| --- | --- | --- | |----------|--------------------|---------------------------------------------------------------------| | | | | | | | | | 行业评级 | 跟随大市：未来 6 | 个月内，行业整体回报介于同期相关证券市场代表性指数 -5% 与 5% 之间 | | | 弱于大市：未来 6 | 个月内，行业整体回报低于同期相关证券市场代表性指数 -5% 以下 | | | | | 本报告中的信息均来源于公开资料，本公司对这些信息的准确性、完整性或可靠性不作任何保证。本报告所载的 资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可 升可跌，过往表现不应作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报 告，本公司不保证本报告所含信息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修 改，投资者应当自行关注相应的更新或修改。 请务必阅读正文后的重要声明部分 上海 地址：北京市 ...

请务必阅读正文后的重要声明部分 6 图 5：生产资料价格指数价格环比上升 图 8：动力煤价格同比由降转涨、水泥价格降幅收敛 （更新至 2024 年 6 月 6 日） -60 -40 -20 0 20 40 60 80 100 120 140 160 2017-062017-102018-022018-062018-102019-022019-062019-102020-022020-062020-102021-022021-062021-102022-022022-062022-102023-022023-062023-102024-022024-06 水泥价格指数:全国:月:同比 秦皇岛港:平仓价:动力末煤(Q5500):山西产:月:同比 % （更新至 2024 年 6 月 6 日） -50 0 50 100 0 1000 2000 3000 4000 5000 6000 7000 2016-062016-092016-122017-032017-062017-092017-122018-032018-062018-092018-122019-032019-062019-092019-122020-0320 ...

Investment Rating - The report assigns a "Buy" rating for Xinhua Wenhui (0811.HK) with a target price of HKD 12.26, based on a current price of HKD 9.07 [1][3]. Core Views - The company is positioned as a leading publisher in the southwestern region of China, with a strong focus on educational materials and a stable dividend policy [10][27]. - The K12 student population in Sichuan province is expected to remain resilient in the short term, despite a decline in birth rates since 2020, due to the lag effect in enrollment numbers [2][21]. - The company has maintained a robust dividend payout ratio of over 30%, providing a dividend yield of approximately 5% based on current stock prices [2][3]. Summary by Sections Company Overview - Xinhua Wenhui is the only enterprise in Sichuan province with the qualification to distribute K12 textbooks, actively exploring diversified services in reading and education [10][11]. - The company operates 15 wholly-owned publishing units, covering various publishing categories including books, periodicals, and digital media [11][27]. K12 Student Population and Market Recovery - The K12 student population in Sichuan is projected to remain stable for 2024-2025, with expected enrollment numbers reflecting past birth rates [2][21]. - The retail book market is gradually recovering, with online sales channels contributing significantly to growth [24][26]. Publishing Leadership and Dividend Stability - The company is a regional leader in publishing, with extensive cooperative resources and a diversified publishing strategy [27]. - The company has consistently maintained a dividend payout ratio above 30%, with a stable dividend policy that rewards shareholders [2][3]. Earnings Forecast and Valuation - Earnings per share (EPS) are projected to be CNY 1.41, CNY 1.53, and CNY 1.65 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 5.9, 5.4, and 5.0 [3][4]. - The company is expected to benefit from favorable tax policies and the ongoing development of educational information technology, enhancing its growth prospects [3][4].

科技前瞻系列专题 国际巨头的端侧AI布局 西南证券研究发展中心 海外研究团队 2024年6月 ...

医美专题系列三之胶原蛋白 西南证券研究发展中心 2024年6月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：王钰畅 执业证号：S1250524010001 电话：021-68416017 邮箱：wangyc@swsc.com.cn 核心观点  胶原蛋白市场规模持续扩大，重组胶原蛋白具备增长潜力。胶原蛋白是人体含量最多的蛋白质，有三螺旋 构象，具备物理支撑性、生物相容性、组织可吸收性、凝血性等特性，可用于专业性护肤（功效性护肤品 、医用敷料）、医美、生物医学材料以及食品领域。从制备方式看，可分为动物源与重组两类，其中重组 ...

