2024年A股中報(bào)透視之盈利質(zhì)量篇-寬基、風(fēng)格與行業(yè)

1/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分策略專題研究——寬基、風(fēng)格與行業(yè)核心觀點(diǎn)根據(jù)評(píng)分標(biāo)準(zhǔn)和2024H1最新財(cái)務(wù)指標(biāo)，六大寬基指數(shù)盈利質(zhì)量得分排序依次為）＞根據(jù)評(píng)分標(biāo)準(zhǔn)和2024H1最新財(cái)務(wù)指標(biāo)，十大風(fēng)格指數(shù)盈利質(zhì)量得分排序依次為）＞）＞根據(jù)評(píng)分標(biāo)準(zhǔn)和2024H1最新財(cái)務(wù)指標(biāo)，盈利質(zhì)量得分靠前的中信一級(jí)行業(yè)為機(jī)銀行（-6分）等。根據(jù)評(píng)分標(biāo)準(zhǔn)和2024H1最新財(cái)務(wù)指標(biāo)，盈利質(zhì)量得分靠前的申萬(wàn)一級(jí)行業(yè)為計(jì)后的申萬(wàn)一級(jí)行業(yè)為銀行（-7分）和社會(huì)服務(wù)（-7分）等。對(duì)于注重盈利質(zhì)量的投資者，寬基指數(shù)方面可關(guān)注中成長(zhǎng)風(fēng)格，中信行業(yè)指數(shù)方面可關(guān)注機(jī)械、計(jì)算機(jī)和非銀金融等，申萬(wàn)方面可關(guān)注計(jì)算機(jī)、房地產(chǎn)、非銀金融和機(jī)評(píng)分標(biāo)準(zhǔn)主觀，缺乏回測(cè)驗(yàn)證，分析維度有限，結(jié)論的滯后性。執(zhí)業(yè)證書號(hào)：S1230524070005liaojingchi@執(zhí)業(yè)證書號(hào)：S1230524060002wangdaji@相關(guān)報(bào)告好“進(jìn)擊”準(zhǔn)備》2024.09.142《A500ETF發(fā)行將如何影響風(fēng)格》2024.09.14策略專題研究2/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分 4 5 7 10 13 13策略專題研究3/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分 4 4 5 5 5 6 6 6 7 7 9 9表15：綜合考慮經(jīng)營(yíng)性凈現(xiàn)金流和應(yīng)收賬款等指標(biāo)，中信排名靠前的行業(yè)為機(jī)械、計(jì)算機(jī)和非銀金融，銀行排名靠后 銀 策略專題研究4/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分年半年報(bào)的A股上市公司財(cái)務(wù)數(shù)據(jù)，重點(diǎn)關(guān)注單季度經(jīng)營(yíng)性凈現(xiàn)金流同比增速、單季營(yíng)性凈現(xiàn)金流占營(yíng)收比重、近10年上半惡化，得-1分；Q(-1)期相比于Q(-2)期惡化，得-1分，即連續(xù)2期惡化得-2分，以此類1六大寬基指數(shù)：中證1000相對(duì)占優(yōu)，上證50落后指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分000300.SH-76.1%-103.4%-59.7%-58.6%-8158.9%83.0%1000905.SH48.2%-27.4%695.1%-45.1%-13.8%-247.3%1000852.SH97.6%-45.7%0.8%20.0%25.7%-503.1%0.5%1399006.SZ創(chuàng)業(yè)板指數(shù)-33.4%45.3%509.0%6.3%35.4%-42.3%000016.SH上證5042.3%-32.6%-25.6%-29.8%-228.7%000688.SH科創(chuàng)50239.9%-10.7%-49.7%-14.2%58.4%31.8%-50.1%-74.5%資料來(lái)源：Wind，浙商證券研究所注：關(guān)于符號(hào)問(wèn)題，我們的處理原則為：若基期為正值，當(dāng)期為負(fù)值，同比增速=（當(dāng)期/基期）-1，表示當(dāng)期相比于基期的同比變動(dòng)，表示當(dāng)期相比于基期出現(xiàn)惡化；當(dāng)基期為負(fù)值，當(dāng)期為正值/負(fù)值，同比增速=-（當(dāng)期-基期）/基期，若同比增速為正值，表示當(dāng)期相比于基期出現(xiàn)改善，若同比增速為負(fù)值，表示當(dāng)期相比于基期出現(xiàn)惡化。指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分000300.SH5.4%29.0%-0.2%7.1%-14.8%1000905.SH2.9%9.8%9.4%-4.5%1000852.SH8.0%9.7%-5.0%1000688.SH科創(chuàng)5021.1%2.0%20.0%25.1%0.9%4.0%1000016.SH上證5026.1%32.5%70.2%20.8%37.7%50.4%-27.6%399006.SZ創(chuàng)業(yè)板指數(shù)6.1%21.3%9.2%資料來(lái)源：Wind，浙商證券研究所5/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分指數(shù)代碼指數(shù)簡(jiǎn)稱2015H12016H12017H12018H12019H12020