Investment Rating - The report maintains the investment rating for the computer industry [1] Core Insights - The earnings season is approaching, and it is recommended to focus on leading companies with strong performance growth. The 2023 annual reports are being disclosed, and the Q1 2024 earnings forecasts will be released in early April. The quality of company operations will significantly impact stock prices, suggesting a focus on companies with strong Q1 performance certainty and good annual growth potential [3][8] - The AI industry trend is strengthening, with continuous investment opportunities in the AI sector. Recent developments include NVIDIA's GTC conference, where the new Blackwell architecture GPU chip B200 was announced, and domestic advancements such as the Kimi intelligent assistant capable of processing up to 2 million words and Alibaba's free access to long document processing [3][8] Summary by Sections 1. Industry Weekly Viewpoints - The report emphasizes the importance of balancing performance and industry trends as the earnings season begins. It suggests increasing allocations to leading companies with strong growth potential [3][8] 2. Chip Computing Power and Software Platforms - NVIDIA's GTC conference showcased significant advancements in hardware and software. The new B200 chip, based on the Blackwell architecture, offers performance improvements of up to 2.5 times compared to the previous generation H100 chip, with a total of 208 billion transistors [10][11] - The GB200 super chip was also introduced, achieving a performance capability of 40 petaflops, significantly outperforming the H100 in various benchmarks [12][14] 3. Market Performance Review - From March 17 to March 23, the computer (CITIC) index rose by 3.51%, outperforming the ChiNext index by 4.30 percentage points and the Shanghai Composite index by 3.73 percentage points, ranking third among all industries [24][25] 4. Major News - The report highlights significant developments in AI, including the open-sourcing of Elon Musk's Grok model and the United Nations passing its first resolution on AI, emphasizing the need for equitable access to AI technology [28][32] 5. Company Dynamics - Key companies to watch include Kingsoft Office, Haiguang Information, Inspur Information, and others, which are positioned well within the AI and computing sectors [4][9]

行 业 研 证券研究报告 究 ＃industryId＃ 化工 ＃title＃ 应急管理部发布第二批淘汰落后危化品安全生产工艺技术设备目录， IEA上调全球石油需求增量预期 ＃ ＃＃iinnvvee推推ssttSSuu荐荐ggggeesstt iioonn＃＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 3月 19日 onChan 重点公司 ge＃ 投资要点 行 重点公司 评级 ＃ 可s 关um 注ma 公ry＃ 司 ： 业 万华化学 买入 价值类：具备业绩安全边际的龙头白马价值凸显。 华鲁恒升 买入 周 扬农化工 买入 化工品价格、价差底部区域，龙头白马中长期性价比凸显。当前，化工品价 报 中国巨石 增持 格、价差处于底部区域，龙头白马估值亦跌至底部水平。龙头公司周期底部 联化科技 增持 业绩测算，该估值具有强安全边际。叠加龙头白马产业链一体化、规模、成 华峰化学 增持 本优势明显，在建工程充足，中长期有望在当前扩产周期中保持市场份额增 金禾实业 买入 新和成 增持 长。重点推荐：万华化学、华鲁恒升、扬农化工、卫星化学、宝丰能源等。 润丰股份 增持 弹性类：供给端受 ...

公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 兴业银行（601166） ＃title＃ ＃inve买stSu入ggest ion＃ ( i维 nv＃ e持 stS ） 业绩筑底，静待回升 ——兴业银行 2023年报点评 公 ou ng Cg e hs at ni ＃createTime1＃ 2024年 3月 29 日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ 评 ⚫ 资产负债表重构展现积极变化，业绩筑底静待回升。2023 年营收和归母 净利润分别同比-5.2%、-15.6%，Q4单季度分别为-3.9%、-37.9%，营收增 报 速受非息收入增长提振，利润降幅扩大，主因加大力度计提风险减值，做 告 实资产质量。收入方面：①利息净收入同比+0.8%，贷款增速同比+9.5%， 息差同比-17bp，降幅好于同业。②手续费净收入同比-38.4%，主要是2022 ＃分em析a师ilA：ut hor＃ 年一次性确认理财老产品收益抬高基数的影响。③其他非息收入同比 ＃陈a绍ss兴Au thor＃ ...

