Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [7] Core Insights - Functional apparel is experiencing structural growth potential, with a focus on sun protection clothing as summer approaches [1][11] - The narrow (national standard) sun protection clothing market has reached approximately 100 billion yuan, with growth rates expected to slow due to market saturation [2][17] - Brand competition is intensifying, with significant market players like JiaoXia and JiaoNei leading in market share, while fashion appeal becomes a key competitive factor [3][23] Summary by Sections Functional Apparel Market - The functional apparel market shows potential for growth, with a notable rise in demand for sun protection clothing during extreme heat conditions [1][15] - The market for sun protection clothing is projected to maintain rapid growth in 2024, despite a slowdown in growth rates compared to previous years [2][19] Development Stage - The sun protection clothing market has reached a scale of around 100 billion yuan, with online sales showing a significant increase [2][17] - The market is entering a phase of brand consolidation, with a decrease in the number of market participants and an increase in mid-to-high-end branded products [2][21] Brand Competition - JiaoXia holds a significant market share, particularly in the mid-to-high-end price range, with intense competition among various brands [3][23] - The focus of brand competition has shifted towards product comfort and design, alongside aggressive marketing strategies involving celebrity endorsements [3][24] Leading Companies - JiaoXia has expanded its product range and channels, achieving substantial sales growth in sun protection clothing, with 2021 revenues reaching 710 million yuan [4][21] - Bosideng is also making strides in the sun protection clothing segment, enhancing its product offerings and marketing efforts to align with fashion trends [5][24]

Summary of Conference Call Company or Industry Involved - The conference call is associated with Guolian Securities Research Institute, focusing on investment management and advisory services. Core Points and Arguments - The call is intended solely for clients on the whitelist of Guolian Securities Research Institute, emphasizing the exclusivity of the information shared [1] - It is clearly stated that the meeting does not constitute investment advice, and participants are responsible for their own investment decisions and risks [1] - Guolian Securities disclaims any liability for losses incurred by participants due to the use of the meeting content [1] Other Important but Possibly Overlooked Content - The call highlights the importance of self-reliance in investment decisions, indicating a focus on investor education and risk awareness [1]

Summary of Conference Call Company/Industry Involved - The conference call pertains to Guolian Securities, specifically focusing on its research department and investor suitability management practices [1] Core Points and Arguments - The call is intended exclusively for Guolian Securities' whitelist clients, indicating a selective approach to information dissemination [1] - It is emphasized that the content of the meeting does not constitute investment advice, highlighting the importance of independent decision-making by participants [1] - Participants are reminded that they bear the responsibility for their investment decisions and associated risks, which underscores the company's stance on risk management [1] - Guolian Securities disclaims any liability for losses incurred by participants due to the use of the meeting content, reinforcing the need for personal accountability [1] Other Important but Possibly Overlooked Content - The call serves as a reminder of the regulatory framework surrounding investor suitability, which is crucial for maintaining compliance in the financial services industry [1] - The focus on a whitelist client base may indicate a strategic effort to enhance client relationships and provide tailored insights to a select group [1]

Fund Performance and Trends - Active funds have underperformed the CSI 800 index, with negative fund inflows indicating a shift towards passive and bond funds[8] - The large-cap value style has shown strong performance with a year-to-date increase of 7%, while the large-cap balanced style gained 2.5%[9] - Active equity funds have increased their holdings in low PE stocks (below 20) to over 30% of their market cap, while reducing exposure to high PE stocks (above 50)[10] Fund Issuance and Market Dynamics - The issuance of rights funds remains low, with passive index and enhanced index funds receiving positive net subscriptions[25] - As of May 2024, the share of rights fund issuance has decreased by 8.12 percentage points compared to the entire year of 2023, now accounting for 19.24%[26] - Bond funds have been favored, with short-term bond funds being more popular than medium to long-term bond funds[25] Investment Strategies and Recommendations - The report suggests focusing on balanced allocation and funds with alpha generation capabilities due to rapid market style rotations[10] - For balanced active funds, emphasis is placed on industry balance and alpha generation ability, evaluated through excess returns and stock selection capabilities[11] - Enhanced index funds should be assessed based on win rates, stability, and average excess returns, with some enhanced index funds meeting criteria for large-cap and balanced investments[12]

