Investment Rating - The report maintains an "Outperform" rating for the media industry [1] Core Insights - The media industry is expected to benefit from the commercialization of IP and advancements in AI technology, with significant growth projected for key companies [4][5] Summary by Relevant Sections Tencent Holdings - Tencent is viewed as an internet core asset with low valuation and key product launches scheduled. The domestic gaming sector is expected to recover in Q2 2024, with a 50% increase in total revenue from mini-games in 2023. The user engagement on video platforms has doubled, and AI integration is anticipated to enhance advertising revenue [4] Meituan-W - Meituan shows positive financial data and a favorable competitive landscape. In 2023, the number of users for food delivery services grew, and the flash purchase segment saw over 40% growth. The company aims to adjust its business model to reduce operational losses in 2024 [4] Kuaishou-W - Kuaishou has achieved record user growth and profitability, with adjusted net profit reaching RMB 10.3 billion in 2023. The company is expanding its market share in e-commerce and online marketing, with significant growth in overseas revenue [4] NetEase-S - NetEase is a leader in the gaming industry, with a partnership with Blizzard Entertainment to reintroduce popular games to the Chinese market in 2024. This collaboration is expected to boost gaming revenue significantly [4] Baidu Group-SW - Baidu has shown recovery in revenue and profit, with a strong focus on AI development. The company has made significant progress in AI model iteration and commercialization, enhancing its core online marketing business [4] Shanghai Film - Shanghai Film is advancing its IP and AI commercialization strategy, with revenue from licensing exceeding RMB 100 million in 2023. The company is expected to see substantial growth in revenue and net profit from 2024 to 2026, driven by successful IP content releases [4] Kaiying Network - Kaiying Network reported a revenue of RMB 4.295 billion in 2023, a 15.3% increase year-on-year, with a net profit of RMB 1.462 billion, up 42.57%. The company is focusing on high-quality game development and expanding its overseas market presence [5] Shenzhou Taiyue - Shenzhou Taiyue achieved a revenue of RMB 5.962 billion in 2023, a 24% increase, with a net profit of RMB 0.887 billion, up 64%. The company is leveraging AI to enhance efficiency across its business operations [5]

[Table_Main] 证券研究报告 | 行业点评 汽车 2024年05月04日 4 月蔚来交付量环比+31.6%，小 汽车 米首月交付量突破 7000 辆 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 邓健全 资格编号：S0120523100001  4月蔚来交付量环比+31.6%，小米首月交付量突破7000辆。2024年4月理想汽 邮箱：dengjq＠tebon.com.cn 车交付量为25,787辆，同比+0.4%，环比-11.0%；AITO汽车交付量为25,086辆， 赵悦媛 同比+929.4%，环比-20.9%；蔚来交付量为15,620辆，同比+134.6%，环比+31.6%； 资格编号：S0120523100002 零跑汽车交付量为15,005辆，同比+72.0%，环比+3.0%；小鹏汽车交付量为9,393 邮箱：zhaoyy5＠tebon.com.cn 辆，同比+32.7%，环比+4.1%；哪吒汽车交付量为 9,017辆，同比-18.6%，环比 赵启政 +8.4%；小米汽车交付量为7,058辆；广汽埃安交付量为28,113辆，同比-31.5%， 资格编号 ...

[Table_Main] 证券研究报告 | 行业周报 煤炭开采 2024年05月05日 煤炭周报：终端需求提振，双焦 煤炭 震荡偏强 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃  节前补库支撑，动力煤价小幅上涨。 A）价格及事件回顾：本周秦皇岛港动力煤 资格编号：s0120523050002 Q5500价格上涨至827元/吨（环比+1.72%）。供应端，产地个别煤矿受安全检查 邮箱：zhaikun＠tebon.com.cn 停产减产，供应小幅收紧。坑口方面，市场表现一般，坑口煤价以稳为主，部分 薛磊 煤矿价格小幅上涨。港口方面，部分贸易商开启休假，下游询价减少，市场操作 资格编号：S0120524020001 仍以谨慎观望为主。下游方面，现阶段华南等地降水显著偏多，水电替代效应增 邮箱：xuelei＠tebon.com.cn 强，电厂日耗维持在全年较低水平，终端仍无大幅采购计划。B）价格短期观 点：我们判断煤价有望开启震荡反弹。 i）建材煤修复预期向好：两会提出拟安 研究助理 排地方政府专项债3.9万亿，同比多增1000亿元，随着资金陆续到位，续建项目 和新建项 ...

