本次电话会议仅服于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权新业证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息 涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 大家好我是心悦中券海外策略研究员李燕玲今天给大家的汇报分为两个部分那么首先的话我们会介绍一下港股的轰投资目前的现行的这个股息税率第二个部分呢我们会从全球的角度特别是 欧洲和日本这种价值股比较多的地方然后来比较欧洲日本以及港股的高股息指数的历史的一个表现以及现在的一个投资的价值 那么首先我们来看第一个部分就是港股同投资的这个股息税的一个情况因为港股的情况的话就相对来讲因为根据投资主体的不同然后持有时间和投资对象的不同那么所适用的这个股息税率也是不同的 我们可以来看这个表格那么这个表格的内容的话是来自财政部国家税务总局和证监会关于互生港通股票市场然后这个互联互通机制有关税收政策的 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an emphasis on its robust expansion strategy and strong performance in both online and offline prescription services [1][12]. Core Views - The company adheres to a development strategy of "regional focus and steady expansion," maintaining a high speed of store expansion and leveraging both online and offline channels to capture prescription outflow, thereby enhancing its internal growth momentum [1][12]. - The earnings forecast has been adjusted, with expected EPS for 2024-2026 at 1.76, 2.16, and 2.66 yuan respectively, corresponding to PE ratios of 26.2X, 21.3X, and 17.3X as of May 10, 2024 [1][12]. Financial Performance Summary - In 2023, the company achieved revenue of 22,588 million yuan, a year-over-year increase of 13.6%, and a net profit attributable to shareholders of 1,412 million yuan, up 11.9% year-over-year [2][5]. - For Q4 2023, revenue was 6,700 million yuan, with a year-over-year growth of 2.47%, while net profit was 413 million yuan, down 5.81% year-over-year [3][5]. - In Q1 2024, the company reported revenue of 5,971 million yuan, a year-over-year increase of 13.39%, and a net profit of 407 million yuan, up 20.89% year-over-year [3][5]. Business Segment Analysis - The retail segment generated revenue of 20,185 million yuan in 2023, representing a year-over-year growth of 12.00%, while the wholesale segment saw a significant increase of 39.23%, reaching 1,892 million yuan [6][7]. - The company has expanded its store network significantly, with a total of 13,920 stores by the end of Q1 2024, including 3,157 franchise stores [9][10]. Product Performance - The company’s revenue from Western and Chinese patent medicines reached 17,095 million yuan, with a year-over-year growth of 15.93%, while traditional Chinese medicine revenue grew by 23.30% to 2,180 million yuan [8][9]. - The non-pharmaceutical segment experienced a slight decline, with revenue of 2,803 million yuan, down 2.30% year-over-year [8][9]. Regional Performance - The Central South region showed exceptional growth, achieving revenue of 10,380 million yuan, up 17.44% year-over-year, while the East China region grew by 7.29% to 9,228 million yuan [9][10].

行 业 研 证券研究报告 究 ＃industryId＃ 银行 ＃title＃ 银行理财规模上升 ＃inve推stSu荐ggest ion＃ （维持＃） ——银行理财产品周报（2024.4.29-2024.5.05） investSuggestion Change＃ ＃createTime1＃ 2024年 5月 13日 ＃ relatedReport＃ 投资要点 行 分析师： ＃summary＃ 发行市场概况 业 陈绍兴 ⚫ 期限结构：五月第一周，1-6 个月产品发行规模 18.45 亿元，占比 42.02%； SAC：S0190517070003 周 一年以上产品发行规模14.24亿元，占比32.43%。 chenshaox@xyzq.com.cn ⚫ 投资性质：五月第一周，固定收益类产品发行规模 43.64 亿元，占比 报 曹欣童 99.35%；混合类产品发行规模0.00亿元，占比0.00%，较前一周下降。 SAC：S0190522060001 ⚫ 机构类型：五月第一周，理财子产品发行规模 19.20 亿元，占比 43.72%；股 caoxintong@xyzq.com.cn 份行产品发行规模 4.65 亿 ...

