纺织服饰 行业研究/行业周报 证 年中大促第一阶段结束，国货品牌业绩增长可期 券 ——行业周报（20240527-0531） 研 究 ◼ 行情回顾 报 本周，沪深 300 下跌 0.60%，纺织服饰板块整体下跌 0.23%，跑赢沪深 增持( 维持) 告 300 指数 0.37pct，涨跌幅在申万Ⅰ级 31 个行业中排第 12 位。三大子板 行 块中服装家纺上涨 0.23%，纺织制造、饰品板块呈下跌态势，分别下跌 业 0.42%、1.11%。 行业： 纺织服饰 研 ◼ 核心观点 日期： y 20x2z4q年da0te6m月a0r5k日 究 服装：年中大促第一阶段结束，防晒、男装和运动品类的国货表现较 优。24年天猫618主要有两阶段现货售卖期，第一阶段自5月20日晚8 分析师： 汪玲 点至5月28日，第二波自5月31日晚8点至6月20日。截至目前，第 E-mail： wangling@yongxingse 一波售卖已经结束，其正式开售仅4小时，59个品牌销售额破亿，376个 c.com 单品成交破千万，开卖第一天，37 万家中小商家同比增长超 100%，行 SAC编号： S1760524030002 业和品牌展 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance expectation relative to the market benchmark [3][9]. Core Insights - The company is the largest glass fiber producer globally, with continuous capacity expansion. By the end of 2023, it has 19 operational glass fiber production lines and 4 electronic fabric production lines, with capacities of 2.416 million tons and 960 million meters per year, respectively [2]. - The glass fiber industry is showing signs of recovery, with a notable increase in prices for glass fiber products after a prolonged downturn. The report anticipates a trend of price increases for both glass fiber and electronic fabrics, which will enhance the company's profitability [2][3]. - The company is well-positioned to benefit from long-term demand in sectors such as wind power, photovoltaics, and new energy vehicles, driven by carbon neutrality goals [2]. Summary by Sections Company Overview - The company has expanded its production capacity significantly, with new production lines coming online in 2023, increasing its operational capacity to 2.636 million tons [2]. - The competitive landscape in the glass fiber industry remains strong, with the top three domestic companies holding over 70% of the market share [2]. Financial Performance - The projected net profits for the company are 3.044 billion, 2.614 billion, 3.345 billion, and 4.054 billion yuan for the years 2023, 2024, 2025, and 2026, respectively [3]. - The earnings per share (EPS) are expected to be 0.76, 0.65, 0.84, and 1.01 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 12.93, 17.52, 13.69, and 11.30 [3]. Market Dynamics - The report notes a general increase in glass fiber prices, with a specific example showing a rise from 4,050 yuan per ton in January 2023 to 3,012 yuan per ton by March 2024 [2]. - The electronic fabric prices are also expected to rebound, providing additional performance elasticity for the company [2]. Future Outlook - The report suggests that the industry is at a turning point, with expectations for continued price increases and improved profitability for the company as it navigates the recovery phase of the market [2].

