汽车 行业研究/行业周报 2024 年 1月国内新能源汽车销量约 73万辆，同比 证 券 +78.8% 研 ——汽车行业周报（2024/02/19~2024/02/23） 究 ◼ 行情回顾 报 过去一周(2024/02/19~2024/02/23），申万汽车行业上涨 5.82%，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 15。细分板块涨跌 行 幅：过去一周(2024/02/19~2024/02/23），汽车零部件涨幅最大，乘用 行业： 汽车 业 车涨幅最小。汽车零部件上涨 6.73%，汽车服务上涨 6.57%，商用车 日期： y 20x2z4q年da0te2m月a2r6k日 研 上涨6.07%，摩托车及其他上涨4.72%，乘用车上涨4.05%。 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 1月汽车销量约 244万辆，环 SAC编号： S1760523080002 比-22.7%，同比+47.9%。 2）车企端：据乘联会数据，2024 年 1 月，比亚迪、长安和吉利零售 近一 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [2][11]. Core Insights - The industrial software market in China showed robust growth in 2023, with revenues reaching 282.4 billion yuan, a year-on-year increase of 12.3%, indicating a strong development momentum in the sector [9][11]. - The establishment of data bureaus across multiple provinces is accelerating the development of the data factor market, which is expected to enhance data governance from central to local levels [9][11]. - The first quantum computing operating system in China has been officially recognized, and the related supply chain is anticipated to benefit from this development [9][11]. - Leading AI companies in China, such as iFlytek and Wanxing Technology, are continuously iterating their large model products, indicating ongoing progress in AI industrialization [9][11]. Summary by Sections 1. Core Insights and Investment Recommendations - The report emphasizes the growth potential in the industrial software sector and suggests focusing on companies like Saiyi Information and Dingjie Software [11]. - It highlights the opportunities in the data factor market, recommending attention to companies related to government data, medical data, and financial data [11]. - In the operating system segment, it suggests monitoring companies like China Software and Zhongke Chuangda [11]. - For AI multimodal applications, it recommends keeping an eye on Wanxing Technology and Kunlun Wanwei [11]. 2. Market Review - During the week of January 29 to February 2, the A-share Shenwan Computer Index fell by 14.2%, underperforming the CSI 300 Index by 9.58 percentage points [12]. - The report ranks the computer sector as 29th among 31 first-level sub-industries in terms of weekly performance [12]. 3. Industry News - The Yangtze River Delta region is accelerating the cultivation of new productive forces with a series of strategic emerging industry projects [24]. - iFlytek launched its first large model based on domestically produced computing power, showcasing significant improvements in various capabilities [31]. - Wanxing Technology introduced the first domestic audio and video multimedia large model, enhancing the creative ecosystem [25].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Viewpoints - The National Healthcare Security Administration (NHSA) has issued a draft for a new pricing mechanism for newly launched chemical drugs, which is expected to encourage pharmaceutical innovation. This draft aims to establish a self-evaluation scale for companies to assess the innovation quality of new drugs based on various dimensions such as pharmaceutical substance foundation, clinical value, and the strength of evidence [6][7]. - The self-evaluation scale consists of 34 evaluation items across three parts, with a maximum score of 150 points. Higher scores indicate greater innovation value, allowing for more pricing flexibility and support from the NHSA [6][7]. Market Review - During the week of February 5 to February 8, 2024, the A-share pharmaceutical and biotechnology sector rose by 10.31%, outperforming the CSI 300 index by 4.48 percentage points and the ChiNext index by 3.87 percentage points. This sector ranked first among 31 primary sub-industries [8][11]. - Notable individual stock performances included Rongchang Bio (+28.24%), Datang Pharmaceutical (+25.63%), and Anke Bio (+24.97%) [11]. Company Dynamics - Recent announcements from companies include: - Xiangxue Pharmaceutical's subsidiary submitted a clinical registration application for a new indication of TAEST16001 injection [13]. - Health元's subsidiary received approval for clinical trials of Semaglutide injection for weight management [13]. - Financing activities include Huakang Medical's successful review for a convertible bond issuance of 750 million yuan [14]. Unlocking Dynamics - The report details the unlocking dynamics for several companies, including: - International Medical's 30,487,800 shares unlocking on February 5, 2024, valued at approximately 171.34 million yuan [15]. - Jinkai Biotechnology's 110,970 shares unlocking on February 5, 2024, valued at approximately 6.22 million yuan [15].

