[Table_Stock] 长城汽车（601633） 证 出海+硬派越野赋能品牌高质量增长 券 研 ——长城汽车深度报告 究 [Table_Rating] [Table_Summary] 买入（首次） 报 ◼ 投资摘要 告 产品大年新车发布密集，垂直产业链布局如虎添翼。公司现已发展成 [T行ab业le:_ Indus汽 try车] 为国内 SUV 和皮卡巨头。2023 年旗下哈弗品牌龙系列、魏牌蓝山高 日期: s 20h2z4q年da0t5e月m2a8r日k 山、坦克 Hi4 系列新车密集发布，带动公司销量明显回升，2023 年公 司累计销量 123.07 万辆，同比+15.29%。公司六大核心零部件公司织 [T分ab析le师_A: utho仇r]百 良 网密布，为电动化智能化转型奠基蓄力。 Tel: 柠檬混动开新能源转型新篇，推陈出新 Hi4 接力完善产品布局。2020 E-mail: qiubailiang@shzq.com 年12月公司发布柠檬DHT，助力魏牌和哈弗新能源转型。通过在柠檬 SAC编号: S0870523100003 混动的基础上持续改进，2023年3月和4月发布全新智能四驱电混Hi4 和 ...

[Table_Stock] 长城汽车（601633） 证 出海+硬派越野赋能品牌高质量增长 券 研 ——长城汽车深度报告 究 [Table_Rating] [Table_Summary] 买入（首次） 报 ◼ 投资摘要 告 产品大年新车发布密集，垂直产业链布局如虎添翼。公司现已发展成 [T行ab业le:_ Indus汽 try车] 为国内 SUV 和皮卡巨头。2023 年旗下哈弗品牌龙系列、魏牌蓝山高 日期: s 20h2z4q年da0t5e月m2a8r日k 山、坦克 Hi4 系列新车密集发布，带动公司销量明显回升，2023 年公 司累计销量 123.07 万辆，同比+15.29%。公司六大核心零部件公司织 [T分ab析le师_A: utho仇r]百 良 网密布，为电动化智能化转型奠基蓄力。 Tel: 柠檬混动开新能源转型新篇，推陈出新 Hi4 接力完善产品布局。2020 E-mail: qiubailiang@shzq.com 年12月公司发布柠檬DHT，助力魏牌和哈弗新能源转型。通过在柠檬 SAC编号: S0870523100003 混动的基础上持续改进，2023年3月和4月发布全新智能四驱电混Hi4 和 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Viewpoints - The food and beverage industry is experiencing a robust development phase, with high demand in various segments, particularly in the liquor market [3][9] - Companies are focusing on expanding their market presence and enhancing brand recognition, especially in Southeast Asia [3][42] - The report highlights structural opportunities within the industry, particularly in high-end liquor and beer segments [9][48] Summary by Sections Industry News - Moutai Group is conducting market research and brand promotion in Indonesia, Thailand, and Laos [3][42] - Moutai has changed its purchasing model for certain products to a nationwide distribution approach [3][42] - Shanxi Fenjiu aims for a revenue growth of approximately 20% in 2024 [3][42] - Koushike's revenue target for 2024 is set at 7.035 billion yuan, reflecting an 18% increase from 2023 [3][42] - Gujing Gongjiu has achieved over 70% national coverage in its market strategy [3][42] - New product launches, such as chocolate by Hengshui Laobaigan, are diversifying offerings in the liquor sector [3][42] Investment Recommendations - For liquor, focus on companies like Luzhou Laojiao, Jiansi Yuan, and Laobaigan, which are positioned to meet consumer demand [9][48] - In the beer sector, companies like Qingdao Beer and Chongqing Beer are recommended due to their product upgrades and channel expansions [9][48] - For soft drinks, East Peak Beverage and Baijiu Holdings are highlighted for their national expansion and marketing strategies [10][48] - In the frozen food segment, Anjijia and Qianwei Yangchu are noted for their potential growth driven by pre-made dishes [10][48] Market Performance - The SW Food and Beverage Index fell by 2.73%, underperforming compared to the CSI 300 [50] - Among sub-sectors, dairy products saw a rise of 1.84%, while other liquor categories declined by 2.31% [50] Stock Performance - The top-performing stocks in the food and beverage sector included ST Jiaoxiang and Xibu Muye, with significant gains [58] - Conversely, stocks like Huangshi Group and Yanshi Co. experienced notable declines [58] Valuation Levels - The overall valuation of the food and beverage sector stands at 22.72x, ranking it 16th among all primary industries [60] - The liquor sub-sector has the highest valuation at 40.88x, followed by beer at 28.66x [60]

