[Table_RightTitle] 证券研究报告|银行 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 财政发力 存款增速环比回升 0.1% (维持) 究 [Table_ReportType] [Table_ReportDate] ——银行行业月报 2024年06月17日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年6月14日，中国人民银行发布2024年5月金融统计数据 报告、社融存量以及增量统计数据报告。 银行 沪深300 20% 15% 10% 投资要点： 5% 行 0% 5月社融存量增速8.4%，增速环比回升0.1%：5月，社融新增2.07 -5% 业 -10% 万亿元，同比多增。其中企业债融资和政府债融资是主要拉动项。 -15% 月 -20% 存量规模391.9万亿元，同比增速8.4%，增速环比回升0.1%，符 -25% 报 合市场预期，政府债发行提速，支撑社融增速小幅回升。 数据来源：聚源，万联证券研究所 信贷增长延续弱势：5月，新增人民币贷款9500亿元，同比少增 [相Ta关ble研_R ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 强于大市 (维持) 研 深巷烟火藏故事，万国风华汇一堂 究 [Table_ReportTyp—e] —2024年中期社会服务行业投资策略报告 [Table_ReportDate] 2024年06月14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年一季度，社会服务板块业绩增长亮眼，领跑市场，但行情整体承 社会服务 沪深300 压，板块面临外部经济不确定性增加与内部需求疲软的双重挑战。在消费 10% 5% 行 分层加剧，高性价比与悦己、品质型消费观并存以及内容形式多样、鼓励 0% -5% 业 用户自发创造和分享的新媒体平台迅猛发展的大背景下，旅游底层逻辑正 -10% -15% 投 在面临从资源服务延伸到内容服务，由“权威推荐”转向“真实分享”， -20% -25% -30% 由“热门旅游城市”转向“小众目的地”，由“游山玩水”转向“深度体 资 -35% -40% 验”的更新迭代。一方面，小众目的地逐渐兴 ...

[Table_Title] 万联晨会 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 | 3,032.63 | 0.12% | | 深证成指 | 9,252.25 | 0.50% | | 沪深 300 | 3,541.53 | 0.44% | | 科创 50 | 754.26 | -0.62% | | 创业板指 | 1,791.36 | 0.76% | | 上证 50 | 2,426.51 | 0.60% | | 上证 180 | 7,765.77 | 0.37% | | 上证基金 | 5,997.17 | 0.28% | | | | | [Table_MeetContact] 主持人: 叶柏良 $$start$$ 【重要新闻】 深巷烟火藏故事，万国风华汇一堂 万千财富，与您相连 万千财富，与您相连 [Table_AdressInfo ...

Core Insights - The report emphasizes the acceleration of AI empowerment across various industries in Guangdong Province, aiming to enhance productivity and establish a new economic growth driver by 2025 and 2027, with the AI core industry scale expected to exceed 300 billion and 440 billion respectively [17][26] - The rapid growth of the AI industry in Guangdong is highlighted, with an estimated core industry scale of nearly 180 billion in 2023, reflecting an approximate 18% year-on-year increase, and a significant number of AI-related enterprises registered [17][26] - The report outlines specific measures to strengthen the AI industry chain, including the construction of a robust AI computing power foundation and the development of over 100 large-scale intelligent terminal products across various application scenarios [2][17] Investment Recommendations - The report suggests focusing on the accelerated construction of the domestic AI industry chain, particularly in data factor industries, domestic computing power and storage demand, as well as the rapid deployment of applications in AIGC and intelligent driving sectors [2][17] - The measures introduced by the Guangdong government are expected to further enhance the advantages of the AI industry and facilitate the transformation of economic growth drivers [17] Application Scenarios - The report identifies eight major categories for AI application, including mobile phones, computers, home appliances, and robotics, with a goal of creating over 500 application scenarios in sectors such as manufacturing, education, and elderly care to improve labor productivity [2][17]

