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 ...

证券研究报告 2024 年03月19 日 湘财证券研究所 行业研究 银行业数据点评 信贷好于社融，中长期贷款仍有韧性 相关研究： 核心要点：  信贷好于社融，中长期信贷仍有韧性 1.《2024年度策略：量质均衡，进 而致远》 2023.12.23 2月，社融新增1.52万亿，同比少增1.64万亿，受到春节假期错位效应影 2.《地产融资支持加强，助力缓释 响，信贷、票据融资和债券融资新增规模均呈现明显下滑。从前2个月的 资产风险》 2024.01.31 数据表现来看，社融和信贷仍然偏弱，信贷表现好于社融，直接融资相对 3.《LPR不对称下调，息差影响符 不足。金融机构人民币贷款新增1.45万亿，同比少增3600亿。金融机构贷 合预期》 2024.02.21 款余额同比增速为10.1%，较前值下降0.3%，中长期贷款余额同比增速为 4.《2023年四季度监管数据发布， 11.1%，较前值继续下降0.1%。季节效应下中长期贷款表现仍然具有韧性。 银行经营保持稳健》 2024.03.06 在国债资金支持下，基建项目资本金到位加快，2月基建投资增速提高， 5.《政策强化风险防范，兼顾银行 带动企业中长期贷款实现近八个 ...

证券研究报告 2024年 03 月18 日 湘财证券研究所 行业研究 证券行业事件点评 提高上市公司质量，优化行业竞争格局 相关研究： 核心要点： ❑ 从源头提高上市公司质量，压紧压实IPO全链条各方责任 1.《证券行业周报：行业监管方向 明确，助力市场信心修复》 《关于严把发行上市准入关从源头上提高上市公司质量的意见（试行）》针 对上市公司、中介机构、交易所、证监会派出机构等参与IPO流程的各方 2024.3.13 主体提出了具体要求。（1）严把拟上市企业申报质量：严禁以“圈钱”为 目的盲目谋求上市、过度融资；对财务造假、虚假陈述、粉饰包装等行为 及时依法严肃追责；研究要求拟上市企业的有关股东在招股说明书中承诺， 行业评级：增持 上市后三年内业绩出现大幅下滑的，采取延长股份锁定期等措施。（2）压 实中介机构“看门人”责任：建立常态化滚动式现场监管机制；用好以上 市公司质量为导向的保荐机构执业质量评价机制；督促中介机构切实扛起 防范财务造假的责任。（3）突出交易所审核主体责任：把防范财务造假、 近十二个月行业表现 欺诈发行摆在发行审核更加突出的位置；严密关注拟上市企业是否存在上 20% 市前突击“清仓式”分红 ...

证券研究报告 2024年 03 月18 日 湘财证券研究所 行业研究 电子行业点评报告 Claude 3 发布，大模型竞争加剧 相关研究： 核心要点： ❑ Anthropic发布Claude 3，多项性能超竞品 1.《MWC开幕，5.5G和AI成焦点》 近日，Open AI 的主要竞争对手之一，谷歌、亚马逊投资的美国 AI 公司 2024.02.27 Anthropic 发布其最新的通用大语言模型 Claude3 系列模型，该系列模型包 2.《OpenAI发布Sora，多模态大模 括Haiku、Sonnet、Opus三个模型，提供不同的产品能力和定价。Opus是 型有望加速发展》 Claude 3系列模型中能力最强的模型，根据Anthropic提供的测试数据，Opus 2024.02.27 在常识、推理、数学能力、代码能力方面均优于GPT-4，亦优于Gemini 1.0 3.《华为独占半壁江山，折叠屏手 Ultra。根据LMSYS Chatbot Arena Leaderboard的最新排名结果，GPT-4 Turbo 机行业保持高景气》 的两个版本并列第一，其次是Opus，Opus得分仅比GPT-4 Tur ...

Investment Rating - The industry maintains an "Overweight" rating [11] Core Views - The environmental and public utility index increased by 3.61%, outperforming the market by 3.41 percentage points, ranking third among 30 first-level industries [2][13] - The carbon market transaction volume decreased, but the trading price reached a new high, indicating a stable upward trend in carbon prices [3][23] - The government emphasizes ecological civilization and green low-carbon development, aiming for a 2.5% reduction in energy consumption per unit of GDP this year [7][39] Industry Market Trends - As of March 8, the environmental and public utility index rose by 3.61%, with the power and grid sector up by 4.86% and the gas sector up by 1.2% [2][13] - The average inflow of the Three Gorges Reservoir improved, with a year-on-year increase of 4.2% [4][28] - The price of domestic polysilicon rebounded slightly, while the price of photovoltaic components remained stable [5][30] Carbon Market Insights - The total transaction volume in the national carbon market was 1.0233 million tons, with an average transaction price of 84.19 yuan/ton, indicating a 1.3% week-on-week increase [3][23] - The carbon price is expected to rise in the long term, with projections of breaking 105 yuan/ton during the 14th Five-Year Plan and 200 yuan/ton during the 15th Five-Year Plan [3][23] Natural Gas Price Trends - Domestic LNG ex-factory prices decreased slightly, while European and American gas prices rebounded [6][35] Investment Recommendations - Focus on stable performance and high dividend yield leading power operators, as well as opportunities related to green electricity consumption [11] - In the gas sector, attention is recommended for national and regional gas leaders with scarce long-distance pipeline resources [11]

Investment Rating - The report maintains an "Overweight" rating for the banking industry [2][13]. Core Insights - The government is enhancing risk prevention mechanisms while ensuring the healthy operation of banks, which will provide a more secure environment for the banking system [2][8]. - Policies such as central fiscal expansion and real estate financing coordination are expected to improve the banking operating environment [2][13]. - Regional banks with asset quality advantages and differentiated business positioning are likely to benefit from these policies, showing stronger operational flexibility and risk resistance [2][13]. Summary by Sections Risk Prevention and Financial Stability - The National Financial Supervision Administration highlighted the stability of major financial institutions, with a low proportion of high-risk small financial institutions [8]. - As of the end of 2023, commercial banks had risk-weighted assets of approximately 216 trillion, with a capital adequacy ratio of about 15% and a loan loss reserve balance of 6.62 trillion, indicating sufficient risk absorption capacity [8]. - The government is working on establishing a long-term risk prevention mechanism, including the promotion of the Financial Stability Law [8]. Support for Long-term Loans - The government has initiated a plan to promote large-scale equipment updates and consumer goods replacement, which is expected to enhance financial support for these initiatives [10]. - Since Q4 2022, policies supporting equipment updates have led to a rapid increase in corporate medium- and long-term loans, with an addition of 13.57 trillion in 2023 [10]. - The central bank plans to utilize structural monetary policy tools to support high-end manufacturing and the digital economy, ensuring sustained growth in medium- and long-term loans [10]. Policy Coordination for Banking Health - The government is committed to implementing proactive fiscal policies and prudent monetary policies, focusing on reducing overall financing costs [11]. - The central bank has room for further reserve requirement ratio cuts, which will enhance liquidity and support credit issuance [11]. - Commercial banks are facing pressure on net interest margins, but cost-saving effects from interest rate adjustments may help maintain operational stability [11].