行 [ 传Ta 媒bl 互e_ 联T 网itl 行e] 业 动态点评 业 研 究 进口版号再发放，节奏平滑，新品可期 挖掘价值 投资成长 传/ 媒 [Table_Rank] 互 强于大市 （维持） 联 网 2024 年 06 月 13 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：高博文 [Table_Summary] 券 【事项】 证书编号：S1160521080001 研 究 证券分析师：陈子怡 报  6月5日，国家新闻出版署发布进口网络游戏审批信息。6月共有15 证书编号：S1160522070002 告 款进口游戏获批，其中包括11款移动端游戏。腾讯《无畏契约：源 证券分析师：潘琪 能行动》《黑色沙漠》《战魔机甲》、乐道互动《侍魂 晓》、朝夕光年 证书编号：S1160524040001 《初音未来：缤纷舞台》、上海纳原《超级马力欧三维世界和狂怒世 联系人：潘琪 界》、北京卓意麦斯《宝可梦 走吧！皮卡丘》等产品均于此次获批。 电话：021-23586487 [相 T对 a指 bl数 e表 _现 Pi cQuote] 【评论】 8.06% ...

行 业 研 [休Ta闲bl、e_生Ti活tle及] 专业服务行业动态点评 究 / 端午国内出游人次+6%，出入境游持续 休 闲 挖掘价值 投资成长 、 高景气 生 [Table_Rank] 活 强于大市 及 （维持） 专 2024 年 06 月 13 日 业 服 [东Ta方bl财e_富Au证th券or研] 究所 务 证券分析师：高博文 / [ 【Tab 事le_ 项Sum 】m ary] 证书编号：S1160521080001 证 券  10日，文旅部发布2024年端午节出行数据。 证券分析师：陈子怡 研 证书编号：S1160522070002 究 联系人：班红敏 报 告 【评论】 电话：021-23586475  人均旅游支出渐进恢复，交运客流稳健增长。据文旅部测算，端午节 [相 T对 a指 bl数 e表 _P现 i cQuote] 假期全国国内旅游出游合计 1.1 亿人次，同比增长 6.3%；国内游客 4.58% 出游总花费403.5亿元，同比增长8.1%；人均旅游支出恢复至2019 -3.07% ...

[ 家Ta 电bl 行e_ 业T 动itl 态e] 点 评 行 业 研 618战线拉长，黑电需求分散 挖掘价值 投资成长 究 / [Table_Rank] 家 电 强于大市 （维持） / 2024 年 06 月 12 日 证 [东Ta方bl财e_富Au证th券or研] 究所 券 证券分析师：高博文 研 [Table_Summary] 究 【事项】 证书编号：S1160521080001 报 联系人：班红敏 告  618战线拉长，黑电需求有所分散。根据奥维云网数据，618促销期 电话：021-23586475 第二周24W22彩电线上市场销量规模为30.1万台，同比下降64.1%， 销额规模为12.0亿元，同比下降59.4%；前两周24W21-24W22累计销 [相 T对 a指 bl数 e表 _现 Pi cQuote] 量为58.1万台，同比下降42.5%，销额规模为22.5亿元，同比下降 32.2%，促销期前两周彩电市场量额双降。 16.77% 9.96%  6月TV面板&整机价格持平。32-43"及50"5月面板价格持平；55"5 3.14% 月面板价格预计上涨1美金；65-75"5月面板价格预计上涨2 ...

[ 电Ta 子bl 设e_ 备T 行itl 业e] 动 态点评 行 业 研 苹果WWDC24大会召开，全面融合AI开启 究 挖掘价值 投资成长 / 新纪元 电 [Table_Rank] 子 设 强于大市 （维持） 备 2024 年 06 月 12 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：周旭辉 券 [Table_Summary] 研 【事项】 证书编号：S1160521050001 究 联系人：袁泽生 报 告 电话：021-23586475  WWDC24 大会开幕，发布多项重磅信息。北京时间6 月 11 日凌晨1 点，苹果在 WWDC24 开幕式直播了主题演讲，苹果产品线引入了针 [相 T对 a指 bl数 e表 _现 Pi cQuote] 对iPhone、iPad和Mac的个性化智能系统，Apple Intelligence，利用 生成式模型提升用户体验。同时对 iOS、iPadOS、macOS、watchOS、 4.77% -2.15% VisionOS和tvOS进行重大更新，增强用户体验和个性化定制。 -9.07%  Vision Pro 将面向新的国家和地区发售， ...

