Industry Investment Rating - The report maintains a "Standard Allocation" rating for the industry [1] Core Views - The global cosmetics market is experiencing rapid growth, with skincare and makeup remaining the primary categories The skincare market is projected to reach $2161 billion by 2026, while the makeup market is expected to hit $933 billion [1] - The Southeast Asian market is particularly promising, with a projected CAGR of 101% from 2021 to 2026, significantly higher than the global average of 7% [1] - Chinese cosmetics exports have been steadily increasing, with a 4-year CAGR of 1891% in export value and 623% in export volume [8] - International brands like L'Oréal, Estée Lauder, and Shiseido have successfully expanded globally through diversified brand portfolios, strong R&D capabilities, and localized strategies [15][22] Domestic Cosmetics Export Growth - Chinese cosmetics exports have shown consistent growth, with 2023 export values reaching $6506 billion and export volumes hitting 1103 million tons [8] - The Asia-Pacific region, particularly Southeast Asia, is a key focus for Chinese cosmetics brands due to its high growth potential and favorable demographic and economic conditions [10][12] International Brand Expansion Strategies - International brands have successfully expanded through diversified brand portfolios, with L'Oréal, Estée Lauder, and Shiseido each managing over 20 brands across multiple categories [15] - Key products, such as Estée Lauder's "Advanced Night Repair" and L'Oréal's "Lancôme Génifique," have played a crucial role in building brand recognition and loyalty [18][19] - Strong R&D capabilities and localized research centers have enabled these brands to adapt to regional consumer needs [22] Successful Domestic Brand Case Studies - ZEESEA has successfully entered the Japanese market by leveraging IP collaborations, strong online and offline distribution channels, and localized product development [27][28] - FlowerKnows has carved out a niche in the Japanese market with its "girl's heart" makeup line, targeting Gen Z consumers through rapid product launches and effective marketing strategies [29][30] - Florasis has differentiated itself with its "Oriental Beauty" branding, incorporating Chinese cultural elements into its products and marketing, which has resonated well with international consumers [32][34] Domestic Cosmetics Industry Advantages - The domestic cosmetics industry benefits from a well-established supply chain, enabling shorter development cycles and faster response to consumer trends [36] - Chinese brands are increasingly focusing on proprietary ingredients, such as Betaine's "Portulaca Oleracea Extract" and Proya's "Hexapeptide-8," which are gaining recognition both domestically and internationally [36][37] - Chinese cosmetics brands offer high cost-performance ratios, making them particularly competitive in price-sensitive markets like Southeast Asia [37] Strategies for Overseas Expansion - Brands should leverage a mix of online, offline, and independent platforms to expand overseas, with a focus on platforms like TikTok, Shopee, and Lazada [38][39] - Establishing a strong brand identity and maintaining consistent positioning are crucial for long-term success in international markets [41] - Localized product development and marketing strategies are essential to meet the unique needs of consumers in different regions [42] Investment Recommendations - Proya is recommended for its strong brand portfolio, extensive channel experience, and early entry into the Southeast Asian market [43] - Betaine is highlighted for its focus on functional skincare and Chinese ingredients, with a growing presence in Southeast Asia through platforms like Shopee and Lazada [43]

[Table_Reportdate] 2024年02月20日 [证券分析师 Table_Authors] 胡少华 S0630516090002 hush@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 联系人 高旗胜 gqs@longone.com.cn [table_main] 投资要点 ➢ 核心观点：5年期以上LPR超预期大幅下调，体现货币政策正在发力，对地产的支持的信 号较为明显。往后来看，结合目前国内偏高的实际利率水平，我们认为上半年，尤其是二 季度仍是调整政策利率的窗口。一方面1-2月数据主要于3月中上旬开始披露，短期政策进 入观察期，两会定调后或有更清晰的路径指引；另一方面二季度经济增速面临6.3%的高基 数。 ➢ LPR单次最大下调幅度。此前市场对2月LPR下调已有预期，但历史性的25个BP幅度超市 场预期，毕竟2023年Q3商业银行净息差仍然处于1.73%的历史低位。2023年四季度GDP 增速虽然有所回升，但低基数有较多贡献，从两年平均增速来看较三季度有所下滑。本次 LPR在2月即下调，且幅度超预期，体现了稳增长，政策 ...

