Industry Rating - The report gives an "Overweight" rating to the wealth management industry [1] Core Views - The wealth management industry faces a mismatch between huge demand and actual revenue generation, with the current business model being a key reason for the slowdown in revenue growth [2] - The overseas client-centric wealth management model is more effective in meeting customer needs [2] - The transformation to an investment advisory model faces three major challenges: insufficient understanding of customer needs, lack of professional asset allocation capabilities, and inadequate support from management platforms [3] - AIGC (Artificial Intelligence Generated Content) is expected to help securities firms upgrade their models, with wealth management becoming a key driver of future performance growth [4] - Under a neutral assumption, the investment advisory business model is expected to account for 50% of the securities industry's total revenue in 2023 [4] Summary by Sections Demand Upgrade, Model Needs Change - The wealth management industry is experiencing a significant mismatch between demand and revenue generation, with the current model being product-centric rather than customer-centric [2] - The revenue growth rate of distribution business dropped from 181% in 2020 to -11% in 2023 [8] - The current distribution model is centered around asset management products, while customer needs are shifting towards education, lifestyle experiences, and personal development [10] - Overseas models, such as Charles Schwab's investment advisory model, are more effective in meeting customer needs and achieving stable growth in wealth management revenue [13][14] Challenges in Model Upgrade - Securities firms face internal and external pressures in transitioning to an investment advisory model, including a lack of customer asset allocation awareness, incomplete asset allocation systems, and unclear advisory responsibilities [17] - The top five issues in the transformation to wealth management include customers not forming asset allocation concepts (59.34%), lack of a true asset allocation system (54.07%), and unclear advisory responsibilities (45.93%) [18] - The rise in internet penetration and changes in lifestyle are enhancing financial awareness among the population [19] - Regulatory policies are also improving the external environment for investment advisory services [21] AIGC to Drive Model Upgrade - AIGC can help securities firms better understand customer needs, improve asset allocation capabilities, and enhance the support capabilities of management platforms [4] - AIGC can provide personalized training for investment advisors, updating training content in real-time to improve their professional capabilities [38] - AIGC is expected to empower TAMP (Turnkey Asset Management Platform) platforms, covering front, middle, and back-end processes to meet the needs of investment advisors [40] - Securities firms leveraging AIGC can achieve business model upgrades by better understanding customer needs, improving asset allocation capabilities, and enhancing platform support [42] Investment Recommendations - The report recommends increasing holdings in securities firms with stronger investment advisory capabilities, as the new regulations will accelerate the transformation from distribution to advisory models [48] - Top securities firms in terms of investment advisor numbers include CITIC Securities (6,033), GF Securities (4,422), and China Galaxy Securities (3,797) [49] - Recommended stocks include China International Capital Corporation (CICC), Huatai Securities, and CITIC Securities, with "Overweight" ratings [51] Revenue Projections - Under a neutral assumption, the investment advisory business model is expected to account for 50% of the securities industry's total revenue in 2023 [45][46]

股 票 研 究 用电增速提升,火电由增转降 公用事业 2024.06.22 评级: 增持 上次评级: 增持 细分行业评级 ——公用事业行业周报() | | | | | |-----------------|-------------------|-------------------------------------------------------|-------------------------| | [table_Authors] | 于鸿光 ( 分析师 ) | 孙辉贤 ( 研究助理 ) | 汪玥 ( 研究助理 ) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | | yuhongguang025906@gtjas.comsunhuixian026739@gtjas.com | wangyue028681@gtjas.com | | 登记编号 | S0880522020001 | S0880122070052 | S0880123070143 | 本报告导读: 2024 年 5 月用电增速提升或与高温有关;水电、光伏增速加快,火电、核电由 ...

