证券研究报告 ＃industryId＃ 钢铁 ＃title＃ 钢价偏弱，关注两会政策及需求恢复进展 ＃inve推stSu荐ggestion＃ 维持＃ （ ） investSu ggestion ＃createTime1＃ 2024 年03 月03日 Change ＃ 相关公司 投资要点 ＃summary＃ 相关公司 评级  短期情绪扰动钢价，关注后续复工进展 宝钢股份 增持 元宵节后的首周复工情况来看，钢材市场情绪仍然偏弱，黑色商品价格整体走弱。根据 Mysteel调研，高炉企业复产意愿相对较差，本期日均铁水产量222.86万吨，周环比仍然下 华菱钢铁 增持 甬金股份 增持 滑，钢材产量较同期水平也仍然偏低，反映当前钢厂生产节奏相对谨慎。反观需求端，从 元宵节后的首周数据来看，终端需求启动缓慢，市场成交情绪偏谨慎，出货意愿较强。本 河钢资源 增持 期螺纹钢表观需求为113.3万吨，较同期水平（农历）仍有23万吨差距，建筑钢材成交量 久立特材 增 持 也仅为7.81万吨。但目前仅是首周情况，后续传统旺季逐步来临，真实需求恢复进展仍需 来源：iFinD，兴业证券经济与金 融 研究院 观察，叠加即将召开两会节点， ...

Investment Rating - Maintain investment rating for the computer industry, focusing on AI and digital economy sectors [2][8] Core Insights - Continuous focus on sectors benefiting from policy and technological dividends, particularly AI and digital economy [2][8] - AI computing power is experiencing sustained demand growth, supported by government policies and global tech giants' capital expenditures [2][10] Summary by Sections 1. Industry Weekly Viewpoints - The report emphasizes the importance of policy dividends and suggests focusing on high-performing sectors in Q1, particularly AI and digital economy [2][8] - AI computing power is identified as a foundational infrastructure for the AI industry, benefiting from government incentives and increasing capital expenditures from major tech companies [2][8] 2. AI Computing Power: Policy Support and Global Resonance 2.1 Policy Dividends and Rapid Demand Expansion - AI computing power demand is rapidly expanding, with supportive policies from various government departments [10][11] - The National Development and Reform Commission and other departments have set ambitious targets for computing power infrastructure by 2025, including a scale exceeding 300 EFLOPS [10][11] 2.2 Performance Surge of AI Computing Giants - Major cloud service providers like Microsoft and Google are significantly increasing their capital expenditures, reflecting strong demand for AI computing power [22][24] - Nvidia's revenue reached $22.103 billion in Q4 2023, a 265.28% year-on-year increase, driven by AI computing demand [26][27] 2.3 Investment Recommendations and Company Listings - Recommended companies for investment include Haiguang Information, Inspur Information, and Ziguang Group, among others [32][33] 3. Market Review - The computer index rose by 8.15% from February 25 to March 2, outperforming other indices [33][34]

行 业 研 证券研究报告 究 ＃industryId＃ 化工 氢能产业政策＃有t望itle推＃动 行业发展， ＃ 原油、EVA、制冷剂、有机硅、MDI、维生素等价格上涨 ＃＃iinnvvee推推ssttSSuu荐荐ggggeesstt iioonn＃＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 3月 4日 onChan 重点公司 ge＃ 投资要点 行 重点公司 评级 业 万华化学 买入 ＃20s2u4m年mar2y＃月 26日-3月1日（以下简称本期）： 华鲁恒升 买入 周 ⚫ 中国化工品价格指数（CCPI）：本期 CCPI较上周上升 0.5%，较上月同期上 扬农化工 买入 报 中国巨石 增持 涨1.1%，年内下跌3.2%，较去年同期下跌6.1%。 联化科技 增持 ⚫ 周度涨幅较大的产品：维生素 C(99%粉,国产)，13%；双氧水(27.5%，山 华峰化学 增持 东)，12%；英国 NBP现货，12%；TTF现货，12%；TTF期货(次月合约)， 金禾实业 买入 新和成 增持 11%；三氯甲烷（华东），11%；EVA（光伏用，V6110S），11%，中国 LNG ...

