[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 海内外 AI 产业持续焕新，全国开展数据资 强于大市 研 (维持) 究 源情况调查 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(02.19-02.25) 2024年02月26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3.71%，申万计算机行业上涨11.59%，领先于指数 计算机 沪深300 7.88pct，在申万一级行业中排名2位。本周建议重点关注AI大模型、数 30% 据要素产业链的投资机会。 20% 10% 行 投资要点： 0% 业 -10% 周 产业动态：AI：1）微软近日发布了开源自动化框架PyRIT，这是一款 -20% -30% 观 Python风险识别工具包，主要帮助安全专家和机器学习工程师识别生 -40% 点 成式AI的风险，阻止他们的人工智能系统失控。微软的AI Red Team已 经使用该工具，检查包括Copilo ...

Investment Rating - The report maintains a long-term positive outlook on the traditional Chinese medicine (TCM) sector, highlighting its attractive valuation levels and supportive policy environment [4][7]. Core Insights - The TCM industry is expected to experience long-term growth due to various factors, including aging population trends, policy reforms, and accelerated approval processes for innovative TCM drugs [2][4]. - The announcement of the privatization of China Traditional Chinese Medicine Holdings by China National Pharmaceutical Group is a significant development, suggesting potential benefits for state-owned enterprises in the TCM sector [3][7]. Summary by Sections 1. Market Review - From February 19 to February 25, 2024, the biopharmaceutical index rose by 2.09%, underperforming the CSI 300 index by 1.62 percentage points, ranking 31st among 31 sub-industries [3][11]. - The TCM sector's performance was ranked 5th among 8 sub-sectors in the pharmaceutical industry, with a 2.08% increase [3][14]. 2. TCM Industry Data Tracking - As of February 25, 2024, the TCM II (Shenwan) index's price-to-earnings (P/E) ratio was 24.43, ranking 5th among 8 sub-sectors in the pharmaceutical industry [3][29]. - Since the beginning of 2024, 8 new TCM drug varieties have received IND acceptance, and 8 have received NDA acceptance, indicating a robust pipeline for new products [36][40]. 3. Important News in the TCM Sector - China National Pharmaceutical Group announced plans to privatize China Traditional Chinese Medicine Holdings at a price of HKD 4.6 per share, representing a premium of approximately 34.11% [3][7]. - The National Healthcare Security Administration's leadership conducted research on medical security work in Fujian, indicating ongoing governmental interest in healthcare reforms [3][7]. 4. Important Announcements from TCM Listed Companies - During the week of February 19 to February 25, 2024, several TCM companies announced product approvals, performance forecasts, and management changes, reflecting active corporate developments within the sector [3][14].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [30]. Core Viewpoints - The communication industry index rose by 11.13% from February 19 to February 23, outperforming the Shanghai and Shenzhen 300 index by 7.42 percentage points [1][12]. - Key investment opportunities are identified in 5G construction and applications, computing power, data centers, and satellite communication [1][27]. - The report highlights a significant increase in trading volume, with a total of 2350.37 billion yuan traded in the communication sector during the last week, marking a 26.71% increase from the previous week [1][18]. Summary by Sections Industry Dynamics - **5G**: The Ministry of Industry and Information Technology issued guidelines to promote low-carbon technology innovation in the industrial sector, emphasizing the role of 5G and other information technologies [5]. - **Mobile Networks**: Nokia announced a partnership with NVIDIA to leverage Cloud RAN and AI technologies to transform mobile networks [6]. - **Artificial Intelligence**: The State-owned Assets Supervision and Administration Commission held a meeting to promote AI development among central enterprises, focusing on enhancing productivity and innovation [7]. - **Data Elements**: A nationwide survey on data resources was initiated to better utilize data elements and support policy-making [8][10]. - **5G RedCap**: China Mobile completed the world's largest 5G RedCap field trial, achieving commercial readiness for the first batch of chips and terminals [11]. Market Review - The communication industry index outperformed the broader market, with a 3.71% increase in the Shanghai and Shenzhen 300 index compared to an 11.13% rise in the communication sector [12][15]. - The current price-to-earnings ratio (PE) for the communication industry is 19.49, significantly below the historical average of 35.42 [16]. - The report notes that 97.76% of stocks in the communication sector rose during the last week, indicating strong market performance [20]. Investment Recommendations - The report suggests focusing on the development of computing power driven by AI models, which will benefit sectors such as servers, data centers, and optical modules. It also highlights the growth potential in satellite communication, AI computing power, digital applications, and 5G construction [27].

