行 业 研 究 [Table_Reportdate] 2024年03月25日 [table_invest] [春Tabl糖e_N顺ewT利itle] 收官，预制菜加强监管 超配 行 ——食品饮料行业周报（2024/3/18-2024/3/24） 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 姚星辰 S0630523010001 yxc@longone.com.cn ➢ 二级市场表现：上周食品饮料板块下跌0.85%，跑输沪深300指数0.15个百分点，在31个 联系人 申万一级板块中排名第20位。子板块方面，上周软饮料板块上涨0.35%，相对表现较优。 陈涛 食 cht@longone.com.cn 个股方面，上周涨幅前五为华统股份、李子园、古井贡酒、香飘飘、金字火腿，分别上涨 品 19.0%、15.1%、8.6%、8.0%、7.8%。跌幅前五为青海春天、盐津铺子、有友食品、安琪 饮 [table_stockTrend] 酵母、桃李面包，分别下跌16.3%、7.7%、7.2%、7.2%、6.8%。 料 ➢ 白酒：春糖顺利收官，反馈符合预期。春糖反馈符合预期，节后白 ...

本报告基于本公司研究所及其研究人员认为可信的公开资料或实地调研获取的资料，但本公司及其研究人员对这些 信息的真实性、准确性和完整性不做任何保证。本报告反映研究人员个人的不同设想、见解、分析方法及判断。本报告 所载观点并不代表财达证券股份有限公司，或任何其附属或联营公司的立场，且报告中的观点和陈述仅反映研究员个人 撰写及出具本报告期间当时的分析和判断，本公司可能发表其他与本报告所载资料不一致及有不同结论的报告。本报告 可能因时间和其他因素的变化而变化从而导致与事实不完全一致，敬请关注本公司就同一主题所出具的相关后续研究报 告及评论文章。本报告中的观点和陈述不构成投资、法律、会计或税务的最终操作建议，本公司不就报告中的内容对最 终操作建议做出任何担保。 本报告旨在发给本公司的特定客户及其他专业人士，但该等特定客户及其他专业人士并不得依赖本报告取代其独立 判断。在法律允许的情况下，本公司的关联机构可能会持有报告中涉及的公司所发行的证券并进行交易，并可能为这些 公司正在提供或争取提供多种金融服务，本公司的关联机构或个人可能在本报告公开发布之间已经了解或使用其中的信 息。 本报告版权归"财达证券股份有限公司"所有，未经 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [6]. Core Insights - The report highlights a decline in silicon wafer prices, with expectations for improved profitability in battery and module segments [9][16]. - The wind power sector is experiencing a positive trend, particularly in offshore wind development, with significant project announcements in Guangdong province [10][18]. Summary by Sections 1. Investment Highlights - The photovoltaic equipment sector saw a decline of 4.18% this week, underperforming the CSI 300 index by 3.48 percentage points [22]. - The wind power equipment sector decreased by 0.87%, lagging the CSI 300 index by 0.17 percentage points [22]. 1.1 Photovoltaic Sector - Silicon material prices remain stable, with N-type granular silicon transactions occurring at 60,000-63,000 CNY/ton, a 1.94% decrease from the previous week [9][16]. - Silicon wafer prices are declining, with two leading companies maintaining operating rates of 80% and 95% respectively [9][16]. - Battery prices are also decreasing, with P-type battery demand weakening while N-type batteries see high demand [9][16]. - Module prices are stable, with manufacturers attempting to raise prices but facing challenges in the market [9][16]. 1.2 Wind Power Sector - The report notes that approximately 5,830 MW of onshore wind turbine bids were made this week, with an average bid price of 2,125.8 CNY/kW, showing a slight increase [10][18]. - Offshore wind projects are also progressing, with significant project announcements in Guangdong, including 8.6 GW of offshore wind capacity [10][18]. - The report emphasizes the positive outlook for offshore wind power development, particularly in deep-water projects [10][18]. 2. Industry Dynamics - The National Energy Administration has issued guidelines for 2024, focusing on optimizing offshore wind layouts and promoting large-scale wind and solar projects [26]. - The report mentions a significant increase in photovoltaic glass production, with a 27.4% year-on-year growth in the first two months of 2024 [27]. - The report also highlights international developments, such as Brazil's solar capacity exceeding 40 GW and Italy's subsidy plan for renewable energy equipment [30][29]. 3. Company News - The report suggests monitoring companies like Daqin Heavy Industry and Oriental Cable, which are positioned to benefit from the growth in offshore wind projects [20][10]. - It also notes that companies like Dike Co. are leading in TOPCon materials, with a market share exceeding 50% and significant profit growth [17][9].

