杜征征 刘晓溪 策 略 专 题 报 告 近日，中国证监会密集发布多项政策性文件，其中《关于加强 上市公司监管的意见（试行）》旨在引导和激励 A 股常态化分 红机制进一步健全。上市公司实施稳定的分红政策有助于稳定 市场预期、提升上市公司盈利水平以及提高投资者获得感。 风险提示：国内外经济形势超预期恶化，我国经济复苏进程不 及预期，美联储进一步超预期收紧货币政策导致资本外流程度 加剧，全球金融市场剧烈波动，地缘冲突进一步升级，中美关 系再度恶化，上市公司业绩全面下滑，其他黑天鹅事件等。 目 录 三、上市公司分红水平变化及现状 四、分红政策持续推进的重要意义 表 1: 分红政策梳理 策略专题报告 近日，中国证监会密集发布多项政策性文件，其中《关于加强上市公司监管的 意见（试行）》旨在引导和激励 A 股常态化分红机制进一步健全。上市公司实 施稳定的分红政策对资本市场的重要性主要体现在：稳定市场预期、反映公司 盈利能力以及进一步促进上市公司达成经营目标等多个方面。对投资者而言， 实施稳定的分红政策有助于优化股东回报、与投资者们共享公司高质量发展的 成果、提高投资者获得感以及增强投资者信心等。本文就国内资本市场有关分 红 ...

观 报 杜征征 执业证书编号：S1380511090001 联系电话：010-88300843 邮箱：duzhengzheng@gkzq.com.cn ‐12 ‐6 0 6 12 18 24 2018‐022018‐082019‐022019‐082020‐022020‐082021‐022021‐082022‐022022‐082023‐022023‐082024‐02 %社会消费品零售总额:当月同比:两年平均 资料来源：Wind，国开证券研究与发展部 2．《通胀修复上行 关注需求复苏—2024 年 通胀形势展望》 —1-2 月宏观经济数据点评 1-2 月工业增加值同比增长 7.0%，预期增长 4.3%（预期 值来源为 Wind，下同），前值增长 6.8%；1-2 月固定资产 投资累计同比增长 4.2%，预期增长 3.0%，前值增长 3.0%； 1-2 月社会消费品零售总额同比增长 5.5%，预期增长 5.4%，前值增长 7.4%。 总的来看，1-2 月经济数据多数好于市场预期，主要有几 个因素推动。首先是工作日因素，2023 年 1-2 月工作日 为 38 天，今年为 40 天。其次是疫情扰动因素消退，2 ...

行 业 研 究 执业证书编号：S1380113110004 联系电话：010-88300846 非银金融(申万) 沪深300 [Table_ 行业评级IndustryRank] 强于大市 行 业 点 评 报 告 [Table_Title] [Table_Summary] 内容提要： "1+5"组合拳落实增强资本市场内在稳定性："一个基 石"指高质量的上市公司。"五个支柱"分别代表五个方 面：更合理的资金结构、更完善的基础制度、更有效的市 场调节机制、更优质的专业服务、更严格的监管执法。 风险提示：国内外疫情超预期影响业务开展及市场情绪； 流动性不及预期；行业竞争加剧导致行业盈利能力下降； 资本市场改革进程不及预期；相关假设条件不成立对证券 行业业绩增长的风险；国内外二级市场风险；国内外宏观 经济形势急剧恶化；宏观政策和行业政策调整风险；俄乌 冲突升级及外溢风险；其他黑天鹅事件风险等。 请务必阅读正文之后的免责条款。 1、投融资平衡发展，监管思路"两强两严" 2、"1+5"组合拳落实增强资本市场内在稳定性 行业点评报告 二是加强上市后监管。短期内三项重点工作：1、防假打假，证监会正与 有关部门共同构建综合惩防体 ...

Group 1: Inflation Data Overview - February CPI increased by 0.7%, exceeding market expectations of 0.4% and rebounding from a previous decline of -0.8%[22] - February PPI decreased by 2.7%, which was lower than the expected decline of -2.5% and consistent with the previous month's decline of -2.5%[22] - The CPI's year-on-year growth was supported by a low base effect from the previous year's Spring Festival timing[24] Group 2: Factors Influencing CPI and PPI - The CPI increase was driven by improved consumer demand, seasonal factors, and adverse weather conditions, while the underlying demand recovery remains moderate[28] - PPI's underperformance is attributed to weak post-holiday demand and a lack of significant investment momentum in the economy[14] - The core CPI, excluding food and energy, rose by 1.2%, marking the highest level since February 2022, indicating some recovery in underlying inflation pressures[27] Group 3: Future Outlook - CPI is expected to slightly decline in March but maintain positive growth, with an annual growth forecast of around 0.7%[28] - PPI may see a weak rebound in the short term, with year-on-year positive growth anticipated by mid-year, supported by base effects and government bond issuance[14] - Policy measures aimed at stabilizing prices and promoting moderate inflation growth are expected to align with the central bank's monetary policy considerations[40]