H12021H12022H12023H12024H1趨勢(shì)圖得分最新半年分位數(shù)000852.SH-2.5%4.3%-2.4%2.6%3.4%5.7%4.9%7.1%4.1%-155%399006.SZ創(chuàng)業(yè)板指數(shù)2.9%6.0%9.8%-144%000016.SH上證5047.1%7.4%8.7%65.7%45.4%7.4%-2000300.SH42.8%-5.2%0.9%9.1%3.6%-0.2%-2000905.SH9.2%2.0%-0.3%2.1%7.4%9.7%7.9%9.0%6.5%3.2%-2000688.SH科創(chuàng)5021.9%2.1%5.7%4.3%7.5%9.5%2.6%-2資料來(lái)源：Wind，浙商證券研究所指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分000905.SH1000852.SH1399006.SZ創(chuàng)業(yè)板指數(shù)1000688.SH科創(chuàng)501000016.SH上證505.04.1-2000300.SH-2資料來(lái)源：Wind，浙商證券研究所表5：綜合考慮經(jīng)營(yíng)性凈現(xiàn)金流和應(yīng)收賬款等指標(biāo)，中證1000相對(duì)占優(yōu)，科創(chuàng)50評(píng)分落后指數(shù)代碼指數(shù)簡(jiǎn)稱單季度經(jīng)營(yíng)凈現(xiàn)金流同比增速單季度經(jīng)營(yíng)性凈現(xiàn)金流占營(yíng)收比重近10年上半年經(jīng)營(yíng)性凈現(xiàn)金流占營(yíng)收比重應(yīng)收賬款周轉(zhuǎn)率最終得分1112111111111資料來(lái)源：Wind，浙商證券研究所2十大風(fēng)格指數(shù)：成長(zhǎng)風(fēng)格占優(yōu)，紅利風(fēng)格居后6/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分CI005917.WI金融(風(fēng)格.中信)-106.7%-12.2%266.6%-65.6%-18.8%-198.7%-11.3%1CI005918.WI周期(風(fēng)格.中信)-11.7%-16.3%-3.8%-5.7%-294.1%-18.3%1CI005919.WI54.5%-9.4%544.9%-10.0%-7.9%-117.0%-23.6%1399373.SZ-82.2%525.7%-42.0%-40.0%-139.4%-52.6%1399372.SZ46.2%-24.7%-31.1%-27.1%-28.2%-47.1%-19.1%1399377.SZ47.1%-21.0%-46.7%-287.7%-27.3%1CI005920.WI成長(zhǎng)(風(fēng)格.中信)53.8%-73.3%46.9%-10.5%CI005921.WI穩(wěn)定(風(fēng)格.中信)0.1%28.3%88.7%-42.7%-11.7%-17.0%49.0%-24.4%399377.SZ-40.4%-21.7%-30.7%22.7%41.1%-31.0%000015.SH-3.2%-9.5%-51.6%-12.6%-42.1%-237.0%資料來(lái)源：Wind，浙商證券研究所注：關(guān)于符號(hào)問(wèn)題，我們的處理原則為：若基期為正值，當(dāng)期為負(fù)值，同比增速=（當(dāng)期/基期）-1，表示當(dāng)期相比于基期的同比變動(dòng)，表示當(dāng)期相比于基期出現(xiàn)惡化；當(dāng)基期為負(fù)值，當(dāng)期為正值/負(fù)值，同比增速=-（當(dāng)期-基期）/基期，若同比增速為正值，表示當(dāng)期相比于基期出現(xiàn)改善，若同比增速為負(fù)值，表示當(dāng)期相比于基期出現(xiàn)惡化。單季度經(jīng)營(yíng)性凈現(xiàn)金流占營(yíng)收比重方面，除紅利指數(shù)得-1分以外，其余9大風(fēng)格指數(shù)指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖119.1%-1.1%1119.7%16.1%11149.1%資料來(lái)源：Wind，浙商證券研究所近10年上半年經(jīng)營(yíng)性凈現(xiàn)金流占營(yíng)收比重方面，得分排序依次為成指數(shù)代碼指數(shù)簡(jiǎn)稱2015H12016H12017H12018H12019H12020H12021H12022H12023H12024H1趨勢(shì)圖得分最新半年分位數(shù)CI005920.WI成長(zhǎng)(風(fēng)格.中信)-1.5%-1.3%0.5%-3.0%7.1%-1.4%-3.9%3.2%288%399377.SZ小盤成長(zhǎng)7.5%9.2%0.2%0.8%-1.0%0.5%-0.7%0.8%-1.7%-1.1%1CI005918.WI周期(風(fēng)格.中信)4.0%4.4%3.3%7.3%9.7%3.7%0.2%-10%CI005919.WI消費(fèi)(風(fēng)格.中信)-0.7%-1.3%2.7%4.9%3.8%4.3%6.4%9.7%4.7%-166%399377.SZ小盤價(jià)值7.9%-3.0%5.3%7.0%6.6%0.1%2.2%3.6%-2.6%-1CI005917.WI金融(風(fēng)格.中信)9.0%6.8%-21.5%-18.0%3.5%23.0%-1.5%-222%CI005921.WI穩(wěn)定(風(fēng)格.