2024年A股中报透视之盈利质量篇-宽基、风格与行业

1/14请务必阅读正文之后的免责条款部分策略专题研究——宽基、风格与行业核心观点根据评分标准和2024H1最新财务指标，六大宽基指数盈利质量得分排序依次为）＞根据评分标准和2024H1最新财务指标，十大风格指数盈利质量得分排序依次为）＞）＞根据评分标准和2024H1最新财务指标，盈利质量得分靠前的中信一级行业为机银行（-6分）等。根据评分标准和2024H1最新财务指标，盈利质量得分靠前的申万一级行业为计后的申万一级行业为银行（-7分）和社会服务（-7分）等。对于注重盈利质量的投资者，宽基指数方面可关注中成长风格，中信行业指数方面可关注机械、计算机和非银金融等，申万方面可关注计算机、房地产、非银金融和机评分标准主观，缺乏回测验证，分析维度有限，结论的滞后性。执业证书号：S1230524070005liaojingchi@执业证书号：S1230524060002wangdaji@相关报告好“进击”准备》2024.09.142《A500ETF发行将如何影响风格》2024.09.14策略专题研究2/14请务必阅读正文之后的免责条款部分 4 5 7 10 13 13策略专题研究3/14请务必阅读正文之后的免责条款部分 4 4 5 5 5 6 6 6 7 7 9 9表15：综合考虑经营性净现金流和应收账款等指标，中信排名靠前的行业为机械、计算机和非银金融，银行排名靠后 银 策略专题研究4/14请务必阅读正文之后的免责条款部分年半年报的A股上市公司财务数据，重点关注单季度经营性净现金流同比增速、单季营性净现金流占营收比重、近10年上半恶化，得-1分；Q(-1)期相比于Q(-2)期恶化，得-1分，即连续2期恶化得-2分，以此类1六大宽基指数：中证1000相对占优，上证50落后指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分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创业板指数-33.4%45.3%509.0%6.3%35.4%-42.3%000016.SH上证5042.3%-32.6%-25.6%-29.8%-228.7%000688.SH科创50239.9%-10.7%-49.7%-14.2%58.4%31.8%-50.1%-74.5%资料来源：Wind，浙商证券研究所注：关于符号问题，我们的处理原则为：若基期为正值，当期为负值，同比增速=（当期/基期）-1，表示当期相比于基期的同比变动，表示当期相比于基期出现恶化；当基期为负值，当期为正值/负值，同比增速=-（当期-基期）/基期，若同比增速为正值，表示当期相比于基期出现改善，若同比增速为负值，表示当期相比于基期出现恶化。指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分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科创5021.1%2.0%20.0%25.1%0.9%4.0%1000016.SH上证5026.1%32.5%70.2%20.8%37.7%50.4%-27.6%399006.SZ创业板指数6.1%21.3%9.2%资料来源：Wind，浙商证券研究所5/14请务必阅读正文之后的免责条款部分指数代码指数简称2015H12016H12017H12018H12019H12020H12021H12022H12023H12024H1趋势图得分最新半年分位数000852.SH-2.5%4.3%-2.4%2.6%3.4%5.7%4.9%7.1%4.1%-155%399006.SZ创业板指数2.9%6.0%9.8%-144%000016.SH上证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科创5021.9%2.1%5.7%4.3%7.5%9.5%2.6%-2资料来源：Wind，浙商证券研究所指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分000905.SH1000852.SH1399006.SZ创业板指数1000688.SH科创501000016.SH上证505.04.1-2000300.SH-2资料来源：Wind，浙商证券研究所表5：综合考虑经营性净现金流和应收账款等指标，中证1000相对占优，科创50评分落后指数代码指数简称单季度经营净现金流同比增速单季度经营性净现金流占营收比重近10年上半年经营性净现金流占营收比重应收账款周转率最终得分1112111111111资料来源：Wind，浙商证券研究所2十大风格指数：成长风格占优，红利风格居后6/14请务必阅读正文之后的免责条款部分指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分CI005917.WI金融(风格.中信)-106.7%-12.2%266.6%-65.6%-18.8%-198.7%-11.3%1CI005918.WI周期(风格.