公 年 宏 司 观 w [Table_Title] [先Ta导b智le能_R（e3p0T0it4l5e0] ）：与美国电池企业签订战略合 研 研 作协议，全球化布局再进一步 究 究 [ 分Ta 析bl 师e_ ：Au thor] [Table_Date] 2024年3月20日 崔国涛 执业证书编号：S1380513070003  与 ABF公司签订战略合作协议，全球化布局再进一步。根据公司 联系电话：010-88300848 官网消息，公司于3月18日与美国电池制造商American Battery 证 邮 箱：cuiguotao@gkzq.com.cn Factory 公司（ABF）正式签署全球战略合作协议，将为其提供总 券 公司评级 目标为20GWh的锂电池智慧产线服务。ABF公司专注于磷酸铁锂 研 当前价格： 24.94元 电池制造，目标是打造美国第一个本土化的超级电池工厂网络，其 位于亚利桑那州图森市的一期产线预计将于 2025 年完成建设投 究 上次评级： 推荐 产。基于本次战略合作，公司将成为 ABF 超级工厂网络工程首条 本次评级 推荐 报 推荐 产线的唯一设备供应商，是公司在美国及北美市场开 ...

Investment Rating - The industry investment rating is Neutral [4] Core Viewpoints - The State Council officially released the "Action Plan for Promoting Large-Scale Equipment Updates and Consumer Goods Replacement," proposing that by 2027, investment in industrial and medical equipment will increase by over 25% compared to 2023 [3][6] - The medical equipment and information technology sectors are highlighted for their potential benefits from this equipment update initiative, particularly in areas such as medical imaging, radiation therapy, telemedicine, and surgical robots [3][6] - The estimated market size for the equipment update sector is projected to exceed 5 trillion yuan annually, with the current medical equipment market size around 400 billion yuan [3][7] Summary by Sections Policy and Market Outlook - The plan emphasizes enhancing the quality and efficiency of the healthcare service system, encouraging medical institutions to upgrade their equipment and information technology [3][6] - The focus on upgrading medical equipment is expected to drive demand for mid-to-high-end products such as ultrasound machines, endoscopes, CT, MR, and surgical robots [3][6] Innovation and Domestic Production - The report stresses the need for innovation support, particularly in addressing the low domestic production rates of high-end medical equipment and upstream supply chains [3][6] - The policy encourages technological breakthroughs and the industrialization of innovative results, which is expected to further promote domestic equipment upgrades and replacements [3][6] Investment Recommendations - The report suggests focusing on leading companies in the sector, such as Mindray Medical, United Imaging, Kaili Medical, and Haitai New Light, as they are well-positioned to benefit from the upcoming policy implementations [3][8]

Investment Rating - The industry investment rating is Neutral, indicating a relative performance within -10% to 10% compared to the CSI 300 index [5][12]. Core Insights - On March 8, 2024, the London gold spot price reached a historical high of $2,195.15 per ounce, surpassing the previous high of $2,146.79 set in December 2023 [3][6]. - Central bank gold purchases, a decline in the US dollar index, and increased demand for safe-haven assets are key drivers behind the recent surge in gold prices [3][6]. - The gold price has increased by 9.38% over 17 trading days since February 15, 2024, marking a significant upward trend following a period of volatility [6][7]. - The interplay between gold and Bitcoin, both reaching historical highs, reflects market concerns regarding the expansion of credit in the current monetary system [3][6]. Summary by Sections Price Trends - Gold prices have shown a consistent upward trajectory, with COMEX gold reaching $2,203 per ounce, indicating a strong market sentiment [6][7]. - The average US dollar index fell from 104.8071 on February 14 to 102.6970 on March 8, a decrease of 2.02%, aligning with the rise in gold prices [3][6]. Market Dynamics - The report highlights that the short-term release of risk aversion sentiment may lead to potential price corrections in gold, suggesting caution against chasing prices [7][8]. - In the medium to long term, factors supporting gold price increases remain intact, with expectations of global interest rate cuts likely to alleviate downward pressure on gold prices [7][8]. Geopolitical Considerations - The report emphasizes the importance of geopolitical risks, particularly in the context of ongoing global tensions, which could trigger significant shifts in investor sentiment towards gold [8].

