公 司 研 证券研究报告 究 ＃industryId＃ 银行 II 中信银行（601998） 资产质量稳中向好，＃核title心＃ 能力建设加速推进 ＃inve增stSu持ggest ion＃ nv＃ ( i维 e持 ） stS ——中信银行 2023年报点评 ou ng Cg e hs at ni 公 ＃createTime1＃ 2024年 3月 22日 司 ge＃ 投资要点 点 ＃relatedReport＃ 相关报告 ＃summary＃ ⚫ 业绩基本保持稳定。公司2023年营收/归母净利润同比增速分别为-2.6%/ +7.9%， 评 2023Q4单季度营收/归母净利润同比增速分别为-2.5%/+3.9%，业绩基本保持稳定。 报 拆分2023全年收入结构来看：（1）净利息收入同比-4.7%（2023Q4单季度同比- 告 12.7%），生息资产规模增长同比+5.8%，净息差同比-19bp（2023Q4 环比-4bp）， 息差下行拖累净利息收入下滑幅度略有扩大。（2）手续费净收入同比-12.7%，Q4 ＃分em析a师ilA：ut hor＃ 中收下滑幅度较大，主要受银保新规、以及理财业务手续费下降影响。（3）其 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 玻纤制造 ＃investSuggestion＃ ＃ ＃d中yCo国mpa巨ny＃石 （ 600176 ） investSug 增持 ( 维ges持tionC）h 6001 量76 增价减盈利承压＃ ，title＃ 行业有望走出底部 ange＃ ＃createTime1＃ 2024 年03 月21 日 投资要点 ＃市场ma数rk据etData＃ ＃sum公ma司ry＃披露2023年报。实现营收148.76亿元，同比-26.33%，实现归母净 利30.44亿元，同比-53.94%，扣非后归母净利18.98亿元，同比-56.64%。 市场数据日期 2024-03-20 其中，单四季度实现营收34.50亿元，同比-15.64%，归母净利3.71亿元， 收盘价（元） 10.02 同比-66.09%，扣非后归母2.74亿元，同比-64.94%。 总股本（百万股） 4003.14 流通股本（百万股） 4003.14  公司2023年度实现综合毛利率28.00%，同比-7.60个百分点。分季度来 看，公司Q1、Q2、Q3、Q4分别实现毛利率29.92%、28 ...

公 司 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃d 中yCo 航mp 光any＃电 （ 002179 ） investSug 增持 ( 维ges持tion ）Ch 0000 营09 长＃t ，itle 持＃ 收 利 润稳步增 续加 大投资金额 ange＃ ＃ createTime1＃ 2024年 03月 20日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 公ma 司ry 发＃ ⚫ 布 2023 年年报：营收 200.74 亿元，同比增长 26.75%；归母净利润 33.39 亿 司 元，同比增长22.86%；扣非后归母净利润32.45亿元，同比增长23.73%；基本每股 日期 2024-03-19 收益1.62元/股，同比增长22.89%（基本每股收益为年报披露数据，股本口径为截至 点 收盘价（元） 37.31 2023年股本，非最新股本）；加权平均净资产收益率17.68%，同比增加0.86pct。 评 总股本（百万股） 2,119.66 ⚫ 公司2024年度预算：公司2024年度计划实现营业收入221亿元，较2023年完成金 额 ...

Investment Rating - The report maintains a "Recommended" investment rating for the express delivery industry, emphasizing the short-term recovery potential and long-term value of leading service providers [2]. Core Insights - The express delivery industry experienced a business volume of 12.06 billion pieces, reflecting a year-on-year growth of 22.2% and a quarter-on-quarter increase of 3.4%. The retail sales growth rate was 7.6%, while the e-commerce penetration rate stood at 29.0%, down by 1.1 percentage points year-on-year [1][3]. - The average revenue per piece was 9.11 yuan, showing a slight decline of 0.5% year-on-year but a 0.4% increase quarter-on-quarter. Total revenue reached 109.83 billion yuan, marking a year-on-year increase of 21.7% [1][3]. - The CR8 index, which measures market concentration, was reported at 84.1%, remaining stable quarter-on-quarter but decreasing by 0.7 percentage points year-on-year [1][3]. Summary by Sections Business Volume - The express delivery industry recorded a total business volume of 12.06 billion pieces, with a year-on-year growth of 22.2% and a quarter-on-quarter increase of 3.4% [1][3]. Revenue - Total revenue for the industry was 109.83 billion yuan, reflecting a year-on-year increase of 21.7%. The average revenue per piece was 9.11 yuan, which is a slight decrease of 0.5% year-on-year but an increase of 0.4% quarter-on-quarter [1][3]. Market Concentration - The CR8 index was reported at 84.1%, indicating stable market concentration quarter-on-quarter but a decrease of 0.7 percentage points year-on-year [1][3]. Key City Insights - In October 2023, the average price per piece in key cities was as follows: Yiwu at 2.6 yuan (down 0.17 yuan year-on-year), Guangzhou at 7.56 yuan (down 0.83 yuan year-on-year), and Shenzhen at 10.12 yuan (up 0.02 yuan year-on-year) [1][3].