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成长(风格.中信)53.8%-73.3%46.9%-10.5%CI005921.WI稳定(风格.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%资料来源：Wind，浙商证券研究所注：关于符号问题，我们的处理原则为：若基期为正值，当期为负值，同比增速=（当期/基期）-1，表示当期相比于基期的同比变动，表示当期相比于基期出现恶化；当基期为负值，当期为正值/负值，同比增速=-（当期-基期）/基期，若同比增速为正值，表示当期相比于基期出现改善，若同比增速为负值，表示当期相比于基期出现恶化。单季度经营性净现金流占营收比重方面，除红利指数得-1分以外，其余9大风格指数指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图119.1%-1.1%1119.7%16.1%11149.1%资料来源：Wind，浙商证券研究所近10年上半年经营性净现金流占营收比重方面，得分排序依次为成指数代码指数简称2015H12016H12017H12018H12019H12020H12021H12022H12023H12024H1趋势图得分最新半年分位数CI005920.WI成长(风格.中信)-1.5%-1.3%0.5%-3.0%7.1%-1.4%-3.9%3.2%288%399377.SZ小盘成长7.5%9.2%0.2%0.8%-1.0%0.5%-0.7%0.8%-1.7%-1.1%1CI005918.WI周期(风格.中信)4.0%4.4%3.3%7.3%9.7%3.7%0.2%-10%CI005919.WI消费(风格.中信)-0.7%-1.3%2.7%4.9%3.8%4.3%6.4%9.7%4.7%-166%399377.SZ小盘价值7.9%-3.0%5.3%7.0%6.6%0.1%2.2%3.6%-2.6%-1CI005917.WI金融(风格.中信)9.0%6.8%-21.5%-18.0%3.5%23.0%-1.5%-222%CI005921.WI稳定(风格.中信)8.3%6.7%4.3%4.6%8.4%6.4%5.3%-244%399373.SZ大盘价值51.6%67.1%-34.0%6.2%20.1%21.9%7.4%29.6%27.8%-2.1%-2000015.SH红利指数68.1%28.5%9.2%30.5%26.3%28.1%117.6%80.9%-0.8%-20%399372.SZ大盘成长9.3%6.7%7.9%9.7%8.1%-355%资料来源：Wind，浙商证券研究所）＞7/14请务必阅读正文之后的免责条款部分指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分CI005917.WI金融(风格.中信)1CI005918.WI周期(风格.中信)1CI005920.WI成长(风格.中信)1399372.SZ1CI005919.WI1CI005921.WI稳定(风格.中信)399373.SZ399377.SZ399377.SZ000015.SH资料来源：Wind，浙商证券研究所>稳定（-3分红利指数（-5分）。指数代码指数简称单季度经营净现金流同比增速单季度经营性净现金流占营收比重近10年上半年经营性净现金流占营收比重应收账款周转率最终得分CI005920.WI成长(风格.中信)-11213CI005918.WI周期(风格.中信)11-101CI005919.WI消费(风格.中信)11-101CI005917.WI金融(风格.中信)11-200399377.SZ小盘价值11-1-10399373.SZ大盘价值11-2-1-1399372.SZ大盘成长11-30-1399377.SZ小盘成长-211-1-1CI005921.WI稳定(风格.中信)-11-2-1-3000015.SH红利指数-2-1-20-5资料来源：Wind，浙商证券研究所3中信一级行业：关注机械、计算机和非银金融8/14请务必阅读正文之后的免责条款部分指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分CI005022.WI非银行金融(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食品饮料(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钢铁(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传媒(中信)-13.4%37.1%-134.5%-31.7%1CI005023.WI房地产(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轻工制造(中信)45.5%-15.5%458.2%38.1%-