Investment Rating - The report assigns a "Neutral" investment rating to the pharmaceutical and biotechnology industry [3][21]. Core Insights - The pharmaceutical and biotechnology industry experienced a decline of 2.24% last week, underperforming the CSI 300 index, which rose by 0.2%, resulting in a relative underperformance of approximately 2.44 percentage points [5][8]. - All six sub-sectors within the industry reported losses, with the medical services sector experiencing the largest drop of over 5%, while the bioproducts sector fell by more than 3% [5][8]. - The latest government work report highlighted the need to accelerate the development of innovative drugs and create new growth engines in biomanufacturing, indicating a positive outlook for the industry [5][8][12][13]. - The report suggests focusing on sectors expected to maintain rapid growth in Q1, such as innovative drugs, specialty generics, and traditional Chinese medicine, as the industry valuation has reached a level of cost-effectiveness [5][8]. Summary by Sections 1. Market Performance and Investment Strategy - The pharmaceutical and biotechnology industry ranked 27th among 31 primary industries in the Shenwan classification, with all sub-sectors reporting declines [5][8]. - The overall TTM valuation of the industry is approximately 34 times, with a relative valuation premium of 103% compared to all A-shares [8]. - The report recommends focusing on stocks with high cost-effectiveness and those benefiting from policy support, such as Heng Rui Medicine, Mai Rui Medical, Ke Lun Pharmaceutical, and Da Ren Tang [5][8]. 2. Important Industry News - The National Development and Reform Commission emphasized the need for equipment upgrades in seven key sectors, including healthcare, with an estimated market size exceeding 5 trillion [12]. - The government work report introduced the term "innovative drugs" for the first time, indicating a commitment to promoting innovation in traditional Chinese medicine and improving drug procurement systems [13]. 3. Important Company Announcements - WuXi AppTec clarified its position regarding a revised bill in the U.S. Senate that could affect its operations, asserting that it does not pose a national security risk [14][15]. - Puli Pharmaceutical received temporary FDA approval for Brivaracetam injection, which could positively impact its market expansion in the U.S. [16]. 4. Related Stock Valuation - Key stock valuations include Heng Rui Medicine with a PE ratio of 57.80, Mai Rui Medical at 30.49, Ke Lun Pharmaceutical at 17.56, and Da Ren Tang at 21.75 [18].

业 、 、 研 、 、 行 究 、 宏行 业 观业 配电网政策和 关注消纳问题，利好储能、虚拟电厂企业 研 研 究 究 分析师 2024年3月5日 内容摘要： 梁晨 执业证书编号：S1380518120001  事件：近日，国家发展改革委和国家能源局发布《关于新 联系电话：010-88300853 形势下配电网高质量发展的指导意见》（以下简称《意 证 邮箱：liangchen@gkzq.com.cn 见》）。我们对此点评如下： 券  到2025年，配电网承载力和灵活性显著提升，具备5亿千瓦 研 左右分布式新能源、1200万台左右充电桩接入能力，配电 光伏指数与沪深300走势比较 究 网数字化转型全面推进，智慧调控运行体系加快升级；到 报 2030年，基本完成配电网柔性化、智能化、数字化转型， -10.00% 有效促进分布式智能电网与大电网融合发展。 告 -30.00%  提升承载能力，支撑转型发展。《意见》要求：满足大规模 -50.00% 分布式新能源接网需求，推动新型储能多元发展，鼓励虚 拟电厂、负荷聚合商、车网互动等新业态创新发展。我们 认为，此次《意见》重点在解决新能源消纳问题，提升电 光伏指数 ...

行 业 [Ta政b府le工_作R报ep告T关itl注e]“氢能”发展 铂族金属重要性上升 研 究 [Table_Title] ——有色金属行业点评报告 [分Ta析b师le_：Author] [Table_Date] 2024年3月6日 孟业雄 [内Ta容ble提_S要um：mary] 执业证书编号：S1380523040001  2024年3月5日，国务院总理李强做政府工作报告。在《政府工 证 联系电话：010-88300920 作报告》中提到“加快前沿新兴氢能、新材料、创新药等产业发 券 展”。尽管2023年两会期间，氢能发展已成为代表委员们热议的 邮箱：mengyexiong@gkzq.com.cn 话题，但明确将“氢能发展”写进《政府工作报告》，还是2020 研 [Table_Author] 年以来首次。 究 [有Ta色b金le_属P（icQ中u信ot）e]与上证综指走势图  2022年3月由国家发展改革委、国家能源局颁布的《氢能产业发 报 展中长期规划（2021-2035年）》擘画了我国氢能发展的宏伟蓝 告 图和实施路线图。氢能是一种来源丰富、绿色低碳、应用广泛的 二次能源，如果能善加利用，将会保 ...