Market Overview - The North Exchange 50 Index continued to adjust, closing down 16.11 points, a decrease of 1.82%, with a transaction volume of 5.872 billion yuan, marking a new low for the year [2][41]. - All three major A-share indices closed lower, with the Shanghai Composite Index down 0.4%, the Shenzhen Component Index down 0.27%, and the ChiNext Index down 0.57%. The total transaction amount was 1,054.8 billion yuan, a decrease of 90.6 billion yuan from the previous day [2][41]. - The North Exchange's transaction amount has fallen below 10 billion yuan for eight consecutive days, indicating a significant decline in active capital's interest in the North Exchange [41]. Company Announcements - Jianbang Technology (837242.BJ) announced that its wholly-owned subsidiary obtained the IATF16949 certification, covering the design and production of controllers, sensors, and motors [8]. - Shunyu Precision (831906.BJ) received a patent for an invention titled "A Single Motor Control Car Air Outlet," enhancing its intellectual property portfolio and competitive edge [9][56]. - Klate (831689.BJ) announced the acquisition of two invention patents related to cooling mechanisms for offshore wind turbine cabins, which are expected to improve the company's technological innovation and market competitiveness [10][48]. Company Insights - Jianbang Technology focuses on the automotive aftermarket, developing and selling non-wear parts, with a significant portion of its revenue coming from overseas markets, indicating strong international demand [26][46]. - Shunyu Precision has developed a robust technical foundation in automotive interior components and AGV integration solutions, with a growing number of patents that enhance its market position [47]. - Klate specializes in high-efficiency cooling solutions for various industries, including rail transportation and renewable energy, with a projected revenue growth of 20.44% in 2023 [48]. Investment Opportunities - The report suggests that the automotive aftermarket presents substantial growth potential, particularly in electronic components, as the demand for electric vehicles increases [26][46]. - Companies like Jianbang Technology and Shunyu Precision are well-positioned to benefit from the ongoing trends in the automotive industry, including the shift towards electric vehicles and advanced manufacturing solutions [26][47].

南南南京京京证证证券券券股股股份份份有有有限限限公公公司司司 2024年03月11日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRRIIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 社会服务（801210） 社会服务行业周报：中国对[欧Ta洲bl六e_国M试ai行nI免nf签o]，入境游将迎来进一步发展 [Table_IndustryInfo] 行业评级： 推荐 近一年该行业相对沪深 300 走势  本周行情回顾：上周（20240304-20240308）沪深300上涨0.93%，社 会服务行业指数下跌2.02%，行业跑输沪深300指数2.95个百分点， 在申万31个一级行业中排名第28。涨幅排名前五的行业为：石油石化、 有色金属、公用事业、通信、煤炭。子板块方面，上周社会服务行业各 子板块（申万二级行业）涨跌幅由高到低分别为：旅游及景区（+1.64%）、 酒店餐饮（+0%）、教育（+0%）、体育Ⅱ（-0.80%）、专业服务（-3.80%）。 本周个股涨幅前三名分别为（不包含北交所）：大连圣亚、中科云网、 分析师声明： 作者具有中国证券业协会授予 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating an expected stock price increase of 5% to 15% relative to the CSI 300 index over the next six months [3][16]. Core Insights - The company is expanding its red and yellow light LED chip production to enhance its full-color LED product matrix, addressing a gap in its product offerings. This strategic move is expected to improve competitiveness in the Mini/Micro LED market [3]. - The company has seen steady growth in its blue and green light LED chip sales, with a total production of 21.74 million chips in 2023, reflecting a year-on-year increase of 14.78% from 2021 and 8.37% from 2022 [4][7]. - The company is strategically reallocating part of its fundraising to support the new project for producing 2.4 million red and yellow light epitaxial wafers and chips, which is expected to bolster its market position in the rapidly evolving display technology sector [3][4]. Financial Performance - In 2023, the company achieved a total revenue of 2,480.9 million yuan, with projections of 2,767.3 million yuan for 2024, representing a year-on-year growth of 11.5% [10]. - The net profit for 2023 was reported at 121.2 million yuan, with forecasts of 158.4 million yuan for 2024, indicating a significant recovery and growth trajectory [10]. - The company's inventory turnover days have decreased to 41.6 days, showcasing efficient inventory management compared to industry peers [7].

