石油石化 行业研究/行业周报 证 美国商业原油库存增长，油价有所回落 券 ——石油化工行业周报（20240520-20240524） 研 究 报 ◼ 市场行情回顾 告 增持( 维持) 板块表现 本周（20240520-20240524）中信石油石化板块下滑约1.11%，上证综 行 合指数下滑约2.07%，同上证综合指数相比，石油石化板块领先约0.96 行业： 石油石化 业 个百分点。子板块方面，石油石化子板块涨跌互现，其中炼油、石油 日期： y 20x2z4q年da0te5m月a2r7k日 研 开采等子板块涨幅居前。 究 本周（20240520-20240524）石油石化板块领涨个股包括ST实华、岳 分析师： 赵飞 阳兴长、统一股份、中国石化、海油发展等；领跌个股包括蒙泰高新、 E-mail： zhaofei@yongxingsec. 润贝航科、康普顿、道森股份、贝肯能源等。其中民营大炼化公司周 com 度涨跌幅如下：桐昆股份（+0.84%）、新凤鸣（+0.46%）、恒力石化（- SAC编号： S1760524040002 3.13%）、恒逸石化（-3.82%）、东方盛虹（-5.52%）、荣盛石化（-5.55 ...

石油石化 行业研究/行业周报 证 美国商业原油库存增长，油价有所回落 券 ——石油化工行业周报（20240520-20240524） 研 究 报 ◼ 市场行情回顾 告 增持( 维持) 板块表现 本周（20240520-20240524）中信石油石化板块下滑约1.11%，上证综 行 合指数下滑约2.07%，同上证综合指数相比，石油石化板块领先约0.96 行业： 石油石化 业 个百分点。子板块方面，石油石化子板块涨跌互现，其中炼油、石油 日期： y 20x2z4q年da0te5m月a2r7k日 研 开采等子板块涨幅居前。 究 本周（20240520-20240524）石油石化板块领涨个股包括ST实华、岳 分析师： 赵飞 阳兴长、统一股份、中国石化、海油发展等；领跌个股包括蒙泰高新、 E-mail： zhaofei@yongxingsec. 润贝航科、康普顿、道森股份、贝肯能源等。其中民营大炼化公司周 com 度涨跌幅如下：桐昆股份（+0.84%）、新凤鸣（+0.46%）、恒力石化（- SAC编号： S1760524040002 3.13%）、恒逸石化（-3.82%）、东方盛虹（-5.52%）、荣盛石化（-5.55 ...

中小市值 行业研究/行业周报 证 政策利好低空经济发展，AI PC助力消费电子成长 券 研 究 报  核心观点 ——新兴产业周报（2024.05.20~2024.05.24） 行业： 中小市值 告 低空经济：民航局、多省市加大政策支持力度，产业链协同有望促进低 空经济发展。（1）据财联社，近日，民航局有关负责人表示，将配合 日期： y 20x2z4q年da0te5m月a2r7k日 行 相关部门做好空域分类和低空空域管理改革试点，增加低空可飞空域。 业 （2）据财联社，近日，广东省人民政府办公厅印发《广东省推动低空 分析师： 彭毅 研 E-mail： pengyi@yongxingsec.c 经济高质量发展行动方案（2024—2026年）》。方案提到，通过政府投 究 om 资基金等方式支持低空经济产业发展，支持头部企业以市场化方式实施 SAC编号： S1760523090003 并购重组。方案还提到，到2026年低空经济规模超过3000亿元，基本 联系人： 张恬 形成广州、深圳、珠海三核联动、多点支撑、成片发展的低空经济产业 E-mail： zhangtian@yongxings 格局，培育一批龙头企业和专精 ...

Investment Rating - The industry investment rating is maintained as "Overweight" [4]. Core Insights - The glass substrate industry is expected to benefit from the accelerated development of high-performance computing (HPC) and AI chips, with Samsung Electro-Mechanics completing its pilot line construction ahead of schedule [8][22]. - The GB200, utilizing copper cable connections, is projected to have a shipment volume of 420,000 units in 2024, which will boost demand in the related supply chain [8][23]. - NVIDIA plans to introduce the GB200 into fan-out panel-level packaging (FOPLP) earlier than expected, which will enhance the advanced packaging industry [8][21]. - NVIDIA's Q1 2024 performance was outstanding, with revenue reaching $26 billion, a 262% increase year-on-year, driven primarily by data center revenue [9][20]. Summary by Sections 1. Core Insights and Investment Recommendations - Glass Substrate: Samsung Electro-Mechanics' pilot line completion is expected to benefit the related supply chain, particularly in HPC and AI fields [8][22]. - Copper Connection: The GB200's successful shipments are anticipated to increase demand for copper connection components [8][23]. - Advanced Packaging: The early introduction of GB200 into FOPLP is expected to benefit the advanced packaging supply chain [8][21]. - Computing Chips: The demand for computing power is expected to rise, benefiting the computing chip supply chain [9][20]. 2. Market Review - The A-share Shenwan Electronics Index fell by 3.49% during the week, underperforming the CSI 300 Index by 1.41 percentage points [11]. - Among the sub-sectors, semiconductors experienced the largest decline at 4.28% [13]. 3. Industry News - NVIDIA's Q1 2024 revenue reached $26 billion, with data center revenue accounting for $22.6 billion, reflecting a significant year-on-year growth [20]. - The GB200 is expected to alleviate supply constraints in AI chip production through its advanced packaging technology [21]. - Samsung's glass substrate technology is positioned to outperform existing organic substrates in electrical and thermal performance [22]. 4. Company Dynamics - Companies such as Wogang Optoelectronics, San Chao New Materials, and Delong Laser are recommended for investment due to their potential growth in the glass substrate sector [10]. - The copper connection sector includes companies like Shenglan Co., Chuangyitong, and Lixun Precision, which are expected to benefit from GB200's success [10]. - The computing chip sector includes companies like Anwuji, Haiguang Information, and Longxin Zhongke, which are anticipated to see growth due to rising demand [10]. - Advanced packaging companies such as Yuxi Electronics and Zhongfu Circuit are also recommended for their growth potential [10].