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 [8]. Core Insights - The Guangdong Provincial Government has issued measures to empower AI across various industries, aiming for the AI core industry scale to exceed 300 billion yuan by 2025 and 440 billion yuan by 2027 [1]. - The AI industry in Guangdong is rapidly growing, with an expected core industry scale of nearly 180 billion yuan in 2023, reflecting an approximate 18% year-on-year growth [2]. - The measures aim to strengthen the AI industry's development advantages and complete the industrial chain, facilitating the transformation into new economic growth drivers [2]. - The focus is on building a robust AI infrastructure, including advancements in chips, software, and algorithms, to support the widespread application of AI in various sectors [2]. - Specific application scenarios are outlined, targeting eight major categories such as mobile phones and robotics, with plans to develop over 100 widely used smart terminal products and 500 application scenarios in fields like manufacturing and education [2]. Summary by Sections Industry Growth - Guangdong's AI industry is projected to grow significantly, with a core industry scale of nearly 180 billion yuan in 2023, marking an 18% increase year-on-year [2]. - The number of AI-related enterprises in Guangdong reached 244,800 by May 2024, a year-on-year increase of 8.4% [2]. Policy Measures - The recent measures build upon previous policies to accelerate the formation of new productive forces, emphasizing the construction of a national AI computing power hub and innovation ecosystems [2]. - The measures specify tasks for solidifying the AI infrastructure, including the development of foundational technologies and platforms [2]. Investment Recommendations - The report suggests focusing on the accelerated construction of the domestic AI industry chain, particularly in data elements, domestic computing power, and storage demands, as well as the rapid deployment of applications in AIGC and intelligent driving [3].

Core Insights - The tourism industry is steadily recovering during the Dragon Boat Festival, with a total of 110 million domestic tourists, representing a year-on-year increase of 6.3%, and total spending of 40.35 billion yuan, up 8.1% year-on-year [26][21] - The demand for tourism is normalizing, with a significant portion of travelers being young people, particularly those born in the 2000s, who accounted for 37% of travelers, showing a nearly 30% increase in travel numbers compared to last year [21][8] - Cultural trends, particularly the resurgence of traditional Chinese culture, are driving tourism experiences, with many tourists engaging in activities related to national customs and heritage [21][8] Market Review - The A-share market showed mixed results, with the Shanghai Composite Index closing up 0.31% and the Shenzhen Component Index up 0.08%, while the ChiNext Index fell by 0.44% [29][13] - The total trading volume in the Shanghai and Shenzhen markets reached 690 billion yuan, with a net outflow of 3.335 billion yuan from northbound funds [29][13] - In the Hong Kong market, the Hang Seng Index fell by 1.31%, and the Hang Seng Tech Index dropped by 1.71% [29][15] Economic Indicators - In May, China's Consumer Price Index (CPI) rose by 0.3% year-on-year, with a core CPI increase of 0.6%, indicating a stable consumption market [14][7] - The green electricity consumption in China exceeded 180 billion kilowatt-hours in the first five months of the year, with a year-on-year growth of 327% [14][7]

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 端午假期旅游业稳步恢复，国潮文化引领出 强于大市 研 (维持) 究 游体验 [Table_ReportType] [Table_ReportDate] ——社会服务行业快评报告 2024年06月12日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 端午节假期收官，经文旅部数据中心测算，假期3天全国国内旅 游出游合计1.1亿人次，同比增长6.3%；国内游客出游总花费 社会服务 沪深300 10% 403.5亿元，同比增长8.1%。 5% 0% 行 -5% -10% -15% 业 投资要点： -20% -25% 快 -30% 评 ⚫ 旅游人次收入齐超疫前，人均支出有待恢复。相较于五一黄金周 -- 43 05 %% -45% （出游人次、出游总花费同比分别增长7.6%/12.7%），今年端 报 午节假期出游人次及旅游收入同比增速均小幅回落，但整体规模 告 已超过疫前，出游人次较2019年同期增长14.61%，出游总花费 数据 ...

