相关研究： 1.《存储产品市场走势分化，DXI 指数回落》 2024.05.29 2.《需求结构性复苏，细分板块龙 头Q2业绩向好》 2024.07.08 3.《AI市场预期变动，影响半导体 板块中短期走势》 2024.09.10 % 1 个月 3 个月 12 个月 相对收益 -1.76 -6.3 -8.7 绝对收益 9.7 0.2 -8.4 注：相对收益与沪深 300 相比 证券研究报告 2024 年 10 月 2 日 湘财证券研究所 行业研究 半导体行业周报 政策助力+消费电子新品密集发布，有望进一步提振 市场需求 行业评级：买入（上调） 近十二个月行业表现 分析师：王文瑞 证书编号：S0500523010001 Tel：(8621) 50293694 Email：wangwr2@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 9 月 20 日-2024 年 9 月 27 日，申万半导体指数强劲反弹 2024 年 9 月 20 日-2024 年 9 月 27 日，受益于 9.24 一揽子新政发布，申万 半导体指数大幅上涨。同期沪深 300 ...

Investment Rating - The report assigns an "Overweight" rating to the consumer electronics industry, indicating a positive outlook for investment opportunities in the AR glasses supply chain [1]. Core Insights - The Meta Orion prototype was unveiled at the Meta Connect conference, showcasing significant potential for AR glasses as the next generation of mobile computing devices [1]. - The Orion features a split design with three components: the glasses, a gesture-tracking wristband, and a computing module, all connected wirelessly. It utilizes advanced optical technology and can achieve a field of view of up to 70 degrees [1]. - The report highlights the rapid growth in global smartphone and PC sales, with smartphone sales expected to grow by 8.5% in Q4 2023 and 7.8% in Q1 2024, while PC sales are projected to recover in 2024 [1]. Summary by Sections Meta Orion Prototype - The Meta Orion prototype demonstrates impressive performance and vast application potential, including large-screen entertainment and multitasking capabilities [1]. - Meta is currently providing access to Orion for employees and select external users to facilitate learning and iteration for consumer AR glasses, with a consumer version expected to launch post-2027 [1]. Ray-Ban Meta Smart Glasses - The Ray-Ban Meta smart glasses have received significant upgrades, enhancing AI functionalities such as automatic license plate recognition and real-time language translation [1]. - As of May 2024, global sales of Ray-Ban Meta smart glasses have surpassed 1 million units, with further sales growth anticipated due to ongoing AI enhancements [1]. Market Trends - The report notes a gradual recovery in the consumer electronics sector since the second half of 2023, with expectations for a mature and cost-effective AR glasses market to emerge between 2026 and 2027 [1].

