证券研究报告 2024 年 6 月 24 日 湘财证券研究所 行业研究 涤纶行业动态分析 涤纶长丝价格上行,盈利能力修复 相关研究: 1. 《涤纶长丝供需格局有望向好, 景气度有望上行》 2024.5.27 2. 《涤纶长丝近期产量高增,景 气度有望上行》 2024.3.27 近十二个月行业表现 | % | 1 个月 | 3 个月 | 12 个月 | | |----------|----------|----------|---------------|-----------| | 相对收益 | -4.3 | -8.4 | -13.8 | | | 绝对收益 | -9.3 | -10.8 | -23.3 | | 注:相对收益与沪深 300 相比 证书编号:S0500523080001 Tel:(8621)50293561 Email:ghh07400@xcsc.com 中国人寿金融中心 10 楼 核心要点: 涤纶长丝价格上行,盈利能力修复 行业评级:增持 根据百川盈孚,2024 年 5 月以来,新凤鸣、桐昆股份等多家涤纶长丝生产 商对部分装置进行联合减产或停产改造,试图以此挺价。目前已现成效。 截至 2024 ...

Investment Rating - The report gives an "Overweight" rating to the electronic industry, particularly focusing on AI mobile phones, AI PCs, and the autonomous driving industry chain [8]. Core Insights - The consumer electronics sector has completed its destocking phase and is entering a weak recovery, driven by expectations of economic recovery and trends in artificial intelligence [2][5]. - The rapid development of AI technology is expected to significantly enhance the penetration rate of AI terminals, with predictions of a compound annual growth rate of 115% for high-end AI PCs and 65% for AI mobile phones from 2023 to 2027 [3][8]. - The policy environment is becoming increasingly supportive for advanced autonomous driving, with a comprehensive framework being established to facilitate large-scale production [4][8]. Summary by Sections 1. Consumer Electronics Completion of Destocking and Weak Recovery - The electronic industry index has experienced a cumulative decline of 6.49% as of June 21, 2024, with a relative decline of 8.37% compared to the CSI 300 index [2][15]. - The industry has gone through four phases since January 2024, with the latest phase showing signs of recovery, evidenced by a 56.48% year-on-year increase in net profit for Q1 2024 [15][27]. 2. Acceleration of Edge AI Deployment and Expected Increase in AI Terminal Penetration - The development of large model compression technology is laying the groundwork for deploying large models on edge devices, which offer advantages such as low cost, high performance, and privacy security [3][39]. - Major companies like Apple and Huawei are setting standards for system-level AI applications in consumer electronics, with significant advancements expected in AI PCs and mobile devices [3][8]. 3. End-to-End Solutions Becoming Industry Trends and Rapid Increase in Advanced Autonomous Driving Penetration - The introduction of end-to-end AI autonomous driving systems is expected to accelerate the development of smart driving technologies, supported by a robust policy framework [4][8]. - The global sales of L3-level passenger vehicles are projected to exceed 25,000 units in 2024, with China expected to hold 1 million L3-level vehicles by 2026 [4][8]. 4. Investment Recommendations - The electronic industry is currently valued at a low historical level, with the overall price-to-earnings ratio at 38.92, indicating potential for growth as the sector enters a recovery phase [5][15].

证券研究报告 2024 年 06 月 25 日 湘财证券研究所 行业研究 国防军工行业周报 亿航智能与温州市文成县政府达成合作,看好低空经济长期发展 ——国防军工行业周报(06.17~06.21) 相关研究: 1.《20240603湘财证券-国防军工 行业-三大央企出资成立时空信 息集团,关注卫星互联网产业链 发展》2024.06.03 2.《20240611湘财证券-国防军工 行业-SpaceX星舰第四次试飞成 功,关注卫星互联网相关产业 链》2024.06.11 行业评级:增持 近十二个月行业表现 国防军工(申万) 沪深300 -40% -30% -20% -10% 0% 10% 23/06 23/08 23/10 23/12 24/02 24/04 24/06 % 1 个月 3 个月 12 个月 相对收益 -1.5 -4.9 -11.1 绝对收益 -6.0 -6.8 -21.1 注:相对收益与沪深 300 相比 分析师:轩鹏程 证书编号:S0500521070003 Tel:(8621)50295321 Email:xuanpc@xcsc.com 联系人:汪炜 Tel:(8621)50299604 Em ...