行 业 研 证券研究报告 究 ＃industryId＃ 电气设备 ＃title＃ 光伏行业跟踪： ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） 2024 年国内光伏装机预期上修，多项利好累积量变引起质变 investS ugg esti onChan ＃createTime1＃ 2024年 03月 09 日 行 ＃ 相关rel 报ate 告dR eport＃ ge＃ 投资要点 业 《【兴证电新-周报】氢能政策端 ＃ ⚫ sum 2m 0a 2r 3y＃ 年 国内实际装机已超预期，加上 2024 年国内需求增速预计超预期，因 边际持续改善，配网建设有望加 跟 此我们上修 2024 年国内装机需求至 260GW。理由如下：（1）国网新能源云 快-20240303》2024-03-03 踪 《【兴证电新-周报】光伏排产预 数据显示，国网区域2024年1月光伏新增装机为18.2GW，同比增长52.4%， 计显著修复，电表招标迎开门 报 其中集中式新增 8.0GW，同比增长 48.7%，分布式新增 10.2GW，同比增长 红》2024-02-26 告 《【兴证电新-周报】硅料价格逐 57.2%；（2）两 ...

证券研究报告 ＃industryId＃ 汽车 ＃title＃ 周动态：理想汽车一月交付 3.1 万辆，比亚迪业绩预告符合预期 ＃ ＃inve推stSu荐ggestion＃ 维持 ( investS） uggesti onChan ＃createTime1＃ 2024 年2月5日 ge＃ 重点公司 重点指数周表现（2024.1.22-2024.1.26） 指数 周涨跌幅（%） 周成交额（亿元） 年初至今涨跌幅（%） 重点公司 评级 上证综指 -6.2% 18121 -6.8% 长城汽车 增持 创业板指 -7.9% 7767 -12.7% 银轮股份 增持 SW汽车 -10.1% 1666 -14.9% SW乘用车 -9.4% 413 -13.2% 拓普集团 增持 SW商用车 -11.6% 117 -9.4% 爱柯迪 增持 SW零部件 -9.8% 981 -15.9% 福耀玻璃 买入 SW汽车服务 -16.0% 75 -20.8% 科博达 增持 资料来源：iFinD，兴业证券经济与金融研究院整理 投资要点 来源：兴业证券经济与金融研究院 ＃ 相关rel报ate告dReport＃ ＃ ＃ ss uu mm m本m ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 房地产开发 ＃investSuggestion＃ ＃ ＃d 招yCo 商mp 蛇any＃口 （ 001979 ） investSug 买入 ( 维ges持tion ）Ch 000009 ＃title＃ 2023 年年报点评：业绩同比高增，高分红积极回报股东 ange＃ ＃ createTime1＃ 2024年 3月 19日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 3月18日，招商蛇口发布2023年年报，公司实现营收1750.08亿元， 司 日期 2024/3/19 同比下降4.37%，实现归母净利润63.19亿元，同比上升48.20%。 点 收盘价（元） 9.49 ⚫ 点评：23年业绩同比高增，结算权益比提升。23年公司实现营收1750.08亿 评 总股本（百万股） 9061 元，同比下降4.37%，实现归母净利润63.19亿元，同比上升48.20%；综合 报 流通股本（百万股） 7738 毛利率15.89%，同比下降3.36pct。23年公司营收、毛利率下滑但业绩同比 净资产（百万 ...

行 业 研 证券研究报告 究 ＃industryId＃ 白酒 ＃title＃ 动销表现平稳，酒企经营务实 ＃ ——春糖白酒反馈 ＃inve推stSu荐ggest ion＃ (维持) investSuggestion C hange＃＃ createTime1＃ 2024年 3月 19日 行 业 重点公司 投资要点 跟 ＃summary＃ 重点公司 评级 春糖反馈白酒动销表现平稳，库存良性、价盘有所转好 踪 贵州茅台 买入 ⚫ 春节旺季动销表现好于市场悲观预期，节后进入相对淡季、动销回落至 报 五粮液 买入 往年正常节奏。分场景来看，春节期间大众聚饮、走亲访友表现强劲， 告 泸州老窖 增持 商务、宴席节后亦有所恢复；分价位来看，春节期间千元价格带、100- 山西汾酒 增持 300 元价格带动销更优，次高端价格带有所分化，节后以去库挺价为 今世缘 增持 主，当前主流酒企库存良性、价盘有所转好。 古井贡酒 增持 产业层面预期不高、趋势清晰，有望呈现酒业再平稳 迎驾贡酒 增持 来源：兴业证券经济与金融研究院 ⚫ 从品类的角度来看，我们观察到部分白酒展厅清香型品牌相比往年明显 ＃ 相关rel 报ate 告dR epor ...