中信)8.3%6.7%4.3%4.6%8.4%6.4%5.3%-244%399373.SZ大盤價(jià)值51.6%67.1%-34.0%6.2%20.1%21.9%7.4%29.6%27.8%-2.1%-2000015.SH紅利指數(shù)68.1%28.5%9.2%30.5%26.3%28.1%117.6%80.9%-0.8%-20%399372.SZ大盤成長(zhǎng)9.3%6.7%7.9%9.7%8.1%-355%資料來(lái)源：Wind，浙商證券研究所）＞7/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分CI005917.WI金融(風(fēng)格.中信)1CI005918.WI周期(風(fēng)格.中信)1CI005920.WI成長(zhǎng)(風(fēng)格.中信)1399372.SZ1CI005919.WI1CI005921.WI穩(wěn)定(風(fēng)格.中信)399373.SZ399377.SZ399377.SZ000015.SH資料來(lái)源：Wind，浙商證券研究所>穩(wěn)定（-3分紅利指數(shù)（-5分）。指數(shù)代碼指數(shù)簡(jiǎn)稱單季度經(jīng)營(yíng)凈現(xiàn)金流同比增速單季度經(jīng)營(yíng)性凈現(xiàn)金流占營(yíng)收比重近10年上半年經(jīng)營(yíng)性凈現(xiàn)金流占營(yíng)收比重應(yīng)收賬款周轉(zhuǎn)率最終得分CI005920.WI成長(zhǎng)(風(fēng)格.中信)-11213CI005918.WI周期(風(fēng)格.中信)11-101CI005919.WI消費(fèi)(風(fēng)格.中信)11-101CI005917.WI金融(風(fēng)格.中信)11-200399377.SZ小盤價(jià)值11-1-10399373.SZ大盤價(jià)值11-2-1-1399372.SZ大盤成長(zhǎng)11-30-1399377.SZ小盤成長(zhǎng)-211-1-1CI005921.WI穩(wěn)定(風(fēng)格.中信)-11-2-1-3000015.SH紅利指數(shù)-2-1-20-5資料來(lái)源：Wind，浙商證券研究所3中信一級(jí)行業(yè)：關(guān)注機(jī)械、計(jì)算機(jī)和非銀金融8/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分CI005022.WI非銀行金融(中信)-142.2%-38.2%-53.1%-122.1%-54.9%73.1%3CI005002.WI煤炭(中信)-11.3%-52.8%-32.0%-50.5%-35.5%51.9%2CI005019.WI食品飲料(中信)-16.8%-16.2%-13.7%2CI005012.WI46.8%-20.2%-41.8%-270.5%-33.1%-25.7%2CI005001.WI石油石化(中信)2.3%-33.3%-11.6%47.3%3.1%1CI005005.WI鋼鐵(中信)9.2%-57.4%-230.4%28.7%-54.3%-17.1%-115.1%-10.1%1CI005008.WI-25.0%-2402.5%-15.7%9.9%-471.7%-29.7%1CI005024.WI4.1%-32.3%-10.8%-29.8%-39.4%-19.6%1CI005027.WI-61.4%-11.8%-169.7%-144.6%1CI005026.WI-2.6%5.1%21.7%-29.8%1CI005028.WI傳媒(中信)-13.4%37.1%-134.5%-31.7%1CI005023.WI房地產(chǎn)(中信)-54.6%-43.3%-109.2%-18.8%-34.5%-53.0%-1346.6%-57.2%1CI005014.WI914.4%-67.4%-50.9%92.1%-17966.1%-2.1%1CI005009.WI輕工制造(中信)45.5%-15.5%458.2%38.1%-118.3%1CI005003.WI有色金屬(中信)24.7%-37.0%2.7%0.7%-11.5%CI005006.WI基礎(chǔ)化工(中信)-13.9%-112.6%-16.3%9.1%56.3%CI005004.WI53.2%56.7%-27.2%CI005020.WI農(nóng)林牧漁(中信)59.5%-14.3%49.0%-5.1%CI005018.WI-86.9%0.3%-3.3%CI005013.WI-14.2%-23.0%CI005015.WI-75.3%-32.7%-11.7%-60.0%85.6%-14.2%CI005011.WI40.9%22.3%-0.3%-47.8%CI005010.WI機(jī)械(中信)531.0%58.9%-12.4%57.6%CI005007.WI-3.1%-13.9%-196.6%-31.0%-173.0%CI005025.WI-8.6%-20.9%CI005030.WI-22.2%-27.0%-172.3%51.6%CI005021.WI-61.4%-60.7%-14.4%-64.7%-434.3%CI005017.WI249.6%20.3%-28.3%-50.0%CI005016.WI505.9%-50.9%-22.5%CI005029.WI-136.6%-11.9%576.8%-24.9%-212.0%資料來(lái)源：Wind，浙商證券研究所注：關(guān)于符號(hào)問(wèn)題，我們的處理原則為：若基期為正值，當(dāng)期為負(fù)值，同比增速=（當(dāng)期/基期）-1，表示當(dāng)期相比于基期的同比變動(dòng)，表示當(dāng)期相比于基期出現(xiàn)惡化；當(dāng)基期為負(fù)值，當(dāng)期為正值/負(fù)值，同比增速=-（當(dāng)期-基期）/基期，若同比增速為正值，表示當(dāng)期相比于基期出現(xiàn)改善，若同比增速為負(fù)值，表示當(dāng)期相比于基期出現(xiàn)惡化。