[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 ...

[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].