Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The light industry sector has experienced a decline, with the light industry index dropping by 5.71% in the week of May 20-24, 2024, underperforming the CSI 300 index by 3.63 percentage points, ranking 31st among 31 sectors [3][8] - Recent reductions in housing provident fund loan rates across multiple cities are expected to lower housing costs, boost consumer confidence, and stimulate economic activity, benefiting the home furnishing sector [3] - In April 2024, furniture exports improved, with a total export value of USD 6.26 billion, reflecting a year-on-year increase of 8.7% [3][36] Summary by Sections Market Overview - The light industry index closed at 2019.12 points, with a weekly decline of 5.71%, underperforming the CSI 300 index by 3.63 percentage points [3][8] - The sub-sectors within light industry, including packaging, printing, paper, entertainment products, and household goods, all experienced declines ranging from 4.53% to 7.23% [3][8] Key Data Tracking - In April 2024, residential sales area decreased by 17.1% year-on-year, with the decline in new construction and completion areas also narrowing [16] - The retail sales of furniture in April 2024 showed a year-on-year increase of 2.5% [22] Key Company Announcements and Industry News - Recommendations include focusing on leading companies in the customized home furnishing sector, such as Oppein Home (603833.SH) and Kuka Home (603816.SH), which are expected to benefit from improved supply chain efficiency and management capabilities [3] - The report highlights the launch of a "sell old buy new" initiative in Hefei to stimulate the real estate market [42] and adjustments in housing loan policies in Fuzhou to promote market stability [43]

计算机 /行业投资策略周报 /2024.05.26 低空经济政策催化持续，空域管理有望不断细化 证券研究报告 投资评级:看好(维持) 核心观点 最近12月市场表现 ❖ 低空经济已成为新质生产力重要一环。2024 年中央经济工作会议将低空 经济定性为战略新兴产业，类比新能源产业，2020 年中央经济工作会议首次 计算机 沪深300 提及 “做好碳达峰、碳中和工作”。我们认为，中央经济工作会议的提及，代 17% 表了后续中央及地方政府的发力重点，将从产业补贴、地方产业扶持等方面产 6% 生催化及利好。类比新能源产业，低空经济或成为下一个万亿产业。此外，5 -5% 月以来，广东省、安徽省、北京市等多地政府发布低空经济支持政策，产业进 -16% 入了地方政府政策的密集发布期，后续产业支持力度将进一步提升。 -28% -39% ❖ 产业链完善，发展核心堵点在于空域管理。我们认为，在无人机、eVTOL 等技术上国内产业链已相对完善，短期发展的核心堵点在于空域管理方法发 展。低空经济的发展需要顶层设计与空域管理方法的相互支持与促进。根据亿 分析师 杨烨 航智能副总裁，未来城市空中交通的发展趋势将从隔离空域到融合空域，从简 ...

1 各行业量价速览 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-----------|-------|-------|-------|-------|----------|-------|-------|-------|-------------|-------|----------|----------| | 收 | 量 | 升 | 降 | 升 | | | | | | 降 | | | | 降 | 降 | | 入 | 价 | | | 升 | 升 | 升 | 降 | 升 | 升 | 升 | 升 | 降 | 升 | | | | 行 业 | | 电 力 | 客 运 | 货 运 | 煤 炭 | 有 色 | 原 油 | 玻 璃 | 水 泥 | 钢 铁 | 化 工 | 休 闲 服 务 | 家 电 | 乘 用 车 | 房 地 产 | | | | | 基础 设施 | | | | | 生产制造 | | | | | | 消费服务 ...