Investment Rating - The report suggests a positive outlook for the electronics sector, particularly focusing on AI chips, high-performance storage, servers, and optical modules as key investment themes [7][9]. Core Insights - The electronics sector is gradually recovering, with significant opportunities arising from the release of OpenAI's video generation model Sora, which is expected to drive demand for AI chips and high-performance storage solutions [7][8]. - ARM's third fiscal quarter results exceeded market expectations, indicating strong demand in data centers and automotive electronics, which further supports the recovery of the AI chip and consumer electronics cycles [8][9]. - The overall performance of the electronics industry has outpaced the broader market, with the Shenwan Electronics Index rising 8.64% compared to the 5.83% increase in the CSI 300 Index during the same period [8][26]. Summary by Sections Investment Themes - Focus on AI innovation-driven sectors, particularly AI chips and optical modules, as well as cyclical recovery in high-elasticity sectors such as storage and consumer electronics [9]. - Emphasis on domestic substitution trends in semiconductor equipment and materials, with specific companies highlighted for potential investment [9]. Market Performance - The electronics sector outperformed the market, with the Shenwan Electronics Index showing a weekly increase of 8.64%, while the CSI 300 Index rose by 5.83% [8][26]. - Notable sub-sector performances include semiconductors (+10.33%), electronic components (+10.50%), and electronic chemicals (+11.69%) [26][31]. Company Highlights - ARM reported a quarterly revenue of $824 million, a year-on-year increase of 13.81%, driven by AI-related chip investments [8][14]. - The report suggests monitoring companies like Cambricon, Haiguang Information, and Longxin Zhongke in the AI chip space, as well as various firms in the optical module and storage sectors [9].

Investment Rating - The report indicates a positive investment outlook for the battery and energy storage sectors, with specific recommendations for companies like 特锐德 and 亿纬锂能 [6][14][17]. Core Insights - The battery sector saw a significant increase in domestic electric vehicle sales in January 2024, with production and sales reaching 787,000 and 729,000 units respectively, marking a year-on-year increase of 36.5% for 2023 and a projected 20% increase for 2024 [12][19]. - The energy storage market is experiencing a recovery, with a total of 15 new bidding projects and 16 awarded projects, amounting to a total scale of 2.58GW/8.05GWh [15][33]. - The report highlights a stabilization in the supply chain, with lithium salt prices experiencing fluctuations and the overall market moving towards a more rational pricing environment [13][16]. Summary by Sections Battery Sector - January 2024 saw domestic electric vehicle sales align with expectations, with a total of 787,000 units produced and 729,000 units sold, reflecting a year-on-year increase of 36.5% for 2023 and a projected 20% increase for 2024 [12][19]. - The supply side is adjusting orderly, with lithium salt prices fluctuating and the market for cathode materials remaining under pressure due to oversupply [13][22]. - Recommendations include关注特锐德, which is expected to benefit from upgrades in the power grid investment structure, and 亿纬锂能, which is expanding its overseas business and enhancing profitability through strategic partnerships [14][18]. Energy Storage Sector - The energy storage bidding market has rebounded significantly, with a total of 15 new projects and 16 awarded projects, translating to a total scale of 2.58GW/8.05GWh [15][33]. - The competition in the energy storage market is intensifying, leading to the exit of less competitive capacities, with average bidding prices for energy storage systems showing a slight increase [16][34]. - Recommendations include关注盛弘股份, which is leveraging its dual business model in industrial energy storage and charging stations to drive growth [17][18].