电子 行业研究/行业周报 A 证 英 伟达 24Q1业绩亮眼，GB200或提前导入 FOPLP 券 ——电子行业周报（2024.05.20-2024.05.24） 研 究 ◼ 核心观点 报 增持( 维持) 告 本周核心观点与重点要闻回顾 行 玻璃基板：三星电机玻璃基板计划 Q3 完成中试线建设，相关产业链 或将受益。三星电机半导体玻璃基板中试线建设完成时间已提前至 9 行业： 电子 业 月，相较原定的年底完工目标提前了一个季度。我们认为，玻璃基板 研 或将适合 HPC、AI 领域的芯片，相关产业链有望持续受益。 日期： y 20x2z4q年da0te5m月a2r7k日 究 铜连接：GB200采用铜缆连接，预估2024年出货量为 42 万片，相关 产业链或将受益。GB200采用72个Blackwell GPU全互连的NVLink 分析师： 陈宇哲 技术，拥有超过2英里的NVLink铜缆。GB200在2024 年预估出货量 E-mail： chenyuzhe@yongxings 为 42 万片，2025 年将达到 200 万片。我们认为，GB200出货顺利或 ec.com 将提振铜连接相关器件需求，相关产业链有望 ...

计算机 行业研究/行业周报 证 广东“低空经济 29条”发布 ，低空经济板块有望受益 券 ——计算机行业周报（2024.05.20-2024.05.24） 研 究 报 ◼ 核心观点 增持( 维持) 告 本周核心观点与重点要闻回顾 行 低 条空 ”经 发济 布： ，中 相国 关民 产航 业局 链表 有示 望增 持加 续低 受空 益可 。飞 中空 国域 民， 航广东 局“ 有低 关空 负经 责济 人表29 行业： 计算机 业 示，将配合相关部门做好空域分类和低空空域管理改革试点，增加 研 低空可飞空域。广东省人民政府办公厅印发《广东省推动低空经济 日期： y 20x2z4q年da0te5m月a2r8k日 究 高质量发展行动方案（2024—2026 年）》。总体目标到 2026 年，低 空经济规模超过3000亿元。 分析师： 李行杰 AI大模型：阿里大模型平台将出海，国内大模型接连降价，相关产 业链有望受益。阿里云在 2024 阿里云全球峰会上宣布，阿里云 AI E-mail： lixingjie@yongxingsec. 技术也将首次出海。据悉，阿里云的大模型服务平台百炼国际版即 com 将上线，提供一站式、全托 ...

请务必阅读报告正文后各项声明 5 金融 周期 消费 稳定 成长 资料来源：Wind，甬兴证券研究所 资料来源：Wind，甬兴证券研究所 | --- | --- | --- | |----------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 股票投资评级： | 买入 | 分析师给出下列评级中的其中一项代表其根据公司基本面及（或）估值预期以报告日起 6 个月 内公司股价相对于同期市场基准指数表现的看法。 \n股价表现将强于基准指数 20% 以上 | | | 增持 | 股价表现将强于基准指数 5-20% | | | 中性 | 股价表现将介于基准指数± 5% 之间 | | | 减持 | 股价表现将弱于基准指数 5% 以上 | | 行业投资评级： | | 分 ...

