3 月 5 日，十四届全国人大二次会议在北京开幕，国务院总理李强代表国 回顾，同时也对 2024 年工作方向部署和展望。 3/6 川财证券研究报告 国内生产总值增长 5%左右，经济高质量增长更为重要。今年政府工作报 告提出，经济增长预期目标为 5%左右，从数据上看，略低于 2023 年 5.2% 的增速。但考虑到 2022 年受疫情影响，基数相对偏低，今年依旧保持略 低于去年的水平发展，已然属于一个不低的增速。同时，当前经济发展 更加注重发展质量和效益，5%的经济增速能够为扎实推进高质量发展提 供有利的环境。 扩大国内需求，推动消费和投资。消费是经济增长的稳定器和压舱石， 也是畅通国内大循环的关键环节和重要引擎，而投资恰恰又是让居民敢 于消费的关键。当前国内储蓄率居高不下，其中部分原因来自居民对未 来不确定性存在担忧，要积极主动投资、推动经济增长，让居民敢消费， 而消费的回暖也能为投资者带来正反馈，形成良性循环。 扩大高水平对外开放。在当前全球经济增速放缓的背景下，出口预计承 压，但这时候更需要"高水平对外开放",吸引海外资金的投资力度。此 外，当前国内出口主要增量来自于东盟和"一带一路"沿线国家，需要 进一 ...

川财证券研究报告 公用事业产业链核心数据跟踪 —行业跟踪 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年2月22日 分析师：孙灿 执业证书：S1100517100001 联系方式：suncan@cczq.com 北京：东城区建国门内大街28号民生金融中心A座6层，100005 深圳：福田区福华一路6号免税商务大厦32层，518000 上海：陆家嘴环路1000号恒生大厦11楼，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 跟踪点评 今日上证指数上涨 1.27%，沪深 300 上涨 0.86%，中证 1000 上涨 1.54%，创业板综上涨 1.54%，科创 50上涨0.96%，北证50上涨1.04%。申万行业分类中 31个一级行业分类 中，公用事业和煤炭分别实现 1.03%和5.04%的涨跌幅，分别排名 17和 1。 煤炭板块中今日有 2 只股票涨停,无股票跌停。排名前三的股票为云煤能源、平煤股份 和新集能源，涨跌幅分别为 10.12%、10.02%和 9.30%；排名后三的股票为淮河能源、苏 能股份和永泰能源，涨跌幅分别为 0.41%、1.12%和1. ...

Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but it can be inferred that the technology sector, particularly in AI and computing, is viewed positively based on recent developments and stock performance [2][3]. Core Insights - The report highlights a significant upward trend in major stock indices, with the Shanghai Composite Index rising by 1.27% and the ChiNext Index increasing by 1.54%, indicating a bullish market sentiment [2]. - The technology sector, especially the computer and electronics industries, has shown strong performance, with notable stock price increases for several companies, suggesting potential investment opportunities [2]. - The State-owned Assets Supervision and Administration Commission (SASAC) is promoting the integration of AI in central enterprises, which is expected to drive growth in the smart industry sector [3]. Summary by Sections Market Performance - Major indices experienced gains, with the electronic and computer sectors leading the performance among 31 first-level industry classifications [2]. - Specific stocks within the computer sector, such as ST Youkeshu and Zhongwei Electronics, saw significant price increases, with gains exceeding 20% [2]. Industry News - The SASAC held a meeting focused on advancing AI capabilities within central enterprises, emphasizing the need for strategic planning and resource allocation to enhance the smart industry [3]. - The initiative aims to build intelligent computing centers and foster collaboration among enterprises to innovate and improve industry standards [3].