资料来源：EPFR，Wind，财通证券研究所 注： EPFR追踪全球基金的资金流向，数据统计周期为上周三至本周三 3）跨市场&风格角度，近一周全球资金流入新兴市场较多；平衡&大盘风格流入居多。 ETF：1）指数视角上，本周资金整体流入ETF，宽基指数ETF净流入12.4亿元。2）行业视角上，财通大类下，本周资金整体流入大类行业ETF，流入高端制造ETF（9.7亿元）居前， 流出公共服务ETF（-1.2亿元）居前。从月度数据看，高端制造净流入居前，月度流入额为20.05亿元。 风险提示： 资料来源：EPFR，Wind，财通证券研究所 注：EPFR追踪全球各地的基金流向，数据统计周期为上周三至本周三 1 • 资金流向：本周全球资金流入货币、债券、股票市场分别248亿、125亿、105亿美元；从净流入额来看，货币>债券>股票 。 • 市场表现：海外消费者通胀预期数据缓和市场担忧，标普、纳指上升。 全球资金流动：本周重要数据一览 全球市场资金流向： 国内市场资金流向： 国内市场资金需求：本周募资总额18亿元，募集家数1家；相较上周55.14亿元募资规模小幅下降。其中IPO规模0亿元，首发家数为1家；定增募集规模18亿 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][10]. Core Viewpoints - The company is in a strategic transformation phase, with laser and high-temperature superconducting businesses expected to contribute significantly to revenue and profit growth in the future [10]. - The company has achieved a major breakthrough in high-temperature superconducting induction heating technology, with the world's first MW-level high-temperature superconducting induction heating equipment put into operation in 2023 [4][10]. - The intelligent controller segment, primarily operated by a subsidiary, is expected to continue generating substantial revenue growth due to strong demand for high-end optocouplers [4][10]. Financial Summary - The company reported a revenue of 32.40 billion yuan in 2023, a decrease of 2.24% year-on-year, while the net profit attributable to shareholders was 3.39 billion yuan, an increase of 26.85% [65]. - Revenue projections for 2024, 2025, and 2026 are 35.75 billion yuan, 40.42 billion yuan, and 45.56 billion yuan, respectively, with corresponding net profits of 5.02 billion yuan, 6.62 billion yuan, and 8.31 billion yuan [10]. - The company's earnings per share (EPS) are expected to grow from 1.10 yuan in 2024 to 1.83 yuan in 2026, with a price-to-earnings (PE) ratio decreasing from 26.21 to 15.83 over the same period [5]. Business Segments - The laser product segment has shown rapid growth, with revenue from laser series products expected to reach 4.20 billion yuan in 2024, reflecting a year-on-year increase of 134.64% [30]. - The high-temperature superconducting business is positioned for significant growth, benefiting from advancements in domestic nuclear fusion technology and strategic partnerships [4][51]. - The intelligent controller segment is projected to contribute approximately 50% of the company's revenue, with a steady increase in market share from 56% in 2021 to 61% in 2023 [66].

计算机 /行业点评报告 /2024.05.25 影院放映系统更新，LED 显控系统显著受益 证券研究报告 投资评级:看好(维持) 核心观点 最近12月市场表现  事件：2024 年 5 月 24 日，根据国务院印发的《推动大规模设备更新和消费 品以旧换新行动方案》，国家发展改革委等六部门发布《推动文化和旅游领域 计算机 沪深300 上证指数 设备更新实施方案》。方案强调发挥资金合力：鼓励文化和旅游领域企事业单 20% 位运用自有资金进行更新，将符合条件的重点项目纳入超长期特别国债，引导 8% 政策与商业性金融机构加强对文化和旅游领域设备更新的支持。 -3%  推广新一代影院装备系统，大规模实施影院LED屏放映系统更新，助 -15% 力显控系统开拓新市场。根据国家统计局数据，2022 年全国电影院线银幕 -26% 数为83,998块，同比增长2.1%，已进入发展成熟期。根据拓普数据统计，2022 -38% 年特效厅在映银幕数 8,930 块，其中巨幕厅数量为 6010 块，占比为 67.3%。 我们根据巨幕与普通影厅银幕尺寸、LED显示屏单价以及显控系统在LED屏 分析师 杨烨 的占比等数据进行测算，全国影 ...

