2023年中报业绩深度解读：弱复苏下的中报亮点

││——2023年中报业绩深度解读A股盈利增速探底，成长板块与主板呈现分化分风格对比来看，周期风格疲软，稳定风格与消费风格景气较高。营收同社会服务、房地产、美容护理均属于低基数下困境反转。高基数并实现较会服务、农林牧渔、非银金融、商贸零售、综合、传媒、计算机、公用事制造行业受益于出口链的行业业绩表现较好，其中乘用车、商用车以及汽全A资本开支延续回升趋势，2022年末同比增速达7.3%至9.0%。分行业来看，煤炭、公用事业、银行、机算机设备、金属新材料、消费电子等表现相对较好；个股层面关注石头科 投资策略│策略专题2请务必阅读报告末页的重要声明1.A股盈利增速探底，成长板块与主板呈现分化 4 4 5 82.大类比较：行业持续分化，周期行业承压 10 10 11 15 26 29 32 4 4 5 5 5 6 6 7 7 8 8 8 8 9 9 9 9 9 10 10 10 10 11 11 11 11 12 13 13 14 15 15 16 17 17 17 18 19 19 19 20 21 21 21 22 23 23 24 24 24 25 25 26 26 26 26 27 28 28 29 30 30 31 31 31 32 32投资策略│策略专题4请务必阅读报告末页的重要声明1.A股盈利增速探底，成长板块与主板呈现分化总体来看，上半年各板块业绩增速持续不及预300、创业板周涨跌幅分别为2.26%、2.21%、2.93%。此外图表1：各板块营业收入同比增速（%）图表图表1：各板块营业收入同比增速（%）投资策略│策略专题别环比增长12.35%和27.64%；科创板营收和归母净利润分别环比增长22.86%和46.31%，主要由于创业板电力设备领域保持强劲增长势头以及科创板绿色能源以及图表3：科创板、创业板Q2业绩有所改善6请务必阅读报告末页的重要声明2023H1增速4.2%4.2%5.5%5.8%5.3%9.5%5.6%-8.4%11.5%15.3%-650.0%-9.9%-640.0%-9.4%2023H1增速4.2%4.2%5.5%5.8%5.3%9.5%5.6%-8.4%11.5%15.3%-650.0%-9.9%-640.0%-9.4%0.8%0.3%-9.4%-10.1%-9.3%绝对值增加额11092111111341411381769468-203717-1240251-2362-217431-2173-4500-17232022H126328626303524410526312150888090834724006220-8080-392383-0230173233092303144440185862023H127437827414725751827842264698859881521986937-93202122147220842326310208583994016863一、营业总收入营业收入二、营业总成本营业成本营业税金及附加销售费用管理费用研发费用财务费用资产减值损失三、其他经营收益公允价值变动净收益投资净收益汇兑净收益四、营业利润加：营业外收入减：营业外支出五、利润总额减：所得税加：未确认的投资损失六、净利润图表6：全A-金融-石油石化2022年报/2023年半年报合计利润表（亿元）2022年年报2021年年报2022年年报绝对值增加额增速515939555080391417.6%515439554557391197.6%486501524450379507.8%539157643736.9%421522456576350548.3%16980175846043.6%17515182397244.1%56714950-721-12.7%1360416027242317.8%-4578-4947-3698.1%000462-354-816-176.5%51414956-185-3.6%10-0-78.9%38463388463831.0%832869384.5%-21-1.7%38018384604421.2%7755787500030263305863221.1%3471271100303929641662103471271100303929641662103471267910346833480.0%1.2%-12.4%-11.5%-03190-429-385150720-8.9%-9.3%-28.9%-27.3%-174-15490-528-479归属于母公司所有者的净利润七、每股收益：(一)基本每股收益(元)(二)稀释每股收益(元)图表7：2023H1行业毛利率（%）和毛利率环比变动（pct）图表8：全A（剔除金融、两油）研发费用率走势（%）图表9：全A（剔除金融、两油）三项费用率和销售净利 