-3.4%0.6%煤炭開(kāi)采-24.7%-6.4%85.7%-32.0%-8.0%-2.9%-1.3%-2.0%-3.2%0.6%焦炭Ⅱ-783%-24-24 5.7%-22.4%-9.3%-3.1%-2.2%-1.9%-8.6%0.9%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；黃色表示指標(biāo)提升，藍(lán)色表示指標(biāo)下降ROE、毛利率、銷(xiāo)售凈利率和資產(chǎn)周轉(zhuǎn)率均為T(mén)TM指標(biāo)；下同/20請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分--2--2ROE屬材料Ⅱ板塊盈利表8：中游材料行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)申萬(wàn)行業(yè)23H1歸母凈利潤(rùn)同比23H1營(yíng)收同比ROE(TTM)近10年分位數(shù)歸母凈利潤(rùn)同比23H1-23Q1營(yíng)收同比23H1-23Q1ROE23H1-23Q1毛利率23H1-23Q1銷(xiāo)售凈利率23H1-23Q1資產(chǎn)周轉(zhuǎn)率23H1-23Q1資產(chǎn)負(fù)債率23H1-23Q1鋼鐵-7-70.7%-8-8.0%21.4%-0.7%-3.0%-1.2%-0.9%-0.5%-3.7%0.2%冶鋼原料-40 -18.1%554.-16.6%-2.0%-2.4%-3.4%-2.3%-3.9%-0.1%普鋼-85.3%-9.3%16.6%-3.7%-3.3%-1.1%-0.8%-0.5%-3.5%0.1%特鋼Ⅱ53.6%30.9%9.9%-2.0%-1.3%-0.7%-0.5%-5.1%1.3%建筑材料-40.6%.6%2.5%9.5%24.8%-2.6%-0.8%-0.3%-0.7%-1.2%0.4%水泥535%535%5.5%2.3%36.8%-4.7%-0.8%-0.6%-0.8%-1.5%0.4%玻璃玻纖-4164.2%64.2%11.8%3.7%-1.9%-1.0%-1.9%-1.4%1.0%裝修建材15.2%%-3.8%0.5%0.2%0.6%0.2%0.4%-0.4%基礎(chǔ)化工52.6%52.6%-9-9.9%554.-5.2%-4.0%-2.6%-1.7%-1.7%-4.5%0.6%化學(xué)原料-69.0%-12.2%35.7%-9.7%-5.5%-3.2%-2.6%-2.6%-4.5%0.7%化學(xué)制品-425%25% -7.7%14.2%2.2%-3.4%-1.6%-0.9%-1.0%-4.2%0.8%化學(xué)纖維-41.9%21.4%7.8%5.1%-0.9%-0.9%-0.5%-3.6%1.8%塑料-40.2%2.3%0.7%1.8%-1.0%-0.4%-0.7%-0.9%0.4%橡膠-30.14.2%7.8%-4.9%-0.8%-0.6%-0.5%-2.6%0.7%農(nóng)化制品-57.7%-19.0%80.9%80.9%-13.5%-7.5%-5.1%-2.6%-2.7%-6.9%-0.2%非金屬材料Ⅱ71.5%497.6%25.6%-17.7%2.1%1.6%2.4%-2.0%-0.9%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；黃色表示指標(biāo)提升，藍(lán)色表示指標(biāo)下降從整體景氣度看，中游制造23年H1盈利增速明顯改善：申萬(wàn)一級(jí)行業(yè)機(jī)械設(shè)備請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分6291741-1-2-676.536291741-1-2-676.53有進(jìn)一步向上的可能。表9：中游制造行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)申萬(wàn)行業(yè)23H1歸母凈利潤(rùn)同比23H1營(yíng)收同比ROE(TTM)近10年分位數(shù)歸母凈利潤(rùn)同比23H1-23Q1營(yíng)收同比23H1-23Q1ROE23H1-23Q1毛利率23H1-23Q1銷(xiāo)售凈利率23H1-23Q1資產(chǎn)周轉(zhuǎn)率23H1-23Q1資產(chǎn)負(fù)債率23H1-23Q1機(jī)械設(shè)備4.7%55%73.873.8%3.0%3.1%0.0%0.4%0.0%-0.2%0.1%通用設(shè)備-3.2%.9%5454.