Investment Rating - The report maintains an "Overweight" rating for the computer industry [2]. Core Insights - The phenomenon-level AI application Kimi has catalyzed the AI application sector, with its context length processing capability increasing from 200,000 Chinese characters to 2,000,000, leading to a differentiation in competition among large models [7]. - Data element policy support and clear industrial progress have been established, with the release of the "Data Element Industry Map 1.0" and the implementation of a three-year action plan in Gansu Province aimed at creating a regional data trading center by the end of 2026 [8]. - Kimi's model faced operational issues due to a surge in demand for computing power, prompting the implementation of emergency measures to stabilize service for SaaS customers [9]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the robust growth potential in the industrial software sector, benefiting from data element policies and ongoing tenders for operating systems and AI products [10][11]. 2. Market Review 2.1. Sector Performance - The A-share Shenwan Computer Index rose by 2.49% from March 18 to March 22, outperforming the CSI 300 Index by 3.19 percentage points [12]. 2.2. Stock Performance - Top-performing stocks included Les Information (+51.09%), Wanji Technology (+42.15%), and Foxit Software (+35.81%) [18]. 3. Industry News - Nvidia introduced the GB200 processor, which significantly enhances AI model processing speeds, and announced a quantum computing cloud service to capitalize on emerging technologies [21][22]. - Tencent expanded its large model to a trillion parameters, integrating generative AI capabilities across various business scenarios [24]. 4. Company Dynamics - Hengsheng Electronics completed the development of a financial mobile terminal platform based on HarmonyOS, enhancing its service offerings [28]. - 360 launched its Security Large Model 3.0, claiming superior performance in various specialized tasks compared to existing models [29]. 5. Company Announcements - Notable announcements include annual reports from various companies, with significant profit changes reported by Zhongwei Electronics and Baichu Electronics [30].

Price Index Trends - In February, the Consumer Price Index (CPI) increased by 0.7% year-on-year, compared to a previous decline of -0.8%[12] - The Producer Price Index (PPI) decreased by 2.7% year-on-year, widening from a previous decline of -2.5%[12] - The PPI's year-on-year decline expanded by 0.2 percentage points, influenced by seasonal production factors and reduced demand in industries like steel and cement[18] Industry-Specific Price Changes - Chemical raw materials and products manufacturing prices fell by 6.6%, while black metal smelting and rolling prices dropped by 4.9%[5] - Prices in the coal mining and washing industry plummeted by 14.7%, contributing significantly to the PPI decline[5] - Non-metallic mineral products prices decreased by 7.7%, further impacting the PPI negatively[5] Core CPI Insights - The core CPI, excluding food and energy, rose by 1.2%, marking the highest increase since February 2022, with a rise of 0.8 percentage points from the previous value[18] - Food prices decreased by 0.9%, but the decline was less severe than before, affecting the CPI by approximately 0.17 percentage points[24] - Non-food prices increased by 1.1%, contributing about 0.89 percentage points to the CPI rise[24] Market Outlook - The report suggests that CPI may experience fluctuations as the base effect diminishes, but prices could gradually recover as demand stabilizes[18] - The bond market is expected to face volatility due to supply and trading congestion, although a long-term bullish trend remains[18] - Risks include geopolitical tensions, potential over-adjustments in U.S. monetary policy, and underperformance of listed companies[38]

商贸零售 行业研究/行业周报 证 跨境电商持续增长，即时零售竞争分化 券 研 ——行业周报（20240318-0322） 究 报 ◼ 行情回顾 增持( 维持) 告 本周，沪深300下跌0.70%；商贸零售板块整体下跌0.37%，跑赢沪深300 指数 0.33pct，涨跌幅在申万Ⅰ级 31 个行业中排第 15 位。子板块中专业 行 连锁Ⅱ居于首位，上涨8.29%，互联网电商次之，上涨4.55%，贸易Ⅱ和 行业： 商贸零售 业 一般零售呈下跌态势，分别下跌0.35%和0.46%。 日期： y 20x2z4q年da0te3m月a2r8k日 研 ◼ 核心观点 究 社零：1-2月服务业增势向好，国民经济稳中有升。据国家统计局，1-2月 分析师： 彭毅 社会消费品零售总额81307亿元，同比增长5.5%，增速比23年同期上涨 E-mail： pengyi@yongxingsec.c 2.0 pct。从消费类型看，餐饮消费增速高于商品零售，服务业增势向好。 om 从品类看，必选消费有所分化，可选消费中升级类商品增长较快。我们认 SAC编号： S1760523090003 为，国民经济持续恢复向好，随着4-5月节假日旅游出行 ...

