计算机 行业研究/行业周报 证 Sora大模型推动 AI情绪复 苏，国产算力关注度提升 券 ——计算机行业周报（2024.02.19-2024.02.23） 研 究 报 ◼ 核心观点 增持( 维持) 告 本周核心观点与重点要闻回顾 AI多模态：Sora大模型开启视频AGI，谷歌Gemma大模型开源，推 行 动AI板块情绪复苏。据澎湃新闻，2月16日，OpenAI推出新的AI大 行业： 计算机 业 模型Sora，该文生视频大模型可通过快速文本提示创建“逼真”和“富有 日期： y 20x2z4q年da0te2m月a2r9k日 研 想象力”的60秒视频。OpenAI表示，Sora能够根据文本指令生成长达 究 60秒的视频，同时保持视觉质量并遵守用户提示。Sora可生成具有多 分析师： 李行杰 个角色、特定类型运动以及精确主题和背景细节的复杂场景。该模型 对语言有深刻理解，能够准确领会提示，生成令人信服的角色。Sora E-mail： lixingjie@yongxingsec. 还可以在单个生成视频中创建多个镜头，准确保留角色和视觉风格。 com 据澎湃新闻，当地时间2月21日，谷歌宣布正式推出全新的开源大语 SA ...

Investment Rating - The industry investment rating is "Overweight" [4] Core Viewpoints - Liquidity has significantly improved, and market risk appetite may continue to recover. As of the end of February, the average daily trading volume of A-shares reached 9,016 billion CNY, a 22.1% increase from January, marking a new high since the second half of 2023. The financing balance has reversed its downward trend, increasing by 328 billion CNY in a single week. Northbound funds have net bought 488 billion CNY over four consecutive weeks, indicating a recovery in market risk appetite, which is beneficial for the fundamentals of brokerage firms [2][10][11] - The capital market ecosystem is expected to improve as the China Securities Regulatory Commission (CSRC) has held a series of meetings to gather opinions on enhancing market regulation, preventing risks, and promoting high-quality development. The CSRC has committed to strengthening oversight and increasing the inspection ratio of listed companies, which is expected to address investor concerns regarding the quality of listed companies [10][35][37] Summary by Sections Market Review - In the week of February 19-23, 2023, the non-bank financial sector (Shenwan) rose by 2.80%, ranking 27th among 31 Shenwan first-level industries, underperforming the CSI 300 index by 0.91 percentage points. The securities sector (Shenwan) increased by 2.35%, underperforming the CSI 300 index by 1.36 percentage points. Notable stock performances included Shouchuang Securities (+16.85%), Huaxin Shares (+11.03%), and Jinlong Shares (+10.27%) [11][12] Industry Data - As of February 22, the average daily trading volume of A-shares was 9,028 billion CNY, down 6.9% week-on-week. The financing balance increased by 2.4% week-on-week, while the margin trading balance decreased by 4.2%. Year-to-date, the average daily margin trading balance has increased by 1.4% year-on-year. In January 2024, the IPO and refinancing fundraising amounts were 119 billion CNY and 509 billion CNY, respectively, showing year-on-year increases of 71.7% and a decrease of 53.8% [2][21] Investment Recommendations - Capital market reforms and liquidity improvements are the main catalysts for the brokerage sector's market performance. It is recommended to pay attention to high-probability opportunities following the market bottom reversal in the brokerage sector, particularly focusing on Citic Securities and Huatai Securities, which are expected to benefit from optimized risk control indicators and have room for leverage increase [3][10]

石油石化 行业研究/行业周报 国际油价高位震荡，关注石化高股息板块 证 券 ——石油化工行业周报（20240219-20240223） 研 究 报 ◼ 市场行情回顾 增持( 维持) 告 板块表现 本周（20240219-20240223）中信石油化工板块上涨约8.64%，上证综 行 合指数成份上涨约 9.64%，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1个百分点。子板块方面，石油化工子板块以上涨为主，其中油品 日期： y 20x2z4q年da0te2m月a2r7k日 研 销售及仓储、油田服务等子板块涨幅居前。 究 本周（20240219-20240223）石油化工板块领涨个股包括宝利国际、统 分析师： 詹烨 一股份、蒙泰高新、准油股份、大庆华科等；领跌个股包括齐翔腾达、 E-mail： zhanye@yongxingsec.c 恒逸石化、东华能源、昊华科技、新凤鸣等。其中民营大炼化公司周 om 度涨跌幅如下：恒力石化（+2.83%）、东方盛虹（+2.39%）、桐昆股份 SAC编号： S1760521040001 （+1.98%）、荣盛石化（+0.89%）、新凤鸣（-2.33%）、恒逸石化 ...