Investment Rating - The report maintains an "Outperform" rating for the electronic sector [2]. Core Insights - Bumping technology is a crucial foundation for advanced packaging, enabling various advanced packaging structures and processes [3][9]. - The global advanced packaging chip shipment volume was 58.1 billion units in 2022, expected to reach 78.1 billion units by 2027, with a CAGR of 4.9% [4][17]. - The shipment volume of flip chip (FC) is projected to grow from 14 billion units in 2022 (24% of total advanced packaging) to 21.9 billion units by 2027 (28% of total), with a CAGR of 8.4% [4][17]. - The rapid growth of Bumping technology is anticipated to create significant investment opportunities in equipment [5][30]. Summary by Sections 1. Bumping Market Development - Bumping is a key technology in advanced packaging, differentiating itself from traditional packaging methods by using flip chip bonding [9]. - The domestic Bumping market has substantial growth potential, with advanced packaging technologies expected to penetrate various sectors such as mobile, automotive, and data centers [15][17]. - The advanced packaging market is primarily dominated by foreign players, indicating significant growth opportunities for domestic companies [22]. 2. Investment Recommendations - The report suggests focusing on the advanced packaging equipment and materials supply chain, highlighting companies like ChipSource, Shengmei Shanghai, and Huahai Qingke [6][30]. - It also recommends monitoring the semiconductor recovery cycle, particularly in AI hardware products, which are expected to drive growth in consumer electronics [31]. 3. Equipment Investment Opportunities - The demand for advanced packaging equipment is expected to rise due to the increasing complexity of Bumping processes, which require higher precision and performance [5][24]. - Domestic manufacturers are making significant progress in producing equipment for Bumping processes, including photolithography and PVD equipment [29].

Investment Rating - Investment recommendation: Outperform the market (maintained) [2] Core Insights - Bumping is a core technology for advanced packaging, enabling various advanced packaging structures and processes [3][9] - The global advanced packaging chip shipment volume was 58.1 billion units in 2022, expected to reach 78.1 billion units by 2027, with a CAGR of 4.9% [4][22] - The shipment volume of Flip-Chip (FC) is projected to grow from 14 billion units in 2022 to 21.9 billion units by 2027, with a CAGR of 8.4%, indicating a faster growth rate than the overall advanced packaging chip shipment [4][22] - The rapid development of Bumping technology is expected to create investment opportunities in equipment [5][30] Summary by Sections 1. Bumping Market Development - Bumping is a key technology in advanced packaging, differentiating itself from traditional packaging methods by using flip-chip bonding for electrical connections [3][9] - The domestic Bumping market has significant potential, with China’s advanced packaging market share lagging behind the global market [18][22] 2. Investment Recommendations - Focus on the advanced packaging equipment and materials supply chain, with recommended companies including ChipSource, Shengmei Shanghai, Huahai Qingke, and others [6][30] - Attention should also be given to the semiconductor recovery cycle, with potential growth in AI hardware products driving demand [6][31]

2024 年 06 月 21 日 内容摘要 从需求端来看，制造业企业固定资产投资近两年显著走强（4 月累计同比： 9.7%）。有市场观点认为这与微观体感存在差异，我们用 1541 家 2016 年前 上市的制造业企业的数据和统计局的固定资产投资数据进行了交叉验证。 结果显示，统计局公布的固定资产投资数据具有较好的代表性（拟合优度 0.88），企业资本开支的确在近两年明显走强。从供给端来看，与企业资本 开支最为相关的装备制造业的工业增加值也表现强劲(2023 年同比 6.8%)。 新周期的量与价 为何物价水平仍表现偏弱？参考旧金山联储的方法，我们发现 2023 年 Q2 以来，供给的扩张可能抑制了 CPI 的回升：对 4 个季度 CPI 的 8 个主要分 项的分析显示，价格低于趋势水平的情况略超出一半（18/32），同时，大 部分情况下，消费量都高于趋势水平（26/32）。供给的扩张意味着潜在经 济增速和自然利率的回升，价格低迷或只是阶段性现象。展望未来，我们 预计伴随着经济的温和复苏，物价水平或也将有所回升。 相关报告 1、《近期黄金上涨之"谜"：——宏观深度报告》 2024.04.26 2、《美国小银行的大 ...

