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] 计算机 究 2 024.06.11 [评Tab级le_I：nve st] 增持 车路协同产业即将进入爆发期 上 次评级: 增持 [细Ta分bl行e_业su评bI级nd ustry] 计 算机 增持 行 [table_A ut李ho沐rs]华 (分析师) 李博伦(分析师) 朱丽江(分析师) 010-83939797 0755-23976516 010-83939785 业 limuhua@gtjas.com libolun@gtjas.com zhulijiang@gtjas.com [相Ta关ble报_R告ep ort] 专 登 记编号 S0880519080009 S0880520020004 S0880523060002 计算机《加速计算成果斐然，英伟达引领AI 题 工业革命》 本报告导读： 2024.06.03 研 车路云一体化作为新质生产力在交通领域的重要表现形式，获得政策的大力支持，即 计算机《车路云大单提升交通信息化行业景 究 ...

Investment Rating - The report rates the tourism industry as "Overweight" [1] Core Insights - The Dragon Boat Festival holiday in 2024 saw a year-on-year increase in travel volume, price, and revenue compared to 2023, recovering to 2019 levels, although there was a slight decline compared to the May Day holiday [1][2] - Domestic tourism during the Dragon Boat Festival reached 110 million trips, up 6.3% from 2023 and 15% from 2019, with total spending of 40.35 billion yuan, an increase of 8.1% from 2023 and 3% from 2019 [2] - The report highlights a growing disparity among tourist attractions, influenced by the exam season and weather conditions, with local supermarkets and Sanya showing continued recovery [1][2] Summary by Sections Tourism Performance - The Dragon Boat Festival holiday saw 110 million domestic trips, a 6.3% increase from 2023 and a 15% increase from 2019 [2] - Total spending reached 40.35 billion yuan, up 8.1% from 2023 and 3% from 2019, with an average spending of 367 yuan per person, a 2% increase from 2023 but a 10% decrease from 2019 [2] Tourist Attractions - Attractions like Jiuhua and Huangshan performed exceptionally well, benefiting from low base effects due to adverse weather in previous years and ticket discount policies [2] - Long-distance travel was more affected by the exam season, leading to a more pronounced diversion of tourists compared to 2019 [2] Local Consumption - Local supermarkets in Beijing reported sales of 2.86 billion yuan during the holiday, a year-on-year increase of 8.7%, with a total consumer spending of 6.57 billion yuan, up 12.9% [2] - Sanya's surrounding travel bookings increased by 10% year-on-year, indicating a recovery in local tourism [2] Stock Recommendations - The report recommends stocks in the tourism sector, including SanTe Cableway, Jiuhua Tourism, Songcheng Performance, Jinjiang Hotels, Huazhu Group, and Junting Hotels, as beneficiaries of the ongoing tourism recovery [2][5]

产业深度 2024.06.11 产品研究中心 【生物基材料三】代糖是生物合成应用的好赛道 [Table_ Authors] 肖洁(分析师) 021-38674660 摘要: xiaojie@gtjas.com [T abl长e_期Su来mm看ar，y健] 康理念推动健康甜味剂市场空间持续扩张。近10年国内食糖销量下滑， 登记编号 S0880513080002 全球蔗糖消费量 CAGR 为 0.74%，增长几乎停滞。甜度需求增长由代糖替代，高倍甜 味剂是主力，其中阿斯巴甜、安赛蜜和三氯蔗糖贡献了超过60%的甜度。 鲍雁辛(分析师) 0755-23976830  化学合成甜味剂提供甜度和性价比。实现相同甜度时，化学合成甜味剂成本不到蔗糖 baoyanxin@gtjas.com 的10%，可以大大降低生产成本。安赛蜜的甜度约为蔗糖的200倍，2024年国内市场 登 记编号 S0880513070005 价格跌至3.6-3.7万元/吨，成本约为2万元/吨。全球安赛蜜产能高度集中于中国， [Table_Report] 市场呈金禾实业与醋化股份双寡头垄断格局，各拥有1.5万吨年产能。三氯蔗糖的甜 往期回顾 度约为蔗糖 ...

