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 market in the next six months [35]. Core Insights - The SW Media industry has a disclosure rate of approximately 60.61% for 2023 earnings forecasts, which is higher than the overall A-share market disclosure rate of 52.20% [10][12]. - The industry has a positive earnings forecast sentiment with a pre-joy rate of 42.50%, surpassing the A-share average, and an overall performance improvement rate of 55.00% [16][18]. - The total net profit forecast for the SW Media industry is estimated at 7.816 billion yuan, indicating a turnaround from losses in the previous year, primarily driven by leading companies [3][32]. Summary by Sections 1. Earnings Forecast Disclosure Rate - A total of 80 companies in the SW Media industry disclosed their 2023 earnings forecasts, with a disclosure rate of 60.61%, ranking high among various sectors [10][12]. - The main board of the A-share market has the highest disclosure rate at approximately 62.5% [12]. 2. Profit Performance - More than half of the companies reported good performance, with 55.00% showing improved net profits, including 20 companies turning losses into profits [3][18]. - The total net profit forecast for the 80 companies is 7.816 billion yuan, reflecting a significant improvement compared to the previous year [3][32]. 3. Companies with Notable Earnings Changes - The top five companies with the largest year-on-year net profit growth forecasts include Zhejiang Wenlian, Ice River Network, Mingchen Health, Oriental Pearl, and Fengyuzhu [24]. - Companies that have turned losses into profits with the most significant absolute changes include Century Huatong, Wanda Film, BlueFocus, Light Media, and Youzu Network [24][28]. 4. Investment Recommendations - The report suggests focusing on companies with year-on-year profit growth and those that have turned losses into profits. Long-term attention is recommended for leading companies in mini-games, ladder media, quality film production, and virtual reality content [32].

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 Chat with RTX 推动模型本地部署，AIPC 内 强于大市 (维持) 研 究 容生态持续丰富 [Table_ReportType] [Table_ReportDate] ——电子行业跟踪报告 2024年02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 ⚫ 英伟达推出Chat with RTX，本地化部署为其重要特征：英伟达发布 电子 沪深300 AI聊天机器人Chat with RTX，用户可在搭载NVIDIA GeForce RTX 15% 10% 30系列或更高版本的GPU（至少8GB显存）进行本地部署。Chat With 5% 行 0% RTX可以将用户的资料与大语言模型建立连接，从而令大语言模型更 业 -5% -10% 具个性化。利用检索增强生成(RAG)、TensorRT-LLM和RTX加速，该 跟 -15% -20% 应用具备本地文件及在线视频检索分析功能。同时，本地化部署有望 踪 -2 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Insights - Google has launched the Gemini 1.5 Pro version, which has performance levels comparable to the largest model, Gemini 1.0 Ultra. The Gemini 1.5 Pro significantly outperforms the Gemini 1.0 Pro in most benchmark tests, with better results in 27 out of 31 tests. It also surpasses Gemini 1.0 Ultra in over half of the benchmark tests, particularly excelling in text and some visual benchmarks [1][9] - The Gemini 1.5 model is built on a sparse mixture-of-expert (MoE) architecture, allowing for more efficient training and service compared to traditional transformer models. This architecture divides the model into smaller "expert" neural networks, enhancing efficiency and reducing computational resource requirements [1][10][12] - Gemini 1.5 Pro features an exceptionally large context window, capable of processing up to 1,000,000 tokens, which equates to handling extensive information such as 1 hour of video, 11 hours of audio, over 30,000 lines of code, or more than 700,000 words. This capability enables complex reasoning over large datasets [1][13][17] Summary by Sections 1. Gemini 1.5 Pro Release - Google has updated its Gemini series with the Gemini 1.5 Pro version, which is a multimodal model capable of processing various types of information including text, images, audio, video, and code [7][9] 1.1 Performance Comparison - The performance of Gemini 1.5 Pro is on par with Gemini 1.0 Ultra, showing significant improvements over Gemini 1.0 Pro in most benchmarks [9] 1.2 Efficiency of MoE Architecture - The MoE architecture allows for more efficient training and service, utilizing a structure that includes sparse MoE layers and a gating network to direct tokens to specific experts [10][12] 1.3 Context Window Capacity - The model supports a context window of 128,000 tokens by default, with options for select users to access up to 1,000,000 tokens, facilitating complex reasoning tasks [13][17] Investment Recommendations - The large context window and efficient MoE architecture present significant investment opportunities, particularly as these models accelerate their application in various fields and continue to drive demand for computational power [19]

