主要数据 3069.2959 3567.8031 9544.7657 美联储降息预期再受打压，国内经济复苏呈现结构性特点 消费复苏持续,商品房销售依旧低迷 们统计的 36个大中城市商品房成交数据显示,今年 3月,一线、二线和三线城市一手 商品房成交面积同比分别为-40%、-38%和-44%,下滑幅度较前2月进一步加深。此外, 根据克而瑞地产研究发布的数据, 今年3 月百强房企操盘销售金额较去年3月同比下滑 45.8%。3月一手房销售继续走弱,一方面有去年3月商品房销售短暂复苏下的高基数 有关,另一方面也反映出当前我国商品房市场仍处在磨底阶段。年初以来,进一步稳商 品房销售的政策频出。相关政策能否起到实质性效果,仍需进一步观察。 总体来看,目前我国经济在整体性的复苏中也体现出较强的结构性特点。其中,消 月初流动性保持充裕,央行货币政策例会基调仍宽松 受到清明节假期影响本周交易日缩短,跨月结束后资金利率回落至政策利率附近。 截止 4 月 3 日, DR007 报收 1.81%,较上周五下行 20BP; SHIBOR1W 报收 1.82%, 较上周五下行 15BP。随着跨季平稳结束,本周央行逆回购操作规模维持低量, ...

指 营 增 归 增 每 市 标 业 速 母 速 股 盈 收 （ 净 （ 收 率 入 % 利 % 益 （ ） ） （ 润 （ 倍 百 （ 元 ） ...

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Core Insights - The report indicates that the market is shifting back to fundamental investments as the April earnings season begins, with a focus on performance data [10][27] - The People's Bank of China (PBOC) has signaled a more proactive monetary policy approach, emphasizing "counter-cyclical" adjustments and the importance of monitoring long-term interest rates [10][30] - The report highlights the potential for capital to flow back from the bond market to the equity market due to anticipated changes in long-term interest rates [10][30] Economic and Market Overview - Recent economic data for the first two months of the year has generally exceeded market expectations, allowing for the selection of industries with improving fundamentals and lower crowding [10][14] - The report identifies industries with significant marginal improvements and relatively low valuations, including food and beverage, household appliances, social services, construction decoration, and transportation [10][14] - The report notes that the communication between China and the U.S. has strengthened, with recent high-level meetings indicating progress on key economic and financial issues [10][10] Investment Recommendations - The report suggests focusing on high-dividend state-owned enterprises and sectors with solid performance support, particularly in technology-related state-owned enterprises [27][64] - It emphasizes the importance of tracking government bond issuance schedules, domestic recovery data, and the earnings reports for 2023 and Q1 2024 [27][45] - The report also points out that sectors with high growth potential and low valuations, such as defense and military, are worth monitoring as they may benefit from increased demand and government support [10][41] Fund Positioning and Sector Analysis - The report analyzes the positioning of actively managed equity funds, noting that the electronics and non-bank financial sectors have seen significant increases in allocations [54] - It highlights that the top three over-allocated sectors in Q4 2023 were electronics, automobiles, and biomedicine, while the overall holdings showed different results [54] - The report indicates that the real estate sector remains under-allocated compared to historical averages, suggesting potential opportunities for investment as conditions improve [54][54]

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行业报告：先进制造行业周报 2024年3月23日 英伟达官宣新一代Blackwell架构，华为算力 GPU 需求破百万片 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 ...

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指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7,165 6,688 8,889 10,834 12,726 增速（%） 75.61% -6.66% 32.91% 21.88% 17.46% 归母净利润（百万元） 703 564 719 935 1,171 增速（%） 55.09% -19.78% 27.55% 30.04% 25.22% 每股收益（元） 0.52 0.42 0.53 0.70 0.87 市盈率（倍） 30.07 37.48 29.38 22.60 18.05 80.0 71.7 90% 8 100% 70.0 75.6% 66.9 80% 7 85.3% 7.03 80% 68.8% 70% 60.0 60% 6 5.64 60% 55.8% 55.1% 50.0 50% 5 4.53 41.3% 42.5% 40.8 40% 40% 40.0 4 31.6% 30% 20% 30.0 24.2 20% 3 2.44 5.6% 6.6% 20.0 12.9 17.0 1 00 %% 2 1.47 1.57 -19.8%0% 10.0 -6.7%-10% ...

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