[Table_RightTitle] 证券研究报告|银行 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 政策落地提速 M1 增速回升 (维持) 究 [Table_ReportType] [Table_ReportDate] ——银行行业月报 2024年02月19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2月9日，中国人民银行发布2024年1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 15% 10% 投资要点： 5% 0% 行 -5% 1月社融存量增速9.5%，环比持平：1月，社融新增6.5万亿元， 业 -10% 同比多增5061亿元，企业债和未贴现承兑汇票同比多增是主要拉 -15% 月 -20% 动因素。其中，当月企业债和未贴现票据同比分别多增3197亿元 报 -25% 和2672亿元；2023年8月以来持续放量的政府债，在1月净融资 额仅为2947亿元，同比少增1193亿元。 数据来源：聚源，万联证券研究所 [相Ta关ble研_R究ep ortList] 政策落地 ...

[Table_RightTitle] 证券研究报告|银行 行 [Table_Title] [Table_IndustryRank] 业 强于大市 (维持) 适时强化逆周期调节 研 究 [Table_ReportType] ——银行行业跟踪报告 [Table_ReportDate] 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8日，央行发布《中国货币政策执行报告2023年第 银行 沪深300 四季度》。 15% 10% 5% 行 投资要点： 0% 业 本次报告对短周期经济下行问题进行了论述：在 2023 年第三季 -5% -10% 跟 度货币政策执行报告中，对国内经济面临的中长期经济发展模式 -15% -20% 踪 问题进行了分析。而本次报告对短周期经济下行问题进行了论 -25% 报 述，即经济大循环存在堵点，消费者信心指数和民间投资增速仍 数据来源：聚源，万联证券研究所 告 处于低位，需求不足与产能过剩的矛盾较为突出，制造业 PMI 连 [相Ta关ble研_R究ep ortList] 续4个月位于收缩区间，社会 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating a projected relative increase of over 10% in the industry index compared to the broader market over the next six months [52]. Core Insights - The media industry (Shenwan) rose by 2.02% during the period from February 5 to February 8, ranking 24th in the market and underperforming against the CSI 300 index, which increased by 5.83% [9][11]. - OpenAI launched Sora, an AI model capable of converting text into realistic videos, enhancing the capabilities of AI companies in video generation [38]. - The 2024 Spring Festival box office reached a record high of 8.016 billion yuan, with 163 million viewers, surpassing previous records in Chinese cinema history [38]. Summary by Sections 1. Media Industry Weekly Review - The media industry experienced a 2.02% increase from February 5 to February 8, underperforming against the CSI 300 index by 3.81 percentage points [9]. - The industry valuation is currently below the six-year average, with a PE ratio of 21.24X, down 19.90% from the previous week [15]. - Trading volume increased, with a total turnover of 157 billion yuan over four trading days, averaging 39.25 billion yuan per day, an increase of 11.16% from the previous week [17]. 2. Media Industry Weekly Performance Review 2.1 Gaming - Tencent's "Honor of Kings" leads the gaming market, with significant titles from Tencent and NetEase dominating the charts [25]. - Disney announced a $1.5 billion investment in Epic Games to create a new gaming entertainment universe [37]. - The global mobile game market generated 55 billion yuan in 2023, with expectations for recovery in 2024 and projections to exceed 100 billion dollars by 2028 [37]. 2.2 Film and Television - The box office for the week of February 12-18 reached 6.1 billion yuan, a year-on-year increase of 682.48% [29]. - Major films during the Spring Festival included "Hot and Spicy," "Fast and Furious 2," and "Boonie Bears: Time Reversal," which topped the box office [38]. 3. Investment Recommendations - The report suggests focusing on leading companies in gaming with strong reserves and R&D capabilities, particularly those exploring mini-games [46]. - In film and television, attention should be given to leading cinema chains and video platforms focusing on member content production, especially in the micro-short drama segment [46]. - Companies with existing AIGC applications are recommended for investment, as AIGC technology is expected to enhance content production efficiency across various media sectors [47]. - Companies involved in virtual reality content development are also highlighted as potential investment opportunities [49].