[Table_RightTitle] 证券研究报告|中药Ⅱ 行 [Table_Title] [Table_IndustryRank] 业 《中药标准管理专门规定（征求意见稿）》 强于大市 (维持) 研 究 发布，板块估值具吸引力 [Table_ReportType] [Table_ReportDate] ——中药Ⅱ行业周观点(02.05-02.18) 2024年02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 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。 5% 0% 行 -5% 投资要点： 业 -10% -15% 周 ⚫ 涨跌幅：2024年2月5日至2024年2月8日，生物医药指数 -20% -25% 观 上涨10.31%，跑赢沪深300指数4.48个百分点；申万医药8 -30% 点 个二级子板块中，中药板块位列第四，上涨9.19%。中药板块 73家上市公司50家上涨，23家下跌。 数据来源： ...

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 [23]. Core Insights - The advertising market showed signs of recovery in 2023, with a year-on-year increase in spending of 6.0%. Monthly spending began to rise from March, with significant growth in April and May, and a year-on-year increase of 8.9% in December [9][20]. - Key sectors driving advertising growth include pharmaceuticals, beverages, entertainment and leisure, and cosmetics/personal care, with notable increases in advertising spending of 34.0%, 29.9%, 15.7%, and 12.3% respectively [14][20]. - The elevator media segment remains a strong performer, with advertising spending for elevator LCDs and posters increasing by 20.4% and 16.5% year-on-year, respectively [16][20]. Summary by Sections Market Performance - The advertising market in 2023 experienced a recovery, with December showing a year-on-year growth trend. The overall market is expected to continue this upward trajectory into 2024 [9][20]. - Monthly advertising spending saw a consistent positive growth trend starting from March, with December reflecting an 8.3% month-on-month increase [9][20]. Sector Analysis - The advertising expenditure in the beverage sector grew by 15.7%, while the pharmaceutical sector saw a 12.3% increase. The entertainment and leisure sector experienced a significant rise of 29.9% due to increased consumer travel enthusiasm [14][20]. - The cosmetics/personal care sector had a remarkable growth of 34.0%, driven by sustained consumer demand for quality of life products [14][20]. Channel Insights - Elevator media continues to be a dominant force, with significant year-on-year growth in advertising spending. The cinema video channel also showed a notable rebound, with a month-on-month increase of 41.3% in December despite a year-on-year decline [16][20]. - Other channels such as airports, train stations, and subways have transitioned from negative to positive growth in advertising spending [16][20].

Investment Rating - The industry investment rating is "Outperform the Market," indicating a projected increase of over 10% in the industry index relative to the broader market within the next six months [25]. Core Insights - The 2024 Spring Festival box office reached a historical high of 8.02 billion yuan, a year-on-year increase of 18.5%, driven by an extended holiday period and the inclusion of Valentine's Day within the festival [1][9]. - Audience attendance surged significantly, with 160 million viewers, while the average ticket price slightly decreased by 3.1 yuan to 49.2 yuan, still maintaining a high level historically [15][17]. - The box office was dominated by two major films, "Hot and Spicy" and "Racing Life 2," which together accounted for over 63% of the total box office, showcasing a clear tiered structure in film performance [17][20]. Summary by Sections Market Performance - The overall box office performance was exceptional, with the Spring Festival benefiting from the dual holiday effect of the Spring Festival and Valentine's Day, leading to record ticket sales [1][9]. - The daily box office performance remained stable, with a peak on the fifth day of the festival, coinciding with Valentine's Day, reaching 1.158 billion yuan [9][15]. Internal Structure - The box office was significantly supported by headliner films, with "Hot and Spicy" leading at 2.715 billion yuan (33.8% of total box office) and "Racing Life 2" following closely at 2.396 billion yuan (29.9%) [17][18]. - The second tier included "Boonie Bears: Back to Time" and "The Twentieth," both exceeding 1.3 billion yuan, while the third tier films did not surpass 100 million yuan [17][20]. Investment Recommendations - The strong performance during the New Year and Spring Festival periods creates a positive outlook for the 2024 film market, supported by recovering production efficiency, renewed audience enthusiasm, and macroeconomic recovery [22]. - It is recommended to focus on high-quality film production companies, distributors, and leading cinema chains [22].

