食品饮料 行业研究/行业周报 春糖开幕，产业端预期理性 证 券 ——食品饮料行业周报（20240311-0315） 研 究 ◼ 核心观点 报 增持( 维持) 告 春糖开幕，产业端预期理性 本周 2024 春糖开幕，据销售与市场、中国经营报、华夏时报及华夏 行 酒报，人流量同比 2023 年可能有所下滑，同时招商氛围呈现分化， 行业： 食品饮料 业 头部大品牌受关注度较高，二线及其他品牌展台招商人气较淡，主要 日期： y 20x2z4q年da0te3m月a2r4k日 研 以客情维护为主。我们认为原因在于（1）本次糖酒会与春节间隔较 究 短（2023年春节 1月，春糖 4月，本次春节 2月，春糖 3月），厂商 分析师： 夏明达 宣发及蓄势时间有所不足（2）当前招商模式多样化，糖酒会招商交 E-mail： xiamingda@yongxings 易功能有所弱化。我们认为中长期可以更乐观，成都机酒订单因会展 ec.com 带动表现亮眼，春糖之于社会层面依然具备人气聚集度和话题热度， SAC编号： S1760523080004 在当前市场环境下春糖的功能有望向沟通交流方向多元化，之于行业 的重要性依旧。元春以来各大酒企 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Viewpoints - The company is deeply engaged in the polyester filament industry, with integrated development supporting growth. It is one of the largest polyester filament producers in China, with a production capacity of 7.4 million tons for filaments and 1.2 million tons for short fibers as of 2023 [2][34]. - The peak of filament capacity expansion is gradually passing, and an industry restructuring is expected. The exit of outdated facilities will alleviate supply pressure, and the industry concentration is likely to increase [2][45]. - The company is investing approximately 20 billion yuan in new material projects to further enhance its scale advantages and improve cost efficiency through product synergy [2][56]. - The company is expanding its overseas refining operations in Indonesia, aiming to establish a platform for diversified development [2][56]. Summary by Sections Company Overview - The company has been focused on the polyester filament industry for over 20 years and has multiple projects launched since its listing, achieving a scale of integrated development [34][36]. - As of 2023, the company has a PTA production capacity of 5 million tons, ensuring stable raw material supply for its polyester production [36]. Financial Forecast and Investment Recommendations - The company is expected to benefit significantly from the recovery of the filament industry, with projected net profits of 1.063 billion yuan, 1.907 billion yuan, and 2.461 billion yuan for 2023, 2024, and 2025 respectively [3][4]. - The PE ratios for 2024 and 2025 are projected to be 12 times and 9 times, respectively [3]. Industry Dynamics - The report indicates that the peak of capacity expansion in the filament industry is nearing its end, with a significant reduction in supply growth expected [45]. - Domestic demand for polyester filament is supported by the textile industry's recovery, with clothing, home textiles, and industrial textiles accounting for 49%, 34%, and 17% of demand, respectively [49][52]. Competitive Positioning - The company has a strong R&D system and has developed several differentiated products, enhancing its competitive edge in the market [56][61]. - The company’s gross margin for the filament segment has improved, reflecting its successful transition to higher-value differentiated products [43][54].

Group 1 - The report indicates that the A-share market has shown a slight upward trend amidst fluctuations, with significant trading volumes. The CPI increased to 0.7%, rebounding by 1.5 percentage points from January's -0.8%. Additionally, February's export growth exceeded Wind's forecast, with mechanical and electrical products accounting for nearly 60% of exports [1][2][52]. - The manufacturing and consumer sectors experienced the largest gains, particularly the automotive industry, which saw the highest increase. Conversely, high-dividend concepts, including coal, oil, home appliances, banks, and utilities, faced the most significant declines, indicating a shift in market sentiment towards fundamental recovery [1][2][52]. - The report highlights that from March 4 to March 8, during the government work report's release, cyclical industries such as oil, non-ferrous metals, and utilities performed well due to anticipated infrastructure investments from special government bonds starting in 2024 [2][52]. Group 2 - For the week of March 18-22, the report suggests that the market will likely maintain a slight fluctuation, with funding sources primarily driven by an increase in financing balances. The net inflow of northbound funds was significant, amounting to 32.8 billion yuan, reflecting confidence in the economic fundamentals [4][21][22]. - The report emphasizes the importance of monitoring companies that announce increased dividend amounts compared to previous years, as well as those with unexpectedly high net profit growth in their 2023 annual reports. It also suggests focusing on companies that manage their market value through dividends [16][48]. - In terms of industry selection, the report recommends prioritizing consumer sectors with resilience and certainty, as well as cyclical industries with high dividend yields. It also highlights potential investment themes in the technology sector, particularly in low-altitude economy and biomanufacturing, as mentioned in the government work report [16][48].