创新药专题 多发性骨髓瘤：BCMA靶向疗法推向前线 西南证券研究发展中心 2024年6月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 核心观点  多发性骨髓瘤全球年新发患者超30万人，达雷妥尤单抗引领一线治疗格局变化。据WHO，2022年全球新 发多发性骨髓癌超30万例，我国新发多发性骨髓癌患者超3万例，是第二大血液癌症。目前硼替佐米、来那 度胺和地塞米松（VRd）是中国NDMM的主流方案，NCCN指南进一步推荐了卡非佐米、来那度胺和地塞 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|------------------------------------|----------|----------|----------|----------|--------|----------|-------------------------------------|----------|----------|----------| | 图 4 \n200% | ：本周北交所股票涨幅前五 \n188.72% | | | | | 图 5 | 泰鹏智能 | ：本周北交所股票跌幅前五 \n亿能电力 | 广咨国际 | 欧康医药 | 汉鑫科技 | | 180% | | | | | | 0% | | | | | | | 160% | | | | | | -5% | | | | | | | 140% | | | | | | | | | | | | | 120% | | | | | | -10% | | | | | | | 100% | ...

Group 1 - The overall industry return is expected to range between -5% and 5% relative to the representative market index over the next six months [1] - The report indicates a weak market performance, with the North Exchange 50 index declining by 1.6% from the opening on May 27 to May 31 [28][55] - The newly listed stock, Wanda Bearing, saw a significant first-day increase of 227.8%, reflecting strong market interest [50] Group 2 - As of May 31, 2024, the North Exchange A-share segment consists of 249 companies with an average market capitalization of 1.33 billion [29][47] - The trading volume for the North Exchange during the week of May 27 to May 31 was 17.92 billion, with an average weekly trading amount of 0.72 billion [34][47] - The industry performance shows that the defense and military industry had a median return of 0.05%, while the media sector experienced a median decline of -10.8% [64]

[2T0a2b4l年e_I0n6d月ust0ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（5.27-6.2） 《2024-2025 年节能降碳行动方案》印发，煤价逐渐企稳 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 较为稳定，预计后期逐渐企稳。截至 5月 31日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为885元/吨，周环比下降0.6%。截至 2024年 5月 23日， 执业证号：S1250522100001 全国重点电厂煤炭库存为11094万吨，周环比库存增加337万吨，增幅达3.1%， 电话：13003109597 库存可用天数为 28.5天，同比增长 0.9天；5月27日，CCTD北方港口库存 邮箱：cth@swsc.com.cn 为 3329万吨，周环比库存增加148万吨，增幅达4.6%。 分析师：刘洋  《2024-2025年节能降碳行动方案》印发。5月 29日，国务院印发《2024 执业证号：S1250523070005 电话：18019200867 —2025年节能降碳 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of June 2, 2024 [1]. Core Insights - The automotive sector saw a 1.7% increase last week, while the Shanghai and Shenzhen 300 index decreased by 0.6%. The automotive industry's PE (TTM) reached 21 times, up 2% from the previous week [2][8]. - The retail sales of passenger vehicles from May 1 to 26 were 1.208 million units, a decrease of 2% month-on-month and a 6% year-on-year decline. However, the cumulative retail sales for the year reached 7.575 million units, reflecting a 5% year-on-year increase [2][23]. - The introduction of the "old-for-new" policy and various local measures are expected to boost the automotive market. The State Council's "2024-2025 Energy Conservation and Carbon Reduction Action Plan" aims to enhance energy consumption standards for vehicles and promote the use of new energy vehicles [2][21]. Summary by Sections Market Review - The SW automotive sector closed at 5490.73 points, with a 1.7% increase. The passenger vehicle segment rose by 5.1%, while commercial vehicles saw a decline of 1.9% [8][24]. - The domestic liquefied natural gas market price was 4,300.70 yuan/ton, showing a year-on-year decrease of 0.2% [3]. Investment Opportunities - The report suggests focusing on the opportunities arising from the "old-for-new" policy and the promotion of new energy vehicles in rural areas. Additionally, the sustained low prices of natural gas are expected to benefit the heavy-duty truck sector [2][3]. - Key stocks to watch include GAC Group, Aikodi, and Fuyao Glass, among others [2][3]. Company News - The report highlights the performance of various companies, with notable sales figures for major automakers in April. For instance, BYD's passenger vehicle sales reached 31.2 thousand units, reflecting a 49% year-on-year increase [23][24]. - The report also mentions the strategic cooperation between Beiben Heavy Truck and Huawei Cloud to develop smart transportation solutions [21][22].