率走势（%）工业端企业盈利仍未出现明显改善，工业去库存延续导致工业品价格走低制约了利8请务必阅读报告末页的重要声明图表10：1-6月工业企业利润率小幅回升图表图表10：1-6月工业企业利润率小幅回升图表12：2017年-2023年图表12：2017年-2023年6月工业增加值图表14：全部A股剔除金融ROE（TTM）变化情况图表16：全部A股剔除金融资产负债率变化情况图表15：全部A股剔除金融销售净利率变化情况图表17：全部A股剔除金融总资产周转率变化情况102.1风格指数比较：周期风格业绩表现较为疲软图表19：各风格指数营业收入同比增速（%）图表图表19：各风格指数营业收入同比增速（%）图表23：大类行业的营业收入同比增速（%）图表图表23：大类行业的营业收入同比增速（%）图表25：大类行业ROE（TTM%）变化情况图表26：大类行业图表25：大类行业ROE（TTM%）变化情况12图表27：2023H1各行业营收和净利润同比增速表现业无论是归母净利润还是扣非归母净利润均有较大跌幅，其中钢铁归母净利润同比我们通过营收和净利增速的分布判断行业绝对景气程度，景气度较好的行业主13图表28：2023H1各行业营收和扣非净利润增速表现（%）0·0·图表29：2023H1各行业营收和扣非净利润增速表现（%上图放大版）14从行业景气的边际变化看，我们通过行业ROE图表30：2023H1各行业ROE（TTM）及环比变动15航空机场2-24.9-272.4801991.SI80.5116.43031.7463-31.58.9955.7742.9206720-595.7668.797.511.2293.514084-110.5229.2-2.211728-46.41267203.221-79.5146.2-138.0245.4165.61146130.0823-145.37.79.840.5-3.0-47.2-43.831622681.9-17.1737.1-136.6-9.4164.620.2-1.6航空机场2-24.9-272.4801991.SI80.5116.43031.7463-31.58.9955.7742.9206720-595.7668.797.511.2293.514084-110.5229.2-2.211728-46.41267203.221-79.5146.2-138.0245.4165.61146130.0823-145.37.79.840.5-3.0-47.2-43.831622681.9-17.1737.1-136.6-9.4164.620.2-1.6图表31：2023H1二级行业营收增速环比变动前二十归母净利润增速(2022Y,%)归母净利润增速(2023H1,%)营收增速(2022Y,%)环比变动归母净利润增速(2022Y,%)归母净利润增速(2023H1,%)营收增速(2022Y,%)环比变动pct环比变动pct总市值(亿元)排名代码二级行业成份股数量(2023H1,%) 3031.7 774.813.8118.8203.2341.91267 3031.7 774.813.8118.8203.2341.9126763971003206721342173302301640122414145318726789823933148922795177811553679211311201539502119202937186112428132597.597.53801219.SI酒店餐饮-8.542.050.5-2673.3186.3-26.242.9737.1801766.SI-595.7416.7影视院线-26.242.9737.1801766.SI-595.7416.75801096.SI商用车-29.525.235.1-22.71142.7801082.SI-42.6-23.131.2-33.1-23.66其他电子Ⅱ801082.SI-42.6-23.131.2-33.1-23.667801193.SI证券Ⅱ-23.26.729.9-33.713.984.025.212.640.5801016.SI-16.544.6884.025.212.640.5801016.SI-16.544.6895.59801133.SI饰品0.121.724.6-82.29.895.568.923.731.3-30.2801206.SI6.064.668.923.731.3-30.2801206.SI6.064.639.111801077.SI工程机械-19.62.922.6-45.516.039.179.717.221.0-26.4-6.2801179.SI57.579.717.221.0-26.4-6.2801179.SI57.544.413801994.SI教育-26.4-7.119.366.5126.244.4-736.9236.2-152.16.23.6-208.6渔业-736.9236.2-152.16.23.6-208.6渔业17.6756.415801744.SI航海装备Ⅱ6.023.517.5-182.91287.8 66.2-13.53.2801722.SI50.816.7116.4 