%-9.4%5.4%-0.3%0.0%-0.3%-0.6%0.1%專(zhuān)用設(shè)備-8.3%%80.980.9%5.3%-0.4%-0.3%0.2%-0.2%-0.7%0.0%軌交設(shè)備Ⅱ4.3%.8%9.5%-23.6%-0.5%-0.1%0.4%-0.1%-0.8%0.6%工程機(jī)械.1%%5757.25.4%7.7%1.0%1.1%0.6%1.6%0.2%自動(dòng)化設(shè)備13.8% %40.4%6.8%5.1%0.1%0.0%0.2%0.1%-0.7%電力設(shè)備17.8%1.5%1.5%92.8%92.8%-14.6%-3.5%-0.2%-0.2%-0.2%0.2%0.1%電機(jī)Ⅱ-5.2%1.9%45.2%0.5%2.3%-0.3%0.3%-0.2%-0.2%-0.4%其他電源設(shè)備104.9%5.9%23.8%47.8%11.3%0.8%0.2%0.6%1.6%1.1%光伏設(shè)備.2.0%95.2%-28.3%-7.9%-0.2%0.0%-0.1%-1.1%0.7%風(fēng)電設(shè)備28.5%4.4%26.1%8.9%21.7%-0.5%-0.6%-0.6%1.0%0.1%電池-6.9%28%28%883.3%-4.9%-8.3%-0.8%-0.5%-0.4%0.7%-0.7%電網(wǎng)設(shè)備22%95.2%-34.1%-4.6%-0.3%-0.1%-0.1%-0.9%0.1%國(guó)防軍工7.%5.173.873.8%11.8%10.7%0.1%-0.3%0.0%1.1%-0.3%航天裝備Ⅱ12.3%1.0%35.7%-28.3%-12.6%-0.4%0.3%-0.4%-2.0%0.6%航空裝備Ⅱ23.%2.9%92.8%8.7%9.6%0.2%0.1%0.1%1.4%-0.8%地面兵裝Ⅱ 48.6% -17.2%19.0%-0.9%-3.0%-1.3%-0.3%-1.1%-2.3%-2.2%航海裝備Ⅱ1226.8%3.4%447.6%1171.0%31.9%0.6%-0.2%0.8%2.5%0.5%軍工電子Ⅱ9.1%16.6%10.6%1.8%-0.2%-0.3%-0.2%0.1%-0.6%建筑裝飾%%9.5%-7.6%-0.9%-0.1%0.0%0.0%-1.4%0.5%房屋建設(shè)Ⅱ4.2%4%4.7%-11.3%-1.5%-0.2%-0.2%-0.1%-0.9%0.4%裝修裝飾Ⅱ115.9%%14.2%163.6%3.7%0.7%-0.3%0.4%1.7%-0.4%基礎(chǔ)建設(shè)4%.2%2.3%-5.9%-0.2%-0.1%0.1%0.0%-1.8%0.6%專(zhuān)業(yè)工程5.1%7.5%14.2%-10.7%-4.0%-0.2%0.1%-0.1%-0.8%0.5%工程咨詢(xún)服務(wù)%9.9%26.1%-13.2%2.7%0.2%-0.6%0.1%2.2%-0.9%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；黃色表示指標(biāo)提升，藍(lán)色表示指標(biāo)下降HQ下消費(fèi)疲弱，必。看，下游消費(fèi)23年H1盈利增速整體好轉(zhuǎn)，僅農(nóng)林牧漁板塊業(yè)績(jī)承。能力看，可選消費(fèi)ROE和毛利率整體改善，必選消費(fèi)中紡織服飾和食品飲料也有所提升，農(nóng)林牧漁整體下行。較強(qiáng)、有產(chǎn)業(yè)支持邏輯，且受益于地產(chǎn)政策的有關(guān)行業(yè)，如汽車(chē)、家電和家居用品等，數(shù)較低且盈利增速上行的紡織服飾板塊和受制于分母端的創(chuàng)新藥板塊。請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分4118.6983.4.471-235.14118.6983.4.471-235.1表10：必選消費(fèi)行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)申萬(wàn)行業(yè)23H1歸母凈利潤(rùn)同比23H1營(yíng)收同比ROE(TTM)近10年分位數(shù)歸母凈利潤(rùn)同比23H1-23Q1營(yíng)收同比23H1-23Q1ROE23H1-23Q1毛利率23H1-23Q1銷(xiāo)售凈利率23H1-23Q1資產(chǎn)周轉(zhuǎn)率23H1-23Q1資產(chǎn)負(fù)債率23H1-23Q1紡織服飾%.8%7.1%11.7%0.5%.4%.4%0.3%0.9%-0.2%紡織制造-19.