Investment Rating - The investment rating for the company is "Buy" [6][14]. Core Views - The company's performance shows steady growth, highlighting operational resilience with a revenue of 22.437 billion yuan in 2023, a year-on-year increase of 11.21%, and a net profit of 0.929 billion yuan, up 18.35% [3]. - The company is actively enhancing its refined management capabilities, which is expected to improve profitability, with a gross margin of 32.55% in 2023, an increase of 0.67 percentage points year-on-year [3]. - The company is pushing for the qualification of outpatient coordination, aiming to benefit from policy dividends, with 4,673 outpatient coordination stores established by Q1 2024 [3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 22.437 billion yuan, with a net profit of 0.929 billion yuan, and a non-recurring net profit of 0.844 billion yuan, reflecting year-on-year growth rates of 11.21%, 18.35%, and 14.68% respectively [3]. - For Q1 2024, the revenue was 5.539 billion yuan, with a net profit of 0.321 billion yuan, and a non-recurring net profit of 0.311 billion yuan, showing year-on-year growth rates of 1.81%, 10.27%, and 10.35% respectively [3]. Business Segments - In 2023, the retail and franchise businesses generated revenues of 19.349 billion yuan and 2.931 billion yuan, with year-on-year growth of 9.96% and 19.62% respectively [3]. - In Q1 2024, the retail and franchise businesses reported revenues of 4.683 billion yuan and 0.819 billion yuan, with year-on-year growth of 2.18% and 0.24% respectively [3]. Profitability and Management - The gross margin for 2023 was 32.55%, benefiting from product mix adjustments and an increase in the proportion of unified procurement sales, which reached 68.40% [3]. - The company has implemented various cost-reduction measures and expects further profitability improvements with the Torch Project, achieving a gross margin of 35.20% and a net margin of 6.61% in Q1 2024 [3]. Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025, expecting net profits of 1.118 billion yuan and 1.354 billion yuan, with corresponding EPS of 1.91 yuan and 2.32 yuan [4]. - The projected P/E ratios for 2024, 2025, and 2026 are 18, 15, and 12 respectively, indicating a favorable valuation outlook [4].

有色金属 行业研究/行业周报 证 美联储官员发言压制降息预期，铜金价格短期回调 券 ——有色行业周报（2024.5.20-2024.5.24） 研 究 报 ◼ 行情回顾 告 增持( 维持) 截至2024年5月24日，本周（2024.5.20-2024.5.24）有色金属（申万） 指数环比上周涨跌幅为-3.7%，在申万31个一级行业中位列第18位， 行 2024年年初以来总体涨跌幅为10.48%。 行业： 有色金属 业 日期： y 20x2z4q年da0te5m月a2r7k日 研 ◼ 核心观点 究 1、工业金属 分析师： 魏亚军 （1）铜：本周伦铜、沪铜分别报收 10334 美元/吨、84050 元/吨，环 E-mail： weiyajun@yongxingse c.com 比上周分别-3.56%、-0.24%。在本周四美联储 5 月会议纪要出炉前， SAC编号： S1760523090004 美联储官员于当地时间周一密集发声，对于降息的态度均较为谨慎， 并再度提及加息的可能性。受此影响，2024 年 6/7/9 月降息概率分别 环比上周分别变化-8.9pct/-19.4pct/-15.4pct，降息概率有明显 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [6]. Core Views - The non-ferrous metals index experienced a weekly decline of 3.7% as of May 24, 2024, ranking 18th among 31 primary industries, with a year-to-date increase of 10.48% [2][14]. - The copper prices have shown a significant decline due to reduced expectations for interest rate cuts, with LME copper and SHFE copper closing at $10,334 per ton and ¥84,050 per ton, reflecting changes of -3.56% and -0.24% respectively [3][21]. - Aluminum prices are expected to improve due to favorable real estate policies, which are anticipated to boost demand [3]. - Lithium carbonate and lithium hydroxide prices have decreased by 0.5% and 1.83% respectively, reaching ¥106,440 and ¥96,310 per ton [29]. - Cobalt prices have increased, with electrolytic cobalt rising by 8.68% to ¥238,000 per ton, while other cobalt compounds also saw slight increases [29]. Summary by Sections Investment Recommendations - The report suggests that liquidity conditions remain favorable for the long term, with expectations of a weaker dollar benefiting commodity prices. Supply disruptions, such as a year-on-year decline in Chilean copper production and reduced electrolytic aluminum output due to power supply issues, are noted. The report anticipates improved demand following the implementation of extensive real estate policies and a potential ¥1 trillion bond issuance [5][13]. Weekly Sector Performance - The non-ferrous metals sector saw all sub-sectors decline, with the top three declines being non-metal materials III, copper, and other minor metals, with respective declines of -8.1%, -4.91%, and -4.79% [16][19]. Price and Inventory Performance - As of May 24, 2024, LME copper, aluminum, lead, zinc, tin, and nickel prices changed by -3.56%, +1.41%, +0.11%, +0.51%, -3.21%, and -3.74% respectively. SHFE copper, aluminum, lead, zinc, tin, and nickel prices changed by -0.24%, -0.67%, -1.1%, +3.54%, -1.4%, and -0.44% respectively [21][22]. - The report highlights that LME copper inventory increased by 8.71% and SHFE copper inventory increased by 3.42% [24]. Precious Metals - COMEX gold and silver prices decreased by 2.02% and 3.91% respectively, with gold closing at $2,366.9 per ounce and silver at $30.37 per ounce. The gold-silver ratio increased to 77.94, indicating a slight shift in market dynamics [4][31]. Rare Earth and Minor Metals - Rare earth prices showed mixed results, with praseodymium-neodymium oxide decreasing by 4.75% and dysprosium oxide decreasing by 1.46%, while other minor metals like magnesium ingots and antimony saw increases [35][36].