Investment Rating - The report gives an "Overweight" rating to the electronics industry, particularly optimistic about the AI smartphone sector [7][13]. Core Insights - The Galaxy S24 series, Samsung's first AI smartphone, saw an 8% increase in sales compared to the Galaxy S23 series within the first three weeks of launch, with the Galaxy S24+ contributing significantly with a 52% increase in sales [4]. - Major smartphone manufacturers are entering the AI smartphone market, indicating a new trend. Companies like OPPO, Honor, and Apple are also developing AI smartphones, with Apple recently announcing its multi-modal large model research [5]. - AI smartphones are expected to have five key AI functionalities: enhanced personal assistants, call translation and summarization, advanced image editing, improved search capabilities, and meeting minutes/document summarization [5]. - Hardware upgrades are necessary for AI smartphones to support large model operations, including DRAM, cooling systems, and battery capacity. The global shipment of AI smartphones is projected to reach 170 million units in 2024, a 2.4-fold increase year-on-year, with a penetration rate of approximately 15% [6]. Summary by Sections Industry Data Status - Since the second half of 2023, the decline in smartphone and PC shipments has narrowed, with PC inventory reaching reasonable levels and smartphone inventory nearing bottoming out. Positive growth is expected in 2024 for both sectors [7][13]. Investment Recommendations - The report anticipates that the AI smartphone segment will see significant growth, with the Galaxy S24 series performing well. The overall AI smartphone sales are expected to double in 2024, driven by the electronics industry [7][13].

证券研究报告 2024 年3月 22日 湘财证券研究所 行业研究 氟化工行业报告 第三代制冷剂价格维持强势 相关研究： 核心要点：  上游萤石价格环比小幅上涨 1. 《第三代制冷剂景气度有望上 行，含氟高分子材料、含氟精细 萤石价格环比小幅上涨。截止2024年3月20日，萤石97%湿粉价格3330 元/吨，相较于1个月前小幅上涨55元/吨，增长率为1.7%。供给方面， 化 学 品 发 展 可 期 》 萤石生产小幅回暖，但是受到安全检查严格的影响，厂家开采难度较大。 2023.11.20 需求方面，下游企业虽逐步复工，但采购依然谨慎，需求增长缓慢。预 2《. 2024年度第三代制冷剂配额发 计短期内萤石市场供需矛盾仍将持续，但在供需双弱的情况下，萤石价 放 ， 主 流 品 种 集 中 度 高 》 格波动幅度有限。 2024.1.16  制冷剂价格维持强势 近期制冷剂价格依旧较为强势。3月空调企业排产数据增幅明显（奥维云 行业评级：买入 网显示2024年3月家用空调总排产同比增长21.6%）。随着空调生产旺 季的来临，下游需求提升，市场供需格局向好，制冷剂厂家挺价心态仍 近十二个月行业表现 存。 截止2024 ...

Industry Overview - The phosphorus chemical industry has a rich product chain with extensive applications, involving both wet and thermal processes for phosphorus ore processing [3] - Phosphorus ore is a scarce non-metallic mineral with non-renewable and non-replaceable characteristics, and China's phosphorus ore reserves account for only 5.1% of the global total [4][18] - China's phosphorus ore has a low average grade of 17%, far below the global average of 30%, and the resource depletion problem is becoming increasingly prominent [4][20] Phosphorus Ore Market - China's phosphorus ore production in 2023 was 105.31 million tons, a slight increase of 0.5% year-on-year, with limited growth in effective supply expected in 2024 [24][26] - Phosphorus ore prices have remained high, reaching 1007 yuan/ton as of February 28, 2024, due to tight supply and strong demand from downstream industries [25][26] - The phosphorus ore market is expected to maintain a tight supply-demand balance in 2024, with demand supported by rigid fertilizer needs and incremental demand from new energy materials [26] Downstream Applications - Phosphate fertilizers, mainly monoammonium phosphate (MAP) and diammonium phosphate (DAP), account for over 85% of China's phosphate fertilizer market [7][39] - The new energy sector, particularly lithium iron phosphate (LFP) batteries, is driving demand for phosphorus ore, with LFP production reaching 1.53 million tons in 2023, a 44% year-on-year increase [50][52] - Glyphosate demand is expected to increase significantly with the commercialization of genetically modified crops in China [9] Technological Trends - Wet-process phosphoric acid is expected to gradually replace thermal-process phosphoric acid due to its lower energy consumption and environmental impact [5][36] - The comprehensive utilization of by-products such as phosphogypsum and fluosilicic acid is becoming a key factor in the development of phosphorus chemical enterprises [6][37] Investment Recommendations - The report maintains an "Overweight" rating on the phosphorus chemical industry, citing the advantages of integrated phosphorus chemical enterprises with abundant phosphorus ore resources [10] - The development of new energy materials and high-value-added fine phosphorus chemical products are expected to drive industry growth [10]