Investment Rating - The investment rating for the company is "Buy" [1][20]. Core Insights - The company has achieved a turnaround from loss to profit, with a gross margin of 48.0% in 2023, an increase of 6.6 percentage points year-on-year. The net profit attributable to shareholders reached $182 million, marking a significant recovery [3][19]. - Revenue growth is robust, with total revenue for 2023 at $1.318 billion, a year-on-year increase of 101.7%, continuing a trend of over 100% growth for three consecutive years [19][20]. - The company has established a long-term distribution agreement with Pepsi, which has significantly increased its revenue contribution from 22.2% in 2022 to 59.4% in 2023 [7][20]. Summary by Sections Market Data - As of March 1, 2024, the closing price is $79.27, with a total market capitalization of $18.454 billion and total assets of $15.36 billion [1]. Financial Performance - In 2023, the company reported a net profit of $227 million, with an adjusted EBITDA of $296 million, reflecting a year-on-year growth of 315.8% [3][19]. - The company expects revenues of $2.02 billion, $2.95 billion, and $4.12 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 53.0%, 46.6%, and 39.6% [20][23]. Regional Revenue Growth - North America remains the primary revenue source, generating $1.263 billion in 2023, a 104.6% increase year-on-year, accounting for 95.9% of total revenue [6][20]. - Revenue from Europe and Asia also saw significant growth, with increases of 40.8% and 30.4%, respectively [6][20]. Cost Management - The company has successfully reduced selling, general, and administrative expenses, achieving a ratio of 27.8%, lower than the pre-reform level in 2021 [3][19]. Future Outlook - The company anticipates continued growth in profitability, with projected net profits of $300 million, $440 million, and $620 million for 2024, 2025, and 2026, respectively, reflecting growth rates of 66.8%, 45.5%, and 40.9% [20][23].

行 业 研 证券研究报告 究 ＃industryId＃ 农林渔业 ＃title＃ 2024 年 1 月宠物品牌电商数据跟踪： 推荐 （维持） “年货节”带动各平台销量环比均有增长 ＃createTime1＃ 行 2024年 3月 4日 ＃ 相关rel 报ate 告dR eport＃ 业 投资要点 点 《【兴证农业】2023年12月宠 ＃summary＃ ⚫ 总体情况：2024年1月各线上平台宠物品类销售数据已更新，其中天猫1月 评 物品牌电商数据跟踪：全年同 比基本持平，抖音占比显著提 宠物类目GMV为20.17亿元，同比+20.3%，环比+2.6%；京东1月宠物类目 报 升》 GMV 为 8.17 亿元，同比+7.5%，环比+20.4%；抖音 1 月宠物类目 GMV 为 告 《【兴证农业】2023年11月宠 12.39亿元，同比+545.3%，环比+72.0%。 物品牌电商数据跟踪： 抖音平 台维持高增，天猫销售略显疲 ⚫ 天猫-猫狗食品销量同比显著增长。猫狗食品类目1月单月GMV10.67亿元， 乏》 同比+24.4%，环比+6.4%，占宠物类目销售份额的 53%。拆分看，猫粮单月 《【兴证农业】2023 ...

行 业 研 证券研究报告 究 ＃industryId＃ 电气设备 ＃title＃ 氢能政策端边际持续改善，配网建设有望加快 ——电力设备与新能源行业周报 ＃ ＃inve推stSu荐ggest ion＃ （ 维持 ） investS ugg esti ＃createTime1＃ 2024年 3月 3 日 onChan ge＃ 行 重点公司 投资要点 业 ＃⚫ sum光ma伏ry＃： 3月排产环比提升，电池片阶段性供应偏紧。组件环节行业排产方面， 重点公司 评级 周 据InfoLink Consulting，3月组件排产预计达到50-53GW，环比显著提升。产 宁德时代 买入 业链价格方面，本周硅料成交价格环比上涨，N型料/单晶致密料成交均价分 报 晶科能源 买入 别为7.21/6.07万元/吨；硅片价格环比持平，但价格支撑较弱；P型电池价格 平高电气 增持 环比微涨，N/P溢价区间维持0.08-0.09元/W，目前电池片价格支撑较强；组 件均价走势平缓，春节后组件厂商的PERC产品酝酿上涨0.02-0.04元/W，终 许继电气 增持 端接受度仍需观察。关于后续光伏行业展望，我们判断 2023Q4、2024Q1 ...