Core Insights - The report highlights the government's economic growth target for 2024 at approximately 5%, which is slightly lower than the 5.2% growth rate of 2023, indicating a focus on quality and efficiency in economic development [21][46][58] - Emphasis is placed on accelerating the development of a modern industrial system and enhancing new productive forces, with technology identified as a key driver for improving production efficiency and fostering high-quality development [3][58] Economic Indicators - In the first two months of 2024, the industrial added value of enterprises above designated size increased by 7.0% year-on-year, showing a slight acceleration compared to December 2023 [5][49] - The total retail sales of consumer goods reached 81,307 billion yuan in the same period, indicating a stable consumption environment [10] - Real estate development investment amounted to 1,184.2 billion yuan, reflecting a year-on-year decline of 9.0%, with residential investment down by 9.7% [11][49] Policy and Investment Strategies - The government plans to issue 1 trillion yuan in special long-term bonds this year to support major national strategies and enhance fiscal policy effectiveness [46][58] - The report suggests that expanding domestic demand and promoting consumption and investment are crucial for economic stability, with a focus on reducing high savings rates among residents [29] - High-level opening-up is emphasized as a strategy to attract foreign investment, particularly in light of expected pressures on exports due to global economic slowdowns [29]

Investment Rating - The report provides an industry investment rating based on the expected relative performance of the industry against the market benchmark index over the next six months, with a rating of "Buy" for expected returns over 30% [10]. Core Insights - The report highlights the significant growth potential in the liquid cooling server market in China, with an expected compound annual growth rate (CAGR) of 54.7% from 2022 to 2027, reaching a market size of 8.9 billion USD by 2027 [3]. - The report notes the advantages of liquid cooling technology, including low energy consumption, high heat dissipation efficiency, and low noise, making it a cost-effective and efficient temperature control solution [3]. - The report emphasizes the trend towards larger and more centralized data centers, which will further enhance the cost advantages of liquid cooling solutions, as they can reduce operational costs by 5-10% annually [3]. Market Performance - The report indicates that major indices experienced an overall increase, with the mechanical equipment sector performing the best, showing a rise of 1.67%, while the electric equipment sector had the lowest performance with a rise of 0.81% [2]. - In the mechanical equipment sector, several stocks reached their daily limit up, with notable performers including Anku Technology, Guangzhi Technology, and Yingtai Technology, which saw increases of 15.90%, 12.18%, and 11.88% respectively [2]. - The electric equipment sector also had stocks reaching their daily limit up, with leading stocks being Longyuan Technology, Yingjie Electric, and Taiyong Changzheng, which increased by 13.09%, 12.36%, and 10.05% respectively [2].

川财证券研究报告 科技产业链核心数据跟踪 —行业跟踪 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年2月22日 分析师：孙灿 执业证书：S1100517100001 联系方式：suncan@cczq.com 北京：东城区建国门内大街28号民生金融中心A座6层，100005 深圳：福田区福华一路6号免税商务大厦32层，518000 上海：陆家嘴环路1000号恒生大厦11楼，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 跟踪点评 今日上证指数上涨 1.27%，沪深 300 上涨 0.86%，中证 1000 上涨 1.54%，创业板综上涨 1.54%，科创 50上涨0.96%，北证50上涨1.04%。申万行业分类中 31个一级行业分类 中，电子、通信、计算机和传媒行业分别实现2.04%、3.18%、3.69%和2.14%的涨跌幅， 分别排名6、3、2和5。 计算机板块中今日有多只股票涨停，无股票跌停。排名前三的股票为 ST 有棵树、中威 电子和维海德，涨跌幅分别为 20.21%、20.08%和 20.01%；排名后三的股票为*ST慧辰、 当虹科技和索辰科技， ...

川财证券研究报告 光伏行业数据跟踪 —行业跟踪 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年2月26日 分析师：孙灿 执业证书：S1100517100001 联系方式：suncan@cczq.com 北京：东城区建国门内大街28号民生金融中心A座6层，100005 深圳：福田区福华一路6号免税商务大厦32层，518000 上海：陆家嘴环路1000号恒生大厦11楼，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 市场行情 截至 2024 年 2 月 26 日收盘，上证指数下跌 0.93%，深证成指下跌 0.04%，创业板指 下跌 0.37%，沪深 300 下跌 1.04%，申万电力设备指数下跌 0.08%，同期申万光伏设 备指数下跌 0.78%，跑赢沪深 300 指数 0.26 个百分点，跑输申万电力设备指数 0.70 个百分点。 今日三大指数冲高后回落，午市快速走低，最终集体收跌，光伏设备低开低走，全天 低位震荡。价格方面，今日申万光伏设备指数收于 5883.37点，当前市盈率为 11.15； 从个股表现来看（以申万光伏设备 57 只成分股为样本），今 ...