-5.2%19.0%4.1%0.1%-0.6%-0.2%-0.4%-2.0%0.7%服裝家紡24.1%-4.6%7.1%29.3%5.8%1.0%1.6%1.1%0.5%-0.6%飾品%%2.7%9.5%-3.5%-3.1%0.1%0.0%0.0%7.9%-0.5%醫(yī)藥生物-21..1%7.1%6.4%1.7%-0.5%-0.3%-0.4%-0.1%0.0%化學(xué)制藥-2.%4.7%-4.0%-0.7%-0.2%.2%-0.2%-0.1%-0.3%44.28.5%-9.4%-0.4%0.6%0.1%0.5%0.9%-0.1%生物制品-10..9%2.3%6.9%0.1%0.0%-0.4%-0.1%-0.1%0.5%醫(yī)藥商業(yè)%%2.3%-21.5%-0.8%-0.5%-0.1%-0.2%.4%.4%醫(yī)療器械--57.-31.4%442.12.8%10.3%-1.5%-0.2%-1.4%-2.2%-0.6%醫(yī)療服務(wù)-16..8%664.2%-19.0%-3.5%-1.5%-0.1%-1.4%-1.6%-0.5%食品飲料14.%%.7%773.8%-3.2%-1.0%.2%.4%0.0%1.0%-0.4%食品加工-4.%16.6%-20.0%-3.9%-0.9%-0.4%-0.5%-0.7%0.5%19.%.692.8%.2%0.8%0.5%.2%0.1%1.9%-1.4%非白酒24.87878.5%-4.6%-0.3%0.6%0.8%0.5%.4%.4%飲料乳品16.023.8%5.3%-1.9%0.8%0.1%0.3%-0.3%0.8%休閑食品21.0%.0%23.8%-5.0%4.5%.2%-0.2%0.1%2.0%-0.8%調(diào)味發(fā)酵品Ⅱ..2.3%-38.0%-2.3%-3.0%-0.3%-3.2%-0.6%0.1%商貿(mào)零售13.%.2%16.6%6.6%-0.7%.2%.2%0.1%-0.4%-0.3%易Ⅱ-12.3%23.8%-18.9%-12.0%-0.6%0.1%-0.1%-13.9%-0.3%一般零售27.%.5%7.1%33.8%10.6%0.7%-0.8%0.6%1.8%-0.4%專(zhuān)業(yè)連鎖Ⅱ-17.5757.1%-9.3%1.5%-0.8%-0.3%-0.1%14.2%-0.7%互聯(lián)網(wǎng)電商.%7.1%11.9%-117.4%.2%-2.7%0.8%-0.7%-1.0%0.6%旅游零售Ⅱ-1.8%9.7%4.7%8.4%5.9%0.1%.2%-0.2%.9%-0.5%農(nóng)林牧漁%%19.0%-62.3%-5.7%-1.5%-0.4%-0.7%0.0%1.5%種植業(yè)40.5%.6%4545.2%-25.7%5.0%-0.4%-1.1%-0.6%2.7%1.6%-208.6%38.0%-228.1%-15.0%-2.5%-0.8%-2.2%-0.2%-0.1%林業(yè)Ⅱ-67.-2.1%28.5%-528.2%-17.9%-5.2%-6.5%-10.2%-2.6%1.3%飼料-703.2%111.9%-744.9%-3.5%-2.1%-0.5%-0.6%4%1.2%農(nóng)產(chǎn)品加工-43..4%35.7%-79.3%-8.0%-1.6%-0.8%-0.6%-4.5%1.0%養(yǎng)殖業(yè)23.1%1%21.4%-28.6%-5.9%-1.5%-0.2%-0.8%1.9%2.2%動(dòng)物保健Ⅱ20.8%.0%11.9%-2.3%-2.0%.2%0.5%.4%-0.4%0.8%農(nóng)業(yè)綜合Ⅱ-43.-13.0%28.5%-19.3%-13.9%-2.1%-0.7%-0.6%-8.5%0.5%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；黃色表示指標(biāo)提升，藍(lán)色表示指標(biāo)下降表11：可選消費(fèi)行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)申萬(wàn)行業(yè)23H1歸母凈利潤(rùn)同比23H1營(yíng)收同比ROE(TTM)近10年分位數(shù)歸母凈利潤(rùn)同比23H1-23Q1營(yíng)收同比23H1-23Q1ROE23H1-23Q1毛利率23H1-23Q1銷(xiāo)售凈利率23H1-23Q1資產(chǎn)周轉(zhuǎn)率23H1-23Q1資產(chǎn)負(fù)債率23H1-23Q1汽車(chē)29.1%19.4%28.5%18.9%13.9%0.6%0.2%0.1%3.5%0.2%汽車(chē)