证券研究报告/行业研究 人形机器人商业化图景远大，引爆六维力传感器市场空间 ——力传感器专题研究系列一 投资要点 投资评级： 看好 ➢ 六维力传感器是机器人重要部件，市场空间有望加速扩容 分析师：吴起涤 力传感器的测量对象是力，并将力量值转换为相关电信号。力传感器是机器 执业登记编号：A0190523020001 人感知力的核心器件，常见的力传感器包括一维力传感器、三维力传感器和 wuqidi@yd.com.cn 六维力传感器。六维力传感器适用于力作用点随机并对测量精度要求较高的 场景，适合在人形机器人和协作机器人中应用。根据MIR睿工业数据，2023 年中国六维力传感器市场规模为2.35亿元，同比增长14.3%，并预计在2026- 研究助理：程治 2030年，人形机器人的规模量产将显著增加六维力传感器需求，并推动生产 执业登记编号：A0190123070008 成本降低，市场有望迎来快速扩容期。从2023年六维力传感器下游行业看， chengzhi@yd.com.cn 工业自动化是第一大下游应用，人形机器人是增速最快的下游应用。 传感器指数与沪深300指数走势对比 ➢ 人形机器人商业图景远大，推动六维力传感 ...

Group 1 - As of March 31, 2024, Hebei Province has 78 A-share listed companies, accounting for 1.47% of the total number of listed companies in the country, with a total market capitalization of 1.1 trillion, representing 1.26% of the national total [1][35]. - The largest number of listed companies and the highest market capitalization are found in Shijiazhuang City, with 23 companies and a market value of 352.3 billion [2][40]. - The distribution of listed companies by industry shows that the largest numbers are in basic chemicals, electric power equipment, machinery, pharmaceuticals, and automobiles, while the highest market values are in automobiles, electric power equipment, pharmaceuticals, public utilities, and electronics [10][37]. Group 2 - The Hebei Provincial Government issued the "Hebei Province Enterprise Listing Action Plan" on February 11, 2023, aiming to enhance the quantity and quality of listed companies over five years, focusing on advantageous industries and quality enterprises [3][49]. - The "14th Five-Year Plan for High-Quality Development of Manufacturing Industry in Hebei Province" emphasizes the development of traditional and emerging industries, including steel, automotive, electric power equipment, and biomedicine, with specific revenue targets for 2025 [10][27]. - The establishment of the Hebei Capital Market Home aims to provide a platform for connecting various capital market resources and market entities, enhancing the integration of Hebei with the capital market [11][32]. Group 3 - The action plan includes a tiered approach to promote listings, targeting a 25% increase in new listed companies in 2023 compared to 2022, with further annual growth targets set for subsequent years [29][78]. - The plan outlines six major projects to support the listing of enterprises, including improving the resource pool for potential listed companies and providing tailored services to enhance compliance and operational standards [49][78]. - The focus on ESG governance in Hebei includes policies for sustainable development and green transformation, with specific measures for environmental and energy management [70][72].

7d 源达 沪深 300 指数走势图 资料来源：Wind，源达信息证券研究所 证券研究报告/投资策略 重点关注业绩超预期的公司 ——机构调研策略周报(20240318-20240322) 主要内容 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有科德数控、中控技术和石头科技等， 近7天机构调研数前二十的热门公司有深南电路、中矿资源和汤臣倍健等。上 述公司中机构评级家数大于或等于10家的公司合计有17家，当中已披露业绩 （包括业绩预告、业绩快报和年报）的公司有15家。15家公司中业绩表现较 佳的公司有（2023年归母净利润或预告中值超过Wind一致预期）：中控技术、 石头科技、传音控股、盛美上海和威胜信息等。15家公司中全年业绩未超预 期但单四季度业绩表现较佳的公司有深南电路和长春高新。 近一月来外资机构调研次数较多的公司有中控技术、汇川技术和华明装备等。 其中和内资机构调研热度重合度高的公司有中控技术、汇川技术、华锐精密、 东芯股份、汤姆猫、万丰奥威、舍得酒业和周大生。除万丰奥威和因赛集团暂 未披露业绩外，剩余公司中：中控技术2023年业绩表现较佳，汇川技术在宏 观景气度不佳情况下表现出较强的业 ...