Investment Rating - The report maintains a "推荐" (recommend) rating for the defense industry [1] Core Views - China's 2024 defense budget is set at 1665.54 billion yuan, a 7.2% increase from 2023, maintaining the same growth rate as the previous year [1][2] - From 2015 to 2023, China's defense budget grew at rates ranging from 6.6% to 10.0%, with 2024 marking the fourth consecutive year of 7%+ growth [1][2] - Defense spending as a percentage of GDP has remained stable at around 1.25% from 2020 to 2023, while its share of total public expenditure has increased from 5.26% to 5.75% [1][2] Global Defense Spending Context - Compared to other major powers, China's defense spending growth is relatively restrained [1][4] - The US 2024 defense budget reached $886 billion, a 3.3% increase, accounting for about 40% of global military spending [1][4] - Other major powers have seen significant defense budget increases: Russia (+68.8%), Japan (+16.5%), France (+7.5%), and Germany (+3.4%) [1][4] China's Defense Spending Structure - Defense expenditure consists of personnel, operations maintenance, and equipment costs [1][7] - Equipment spending increased from 33.2% of total defense expenditure in 2010 to 41.1% in 2017 [1][7] - Budget execution rates for defense spending have consistently exceeded 99.7% from 2015 to 2022, higher than other major expenditure categories [1][6] Industry Performance - From 2020 to 2023 Q1-Q3, median revenue growth for 103 defense-focused companies was 14.65%/20.60%/14.67%/5.46% [1][10] - Median net profit growth for these companies was 27.52%/20.40%/6.75%/-0.48% during the same period [1][10] - Historical data shows defense budget CAGR of 9.1% from 2010-2020 and 12.5% from 2000-2020 [1][10] Long-term Development Goals - China's defense modernization plan includes three stages: achieving mechanization by 2020, basic modernization by 2035, and world-class military status by mid-century [1][5] - The 2027 goal of building a modern military was first proposed in the Fifth Plenary Session of the 19th CPC Central Committee [1][5]

证券研究报告 ＃industryId＃ 家用电器 ＃title＃ 23Q4 海外家电龙头经营分化，盈利改善趋势延续 ＃ ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ onChan 2024 年03 月04日 ge＃ 重点公司 投资要点 ＃sum从ma收ry入＃端看，1）分公司看：23Q4消费电器龙头延续边际改善趋势，暖通空调龙头维 重点公司 评级 持稳健增长。Whirlpool、SEB、A.O. Smith、SharkNinja收入增长提速，Electrolux及 IRobot整体经营承压、23Q4收入降幅收窄，高基数下暖通空调龙头DAIKIN以及Tr 美的集团 增持 ane增速有所下滑、全年维持稳健增长。2）分地区看：23Q4北美转弱、欧洲提速、 拉美强增长。北美市场全年同比有所改善，价格竞争加剧等因素影响下，23Q4多数 海尔智家 买入 公司收入增速放缓；EMEA地区整体弱复苏，低基数下23Q4多数公司收入增长提速 石头科技 增持 或降幅收窄；巴西、墨西哥等新兴市场强增长驱动拉美收入增长逐季提速。 从利润端看，受益原材料降价、海运费下降、 ...

海 外 研 证券研究报告 究 ＃industryId＃ 医药行业 海外医药板块周报（2024.02.26-03.01） 维 推荐 （维持） （ ） 持 美股器械进入业绩发布期，多家企业亮点纷呈 ＃createTime1＃ 2024年 3月 4日 r elatedReport＃ 行 海外研究 重点指数本期表现（2024.02.26-03.01） 业 ＃emailAuthor＃ 本期涨跌幅 近一月日均成交额 本年涨跌幅 分析师： 指数 周 （%） （亿港元） （%） 张忆东 恒生指数 -0.82 919.06 -2.69 报 全球首席策略师 恒生中国企业指数 -0.63 375.40 -0.69 经济与金融研究院联席院长 恒生医疗保健指数 0.26 56.10 -16.13 zhangyd@xyzq.com.cn 资料来源：Wind，兴业证券经济与金融研究院整理 SFC HK: BIS749 投资要点 SAC: S0190510110012 ⚫ 近期行情：自 2024年 2月 26日至 3月 1日的交易周内，恒生指数下跌 ＃嵇a肖ss潇Au thor＃ 0.82%；恒生中国企业指数下跌0.63%；恒生医疗保健指数 ...

证券研究报告 ＃industryId＃ 公用事业 ＃title＃ 加强电网调峰、储能等相关文件发布，新型电力系 ＃ 统建设加速 ＃inve推stSu荐ggestion＃ (维持） investS uggesti ＃createTime1＃ 2024年3月3日 onChan ge＃ ＃ 相关rel报ate告dReport＃ 投资要点 ＃sum2m0a2r4y0＃226-20240301，A股电力指数-1.77%，截至3月1日PE（TTM）估值16x；A股燃气板 块指数+0.76%，截至3月1日PE（TTM）估值11.8x。A股电力指数-1.77%，其细分子板块火 《【兴证公用】公用周报：发改 电、水电、新能源发电变化幅度分别为-2.00%、-2.59%、-0.75%。A股燃气板块指数+0.76%。 委批复内蒙古为绿电交易试点，  本周火电组合：皖能电力+华电国际+浙能电力+建投能源+天富能源+华能国际+申能股份+国电 中核漳州核电3号机组开工》 电力+内蒙华电 2024-2-25  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：辅助  本周燃气组合：新奥股份 ...