医药生物 行业研究/行业周报 全球首款 mRNA RSV疫苗获批，关注国产疫苗布局 证 券 ——医药生物行业周报（2024.05.27-05.31） 研 究 ◼ 行情回顾 报 增持( 维持) 告 上周（2024年5月27日-5月31日），A股申万医药生物下跌0.94%， 板块整体跑输沪深 300 指数 0.34pct，跑输创业板综指数 1.09pct。在 行 申万 31个一级子行业中，医药板块周涨跌幅排名为第19位。恒生医 行业： 医药生物 业 研 疗保健指数下跌1.54%，板块整体跑赢恒生指数1.3pct。在恒生12个 日期： y 20x2z4q年da0te6m月a0r5k日 究 一级子行业中，医疗保健行业周涨跌幅排名为第6位。 ◼ 核心观点 分析师： 孟维肖 E-mail： mengweixiao@yongxi 全球首款 mRNA RSV疫苗获批。援引财联社 6月 1日报道，美东时 ngsec.com 间周五，美国疫苗制造商莫德纳(Moderna)宣布，该公司的呼吸道合 SAC编号： S1760524030001 胞病毒(RSV)疫苗已经获得美国食品和药品管理局(FDA)批准，莫德 分析师： 徐昕 纳表示 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4][10] Core Insights - The company has entered into a cooperation agreement with Mubadala, the UAE sovereign fund, to explore the development of the first polysilicon production facility in the UAE, with discussions for a legally binding investment agreement ongoing [1] - The UAE government is significantly investing in renewable energy, with plans to increase the share of clean energy in its total energy structure to 30% by 2030, and investing 150 to 200 billion dirhams (approximately 40 to 54 billion USD) over the next seven years [1] - The company's polysilicon project in the Middle East is expected to commence construction in 2024, potentially accelerating the overseas granular silicon project following the agreement with Mubadala [1] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 27.82 billion, 34.68 billion, and 42.34 billion CNY, respectively, with year-on-year growth rates of -17%, +25%, and +22% [2][7] - The net profit attributable to the parent company is forecasted to be 2.66 billion, 3.79 billion, and 4.93 billion CNY for the same years, with growth rates of +6%, +42%, and +30% [2][7] - The current price-to-earnings (PE) ratios are projected to be 15, 10, and 8 times for the years 2024, 2025, and 2026, respectively [2][7]

固收点评 资料来源：Wind，甬兴证券研究所 资料来源：Wind，甬兴证券研究所 | --- | --- | --- | --- | |------------------------------|---------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-------------------------------------------------------------------------| | 10: | 食品与非食品价格对 CPI 同比的拉动 (%) | 图 11: 核心 CPI 变动情况 (%) | | | 5.00 | 对 CPI 拉动 : 食品 对 CPI 拉动 : 非食品 CPI: 当月同比 | 核心 CPI 环比 1.50 | 核心 C ...

策略研究/策略周报 日期： yxzqdatemark 2024年06月04日 分析师： 唐文卿 E-mail： tangwenqing@yongxi ngsec.com SAC编号： S1760524050001 分析师： 于霄 E-mail： yuxiao@yongxingsec.c om SAC编号： S1760523100001 ◼ 宏观流动性 国内：上周（5.27-5.31），2 年、10 年期国债收益率均下行，10 年期与 2 年期国债利差持续走阔，续创年内新高。上周 2 年期继续下降、10 年期小幅下降。上周央行公开市场净投放 6040 亿元，5 月 MLF 净投 放量为 2500 亿元。国债（10Y-2Y）利差持续走阔并续创年内新高。 国外：上周（5.27-5.31）10 年期美债收益率上行，美元指数边际回落， 中美 10 年期国债利差小幅走阔。上周 10 年期美债收益率上行 0.05 个 百分点至 4.51%，美元指数边际回落至 104.63。截至 5 月 31 日，中美 10 年期国债利差扩大至 2.22%。 ETF 基金：2024 年 1-5 月新成立 ETF 基金数同比大幅增加，合计发 ...

| --- | |-------| | | | | | | | --- | |-------| | | | | | | 金融数据"挤水分"扰动社融增速。社融增速扰动背后或是信贷结构 的优化升级，未来或更有利于提高资金使用效率和金融支持实体经济 质效。我们认为，在季节性因素背后 4 月金融数据波动或基于以下两 个方面：主要扰动项或在于金融数据"挤水分"。央行主管媒体《金融 时报》在 5 月 11 日发文指出，国家统计局 2024 年一季度对金融业增 加值的季度核算方式进行了优化调整，优化后的核算方式主要参考银 行利润指标而非贷款余额。长期来看，新的核算方法或有利于缓解信 贷总量的非理性波动以增加金融系统稳定性，有助于减少资金空转现 象、提升资金周转效率，助力经济高质量发展。文章也指出"挤水分" 短期或带来扰动，其影响"可能集中体现在二季度，且会在下半年持 续产生影响"，叠加市场利率定价自律机制加强对"手工补息"高息揽 储的监管，综合影响 4 月金融数据；另一方面，实体经济需求端仍然 偏弱。央行在 5 月 10 日公布的《2024 年第一季度中国货币政策执行 报告》中指出，我国贷款主要服务于实体经济供给端和投资领 ...

