证券研究报告 ＃industryId＃ 公用事业 ＃title＃ 2024 年前 2 月全社会用电量同比+11%，全年风光发电量 (维＃ 占比预计达 17%以上 ＃inve推stSu荐ggestion＃ 持） investS uggesti ＃createTime1＃ 2024年3月24日 onChan ge＃ ＃ 相关rel报ate告dReport＃ 投资要点 ＃sum2m0a2r4y0＃318-20240322，A股电力指数-0.43%，截至3月22日PE（TTM）估值16.3x；A股燃气 板块指数+0.03%，截至3月22日PE（TTM）估值12.0x。A股电力指数-0.43%，其细分子板块 《【兴证公用】公用周报：深圳 火电、水电、新能源发电变化幅度分别为-1.50%、+0.41%、-0.61%。A股燃气板块指数+0.03%。 管道天然气价格上调，坑口煤价  本周火电组合：建投能源+皖能电力+华电国际+浙能电力+天富能源+华能国际+申能股份+国电电 持续调整》2024-3-17 力+内蒙华电  本周清洁电力组合：中国广核+中国核电+国投电力+川投能源+长江电力 《【兴证公用】公用周报：2024 ...

＃investSuggestion＃ 公 司 研 究 增持 ( 维持 ） 公 司 点 评 报 告 | --- | --- | |--------------------|--------------------------------| | | | | 日期 | 2024-3-27 | | 收盘价（元） | 12.40 | | 总股本（百万股） | 1065.37 | | 流通股本（百万股） | 1059.34 | | 净资产（百万元） | 4327.04 | | 总资产（百万元） | 5273.69 | | 每股净资产（元） | 4.06 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | 分析师： 林佳雯 linjiawen95@xyzq.com.cn S0190522070009 事件：1）公司公告 2023 年报，2023 年公司实现营收/归母净利润/扣非归母净利润 31.49/4.57/4.04 亿元，同比+17.02%/+33.65%/+38.91%。23Q4 公司实现营收/归母净利润/扣非归母净利润 9.15/1.36/1.23 亿元，同比+16.95%/+39.90%/+64.3 ...

Investment Rating - The report maintains a "Recommended" investment rating for the construction and decoration industry in 2024 [1]. Core Insights - The report emphasizes strong government support for infrastructure investment in 2024, with a projected growth rate of 5.8% for fixed asset investment, indicating a continued reliance on infrastructure to stabilize economic growth amid ongoing pressures in the real estate sector [20][21]. - Infrastructure investment in 2023 reached 17.70 trillion yuan, a year-on-year increase of 5.9%, with a total investment of 22.77 trillion yuan when including all categories, reflecting an 8.24% growth [6][19]. - The report highlights that the actual physical workload in infrastructure may lag behind investment growth due to factors such as insufficient project preparation and regulatory constraints on fund usage [6][19]. Summary by Sections 1. Review of 2023 Infrastructure Investment - Infrastructure investment growth in 2023 was characterized by a "front high, back low" trend, with quarterly investments of 3.44 trillion yuan, 6.77 trillion yuan, 5.99 trillion yuan, and 6.57 trillion yuan, showing year-on-year growth rates of 10.82%, 9.81%, 6.16%, and 7.27% respectively [6][19]. - The report notes that the growth in infrastructure investment was supported by a significant increase in special bonds and government bonds in the fourth quarter, which helped to improve the funding situation [6][19]. 2. Analysis of Government Infrastructure Investment Demand for 2024 - The report indicates that the demand for government infrastructure investment remains robust, with a weighted average target growth rate of 5.8% for fixed asset investment across various provinces [20][21]. - Infrastructure investment is expected to play a crucial role in countering the downturn in the real estate sector, which saw a year-on-year decline of 9.6% in 2023 [20]. 3. Funding Sources for Infrastructure Investment in 2024 - The report outlines that the funding sources for infrastructure investment are expected to be sufficient, with a mix of national budget funds, domestic loans, and self-raised funds [23][27]. - It highlights that the proportion of general public budget expenditure directed towards infrastructure is expected to remain stable, with a projected issuance of 3.9 trillion yuan in new special bonds for 2024 [27][28]. 4. Outlook for Infrastructure Investment in 2024 - The report forecasts that infrastructure investment will continue to grow, with an expected increase of 8.6% under optimistic conditions and 5.3% under neutral conditions [28]. - It emphasizes the necessity of infrastructure investment to support economic recovery, predicting that the physical workload will align more closely with investment growth in 2024 [28].

