股 票 研 究 [Table_industryInfo] 家用电器业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 7] [评Tab级le_：Inv est] 增持 上次评级: 增持 线上小家电和洗碗机表现较好，铜铝价格环比有所上升 [细Ta分bl行e_业su评bI级nd ustry] 行 ——2024W20 家电行业数据周报 业 蔡雯娟(分析师) 田平川(研究助理) 谢丛睿(分析师) 周 021-38031654 021-38676666 021-38038437 报 caiwenjuan024354@gtjas.co tianpingchuan026740@gtjas.com xiecongrui@gtjas.com 证书编号 mS0 880521050002 S0880122070069 S0880523090004 本报告导读： 线上小家电和洗碗机表现较好，线上美的系冰箱表现较好，铜铝价格环比有所上升。 [相Ta关ble报_D告oc Report] 《杭州和西安发布住房优化政策，家电出 摘要： 口表现亮眼》2024.05.13 《线上小家电和洗碗机表 ...

Investment Rating - The industry investment rating is "Increase" [3] Core Insights - In April, national sales data showed a widening decline, with housing prices under continued pressure. The sales amount and area of commercial housing fell by 30.4% and 22.8% year-on-year, respectively, compared to a decline of 25.9% and 18.3% in March, indicating ongoing market adjustments [2] - The unsold area reached a historical high of 750 million square meters, with residential properties accounting for 390 million square meters. This inventory is expected to be a primary target for future government purchases [2] - The completion and new starts of residential projects saw a significant narrowing of decline, while development investment continued to be affected by a decrease in land acquisition. The land acquisition to sales ratio for the top 100 real estate companies was 0.16, with nearly 70% of companies not acquiring land in the first four months [2] - The report recommends focusing on two ends: core targets such as Poly Developments, China Merchants Shekou, and China New Group, and restructuring targets benefiting from companies like CIFI Holdings and Sunac China [2] Summary by Sections Sales Data - April's national sales data showed a year-on-year decline of 30.4% in sales amount and 22.8% in sales area, with the top 50 real estate companies experiencing a 47% drop in sales amount [2] Housing Prices - Housing prices in 70 major cities continued to decline, with first-tier cities seeing a month-on-month decrease of 0.6%, and second and third-tier cities declining by 0.5% and 0.6%, respectively [2] Unsold Inventory - The unsold area reached 750 million square meters, with residential properties making up 390 million square meters, indicating a significant supply of existing homes [2] Development Investment - The decline in residential project completions and new starts has narrowed significantly, while development investment continues to be impacted by reduced land acquisition [2] Recommendations - The report suggests focusing on core companies and restructuring targets to navigate the current market conditions [2]

股 票 研 究 [Table_industryInfo] 海外科技 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 6] [评Tab级le_：Inv est] 增持 上次评级: 增持 GPT-4o 多模态能力进化，AI-Agent 渐入现实 [细Ta分bl行e_业su评bI级nd ustry] 行 ——OpenAI 发布会事件点评 业 秦和平(分析师) 李奇(分析师) 事 0755-23976666 0755-23976888 件 qinheping027734@gtjas.com liqi028295@gtjas.com 证书编号 S0880523110003 S0880523060001 快 评 本报告导读： GPT-4o多模态能力进化、实现极低延迟，有望带动大模型厂商进一步追求推理速度， [相Ta关ble报_D告oc Report] 免费向用户开放将释放大量推理需求。 海外科技《苹果新iPad发力端侧AI，存储 摘要： 价格涨幅上修》 2024.05.12 [T abl事e_件Su：m mOapreyn] AI发布GPT-4o并完全免费，可实现实时语音 ...

