固 定 收 益 宏 观 研 究 [Table_Author] 固定收益分析师： 岳安时 执业证书编号：S1380513070002 联系电话：010-88300844 邮箱：yueanshi@gkzq.com.cn 证 券 研 究 报 告 [近期研究 Table_Report 报告 ] 固 定 收 益 点 评 报 告 [Table_Title] 工业企业效益明显改善 ——2024 年 1-2 月工业企业利润数据点评 [Table_Date] 2024 年 3 月 28 日 事件： 3月27日，统计局公布工业企业利润数据，1-2月全国规模以上工业企 业实现利润总额9140.6亿元，同比增长10.2%。 点评： 工业企业利润及营收均明显改善。1-2月份，全国规模以上工业企业 利润同比增长10.2%，利润由上年全年下降2.3%转为正增长。1-2月 份，工业企业营业收入同比增长4.5%，高于上年全年营收增速3.4个 百分点，企业营收回升态势明显。 超七成行业利润增长，高技术制造业利润明显回升。1-2月份，在41 个工业大类行业中，有29个行业利润同比增长，增长面为70.7%，比 上年全年扩大4.8个百分点。值得注意的 ...

Group 1 - The report emphasizes the importance of investor-centric reforms in the capital market, highlighting the need to protect investor rights and enhance market fairness and transparency [21][34][37] - Recent regulatory policies focus on improving the quality of listed companies and ensuring a stable market environment, which is crucial for restoring investor confidence [30][54][70] - The introduction of the China Securities A50 Index is seen as a potential new benchmark for core assets in the A-share market, with improved industry distribution and liquidity [8][78] Group 2 - The report outlines a systematic approach to investment-side reforms, which includes enhancing investor education and promoting rational investment philosophies among market participants [34][58] - Institutional investors are encouraged to adopt a long-term investment strategy and demonstrate professionalism, which is essential for stabilizing the market [32][53] - The performance of core assets in the secondary market is identified as a key factor in restoring overall market confidence, with effective expectation management being critical [13][65][62] Group 3 - The report discusses the need for stricter regulations on initial public offerings (IPOs) and the importance of maintaining a robust exit mechanism for underperforming companies [56][71] - It highlights the increasing interest of foreign investors in the Chinese stock market, necessitating the establishment of a value assessment system that aligns with long-term investment principles [33][53] - The report notes that the regulatory environment is becoming more stringent, with a significant increase in penalties for violations, which aims to purify the market ecosystem [54][76]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is Neutral [2][4]. Core Insights - The pharmaceutical and biotechnology industry experienced a decline of 2.13% last week, underperforming the CSI 300 index by approximately 1.43 percentage points, ranking 30th among 31 primary industries [4][7]. - All six sub-industries reported losses, with the medical services sector experiencing the largest drop of over 4%, while the biopharmaceutical sector fell by more than 3% [4][7]. - The industry valuation is currently at a low point, with a TTM valuation of approximately 34 times, down from the previous week, and a relative valuation premium of 105% compared to all A-shares [7][8]. - The report highlights the growing importance of AI in healthcare, particularly in drug development and clinical decision-making, as evidenced by NVIDIA's recent GPU Technology Conference, which featured over 90 sessions related to life sciences and healthcare [4][7]. Market Performance and Investment Strategy - The report suggests focusing on sectors with potential for rapid growth in Q1, such as innovative drugs, specialty generics, and traditional Chinese medicine, given the current valuation attractiveness [8]. - Recommended stocks include Heng Rui Medicine, Mindray Medical, Kelun Pharmaceutical, and Da Ren Tang [8][21]. Important Industry News - The results of the centralized procurement for 28 types of medical consumables in the Beijing-Tianjin-Hebei region were announced, with a selection rate of approximately 27% for the products [14]. - JD Health reported a total revenue of 53.5 billion yuan in 2023, a year-on-year increase of 14.5%, indicating strong growth potential in internet healthcare [15]. - Heng Rui Medicine presented updated data on its innovative drug, demonstrating a 5-year overall survival rate of 31.2% for patients with advanced lung cancer [16]. Important Company Announcements - Puli Pharmaceutical received FDA approval for its deoxymidodrine hydrochloride injection, marking a significant milestone for the company in the U.S. market [17]. - Bai Ao Tai signed a licensing and commercialization agreement for two biosimilars in Latin America, with a total transaction amount potentially reaching 6 million USD [18]. - Yi Fan Pharmaceutical's Aibegersitin α injection received approval for sale in the European Union [19]. Related Stock Valuation - Key stock valuations include Heng Rui Medicine with a PE ratio of 63.23, Mindray Medical at 30.17, Kelun Pharmaceutical at 19.33, and Da Ren Tang at 20.83 [21].

