Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [27]. Core Insights - The tourism industry is experiencing a strong recovery, with a total of 295 million domestic tourist trips during the "May Day" holiday, representing a year-on-year increase of 7.6% and a 28.2% increase compared to the same period in 2019. Domestic tourist spending reached 166.89 billion yuan, up 12.7% year-on-year and 13.5% compared to 2019 [1][24]. - The trend of tourism downshifting is becoming more pronounced, with county-level tourism gaining popularity as consumers seek less crowded, more cost-effective travel options. This shift is supported by improved infrastructure and increased tourism capacity in these areas [2][14]. - The duty-free market in Hainan is thriving, driven by a surge in tourist activities and diverse shopping experiences offered by major duty-free retailers [16][24]. - Scenic spots are seeing increased visitor numbers, with 339 5A-level tourist attractions reporting further growth in visitor numbers, reflecting the appeal of well-known destinations and the introduction of diverse cultural activities [20][24]. Summary by Sections Tourism - The "county tourism" trend is leading holiday travel preferences, with significant growth in visitor numbers and spending. The demand for less crowded, unique destinations is stronger than ever, supported by enhanced local infrastructure [2][14]. - The total number of domestic tourist trips reached 295 million, with a year-on-year increase of 7.6% and a 28.2% increase compared to 2019. Total spending was 166.89 billion yuan, up 12.7% year-on-year and 13.5% compared to 2019 [1][9]. Duty-Free - Hainan's duty-free market is experiencing a continuous increase in customer flow, with a total of 5.47 billion yuan in duty-free shopping during the holiday, averaging 6,378 yuan per person [16][24]. - Major duty-free retailers are focusing on diverse promotional activities to enhance customer shopping experiences [19][24]. Scenic Spots - Visitor numbers at 5A-level scenic spots have further increased, with 2,612.7 million deep visitors recorded, marking a 53.5% increase compared to the previous year [20][24]. - Various regions are launching unique tourism products and cultural activities to meet the diverse and personalized needs of tourists [20][24]. Investment Recommendations - Focus on tourism destinations that benefit from demand recovery and policy support, particularly those excelling in brand, innovation, and refined operations [24]. - Pay attention to hotel companies that are developing brand matrices and enhancing competitiveness in the mid-to-high-end market [24]. - Consider duty-free leaders that are benefiting from the recovery of inbound and outbound tourism [24].

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 基金重仓配置维持低配，影视院线板块市 强于大市 (维持) 研 场关注度提升 究 [Table_ReportType] ——传媒行业跟踪报告 [Table_ReportDate] 2024年05月07日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024 年 Q1 SW 传媒行业指数震荡调整，同期成交量仍处于较高水 传媒 沪深300 平，资金较为活跃，估值（PE-TTM）仍有较大修复空间。从 2024 年 10% Q1 的基金重仓配置情况看，SW 传媒行业仍处于低配，游戏板块持续 0% 受到市场关注，基金重仓配置集中，抱团现象较为显著。 行 -10% 业 投资要点： -20% -30% 跟 传媒行业重仓配置维持低配，游戏板块备受市场青睐，影视院线板块 -40% 踪 市场关注度提升。2024 年 Q1 SW 传媒行业的适配比例为 1.83%，基金 -50% 报 重仓比例为1.03%，低配比例为0.80%。以全部A股重 ...

