Xm l [Table_Page] 投资策略周报|计算机 证券研究报告 [计Table_算Title] 机行业 [Table_Grade行] 业评级 买入 前次评级 买入 从时间成本看三季度机会、兼论鸿蒙 Next 报告日期 2024-06-23 的观察角度 [相Tab对le_P市icQ场uote表] 现 [Table_Summary] 核心观点： 6% -4%06/23 08/23 10/23 01/24 03/24 05/24  核心观点：1. 风险偏好较弱，对基本面和各种业绩兑现更为看重，市场 -14% -23% 环境不支持碎片化主题类投资的持续性。同时大多数计算机主题类投资 -33% 基础薄弱、不确定性较强。2. 行业特性决定了机会成本难以绕开，当前 -42% 阶段无论 AI 算力还是工业软件，以及智能驾驶和金融 IT，整体业绩验 计算机 沪深300 证或产业变化趋势大都会发生在 Q3 后。3. Q3 以后，前述相关领域均 有机会通过中报或产业下游需求的变化或产品认可的变化获得催化剂。 [T分abl析e_A师ut：ho r] 刘雪峰  基本面非线性变化的特性决定了机会成本的客观存在：1. AI算力 ...

[Table_Page] 跟踪分析|生物制品 证券研究报告 [生Table_物Title] 制品行业 [Table_G行rade] 业评级 买入 前次评级 买入 2024 年 1-5 月生物制品批签发跟踪 报告日期 2024-06-21 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 血制品行业批签发概况：2024 年 1-5 月白蛋白、Ⅷ因子、PCC 同比 14% 有所增长，静丙、纤原同比略有下降。（1）人血白蛋白：2024年1-5 6% -1% 月我国人血白蛋白批签发合计2371批次，同比保持稳健增长，进口白 06/23 09/23 11/23 01/24 04/24 06/24 -9% 蛋白占比提升。（2）静丙：2024年1-5月我国静注人免疫球蛋白批签 -16% 发合计527批次，同比略有下降，主要受23年同期高基数影响。（3） -24% 生物制品 沪深300 凝血因子VIII：2024年1-5月我国人凝血因子Ⅷ批签发合计246批次， 同比有所增长，派林生物、上海莱士增幅领先。（4）人凝血酶原复合 物： 2024 年1-5 月我国人凝血酶原复合物批签发合 ...

Xml [Table_Page] 跟踪分析|传媒 证券研究报告 [传Table媒_Title行] 业：AI 行业周报 [Table_行Grade] 业评级 买入 前次评级 买入 头部 AI搜索 App下载量增长，多家厂商发布视频生成模型 报告日期 2024-06-21 [Table_Summary] 核心观点： [相Tab对le_市Pic场Quo表te] 现 ⚫ 国内AI动态跟踪：头部AI搜索App下载量增长。根据SimilarWeb， 4% 上周（6 月10日- 6 月16 日）国内主要 AI大模型产品网页端访问量 -6%06/23 09/23 11/23 01/24 04/24 06/24 分别为：kimi 520.08万次，环比下降3.59%；文心一言398.10万次， -15% 环比提升 3.91%；通义千问 195.13 万次，环比提升 11.79%；豆包 -25% -34% 155.51 万次，环比提升 21.98%；智谱清言 91.72 万次，环比提升 -44% 3.79%；天工 AI 73.69 万次，环比下降 29.06%；讯飞星火 59.15 万 传媒 沪深300 次，环比提升14.09% ...