南南南京京京证证证券券券股股股份份 份有有有限限限公公公司司司 2024年3月10日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRR IIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 有色金属（801050） [Table_MainInfo] 有色金属行业周报（2024.3.4–2024.3.10）： 黄金价格创历史新高 行业评级： 推荐 [Table_IndustryInfo]  工业金属：LME铜价本周8552.5美元/吨，周上涨1.9%，国内铜现货价 近一年该行业相对沪深 300 走势 69595元/吨，周上涨1.1%。铜现货加工费12.7美元/吨，周回落33.5%。 LME铜库存11.28万吨，较上周下降7.1%，上期所阴极铜库存23.92万 吨，本周上升11.5%。本周铜价小幅反弹，海外宏观方面美联储降息预 期再起，美国劳工部劳工统计局数据显示，2月非农就业岗位增加27.5 万个。1月数据被下修至22.9万个，前值为35.3万个。失业率在连续 三个月保持在 3.7%的水平后，2 月升至 3.9%，此数据支持了美国年内 降息的预期大幅走强 ...

南南南京京京证证证券券券股股股份份 份有有有限限限公公公司司司 2024年03月10日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRR IIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 食品饮料（801120） [Table_MainInfo] CPI 环比改善 关注春糖催化 行业评级： 推荐 [Table_IndustryInfo] 投资要点 近一年该行业相对沪深 300 走势  白酒龙头节后提价，关注春糖走向。2024 年 3 月 9 日，国家统计局公 布2月物价数据，2024年2月CPI同比0.7%，前值-0.8%，环比1%， 前值 0.3%，CPI 同比由降转升，环比改善。主要原因为春节错峰，春 节期间消费需求增加叠加雨雪等极端天气影响供给，带来食品价格同比 降幅显著收窄，2月鲜菜/鲜果/猪肉分别同比2.9%/-4.1%/0.2%，猪肉结 束了长达10个月的同比负增；春节居民返乡叠加出行旅游拉动服务CPI 同比增幅扩大至 1.9%。白酒方面，节后部分白酒龙头公司进行主力大 分析师声明： 单品提价，主要意图在于节后淡季提价有利于维护价盘、提 ...

南南南 京京京 证证证 券券券 股股股 份份份 有有有 限限限 公公公 司司司 2024年3月11日 NNN AAA N JN JN J III NNN GGG S S S EEE CCC UUU RRR III TTT III EEE S S S CCC OOO ... L TL TL T DDD 行业研究报告 新能车（399976） [Table_MainInfo] 行业龙头停产检修，六氟有望盈利企稳 行业评级： 中性 [Table_IndustryInfo] ➢ 本周行情回顾：本周CS新能车行业指数下跌2.90%，沪深300指数上 近一年该行业相对沪深 300 走势 涨0.20%，行业指数跑输沪深300指数3.10个百分点。其中涨幅居前的 个股包括：法拉电子（+6.97%）、汇川技术（+4.86%）、厦门钨业（+2.90%） 和宏发股份（+0.20%）；跌幅居前的个股包括：容百科技（-9.63%）、孚 能科技（-8.30%）、德方纳米（-7.69%）、永兴材料（-7.68%）和璞泰来 （-7.05%）。 ➢ 2月新能源乘用车销量自然回落：根据乘联会统计，2月新能源乘用车 批发销量达到 44.7 万辆，同 ...

