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] 环保 究 2 024.06.04 [评Tab级le_I：nve st] 增持 节能降碳带动电力新增资本开支 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《加强火电电建亦为改善新能源消纳关 报 键》 本报告导读： 2024.06.01 上周CEA周成交138万吨，周成交均价97元/吨。地方碳配额周成交39万吨，周成 环保《节能降碳行动方案印发，环保多细分 交均价42元/吨。全国C ...

股 票 研 [Table_Industry] 建筑工程业 究 2 024.06.04 [评Tab级le_I：nve st] 增持 上 次评级: 增持 地产销售开始环比改善，建议增持各产业链龙头 [细Ta分bl行e_业su评bI级nd ustry] 行 [table_A ut韩ho其rs]成 (分析师) 郭浩然(分析师) 021-38676162 010-83939793 业 hanqicheng8@gtjas.com guohaoran025968@gtjas.com [相Ta关ble报_R告ep ort] 通 登 记编号 S0880516030004 S0880524020002 建筑工程业《财政地产等建筑产业链全景数 用 据库20240602》 本报告导读： 2024.06.03 模 地产需求政策催化基本面边际改善，5月中国建筑/中国中铁/中国铁建地产销售同比 建筑工程业《节能降碳聚焦能源电力和石化 板 降幅收窄。建议增持中国建筑和中国中铁等销售/竣工/设计/施工等环节龙头。 化工，地产百强销售改善》 2024.06.02 投资要点： 建筑工程业《节能降碳推荐新能源电力和工 [多Ta地bl取e_消Su房m ...

Investment Rating - The report assigns an "Overweight" rating for the electronic components industry, maintaining the same rating as previously [1]. Core Insights - Nvidia has unveiled a new product roadmap showcasing the entire Blackwell product line and previewing the Rubin next-generation platform expected in 2026, which is anticipated to drive explosive growth in AI applications from the supply side [1]. - The Blackwell GPU features 208 billion transistors, capable of connecting two of the largest chips produced by TSMC, with a data transfer rate of 10TB per second. The 2024 chip will utilize 8 HBM 3e (192GB) and pair with a 1.8TB/s NVLink 5 Switch [1]. - The Rubin GPU, set for release in 2026, will utilize 8 HBM4 memory and a new generation Vera CPU, with an NVLink 6 Switch offering 3.6TB/s ports. An upgraded Rubin Ultra GPU is expected in 2027 [1]. - Nvidia is also enhancing its product offerings in switches, liquid cooling, and copper connections to support AI applications [1]. - The report highlights the gradual rollout of AI terminals, with Nvidia accelerating the development of AI PCs and Physical AI applications, including autonomous vehicles and humanoid robots [1]. Summary by Related Categories Sub-Industry Ratings - The report lists several companies with "Overweight" ratings, including: - Haiguang Information (688041.SH) with a closing price of 71.11 and a 2024E EPS of 0.71 [3]. - Cambricon (688256.SH) with a closing price of 180.99 and a 2024E EPS of -1.55 [3]. - Longxin Technology (688486.SH) with a closing price of 56.28 and a 2024E EPS of 1.36 [3]. - Industrial Fulian (601138.SH) with a closing price of 23.87 and a 2024E EPS of 1.29 [3]. - Tongfu Microelectronics (002156.SZ) with a closing price of 23.50 and a 2024E EPS of 0.53 [3]. - Luxshare Precision (002475.SZ) with a closing price of 32.51 and a 2024E EPS of 1.91 [3]. - Pengding Holdings (002938.SZ) with a closing price of 30.19 and a 2024E EPS of 1.61 [3].