行 业 研 证券研究报告 究 ＃industryId＃ 啤酒 ＃title＃ 日本啤酒龙头最新拆解及思考 ＃ ——啤酒系列专题四 ＃inve推stSu荐ggest ion＃ (维持) investSuggestion C hange＃＃ createTime1＃ 2024年 5月 13日 行 业 重点公司 投资要点 跟 ＃日s本um啤ma酒ry行＃ 业竞争格局稳定，酒税过重使得EBITDA率大致在14%水平 重点公司 评级 踪 ⚫ 日本啤酒行业2023年销量在472万吨，行业CR4占比达94%，其中朝日、麒 青岛啤酒 增持 麟、三得利、札幌市占率分别为34%、31%、18%、11%。 报 燕京啤酒 增持 ⚫ 日本啤酒酒税比重超过20%，高税负压力下2023年朝日、麒麟、三得利、札 告 幌毛利率分别为36.1%、45.1%、40.1%、30.2%，而销售、一般及管理费用率 重庆啤酒 增持 分别为 26.6%、35.7%、31.0%、27.2%，整体净利率水平分别为 6.0%、 珠江啤酒 增持 7.0%、6.9%、1.7%，EBITDA率分别为14.1%、13.7%、14.0%、6.9%。 来源：兴业证券经济与金 ...

行 业 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃title＃ 兴证军工观察： 中上游需求有望逐季向好，首选超跌兼顾成长优选标的 ＃ ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 5月 13日 onChan ge＃ 行 ＃relatedReport＃ 投资要点 重点公司 业 ＃⚫ sum2m0a2r3y＃年 报及 2024 年一季报已披露完毕，以军品收入或者利润占比过半且 2020 年以 重点公司 评级 来口径未发生重大变化的111个标的为对象统计，2023年共实现营业收入4194.07亿 周 菲利华 增持 元，归母净利润 331.16 亿元，营收、归母净利润分别同比增长 8.62%、-7.42%，同 报 三角防务 增持 比有所放缓。 航宇科技 增持 ⚫ 2023年上中下游各产业链环节营收、归母净利润增速中值较2022年都有下降，上游 归母净利润增速中值从5.29%降至-4.51%，中游从9.90%降至-20.90%，下游从16.08% 中航西飞 增持 降至 3.26%。随着产业链景气度自上游向下游传导，上 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][4]. Core Views - The company reported a total revenue of 23.08 billion yuan and a net profit attributable to shareholders of 1.176 billion yuan for Q1 2024, with significant year-on-year growth [4]. - The total shipment volume for Q1 2024 reached 21.9 GW, representing a 51.2% increase year-on-year, with component shipments of 20.0 GW [4]. - The company is expected to achieve component shipments of 100-110 GW for the entire year 2024, with production capacity targets set at 120 GW for silicon wafers, 110 GW for batteries, and 130 GW for components by the end of 2024 [4]. - The company is focusing on cost reduction and efficiency improvement, with advanced technologies being integrated into mass production, thereby strengthening its competitive edge in N-type products [4]. - The report adjusts the net profit forecasts for 2024-2026 to 3.479 billion yuan, 4.593 billion yuan, and 6.987 billion yuan respectively, with corresponding PE ratios of 23.1x, 17.5x, and 11.5x [4]. Summary by Sections Market Data - Closing price as of May 10, 2024, was 8.02 yuan, with a total share capital of 10,005.20 million shares and net assets of 35,574.09 million yuan [1]. Financial Performance - For 2023, the company reported revenues of 118.682 billion yuan, with a year-on-year growth of 43.6%, and a net profit of 7.440 billion yuan, reflecting a 153.2% increase [5]. - The projected revenues for 2024 are 111.363 billion yuan, with a forecasted decline of 6.2% [5]. - The gross profit margin is expected to be 10.7% in 2024, with a return on equity (ROE) of 10.0% [5]. Future Outlook - The company is positioned as a leader in the TOPCon segment, with a strong ability to balance shipment volume and profitability, leveraging its technological, cost, and scale advantages [4]. - The report emphasizes the company's ongoing advancements in technology and production efficiency as key drivers for future growth [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Insights - The company reported a total revenue of 51.31 billion yuan for 2023, representing a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 2.903 billion yuan, up 34.6% year-on-year [4]. - In Q1 2024, the company achieved a revenue of 9.6 billion yuan and a net profit of 579 million yuan, indicating strong performance in its component business [4]. - The company’s component shipments in Q1 2024 reached 6.3 GW, meeting expectations, with a significant portion of shipments (over 20%) directed to the U.S. market [4]. - The energy storage segment showed significant growth, with Q1 2024 revenue from energy storage products nearly matching the total for 2023, and expected shipments for 2024 projected at 6-6.5 GWh [4]. Financial Summary - For 2023, the company reported a gross margin of 14.0% and a return on equity (ROE) of 13.6% [5]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.36 billion yuan, 4.471 billion yuan, and 5.815 billion yuan respectively, with corresponding PE ratios of 13.5x, 10.2x, and 7.8x [4][5]. - The company’s total assets were reported at 67.5838 billion yuan, with net assets of 21.95467 billion yuan [3].

