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行业报告：先进制造行业周报 2024年3月16日 华为中国合作伙伴大会聚焦“数智化”，“伙伴+华为”共建生态 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 ...

◆ 众兴菌业 粤海饲料 华绿生物 邦基科技 雪榕生物 涨幅前五 30.0% 11.8% 11.6% 9.9% 9.8% 朗源股份 温氏股份 巨星农牧 万辰集团 神农集团 跌幅前五 -6.6% -6.2% -6.1% -4.6% -4.3% ◆ ◆ ...

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2024年03月10日 证券研究报告|宏观研究|宏观点评 股市有风险 请务必阅读正文之后的免责声明部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大 厦中航证券有限公司 公司网址:www.avicsec.com 联系电话:010-59219558 - 传真:010-59562637 中航证券研究所发布 [证券研究报告] 本周资金面较为平稳，以 DR007 为代表的资金利率小幅走高。截止 3 月 15 日, DR007 报收 1.90%,较上周五上行 4BP; SHIBOR1W 报收 1.89%,较上周五上行 4BP。 公开市场操作方面,央行公开市场操作规模量低价平,周内共投放7D 逆回购 390 亿元, 利率维持 1.80%；逆回购到期 500 亿元，通过逆回购净回笼流动性 110 元。 ◆ 最新经济数据为美联储推迟降息增添筹码,美债收益率大幅上行,人民币汇率外 截至3月15日,美国10年期国债收益率录得4.31%,较上周五上行122BP。本 周公布了一系列经济数据,美国2月 CPI 同比上涨3.2%,略高于市场预期的3.1%;2 月 PPI 同比超预期涨 1.6%，创去年 9 月来最高,环比加 ...

| --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|-------------| | | | | | 帝科股份（300842） | 投资评级 | 买入 | | 业绩高增量利齐升，N 型浆料行业领先 | | 维持 | | ◆ 2023 业绩高增,银浆产品出货大幅提升 | 2024年03月14日 | | | 公司 2023 年实现营收 96.03亿、同比+154.94%; 归母净利润 3.86 亿、同比+2336.51%; 扣非 | 收盘价(元): | 80.36 | | 净利润 3.43 亿元、同比+2829.96%。业绩增长的主要原因为公司 ...

Investment Rating - The report rates the technology industry as "Overweight" [1] Core Insights - The A-share technology sector is expected to continue reflecting the global technology wave in 2024, with sustained trading enthusiasm in the TMT sector and significant excess returns from artificial intelligence (AI) investments. The current technology investment logic is less correlated with overall economic performance and more focused on breakthroughs in technological innovation and contributions to the tech wave [2][14] - The AI cycle is at its peak, with innovations in silicon photonics, HBM storage, GPU computing power, advanced packaging, and domestic process breakthroughs maintaining a high level of demand for computing power. AI is becoming the foundation for smart hardware, leading to market opportunities for AI-enabled devices [2][27] - Huawei is expected to continue its strong performance in 2024, driving innovation across terminals, cloud services, networks, chips, and software, while also countering U.S. technology sanctions [2][20] - The semiconductor sector is recovering, with domestic wafer capacity expected to expand as inventory clears and demand rebounds, supported by government incentives [2][4] Summary by Sections AI Sector - The AI computing power market is set to grow rapidly, with the demand for high-performance AI servers expected to increase significantly. The global AI hardware market is projected to grow from $19.5 billion in 2022 to $34.7 billion by 2026, with a compound annual growth rate (CAGR) of 17.3% [42][46] - The integration of silicon photonics technology is expected to reshape high-speed data transmission, with the 800G optical module market anticipated to grow rapidly, driven by the increasing demand for AI training models [72][81] Huawei - Huawei is positioned as a leader in technology innovation, with expectations of significant advancements in its HarmonyOS, AI ecosystem, and 5.5G commercial deployment in 2024 [3][32] - The company is focusing on high-end smartphones, smart automotive solutions, and digital energy, with a projected revenue of over 700 billion RMB in 2023, reflecting a 9% growth from 2022 [20][23] Semiconductor Sector - The semiconductor industry is experiencing a recovery, with storage demand rebounding and a projected 44.8% year-on-year increase in the storage market size in 2024, driving overall IC market growth by 15.5% [27][32] - The domestic semiconductor industry is expected to benefit from the ongoing trend of localization and self-sufficiency, with significant opportunities arising from the need for domestic alternatives in the face of U.S. sanctions [2][65]