Investment Rating - The report maintains an "Overweight" rating for the medical consumables industry [4][19]. Core Insights - The medical consumables sector has experienced a downward trend, with a recent decline of 2.77% [2][4]. - The current Price-to-Earnings (PE) ratio for the medical consumables sector is 28.82X, down 0.88 percentage points from the previous week, while the Price-to-Book (PB) ratio stands at 2.02X, remaining at historical lows [3][11]. - Recent policy changes, including increased tariffs on certain medical products exported from China, have impacted the market, particularly for companies focused on low-value consumables [4][17][19]. Summary by Sections Industry Performance - The medical consumables index closed at 4433.6 points, reflecting a 2.77% decrease [2][7]. - The sector has underperformed compared to the broader market, with relative returns lagging behind the CSI 300 index by 2.11 percentage points [2][7]. Valuation Metrics - The PE ratio has fluctuated over the past year, with a maximum of 56.19X and a minimum of 22.71X, indicating current valuations are below historical highs [3][11]. - The PB ratio has also shown variability, with a maximum of 2.57X and a minimum of 1.42X over the past year [3][11]. Industry Dynamics and Company Announcements - Nanwei Medical plans to acquire a 51% stake in Creo Medical S.L.U. for up to €36.72 million (approximately ¥289 million) [14][15]. - In August, the number of approved medical devices decreased by 9.3% year-on-year, with a total of 2321 items registered [16]. - The U.S. has announced increased tariffs on certain medical products, affecting the export market for low-value consumables [17]. Investment Recommendations - Short-term focus is advised on innovative consumables less affected by medical insurance payment policies [4][19]. - Long-term prospects remain positive for high-value consumables, particularly in interventional and implantable devices, as demand recovers in medical institutions [4][19].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities in the sector [22][23]. Core Insights - The pharmaceutical sector has experienced a slight decline of 0.8% recently, underperforming the overall market by 2.06 percentage points. The chemical pharmaceuticals and biological drugs have seen declines of 2.7% and 0.7%, respectively, while the raw materials sector has decreased by 0.3% [2][19]. - The report highlights a shift in focus from revenue growth to profitability within the biotech sector, with traditional pharmaceutical companies emerging from a low point in their transition between old and new growth drivers. The recovery in the raw materials sector is also noted, with a positive trend in performance following a period of adjustment [3][19]. - Two main investment strategies are recommended: 1. Focus on innovative drugs driven by internationalization and product strength, suggesting a selection of stocks based on clinical needs, technology platforms, and product capabilities [22]. 2. Emphasize recovery in demand and efficiency improvements, particularly in the raw materials sector, which is beginning to recover after significant asset impairments [22][23]. Summary by Sections Market Performance - The pharmaceutical sector's recent performance has been weak, with a notable decline in the second quarter attributed to overall earnings downturns. The sector is transitioning towards an alpha market phase, with significant performance differentiation among sub-sectors [3][19]. Valuation Metrics - As of September 24, the pharmaceutical sector's PE-TTM (excluding negative values) stands at 22.6X, below one standard deviation, while the PB ratio is at 2.17X, also below two standard deviations [2][19]. Long-term Outlook - The report emphasizes that the domestic innovative drug industry has established a relatively complete ecosystem of policies, talent, and capital during the 13th Five-Year Plan period. The transition into the 14th Five-Year Plan marks a high-quality development phase for the pharmaceutical and biotechnology industries, presenting historical opportunities for transformation and upgrade [22][23].

% 1 个月 3 个月 12 个月 相对收益 0.9 -2.7 -8.4 绝对收益 -4.5 -13.5 -23.3 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 16 日 湘财证券研究所 行业研究 机械行业周报 8 月我国金切机床产量约 6.0 万台，同比增长 9.8% ——机械行业周报（09.09~09.15） 相关研究： 1.《20240902湘财证券-机械行业：8 月我国PMI为49.1%，环比下降0.3个 百分点》 2.《20240909湘财证券-机械行业： 7月全球半导体销售额约513亿美 元，同比增长18.7%》 行业评级：增持（维持） 近十二个月行业表现 -30% -20% -10% 0% 10% 23/09 23/11 24/01 24/03 24/05 24/07 机械设备(申万) 沪深300 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 1.4%，跑赢大盘 0.8 个百分点 ...

Investment Rating - The industry rating is maintained at "Overweight" [5][8][17] Core Viewpoints - The vaccine industry is currently under short-term pressure due to high base effects, price declines of certain major products, and the need for capacity clearance. However, long-term drivers such as policy, demand, and technology remain unchanged, which will promote the industry's long-term growth [8][17] - The approval of innovative vaccines and increased investment in vaccine research and development are expected to accelerate the growth of the vaccine industry in China [8][17] - The demand for vaccines is expected to grow due to increased consumer willingness and an aging population, along with opportunities for vaccine exports [8][17] Market Performance - The vaccine sector saw a 1.14% increase last week, outperforming other sub-sectors in the pharmaceutical industry [2][10] - Year-to-date, the pharmaceutical sector has declined by 27.56%, with the vaccine sector experiencing a decline of over 40% [2][10] Valuation Metrics - The vaccine sector's PE (ttm) is 22.54X, which has increased by 0.23X week-on-week, while the PB (lf) is 1.64X, up by 0.01X [3] - The PE is at the 7.88% percentile over the past decade, and the PB is at the 0.16% percentile, indicating a significant valuation premium of 106% relative to the CSI 300 index [3] Industry Dynamics and Company Announcements - AstraZeneca's FluMist, a needle-free nasal spray flu vaccine, has been approved by the FDA for use in individuals aged 2 to 49 [4][13] - The first domestic clinical trial for a recombinant U-VLP-RSV vaccine by Pino Biotech has been accepted, marking a significant milestone for domestic vaccine development [4][14][16] Product Performance - As of September 18, 2024, the total number of HPV vaccine batches approved has decreased by 63.16% year-on-year, with the four-valent vaccine seeing the largest decline of 94.75% [5][7] - The shingles vaccine has shown the most significant growth, with a year-on-year increase of 225% [5][7]