Investment Rating - The report maintains a positive investment suggestion for the media industry, specifically recommending stocks such as Huace Film & TV, Zhongwen Online, Wanxin Media, Southern Media, and BlueFocus [1][4]. Core Insights - Kimi Smart Assistant has achieved a significant upgrade, now supporting 2 million characters of lossless context, marking a breakthrough in long context window technology [1][2]. - The user access for Kimi has reached new heights, with 3.05 million visits in February 2024, making it the leading product among AI startups [1][2]. - The report emphasizes three core functionalities of Kimi: content retrieval, content understanding, and content generation, which are expected to drive future growth in AI applications [1][3][4]. Summary by Sections Event Overview - Kimi Smart Assistant's upgrade on March 18, 2024, supports 2 million characters of lossless context, enhancing its capabilities significantly [1][2]. User Engagement - Kimi's initial launch in October 2023 featured a 200,000-character lossless context, and the recent upgrade has increased this capability tenfold [1][2]. - The assistant's user engagement metrics show a rise in visits, with 305 million in February 2024, indicating strong market performance [1][2]. Functional Capabilities - Kimi's core functionalities include: 1. Content Retrieval: Enhanced search capabilities compared to traditional engines, providing accurate answers and efficient information collection [3]. 2. Content Understanding: Effective information aggregation and content extraction, supporting various office scenarios [3]. 3. Content Generation: Potential for generating specialized content in fields like short dramas, live e-commerce, and education, with future improvements expected [3][4]. Investment Recommendations - The report suggests investing in specific companies within the media sector, highlighting potential growth driven by advancements in AI technology [1][4].

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry [2]. Core Views - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the comprehensive implementation of market value management assessments for listed companies, reinforcing the positive outlook on investment opportunities in state-owned construction enterprises [3][4]. - In January, a net increase of 150 billion PSL (Pledged Supplementary Lending) is expected to support key areas, particularly the "Three Major Projects" [4][16]. - The construction sector is anticipated to benefit from increased funding and policy support, particularly in urban village renovations and affordable housing projects [17]. Summary by Sections Industry Views and Investment Recommendations - SASAC's focus on market value management is expected to enhance shareholder returns and increase dividend rates among state-owned enterprises [9][14]. - The construction industry is currently at a historical low in terms of valuation, with significant potential for upward movement due to ongoing reforms and stable earnings growth [12][18]. - The report suggests focusing on low-valuation leading construction state-owned enterprises such as China State Construction, China Railway, China Communications Construction, and China Railway Construction [4][18]. Market Performance - The construction sector has shown significant gains, outperforming the CSI 300 index, with expectations of continued upward trends following short-term corrections [11][12]. - The report highlights that the current valuation of major construction state-owned enterprises remains at historical lows, indicating strong potential for absolute returns [12][14]. Key Company Dynamics - The report lists key companies with "Buy" ratings, including China Railway, China State Construction, China Communications Construction, China Railway Construction, and others [2][11]. - The performance of these companies is expected to improve due to favorable policies and increased funding for infrastructure projects [4][17]. Financial Data and Trends - In January, the net increase in PSL reached 150 billion, contributing to a total of 500 billion for the current round, indicating strong government support for infrastructure projects [4][16]. - The report notes that the construction sector's earnings and cash flow have improved, with expectations for continued positive trends in dividend payouts [14][15].

＃相关报告 relatedReport＃ 《【兴证轻工】五洲特纸 2023 年 中报点评：Q2 扭亏为盈，23H2 利润进入快速释放期》2023-08- 14 《【兴证轻工】五洲特纸 2023 年 一季报点评：盈利底部已现，看 好 23 年利润逐季改善》2023-04- 29 《【兴证轻工】五洲特纸 2022 年 年报点评：收入保持高增，期待 浆价回落释放盈利弹性》2023- 04-20 研究助理： wangkaili@xyzq.com.cn S0190522070001 公 司 研 究 ＃分析师： emailAuthor＃ zhangyi22@xyzq.com.cn 增持 ( ＃ investSug gestionCh ange＃ 维持 ） 投资要点 ＃⚫summary 事件：公司发布 ＃ 2023 年年报。2023 年收入/归母净利润/扣非归母净利润 为 65.19/2.73/2.52 亿元，同比+9.3%/+33%/+54.4%；2023Q4 收入/归母净 利润/扣非归母净利润为 18.55/1.66/1.59 亿元，环比+1.7%/+39.4%/67.8%。 ② 2023Q4 日用消费系列收入 5.8 ...