股 票 研 [Table_Industry] 建材 究 2 024.06.10 [评Tab级le_I：nve st] 增持 重回长期布局思维，淡季盈利预期望企稳 上 次评级: 增持 报告副标题 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut鲍ho雁rs]辛 (分析师) 花健祎(分析师) 巫恺洋(研究助理) 0755-23976830 0755-23976858 0755-23976666 业 baoyanxin@gtjas.com huajianyi@gtjas.com wukaiyang028675@gtjas.com [相Ta关ble报_R告ep ort] 周 登 记编号 S0880513070005 S0880521010001 S0880123070145 建材《国泰君安证券-建材行业基本面数据大 报 全_20240524》 本报告导读： 2024.05.26 消费建材重回长期布局思维，水泥龙头淡季盈利预期有望稳定。继续推荐估值优势基 建材《政策深化，格局筑底》 本面稳健的建材龙头。 2024.05.26 投资要点： 建材《国泰君安证券-建材行业基本面数据大 全_20 ...

Investment Rating - The report assigns an "Overweight" rating to the wholesale and retail industry as well as the trade sector [2][3]. Core Insights - May export data exceeded expectations, but rising shipping prices and declining foreign exchange gains may impact the Q2 performance of retail companies going overseas. Leading companies with strong performance resilience may perform better [3][4]. Summary by Sections Export Performance - In May, China's exports increased by 7.6% year-on-year, with a 2.7% increase from January to May. Imports rose by 2.9% during the same period. The improvement in exports is attributed to a low base from the previous year, increased export activities due to U.S. tariffs, and strong external demand [4]. - Exports to Latin America, BRICS, and ASEAN saw significant improvements, with year-on-year growth exceeding 10%. Capital goods showed the best performance, with notable increases in shipbuilding (57%), integrated circuits (28%), home appliances (18%), and automobiles (17%) [4][8]. Shipping and Currency Impact - Shipping prices have risen sharply since late April, with the SCFI freight index increasing by 68% year-to-date, more than doubling compared to last year. This rise is attributed to various factors, including supply-demand mismatches and port congestion [4][6]. - The report anticipates that the increase in shipping costs will have a relatively minor impact on companies with high-value, small-volume products. However, the decline in foreign exchange gains is expected to affect Q2 performance, with a stable exchange rate forecast for Q2 2024 [4][6]. Company Strategies - Companies are adjusting logistics strategies to mitigate external impacts. For example, Anker Innovations is using long-term contracts and optimizing packaging to reduce logistics costs. Huakai Yibai has shifted a significant portion of its logistics from air to sea, reducing costs [4][12]. - The report recommends focusing on companies with strong performance resilience and lower exposure to external risks, particularly in the cross-border e-commerce sector [4][5]. Recommended Companies - The report highlights several companies for investment, including: - B2B: Xiaoshangcheng and Jiaodian Technology - Premium products: Anker Innovations, Saiwei Times, and Zhiou Technology - General products: Huakai Yibai and Jihong Co., Ltd. [4][5][12].

股 票 研 究 证 券 研 究 报 告 新股研究-IPO 专题 2024.06.10 本周新股发行信息 [table 永臻股份（ _NewStock] 603381.SH）发行 5931 万股 爱迪特（301580.SZ）发行 1903 万股 新股精要—光伏边框全球龙头永臻股份 | --- | --- | --- | --- | |----------------|------------------------|--------------------|--------------------------| | | | | —— IPO 专题 | | [table_Authors | 王政之 ] ( 分析师 ) | 施怡昀 ( 分析师 ) | 王思琪 ( 研究助理 ) | | | 021-38674944 | 021-38032690 | 021-38038671 | | | wangzhengzhi@gtjas.com | shiyiyun@gtjas.com | wangsiqi026737@gtjas.com | | 登记编号 | S0880517060002 | S0880522060002 | S ...

股 票 研 煤炭 究 2 024.06.10 [ 评Tab 级le_In ：ves t] 增持 上 次评级: 增持 价格涨幅暂缓，等待入夏旺季全面到来 煤炭行业周报 [细Ta分bl行e_s业ub评In级du stry] [table_Aut黄ho涛rs]( 分析师) 邓铖琦(分析师) 行 021-38674879 010-83939825 业 huangtao@gtjas.com dengchengqi024452@gtjas.com [相Ta关ble报_R告epo rt] 周 登 记编号 S0880515090001 S0880523050003 煤炭《【国君煤炭数据库】行业数据更新 报 20240601》 本 报告导读： 2024.06.03 动力煤：价格涨幅暂缓，等待入夏旺季到来，动力煤价格进入上涨通道；炼焦煤：弹 煤炭《节能降碳政策不改煤炭行业供需平 性更大的在金九银十。 衡》 2024.06.03 投资要点： 煤炭《展望电改，火电依然受益，动力煤进 [投Ta资ble建_S议um：m我ar们y]认 为煤炭板块估值的重塑正在途中，背后反应的不仅是煤 入旺季涨价通道》 炭行业深刻供需结构变化，逐步“公用事 ...

