[Table_Title] 消费预期改善，三八线上美妆大促启动 [ 社Ta 会bl 服e_ 务Rep o r 行tDa 业te 简] | 评报告 | 2024.03.05 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl2e_0S23um年m国ar内y] 旅游强劲复苏，年出游人次及花费大幅增长，高频出游成 于那 新趋势。2月29日，国家统计局发布2023年国民经济和社会发展统 首席分析师 计公报。2023全年国内出游48.9亿人次，比上年增长93.3%。其中， SAC执证编号：S0110522070001 城镇居民国内出游37.6亿人次，增长94.9%；农村居民国内出游11.3 yuna3@sczq.com.cn 电话：021-58820297 亿人次，增长 88.5%。全年国内游客出游总花费 49133 亿元，增长 140.3%。其中，城镇居民出游花费41781亿元，增长147.5%；农村居 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 民出游花费7353亿元，增长106.4%。入境游客8203万人次，其中外 国人1378万人次，香港、澳门和台湾同胞6 ...

[硫Tab酸le_价Titl格e] 涨幅居前，森麒麟 2023 年归母净利润同比 增长 70.88% [ 基Ta 础bl 化e_ 工Rep |o 行rtD 业at 简e] 评 报告 | 2024.03.04 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl本e_S周um化m工ar板y] 块表现：本周（2 月 26 日-3 月 1 日）上证综指报收 翟绪丽 3027.02，周涨幅 0.74%，深证成指报收 9434.75，周涨幅 4.03%，中小 首席分析师 板 100 指数报收 5838.14，周涨幅 4.37%，基础化工（申万）报收 SAC执证编号：S0110522010001 3185.24，周涨幅2.39%，跑赢上证综指1.65pct。申万31个一级行业， zhaixuli@sczq.com.cn 23 个涨幅为正，申万化工 7 个二级子行业中，全部涨幅为正，申万化 电话：010-81152683 工23个三级子行业中，20个涨幅为正。涨幅居前的个股有科创新源、 凯大催化、利通科技、领湃科技、中触媒、扬帆新材、宏达新材、合 [市Ta场bl指e数_Ch走a势 ...

[Table_Title] 光伏产业链下游酝酿涨价情绪，配电网建设预期加速 [ 电Ta 力bl 设e_ 备Rep o r 行tDa 业te 简] | 评报告 | 2024.03.04 评[Ta级ble：_R an看k]好 核心观点 [lT abl硅e_料Su方mm面a，ry]本 周硅料价格小幅上涨，N 型料成交均价为 7.21 万元/吨， 董海军 周环比上涨0.14%；复投料成交均价6.32万元/吨，周环比上涨2.27%。 分析师 硅片方面，本周价格小幅下滑，其中M10单晶硅片（182 mm /150μm） SAC执证编号：S0110522090001 成交均价2.05元/片，周环比持平；N型单晶硅片（182 mm /130μm） donghaijun@sczq.com.cn 电话：86-10-5651 1712 成交均价1.98元/片，周环比下降1.06%； G12单晶硅片（210 mm/150 μm）成交均价2.89元/片，周环比持平。下游组件需求一季度有回暖迹 张星梅 象，部分散单价格有所回升，尤其分布式光伏表现优异。 研究助理 l 中国光伏业协会举办2023年发展回顾与2024年展望研讨会，会上指出 ...

宏观经济分析报告 证券研究报告 图 7：PMI 新订单（%） 40 42 44 46 48 50 52 54 56 2019-01 2020-01 2021-01 2022-01 2023-01 2024-01 新订单 新出口订单 倒算的国内订单 2 月制造业、建筑业和服务业 PMI 分别为 49.1%、53.5%和 51.0%，较前值分别下降 0.1、0.4 和上升 0.9 个百分点，仍然处于低位。综合 PMI2 月读数为 50.9%，与前值持 平。由于服务业 PMI 的反弹，制造业和非制造业 PMI 的均值继续上升。在考虑春节因素 之后，2 月服务业 PMI 的反弹幅度依然明显。 [Table_Title] 2 月 PMI 数据点评：经济低位运行，环比小幅好转 ⚫ 风险提示。地产下行超预期，政策不及预期，海外扰动超预期。。 宏观经济分析报告 证券研究报告 图 1：PMI（%） 38 43 48 53 58 63 68 2019-01 2020-01 2021-01 2022-01 2023-01 2024-01 PMI 非制造业PMI:建筑业 非制造业PMI:服务业 图 2：PMI 平均和综合 PMI（% ...

汽[Tab车le_行Title业] 周报：上海发布新一轮补贴政策，有望拉 动汽车消费 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.03.04 评[Ta级ble：_R an看k]好 核心观点 [Tabl e_Summary] 岳清慧 l 理想MEGA正式发布，比亚迪多款主力车降价 汽车首席分析师 1）3月1日，理想汽车首款纯电MPV——理想MEGA上市售价55.98 SAC执证编号：S0110521050003 万元，新车将在3月11日开启交付。李想表示，MEGA将是理想汽车下 yueqinghui@sczq.com.cn 一个爆品，有信心成为50万以上销量第一。 电话： 动力：采用双电机智能四驱系统，前轴采用的是异步电机，最大 功率为 155kW。后轴采用的是永磁同步电机，最大功率为 245kW，峰值 [市T场ab指le数_C走ha势rt（] 最近1年） 扭矩 542N·m。电池方面，搭载宁德时代麒麟 5C 电池，电池组容量为 0.1 汽车 沪深300 102.7 千瓦·时，CLTC 纯电续航里程为 710km，百公里耗电量低至 15.9kWh，充电峰值功率达520kW。 0 ...

