行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 年报高峰将至，关注分红趋势 ＃ ——银行业周报（2024.03.18-2024.03.22） ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 3月 24日 onChan ge＃ 投资要点 行 ＃ 相关rel 报ate 告dR eport＃ ＃⚫ sum本m周ar（y＃3. 18-3.22）银行板块整体上涨 0.07%，跑赢沪深 300指数 0.77个百分 业 点，表现居前的为：沪农商行(4.56%)、浙商银行(3.87%)、北京银行 平安银行大幅提升分红率，南京银 行大股东增持 (3.48%)。 周 ——银行业周报（2024.03.11- ⚫ 3 月 21 日，国新办就近期投资、财政、金融有关数据及政策情况举行发布 报 2024.03.15） 会，重点内容包括：1）财政方面，截至今年 2 月，国家发展改革委已经分 三批下达完毕 1 万亿元增发国债项目清单，增发国债资金已经全部落实到 1.5 万个具体项目。除了去年增发的 1 万亿元国债、今年 1 万亿 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown steady growth in performance, with 2023 revenue and net profit increasing by 0.3% and 0.7% year-on-year, respectively [3][4] - Total assets increased by 8.2% year-on-year, with loans growing by 8.9%, driven primarily by corporate loans [4][5] - The net interest margin decreased by 2 basis points to 1.28%, with a year-on-year decline of 20 basis points [4][5] - Asset quality remains stable, although the non-performing loan ratio in the real estate sector has risen significantly [4][5] Summary by Sections Performance Overview - In 2023, the company achieved operating income of 257.6 billion and a net profit attributable to shareholders of 92.7 billion, reflecting a year-on-year growth of 0.3% and 0.7%, respectively [3][4] - The net interest income decreased by 3.4% year-on-year, while other non-interest income increased by 20% [4][6] Loan and Asset Growth - Total assets grew by 8.2% year-on-year, with loans increasing by 8.9% [4][5] - Corporate loans contributed approximately 71% of the incremental growth, with significant increases in manufacturing, green credit, and strategic emerging industries [4][5] Interest Margin and Cost - The net interest margin for 2023 was 1.28%, with a decrease in loan yield by 26 basis points year-on-year [4][5] - The cost-to-income ratio was 30.0%, reflecting a slight increase of 0.4 percentage points year-on-year [4][6] Asset Quality - The non-performing loan ratio was stable at 1.33%, with a slight increase in the real estate sector's non-performing loans [4][5] - The provision coverage ratio decreased to 195%, although it remains higher than the previous year [4][5] Capital Adequacy - As of the end of 2023, the core Tier 1, Tier 1, and total capital adequacy ratios were 10.23%, 12.22%, and 15.27%, respectively, all meeting regulatory requirements [5][6] Earnings Forecast - The company is expected to have an EPS of 1.25 yuan in 2024 and 1.27 yuan in 2025, with a projected PB of 0.49 times by the end of 2024 [5][6]

证券研究报告 ＃industryId＃ 家用电器 ＃title＃ 4 月空调排产提速高增，继续看好白电配置价值 ＃ ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ onChan 2024 年03 月24 日 ge＃ 重点公司 投资要点 ＃sum2m4a年ry＃4月空调排产提速高增，总排产同比+22.6%，内销、出口排产增速分别为+18.5%、 重点公司 评级 +28.8%。根据 AVC 数据，2024年4月家用空调总排产2073万台，同比+22.6%，增 速环比+1.0pct；其中内销排产1205万台，同比+18.5%，增速环比+0.9pct；出口排产 美的集团 增持 868万台，同比+28.8%，增速环比+2.3pct。生产端，4月空调内销、出口排产环比继 海尔智家 买入 续提速高增。需求端，存量更新需求释放有望继续拉动空调内销增长；受益海外补库 石头科技 增持 需求强化，空调外销高增成为空调排产提速增长的主要驱动因素。供需共振下，空调 板块有望延续高景气。 海信视像 增持  24W12铜、铝、ABS、热轧板卷价格均环比上升。铜价本周均价7 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 铝 ＃investSuggestion＃ ＃ ＃d云yCo铝mpa股ny＃份 （ 000807 ） investSug 增持 ( 维ges持tionC）h 000807 ＃title＃ Q4 业绩环比明显提升，关注云南复产进度 ange＃ ＃createTime1＃ 2024 年03 月29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告，2023年公司实现营业收入426.69亿 市场数据日期 2024-03-28 元，同比减少11.96％；实现归母净利润39.56亿元，同比减少13.41%；实 收盘价（元） 13.62 现每股收益1.14元，同比减少13.64%。公司拟向全体股东每10股派发现金 总股本（百万股） 3467.96 红利2.3元（含税）。 流通股本（百万股） 3467.91 净资产（百万元） 25729.23  电解铝价格回落叠加云南电解铝限产，公司业绩同比回落。2023年公司业绩 同比有所下滑，主要受电解铝产品价格回落及云南地区电解铝产能减产影 总资产（百万元） 3 ...