66.2-13.53.2801722.SI50.816.7116.4204.317801765.SI广告营销-12.93.116.0-95.612.7204.31818801767.SI数字媒体-9.54.714.2-23.113.819.419801112.SI黑色家电-14.2-0.114.2-4.2-6.619.4水泥12.0-53.620801711.SI-59.1-17.5-5.5-28.9水泥12.0-53.620801711.SI-59.1-17.5-5.5图表32：2023H1二级行业净利润增速环比变动前二十归母净利润增速(2022Y,%)营收增速(2022Y,%)营收增速归母净利润增速(2022Y,%)营收增速(2022Y,%)营收增速(2023H1,%)环比变动pct环比变动pct总市值(亿元)代码排名二级行业成份股数量速代码排名二级行业成份股数量(2023H1,%)酒店餐饮专业连锁Ⅱ商用车影视院线航空机场房地产开发航海装备Ⅱ酒店餐饮专业连锁Ⅱ商用车影视院线航空机场房地产开发航海装备Ⅱ 广告营销旅游及景区房地产服务综合Ⅱ多元金融汽车服务证券Ⅱ游戏Ⅱ饰品中药Ⅱ种植业农产品加工100342.012.425.216.7116.44.023.5-2.43.1113.710.17.4-4.18.46.70.721.713.744.6-1.5801219.SI801204.SI801096.SI801766.SI801991.SI801181.SI801744.SI801103.SI801765.SI801993.SI801183.SI801231.SI801191.SI801092.SI801193.SI801764.SI801133.SI801155.SI801016.SI801012.SI-2673.350.52345678920-8.52.0-29.5-26.2-24.9-8.56.0-0.2-12.9-32.5-1.42.1-1.6-14.9-23.20.13.512.69.4-22.735.12134774.81142.7-22.735.12134774.8-272.4341.9639780.5-272.4341.96397-182.9-95.638.4-33.9-33.7-82.2-182.9-95.638.4-33.9-33.7-82.2-16.5236.2204.3168.6160.7118.895.584.0331427954885311302301224164017.516.05.7-2.529.924.625.22831502112.7205.022.213.9-0.9-0.9-95.5-4.5102.642982610.310.3-40.644.993.910279732.3行业业绩兑现能力比较：出行链和出口链受益行上市公司发布业绩预告或者业绩快报，我们则以报告最早发布时点作为上市公司财16部分企业发布报告两周的净利润预测调整情况如果净利润被上调则证明市公司业绩低于预期，最后我们将超预期与符合图表33：2023H1一级行业业绩超预期比例以及业绩兑现比例17图表34：2023H1周期行业业绩超预期比例以及业绩兑现比例行业成分股数钢铁31普钢15特钢Ⅱ10冶钢原料6公用事业67电力57燃气Ⅱ10建筑材料39玻璃玻纤10水泥12装修建材17建筑装饰66房屋建设Ⅱ5工程咨询服务Ⅱ11基础建设19专业工程24装修装饰Ⅱ7交通运输62航空机场10航运港口15铁路公路13物流24煤炭22焦炭Ⅱ3煤炭开采19石油石化22炼化及贸易13油服工程7油气开采Ⅱ2有色金属87工业金属33贵金属6金属新材料16能源金属15小金属172022年报19.35%13.33%40.00% 0.00%20.90%19.30%30.00%10.26%10.00% 8.33%11.76%24.24% 0.00%27.27%31.58%25.00%14.29%30.65%20.00%33.33%38.46%29.17%27.27% 0.00%31.58%22.73%15.38%42.86%0.00%24.14%24.14%21.21%33.33%18.75%33.33%23.53%超预期比例变动趋势2022年报70.97%86.67%70.00%70.00%33.33%59.70%57.89%70.00%48.72%30.00%75.00%41.18%59.09%60.00%54.55%63.16%58.33%57.14%58.06%70.00%53.33%61.54%54.17%54.55%66.67%52.63%63.64%53.85%100.00%0.00%0.00%43.68%36.36%33.33%33.33%50.00%73.33%29.41%业绩兑现比例变动趋势2023年一季报28.13%25.00%40.00%16.67%2023年中报16.67%17.65%27.27%0.00%2023年一季报46.88%43.75%50.00%50.00%47.54%44.23%66.67%30.00% 