Group 1 - The report suggests focusing on companies with significant shareholding increases and positive fundamentals, specifically mentioning Lin Yang Energy, Zhejiang Dingli, Yili Te, and Xilinmen [1][26]. - Xilinmen, which focuses on soft furniture with mattresses as the core product, is expected to achieve a net profit attributable to shareholders of 428-499 million yuan in 2023, representing a year-on-year growth of 80%-110% [27]. - Zhejiang Dingli is engaged in the research, manufacturing, sales, and service of various intelligent aerial work platforms, with an expected net profit of approximately 1.856 billion yuan in 2023, an increase of about 47.62% year-on-year [31]. Group 2 - From January 1 to March 22, 2024, a total of 856 companies announced shareholding increase plans, with 43 companies having more than 10 rating agencies involved [35][52]. - Among these, Yili Te, Xilinmen, and Shanying International plan to increase their shareholding significantly, with proposed increases accounting for 1.04%-2.08%, 1.00%-1.25%, and 3.71% of their market value on the announcement date, respectively [35]. - Lin Yang Energy's controlling shareholder intends to invest between 50 million to 100 million yuan to increase its shareholding, which represents 0.37%-0.74% of the market value on the announcement date [44].

证券研究报告/行业研究 国内工控市场有望实现复苏，产品出海拓展成长空间 ——工控设备行业研究系列一 投资要点 投资评级: 看好（首次） ➢ 工控行业受宏观景气度影响大，2024年有望实现复苏 分析师：吴起涤 工业控制系统是设备的大脑，已广泛用于装备制造、印刷、包装、纺织、半导 执业登记编号：A0190523020001 体制造和工业机器人等行业。工控市场可分为项目型市场和OEM市场，二者 wuqidi@yd.com.cn 约各占一半。项目型市场受政府、央企的资本开支影响较大，2023年在电力、 汽车、采矿、化工和公共事业等行业投资需求拉动下项目型市场保持正增长； OEM市场以机床、消费电子、半导体、新能源和机器人等行业为主，2023年 研究助理：程治 上述行业景气度多数不佳导致增速为负。展望2024年，宏观经济进一步好转 执业登记编号：A0190123070008 及消费电子和半导体等行业周期复苏，工控行业有望实现复苏。 chengzhi@yd.com.cn ➢ 控制层国产突破难度最大，驱动层国产品牌已占据较大市场 工业控制器中广泛使用的是PLC，包括中大型PLC（主要用于项目型市场）和 工控设备指数与沪深3 ...

证券研究报告/行业研究 金融信息服务市场有望稳步增长，积极关注有 alpha 效应的公司标的 ——证券分析软件行业研究系列一 投资要点 投资评级: 看好（首次） ➢ 金融信息服务行业市场庞大，未来有望保持稳步增长 分析师：吴起涤 金融信息服务行业即为客户提供证券行情交易、证券分析和金融咨询等服务 执业登记编号：A0190523020001 的行业。金融信息服务行业的细分市场可分为三类：金融数据终端服务、证券 wuqidi@yd.com.cn 行情交易系统服务和网络财经信息服务。金融数据终端服务是第一大细分市 场；证券行情交易系统服务相对来说技术门槛较高；网络财经信息服务对平 台用户的规模要求较高。2023年金融信息软件服务行业中，个人投资者市场 研究助理：程治 和机构投资者市场预计分别达136亿元和49亿元。未来在宏观经济转好及股 执业登记编号：A0190123070008 市监管发力下，A股有望迎来复苏，有望推动金融信息服务行业市场稳步增长。 chengzhi@yd.com.cn ➢ 金融信息服务行业格局相对分散，业内上市公司发展特点各异 国内C端金融信息软件服务行业的上市公司包括东方财富、同花顺、指南针、 ...

Investment Rating - The industry investment rating is optimistic [7]. Core Insights - The GLP-1 class of drugs has become a core target in clinical research for weight loss, with rapid market growth anticipated [2]. - The market for GLP-1 drugs in the U.S. is projected to reach approximately $90 billion by 2030, with the type 2 diabetes drug market accounting for $35-40 billion and the weight loss drug market for $50-55 billion [2][14]. - China has the highest number of diabetes patients globally, with projections indicating that the number of obese individuals will exceed 300 million by 2030 [3]. - GLP-1 drugs not only lower blood sugar but also aid in weight loss and improve various metabolic parameters [4][26]. - Leading global companies in the GLP-1 drug market include Eli Lilly and Novo Nordisk, with Novo Nordisk's semaglutide being the first GLP-1 drug to exceed $10 billion in sales [5][16]. Summary by Sections GLP-1 - GLP-1 was discovered in 1987 and is more effective than GIP in promoting insulin secretion and lowering blood sugar levels [12]. - GLP-1 receptor agonists (GLP-1RAs) have broad pharmacological effects, including increasing satiety and reducing food intake [12]. Potential Market Size - The global diabetes drug market is expected to reach $109.1 billion by 2030, with China's market projected to be RMB 167.5 billion [3][13]. - The obesity population in China is expected to grow from 250 million in 2023 to 329 million by 2030, with a compound annual growth rate (CAGR) of 3.9% [13]. Key Companies 1. **Hengrui Medicine** - Hengrui is a leading Chinese pharmaceutical company with a diverse pipeline in metabolic diseases, including multiple GLP-1 projects [18][20]. - In the first three quarters of 2023, Hengrui achieved revenue of RMB 17.014 billion, a year-on-year increase of 6.7% [18]. - Hengrui's GLP-1 receptor agonist, Noli-tide, is in clinical phase III for obesity treatment [20]. 2. **East China Pharmaceutical** - East China Pharmaceutical has developed a range of GLP-1 products and recently launched liraglutide injection for weight loss [22]. - The company reported revenue of RMB 30.395 billion in the first three quarters of 2023, a year-on-year increase of 9.1% [22]. - The company is advancing multiple GLP-1 projects, including HDM1002 and HDM1005, with various clinical trials underway [25]. Investment Recommendations - The report suggests focusing on companies developing GLP-1 drugs, specifically Hengrui Medicine and East China Pharmaceutical, due to their potential in addressing diabetes and obesity [6][26].

