石油石化 行业研究/行业周报 证 油价高位运行，石化上游板块持续受益 券 ——石油化工行业周报（20240325-20240329） 研 究 报 ◼ 市场行情回顾 告 增持( 维持) 板块表现 本周（20240325-20240329）中信石油石化板块上涨约4.28%，上证综 行 合指数下滑约0.23%，同上证综合指数相比，石油石化板块领先约4.51 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，其中油田服务、 日期： y 20x2z4q年da0te4m月a0r2k日 研 工程服务、石油开采等子板块涨幅居前。 究 本周（20240325-20240329）石油石化板块领涨个股包括中海油服、中 分析师： 詹烨 曼石油、海油工程、中国石油、海油发展等；领跌个股包括宝莫股份、 E-mail： zhanye@yongxingsec.c 和顺石油、道森股份、ST实华、蒙泰高新等。其中民营大炼化公司周 om 度涨跌幅如下：新凤鸣（+5.02%）、恒力石化（+4.57%）、桐昆股份 SAC编号： S1760521040001 （+2.31%）、荣盛石化（+1.76%）、恒逸石化（+1.24%）、东方盛 ...

石油石化 行业研究/行业周报 证 地缘风险增强，国际油价上涨 券 ——石油化工行业周报（20240401-20240403） 研 究 报 ◼ 市场行情回顾 告 增持( 维持) 板块表现 本周（20240401-20240403）中信石油石化板块上涨约3.34%，上证综 行 合指数上涨约0.92%，同上证综合指数相比，石油石化板块领先约2.4 行业： 石油石化 业 个百分点。子板块方面，石油石化子板块整体上涨，其中油田服务、 日期： y 20x2z4q年da0te4m月a0r8k日 研 油品销售及仓储、其他石化等子板块涨幅居前。 究 本周（20240401-20240403）石油石化板块领涨个股包括准油股份、胜 分析师： 詹烨 通能源、中曼石油、博迈科、贝肯能源等；领跌个股包括博汇股份、 E-mail： zhanye@yongxingsec.c 统一股份、宝莫股份、润贝航科、蒙泰高新等。其中民营大炼化公司 om 周度涨跌幅如下：恒逸石化（+6.27%）、恒力石化（+5.45%）、东方盛 SAC编号： S1760521040001 虹（+4.17%）、桐昆股份（+3.86%）、荣盛石化（+3.09%）、新凤鸣 （ ...

汽车 行业研究/行业周报 比亚迪、赛力斯 2024年 3月汽车销量分别同比约 证 券 +46.1%、+225.8% 研 ——汽车行业周报（2024/04/01~2024/04/03） 究 ◼ 行情回顾 报 过去一周(2024/04/01~2024/04/03），申万汽车行业上涨 0.79%，表现 增持( 维持) 告 弱于同花顺全 A，所有一级行业中涨跌幅排名第 19。细分板块涨跌 行 幅：过去一周(2024/04/01~2024/04/03），摩托车及其他涨幅最大，汽 行业： 汽车 业 车零部件跌幅最大。摩托车及其他上涨 3.00%，商用车上涨 2.02%， 研 乘用车上涨2.01%，汽车服务上涨1.52%，汽车零部件下跌0.15%。 日期： y 20x2z4q年da0te4m月a0r9k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 2月汽车销量约 158万辆，环 SAC编号： S1760523080002 比-35.1%，同比-19.9%。 2）车企端：据乘联会数据，2024 年 2 月，比亚迪、吉 ...

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1]. Core Insights - The report highlights the acceleration of the computing chip industry driven by AI, with Samsung planning to launch the AI chip Mach-1 by the end of 2024 and accelerate the development of the Mach-2 chip [4][7]. - The first 5G-A integrated sensing technology trial in marine environments has been successfully validated, indicating potential benefits for the related industry chain [4][17]. - SK Hynix is set to invest approximately $3.87 billion in building an advanced chip packaging plant in the U.S., which is expected to benefit the advanced packaging industry chain [4][19]. - NAND Flash Wafer prices continue to rise, with the 512Gb NAND Flash Wafer exceeding $4, suggesting a positive outlook for the storage chip industry chain [5][18]. Summary by Sections 1. Core Insights and Investment Recommendations - The computing chip industry is expected to benefit from rising AI-driven demand, with Samsung's Mach-1 and Mach-2 chips at the forefront [4]. - Integrated sensing technology for 5G-A has shown promising results, which could support low-altitude and marine economic development [4]. - SK Hynix's investment in advanced packaging is anticipated to enhance the importance of this sector in the computing era [4]. 2. Market Review - The A-share Shenwan Electronics Index fell by 0.28% from April 1 to April 3, underperforming the CSI 300 Index by 1.14 percentage points [8]. - Among the sub-sectors, optical optoelectronics performed best with a 3.41% increase, while other electronic sectors saw declines [10]. 3. Industry News - Samsung is enhancing its competitiveness in AI semiconductor fields by forming a team focused on improving HBM memory capacity and quality [16]. - The successful trial of 5G-A integrated sensing technology in Liaoning province marks a significant advancement in marine safety management [17]. 4. Company Dynamics - Companies like Huada Technology and Shanghai Beiling reported declines in revenue and net profit for 2023, indicating challenges in the current market environment [27]. - Dongxin Co. has successfully passed AEC-Q100 testing for its SLC NAND Flash and NOR Flash products, expanding its automotive-grade product line [24].