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Core Insights - February financial data fell short of expectations, while regulators introduced four policy documents aimed at tightening IPO access, standardizing share reduction behaviors, and promoting dividends among listed companies. These measures are intended to address market concerns and enhance the quality and investment value of A-share listed companies, thereby boosting overall market confidence in the medium to long term [1][43][56] - Foreign capital flows have shifted positively towards A-shares, with a cumulative net purchase of 70.618 billion yuan since the beginning of the year, showing an accelerating trend. The movement of northbound funds is noteworthy, as they have transitioned from a barbell strategy to a growth-oriented approach [1][10][43] Financial Data and Market Trends - The opening and resumption rates of construction sites have shown a decline, with a national average of 75.4% as of March 12, 2024, down 10.7 percentage points year-on-year. However, the decline has narrowed, indicating some stabilization in the market [21][44] - The market sentiment has improved, with the average daily trading volume increasing to 10,380.82 billion yuan, up by 468.07 billion yuan from the previous week. The overall A-share price-to-earnings ratio rose to 16.96 times, reflecting a 0.95 increase from the previous week [20][43] Sector Performance and Investment Recommendations - The report recommends focusing on high-dividend state-owned enterprises and sectors less correlated with economic data, particularly in the artificial intelligence field. It emphasizes the potential of technology-related state-owned enterprises [4][56] - Following the confirmation of right-side signals, attention should shift to cyclical sectors. Investors are advised to avoid premature bets on U.S. Federal Reserve liquidity easing but to continue monitoring developments [4][56] Capital Flow and Investment Strategy - Northbound capital has shown a significant shift, with major inflows into the banking sector (high dividends), food and beverage (core assets), and the electronics industry (AI). The net purchases for these sectors were 20.007 billion yuan, 15.325 billion yuan, and 11.926 billion yuan, respectively [10][24] - The report highlights the importance of monitoring policy implementation and execution rhythms following the Two Sessions, as these will significantly influence market dynamics [29][43]

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The securities industry in 2023 faced dual pressures from domestic and international factors, leading to an overall downward trend in the A-share market. By Q3 2023, 44 listed securities firms achieved total operating income of CNY 384 billion, a year-on-year increase of 1.94%, and a net profit attributable to shareholders of CNY 110.3 billion, up 6.59% year-on-year. However, brokerage, asset management, investment banking, and credit businesses faced significant pressure, with revenues declining by 12.45%, 8.44%, 18.34%, and 22.22% respectively [3][14][16] - The self-operated business has become a key driver for performance improvement, with four listed firms achieving self-operated income of CNY 104 billion, a year-on-year increase of 70.20% [3][14][16] - The report emphasizes the need for securities firms to accelerate their transformation towards higher value-added wealth management models due to the high homogeneity and volatility of traditional channel businesses [3][14] - The investment strategy suggests focusing on state-owned enterprises and merger and acquisition themes, as well as large securities firms with strong comprehensive capabilities and those with significant self-operated growth potential [3][20] Summary by Sections Market Performance - The securities sector experienced wide fluctuations in 2023, with the broker index increasing by 3.06% year-to-date, outperforming the CSI 300 index by 14.81 percentage points [5][11] - The market was driven by factors such as economic recovery expectations and policy support, but faced challenges as the market digested these benefits [6][8] Business Performance - The light asset business faced significant pressure, with revenues from brokerage, investment banking, and asset management declining due to reduced market activity and financing slowdowns. The self-operated business, however, showed strong growth [14][16][18] - The report highlights that the self-operated business's contribution to overall performance is increasing, with firms showing a strong willingness to expand their balance sheets and leverage [3][14][16] Investment Strategy - The report recommends focusing on state-owned enterprises and firms involved in mergers and acquisitions, as well as large firms with strong performance and growth potential in self-operated businesses [3][20][49] - The anticipated performance of securities firms in 2023 is expected to be a catalyst for market movements, with several firms projected to exceed profit expectations [3][54]