[Table_Main] 证券研究报告 | 行业周报 公用事业 2024年05月04日 ESG 周报：国家能源局：促进新型储 公用事业 能多元化高质量发展；简体中文版 优于大市（维持） 《国际财务报告准则 S1 号》和《国际 证券分析师 郭雪 财务报告准则 S2 号》在 IFRS 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn Foundation 官方网站正式发布 研究助理 [Table_Summary] 投资要点： 卢璇 邮箱：luxuan＠tebon.com.cn  热点聚焦： 刘正 邮箱：liuzheng3＠tebon.com.cn  国内：国家能源局：促进新型储能多元化高质量发展。4月 29日，在国家能源局 举行的新闻发布会上，国家能源局能源节约和科技装备司副司长边广琦向记者表 市场表现 示，国家能源局高度重视新型储能发展工作，通过推动技术创新试点示范、强化 新型储能调度运用等措施，促进新型储能多元化高质量发展。一是新型储能持续 公用事业 沪深300 5% 快速发展，已投运装机超 3500万千瓦。截至 2024年一季度末，全国已建成投运 0% 新型储能项目累 ...

[Table_Main] 证券研究报告 | 行业周报 有色金属 2024年05月05日 有色金属周报：制造业复苏预期 有色金属 增强，锑钨向上行情持续 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃 资格编号：s0120523050002  本周核心关注 4月财新中国制造业 PMI 升至 51.4 创 2023 年 3 月来新高。2024 邮箱：zhaikun＠tebon.com.cn 年4月财新中国制造业采购经理指数(PMI)录得51.4，高于3月0.3个百分点，再 张崇欣 度创2023年3月来新高，反映制造业生产经营活动继续加快扩张。 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn  下周重要数据发布: 5月11日（周六09:30）中国4月CPI、PPI同比。 高嘉麒 资格编号：S0120523070003  贵金属：黄金小幅回调。本周，COMEX黄金期货收盘价（活跃合约）跌1.7%， 邮箱：gaojq＠tebon.com.cn COMEX银期货收盘价（活跃合约）跌1.6%，中东风险缓和，黄金价格承压下行， 但美国数据 ...

[Table_Main] 证券研究报告 | 公司点评 老白干酒(600559.SH) 2024年05月06日 买入（维持） 老白干酒（600559.SH）：营销改革成 所属行业：食品饮料/白酒Ⅱ 效显著，发展有望进入加速期 当前价格(元)：21.65 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布 2023 年年报，2023 年公司实现营业收入 52.6 亿元，同比增长  邮箱：xiongpeng＠tebon.com.cn 13.0%，实现归母净利润 6.7亿元，同比降低 5.9%，实现扣非归母净利润 6.1亿 研究助理 元，同比增长28.6%。根据计算，23Q4公司实现营业收入14.1亿元，同比增长 17.9%，实现归母净利润2.5亿元，同比增长42.2%，实现扣非归母净利润2.3亿 尤诗超 元，同比增长41.3%。24Q1公司实现营业收入11.3亿元，同比增长12.7%，实 邮箱：yousc3＠tebon.com.cn 现归母净利润1.4亿元，同比增长33.0%，实现扣非归母净利润1.3亿元，同比增 长33.4%。 市场表现 老白干酒 沪深300  收入稳健增长，老 ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月01日 Vidu 直接对标 Sora，AI 时代 计算机 不可忽视视频革命 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004  国内视频大模型 Vidu 发布，性能直接对标国际领先水平。4 月 27 日，清华大学 邮箱：chenhb3＠tebon.com.cn 联合生数科技正式发布了，中国首个长时间、高一致性、高动态性视频大模型Vidu。 Vidu采用了原创的 Diffusion与Transformer融合的架构 U-ViT，支持文本生成长 研究助理 达16秒、分辨率高达1080P的高清视频内容。Vidu不仅能够模拟真实物理世界， 还具备丰富想象力，具备多镜头生成、时空一致性高、遵循物理规律等技术特点。 值得注意的是，Vidu 能够虚构出真实世界不存在的超现实主义画面，这是当前的 视频生成模型难以实现的。Vidu主要功能包括多镜头生成、模拟真实世界、保持时 市场表现 空一致性、丰富的想象力、理解中国元素等。这也是继Sora发布之后，全球率先 计算机 ...

