海 外 研 证券研究报告 究 ＃industryId＃ 房地产 ＃title＃ 2024Q1公募基金港股地产物管持股总结： ＃inve 推stSu 荐ggest ion＃ ( 维持 ） 绿城中国获最多增持，港资房企持仓比例提升 ＃createTime1＃ 2024年 05月 07日 行 相关报告 投资要点 ＃summary＃ 业 《2023Q4 公募基金港股地产物 ⚫ 2024Q1港股地产物管行业表现回顾：截至2024Q1，恒生地产指数YTD降幅 点 管持股总结：行业持仓明显下 为15.3%；恒生物业管理指数YTD降幅为14.0%。虽然2024年4月29日至 滑，中国海外宏洋集团获最多增 5 月 3 日期间，恒生地产指数、恒生物业管理指数分别增长 5.7%和 12.7%， 评 持》20240203 但仍徘徊在历史低位区间。2024Q1基金持有港股地产物业标的整体平均股价 《2023Q3 公募基金港股地产物 报 管持股总结：国央企持仓比例继 跌幅为14.9%，从个股表现来看，2024Q1涨幅前三的公司为绿城管理控股、 告 续提升，绿城服务获最多增持》 绿城服务和嘉里建设，涨幅分别为19.9%、2.7%和0.3% ...

行 业 研 证券研究报告 究 ＃industryId＃ 光伏设备 ＃title＃ 持仓集中度提升，挖掘行业α机遇 ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） ——光伏行业 2023 年年报及 2024 年一季报总结 investS ugg esti onChan ＃createTime1＃ 2024年 05月 07 日 行 ＃ 相关rel 报ate 告dR eport＃ ge＃ 投资要点 业 《【兴证电新】光伏3月报：需 ＃ ⚫ sum 持ma 仓ry＃ ： 光伏行业依然维持超配且持仓集中度提升，集中到业绩表现相对稳定 求回暖，迭代加速》2024-03-22 跟 的龙头公司。根据Wind申万二级行业指数统计，2024年3月31日光伏设备 《【兴证电新】光伏行业跟踪： 踪 2024 年国内光伏装机预期上 行业市值达1.48万亿元，在全A股市值占比为1.68%，从公募基金重仓持股 修，多项利好累积量变引起质 报 数据来看，2024Q1期末公募基金重仓持股总市值中光伏占比为2.99%，超配 变》2024-03-09 告 《【兴证电新】光伏行业2024年 1.31pct，环比提升0.18pct。光伏 ...

Summary of the Conference Call on Geer Software and Quantum Technology Company Overview - Geer Software is a leading enterprise in the password industry, focusing on cryptographic security and actively exploring quantum technology applications [2][3]. Industry Context - The overall performance of the password industry has been affected by economic downturns, with many competitors struggling. However, Geer Software managed to turn losses into profits despite a decline in revenue [3][4]. - The company primarily serves the government and financial sectors, which remain critical for data security [3][6]. Key Points Discussed Financial Performance - Geer Software's first-quarter performance was not strong due to delayed revenue recognition from various projects, but the number of orders on hand has increased compared to the previous year [4]. - The company achieved profitability despite a decrease in revenue, indicating resilience in a challenging market [3]. Quantum Technology Initiatives - Geer Software has been preparing for the challenges posed by quantum computing for two years, recognizing the need for more complex algorithms to secure data against quantum threats [9][10]. - The U.S. has established a timeline for transitioning to post-quantum cryptography (PQC), with significant milestones set for 2030 and 2033, which Geer Software is closely monitoring [10][11]. Market Opportunities - The demand for data security is increasing across various sectors, including government, military, and finance, which are essential for national security [6][7]. - Geer Software is focusing on developing post-quantum cryptographic products and has already completed initial designs and research projects [14][15]. Product Development and Commercialization - The company is working on pilot projects in finance, military, and power sectors for quantum-resistant cryptography [16]. - The market for quantum cryptography is expected to grow significantly, with Geer Software aiming to align its product offerings with this trend [17]. Regulatory Environment - The new commercial password management regulations have expanded the market for cryptographic services, with an increase in the number of certification agencies [38]. - Geer Software is involved in the development of national standards for cryptography, which are expected to be finalized soon [22]. Competitive Landscape - Geer Software is positioned as a pioneer in identity management within the password industry, leveraging its long-standing relationships with government agencies [46][47]. - The competitive landscape is becoming more crowded, but Geer Software aims to expand its market share by focusing on its strengths in government and financial sectors [48]. Future Outlook - The company anticipates stable gross margins and a slight increase in profitability due to a shift towards service-oriented business models [61][64]. - Geer Software is optimistic about its growth prospects, supported by a stable order book and increased client budgets for security solutions [66]. Additional Insights - The transition to quantum-resistant cryptography is not only a technical challenge but also a strategic imperative for national security, prompting Geer Software to enhance its research and development efforts [23][24]. - The company is exploring various applications for its products, including IoT security and data management, indicating a broadening of its service offerings [51][52]. This summary encapsulates the key points from the conference call regarding Geer Software's current status, market opportunities, and future strategies in the context of quantum technology and data security.