[Table_Page] 行业专题研究|信息技术 2024年6月17日 证券研究报告 [【Table_广Title] 发 TMT 产业研究】美股科技股观察|海外硬科技 24Q1 业绩总结与展望：AI 产业链高景气度延续，消费电子弱复 苏，关注 AI 端侧进展 分析[T师ab：l 杨琳琳 e_Author] SAC 执证号：S0260514050004 SFC CE.no: BNC117 0755-23480370 yll@gf.com.cn [Table_Summary] 核心观点： ⚫ AI算力产业链高景气度延续。根据各公司发布的最新季报及Earnings call，（1）晶圆代工：AI需求增长拉动 业绩复苏，台积电 24Q1 收入同比+13%，略超公司此前预期；公司预计 24Q2 营收中值同比+27.6%，2024 年收入+20%~25%，对AI展望乐观，预计未来5年AI处理器收入复合增速达50%。（2）AI芯片：AI算力需 求高增，英伟达业绩高增长，预计新品供不应求将持续至 25 年；AMD 24Q1 数据中心同比+80.5%，继续上 修GPU收入指引；Intel收入同比略增，AI产品能力持续增强；高通 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.30 CNY per share based on a 15x PE valuation for the expected net profit in 2024 [42][40][66]. Core Insights - The company is positioned to benefit from the increasing demand for home renovation, particularly in the context of the growing stock of existing homes and the ongoing urban renewal projects [30][33]. - The furniture industry is experiencing price pressure, leading to a focus on cost reduction and efficiency improvements, which is expected to drive the adoption of domestic equipment [39][12]. - The company is expanding its global footprint, with significant growth in overseas revenue, indicating a successful international strategy [36][64][89]. Summary by Sections Section 1: Renovation Demand and Consumer Upgrades - The report highlights a steady increase in per capita consumer spending in China, with housing expenditures being a significant component, indicating a shift towards higher quality living standards [30][31]. - The share of renovation demand from existing homes has surpassed 50%, with projections suggesting it will reach 53% in 2023 and 57% by 2027, driven by second-hand home renovations and urban renewal efforts [33][9]. Section 2: Price Pressure in the Furniture Industry - Data from eight listed furniture companies show a median price decline of approximately 3% for wardrobes and cabinets in 2023, with most companies experiencing a drop in unit prices [12][39]. - Despite price declines, the per capita output of these companies has been on the rise, indicating a focus on efficiency and productivity improvements [14][39]. Section 3: International Expansion and Equipment Demand - The report notes a significant increase in furniture exports, with a 16.6% year-on-year growth in the first five months of 2024, suggesting a robust demand for furniture machinery [36][39]. - The company has seen its overseas revenue grow tenfold over the past decade, reflecting successful international market penetration [64][36]. Section 4: Product and Capacity Development - The company is continuously upgrading its product offerings and expanding production capacity, with new manufacturing bases in Guangzhou and Foshan expected to enhance output [40][88]. - The introduction of advanced automation technologies is expected to improve production efficiency and reduce costs, aligning with industry trends towards higher automation rates [18][39]. Section 5: Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 7.16 billion CNY, 8.65 billion CNY, and 10.46 billion CNY for the years 2024 to 2026, respectively, with a consistent growth rate of around 21% [41][91]. - The report emphasizes the company's strong market position and ongoing product innovation as key drivers for future growth [66][40].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 80.49 CNY per share, indicating a potential upside from the current price of 72.80 CNY [25][24]. Core Insights - The company has a competitive advantage in the peptide drug sector due to its innovative synthesis strategies, which have significantly reduced production costs. For instance, the average sales cost of its liraglutide products decreased from 450.35 thousand CNY/kg in 2018 to 68.76 thousand CNY/kg in 2020 [22]. - The company is well-positioned in the peptide market, having established a comprehensive supply chain from intermediates to active pharmaceutical ingredients (APIs) and formulations [22][40]. - Future revenue growth is expected as the company's core peptide products gain traction with end customers, with projected net profits of 381 million CNY, 530 million CNY, and 695 million CNY for 2024, 2025, and 2026, respectively [24][51]. Financial Summary - The company reported a revenue of 1,034 million CNY in 2023, with a growth rate of 58.7% compared to the previous year. The projected revenues for the next three years are 1,887 million CNY in 2024, 2,441 million CNY in 2025, and 3,074 million CNY in 2026 [51]. - The net profit for 2023 was 163 million CNY, with an expected increase to 381 million CNY in 2024, reflecting a growth rate of 134% [51]. - The earnings per share (EPS) are projected to be 1.79 CNY in 2024, 2.49 CNY in 2025, and 3.26 CNY in 2026, with corresponding price-to-earnings (P/E) ratios of 40.70, 29.27, and 22.34 [24][51]. Industry Position - The company is recognized as the only listed entity among CDE registered enterprises in its sector, highlighting its unique market position [50]. - The company has successfully registered multiple products with the FDA, including liraglutide and semaglutide, which enhances its credibility and market access [50][42].

