Investment Rating - The industry investment rating is maintained as "Add" for the non-bank financial sector [3]. Core Insights - The implementation of the "T+1" transfer of securities lending has led to a continuous decline in the scale of securities lending, with the market lending scale at 41.9 billion yuan, down 1.3% week-on-week and down 40.2% compared to before the new regulations [2][9]. - As of the end of February 2024, the asset management scale of securities firms reached 5.3 trillion yuan, an increase of 1.7% from January, ending a continuous decline since September of the previous year. Public fund assets also saw significant growth, with a total scale surpassing 29 trillion yuan for the first time, up 7.1% [2][9]. - The report emphasizes three main investment themes: 1) Listed securities firms with strong merger and acquisition potential; 2) Wealth management targets benefiting from the recovery of the equity market; 3) Listed securities firms with competitive advantages in fixed income business expected to exceed first-quarter earnings forecasts [2][9]. Industry Data - The average daily trading volume of A-shares was 1,082.3 billion yuan, up 4.3% week-on-week. The margin financing and securities lending balance increased by 1.9% and decreased by 1.3% respectively [2][19]. - In the investment banking sector, the IPO and refinancing fundraising scale for January-February 2024 decreased by 44.6% and 71.3% year-on-year, while the bond underwriting scale increased by 19.2% [2][19]. - As of the end of February 2024, the private equity fund scale was 20.3 trillion yuan, down 0.2% from the previous month [2][19].

Investment Rating - The industry investment rating is "Maintain Accumulate" for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The approval of low-concentration atropine by Xingqi Eye Pharmaceutical is a significant positive development for the myopia prevention market, which is a blue ocean opportunity. The drug is aimed at children aged 6 to 12 years with myopia between 100 to 400 degrees and astigmatism not exceeding 150 degrees [3][11]. - The myopia rate among Chinese youth is alarmingly high, with a reported overall rate of 51.9% in 2022, affecting over 90 million children and adolescents. This has led to myopia prevention becoming a national strategy, with government initiatives aimed at reducing the prevalence of myopia [12][13]. Market Review - During the week of March 18-22, 2024, the A-share pharmaceutical and biotechnology sector fell by 2.13%, underperforming the CSI 300 index by 1.43 percentage points and the ChiNext index by 2.97 percentage points. The sector ranked 30th among 31 first-level sub-industries [2][13]. Company Dynamics - Recent announcements include the approval of clinical trial applications for various drugs by companies such as Betta Pharmaceuticals and Suzhou Micron Medical Technology, indicating ongoing innovation and regulatory progress within the industry [18].

