[2T0a2b4l年e_I0n3d月ust1ry0In日fo ] 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0304-0310） 优必选纳入港股通大涨，人形机器人为新质生产力重要方向 投资要点 西南证券研究发展中心  行[Ta情ble回_S顾um：m本ary周] （3月 4日-3月 10日）机器人指数跑赢大盘。中证机器人指 [分Ta析bl师e_：Au邰th桂or龙] 数上涨1.2%，跑赢沪深300指数约1.0个百分点，跑赢创业板指约2.1个百分 执业证号：S1250521050002 点；国证机器人指数上涨 0.8%，跑赢沪深 300指数约 0.6个百分点，跑赢创 电话：021-58351893 业板指约1.7个百分点。 邮箱：tgl@swsc.com.cn  优必选纳入港股通涨超 88%，成交量突破 2.8亿。3月4日，优必选被纳入恒 分析师：周鑫雨 生综合指数和恒生沪深港通大湾区综合指数，并正式进入港股通标的证券名单， 执业证号：S1250523070008 3月 5日优必选涨幅 8.34%，成交量上升 77%；6日涨幅 88%，成交量突破 电话：021-58351893 2 ...

超预期的 CPI，低于预期的 PPI ——2024 年 2 月通胀数据点评 保健和其他用品及服务价格同比增速上升，衣着价格同比增速持平，居住和生 活用品及服务同比增速回落。交通工具用燃料价格同比由下降 0.1%转为上涨 0.8%，旅游价格同比涨幅扩大 21.3个百分点至 23.1%，飞机票和交通工具租 赁费也同比上涨 20.8%和 17.4%，主要因春节错位下基数较低。七大类价格环 比三涨一平三降，春节期间出行和文娱消费需求大幅增加，飞机票、交通工具 租赁费、旅游、电影及演出票价格涨幅在 12.5%-23.0%之间，合计影响 CPI 上涨约 0.30个百分点。其中旅游价格环比为 2011年以来最大涨幅；受国际油 价上行影响，国内汽油价格由上月下降 1.0%转为上涨 2.0%，影响 CPI 上涨约 0.07 个百分点。而衣着、据国家发改委，自 3月 4日 24时起，国内汽、柴油 价格每吨分别提高 125元、120元，或带动交通工具用燃料价格继续走高，春 节效应消退后，旅游等服务价格或将逐渐回落至淡季水平，预计非食品价格短 期涨幅也将有所收敛。 预计短期 CPI 同比增速回落，PPI同比降幅收敛。2月，CPI 和 ...

[2T0a2b4l年e_I0n3d月ust0ry5In日fo ] 强于大市(维持) 证券研究报告•行业研究•社会服务 旅游景区行业专题报告 一文讲清楚国内旅游市场复苏的持续性 投资要点 西南证券研究发展中心 [T a为ble什_S么um20m2a3ry年] 的国内旅游人次和旅游收入还没恢复到疫情前水平？ [分Ta析bl师e_：Au杜th向or阳] 1）旅游刚性支出增加：2023年机票平均价格同比 2019年增长 13.5%，酒店 执业证号：S1250520030002 电话：021-68416017 平均价格同比2019年增长 15.7%；2）旅游行业人员返回需要时间：疫情期间 邮箱：duxy@swsc.com.cn 旅游行业流失过多的工作人员，旅游配套恢复到疫情前水平需要时间。  为什么假期旅游人均消费未恢复到疫情前水平，且旅游市场呈现出旺季更旺的 [行Ta业bl相e_对Qu指o数te表Pic现] 迹象？ 社会服务 沪深300 1% 1）“有钱有闲”的客群更多的会在淡季出游，因而能拉动淡季旅游人均消费 -8% 水平；2）居民在疫情期间压抑的旅游意愿高涨，假期旅游不用请假，自然优 -17% 先复苏；3）招 ...