股 票 研 [Table_Industry] 军工 究 2 024.06.04 [评Tab级le_I：nve st] 增持 上 次评级: 增持 中柬海上实兵演练，胡塞军事行动升级 [table_A ut彭ho磊rs] ( 分析师) 黄龙(研究助理) [细Ta分bl行e_业su评bI级nd ustry] 010-83939806 021-38031028 行 penglei018712@gtjas.com huanglong028685@gtjas.com 登 记编号 S0880518100003 S0880123070154 业 [相Ta关ble报_R告ep ort] 周 本 报告导读： 军工《东部战区台岛周边军演，俄开展非战 报 军工板块上涨，董军与美国国防部长会谈。中柬举行“金龙-2024”联演海上方向实 略核力量演习》 兵演练，胡塞武装升级军事行动；大国博弈加剧是长期趋势，军工长期向好。 2024.05.27 投资要点： 军工《北京军博会开幕，美澳推出新型 UUV》 [T abl军e_工Su板mm块a上ry]涨 ，董军与美国国防部长会谈。1) 上周(05.25-05.31) 上证 2024.05.21 ...

Investment Rating - The investment rating for Shanxi Fenjiu (600809) is "Accumulate" with a target price of 325.50, unchanged from the previous forecast [2]. Core Views - The report emphasizes the continuous strengthening of the mid-tier product layout and the enhancement of product line advantages. The sales growth of the Lao Bai Fen series has been relatively leading within the Fenjiu product line, driven by brand strength and alignment with consumer trends. The company has implemented price increases and increased promotional efforts for the Lao Bai Fen series, indicating its rising importance in the marketing system [7][10]. - The report highlights the ongoing reforms in seasonal expenses and the strengthening of channel capabilities. The digitalization of the channel system is nearing completion, allowing for better control over distribution channels and improved sales performance [8][10]. - The core logic behind the rise of Fenjiu is attributed to improved marketing efficiency driven by brand strength, with solid support from mid-tier products and the Qinghua 20 series. The company is expected to continue expanding in southern markets while enhancing organizational efficiency [8][10]. Financial Summary - The financial summary indicates that the revenue for 2022 was 26,214 million, with projections of 31,928 million for 2023, 39,014 million for 2024, 46,622 million for 2025, and 55,367 million for 2026, reflecting a growth rate of 31.3% in 2022 and a projected 21.8% in 2023 [6]. - The net profit attributable to the parent company for 2022 was 8,096 million, with forecasts of 10,438 million for 2023, 13,472 million for 2024, 16,713 million for 2025, and 20,397 million for 2026, showing a significant growth trajectory [6]. - The report projects earnings per share (EPS) of 6.64 for 2022, increasing to 8.56 in 2023, and further to 11.04, 13.70, and 16.72 for the years 2024, 2025, and 2026 respectively [6][10].

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] 军工 究 2 024.06.04 [评Tab级le_I：nve st] 增持 上 次评级: 增持 中柬海上实兵演练，胡塞军事行动升级 [table_A ut彭ho磊rs] ( 分析师) 黄龙(研究助理) [细Ta分bl行e_业su评bI级nd ustry] 010-83939806 021-38031028 行 penglei018712@gtjas.com huanglong028685@gtjas.com 登 记编号 S0880518100003 S0880123070154 业 [相Ta关ble报_R告ep ort] 周 本 报告导读： 军工《东部战区台岛周边军演，俄开展非战 报 军工板块上涨，董军与美国国防部长会谈。中柬举行“金龙-2024”联演海上方向实 略核力量演习》 兵演练，胡塞武装升级军事行动；大国博弈加剧是长期趋势，军工长期向好。 2024.05.27 投资要点： 军工《北京军博会开幕，美澳推出新型 UUV》 [T ab ...

股 票 研 究 [Table_industryInfo] 建材 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 6] [评Tab级le_：Inv est] 增持 上次评级: 增持 政策深化，格局筑底 [细Ta分bl行e_业su评bI级nd ustry] 行 业 鲍雁辛(分析师) 花健祎(分析师) 巫恺洋(研究助理) 周 0755-23976830 0755-23976858 0755-23976666 报 baoyanxin@gtjas.com huajianyi@gtjas.com wukaiyang028675@gtjas.com 证书编号 S0880513070005 S0880521010001 S0880123070145 本报告导读： 政策依照去库存的新思路深化。估值优势下风险偏好修复动力显著，继续推荐估值优 [相Ta关ble报_D告oc Report] 势基本面稳健的建材龙头。 《国泰君安证券-建材行业基本面数据大全 摘要： _20240517》2024.05.20 《政策推进进度超预期，继续推荐建材龙 [T abl水e_泥Su：mm本a周ry ...

