[Table_RightTitle] 证券研究报告|交通运输 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 低空经济产业链梳理之总览篇 (维持) 究 [Table_ReportType] [Table_ReportDate] ——交通运输行业深度报告 2024年06月11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 中央经济工作会议以及两会均首次提及低空经济，明确其战 略新兴产业地位，低空经济产业链涉及领域广泛，市场空间 交通运输 沪深300 10% 广阔，发展潜力大，我国低空经济尚处于起步阶段，低空空 5% 行 域管理改革持续深化为低空经济发展奠定基础条件，低空制 0% 业 造环节以无人机发展为主导、eVTOL加速发展驱动技术创 -5% -10% 深 新，以市场需求为牵引，低空运营应用领域不断拓宽并加 -15% 度 深，低空基础设施建设是其发展的保障，我国多地已经发布 -20% 报 关于支持低空经济发展的相关支持政策，通航机场及起降点 告 等建设先行推进。建议积极关注低空经济基础设施领域相关 数据来 ...

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Viewpoints - The Computex 2024 event showcased significant advancements in the AIPC (AI Personal Computing) industry, with major companies like Nvidia, AMD, and Qualcomm presenting their latest innovations and product launches [2][3] - Continuous innovation in edge AI chips is solidifying the hardware foundation for AIPC, with AMD's Ryzen AI 300 series APU achieving 50 TOPS, Qualcomm's Snapdragon X series reaching 45 TOPS, and Intel's Lunar Lake architecture promising a 3x increase in AI performance while reducing power consumption by 40% [3] - The application ecosystem for AIPC is becoming increasingly robust, with new products being launched, such as Microsoft's Copilot+ and Nvidia's support for it through their RTX series graphics cards, indicating a growing maturity in AIPC applications [3] Summary by Sections Event Overview - Computex 2024 took place from June 4 to 7 in Taipei, focusing on AI integration and featuring around 1500 exhibitors, including major international companies [2] AI Chip Innovations - AMD, Qualcomm, Intel, and MediaTek have all introduced new AI chips, enhancing local deployment capabilities for AI applications on PCs [3] Application Ecosystem Development - The introduction of AI assistants and support for high-performance computing in new PC products indicates a trend towards a more mature AIPC ecosystem [3] Investment Recommendations - The report suggests focusing on companies that are proactively positioning themselves in the AIPC sector, including hardware manufacturers and application developers, as the demand for upgrades is expected to rise in the latter half of the year [4]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [51]. Core Insights - The media industry (Shenwan) experienced a decline of 4.75% last week, ranking 26th in the market and underperforming the CSI 300 index [9][11]. - The game "Black Myth: Wukong" has topped the global sales chart on Steam after its pre-sale began on June 8, with a standard edition priced at 268 yuan and a deluxe edition at 328 yuan [35]. - In June, 15 imported game licenses were approved, including notable titles for mobile and PC platforms [35]. - The game "Ming Chao" achieved over 150 million yuan in net revenue within two weeks of its launch, topping sales charts in multiple regions [2]. - The average score for the minor protection mechanism in mobile games improved to 79.1, reflecting progress in protecting minors in gaming [2]. Summary by Sections 1. Media Industry Weekly Review - The media industry saw a cumulative decline of 17.98% year-to-date, significantly underperforming the CSI 300 index, which increased by 4.17% [11]. - The industry valuation (PE ratio) fell to 21.25X, below the six-year average of 26.52X, indicating a 19.86% drop [15]. - Trading volume increased, with a total turnover of 1,004.40 billion yuan last week, marking a 16.69% rise in average daily trading [17]. 2. Game Sector - Tencent's "Dungeon and Fighter" leads the sales chart, followed by "Honor of Kings" [25]. - The new game "Battlefield 1939" ranks first in iOS pre-orders, while "Zero Zone" leads in Android pre-orders [27]. 3. Film and Television Sector - The box office for the week was 40,820.45 million yuan, down 32.03% year-on-year [29]. - The top film was "I Don't Want to Be Friends with You," accounting for 16.1% of the box office [32]. 4. Investment Recommendations - The report suggests focusing on leading companies with strong game reserves and R&D capabilities, especially those actively developing mini-games [2][45]. - In the film sector, it is recommended to pay attention to leading cinema chains and production companies that focus on quality content [45]. - For AIGC applications, companies that have successfully implemented AIGC technologies should be monitored [46]. - In the virtual reality sector, companies developing VR content are recommended for investment [49].