[周Tab报le_：Titl e2]023 年奥莱销售额破 10 亿家数创新高，继续 关注折扣业态 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.03.04 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [Tabl e_Summary] 李田 ⚫ 周度行情：本周（2024.2.26-2024.3.3）主要宽基指数多数上涨，风格 首席分析师 偏向小盘成长。主要宽基指数中，上证综指数上涨 0.74%，深证成 SAC执证编号：S0110522090002 指上涨4.03%，创业板指上涨 3.74%。本周（2024.2.26-2024.3.3）商 litian11@sczq.com.cn 贸零售（申万）指数上涨。本周商贸零售指数上涨 0.94%，在申万一 电话： 级行业中排名第17，相对沪深300指数下跌0.44%。商贸零售子板块 方面， 多数上涨。互联网电商继续涨幅最大，上涨4.62%。唯一下跌 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 的为旅游零售II，下跌1.06%。 ⚫ 本周个股涨多跌少。本周共 54 只个股上涨，联络互动、焦点 ...

Economic Overview - The average PMI for February remains low, with manufacturing, construction, and services PMI at 49.1%, 53.5%, and 51.0% respectively, indicating a slight decline in manufacturing and construction[27] - The comprehensive PMI for February is 50.9%, unchanged from the previous month, suggesting economic stability at a low level[27] Market Performance - In February, both stock and bond markets experienced significant gains, with the Wande All A Index rising by 2.4% and the 10-year government bond yield decreasing by 3.3 basis points[9][15] - The best-performing sectors in the stock market were TMT, leading the gains in the Sci-Tech and ChiNext indices[71] Interest Rate Dynamics - The yield curve has shown a notable narrowing of the term spread, with the 1-year and 5-year government bond yields rising by 1.3 and 1.4 basis points, while the 10-year and 30-year yields fell by 3.3 and 8.9 basis points respectively[9][34] - The spread between the 30-year and 10-year government bond yields has reached a historic low, indicating unusual market conditions[28] Economic Risks - Ongoing risks in the real estate sector, with continued low sales of commercial housing, may pose uncertainties for future economic recovery[13][21] - Potential risks include unexpected downturns in the real estate market, policy measures falling short of expectations, and unforeseen international disturbances[11][60] Future Outlook - The overall economic recovery remains fragile, particularly in the manufacturing sector, with limited potential for significant short-term stock market gains[28][47] - Strategies for the bond market may involve gradually entering positions as the yield curve steepens, given the current low levels of the term spread[28]

Investment Rating - The investment rating for the company is "Buy" [15]. Core Views - The company is expected to achieve a revenue of 887 million yuan in 2023, representing a year-on-year growth of 15.60%, and a net profit of 200 million yuan, reflecting a year-on-year increase of 36.87% [6]. - In Q4 2023, the company reported a revenue of 252 million yuan, a year-on-year increase of 65.34%, and a net profit of 81 million yuan, marking a significant turnaround [6]. - The company's gross profit margin is expected to improve, with a projected net profit margin of 22.52% for 2023, up by 3.50 percentage points year-on-year [6]. - The company is actively expanding into industrial, automotive, and medical electronics markets, while maintaining a strong position in consumer electronics [6]. - The global smartphone market is anticipated to grow by 4% in 2024, following a recovery in Q4 2023, which is expected to benefit the company [6]. - The subsidiary, Saimikentuo, is set to be listed on the New Third Board, which is expected to enhance its financing capabilities and market competitiveness [6]. - Profit forecasts for the company are 200 million yuan for 2023, 281 million yuan for 2024, and 379 million yuan for 2025, with corresponding PE ratios of 31, 22, and 16 times [6][8]. Summary by Sections Company Overview - The latest closing price of the company is 46.39 yuan, with a market capitalization of 6.202 billion yuan [3]. Financial Performance - The company expects to achieve a revenue of 887 million yuan in 2023, with a growth rate of 15.60% [8]. - The projected net profit for 2023 is 200 million yuan, with a growth rate of 36.87% [8]. - The company’s net profit margin is expected to reach 22.52% in 2023, an increase from the previous year [6]. Market Outlook - The global smartphone shipment is projected to recover in 2024, which is expected to positively impact the company's performance [6]. - The company is focusing on expanding its presence in various sectors, including automotive and industrial electronics, in addition to its stronghold in consumer electronics [6].

[Table_Title] 宏观经济周报：政策主导，股债均走强 | --- | --- | --- | |--------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [T ...

[传Tab奇le_筑Titl基e] ，多维成长 [Table_ReportDate] 恺英网络(002517)公司深度报告 | 2024.02.28 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [Tabl e_Summary] 王建会 ⚫ 恺英网络（002517.SZ）是国内知名的互联网游戏上市公司。公司坚持 传媒互联网首席分析师 将“聚焦游戏主业”作为公司发展的核心战略方向，以研发、发行以 SAC执证编号：S0110522050001 及投资+IP三大业务体系为支撑，持续为用户提供优质内容服务和深度 wangjianhui2@sczq.com.cn 游戏娱乐体验。 ⚫ 公司自研体系逐步实现管线化、标准化、模块化、自动化。公司高度 李甜露 重视多维度、立体化研发体系建设，形成上海本部与浙江盛和两支经 传媒互联网联席首席分析师 验丰富的研发团队，并组建了VR游戏团队和其他研发队伍。当前上海 SAC执证编号：S0110516090001 恺英与浙江盛和的美术中台、技术中台已逐步打通，围绕热门 IP 规模 litianlu@sczq.com.cn 化产出精品游戏的能力显著提高。 ...