Industry Investment Rating - The report does not explicitly mention the investment rating for the industry [1] Core Views - Helion Energy is a leading US company in nuclear fusion technology, founded in 2013 and headquartered in Everett, Washington, with around 150 employees [1] - Helion's mission is to meet the world's demand for clean energy, mitigate climate change, and improve human welfare [1] - The company has raised significant funding, including a $400 million Series D round in 2020 and a $500 million round in 2024 to accelerate the construction of its Polaris fusion plant [1] - Helion's Trenta prototype achieved the necessary 100 million degrees Celsius for commercial fusion, using deuterium as fuel and showing evidence of deuterium-helium-3 fusion [1] - Polaris, the next step in Helion's fusion power generation, will have 100 times faster pulse speed than Trenta and features direct energy recovery, making it a highly efficient fusion power generation method [1] - Helion is developing key components in-house, including quartz tubes and high-voltage capacitors, to speed up the commercialization process [1] - Microsoft has agreed to purchase electricity from Helion's first fusion power plant, expected to be deployed by 2028, supporting Microsoft's goal of becoming carbon negative by 2030 [1] - Helion is collaborating with Nucor Steel to build a 500 MW fusion power plant that will provide zero-carbon electricity directly to Nucor's steel plant [1] Industry and Market Comparison - The small and mid-cap sector has shown a performance of -30% to 2% over the past year, compared to the CSI 300 index [1] Related Reports - The report references other related studies on rocket technology advancements, high-temperature superconducting coil testing, and the commercialization prospects of fusion energy [1]

汽车 行业研究/行业周报 商务部、财政部等 7部门联合发布《汽车以旧换新补 证 券 贴实施细则》 研 ——汽车行业周报（2024/04/22~2024/04/26） 究 ◼ 行情回顾 报 过去一周(2024/04/22~2024/04/26），申万汽车行业上涨 2.42%，表现 增持( 维持) 告 强于同花顺全 A，所有一级行业中涨跌幅排名第 12。细分板块涨跌 行 幅：过去一周(2024/04/22~2024/04/26），汽车零部件涨幅最大，乘用 行业： 汽车 业 车涨幅最小。汽车零部件上涨 2.99%，汽车服务上涨 2.57%，摩托车 研 及其他上涨2.00%，商用车上涨1.92%，乘用车上涨1.52%。 日期： y 20x2z4q年da0te4m月a2r8k日 究 分析师： 王琎 ◼ 核心数据 E-mail： wangjin@yongxingsec. 数据跟踪： com 1）行业总量：据中汽协数据，2024年 3月汽车销量约 269万辆，环 SAC编号： S1760523080002 比+70.2%，同比+9.9%。 2）车企端：据乘联会数据，2024 年 3 月，比亚迪、一汽大众和吉利 零售销量位列 ...

计算机 行业研究/行业周报 证 深圳沈阳出台支持政策， 低空经济产业链有望受益 券 ——计算机行业周报（2024.04.22-2024.04.26） 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 研空 究经 制济 定： 了深 《圳 沈盐 阳田 市出 低台 空专 经项 济扶持 高政 质策 量支 发持 展低 行空 动经 计济 划发 （展 2， 02沈 4-阳 20市 26 行业： 计算机 业 年）》，相关产业链有望持续受益。《盐田区关于促进低空经济产业 研 创新发展的若干措施》（以下简称《措施》）公布，根据《措施》， 日期： y 20x2z4q年da0te4m月a2r9k日 究 低空经济领域企业落户盐田，最高可获 500 万元补贴。沈阳市研究 制定了《沈阳市低空经济高质量发展行动计划（2024-2026 年）》 分析师： 李行杰 （以下简称《计划》）。《计划》提出，到 2026 年，沈阳市低空飞行 基础保障体系基本完善。沈阳市培育低空经济相关企业突破 100 E-mail： lixingjie@yongxingsec. 家，产业规模达到30亿元。 com 端侧 AI模型：微软推 ...

电子 行业研究/行业周报 A 证 高 通推出骁龙 X Plus，日月光称先进封装供不应求 券 ——电子行业周报（2024.04.22-2024.04.26） 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 算力芯片：高通推出全新骁龙 X Plus 平台，算力芯片产业加速发 展。骁龙X Plus采用先进的高通Oryon™ CPU，并旨在满足终端侧AI 行业： 电子 业 应用的需求，采用具有45TOPS算力的高通Hexagon™ NPU，是全球 研 最快的笔记本电脑 NPU。我们认为，AI 推动算力需求攀升，相关产 日期： y 20x2z4q年da0te4m月a2r9k日 究 业链有望持续受益。 HBM：SK 海力士12 层堆叠 HBM3E 开发或将于三季度完成，相关 分析师： 陈宇哲 产业链或将受益。SK 海力士表示其 12 层堆叠（12Hi）HBM3E 内存 E-mail： chenyuzhe@yongxings 开发有望三季度完成，2024年客户主要聚焦 8Hi HBM3E 内存，将为 ec.com 2025 年客户对 12Hi HBM3E 需求的全面增长做好准备。我们认为， ...