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 国际巨头积极布局 AIPC，关注本周苹果 强于大市 研 (维持) 究 WWDC 2024 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(06.03-06.09) 2024年06月11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6月3日至6月9日期间，沪深300指数下跌0.16%，申万电子指 电子 沪深300 数下跌0.46%，在31个申万一级行业中排第5，跑输沪深300指数0.30个 10% 5% 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% 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。 -5% -10% 业 -15% 投资要点： -20% 周 -25% 观 产业动态：（1）折叠屏手机：根据TrendForce集邦咨询的最新研究，2024 -30% -35% 点 年折叠手机的全球出货量预计为 1 ...

[Table_RightTitle] 证券研究报告|电力设备 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 保障新能源消纳，推动新型电力系统建设 (维持) 究 [Table_ReportType] [Table_ReportDate] ——电力设备行业快评报告 2024年06月11日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 ⚫ 事件：国家能源局近日印发《关于做好新能源消纳工作 保障新能源 高质量发展的通知》，全面推动新型电力系统建设。 电力设备 沪深300 10% 投资要点： 5% 行 出台背景：近两年，新能源发展持续提速，截至2024年4月底，全 0% -5% 业 国风电、光伏发电累计装机超过11亿千瓦，同比增长约38%，消纳 -10% -15% 快 需求大幅增加。为适应新能源高速增长形势，保障新能源高质量发 -20% -25% 评 展，需要优化完善新能源消纳政策措施，以高质量消纳工作促进新 -30% -35% 报 能源供给消纳体系建设。因此，此次《通知》核心在于解决新能源 -40% 告 并网、消纳问题，推进以 ...

[Table_Title] 万联晨会 概览 【重要新闻】 供给持续收缩，拉久期策略仍占优 | --- | --- | --- | |-------------------------------|---------------------|----------| | [Table_InterIndex] \n指数名称 | 国际市场表现 \n收盘 | 涨跌幅 % | | 道琼斯 | 38,798.99 | -0.22% | | S&P500 | 5,346.99 | -0.11% | | 纳斯达克 | 17,133.13 | -0.23% | | 日经 225 | 38,683.93 | -0.05% | | 恒生指数 | 18,366.95 | -0.59% | | 美元指数 | 104.89 | 0.75% | | | | | 万千财富，与您相连 [Table_Summary] 【市场回顾】 上周五 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.08%，深成指 收跌 0.9%，创业板指收跌 2.16%。沪深两市成交额 7166.27 亿元，北 向资金净流出 7.05 亿元。申万行业方面，环保、房地产、综合 ...