Industry Investment Rating - The electronic components sector, particularly the passive components and PCB industries, is rated as "Outperform" due to a significant recovery in market conditions and improved profitability in Q1 2024 [1][2][4] Core Views - The passive components industry has shown a clear recovery in Q1 2024, with downstream demand for consumer electronics driving growth and improving profitability [2][3] - The PCB industry is experiencing an upward cycle, with AI-related infrastructure driving demand for server PCBs, leading to significant profit growth in Q1 2024 [4][5] - Raw material price fluctuations, particularly in copper, are impacting the PCB industry, but the overall supply-demand balance has improved, mitigating some of the cost pressures [5] Passive Components Industry Growth Capability - The passive components industry saw a significant improvement in revenue and net profit growth in Q1 2024, with consumer electronics-focused companies like Sanhuan Group and Sunlord Electronics outperforming [2] - Revenue growth for Sanhuan Group, Sunlord Electronics, and Fenghua Advanced Material increased by 31 5%, 22 9%, and 13 3% YoY respectively, while net profit growth surged by 35 3%, 111 3%, and 25 0% YoY [2] Profitability - The industry's gross and net profit margins improved YoY, with consumer electronics companies showing better performance compared to those focused on new energy [2] - Sanhuan Group, Sunlord Electronics, and Fenghua Advanced Material reported gross margins of 40 1%, 36 9%, and 16 8% respectively, with net margins of 27 7%, 15 6%, and 6 9% [2] Operational Efficiency - Inventory turnover days decreased significantly, indicating faster inventory turnover, while accounts receivable turnover days increased slightly, partially offsetting the improvement in inventory turnover [3] - Sanhuan Group, Sunlord Electronics, and Fenghua Advanced Material saw inventory turnover days decrease by 58 6 days, 22 3 days, and 12 0 days respectively [3] PCB Industry Growth Capability - The PCB industry experienced a strong recovery in Q1 2024, with AI server-related companies like Wus Printed Circuit and Shennan Circuits leading the growth [4] - Wus Printed Circuit and Shennan Circuits reported net profit growth of 157 0% and 83 9% YoY respectively [4] Profitability - The industry's gross and net profit margins improved QoQ, with Wus Printed Circuit showing the most significant improvement due to high growth in AI server and HPC-related PCB products [4] - Wus Printed Circuit's gross and net margins increased by 8 13pct and 8 94pct YoY respectively [4] Operational Efficiency - Inventory turnover days decreased, and accounts receivable turnover days showed mixed trends, indicating an overall improvement in operational efficiency [4] - Inventory turnover days for the PCB industry decreased by 7 5 days and 9 5 days for CITIC and Shenwan indices respectively [4] Raw Material Impact - Rising copper prices have led to increased costs for key PCB raw materials like copper-clad laminates, but the industry's improved supply-demand balance may limit the impact on profitability [5] - Copper prices rose from $8,430/ton at the beginning of 2024 to $9,737/ton by May 3, 2024, driving up the cost of copper-clad laminates [5] Investment Recommendations - The electronic components sector is expected to continue its recovery in 2024, driven by the AI wave and the recovery in consumer electronics [5] - Key companies to watch include Sanhuan Group, Sunlord Electronics, Wus Printed Circuit, and Shennan Circuits [5]

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年5月5日 电气设备 产业链价格低迷，国内前三月光伏 装机维持增长 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 彭广春 资格编号：S0120522070001 全产业链各环节亏损，短期内市场呈现非理性竞争。据中国有色金属工业协会硅业  邮箱：penggc＠tebon.com.cn 分会，4月 20日至 4月 24日多晶硅价格再度下滑。其中 n型棒状硅成交价格区 研究助理 间为4.50-5.20万元/吨，成交均价为4.92万元/吨，环比下跌6.29%。p型致密料 成交价格区间为4.00-4.50万元/吨，成交均价为4.28万元/吨，环比下跌6.75%。 n/p棒状硅价差为0.41万元/吨，价差持续收窄。n型颗粒硅成交价格区间为4.20- 4.40万元/吨，成交均价为4.30万元/吨，环比下降9.47%。据统计，4月20日至 市场表现 4月 24日，n型棒状硅有 7家企业成交，p型棒状硅有 6家企业成交，成交量一 般，仅有少数企业成交千吨以上。目前，市场价格的持续下跌也对市场成交造成负 30% 面反馈 ...

投资建议：润本股份产品矩阵丰富，未来将拓展产品品类，拓宽销售渠道建设，进 一步加强对线上渠道以及线下渠道的布局。预计 24-26 年营收为 13.43 亿/16.65 亿/19.82 亿，归母净利润为 2.90 亿/3.64 亿/4.38 亿，同增 28.1%/25.6%/20.4%， PE 为 26.0X/20.7X/17.2X，维持"增持"评级。 风险提示： 行业竞争加剧风险；电商平台流量提升；热销品依赖度过高风险。 分析师与研究助理简介 分析师声明 本报告仅供德邦证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况 下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容 所引致的任何损失负任何责任。 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可 能会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。 市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别 ...