指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分CI005010.WI機(jī)械(中信)13.5%1.7%-5.0%24.3%26.0%3.0%22.6%29.0%2CI005003.WI有色金屬(中信)8.2%10.0%2.1%9.6%7.9%10.3%2.2%7.9%1CI005001.WI石油石化(中信)33.4%30.2%20.6%15.5%25.9%17.6%15.2%25.1%1CI005002.WI煤炭(中信)11.6%10.1%7.5%11.1%12.1%15.7%7.3%12.3%1CI005006.WI基礎(chǔ)化工(中信)22.8%34.7%-1.4%33.2%29.0%39.5%-0.7%31.9%1CI005005.WI鋼鐵(中信)9.7%5.3%-2.1%8.0%4.5%4.3%-4.8%7.8%1CI005008.WI建材(中信)10.8%11.6%-0.5%10.5%8.6%12.8%-2.8%7.2%1CI005004.WI電力及公用事業(yè)(中信)45.7%43.5%27.3%39.4%52.6%54.2%34.3%49.4%1CI005024.WI交通運(yùn)輸(中信)17.9%12.9%6.0%18.5%15.3%10.0%3.6%14.7%1CI005007.WI建筑(中信)2.4%18.6%-16.5%4.4%-2.2%17.4%-21.3%-3.5%1CI005027.WI計(jì)算機(jī)(中信)6.0%34.4%-7.9%-0.3%2.4%28.0%-18.9%-0.6%1CI005025.WI電子(中信)14.2%31.8%14.2%23.0%16.2%35.6%12.0%16.3%1CI005026.WI通信(中信)28.9%23.3%18.7%22.8%27.4%26.8%12.5%20.1%1CI005028.WI傳媒(中信)9.3%25.2%5.4%13.3%11.9%21.8%-1.8%9.1%1CI005023.WI房地產(chǎn)(中信)22.1%28.7%12.7%22.9%26.6%24.1%13.7%27.2%1CI005017.WI紡織服裝(中信)9.0%21.7%5.2%19.7%10.2%22.2%3.6%9.6%1CI005019.WI食品飲料(中信)22.1%28.7%12.7%22.9%26.6%24.1%13.7%27.2%1CI005014.WI商貿(mào)零售(中信)7.2%2.8%0.0%5.6%3.6%5.9%-4.5%6.2%1CI005020.WI農(nóng)林牧漁(中信)16.0%3.1%-0.2%10.7%13.4%4.9%3.2%10.5%1CI005018.WI醫(yī)藥(中信)24.2%45.7%0.9%27.4%20.6%43.1%1.8%26.6%1CI005016.WI家電(中信)11.3%11.4%7.8%15.6%13.1%17.3%3.6%11.6%1CI005013.WI汽車(中信)8.9%10.4%0.7%16.1%10.8%15.6%1.6%11.8%1CI005009.WI輕工制造(中信)10.2%12.6%4.9%15.6%12.8%17.0%-0.8%14.0%1CI005011.WI電力設(shè)備及新能源(中信)13.0%33.0%-2.6%18.6%15.0%34.1%-6.3%11.0%1CI005012.WI國(guó)防軍工(中信)-17.0%40.2%-66.3%-16.9%-17.8%44.7%-87.3%-29.9%1CI005022.WI非銀行金融(中信)-12.0%85.0%41.0%31.6%3.2%43.2%65.9%56.0%-1CI005030.WI綜合金融(中信)38.6%17.5%35.5%45.1%-24.9%52.7%58.6%55.2%-1CI005015.WI消費(fèi)者服務(wù)(中信)10.1%65.7%38.9%47.4%14.3%29.4%125.1%46.9%-1CI005021.WI銀行(中信)23.2%187.8%293.9%45.0%33.0%164.4%105.5%-153.9%-2CI005029.WI綜合(中信)-2.4%10.6%0.5%7.6%13.9%22.3%0.5%-8.8%-2資料來(lái)源：Wind，浙商證券研究所9/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分指數(shù)代碼指數(shù)簡(jiǎn)稱2015H12016H12017H12018H12019H12020H12021H12022H12023H12024H1趨勢(shì)圖得分最新半年分位數(shù)CI005010.WI機(jī)械(中信)-0.8%-29.3%-1.6%9.7%3CI005015.WI6.1%26.7%94.4%42.4%43.8%1CI005007.WI-2.1%-1.2%-2.3%-12.7%-6.7%-4.9%-4.0%-14.1%-5.3%-7.9%CI005027.WI-2.7%-2.5%-1.7%-8.5%-5.3%-3.5%-2.9%-22.7%-2.9%-4.8%CI005023.WI房地產(chǎn)(中信)7.1%5.6%CI005017.WI4.3%0.1%4.8%7.1%4.5%CI005019.WI食品飲料(中信)7.1%5.6%CI005014.WI-0.3%-0.3%0.3%-0.7%CI005020.WI農(nóng)林牧漁(中信)2.1%0.3%5.0%4.6%5.4%4.2%CI005013.WI3.1%-2.3%2.7%8.3%9.0%4.7%CI005029.WI-14.9%-3.4%5.5%-5.7%-12.6