行 业 研 证券研究报告 究 ＃industryId＃ 社服&零售&美护 ＃title＃ 雅高集团回购锦江部分持股，BOSS直聘月平均活跃用户超4000万人次 ＃inve推stSu荐ggest ion＃ ( 维持 ） ＃createTime1＃ 2024年 03月 17 日 投资要点 行 公司 评级 ＃⚫s umm本ary期＃ （2024.03.11-2024.03.15）观点：社服：今年春节旅游出行延续元旦高景气，随着 业 中国中免 增持 3 月中旬天气逐步转暖，旅游需求有望再次回升，短期关注具备数据催化的个股；同 锦江酒店 增持 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： 周 锦江酒店、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& 首旅酒店 增持 人服：教育需求刚需、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 报 科锐国际 增持 施，叠加AI应用逐步落地，以及受海外龙头业绩好转影响，板块关注度提升；春节后 爱美客 增持 商务活动活跃有望带动人服行业数据改善。核心标的：行动教育、科锐国际，建议关 珀莱雅 增持 注：学大教育、北京人力、华图 ...

海 外 研 证券研究报告 究 ＃industryId＃ 纺织服装 海外龙头跟踪行业报告—＃ti—tle＃ A didas： ＃investSuggestion＃ ＃ 业绩恢复超预期， 推荐 （ 维inv持estS ） uggesti 大中华区可比收入增长 14% onC han ge＃ ＃createTime1＃ 2024年 3月 18日 行 业 ＃相关rel报ate告dR eport＃ 投资要点 ＃summary＃ 跟 事件：Adidas披露23年业绩：23年营收同比-4.8%至214.3亿欧元，经营利润同 比下降59.9%至2.7亿欧元，持续经营业务净利润亏损约5900万元。单看Q4，收 踪 跟踪报告_ Q3 大中华区收入增 入同比下降7.6%至48.1亿欧元，经营利润亏损3.8亿欧元，持续经营业务净利润 长 6%，再次上调 23 年指引 报 _20231111 亏损4.0亿欧元。每股拟派息末期股息0.7欧元，全年股息同比持平。 告 点评：全年收入货币中性同比持平，Q4 轻微下跌。Q4 收入同比-8%至 48.1 亿欧 跟踪报告_ Q2 大中华区增长 元，货币中性同比-2%，若剔除 Yeezy 影响货币中 ...

Investment Rating - The report emphasizes the importance of potential high-dividend stocks as a significant direction for market expansion, particularly in the context of the current rotation phase of dividend stocks [2][8]. Core Insights - High-dividend stocks are viewed as natural high-probability assets, attracting higher market pricing due to their stable operations and abundant cash flow, especially during uncertain economic conditions [9][11]. - The report identifies a total of 235 stocks that have consistently improved their dividend payout ratios from 2019 to 2022, with a median payout ratio increase from 22% to 46% [15][19]. - The report outlines six key characteristics of stocks with improving dividend ratios, including larger market capitalization, higher and more stable ROE, lower capital expenditure relative to revenue, stronger cash flow metrics, higher ownership concentration, and greater retained earnings [19][21][31]. Summary by Sections Why Focus on Potential High-Dividend Stocks? - High-dividend stocks are expected to continue receiving a premium due to their inherent certainty in uncertain economic environments [9][11]. - The scarcity of high growth rates makes the improvement of dividend ratios crucial for stabilizing or enhancing ROE [11][13]. - Potential high-dividend stocks are positioned as a key expansion direction for the dividend asset market, especially after the recent market rally [13][14]. Characteristics of Potential High-Dividend Stocks - The identified stocks are primarily from traditional sectors such as banking, steel, transportation, food and beverage, defense, and machinery [15][19]. - The median market capitalization of these stocks is significantly higher than that of other stocks, indicating their leading attributes [19][20]. - These stocks exhibit higher and more stable ROE compared to their peers, reflecting their competitive advantages [21][23]. - The capital expenditure to revenue ratio is lower for these stocks, suggesting a conservative expansion approach [26][27]. - Stronger cash flow metrics, including higher interest coverage ratios and free cash flow per share, support their ability to pay dividends [34][30]. - Higher ownership concentration indicates a stronger motivation for major shareholders to benefit from cash dividends [19][31]. How to Construct a Potential High-Dividend Portfolio? - The report suggests screening stocks from the CSI 800 index and central enterprises that meet the criteria but currently have lower dividend payout ratios [3][4]. - The sectors with a higher proportion of stocks in the potential high-dividend portfolio include pharmaceuticals, electric equipment, and non-ferrous metals [3][4].

