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2月26日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRRIIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 非银金融（801790） [Table_MainInfo] 上市险企 1 月保费：人身险保费承压，财险保费稳健增长 行业评级： 推荐 [Table_IndustryInfo] ➢ 事件：上市险企陆续披露1月保费收入，受业务结构调整影响，上市险 近一年该行业相对沪深 300 走势 企1月人身险保费收入增速承压，整体出现同比下滑，而财险保费收入 则延续稳健增长。 ➢ 银保报行合一驱动业务结构调整，人身险保费承压。1月5家上市险企 合计人身险保费收入同比下滑 4.2%，相较 2023 年 12 月单月同比增速 下滑9.2个百分点，预计主要系银保报行合一政策仍处于消化期，上市 险企对业务结构进行调整、压降银保趸交保费。各家公司人身险保费收 入增速依次为中国人寿（+2.2%）＞中国平安（-2.2%）＞中国太保 分析师声明： 作者具有中国证券业协会授予的证券投资 （-14.7%）＞ ...

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The non-bank financial index has increased by 2.74% year-to-date, outperforming the CSI 300 index by 1.03 percentage points, ranking sixth among 31 Shenwan first-level industries [2] - The non-bank financial sector rose by 2.80% this week, while the CSI 300 index increased by 3.71%, resulting in an underperformance of 0.91 percentage points, ranking twenty-seventh among 31 Shenwan first-level industries [2] - The valuation of the brokerage sector is currently at 1.17 times PB, below the historical average of 1.67 times PB over the past decade, while the insurance sector is at 0.96 times PB, below its historical average of 1.84 times PB [2] Summary by Sections Market Performance Review - The non-bank financial sector has shown a cumulative increase of 2.74% since the beginning of the year, outperforming the CSI 300 index by 1.03 percentage points [2] - This week, the sector's performance was weaker than the broader market, with a rise of 2.80% compared to the CSI 300's 3.71% [2] - Key stocks in the non-bank financial sector include Rendo Holdings, Yalian Development, Jiuding Investment, Huajin Capital, and Shoufang Securities, which have shown significant gains [2][12] Policy Tracking - The China Securities Regulatory Commission (CSRC) is actively engaging with various stakeholders to strengthen market regulation and prevent risks [3] - The CSRC is committed to implementing policies that promote high-quality development in the capital market [3] - Recent measures include stricter trading regulations and enhanced monitoring of quantitative trading practices [5] Insurance Sector Dynamics - The insurance industry has shown stable growth, with total assets reaching 29.96 trillion yuan by the end of Q4 2023, a 10.4% increase from the beginning of the year [5] - The comprehensive solvency adequacy ratio for the insurance industry stands at 197.1%, indicating strong financial health [5] - In January, the life insurance premium income for five listed insurers decreased by 4.2% year-on-year, attributed to ongoing adjustments in business structure [6][8] Investment Recommendations - The report suggests that both the brokerage and insurance sectors are expected to exhibit beta characteristics and rebound as market confidence improves [8] - Key stocks to focus on in the brokerage sector include CITIC Securities and China Galaxy, while in the insurance sector, China Pacific Insurance and New China Life are recommended due to their low valuations and potential for high elasticity [8]

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02月26日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRRIIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 传媒（801760） [Table_MainInfo] 短剧热度再起，多家 AI 公司推出多模态模型应用 行业评级： 推荐 ➢ 市场行情回顾：本周申万传媒板块指数上涨 14.62%，沪深 300指数上 [Table_IndustryInfo] 近一年该行业相对沪深 300 走势 涨 4.58%，相对收益 10.04%，板块表现强于大盘；涨幅前三的行业分 别是传媒（14.62%）、计算机（11.84%）、社会服务（9.90%）。本周游 戏板块上涨 12.19%，广告营销板块上涨 20.28%，数字媒体板块上涨 16.19%，影视院线板块上涨 13.49%；出版板块上涨 15.00%，电视广 播板块上涨9.39%。 ➢ 短剧热度再起，多家AI公司推出多模态模型应用。据业内估算，春节 档短剧单日破亿，预估整个档期破 8 亿。其中《我在八零年代当后 妈》拍摄耗时 10 天，后 ...

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2月25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（2024.2.19–2024.2.25）： 节后累库开启，金属价格有望温和上涨 行业评级： 推荐 [Table_IndustryInfo]  工业金属：LME铜价本周8422.5美元/吨，周上涨1.4%，国内铜现货价 近一年该行业相对沪深 300 走势 69345元/吨，周上涨2.4%。铜现货加工费22.7美元/吨，周回落27.9%。 LME铜库存12.29万吨，较上周下降0.6%，上期所阴极铜库存18.13万 吨，本周上升 109%。本周铜价小幅上涨，海外 LME 铜价继续维持较强 走势，国内铜价宏观上降息影响走势较强。海外宏观方面美联储降息预 期进一步放缓，1 月 31 日，美联储宣布联邦基金利率的目标区间保持 在 5.25%到 5.50%。从最新美国初请失业金人数来看，最新一周初请失 ...