证券研究报告 行 业 报 告│ 行 业 投 资 策 略 2024 年 06 月 22 日 轻工制造 质价比引领国货崛起，智价比推动家居焕新 ——轻工行业 2024 年度中期投资策略 行情回顾：年初至今，轻工板块累计录得-9.04%的收益，板块表现弱于大 盘。市场对地产β、消费需求等悲观预期反应较为充分，当前行业估值已 处于历史低位。个股层面，经营业绩稳健的低估值龙头公司仍受资金青睐。 ➢ 家居：政策托底存量成主需，智能化前景广阔 2024 年政策博弈情绪带动家居股价短期波动，长期新房红利减退、大宗渠 道弱化趋势明显，政府收储和房屋限售限贷政策逐步放宽以满足刚性改善 性住房，存量更新需求将占据较大比例，有望带动家居基本面好转。传统 家居渠道拓展延续整装/融合大店化、市场下沉、直播电商和家具出海四条 主线，头部企业综合优势强劲有望驱动集中度提升；产品端智能家居产业 契合以旧换新闭环，推动消费产业双升级，高增速低渗透下增量空间广阔。 ➢ 出口链：欧美地区增速稳定，新兴市场贡献增量 2024 年补库及海外消费需求改善推动轻工品类出口增长，当前库销比仍处 低位。Temu、TikTok Shop 跨境电商新平台为出海供货 ...

根据证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 好的各位领导大家早上好欢迎参加我们本期的这个国联总量周六连线栏目我是国联策略董又林 那首先的话呢还是我们侧着这边汇报一下最近的一些市场观点最近其实市场总体肯定是偏弱的然后这里面呢我们也去分析一下这个一个就是背后的原因当然另外就是我们也总结一下今年以来其实整个市场的一个风格的走势的一个复盘的一些逻辑 我觉得总体的一个感觉就是客观的讲如果纯从数据出发的话其实今年的市场的风格的走势跟今年的就是数据反映出来的宏观的状态是有点 背离的或者说跟历史的相似的这种数据所呈现的这种宏观正向的风格走势是背离的当然就是说如果我们从投资者的这个预期去出发的话当然大家似乎觉得说今年的这个走势比如说以红利为主或者以这种特别大盘的 一些比较稳的这种思想为主的这种感觉这种风格跟大家的这个心灵对基本面的预期比如大家觉得宏观意志比较弱等等好像又是比较相符的所以这我想今年其实是有这么一点就是跟历史不太一样或者这种比较隔 ...

证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 为经国联证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利各位投资者大家上午好首先还是很感谢大家在周一上午这么一个宝贵的时间来参加我们国联证券的此次电话会议 那也是想借这次电话会议的一个机会跟大家汇报一下我们2024年中期的一个保险投资策略那我们这个整体的一个报告的话还是分成六大部分那首先的话就是对于整个上半年的一个股价和基本面进行了一个复盘从股价层面来看的话就是整个年初以来保险板块整体还是跑赢了一个大盘 那主要的一个策划因素的话还是资产端的一个预期改善带动的那年初以来的话保险指数主要经历了两个阶段的上涨第一阶段是一月底到二月底主要是受益于央行宣布降准降息国资委提出要将市值管理纳入央企负责人的一个业绩考核以及证监会持续推动资本市场改革这一系列的一个利好政治出台然后市场情绪也迎来了一 ...