社会服务 行业研究/行业点评 证 1-2 月社零同比+5.5%，开年国民经济稳中有升 券 研 ——1-2月社零数据点评 究 报 ◼ 核心观点 增持( 维持) 告 2024年1-2月同比增长5.5%，增速比23年同期增长2.0 pct。据国家 统计局，1-2月份，社会消费品零售总额81307亿元，同比增长5.5%， 行 略高于wind一致预期的5.4%，增速比23年同期上涨2.0 pct；其中， 行业： 社会服务 业 除汽车外的消费品零售额74194亿元，同比增长5.2%，增速比23年 日期： y 20x2z4q年da0te3m月a2r2k日 研 同期上涨0.2 pct。我们认为，国民经济持续恢复向好，随着4-5月节 究 假日旅游出行高峰叠加各项宏观政策发力显效，消费需求有望逐步释 分析师： 彭毅 放，居民消费或将延续回升态势。 E-mail： pengyi@yongxingsec.c om 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。1-2月 SAC编号： S1760523090003 份，商品零售 71826亿元，同比增长 4.6%；餐饮收入9481亿元，同 分析师： 吴昱迪 比增长 12.5% ...

基础化工 行业研究/行业周报 证 “东数西算”甘肃节点算力突破 5000P，关注上游特种树脂 券 ——化工新材料行业周报(2024.03.11-2024.03.15) 研 究 ◼ 核心观点 报 基础化工：乌克兰无人机袭击俄罗斯多地炼油厂，供给紧张担忧情绪升温，布 增持( 维持) 告 油价格突破85美元/桶，刷新逾4月高点。但月差走弱，后续仍需关注供需层面 能否持续为油价带来上行驱动力。预计抵抗式高位震荡格局或贯穿 24 年，关注 行 上游石油资源品种。3月12日到16日，乌克兰对俄罗斯多地炼油厂和油库进行 行业： 基础化工 业 无人机袭击，扰乱俄罗斯能源出口，地缘局势持续紧张，加大投资者对供应紧张 日期： y 20x2z4q年da0te3m月a2r0k日 研 的担忧。同时，由于红海冲突导致船用燃料需求增加，以及美国石化行业对于乙 究 烷需求激增，IEA 3月石油市场月报上调了24年全球石油增长量。利多因素主导 分析师： 詹烨 下，布油期货累计周涨跌幅3.98%，突破85美元/桶，刷新逾4月高点。 整体来看，当前油价表现与历史上两次 OPEC+扩大减产后情形情况表现一致。 E-mail： zhanye@yong ...

建筑材料 行业研究/行业周报 证 下游需求好转，光伏玻璃行情转暖 券 研 ——建材行业周报（2024.3.11-2024.3.15） 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。据中指研究院，百强房企2月销售承压，整体保 行业： 建筑材料 业 持低位运行，市场信心修复尚需时日；近期稳地产政策频出：2024年 日期： y 20x2z4q年da0te3m月a2r0k日 研 政府工作报告指出，标本兼治化解房地产风险是重中之重，一视同仁 究 支持不同所有制房企合理融资需求是重要抓手；要加快构建地产发展 分析师： 黄骥 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。央行下 E-mail： huangji@yongxingsec. 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健 com 康发展；住建部发文，明确实现以人定房，以房定地、以房定钱，促 SAC编号： S1760523090002 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 目前仍处于地产筑底阶 ...

石油石化 行业研究/行业周报 美国商业原油库存下降，油价震荡走强 证 券 ——石油化工行业周报（20240311-20240315） 研 究 报 ◼ 市场行情回顾 增持( 维持) 告 板块表现 本周（20240311-20240315）中信石油化工板块上涨约1.83%，上证综 行 合指数成份上涨约 3.82%，同上证综合指数相比，石油化工板块落后 行业： 石油石化 业 约2个百分点。子板块方面，石油化工子板块以上涨为主，其中油田 日期： y 20x2z4q年da0te3m月a2r0k日 研 服务、油品销售及仓储、炼油等子板块涨幅居前。 究 本周（20240311-20240315）石油化工板块领涨个股包括道森股份、沈 分析师： 詹烨 阳化工、润贝航科、ST海越、胜通能源等；领跌个股包括广汇能源、 E-mail： zhanye@yongxingsec.c 中国海油、宝莫股份、新凤鸣、中国石化等。其中民营大炼化公司周 om 度涨跌幅如下：恒力石化（+1.65%）、荣盛石化（-0.56%）、东方盛虹 SAC编号： S1760521040001 （-1.51%）、恒逸石化（-1.61%）、桐昆股份（-2.87%）、新 ...