[2T0a2b4l年e_I0n3d月ust0ry9In日fo ] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0303-0309） VR 游戏《MechaPary》上线， 世界人工智能大会将在上海举办 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ar，y]传 媒板块表现欠佳，下跌 2.54%，跑输创业板约 1.62个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指下跌 0.92%）；跑输市场约 2.74 个百分点（沪深 300 上涨 执业证号：S1250515070002 0.20%）。 电话：023-67791663 邮箱：liuyan@swsc.com.cn  细分行业：（1）游戏指数跑输市场：中信游戏指数（CI005577）下跌 4.57%， 沪深 300上涨0.20%。中信游戏指数相对于沪深300指数下跌4.77%；（2） [行Ta业bl相e_对Qu指o数te表Pic现] 广告指数跑输市场：中信广告指数（CI005847）下跌 2.41%，沪深 300上涨 0.20%。中信广告指数相对于沪深 300指数下跌 2.61%；（3）体育指数跑 ...

Group 1 - The overall performance of the North Exchange was strong this week, with a closing market value of 369.47 billion yuan on March 8, 2024, and the North Certificate 50 index decreased by 6.2% compared to the opening market value on the same day [2][57] - The average market capitalization of the 245 constituent stocks in the North Exchange is 15.08 million yuan, significantly lower than the average market capitalization of 76.4 million yuan for the ChiNext and 99.8 million yuan for the Sci-Tech Innovation Board [13][57] - The trading volume for the North Exchange during the week was 39.47 billion yuan, with an average weekly trading amount of 1.61 million yuan and a turnover rate of 29.62%, indicating a decrease in liquidity compared to the previous week [13][57] Group 2 - The first new stock of the Dragon Year, Tietuo Machinery (873706.BJ), was listed on March 8, 2024, with an opening price of 6.7 yuan per share and a closing price of 16.1 yuan per share, resulting in a first-day increase of 140.1% [3][25][53] - Tietuo Machinery specializes in the research, production, sales, and service of asphalt mixture stirring equipment and its supporting equipment, with a total fundraising amount of approximately 150 million yuan from the public offering of 22.266 million shares at a weighted price-earnings ratio of 10.5 times [3][53] - The first annual report of 2023 was disclosed by Tongxiang Technology, showing impressive performance with a revenue of 2.175 billion yuan, a year-on-year increase of 74%, and a net profit of 120 million yuan, a year-on-year increase of 140% [15][67] Group 3 - The communication industry performed relatively well this week, with a median interval increase of 0.03%, while the media industry showed a weaker performance with a median interval decrease of -9.7% [34] - The median TTM price-earnings ratio for the transportation industry was 120.8 times, while the environmental protection industry saw a median TTM price-earnings ratio of only 3.3 times, indicating a significant valuation disparity [34] - The North Exchange theme fund products performed weakly overall, with the best-performing fund, the Guangfa North Exchange Selected Two-Year Regular Open Mixed Securities Investment Fund A, showing a decline of approximately 1.6%, which is lower than the overall fund performance [36][65]

图 8: 水泥价格、动力煤价格同比降幅扩大 6 2024/2/29 -41. 00% | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|------------------------------------------------|--------------|---------------|----------|------------------------------|--------------|-------------------|--------------| | | 高频数据指标 | 最近更新日期 | 月初至今均 在 | 上月均值 | 月初至今环比 上月环比增 增速 | 球 | 月初至今同比 增速 | 上月网比增速 | | | 30大中域市:商品房成交面积(万m) | 2024/3/7 | 17. 41 | 13. 92 | 25. 06% | -46. 78% | -67. 53% | -65. 39% | | | 30大中城市:商品房咸交面积:一线城市(万㎡) | 2024/3/7 | 4. 01 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is enhancing its R&D capabilities, leading to high-quality development. Over the past three years, the average R&D expenditure has accounted for over 10% of revenue, with an expected R&D investment of 250 million yuan in 2023, representing a year-on-year increase of approximately 27% [1] - The company is accelerating the upgrade and development of its main products, including clinical trials for new formulations and indications, with several products entering various stages of clinical trials [1] - The growth momentum of the growth hormone business is strong, driving rapid overall performance growth. The company has implemented a "Quality Return Dual Improvement" action plan to enhance operational quality and returns, promoting sustainable development [4][31] Financial Summary - For 2023, the company expects to achieve a net profit attributable to shareholders of 780 million to 920 million yuan, representing a year-on-year increase of 10.9% to 30.8% [4] - The company's revenue for Q3 2023 reached 730 million yuan, a year-on-year increase of 17.3%, with a net profit of 260 million yuan, up 3.3% [4] - The projected earnings per share (EPS) for 2023-2025 are 0.50 yuan, 0.62 yuan, and 0.77 yuan, respectively, with corresponding valuations of 19x, 15x, and 12x [5] Performance Indicators - The company's revenue is projected to grow from 2,331.06 million yuan in 2022 to 2,936.12 million yuan in 2023, reflecting a growth rate of 25.96% [17] - The net profit attributable to shareholders is expected to increase from 703.32 million yuan in 2022 to 832.34 million yuan in 2023, with a growth rate of 18.34% [17] - The return on equity (ROE) is projected to remain stable around 21% over the next few years, indicating consistent profitability [17]