Investment Rating - The investment rating for Huatai Securities is "Buy" [1][3]. Core Views - Huatai Securities reported strong performance in 2023, achieving operating revenue and net profit attributable to shareholders of 36.578 billion and 12.751 billion yuan, respectively, representing year-on-year increases of 14.2% and 15.4% [3]. - In Q4, the company recorded operating revenue and net profit attributable to shareholders of 9.348 billion and 3.165 billion yuan, with quarter-on-quarter growth of 5.5% and 4.5% [3]. - The company’s return on equity (ROE) increased by 0.63 percentage points to 8.1% [3]. - The report highlights a significant growth in investment income, with net investment income rising by 64.9% year-on-year to 15.578 billion yuan [3]. - The asset management business showed resilience, with net income increasing by 12.9% year-on-year to 4.256 billion yuan, despite a decline in brokerage and investment banking revenues [3]. Summary by Sections Financial Performance - For 2023, Huatai Securities achieved operating revenue of 36.578 billion yuan and net profit of 12.751 billion yuan, with respective year-on-year growth of 14.2% and 15.4% [3]. - The company’s operating revenue for Q4 was 9.348 billion yuan, with a net profit of 3.165 billion yuan, reflecting quarter-on-quarter increases of 5.5% and 4.5% [3]. - The weighted average ROE increased to 8.1%, up by 0.63 percentage points [3]. Revenue Breakdown - The company generated 14.613 billion yuan from fee-based services, down 10.0% year-on-year, while income from capital-based services surged by 36.9% to 16.530 billion yuan [3]. - Brokerage, investment banking, and asset management revenues were 5.959 billion, 3.037 billion, and 4.256 billion yuan, respectively, with declines in brokerage and investment banking but growth in asset management [3]. Future Outlook - The report maintains a positive outlook for Huatai Securities, projecting net profit attributable to shareholders of 13.116 billion and 14.154 billion yuan for 2024 and 2025, respectively, indicating year-on-year growth of 2.9% and 7.9% [3]. - The price-to-book (PB) ratios are projected at 0.80 and 0.78 for 2024 and 2025, respectively, based on the closing price on March 28 [3].

行 业 研 证券研究报告 究 ＃industryId＃ 社服&零售&美护 ＃title＃ 2024年1-2月社会消费品零售总额同比增长5.5％， ＃inve推stSu荐ggestion＃ 多公司发布2023年度报告 (维持） ＃createTime1＃ 2024年03月 24日 投资要点 行 公司 评级 ＃summ本ary期＃（2024.03.18-2024.03.22）观点：社服：今年春节旅游出行延续元旦高景气，随着3月 业 中国中免 增持 中旬天气逐步转暖，旅游需求有望再次回升，短期关注具备数据催化的个股；同时积极寻 找此前调整后低估值、2024年存在边际改善的板块龙头布局机会。核心标的：锦江酒店、 锦江酒店 增持 周 米奥会展、中国中免，建议关注：天目湖、三特索道、九华旅游。教育&人服：教育需求 首旅酒店 增持 刚需、基本面稳健，政策边际转好，龙头公司采取积极的降本增效措施，叠加AI应用逐步 报 科锐国际 增持 落地，以及受海外龙头业绩好转影响，板块关注度提升；春节后商务活动活跃有望带动人 爱美客 增持 服行业数据改善。核心标的：行动教育、科锐国际，建议关注：学大教育、北京人力、华 图山鼎。黄金珠宝： ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company has signed orders for 18 new 4600TEU container ships, with 11 launched in 2023, supporting its strategy of converting bulk carriers to container ships [1]. - The company's cargo volume increased by 29% year-on-year, accounting for 22% of its total cargo volume, with key cargo types including corn, coal, and sand [1]. - The company disposed of 5 old container ships during the reporting period, totaling 220,000 deadweight tons, with an average age exceeding 20 years [1]. - A high dividend payout ratio of 88.05% is planned for 2023, with a cash dividend of 7.2 yuan per 10 shares, totaling 1.512 billion yuan [1]. - Projected net profits for 2024-2026 are estimated at 1.55 billion, 1.726 billion, and 1.862 billion yuan, respectively, with corresponding EPS of 0.74, 0.82, and 0.89 yuan [1]. Financial Summary - In 2023, the company reported operating revenue of 12.439 billion yuan, a year-on-year decrease of 12.46% [9]. - The net profit attributable to the parent company was 1.717 billion yuan, down 37.36% year-on-year [8][9]. - The gross profit margin for 2023 was 14.3%, with a projected decline to 11.6% in 2024 [9]. - The return on equity (ROE) for 2023 was 16.0%, expected to decrease to 14.4% in 2024 [9]. - The company’s total assets were reported at 23.399 billion yuan, with a total liability of 12.646 billion yuan [9].