计算机 行业研究/行业周报 证 深圳沈阳出台支持政策， 低空经济产业链有望受益 券 ——计算机行业周报（2024.04.22-2024.04.26） 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 研空 究经 制济 定： 了深 《圳 沈盐 阳田 市出 低台 空专 经项 济扶持 高政 质策 量支 发持 展低 行空 动经 计济 划发 （展 2， 02沈 4-阳 20市 26 行业： 计算机 业 年）》，相关产业链有望持续受益。《盐田区关于促进低空经济产业 研 创新发展的若干措施》（以下简称《措施》）公布，根据《措施》， 日期： y 20x2z4q年da0te4m月a2r9k日 究 低空经济领域企业落户盐田，最高可获 500 万元补贴。沈阳市研究 制定了《沈阳市低空经济高质量发展行动计划（2024-2026 年）》 分析师： 李行杰 （以下简称《计划》）。《计划》提出，到 2026 年，沈阳市低空飞行 基础保障体系基本完善。沈阳市培育低空经济相关企业突破 100 E-mail： lixingjie@yongxingsec. 家，产业规模达到30亿元。 com 端侧 AI模型：微软推 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1]. Core Insights - Qualcomm has launched the Snapdragon X Plus platform, accelerating the development of computing chips. The Snapdragon X Plus features the Qualcomm Oryon™ CPU, which outperforms competitors by up to 37% while consuming 54% less power. It is designed to meet the demands of AI applications with a computing power of 45 TOPS, making it the fastest NPU for laptops globally. The report anticipates that AI will drive an increase in computing demand, benefiting the related industry chain [4][5]. - SK Hynix's development of 12-layer stacked HBM3E memory is expected to be completed by Q3 2024, with a focus on 8Hi HBM3E memory for 2024 and preparation for a comprehensive increase in demand for 12Hi HBM3E by 2025. The report suggests that major storage manufacturers are actively advancing the production of cutting-edge memory chips, which will benefit the industry chain [4][5]. - Advanced packaging is experiencing a supply-demand imbalance due to AI-driven demand, with expectations for growth trends to continue until 2025. The report highlights the increasing importance of advanced packaging in the computing era, which is expected to benefit the related industry chain [4][5]. - Seagate Technology has announced a price increase for its hard drives, indicating that supply constraints will persist and prices are expected to continue rising in the coming quarters. The report suggests that as downstream demand improves, storage chip prices are likely to continue their upward trend, benefiting the related industry chain [4][5]. Summary by Sections 1. Core Insights and Investment Recommendations - The report continues to favor the computing chip industry chain centered around AI, the rapidly developing HBM industry chain, and the semiconductor cycle recovery represented by storage and advanced packaging [5][6]. 2. Market Review - During the week of April 22-26, the A-share Shenwan Electronics Index rose by 5.21%, outperforming the CSI 300 Index by 4.01 percentage points. The performance of the six major sub-sectors of Shenwan Electronics was led by components (6.8%) and other electronics II (6.73%) [7][9]. 3. Industry News - SK Hynix is expected to adopt TSMC's 7nm process for the base die of HBM4 memory, with a target to achieve production by 2026 [17]. - Seagate Technology has announced a price increase for its hard drives due to ongoing supply constraints and rising costs [18]. - SoftBank plans to invest approximately $960 million in computing infrastructure to develop a trillion-parameter large model [19]. - Samsung and AMD have signed a supply agreement worth 4 trillion KRW for HBM3E 12H [20]. 4. Company Dynamics - Jiangbolong reported a 200.54% year-on-year increase in revenue for Q1, with new major clients like OPPO [26][27].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][11]. Core Insights - The report highlights the positive impact of the "old-for-new" vehicle policy, suggesting a focus on automakers that lead in intelligence, technology cycles, and model cycles, such as Seres, Xiaopeng Motors, BYD, and Xiaomi Group [2][11]. - It also emphasizes the growth potential in the electric and intelligent components sector, recommending companies like Huguang Co., Wuxi Zhenhua, Bojun Technology, Kebo Da, and Baolong Technology [2][11]. Summary by Sections 1. Market Review - In the week from April 22 to April 26, 2024, the automotive sector rose by 2.42%, outperforming the overall A-share market, ranking 12th among all primary industries [12]. - The automotive parts sector saw the highest increase at 2.99%, while passenger vehicles had the smallest increase at 1.52% [12]. 2. Industry Data Tracking 2.1. Monthly Vehicle Sales - In March 2024, total vehicle sales reached approximately 2.69 million units, with a month-on-month increase of 70.2% and a year-on-year increase of 9.9% [22]. - Passenger vehicle sales were about 2.24 million units, with a month-on-month increase of 67.8% and a year-on-year increase of 10.9% [22]. 2.2. Weekly Vehicle Sales - From April 1 to April 21, 2024, retail sales of passenger vehicles were approximately 852,000 units, a year-on-year decrease of 12% [35]. - Wholesale sales of passenger vehicles during the same period were about 932,000 units, a year-on-year increase of 8% [35]. 2.3. Sales Outlook - For April 2024, the narrow passenger vehicle retail market is expected to be around 1.6 million units, with a year-on-year decrease of 1.5% [36]. 2.4. Raw Material Price Tracking - As of April 26, 2024, the price of battery-grade lithium carbonate was approximately 111,300 yuan per ton, unchanged from April 19, 2024 [37]. 3. Industry Dynamics - The report notes the collaboration between Chery and Ebro-EV to produce electric vehicles in Spain, and BYD's strategic partnership for promoting hybrid RV chassis [44]. 4. New Vehicle Launches - New models launched include BYD's Tang EV and Chery's Jietu Mountain Sea T2, among others, during the week of April 22 to April 26, 2024 [45]. 5. Company Announcements - Huaneng Automotive reported a Q1 2024 revenue of approximately 42.86 billion yuan, a year-on-year increase of 47.60% [46]. - Huguang Co. reported a Q1 2024 revenue of approximately 1.53 billion yuan, a year-on-year increase of 134.12% [46].