计算机 行业研究/行业周报 证 国产大模型表现加速追赶， 计算机行业表现值得期待 券 ——计算机行业周报（2024.03.25-2024.03.29） 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 近 据期 金以 融投K 资im 报i为 ，代 国表 内的 A国 I领产 域大 迎模 来型 了表 一现 款惊 名艳 为，A KI im应 i 用 Ch关 at注 的度 大提 模升 型。 ， 行业： 计算机 业 引发了资本市场的热烈反响。该产品能够处理高达200万字的长文 研 本输入，这一突破表明国产AI大模型技术向前迈出了重要一步。 日期： y 20x2z4q年da0te4m月a0r3k日 究 长文本处理能力使AI能够处理和理解更复杂的文本信息，包括详 细的背景信息、上下文关系和深层次的语义，无损的长上下文是通 分析师： 李行杰 往通用人工智能的关键技术。自Kimi爆火以来，国内多家大模型 均公开了自己在长文本生成方向的进展。阿里云推出的通义千问正 E-mail： lixingjie@yongxingsec. 在升级，升级后将免费开放1000万字长文档处理功能，成为全球 com 文档处 ...

Core Insights - Xiaomi's first electric vehicle, the SU7, was officially launched on March 28, 2024, with a starting price of 215,900 yuan, and it marks a significant milestone in Xiaomi's "smart home ecosystem" strategy [34][36] - The vehicle's launch coincides with a notable increase in the sales of new energy vehicles (NEVs), with an expected retail volume of approximately 750,000 units in March 2024, representing a year-on-year growth of 37.1% [34][36] - Xiaomi's patent for a satellite communication technology that automatically adjusts the satellite antenna is expected to enhance driving safety and optimize smart travel experiences, injecting new vitality into the smart driving ecosystem [11][36] Market Review - The A-share market has shown a fluctuating trend over the past year, with major indices experiencing a general downward trend, while the North Star 50 index saw a significant rebound from October to December 2023 [38][39] - In the week of March 25 to March 29, 2024, the A-share market saw varied performance across different sectors, with the oil and petrochemical sector leading with a weekly increase of 4.08% [39][41] Industry News - The satellite internet industry is on a clear path to commercialization, and the new energy vehicle sector is experiencing rapid growth, presenting investment opportunities in companies like Zhenyou Technology and Huali Chuantong [2][36] - The Civil Aviation Administration of China is actively promoting the development of the low-altitude economy, which includes initiatives for urban air mobility and low-altitude logistics [29] - The recent patent by Xiaomi for satellite communication technology is expected to significantly improve the efficiency and quality of satellite communication for vehicles, enhancing the overall user experience [11][29] Company Announcements - Xiaomi's SU7 has received substantial pre-orders, with over 50,000 units booked within 27 minutes of its launch [34] - The report highlights the strong performance of various companies in the new energy vehicle supply chain, with significant revenue growth reported by companies like Desay SV and others in the automotive components sector [56]

基础化工 行业研究/行业周报 证 南亚新材投建高端电子基材，覆铜板高端化带来特种树脂需求 券 ——化工新材料行业周报(2024.03.25-2024.03.29) 研 究 ◼ 核心观点 报 基础化工：地缘局势不稳定性仍存，美国钻井机数持续减少，供给担忧助推油 增持( 维持) 告 价上行。但美元指数走强，一定程度上压制油价。我们预计抵抗式高位震荡格 行 局或贯穿 24 年，关注上游石油资源品种。俄罗斯袭击乌克兰多地能源设施，截 至 3 月，乌克兰此前对俄罗斯的袭击导致约 7%炼油产能停产，地缘局势不稳定 行业： 基础化工 业 性，叠加美国钻井机数连续两周下滑，引发供给担忧。需求端来看，炼厂开工率 研 日期： y 20x2z4q年da0te4m月a0r2k日 持续回升，一定程度上代表汽油利润及需求持续修复，对原油需求有望提升，在 究 需求端为原油价格提供支撑。另一方面，美元指数持续走强，一定程度上对油价 形成压制。本周(20240325-20240329)布油期货价格累计上涨2.64%，重回85美元 分析师： 詹烨 /桶上方，收于87.07美元/桶。 E-mail： zhanye@yongxingsec.c 整体 ...