118.3%1CI005003.WI有色金属(中信)24.7%-37.0%2.7%0.7%-11.5%CI005006.WI基础化工(中信)-13.9%-112.6%-16.3%9.1%56.3%CI005004.WI53.2%56.7%-27.2%CI005020.WI农林牧渔(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机械(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%资料来源：Wind，浙商证券研究所注：关于符号问题，我们的处理原则为：若基期为正值，当期为负值，同比增速=（当期/基期）-1，表示当期相比于基期的同比变动，表示当期相比于基期出现恶化；当基期为负值，当期为正值/负值，同比增速=-（当期-基期）/基期，若同比增速为正值，表示当期相比于基期出现改善，若同比增速为负值，表示当期相比于基期出现恶化。指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分CI005010.WI机械(中信)13.5%1.7%-5.0%24.3%26.0%3.0%22.6%29.0%2CI005003.WI有色金属(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基础化工(中信)22.8%34.7%-1.4%33.2%29.0%39.5%-0.7%31.9%1CI005005.WI钢铁(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电力及公用事业(中信)45.7%43.5%27.3%39.4%52.6%54.2%34.3%49.4%1CI005024.WI交通运输(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计算机(中信)6.0%34.4%-7.9%-0.3%2.4%28.0%-18.9%-0.6%1CI005025.WI电子(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传媒(中信)9.3%25.2%5.4%13.3%11.9%21.8%-1.8%9.1%1CI005023.WI房地产(中信)22.1%28.7%12.7%22.9%26.6%24.1%13.7%27.2%1CI005017.WI纺织服装(中信)9.0%21.7%5.2%19.7%10.2%22.2%3.6%9.6%1CI005019.WI食品饮料(中信)22.1%28.7%12.7%22.9%26.6%24.1%13.7%27.2%1CI005014.WI商贸零售(中信)7.2%2.8%0.0%5.6%3.6%5.9%-4.5%6.2%1CI005020.WI农林牧渔(中信)16.0%3.1%-0.2%10.7%13.4%4.9%3.2%10.5%1CI005018.WI医药(中信)24.2%45.7%0.9%27.4%20.6%43.1%1.8%26.6%1CI005016.WI家电(中信)11.3%11.4%7.8%15.6%13.1%17.3%3.6%11.6%1CI005013.WI汽车(中信)8.9%10.4%0.7%16.1%10.8%15.6%1.6%11.8%1CI005009.WI轻工制造(中信)10.2%12.6%4.9%15.6%12.8%17.0%-0.8%14.0%1CI005011.WI电力设备及新能源(中信)13.0%33.0%-2.6%18.6%15.0%34.1%-6.3%11.0%1CI005012.WI国防军工(中信)-17.0%40.2%-66.3%-16.9%-17.8%44.7%-87.3%-29.9%1CI005022.WI非银行金融(中信)-12.0%85.0%41.0%31.6%3.2%43.2%65.9%56.0%-1CI005030.WI综合金融(中信)38.6%17.5%35.5%45.1%-24.9%52.7%58.6%55.2%-1CI005015.WI消费者服务(中信)10.1%65.7%38.9%47.4%14.3%29.4%125.1%46.9%-1CI005021.WI银行(中信)23.2%187.8%293.9%45.0%33.0%164.4%105.5%-153.9%-2CI005029.WI综合(中信)-2.4%10.6%0.5%7.6%13.9%22.3%0.5%-8.8%-2资料来源：Wind，浙商证券研究所9/14请务必阅读正文之后的免责条款部分指数代码指数简称2015H12016H12017H12018H12019H12020H12021H12022H12023H12024H1趋势图得分最新半年分位数CI005010.WI机械(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房地产(中信)7.1%5.6%CI005017.WI4.3%0.1%