行 业 研 证券研究报告 究 ＃industryId＃ 农林牧渔 ＃title＃ 猪价止跌企稳，鸡苗价格反弹 ＃ (农业行业周报：20240311-20240317) ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 03月 18日 onChan ge＃ 行 重点公司 投资要点 业 ＃summary＃ ⚫ 板块周表现：农业板块跑输大盘。1）本期沪深300指数上涨0.71%，农业板 周 重点公司 评级 块下跌0.07%，在31个子行业中排名第25位；2）分板块看：生猪养殖子板 报 海大集团 买入 块-3.10%，肉鸡养殖子板块+1.97%，渔业子板块+5.07% ，饲料子板块+1.48%， 温氏股份 增持 动物保健子板块+3.79%，种植业子板块+3.00%，农产品加工子板块+1.95%。 牧原股份 增持 （本期统计区间：20240311-20240315） 普莱柯 增持 ⚫ 畜禽价格：生猪、毛鸡、鸡苗价格均上涨。1）3月16日，全国生猪均价14.53 金龙鱼 增 持 元/kg，周环比上升2.32%。当前供需博弈延续，消费端表现一 ...

海 外 研 证券研究报告 究 汽车 ＃title＃ 海外汽车周报(2024.3.11-2024.3.17) ＃investSuggestion＃ 享界 S9、ID.UNYX、极氪 MIX 完成申报， 推荐 （维＃持） 蔚来、小鹏即将发布第二品牌 investS uggesti onChange＃ 2024年 3月 18日 相关报告 指数表现（截至2024/3/15） 行 指数名称 指数点位 年内涨幅 本周涨幅 近一个月涨幅 业 ＃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 10,681 -7.4% 5.4% 13.8% 周 恒生指数 16,721 -1.9% 2.2% 4.9% 分析师： A股汽车与汽零 11,117 1.2% 6.8% 17.7% 报 余小丽 沪深300 3,570 4.0% 0.7% 6.1% yuxiaoli@xyzq.com.cn MSCI全球/汽车 283 -8.7% -3.2% -4.3% SFC：AXK331 纳斯达克指数 15,973 6.4% -0.7% 0.4% SAC：S0190518020003 道琼斯工业指数 38,715 2.7% 0.0% ...

Investment Rating - The report maintains a neutral investment rating for the retail industry [1]. Core Insights - In January-February 2024, the total retail sales of consumer goods reached 81,307 billion yuan, representing a year-on-year growth of 5.5% [2]. - Excluding automobiles, the retail sales of consumer goods amounted to 74,194 billion yuan, with a growth rate of 5.2% [2]. - Urban retail sales were 70,437 billion yuan, growing by 5.5%, while rural retail sales reached 10,870 billion yuan, increasing by 5.8% [2]. - Retail sales by type showed that commodity retail was 71,826 billion yuan, up by 4.6%, and catering revenue was 9,481 billion yuan, growing by 12.5% [2]. - Among retail formats, convenience stores, specialty stores, brand exclusive stores, and department stores saw retail sales growth of 7.8%, 5.8%, 4.2%, and 0.9% respectively, while supermarket sales declined by 3.0% [2]. - Online retail sales reached 21,535 billion yuan, with a year-on-year increase of 15.3%. The physical goods online retail sales were 18,206 billion yuan, growing by 14.4%, accounting for 22.4% of total retail sales [2]. Summary by Category - **Total Retail Sales**: In January-February 2024, total retail sales were 81,307 billion yuan, a 5.5% increase year-on-year [2]. - **Urban vs Rural Sales**: Urban sales were 70,437 billion yuan (5.5% growth), while rural sales were 10,870 billion yuan (5.8% growth) [2]. - **Sales by Type**: Commodity retail was 71,826 billion yuan (4.6% growth), and catering revenue was 9,481 billion yuan (12.5% growth) [2]. - **Retail Formats**: Convenience stores grew by 7.8%, specialty stores by 5.8%, brand exclusive stores by 4.2%, and department stores by 0.9%, while supermarkets saw a decline of 3.0% [2]. - **Online Retail**: Online retail sales were 21,535 billion yuan (15.3% growth), with physical goods online sales at 18,206 billion yuan (14.4% growth), making up 22.4% of total retail sales [2].