Investment Rating - The report maintains an "Overweight" rating for the company [3][12]. Core Views - The company recently updated the Phase I follow-up data for CMG901, demonstrating initial efficacy and manageable safety. The Phase III 52-week follow-up data for CM310 shows excellent results, with expectations for approval by the end of the year, contributing to future performance [3]. - Revenue forecasts for 2024-2026 are maintained at 156 million, 526 million, and 1.441 billion RMB respectively, reflecting significant growth [3]. Summary by Sections Clinical Data - CMG901's Phase I trial shows preliminary efficacy with a median follow-up of 10.1 months, including 133 G/GEJ patients. The overall response rate (ORR) for evaluable Claudin 18.2 high-expressing patients is 33%, with a disease control rate (DCR) of 70% [3]. - The safety profile indicates that 55% of patients experienced grade 3 or higher treatment-related adverse events (TRAE), with 8% discontinuing due to TRAE [3]. Product Pipeline - CM310 is expected to receive approval by the end of 2024, with promising data from its Phase III trial for moderate to severe atopic dermatitis (AD) showing an EASI-75 of 92.5% compared to 88.7% for the control group [3]. - Other indications are progressing steadily, including trials for adolescent AD and chronic rhinosinusitis with nasal polyps (CRSwNP) [3]. Financial Overview - The company reported a revenue of 100 million RMB in 2023, with projections of 354 million in 2024 and 1.441 billion in 2026, indicating a significant growth trajectory [7]. - The gross profit for 2023 is estimated at 317 million RMB, with net losses projected to decrease from 637 million in 2024 to 419 million in 2026 [7].

股 票 研 [Table_Industry] 食品饮料/必需消费 究 古 井贡酒(000596) [评Tab级le_I：nve st] 增持 渠道、产品优势凸显，确定性延续 上 次评级: 增持 [目Tab标le_T价arg格et] ： 350.00 ——古井贡酒更新报告 上 次预测: 350.00 [当Ta前bl价e_格Cu：rP rice] 253.65 公 [table_A ut訾ho猛rs] ( 分析师) 李耀(分析师) 司 021-38676442 8621-38675854 [ Table_Date] 2024.06.04 zimeng@gtjas.com liyao022899@gtjas.com 更 登 记编号 S0880513120002 S0880520090001 新 本报告导读： 报 [交Ta易ble数_M据ar ket] 公司淡季以蓄力为主，经营表现符合预期；展望后续，公司渠道力优势和产品结构纵 告 深优势保障业绩确定性，长期视角下费率仍有下行空间，利润弹性有望延续。 52周内股价区间（元） 199.12-292.49 总市值（百万元） 134,079 投 资要点： 总股本/流通A股（ ...

股 票 研 [Table_Industry] 电子元器件 究 2 024.06.03 [ 评Tab 级le_In ：ves t] 增持 上 次评级: 增持 电子烟新趋势，显示屏与智能化带来新增量 ——电子板块推荐点评 [细Ta分bl行e_s业ub评In级du stry] [table_Aut舒ho迪rs]( 分析师) 刘校(研究助理) 行 021-38676666 021-38038661 业 shudi@gtjas.com liuxiao026731@gtjas.com [相Ta关ble报_R告epo rt] 事 登 记编号 S0880521070002 S0880122070050 电子元器件《AI手机走向AIOS，系统级AI 件 定位端侧智能助理》 本 报告导读： 2024.05.26 快 带屏电子烟逐步成为新趋势与潮流，相关公司业绩增长迅速，建议关注产业链相关投 电子元器件《系统级AI终端来临，供应链深 评 资机会。 度受益》 投资要点： 2024.05.26 电子元器件《Copilot智能升级，AI终端时代 [T abl电e_S子um烟m迎ar来y]新 趋势，显示屏+智能化带来新增量。Elfar 推 ...