策略研究/策略周报 | --- | |-------| | | | | | | 企业库存周期的不确定性，外部超预期风险事件，房地产超预期下滑。 | --- | --- | |-------|-------| | | | | | | | | | 熟的科技主题，Kimi 概念大涨可以理解为在"价值投资"范畴内的抢 跑：人工智能大模型的开源特性使技术更容易扩散，另外海外的价值 演进路径为国内相关板块提供了参照。 养猪板块的上涨，在我们看来，体现了对 CPI 上行预期的抢跑，因为 养猪是消费行业中周期性较强的子板块。（03/18-03/22）当周养猪板块 在期货价格上涨的刺激下出现了上涨脉冲。 上周（03/25-03/29）上涨的板块以周期和高股息板块为主。我们认为 周期行业的普涨体现了基建对长期经济增长"压舱石"的作用。政府 工作报告中提到从 2024 年开始拟连续几年发行超长期特别国债，说 明基建投资对周期行业的拉动将是一个较长期的主线。 3 月 27 日，统计局发布 1-2 月全国规模以上工业企业利润增长 10.2%， 较 2023 年 12 月大幅回升，其中外资及私营企业利润高增。3 月 31 日， 统计局发 ...

Investment Rating - The investment rating for the company is "Buy" [3][12]. Core Views - The company achieved a net profit of approximately 1.086 billion yuan in 2023, marking a turnaround from losses in the previous year, with a significant increase in production and sales [2]. - The polyester filament industry is expected to see an upward trend in profitability due to reduced new capacity additions and the exit of outdated facilities, leading to a recovery in the industry [2]. - The company is expanding its overseas presence with a planned 16 million tons/year integrated refining and chemical project in Indonesia, which is expected to enhance its product value and diversify its operations [2]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 61.469 billion yuan, with a year-on-year growth rate of 21% [4]. - The net profit attributable to the parent company for 2023 was 1.086 billion yuan, reflecting a staggering year-on-year growth of 628.4% [4]. - The average selling prices for various products showed slight declines, with POY, FDY, DTY, and short fibers averaging 6796, 7675, 8499, and 6524 yuan/ton respectively [2]. Production Capacity - The company’s polyester filament production capacity reached 7.4 million tons in 2023, with a domestic market share exceeding 12% [2]. - Production volumes for POY, FDY, DTY, and short fibers were approximately 4.65 million tons, 1.41 million tons, 740 thousand tons, and 1.17 million tons respectively, with growth rates of 20%, 18%, 13%, and 129% year-on-year [2]. Industry Outlook - The polyester filament industry is anticipated to enter a phase of recovery, with high operating rates maintained at nearly 90% throughout 2023, the highest level since 2017 [2]. - The company is well-positioned to benefit from the industry's recovery and is expected to enhance its market position through strategic overseas investments [3].

电子 行业研究/行业周报 A 证 中 国移动首发5G-A商用部署，三星计划推出 AI芯片 券 ——电子行业周报（2024.03.25-2024.03.29） 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：三星计划2024年底2025年初推出AI芯片Mach-1，算力 芯片产业加速发展。三星电子计划 2024 年底 2025 年初推出采用 行业： 电子 业 LPDDR内存的 AI芯片 Mach-1。Mach-1芯片已完成基于 FPGA的技 研 术验证，正处于 SoC 设计阶段。我们认为，AI 推动算力需求攀升， 日期： y 20x2z4q年da0te4m月a0r1k日 究 英伟达算力卡迭代加速，相关产业链有望持续受益。 通感一体化：中国移动在杭州全球首发 5G-A商用部署，相关产业链 分析师： 陈宇哲 或将受益。中国移动在杭州全球首发 5G-A 商用部署，计划于年内扩 E-mail： chenyuzhe@yongxings 展至全国超 300个城市，建成全球最大规模的 5G-A商用网络。各地 ec.com 已经在水、陆、空全场景开展 5.5G 通感一体关键技术的验证和规 ...