证券研究报告 2024年 03月 20 日 湘财证券研究所 行业研究 煤炭行业事件点评 原煤产量收缩，火电需求大增 相关研究： 核心要点： ❑ 原煤产量收缩，进口煤维持高增 1《. 供给恢复缓慢，非电需求有望 回升》 2024.03.05 2024年1-2月全国原煤产量70527万吨，同比下降4.2%，增速较2023年 1-2月由正转负下降10.02个百分点。此外，本次原煤产量累计同比也是 2《. 动力煤存在下行压力，焦煤有 自2021年以来首次负增长。2024年1-2月累计进口煤炭7451.5万吨，同 望企稳回升》 2024.03.11 比上涨22.89%，增速较2023年1-2月大幅收窄48.46个百分点，但全国 煤炭进口仍然处于高位水平，累计进口量创历史同期新高。 综上，较2023年同期，原煤在1-2月的减量为2896万吨，进口煤增量为 评级：增持 1388万吨，整体供应为减少1508万吨，可以看出进口端的增量难以对冲 产地端的减量。后期，随着山西“三超”专项整治活动开展以及强安监政 近十二个月行业表现 策的持续，原煤产量仍将受到压制，整体供应有望维持负增长。 20% 煤炭(申万) 沪深300 12% ...

证券研究报告 2024年 03月 20日 湘财证券研究所 行业研究 新材料行业周报 上周锂电材料板块大幅反弹，锂源及相关材料价格延续回升 相关研究： 核心要点： ❑ 市场行情：上周锂电材料板块大幅上涨，仅光伏材料板块下跌 《稀土磁材价格链整体仍偏弱，锂源回升带 上周锂电材料板块表现最好，一周上涨8.83%，跑赢基准（沪深300）8.12 动正极材料价格反弹》 20240312 pct；其次碳纤维、面板材料及半导体材料板块分别上涨4.52%、2.48%和 《稀土磁材价格链延续下调，锂资源端价格 0.76%，分别跑赢基准3.81 pct、1.78 pct和0.05 pct；磁材板块尽管周涨幅 表现强于中游材料》 20240305 为0.19%，但跑输基准0.52pct。仅光伏材料板块下跌，一周跌幅1.45%， 行业评级：增持 跑输基准2.16pct。 ❑ 估值变动：上周板块估值大部分回升，各板块整体估值水平仍处于历史 近十二个月行业表现 低位 30% 磁材板块涨跌幅 30% 上周末磁材、碳纤维、锂电材料、光伏材料、半导体材料及面板材料板块 对比基准:沪深300累计涨跌幅-右 10% 15% 估值（市盈率TTM）分 ...

证券研究报告 2024年 03月 20日 湘财证券研究所 行业研究 中药行业周报 2023 年医药工业运行情况发布，中药饮片和中成药表现突出 核心要点： ❑ 上周中药Ⅱ上涨2.89%，医药板块止跌企稳 相关研究： 上周（2024.03.11-2024.03.15）医药生物报收7754.07点，上涨4.6%；中药Ⅱ报 1. 《政策继续呈现多方位支持， 收6975.98点，上涨2.89%；化学制药报收9863.42点，上涨7.16%；生物制品 短期建议关注业绩向好标的》 报收 7317.79 点，上涨 4.83%；医药商业报收 5695.36 点，上涨 2.4%；医疗器 20240305 械报收6801.56点，上涨3.08%；医疗服务报收5348.92点，上涨4.63%。医药 2. 《政府工作报告再提促进中 板块止跌企稳，其中，化学制药、生物制品表现较好，中药板块表现居中。 医药创新，中医药优势有待进一 从公司表现来看，表现居前的公司有：大理药业、佐力药业、龙津药业、长 步发挥》 20240312 药控股、香雪制药；表现靠后的公司有：*ST太安、江中药业、葵花药业、华 润三九、济川药业。 ❑ 上周中药PE(tt ...

