行 宏 观 业 研 [Table_ReApIT助itl力e] 行业周期复苏 研 究 ——2024 年 3 月半导体行业分析与展望 究 [分分Ta析析bl师师e_：：Au thor] [Table_Date] 2024年3月29日 崔邓国垚涛 [内Ta容ble提_S要um：ma ry] 执执业业证证书书编编号号：： SS13183085015910340070000103  终端需求来看，据中国信通院数据，2024年1-2月，国内市场手 联联系系电电话话：：001100--5818738090089439 机出货量4603.5万部，同比增长14.6%，其中国产品牌出货量 证 邮邮箱箱：： dcuenigguyoatoa@o@gkgzkqz.qc.ocmom.c.nc n 3807.8万部，同比增长38.7%；据Counterpoint数据，24年前六周 研究助理： 中国智能手机市场仅华为和荣耀销量实现正增长，其中华为实 券 申万半导体与沪深300走势图 邓垚 现64%的显著增长。整体来看，以智能手机为代表的消费电子 研 执10.0业0%证书编号： S1380116110007 终端当前仍处于缓慢复苏阶段，但华 ...

业 、 、 研 、 、 行 究 、 宏行 业 观业 1-2月国内光和 伏装机和出口数据发布，海内外需求强劲 研 研 究 究 分析师 2024年3月29日 内容摘要： 梁晨 执业证书编号：S1380518120001  事件：近期，2024年1-2月国内光伏新增装机情况和出口数 联系电话：010-88300853 据陆续发布，对此我们点评如下： 证 邮箱：liangchen@gkzq.com.cn  2024年1-2月光伏新增发电装机容量约36.72GW，同比增长 券 80.3%，表现超市场预期。我们认为，主要原因是去年光伏 研 组件价格持续下探，光伏电站经济性提升，导致装机需求 光伏指数与沪深300走势比较 究 大幅增长，最终2023年实现216.88GW的光伏装机。这种高 报 增长势头延续今年整个一季度，但未来随着产能逐步出 -6.00% -16.00% 清，组件价格可能出现调整，预计2024年全年光伏新增装 告 -26.00% -36.00% 机有望实现240GW左右。 -46.00%  分布式装机占比超越集中式。根据SMM统计测算，2024年1- 2月新增光伏装机中，分布式装机占比可能接近60%， ...

行 宏 观 业 研 食系品列饮政料策 落实两会精神，改革举措持续落地 研 究 究 [Table_Title] [分Ta析b师le_：A uthor] [Table_Date] 2024年3月28日 黄婧 [内Ta容ble提_S要um：m ary] 执业证书编号：S1380113110004 2024年3月15日，证监会发布4项政策性文件，投资端、融 证 联系电话：010-88300846 资端改革持续落地，对此我们点评如下。 券 邮箱：huangjing@gkzq.com.cn 强监管防风险、明确发展目标：证监会发布4项政策性文 研 件，一是体现“两强两严”，加强上市公司监管，加固市场 “基石”；二是强调大局意识，突出资本市场功能；三是明 究 [非Ta银b金le_融P与icQ沪u深ote3]0 0指数涨跌幅走势图 确证券行业未来短、中、长期三个发展阶段及方向。 报 9% 改革举措持续落地：融资端，IPO发行、辅导监管及现场 告 -1% 检查规定修订正式落地，进一步强化监管督导作用、强化 -11% 券商责任；投资端，监管近期对量化私募进行密集摸底调 -21% 研，进一步完善衍生品监管，社保基金扩大投资范围、投 ...

宏 观 研 究 行 业 研 究 [Table_Author] 分析师： 黄婧 执业证书编号：S1380113110004 联系电话：010-88300846 | --- | --- | --- | |-------|-------------------|---------| | | | | | 9% | | | | -1% | | | | -11% | | | | -21% | | | | | | | | | 非银金融 ( 申万 ) | | | | 沪深 300 | | | | 成交金额 ( 百万元 | )( 右 ) | [Table_ 行业评级IndustryRank] 强于大市 [Table_ 相关报告IndustryRank] 2、监管层积极求变，未来改革政策值 得期待 食品饮料 系列政策落实两会精神，改革举措持续落地 强监管防风险、明确发展目标：证监会发布4项政策性文 件，一是体现"两强两严"，加强上市公司监管，加固市场 "基石"；二是强调大局意识，突出资本市场功能；三是明 确证券行业未来短、中、长期三个发展阶段及方向。 改革举措持续落地：融资端，IPO发行、辅导监管及现场 检查规定修订正式落地，进 ...