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [4]. Core Insights - The Federal Reserve's March meeting indicated a dovish stance, maintaining the federal funds rate target range at 5.25%-5.50%, with potential for three rate cuts in 2024. This has led to a high net long position in crude oil, resulting in short-term profit-taking and price fluctuations. However, supply concerns due to ongoing conflicts in Ukraine are expected to support prices [10][14]. - The report anticipates a resistance-based high-level fluctuation in oil prices throughout 2024, which may provide support for chemical product prices, particularly in upstream oil resources [10][14]. Summary by Sections 1. Core Insights and Investment Recommendations - The basic chemical sector is expected to experience high-level fluctuations in oil prices, which will support chemical product prices. Key companies to watch include Wanhua Chemical, Baofeng Energy, Hualu Hengsheng, and Tongkun [25]. - In the new materials sector, focus on domestic substitution, industry marginal improvements, and technological innovation. Recommended stocks include Yake Technology and Huate Gas for low domestic substitution rates, and Srey New Materials, Shengquan Group, Changyang Technology, and Akole for improving demand [25]. 2. Market Review 2.1 Basic Market Conditions - The basic chemical index decreased by 0.48% during the week of March 18-22, 2024, underperforming the CSI 300 index, which fell by 0.70%. Year-to-date, the basic chemical index has dropped by 6.53% [26]. 2.2 Valuation Tracking - The basic chemical sector's PE-TTM is above the 5-year historical median, indicating a reasonable margin of safety for valuations [26]. 2.3 Individual Stock Performance - Notable stock performances include Shuangyi Technology with a 39.20% increase and Yongyue Technology with a 31.89% increase. Conversely, Lingpai Technology saw a decline of 10.36% [41]. 3. Industry Dynamics and Important Announcements 3.1 Industry Dynamics - The Federal Reserve's decision to maintain interest rates has been perceived as dovish, impacting market sentiment positively. The chemical industry is experiencing increased demand domestically and internationally, with significant growth in marine chemical production [67]. 3.2 Company Announcements - Dinglong Co. plans to raise 920 million yuan through convertible bonds for semiconductor material projects, indicating a focus on expanding production capabilities [68]. 4. Market Trends - The report highlights the expected growth in the electronic gas market, projected to reach $9.2 billion by 2027, with a CAGR of 6.3% from 2022 to 2027. The demand for electronic gases is anticipated to increase significantly due to advancements in semiconductor technology [15][19].

有色金属 行业研究/行业周报 证 美联储 3 月维持当前利率，金价续创历史新高 券 ——有色行业周报（2024.03.18-2024.03.22） 研 究 报 ◼ 行情回顾 告 增持( 维持) 截至2024年3月22日，本周（2024.3.18-2024.3.22）有色金属（申万） 指数环比上周涨跌幅为-2.08%，在申万31个一级行业中位列第29位， 行 2024年年初以来总体涨跌幅为4.65%。 行业： 有色金属 业 日期： y 20x2z4q年da0te3m月a2r8k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8847美元/吨、72290元/吨，环比 E-mail： weiyajun@yongxingse c.com 上周分别-2.5%、-1.15%。本周美联储议息会议召开，决议3月维持当 SAC编号： S1760523090004 前利率，但市场对6月降息的预期有所改善，根据CME FedWatch Tools 显示， 5/6 月降息概率分别为 12.28%/75.60%，环比上周分别变化 +5.84pct/+16.76pct。铜价在次日有所反弹，目前步 ...

建筑材料 行业研究/行业周报 证 地产政策边际优化，光伏玻璃持续降库 券 研 ——建材行业周报（2024.3.18-2024.3.22） 究 报 ◼ 核心观点 增持( 维持) 告 本周核心观点与重点要闻回顾 消费建材：地产市场继续承压，稳地产政策频出，中长期看好地产产 行 业链左侧投资机会。2024年1-2月房地产开发投资累计同比继续下降， 行业： 建筑材料 业 降幅有所收窄，市场信心修复尚需时日；近期稳地产政策频出：2024 日期： y 20x2z4q年da0te3m月a2r6k日 研 年政府工作报告指出，标本兼治化解房地产风险是重中之重，一视同 究 仁支持不同所有制房企合理融资需求是重要抓手；要加快构建地产发 分析师： 黄骥 展新模式以及加大保障性住房建设和供给以满足居民住房需求。央行 E-mail： huangji@yongxingsec. 下调5年期LPR，释放积极信号稳定行业信心，促进房地产市场平稳 com 健康发展；住建部发文，明确实现以人定房，以房定地、以房定钱， SAC编号： S1760523090002 促进房地产市场供需平衡、结构合理，防止市场大起大落。我们认为， 分析师： 李瑶芝 目前仍 ...