证券研究报告 2024 年 06 月 24 日 湘财证券研究所 行业研究 机械行业周报 5 月我国金切机床产量约 5.9 万台,同比减少 4.8% ——机械行业周报(06.17~06.23) 相关研究: 1《. 20240611湘财证券-机械行业: 4月全球半导体销售额464.3亿美 元,同比增长15.8%》 2.《20240617湘财证券-机械行 业:5月我国叉车销量约11.0万 台,同比增长10.2%》 行业评级:增持 近十二个月行业表现 机械设备(申万) 沪深300 -40% -30% -20% -10% 0% 10% 23/06 23/08 23/10 23/12 24/02 24/04 % 1 个月 3 个月 12 个月 相对收益 -2.4 -7.6 -7.8 绝对收益 -6.4 -8.9 -17.3 注:相对收益与沪深 300 相比 分析师:轩鹏程 证书编号:S0500521070003 Tel:(8621) 50295321 Email:xuanpc@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点: ❑ 上周机械设备行业下跌 1.7%,跑输大盘 0.4 个百 ...

证券研究报告 2024 年 6 月 24 日 湘财证券研究所 业绩筑底,推荐修复与恢复 相关研究: 核心要点: 1. 《产业高质量,国际新周期-2024年 创新药行业年度策略》 2023.12.27 ❑ 创新药步入产品力驱动周期,修复行情有望开启 行业评级:增持 近十二个月行业表现 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 医药生物 沪深300 % 1 个月 3 个月 12 个月 | 相对收益 | | | | |--------------|----|----|------------| | 绝对收益 | | | | | | | | 300 相比 | 分析师:张德燕 证书编号:S0500521120003 Tel:(8621) 50295326 Email:zhangdy@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 近十年创新药产业在政策和资本推动下,从零星到汇集成河,掀起了 一波产业跨越巨浪,当前资本潮水虽然褪去,聚集的技术、人才及政 策等无形资产正推动产业开启新一轮产品周期,部分高产品力药品价 值已通过授权交易及并购市场得 ...

湘财证券股份有限公司 XIANGCAI SECURITIES CO.,LTD 证券研究报告 行业研究 2024年06月24日 湘财证券研究所 半导体行业中期策略 AI端侧应用落地+需求回暖，半导体产业复苏在即 相关研究： 核心要点: 1.《AI成长可期，需求复苏可望》 2023.12.24 行业评级：增持 AI 端侧应用落地，拉动边缘/端侧计算芯片需求 推理阶段是AI 模型落地应用的关键环节，推理端通过云计算、边缘计 算、和终端侧网络的协同工作，实现算力性能的优化。人工智能通用大 模型通常适合于在公有云平台上部署；IDC统计数据显示，2022年我国 AI公有云服务市场同比增长80.6%，预计2022年至2026年中国AI公 有云市场规模年均复合增速高于30.9%。 注：相对收益与沪深300相比 边缘计算可以实现更快的响应速度和更低的网络延时。国内市场，边缘 计算已经覆盖了工业、能源、交通、通信等多个行业，华经产业研究院 统计数据显示2022年我国边缘计算市场规模增长至622.4亿元。信通院 预计国内边缘计算市场规模2022年-2024年年均复合增速达70.23%。边 缘计算服务器是边缘计算的核心硬件，IDC统 ...

证券研究报告 2024 年 06 月 24 日 湘财证券研究所 行业研究 机械行业 2024 年中期策略 国内需求复苏,聚焦设备更新 相关研究: 1.《20230626湘财证券-机械行业 2023年中期策略:周期反转持续, 需求复苏可期》 2.《20231225湘财证券-机械行业 2024年度策略:通用设备复苏延 续,工程机械有望筑底》 行业评级:增持 近十二个月行业表现 机械设备(申万) 沪深300 -40% -30% -20% -10% 0% 10% 23/06 23/08 23/10 23/12 24/02 24/04 % 1 个月 3 个月 12 个月 相对收益 -2.8 -7.6 -7.8 绝对收益 -7.7 -10.0 -17.3 注:相对收益与沪深 300 相比 分析师:轩鹏程 证书编号:S0500521070003 Tel:(8621) 50293528 Email:xuanpc@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点: ❑ 2024 年机械行业市场表现较弱,设备更新有望成主要驱动力 2024 年初至今,受微盘股下跌、制造业景气复苏放缓等因素,机械 ...