[Table_MeetReliefTip] 免责声明 本报告由万联证券股份有限公司（以下简称"本公司"）制作及发布。 本晨会纪要仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为本公司的当然客户。 本晨会纪要是基于本公司认为可靠的且目前已公开的信息撰写，本公司力求但不保证该信息的准确性和完 整性，客户也不应该认为该信息是准确和完整的。同时，本公司不保证文中观点或陈述不会发生任何变 更，在不同时期，本公司可发出与本晨会纪要所载资料、意见及推测不一致的研究报告。本公司会适时更 新我们的研究，但可能会因某些规定而无法做到。除了一些定期出版的报告之外，绝大多数研究报告是在 分析师认为适当的时候不定期地发布。 在任何情况下，本晨会纪要中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到个别客 户特殊的投资目标、财务状况或需求。客户应考虑本报告中的任何意见或建议是否符合其特定状况，若有 必要应寻求专家意见。本晨会纪要所载的资料、工具、意见及推测只提供给客户作参考之用，并非作为或 被视为出售或购买证券或其他投资标的的邀请或向人作出邀请。 本晨会纪要中提及的投资价格和价值以及这些投资带来的收入可能会波动。过 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [24]. Core Insights - The Dragon Boat Festival box office is expected to maintain good performance due to a rich variety of films and multiple advantages from Hollywood, with the total box office for the 2024 festival projected to reach 11.04 billion yuan [3][18]. - The 2024 Dragon Boat Festival will feature six key films, including "I Don't Want to Be Friends with You," "Anti-Crime: Never Give Up," "Negotiation Expert," "Walk and Stop," "Mad Max: Fury Road," and "American Civil War," catering to diverse audience preferences [2][13]. Summary by Sections Market Performance - The overall box office for the Dragon Boat Festival is expected to perform well, with 2023's total box office reaching 911 million yuan, ranking second in Chinese history for this festival [3][13]. - The 2024 film market is showing signs of recovery, with a sufficient supply of films across various genres, including crime, comedy, war, family, and suspense [3][13]. Internal Structure - "Negotiation Expert" shows a slight advantage in pre-sales, while "I Don't Want to Be Friends with You" is predicted to lead the box office during the Dragon Boat Festival [4][16]. - The pre-sale box office for "Negotiation Expert" reached 35.528 million yuan, with a total of 268,000 screenings and 869,000 attendees, while "Anti-Crime: Never Give Up" and "I Don't Want to Be Friends with You" followed with 33.015 million yuan and 24.168 million yuan, respectively [16][17]. Investment Recommendations - The report suggests focusing on high-quality film production companies, distributors, and leading cinema chains, as the film market is expected to show strong vitality due to recovering production efficiency and audience enthusiasm [21].

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [9]. Core Insights - The strategic cooperation between Dongfeng Liuzhou Motor and UBTECH aims to accelerate the application of humanoid robots in the automotive manufacturing process, enhancing smart manufacturing capabilities and promoting large-scale application of humanoid robots in the industry [1][2]. - The Walker S humanoid robot features advanced capabilities, including 41 high-performance servo joints and a comprehensive perception system, enabling it to perform complex tasks in industrial environments [1][2]. - The collaboration is seen as a significant step in the deepening application of humanoid robots in automotive manufacturing, supported by government initiatives that recognize humanoid robots as a transformative technology [2]. Summary by Sections Event Overview - On May 31, Dongfeng Liuzhou Motor and UBTECH signed a strategic cooperation agreement to promote the application of humanoid robots in automotive manufacturing scenarios [1]. Product Features - Walker S stands 1.7 meters tall and is designed to closely resemble human proportions, equipped with a new generation of integrated control algorithms for stable walking in industrial environments [2]. - The robot can communicate with factory systems to share real-time data, enhancing operational efficiency [2]. Market Outlook - 2024 is projected to be a year of accelerated development for humanoid robots, with significant investments from tech giants like Tesla expected to drive breakthroughs in the industry [2]. - The humanoid robot sector is anticipated to experience rapid growth due to advancements in technology, product innovation, cost control, and supportive policies [2].

Email: chenwen@wlzq.com.cn [Table_PromiseInfo] 证券分析师承诺 【市场回顾】 周三 A 股三大指数集体收跌，截止收盘，沪指收跌 0.83%，深成指收 跌 0.8%，创业板指收跌 0.54%。沪深两市成交额 6883.69 亿元，北向 资金净流出 56.8 亿元。申万行业方面，国防军工、电子、计算机领 涨，房地产、有色金属、传媒领跌。港股方面，恒生指数收跌 0.1%， 恒生科技指数收涨 0.3%；海外方面，美国三大指数集体收涨，道指收 涨 0.25%，标普 500 收涨 1.18%，纳指收涨 1.96%。 证 券 研 究 报 告 晨会纪要 市场研究 3327 ——电力设备行业跟踪报告 [Table_MeetReportDate] 2024 年 06 月 06 日 星期四 概览 【重要新闻】 | --- | --- | --- | |------------|----------------------|--------| | | 指数名称 收盘 涨跌幅 | % | | 上证指数 | 3,065.40 | -0.83% | | 深证成指 | 9,393.61 | -0 ...