%4.0%-4.5%CI005003.WI有色金屬(中信)4.5%CI005001.WI石油石化(中信)4.9%4.6%5.6%47.6%CI005002.WI煤炭(中信)6.1%4.1%4.4%2.1%9.3%CI005006.WI基礎(chǔ)化工(中信)4.9%4.5%CI005005.WI鋼鐵(中信)2.7%CI005008.WI2.1%4.3%5.4%CI005004.WI9.7%5.5%9.5%44%CI005024.WI5.6%6.1%CI005025.WI0.7%4.6%4.1%4.0%5.5%CI005026.WI21.1%41.0%CI005028.WI傳媒(中信)2.7%5.0%4.4%4.3%9.5%CI005022.WI非銀行金融(中信)-3.1%-2.3%24.6%CI005030.WI-1.9%-24.7%40.8%29.6%CI005021.WI銀行(中信)-12.4%-11.8%38.1%69.3%248.6%-14.7%CI005018.WI0.7%4.2%4.1%4.3%CI005016.WI5.5%44%CI005009.WI輕工制造(中信)2.1%4.0%4.6%CI005011.WI-0.2%-0.1%-1.6%-4.8%0.3%-0.4%CI005012.WI-41.5%-11.2%-1.1%-11.1%21.3%-2.9%-14.8%-40.4%-57.3%資料來(lái)源：Wind，浙商證券研究所應(yīng)收賬款周轉(zhuǎn)率方面，得分排名靠前的行業(yè)為有色金屬、非銀金融和家電，均為2分，得分排名靠后的行業(yè)為石油石化、電力及公用事業(yè)和交通運(yùn)輸，均為-3分。指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分CI005003.WI有色金屬(中信)2CI005022.WI非銀行金融(中信)90.52CI005016.WI2CI005006.WI基礎(chǔ)化工(中信)1CI005005.WI鋼鐵(中信)1CI005008.WI1CI005027.WI1CI005025.WI1CI005028.WI傳媒(中信)1CI005030.WI1CI005020.WI農(nóng)林牧漁(中信)1CI005013.WI1CI005009.WI輕工制造(中信)1CI005011.WI1CI005012.WI1CI005010.WI機(jī)械(中信)1CI005029.WI1CI005021.WI0CI005002.WI煤炭(中信)CI005026.WICI005023.WI房地產(chǎn)(中信)CI005019.WI食品飲料(中信)CI005014.WICI005018.WICI005015.WI49.1CI005007.WICI005017.WICI005001.WI石油石化(中信)CI005004.WICI005024.WI資料來(lái)源：wind，浙商證券研究所10/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分指數(shù)代碼指數(shù)簡(jiǎn)稱單季度經(jīng)營(yíng)凈現(xiàn)金流同比增速單季度經(jīng)營(yíng)性凈現(xiàn)金流占營(yíng)收比重近10年上半年經(jīng)營(yíng)性凈現(xiàn)金流占營(yíng)收比重應(yīng)收賬款周轉(zhuǎn)率最終得分CI005010.WI機(jī)械(中信)2315CI005027.WI計(jì)算機(jī)(中信)1112CI005022.WI非銀行金融(中信)322CI005019.WI食品飲料(中信)211CI005008.WI建材(中信)1111CI005028.WI傳媒(中信)1111CI005009.WI輕工制造(中信)1111CI005005.WI鋼鐵(中信)1111CI005023.WI房地產(chǎn)(中信)110CI005003.WI有色金屬(中信)120CI005002.WI煤炭(中信)210CI005014.WI110CI005020.WI農(nóng)林牧漁(中信)110CI005013.WI110CI005012.WI2110CI005006.WI基礎(chǔ)化工(中信)11CI005016.WI12CI005026.WI11CI005011.WI11CI005015.WI1CI005025.WI11CI005024.WI11CI005018.WI1CI005001.WI石油石化(中信)11CI005017.WI1CI005007.WI建筑(中信)1CI005030.WI綜合金融(中信)1CI005029.WI1CI005004.WI1CI005021.WI銀行(中信)0資料來(lái)源：Wind，浙商證券研究所4申萬(wàn)一級(jí)行業(yè)：關(guān)注計(jì)算機(jī)、房地產(chǎn)、非銀金融和機(jī)械設(shè)備11/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分801790.SI非銀金融(申萬(wàn))-139.9%251.8%-38.3%-52.9%-121.2%-54.1%17.5%73.3%3801950.SI煤炭(申萬(wàn))26.0%-10.0%25.6%-52.0%-32.4%-49.6%-37.2%52.2%2801960.SI石油石化(申萬(wàn))2.1%-34.0%76.3%-12.6%7.5%47.9%2.5%11.3%1801030.SI基礎(chǔ)化工(申萬(wàn))8.9%-11.2%-95.5%-24.3%-6.4%-12.1%-110.7%5.4%1801040.SI鋼鐵(申萬(wàn))1.0%-57.1%-135.5%21.8%-45.6%-21.5%-24.2%-6.4%1801710.SI建筑材料(申萬(wàn))-4.5%-50.6%58.3