[Table_RightTitle] 证券研究报告|建筑材料 行 [Table_Title] [Table_IndustryRank] 业 年后复工进展较慢，LPR 调降有助于提振地 强于大市 (维持) 研 究 产需求 [Table_ReportType] [Table_ReportDate] ——建筑材料行业周观点(02.19-02.25) 2024年02月26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 （1）水泥，上周全国水泥价格环比有所下降，供给端，北方十五省区 仍处于采暖错峰生产阶段，南方省份 2 月份集中执行一季度错峰停窑 建筑材料 沪深300 10% 或检修计划，国内大部分熟料线处于停窑状态；需求端，水泥磨机开工 5% 0% 负荷较上周有一定恢复；展望后市，元宵节后需求有望加快启动，需求 -5% 行 -10% 上升对部分区域价格有推动预期。（2）浮法玻璃，浮法玻璃价格小幅 -15% 业 -20% 回涨；供应端，周内产能有所增加，日熔量为176,565吨；需求端，节 -25% 周 -30% 后市场需求恢复缓慢，多数厂计划元宵节后陆续复 ...

[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 白酒板块上行，酒企新春会议定调全年任务 强于大市 (维持) 研 究 目标 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(02.19-02.25) 2024年02月26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 上周食品饮料板块上涨3.32%，于申万31个子行业中位列第24。上周 食品饮料 沪深300 （2024年2月19日-2024年2月25日），沪深300指数上涨3.71%， 5% 申万食品饮料指数上涨 3.32%，跑输沪深 300 指数 0.39 个百分点，在 0% -5% 行 申万31个一级子行业中排名第24。年初至今沪深300指数上涨1.71%， -10% 业 申万食品饮料指数下跌 1.87%，跑输沪深 300 指数 3.58 个百分点，在 -15% -20% 周 申万 31 个一级子行业中排名第 9。上周食品饮料子板块全部上涨，其 -25% - ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Insights - The media industry (Shenwan) rose by 13.39% last week, ranking first in the market and outperforming the CSI 300 index by 9.68 percentage points [8][10] - "Honor of Kings" has officially partnered with the Saudi Esports World Cup, marking its entry into the Middle East and other regions [34] - The launch of the AI-generated animation "Qianqiu Shisong" represents a significant breakthrough in the application of AI technology in the media and film industry [35] Summary by Sections 1. Media Industry Weekly Review - The media industry saw a significant increase, with all sub-sectors rising last week, particularly the publishing sector, which increased by 17.13% [15] - The industry valuation (PE TTM) is currently at 23.78X, below the 6-year average of 26.52X, indicating a 10.32% decline [16] - Over 97% of the stocks in the media sector rose last week, with 129 out of 132 stocks increasing in value [20] 2. Media Industry Weekly Performance Review 2.1 Gaming - "Honor of Kings" topped the global mobile game revenue charts, generating $233 million in January 2024 [26] - The first esports and sports event will take place in Kazan, Russia, combining traditional sports with esports [34] 2.2 Film and Television - The box office for the week reached 1.945 billion yuan, a year-on-year increase of 372.22% [29] - The top three films by box office share were "The 20th Article," "Fast and Furious 2," and "Hot and Spicy" [31] 3. Industry News and Company Announcements - The partnership between "Honor of Kings" and the Saudi Esports World Cup is a strategic move to expand into the Middle East [34] - The launch of "Qianqiu Shisong" showcases the potential of AI in content creation, marking a significant advancement in the media sector [35] - The VR/AR industry saw a decline in investment and financing activities in 2023, with a total of 229 events, down 31.64% year-on-year [35] 4. Investment Recommendations - The report suggests focusing on leading companies in gaming with strong R&D capabilities and a rich game reserve [45] - In the film sector, it is recommended to pay attention to leading cinema chains and quality content producers [47] - For AIGC applications, companies that have successfully implemented AIGC technology should be monitored [47] - The report also highlights the potential in the VR/AR market, suggesting to focus on companies involved in virtual reality content [48]