Industry Investment Rating - The report maintains an **Overweight** rating on the **Computer** sector, specifically highlighting opportunities within the low-altitude economy [3] Core Views - The low-altitude economy is identified as a **trillion-dollar industry** with significant growth potential, driven by policy support and technological advancements [5] - The low-altitude economy intersects with civil and military aviation, with a focus on **non-controlled airspace** (G and W classes) as the primary development area [5][8] - The core of low-altitude economic development lies in **midstream aircraft manufacturing** and **low-altitude infrastructure construction**, which will drive the entire industry chain [5][11] - The market size of the low-altitude economy is projected to reach **trillions of yuan**, with multiple forecasts supporting this growth trajectory [17] Industry Chain Analysis - The low-altitude economy industry chain includes **upstream materials and core equipment**, **midstream manufacturing and supporting services**, and **downstream application markets**, with midstream being the most critical [11] - **Drones**, **eVTOLs**, and **traditional general aviation aircraft** are key components of the midstream sector, with drones and eVTOLs showing rapid growth due to lower costs and higher flexibility [12][13] - Low-altitude infrastructure, including **smart fusion infrastructure** (facility network, air network, route network, and service network), is essential for the development of the low-altitude economy [14][16] Market Space and Growth Potential - The low-altitude economy is expected to reach a market size of **1.5 trillion yuan by 2025** and **3.5 trillion yuan by 2035**, according to the Civil Aviation Administration of China [17] - The **drone market** is projected to grow at an annual rate of **20% from 2024 to 2028**, with the market size reaching **165 billion yuan in 2023** [19] - The **eVTOL market** is forecasted to reach **500 billion yuan by 2035**, driven by advancements in electric vertical take-off and landing technology [20] Policy Drivers - The Chinese government has elevated the low-altitude economy to a **strategic level**, with significant policy support, including the **National Airspace Basic Classification Method** and the **General Aviation Equipment Innovation Application Implementation Plan (2024-2030)** [26][27] - Local governments, particularly in **Guangdong**, **Jiangsu**, and **Anhui**, are actively promoting the development of the low-altitude economy, with specific policies and infrastructure projects [28][29][30] Computer Industry Integration - The low-altitude economy is deeply integrated with the **computer industry**, particularly in areas such as **air traffic control systems**, **urban governance**, and **cybersecurity** [5][14] - **Air traffic control systems** are critical for ensuring the safety and efficiency of low-altitude flights, with significant opportunities for **domestic substitution** and technological upgrades [14][22] - **Urban governance platforms** need to extend from ground to air to manage low-altitude operations, with **digitalization** being a key trend [17][46] - **Cybersecurity** is essential for protecting critical data and ensuring the safe operation of low-altitude flights, with increasing demand for data encryption and security solutions [50][51] Investment Recommendations - The report recommends focusing on companies involved in **air traffic control systems**, **urban governance**, and **cybersecurity**, with specific mentions of **Tongxingbao**, **Laisi Information**, **Digital China**, and **Zhongfu Information** as key investment targets [5][57] - Other companies expected to benefit include **Shenzhen Urban Transport Planning Center**, **Century Information Security**, **Newcapec Technology**, **China Aerospace Times Electronics**, and **Aerospace Hi-Tech** [57]

股 票研 究 行业专题研究 证券研究报 告 2024.05.14 把握高景气业绩兑现和需求回暖修复两大主线 2023年报和2024年一季报通信行业专题 王彦龙(分析师) 黎明聪(分析师) 010-83939775 0755-23976500 网 wangyanlong@gtjas.com limingcong@gtjas.com 证书编号S0880519100003 S0880523080008 本报告导读： 2023年行业营收和归母净利润稳健增长；2023-2024Q1通信行业普遍迎来估值拔升； 把握高景气赛道业绩兑现，以及需求回暖估值修复两大主线。 摘要： 行业营收和归母净利润稳健增长。样本中154家上市公司2023年营 收2.99万亿元，同比增长5.10%，归母净利润2120.07亿元，同比 增长6.22%：扣除三大运营商、中国铁塔和中兴通讯，营业总收入为 8720.64亿元，同比增长2.34%，归母净利润225.47亿元，同比增长 0.79%。2024年Q1，剔除三大运营商、中国铁塔和中兴通讯，通信板 块营收1611.64亿元，同比增长2.05%；实现归母净利润61.78亿 元，同比增长4.11%。通 ...