Industry Rating - The industry rating for the medical devices sector is **Buy** [1] Core Views - The medical devices sector in A-shares saw a gradual increase in revenue growth in 23Q4 and 24Q1, primarily due to reduced impact from hospital bidding and policy changes [1] - National policies and product innovation are driving the internationalization and domestic substitution of medical devices [1] - Domestic medical device companies are expected to gain stronger influence internationally as product quality improves and overseas channels expand [1] - Domestic substitution is accelerating, especially in high-end equipment and high-value consumables [1] Financial Performance - In 23Q4, the A-share medical devices sector saw a year-on-year revenue growth of **-0.81%**, with net profit growth of **65.34%** and a gross margin of **48.39%**, up **0.4pct** from 22Q4 [1] - In 24Q1, the sector's revenue growth improved to **2.04%**, with net profit growth of **102.44%** and a gross margin of **49.98%**, down **0.53pct** from 23Q1 [1] - The equipment sub-sector saw a revenue decline of **1.27%** in 23Q4, but improved to a **0.33%** decline in 24Q1 [1] - The consumables sub-sector experienced a revenue growth of **3.32%** in 23Q4, with a significant improvement in 24Q1 [1] - The IVD sub-sector saw a revenue growth of **9.87%** in 23Q4, with a notable recovery in 24Q1 [1] Innovation and R&D - Innovation is a key driver for the future growth of medical device companies, with both breakthrough products and iterative innovations playing significant roles [21] - R&D expenses for A-share medical device companies have been increasing, with a growth rate of over **12%** after excluding COVID-related companies [21] - Companies like **Mindray Medical**, **United Imaging Healthcare**, and **BGI Genomics** have the highest R&D expenditures, while **Sinomed** and **MicroPort EP** have the highest R&D expense ratios [23] - In 2023, **Xinhua Medical**, **New Industries**, and **Dongfang Electronics** entered the top 10 in R&D spending among A-share companies [24] Domestic Substitution - Domestic substitution is accelerating, with lower-barrier products already largely replaced by domestic alternatives, and high-end equipment gradually breaking through [32] - In the equipment sector, products like **DR**, **low-energy radiotherapy devices**, and **defibrillators** have achieved over **60%** domestic substitution, while **CT**, **MR**, and **endoscopes** are still in the process of substitution [32] - In the consumables sector, **orthopedic joints** and **coronary stents** have achieved over **60%** domestic substitution, while **cardiac pacemakers** remain below **10%** [34] Key Companies and Products - **United Imaging Healthcare**: Key products include **uMR Jupiter 5T**, **uCT 960+**, and **uEXPLORER (Total-body PET/CT)** [28] - **Mindray Medical**: Focused on **ultrasound**, **defibrillators**, and **monitoring devices**, with significant R&D investments [23] - **Sinomed**: Developing innovative products like **intracranial drug-eluting stents** and **coronary stents** [30] - **MicroPort EP**: Key products include **Neurohawk® intracranial thrombectomy stent** and **Tigertriever® intracranial thrombectomy stent** [30] Investment Strategy - Focus on medical equipment companies like **United Imaging Healthcare**, **Mindray Medical**, and **HaiTai XinGuang** [1] - In the consumables and IVD sectors, key companies include **Sinomed**, **HuiTai Medical**, and **MicroPort EP** [1] - In the consumer medical sector, companies like **Aimeike**, **Huadong Medicine**, and **Haohai Biological** are recommended [1]

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry, but it implies a positive outlook based on the analysis of TCO and product efficiency [17]. Core Insights - TCO (Total Cost of Ownership) is a critical factor for CSP (Cloud Service Providers) when considering the construction of data centers, as it encompasses both capital expenditures (CapEx) and operational expenditures (Opex) [2][7]. - NVIDIA's products and solutions are expected to provide better TCO compared to competitors' GPUs, with a focus on enhancing computational efficiency and energy consumption [2][7]. - The GB200 NVL72 system is designed to reduce power consumption and TCO for AI clusters, achieving up to a 25-fold reduction in costs and energy consumption compared to previous models [2][8]. Summary by Sections Section 1: TCO as a Key Consideration for CSPs - CSPs prioritize TCO when evaluating data center solutions, as it directly impacts their ROI [2][7]. - NVIDIA's strategic shift from single GPU performance to system-level solutions aims to lower TCO for clients [2][7]. Section 2: GB200 Enhancing Data Center Cost-Effectiveness - The GB200 NVL72 liquid cooling system significantly reduces the carbon footprint and energy consumption of data centers [2][8]. - Compared to the H100, the GB200 NVL72 can lower costs and energy usage by up to 25 times, demonstrating its efficiency in handling large AI models [2][8]. Section 3: Higher Requirements for ODM Manufacturers - The shift to cabinet-level solutions like the GB200 NVL72 raises the operational and financial requirements for ODM manufacturers, necessitating greater cash flow and operational capabilities [3][10].

