[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 文旅融合赋能乡村振兴，入境游市场加速回 强于大市 研 (维持) 究 暖 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(04.15-04.21) 2024年04月22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 上周（4月15日-4月21日）沪深300指数上涨1.89%、申万社会服务 指数下跌 6.09%，社会服务指数跑输沪深 300 指数 7.98 个百分点，在 社会服务 沪深300 5% 申万 31 个一级行业指数涨跌幅排第 30。年初至今沪深 300 指数上涨 0% -5% 3.22%、申万社会服务指数下跌12.36%，申万社会指数跑输沪深300指 -10% 行 -15% 数15.58个百分点，在申万31个一级子行业中涨跌幅排名第25。上周 -20% 业 -25% 社会服务子板块中只有专业服务上升，为 0.4%，其余板块均下跌，酒 -30% 周 -35 ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 消费呈现缓复苏态势，3 月化妆品零售额同 强于大市 (维持) 研 究 比+2.2% [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(04.15-04.21) 2024年04月22日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 行业核心观点： 美容护理 沪深300 近月消费呈现缓复苏态势，2024 年政府工作报告特别明确指出从增加 10% 收入、优化供给、减少限制性措施等方面综合施策，激发消费潜能，预 5% 0% 计未来随着经济的逐步恢复和扩大消费措施的出台，消费活力有望得到 -5% 行 -10% 进一步刺激。建议关注：①化妆品&医美：短期来看，在理性消费背景 -15% 业 -20% 下，消费者更注重产品性价比，部分国货品牌近期表现优异；中长期来 -25% 周 -30% 看，颜值经济下医美、化妆品需求较大，多项化妆品、医美相关法规发 -35% 观 布，行业洗牌背景下合规化妆品 ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 科技“十六条”政策发布，华为 Pura70 系 强于大市 研 (维持) 究 列上线先锋计划 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(04.15-04.21) 2024年04月22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4月15日至4月21日期间，沪深300指数上涨1.89%，申万电子 电子 沪深300 指数下跌2.59%，在31个申万一级行业中排第22，跑输沪深300指数4.48 5% 个百分点。把握终端复苏和AI产业链加速建设的催化下，AIPC、AI手机、 0% -5% 行 HBM、先进封装、存储芯片、面板等领域呈现的结构化投资机会。 -10% 业 -15% 投资要点： -20% 周 -25% -30% 观 产业动态：（1）科技金融：为进一步健全资本市场功能，优化资源配置， -35% 点 更大力度支持科技企业高水平发展，中国证监会提出以下措 ...

[Table_RightTitle] 证券研究报告|通信 行 [Table_Title] [Table_IndustryRank] 业 一季度中国 5G 手机出货量达 5643 万部，同 强于大市 研 (维持) 究 期占比 83.7% [Table_ReportType] [Table_ReportDate] ——通信行业周观点(04.15-04.21) 2024年04月22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 上周（4.15-4.19）沪深300指数上涨1.89%，申万通信行业指数下跌 通信 沪深300 0.67%，在31个申万一级行业中排名第13位，跑输沪深300指数2.57个百 15% 10% 分点。建议重点关注5G建设及应用、算力、数据中心、卫星通信等细分 5% 行 板块投资机会。 0% -5% 业 -10% 投资要点： -15% 周 -20% 观 产业动态：（1）6G：2024年4月16日至18日，由国家6G技术研发推进工 -25% -30% 点 作组和总体专家组指导，由未来移动通信论坛、紫金山实验室主办的 2024全球6G技术 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 Meta 发布 Llama3，世界数字技术院首次发 强于大市 研 (维持) 究 布大模型安全国际标准 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(04.15-04.21) 2024年04月22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 上周沪深300指数上涨1.89%，申万计算机行业下跌3.94%，落后于指数 计算机 沪深300 5.83pct，在申万一级行业中排名25位。本周建议重点关注人工智能大 20% 模型、AIGC应用和数智生态应用的投资机会。 10% 0% 行 投资要点： -10% 业 -20% 周 产业动态：（1）政策：4月16日，工信部发布《工业和信息化部办公厅 -30% -40% 观 关于开展2024年度5G轻量化（RedCap）贯通行动的通知》。（2）人工 -50% 点 智能：4月19日，Meta 公司发布新闻稿，宣布推出下一代大语言模型 ...

Group 1: Skincare and Cosmetics Market Insights - The report highlights the rapid growth of functional skincare products in China, with the market size increasing from 13.3 billion yuan in 2017 to 30.8 billion yuan in 2021, achieving a CAGR of 23.4% [5] - The top brands in the skincare category during the 38th Douyin Goods Festival included brands like "Chanel" and "Estée Lauder," with significant year-on-year GMV growth for several brands [2] - Domestic brands are gaining market share, with five local brands among the top 20 in the Chinese cosmetics market, reflecting a growing acceptance among Gen Z consumers [7] Group 2: Regulatory Environment - The new cosmetic supervision regulations implemented in January 2021 aim to enhance industry standardization, benefiting compliant companies with strong R&D and management capabilities [8] - The regulations classify cosmetics based on risk levels and require sufficient scientific evidence for efficacy claims, ensuring that manufacturers are accountable for product safety and claims [31][32] Group 3: Alcoholic Beverages Market - The report indicates that major liquor companies have shown steady growth in performance, with high-end liquor brands like Kweichow Moutai and Wuliangye experiencing significant profit increases in the first three quarters of 2023 [11][12] - The demand for high-end liquor is expected to improve as business needs recover, with a notable increase in banquet consumption post-pandemic [34] - The beer industry is transitioning towards high-end products, with a steady increase in high-end beer consumption from 5.9 billion liters in 2013 to an expected 10.2 billion liters in 2023, reflecting a CAGR of 5.63% [27] Group 4: Beer Industry Dynamics - The beer industry is facing a decline in overall production, with a 29.49% decrease from 2013 to 2022, indicating a shift from volume growth to quality improvement [25] - The concentration of the beer market is increasing, with the top five companies holding over 90% of the market share, indicating a stable oligopoly [42] - The average price per ton of beer has been on the rise, with significant increases observed from 2017 to 2022, suggesting a shift towards premiumization in the market [30][48]