零部件28.9%16.0%26.1%18.2%8.0%0.5%0.5%0.3%1.7%0.2%汽車(chē)服務(wù)-1.5%8.4%2.3%-7.5%13.1%-0.1%-0.3%0.0%6.0%-0.3%摩托車(chē)及其他6.1%-0.5%771.4%-6.5%-1.7%-0.5%0.4%0.1%-4.6%-0.6%乘用車(chē)12.3%23.8%35.7%9.6%18.8%0.3%0.1%-0.1%4.9%0.2%商用車(chē)1142.7%25.2%30.9%905.0%18.2%3.2%0.5%1.3%5.2%0.9%家用電器12.7%5.4%47.647.6%1.5%2.2%0.3%0.6%0.2%-1.6%0.7%白色家電16.2%7.9%23.8%2.5%1.6%0.5%0.6%0.2%-1.7%0.7%黑色家電-6.5%-0.1%30.9%-26.5%0.0%-0.6%0.2%-0.2%-3.1%0.3%小家電-2.0%-2.8%666.6%12.7%7.4%0.4%0.4%0.1%0.5%0.1%廚衛(wèi)電器13.8%0.7%38.0%8.2%5.9%0.7%0.8%0.5%0.3%0.4%照明設(shè)備Ⅱ1.2%-4.8%442.%-6.1%0.5%0.2%1.0%0.2%-1.4%1.1%家電零部件Ⅱ16.7%9.3%92.8%-15.3%4.7%0.0%0.5%-0.1%0.4%0.1%其他家電Ⅱ-28.2%-21.9%26.1%-2.6%2.0%-0.5%2.0%-0.3%-1.5%-1.7%輕工制造-11.6%-5.8%11.9%15.4%2.7%-0.1%0.2%0.0%-1.3%0.1%造紙-77.4%-9.6%2.3%18.4%-1.7%-1.0%-0.9%-0.7%-2.7%0.4%包裝印刷-0.2%-5.4%4.7%6.7%2.0%0.1%0.5%0.1%-0.6%-0.3%家居用品21.2%-4.7%33.3%8.6%6.4%0.6%0.8%0.6%-0.7%0.1%文娛用品-0.8%4.4%554.%-4.9%6.5%-0.3%-0.1%-0.2%0.3%-0.3%社會(huì)服務(wù)1961965%0.5%23.8%43.4%11.1%1.2%2.3%2.0%2.9%0.1%體育Ⅱ-255.6%-11.6%95.2%-246.1%17.7%-285.5%7.5%-55.8%1.7%8.6%專(zhuān)業(yè)服務(wù)23.7%18.3%445.%3.6%1.3%0.4%-0.2%0.2%1.9%-0.6%酒店餐飲186.2%43.%38.0%52.4%11.9%2.7%4.0%4.1%2.5%0.6%旅游及景區(qū)164.7%115.2%28.5%35.8%51.8%3.7%6.8%10.9%6.0%0.2%教育1263%1263%-7.0%33.3%10.9%8.9%2.0%3.2%3.2%0.6%-0.5%美容護(hù)理27.9%5.9%21.4%0.2%-0.1%0.7%1.3%0.8%0.4%-0.5%個(gè)護(hù)用品-6.7%2.1%69.069.0%-21.7%-6.1%-0.7%0.2%-0.5%-1.3%-0.7%化妝品.9%6.6%16.6%21.3%4.8%1.7%1.7%1.7%1.2%-0.2%醫(yī)療美容2.0%17.6%442.%2.9%1.7%1.6%1.1%1.9%2.3%-1.4%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；黃色表示指標(biāo)提升，藍(lán)色表示指標(biāo)下降請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分H整體好轉(zhuǎn)，資產(chǎn)負(fù)債率下行。地表12：金融地產(chǎn)行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)申萬(wàn)行業(yè)23H1歸母凈利潤(rùn)同比23H1營(yíng)收同比ROE(TTM)近10年分位數(shù)歸母凈利潤(rùn)同比23H1-23Q1營(yíng)收同比23H1-23Q1ROE23H1-23Q1毛利率23H1-23Q1銷(xiāo)售凈利率23H1-23Q1資產(chǎn)周轉(zhuǎn)率23H1-23Q1資產(chǎn)負(fù)債率23H1-23Q1銀行.4%-3.4%4.7%1.3%1.0%0.0%0.0%0.6%-0.1%0.2%國(guó)有大型銀行2.5%-4%7.1%1.7%1.4%0.0%0.0%0.7%-0.1%0.3%股份制銀行Ⅱ2.0%-2.