[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 台积电继续扩大先进封装产能，关注本周英 强于大市 (维持) 研 究 伟达 GTC 大会 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(03.11-03.17) 2024年03月18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3月11日至3月17日期间，沪深300指数上涨0.71%，申万电子 电子 沪深300 指数上涨0.76%，在31个申万一级行业中排第23，跑赢沪深300指数0.05 15% 10% 个百分点。把握终端复苏和 AI 产业链加速建设的催化下，AIPC 等创新终 5% 行 端、消费电子、存储芯片等领域呈现的结构化投资机会。 0% -5% 业 -10% 投资要点： -15% 周 -20% -25% 观 产业动态：（1）AI PC：在3月13日的荣耀笔记本技术沟通会上，荣耀笔 -30% -35% 点 记本 AIPC 技术正式发布。此次发布的 ...

| --- | --- | --- | |-------------------------------|---------------------|----------| | [Table_InterIndex] \n指数名称 | 国际市场表现 \n收盘 | 涨跌幅 % | | 道琼斯 | 38,790.43 | 0.20% | | S&P500 | 5,149.42 | 0.63% | | 纳斯达克 | 16,103.45 | 0.82% | | 日经 225 | 39,740.44 | 2.67% | | 恒生指数 | 16,737.12 | 0.10% | | 美元指数 | 103.43 | 0.00% | [Table_MeetContact] 主持人: 陈雯 Email: chenwen@wlzq.com.cn 证 券 研 究 报 告 晨会纪要 市场研究 万千财富，与您相连 $$start$$ [Table_Content] 核心观点 [Table_MeetContent] 【市场回顾】 周一 A 股三大股指全部上涨，上证指数收涨 0.99%，报 3084.93 点；深证成指收涨 1.46%， 报 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 梯媒带动广告市场维持增长，快消品行业持 强于大市 (维持) 研 究 续领跑 [Table_ReportType] [Table_ReportDate] ——传媒行业跟踪报告 2024年03月15日 8033 [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 广告市场保持增长态势，1月同比、环比均有所增长。广告市场24年1月 整体广告花费同比上涨3.7%，环比微涨0.2%。从同比来看，广告市场花费 传媒 沪深300 50% 在23年3月份恢复正增长态势，4-5月份恢复力度达到顶峰，在线下消费 40% 行 市场持续火热的影响下，23年下半年月度同比保持稳定的增长态势，24年 30% 20% 业 1 月份节日效应显著，消费需求维持高位，同比维持增长态势；环比有所 10% 跟 震荡调整，但广告市场花费仍处于较高水平，1月份环比微幅上涨0.2%， 0% -10% 踪 市场热度不减。 -20% 报 -30% 告 快消品行业领跑，家用电 ...

Investment Rating - The investment rating for Ping An Bank is maintained at "Accumulate" [3]. Core Views - The report highlights a 2.1% year-on-year growth in net profit attributable to shareholders for 2023, despite an 8.4% decline in revenue, primarily due to a narrowing net interest margin and fluctuations in foreign exchange gains [1][2]. - Retail customer assets and numbers have shown rapid growth, with total retail customer assets reaching 4,031.177 billion yuan, a 12.4% increase year-on-year, and the number of wealth clients growing by 8.9% to 1.3775 million [1]. - The dividend payout ratio has been significantly increased by 18 percentage points to 30%, resulting in a dividend yield of 7% based on the closing price on March 14, 2024 [1]. - The core Tier 1 capital adequacy ratio improved to 9.22% by the end of 2023 [1]. - Asset quality indicators showed slight fluctuations, with a non-performing loan ratio of 1.06% and a provision coverage ratio of 277.63% [1]. - Future earnings forecasts have been adjusted downward for 2024 and 2025, with projected revenues of 157.805 billion yuan and 161.490 billion yuan, respectively [2]. Summary by Sections Financial Performance - In 2023, the operating revenue was 164.699 billion yuan, with a year-on-year growth rate of -8.4% [2]. - The net profit attributable to shareholders for 2023 was 46.455 billion yuan, reflecting a growth rate of 2.1% [2]. - Earnings per share for 2024 is projected at 2.25 yuan, with a price-to-earnings ratio of 4.55 times [2]. Asset and Liability Management - Total loans are projected to reach 3,407.509 billion yuan in 2024, with total assets expected to be 5,587.116 billion yuan [2]. - Total deposits are forecasted to be 3,458.287 billion yuan in 2024 [2]. Capital Management - The report indicates a focus on transforming corporate and retail businesses, aiming for a balanced approach to asset-liability management [1].