Industry Investment Rating - The report maintains a "Maintain" investment rating for the power industry, specifically focusing on the green power market [1] Core Views - The green power market in China is transitioning from guaranteed purchase at fixed prices to market-based bidding, leading to concerns about the profitability of wind and solar projects due to price discounts and increased auxiliary service costs [1] - The contradiction between the declining profitability of green power projects and the accelerating dual-carbon goals is intensifying, necessitating policy adjustments to ensure the realization of energy transition targets [1] - The report suggests that the green power market in China is at a critical juncture, with potential policy changes expected to address the current challenges [1] Domestic Market Analysis - In 2023, the proportion of market-based transactions for wind and solar power reached 47.3%, an increase of 8.9 percentage points year-on-year, with the National Development and Reform Commission (NDRC) aiming for full market participation by 2030 [1] - The average market price for green power in Shandong is generally 0.05-0.20 yuan/kWh lower than the coal benchmark price, and the curtailment rates for wind and solar power exceeded 6% in February 2024 [1] - The domestic green certificate price is currently around 20-30 yuan/MWh, significantly lower than in Europe and the US, indicating room for environmental value realization [1] US Market Analysis - The US green power market is characterized by a mandatory Renewable Portfolio Standard (RPS) and a voluntary market, with the RPS setting mandatory requirements for green power procurement and sales [1] - The US green power revenue structure includes energy prices, production tax credits (PTC), investment tax credits (ITC), and environmental value, with PTC and ITC extended by the Inflation Reduction Act [1] - The US green certificate market is divided into mandatory and voluntary segments, with mandatory certificates priced between 1-50 USD/MWh for non-solar and 150-680 USD/MWh for solar, while voluntary certificates are priced between 1-10 USD/MWh [1] European Market Analysis - The European green power market is supported by high green power penetration rates, with the EU Green Certificate (GO) system complementing national policies [2] - The European green power revenue structure includes energy prices, national subsidies, and environmental value, with subsidies gradually being phased out in countries like Germany and the UK [2] - The European green power PPA market has been growing, with the P25 PPA price in Q1 2024 reaching approximately 81 EUR/MWh, and the GO certificate price stabilizing at 5-6 EUR/MWh in 2023 [2] Investment Recommendations - The report recommends focusing on companies involved in flexibility transformation, such as Qingda Environmental Protection, and pure thermal power operators like Huadian Power International and Anhui Energy [2] - Long-term recommendations include comprehensive power companies like State Power Investment Corporation, China Resources Power, and Huaneng Power International, given the trend towards electrification and clean energy [2] - The report highlights the need to monitor policy changes in the green power operator sector, as the industry faces both risks and opportunities [2]

公 司 研 证券研究报告 究 机械设备 ＃investSuggestion＃ 杭叉集团 （ 603298 ） 增持 ( 维持 ） 电动化趋势持续演绎，国际化布局日渐深入 ＃ ＃ 2024年 5月 7日 投资要点 公 市场数据  公司发布 2023 年年报及 2024 年一季报：2023 年公司叉车等销售 24.5 万台， 司 YOY+6.6%；实现营收162.72 亿元，YOY+12.90%，主要系叉车电动化带动出 日期 2024-5-6 海提速及2023年下半年内销有所复苏；归母净利润17.20 亿元，YOY+74.23%； 点 收盘价（元） 31.39 加权平均净资产收益率22.23 %，YOY+5.53 pct。2024Q1公司实现营业收入41.72 评 总股本（百万股） 935.58 亿元，YOY+6.17%，QOQ+11.04%；归母净利润3.79亿元，YOY+31.16%，QOQ- 报 流通股本（百万股） 935.58 8.73%；2024Q1公司毛利率20.57%，YOY+2.42pct，QOQ-2.12pct；归母净利率 9.08%，YOY+1.65pct，QOQ-1.97pct。 告 净资 ...