Investment Rating - The report maintains an "Overweight" rating for the media industry, with specific recommendations for key companies such as Shanghai Film, Light Media, Wanda Film, and Huace Film [2][9][15]. Core Insights - The media industry is positioned to lead investment trends in 2024, driven by significant advancements in AI applications, particularly in large models and multi-modal AI tools [9][10][15]. - The report highlights the rapid growth of AI products, with notable increases in user engagement and market presence for platforms like 360AI Search, which saw a 1303.09% increase in April [10][12]. - The film and television sectors are expected to benefit from improved audience sentiment and record-breaking box office performances during key holiday periods in 2024 [15][19]. Summary by Sections 1. Industry Performance Review - From May 6 to May 10, 2024, the Shenwan Media sector experienced a decline of 1.98%, underperforming compared to the CSI 300 by 3.69 percentage points [7][8]. 2. Investment Perspectives 2.1 Core Views - The report emphasizes the role of AI in transforming the media landscape, with upcoming releases of advanced models like GPT-4 and domestic models such as DeepSeek-V2 [9][10]. - AI applications are expanding, with significant developments in video generation and content creation tools [10][15]. 2.2 Key Sub-sectors and Recommendations - **Film Sector**: The report recommends companies like Shanghai Film and Light Media, citing the positive outlook for box office performance and AI-driven content production [15][19]. - **AI Applications**: Companies involved in AI-driven content creation and multi-modal applications are highlighted, including recommendations for companies like Kuaishou and Huace Film [15]. - **Gaming Sector**: The report notes a significant increase in game license approvals and recommends companies like Kying Network and Perfect World, emphasizing the long-term value of the gaming industry [16][17]. 3. Important Data Tracking 3.1 Game License and Product Performance - The report tracks the issuance of game licenses, noting an increase in monthly approvals since December 2023, with an average of 107 licenses per month in 2024 [16][22]. 3.2 Variety Show Data - The report provides statistics on the performance of various platforms, with Tencent Video and Mango TV leading in the number of shows in the top rankings [31][33]. 3.3 Drama Series Data - The report highlights the performance of drama series across platforms, with notable entries in the top rankings for Tencent Video and iQIYI [33].

行 业 研 证券研究报告 究 ＃industryId＃ 农林牧渔 ＃title＃ 猪价窄幅调整，鸡苗价格坚挺 ＃ (农业行业周报20240506-20240510) ＃inve推stSu荐ggest ion＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 05月 12日 onChan ge＃ 行 重点公司 投资要点 业 ＃summary＃ ⚫ 板块周表现：农业板块跑赢大盘。1）本期沪深300指数上涨1.72%，农业板 周 重点公司 评级 块上涨5.70%，在申万 31 个子行业中排名第 1 位；2）分板块看：渔业子板 报 海大集团 买入 块+2.42% ，生猪养殖子板块+7.01%，农产品加工子板块+6.36%，动物保健 温氏股份 增持 子板块+6.83%，饲料子板块+4.04%，肉鸡养殖子板块+2.59%，种植业子板块 牧原股份 增持 +4.61%。（本期统计区间：20240506-20240510） 普莱柯 增持 ⚫ 畜禽价格：生猪价格下跌、毛鸡价格下跌、鸡苗价格持平。1）5月10日， 金龙鱼 增持 全国生猪均价 14.86 元/kg，周环比-0.27%。本周猪价 ...

证券研究报告 ＃industryId＃ 汽车 ＃title＃ 周动态：4月乘用车零售数据发布，以旧换新补贴可与多项优惠政策叠加 ＃ ＃inve推stSu荐ggestion＃ 维持 ( investS） uggesti onChan ＃createTime1＃ 2024 年05 月12 日 ge＃ 重点公司 重点指数周表现（2024.5.06-2024.5.10） 指数 周涨跌幅（%） 周成交额（亿元） 年初至今涨跌幅（%） 重点公司 评级 上证综指 1.6% 21111 7.7% 长城汽车 增持 创业板指 1.1% 11512 5.8% 银轮股份 增持 SW汽车 0.8% 2681 8.0% SW乘用车 0.4% 692 12.4% 拓普集团 增持 SW商用车 1.9% 211 26.3% 爱柯迪 增持 SW零部件 0.3% 1623 3.8% 福耀玻璃 买入 SW汽车服务 -2.5% 34 -14.9% 科博达 增持 资料来源：iFinD，兴业证券经济与金融研究院整理 投资要点 来源：兴业证券经济与金融研究院 ＃ 相关rel报ate告dReport＃ ＃＃ ssuumm本mma期arryy板＃＃ 块： 本 ...