川财证券研究报告 公用事业产业链核心数据跟踪 —行业跟踪 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年2月22日 分析师：孙灿 执业证书：S1100517100001 联系方式：suncan@cczq.com 北京：东城区建国门内大街28号民生金融中心A座6层，100005 深圳：福田区福华一路6号免税商务大厦32层，518000 上海：陆家嘴环路1000号恒生大厦11楼，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 跟踪点评 今日上证指数上涨 1.27%，沪深 300 上涨 0.86%，中证 1000 上涨 1.54%，创业板综上涨 1.54%，科创 50上涨0.96%，北证50上涨1.04%。申万行业分类中 31个一级行业分类 中，公用事业和煤炭分别实现 1.03%和5.04%的涨跌幅，分别排名 17和 1。 煤炭板块中今日有 2 只股票涨停,无股票跌停。排名前三的股票为云煤能源、平煤股份 和新集能源，涨跌幅分别为 10.12%、10.02%和 9.30%；排名后三的股票为淮河能源、苏 能股份和永泰能源，涨跌幅分别为 0.41%、1.12%和1. ...

川财证券研究报告 科技产业链核心数据跟踪 —行业跟踪 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年2月29日 分析师：孙灿 执业证书：S1100517100001 联系方式：suncan@cczq.com 北京：东城区建国门内大街28号民生金融中心A座6层，100005 深圳：福田区福华一路6号免税商务大厦32层，518000 上海：陆家嘴环路1000号恒生大厦11楼，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 跟踪点评 今日上证指数上涨 1.94%，沪深 300 上涨 1.91%，中证 1000 上涨 3.74%，创业板综上涨 4.08%，科创 50上涨4.68%，北证50上涨3.41%。申万行业分类中 31个一级行业分类 中，电子、通信、计算机和传媒行业分别实现5.50%、4.38%、4.57%和3.79%的涨跌幅， 分别排名1、3、2和7。 电子板块中今日有多只股票涨停，无股票跌停。排名前三的股票为耐克装备、光弘科技 和昀冢科技，涨跌幅分别为 20.00%、19.99%和19.99%；排名后三的股票为亚世光电、睿 能科技和贤丰控股，涨跌幅分别 ...

川财证券研究报告 3 月排产动能加强，积极关注底部行情 —光伏行业二零二四年二月月报 所属部门：行业公司部 报告类别：行业研究报告 报告时间：2024年3月1日 分析师：孙灿 执业证书：S1100517100001 联系方式：suncan@cczq.com 北京：东城区建国门内大街28号民生金融中心A座6层，100005 深圳：福田区福华一路6号免税商务大厦32层，518000 上海：陆家嘴环路1000号恒生大厦11楼，200120 成都：高新区交子大道177号中海国际中心B座17楼，610041 ❖ 2024年 2月市场表现回顾 本月，上证指数上涨 8.13%，深证成指上涨 13.61%，创业板指上涨 14.85%，沪深 300 上涨 9.35%。申万一级指数中，31 只指数集体飘红，申万电力设备指数同步大市，涨 幅达10.22%，在31只指数中排名第 10。 本月申万光伏设备指数走势较好，涨跌幅较上月上涨27.43个百分点，跑赢沪深300指 数2.89个百分点，跑赢申万电力设备指数 2.02 个百分点。 ❖ 2024年 2月核心观点 本月整体市场表现较好，光伏板块走势跟随大市上涨。截至 2024 年 2 ...