证券研究报告/投资策略 2024 年 3 月 18 日至 3 月 22 日，共计 23 家公司发布增持公告，其中，林洋能 源等 3 家公司发布增持计划公告，11 家公司发布完成增持公告，其余公司发布 增持进展情况公告。林洋能源控股股东拟出资 0.5-1 亿元增持公司股票，占公告 日市值的 0.37%-0.74%。 ➢ 本周A股上市公司回购情况 ➢ 投资建议 市场短期波动风险，上市公司业绩不及预期的风险。 | --- | --- | |---------------------------------|-------| | | | | 目录 | | | | | | 一、Ａ 股上市公司增持情况 | | | 1. 本周Ａ股上市公司增持情况 | | | 2. 2024 年部分上市公司增持情况 | | | 二. A 股上市公司回购情况 | | | 1. 本周 A 股上市公司回购情况 | | | 2. 2024 年部分上市公司回购情况 | | | 三. 投资建议 | | | 1. 发布增持公告标的的投资建议 . | | | 2. 发布回购公告标的的投资建议 . | | 2 表 1：2024/03/18-2024/03/2 ...

Group 1 - The Ministry of Industry and Information Technology and other departments have issued a plan for the general aviation equipment innovation application, aiming to establish a new development model characterized by high-end, intelligent, and green features by 2030, which will support short-distance transportation and electric vertical take-off and landing passenger networks, as well as drone delivery networks, creating a trillion-level market scale [1][12][20]. Group 2 - As of March 28, 2024, the cumulative net increase in shareholding by listed company shareholders has exceeded 1 billion yuan, marking the first positive net increase since 2007, reflecting the effectiveness of new regulations aimed at reducing shareholding reduction phenomena [2][29]. - The domestic stock market has shown a mixed performance, with the Shanghai Stock Exchange 50 Index recording the highest increase of 0.5%, while the household appliance industry saw the largest increase of 2.1% among Shenwan's first-level industries [3][45]. - The average daily trading volume in the market this week was 937.31 billion yuan, with a cumulative net inflow of northbound funds amounting to -7.78 billion yuan [16][38].

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The photovoltaic glass industry is expected to see a recovery in profitability as production costs decline and a temporary supply-demand gap emerges [4][3] - The supply-demand balance is projected to stabilize, with supply-demand ratios for 2024 and 2025 estimated at 111.6% and 107.9% respectively, consistent with 2023's ratio of 113.3% [2][32] Summary by Sections Section 1: Importance of Photovoltaic Glass - Photovoltaic glass is a crucial encapsulation material for solar modules, enhancing light transmission and protecting solar cells from environmental factors [9][10] - The penetration rate of bifacial modules is continuously increasing, leading to a trend towards thinner photovoltaic glass [15] Section 2: Supply and Demand Dynamics - The photovoltaic installation continues to grow significantly, driven by carbon neutrality goals and improved economic viability of solar power [20][24] - The supply side faces constraints due to high energy consumption, heavy asset requirements, and long expansion cycles, which will help narrow the supply-demand gap [27][32] Section 3: Cost and Profitability Outlook - The cost structure of photovoltaic glass shows that direct materials and fuel account for over 80% of total costs, with a significant portion attributed to soda ash and natural gas [36][39] - A decrease in the prices of raw materials like soda ash and natural gas is expected to lower production costs, contributing to a potential recovery in industry profitability [3][41] - The industry is currently experiencing low profitability levels, but with the anticipated cost reductions and temporary supply-demand gaps, profitability is expected to rebound [4][45] Section 4: Investment Recommendations - Key companies to focus on include Fuyao Glass and Qibin Group, which are positioned to benefit from the expected recovery in the photovoltaic glass market [4][5]

Investment Rating - The report gives an optimistic investment rating for the AI industry, indicating a positive outlook for the sector [6]. Core Insights - The Kimi intelligent assistant has gained significant popularity, with its contextual window expanding from 200,000 Chinese characters to 2,000,000, enhancing its ability to capture user needs more accurately [2][11]. - The launch of new large models by Baidu and Alibaba is accelerating the development of domestic large models, fostering competition and innovation within the industry [3][16]. - The AI industry is rapidly evolving, with a focus on the computing power supply chain, which is essential for the development of large models [4][35]. Summary by Sections Event: Kimi Intelligent Assistant's Rise - Kimi, launched by Moonshot AI, has become a leading product in the domestic market, ranking third in monthly visits among large models as of February 2024, with a weekly visit count reaching 2.25 million [13][11]. - The assistant's advanced capabilities in smart search, efficient reading, and programming assistance position it as a competitive product in the AI landscape [11][2]. Computing Power Supply Chain: Opportunities in High-Speed Optical Modules - The demand for high-speed optical modules is expected to surge due to the increasing need for efficient data transmission in AI model training, particularly with the adoption of spine-leaf network architecture [17][4]. - Domestic companies are well-positioned to benefit from this demand, with significant market shares in optical modules [20][21]. Investment Recommendations - Focus on server manufacturers like Inspur Information and Sugon, as the AI industry's growth will create a substantial demand for computing power [5][35]. - Consider investing in optical module companies such as Innolight and Eoptolink, which are expected to benefit from the rising demand for high-end optical modules [5][35]. - Pay attention to optical chip manufacturers like Source Photonics, as there is considerable room for growth in domestic production rates for optical chips [5][35].