[Table_Title] 万联晨会 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 | 3,028.05 | -0.76% | | 深证成指 | 9,262.35 | 0.07% | | 沪深 300 | 3,542.88 | -0.87% | | 科创 50 | 755.83 | 2.43% | | 创业板指 | 1,787.30 | 0.35% | | 上证 50 | 2,423.62 | -1.37% | | 上证 180 | 7,770.51 | -1.15% | | 上证基金 | 5,990.60 | -0.07% | | 国债指数 | | | Email: liying1@wlzq.com.cn [Table_Content] 核心观点 【重要新闻】 保障新能源消纳，推动新型电力系统建设 具体来看《通知》提出了 4 项重 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 智谱 AI 宣布全模型矩阵降价，AI 应用有望 强于大市 研 (维持) 究 加速落地 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(06.03-06.09) 2024年06月11日 [行Ta业bl核e_心Sum观ma点ry：] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周沪深300指数下跌0.16%，申万计算机行业下跌4.89%，落后于指数 计算机 沪深300 4.72pct，在申万一级行业中排名第27位。本周建议重点关注人工智能、 20% 大模型产业产品技术更新、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）人工智能：6月5日消息，智谱AI宣布全模型矩阵降价， -30% -40% 观 同时开源了GLM-4-9B 系列模型，其包含基座模型、视觉模型，以及不 -50% 点 同上下文长度的 Chat 模型。（2）人工智能：6月7日消息，生数 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [29]. Core Insights - The communication industry index underperformed the CSI 300 index by 2.30 percentage points, with a decline of 2.46% during the week of June 3-7 [1][12]. - Key investment opportunities are identified in segments such as artificial intelligence, optical modules, and satellite internet [1][26]. - The report highlights significant advancements in the industry, including the launch of the world's first 800G hollow-core fiber transmission technology by China Mobile, which demonstrates superior performance in various conditions [5]. - The dedicated cloud service market is projected to grow by 18.0% year-on-year, reaching a market size of 19.49 billion RMB in the second half of 2023, with the top three operators holding a combined market share of 43.6% [6]. - The global semiconductor market is expected to grow by 16% in 2024, reaching a total value of $611.2 billion, driven by strong demand in memory and logic integrated circuits [7]. - China Telecom has launched an integrated cloud-network scheduling product, enhancing digital transformation across industries [9]. - Chinese manufacturers dominate the global optical module market, with seven out of the top ten positions, reflecting their growing influence [10]. - SpaceX successfully conducted the fourth test flight of its Starship, marking a significant milestone in satellite internet development [11]. Summary by Sections Industry Dynamics - **Operators**: China Mobile has successfully launched the world's first 800G hollow-core fiber transmission technology trial network, achieving international leading performance metrics [5]. - **Cloud Services**: The dedicated cloud service market is experiencing robust growth, with the top three operators significantly increasing their market shares [6]. - **Chips**: The semiconductor market is forecasted to grow significantly, with strong performance expected in memory and logic sectors [7]. - **Operators**: China Telecom has introduced a new integrated cloud-network scheduling product, enhancing service delivery and operational efficiency [9]. - **Optical Modules**: Chinese companies have taken the lead in the global optical module market, reflecting a shift in market dynamics [10]. - **Satellite Internet**: SpaceX's successful test flight of the Starship represents a key advancement in satellite internet capabilities [11]. Market Review - The communication industry index fell by 2.46%, underperforming the broader market [12]. - The industry has seen a slight increase in trading volume, with a total of 148.08 billion RMB traded during the week [18]. - The average daily trading volume increased by 5.96% compared to the previous week [18]. Investment Recommendations - The report suggests focusing on investment opportunities in the satellite communication supply chain, AI computing power industry, digital applications, and 5G infrastructure development for medium to long-term growth [26].