4.8%7.1%4.5%CI005019.WI食品饮料(中信)7.1%5.6%CI005014.WI-0.3%-0.3%0.3%-0.7%CI005020.WI农林牧渔(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有色金属(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基础化工(中信)4.9%4.5%CI005005.WI钢铁(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传媒(中信)2.7%5.0%4.4%4.3%9.5%CI005022.WI非银行金融(中信)-3.1%-2.3%24.6%CI005030.WI-1.9%-24.7%40.8%29.6%CI005021.WI银行(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轻工制造(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%资料来源：Wind，浙商证券研究所应收账款周转率方面，得分排名靠前的行业为有色金属、非银金融和家电，均为2分，得分排名靠后的行业为石油石化、电力及公用事业和交通运输，均为-3分。指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分CI005003.WI有色金属(中信)2CI005022.WI非银行金融(中信)90.52CI005016.WI2CI005006.WI基础化工(中信)1CI005005.WI钢铁(中信)1CI005008.WI1CI005027.WI1CI005025.WI1CI005028.WI传媒(中信)1CI005030.WI1CI005020.WI农林牧渔(中信)1CI005013.WI1CI005009.WI轻工制造(中信)1CI005011.WI1CI005012.WI1CI005010.WI机械(中信)1CI005029.WI1CI005021.WI0CI005002.WI煤炭(中信)CI005026.WICI005023.WI房地产(中信)CI005019.WI食品饮料(中信)CI005014.WICI005018.WICI005015.WI49.1CI005007.WICI005017.WICI005001.WI石油石化(中信)CI005004.WICI005024.WI资料来源：wind，浙商证券研究所10/14请务必阅读正文之后的免责条款部分指数代码指数简称单季度经营净现金流同比增速单季度经营性净现金流占营收比重近10年上半年经营性净现金流占营收比重应收账款周转率最终得分CI005010.WI机械(中信)2315CI005027.WI计算机(中信)1112CI005022.WI非银行金融(中信)322CI005019.WI食品饮料(中信)211CI005008.WI建材(中信)1111CI005028.WI传媒(中信)1111CI005009.WI轻工制造(中信)1111CI005005.WI钢铁(中信)1111CI005023.WI房地产(中信)110CI005003.WI有色金属(中信)120CI005002.WI煤炭(中信)210CI005014.WI110CI005020.WI农林牧渔(中信)110CI005013.WI110CI005012.WI2110CI005006.WI基础化工(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综合金融(中信)1CI005029.WI1CI005004.WI1CI005021.WI银行(中信)0资料来源：Wind，浙商证券研究所4申万一级行业：关注计算机、房地产、非银金融和机械设备11/14请务必阅读正文之后的免责条款部分指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分801790.SI非银金融(申万)-139.9%251.8%-38.3%-52.9%-121.2%-54.1%17.5%73.3%3801950.SI煤炭(申万)26.0%-10.0%25.6%-52.0%-32.4%-49.6%-37.2%52.2%2801960.SI石油石化(申万)2.1%-34.0%76.3%-12.6%7.5%47.9%2.5%11.3%1801030.SI基础化工(申万)8.9%-11.2%-95.5%-24.3%-6.4%-12.1%-110.7%5.4%1801040.SI钢铁(申万)1.0%-57.1%-135.5%21.8%-45.6%-21.5%-24.2%-6.4%1801710.SI建筑材料(申万)-4.5%-50.6%58.3%6.2%-20.7%25.5%-1210.6%-10.4%1801970.SI环保(申万)56.6%9.9%38.5%-11.4%7.6%15.7%-122.7%-12.2%1801750