策略研究|策略周观点 证 券 研 究 报 告 策略周观点 策略研究 正文目录 | --- | --- | --- | |----------|--------------------------------------------------|-------| | | | | | | 图表 1: 4月15日-4月19日当周主要指数涨跌幅（%）. | | | 图表 2: | 4 月 15 日-4 月 19 日当周申万一级板块涨跌幅（%） | | | 图表 3: | A 股日成交额(亿元) | | | 图表 4: | A 股主要宽幅指数单日成交换手率(%) | | | 图表 5: | 4月15日-4月19日当周申万一级行业成交额（亿元） | | | 图表 6: | 市场资金流向（亿元） | | | 图表 7: | 北向资金周成交额与成交净买入额（亿元） | | | 图表 8: | 主要宽幅指数当前估值水平（%）. | | | 图表 9: | 申万一级行业当前估值水平 . | | | 图表 10: | 4月 15 日-4月 19日财经要闻 | | 第2页共10页 证券研究报告|策略报告 1.1 市场涨跌幅 4月15 ...

核心观点 | --- | --- | --- | |---------------------------------------------------------|----------|---------| | [Table_InnerMarketIndex] 国内市场表现 \n指数名称 收盘 | | 涨跌幅% | | 上证指数 | 3,065.26 | -0.29% | | 深证成指 | 9,279.46 | -1.04% | | 沪深 300 | 3,541.66 | -0.79% | | 科创 50 | 730.56 | -2.03% | | 创业板指 | 1,756.00 | -1.76% | | 上证 50 | 2,430.58 | -0.60% | | 上证 180 | 7,785.17 | -0.60% | | 上证基金 | 5,871.51 | -0.86% | | 国债指数 | | | 证 券 研 究 报 告 晨会纪要 市场研究 【市场回顾】 分析师 宫慧菁 执业证书编号 S0270524010001 [Table_Content] 核心观点 研报精选 万千财富，与您相连 ——大消费行业 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance exceeded expectations, with a 45.58% year-on-year increase in net profit attributable to shareholders in Q1 2024. In 2023, the company achieved revenue of 8.905 billion yuan (up 39.45% year-on-year) and a net profit of 1.194 billion yuan (up 46.06% year-on-year) [3] - The main brand, Proya, has fully upgraded its core products, with significant growth in multiple sub-brands. Proya's revenue in 2023 was 7.177 billion yuan (up 36.36% year-on-year), accounting for 80.73% of total revenue [3] - The company has seen rapid growth in its online channels, achieving revenue of 8.274 billion yuan (up 42.96% year-on-year) in 2023, with online direct sales accounting for 75.91% of total revenue [10] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 3.656 billion yuan (up 50.86% year-on-year) and a net profit of 448 million yuan (up 39.06% year-on-year) [3] - For Q1 2024, revenue was 2.182 billion yuan (up 34.56% year-on-year) and net profit was 303 million yuan (up 45.58% year-on-year) [3] - The company’s operating cash flow for 2023 was 1.469 billion yuan (up 32.19% year-on-year) [3] Brand and Product Development - Proya has upgraded its core product lines, including the "Double Anti-aging Series" and "Ruby Series," and launched a high-end product line focused on mature skin [3] - The sub-brand Caitang achieved revenue of 1.001 billion yuan (up 75.06% year-on-year), while OR and Yuefuti also saw significant revenue growth of 71.17% and 61.82% respectively [3] Profitability and Forecast - The company’s gross margin improved to 69.93% in 2023, with a net margin of 13.82%. For Q1 2024, gross margin was 70.11% and net margin was 14.44% [10] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan respectively, with corresponding PE ratios of 26, 21, and 17 times [10]

[Table_RightTitle] [Table_Title] 口服剂表现亮眼，费用优化 [Table_Summary] 报告关键要素: 投资要点: 2024Q1，公司各剂型产品收入分别为凝胶剂 0.09 亿元（+260.97%）、口 服液 3.70 亿元（+30.24%）、片丸剂 0.82 亿元（+1.84%）、胶囊 1.97 亿 元（-4.88%）、注射液 5.38 亿元（-8.87%）、贴剂 0.51 亿元（-13.10%）、 颗粒剂及冲剂 1.05 亿元（-15.40%）。口服液主要系金振口服液销售同 比增长推动，凝胶剂主要系筋骨止痛凝胶销售同比增长推动。 2024Q1，公司整体毛利率为 74.61%（同比减少 0.49 个百分点）。分剂 型看毛利率，凝胶剂 86.05%（减少 0.34 个百分点）、口服液 80.92%（减 少 1.05 个百分点）、片丸剂 74.42%（增加 3.78 个百分点）、胶囊 69.51% （增加 2.86 个百分点）、注射液 71.60%（减少 2.09 个百分点）、贴剂 78.91%（减少 4.60 个百分点）、颗粒剂及冲剂 78.08%（减少 2.78 个百 分点 ...