7d 源达 证券研究报告/投资策略 ➢ 机构调研热门公司梳理 建议关注机构调研热度高且业绩表现较佳的公司： 沪深 300 指数走势图 重点关注业绩超预期的公司 ——机构调研策略周报(20240318-20240322) 近一月来外资机构调研次数较多的公司有中控技术、汇川技术和华明装备等。 其中和内资机构调研热度重合度高的公司有中控技术、汇川技术、华锐精密、 东芯股份、汤姆猫、万丰奥威、舍得酒业和周大生。除万丰奥威和因赛集团暂 未披露业绩外，剩余公司中：中控技术2023年业绩表现较佳，汇川技术在宏 观景气度不佳情况下表现出较强的业绩韧性，二者均属于工业控制领域。 1）中控技术：公司是流程工业智能控制解决方案领域的领军供应商。公司多 项智能控制软件均在国内市场市占率保持多年第一。中东、东南亚等新兴市 场逐步拓展有望成为新的增长点。 3）传音控股：公司是非洲区域的手机龙头，非洲区域营收占公司营收接近一 半。公司基于类似非洲逻辑加快在东南亚、中东和南美等新兴市场的扩张。 6）汇川技术：公司是工控领域的领军企业，2024年工控行业弱复苏&公司新 能源业务受益下游客户汽车放量及定点增加，公司业绩有望保持高增趋势。 风险提 ...

7d 源达 沪深 300 指数走势图 资料来源：同花顺 iFinD，源达信息证券研究所 证券研究报告/投资策略 增持回购策略周报(20240318-20240322) 主要内容 ➢ 本周A股上市公司增持情况 2024 年 3 月 18 日至 3 月 22 日，共计 23 家公司发布增持公告，其中，林洋能 源等 3 家公司发布增持计划公告，11 家公司发布完成增持公告，其余公司发布 增持进展情况公告。林洋能源控股股东拟出资 0.5-1 亿元增持公司股票，占公告 日市值的 0.37%-0.74%。 分析师：刘丽影 执业登记编号：A0190519050001 liuliying@yd.com.cn ➢ 2024/01/01-2024/03/22部分上市公司增持情况 2024 年 1 月 1 日至 3 月 22 日，发布增持计划公告的公司共计 856 家，其 中，评级机构家数大于 10 家（含 10 家）的公司有 43 家，伊力特、喜临门 和山鹰国际拟增持比例较高，其拟增持金额占公告日市值的比例分别为 1.04%- 2.08%、1.00%-1.25%、3.71%。此外，浙江鼎力董秘拟以 400-500 万元增持 公司 ...

Group 1 - The report highlights that from January to February 2024, the national fixed asset investment (excluding rural households) reached 50,847 billion yuan, showing a year-on-year growth of 4.2%, which is an acceleration of 1.2 percentage points compared to the entire year of 2023 [59] - In the same period, the total retail sales of consumer goods amounted to 81,307 billion yuan, with a year-on-year increase of 5.5%. Excluding automobiles, the retail sales of consumer goods were 74,194 billion yuan, growing by 5.2% [7] - The industrial added value for large-scale enterprises increased by 7.0% year-on-year in January and February, indicating a stable recovery in production demand [41] Group 2 - The report suggests focusing on investment opportunities in sectors supported by policy initiatives from the Two Sessions, particularly in digital economy, advanced manufacturing, new energy, biomedicine, and low-altitude economy [3] - It also recommends attention to investment opportunities arising from large-scale equipment upgrades and the replacement of consumer goods, particularly in sectors such as engineering machinery, railway equipment, power grid equipment, general industrial equipment, and home appliances [3] - The report notes that the gold industry presents investment opportunities due to an upward trend in gold prices [3] Group 3 - The report indicates that the major stock indices in the domestic market showed mixed performance, with the CSI 1000 index having the highest increase of 0.7%, while the media industry saw the largest gain among sectors with a rise of 9.4% [12][17] - The average daily trading volume in the market was 10,772.2 billion yuan, with a cumulative net inflow of -7.78 billion yuan from northbound funds [46][47]