.SI计算机(申万)288.2%4.3%43.1%-107.1%-56.7%-1.7%-29.5%355.3%1801080.SI电子(申万)7.8%8.1%72.1%5.3%3.4%11.5%-28.2%-19.0%1801770.SI通信(申万)-1.6%-5.1%7.4%7.5%-3.4%21.0%-32.2%-6.9%1801760.SI传媒(申万)1.4%-15.0%122.9%7.8%46.6%-5.7%-112.3%-34.8%1801180.SI房地产(申万)-55.5%-43.0%109.4%-14.0%-34.2%-49.0%-1305.0%-58.0%1801200.SI商贸零售(申万)112.0%-54.9%2890.4%20.9%8.6%74.4%-105.5%-21.2%1801110.SI家用电器(申万)20.8%-2.0%295.3%28.7%25.0%63.1%-52.6%-22.8%1801140.SI轻工制造(申万)52.1%-17.1%336.6%14.8%28.4%35.6%-93.1%-8.2%1801740.SI国防军工(申万)6.7%13.0%26.9%-315.3%88.7%19.0%-127.6%50.0%1801890.SI机械设备(申万)109.8%-4.2%50.4%-57.7%3150.9%2.3%-33.2%27.1%1801170.SI交通运输(申万)54.9%-46.3%129.0%37.3%-25.7%-24.2%333.7%-19.1%-1801120.SI食品饮料(申万)-13.0%-12.4%52920.4%35.9%29.0%-14.6%20.3%18.7%-1801010.SI农林牧渔(申万)75.2%470.5%93.6%123.8%-11.7%25.1%2943.9%0.1%-1801150.SI医药生物(申万)12.3%26.7%-93.9%0.3%-13.4%-3.4%278.9%-2.9%-1801880.SI汽车(申万)40.6%-13.5%129.7%62.8%36.8%72.4%99.6%-23.8%-1801230.SI综合(申万)-103.5%63.5%131.2%-5521.9%-945.4%-35.0%144.1%-20.4%-1801160.SI公用事业(申万)55.2%251.7%31.5%-26.1%15.2%35.4%28.7%18.2%-2801720.SI建筑装饰(申万)-7.9%22.4%13.3%-6.7%-191.3%-0.7%-30.0%-180.8%-2801130.SI纺织服饰(申万)113.1%-16.0%35.8%287.4%14.3%61.7%-21.8%-48.2%-2801980.SI美容护理(申万)-9.7%-25.4%32.7%5.9%-22.1%19.1%-15.7%-38.8%-2801210.SI社会服务(申万)60.0%-66.1%581.8%982.1%64.5%75.0%-42.9%-43.8%-2801730.SI电力设备(申万)93.8%-14.2%22.8%199.4%-1250.4%2.6%-3.7%-86.2%-2801050.SI有色金属(申万)27.7%21.1%-42.9%-6.9%1.7%-1.1%-12.3%-13.0%-3801780.SI银行(申万)-61.4%658.2%113.6%-60.7%35.0%-14.4%-64.7%-434.3%-3资料来源：Wind，浙商证券研究所注：关于符号问题，我们的处理原则为：若基期为正值，当期为负值，同比增速=（当期/基期）-1，表示当期相比于基期的同比变动，表示当期相比于基期出现恶化；当基期为负值，当期为正值/负值，同比增速=-（当期-基期）/基期，若同比增速为正值，表示当期相比于基期出现改善，若同比增速为负值，表示当期相比于基期出现恶化。指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分801050.SI有色金属(申万)8.2%9.2%1.9%9.2%7.7%10.2%1.7%7.4%1801960.SI石油石化(申万)11.7%10.0%7.7%11.1%12.2%15.7%7.5%12.4%1801950.SI煤炭(申万)32.6%29.6%20.6%14.8%25.1%17.4%14.7%23.9%1801030.SI基础化工(申万)11.6%15.8%0.3%13.3%10.9%14.5%0.0%13.2%1801040.SI钢铁(申万)9.3%5.9%-1.7%8.6%5.1%4.6%-2.2%8.8%1801710.SI建筑材料(申万)13.6%17.0%-3.2%13.0%10.9%21.2%-12.3%12.7%1801160.SI公用事业(申万)24.4%21.3%14.4%20.9%27.4%26.7%18.2%26.1%1801170.SI交通运输(申万)15.3%10.1%0.8%14.6%11.2%8.8%-2.0%12.2%1801970.SI环保(申万)12.3%21.7%-4.7%14.2%12.9%25.8%1.0%12.1%1801720.SI建筑装饰(申万)2.3%18.4%-16.5%4.2%-2.0%17.1%-21.2%-3.6%1801750.SI计算机(申万)5.1%29.6%-18.9%-0.2%2.1%27.7%-23.2%0.4%1801080.SI电子(申万)7.4%15.8%11.5%10.8%7.6%16.6%7.2%7.4%1801770.SI通信(申万)29.8%24.0%19.3%23.2%27.7%27.4%12.5%21.0%1801760.SI传媒(申万)9.5%26.0%6.8%13.8%13.0%23.0%-0.8%9.0%1801180.SI房地产(申万)6.2%11.9%2.1%18.5%4.4%6.3%-29.6%10.6%1801130.SI纺织服饰(申万)3.0%13.9%9.1%15.1%3.4%18.5%6.7%7.5%1801120.SI食品饮料(申万)22.6%30.8%12.0%23.1%27.3%25.8%13.5%27.5%1801200.SI商贸零售(申万)7.9%3.6%8.4%5.2%8.7%5.7%-0.5%4.4%1801010.SI农林牧渔(申万)15.3%3.5%-0.1%10.6%13.2%4.6%2.8%10.9%1801150.SI医药生物(申万)10.4%19.2%0.2%12.1%9.2%18.9%0.7%11.9%1801110.SI家用电器(申万)11.0%11.9%8.1%15.6%12.9%17.7%3.6%11.5%1801880.SI汽车(申万)9.1%10.2%1.0%16.1%11.0%15.5%1.7%11.6%1801980.SI美容护理(申万)7.7%15.7%9.2%19.0%6.6%21.3%7.7%11.3%1801140.SI轻工制造(申万)10.8%13.5%5.7%16.5%14.1%17.7%0.4%14.9%1801730.SI电力设备(申万)-0.2%17.6%-12.5%2.5%-2.7%17.5%-13.7%0.4%1801740.SI国防军工(申万)-24.8%40.0%-22.0%-27.0%-2.7%47.2%-48.8%-15.3%1801890.SI机械设备(申万)0.2%22.1%-8.4%4.5%8.0%22.1%-10.5%5.5%1801230.SI综合(申万)-0.1%9.3%10.8%8.3%1.4%6.5%-4.9%6.4%1801790.SI非银金融(申万)-11.5%84.2%41.0%31.8%2.9%43.5%66.0%56.3%-1801210.SI社会服务(申万)22.9%7.7%26.7%13.3%29.7%10.3%14.2%7.5%-1801780.SI银行(申万)23.2%187.8%293.9%45.0%33.0%164.4%105.5%-153.9%-2资料来源：Wind，浙商证券研究所12/14请务必阅读正文之后的免责条款部分指数代码指数简称2015H12016H12017H12018H12019H12020H12021H12022H12023H12024H1趋势图得分分位数801750.SI计算机(申万)-4.1%-3.3%-3.1%-17.5%-7.2%-4.5%-4.4%-30.5%-8.6%-6.8%244%801720.SI建筑装饰(申万)-2.1%-1.1%-2.3%-12.5%-6.6%-4.7%-4.1%-14.0%-5.5%-7.9%-122%801180.SI房地产(申万)-4.9%3.6%-1.5%-14.8%-3.1%-4.3%2.0%11.5%12.2%-3.5%-133%801130.SI纺织服饰(申万)3.4%1.3%0.4%5.1%3.1%4.6%3.8%10.2%11.9%5.0%-166%801120.SI食品饮料(申万)7.1%7.0%3.5%17.2%11.6%5.4%7.2%14.0%17.0%13.7%-166%801200.SI商贸零售(申万)0.9%1.3%0.5%3.0%1.4%1.1%1.0%4.1%6.8%1.2%-144%801010.SI农林牧渔(申万)1.3%2.1%0.2%3.0%4.8%4.5%1.0%3.6%5.4%4.3%-166%801880.SI汽车(申万)3.1%1.2%0.7%-2.0%2.3%3.9%2.7%8.2%9.1%4.7%-177%801210.SI社会服务(申万)-0.1%3.4%2.4%16.3%17.1%3.5%2.9%-4.3%20.0%7.2%-166%801730.SI电力设备(申万)-0.6%3.2%-12.4%-7.6%-0.9%1.0%-8.7%-8.7%-4.2%-5.8%-144%801890.SI机械设备(申万)0.9%2.9%2.1%-2.5%2.0%4.8%-0.7%-1.4%-1.1%-1.6%-111%801230.SI综合(申万)-2.5%3.5%4.5%3.0%7.6%-3.3