Investment Rating - The industry investment rating is "Outperform the Market" [2][24]. Core Viewpoints - The report highlights that in January, 14 new key mobile games were launched and 1 new key mobile game entered public testing, with role-playing games remaining mainstream, led by major companies like Tencent [1][7]. - The game "Love in Deep Space" utilizes comprehensive 3D modeling technology to enhance immersion and realism, achieving a peak daily download of 113,268 times on January 21, and generating a total revenue of $16,566,318 by February 17 [1][17][18]. - The normalization of game license issuance has boosted market confidence, benefiting the overall sector's valuation recovery, with major companies like Tencent continuing to launch a significant number of new games [2][21]. Summary by Sections New Game Releases - In January, 14 new key mobile games were launched, including titles like "Floating Life: Linglong" and "Love in Deep Space," with 1 game entering public testing [1][7][8]. New Game Performance - "Love in Deep Space" stands out with an average revenue of $552,211 per day, leading among newly launched and tested games, and has an average download of 48,490 times [12][17][20]. Investment Recommendations - The report suggests focusing on companies with abundant license reserves, strong R&D capabilities, and high-quality products, as the normalization of license issuance is expected to drive industry recovery [2][21].

[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 头部酒企组团亮相春晚，春节假期点亮消费 强于大市 (维持) 研 究 “开门红” [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(02.12-02.18) 2024年02月19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 春节前一周食品饮料板块上涨6.59%，于申万31个子行业中位列第8。 食品饮料 沪深300 春节前一周（2024年2月5 日-2024年 2月 11日），沪深 300指数上 5% 涨5.83%，申万食品饮料指数上涨6.59%，跑赢沪深300指数0.76个百 0% -5% 行 分点，在申万 31 个一级子行业中排名第 8。年初至今沪深 300 指数下 -10% 业 跌1.93%，申万食品饮料指数下跌5.02%，跑输沪深300指数3.09个百 -15% -20% 周 分点，在申万 31 个一级子行业中排名第 9。春节前一周食品饮料子板 -25% ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 春节旅游市场平稳复苏，长途旅行订单占比 强于大市 (维持) 研 究 超六成 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(02.05-02.18) 2024年02月19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 上两周（2月5日-2月18日）沪深300指数上涨5.83%、申万社会服务指 社会服务 沪深300 数上涨2.1%，社会服务指数跑输沪深300指数3.73个百分点，在申万31 5% 个一级行业指数涨跌幅排第23。年初至今沪深300指数下跌1.93%、申万 0% -5% 社会服务指数下跌17.05%，申万社会指数跑输沪深300指数15.12个百分 -10% 行 -15% 点，在申万31个一级子行业中涨跌幅排名第28。上两周社会服务主要子 -20% 业 -25% -30% 板块除教育外全部上涨：酒店餐饮 3.32%、旅游及景区 2.69%、教育- 周 ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 英伟达发布 Chat with RTX，关注 AI 产业 强于大市 (维持) 研 究 链投资机遇 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(02.05-02.18) 2024年02月19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5日至2月8日期间，沪深300指数上涨5.83%，申万电子指 电子 沪深300 数上涨8.64%，在31个申万一级行业中排第4，跑赢沪深300指数2.81个 15% 10% 百分点。把握 AI 产业链加速建设的催化下，AI 芯片、HBM、先进封装及 5% 行 Chiplet、服务器及汽车PCB、AI+终端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：2月14日，英伟达发布AI聊天机器人Chat with RTX， -30% -35% 点 ...