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 华为及小米发布手机新品，各尺寸电视面板 强于大市 研 (维持) 究 价格回升 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(02.19-02.25) 2024年02月26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2月19日至2月25日期间，沪深300指数上涨3.71%，申万电子 电子 沪深300 指数上涨6.02%，在31个申万一级行业中排第13，跑赢沪深300指数2.31 20% 15% 个百分点。把握 AI 产业链加速建设的催化下，AIPC 等创新终端、半导体 10% 5% 0% 行 设备、消费电子、存储芯片、AI+终端等领域呈现的结构化投资机会。 -5% -10% -15% 业 -20% 投资要点： -25% -30% 周 -35% 观 产业动态：（1）人工智能：2月21日，英伟达发布了2024财年年报及第 点 四季度报，全年营收609亿美元， ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 中免进军新加坡市场，春节假期海南免税店 强于大市 研 (维持) 究 业绩亮眼 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(02.19-02.25) 2024年02月26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（2 月19日-2月25日）沪深300指数上涨3.71%、申万社会服务指 社会服务 沪深300 数上涨8.28%，社会服务指数跑赢沪深300指数4.57个百分点，在申万31 10% 个一级行业指数涨跌幅排第 4。年初至今沪深 300 指数上涨 1.71%、申万 5% 0% 社会服务指数下跌10.18%，申万社会指数跑输沪深300指数11.89个百分 -5% 行 -10% -15% 点，在申万31个一级子行业中涨跌幅排名第22。上周社会服务主要子板 -20% 业 -25% 块全部上涨：酒店餐饮7.19%、旅游及景区4.52%、教育18.12% ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 强于大市 创健医疗成功研发 III 型重组人胶原蛋白 (维持) 研 究 [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(02.19-02.25) 2024年02月26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 0% 美：受内外部环境影响，部分医美、化妆品龙头去年业绩出现放缓；中 行 -10% 长期来看，颜值经济下医美、化妆品需求较大，多项化妆品、医美相关 -20% 业 法规发布，行业洗牌背景下合规化妆品、医美龙头公司受益。②黄金珠 -30% 周 宝：近期金价高位震荡，叠加消费场景恢复、黄金饰品工艺提升以及“悦 -40% 观 己”消费观念的深入，看好积极抢占渠道、升级品牌、开发新品的黄金 -50% 点 ...

Investment Rating - The report maintains an "Outperform" rating for the banking industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [1]. Core Insights - The banking sector's asset quality remains stable, with a slight decrease in net interest margin and an increase in asset growth rate. In 2023, commercial banks achieved a net profit of 2.38 trillion yuan, with a year-on-year growth of 3.2%, and a fourth-quarter growth of 13.2% [1][5]. - The total assets of the banking sector grew by 11.0% year-on-year by the end of 2023, showing an improvement from the previous quarter's growth of 10.5% [1][7]. - The net interest margin for commercial banks at the end of 2023 was 1.69%, reflecting a quarter-on-quarter decline of 0.03% and a year-on-year decline of 0.22% [1][9]. - The overall asset quality is stable, with non-performing loans (NPL) at 3.23 trillion yuan and a non-performing loan ratio of 1.59%, which has decreased by 0.02% quarter-on-quarter [1][11][12]. - The report anticipates continued support for the banking sector's asset quality due to fiscal policy measures and a stable monetary policy environment, which are expected to boost market expectations and economic recovery [1][20]. Summary by Sections Section 1: Net Interest Margin and Asset Growth - In 2023, commercial banks' net profit grew by 3.2% year-on-year, with a total asset growth of 11.0% [5][7]. - The net interest margin decreased to 1.69% by the end of 2023, with variations across different banking segments [9]. Section 2: Asset Quality - The non-performing loan balance remained stable at 3.23 trillion yuan, with a non-performing loan ratio of 1.59% [11][12]. - The report highlights a slight increase in the proportion of special mention loans to 2.2% [12]. Section 3: Investment Recommendations - The report suggests that the banking sector will benefit from ongoing fiscal policy support and a stable monetary policy, which are expected to enhance asset quality and profitability [20].