[Table_MeetReportDate] 2024 年 06 月 03 日 星期一 [Table_Summary] 概览 【市场回顾】 上周五 A 股三大股指全线收跌，上证指数下跌 0.16%，报 3086.81 点； 深证成指下跌 0.22%，报 9364.38 点；创业板指下跌 0.44%，报 1805.11 点。A 股两市全天成交额 7144.92 亿元人民币，北向资金净流出 77.98 亿元人民币，其中，沪股通净流出 44.57 元人民币，深股通净流出 33.41 亿元人民币；南向资金净买入 99.05 亿港元。A 股两市个股普 遍上涨，超 3100 只个股上涨。申万行业方面，计算机、国防军工、 传媒行业领涨，建筑材料、电力设备领跌；概念板块方面，商业航天、 DRG/DIP 概念指数领涨，硅能源、有机硅概念指数跌幅居前。港股方 面，恒生指数下跌 0.83%，恒生科技指数下跌 1.65%；海外方面，美 国三大股指涨跌不一，道指上涨 1.51%，报 38,686.32 点，标普 500 指数收涨 0.80%，报 5277.51 点，纳指收跌 0.01%，报 16,735.02 点。 欧洲股市和亚太股市 ...

[Table_Title] 万联晨会 | --- | --- | --- | |---------------------------------------------------|----------|----------| | [Table_InnerMarketIndex] 国内市场表现 \n指数名称 | \n 收盘 | 涨跌幅 % | | 上证指数 | 3,091.68 | -0.62% | | 深证成指 | 9,384.72 | -0.32% | | 沪深 300 | 3,594.31 | -0.53% | | 科创 50 | 742.70 | 1.14% | | 创业板指 | 1,813.15 | 0.12% | | 上证 50 | 2,473.76 | -0.78% | | 上证 180 | 7,896.73 | -0.67% | | 上证基金 | 6,022.27 | -0.24% | | | | | [Table_MeetReportDate] 2024 年 05 月 31 日 星期五 核心观点 【重要新闻】 国债指数 212.82 0.03% [Table_MeetContact] 主持 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 4 月新游中头部厂商持续发力，重点手游背 强于大市 研 (维持) 究 倚日漫火热 IP 表现突出 [Table_ReportType] [Table_ReportDate] ——传媒行业月报 2024年05月30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 ⚫ 新游情况：2024 年 4 月份共 5 款新重点手游上线、3 款新重点手游公 测。5款上线的重点新游分别是阅文游戏发行的《斗破苍穹：三年之约》 传媒 沪深300 20% （4月2日上线）、37手游发行的《达芬奇密室2》（4月25日上线）、 10% 雷霆游戏发行的《律动轨迹》（4 月 29 日上线），《漫画道场物语》 0% 行 （4月29上线）、游族网络发行的《少年西游记2》（4月30日上线）； -10% -20% 业 公测的重点新游是雷霆游戏发行的《航海王：梦想指针》（4月1日公 -30% 月 测）、完美世界发行的《女神异闻录：夜幕魅影》（4月12日公测）、 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [34]. Core Insights - The Chinese gaming market experienced a decline in revenue in April 2024, with actual sales revenue at 22.432 billion yuan, a month-on-month decrease of 4.21% and a year-on-year decrease of 0.27%. However, a significant recovery is anticipated in May due to the launch of the popular IP "Dungeon and Fighter" (DNF) [11][12]. - The global gaming market saw Tencent's "Honor of Kings" ranking second in mobile game revenue, with the global mobile gaming revenue reaching $6.5 billion in April 2024, a year-on-year increase of 3.17% [14][18]. - The revenue rankings in the Chinese gaming market are dominated by major players, with Tencent holding five of the top ten positions in the App Store revenue rankings for April 2024 [20][23]. Summary by Sections 1. Chinese Gaming Market - In April 2024, the Chinese gaming market's actual sales revenue was 22.432 billion yuan, reflecting a month-on-month decline of 4.21% and a slight year-on-year decrease of 0.27%. The mobile gaming sector was particularly affected, with revenue at 15.905 billion yuan, down 6.18% month-on-month and 1.93% year-on-year. The anticipated launch of DNF is expected to significantly boost the market in May [11][12][27]. 2. Global Gaming Market - The global mobile gaming market generated $6.5 billion in revenue in April 2024, with the U.S., China, and Japan being the top three markets. China's revenue decreased by 2.62% year-on-year to $1.21 billion, ranking second globally [14][18]. 3. Revenue Rankings - The revenue rankings in the Chinese gaming market are heavily dominated by Tencent and NetEase, with Tencent's "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle" occupying the top three spots in the App Store revenue rankings for April 2024 [20][23]. 4. Overseas Market - In April 2024, the revenue from self-developed games in overseas markets was $1.418 billion, showing a month-on-month decrease of 0.65% but a year-on-year increase of 7.03%. "Last War: Survival Game" by First Fun topped the overseas mobile game revenue chart [27][30]. 5. Investment Recommendations - The report suggests that the gaming market is expected to grow, driven by the continuous release of quality new games from leading companies and a stable performance in overseas markets. It recommends focusing on companies with strong R&D capabilities and a rich reserve of game licenses [31].