电力设备 行业研究/行业月报 证 券 受年末淡季影响，组件出口环比下降 研 ——光伏行业月报 究 报 ◼ 核心观点 告 国内装机数据：国内2023年新增装机超预期。根据国家能源局数据，12 增持( 维持) 月国内光伏新增装机为 53.00GW，同比+144%；1-12 月国内光伏累计装 行 机 216.88GW，同比+148%。2023 年12 月，光伏行业协会上调国内全年 行业： 电力设备 新增装机预期至160-180GW，实际全年新增装机远超之前预期。 业 日期： y 20x2z4q年da0te2m月a2r0k日 研 排产数据：根据硅业分会数据，预计2024年1月多晶硅产量有望达到 究 17万吨，继续小幅环比增长。2023年全年多晶硅产量147.5万吨，同 分析师： 开文明 比增长81.4%。2024年1月硅片产出58.69GW，环比-0.8%。2023年 E-mail： kaiwenming@yongxin 内硅片产量592.35GW，环比+80%。截至2023年底，N型硅片市占率 gsec.com 超50%。 SAC编号： S1760523070002 分析师： 刘清馨 组件出口数据：2023年光伏组 ...

Investment Rating - The industry investment rating is maintained as "Overweight" [3] Core Insights - In 2023, China's energy storage installed capacity increased significantly, with an addition of 46.6 GWh, approximately three times that of 2022 [3] - The shipment of energy storage batteries in China reached about 185 GWh in 2023, with a slowdown expected in the second half of the year [3] - The average bidding price for energy storage systems dropped to 0.79 yuan/Wh by the end of 2023, a nearly 50% decrease compared to the beginning of the year [3] - The report anticipates continued growth in energy storage installations in 2024, driven by government support for a new energy system and the increasing volatility of the power grid due to rising wind and solar energy [3] Summary by Sections Installed Capacity and Shipment - In 2023, China's energy storage installed capacity saw a high growth rate, supporting the construction of a new power system [3] - The distribution of installations was concentrated in regions such as Xinjiang, Inner Mongolia, Gansu, Guizhou, and Hunan [3] Price Trends - The bidding prices for energy storage systems have reached a bottom level, with limited room for further significant declines [3] - The lithium carbonate price has decreased due to a slowdown in global energy storage demand and increased competition in the industry [3] Investment Opportunities - The report suggests focusing on three main investment lines for 2024: Chinese commercial and industrial sectors, the U.S. export chain, and the European recovery [3] - Specific companies to watch include Suwen Electric, Xinneng Technology, and Jinguang Co. in China; CATL, EVE Energy, and Sungrow Power in the U.S. export chain; and Pylon Technologies and Airo Energy in Europe [3]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical sector [2][31]. Core Views - The report highlights an expected improvement in demand, leading to a rise in oil prices. The geopolitical tensions in the Middle East and a slowdown in U.S. crude production are contributing factors to the upward trend in international oil prices [2][12][17]. - The report identifies four main investment themes within the petrochemical sector: 1. State-owned energy enterprises are pushing for increased oil and gas reserves and production, with a focus on refining transformation and green low-carbon transition, recommending attention to companies like China National Petroleum, China National Offshore Oil, and Sinopec [3][31]. 2. Global upstream capital expenditure is increasing, enhancing the outlook for oil service companies, with recommendations for companies such as CNOOC Engineering and China Oilfield Services [3][31]. 3. The slowdown in capacity growth in the filament industry is expected to improve supply-demand dynamics, suggesting a focus on companies like New Fengming and Tongkun [3][31]. 4. Refining companies are actively planning new capacities and accelerating new material project layouts, recommending companies like Satellite Chemical and Hengli Petrochemical [3][31]. Summary by Sections Market Review - The CITIC petrochemical sector rose approximately 0.19% during the week of February 5-9, 2024, lagging behind the Shanghai Composite Index, which increased by about 1.14% [2][8]. - Key stocks that led the gains included Haohua Technology and Qixiang Tengda, while stocks that declined included Zhun Oil and Tongyi Energy [2][10]. Upstream Oil & Gas Sector - International oil prices are on the rise, with Brent crude futures settling at approximately $82.19 per barrel, reflecting a weekly increase of about 6.28% [12][14]. - U.S. commercial crude oil inventories increased by approximately 5.52 million barrels, indicating a recovery in supply [14][17]. Oil Service Sector - The number of active drilling rigs in North America has slightly decreased, with a year-on-year decline of 140 rigs [18][19]. - OPEC countries have seen an increase in drilling platforms, which is favorable for oil service companies operating in the Middle East [18][19]. Midstream Refining Sector - Domestic refined oil prices have seen slight increases, with gasoline prices around 8523 RMB/ton and diesel prices around 7055 RMB/ton [20][21]. - The report notes a significant recovery potential for refining companies due to narrowing price differentials in various products [20][21]. Terminal Polyester Sector - The report indicates that the POY price differential has expanded, benefiting filament enterprises' performance recovery [23][24]. - Polyester bottle chip prices have remained stable, with a slight increase noted [26]. C3 Sector - The acrylic acid market price remains stable, with a slight increase in the price differential between acrylic acid and propane [28].