公 司 研 证券研究报告 究 ＃industryId＃ 化学制剂 ＃investSuggestion＃ ＃ ＃d 贝yCo 达mp 药any＃业 （ 300558.SZ ） investSug 增持 ( 维ges持tion ）Ch 00 商00 业09 化 梯 队逐渐丰富， ＃t 2it 0le 2＃ 4 年 Q1 销售实现恢复 ange＃ ＃ createTime1＃ 2024年 05月 07日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司公布2023年年报，实现营业总收入24.56亿元（同比+3.35%）， 司 日期 2024-05-06 实现归母净利润 3.48 亿元（同比+139.33%），实现扣非归母净利润 2.63 点 收盘价（元） 43.70 亿元（同比+768.85%）。公司公布2024年一季报，实现营业收入7.36亿 评 总股本（百万股） 418.49 元（同比+38.40%），实现归母净利润0.98亿元（同比+90.95%），实现扣 报 流通股本（百万股） 417.16 非归母净利润0.90亿元(同比+390.39%)。 净资产（百万元） 5 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [10][15]. Core Insights - The company is focused on translational medicine, specializing in the development of innovative drugs and breakthrough therapies, with a robust product pipeline that enhances its competitive edge in the industry [10][25]. - The sales of Shuwotini have exceeded expectations, with significant revenue growth anticipated from ongoing global clinical developments and the introduction of new products [22][31]. - The financial forecasts for the company indicate expected EPS of -2.25 yuan, -1.40 yuan, and -0.12 yuan for the years 2024 to 2026, respectively [10][25]. Financial Summary - For the fiscal year 2023, the company reported total revenue of 0.91 billion yuan and a net loss attributable to shareholders of -11.08 billion yuan, compared to a loss of -7.36 billion yuan in the previous year [20][33]. - In Q1 2024, the company achieved revenue of 0.81 billion yuan, reflecting a quarter-on-quarter increase of 58.87%, with a net loss of -2.24 billion yuan [27][31]. - The gross margin for Q4 2023 was 97.06%, with a decrease in various expense ratios indicating a potential for improved operational efficiency as revenue grows [29][31]. Product Development and Pipeline - Shuwotini has received regulatory approval for the treatment of non-small cell lung cancer (NSCLC) and has shown promising clinical data, positioning it as a leading option in its category [22][35]. - The company is advancing its pipeline with DZD8586, which has demonstrated potential in treating resistant forms of blood cancers, and DZD6008, which has entered clinical trials for lung cancer [35][36].

| --- | --- | |-------------------------------|-------------------------------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-04-30 | | 收盘价（元） | 26.91 | | 总股本（百万股） | 519.82 | | 流通股本（百万股） | 511.40 | | 净资产（百万元） | 3,994.03 | | 总资产（百万元） | | | | 6,077.54 | | 每股净资产（元） 来源： iFinD | 7.68 ，兴业证券经济与金融研究院整理 | | --- | --- | --- | --- | --- | |-----------------------------------------|-------|-------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 2091 | 2822 | 3760 ...

本次电话会议仅服于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 各位经营投资者朋友大家晚上好我是新人宏观段超欢迎大家来参加我们今天晚上的电话会议那么今天呢也是我们第61期的2024年宏观超话电话会议了那在2024年以来呢我们会在每个工作日的晚上由我和我的同事为大家带来宏观研究上的一个分享 那么今天晚上呢将会由我来跟大家聊一聊我们对最近段时间和未来一阶段的宏观市场环境以及资本市场的一个展望嗯其实在昨天的啊这个整个研究院的电话会议里面我们已经简单的啊汇报了一下我们的这个观点那今天呢用15分钟一个时间进行一个相对详细一些的展开 那我们今天的这个题目呢叫做修复信心内稳外乱的资产配置期那熟悉我们2024年整个年度策略整体观点的朋友呢会知道我们今年的 ...

本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的 商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 好的各位投资者大家晚上好我是来自金正恩飞行团队的保险分析师唐亮亮下面由我来简单的汇报一下保险一季报的一个整体情况并且也介绍一下我们对当前保险板块的最新观点那么整体上来看一季度上市前期负债端表现是人生前延续了价值高增长的态势 财产险的保费增速虽然保持了正增长但是是有明显的放缓同时这个综合成本普遍是加压力抬升那么资产端是有所承压但是趋势来看是有改善的比大家之前预期的可能要稍微好一点那么先来看负债端的一个情况负债端的人士险大概是呈现出四个特点第一个特点是这个NBV同比延续了高增长的态势 那么累计的这个增速各家的是在20到50左右那新华的这个增速披露出来的是51最高的增长然后平安的 ...