%1.8%2.4%9.5%1.1%-122%801050.SI有色金属(申万)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(申万)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(申万)4.7%4.4%5.3%19.9%12.4%6.8%7.2%44.8%17.8%11.9%-255%801030.SI基础化工(申万)3.3%2.0%1.3%7.8%5.1%4.0%4.0%24.3%7.0%4.7%-255%801040.SI钢铁(申万)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(申万)2.2%1.8%0.1%11.8%7.9%5.4%4.5%8.0%5.9%1.4%-211%801160.SI公用事业(申万)18.6%11.1%6.5%24.9%16.1%10.5%7.9%38.4%17.6%14.0%-244%801170.SI交通运输(申万)4.3%2.2%1.1%5.2%4.8%-0.1%1.8%9.2%8.2%3.5%-244%801970.SI环保(申万)5.6%0.5%0.1%1.1%4.2%5.0%1.8%10.8%5.4%4.6%-255%801080.SI电子(申万)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(申万)21.4%14.9%10.6%37.5%18.6%15.5%11.8%41.3%21.3%11.9%-222%801760.SI传媒(申万)2.7%2.8%2.3%9.6%5.2%4.6%4.8%17.2%10.5%2.8%-222%801790.SI非银金融(申万)68.9%-3.2%-2.3%24.2%39.7%18.5%10.3%119.5%36.9%36.6%-255%801780.SI银行(申万)175.8%71.0%-12.4%-11.8%38.1%69.3%15.8%248.6%171.4%-14.7%-20%801150.SI医药生物(申万)1.5%1.5%0.8%3.8%3.9%4.2%4.0%15.1%6.1%4.2%-266%801110.SI家用电器(申万)6.7%3.4%1.6%6.9%7.0%1.9%1.6%16.2%12.1%5.5%-244%801980.SI美容护理(申万)-0.7%0.9%1.3%11.1%-2.0%6.8%7.1%27.0%14.4%6.7%-244%801140.SI轻工制造(申万)1.7%2.1%1.1%12.1%7.6%3.8%3.9%14.4%11.5%5.3%-255%801740.SI国防军工(申万)-19.9%-19.9%-12.2%-8.7%-17.3%-19.8%9.4%-5.0%-25.0%-29.8%-30%资料来源：Wind，浙商证券研究所得分排名靠后的行业为煤炭和社会服务，均为-3分。指数代码指数简称2022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q2趋势图得分801050.SI有色金属(申万)5.56.12801790.SI非银金融(申万)46.241.759.344.235.733.238.640.82801960.SI石油石化(申万)7.28.07.07.76.61801030.SI基础化工(申万)2.32.41801710.SI建筑材料(申万)0.91801170.SI交通运输(申万)4.34.31801970.SI环保(申万)0.50.51801750.SI计算机(申万)1801080.SI电子(申万)1801760.SI传媒(申万)1801180.SI房地产(申万)1801010.SI农林牧渔(申万)6.67.01801110.SI家用电器(申万)2.12.21801880.SI汽车(申万)2.02.21801980.SI美容护理(申万)2.33.01801140.SI轻工制造(申万)1801730.SI电力设备(申万)0.9-0.9-2.60.81801740.SI国防军工(申万)0.50.8-0.6-1.70.51801890.SI机械设备(申万)0.80.9-0.8-2.10.71801230.SI综合(申万)-4.9-4.31801780.SI银行(申万)0801770.SI通信(申万)2.02.0-1801130.SI纺织服饰(申万)3.42.8-1801120.SI食品饮料(申万)9.49.512.010.010.29.812.79.3-1801200.SI商贸零售(申万)5.25.0-1801150.SI医药生物(申万)0.9-1801040.SI钢铁(申万)8.98.0-2801160.SI公用事业(申万)-2801720.SI建筑装饰(申万)-2801950.SI煤炭(申万)5.04.8-3801210.SI社会服务(申万)3.13.04.03.93.5-3资料来源：Wind，浙商证券研究所13/14