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 OpenAI 推出首个文生视频大模型 Sora，引 强于大市 (维持) 研 究 领 AI 文生视频行业跨越式发展 [Table_ReportType] [Table_ReportDate] ——计算机行业跟踪报告 2024年02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 文生视频大模型Sora重磅发布，可生成长达1分钟的视频。2月16日， OpenAI推出其首个文生视频大模型Sora。根据官网介绍，Sora可以生成 计算机 沪深300 30% 长达 1 分钟时长的视频，同时还能保证视频质量，并遵循用户的提示 20% 行 （prompt）。 10% 0% 业 -10% 跟 投资要点： -20% -30% 踪 Sora 是一个扩散 transformer，具有强大的语言理解能力，通过在潜在 -40% 报 -50% 空间训练 patches 生成视频。对标 tokens，OpenAI 将视觉数据转换为 告 p ...

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 [1]. Core Insights - The report emphasizes the investment opportunities in segments such as 5G construction and applications, computing power, data centers, and satellite communications [1][30]. - The communication industry index rose by 5.37% during the trading week from February 5 to February 8, 2024, underperforming the Shanghai and Shenzhen 300 index by 0.46 percentage points [1][12]. Summary by Sections Industry Dynamics - **5G-A Technology**: The introduction of 5G-A technology at the CCTV Spring Festival Gala showcased its capabilities in providing high-quality live broadcasts with reduced cabling [5]. - **Cloud Computing**: The Shenzhen Intelligent Computing Center commenced operations, with a computing power supply scale exceeding 30,000P, supporting AI model development [6]. - **5G Deployment in Russia**: Russia plans to produce 1,000 domestic 5G base stations by 2025 to enhance network deployment in major cities [7]. - **Gigabit Cities**: In 2023, 97 new cities achieved gigabit city standards, with significant coverage and infrastructure improvements reported [9]. - **Low Earth Orbit Satellites**: Two experimental satellites were launched to advance integrated space-ground communication technologies [10]. - **AI Satellites**: The successful launch of the "Rongpiao" AI satellite marks a significant advancement in integrating AI with satellite technology [11]. Market Performance - The communication industry index underperformed the broader market, with a 5.37% increase compared to a 5.83% rise in the Shanghai and Shenzhen 300 index during the specified trading week [12]. - The average daily trading volume in the communication sector increased by 22.78% to 370.97 billion yuan during the same period [22]. Valuation and Trading Activity - The current price-to-earnings (P/E) ratio for the communication industry is 18.43, significantly below the historical average of 35.46 [21]. - Among 134 stocks in the communication sector, 66 stocks rose while 67 fell during the trading week, indicating a slight decline in overall stock performance [24]. Investment Recommendations - The report suggests focusing on investment opportunities in the satellite communication industry chain, AI computing power industry chain, digital applications, and 5G construction for medium to long-term growth [30].

[Table_RightTitle] [Table_Title] 营收超预期增长，持续加大研发投入保证产 品迭代更新 [Table_Summary] 报告关键要素: 投资要点: 研发力度持续加大保障产品竞争力，拖累扣非归母净利润。公司 2023 年营业收入预计同比增长 35.00%至 39.00%，主要受益于产品持续迭代 更新，获得市场认可。2023 年公司的拳头产品 ZWCAD 和 ZW3D 均发布 2024 新版本，产品的效率稳定性、功能丰富度显著提升，优秀的产品 品质获得客户认可，对业绩增长产生直接的驱动作用。但公司的扣非归 母净利润依然承压，2023 年预计为-8,900 至-7,200 万元，较 2022 年 的-6,741.34 万元亏损扩大 458.66 至 2,158.66 万元，主要是由于公司 持续加大研发投入力度，保障产品迭代升级，相关的成本费用持续增长 所致。 归母净利润大幅增长，海外并购补全公司产品版图。公司 2023 年归母 净利润预计为 5,500 万元至 6,600 万元，较 2022 年的 630.18 万元同 比增长 772.77%至 947.33%。公司归母净利润大幅增长主 ...