行 宏 观 业 研 食投品资饮端料改 革持续推进，落实“增强资本市场内在稳 研 究 定性”要求 究 [Table_Title] ——证券行业周报 [分Ta析b师le_：A uthor] [Table_Date] 2024年3月25日 黄婧 [内Ta容ble提_S要um：m ary] 执业证书编号：S1380113110004 上周（2024年3月18日-3月22日），申万非银金融指数下 证 联系电话：010- 88300846 跌1.59%，落后沪深300指数0.89个百分点，在申万29个 券 一级行业中排名第25。上周，申万证券板块下跌0.64%， 邮箱：huangjing@gkzq.com.cn 在非银金融板块中排名第2，交易额达1059.85亿元，板块 研 活跃度较前一周有所下降。截至2024年3月25日，板块整 究 [证Ta券b与le_沪P深icQ3u0o0t指e] 数涨跌幅走势图 体PB为1.14倍，处于10年来1.64%分位上，在近10年中仍 报 处于较低估状态。 告 9% -1% 政策跟踪： 1、三部门发布《划转充实社保基金国有股权 -11% 及现金收益运作管理暂行办法》，从社保基金运营角度来 ...

Investment Rating - The report suggests a focus on distributed photovoltaic operators, household energy storage companies, and integrated photovoltaic component companies with overseas market expansion capabilities [4]. Core Insights - The "2024 Energy Work Guidance" issued by the National Energy Administration aims to increase the share of non-fossil energy power generation capacity to around 55% (up 3.1% year-on-year) and the share of wind and solar power generation to over 17% of total national power generation (up 1.7% year-on-year) [3]. - The report emphasizes the dual development of centralized and distributed photovoltaic systems, with a focus on large-scale wind and solar base construction and the promotion of distributed energy projects [3]. - The report highlights the importance of technological innovation and legal framework improvements to address challenges in grid connection and energy consumption [3]. - The report outlines the goal of expanding China's global influence in the renewable energy sector and preparing for future green electricity international trading [3]. Summary by Sections Policy Objectives - The report details the targets set in the "2024 Energy Work Guidance," including increasing the share of non-fossil energy in total energy consumption to approximately 18.9% (up 0.6% year-on-year) and enhancing the proportion of terminal electricity consumption [3]. Development Strategies - The report discusses the need for a balanced approach to centralized and distributed photovoltaic development, including the implementation of smart grid construction and exploring clean energy transition models in rural areas [3]. International Cooperation - The report emphasizes the importance of international collaboration in the clean energy industry, particularly in regions such as Europe, ASEAN, and the Middle East, to mitigate risks associated with domestic overcapacity in the renewable energy sector [3]. Investment Recommendations - The report recommends focusing on specific investment opportunities, including distributed photovoltaic operators (e.g., Xinneng Technology), household energy storage companies (e.g., Yingwei Ke, Goodwe), and integrated photovoltaic component companies with international market capabilities (e.g., JA Solar) [4].

行 正 宏 业 观 大规模设备更新有望拉动国内工程机械替换需求 研 研 究 究 --机械设备行业周报(3.18—3.22) [Table_Author] 证 分析师： [Table_Date] 2024年3月25日 券 崔国涛 ]正 文摘要：  上周SW机械设备指数下跌0.42%至1401.83点，涨跌幅在申万31 研 执业证书编号：S1380513070003 个一级行业中排名第16位，跑赢同期沪深300指数0.28个百分 证 究 联系电话：010-88300848 点。截止到2024年3月22日，SW机械设备板块滚动市盈率为 券 25.43倍（整体法，剔除负值），相对全部A股的溢价率为84.37%， 报 邮箱：cuiguotao@gkzq.com.cn 低于2010年以来85.68%的中位数水平。自动化设备、通用设备、 研 告 专用设备、工程机械、轨交设备板块滚动市盈率分别为39.85、 究 28.41、23.94、20.57、17.68倍。 近[T一a年blSeW_P机ic械Q设uo备te与] 沪深300指数相对涨跌幅  CME预估3月挖掘机国内市场恢复正增长。根据CME预估，3月 报 10% 挖掘 ...