%6.2%-20.7%25.5%-1210.6%-10.4%1801970.SI環(huán)保(申萬(wàn))56.6%9.9%38.5%-11.4%7.6%15.7%-122.7%-12.2%1801750.SI計(jì)算機(jī)(申萬(wàn))288.2%4.3%43.1%-107.1%-56.7%-1.7%-29.5%355.3%1801080.SI電子(申萬(wàn))7.8%8.1%72.1%5.3%3.4%11.5%-28.2%-19.0%1801770.SI通信(申萬(wàn))-1.6%-5.1%7.4%7.5%-3.4%21.0%-32.2%-6.9%1801760.SI傳媒(申萬(wàn))1.4%-15.0%122.9%7.8%46.6%-5.7%-112.3%-34.8%1801180.SI房地產(chǎn)(申萬(wàn))-55.5%-43.0%109.4%-14.0%-34.2%-49.0%-1305.0%-58.0%1801200.SI商貿(mào)零售(申萬(wàn))112.0%-54.9%2890.4%20.9%8.6%74.4%-105.5%-21.2%1801110.SI家用電器(申萬(wàn))20.8%-2.0%295.3%28.7%25.0%63.1%-52.6%-22.8%1801140.SI輕工制造(申萬(wàn))52.1%-17.1%336.6%14.8%28.4%35.6%-93.1%-8.2%1801740.SI國(guó)防軍工(申萬(wàn))6.7%13.0%26.9%-315.3%88.7%19.0%-127.6%50.0%1801890.SI機(jī)械設(shè)備(申萬(wàn))109.8%-4.2%50.4%-57.7%3150.9%2.3%-33.2%27.1%1801170.SI交通運(yùn)輸(申萬(wàn))54.9%-46.3%129.0%37.3%-25.7%-24.2%333.7%-19.1%-1801120.SI食品飲料(申萬(wàn))-13.0%-12.4%52920.4%35.9%29.0%-14.6%20.3%18.7%-1801010.SI農(nóng)林牧漁(申萬(wàn))75.2%470.5%93.6%123.8%-11.7%25.1%2943.9%0.1%-1801150.SI醫(yī)藥生物(申萬(wàn))12.3%26.7%-93.9%0.3%-13.4%-3.4%278.9%-2.9%-1801880.SI汽車(申萬(wàn))40.6%-13.5%129.7%62.8%36.8%72.4%99.6%-23.8%-1801230.SI綜合(申萬(wàn))-103.5%63.5%131.2%-5521.9%-945.4%-35.0%144.1%-20.4%-1801160.SI公用事業(yè)(申萬(wàn))55.2%251.7%31.5%-26.1%15.2%35.4%28.7%18.2%-2801720.SI建筑裝飾(申萬(wàn))-7.9%22.4%13.3%-6.7%-191.3%-0.7%-30.0%-180.8%-2801130.SI紡織服飾(申萬(wàn))113.1%-16.0%35.8%287.4%14.3%61.7%-21.8%-48.2%-2801980.SI美容護(hù)理(申萬(wàn))-9.7%-25.4%32.7%5.9%-22.1%19.1%-15.7%-38.8%-2801210.SI社會(huì)服務(wù)(申萬(wàn))60.0%-66.1%581.8%982.1%64.5%75.0%-42.9%-43.8%-2801730.SI電力設(shè)備(申萬(wàn))93.8%-14.2%22.8%199.4%-1250.4%2.6%-3.7%-86.2%-2801050.SI有色金屬(申萬(wàn))27.7%21.1%-42.9%-6.9%1.7%-1.1%-12.3%-13.0%-3801780.SI銀行(申萬(wàn))-61.4%658.2%113.6%-60.7%35.0%-14.4%-64.7%-434.3%-3資料來(lái)源：Wind，浙商證券研究所注：關(guān)于符號(hào)問(wèn)題，我們的處理原則為：若基期為正值，當(dāng)期為負(fù)值，同比增速=（當(dāng)期/基期）-1，表示當(dāng)期相比于基期的同比變動(dòng)，表示當(dāng)期相比于基期出現(xiàn)惡化；當(dāng)基期為負(fù)值，當(dāng)期為正值/負(fù)值，同比增速=-（當(dāng)期-基期）/基期，若同比增速為正值，表示當(dāng)期相比于基期出現(xiàn)改善，若同比增速為負(fù)值，表示當(dāng)期相比于基期出現(xiàn)惡化。指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分801050.SI有色金屬(申萬(wàn))8.2%9.2%1.9%9.2%7.7%10.2%1.7%7.4%1801960.SI石油石化(申萬(wàn))11.7%10.0%7.7%11.1%12.2%15.7%7.5%12.4%1801950.SI煤炭(申萬(wàn))32.6%29.6%20.6%14.8%25.1%17.4%14.7%23.9%1801030.SI基礎(chǔ)化工(申萬(wàn))11.6%15.8%0.3%13.3%10.9%14.5%0.0%13.2%1801040.SI鋼鐵(申萬(wàn))9.3%5.9%-1.7%8.6%5.1%4.6%-2.2%8.8%1801710.SI建筑材料(申萬(wàn))13.6%17.0%-3.2%13.0%10.9%21.2%-12.3%12.7%1801160.SI公用事業(yè)(申萬(wàn))24.4%21.3%14.4%20.9%27.4%26.7%18.2%26.1%1801170.SI交通運(yùn)輸