Core Insights - The A-share market experienced fluctuations with the Shanghai Composite Index closing down 0.42% at 3,157.97 points, the Shenzhen Component Index down 0.71%, and the ChiNext Index down 0.77% [3][6] - Northbound capital saw a net outflow of 1.97 billion yuan, with the Shanghai Stock Connect experiencing a net inflow of 330 million yuan, while the Shenzhen Stock Connect had a net outflow of 2.3 billion yuan [6] - The total trading volume in the two markets decreased to 802 billion yuan, with only the coal, banking, and real estate sectors showing gains, while non-ferrous metals, defense, and basic chemicals sectors led the declines [6] Market Performance - The domestic market showed a mixed performance with the Shanghai Composite Index at 3,157.97 (-0.42%), Shenzhen Component Index at 9,681.66 (-0.71%), and the ChiNext Index at 1,861.48 (-0.77%) [4][6] - Internationally, the Dow Jones closed at 34,429.88 (+0.10%), while the Hang Seng Index closed at 19,220.62 (-2.12%) [4][6] Government Initiatives - The National Development and Reform Commission (NDRC) approved 50 fixed asset investment projects from January to April, with a total investment of 320.7 billion yuan, focusing on high-tech and water conservancy sectors [2][6] - Emphasis was placed on implementing "hard investment" projects and accelerating the rollout of "soft construction" policies to support long-term special bonds and equipment upgrades [2][6] Financial Sector Focus - The meeting of local financial offices highlighted the need for orderly financial management reforms, risk prevention, and enhancing financial supervision to promote high-quality financial development [2][6] - The focus is on ensuring financial services support the real economy, with a call to strengthen oversight of local financial organizations and address intertwined risks in real estate and local government debt [2][6]

Core Viewpoints - The A-share market experienced a slight increase on Wednesday, with the Shanghai Composite Index closing up 0.02% at 3,158.54 points, the Shenzhen Component Index rising 0.12%, and the ChiNext Index increasing by 0.88% [9] - Northbound capital saw a net inflow of 4.776 billion yuan, with the Shanghai Stock Connect contributing 3.826 billion yuan and the Shenzhen Stock Connect adding 0.95 billion yuan [9] - The total trading volume in the two markets reached 834.4 billion yuan, with the power equipment, real estate, and construction decoration sectors showing the largest gains, while the home appliances, food and beverage, and non-ferrous metals sectors experienced the largest declines [9] Market Review - The Hang Seng Index in Hong Kong closed down 0.13%, while the Hang Seng Technology Index rose by 0.3% [9] - In the international market, major U.S. indices collectively declined, with the Dow Jones down 0.51%, S&P 500 down 0.27%, and Nasdaq down 0.18% [9] Important News - The Ministry of Finance plans to implement a special guarantee plan for technological innovation, with a budget of 370.83 billion yuan for central-level science and technology funding in 2024, representing a 10% increase from the previous year [7] - The budget includes 98 billion yuan for basic research, which is a 13.1% increase [7] - Zhejiang Province has introduced thirty measures to promote high-quality development in the service industry, aiming to establish six major highlands, including a global innovation hub for emerging industries and a global logistics development hub [7]

