基于两会主题投资的十大定价观察-A股核心产业赛道述评月刊：新质生产力很好！但怎么定价

SDICSECURFFIES

aa224e. i‹n+x ‹aaa ›+w++ïa‹x‹›,«rët+ er,:•‹ł,-ćxe:+łtt‹Eir.

SDICSECURITIES

III1.aaCAT&oeJŁ@1e

2.ĆlłBéń.J.4Aa-rń14:g6&iś‹à

i ?

øa@&

7Œ$

3OB

soicsccuRmes

7

"are«

SDICSECURFFIES

SDłCSECURITIES

Táë:$ÁA#ź/śää»J71J?? ATæYiO&ÀèłT7:<fć

12/]0B.4'Jt-4

'’ 2/]21Eł, Øfit

1 qEAA‹txta 3 2g.^

2/I26zl,IB6Ã4S:

M *T*”^+

ÆÆA0EW#,Æ

10

308[S7

12878,"¥#Ł

1/]27B,ØAEł

12źł27ß,

SDICSECURFFIES

11

•-37¢łgg•t

SDICSECURFFIES

øa@&

soicsecuRrrics

» x»x»e:›sał•a,«»a«>•ax«seeaøeïr

zAøa•ŁaeXJùRłfu1&A6,aA& øJX&à&6AAasłt&Aaee.

17

ææ

2fÏ13

SŒCSECtÆfTtES

R&RR'4aa•»Aa«ORBaAafi,aT&«JJnaxlPx.eRR,aal5Ra4-

T&aJAaP,»laaAsORJreaRRRsAeAR.+=fiîa,ë-Jn1ait1•*si1a

ms.car a«ssxena#na4va»xasz

16ŒI

0.75

-sx

» eea9e:eær•*a»uasæex4,19o-•+4s-aä»-ry4io-1‹8,s-+d«xN&4A6AA.aaPAa1A.7-sexJfs•tAæ-A

—aa,aaear«i R»Re«asAa4Aaa&a,s 5AaAT—xRaea

vos.v+zois-2o2sx«ïnze mæ»rè›au,aci*is a›zs(szx4zi

-Mai,NY-asæaAR«A&BgRasftoAXi,&&9af2o2o&9‹•‹•Aaù

SDICSECURFFIES

2016 .@@! .-20.’62fi -0.97¥. 7.B0h 1.23h,'-.5.76tl -2.OSS 0.@h 7.ON -0.8R”.4.1gg !B.34fl -1.30¥

» z+r«v\B:>+«+a«ra«tAa»Ax«+4>a+»«+

2CI13

20"14

2015

-15.36%

2Ci20

2021

2022

40.07%

2023

-4.64%

17.88%

no.zo23TAæoRaexxAHaT‹a›

1500

1000

*“

Z4

ea@&

soicsecuRrrics

KI49.&A AM

4500

4000

3500

30’00

2500

2000

1500

1000

50"O

10

40.0%

3100%

300%

2100%

200l5.00B1Ó.0@

5.OOH

ó.óó6

¥lso.eBl¥t4gyAą9a&AfsNV1cT› Ns1.-6•w-ałeasRHX>AAAAAA1

BI5(2.20)23

øa@&

soicsccuRmes

100%

804

60&

40*

204

27

SDICSECURFFIES

'*

2023EPS

”2024EPS”

Z0256PS

gEÈžžË

gr8ÉB

ÏZÊg@g°<

3.ö0ô14.SZ

1:84

2.î5

2.91

°3.84

3é.16

18.8..

8ÖJ

8ô1

gÎÎłgÎg

flÎȚggî

îîă

603806.ŠH

1.19

1.1S

1.58

1.96

28.41

35.9

53Ö

530

gÎgł

gîgEI

605117.SH

6.35

4.53

6.13

7.93

90.02

17:9

387

387

ÉÉ@$I]żÎž

@@gł2

600201..SH

0.19

0:29

0.37

0.46.

8.70.

33.7

9.7

97

fg

g2gJB

tttã2

300654.SZ

Ô..17

0.î2

0.1S.

0:17

12.6.2

108.5.

46.

46

/ÏIg

gjgî

RțțtjłÏlg

300413..SŻ

ô.98.

1.48

1.29

1.47

24.31

12.8

455

455

a

tz

Is-U

.688062:SH

-2.44

-2.08-

-1.8Ż.

-ï:.0S

3S.02

-13:3

140

140

BŒj

Œ@I@Zî

tJîggÊfłî

600276.SH

Ò:61

0.73

0.88

1.0’6

4Š:97

69.7

2,932.

Z932

î

E@łÍEØ

@@łgłØ

603.259.SH

3.01

3.38

3:57

4.19

46.1.8

14.1

1.,306

1,176

@P§

Œ@I@ftî

Eîă{łğj7

300760.SZ

7:P4

9.5.9

11.56

13.9,1

28î.46

30.1

3,413.

3,413

î

&t8!E

¥'.

30Ö1.22:$Z

4.71

3.81

4.89

5.82

44..94

12.7

1,079

1;079

E

B îg&

003.041.SZ

1.29

1.04

1.30

1.74

12.85

12.5.

9..

”19.