[Table_PageText] 众生药业|公告点评 杨 微 ：高级研究员，德国汉堡大学博士，清华大学硕士，2022 年加入广发证券发展研究中心。 王稼宸 ：高级研究员，悉尼科技大学硕士，2022 年加入广发证券发展研究中心。 李润兰 ：高级研究员，北京师范大学博士，2024 年加入广发证券发展研究中心。 龙雪芳 ：研究员，南开大学硕士，2023 年加入广发证券发展研究中心。 袁 泉 ：研究员，北京大学硕士，2023 年加入广发证券发展研究中心。 王 少 喆 ：研究员，东南大学硕士，2023 年加入广发证券发展研究中心。 [Table_IndustryInvestDescription] 广发证券—行业投资评级说明 买入： 预期未来 12 个月内，股价表现强于大盘 10%以上。 持有： 预期未来 12 个月内，股价相对大盘的变动幅度介于-10%～+10%。 卖出： 预期未来 12 个月内，股价表现弱于大盘 10%以上。 [Table_CompanyInvestDescription] 广发证券—公司投资评级说明 买入： 预期未来 12 个月内，股价表现强于大盘 15%以上。 卖出： 预期未来 12 个月内，股 ...

Investment Rating - The industry rating for the securities sector is "Buy" [1] Core Insights - The Japanese asset management industry has experienced significant fluctuations and transformations, particularly influenced by economic cycles and policy reforms. The industry saw a compound annual growth rate (CAGR) of 29% from 1983 to 1989, followed by a decline of -1% from 1990 to 2003. However, from 2006 to 2023, the public securities investment trust scale grew at a CAGR of 6.4% to reach 197 trillion yen [1][7][51] - The aging population in Japan has increased demand for pension-related investment products, with the proportion of pension funds allocated to investment trusts rising from 35% in 2013 to 49% in 2023. This shift reflects a broader trend of residents moving from savings to investments, supported by government policies and tax incentives [1][51][45] - The introduction of flexible fee structures and the decline in management fees have made investment products more attractive to investors. For instance, the management fee for actively managed funds decreased from 1.20% to 1.12% between 2016 and 2023 [1][74][76] Summary by Sections Economic Background - The Japanese asset management industry is closely tied to the country's economic history, marked by periods of boom and stagnation. The industry began with the establishment of the first securities investment trust in 1941 and saw rapid growth until the asset bubble burst in the early 1990s, leading to a prolonged economic downturn [7][49] Policy Environment - The "Big Bang" reforms initiated in 1997 aimed to liberalize and globalize the financial sector, enhancing the competitiveness of financial institutions. These reforms included changes to the Securities Investment Trust Law, which relaxed restrictions on sales and investment, and the introduction of the Financial Instruments and Exchange Act, which unified regulation across financial products [1][31][39] Product Development - The growth of ETFs and J-REITs has been significantly supported by government policies, with the Bank of Japan purchasing ETFs since 2010 to inject liquidity into the market. As of 2023, Japan's ETF market is the largest in Asia, with over 284 ETFs listed [1][65][71] Fee Structure - The long-term trend of declining fees in public and private investment trusts has made these products more accessible. The introduction of tiered fee structures has allowed for more competitive pricing, benefiting both investors and fund managers [1][73][76] Investment Trends - There has been a notable increase in the allocation of funds to overseas assets, particularly in actively managed funds. The proportion of overseas assets in Japanese public mixed funds rose from 19.7% in 2000 to 56.9% in 2009 [1][79]