电力设备 行业研究/行业点评 证 5 月中国储能招标规模近 10GWh 券 研 ——储能观察系列（8） 究 报 ◼ 核心观点 告 增持( 维持) 招标量：据CNESA，5月中国储能EPC招标规模9.50GWh，环比-4%， 行 储能系统招标规模8.39GWh，环比+61%。 行业： 电力设备 业 日期： y 20x2z4q年da0te6m月a0r4k日 研 应用分布：5 月招标量集采/框采占比超 40%，环比增长 589%，独立 究 储能招标规模占比40%，环比下降39%。 分析师： 开文明 E-mail： kaiwenming@yongxin 招标主体：5月招标量前五为华电集团、三峡集团、中国电建、国家电 gsec.com 投、国家能源集团。 SAC编号： S1760523070002 分析师： 赵勇臻 中标量：5 月中国储能系统中标规模 0.80GW/1.87GWh，环比-63%/- 69%，其中独立储能中标规模占比72%。 E-mail： zhaoyongzhen@yongx ingsec.com 中标价格：5月EPC中标均价环比4月上涨，达到1468元/kWh，环 SAC编号： S1760524010 ...

计算机 行业研究/行业点评 北京发布车路云一体化项目招标公告，自动驾驶 证 券 板块或将受益 研 ——计算机行业点评报告 究 报 ◼ 事件 告 增持( 维持) 据北京市公共资源交易服务平台，北京市发布《北京市车路云一体化 新型基础设施建设项目（初步设计、施工图设计）招标公告》。投资额 行 为993889万元，建设资金来源为政府投资+国有企业自筹，项目出资 行业： 计算机 业 比例为政府投资70%，国有企业自筹30%。招标项目建设地点：北京 日期： y 20x2z4q年da0te6m月a0r4k日 研 市市辖区通州区、顺义区、朝阳区、昌平区、密云区、怀柔区、海淀 究 区、石景山区、丰台区、门头沟区、房山区、大兴区、亦庄经开区。 分析师： 李行杰 共选取2324平方公里范围内约6050个道路路口开展建设，以及除上 E-mail： lixingjie@yongxingsec. 述道路路口外本项目双智专网网络中心的建设和改造。 com ◼ 核心观点 SAC编号： S1760524010003 工信部等五部门2024年1月17日发布《关于开展智能网联汽车“车 分析师： 黄伯乐 路云一体化”应用试点工作的通知》，鼓励在限 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1]. Core Insights - AI Large Models: Operators are actively participating in the layout of AI large models, with China Telecom's AI Research Institute releasing the first voice recognition model supporting 30 dialects, which is expected to drive the development of the communication industry [1][4]. - Optical Modules: The optical module market for data communication is projected to grow by 45% year-on-year in 2024, driven by high demand for high-speed optical modules from cloud computing vendors and telecom operators [1][4]. - Satellite Internet: Chinese companies have submitted plans for a satellite constellation of 10,000 satellites, indicating a clear trend towards the development of satellite internet as a new communication model [1][5]. Summary by Sections 1. Core Insights and Investment Recommendations - AI large models are expected to continuously promote the development of the communication industry, benefiting operators as key players in the communication supply chain [1][4]. - The optical module market is anticipated to see a revenue growth rate of 27% in 2024, with overall revenue expected to reach $22.4 billion by 2029 [1][4]. - The report suggests focusing on the AI-driven computing power supply chain and long-term opportunities in satellite internet [1][5]. 2. Market Review - During the week of May 27-31, the A-share communication index fell by 0.73%, underperforming the CSI 300 index by 0.13 percentage points [7]. - The communication services sector showed a slight increase of 0.17%, while the communication equipment sector declined by 1.18% [7][8]. 3. Industry News (May 27-31) - In April 2024, the domestic smartphone shipment reached 24.071 million units, a year-on-year increase of 28.8%, with 5G smartphones accounting for 84.1% of the total [11]. - China Mobile announced a procurement plan for approximately 480,000 5G base stations for 2024-2025 [12]. 4. Company Dynamics (May 27-31) - Netcom Technology signed a strategic cooperation agreement with Huakun Zhenyu to advance liquid cooling solutions in data centers [16]. - LightSpeed Technology reported that its 400G and 800G optical modules have been shipped in bulk [17].