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The recent adjustment in interest rate policy, including a reduction in existing mortgage rates by approximately 0.5 percentage points, is expected to stabilize the net interest margin for commercial banks [2][3]. - The People's Bank of China has eliminated the lower limit on personal housing loan rates, leading to a further decrease in existing mortgage rates, which aligns with market expectations [2]. - The reduction in the 7-day reverse repurchase rate by 20 basis points is anticipated to facilitate a symmetrical adjustment of the Loan Prime Rate (LPR) and deposit rates, thereby maintaining the stability of banks' net interest margins [3]. Summary by Sections Interest Rate Adjustments - The central bank's recent measures to lower existing mortgage rates and the reverse repurchase rate are aimed at reducing the financial pressure on commercial banks from early mortgage repayments [2][3]. - The average new mortgage rate has decreased from 4% last September to 3.45% in June, reflecting a 57 basis point drop, which is in line with market expectations [2]. Banking Sector Performance - In the first eight months of the year, the increase in RMB loans to the real economy was 13.42 trillion yuan, which is a decrease of 3.57 trillion yuan year-on-year, indicating a weak credit demand [3]. - The net interest margin for commercial banks was reported at 1.54% in the second quarter, showing signs of stabilization due to previous interest rate adjustments and regulatory measures [3]. Investment Recommendations - The report suggests focusing on regional banks with strong asset quality and sustainable performance, as well as state-owned large banks that offer significant dividend yields [6]. - The ongoing improvements in financial support for the real estate sector are expected to mitigate risks and stabilize the asset quality of banks [6].

% 1 个月 3 个月 12 个月 相对收益 0.9 -2.7 -8.4 绝对收益 -4.5 -13.5 -23.3 2024年09月16日 证券研究报告 湘财证券研究所 事件点评 行业研究 8 月我国高空平台销量约 1.3 万台，同比减少 29.7% 相关研究： 核心要点： | --- | |------------------------------| | | | | | 1 《 . 20240717 湘财证券 - | | | | 6 月我国高空平台销量约 | | 台，同比减少 9.1% 》 | | 2. 《 20240815 湘财证券 - | 7月我国高空平台销量约1.7万 台，同比增长6.7%》 行业评级：增持（维持） 近十二个月行业表现 -30% -20% -10% 0% 10% 23/09 23/11 24/01 24/03 24/05 24/07 机械设备(申万) 沪深300 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 ...

年09月23 证券研究报告 2024 日 湘财证券研究所 行业研究 证券行业事件点评 风控指标优化落地，提升优质券商资本空间 行业评级：增持（维持） 近十二个月行业表现 -15% -5% 5% 2023/9/20 2023/11/20 2024/1/20 2024/3/20 2024/5/20 2024/7/20 2024/9/20 -25% | --- | --- | --- | --- | |----------|----------|----------|-----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 5 | 7 | -2 | | 绝对收益 | 1 | -2 | -15 | 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@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： ❑ 风控指标修订稿正式发布，进一步促进券商功能发挥 为落实新"国九条"及加快建设一流投资银行，证监会于 9 月 20 日正式发 布修订后的 ...

相关研究： 1.《AI成长可期，需求复苏可望》 2023.12.24 2.《Sora内测开启，AI视频生成的 新时代序幕正式拉开》 2024.03.01 3.《存储产品市场走势分化，DXI 指数回落》 2024.05.29 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -4.83 -6.7 -9.4 绝对收益 -10.1 -17.0 -23.9 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 19 日 湘财证券研究所 行业研究 半导体行业事件点评 存储市场下游需求持续分化，企业级 SSD 价格上行 行业评级：增持 分析师：王文瑞 证书编号：S0500523010001 Tel：(8621) 50293694 Email：wangwr2@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： ❑ Q3 存储原厂价格调涨 三大存储原厂价格调涨趋势未变。Digitimes 统计显示，第三季度受服务 器领域对于 DDR5、HBM 产品的需求景气带动，同时受 DDR5 及 HBM 的产能排挤效应影响，DDR5 及 DDR4 颗粒出厂价格 ...