[Table_MeetReportDate] 2024 年 05 月 08 日 星期三 【市场回顾】 周二 A 股缩量震荡，三大指数涨跌不一。截至收盘，沪指涨 0.22%， 深成指跌 0.08%，创业板指跌 0.14%，沪深两市成交额 9685 亿元，北 向资金净卖出 21.40 亿元。行业方面，国防军工、基础化工、房地产 行业领涨；家用电器、通信、公用事业行业领跌。概念板块方面，染 料、成飞概念、民爆概念领涨；ST 板块、胎压监测、星闪概念概念领 跌。港股方面，恒生指数跌 0.53%，恒生科技指数跌 2.13%。海外方 面，美国三大股指涨跌不一，道指涨 0.08%，标普 500 指数涨 0.13%， 纳指跌 0.10%；欧洲主要股指普遍上涨，亚太股市涨跌不一。 研报精选 [Table_Summary] 概览 【重要新闻】 "五一"旅游持续火热，关注行业下沉化与多元化趋势 基金重仓配置维持低配，影视院线板块市场关注度提升 粉丝效应及喜剧刚需撑起五一档票房，市场维持显著复苏态势 光学光电子及 PCB 板块较受关注，基金配置趋向多元化 | --- | --- | --- | |------------------ ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 光学光电子及 PCB 板块较受关注，基金配置 强于大市 研 (维持) 究 趋向多元化 [Table_ReportType] [Table_ReportDate] ——电子行业跟踪报告 2024年05月07日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 SW电子24Q1基金重仓及超配比例环比均有所回落。适配比例方面，SW 电子 沪深300 电子行业2024年Q1适配比例为7.39%，环比-0.46pct，同比+0.17pct， 15% 10% 处于历史较高水平；基金重仓比例方面，SW 电子行业 2024 年 Q1 基金 行 5% 重仓比例为12.08%，环比-1.89pct，同比+2.66pct；超配比例方面，SW 0% 业 -5% 电子行业2024年Q1基金重仓超配比例为4.69%，环比-1.42pct，同比 -10% 跟 -15% +2.49pct。 踪 -20% -25% 报 投资要点： -30% 告 前十大重 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported a 30% year-on-year increase in net profit attributable to shareholders for 2023, with a steady growth in Q1 2024 [3] - The company achieved a revenue of 71.436 billion yuan in 2023, representing a 13.37% year-on-year growth, and a net profit of 2.214 billion yuan, which is a 30.23% increase [3] - The company plans to distribute a dividend of 19.50 yuan per 10 shares to all shareholders, totaling 1.02 billion yuan [3] - In Q1 2024, the company recorded a revenue of 25.630 billion yuan, up 4.36% year-on-year, and a net profit of 0.802 billion yuan, reflecting a 12% increase [3] - The jewelry segment showed robust revenue growth, with an increase of 15.44% year-on-year, totaling 58.136 billion yuan in 2023 [3] - The company expanded its marketing network by adding 385 new stores, reaching a total of 5,994 marketing outlets by the end of 2023 [3] Summary by Sections Financial Performance - In 2023, the company achieved a gross profit margin of 8.30%, an increase of 0.72 percentage points year-on-year, and a net profit margin of 4.17%, up 0.57 percentage points [3] - For Q1 2024, the gross profit margin was 8.37%, and the net profit margin was 4.11%, both showing year-on-year increases [3] - The company’s operating expenses remained stable, with sales, management, financial, and R&D expense ratios reported at 1.48%, 0.69%, 0.20%, and 0.05% respectively for 2023 [3] Forecast - The company is projected to achieve revenues of 79.066 billion yuan, 88.235 billion yuan, and 98.538 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 10.68%, 11.60%, and 11.68% [4] - Net profit is expected to reach 2.547 billion yuan, 2.897 billion yuan, and 3.306 billion yuan for the same years, with growth rates of 15.00%, 13.77%, and 14.12% [4] - The earnings per share (EPS) are forecasted to be 4.87 yuan, 5.54 yuan, and 6.32 yuan for 2024, 2025, and 2026 respectively [4]

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 行业需求回暖，业绩边际改善 (维持) 究 [Table_ReportType] [Table_ReportDate] ——社会服务行业 2023 年年度业绩综述报告 2024年05月06日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 社服需求回暖，业绩大幅改善。2023年社会服务行业实现营收1396.53 社会服务 沪深300 亿元（YoY+31.16%），归母净利润合计90.20亿元（YoY+233.12%）， 5% 0% 营收和归母净利润增速在申万31个一级子行业中分别排名第1和第2， -5% 行 -10% 业绩大幅改善，盈利能力触底反弹，费用小幅下行。 -15% 业 -20% -25% 跟 ⚫ 旅游及景区板块：2023 年板块业绩显著提升，费用率大幅回落，营收 -30% -35% 踪 及归母净利润同比分别+115.88%、+150.81%。行业限制逐渐放宽，不断 -40% 报 恢复发展，国家层 ...