Investment Rating - The industry investment rating is "Market Weight" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [9]. Core Insights - The tourism market is experiencing a significant rebound, with domestic travel during the Spring Festival reaching 474 million trips, a year-on-year increase of 34.3%, and a 19.0% increase compared to 2019 [7]. - Domestic tourism revenue reached 632.69 billion yuan, up 47.3% year-on-year, and a 7.7% increase compared to 2019 [7]. - The average per capita spending for domestic tourists during the Spring Festival was 1,334.8 yuan, reflecting a year-on-year increase of 9.4% [7]. - The average travel radius for tourists increased by 10.2% to 227.9 kilometers, indicating a trend towards longer trips [7]. - The popularity of domestic ice and snow tourism and island tourism is on the rise, with cities like Harbin and Sanya seeing increased visitor numbers [7]. - The growth of duty-free shopping in Hainan is notable, with shopping amounts during the Spring Festival reaching 2.26 billion yuan, a 4.9-fold increase year-on-year [8]. - The box office performance during the Spring Festival was remarkable, with total ticket sales reaching 8.016 billion yuan, a year-on-year increase of 18.47% [8]. - Investment recommendations suggest focusing on sectors such as scenic spots, hotels, and duty-free shopping, as consumer spending power and demand are expected to drive industry growth [8]. Summary by Sections Tourism Performance - The Spring Festival saw 474 million domestic trips, a 34.3% increase year-on-year, and a 19.0% increase compared to 2019 [7]. - Domestic tourism revenue reached 632.69 billion yuan, up 47.3% year-on-year, and 7.7% compared to 2019 [7]. - Average spending per tourist was 1,334.8 yuan, a 9.4% increase year-on-year [7]. - The average travel radius increased by 10.2% to 227.9 kilometers [7]. Market Trends - Ice and snow tourism, as well as island tourism, are gaining popularity, with cities like Harbin and Sanya benefiting from increased visitor numbers [7]. - Duty-free shopping in Hainan has surged, with shopping amounts during the Spring Festival reaching 2.26 billion yuan, a 4.9-fold increase year-on-year [8]. Box Office and Consumer Sentiment - The Spring Festival box office reached 8.016 billion yuan, a year-on-year increase of 18.47% [8]. - Investment suggestions highlight the potential in scenic spots, hotels, and duty-free shopping sectors, driven by improving consumer spending and demand [8].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights positive market performance in the photovoltaic and wind power equipment sectors, indicating a favorable outlook for investment opportunities. Core Insights - The silicon material prices have stabilized and are expected to rise, while the demand for components post-holiday is anticipated to increase [9][12]. - The photovoltaic equipment sector saw an 8.00% increase, outperforming the CSI 300 index by 2.17 percentage points, while the wind power equipment sector rose by 8.34%, exceeding the index by 2.51 percentage points [15][16]. - The report suggests focusing on companies like Dike Co., which is a leader in TOPCon materials with a market share exceeding 50% and is expected to turn a profit in 2023 [13]. Summary by Sections 1. Investment Highlights - Silicon material prices have slightly increased, with February production expected to be 73-74 GW/month, a decrease of about 2-3% month-on-month due to shorter effective production time [9][12]. - Silicon wafer prices remain stable, with high production levels but increasing inventory, leading to potential risks of reduced market transactions [9][12]. - Battery cell prices are also stable, with production expected to be around 42 GW, but actual output may drop below 40 GW due to holiday shutdowns [9][12]. - Component prices are stable, but production rates have sharply declined due to weak terminal demand and holiday impacts, with some companies reducing production expectations by 10%-50% [9][12]. 2. Market Review - The photovoltaic equipment sector's top-performing stocks included HeMai Co., GuDeWei, and AoTeWei, while the worst performers were ST Zhongli, Qingyuan Co., and ST Tianlong [15]. - The wind power equipment sector saw top gainers such as Yunda Co., Tiensun Wind Energy, and Riyue Co., with declines in stocks like Zhonghuan Hailu, Jixin Technology, and Shuangyi Technology [15]. 3. Industry Dynamics - The report mentions that Guangdong province is prioritizing renewable energy generation, ensuring full consumption of wind and solar power [20]. - A collaboration between Jiangsu University of Science and Technology, Longi Green Energy, and Curtin University has led to the development of high-flexibility, high-power-to-weight ratio silicon heterojunction solar cells [21]. - The National Energy Administration emphasizes the importance of constructing large-scale wind and solar power bases and ensuring timely project completion [22]. 4. Company News - China Power Construction announced the opening of bids for a 42 GW photovoltaic module procurement project, with multiple companies participating [19]. - Zhaoxin Co. plans to raise up to 240 million yuan for various solar projects and working capital [19].

Investment Rating - The report rates the non-bank financial industry as "Overweight" [5] Core Insights - The non-bank financial index increased by 6.1%, outperforming the CSI 300 by 0.3 percentage points, with both brokerage and insurance indices showing synchronized growth of 5.98% and 6.94% respectively [6][11] - The report emphasizes that market risks are controllable under strict regulations, with a focus on enhancing the quality of listed companies [6][7] - The insurance sector is seeing improved information disclosure and a solid fundamental support for valuation recovery [7] Summary by Sections Market Review - The non-bank financial index rose by 6.1% during the four trading days before the Spring Festival, with the brokerage index up by 6.0% and the insurance index up by 6.9% [11] - Average daily trading volume for stock funds reached 11,723 billion yuan, a week-on-week increase of 31.1% [18] Securities - The report highlights that the market risks are manageable, with the China Securities Regulatory Commission (CSRC) emphasizing strict penalties for illegal activities and improving the quality of listed companies [6][7] - As of February 8, the average maintenance guarantee ratio across the market was 246%, indicating a stable risk environment [6] Insurance - The CSRC is seeking to enhance information disclosure for listed insurance companies, which is expected to improve investor understanding [7] - The insurance sector is experiencing a solid performance in the "opening red" period, with regulatory improvements supporting the sector's fundamentals [7] Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high "financial inclusion rates," and ROE improvement, recommending large, financially strong brokerages [7] - In the insurance sector, the introduction of a tiered agent system is expected to enhance the quality of the workforce, with optimism for value growth in the "opening red" period [7]