证券研究报告 汽车 ＃title＃ 海外汽车周报(2024.3.18-2024.3.22) ＃investSuggestion＃ 推荐 （维持） 小鹏新一轮强产品周期可期，雅迪产品结构优化 2024 年3月24 日 相关报告 指数表现（截至2024/3/22） 指数名称 指数点位 年内涨幅 本周涨幅 近一个月涨幅 ＃兴e业m证ail券Au经th济or与＃金融研究院 香港汽车与汽零 10,245 -11.2% -4.1% 7.7% 恒生指数 16,499 -3.2% -1.3% 1.6% 分析师： A股汽车与汽零 11,207 2.0% 0.8% 19.0% 余小丽 沪深300 3,545 3.3% -0.7% 3.9% yuxiaoli@xyzq.com.cn MSCI全球/汽车 295 -4.9% 4.1% 0.6% SFC：AXK331 纳斯达克指数 16,429 9.4% 2.9% 5.1% SAC：S0190518020003 道琼斯工业指数 39,476 4.7% 2.0% 2.4% 标普500 5,234 9.7% 2.3% 5.2% 资料来源：Wind，兴业证券经济与金融研究院整理 李梦旋 投资 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 中药 ＃investSuggestion＃ ＃ ＃d 华yCo 润mp 三any＃九 （ 000999.SZ ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 全年业绩增长稳健，持续推进昆药融合 ange＃ ＃ createTime1＃ 2024年 3月 28日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 全ma 年ry＃ ⚫ 业 绩增长稳健，经营质量优秀。2023年公司实现营业收入247.39亿 司 日期 2024-03-27 元 ，同比增长36.83%，归母净利润28.53亿元，同比增长16.5%，扣非 点 收盘价（元） 53.20 归母净利润27.11亿元，同比增长22.18%，全年经营性现金流净额41.92 评 总股本（百万股） 988 亿元，同比增长 39.43%；剔除昆药并表影响，公司营业收入稳健，符合 预期。2023年Q4单季公司实现营业收入61.31亿元 ，同比增长2.72%， 报 流通股本（百万股） 978 归母净利润4.5亿元，同比下降9.29%，扣非 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 新能源发电 ＃investSuggestion＃ ＃ ＃d龙yCo源mpa电ny＃力 （ 001289 ） investSug 增持 ( 维ges持tionC）h 0000 减09 值计提压制业绩＃ ，title＃ 看好资产扩张潜力 ange＃ ＃createTime1＃ 2024 年3月29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：龙源电力发布2023年报，公司全年实现营业收入376.42亿元，同比-5.57%， 日期 2024-3-27 归母净利润62.49亿元，同比+22.27%。公司全年完成发电量762.26亿度，同比+7.9%， 收盘价（元） 18.20 其中风电613.53亿度，同比+5.2%，光伏等可再生能源45.53亿度，同比+159.8%， 火电103.20亿度，同比-2.39%。截至2023年底，公司控股装机容量为35.59GW，其 总股本（百万股） 8,381.96 中风电27.75GW（新增1.56GW），光伏等可再生能源5.96GW（光伏新增2.95GW）， 流通股本（百万股） 13 ...

Investment Rating - The report recommends high-quality real estate property management companies, highlighting their stable performance and generous dividends [2][29]. Core Insights - The real estate sector is experiencing a divergence in stock price performance, with top gainers being Jianfa International, Agile Group, and Jindi Commercial Properties, with respective increases of +22.8%, +4.3%, and +0.0% [4][6]. - The report emphasizes the positive impact of recent policy adjustments aimed at supporting the healthy development of the real estate industry, including the establishment of a real estate financing coordination mechanism and adjustments to purchase restrictions in major cities [4][28]. - State-owned real estate companies are noted for their financial stability, smooth financing, and ability to secure land in core cities, ensuring sales and performance [2][29]. Summary by Sections Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Real Estate Index declining by 5.31% this week, while the US markets saw gains in major indices [6][7]. - Year-to-date stock performance for major property management companies varies, with Jinmao Service, Yuexiu Service, and Xing Sheng Commercial showing increases of 12.2%, 8.5%, and 6.5% respectively [11]. Policy Developments - Recent policies include the establishment of a real estate financing coordination mechanism and adjustments in purchase policies in cities like Guangzhou, Shanghai, and Shenzhen to support demand [4][28]. - The report anticipates further supportive policies to be implemented to enhance both supply and demand in the real estate market [4][28]. Company Recommendations - Recommended real estate companies include China Resources Land, Greentown China, Yuexiu Property, and China Overseas Development, while property management companies include China Resources Vientiane Life, China Overseas Property, Poly Property, and Yuexiu Services [2][29]. - The report also highlights the leading construction management company Greentown Management Holdings and the real estate transaction service platform Beike as additional recommendations [2][29]. Financial Performance - The report notes that many real estate companies are facing significant losses due to declining gross margins and other financial challenges, while state-owned enterprises maintain robust financial health and dividend payouts [28][31].