%7.1%0.5%0.2%-0.1%0.0%0.4%-0.1%0.1%城商行Ⅱ11.8%4.1%30.0.0%0.1%0.0%0.0%0.8%-0.1%0.1%農(nóng)商行Ⅱ13.9%3.3%595%2.1%-0.2%0.2%0.0%1.2%-0.1%0.1%非銀金融120120%-13-134%4.7%-63.4%-1.8%-0.8%0.1%-0.5%-0.6%0.0%證券Ⅱ13.9%7.2%21.4%-71.0%-30.0%-0.5%0.0%-0.9%-0.3%0.2%保險(xiǎn)Ⅱ97%%-16-162.3%-58.4%0.0%-1.2%0.0%-0.5%-0.8%-0.1%多元金融22.2%-16.4%9.5%-88.1%-2.1%-0.3%0.3%-0.1%-0.3%-0.2%房地產(chǎn)-8.3%4.3%2.3%7.7%0.7%0.0%-0.3%0.0%0.6%-0.3%房地產(chǎn)開(kāi)發(fā)-9.2%4.2%2.3%9.3%0.6%0.0%-0.3%0.0%0.6%-0.3%房地產(chǎn)服務(wù)205.0%10.1%3.8%-1.9%5.8%-0.3%-0.3%-0.1%2.1%-0.2%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；黃色表示指標(biāo)提升，藍(lán)色表示指標(biāo)下降2.6.TMT：傳媒行業(yè)景氣度落地較快盈顯?？?jī)?nèi)猿袎海篢MT板塊H1歸母凈利潤(rùn)同比增速排名為傳媒(14.6%)>通信(9.5%)>計(jì)算機(jī)(2.7%)>電子(-46.2%)，營(yíng)收增速排名為通信(6.4%)>傳媒(4.8%)>計(jì)算機(jī)(-請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分快落地的傳媒游戲板塊等。表13：TMT行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)歸歸母凈利潤(rùn)同比23H1-23Q110.5%3.9%3.4%-4.6%1.0%8.9%4.8%-0.4%-1.0%3.2%-52.4%-16.9%-160.2%-2.6%8.6%0.8%21.6%677.3%-29.4%-6.1%12.4%ROE(TTM)近10年分位數(shù)2.3%7.1%30.9%2.3%64.2%35.7%4.7%95.2%95.2%88.0%2.3%2.3%4.7%4.7%26.1%2.3%23.8%33.3%16.6%52.3%4.7%23H1營(yíng)收同比-7.4%-7.4%-9.3%-8.1%-23.1%-3.4%-7.0%6.4%7.6%1.3%-0.6%-3.6%-2.4%6.2%4.8%0.7%3.1%16.7%4.7%6.7%2.5%23H1歸母凈利潤(rùn)同比-46.2%-58.3%-29.2%-155.4%-23.6%-2.4%-31.8%9.5%10.0%6.3%2.7%-0.6%19.7%-67.7%14.6%-4.5%12.7%722.6%13.8%11.6%1.2%銷(xiāo)售凈利率23H1-23Q1-0.5%-2.4%-0.5%-0.5%0.0%0.1%-1.2%0.2%0.2%0.2%-0.1%-0.2%-0.2%0.1%0.4%-0.1%0.3%5.4%-0.2%0.1%0.2%資產(chǎn)負(fù)債率23H1-23Q1-0.3%-0.3%0.1%0.3%-0.1%-0.7%0.0%-0.1%0.0%-0.5%-0.5%-0.1%-1.0%-0.3%-0.1%-0.1%-0.6%-0.2%-0.5%0.3%0.3%資產(chǎn)周轉(zhuǎn)率23H1-23Q1-1.8%-1.3%-2.1%0.0%-15.4%-1.4%-1.1%-0.2%-0.1%-0.9%-0.5%-0.5%-0.9%0.2%0.7%-0.4%4.9%1.9%0.3%0.3%0.0%營(yíng)收同比23H1-23Q11.5%3.2%1.0%8.4%-1.7%-2.9%4.9%-2.3%-2.3%-2.1%0.7%5.0%-1.3%-1.7%5.4%5.5%9.2%16.5%0.0%0.0%1.2%毛利率23H1-23Q1-0.1%-1.7%-0.4%0.2%0.2%0.2%-0.8%0.2%0.1%0.6%0.3%0.5%0.2%0.1%0.2%0.3%0.1%3.0%0.0%0.0%0.6%ROE23H1-23Q1-0.7%-1.4%-0.7%-0.5%-0.7%0.0%-0.9%0.1%0.1%0.0%-0.2%-0.3%-0.3%0.1%0.4%-0.1%0.7%2.3%-0.1%0.2%0.1%半導(dǎo)體元件光學(xué)光電子其他電子Ⅱ消費(fèi)電子電子化學(xué)品Ⅱ通信通信服務(wù)通信設(shè)備計(jì)算機(jī)游戲Ⅱ廣告營(yíng)銷(xiāo)影視院線數(shù)字媒體電視廣播Ⅱ計(jì)算機(jī)設(shè)備IT服務(wù)Ⅱ軟件開(kāi)發(fā)申萬(wàn)行業(yè)傳媒電子數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；黃色表示指標(biāo)提升，藍(lán)色表示指標(biāo)下降力也顯著改善。