Investment Rating - The investment rating for the company is "Buy" [9][26]. Core Views - The company's revenue from gold and jewelry business has seen significant growth, while the women's bag business is under short-term pressure. The company is actively exploring the cultivated diamond market [2]. - In 2023, the company achieved a revenue of 59.00 billion yuan, a year-on-year increase of 33.56%, with a net profit attributable to shareholders of 3.33 billion yuan, up 67.41% year-on-year [21]. - The company has launched several new products in the fashion jewelry and traditional gold jewelry categories, with revenues of 29.89 billion yuan and 22.65 billion yuan respectively, reflecting year-on-year growth of 20.43% and 56.75% [2]. Summary by Sections Business Performance - The company has strengthened its operations in the fashion product category, launching several new national style series products [2]. - The revenue from the leather goods segment was 3.71 billion yuan in 2023, with a year-on-year increase of 14.41% [2]. - The company has actively explored the cultivated diamond market, launching new brands and products in collaboration with a joint venture [2]. Financial Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.43, 0.49, and 0.56 yuan per share respectively, with corresponding price-to-earnings (PE) ratios of 15, 13, and 11 times based on the stock price as of May 6, 2024 [9]. - The company expects revenue growth rates of 14.79%, 13.80%, and 13.33% for the years 2024, 2025, and 2026 respectively [22]. Market Strategy - The company is expanding its offline presence by increasing the number of jewelry franchise stores and enhancing its online sales through live streaming and other digital marketing strategies [14]. - In 2023, the company added 293 new jewelry franchise stores and achieved online sales revenue of 12.24 billion yuan, a year-on-year increase of 14.91% [14].

[Table_RightTitle] | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------- ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 05 月 07 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大指数集体上涨，截至收盘，沪指涨 1.16%，深成指涨 2.00%，创业板指涨 1.98%，沪深两市成交额 11021 亿元，北向资金 净买入 93.16 亿元。行业方面，美容护理、基础化工、轻工制造行业 领涨；仅通信、银行行业小幅收跌。概念板块方面，合成生物、染料、 燃料乙醇概念领涨；ST 板块、量子科技、云办公概念领跌。港股方 面，恒生指数涨 0.55%，恒生科技指数跌 0.92%。海外方面，美国三 大股指集体收涨，道指涨 0.46%，标普 500 指数涨 1.03%，纳指涨 1.19%；欧洲及亚太股市多数收涨。 政策推动加量提质，聚焦当下重点问题 行业需求回暖，业绩边际改善 | --- | --- | --- | |-------------------------------|---------------------|----------| | [Table_InterIndex] \n指数名称 | ...

[Table_RightTitle] 证券研究报告|房地产 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 首提消化存量房产，关注后续政策进展 (维持) 究 [Table_ReportType] [Table_ReportDate] ——房地产行业快评报告 2024年05月06日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 房地产行业修复仍曲折推进，基于此次政治局会议表态，我 们认为后续政策端在围绕供给端以项目为主体的保交楼政策 房地产 沪深300 10% 仍会持续推进、以房企为主体的融资端政策仍会获得支持； 5% 0% 行 需求端核心城市尤其是一线城市限购、首付比例调降等政策 -5% -10% 业 仍值得期待，房贷利率调降预计仍有空间，近期北京、天津 -15% -20% 快 均出台了放松限购等政策，对于释放部分需求以及提振购房 -25% -30% 评 者信心具有重要意义；库存方面，预计未来围绕新房库存去 -35% -40% 报 化以及“以旧换新”等盘活库存类的政策或将逐步推出。此 -45% 告 外，此次 ...