英伟达业绩超预期，人工智能有望成为 证 券 拉动晶圆代工复苏核心驱动力 研 究 ——电子行业周报（2024.05.20-2024.05.24） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl核e_心Su观mm点a ry] 市场行情回顾 [行Ta业bl:e _Indu电st子ry] 过去一周（05.20-05.24），SW电子指数下跌3.49%，板块整体跑输沪 深 300 指数 1.41 pct，从六大子板块涨跌幅数据来看，消费电子、元 日期: s 20h2z4q年da0t5e月m2a7r日k 件、其他电子Ⅱ、光学光电子、电子化学品Ⅱ以及半导体的涨跌幅分 别为-2.32%、-2.45%、-3.11%、-3.47%、-3.89%、-4.28%。 [T分ab析le师_A: utho马r]永 正 核心观点 Tel: 021-53686147 晶圆代工短期调整不改长期复苏趋势，人工智能将是晶圆代工的主要 E-mail: mayongzheng@shzq.com 增长动力。5月22日，据Counterpoint报告显示，2024年第一季度全 球晶圆代工业营收环比下滑5%，但同比增长12%，当季 ...

证 蓄力发展，细分赛道景气度较高 券 研 ——食品饮料行 业周报 20240520-20240526 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl投e_资Su要mm点a：ry] 报 告 本周行业要闻：1）茅台集团赴印尼、泰国、老挝开展市场调研和品牌 [行Ta业bl:e _Indu食 st品ry]饮 料 推广活动：近日，茅台集团党委副书记、总经理王莉一行作为企业代 日期: s 20h2z4q年da0t5e月m2a6r日k 表，随贵州省经贸团先后走进印度尼西亚、泰国和老挝等国开展经贸 交流活动。期间，茅台代表团组织开展了市场调研和品牌推广，进一 [T分ab析le师_A: utho王r]慧 林 步将“中国茅台·香飘世界”融入东南亚市场。 Tel: 15951919467 2）茅台1935改变购酒模式，飞天53%vol 100ml茅台酒改为全国投放 E-mail: wanghuilin@shzq.com 模式：5月19日，i茅台开启519·品牌日活动，同时“茅台1935”改 SAC编号: S0870524040001 变购酒模式。从5月19日19:35起，53%vol 500ml茅台1935 ...

微软发布 Copilot+PC，英伟达 Q1 财报 证 券 超预期 研 究 ——计算机行业周报（2024.5.20—2024.5.24） 报 告 [Table 增_R 持at （ing 维] 持） a[◼bTlae b_lS 市eu_mS场um 回mamr 顾ya] r y] 过去一周（5.20-5.24）上证综指下跌 2.07%，创业板指下跌 2.49%， [行Ta业bl:e _Indu计st算ry]机 沪深 300 指数下跌 2.08%，计算机（申万）指数下跌 4.17%，跑输上 日期: s 20h2z4q年da0t5e月m2a7r日k 证综指 2.10pcts，跑输创业板指 1.68pcts，跑输沪深 300 指数 2.09pcts，位列全行业第26名。 [T分ab析le师_A: utho吴r]婷 婷 Tel: 021-53686158 ◼ 周观点 E-mail: wutingting@shzq.com SAC编号: S0870523080001 微软发布 Copilot+PC，或将重塑 PC 生态。5 月 22 日，微软召开 “Build 2024”全球开发者大会，大模型、生成式 AI 成为本次大会的 ...