股 票 研 究 [Table_industryInfo] 传播文化业 [ Table_Main[ITnafbol]e _Title] [评Tab级le_：Inv est] 增持 2024.05.16 上次评级: 增持 GPT-4o 发布，关注教育、情感陪伴赛道 [细Ta分bl行e_s业ub评In级du stry] 行 业 陈筱(分析师) 杨昊(分析师) 事 021-38675863 021-38032025 件 chenxiao@gtjas.com yanghao029514@gtjas.com 证书编号 S0880515040003 S0880524020001 快 评 本报告导读： 最新的 GPT-4o能够与用户实时沟通、理解语气，在教育、情感陪伴、虚拟人等赛道 [相Ta关ble报_D告ocR eport] 具备较强落地可能性，相关布局公司产品效果有望提升。 传播文化业《AI修图软件Remini走红，国 摘要： 产游戏出海榜单格局稳定》 2024.05.12 [T abl事e_S件u：mm5a月ry]1 4日，OpenAI 发布最新旗舰大模型GPT-4o。 传播文化业《走出低谷再踏新程，望获增  GP ...

商社行业周报：五一节后机票价格下跌，天猫“618”取消官方预售 ...

股 票 研 究 [Table_industryInfo] 投资银行业与经纪业 [ Table_Main[ITnafbol]e _Title] [评Tab级le_：Inv est] 增持 2024.05.12 上次评级: 增持 提升上市券商投资价值，利好券商板块 [细Ta分bl行e_s业ub评In级du stry] 行 ——《关于加强上市证券公司监管的规定》点评 业 刘欣琦(分析师) 王思玥(研究助理) 事 021-38676647 021-38031024 件 liuxinqi@gtjas.com wangsiyue028676@gtjas.com 证书编号 S0880515050001 S0880123070151 快 评 本报告导读： 《规定》旨在缩小我国上市券商与国际一流投行的差距，统筹规范融资行为，提升投 [相Ta关ble报_D告ocR eport] 资者回报。预计新规落地将进一步提升上市证券公司的投资价值，利好券商板块。 投资银行业与经纪业《业绩略低于预期，供 摘要： 给侧改革主线强化》 2024.05.05 事件：5月10日，证监会发布关于修订《关于加强上市证券公司监管的 投资银行业与经纪业《边际 ...

股 票 研 究 [Table_industryInfo] 海外科技 [ Table_Main[ITnafbol]e _Title] [评Tab级le_：Inv est] 增持 2024.05.12 上次评级: 增持 苹果新 iPad 发力端侧 AI，存储价格涨幅上修 [细Ta分bl行e_s业ub评In级du stry] 行 ——海外科技行业 2024年第 40 期 业 秦和平(分析师) 李奇(分析师) 周 0755-23976666 0755-23976888 报 qinheping027734@gtjas.com liqi028295@gtjas.com 证书编号 S0880523110003 S0880523060001 本报告导读： 苹果发布iPad搭载全新M4芯片，强调端侧 AI应用；TrendForce上调Q2存储价格 涨幅；微软即将发布5000亿参数大模型。 摘要： [T abl大e_S盘u行mm情a上ry]， （2024.05.06-2024.05.10）恒生指数上涨2.64%，恒生科 技指数下跌 0.23%，道琼斯工业指数上涨 2.16%，纳斯达克指数上涨 1.14%。港股整体延续反弹、科技 ...

股 票 研 究 基础化工/原材料 [ Table_Main[ 荣TIna 盛fbole] 石 _T 化itle (] 0 02493) [评Tab级le_：Inv est] 增持 上次评级： 增持 炼化业绩逐步修复，一季度业绩高增长 目标价格： 14.17 上次预测： 15.00 公 ——荣盛石化更新报告 当前价格： 10.95 司 孙羲昱(分析师) 杨思远(分析师) 陈浩越(研究助理) 2024.05.15 更 021-38677369 021-38032022 021-38031035 [交Ta易bl数e_据M arket] 新 sunxiyu@gtjas.com yangsiyuan026856@gtjas.com chenhaoyue028692@gtjas.com 证书编号 S0880517090003 S0880522080005 S0880123070130 52周内股价区间（元） 9.28-12.97 报 总市值（百万元） 110,874 告 本报告导读： 总股本/流通A股（百万股） 10,126/9,498 流通B股/H股（百万股） 0/0 公司2024年一季度业绩符合预期，公司炼化盈利逐步 ...