杜征征 刘晓溪 策 略 专 题 报 告 近日，中国证监会密集发布多项政策性文件，其中《关于加强 上市公司监管的意见（试行）》旨在引导和激励 A 股常态化分 红机制进一步健全。上市公司实施稳定的分红政策有助于稳定 市场预期、提升上市公司盈利水平以及提高投资者获得感。 风险提示：国内外经济形势超预期恶化，我国经济复苏进程不 及预期，美联储进一步超预期收紧货币政策导致资本外流程度 加剧，全球金融市场剧烈波动，地缘冲突进一步升级，中美关 系再度恶化，上市公司业绩全面下滑，其他黑天鹅事件等。 目 录 三、上市公司分红水平变化及现状 四、分红政策持续推进的重要意义 表 1: 分红政策梳理 策略专题报告 近日，中国证监会密集发布多项政策性文件，其中《关于加强上市公司监管的 意见（试行）》旨在引导和激励 A 股常态化分红机制进一步健全。上市公司实 施稳定的分红政策对资本市场的重要性主要体现在：稳定市场预期、反映公司 盈利能力以及进一步促进上市公司达成经营目标等多个方面。对投资者而言， 实施稳定的分红政策有助于优化股东回报、与投资者们共享公司高质量发展的 成果、提高投资者获得感以及增强投资者信心等。本文就国内资本市场有关分 红 ...

观 报 杜征征 执业证书编号：S1380511090001 联系电话：010-88300843 邮箱：duzhengzheng@gkzq.com.cn ‐12 ‐6 0 6 12 18 24 2018‐022018‐082019‐022019‐082020‐022020‐082021‐022021‐082022‐022022‐082023‐022023‐082024‐02 %社会消费品零售总额:当月同比:两年平均 资料来源：Wind，国开证券研究与发展部 2．《通胀修复上行 关注需求复苏—2024 年 通胀形势展望》 —1-2 月宏观经济数据点评 1-2 月工业增加值同比增长 7.0%，预期增长 4.3%（预期 值来源为 Wind，下同），前值增长 6.8%；1-2 月固定资产 投资累计同比增长 4.2%，预期增长 3.0%，前值增长 3.0%； 1-2 月社会消费品零售总额同比增长 5.5%，预期增长 5.4%，前值增长 7.4%。 总的来看，1-2 月经济数据多数好于市场预期，主要有几 个因素推动。首先是工作日因素，2023 年 1-2 月工作日 为 38 天，今年为 40 天。其次是疫情扰动因素消退，2 ...

行 业 研 究 执业证书编号：S1380113110004 联系电话：010-88300846 非银金融(申万) 沪深300 [Table_ 行业评级IndustryRank] 强于大市 行 业 点 评 报 告 [Table_Title] [Table_Summary] 内容提要： "1+5"组合拳落实增强资本市场内在稳定性："一个基 石"指高质量的上市公司。"五个支柱"分别代表五个方 面：更合理的资金结构、更完善的基础制度、更有效的市 场调节机制、更优质的专业服务、更严格的监管执法。 风险提示：国内外疫情超预期影响业务开展及市场情绪； 流动性不及预期；行业竞争加剧导致行业盈利能力下降； 资本市场改革进程不及预期；相关假设条件不成立对证券 行业业绩增长的风险；国内外二级市场风险；国内外宏观 经济形势急剧恶化；宏观政策和行业政策调整风险；俄乌 冲突升级及外溢风险；其他黑天鹅事件风险等。 请务必阅读正文之后的免责条款。 1、投融资平衡发展，监管思路"两强两严" 2、"1+5"组合拳落实增强资本市场内在稳定性 行业点评报告 二是加强上市后监管。短期内三项重点工作：1、防假打假，证监会正与 有关部门共同构建综合惩防体 ...

Group 1: Inflation Data Overview - February CPI increased by 0.7%, exceeding market expectations of 0.4% and rebounding from a previous decline of -0.8%[22] - February PPI decreased by 2.7%, which was lower than the expected decline of -2.5% and consistent with the previous month's decline of -2.5%[22] - The CPI's year-on-year growth was supported by a low base effect from the previous year's Spring Festival timing[24] Group 2: Factors Influencing CPI and PPI - The CPI increase was driven by improved consumer demand, seasonal factors, and adverse weather conditions, while the underlying demand recovery remains moderate[28] - PPI's underperformance is attributed to weak post-holiday demand and a lack of significant investment momentum in the economy[14] - The core CPI, excluding food and energy, rose by 1.2%, marking the highest level since February 2022, indicating some recovery in underlying inflation pressures[27] Group 3: Future Outlook - CPI is expected to slightly decline in March but maintain positive growth, with an annual growth forecast of around 0.7%[28] - PPI may see a weak rebound in the short term, with year-on-year positive growth anticipated by mid-year, supported by base effects and government bond issuance[14] - Policy measures aimed at stabilizing prices and promoting moderate inflation growth are expected to align with the central bank's monetary policy considerations[40]