Core Insights - The report indicates that China's retail sales of consumer goods in January-February 2024 reached 81,307 billion yuan, showing a year-on-year growth of 5.5%, which is a decrease of 1.9 percentage points compared to December, but an increase of 2.0 percentage points compared to January-February 2023 [17][26] - The industrial production has accelerated, with the industrial added value of large-scale enterprises growing by 7% year-on-year in January-February, which is an increase of 0.2 percentage points compared to December [4][12] - The fixed asset investment in January-February increased by 4.2% year-on-year, which is an acceleration of 1.2 percentage points compared to the entire year of 2023 [4][12] Retail Sector Analysis - The retail sales growth was driven by both essential and discretionary categories, with essential goods like grain and oil showing an increase of 9.0%, while discretionary categories like home appliances and building materials also saw positive growth [26] - Online retail sales grew by 15.3% year-on-year, with physical goods online retail sales reaching 18,206 billion yuan, indicating a recovery in online consumption [26][18] - The report highlights that while the growth rate of retail sales has improved compared to the previous year, it remains below the average growth rate of 9.1% seen in the three years prior to the pandemic (2017-2019) [18][26] Investment Recommendations - The report suggests focusing on resilient sectors such as food and beverage, which are essential consumer goods, and highlights opportunities in high-end liquor, regional liquor leaders, beer, dairy products, and snacks [18][26] - It also recommends sectors benefiting from expanded service consumption policies, including dining, tourism, and hotels [18] - In the jewelry sector, the report notes that gold jewelry has both consumption and investment attributes, suggesting a positive outlook for leading companies in this space [18][26] Economic Indicators - The unemployment rate in urban areas averaged 5.3% in January-February, indicating overall stability in the job market [4][12] - The report mentions that the monetary policy remains supportive, with social financing stock growth at 9.0% year-on-year, reflecting ongoing efforts to stimulate the economy [20]

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 强于大市 (维持) 业绩边际改善，旅游底部复苏 研 究 [Table_ReportType] ——社会服务行业 2023年业绩预告综述 [Table_ReportDate] 2024年03月12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 2023 年业绩预告披露基本结束，社服板块共有 61 家发布业绩预告， 社会服务 沪深300 行业披露率为 77%。旅游板块步入弱复苏通道，业绩整体改善，服务 10% 类板块利润稳步增长，教育板块业绩表现不佳。2024 年政府工作导向 5% 0% 持续围绕文旅等生活服务行业发力，预计文旅行业促消费政策有望延 -5% 行 -10% 续，利好文旅产业链上的餐饮、景区、酒店、免税等行业。建议关 -15% -20% 业 注：1）受益于出入境恢复带来口岸免税回暖，以及业绩逐步向好的 -25% -30% 跟 免税龙头；2）受益于经济回暖后客流恢复的景区与演艺龙头、酒店 -- 43 05 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 03 月 19 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大股指全部上涨，上证指数收涨 0.99%，报 3084.93 点； 深证成指收涨 1.46%，报 9752.83 点；创业板指收涨 2.25%，报 1926.40 点。A 股两市全天成交额 11,376.16 亿元人民币，北向资金净买入 28.25 亿元人民币，其中，沪股通净买入 17.67 亿元人民币，深股通 净买入 10.58 亿元人民币；南向资金净买入 29.31 亿港元。A 股两市 个股多数上涨，上涨个股数为 4445。申万行业方面，传媒、电子、电 力设备领涨，煤炭、家电、银行领跌；概念板块方面，低空经济、AI 手机、AI PC 概念指数涨幅居前，送转填权、特钢概念、黄金概念指 数跌幅居前。港股方面，恒生指数收涨 0.10%，恒生科技指数收涨 1.25%；海外方面，美国三大股指全线收涨，道指收涨 0.20%，报 38,790.43 点，标普 500 指数收涨 0.63%，报 5149.42 点，纳指收涨 ...