(申萬(wàn))15.3%10.1%0.8%14.6%11.2%8.8%-2.0%12.2%1801970.SI環(huán)保(申萬(wàn))12.3%21.7%-4.7%14.2%12.9%25.8%1.0%12.1%1801720.SI建筑裝飾(申萬(wàn))2.3%18.4%-16.5%4.2%-2.0%17.1%-21.2%-3.6%1801750.SI計(jì)算機(jī)(申萬(wàn))5.1%29.6%-18.9%-0.2%2.1%27.7%-23.2%0.4%1801080.SI電子(申萬(wàn))7.4%15.8%11.5%10.8%7.6%16.6%7.2%7.4%1801770.SI通信(申萬(wàn))29.8%24.0%19.3%23.2%27.7%27.4%12.5%21.0%1801760.SI傳媒(申萬(wàn))9.5%26.0%6.8%13.8%13.0%23.0%-0.8%9.0%1801180.SI房地產(chǎn)(申萬(wàn))6.2%11.9%2.1%18.5%4.4%6.3%-29.6%10.6%1801130.SI紡織服飾(申萬(wàn))3.0%13.9%9.1%15.1%3.4%18.5%6.7%7.5%1801120.SI食品飲料(申萬(wàn))22.6%30.8%12.0%23.1%27.3%25.8%13.5%27.5%1801200.SI商貿(mào)零售(申萬(wàn))7.9%3.6%8.4%5.2%8.7%5.7%-0.5%4.4%1801010.SI農(nóng)林牧漁(申萬(wàn))15.3%3.5%-0.1%10.6%13.2%4.6%2.8%10.9%1801150.SI醫(yī)藥生物(申萬(wàn))10.4%19.2%0.2%12.1%9.2%18.9%0.7%11.9%1801110.SI家用電器(申萬(wàn))11.0%11.9%8.1%15.6%12.9%17.7%3.6%11.5%1801880.SI汽車(申萬(wàn))9.1%10.2%1.0%16.1%11.0%15.5%1.7%11.6%1801980.SI美容護(hù)理(申萬(wàn))7.7%15.7%9.2%19.0%6.6%21.3%7.7%11.3%1801140.SI輕工制造(申萬(wàn))10.8%13.5%5.7%16.5%14.1%17.7%0.4%14.9%1801730.SI電力設(shè)備(申萬(wàn))-0.2%17.6%-12.5%2.5%-2.7%17.5%-13.7%0.4%1801740.SI國(guó)防軍工(申萬(wàn))-24.8%40.0%-22.0%-27.0%-2.7%47.2%-48.8%-15.3%1801890.SI機(jī)械設(shè)備(申萬(wàn))0.2%22.1%-8.4%4.5%8.0%22.1%-10.5%5.5%1801230.SI綜合(申萬(wàn))-0.1%9.3%10.8%8.3%1.4%6.5%-4.9%6.4%1801790.SI非銀金融(申萬(wàn))-11.5%84.2%41.0%31.8%2.9%43.5%66.0%56.3%-1801210.SI社會(huì)服務(wù)(申萬(wàn))22.9%7.7%26.7%13.3%29.7%10.3%14.2%7.5%-1801780.SI銀行(申萬(wàn))23.2%187.8%293.9%45.0%33.0%164.4%105.5%-153.9%-2資料來(lái)源：Wind，浙商證券研究所12/14請(qǐng)務(wù)必閱讀正文之后的免責(zé)條款部分指數(shù)代碼指數(shù)簡(jiǎn)稱2015H12016H12017H12018H12019H12020H12021H12022H12023H12024H1趨勢(shì)圖得分分位數(shù)801750.SI計(jì)算機(jī)(申萬(wàn))-4.1%-3.3%-3.1%-17.5%-7.2%-4.5%-4.4%-30.5%-8.6%-6.8%244%801720.SI建筑裝飾(申萬(wàn))-2.1%-1.1%-2.3%-12.5%-6.6%-4.7%-4.1%-14.0%-5.5%-7.9%-122%801180.SI房地產(chǎn)(申萬(wàn))-4.9%3.6%-1.5%-14.8%-3.1%-4.3%2.0%11.5%12.2%-3.5%-133%801130.SI紡織服飾(申萬(wàn))3.4%1.3%0.4%5.1%3.1%4.6%3.8%10.2%11.9%5.0%-166%801120.SI食品飲料(申萬(wàn))7.1%7.0%3.5%17.2%11.6%5.4%7.2%14.0%17.0%13.7%-166%801200.SI商貿(mào)零售(申萬(wàn))0.9%1.3%0.5%3.0%1.4%1.1%1.0%4.1%6.8%1.2%-144%801010.SI農(nóng)林牧漁(申萬(wàn))1.3%2.1%0.2%3.0%4.8%4.5%1.0%3.6%5.4%4.3%-166%801880.SI汽車(申萬(wàn))3.1%1.2%0.7%-2.0%2.3%3.9%2.7%8.2%9.1%4.7%-177%801210.SI社會(huì)服務(wù)(申萬(wàn))-0.1%3.4%2.4%16.3%17.1%3.5%2.9%-4.3%20.0%7.2%-166%801730.SI電力設(shè)備(申萬(wàn))-0.6%3.2%-12.4%-7.6%-0.9%1.0%-8.7%-8.7%-4.2%-5.8%-144%801890.SI機(jī)械設(shè)備(申萬(wàn))0.9%2.9%2.1%-2.5%2.0%4.8%-0.7%-1.4%-1.1%-1.6%-111%801230.SI綜合(申萬(wàn))-2.5%3.5%4.5%3.0%7.6%-3.3%1.8%2.4%9.5%1.1%-