社会服务 行业研究/行业周报 证 春节文旅需求旺盛，旅游消费呈升级趋势 券 研 ——行业周报（20240219-0223） 究 报 ◼ 行情回顾 增持( 维持) 告 本周，沪深30上涨3.71%，社会服务板块整体上涨8.28%，跑赢沪深 300指数4.57pct，涨跌幅在申万Ⅰ级31个行业中排第4位。四大子板 行 块皆呈上升态势，旅游及景区、专业服务、教育、酒店餐饮分别上涨 行业： 社会服务 业 4.52%、5.37%、18.12%、7.19%。 日期： y 20x2z4q年da0te2m月a2r6k日 研 ◼ 核心观点 究 国内游：春节假期收官，旅游消费呈升级趋势。2024年春节假期，受 分析师： 彭毅 政策、供给、宣传等多种利好因素影响，城乡居民出游意愿高涨，出 E-mail： pengyi@yongxingsec.c 游人次和出游总花费等多项指标创历史新高。经文旅部测算，春节假 om 期8天全国国内旅游出游4.74亿人次，同比增长34.3%，按可比口径 SAC编号： S1760523090003 较2019年同期增长19.0%；国内游客出游总花费6326.87亿元，同比 分析师： 吴昱迪 增长47.3% ...

电子 行业研究/行业周报 A 证 英 伟达 FY24Q4业绩亮眼，Groq芯片搭载 SRAM 券 ——电子行业周报（2024.02.19-2024.02.23） 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FY24Q4业绩亮眼，产业链有望持续受益。英伟达 行 公布2024财年第四季度财报，单季度营收221亿美元，同比+265%， 行业： 电子 业 环比+22%。数据中心业务继续拉升，单季度营收达 184 亿美元，同 日期： y 20x2z4q年da0te2m月a2r6k日 研 比+409%，环比+27%。我们认为，随着生成式人工智能不断涌现， 究 加速计算需求旺盛，相关产业链有望持续受益。 SRAM：Groq芯片搭载230MB SRAM，内存带宽达到80TB/s，产业 分析师： 陈宇哲 链有望持续受益。Groq 芯片采用 14nm 制程，搭载 230MB SRAM， E-mail： chenyuzhe@yongxings 内存带宽达到 80TB/s。算力方面，其整型（8 位）运算速度为 ec.com 750TOPs，浮点（16 位）运算速度为 188TFLOPs。 ...

建筑材料 行业研究/行业周报 证 楼市政策持续发力，碳交易市场升级扩容 券 研 ——建材行业周报（2024.2.5-2024.2.8） 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：2024年楼市调控政策依然有发力空间，中长期看好地产产 行 业链左侧投资机会。据中指研究院，政策环境已接近2014年最宽松阶 行业： 建筑材料 业 段，但诸多因素依然制约着市场修复节奏，新房市场调整态势未改， 日期： y 20x2z4q年da0te2m月a2r2k日 研 核心城市政策效果持续性不足。以价换量下，重点城市二手房表现好 究 于新房。展望 2024 年，房地产市场恢复仍依赖于购房者预期能否恢 分析师： 黄骥 复，供求两端政策仍有发力空间，“三大工程”将是政策发力主要方向， E-mail： huangji@yongxingsec. 预计将对2024年稳投资起到重要作用，同时也会对销售恢复、稳定预 com 期起到积极作用。 SAC编号： S1760523090002 玻纤：由于玻纤供过于求，价格继续处于磨底状态，电子行业逐步复 分析师： 李瑶芝 苏，带动电子纱价格小幅回弹，中长期看好龙头市占 ...

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 ...