固 定 收 益 宏 观 研 究 [Table_Author] 固定收益分析师： 岳安时 执业证书编号：S1380513070002 联系电话：010-88300844 邮箱：yueanshi@gkzq.com.cn 证 券 研 究 报 告 [近期研究 Table_Report 报告 ] 固 定 收 益 点 评 报 告 [Table_Title] 工业企业效益明显改善 ——2024 年 1-2 月工业企业利润数据点评 [Table_Date] 2024 年 3 月 28 日 事件： 3月27日，统计局公布工业企业利润数据，1-2月全国规模以上工业企 业实现利润总额9140.6亿元，同比增长10.2%。 点评： 工业企业利润及营收均明显改善。1-2月份，全国规模以上工业企业 利润同比增长10.2%，利润由上年全年下降2.3%转为正增长。1-2月 份，工业企业营业收入同比增长4.5%，高于上年全年营收增速3.4个 百分点，企业营收回升态势明显。 超七成行业利润增长，高技术制造业利润明显回升。1-2月份，在41 个工业大类行业中，有29个行业利润同比增长，增长面为70.7%，比 上年全年扩大4.8个百分点。值得注意的 ...

Group 1 - The report emphasizes the importance of investor-centric reforms in the capital market, highlighting the need to protect investor rights and enhance market fairness and transparency [21][34][37] - Recent regulatory policies focus on improving the quality of listed companies and ensuring a stable market environment, which is crucial for restoring investor confidence [30][54][70] - The introduction of the China Securities A50 Index is seen as a potential new benchmark for core assets in the A-share market, with improved industry distribution and liquidity [8][78] Group 2 - The report outlines a systematic approach to investment-side reforms, which includes enhancing investor education and promoting rational investment philosophies among market participants [34][58] - Institutional investors are encouraged to adopt a long-term investment strategy and demonstrate professionalism, which is essential for stabilizing the market [32][53] - The performance of core assets in the secondary market is identified as a key factor in restoring overall market confidence, with effective expectation management being critical [13][65][62] Group 3 - The report discusses the need for stricter regulations on initial public offerings (IPOs) and the importance of maintaining a robust exit mechanism for underperforming companies [56][71] - It highlights the increasing interest of foreign investors in the Chinese stock market, necessitating the establishment of a value assessment system that aligns with long-term investment principles [33][53] - The report notes that the regulatory environment is becoming more stringent, with a significant increase in penalties for violations, which aims to purify the market ecosystem [54][76]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is Neutral [2][4]. Core Insights - The pharmaceutical and biotechnology industry experienced a decline of 2.13% last week, underperforming the CSI 300 index by approximately 1.43 percentage points, ranking 30th among 31 primary industries [4][7]. - All six sub-industries reported losses, with the medical services sector experiencing the largest drop of over 4%, while the biopharmaceutical sector fell by more than 3% [4][7]. - The industry valuation is currently at a low point, with a TTM valuation of approximately 34 times, down from the previous week, and a relative valuation premium of 105% compared to all A-shares [7][8]. - The report highlights the growing importance of AI in healthcare, particularly in drug development and clinical decision-making, as evidenced by NVIDIA's recent GPU Technology Conference, which featured over 90 sessions related to life sciences and healthcare [4][7]. Market Performance and Investment Strategy - The report suggests focusing on sectors with potential for rapid growth in Q1, such as innovative drugs, specialty generics, and traditional Chinese medicine, given the current valuation attractiveness [8]. - Recommended stocks include Heng Rui Medicine, Mindray Medical, Kelun Pharmaceutical, and Da Ren Tang [8][21]. Important Industry News - The results of the centralized procurement for 28 types of medical consumables in the Beijing-Tianjin-Hebei region were announced, with a selection rate of approximately 27% for the products [14]. - JD Health reported a total revenue of 53.5 billion yuan in 2023, a year-on-year increase of 14.5%, indicating strong growth potential in internet healthcare [15]. - Heng Rui Medicine presented updated data on its innovative drug, demonstrating a 5-year overall survival rate of 31.2% for patients with advanced lung cancer [16]. Important Company Announcements - Puli Pharmaceutical received FDA approval for its deoxymidodrine hydrochloride injection, marking a significant milestone for the company in the U.S. market [17]. - Bai Ao Tai signed a licensing and commercialization agreement for two biosimilars in Latin America, with a total transaction amount potentially reaching 6 million USD [18]. - Yi Fan Pharmaceutical's Aibegersitin α injection received approval for sale in the European Union [19]. Related Stock Valuation - Key stock valuations include Heng Rui Medicine with a PE ratio of 63.23, Mindray Medical at 30.17, Kelun Pharmaceutical at 19.33, and Da Ren Tang at 20.83 [21].