Investment Rating - The industry investment rating is Neutral [2] Core Insights - The new energy vehicle (NEV) sector is experiencing intensified price competition, with BYD reducing the price of its Qin PLUS model to approximately 79,800 yuan, prompting other manufacturers like SAIC-GM-Wuling, Changan, Nezha, and Geely to follow suit [17] - The CS new energy vehicle index increased by 0.97% this week, while the CSI 300 index rose by 3.71%, indicating that the industry index underperformed the CSI 300 by 2.74 percentage points [4] - February sales of new energy vehicles are projected to be around 380,000 units, reflecting a month-on-month decline of 43% and a penetration rate of approximately 33% [16] Industry Performance - The retail sales of passenger vehicles in China from February 1-17 reached 559,000 units, a year-on-year decrease of 14% and a month-on-month decline of 43% [6] - The wholesale sales of passenger vehicles during the same period totaled 382,000 units, down 42% year-on-year and 57% month-on-month [6] - The overall PE-TTM for the CS new energy vehicle sector is at 15.46 times, which is historically low, with a historical percentile of 0.64% [4] Material Prices - Lithium prices have slightly decreased, with lithium carbonate priced at 96,000 yuan per ton (down 0.5% week-on-week) and lithium hydroxide at 85,000 yuan per ton (down 0.2% week-on-week) [11] - Nickel sulfate prices also fell by 3.7% to 28,000 yuan per ton [11] Company Dynamics - The new energy vehicle market is expected to see a significant increase in penetration rates in the mainstream price range of 80,000 to 150,000 yuan due to intensified price competition [17] - Companies such as Changan Automobile, Bertley, and Huayang Group are recommended for investment due to their potential benefits from automotive intelligence [2]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | 通信服务 郎遂服务 經草 禽肉 驻本 家用器具 教育服务 交通工具 交通工具使用和维修 奶类 衣着加工服务费 百药 组货房房租 酒总 医疗服务 旋避 水电燃料 服裝 ...

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2月18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（2024.2.12–2024.2.18）： 金属价格维持震荡，关注节后开工节奏 行业评级： 推荐 [Table_IndustryInfo]  工业金属：LME 铜价本周 8322 美元/吨，周上涨 2.8%，国内铜现货价 近一年该行业相对沪深 300 走势 67725元/吨，周持平。铜现货加工费31.5美元/吨，较节前基本持平。 LME铜库存13.06万吨，较上周下降4.5%，上期所阴极铜库存8.65万 吨，本周上升 26..9%。本周铜价延续震荡走势，海外 LME 铜价继续维 持较强走势，国内铜价受节假日影响变动幅度较小。海外宏观方面美联 储偏鹰表态导致降息预期有所放缓，1 月 31 日，美联储宣布联邦基金 利率的目标区间保持在 5.25%到 5.50%，同时美联储主席鲍威尔也表示 美联 ...

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2月19日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRRIIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 非银金融（801790） [Table_MainInfo] 监管密集发声，信心恢复可期——非银金融周报（2024.2.5-2024.2.8） 行业评级： 推荐 [Table_IndustryInfo] ➢ 一周市场表现回顾。年初至今，非银金融指数累计下跌0.06%，沪深300 近一年该行业相对沪深 300 走势 指数累计下跌1.93%，非银金融板块跑赢沪深300指数1.87个百分点， 在三十一个申万一级行业中排名第四。本周，非银金融板块上涨6.06%， 沪深 300 指数累计上涨 5.83%，非银金融板块跑赢沪深 300 指数 0.23 个百分点，在三十一个申万一级行业中排名第十一。从个股表现来看， 多元金融股跌幅靠前，非银金融板块跌幅前五的个股分别为香溢融通、 *ST民控、华金资本、仁东控股、亚联发展，券商股涨幅相对领先，板 块涨幅前五的个股分别为国网英大、华铁应急、 ...

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The Spring Festival has driven an increase in consumer spending, leading to a recovery in the sales of liquor, with ongoing differentiation in performance across price segments and brands [5][7] - During the Spring Festival, the total liquor consumption is expected to be flat or slightly increased compared to the same period last year, with variations in demand based on price segments, brands, regions, and consumption scenarios [5][7] - High-end liquor shows resilient demand, while the mid-range segment faces pressure; premium brands like Moutai and Wuliangye perform well in terms of sales and inventory management [5][7] - The overall performance of liquor during the Spring Festival exceeded previous market pessimism, supported by rigid demand from gifting and social gatherings [5][9] Summary by Sections Industry Overview - The Spring Festival saw 474 million domestic tourist trips, a year-on-year increase of 34.3%, with total spending reaching 632.687 billion, up 47.3% year-on-year [7] - The liquor market is experiencing a recovery, with high-end liquor maintaining strong sales due to rigid gifting demand, while the mass market benefits from social gatherings and changing consumer habits [5][7] Liquor Market Insights - High-end liquor brands like Moutai and Wuliangye are seeing faster cash return rates compared to last year, with Moutai's return rate around 25-30% and Wuliangye's target at 60% [7][9] - Regional performance varies, with East China and Shanxi showing strong results, while Jiangsu remains stable [7][9] Investment Recommendations - Suggested stocks to consider include Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others in the dairy and seasoning sectors, as they are expected to benefit from the ongoing recovery in consumer demand [5][9]

海外宏观研究报告——国际数据跟踪（2.12-2.16） | --- | --- | |--------------------------------|-------| | C P I 数 据 \nCPI 当月同比 | 3.1% | | 核心 CPI 当月同比 | 3.9% | | CPI 季调环比 | 0.3% | | 核心 CPI 季调环比 | 0.4% | | 数据来源：同花顺 iFinD | | ➢ 美国零售销售额出现锐降：美国 1 月零售销售总额同比增速达 0.65%， ➢ 风险提示：美国经济韧性超预期，地缘政治风险，通胀反弹风险，金融 部门流动性风险。 1.1 美国零售销售额. 报告目录 1. 宏观数据分析 南京证券股份有限公司 NNAANNJJIINNGG SSEECCUURRIITTIIEESS CCOO...LLTTDD 2024 年 2 月 19 日 [Table_IndustryInfo] 美 国 C P I 图 表 ⚫ 摘要 ➢ 美国物价环比超预期攀升：美国 1 月 CPI 当月同比增加 3.1%，超出预期 水平 2.9%，增速较上月减少 0.3pct；核心 CPI 当月同比达 3.9 ...