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]

证券研究报告/行业研究 2024 年快递业开局良好，发展能力稳步增强，关注行业龙头公司 ——快递物流专题研究系列一 投资要点 投资评级: 看好 ➢ 2024年快递业实现良好开局，发展能力稳步增强 分析师：史伟龙 2024年1-2月，快递行业聚焦航空、冷链、跨境等重点领域，我国航空枢纽中心 执业登记编号：A0190523050007 设施建设持续推进，跨境运输网络持续加密，快递企业国际服务能力持续增强。 shiweilong@yd.com.cn 据国家邮政局数据显示，2024年1-2月中国快递发展指数为329.6，同比提升 26.7%。受春节假期影响，假期经济淡旺季特点突出，1月份年货消费活跃，行 业保持较快增长，完成业务量147亿件，日均业务量超4.7亿件。春节假期（2月 10日至17日）完成快递业务量10.8亿件，日均业务量较2023年春节假期增长 145.2%。春节后市场规模快速扩增，行业逐步回归常态化运行，日均业务量约 快递指数与沪深300指数走势对比 4亿件。 50% ➢ 社会物流总额增速稳步回升，物流业总收入保持平稳增长 0% -50% 据中国物流信息中心数据显示，2023年全国社会物流总额352. ...

7d 源达 资料来源：Wind，源达信息证券研究所 重点关注业绩超预期的公司 ——机构调研策略周报(20240318-20240322) ➢ 机构调研热门公司梳理 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。 建议关注机构调研热度高且业绩表现较佳的公司： 2）石头科技：公司专注于家用智能扫地机器人等清洁电器的研发、生产和销 售。公司持续拓展海内外市场，目前国外营收体量和国内营收基本相当。 5）威胜信息：公司是能源物联网领域领先的解决方案提供商。未来在数字电 网和双碳节能趋势下，国内市场有望保持稳健增长并迎来出海市场机遇。 分析师：褚聪聪 执业登记编号：A0190523050005 chucongcong@yd.com.cn 请阅读最后评级说明和重要声明 一、机构调研热门公司梳理 二、重点公司机构调研公司摘录 | ...

%d 源达 | --- | --- | |----------------------------------------------------------|-------------------------| | | 报告日期:2024年03月15日 | | 本周主要指数全面上涨，关注大规模设备更新和消费品以旧换新 | | | | | | 宏观策略周报 | | ▷ 资讯要闻 2. 3月12日，美国劳工部发布2024年2月份美国CP岗据。2月，美国CPI环比 增速自上月的+0.3%升至+0.4%，同比增速反弹至+3.2%，上月为+3.1%，略 高于市场预期+3.1%；核心CPI环比增速持平于上月的+0.4%，同比增速自上 月的+3.9%降至+3.8%，略高于市场预期+3.7%。 ➤ 市场概览 本周市场日均交易量10334.5亿元，北向资金累计净流入318.2亿元。 ▷ 风险提示 电影 300 指数走势图 | --- | --- | |-----------------------|-------| | | | | 目录 | | | 一、资讯要闻 . | | | 二、市场概览 … | | | 1.主要指数表现 ...