從盈利增速看，出行鏈延續(xù)景氣，公用事業(yè)和綜合板塊增速放緩。從盈利能力看，ROEHQ1ROE改善定性，建議關(guān)注航空機(jī)場(chǎng)國(guó)際市場(chǎng)的邊際改善，將利好行業(yè)景氣度向上。請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分4.4.表14：公共服務(wù)行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)申萬(wàn)行業(yè)23H1歸母凈利潤(rùn)同比23H1營(yíng)收同比ROE(TTM)近10年分位數(shù)歸母凈利潤(rùn)同比23H1-23Q1營(yíng)收同比23H1-23Q1ROE23H1-23Q1毛利率23H1-23Q1銷(xiāo)售凈利率23H1-23Q1資產(chǎn)周轉(zhuǎn)率23H1-23Q1資產(chǎn)負(fù)債率23H1-23Q1交通運(yùn)輸%1.0%19.0%16.0%-3.0%0.4%0.0%0.3%-2.5%0.7%物流-6.1%0.0%2.3%-3.5%-6.4%-0.3%0.0%0.0%-15.4%1.5%鐵路公路%19.0%3.6%2.8%0.7%1.9%1.4%0.6%0.5%航空機(jī)場(chǎng)4%119.1%9.5%10.9%43.7%17.2%16.6%19.4%5.9%0.2%航運(yùn)港口-52.-34.5%78.5%-0.9%-0.7%-3.0%-3.9%-2.4%-3.8%-0.4%公用事業(yè)%%8.8%19.0%-6.7%1.5%0.4%0.5%0.4%-0.6%0.5%%10.9%19.0%-6.4%2.6%0.4%0.6%0.5%-0.4%0.5%燃?xì)猗?1%-2.4%73.8%-12.6%-4.7%0.0%0.1%0.2%-2.7%0.0%環(huán)保2.9%2.4%21.4%1.3%-0.2%0.0%-0.1%0.0%-0.2%0.0%環(huán)境治理6.9%2.4%28.5%-0.6%0.1%0.0%-0.1%0.1%-0.2%0.0%環(huán)保設(shè)備Ⅱ-17.%2.6%2.3%9.6%-1.3%-0.2%-0.1%-0.2%0.0%-0.3%綜合-1367.4% 2.3%-91.2%-5.4%-0.9%-0.7%-0.6%0.4%0.0%綜合Ⅱ -136.7.4% 2.3%-91.2%-5.4%-0.9%-0.7%-0.6%0.4%0.0%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；黃色表示指標(biāo)提升，藍(lán)色表示指標(biāo)下降醫(yī)藥板塊低估值疊加分子分母端有望改善，建議關(guān)注創(chuàng)新藥和中藥板塊。3.1.AI產(chǎn)業(yè)鏈：算力端業(yè)績(jī)?nèi)缘却?yàn)證，應(yīng)用端中報(bào)業(yè)績(jī)已有落地AI產(chǎn)業(yè)鏈算力端業(yè)績(jī)?nèi)缘却?yàn)證，應(yīng)用端中報(bào)業(yè)績(jī)落地。年初至今漲幅最大的光增速2.5%，實(shí)現(xiàn)提前于產(chǎn)業(yè)鏈的業(yè)績(jī)落地。網(wǎng)絡(luò)游戲板塊受益于版號(hào)恢復(fù)發(fā)行景氣度向上，中報(bào)業(yè)績(jī)也較去年回暖?？?jī)落地較快)。