Investment Rating - The report maintains a rating of "Buy" for China General Nuclear Power (1816) [2][6] Core Views - The issuance of convertible bonds will help alleviate financial pressure, and the ongoing projects are progressing smoothly, indicating a sustainable long-term growth potential [2][6] - The target price has been adjusted to HKD 4.06 based on a 14x PE for 2025, reflecting the company's long-term growth and the scarcity of nuclear power assets in the H-share market [6] Financial Summary - Revenue for 2022 was RMB 828.2 million, with a slight decrease of 0.3% expected in 2023, followed by a projected growth of 3.0% in 2024 and 3.9% in 2025 [5] - Gross profit for 2022 was RMB 275.4 million, with an increase to RMB 296.91 million expected in 2023 [5] - Net profit for 2022 was RMB 99.6 million, with a forecasted increase to RMB 107.25 million in 2024 [5] - The PE ratio for 2023 is 8.66, projected to rise to 11.52 by 2025 [5] Project Development - The company plans to issue up to RMB 4.9 billion in convertible bonds, primarily for the Guangdong Lufeng Nuclear Power Plant units 5 and 6, which are expected to commence operations in 2027 and 2028 [6] - As of May 2024, the company has an operational capacity of 31.8 GW and is managing 10 approved and under-construction units with a total capacity of 7.2 GW [6][9] - The company anticipates steady growth in nuclear power capacity, with an average of 1 to 2 units expected to be commissioned annually from 2025 to 2028 [6]

股 票 研 [Table_Industry] 环保 究 2 024.06.24 [评Tab级le_I：nve st] 增持 极端天气加大电网压力，倒逼电改加速 上 次评级: 增持 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut徐ho强rs] ( 分析师) 邵潇(分析师) 于歆(分析师) 010-83939805 0755-23976520 021-38038345 业 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880517040002 S0880517070004 S0880523050005 环保《保消纳政策推动新型电力系统建设加 报 速》 本报告导读： 2024.06.06 上周CEA周成交37万吨，周成交均价78元/吨。地方碳配额周成交307万吨，周成 环保《节能降碳带动电力新增资本开支》 交均价25元/吨。全国CCER周成交11万吨。 2024.06.04 投资要点： 环保《加强火电电建亦为改善新能源消纳关 键》 [T abl环e_保 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 家庭器具与特殊消费品 究 2 024.06.23 [评Tab级le_I：nve st] 增持 上 次评级: 增持 薄荷醇风味首次通过 PMTA，产业意义重大 —电子烟链行业更新 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut刘ho佳rs]昆 (分析师) 毛宇翔(研究助理) 021-38038184 0755-23976668 业 liujiakun029641@gtjas.com maoyuxiang029547@gtjas.com [相Ta关ble报_R告ep ort] 更 登 记编号 S0880524040004 S0880124030007 家庭器具与特殊消费品《成本压力有望逐步 新 缓解，品类细化驱动行业扩容》 本报告导读： 2023.11.04 薄荷醇风味产品首次通过PMTA，产业意义重大。 家庭器具与特殊消费品《弱现实，强预期》 2022.11.23 投资要点： [T abl事e_件Su：mm ...

股 票 研 [Table_Industry] 旅游业 究 2 024.06.23 [评Tab级le_I：nve st] 增持 “618”收官，电商大盘 GMV同比增长 11.2% 上 次评级: 增持 ——商社行业周报（2024.06.17-06.23） [细Ta分bl行e_业su评bI级nd ustry] 餐饮 增持 行 [table_A ut刘ho越rs]男 (分析师) 庄子童(研究助理) 酒店 增持 021-38677706 021-38032683 旅游景点和旅行社 增持 业 liuyuenan@gtjas.com zhuangzitong026312@gtjas.com 其他旅游 周 登 记编号 S0880516030003 S0880122050050 连 锁餐饮 增持 报 本报告导读： 618全周期综合电商大盘GMV同比增长11.2%，以旧换新、国货潮品、新质生产力 [相Ta关ble报_R告ep ort] 为消费热词。 旅游业《端午同比小幅增长，出游目的地分 投资要点： 化加剧》 2024.06.11 [T abl投e_资Su观mm点a：ry]继 续重点推荐垂直O2O+出海。①互联网龙头从单一追求 ...