股 票 研 运输 究 2024.06.10 [评Tab级le_I：nve st] 增持 油运需求增长超预期，集运运价再创新高 上 次评级: 增持 ——交通运输行业周报 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut岳ho鑫rs] ( 分析师) 尹嘉骐(分析师) 0755-23976758 021-38038322 业 yuexin@gtjas.com yinjiaqi@gtjas.com [相Ta关ble报_R告ep ort] 周 登记编号 S0880514030006 S0880524030004 运输《产能利用率已处阈值，淡季运价中枢 报 上行》 本报告导读： 2024.06.06 维持航空与油运增持评级。 运输《产能利用率已处阈值，淡季运价中枢 上行》 2024.06.06 投资要点： 运输《油运波动不改中枢趋势，大宗供应链 [T abl航e_空Su：mm端a午ry]假 期短途出行为主，民航现传统淡季小低谷。小长假缺少 高股息可期》 公商务客源且因私以短途出游为主，因此对于航空市场为传统淡季。 2024.06.03 运输《【国君交运】原油贸易节奏继续影响短 1）全社会跨 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to continue high growth in performance, supported by a high dividend policy that will provide attractive yields [3][4] - The company's four-wheel drive industrial ecosystem, focusing on modern logistics, toll roads, ports, and environmental protection, is gradually showcasing its profit potential [4] - The Qianhai and South China logistics park projects are anticipated to release profits year by year, driving future performance beyond expectations [4] Summary by Relevant Sections - **Performance Forecast**: The company is projected to achieve a net profit of HKD 31 billion in 2024 and HKD 33 billion in 2025, with a new forecast of HKD 38 billion for 2026. Assuming a dividend payout ratio of 50%, the estimated dividend yield for 2024 will rise to 9.5% [4] - **Revenue Growth**: The company expects a revenue increase of 35% in 2023, with a net profit of HKD 19 billion, reflecting a growth of 52%. The logistics parks currently manage 37 projects with a rental rate of approximately 90%, outperforming industry standards [4] - **Highways Performance**: The traffic volume on the Shenzhen Expressway is expected to grow by 20% in 2023, resulting in a net profit of RMB 2.3 billion, a 15% increase. In Q1 2024, the net profit is projected to be RMB 470 million, a year-on-year increase of 6.4% [4] - **Qianhai Residential Project**: The independent development of the Qianhai residential project is set to be completed by the end of 2023, with expected revenue recognition of approximately HKD 55 billion [4] - **South China Logistics Park**: This project, covering about 580,000 square meters, aims to transform into a super headquarters for the digital economy in South China. It is expected to drive performance growth in the coming years [4] - **Dividend Policy**: The company has maintained a high dividend payout ratio, with a total cash dividend exceeding HKD 17.5 billion since 2006. The proposed dividend for 2023 is HKD 0.4 per share, maintaining a payout ratio of 50% [4]

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] 钢铁 究 2 024.06.10 [评Tab级le_I：nve st] 增持 短期淡季需求调整，周产量环比下降 上 次评级: 增持 [细Ta分bl行e_业su评bI级nd ustry] 普碳钢 增持 行 [table_A ut李ho鹏rs]飞 (分析师) 魏雨迪(分析师) 王宏玉(分析师) 不锈钢 增持 010-83939783 021-38674763 021-38038343 特殊钢 增持 业 lipengfei@gtjas.com weiyudi@gtjas.com wanghongyu@gtjas.com 钢铁贸易 周 登 记编号 S0880519080003 S0880520010002 S0880523060005 钒电池 增持 报 钢管 增持 本报告导读： 铁矿石 增持 上周需求边际下降，总库存由降转升。我们对全年需求不悲观，分领域看，地产对钢 钢 铁制品 增持 铁的负向拖拽将下降；此外基建、制造业维持稳步增长态势，有望对冲 ...