表15：AI產(chǎn)業(yè)鏈的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)AI產(chǎn)業(yè)鏈歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4AI算力0.0%8.4%-6.6%-6.5%-3.6%11.3%29.3%-32.3%-2.8%6.8%-32.4%15.0%光模塊-3.6%18.8%30.2%-8.6%-3.4%17.7%13.7%-3.9%-16.4%4.5%-0.7%0.9%AIGC28.6%51.5%-215.9%-3.0%-7.3%-5.6%-26.6%134.8%-69.5%11.8%-27.0%27.4%中文語(yǔ)料庫(kù)4.9%18.3%-39.8%2.5%-3.3%0.3%16.8%306.0%-170.6%15.0%-28.7%30.8%網(wǎng)絡(luò)游戲-3.6%-3.7%-82.0%-1.4%-5.8%-0.1%-10.0%145.9%-403.3%5.8%-7.2%7.2%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出AI算力、光模塊、AIGC、中文語(yǔ)料庫(kù)和網(wǎng)絡(luò)游戲產(chǎn)業(yè)鏈成分股均來(lái)自相應(yīng)萬(wàn)得概念指數(shù)3.2.半導(dǎo)體產(chǎn)業(yè)鏈：設(shè)備業(yè)績(jī)高增，產(chǎn)品仍受壓制請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分導(dǎo)體產(chǎn)AI浪潮推進(jìn)以及國(guó)內(nèi)技術(shù)突破，整體終端有表16：半導(dǎo)體產(chǎn)業(yè)鏈的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)半導(dǎo)體產(chǎn)業(yè)鏈歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4半導(dǎo)體設(shè)備46.1%45.2%31.2%20.6%19.8%18.8%81.3%-41.4%18.0%25.3%-28.6%22.3%半導(dǎo)體產(chǎn)品-15.0%0.6%47.0%14.1%17.1%50.9%-6.5%37.4%-38.4%19.0%-12.4%7.2%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出半導(dǎo)體設(shè)備和半導(dǎo)體產(chǎn)品產(chǎn)業(yè)鏈成分股均來(lái)自相應(yīng)萬(wàn)得概念指數(shù)器人產(chǎn)業(yè)鏈業(yè)務(wù)前景明朗。表17：先進(jìn)制造產(chǎn)業(yè)鏈的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)先進(jìn)制造產(chǎn)業(yè)鏈歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4新能源車(chē)5.8%30.1%159.1%34.6%43.9%88.4%8.1%-36.0%8.4%9.3%-21.3%17.1%工業(yè)母機(jī)-13.4%5.0%22.0%-8.9%-14.3%25.8%-19.7%307.0%-64.3%10.7%-23.9%10.7%AI機(jī)器人-21.4%-30.8%-24.3%3.2%5.5%19.4%91.6%3087.3%-98.5%14.0%-28.4%13.8%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出新能源車(chē)產(chǎn)業(yè)鏈成分股來(lái)自相應(yīng)國(guó)證指數(shù)，工業(yè)母機(jī)和AI機(jī)器人產(chǎn)業(yè)鏈成分股均來(lái)自相應(yīng)萬(wàn)得概念指數(shù)增速為-53.0%。請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分表18：光伏風(fēng)電產(chǎn)業(yè)鏈的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)光伏風(fēng)電板塊歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4光伏設(shè)備41.0%69.3%139.5%32.0%39.9%81.4%-1.5%-14.2%13.6%21.1%-14.2%13.6%硅料硅片-10.2%29.3%179.3%11.0%21.2%112.8%-40.6%-12.3%-6.2%12.5%-12.3%-6.2%光伏電池組件111.5%137.6%197.7%5.4%42.5%79.6%22.4%-16.1%19.5%25.5%-16.1%19.5%逆變器252.4%262.9%137.8%122.6