Investment Rating - The report maintains a positive investment rating for the defense industry, indicating a favorable outlook based on the projected budget increases and strategic investments in key areas [1]. Core Insights - The U.S. Department of Defense has proposed a fiscal year 2025 base budget of $849.8 billion, reflecting a 3.98% increase from the previous year, marking a new historical high [5]. - The discretionary defense budget requested by the Biden administration for FY 2025 is $895.2 billion, which is an increase of $8.9 billion (1.00%) compared to FY 2024 [5]. - The budget allocation for military personnel, operations and maintenance, procurement, and research, development, test, and evaluation (RDT&E) shows slight structural changes, with procurement and RDT&E combined accounting for 36.56% of the total budget [13][15]. Summary by Sections 1. Overall Defense Budget Situation - The FY 2025 base budget is $849.8 billion, up 3.98% from FY 2024, with a discretionary budget of $895.2 billion [5]. - The defense budget as a percentage of GDP is projected to be 3.25%, an increase of 0.15 percentage points year-on-year [10] 2. Major Weapon Systems Budget - The budget for aircraft and related systems is $61.2 billion, showing a slight increase of 0.16% [17]. - The budget for shipbuilding and maritime systems remains stable at $48.1 billion, with a significant focus on underwater combat vessels [25]. - The C4I system budget is set at $21.1 billion, reflecting a substantial increase of 45.52% due to reclassification of certain projects [34]. 3. Specific Weapon Systems - The F-35 procurement is set to decrease, with a total of 68 aircraft planned for purchase, down 18.07% from previous years [19]. - The B-21 stealth bomber budget is $2.684 billion, up 15.11%, while the Next Generation Air Dominance project sees a budget increase of 43.48% to $3.3 billion [23]. - The budget for missile defense projects is $13.5 billion, down 8.78%, with a focus on ballistic missile defense systems [39]. 4. Ground and Space Systems - The ground systems budget is $13 billion, showing a decrease of 6.47% [50]. - The space systems budget is projected at $25.2 billion, a slight decrease of 3.45% from the previous year, with significant investments in satellite systems [53]. 5. Future Procurement and Development - The Orca unmanned underwater vehicle project has a budget of $21 million for FY 2025, with future procurement contingent on the progress of initial units [34][32]. - The report highlights the ongoing commitment to enhancing capabilities in unmanned systems and advanced technologies, indicating a strategic shift towards modernization [34].

行 业 研 证券研究报告 究 ＃industryId＃ 非银金融 ＃title＃ 兴证非银周报（240318-240322）： ＃inve推stSu荐ggest ion＃ （ 维＃ 持 ） 万能险结算利率下调，缓解负债成本压力 investS ugg es ti ＃createTime1＃ onChan 2024年 3月 24日 ge＃ 重点公司 投资要点 行 周度回顾： 重点公司 评级 本周保险Ⅱ(申万)下跌3.65%，跑输沪深300指数2.95pct；10年期国债到期收益率下行 业 2.1BP至2.30%。受利率下行以及部分险企年报利空因素落地影响，板块估值大幅回调。 南华期货 增持 本周证券II（申万）下跌0.62%，跑赢沪深300指数0.08pct，板块PB估值维持1.28倍。 周 中国太保 买入 保险行业： 报 中国平安 增持 近日监管部门对多家人身险公司的万能险、分红险业务进行风险提示，要求大部分中小型 人身险公司万能险结算利率水平不超过3.3%，分红险的实际分红水平也要求被降至与万 新华保险 增持 能险同等水平甚至更低。对于部分大型保险公司，监管部门提出了更为严格的要求，希望 其结算利率和分红水 ...