Investment Rating - The report maintains a positive outlook on the environmental protection industry, emphasizing the potential for valuation re-rating of low valuation, high dividend stocks [6][39]. Core Insights - The environmental protection sector is experiencing a divergence, with traditional operators showing low valuations and high dividends, while new industries are emerging due to changing economic and social demands [6][39]. - The report highlights the importance of operational stability and the potential for companies to create new growth avenues through second ventures [6][39]. Summary by Sections 1. Important Data Tracking - From March 18 to March 22, 2024, the national carbon market saw a trading volume of 192,900 tons, a decrease of 33.22% compared to the previous period [15]. - The closing price for carbon emission allowances was 83.83 yuan/ton, reflecting a 4.79% increase from the previous period [15]. - In the EU, carbon futures trading volume totaled 152 million tons, down 37.91%, with an average settlement price of 58.87 euros/ton, up 5.97% [12]. 2. Market Performance - During the period from March 18 to March 22, 2024, the A-share environmental index fell by 0.99%, while the H-share index dropped by 1.99% [24]. - The A-share environmental sector's PE (TTM) valuation stood at 16 times as of March 22, 2024 [24]. 3. Industry News - Five departments issued a notice to strengthen the construction and maintenance of urban sewage networks, aiming for a collection rate of over 73% by 2027 [35]. - The report mentions the government's focus on ecological civilization and green low-carbon development [3]. 4. Key Company Announcements - High Energy Environment won a bid for a sludge disposal project, which is expected to positively impact future performance [36]. - Yingfeng Environment secured multiple project bids totaling 879 million yuan [36]. - The report also notes various investment activities and project developments by other companies in the sector [36]. 5. Investment Recommendations - The report suggests focusing on companies with strong operational capabilities and those that are well-positioned to benefit from high-growth potential in emerging environmental sectors [42]. - Recommended companies include Hongcheng Environment in water treatment, and High Energy Environment, Huanlan Environment, and Weiming Environment in solid waste treatment [42].

证券研究报告 ＃industryId＃ 有色金属 ＃title＃ 关注算力浪潮下的铜合金布局机会 ＃ ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ onChan 2024 年03 月24 日 ge＃ 投资要点 重点公司 ＃sum英ma伟ry达＃ GB200NVLink铜互联方案以及高速连接器需求放量有望打开高端铜 重点公司 评级 合金市场需求。本次英伟达GB200超级芯片系统所采用的光+铜互连方案， 博威合金 增持 其中NVSWITCH集成在服务器内部，成本可节约6倍，预计大概率使用高 金诚信 增持 速背板连接器进行物理连接。黄仁勋第一次在GTC大会上强调了铜连接在成 洛阳钼业 增持 本和性能上的优势，随着GB200的推出，铜线缆有望打开铜合金材料需求增 铜陵有色 增持 量空间。此外，受益于AI算力时代的快速发展，数据中心对数据传输速率已 从400G到800G向1.6T快速发展，高速背板/高速IO连接器作为数据中心系 中国铝业 增持 统互联关键硬件之一，有望充分受益于AI算力需求的增长，而高性能铜合金 神火股份 增持 作为高速连接器的关键材料 ...

行 业 研 证券研究报告 究 通信 【兴证通信】通信行业周报（03.18-03.24）： GB200 的光铜投资机遇 推荐 ( 维持 ） ＃ t Ti 1＃06 2024年 03月 24日 行 投资要点 重点公司 评级 业 ＃ ＃ 【板块走势】 周 中际旭创 增持 本期（03.18-03.24）中信通信板块上涨0.96%，其中通信设备制造下跌0.20%，增值服务上 报 天孚通信 增持 涨5.54%，电信运营上涨2. 59%，同期沪深300指数下跌0.70%，中小板指数上涨0.58%， 创业板指数下跌0.79%。 新易盛 增持 中瓷电子 增持 【周观投资】 周观点：2024GTC大会召开，光铜共进或为未来发展趋势；OFC 2024召开在即，1.6T/800G 鼎通科技 增持 光模块/CPO等技术成为亮点，随着后续1.6T光模块加速放量，重点推荐光模块产业链。 中兴通讯 增持 GTC大会召开，光和铜共进。2024年3月19日，英伟达创始人黄仁勋发表GTC 2024的 亿联网络 增持 主题演讲《见证AI的变革时刻》。在演讲中，黄仁勋公布了搭载B200芯片的GB200 Grace 英维克 增持 Blackwell超级 ...

工商银行（601398.SH） ＃dyStockcode＃ ＃title 规模稳健扩张，高分红延续 ——工商银行 2023 年年报点评 ⚫ 资产质量基本稳定，重点领域资产质量持续向好。2023 年末公司不良率环比 持平于 1.36%（较去年末-2bp），关注率同比-10bp，逾期率+4bp，拨备覆盖率 环比-2pcts 至 214%（较去年末+4pcts）。拆分来看，对公不良率较去年末-15bp， 其中制造业不良率持续下降，房地产不良率同比-77bp，资产质量持续向好。 零售不良率较去年末+10bp，信用卡不良率同比+62bp，消费贷不良率同比- 37bp。 ＃分析师： emailAuthor＃ ＃陈绍兴assAuthor＃ SAC：S0190517070003 chenshaox@xyzq.com.cn 事件 ⚫ 息差持续收窄，同比-31bp。2023 年公司净息差 1.61%，同比-31bp。其中， 贷款收益率同比-24bp，对公/零售贷款收益率同比分别下降 29bp/46bp，主要 受 LPR 利率多次下调、存量房贷利率调整等因素影响；存款成本率同比 +14bp，主要受存款定期化趋势影响。 公司点评报告 ...