[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 加快发展新质生产力，推动高水平科技自立 强于大市 (维持) 研 究 自强 [Table_ReportType] [Table_ReportDate] ——电子行业快评报告 2024年03月06日 [行Ta业ble事_S件um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024 年 3 月 5 日上午，十四届全国人大二次会议开幕。李强总理作政 府工作报告。 电子 沪深300 15% 10% 行 投资要点： 5% 0% 业 -5% ⚫ 加快发展新质生产力被列为十大政府工作任务之首：2023 年政府工作 -10% 快 -15% 任务中将“加快建设现代化产业体系”列为第二位，重点在于强化科技 -20% 评 -25% 创新对产业发展的支撑。当前，新一轮科技革命和产业变革蓄势待发， -30% 报 -35% 科技创新不仅需要支撑产业发展，更需要颠覆传统业态，因而2024年 告 政府工作任务中，将“大力推进现代化产业体系建设，加快发展新质生 数据来源：聚源，万 ...

[Table_RightTitle] 证券研究报告|银行 行 [Table_Title] [Table_IndustryRank] 业 强于大市 (维持) 研 政策总基调保持不变 标本兼治化解风险 究 [Table_ReportType] ——银行行业跟踪报告 [Table_ReportDate] 2024年03月06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3月5日，李强总理在十四届全国人大二次会议上作《政 银行 沪深300 府工作报告》。 15% 10% 5% 行 投资要点： 0% 业 -5% 货币政策总基调保持不变：《政府工作报告》中对货币政策的表 -10% 跟 述为“稳健的货币政策要灵活适度，精准有效”，此提法和 2023 -15% 踪 -20% 年第四季度货币政策执行报告保持一致。具体来看，保持流动性 -25% 报 合理充裕，社会融资规模、货币供应量同经济增长和价格水平预 数据来源：聚源，万联证券研究所 告 期目标相匹配。按照 2024 年的预期 5%的 GDP 增速以及相应的物 [相Ta关ble研_R究ep ortList] ...

[Table_RightTitle] 证券研究报告|房地产 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 兼顾行业长短期发展助力地产行业修复 (维持) 究 [Table_ReportType] [Table_ReportDate] ——房地产行业快评报告 2024年03月06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 当前房地产行业仍在低位运行，板块受市场修复进展缓慢影 响较大，短期仍需持续关注后续销售端表现情况，政策端， 房地产 沪深300 5% 从“两会”以及近期出台的相关政策来看，预计后续仍以托 0% 行 底支持房地产市场修复为主，地产筑底修复以及基建保持稳 -5% -10% 业 定增长或仍是2024年经济实现稳健增长的关键支撑，建材 -15% -20% 快 或有望受益。建议关注基本面优秀的房地产开发类头部企业 -25% -30% 评 超跌反弹机会、受益于“三大工程”以及基建投资稳增长的 -35% -40% 报 优质建材个股、地产产业链中低估值高股息类个股。 -45% 告 数据来源：聚源，万联 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 推动数字经济高质量发展，开展“人工智能 强于大市 (维持) 研 究 +”行动 [Table_ReportType] [Table_ReportDate] ——计算机行业快评报告 2024年03月06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3月5日上午，十四届全国人大二次会议开幕。李强总理作政府工 作报告。在2024年十大工作任务的第一项第三点，明确提出要“深入推进 计算机 沪深300 30% 数字经济创新发展”。 20% 行 10% 业 投资要点： 0% -10% 快 -20% ⚫ 深化核心产业的数字化转型，推动数据开发开放和流通使用。2023年的政 -30% 评 府工作报告中提出要大力发展数字经济，而 2024 年的政府工作报告则是 -40% 报 -50% 进一步提出要深入推进、创新发展，强调数字经济的高质量发展。数字经 告 济和实体经济的深度融合一直是我国数字经济发展的核心，数字产业化和 数据来源 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [5][9]. Core Viewpoints - The company announced on March 4 that its wholly-owned subsidiary, Changdian Technology Co., Ltd., plans to acquire 80% of the shares of Shengdi Semiconductor (Shanghai) Co., Ltd. for approximately USD 62.4 million [2][3]. - Shengdi Semiconductor is one of the largest packaging and testing factories for flash memory storage products globally, with a strong financial performance that is expected to positively impact the company's overall performance post-acquisition [3][4]. - The acquisition is anticipated to deepen the collaboration with storage giant Western Digital, enhancing customer loyalty and positioning the company favorably in the growing storage chip market, which is projected to reach USD 130 billion in 2024 [3][4]. Summary by Sections Financial Performance - Shengdi Semiconductor achieved revenues of CNY 3.498 billion in 2022 and CNY 1.605 billion in H1 2023, accounting for 10.36% and 13.19% of Changdian Technology's revenue during the same periods [3]. - The net profit for Shengdi Semiconductor was CNY 357 million in 2022 and CNY 222 million in H1 2023, with net profit margins of 10.21% and 13.80%, respectively, outperforming Changdian Technology's figures [3]. Market Outlook - The storage chip market is the second-largest segment in the semiconductor industry, accounting for approximately 28%, with NAND flash memory chips representing about 40% of this market [3]. - The compound annual growth rate (CAGR) for NAND flash memory chips is projected to be 8% from 2021 to 2027 [3]. Earnings Forecast - The company is expected to generate revenues of CNY 29.42 billion, CNY 33.97 billion, and CNY 38.16 billion for the years 2023, 2024, and 2025, respectively [4][9]. - The forecasted net profit for the same years is CNY 1.56 billion, CNY 2.73 billion, and CNY 3.47 billion, indicating a significant recovery and growth trajectory [4][9].