行 宏 观 业 研 食投品资饮端料改 革持续推进，落实“增强资本市场内在稳 研 究 定性”要求 究 [Table_Title] ——证券行业周报 [分Ta析b师le_：A uthor] [Table_Date] 2024年3月25日 黄婧 [内Ta容ble提_S要um：m ary] 执业证书编号：S1380113110004 上周（2024年3月18日-3月22日），申万非银金融指数下 证 联系电话：010- 88300846 跌1.59%，落后沪深300指数0.89个百分点，在申万29个 券 一级行业中排名第25。上周，申万证券板块下跌0.64%， 邮箱：huangjing@gkzq.com.cn 在非银金融板块中排名第2，交易额达1059.85亿元，板块 研 活跃度较前一周有所下降。截至2024年3月25日，板块整 究 [证Ta券b与le_沪P深icQ3u0o0t指e] 数涨跌幅走势图 体PB为1.14倍，处于10年来1.64%分位上，在近10年中仍 报 处于较低估状态。 告 9% -1% 政策跟踪： 1、三部门发布《划转充实社保基金国有股权 -11% 及现金收益运作管理暂行办法》，从社保基金运营角度来 ...

Investment Rating - The report suggests a focus on distributed photovoltaic operators, household energy storage companies, and integrated photovoltaic component companies with overseas market expansion capabilities [4]. Core Insights - The "2024 Energy Work Guidance" issued by the National Energy Administration aims to increase the share of non-fossil energy power generation capacity to around 55% (up 3.1% year-on-year) and the share of wind and solar power generation to over 17% of total national power generation (up 1.7% year-on-year) [3]. - The report emphasizes the dual development of centralized and distributed photovoltaic systems, with a focus on large-scale wind and solar base construction and the promotion of distributed energy projects [3]. - The report highlights the importance of technological innovation and legal framework improvements to address challenges in grid connection and energy consumption [3]. - The report outlines the goal of expanding China's global influence in the renewable energy sector and preparing for future green electricity international trading [3]. Summary by Sections Policy Objectives - The report details the targets set in the "2024 Energy Work Guidance," including increasing the share of non-fossil energy in total energy consumption to approximately 18.9% (up 0.6% year-on-year) and enhancing the proportion of terminal electricity consumption [3]. Development Strategies - The report discusses the need for a balanced approach to centralized and distributed photovoltaic development, including the implementation of smart grid construction and exploring clean energy transition models in rural areas [3]. International Cooperation - The report emphasizes the importance of international collaboration in the clean energy industry, particularly in regions such as Europe, ASEAN, and the Middle East, to mitigate risks associated with domestic overcapacity in the renewable energy sector [3]. Investment Recommendations - The report recommends focusing on specific investment opportunities, including distributed photovoltaic operators (e.g., Xinneng Technology), household energy storage companies (e.g., Yingwei Ke, Goodwe), and integrated photovoltaic component companies with international market capabilities (e.g., JA Solar) [4].

行 正 宏 业 观 大规模设备更新有望拉动国内工程机械替换需求 研 研 究 究 --机械设备行业周报(3.18—3.22) [Table_Author] 证 分析师： [Table_Date] 2024年3月25日 券 崔国涛 ]正 文摘要：  上周SW机械设备指数下跌0.42%至1401.83点，涨跌幅在申万31 研 执业证书编号：S1380513070003 个一级行业中排名第16位，跑赢同期沪深300指数0.28个百分 证 究 联系电话：010-88300848 点。截止到2024年3月22日，SW机械设备板块滚动市盈率为 券 25.43倍（整体法，剔除负值），相对全部A股的溢价率为84.37%， 报 邮箱：cuiguotao@gkzq.com.cn 低于2010年以来85.68%的中位数水平。自动化设备、通用设备、 研 告 专用设备、工程机械、轨交设备板块滚动市盈率分别为39.85、 究 28.41、23.94、20.57、17.68倍。 近[T一a年blSeW_P机ic械Q设uo备te与] 沪深300指数相对涨跌幅  CME预估3月挖掘机国内市场恢复正增长。根据CME预估，3月 报 10% 挖掘 ...