行业研究 医疗耗材&线下药店行业 2024 年中期策略 沪深300 医疗耗材 % 1 个月 3 个月 12 个月 相对收益 -4 -4 -14 绝对收益 -7 -5 -22 注：相对收益与沪深 300 相比 证券研究报告 2024 年 6 月 24 日 湘财证券研究所 紧跟政策导向，把握"刚需+创新"两条主线 相关研究： 1《. 医疗行业再发利好政策，关注 心脑血管耗材等临床刚需领域》 2024.05.21 2.《人工关节国采接续采购开标， 关注国产龙头企业长期发展》 2024.05.29 行业评级：增持 近十二个月行业表现 -40.00% 20.00% -20.00% 0.00% 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 医疗耗材：支持行业高质量发展是长期态度，医保控费是近期目标，重 视刚需属性与创新科技水平 近年来我国居民医保基金存在支付压力，控费或将作为医保的重要课题 持续下去。支付端的收缩政策直接影响院端购买态度，并对市 ...

Industry Investment Rating - The report maintains an "Overweight" rating for the IVD and medical services industry [6][8] Core Views - The medical services sector is under short-term pressure due to high base effects, but aging demographics continue to drive long-term demand growth [2][4] - The CXO sector faces short-term challenges but is expected to improve with easing macro pressures and growth in advanced technology segments [3][33] - Private hospitals, especially in specialized fields like ophthalmology, show strong potential for chain expansion and market concentration [4][51] - The IVD sector is expected to see a turnaround in 2024, with growth in respiratory and glucose monitoring segments [5][8] Industry Performance and Trends Medical Services Sector - The medical services sector experienced a recovery in 2023 but faced pressure in Q1 2024 due to high base effects [13][16] - Aging demographics are driving increased healthcare demand, with the 65+ population reaching 15.4% in 2023 [19][22] - China's healthcare expenditure as a percentage of GDP remains low compared to developed countries, indicating significant growth potential [23][24] CXO Sector - The CXO sector saw a decline in revenue and profits in 2023 and Q1 2024, primarily due to reduced demand from COVID-related CDMO services [35][36] - Capacity expansion has slowed, aiding in the digestion of existing capacity and benefiting leading companies [39][42] - Advanced technology segments like cell and gene therapy CDMO, peptide CDMO, and ADC CDMO show strong growth potential [46][47][49] Private Hospitals - Private hospitals recovered strongly in 2023, with significant revenue and profit growth, but faced pressure in Q1 2024 due to high base effects [51][52] - Ophthalmology and other specialized medical services are well-positioned for chain expansion and market concentration [63][64] IVD Sector - The IVD sector is expected to see a turnaround in 2024, with growth in high-end segments like chemiluminescence and molecular diagnostics [5][8] - Respiratory disease antigen testing and continuous glucose monitoring are high-growth areas with strong domestic substitution potential [5][8] Investment Recommendations - Focus on high-growth segments such as generic drug CRO, ADC CDMO, and peptide CDMO in the CXO sector [8] - Pay attention to private hospitals with strong brand advantages and potential for chain expansion, particularly in ophthalmology [8] - Monitor the IVD sector for opportunities in respiratory disease testing and continuous glucose monitoring [8]

证券研究报告 2024 年 06 月 22 日 湘财证券研究所 行业研究 中药行业 2024 中期策略报告 聚力向"新" 提质增效 相关研究: 1. 《政策持续显效,业绩不断兑 现》 20240512 行业评级:增持 近十二个月行业表现 -30 -20 -10 0 10 23/06 23/09 23/12 24/03 24/06 沪深300_累计 中药_累计 % 1 个月 3 个月 12 个月 相对收益 -2 -3 -8 绝对收益 -7 -5 -17 注:相对收益与沪深 300 相比 分析师:许雯 证书编号:S0500517110001 Tel:(8621) 50293534 Email:xw3315@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点: ❑ 政策助力,业绩兑现,中药行业迈向高质量发展阶段 2015 年以来,国家针对中药行业及其上下游产业链出台了一系列支持政 策,尤其是 2019 年之后,国家层面的相关利好政策发布更为密集。政策涵 盖中药注册、审评审批、质量控制、中药创新、中药品种保护、中医药医 疗及服务、中医药文化弘扬、中药出口、财政支持试点项目等方方面面, ...