行 业 研 究 [Table_Reportdate] 2024年03月25日 [table_invest] [英Tabl伟e_N达ewT推itle] 出最新AI芯片GB200，国产大 标配 行 模型迎来加速迭代 业 ——电子行业周报2024/3/18-2024/3/24 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 方霁 S0630523060001 fangji@longone.com.cn ➢ 电子板块观点：英伟达发布新一代AI芯片GB200，推理能力提升30倍，有望推动算力需 电 联系人 求增长；国产大模型多点开花，或将带动国内AI市场加速。建议关注AI芯片及光模块、 子 蔡望颋 cwt@longone.com.cn 周期筑底、国产替代、工控及汽车电子四大投资主线。 [table_stockTrend] ➢ 英伟达发布新一代AI芯片GB200，推理能力提升30倍，有望推动算力需求增长。2024年 20% 15% 3月19日，英伟达在GTC大会上宣布推出新一代GPU Blackwell，其中第一款芯片名为 10% GB200，预计今年晚些时候上市。Blackwe ...

Investment Rating - The industry investment rating is "Market Perform" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [32]. Core Insights - The beauty and personal care sector has shown a decline, with the CSI 300 index down by 0.70% and the Shenwan Beauty and Personal Care Index down by 1.23%, underperforming the market by 0.53 percentage points [7][13]. - Notable stock performances include Yiyi Co. with a rise of 9.53%, and Beitaini with a decline of 8.61% [7][16]. - The report highlights the stable growth of Aimeike in 2023, achieving a revenue of 2.869 billion yuan, a year-on-year increase of 47.99% [8][20]. - Furuida's cosmetic segment is expected to grow following the divestment of its real estate business, with a revenue of 2.416 billion yuan in 2023, up 22.71% year-on-year [8][22]. - Jiangsu Wuzhong's completion of the documentation for recombinant type I collagen is significant for its future product registrations [8][25]. Market Performance - The beauty and personal care sector's performance this week shows a decline of 1.23%, ranking 24th among all Shenwan first-level industries [7][14]. - The retail sales of cosmetics in January-February 2024 showed a year-on-year growth of 6.7% for above-designated size units [26]. Company News - Aimeike's Q4 2023 revenue reached 699 million yuan, a 55.55% increase year-on-year, with a gross margin of 95.1% [8][20]. - Furuida's transformation into a health industry group is underway, with a focus on cosmetics and pharmaceuticals [8][22]. - Jiangsu Wuzhong's recombinant collagen product is expected to accelerate its market entry following regulatory approval [8][25]. Investment Recommendations - The report suggests focusing on high-quality domestic brands in cosmetics due to changing consumer preferences and opportunities presented by the national trend [9]. - In the medical beauty sector, the report recommends attention to leading companies with a rich product line and compliance, such as Aimeike and Jiangsu Wuzhong [9].

行 业 研 究 [Table_Reportdate] 2024年03月25日 [table_invest] [业Tabl绩e_N披ewT露itle] 密集期，布局精选优质个股 超配 行 ——医药生物行业周报（2024/03/18-2024/03/24） 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 杜永宏 S0630522040001 dyh@longone.com.cn ➢ 市场表现： 证券分析师 伍可心 S0630522120001 上周（3.18-3.24）医药生物板块整体下跌2.13%，在申万31个行业中排第30位，跑输 医 wkx@longone.com.cn 沪深300指数1.43个百分点。年初至今，医药生物板块整体下跌9.99%，在申万31个行业 药 中排倒数第一位，跑输沪深300指数13.31个百分点。当前，医药生物板块PE估值为25.3 生 [table_stockTrend] 倍，处于历史低位水平，相对于沪深300的估值溢价为128%。上周子板块均下跌，跌幅前 物 三的是医疗服务、生物制品、医药商业，分别下跌4.01%、3.83%、1.79% ...

