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 ...

➢ 恒大罚单落地，监管力度加强有助于稳定市场。我们认为，监管部门对恒大的处罚透露 出以下几点信息：1）对严重造假、损害群众利益的企业处罚速度和力度很大。对恒大地 产及相关负责人的罚款已达行政处罚上限，属于顶格处罚。2）重罚将起到强烈的行业震 慑效应。罚单不仅是对恒大地产及其主要负责人的警示和惩罚，更会对上市公司虚增利 润、虚构报表形成强烈震慑，加快"劣质企业"退出市场，有利于市场的长期稳健发 展。3）相关部门后续或采取进一步措施。2019、2020年恒大虚增利润分别占当期利润 总额的63%、87%；2019、2020年现金分红总额分别为92.7亿、24.1亿元。对于非法所 得部分，后续相关部门或将采取进一步措施。 3. 科技是长期投资主线 . 7. 行业周观点汇总 . 证券研究报告 HTTP://WWW.LONGONE.COM.CN | --- | --- | |----------------------------------------------------------------------------------------------------------------------------- ...

————————————————————————————————————————————— 敬请阅读末页的条款 第1页 ————————————————————————————————————————————— 敬请阅读末页的条款 第2页 ————————————————————————————————————————————— 敬请阅读末页的条款 第5页 150008 国投瑞银瑞和小康沪深300指数 2024-03-26(因基金份额持有人大会计票日为2020年8月26日,国投瑞和小康 于2020年8月26日开市起停牌) 150009 国投瑞银瑞和远见沪深300指数 2024-03-26(因基金份额持有人大会计票日为2020年8月26日,国投瑞和远见 于2020年8月26日开市起停牌) 150056 17青投债 2024-03-26(17青投债于2019年12月11日起停牌。) 150170 18九通01 2024-03-26(18九通01于2021年3月12日起停牌。) 150213 国投瑞银中证创业指数分级A 2024-03-26(因基金份额持有人大会计票日为2020年6月23日,国投创业A于 2020年 ...

行 业 研 究 [Table_Reportdate] 2024年03月21日 [table_invest] [消Tabl费e_N持ewT续itle]复苏，预期逐步改善 超配 行 ——1-2月社零报告专题 业 [table_main] 深 [证Ta券b分le析_A师uthors] 投资要点： 度 姚星辰 S0630523010001 yxc@longone.com.cn  在春节假期返乡人数超预期、宴请聚会以及走亲访友需求旺盛的推动下，2024年1-2月社 证券分析师 零销售额同比增长5.5%，且增速略高于市场预期。其中必选消费、地产后周期类消费在春 任晓帆 S0630522070001 商 rxf@longone.com.cn 节假期以及多家车企新品亮相、扩大促销活动的刺激下显著回暖，但整体消费仍呈弱复苏 贸 联系人 态势。我们认为，随着促进消费和提升消费者信心的政策逐渐传导以及经济持续复苏背景 零 陈涛 下，消费预期有望逐渐改善，消费复苏赋予板块估值向上的弹性。 售 cht@longone.com.cn  2024年1-2月社零同比增长5.5%，维持复苏态势。2024年1-2月社零同比增速为5.5%，表 ...

| --- | --- | --- | --- | --- | --- | |--------------------|------------------------------------------------------------------------------------------------------|-------|-------|-------|----------------------------| | | | | | | 2024 年 03 月 26 日 星期二 | | 【摘要】 | | | | | | | 【今日要闻】 | | | | | | | | 联合国副秘书长马丁·格里菲思因健康原因将在6月离任(财联社) | | | | | | 快讯(第一财经) | | | | | | | | 俄总统普京就莫斯科州音乐厅恐袭事件召开俄联邦安全会议(财联社) | | | | | | | 德国火车司机工会与铁路公司达成协议 未来不再举行罢工(第一财经) | | | | | | | 马斯克的社交媒体平台"X"在与监督机构的诉讼中败诉(第一财经) | | | | | | 美股收跌(第一财经) ...