| --- | |-------| | | | | | | | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------------------------------------------| | 物价走势或呈现分化趋势 —— 3 月物价数据点评 | | | | ◼ 核心观点 事件： 2024 年 4 月 11 日，国家统计局公布 3 月份全国居民消费价格 | 日期： | yxzqdatemark 2024年04月26日 | | 指数（ CPI ）以及全国工业生产者出厂价格指数（ P ...

公司计划未来进一步提升钢结构产能及产能利用率。自 2016 年，公 司与涡阳县人民政府签订《绿色生态建筑产业项目》战略合作协议，公司 建设绿色建筑生产基地，着力布局钢结构生产。2022 年公司继续与湖北团 风县、涡阳县人民政府签订合作协议，将加快已规划生产基地的建设和投 产，2023 年底公司钢结构产品产能已达 500 万吨/年，后续依然有新增产 能持续落地。此外，产能利用率提升和智能化改造持续推进，单位面积/时 间的产出也存在提升空间。 请务必阅读报告正文后各项声明 8 公司深度 0 100 200 300 400 500 600 2018 2019 2020 2021 2022 2023 产能 资料来源：Wind，甬兴证券研究所 资料来源：Wind，甬兴证券研究所 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% 2018 2019 2020 2021 2022 2023 产能利用率 产销率 持续产能释放带动收入增长，18-23 年公司营业收入/净利润 CAGR 分 别达 24%/23%。钢结构产量增加叠加战略转型(专注钢结构制造)带来公司 营业收入及净利润持续增长， ...

老百姓(603883) 公司研究/公司深度 二十三年药房风雨路，成就行业先驱 证 券 ——老百姓公司深度报告 研 究 ◼ 核心观点 报 买入( 首次) 告 公司是国内营收规模领先、覆盖区域最广的大型药品零售连锁企业之 公 一。公司发家于湖南长沙，开创平价药店大卖场模式，截至 2023 年 9月 30 日，公司门店总数突破至13,065家，其中直营门店8,945 家，加盟门 行业： 医药生物 司 店 4,120 家，覆盖全国20个省份。经过20余年发展，公司已成为行业旗 研 日期： y 20x2z4q年da0te4m月a2r5k日 帜标杆，先后多次荣获中国药品零售企业综合竞争力百强榜第一名，具 究 有良好的口碑和广泛的认知度。 分析师： 孟维肖 行业集中度持续提升，处方外流逐步兑现，赛道景气度高。2022 年我国 E-mail： mengweixiao@yongxi 药房连锁率已提升至 55.92%，近年来保持增长趋势。从集中度来看， ngsec.com 2022 年百强药店营收规模合计约为 2800 亿元，市场份额占比突破至 SAC编号： S1760524030001 55.83%，其中格局开始出现分化，头部 ...