[Table_RightTitle] 证券研究报告|策略报告 图表 1: 正文目录 图表 3: 第2页共18页 | --- | --- | --- | --- | |-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MeetReportDate] 2024 年 05 月 30 日 星期四 核心观点 [Table_Title] 万联晨会 [Table_Summary] 概览 【市场回顾】 周三 A 股三大股指全线收涨，上证指数上涨 0.05%，报 3111.02 点； 深证成指上涨 0.25%，报 9414.98 点；创业板指上涨 0.27%，报 1811.07 点。A 股两市全天成交额 7082.01 亿元人民币，北向资金净流入 33.99 亿元人民币，其中，沪股通净流入 23.71 元人民币，深股通净流入 10.28 亿元人民币；南向资金净买入 67.74 亿港元。申万行业方面， 有色金属、汽车、电力设备行业领涨，家用电器、银行领跌；概念板 块方面，BC 电池、金属铅概念指数领涨，ST 板块、虚拟电厂概念指 数跌幅居前。港股方面，恒生指数下跌 1.83%，恒生科技指数下跌 2.32%；海外方面，美国三大股指全线下跌，道指下跌 1.06%，报 38,441.54 点，标普 500 指数收跌 0.74%，报 5266.95 点，纳指收跌 0.58%，报 16,920.58 点。欧洲股市和亚太股市主要股指均下跌 ...

[Table_RightTitle] 证券研究报告|机械设备 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 2023 年业绩有所好转，2024Q1 表现分化 (维持) 究 [Table_ReportType] [Table_ReportDate] ——机器人行业 2023 及 2024Q1 业绩综述报告 2024年05月29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 2023年机器人板块业绩好转，营收、归母净利润同比上涨。 机械设备 沪深300 10% ➢ 2023 年机器人板块营收增速小幅提升，板块营业收入合计 351.75 5% 行 亿元，同比增长13.71%；归母净利润扭亏为盈，大幅增长192.97% 0% -5% 业 至7.91亿元，总体来看利润端修复向好。 -10% 跟 -15% ➢ 2023年机器人板块ROE及毛利率、净利率均有一定程度的提升， -20% 踪 -25% 其中ROE由负转正，2023年同比+5.68pct至2.23%；毛利率、净 报 -30% 利率分别为22.89%、2.35 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [8]. Core Insights - The establishment of the National Integrated Circuit Industry Investment Fund Phase III, with a registered capital of 344 billion RMB, signifies strong national support for the semiconductor industry and a commitment to addressing critical supply chain issues [1][2]. - The Phase III fund has a larger investment scale than the combined total of Phases I and II, reflecting the government's determination to accelerate the development of the high-end chip industry and overcome "bottleneck" challenges [2]. - The participation of the six major state-owned banks, contributing a total of 114 billion RMB (33.14% of the registered capital), marks a significant shift towards "patient capital" in the semiconductor sector, which is expected to foster long-term project incubation and breakthroughs [2]. Summary by Sections Investment Scale and Direction - The Phase III fund focuses on "supplementing" the supply chain in chip manufacturing and semiconductor equipment, while also emphasizing "strengthening" leading enterprises in more mature technology segments [2]. - The fund aims to support industries related to computing power and storage, which are crucial for digital economy development and face "bottleneck" issues [2]. Participation of State-Owned Banks - The six major state-owned banks have signed the founding agreement for the Phase III fund, indicating a new level of commitment to the semiconductor industry [2]. - The operational duration of the Phase III fund is set for 15 years, longer than the 10-year terms of the previous phases, suggesting a focus on long-term investments [2]. Investment Recommendations - The report suggests focusing on breakthroughs in high-end semiconductor equipment, materials, and chip manufacturing, as well as industries benefiting from digitalization and AI advancements [2].

[Table_Summary] 概览 【重要新闻】 国债指数 212.66 0.07% Email: panyj@wlzq.com.cn 限购区域内，对于拥有 2 套及以上住房并已结清相应购房贷款的居民 家庭，又申请贷款购买住房，银行业金融机构可根据借款人偿付能力、 信用状况等因素审慎把握并具体确定首付款比例和贷款利率水平；居 民家庭在购房所在区内无住房且符合购房条件的，新购住房贷款可按 首套住房认定；在购房所在区内符合"租一买一""卖一买一"条件的， 新购住房申请住房贷款政策可按核减后名下住房套数认定。 【深圳优化房地产调控政策，下调房贷首付款比例和利率下限】自 5 月 29 日起，深圳市首套住房个人住房贷款最低首付款比例由原来的 30%调整为 20%，二套住房个人住房贷款最低首付款比例由原来的 40% 调整为 30%。首套住房商业性 万联证券研究所 www.wlzq.cn 请仔细阅读在本报告尾部的重要法律声明 [Table_Title] 万联晨会 核心观点 【金融监管总局党委传达学习中央政治局会议精神，贯彻落实《防范 化解金融风险问责规定（试行）》】会议强调，要促进金融与房地产良 性循环，进一步发挥城市房 ...

| --- | --- | --- | |---------------------------------------|------------------------|--------| | [Table_InnerMarketIndex] 国内市场表现 | \n指数名称 收盘 涨跌幅 | % | | 上证指数 | 3,088.87 | -0.88% | | 深证成指 | 9,424.58 | -1.23% | | 沪深 300 | 3,601.48 | -1.11% | | 科创 50 | 727.21 | -2.05% | | 创业板指 | 1,818.56 | -1.81% | | 上证 50 | 2,474.43 | -1.06% | | 上证 180 | 7,887.45 | -1.05% | | 上证基金 | 6,020.04 | -1.21% | | | | | Email: panyj@wlzq.com.cn 万联证券研究所 www.wlzq.cn 请仔细阅读在本报告尾部的重要法律声明 【市场回顾】 [Table_PromiseInfo] 证券分析师承诺 万联证券研究所 www.wlzq. ...