[Table_RightTitle] 证券研究报告|中药Ⅱ 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 《政府工作报告》指出促进中医药传承创新 (维持) 究 [Table_ReportType] [Table_ReportDate] ——中药Ⅱ行业周观点(03.04-03.10) 2024年03月11日 7743 [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 中药作为国家顶层政策支持的板块，在老龄化趋势、产业政策改革优化、 中药Ⅱ 沪深300 企业内部改革创新下，叠加中药创新药审评审批提速、中药OTC医保免 10% 疫等多方面优势，行业长期增长可期。本周《政府工作报告》发布，指 5% 出促进中医药传承创新。短期内关注一季度业绩、基药目录落地以及国 0% 行 -5% 改进展等。 业 -10% -15% 周 -20% 投资要点： -25% 观 -30% 点 ⚫ 涨跌幅：本周（2024.3.4~2024.3.10），生物医药指数下跌 2.24%，跑输沪深300指数2.44个百分点，位列申万一级31个 数据来源 ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 金价进一步上涨创下新高，多家公司公告回 强于大市 (维持) 研 究 购进展 [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(03.04-03.10) 2024年03月11日 7743 [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 近月消费呈现平稳恢复态势，预计未来随着经济的逐步恢复和扩大消费 10% 措施的出台，消费活力有望得到进一步刺激。建议关注：①化妆品&医 5% 0% 美：在消费者趋于理性的背景下，近年来电商大促热度有所下滑，品牌 -5% 行 -10% 商转而更注重拉动日销；中长期来看，颜值经济下医美、化妆品需求较 -15% 业 -20% 大，多项化妆品、医美相关法规发布，行业洗牌背景下合规化妆品、医 -25% 周 -30% 美龙头公司受益。②黄金珠宝：随着金价上涨、消费场景恢复、黄金 -35% 观 -40% 饰品工艺提升以及“悦己 ...

[Table_StockName] ——康缘药业（600557）点评报告 [Table_ReportDate] 2024 年 03 月 12 日 投资要点: 同比+0.02pct。注射剂增长主要由注射液热毒宁和银杏二萜内酯贡献， 2023 年销量分别同比增长 90.93%和 21.98%。独家品种热毒宁注射液在 《国家医保目录》中成药部分医保支付范围由"限二级及以上医疗机构 重症患者"调整为"限二级及以上医疗机构"，推动公司注射液 2023 年 恢复性增长，未来有望进入稳健增长趋势。 证 券 研 究 报 告 公司点评报告 公司研究 3478 ⚫ 创新驱动，营销体系持续优化 2023 年公司研发费用为 7.7 亿元，同比增长 27.40%。公司中药获批新 药注册批件 1 个（济川煎颗粒），申报生产 3 个（六味地黄苷糖片、 泻白颗粒、玉女煎颗粒），获批临床 6 个（小儿佛芍和中颗粒、小儿健 脾颗粒、栀黄贴膏、乌鳖还闺颗粒、五味益心颗粒、杏贝止咳颗粒增加 感染后咳嗽适应症）。2023 年，公司实现从传统营销模式向新型学术推 数据来源：携宁科技云估值,万联证券研究所 [Table_BaseData] 基础数据 总股 ...