ØM

\Î8

W

@ŁÍJ

688.111.ŠH

2:42

2.92

3:67

4.88

291.0Ö:

102.0

1,344

1,Ś44

i I,

ŸÏîg@Ø

A

N W

002230.SZ

0.24

0.35

0.54

0.79

48:.72

469:4

1,128

1,128

îȚÆtlt

\We@ØŹt

rQBgžć

6030.19:SH

1.06

1.32

1.66

.2.06

47.75

38.0

699

699:

I-I-jgłît

-tłg.'gØ¥

PÂBm

688568.SH

1.04

0..95

1:34

1.89.

S5:40

58.9.

203

Z03

j

3.1.Àc8Ă.Ò:'ï-Ğ'ł-#YĞ,%1a&e»ń

» eoe›«:.J-4.i-go»,ata»s-rx.

2.595.

28

SDICSECURFFIES

as7..i-xas+»a‹zi«›

3,500.

5,5D0

3300

5,000

3,100

4,5D0

2,900

]700

2,5.00. ' '

4,0D0

3,'i0O

3,0O0’-''

› aeeaa:=-rsea-r».a^e«a•»

V1 :4/%V1 9F.417D, %0V1T%1k%1V7900:t/•t,ilT1

es9.eBa+n«e‹x/e)

11,000

10,0.00

8,000

7;000

2023-03-01

2023-04-01-

2023-05-01-

2023060î-

2023-07-01-

2023-08-01-

2023-09-01-

2023-10-01-

2023-11-01-

2023-12-01-

202+01-01-

2024-02-01-

202+0301-

2024-04-01-

6,000

5000

4,500.00

4,000.00

3:500.00

3,000.00

2,500.00

Z,000.001,500.00

1,000.00

500.00

. i i * i i I I I i ‹ +

29

2.5

60

55

50

30

2022-0.2 2022-07 2022-12 2023-05 2023-1D

sa@&

soiCsEcuRmes

20M-022022-0620.22-1.D.2023-022023-062023-102024-02

6A6 Mrc' 7?16°fÜC'4”

?0.00

30

ea@&

soicsecuRrrics

350,000.00

30O,0DO.00

250,000.00

200,000.00

150.000.00

100,00000

50,00000

000

120,00

100.00

ggg

ó0004000

2000

000

600.00

500.00

400.00

300.00

2OD.00

100.DO

0.00

66.00

64.00

62.00

60.00

5B.00

56.00

54.00

52.00

50.00

48.00

4.›u°7•«4QyA94&«B1A

» lttAA.&6&R&iá&P,astt

31

SDICSECURFFIES

oBatasTxAAAñaPaamRH‹aTBWAeAee‹#A&8AYLpadiRnd.‹€afi&RA3Xeifi.+«tafi1s8n.kit,&nT'J•asU7x&,sa»4aa#,rpxe¢e.i.»rxa:ian>>.=4«xs.<assi‹xae»‹›xaa›zx

!

9.93

32

SDICSECURFFIES

mo.&.u#nşapR&ø-ax‹8›

3З

SDICSECURFFIES

ãl72.a' Ay&łtaaz'>X ïcT›

34

SDICSECURFFIES

5.2.auJ 3hJan4: ix:xa(3,8)

(830.58pct),ti(700.77pct),i*K &(s83.82pct),2%[°.8[i(555.85pct),

\,OOO 70,

^00

0

B

s.3.6'uz-Bf?3kA1'JBxtB?3(3?I)

’ 35

ea@&

soiCsEcuRmes

aoo s0

300 40

30

too

0

PB,LF

aa« -

gQ5D¥ z}8.804

6.6Ü'sII S0h

AO.5Ds 29.50•s

Ei 17.\0¥ S£04

M 16.5hE iion

I s. G io.oox

§ 5.00's.18.0ß's

] 4.406 ’46.80s

I 3.Ißt 0.90s

t Z9.9D*¡28.60*

2S.40h 3.70'

.24.20h 38.10'

19.70] 6.00'¥

)6.50¥Ü13.ROYÖ 12.1£flsÜ14.SO'N11.40h$ 8.10h

11.40hE13.30's

§ 9.50hÜ 9.80*t

8.20+¥§11.40'ä

7,00h 23.60*t

I 5.00h 2.00'¥

I 4.40 30.00¥

[ 4.40+s] 2.70'¥

[ 3.80¥l 4.80¥

[ 3.8& 18.00'¥

[ 3.80h 27.10h

I 3.10hb15.80h

I 3.J0hl 4.60*t

I 3.10 23.70s

I 19D¥ 0.SOP

0.60h 0.10k

36

SOICSECURITIES

s.s.6'üeATQJå&Aś'ł'kćirh‹3sPE—G,3J)

@• 1år@@a ŸłîgN.ë.@

a8J.@

JL&@@ałsŸaN.ëæ

‹1›

37

SOICSECURITIES

a82.@-J JLa&&a ÏAN.ëæ(2›

...,.• ....

’

38

Ns7.z€aR6AR›8‹•/a

80

70

80

5O

#0

30

20

10

2021-022021-082022-02 2022-08 2023-02

2023-08

2024-02

» âoaa:2ä1R4«eAe6ßTÑ

yaę«eg›tąę.2y&mè‹nśn›k»A—19.zsx,»1y »p+›é.

90

80

70

60

50

40