Economic Performance - In April 2024, the industrial added value year-on-year growth rate increased by 2.2 percentage points to 6.7%, with a month-on-month increase of 0.97%[19] - Fixed asset investment cumulative year-on-year growth rate for January-April 2024 was 4.2%, down from 4.5%[19] - Manufacturing investment growth rate was 9.7%, while real estate investment fell to -9.8%[19] Industrial Sector Insights - High-tech industries led the growth, with a year-on-year increase of 11.3% in April, outperforming the overall manufacturing growth[20] - Industrial product exports continued to rise, with a year-on-year growth rate of 7.3% in April, up from 1.4% in March[11] - Downstream high-end manufacturing sectors, such as automotive manufacturing, saw significant growth, with a year-on-year increase of 16.3%[21] Real Estate Market Trends - Real estate investment continued to decline, with new construction and sales showing negative growth, although the rate of decline is narrowing[36] - The cumulative year-on-year decline in commodity housing sales area increased to -20.2%[31] - Policies to relax purchase restrictions and lower mortgage costs were implemented to stabilize the real estate market[38] Consumer Behavior - Social retail sales growth slowed to 2.3% in April, down from 3.1% in March, with high base effects impacting performance[44] - Consumer confidence is gradually recovering, but daily consumption remains subdued, particularly in dining and retail sectors[44] - Online retail sales growth has decreased, but the proportion of online goods and services in total retail sales is increasing[59] Employment and Labor Market - The urban unemployment rate fell by 0.2 percentage points to 5.0% in April, indicating seasonal recovery[54] - The employment outlook among businesses improved, with the hiring expectation index rising to 57.8%[54]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [23]. Core Insights - In April, the import value of lab-grown diamonds in India decreased by 1.79% year-on-year, with a total import value of $0.59 million, showing a reduced decline. Conversely, the export value of lab-grown diamonds turned negative, decreasing by 18.20% year-on-year to $0.84 million [1][9]. - The penetration rate for lab-grown diamonds in imports increased to 4.70%, up by 1.23 percentage points year-on-year, while the export penetration rate slightly decreased to 6.76%, down by 0.07 percentage points year-on-year [1][11]. - For natural diamonds, the import value in April was $11.91 billion, reflecting a year-on-year decline of 19.27%, which is an expanded decline compared to the previous month. The export value was $11.55 billion, with a year-on-year decline of 16.76%, showing a reduced decline compared to the previous month [2][14]. - The international polished diamond price index fell slightly to 107.03 points as of April 30, down 0.51 percentage points from March, indicating a low price range due to insufficient market demand recovery [2][16]. - Short-term outlook suggests a decline in demand for lab-grown diamonds, while long-term prospects remain positive due to macroeconomic recovery and changing consumer preferences, which may enhance the penetration rate of lab-grown diamonds [2][20]. Summary by Sections 1. Lab-Grown Diamond Data Tracking - The import value of lab-grown diamonds in April was $0.59 million, with a year-on-year decline of 1.79%, while the export value was $0.84 million, with a year-on-year decline of 18.20 [1][9]. - The penetration rates for lab-grown diamonds showed an increase in imports and a slight decrease in exports [1][11]. 2. Natural Diamond Data Tracking - The import value of natural diamonds in April was $11.91 billion, with a year-on-year decline of 19.27%, while the export value was $11.55 billion, with a year-on-year decline of 16.76% [2][14]. - The international polished diamond price index decreased to 107.03 points, reflecting a slight decline in prices [2][16]. 3. Investment Recommendations - The report emphasizes the importance of India's diamond import and export data for assessing downstream market conditions. It suggests that while short-term demand for lab-grown diamonds may decline, long-term demand is expected to recover, particularly for lab-grown diamonds due to their cost advantages [2][20].

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [29]. Core Insights - The telecommunications industry index rose by 0.54% from May 13 to May 17, outperforming the Shanghai and Shenzhen 300 index by 0.22 percentage points [1][11]. - Key investment opportunities are identified in segments such as 5G construction and applications, computing power, data centers, and satellite communications [1][26]. - The report highlights a significant drop in the RAN market revenue, with a year-on-year decline of 15% to 30% in Q1 2024, marking the largest drop in the history of the sector [7][9]. - Global cloud infrastructure service spending increased by 21% year-on-year in Q1 2024, reaching $79.8 billion, with major cloud providers showing substantial growth [10]. Summary by Sections Industry Dynamics - 5G roaming services have been launched by major telecom operators in China, marking a new phase in 5G development [5]. - Beijing has deployed over 1,500 5G-A base stations, significantly enhancing network speeds [6]. - China Mobile's AI server procurement project has a total winning bid amount of approximately 19.104 billion yuan [6]. - The RAN market is experiencing significant revenue declines, with a forecasted annual revenue drop of 5% to 8% [7][9]. - Cloud service spending is accelerating, with Microsoft showing a growth rate nearly double that of AWS [10]. Market Performance - The telecommunications industry index has underperformed the broader market since the beginning of 2024, with a cumulative increase of 4.45% compared to a 7.19% increase in the Shanghai and Shenzhen 300 index [11][14]. - The average daily trading volume in the telecommunications sector decreased by 7.70% compared to the previous week [16]. - Among 134 stocks in the telecommunications sector, 81 stocks increased in value, indicating a positive trend [18]. Valuation - The current PE (TTM) ratio for the telecommunications industry is 18.81, significantly below the historical average of 34.98 [14][15]. Investment Recommendations - The report suggests focusing on the satellite communication industry chain, AI computing power industry chain, digital applications, and 5G construction for medium to long-term investment opportunities [26].