[Table_Title] 食品饮料行业动态点评 合成生物技术赋能，食品工业气象更新 2024 年 06 月 12 日 [Table_Summary] 【事项】 中国工程院院士、食品工程专家单杨接受新京报专访，称合成生物或 将改变人类食物获取模式。单杨院士表示，随着现代技术的发展，尤 其是合成生物学的发展，人类通过工业化技术生产食物的可能越来越 大，更高效、绿色和可持续的生物合成技术，或将改变人类未来的食 物获取模式。未来，食品的发展趋势，是把食品技术、生物技术、信 息技术三种技术高度融合生产食物，具有变革传统食品工业制造模 式、使人和地球更健康、解决食物匮乏问题的特点。我国在合成生物 技术方面的进展包括：1）新食品原料与功能食品原料创新；2）解决 食品安全与营养问题，可以通过生物合成生产绿色安全食品配料；3） 解决食物供给和质量问题，如替代蛋白，当前我国在蛋白质供应方面 还有缺口，酪蛋白和乳清蛋白大量进口，而通过细胞培养肉、微生物 蛋白、微藻蛋白等合成，可以有效改变这样的局面。 【评论】 2024 年 3 月，两会政府工作报告提出积极打造生物制造、商业航天、 低空经济等新增长引擎。2024 年 4 月，中国 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3]. Core Insights - Shein is a leading global fast fashion cross-border e-commerce platform with a latest valuation of £50 billion. The company was founded in 2008 and achieved a global GMV of $45 billion in 2023, representing a 55% increase. Net profit exceeded $2 billion, up 180%, with a CAGR of 74% from 2016 to 2023 [1][8]. - The company employs a "small batch quick response" model for production and inventory management, characterized by low inventory levels, minimal unsold stock, and rapid shipping. Shein's flexible supply chain allows for small order quantities starting at 100 pieces, with inventory rates as low as single digits. The time from design to launch is only 3-10 days, with a delivery cycle of about 14 days [1][36]. - Shein's dual-driven model of "brand + platform" was officially launched in May 2024, focusing on expanding its seller base and product categories beyond fashion. The "希有引力" plan aims to help 10,000 sellers achieve over $1 million in annual sales [1][55]. Summary by Sections Shein Overview - Shein is recognized as one of the "Four Little Dragons" in cross-border e-commerce, leveraging a dual engine of "self-owned brands + platform" to drive growth. The company has expanded its user base significantly, reaching 142 million users by the end of 2022, and operates in over 150 countries [8][19]. Industry Overview - The cross-border e-commerce sector is experiencing rapid growth, supported by favorable policies and the shift from domestic to export sales. The industry has evolved through several stages, from initial information platforms to a fully integrated supply chain model [19][20]. Supply Chain Strength - Shein's supply chain is bolstered by its location in the Pearl River Delta, allowing for high turnover rates and low inventory levels. The company has reduced its inventory rate to single digits and maintains a low rate of unsold stock [36][37]. Platform Strategy - The introduction of a semi-managed model allows sellers to choose their logistics solutions, enhancing flexibility and reducing costs. This model is designed to attract a wider range of sellers, including those with existing inventory [55][58]. Marketing Operations - Shein utilizes a combination of social media, influencer marketing, and algorithm-driven strategies to create viral products. The company has established a robust presence across multiple social media platforms, with Facebook being a primary source of traffic [66][67]. Investment Recommendations - The report suggests focusing on companies in the cross-border e-commerce space, such as Anker Innovations and ZTO Express, which are expected to benefit from the ongoing growth in the sector [2][77].

行 [ 互Ta 联bl 网e_ 行T 业itl 动e] 态 点评 业 研 究 政策出台，海外仓发展提速 挖掘价值 投资成长 传/ 媒 [Table_Rank] 互 强于大市 （维持） 联 网 2024 年 06 月 12 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：高博文 [Table_Summary] 券 【事项】 证书编号：S1160521080001 研 究 证券分析师：陈子怡 报  商务部等 9 部门发布《关于拓展跨境电商出口推进海外仓建设的意 证书编号：S1160522070002 告 见》。意见旨在拓展跨境电商出口，优化海外仓布局，加快培育外贸 联系人：刘雪莹 新动能。 电话：021-23586475  意见提出推动跨境电商海外仓高质量发展。通过统筹用好现有资金、 引导社会资本市场化、鼓励用好现有股权投资基金等多种渠道支持跨 [相 T对 a指 bl数 e表 _现 Pi cQuote] 境电商海外仓等相关企业发展。编制出台跨境电商出口海外仓业务退 8.06% 税操作指引，进一步指导企业用好现行政策。 -1.11% ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company reported a revenue of 5.665 billion yuan for Q1 2024, representing a year-on-year growth of 11.74%. Gross profit reached 1.605 billion yuan, up 45.42% year-on-year, while net profit was -0.765 billion yuan, compared to -0.630 billion yuan in the same period last year. Adjusted net profit was -0.456 billion yuan, an improvement from -1.031 billion yuan year-on-year [2][3]. - The user ecosystem is steadily improving, with daily active users reaching 102 million, a year-on-year increase of 9.28%. Monthly active users were approximately 342 million, up 8.34% year-on-year. The average user engagement time reached 105 minutes, a historical high [2]. - The advertising business is experiencing rapid growth, with Q1 2024 advertising revenue of 1.669 billion yuan, a year-on-year increase of 31.20%. The revenue from performance-based advertising grew by over 50% [2][3]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a gross margin of 28.34%, an increase of 6.56 percentage points year-on-year, marking seven consecutive quarters of positive growth. The overall operating expense ratio decreased to 42.79%, down 6.10 percentage points from the same period in 2023 [3]. - The company’s revenue forecast for 2024-2026 is projected to be 25.067 billion yuan, 28.273 billion yuan, and 30.134 billion yuan, respectively, with adjusted net profits expected to be -1.554 billion yuan, 0.418 billion yuan, and 1.397 billion yuan [8]. User Engagement - The platform's daily average video views exceeded 5 billion, a year-on-year increase of 22%, and monthly interactions surpassed 16.4 billion, up 15% year-on-year. Over 1.5 million creators earned income, with a more than 50% increase in the number of creators earning through advertising [2]. Business Segments - The value-added services segment generated 2.529 billion yuan in revenue, a year-on-year increase of 17.28%. The advertising segment continues to optimize its products and expand advertising scenarios. The mobile gaming segment saw a revenue decline of 13.15% to 0.983 billion yuan due to the natural decline in older games, but new game launches are expected to boost future revenues [2].