0.00%38.46%41.18%56.92%25.00%45.45%72.22%54.17%62.50%54.84%70.00%56.25%83.33%33.33%40.00%33.33%40.91%40.00%23.08%80.00%50.00%38.20%35.29%50.00%50.00%28.57%36.84%2023年中报50.00%64.71%54.55%54.55%12.50%52.24%50.85%62.50%30.95%10.00%35.71%38.89%45.33%25.00%46.67%45.00%44.44%55.56%42.19%36.36%50.00%58.33%32.00%18.52%25.00%17.39%37.50%18.75%83.33%50.00%37.76%38.46%42.86%42.86%50.00%23.08%31.58%32.79%22.39%34.62%23.73%22.22%10.00% 0.00% 0.00%23.53%30.77% 0.00%18.18%44.44%29.17%37.50%33.87%12.50% 7.14% 0.00% 7.14%11.11%10.67% 0.00% 6.67% 5.00%18.52%11.11%21.88%60.00%18.18%25.00%58.33%16.67%28.00% 0.00%31.82%35.00%15.38%80.00%50.00%19.10%17.65%33.33%25.00%14.29%15.79%12.50%50.00%16.00%11.11% 0.00%13.04%16.67% 6.25%33.33%50.00%9.18%9.18%2.56%42.86%15.00% 0.00%10.53%图表35：周期行业超预期比例环比变动图表36：周期行业业绩兑现比例环比变动18图表37：2023H1周期板块业绩超预期比例及归母净利润增速投资策略│策略专题19的经济性改善明显并保持了非常强劲的发展势头，其中光伏设备受益于下游需求集图表38：2023H1中游制造行业业绩超预期比例以及业绩兑现比例行业成分股数超预期比例变动趋势业绩兑现比例变动趋势2022年报2023年一季报2023年中报2022年报2023年一季报2023年中报电力设备20223.27%24.27%21.03%50.50%41.75%44.86%16.18%7.35%9.52%51.47%29.41%34.92%0.00%11.11%0.00%40.00%33.33%25.00%电网设备4124.39%34.88%23.08%53.66%51.16%61.54%风电设备175.88%23.53%5.00%23.53%29.41%20.00%光伏设备5240.38%35.19%37.74%57.69%50.00%45.28%其他电源设备Ⅱ1428.57%40.00%33.33%50.00%60.00%66.67%机械设备214工程机械1523.83%40.00%21.88%53.33%13.95%33.33%51.87%51.87%66.67%44.64%73.33%47.29%47.29%55.56%轨交设备Ⅱ1060.00%40.00%27.27%80.00%60.00%54.55%通用设备8427.38%17.78%14.81%54.76%43.33%51.85%专用设备6013.33%22.58%8.45%51.67%46.77%40.85%自动化设备4517.78%14.89%10.00%35.56%31.91%42.00%基础化工18811.17%7.73%5.15%46.28%29.83%32.99%非金属材料Ⅱ60.00%16.67%14.29%33.33%33.33%57.14%化学纤维1030.00%9.09%7.69%40.00%27.27%30.77%化学原料205.00%5.88%8.70%55.00%29.41%43.48%化学制品829.76%6.33%3.70%46.34%31.65%27.16%农化制品3315.15%3.23%6.06%51.52%16.13%24.24%塑料2910.34%13.79%0.00%44.83%44.83%46.15%橡胶812.50%12.50%9.09%25.00%12.50%36.36%汽车11426.32%22.03%28.46%47.37%41.53%58.46%乘用车633.33%33.33%50.00%33.33%33.33%50.00%摩托车及其他825.00%37.50%10.00%62.50%50.00%40.00%汽车服务425.00%33.33%0.00%75.00%33.33%40.00%汽车零部件8925.84%18.09%27.72%46.07%41.49%60.40%商用车728.57%42.86%62.50%42.86%42.86%75.00%环保41环保设备Ⅱ1417.07%28.57%12.50%14.29%11.54%5.56%58.54%58.54%42.86%45.00%35.71%46.15%46.15%22.22%环境治理2711.11%11.54%14.71%66.67%50.00%58.82%图表39：中游制造行业超预期比例环比变动 