%152.8%68.3%46.3%-23.5%57.5%26.1%-23.5%57.5%光伏輔材6.6%23.5%-17.8%19.8%27.1%46.7%20.2%-1.2%9.0%8.9%-1.2%9.0%光伏加工設(shè)備68.8%68.6%65.3%64.5%56.7%49.1%7.2%-8.9%24.5%4.4%-8.9%24.5%風(fēng)電設(shè)備-28.5%-37.4%-25.2%4.4%-17.3%-5.4%2.9%-55.4%61.3%62.0%-55.4%61.3%風(fēng)電整機(jī)-53.0%-57.9%-13.1%-4.4%-35.4%-6.5%-20.6%-67.3%89.3%97.2%-67.3%89.3%風(fēng)電零部件41.4%54.4%-39.9%19.8%17.5%-3.3%31.6%-27.6%19.8%24.6%-27.6%19.8%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出光伏風(fēng)電產(chǎn)業(yè)鏈以申萬(wàn)行業(yè)進(jìn)行歸類(lèi)的業(yè)表19：醫(yī)藥產(chǎn)業(yè)鏈的歸母凈利潤(rùn)和營(yíng)業(yè)收入同比及環(huán)比情況(單位：%)醫(yī)藥產(chǎn)業(yè)鏈歸母凈利潤(rùn)同比增速營(yíng)收同比增速歸母凈利潤(rùn)環(huán)比增速營(yíng)收環(huán)比增速2023H12023Q12022A2023H12023Q12022A2023Q22023Q12022Q42023Q22023Q12022Q4創(chuàng)新藥4.6%12.4%-11.2%11.1%10.3%9.8%3.8%100.4%-46.9%3.4%2.6%-2.5%47.2%54.8%1.2%15.9%15.9%6.5%-22.7%103.6%-9.7%-9.0%12.5%12.5%數(shù)據(jù)來(lái)源：Wind，東吳證券研究所；根據(jù)整體法測(cè)算得出創(chuàng)新藥和中藥產(chǎn)業(yè)鏈成分股均來(lái)自相應(yīng)萬(wàn)得概念指數(shù)游戲版號(hào)重新發(fā)放的傳媒。飲料、農(nóng)林牧漁和美容護(hù)理，以上行業(yè)景氣度向上取決于下游需求端回暖。請(qǐng)務(wù)必閱讀正文之后的免責(zé)請(qǐng)務(wù)必閱讀正文之后的免責(zé)聲明部分存貨周轉(zhuǎn)率2023H1-2022H1%%存貨周轉(zhuǎn)率2023H1-2022H1%%萬(wàn)一級(jí)行業(yè)供需格局變化情況(單位：%，%)存貨服務(wù)存貨服務(wù)器器周轉(zhuǎn)率提升國(guó)防軍工%60%80%計(jì)算機(jī)0%-20%0%20%-20%0%20%40%公用事業(yè)化工電力設(shè)備公用事業(yè)化工金屬存貨周轉(zhuǎn)率下降存貨周轉(zhuǎn)率下降輕工制造資本性支出同比增速資本性支出同比增速2023H1-2022AWind，東吳證券研究所得和表20：庫(kù)存底部行業(yè)整體景氣度、盈利增速情況及盈利能力情況(單位：%)申萬(wàn)行業(yè)23H1歸母凈利潤(rùn)同比23H1營(yíng)收同比ROE(TTM)近10年分位數(shù)歸母凈利潤(rùn)同比23H1-23Q1營(yíng)收同比23H1-23Q1ROE23H1-23Q1毛利率23H1-23Q1銷(xiāo)售凈利率23H1-23Q1資產(chǎn)周轉(zhuǎn)率23H1-23Q1資產(chǎn)負(fù)債率23H1-23Q1有色金屬-31.0%.0%4.4%85.7%85.7%-11.3%-1.5%-2.0%-1.1%-0.7%-2.8%4%工業(yè)金屬-20.5.7%78.5%-7.5%.8%-1.1%-0.7%-0.3%-2.0%4%鋼鐵--70.7%-8.0%.0%21.4%-0.7%-3.0%-1.2%-0.9%-0.5%-3.7%2%冶鋼原料40.1%-18.1%54.754.7%-16.6%-2.0%-2.4%-3.4%-2.3%-3.9%-0.1%普鋼-85.3%9.3%16.6%-3.7%-3.3%-1.1%-0.8%-0.5%-3.5%0.1%特鋼Ⅱ-53.6%2.1%30.9%9.9%-2.0%-1.3%-0.7%-0.5%-5.1%1.3%建筑材料46%6%-2.5%9.5%24.8%-2.6%-0.8%-0.3%-0.7%-1.2%4%-53.5%-5.52.3%36.8%-4.7%-0.8%-0.6%-0.8%-1.5%4%玻璃