Investment Rating - The report rates the mechanical equipment industry as "Overweight" [6] Core Insights - NVIDIA has launched several new products aimed at enhancing robot development, including the GR00T humanoid robot model, the upgraded Isaac Lab platform, and the Jetson Thor computing platform, which are expected to optimize robot training and improve AI applicability [7][11][13] - The report emphasizes the importance of collaboration with manufacturers to build a robust ecosystem for robot development, highlighting partnerships with various humanoid robot companies [7][17] - Investment suggestions focus on companies collaborating with NVIDIA, such as Ninebot and Orbbec, which are expected to benefit from advancements in AI computing and simulation platforms [7][17] Summary by Sections NVIDIA's New Products for Robotics - NVIDIA introduced the GR00T model, which can process multimodal instructions to generate robot action commands, enhancing the learning capabilities of robots [11] - The Jetson Thor platform offers significant computational power, supporting advanced AI applications in robotics [13] - The upgraded Isaac Lab platform allows for simultaneous training of thousands of robots, facilitating better simulation of real-world interactions [15] Industry Dynamics - The report notes that Huazhong CNC achieved a revenue of 2.115 billion yuan in 2023, marking a 27.13% year-on-year increase, with significant growth in various segments [8] - Predictions indicate a recovery in domestic excavator sales, with an expected 6.48% year-on-year increase in March 2024 [8] - The report highlights the changing landscape of domestic and international sales in the engineering machinery sector, with a noted increase in export value [8] Investment Recommendations - The report suggests focusing on companies within the robot and related components supply chain, particularly those with established partnerships with NVIDIA [7][17] - Companies such as Sanhua Intelligent Control, Lede Harmony, and Mingzhi Electric are recommended based on their industry position and fundamental performance [7]

行 业 研 究 [Table_Reportdate] 2024年03月25日 [table_invest] [乘Tabl用e_N车ewT零itle] 售逐步恢复，新能源渗透率提 标配 行 升显著 业 ——汽车行业周报（2024/03/18-2024/03/24） 周 报 [table_main] [证Ta券b分le析_A师u：th ors] 投资要点： 黄涵虚 S0630522060001 hhx@longone.com.cn ➢ 本周汽车板块行情表现：本周沪深300环比下跌0.70%；汽车板块整体上涨0.95%，涨幅在 汽 [table_stockTrend] 31个行业中排第9。细分行业中，（1）整车：综合乘用车、商用载货车、商用载客车子板 车 块分别变动2.34%、4.29%、0.03%。（2）汽车零部件：车身附件及饰件、底盘与发动机系 统、轮胎轮毂、其他汽车零部件、汽车电子电气系统子板块分别变动-2.17%、-0.04%、 2.10%、-0.20%、-0.32%；（3）汽车服务：汽车经销商、汽车综合服务子板块分别变动- 0.37%、3.41%。（4）其他交运设备：其他运输设备、摩托车子板块分别变动2. ...

行 业 研 究 [Table_Reportdate] 2024年03月25日 [table_invest] [社Tabl保e_N扩ewT容itle] 推动中长期资金入市，险企负 超配 行 债成本压降缓解利差损风险 业 周 ——非银金融行业周报（20240318-20240324） 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 陶圣禹 S0630523100002 tsy@longone.com.cn 非 ➢ 行情回顾：上周非银指数下跌1.6%，相较沪深300超跌0.9pp，其中券商与保险指数呈现同 银 [table_stockTrend] 步下跌态势，分别为-0.62%和-3.65%，保险指数超跌明显。市场数据方面，上周市场股基 25% 金 日均成交额12020亿元，环比上一周增长3.1%；两融余额1.55万亿元，环比上一周增长 16% 融 1.8%；股票质押市值2.69万亿元，环比上一周小幅增长0.1%。 7% -2% ➢ 证券：社保投资规模扩容，中长期资金入市激发市场活力。财政部、人社部、国资委于3 -11% 月22日联合印发《划转充实社保基金国有股权及现金收益运作 ...

行 业 研 究 [Table_Reportdate] 2024年03月22日 [table_invest] [英Tabl伟e_N达ewT发itle] 布GR00T通用基础模型，持续 超配 行 赋能人形机器人研究 业 ——机械设备行业简评 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 王敏君 S0630522040002 wmj@longone.com.cn ➢ 事件：3月18日-3月21日，英伟达举办GTC2024大会。CEO黄仁勋发表主题演讲，介绍加 机 联系人 速计算平台等新品，分享AI技术在机器人、汽车、工业、医疗等前沿领域的应用，并推出 械 梁帅奇 设 lsqi@longone.com.cn 用于机器人领域的GR00T通用基础模型。 备 [table_stockTrend] ➢ GR00T模型有望优化机器人训练方式。该模型可以通过接收语音、手势、文本等多模式指 14% 令，生成准确的机器人动作指令。因此，运用GR00T模型的机器人，在理解语言、观察人 6% 类行为、模仿动作等方面具备潜力，从而得以快速学习相关技能。GR00T项目有望配合众 -3% 多软硬件工 ...