Investment Rating - The report maintains a rating of "Overweight" for the building materials industry [1] Core Views - The real estate market continues to face pressure, but the introduction of stable real estate policies is expected to improve demand in the medium to long term, presenting investment opportunities in the left side of the real estate industry chain [1][5] - The photovoltaic glass market is seeing improved downstream demand and decreasing inventory, with expectations for leading companies to continue increasing market share [1][5] Summary by Sections 1. Core Views and Investment Recommendations - The government is focusing on resolving real estate risks and optimizing policies to support reasonable financing needs for various property enterprises, promoting a stable and healthy development of the real estate market [5] - The central bank's reduction of the 5-year LPR by 25 basis points signals support for the real estate industry, aiming to stabilize market confidence and promote investment and housing consumption [5] - The photovoltaic glass market is experiencing good overall transactions, with inventory continuing to decline and expectations for price increases in the coming month [5][21][22] 2. Market Review - For the week of March 25 to March 29, 2024, the A-share building materials index fell by 0.52%, underperforming the CSI 300 index by 0.31 percentage points [7] - Year-to-date, the building materials index has decreased by 6.25%, underperforming the CSI 300 index by 9.35 percentage points [8] 3. Industry News - In the first two months of 2024, the national sales area of new commercial housing decreased by 20.5% year-on-year, with a significant drop in new housing sales due to the release of pent-up demand from the pandemic [17][18] - The average price of new residential buildings in 100 cities increased by 0.29% in January and February 2024, indicating a shift from decline to growth compared to the same period in 2023 [17] 4. Company Dynamics - Company "Jianlang Hardware" reported a revenue of 7.802 billion yuan in 2023, a year-on-year increase of approximately 2%, with a significant increase in net profit by 393.89% [26][27] - The company is focusing on expanding its market presence in county-level cities and enhancing its operational efficiency through overseas market development [26][27]

有色金属 行业研究/行业周报 美国非农就业数据强劲，金价承压 证 券 ——有色行业周报（2024.01.29-2024.02.02） 研 究 报 ◼ 行情回顾 告 增持( 维持) 本周（2024.1.28-2024.2.2）有色金属（申万）指数环比上周涨跌幅为- 9.75%，在申万31个一级行业中位列第 13位，2024年年初以来总体 行 涨跌幅为-14.98%。 行业： 有色金属 业 日期： y 20x2z4q年da0te2m月a0r7k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8464美元/吨、68630元/吨，环比 E-mail： weiyajun@yongxingse c.com 上周分别-0.76%、-0.35%。本周铜价回调核心与美国非农就业数据表 SAC编号： S1760523090004 现强劲有关，1月FOMC会议决议维持当前利率水平，而3月降息概 率进一步下降（2024年2月2日CME FedWatch Tool显示3月降息概 率为 20%，而 2024年 1月 26日该数据为 48%），故铜价短期有所回 近一年行业与沪深300比较 调。后续 ...

电子 行业研究/行业专题 证 CoWoS 技术引领先进封装，国内 OSAT 有望受益 券 研 ——人工智能系列专题报告（一） 究 报 ◼ 核心观点 告 增持( 维持) AI算力芯片需求攀升，先进封装有望加速成长。GPT的快速迭代使得参 数与训练数据量均出现了大幅提升，因此算力成为了AIGC时代的核心基 行 础设施。受益于 AIGC 的快速发展，算力需求有望持续加速增长。2021- 行业： 电子 业 2026年，智能算力规模年复合增长率有望达到52.3%。2024年，中国人 日期： y 20x2z4q年da0te3m月a1r3k日 研 工智能芯片市场规模预计将达到785亿元，未来或将保持较高增速。 究 强大的 AI 芯片需要更加先进的制程工艺来实现，由于芯片集成度逐 分析师： 陈宇哲 渐接近物理极限，先进封装技术有望成为延续摩尔定律、发展先进AI E-mail： chenyuzhe@yongxings 芯片的有效路径之一。我们认为，先进封装需求有望随着算力芯片的 ec.com 快速放量而迅速提升。 SAC编号： S1760523050001 2.5D封装发展迅速，CoWoS有望引领先进封装。芯片封装由2D向3D ...