美国 2 月新增非农就业人数超预期，在前值下修下实现增长，但有所降温。失业 请务必阅读正文之后的重要法律声明 图表：美国新增非农就业人数 图表：美国私营和政府部门新增非农就业人数 图表:美国ADP新增私管就业人数分类 图表:美国挑战者CEO高职人数及增速 - 美国:失业率:争调 美国劳动力参与奉%（右柏） 16 64 ଓ .5 14 હ 12 62.5 10 62 8 61.5 61 6 60.5 4 60 2 59.5 59 0 023-10 024-01 020-07 2021-01 2021-04 2019-04 020-10 2021-07 2021-10 022-01 2019-10 020-04 020-0 2022-0 022-0 2019-0 022-1 023-0 资料来源:同花顺iFinD,南京证券研究所 美国:劳动力人数:16岁及以上:手课:当月值千人 = 美国:就业人数:16岁及以上:李澜:当月值千人 - 美国:免受人数:16岁及以上:学调:当月值千人右右 170,000 25,000 165,000 20,000 160,000 155,000 15,000 150,000 10,0 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company, Huqin Technology (603296.SH), has a strong foundation in the smartphone and computer sectors while expanding into servers and automotive electronics [1] - The company has established itself as a leading multi-category smart hardware ODM manufacturer, focusing on smartphones, laptops, tablets, AIoT products, and servers [12][38] - The company aims to leverage its strong R&D, manufacturing, supply chain, and quality control capabilities to enhance its product offerings [12] Company Development Trajectory and Strategy - Huqin Technology was founded in 2005 and has evolved from an IDH business model to an ODM model, expanding its product range significantly over the years [7] - The company has achieved a 28% market share in global smartphone ODM shipments in 2022, ranking it among the top players in the industry [7] - The company has established overseas manufacturing bases and a global R&D headquarters, enhancing its operational capabilities [7] Business Segment Overview - The company's revenue structure is primarily composed of smartphones, laptops, and tablets, which accounted for over 90% of total revenue from 2018 to 2022 [10] - As of Q3 2023, smartphone revenue accounted for 33.5% of total revenue, while server revenue has rapidly increased to 16.5% [10][12] - The company is focusing on expanding its presence in emerging markets such as AIoT and automotive electronics [10] Competitive Assessment - The company has a clear competitive advantage in the ODM market, with a significant increase in market share due to partnerships with major brands like Samsung and Xiaomi [27] - The smartphone ODM market has seen increasing concentration, with the top three players holding a combined market share of 76% [27] - The company has maintained a competitive gross margin, although it remains lower than some peers in the industry [42] Financial Performance Evaluation - The company's total revenue for 2020-2023 H1 was reported at 598.66 billion, 837.59 billion, 926.46 billion, and 396.98 billion respectively [42] - The gross margin for the same period was 9.9%, 7.7%, 9.8%, and 11.7%, indicating fluctuations influenced by raw material costs [42] - The net profit margin has shown slight improvements, with figures of 3.7%, 2.2%, 2.7%, and 3.2% for the respective years [42] Employee Management - The company has implemented employee stock ownership plans to enhance retention and motivation among key personnel [46] - The average salary for employees has been consistently higher than industry peers, contributing to a strong performance in revenue generation per employee [46][52]

公司评级：买入 山东黄金：黄金龙头再出发 研 究 员 姚成章 投资咨询证书号 S0620523060002 ...

南南南 京京京 证证证 券券券 股股股 份份份 有有有 限限限 公公公 司司司 2024年3月11日 NNN AAA N JN JN J III NNN GGG S S S EEE CCC UUU RRR III TTT III EEE S S S CCC OOO ... L TL TL T DDD 行业研究报告 公用事业（801160） [Table_MainInfo] 公用事业周报：加强生态文明建设，推进绿色低碳发展 行业评级： 推荐 [Table_IndustryInfo] ➢ 本周行情回顾：截至3月8日收盘，本周公用事业板块上涨4.23%，表现 近一年该行业相对沪深 300 走势 优于大盘，同期沪深300上涨0.20%；涨幅前三的行业分别为石油石化 （5.24%）、有色金属（4.49%）、公用事业（4.23%）；公用事业板块重点 上市公司中涨幅前五的分别为建投能源（19.79%）、浙能电力（11.98%）、 华电国际（11.83%）、皖能电力（10.56%）、陕西能源（9.92%）。 ➢ 行业数据追踪：煤炭库存方面，截至3月8日，六大发电集团煤炭库存达 1303.4万吨，同比+7.3%，较上周+46. ...