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Core Insights - In January-February 2024, China's total retail sales of consumer goods reached 81,307 billion yuan, with a year-on-year growth of 5.5%, a decrease of 1.9 percentage points compared to December, but an increase of 2.0 percentage points compared to January-February 2023 [7][32] - Retail sales of goods and catering revenue grew by 4.6% and 12.5% year-on-year, respectively [32] - Online retail sales showed a recovery, with a year-on-year growth of 15.3%, which is an increase of 4.3 percentage points compared to December 2023 and 9.1 percentage points compared to January-February 2023 [7][33] Retail Sector Analysis - The growth rate of essential goods such as grain and oil increased, while daily necessities saw a slight decline [7] - Among optional goods, categories like home appliances and construction materials turned from negative to positive growth, while cosmetics and jewelry experienced a notable decline in growth rates [7][32] - The online retail sector accounted for 26.5% of total retail sales, with significant growth in food, clothing, and daily necessities [7][33] Investment Recommendations - For the food and beverage sector, focus on high-end liquor, regional leading brands, beer, dairy products, and snacks [33] - In the social services sector, consider investments in catering, tourism, and hotels, which are expected to benefit from policies promoting service consumption [33] - The jewelry sector, particularly gold jewelry, is anticipated to see growth due to its dual nature of consumption and investment, alongside improving consumer sentiment [33]

Core Viewpoints - The A-share market showed positive performance with all three major indices rising, with the Shanghai Composite Index up by 0.99% to 3,084.93 points, the Shenzhen Component Index up by 1.46% to 9,752.83 points, and the ChiNext Index up by 2.25% to 1,926.40 points. The total trading volume in the A-share market reached 1,137.616 billion RMB, with northbound capital net buying 2.825 billion RMB [1][10] - In terms of economic performance, China's industrial production accelerated in January-February, with the industrial added value of large-scale enterprises growing by 7% year-on-year. Retail sales of consumer goods totaled 81,307 billion RMB, reflecting a year-on-year increase of 5.5% [11][12] - The new generation GPU Blackwell was announced by NVIDIA's CEO Jensen Huang, featuring 208 billion transistors and supporting real-time generative AI applications. The first chip, GB200, is expected to launch later this year [11][12] Market Performance - The A-share market saw a total of 4,445 stocks rise, with the media, electronics, and power equipment sectors leading the gains, while coal, home appliances, and banking sectors lagged behind. The concept indices for low-altitude economy, AI mobile phones, and AI PCs showed significant increases, while indices for stock transfers, special steel concepts, and gold concepts experienced declines [1][10] - The Hang Seng Index rose by 0.10% to 16,737.12 points, and the Hang Seng Technology Index increased by 1.25%. In the overseas markets, all three major US indices closed higher, with the Dow Jones up by 0.20% to 38,790.43 points, the S&P 500 up by 0.63% to 5,149.42 points, and the Nasdaq up by 0.82% to 16,103.45 points [1][10] Economic Indicators - The fixed asset investment in January-February grew by 4.2% year-on-year, an increase of 1.2 percentage points compared to the previous year. The urban surveyed unemployment rate averaged 5.3% in January-February, showing stability in the employment situation [11][12] - Online retail sales in January-February reached 21,535 billion RMB, reflecting a year-on-year growth of 15.3%, indicating a recovery in online consumption [15][12] Investment Recommendations - The report suggests focusing on resilient sectors such as food and beverage, social services, and beauty and jewelry. Specific recommendations include high-end liquor, regional liquor leaders, and sectors benefiting from expanded service consumption policies [15][12] - The report anticipates that the consumption growth rate will normalize below pre-pandemic levels, expected to remain in the range of 5%-8%, while still maintaining long-term steady growth [15][12]

[Table_RightTitle] 5943 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 食饮业绩报告数据亮眼，企业动员大会彰显 强于大市 (维持) 研 究 新年志气 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(02.26-03.03) 2024年03月04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 上周食品饮料板块下跌0.71%，于申万31个子行业中位列第26。上周 食品饮料 沪深300 （2024年02月26日-2024年03月03日），沪深300指数上涨1.38%， 5% 申万食品饮料指数下跌 0.71%，跑输沪深 300 指数 2.09 个百分点，在 0% -5% 行 申万31个一级子行业中排名第26。年初至今沪深300指数上涨3.11%， -10% 业 申万食品饮料指数下跌 2.57%，跑输沪深 300 指数 5.68 个百分点，在 -15% -20% 周 申万31个一级子行业中排名第13。上周食品饮料子板块涨幅较低，整 ...

[Table_RightTitle] 证券研究报告|银行 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 开年新发产品整体呈现稳中向好态势 (维持) 究 [Table_ReportType] [Table_ReportDate] ——银行行业跟踪报告 2024年03月05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 从2024年1-2月合计数据看，新发产品整体呈现稳中向好态势： 银行 沪深300 受春节假期因素影响，2024年2月银行系新发行理财产品数量合 15% 10% 计2030只，环比下滑27.2%；规模合计2478亿元，环比下滑56.7%。 行 5% 1543 2024年1-2月，新发行产品的数量合计4819只，同比增长15.6%； 0% 业 -5% 跟 规模合计为8196亿元，同比增长2.9%。整体呈现稳中向好趋势。 -10% -15% 踪 从新发产品的期限结构看，3-6个月的产品占比为33%，环比下滑 -20% 报 5%；期限在 6-12 个月和 1-3 年期的产品占比分别为 24%和 38% ...