石油石化 行业研究/行业周报 证 地缘风险降温，油价有所回落 券 ——石油化工行业周报（20240129-20240202） 研 究 报 ◼ 市场行情回顾 告 增持( 维持) 板块表现 本周（20240129-20240202）中信石油化工板块下滑约13.18%，上证综 行 合指数成份下滑约13.89%，同上证综合指数相比，石油化工板块领先 行业： 石油石化 业 约0.71个百分点。子板块方面，石油化工子板块以下跌为主，其中油 日期： y 20x2z4q年da0te2m月a0r8k日 研 品销售及仓储、其他石化、油田服务等子板块跌幅居前。 究 本周（20240129-20240202）石油化工板块领涨个股包括ST实华、中 分析师： 詹烨 国石化等；领跌个股包括蒙泰高新、大庆华科、渤海化学、准油股份 E-mail： zhanye@yongxingsec.c 等。其中民营大炼化公司周度涨跌幅如下：东方盛虹（-4.28%）、荣盛 om 石化（-6.11%）、恒逸石化（-6.37%）、新凤鸣（-7.87%）、恒力石化（- SAC编号： S1760521040001 9.11%）、桐昆股份（-12.99%）等。 近一年 ...

医药生物 行业研究/行业周报 三地出台鼓励政策，创新药再迎发展契机 证 券 ——医药生物行业周报（2024.04.01-04.03） 研 究 ◼ 行情回顾 报 增持( 维持) 告 上周（2024年 4月 1日-4月 3日），A股申万医药生物上涨 0.58%， 行 板块整体跑输沪深 300 指数 0.27pct，跑赢创业板综指数 0.06pct。在 申万 31个一级子行业中，医药板块周涨跌幅排名为第20位。恒生医 行业： 医药生物 业 研 疗保健指数下跌 3.96%，板块整体跑输恒生指数 5.07pct。在恒生 12 日期： y 20x2z4q年da0te4m月a0r9k日 究 个一级子行业中，医疗保健行业周涨跌幅排名为第12位。 ◼ 核心观点 分析师： 孟维肖 E-mail： mengweixiao@yongxi 近日，北京、广州市黄埔区、珠海市三地相继发布促进鼓励生物医药 ngsec.com 产业高质量发展相关政策。从三地文件来看，创新药受到了政策倾斜 SAC编号： S1760524030001 和扶持，有望迎发展良机。 分析师： 徐昕 北京市政策集中在产品研发、临床试验、审评审批、生产制造、流通 E-ma ...

Investment Rating - The report maintains an "Overweight" rating for the computer industry [1]. Core Insights - The introduction of free access to ChatGPT 3.5 is expected to create a "universal" effect for more AI applications, leading to increased demand for AI capabilities [5]. - The data factor industry is accelerating, with a focus on enhancing the national integrated computing network and data circulation infrastructure [6]. - The demand for computing power is anticipated to continue expanding due to the open access of large models, with significant free token allocations for registered users [7]. - Support policies for flying cars are being intensified across various regions, indicating potential rapid development in this sector [8]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the potential of ChatGPT's free access to enhance AI applications and increase computing power demand [5][6][7]. - It emphasizes the importance of the industrial software sector, data factors, operating systems, and leading AI companies for investment opportunities [9][10]. 2. Market Review - The A-share Shenwan Computer Index fell by 2.54% from April 1 to April 5, underperforming the CSI 300 Index by 3.4 percentage points [11]. - Within the Shenwan 31 first-level sub-industries, the computer sector ranked last in weekly performance [11][12]. 3. Industry News - The U.S. and U.K. have established a partnership for AI safety, marking a significant milestone in international AI cooperation [18]. - The National Data Bureau plans to pilot data labeling bases to promote AI industry development [19]. - The 135th Canton Fair will showcase over 90,000 intelligent products, reflecting the growing integration of AI and digital technologies in manufacturing [20]. 4. Company Dynamics - Kunlun Wanwei announced the public testing of its self-developed large model "Tiangong 3.0" on April 17 [26]. - Yunsai Zhili participated in the formulation of a national standard for smart city parking, set to be implemented in October 2024 [27]. 5. Company Announcements - Several companies reported their annual profits, with notable declines in net profits for some, while others like Langxin Group reported a 17.44% increase [28].

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].