图表40：中游制造行业业绩兑现比例环比变动投资策略│策略专题20请务必阅读报告末页的重要声明图表41：2023H1中游制造板块业绩超预期比例及归母净利润增速从边际变化来看，其他家电、教育、贸易、小家电以及饲料的业绩超预期比例均较投资策略│策略专题21请务必阅读报告末页的重要声明图表42：2023H1大消费行业业绩超预期比例以及业绩兑现比例行业成分股数超预期比例变动趋势业绩兑现比例变动趋势2022年报2023年一季报2023年中报2022年报2023年一季报2023年中报纺织服饰16.36%21.43%26.53%15.38%21.82%15.38%43.64%42.86%30.61%23.08%49.09%30.77%服装家纺3312.12%32.14%20.59%42.42%32.14%58.82%饰品825.00%25.00%37.50%50.00%37.50%37.50%家用电器4922.45%50.00%25.00%75.00%37.04%83.33%40.82%50.00%35.42%75.00%48.15%83.33%厨卫电器812.50%22.22%33.33%12.50%22.22%44.44%黑色家电520.00%20.00%28.57%60.00%60.00%71.43%30.00%33.33%22.22%60.00%44.44%33.33%其他家电Ⅱ20.00%0.00%50.00%50.00%0.00%50.00%小家电18.75%25.00%13.33%25.00%35.29%25.00%31.25%50.00%26.67%25.00%41.18%25.00%个护用品930.00%44.44%35.00%44.44%33.33%36.36%45.00%66.67%50.00%66.67%41.67%36.36%化妆品922.22%22.22%30.00%33.33%33.33%40.00%0.00%50.00%33.33%0.00%50.00%66.67%农林牧渔动物保健Ⅱ89.80%0.00%14.89%0.00%9.43%0.00%49.02%25.00%25.53%12.50%30.19%12.50%农产品加工825.00%37.50%14.29%50.00%62.50%42.86%农业综合Ⅱ20.00%0.00%0.00%50.00%0.00%50.00%9.09%0.00%20.00%63.64%0.00%20.00%养殖业6.67%21.43%6.67%60.00%28.57%13.33%0.00%0.00%0.00%0.00%0.00%100.00%种植业616.67%16.67%10.00%33.33%33.33%60.00%轻工制造13.92%5.88%20.78%17.65%23.26%15.79%41.77%41.18%36.36%41.18%54.65%73.68%家居用品4413.64%21.43%29.55%40.91%35.71%52.27%文娱用品922.22%33.33%9.09%55.56%55.56%54.55%造纸922.22%11.11%25.00%33.33%11.11%33.33%互联网电商26.09%42.86%27.91%28.57%25.53%28.57%45.65%42.86%44.19%28.57%55.32%55.32%57.14%旅游零售Ⅱ10.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%25.00%0.00%0.00%75.00%一般零售2927.59%28.57%27.59%55.17%50.00%58.62%专业连锁Ⅱ616.67%33.33%16.67%33.33%50.00%33.33%社会服务42教育730.95%14.29%47.50%33.33%38.64%62.50%64.29%57.14%57.50%50.00%56.82%75.00%酒店餐饮633.33%40.00%20.00%50.00%40.00%20.00%旅游及景区63.64%81.82%50.00%90.91%90.91%58.33%体育Ⅱ20.00%50.00%0.00%100.00%50.00%50.00%18.75%31.25%29.41%50.00%43.75%58.82%食品饮料41.38%44.44%43.68%44.44%25.53%36.84%55.17%44.44%50.57%44.44%40.43%47.37%47.37%36.36%36.36%18.18%36.36%36.36%27.27%50.00%57.14%33.33%50.00%71.43%55.56%38.89%41.18%16.67%72.22%58.82%38.89%25.00%37.50%21.05%43.75%43.75%42.11%55.56%50.00%27.78%72.22%55.56%33.33%图表43：大消费行业超预期比例环比变动40.00% 服装家纺图表44：大消费行业业绩兑现比例环比变动投资策略│策略专题22请务必阅读报告末页的重要声明周期见底将逐步步入补库存阶段，家电业绩改善较为亮眼。