股 票 研 [Table_Industry] 通信设备及服务 究 2 024.06.23 [评Tab级le_I：nve st] 增持 上 次评级: 增持 国内算力产业即将进入高景气周期 ——2024 年第 26 周周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut王ho彦rs]龙 (分析师) 苏哲西(研究助理) 010-83939775 021-38031652 业 wangyanlong@gtjas.com Suzhexi028697@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880519100003 S0880123070147 通信设备及服务《5G-A与低空经济融合快速 报 推进》 本报告导读： 2024.06.10 海外和国内共处于一个大周期，节奏略有不同；国内主要厂商开启对AI高投入周 通信设备及服务《时空信息集团成立，大厂 期；国内算力供应链逐步成熟。 布局数万卡超大集群》 2024.06.03 投资要点： 通信设备及服务《Nvidia落子以太网，大规 [T abl海e_外Su和mm国a内ry]共 处于一个大周期，节奏略有不 ...

股 票 研 [Table_Industry] 汽车 究 2 024.06.23 [评Tab级le_I：nve st] 增持 华为车链有望进入新一轮预期 上 次评级: 增持 ——汽车行业周报（2024.6.17-6.21） [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut吴ho晓rs]飞 (分析师) 管正月(分析师) 周逸洲(研究助理) 0755-23976003 021-38032026 010-83939811 业 wuxiaofei@gtjas.com guanzhengyue@gtjas.com zhouyizhou028696@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880517080003 S0880521030003 S0880123070150 汽车《内外共振，5月销量再创新高》 报 本报告导读： 2024.06.23 汽车《乘用车出海有望加速进入新阶段》 Q3随着奇瑞华为、北汽华为的智选车型进入量产期，叠加华为车BU和长安汽车合 2024.06.16 作推进，华为车链有望进入到新一轮预期 汽车《薪酬法案通过，期待机器人进展 ...

Investment Rating - The report maintains an "Accumulate" rating for Shanxi Fenjiu with a target price of 325.50 CNY, unchanged from the previous forecast [2][11]. Core Views - The growth tools for Shanxi Fenjiu are deemed sufficient, and the company's growth logic remains intact. The earnings per share (EPS) forecasts for 2024-2026 are 11.04 CNY, 13.70 CNY, and 16.72 CNY respectively [7][11]. - The second quarter of 2024 is identified as a turning point for the industry, with Shanxi Fenjiu maintaining a good balance between growth and stability. The company is expected to continue enhancing its cost management and channel strategies [12][13]. - The report highlights a transformation in the growth logic of Shanxi Fenjiu, shifting from external to internal growth drivers, which enhances its counter-cyclical capabilities [13][14]. Summary by Sections 1. Investment Recommendations - The report reiterates the "Accumulate" rating and target price of 325.50 CNY, indicating confidence in the company's growth potential [11]. 2. Industry Turning Point and Growth Tools - The second quarter of 2024 is seen as a critical period for the industry, with Shanxi Fenjiu's sales performance aligning with expectations. The company is focusing on maintaining a healthy inventory and enhancing its product structure [12]. 3. Transformation of Growth Logic - The report notes that Shanxi Fenjiu has undergone a fundamental change in its operational and marketing strategies, transitioning to a market-oriented approach that strengthens its competitive and incentive structures [13]. 4. Market Share Logic - The report suggests that Shanxi Fenjiu is well-positioned to reshape the industry landscape, leveraging its brand and product advantages to enhance market share and influence in the high-end segment [14].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 [Table_Industry] 汽车 究 2 024.06.23 [评Tab级le_I：nve st] 增持 华为车链有望进入新一轮预期 上 次评级: 增持 ——汽车行业周报（2024.6.17-6.21） [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut吴ho晓rs]飞 (分析师) 管正月(分析师) 周逸洲(研究助理) 0755-23976003 021-38032026 010-83939811 业 wuxiaofei@gtjas.com guanzhengyue@gtjas.com zhouyizhou028696@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880517080003 S0880521030003 S0880123070150 汽车《内外共振，5月销量再创新高》 报 本报告导读： 2024.06.23 汽车《乘用车出海有望加速进入新阶段》 Q3随着奇瑞华为、北汽华为的智选车型进入量 ...