Investment Rating - The industry is rated as "Overweight" [5] Core Insights - Signs of recovery in traditional consumer electronics demand are becoming clearer, with global smartphone sales in Q4 2023 showing a year-on-year increase of 7.6% [2][6] - The server market is expected to maintain structural growth, with AI server shipments projected to continue growing at a medium to high speed [2][6] - Global sales of new energy vehicles (NEVs) increased by 35.9% year-on-year in 2023, with January 2024 sales reaching 1.067 million units, a 61.11% year-on-year growth [2][6] Summary by Sections Consumer Electronics Recovery - The demand recovery in traditional consumer electronics is becoming evident, with smartphone sales in Q4 2023 showing a positive year-on-year growth of 7.6% [2][6] - Global PC sales in Q4 2023 experienced a year-on-year decline of approximately 2.61%, but the rate of decline is narrowing [6] - The server market saw a year-on-year decline of about 2.9% in 2023, with total shipments of 13.38 million units, but AI-related demand remains strong [6] Chip Delivery Times - Global chip delivery times are at historical lows, with a noticeable reduction in the decline of delivery times in Q1 2024 compared to H2 2023 [3][9] - The delivery times for most semiconductor components remain stable, with some products experiencing slight fluctuations [3][11] Investment Recommendations - Continuous optimization of AI large models and the introduction of diverse AI application terminals will drive global computing power demand, initiating a new round of AI infrastructure development [4][14] - The semiconductor industry is witnessing significant inventory destocking, with signs of demand recovery in consumer electronics [4][15] - The competition in the wafer foundry industry is intensifying, with prices expected to remain low in the first half of 2024, benefiting upstream IC design companies [4][15]

证券研究报告 2024 年 03月19日 湘财证券研究所 行业研究 医疗服务行业周报 AI 让医疗更高效，助力药物设计 CXO 获益 相关研究： 核心要点：  上周医疗服务II上涨4.63%，涨幅居前 1.《“以患者为中心”纳入指导原 则，体现临床价值》 上 周 医 药 生 物 报 收 7 7 5 4 .0 7 点 ， 上 涨 4 . 6 0 % ， 涨 幅 排 名 位 列 申 万 一 级 行 业 第 7位，跌幅靠前。沪深300指数上涨0.71%，医药跑赢沪深300指数3.89%。 2024.02.19 申万医药生物二级子行业医疗服务 II 报收 5348.92 点，上涨 4.63%；中药 2.《两会明确医药健康全年任务， II报收6975.98 点，上涨2.89%；化学制药II报收9863.42 点，上涨7.16%； 首提加快创新药产业发展》 生物制品Ⅱ报收7317.79 点，上涨4.83%；医药商业Ⅱ报收5695.36 点，上 2024.03.11 涨2.40%；医疗器械Ⅱ报收6801.56 点，上涨3.08%。细分板块来看，医疗 服务涨幅居前。 行业评级：增持  医疗服务板块PE（ttm）24.68 ...

证券研究报告 2024年 03 月19 日 湘财证券研究所 行业研究 房地产行业数据点评 投资降幅收窄，竣工同比转负 相关研究： 核心要点： ❑ 前两个月销售端表现仍然较弱，2月新房和二手房价格同比跌幅扩大 1.《房地产销售数据点评：2月春 节假期新房供需走弱，百强房企 从销售面积看，2024年1-2月商品房销售面积为1.14亿平方米（同比-20.5%）， 较23年12月降幅扩大 7.8pct；住宅销售面0.96亿平方米（同比-24.8%）， 销售下滑》 2024.3.4 较 23 年 12 月降幅扩大 8.7pct。从销售金额看，1-2 月商品房销售额同比 -29.3%，较23年12月扩大12.2pct；住宅销售额同比-32.7%，较23年12月 行业评级：增持 扩大 12.5pct。开年前两个月销售显著下滑主要有两方面原因，一是去年同 期需求集中释放导致基数较高；二是今年房企推盘积极性较低，呈现供需 双弱。分区域看，1-2月东部、中部、西部和东北地区商品房销售面积同比 分别为-17.7%、-24%、-21.7%和-19.1%；商品房销售额同比分别为-31%、 近十二个月行业表现 -28.6%、-25.3% ...

证券研究报告 2024年 3月 18日 湘财证券研究所 行业研究 药品行业周报 创新药政策环境有望向好，海外注册持续落地 —药品行业周报 3.11-3.17 相关研究： 核心要点： ❑ 国内医药生物大幅反弹4.6% 1.《把握创新药新质生产力配置机 会》 2024.03.11 上周医药生物上涨 4.6%，位列全市场一级行业涨幅第 7 位，跑赢万得全 A 2.6 pct。13个三级行业均呈现上涨，整体涨幅中位数3.8%，药品产业 2.《财报季，把握底部区域下业绩高 链三级行业表现居前，化学制药、生物药及原料药分别上涨 7.6%、6.6% 增长机会》 2024.03.04 和5.3%。全行业估值水平方面，3月15日医药生物PE-TTM（剔除负值） 为25.9X，位于负2 倍至负1倍标准差中间位置，PB 2.5X，位于负2 倍 标准差以上位置。 海外市场方面，恒生医疗保健上涨 4.3%，位列一级行业涨幅第 5 位，跑 行业评级：增持 赢 恒 生 指 数 2 .1 p c t。 海 外 主 要 生 科板块走势有所分化，恒生生科反弹5.1%、 纳指生科震荡盘整，下跌2.1%。估值方面，3 月15日，恒生生科PB 为 近 ...