社会服务 行业研究/行业周报 证 清明假期临近，旅游消费需求不断释放 券 研 ——行业周报（20240311-0315） 究 报 ◼ 行情回顾 增持( 维持) 告 本周，沪深300上涨0.71%；社会服务板块整体上涨4.69%，跑赢沪深300 指数3.98pct，涨跌幅在申万Ⅰ级31个行业中排第6位。四大子板块皆呈 行 上升态势，旅游及景区、专业服务、教育、酒店餐饮分别上涨4.32%、4.89%、 行业： 社会服务 业 3.17%、7.33%。 日期： y 20x2z4q年da0te3m月a2r0k日 研 ◼ 核心观点 究 国内游：清明假期临近，旅游消费需求有望刺激“假日经济”。从目前预 分析师： 彭毅 订情况看，在清明法定的3天假期中，短途游和周边游占据大多数。截至 E-mail： pengyi@yongxingsec.c 3月12日，携程平台预订清明节度假产品的订单量较23年同期增长近4 om 倍，其中景区门票较23年同比增长达5倍。近一周，去哪儿网清明假期 SAC编号： S1760523090003 热门城市的机票、酒店预订也已提前启动，较前一周增长了1.4倍，全国 分析师： 吴昱迪 多地迎来文旅热，以 ...

Core Insights - SpaceX's "Starship" heavy rocket successfully completed its third test flight, achieving several breakthroughs including reaching orbital speed and demonstrating payload door operations [1][10][11] - The establishment of Aerospace Technology Rocket Technology (Shanghai) Co., Ltd. with a registered capital of 600 million RMB aims to accelerate core technology development in the commercial aerospace sector [1][10] - Deep Blue Aerospace's "Xingyun-1" reusable rocket is set for its maiden flight by the end of 2024, marking China's first orbital launch of a reusable rocket [1][10] Industry News - The Henan provincial government plans to complete the networking of 38 satellites and upgrade 373 satellite navigation reference stations by 2025, enhancing satellite internet infrastructure [4][11] - The establishment of a low-altitude economy and aerospace industry cluster in Shenzhen aims to promote strategic emerging industries [10][11] - The Chinese aerospace sector is developing 4-meter and 5-meter reusable rockets to meet market demands, with planned maiden flights in 2025 and 2026 [10][11] Investment Recommendations - The report suggests focusing on companies in the commercial aerospace sector such as Srey New Materials and Parker New Materials, as well as satellite internet companies like China Satellite Communications and Aerospace Huanyu [4][11]

Investment Rating - The report maintains an "Overweight" rating for the computer industry [1]. Core Insights - The report highlights increased policy support for the artificial intelligence (AI) industry, which is expected to catalyze the AI application sector [5]. - The data factor industry is seen as a new form of productive force, with potential for sustained development, emphasizing the importance of digital industry clusters [6]. - The launch of OpenAI's video generation model Sora is anticipated to significantly increase demand for computing power, impacting the computing sector positively [7]. Summary by Sections 1. Core Insights and Investment Recommendations - The report emphasizes the government's enhanced support for AI development, which is expected to stimulate the AI application sector [5]. - The data factor industry is identified as a key driver of new productive forces, with digital industry clusters playing a crucial role in future development [6]. 2. Market Review 2.1. Sector Performance - During the week of March 11-15, the A-share Shenwan Computer Index rose by 2.37%, outperforming the CSI 300 Index by 1.67 percentage points [10]. - The performance of the computer sector ranked 16th among 31 first-level sub-industries [10]. 2.2. Individual Stock Performance - Top-performing stocks included Zhongdian Xingfa (+38.57%), Information Development (+33.48%), and Zhilai Technology (+30.89%) [18]. - Underperforming stocks included Zhuolang Technology (-13.76%) and Zhen Shitong (-11.49%) [19]. 3. Industry News - The emergence of the first "AI software engineer" named Devin, capable of assisting human engineers in various development tasks, has generated significant interest in the tech community [21]. - NVIDIA's next-generation DGX AI system will utilize liquid cooling technology, presenting new opportunities in the data center sector [22]. - JD.com launched an "AI All-in-One Service Package" aimed at reducing operational costs for merchants by 50% [23]. 4. Company Dynamics - Lian Technology and Wangsu Technology signed a strategic cooperation agreement to build intelligent computing cloud nodes [28]. - Dahua Technology and Runjian Technology signed a strategic cooperation agreement to promote AI technology development [29]. 5. Company Announcements - New Guodu reported a net profit of 755 million yuan for 2023, a year-on-year increase of 1586.23% [30]. - Zhongke Jincai announced a share repurchase plan using its own funds [30].