电子 行业研究/行业周报 A 证 英 伟达发布 B200，GB200NVLink采用铜缆互连 券 ——电子行业周报（2024.03.18-2024.03.22） 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 算力芯片：英伟达B200发布，集成有2080亿个晶体管，算力芯片产 行 业加速发展。英伟达在GTC 2024大会上宣布了全新一代Blackwell架 行业： 电子 业 构人工智能 GPU 芯片 B200。在处理给聊天机器人提供答案等任务 日期： y 20x2z4q年da0te3m月a2r5k日 研 时，B200芯片的速度比上一代芯片快30倍。我们认为，AI推动算力 究 需求攀升，英伟达算力卡迭代加速，相关产业链有望持续受益。 铜缆互连：英伟达首款 Blackwell 芯片采用铜缆连接，铜缆互连产业 分析师： 陈宇哲 链或将受益。GB200NVLink Switch和Spine由72个Blackwell GPU采 E-mail： chenyuzhe@yongxings 用NVLink全互连，具有5000根NVLink铜缆。我们认为，在NVLink ec.com 服务器中铜缆互连方 ...

汽车 行业研究/行业周报 2024 年 3月狭义乘用车零售市场预计约 165万辆，同 证 券 比+3.7% 研 ——汽车行业周报（2024/03/18~2024/03/22） 究 ◼ 行情回顾 报 过去一周(2024/03/18~2024/03/22），申万汽车行业上涨 0.95%，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 9。细分板块涨跌 行 幅：过去一周(2024/03/18~2024/03/22），商用车涨幅最大，汽车零部 行业： 汽车 业 件跌幅最大。商用车上涨 2.75%，乘用车上涨 2.69%，摩托车及其他 日期： y 20x2z4q年da0te3m月a2r5k日 研 上涨2.50%，汽车服务上涨1.47%，汽车零部件下跌0.29%。 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、吉利和长安零售 近 ...

Group 1: Policy Support and Industry Development - The report emphasizes that controlled nuclear fusion is recognized as a strategic emerging industry and is a crucial part of the dual carbon policy, with various government policies supporting its development [37][57]. - Significant investments in fusion technology and power plant construction have been announced by governments in China, the UK, Canada, and the US, indicating a global commitment to advancing fusion energy [59][61]. - The report highlights that the global fusion market is projected to grow from $301.25 billion in 2023 to $496.55 billion by 2030, with a CAGR of approximately 7.4% from 2024 to 2030 [38][49]. Group 2: Technological Advancements - The report notes that breakthroughs in high-temperature superconducting materials are enhancing the commercial viability of fusion energy by reducing construction costs and maintenance for tokamak devices [63]. - Key technological challenges for achieving nuclear fusion include reaching temperatures exceeding 100 million degrees Celsius and maintaining plasma stability for extended periods [49][70]. - The report mentions that significant progress has been made in fusion research in 2023, including record achievements in plasma confinement and tritium recovery efficiency [43][61]. Group 3: Investment Opportunities - The report suggests focusing on suppliers of superconducting materials, such as Lianchuang Optoelectronics and Western Superconducting, as well as component suppliers like Antai Technology and Shanghai Electric [49]. - It identifies potential investment opportunities in upstream raw material suppliers, including Xiamen Tungsten and Guoda Special Materials, as the fusion industry expands [49]. - The report indicates that the establishment of a controlled nuclear fusion innovation consortium in China, involving multiple enterprises and research institutions, is a significant step towards advancing fusion energy [49][61].

食品饮料 行业研究/行业点评 预制菜新规颁布，行业迎规范化发展 证 券 ——食品饮料行业点评 研 究 报 ◼ 事件概述 增持( 维持) 告 据人民网及中国政府网，3月21日市场监管总局、教育部、工业和信 息化部、农业农村部、商务部、国家卫生健康委联合印发《关于加强 行 预制菜食品安全监管促进产业高质量发展的通知》。 行业： 食品饮料 业 ◼ 核心观点 日期： y 20x2z4q年da0te3m月a2r4k日 研 此《通知》旨在强化预制菜食品安全监管，促进预制菜产业健康发展， 究 分析师： 夏明达 保障人民群众食品安全，重点聚焦四个方面： 首次在国家层面规范预制菜范围。预制菜也称预制菜肴，是以一种或 E-mail： xiamingda@yongxings ec.com 多种食用农产品及其制品为原料，使用或不使用调味料等辅料，不添 SAC编号： S1760523080004 加防腐剂，经工业化预加工制成，配以或不配以调味料包，符合产品 标签标明的贮存、运输及销售条件，加热或熟制后方可食用的预包装 菜肴，不包括主食类食品，如速冻面米食品、方便食品、盒饭、盖浇 近一年行业与沪深300比较 饭、馒头、糕点、肉夹馍、面包 ...