Investment Rating - The industry investment rating is maintained at "Overweight" [8] Core Viewpoints - The liquor and tobacco retail sectors are performing well, with the national liquor industry achieving a total production of 6.29 million kiloliters in 2023, a year-on-year decrease of 5.1%. However, sales revenue reached 756.3 billion yuan, an increase of 9.7%, and total profit amounted to 232.8 billion yuan, a growth of 7.5%, indicating a trend of volume reduction but price increase and structural improvement [8][9] - The retail sales of social consumer goods in January-February 2024 grew by 5.5% year-on-year, with the tobacco and liquor category increasing by 13.7%, outperforming the overall consumer market and demonstrating strong resilience [8] - The dining sector remains optimistic, with restaurant revenue in January-February 2024 increasing by 12.5% year-on-year, which may boost the upstream supply chain's performance. Focus is suggested on the frozen food and frozen baking industries [8] - Two main lines are recommended for consumer goods: (1) In the snack industry, channel integration and increasing the number of terminal stores for leading brands may create incremental opportunities for manufacturing snack companies. (2) In the seasoning industry, companies with improved organizational management capabilities may continue to benefit from cost advantages, suggesting a focus on their investment value [8] Market Performance Review - The SW Food and Beverage Index fell by 0.85% this week, underperforming the CSI 300 by 0.15 percentage points. The CSI 300 index decreased by 0.7%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.22% and 0.49%, respectively [9][15] - As of the end of this week, the overall valuation level of the food and beverage sector is at 25.15x, ranking 15th among SW first-level industries [9] Key Data Tracking - The average wholesale price of Feitian Moutai is 2885 yuan, and for Wuliangye, it is 965 yuan as of March 27, 2024 [20] - The domestic beer production in December 2023 was 2.148 million kiloliters, a year-on-year decrease of 15.3% [23] - The average retail price of yogurt and milk as of March 22, 2024, is 16.10 yuan per liter and 12.32 yuan per kilogram, respectively [25] - The average wholesale price of pork is 20.34 yuan per kilogram as of March 27, 2024 [34]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - The domestic excavator sales are expected to show positive year-on-year growth in March 2024, indicating a recovery in the market [2][3] - The demand for equipment updates is anticipated to rise starting in 2024 due to an 8-year replacement cycle and supportive government policies aimed at promoting large-scale equipment updates [3] - Infrastructure investment is expected to play a crucial role in stabilizing economic growth, with a significant increase in fixed asset investment and infrastructure spending in early 2024 [3] - The decline in real estate development investment has narrowed compared to the previous year, which may positively impact the machinery sector [3] Summary by Sections Sales Forecast - CME estimates that excavator sales (including exports) will be around 25,000 units in March 2024, a year-on-year decrease of approximately 2.26%, with domestic sales expected to reach 14,800 units, reflecting a growth of 6.48% [2] Market Dynamics - The first quarter of 2024 is projected to see a total domestic excavator sales volume of 49,980 units, a year-on-year decline of about 13%, with domestic market sales at 26,058 units, down 9.61%, and export sales at 23,926 units, down 16.47% [2] Investment Recommendations - The report suggests focusing on companies such as Zoomlion, XCMG, SANY Heavy Industry, LiuGong, Hengli Hydraulic, Hangcha Group, and Anhui Heli due to the anticipated recovery in excavator sales and improving downstream conditions [4]

Core Insights - The report highlights the significant rebound in A-share indices since February 2024, with large-cap indices showing less decline compared to mid and small-cap indices [4][43]. - The predicted PE ratios for 2024 indicate that large-cap indices have a PE of approximately 10.2, mid-cap indices at 12.0, and small-cap indices at 19.4, suggesting a valuation disparity among different market segments [6][67]. - The report identifies key stocks with substantial weekly gains, including Huace Film & TV (+95.41%) and DingTong Technology (+65.40%), indicating strong market performance in specific sectors [7]. Market Review - A-share indices experienced varied performance, with large-cap indices declining by 0.55%, mid-cap indices down by 1.16%, and small-cap indices decreasing by 0.20% during the week of March 18-22, 2024 [66]. - The report notes that the small-cap index outperformed both large and mid-cap indices, reflecting a shift in market sentiment towards smaller companies [66]. Industry News - The commercial aerospace sector is highlighted for its recent achievements, including the successful launch of the Chang Zheng 8 rocket and the Yuhang 2 satellite, which are expected to drive demand in upstream hardware and enhance technological maturity [28][62]. - The report discusses the low-altitude economy, emphasizing the Civil Aviation Administration's focus on developing this sector, which is anticipated to boost growth and quality in related industries [62]. Company Announcements - Aerospace Electronics reported a revenue of 18.727 billion yuan in 2023, with a 15.46% increase in aerospace product revenue, while civilian product revenue declined by 12.86% [12]. - Zhongke Chuangda announced a revenue of 5.242 billion yuan in 2023, a decrease of 3.73% year-on-year, with a significant drop in net profit by 39.36% [13]. - The report also mentions that Jinda Co. achieved a revenue of approximately 1.790 billion yuan in 2023, reflecting a growth of 2.07% year-on-year, with a notable increase in sales of flat wire products for electric vehicles [15].

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 增持( 维持) 告 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 近一年行业与沪深300比较 +5.84pct/+16.76pct ...

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]

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].

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 ...