图表45：2023H1大消费板块业绩兑现比例及归母净利润增速投资策略│策略专题23请务必阅读报告末页的重要声明图表46：2023H1医药行业业绩超预期比例以及业绩兑现比例图表47：2023H1医药子行业业绩情况个子行业业绩超预期比例低于2023Q1，其中出版、数字媒体、广投资策略│策略专题24请务必阅读报告末页的重要声明图表48：2023H1TMT与科技行业业绩超预期比例以及业绩兑现比例行业成分股数2022年报超预期比例2023年一季报2023年中报变动趋势业绩兑现比例2022年报2023年一季报2023年中报变动趋势 传媒5925.42%37.10%出版12电视广播Ⅱ30.00%0.00%广告营销1118.18%41.6数字媒体825.00%37.50%0.00%影视院线90.00%30.00%33.33%游戏Ⅱ1618.75%28.5 电子26312.93%半导体10317.4电子化学品Ⅱ234.35%13.04%光学光电子3915.38%24.24%其他电子Ⅱ2010.00%0.00%消费电子498.16%14.00%元件2910.34%7.14% 国防军工8814.77%地面兵装Ⅱ616.67%25.00%航海装备Ⅱ616.67%33.33%航空装备Ⅱ3324.24%24.24%21.62%航天装备Ⅱ520.00%0.00%25.00%军工电子Ⅱ385.26%5.41% 计算机17518.IT服务Ⅱ58计算机设备3336.36%43.24%25.00%软件开发8413.10%5.88% 通信5322.64%21.05%15.38%通信服务1526.67%20.00%通信设备3821.05%21.43%14.89%61.02%66.67%45.45%61.02%66.67%45.45%87.50%66.67%43.75%44.49%43.69%34.78%64.10%65.00%30.61%37.93%44.32%50.00%66.67%42.42%40.00%42.11%54.29%60.34%66.67%45.24%45.28%60.00%39.47%54.05%66.67%40.00%43.75%33.33%58.33%58.82%38.16%33.61%34.78%40.00%45.00%52.00%28.57%50.54%40.00%54.05%50.00%45.00%55.22%60.87%63.64%46.59%40.00%44.44%38.30%66.67%33.33%58.33%40.00%42.86%32.68%30.19%30.43%51.52%34.00%28.57%36.47%25.00%50.00%48.48%40.00%24.32%43.33%53.45%64.86%27.06%35.09%33.33%35.71%图表49：TMT与科技行业超预期比例环比变动图表图表49：TMT与科技行业超预期比例环比变动上半年全球半导体产业销售仍旧呈现疲软态势，但目前半导体月度销售额触底光通信行业下游需求有望复苏，各类研发成果将助力我国光通信企业业绩长期稳健投资策略│策略专题25请务必阅读报告末页的重要声明图表51：2023H1TMT与科技板块业绩超预期比例及归母净利润增速关注金融与地产板块的超预期比例，从绝对值视角来看，股份制银行及农商行图表52：2023H1金融与地产行业业绩超预期比例以及业绩兑现比例行业成分股数超预期比例变动趋势业绩兑现比例变动趋势2022年报2023年一季报2023年中报2022年报2023年一季报2023年中报房地产37房地产服务413.51%0.00%14.29%0.00%16.67%0.00%40.54%25.00%31.43%25.00%55.56%25.00%房地产开发3315.15%16.13%18.75%42.42%32.26%59.38%非银金融5315.09%30.00%14.04%47.17%64.00%45.61%保险Ⅱ520.00%100.00%0.00%20.00%100.00%0.00%多元金融1118.18%35.71%12.50%54.55%57.14%50.00%证券Ⅱ3713.51%16.13%16.67%48.65%61.29%50.00%银行3345.45%28.57%18.92%45.45%40.00%37.84%城商行Ⅱ1233.33%23.08%20.00%33.33%38.46%53.33%股份制银行Ⅱ742.86%25.00%25.00%42.86%37.50%50.00%国有大型银行650.00%0.00%0.00%50.00%0.00%0.00% 