Investment Rating - The report maintains a "Buy" rating for the company [19] Core Viewpoints - The company is positioned to benefit from the national push for clean energy transportation tools and the intelligent transformation of logistics facilities, which will drive demand in e-commerce, express logistics, and new energy sectors [20] - The company is a leading player in the domestic logistics equipment manufacturing industry, with significant growth potential in the market due to policy support for high-quality development in the logistics sector [18][20] - Revenue projections for the company are estimated at 1.87 billion, 2.10 billion, and 2.31 billion for the years 2024, 2025, and 2026 respectively, with net profits of 159.85 million, 194.20 million, and 230.27 million for the same years [6][20] Financial Summary - The company's revenue for 2023 is reported at 1.38 billion, with a projected growth rate of 34.92% for 2024 [6] - EBITDA is expected to increase from 142.34 million in 2023 to 214.92 million in 2024, indicating a positive trend in profitability [6] - The earnings per share (EPS) is projected to rise from 0.71 in 2023 to 0.85 in 2024, reflecting strong earnings growth [6] Market Context - The report highlights the ongoing expansion of the intelligent logistics sorting market in China, which is expected to grow to 63.06 billion by 2027, with a compound annual growth rate of 15.36% [18] - The government's action plan for large-scale equipment updates in transportation is expected to stimulate investment and consumption in the logistics sector [8][9]

Investment Rating - The report upgrades the investment rating of Hutchison China MediTech (HCM) to "Buy" with a target price of HKD 55.78 [3][6] Core Views - HCM is an early-stage innovative pharmaceutical company with a differentiated portfolio and global collaborations, including partnerships with Eli Lilly, AstraZeneca, and Takeda [2] - The company has three commercialized products (Fruquintinib, Surufatinib, and Savolitinib) and a fourth candidate drug, Tazemetostat, approved in Hainan and Macau [2] - Fruquintinib, a $1 billion potential blockbuster, has been approved in China and the US, with expected approvals in Europe and Japan by 2024 [2] - Surufatinib has strong growth potential due to its dual anti-angiogenic and immunomodulatory activities, with collaborations for combination therapies [2] - Savolitinib, a first-in-class MET inhibitor, is expected to expand into first-line use and address unmet needs in MET-positive NSCLC patients [2] Financial Projections - Revenue is projected to grow from $890 million in 2024 to $1.575 billion in 2026, with a CAGR of 25% [6] - Net profit attributable to shareholders is expected to increase from $134 million in 2024 to $351 million in 2026, with a CAGR of 48% [6] - EPS is forecasted to grow from $0.15 in 2024 to $0.40 in 2026, with a P/E ratio declining from 25x to 10x [6] Product Pipeline and Market Potential - Fruquintinib maintains a leading position in the third-line colorectal cancer market and is expected to expand into second-line gastric cancer, endometrial cancer, and renal cell carcinoma [2][26] - Surufatinib is being developed for over 10 tumor types, including neuroendocrine tumors and pancreatic ductal adenocarcinoma, with a global NET market projected to grow to $21.5 billion by 2030 [48] - Savolitinib is being studied for MET-driven cancers, including NSCLC, gastric cancer, and renal cell carcinoma, with potential to address unmet needs in MET-positive patients [2][48] Collaborations and Commercialization - HCM has global collaborations with Eli Lilly for Fruquintinib in China and Takeda for international markets, with potential milestone payments and royalties [26][38] - The company successfully renewed the national medical insurance listing for Fruquintinib and Surufatinib without further price reductions, driving strong sales growth in 2023 [2][24] - Fruquintinib (FRUZAQLA) was launched in the US in November 2023, with sales reaching $15.1 million by year-end [40]