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [53]. Core Viewpoints - The report emphasizes the importance of focusing on investment opportunities in the artificial intelligence (AI) sector, particularly in product technology updates, AIGC applications, and digital intelligence ecosystem applications [1][31]. - The computer industry has seen a decline in attention, with trading volume dropping by 18.82% compared to the previous week, and the industry’s price-to-earnings ratio (PE) at 37.43, below the historical average of 48.47 [1][37]. Industry Dynamics - **5G Developments**: Huawei launched the world's first F5G-A optical application innovation center in Wuhan during the 2024 China Optics Valley Photonic Information Industry Innovation Development Conference [25]. - **AI Standards**: The International Telecommunication Union (ITU) has approved the establishment of the first international standard for AI-based code generation technology, which aims to enhance the capabilities and standardized application of code large models [26]. - **5G-A Testing**: China Unicom and Huawei successfully completed the first outdoor large-scale network verification of 5G-A, achieving a downlink speed of 4.6 Gbps [27]. - **Autonomous Driving**: Baidu introduced the world's first L4-level autonomous driving large model, Apollo ADFM, claiming it is ten times safer than human drivers [28]. - **AI Chip Advancements**: Google announced its sixth-generation AI chip, Trillium, which boasts a performance increase of 4.7 times and a doubling of memory bandwidth [30]. Market Performance - The report notes that the computer industry underperformed the broader market, with a 0.01% decline compared to a 0.32% increase in the CSI 300 index, ranking 17th among the primary industries [31][33]. - Year-to-date, the computer industry has decreased by 16.33%, significantly lagging behind the CSI 300 index, which has increased by 7.19% [33]. Sub-industry Performance - The report highlights that the computer equipment and IT services sectors saw slight increases of 0.36% and 0.22%, respectively, while software development declined by 0.45% [35]. - Cumulatively, the computer equipment sector has decreased by 6.20%, IT services by 19.38%, and software development by 20.10% in 2024 [35]. Valuation Insights - The computer industry is currently valued below its historical average, with a PE ratio of 37.43, indicating a potential undervaluation compared to the historical mean of 48.47 [37]. Trading Activity - The report indicates a decrease in trading activity, with a total trading volume of 250.8 billion yuan over the past week, averaging 50.2 billion yuan per day [37]. - Among 355 stocks in the computer sector, 181 stocks rose while 166 fell, indicating a mixed performance [39]. Investment Recommendations - The report suggests focusing on the dual themes of digitalization and intelligence, particularly in the context of the emerging "信创" (Xinchuang) industry ecosystem [50].

[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 白酒小幅下跌，食饮企业逐步推进 2024 目 强于大市 研 (维持) 究 标计划 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(05.13-05.19) 2024年05月20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 上周食品饮料板块下跌0.39%，于申万31个子行业中位列第18。上周 食品饮料 沪深300 （2024年5月13日-2024年5月19日），沪深300指数上涨0.32%， 5% 申万食品饮料指数下跌 0.39%，跑输沪深 300 指数 0.71 个百分点，在 0% 行 申万31个一级子行业中排名第18。年初至今沪深300指数上涨7.19%， -5% 业 申万食品饮料指数上涨 1.22%，跑输沪深 300 指数 5.97 个百分点，在 -10% -15% 周 申万31个一级子行业中排名第16。上周食品饮料子板块多数下跌，其 -20% 观 中零 ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 “中国旅游日”出台利好措施，旅游市场注 强于大市 研 (维持) 究 入新活力 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(05.13-05.19) 2024年05月20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（5月13日-5月19日）沪深300指数上涨0.32%、申万社会服务 指数上涨0.22%，社会服务指数跑输沪深300指数0.1个百分点，在申 社会服务 沪深300 10% 万 31 个一级行业指数涨跌幅排第 15。年初至今沪深 300 指数上涨 5% 0% 7.19%、申万社会服务指数下跌9.27%，申万社会指数跑输沪深 300指 -5% 行 -10% 数16.46个百分点，在申万31个一级子行业中涨跌幅排名第27。上周 -15% 业 -20% -25% 社会服务子板块涨跌不一，酒店餐饮0.31%、旅游及景区0.13%、教育 周 -30% ...

[Table_RightTitle] 证券研究报告|纺织服饰 行 [Table_Title] [Table_IndustryRank] 业 2023 年行业出口承压，关注珠宝板块量价 强于大市 研 (维持) 究 齐升 [Table_ReportType] [Table_ReportDate] ——纺织服饰行业 2023&2024Q1 业绩综述报告 2024年05月20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： 2023 年纺织服饰行业行情表现较好，跑赢沪深 300指数，需求端恢复 纺织服饰 沪深300 5% 偏弱，但盈利水平同比好转。从二级子行业来看，纺织制造行业 2023 0% 行 年表现一般，主因2023年市场需求收缩、订单外流，地缘政治冲突不 -5% 业 断和海外通胀影响终端消费需求，叠加供应链调整加速等因素，纺织制 -10% -15% 跟 造行业出口订单情况不佳。服装家纺行业2024年一季度归母净利润同 -20% 踪 比负增长，主因受全球高通胀高利率、外需疲弱、贸易环境复杂等因素 -25% 报 的影响，行业出口压力增加。饰品行业收入表 ...

[Table_RightTitle] 证券研究报告|农林牧渔 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 盈利能力回升，养殖业亏损收窄 (维持) 究 [Table_ReportType] [Table_ReportDate] ——农林牧渔行业 2024Q1 业绩综述报告 2024年05月20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 行业整体：2024 年一季度农林牧渔板块营业收入合计 2,784.80 亿元， 农林牧渔 沪深300 同比下降4.28%，在申万一级行业中排名第25；归母净利润合计-16.55 5% 亿元，同比减亏59.98%，在申万一级行业中排名第1。板块ROE及毛 0% 行 -5% 利率、净利率有所回升，其中板块ROE为-0.32%，同比+0.53pct，毛利 业 -10% 率、净利率分别为6.70%、-0.82%，同比分别+1.04pct、+0.85pct。 -15% 跟 -20% 踪 ⚫ 种植业板块：2024年一季度板块实现营收238.73亿元，同比+32.69%， -25% ...