农商行Ⅱ862.50%62.50%25.00%62.50%75.00%25.00%26请务必阅读报告末页的重要声明图表53：金融与地产行业超预期比例环比变动图表图表53：金融与地产行业超预期比例环比变动图表55：2023H1金融地产板块业绩兑现比例及归母净利润增速图表56：全A资本开支同比增速变化趋势27请务必阅读报告末页的重要声明图表57：一级行业资本开支同比增速变化趋势板块2016Y2017Y2018Y2019Y2020Y2021Y2022Y2023Q12023H1缩略图社会服务12.33.526.310.3-19.7-0.1-22.4-2.061.5煤炭-13.2-4.37.68.311.7-0.136.475.843.6公用事业2.8-10.2-8.5-0.419.90.516.834.843.2汽车16.415.822.0-4.5-25.845.948.042.238.2有色金属-10.932.520.610.25.33.734.725.336.2房地产5.739.033.524.615.4-16.1-20.054.229.4交通运输13.21.611.6-17.0-4.418.9-15.24.724.3石油石化-21.217.923.123.2-17.010.2-1.24.821.5综合11.715.315.7-39.737.7-29.06.93.718.1纺织服饰-8.413.96.6-9.3-13.723.07.50.617.6基础化工-0.941.250.111.712.037.732.117.617.4电力设备17.721.95.78.79.171.642.427.616.9机械设备-7.6-2.625.83.02.136.12.19.615.9食品饮料-18.92.322.953.7-11.929.82.16.914.9银行7.8-14.720.7-9.40.70.39.926.212.8国防军工7.8-2.60.515.7-14.913.012.06.612.6建筑装饰1.423.5-2.523.930.5-23.45.73.97.1美容护理-21.133.811.4-3.077.5-8.1-11.30.27.0计算机29.314.949.2-1.18.521.50.1-3.74.2家用电器-7.218.071.17.67.820.50.42.22.7传媒36.64.6-9.7-5.2-14.36.0-17.41.82.3商贸零售-5.310.916.5-8.5-18.210.8-21.5-20.8-4.3通信12.6-22.9-7.1-3.1-6.26.1-2.5-2.8-4.8电子34.443.718.6-20.330.811.27.7-10.1-4.8轻工制造-9.037.623.3-8.312.721.1-5.9-2.3-5.3医药生物12.515.020.80.59.834.74.2-10.6-5.4农林牧渔21.429.9-0.148.8127.1-25.0-35.7-24.1-7.4环保42.333.720.637.71.4-23.4-13.2-18.7-8.8钢铁-33.4-10.814.313.6-3.19.09.4-17.9-9.0非银金融32.6-10.0-12.1-11.04.3-0.3-9.7-32.8-13.3建筑材料10.25.134.641.6-5.140.516.2-14.0-36.8全部A股1.68.014.65.26.58.77.39.213.0全A-金融-0.610.814.78.67.410.17.79.113.4全A-金融-两桶油2.89.913.56.611.110.68.410.512.728请务必阅读报告末页的重要声明图表58：2023H1一级行业资本开支与净利润同比增速情况图表59：2023H1一级行业资本开支与净利润环比变动情况29请务必阅读报告末页的重要声明从二级行业来看，在剔除资本开支绝对值小于图表60：二级行业资本开支增速环比变动前20名与后20名投资策略│策略专题30请务必阅读报告末页的重要声明801730.SI电力设备52,657286-11.0%0.0%801730.SI电力设备52,657286-11.0%0.0%10.5%20.3%43.8%21.0%图表61：综合超跌、估值、业绩同比+环比、业绩预测四因素下的一级行业筛选情况 代码一级行业总市值（亿元）成份个数8月跌幅综合估值分位数Q2净利润环比H1营收同比Q2营收改善占比盈利预测调高占比 801210.SI社会服务4,90773-8.7%16.7%55.8%30.9%63.6%38.6%801110.SI家用电器14,60679-8.2%14.0%39.8%5.9%54.6%37.0% 801880.SI汽车31,409251-11.2%51.9%16.2%19.3%28.5% 801980.SI美容护理3,74630-9.8%41.5%15.2%5.5%53.3%33.3% 801180.SI房地产14,420109-8.5%8.8%55.0%4.0%44.4%16.7%801770.SI通信18,802115-8.9%15.2%62.9%6.3%41.0%15.4% 801710.SI建筑材料8,64974-8.4%2.2%-2.8%7.1%801080.SI电子45,263319-11.7%60.2%65.7%-6.2%12.7% 801740.SI国防军工19,381100-7.5%3.1%64.1%10.8%39.3%15.1%图表62：综合超跌、估值、业绩同比+环比、业绩预测四因素下的二级行业筛选情况代码801735.SI801096.SI801142.SI801114.SI801111.SI801219.SI801102.SI801045.SI