请务必阅读正文后的重要声明部分 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------| | | | | 摘要 | 西南证券研究发展中心 | | [Table_Summary] 出口表现优于进口，后续增速或有波动。按美元计， 2024 年 1-2 月份我国货 | [Table_Author] 分析师：叶凡 | | 物贸易进出口总额同比增长 5.5% ，其中出口同比增长 7.1% ；进口同比增 ...

医药行业2024年3月投资月报 看好创新药、医疗器械、医药高股息公司 西南证券研究发展中心 2024年3月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 2024年3月投资观点 行情回顾：2023年全年，申万医药指数下跌7.1%，跑赢沪深300指数4.3%，2023年医药行业涨跌幅排名第16。2024年2月 申万医药指数上涨10.5%，跑赢沪深300指数1.15%，月初以来行业涨跌幅排名第9。2023年全年，血制品累计涨幅21%，系 全年涨幅最大的子行业。2024年2月，疫苗板块涨幅最大(16.9%)，线下药店涨幅最小(5.3%)。 ...

Investment Rating - The report maintains a "Buy" rating for Nvidia (NVDA.O) [1][3][26] Core Insights - Nvidia reported a significant revenue increase of 265% year-over-year and 22% quarter-over-quarter for Q4 FY2024, with total revenue reaching $22.1 billion. GAAP net profit surged by 769% year-over-year to $12.29 billion, while Non-GAAP net profit increased by 491% to $12.84 billion [1][19] - The gaming segment showed strong performance with revenue of $2.98 billion, a 56% year-over-year increase, marking the highest in seven quarters. The launch of the GeForce RTX 40 SUPER series GPU at CES 2024 is expected to further enhance product offerings [2][18] - The data center segment experienced a remarkable revenue growth of 409% year-over-year, reaching $18.4 billion, driven by strong demand for AI acceleration and new product launches [18][19] Summary by Sections Financial Performance - For FY2024, Nvidia's total revenue was $60.92 billion, a 126% increase year-over-year. GAAP net profit was $29.76 billion, up 581%, while Non-GAAP net profit reached $32.3 billion, a 286% increase [1][19] - The report projects a compound annual growth rate (CAGR) for GAAP and Non-GAAP net profit of 40% and 37.8% respectively over the next three years, supported by Nvidia's leading position in the AI GPU market and continuous product innovation [3][26] Business Segments - The data center segment is expected to maintain a high growth trajectory, with revenue projected to reach $98.38 billion in FY2025, reflecting a 107% growth rate [7] - The gaming segment is anticipated to recover, with a projected revenue growth of 15.22% in FY2025, driven by new product launches and improved average selling prices [25][26] Market Position and Future Outlook - Nvidia's strong market position in AI GPUs, coupled with a robust software ecosystem, provides a competitive edge. The upcoming GTC 2024 summit is expected to unveil new products that could further catalyze stock performance [18][19][26]