非银金融 行业研究/行业周报 券商权益基金保有量份额持续提升，上市公司 证 券 积极回购或促市场流动性改善 研 究 ——证券行业周报（2023.1.29-2023.2.2） 报 ◼ 行情回顾 告 本周（2023.1.29-2023.2.2）非银金融（申万）跌5.90%，涨跌幅在31个 增持( 维持) 申万一级行业中排第 6 位，跑输沪深 300 指数 1.28pct。证券Ⅱ(申万) 行 跌 6.37%，跑输沪深 300 指数 1.74pct。个股方面，本周中银证券 行业： 非银金融 业 （+5.93%）、首创证券（+5.26%）、招商证券（-2.22%）涨跌幅居前，华 日期： y 20x2z4q年da0te2m月a2r0k日 研 林证券（-26.32%）、华鑫股份（-22.62%）、信达证券（-19.39%）涨跌幅 究 居后。 分析师： 胡江 ◼ 行业数据 E-mail： hujiang@yongxingsec. 经纪：本周A股日均成交7557亿元，环比-6.4%。截至02.01，融资、 com 融券余额环比上周末-2.8%、-6.5%。年内日均两融余额同比+5.1%。 SAC编号： S17605230700 ...

汽车 行业研究/行业周报 证 1月赛力斯表现亮眼，销量持续爬升 券 ——汽车行业周报（2024/01/29~2024/02/02） 研 究 ◼ 行情回顾 报 过去一周(2024/01/29~2024/02/02），申万汽车行业下跌 10.15%，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 14。细分板块涨跌 行 幅：过去一周(2024/01/29~2024/02/02），乘用车跌幅最小，汽车服务 行业： 汽车 业 跌幅最大。乘用车下跌 9.41%，汽车零部件下跌 9.85%，商用车下跌 日期： y 20x2z4q年da0te2m月a2r0k日 研 11.63%，摩托车及其他下跌13.57%，汽车服务下跌16.02%。 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，2023 年 12 月汽车销量约 316 万辆， SAC编号： S1760523080002 环比+6.3%，同比+23.5%。2023 年汽车销量约 3009 万辆，同比 +12.0%。 近一年行业与沪深300比较 2）车企端： ...

Investment Rating - The report maintains an "Accumulate" rating for the social services industry [4] Core Viewpoints - Domestic travel is expected to see a boost in cultural and tourism consumption due to the Spring Festival travel rush, with an estimated 480 million passengers expected to travel by rail during the 40-day period, representing a 37.9% increase compared to the previous year [2][11] - International travel is set to benefit from favorable policies, such as the recent visa exemption agreement between China and Thailand, which is expected to enhance the outbound tourism industry [12][32] - The overall travel industry is anticipated to recover, with a focus on domestic and international travel markets [3][12] Summary by Sections 1. Core Viewpoints of the Week - Domestic travel is projected to thrive during the Spring Festival, with significant increases in travel volume and hotel bookings compared to previous years [11] - International travel is expected to recover rapidly, supported by new visa agreements and increased travel demand [12][32] 2. Industry Dynamics 2.1. Market Performance - The social services sector saw a decline of 15.08%, underperforming the Shanghai Composite Index by 10.45 percentage points, ranking 30th among 31 sectors [2][13] - All four sub-sectors (tourism and scenic spots, professional services, education, and hotel catering) experienced declines, with the largest drop in education at 18.11% [13] 2.2. Individual Stock Performance - Among 76 companies in the A-share retail sector, only 2 stocks increased in value, while 74 stocks saw declines [16] 3. Industry Tracking 3.1. Industry Data Tracking - Retail sales in December reached 43,550 billion yuan, a year-on-year increase of 7.4%, with significant growth in dining revenue [18][26] - Online retail sales continued to grow, with a 7.98% increase in December [20] 3.2. Industry News - Major adjustments in Meituan's organizational structure to focus on local business and internationalization [27] - Shanghai launched over 200 cultural and tourism activities to enhance urban festive atmosphere [28]

拟投资进军 WiFi 7，存算联一体化战略 迈出第一步 公 司 点 评 公司发布公告称，拟以自有资金投资设立控股子公司上海一芯通感， 并通过子公司设立一家孙公司和分公司，总投资不超过 5000 万元。其 中上海一芯通感 3000 万元，广州一芯通感不超过 2000 万元。 ◼ 盈利预测与投资建议 东芯股份(688110) 公司研究/公司点评 分析师： 陈宇哲 E-mail： chenyuzhe@yongxings ec.com SAC编号： S1760523050001 分析师： 彭毅 E-mail： pengyi@yongxingsec.c om SAC编号： S1760523090003 公司点评 公 司 研 究 ◼ 事件描述 拟投资设立子公司进军 WiFi 7，存算联一体化战略迈出第一步。根据 公告，公司拟与自然人荣苏江合资设立"上海一芯通感技术有限公司"， 注册资本 3000 万元，公司与荣苏江分别出资 2900 与 100 万元。新公 司主要从事 WiFi 7 无线通信芯片的研发、设计与销售，未来公司将依 靠自身优势，进一步丰富产品品类，以存储为核心，向"存、算、联" 一体化领域进行技术探索和发展。 ...