周观点：Copilot 推自定义版，百川智能推出 证 券 首款 AI 应用百小应 研 究 ——互联网传媒行业周报（20240520-20240526） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 5 月 22 日，微软 Build2024 开发者大会在美国西雅图召开，发布有关 [行Ta业bl:e _Indu传st媒ry] AI技术并带来AI新工具。Copilot+PC方面，推出有专用端侧模型，原 日期: s 20h2z4q年da0t5e月m2a7r日k 生支持 PyTorch。新的 Copilot+PC 自带原生的人工智能框架和工具 链，方便开发人员将自己的端侧模型引入 Windows。微软正式宣布通 [T分ab析le师_A: utho陈r]旻 过 DirectML，PyTorch 和 Web 神经网络现在将在 Windows 上本地运 Tel: 021-53686134 行，为开发人员提供更多可用的工具，允许数千个 HuggingFace 模型 E-mail: chenmin@shzq.com 在Windows上运行，NPU也可以帮助这些工具比以 ...

周观点：Copilot 推自定义版，百川智能推出 证 券 首款 AI 应用百小应 研 究 ——互联网传媒行业周报（20240520-20240526） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 5 月 22 日，微软 Build2024 开发者大会在美国西雅图召开，发布有关 [行Ta业bl:e _Indu传st媒ry] AI技术并带来AI新工具。Copilot+PC方面，推出有专用端侧模型，原 日期: s 20h2z4q年da0t5e月m2a7r日k 生支持 PyTorch。新的 Copilot+PC 自带原生的人工智能框架和工具 链，方便开发人员将自己的端侧模型引入 Windows。微软正式宣布通 [T分ab析le师_A: utho陈r]旻 过 DirectML，PyTorch 和 Web 神经网络现在将在 Windows 上本地运 Tel: 021-53686134 行，为开发人员提供更多可用的工具，允许数千个 HuggingFace 模型 E-mail: chenmin@shzq.com 在Windows上运行，NPU也可以帮助这些工具比以 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [9][36][37] Core Views - Microsoft has launched Copilot+PC, which is expected to reshape the PC ecosystem, integrating AI capabilities and enhancing productivity through new features [6][11] - NVIDIA's Q1 financial results exceeded expectations, with revenue reaching $26 billion, a 262% year-over-year increase, indicating strong demand for AI computing [7][25] - The price war among domestic large models is intensifying, with significant price reductions expected to accelerate the commercialization of AI applications across various sectors [8][14] Summary by Sections Market Review - From May 20 to May 24, the Shanghai Composite Index fell by 2.07%, the ChiNext Index by 2.49%, and the CSI 300 Index by 2.08%. The computer sector (Shenwan) index dropped by 4.17%, underperforming the Shanghai Composite by 2.10 percentage points [15][16] Industry News - Microsoft introduced Copilot+PC, which integrates the GPT-4o model and is expected to significantly enhance AI capabilities in PCs. The global AI PC shipment is projected to reach 48 million units in 2024, accounting for approximately 19% of the PC market [6][11] - NVIDIA reported a record revenue of $26 billion for Q1 FY2025, with a net profit increase of over 620% to $14.88 billion. The data center revenue reached $22.6 billion, driven by strong demand for AI computing [7][25] - Domestic large models are experiencing drastic price cuts, with some models seeing reductions of up to 97%, which is expected to facilitate faster commercialization in sectors like finance and healthcare [8][14] Investment Recommendations - Suggested companies to focus on include those in AI computing such as Industrial Fulian, Inspur Information, and Cambricon, as well as AI applications like iFLYTEK and Kingsoft Office, and the AI PC supply chain including Lenovo and StarRing Technology [9][14]

证证券券研研究究报报告告 2024年5月22日 行业：电子行业 增持 （维持） 凌冬渐远，奏响复苏主旋律 ——电子行业2023年报及2024一季报总结 ...