W1 信息来源: WIND, 财通证券研究所 17 指标 解读 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-----------------------------------------|-------|-------|-------|-------|-------|----------------------------|----------------------------------------| | | | | 图26 日均耗煤量及全社会电量同比增速 (%) | | | | | | 图27 三峡出库量(立方米/秒) | | | 40 | | | -六大发电集团日均耗煤量当月同比 | 25 | | 50000 | | | | 2018 ----- 2019 ---- 2020 -2021 | | 30 | | | 全社会用电量当月同比(右轴) | 20 | | 40000 | | 2022 | 2023 | | | 20 | | | | 15 | | | | ...

李美岑 SAC 证书编号: S0160521120002 limc(@ctsec.com 相关报告 1. 《当前地产链如何演绎? -- 一A 股翼 略专题报告(20240519)》 2024-05-19 2.《全球资金流入股票市场 119亿美元 -- 全球资金观察系列 106》 2024- 05-19 3. 《盈利和估值双击上行的方向有哪 些》 2024-05-18 ■ 证券研究报告 -2 ij -2 请阅读最后一页的重要声明! | --- | |----------------------------------------------------------------------------------------------------| | | | 图表目录 | | 图 1. 本周市场指数均收跌,小盘股跌幅较大 . | | 图 2. 相对估值洼地的金融地产调整幅度相对较少 . | | 图 3. 周内上涨公司降至同期低位. | | 图 4. 北向资金本周净流入 8 亿元, 相较前期有所缩水. | | 图 5. 市场换手率和杠杆资金情绪双双回落至 4月以来低点 | | 图 6. 市场调整下,高股息板块再 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's shareholders' meeting approved the "Future Three-Year (2024-2026) Shareholder Return Plan," increasing the annual cash profit distribution from 20% to 40%, with expectations for continued increases in the dividend rate [2] - The company is focusing on high-end product development and regional bestsellers, emphasizing the importance of high-end products for brand building and market share [2] - The company is actively developing large B clients in response to the increasing trend of restaurant chain integration, with steady growth observed in key accounts [2] Financial Projections - Revenue projections for 2024-2026 are estimated at 15.82 billion, 17.56 billion, and 19.01 billion yuan, representing year-on-year growth rates of 12.64%, 11.02%, and 8.22% respectively [3] - Net profit projections for the same period are 1.663 billion, 1.911 billion, and 2.079 billion yuan, with year-on-year growth rates of 12.54%, 14.90%, and 8.78% respectively [3] - Corresponding PE ratios are projected to be 17, 14, and 13 times for 2024, 2025, and 2026 respectively [2][3]

轻工制造 /行业投资策略月报 /2024.05.24 4 月家具出口改善，美国通胀放缓 证券研究报告 投资评级:看好(维持) 轻工出口月度跟踪 最近12月市场表现 核心观点  2024年4月家具出口改善，弹簧床垫景气延续。据海关数据，2024年4 轻工制造 沪深300 月家具及其零件出口额62.6亿美元，同比+8.7%（前值-5.2%），增速转正。2024 8% 年前4月家具及其零件出口额237.2亿美元，同比+16.5%。各品类来看，4月 1% 弹簧/乳胶床垫出口额分别同比+33.2%/+3.7%，弹簧床垫出口延续高景气，乳 -6% 胶床垫增速放缓；4 月木框架/金属框架沙发出口额分别同比-20.0%/-36.8%， -12% 降幅均有所扩大；4月PVC地板、不锈钢保温杯出口额分别同比-6.3%、-7.8%， -19% 降幅均有所收窄。4月弹簧床垫出口表现较优，PVC地板和不锈钢保温杯出口 -26% 有所改善。  2024年4月美国成屋销售同比降幅收窄，新建住房销售同比增速转负。 分析师 吕明璋 SAC证书编号：S0160523030001 新建住房方面，2024 年 4 月美国新建住房销售 63.4 ...