Investment Rating - The report maintains a "Buy" investment rating for the company, citing its regional economic advantages and strong operational capabilities as key factors for this rating [6]. Core Views - The company reported a revenue of 61.584 billion yuan in 2023, reflecting a year-on-year growth of 6.40%, and a net profit attributable to shareholders of 25.535 billion yuan, up 10.66% year-on-year [4]. - The bank's non-performing loan ratio remained stable at 0.76%, indicating strong asset quality [5]. - The report highlights that investment income has positively impacted revenue growth, particularly in Q4 2023, where revenue reached 14.349 billion yuan, a year-on-year increase of 9.64% [4]. - Loan growth continued at a high rate, with total loans increasing by 35.934 billion yuan to 1.25 trillion yuan, representing a year-on-year growth of 19.76% [5]. - Deposit growth has slowed, with total deposits decreasing by 18.956 billion yuan to 1.57 trillion yuan, showing a year-on-year growth of 20.76% [5]. Summary by Sections Financial Performance - The company achieved a total revenue of 61.584 billion yuan in 2023, with a net profit of 25.535 billion yuan, and a non-performing loan ratio of 0.76% [4]. - Q4 2023 revenue was 14.349 billion yuan, showing a significant improvement from previous quarters [4]. Loan and Deposit Trends - Total loans increased to 1.25 trillion yuan, with a year-on-year growth of 19.76% [5]. - Total deposits decreased to 1.57 trillion yuan, with a year-on-year growth of 20.76%, indicating a return to a more normalized growth rate [5]. Asset Quality and Risk Management - The bank maintained a non-performing loan ratio of 0.76%, reflecting strong asset quality [5]. - The report suggests that the bank's credit cost remains flexible due to its robust provisioning and asset quality [5]. Earnings Forecast - The report forecasts revenues of 68.235 billion yuan and 75.611 billion yuan for 2024 and 2025, respectively, with net profits of 29.420 billion yuan and 32.917 billion yuan [6].

公 司 研 究 [Table_Reportdate] 2024年02月01日 [Table_invest] 海油工程（600583）：新签64亿元卡塔 买入（维持） 公 尔合同，海外业务保障高质发展轨道 报告原因：重大事项 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 张季恺 S0630521110001 zjk@longone.com.cn ➢ 事件：公司发布《自愿披露关于海外项目的公告》，于近日与卡塔尔NOC正式签署RUYA 石 证券分析师 EPCI 09总包项目合同。公司承担管理、详细设计、采购、施工、运输、安装和预调试及 油 谢建斌 S0630522020001 其相关工作内容等总承包工作，合同金额约为9亿美元，折合人民币约64亿元人民币。 石 xjb@longone.com.cn 证券分析师 ➢ 公司海外认可度持续提升：此次合同主要内容涉及在卡塔尔AI-Shaheen油田区域内38条 化 吴骏燕 S0630517120001 海底管道以及9条海底复合电缆的项目管理、详细设计、采购、施工、运输、安装和预调试 wjyan@longone.c ...

公 司 研 究 [Table_Reportdate] 2024年02月01日 [Table_invest] [兆Tabl易e_N创ewT新itle] （603986.SH）：2023Q4业绩 买入（维持） 公 短期承压，存储和MCU长期发展向好 报告原因：业绩点评 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 方霁 S0630523060001 fangji@longone.com.cn ➢ 事件概述：2024年1月26日，兆易创新发布2023年度业绩预告，预计2023年实现营业收入 电 子 [数Ta据b日le_期c ominfo] 2024/01/31 57.66亿元（-29.08% YoY）,实现归母净利润1.55亿元（-92.45% YoY）,实现扣非归母净 收盘价 62.50 利润为0.22亿元(-98.85% YoY)。单季度来看，2023Q4预计实现营业收入13.72亿元， 总股本(万股) 66,691 (0.78% YoY,-4.00% QoQ)，实现归母净利润-2.79亿元（-608.18% YoY,-385.26% QoQ）。 ...