投资要点 ➢ ➢ 40% 30% 20% 10% 0% -10% -20% -30% 000300.SH CI005277.CI ➢ ...

投资要点 ➢ ➢ ➢ 10% 0% -10% -20% -30% -40% -50% 000300.SH CI005011.CI ...

证券研究报告/行业研究 2024 年国际客运市场将加快恢复，海南游持续火爆，我国免税行业景气度有望提升 ——免税行业专题研究系列一 投资要点 投资评级: 看好 ➢ 2026年，我国免税总市场规模将超3300亿元 分析师：史伟龙 我国免税店主要以出入境免税店、离岛免税店及市内免税店为主，免税商品经 执业登记编号：A0190523050007 由不同销售渠道出售。据中国中免港股招股说明书预测，到2026年，中国免税 shiweilong@yd.com.cn 总市场规模将达到3329亿元，其中，出入境免税店和离岛免税店是中国最大的 免税渠道，将分别实现市场规模593亿元和2432亿元。 ➢ 2024春节假期出入境、离岛游火爆，带动免税购物潮 中国旅游研究院（文化和旅游部数据中心）大数据监测显示，春节假期的入境 免税店指数与沪深300指数走势对比 旅游客源国主要有缅甸、马来西亚、美国、英国、澳大利亚、韩国、泰国、新加 坡、俄罗斯和菲律宾。受互免签证政策、支付便利化及国际航班增密等利好影 50% 0% 响，出入境旅游约683万人次，其中出境游约360万人次，入境游约323万人次， -50% 均接近2019年同期水平。 ...

Investment Rating - The report assigns an investment rating of "Positive" for the AI industry, particularly highlighting the significance of OpenAI's Sora model [1]. Core Insights - OpenAI's release of the Sora video generation model is considered a milestone for the AI industry, capable of generating high-fidelity videos based on textual descriptions [4]. - Sora outperforms other mainstream video generation models in maintaining action and visual consistency for longer durations, achieving up to 17 seconds compared to the typical 5 seconds of competitors [6]. - The report suggests that Sora will enhance video generation quality and efficiency, potentially transforming the film and gaming industries [18]. Summary by Sections 1. Event: OpenAI Launches Sora - OpenAI introduced the Sora model on February 16, 2024, which can generate one-minute high-fidelity videos from text prompts, marking a significant advancement in AI technology [4]. 2. Performance Comparison - Sora demonstrates superior performance in video generation, maintaining consistency in action and visuals for longer durations than other models, with a notable increase in detail and fluidity in longer scenes [6][5]. 3. Companies to Watch - The report highlights several companies that are expected to benefit from the advancements in AI and related technologies: 1. **Zhongji Xuchuang**: A leading company in the optical module industry, projected to see significant growth due to increased demand for high-speed optical modules [8]. 2. **Xinyi Technology**: Ranked seventh among global optical module companies, with expectations for growth in high-speed optical module products [12]. 3. **Inspur Information**: A leader in the AI server industry, with a strong market position and ongoing investments in computational infrastructure [15]. 4. Investment Recommendations - The report recommends focusing on sectors that will benefit from the advancements in AI, including: 1. Optical communication modules, particularly 400G/800G modules, with companies like Zhongji Xuchuang and Xinyi Technology [18]. 2. Servers, as the demand for computational infrastructure is expected to rise, with companies like Inspur Information and Zhongke Shuguang [18]. 3. AI applications, especially in film and gaming, with companies such as Zhongwen Online and Wanxing Technology [18].

Investment Rating - The investment rating for the industry is optimistic [1] Core Insights - In January 2024, the sales of new energy vehicles (NEVs) increased by 76.2% year-on-year, with wholesale sales reaching 682,000 units and retail sales reaching 668,000 units, marking a 101.8% increase year-on-year [2][8] - The installed capacity of power batteries in January 2024 reached 32.3 GWh, representing a year-on-year growth of 100.2% [3][10] - The penetration rate of NEVs in the domestic retail market was 32.8%, up from 25.6% in the same period last year [8] Summary by Sections Investment Highlights - January 2024 saw NEV production reach 734,000 units, a year-on-year increase of 85.1% [2][8] - The export of NEVs in January 2024 was 95,000 units, up 27.1% year-on-year [2][8] - The market share of NEVs among domestic brands was 51.8%, while luxury brands had a share of 22.3% [8] Industry Data - The installed capacity of lithium iron phosphate batteries was 19.7 GWh, accounting for 60.9% of total installations, with a year-on-year growth of 84.2% [3][10] - The installed capacity of ternary batteries was 12.6 GWh, representing 39.0% of total installations, with a year-on-year growth of 131.9% [3][10] Market Review - The electric power equipment and new energy sector rose by 8.0% over the past week, outperforming the CSI 300 index by 2.2 percentage points [12] - The weekly performance of various segments included wind power at 9.0%, photovoltaic at 6.9%, and lithium batteries at 11.1% [12][13] Industry News - The Ministry of Industry and Information Technology held a meeting in November 2023 to guide the capacity layout of the photovoltaic industry [26] - In January 2024, the monthly data on power battery installations was released, highlighting significant growth in the sector [26]