122%801050.SI有色金屬(申萬(wàn))1.8%1.0%0.7%4.3%2.6%2.4%1.3%13.8%5.6%3.3%-266%801960.SI石油石化(申萬(wàn))6.2%4.1%3.0%11.8%4.4%2.1%3.2%17.4%9.4%6.5%-266%801950.SI煤炭(申萬(wàn))4.7%4.4%5.3%19.9%12.4%6.8%7.2%44.8%17.8%11.9%-255%801030.SI基礎(chǔ)化工(申萬(wàn))3.3%2.0%1.3%7.8%5.1%4.0%4.0%24.3%7.0%4.7%-255%801040.SI鋼鐵(申萬(wàn))2.5%2.3%1.5%12.8%3.8%3.2%5.0%12.3%3.6%2.1%-211%801710.SI建筑材料(申萬(wàn))2.2%1.8%0.1%11.8%7.9%5.4%4.5%8.0%5.9%1.4%-211%801160.SI公用事業(yè)(申萬(wàn))18.6%11.1%6.5%24.9%16.1%10.5%7.9%38.4%17.6%14.0%-244%801170.SI交通運(yùn)輸(申萬(wàn))4.3%2.2%1.1%5.2%4.8%-0.1%1.8%9.2%8.2%3.5%-244%801970.SI環(huán)保(申萬(wàn))5.6%0.5%0.1%1.1%4.2%5.0%1.8%10.8%5.4%4.6%-255%801080.SI電子(申萬(wàn))1.2%0.5%0.9%7.1%4.1%2.4%3.6%17.8%11.1%5.3%-266%801770.SI通信(申萬(wàn))21.4%14.9%10.6%37.5%18.6%15.5%11.8%41.3%21.3%11.9%-222%801760.SI傳媒(申萬(wàn))2.7%2.8%2.3%9.6%5.2%4.6%4.8%17.2%10.5%2.8%-222%801790.SI非銀金融(申萬(wàn))68.9%-3.2%-2.3%24.2%39.7%18.5%10.3%119.5%36.9%36.6%-255%801780.SI銀行(申萬(wàn))175.8%71.0%-12.4%-11.8%38.1%69.3%15.8%248.6%171.4%-14.7%-20%801150.SI醫(yī)藥生物(申萬(wàn))1.5%1.5%0.8%3.8%3.9%4.2%4.0%15.1%6.1%4.2%-266%801110.SI家用電器(申萬(wàn))6.7%3.4%1.6%6.9%7.0%1.9%1.6%16.2%12.1%5.5%-244%801980.SI美容護(hù)理(申萬(wàn))-0.7%0.9%1.3%11.1%-2.0%6.8%7.1%27.0%14.4%6.7%-244%801140.SI輕工制造(申萬(wàn))1.7%2.1%1.1%12.1%7.6%3.8%3.9%14.4%11.5%5.3%-255%801740.SI國(guó)防軍工(申萬(wàn))-19.9%-19.9%-12.2%-8.7%-17.3%-19.8%9.4%-5.0%-25.0%-29.8%-30%資料來(lái)源：Wind，浙商證券研究所得分排名靠后的行業(yè)為煤炭和社會(huì)服務(wù)，均為-3分。指數(shù)代碼指數(shù)簡(jiǎn)稱2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趨勢(shì)圖得分801050.SI有色金屬(申萬(wàn))5.56.12801790.SI非銀金融(申萬(wàn))46.241.759.344.235.733.238.640.82801960.SI石油石化(申萬(wàn))7.28.07.07.76.61801030.SI基礎(chǔ)化工(申萬(wàn))2.32.41801710.SI建筑材料(申萬(wàn))0.91801170.SI交通運(yùn)輸(申萬(wàn))4.34.31801970.SI環(huán)保(申萬(wàn))0.50.51801750.SI計(jì)算機(jī)(申萬(wàn))1801080.SI電子(申萬(wàn))1801760.SI傳媒(申萬(wàn))1801180.SI房地產(chǎn)(申萬(wàn))1801010.SI農(nóng)林牧漁(申萬(wàn))6.67.01801110.SI家用電器(申萬(wàn))2.12.21801880.SI汽車(申萬(wàn))2.02.21801980.SI美容護(hù)理(申萬(wàn))2.33.01801140.SI輕工制造(申萬(wàn))1801730.SI電力設(shè)備(申萬(wàn))0.9-0.9-2.60.81801740.SI國(guó)防軍工(申萬(wàn))0.50.8-0.6-1.70.51801890.SI機(jī)械設(shè)備(申萬(wàn))0.80.9-0.8-2.10.71801230.SI綜合(申萬(wàn))-4.9-4.31801780.SI銀行(申萬(wàn))0801770.SI通信(申萬(wàn))2.02.0-1801130.SI紡織服飾(申萬(wàn))3.42.8-1801120.SI食品飲料(申萬(wàn))9.49.512.010.010.29.812.79.3-1801200.SI商貿(mào)零售(申萬(wàn))5.25.0-1801150.SI醫(yī)藥生物(申萬(wàn))0.9-1801040.SI鋼鐵(申萬(wàn))8.98.0-2801160.SI公用事業(yè)(申萬(wàn))-2801720.SI建筑裝飾(申萬(wàn))-2801950.SI煤炭(申萬(wàn))5.04.8-3801210.SI社會(huì)服務(wù)(申萬(wàn))3.13.04.03.93.5-3資料來(lái)源：Wind，浙商證券研究所13/14