Market Performance - The overall A-share market (excluding oil and petrochemicals) increased by 0.3%, while the ChiNext index decreased by 0.01%[3] - The PE valuation for all A-shares rose from 13.77x on July 12 to 13.80x on July 19[26] - The PB valuation for all A-shares increased from 1.287x to 1.290x during the same period[26] Sector Analysis - The agriculture, forestry, animal husbandry, and fishery sector had the highest increase, while light industry manufacturing and textile sectors saw the largest declines[22] - The stable style sector's PE valuation rose by 1.78%, while the cyclical style sector's PE valuation fell by 1.65%[28] - The textile and clothing, pharmaceuticals, media, construction, consumer services, and light industry manufacturing sectors have notably low PE valuation levels[4] Valuation Premiums - The ChiNext's PE valuation premium over the main board decreased from 2.34 to 2.33, below the historical average of 3.72[20] - The market risk premium increased from 2.473 to 2.477, indicating a decline in market risk appetite[21] Industry Valuation Levels - The steel sector is considered extremely undervalued with a PB of 0.84, while the machinery sector is also extremely undervalued at 1.91[17] - The consumer services sector has a PE valuation of 24.62, indicating it is extremely undervalued[34]

【大头条】 点评：据测算，我国低空经济规模2030年有望达到2万亿元。浙商证券表示，此轮低空经济相比上一轮在政策、产业等多个层面 均有重大突破，行业正处于加速落地阶段，万亿市场有望逐步到来。看好低空制造、低空服务和低空运营三大环节。 公司方面，中海达一直与百度Apollo在高精度差分定位方案产品及相关技术领域有业务合作，公司车载端软硬件产品及产品解 决方案主要有高精度定位天线、车载组合型 (4G/5G+GNSS) 天线、高精度定位单元、惯性测量单元、电动方向盘、显控终 端、地图定位传感器（IPM）、高精度定位算法服务及基于相关硬件产品帮助实现辅助/自动驾驶的定位导航的解决方案。目前 全面推进智能驾驶车载高精度业务的量产化落地和产能爬坡工作。锐明技术目前在无人驾驶方面的业务涉及两块，一是公司自主 研发的L2/L2+自动驾驶AEBS解决方案，已经在国内出租及公交等领域落地销售，现正在进行海外市场的积极布局，相信不久的 将来，海外会有项目落地；二是公司自主研发的L4低速自动驾驶解决方案（主要是封闭及半封闭场景的自动清扫车作业），已在 国内的几个城市试点落地。 在期回顾：5月13日21:01《财联社早知道》追踪到国产 ...

1. 江苏省 省电信公司、省移动公司、省联通公司、省铁塔公司、中 电信无人科技公司、省交通控股、东部机场集团有关负责同志 2. 南京市 施勇君、张雁宁、郑晓明,南京警备区有关负责同志,江 北新区、各区一位主要负责同志,市委各相关部委、市政府各 相关委办局有关负责同志(详见附件) 楼齐良 中国通号集团董事长 中国民航局、民航华东地区管理局、民航江苏监管局、民 航江苏空管局等相关负责同志 5. 高校代表 校主要领导、分管领导 6. 企业代表 7. 新闻媒体代表 (一)会前参观低空经济产品展示(市领导和重要嘉宾参 观产品展示,其他与会人员 15:00 前入场完毕） 大会由陈之常市长主持 (1)韩立明书记致辞(6分钟） - 2 - (以下环节由工作人员主持） (1)低空智联先进技术成果发布(视频发布)(5分钟) 1面向无人机移动平台应用的 QKD 系统 2面向 5G-A/6G 的无蜂窝大规模 MIMO 技术成果发布 (发布者:紫金山实验室) (2)视频发布南京市低空航线(3分钟) 1为南京市低空经济专家委员会主任、副主任颁发聘书 2中国联通低空经济融合创新中心揭牌 - 1 - (1)南京航空航天大学 航空学院、能源与 ...

| --- | --- | |----------|-------------------------------------------------------------------------------------------| | | | | | | | | 研究员：姜凌波 SAC 执业证书： S0620522070003 联系电话：（ 025 ） 58519164 日期： 2024.4.1 | | 南京证券 | www.njzq.com.cn | ⚫ 行情梳理：3月市场在高位震荡，2月市场大涨后3月一度延续了上涨势头，但在下旬市场上行动能有所衰减，资金在业绩期开 始兑现部分热点概念题材，市场逐步回归到基本面定价，而指数级别的修复行情也暂告段落。4月将进入预计密集披露期，市场 主基调回归基本面，市场或进入震荡为主的结构行情中。中长线看当下市场性价比仍高，主要指数及多数板块估值仍处低位， 加上管理层持续释放政策利好，监管政策加码资本市场良性发展，大力托举地产市场，刺激设备以旧换新等均有利于今年经济 的稳步回升，全年经济复苏文中推进，可以保持乐观积极应对。 目录 ⚫ 3月PMI数据出炉，制造业采购经理指 ...

图表 4：全球主要权益指数一周涨跌幅(%，2024.04.08-2024.04.12) (5.00) (4.00) (3.00) (2.00) (1.00) 0.00 1.00 2.00 3.00 - 5 - 南京证券股份有限公司 NANJING SECURITIES CO.,LTD. 免责声明 本周市场延续了清明节前的波动调整，且重心相比节前有所下沉，此前市场的二次冲 高再度遇到了较强的阻力，使得主要指数展开了第二波调整，目前下探调整走势似乎 尚未结束，不过指数在关键点位还是表现出了一定的支撑。主要宽基指数均有所下 探，创业板指跌幅最深，沪指在红利和权重板块支撑下较为抗跌。市场风格上，消费 和成长风格领跌两市，大盘赛道股再度成为被抛售对象，稳定风格为唯一上涨风格板 块，周期风格表现紧随其后。本周北向资金交替买入卖出，但伴随美元指数的持续上 行，总体为净流出态势，南向资金保持了稳定净流入的走势。 间，只是需要等待增量利好逻辑打破当前的整理格局，而当前来看似乎这样的市场环 境还不完全具备，因此指数层面大概率会继续处于区间盘整中，投资机会的把握上在 于规避风险并通过挖掘细分板块和个股把握结构性的机会，眼下市场轮动 ...

Investment Rating - The report suggests a focus on "gold + aluminum" sectors under the expectation of interest rate cuts in 2024 [1] Core Viewpoints - The non-ferrous metals sector has shown strong rebound since early 2024, leading among the Shenwan first-level industries with an 8.5% increase in the Shenwan non-ferrous metals index as of March 31, 2024 [2][7] - The gold sector is expected to continue its upward trend in Q2 2024, driven by changing expectations regarding the Federal Reserve's interest rate cuts and increasing central bank demand for gold [2][15] - The electrolytic aluminum sector is anticipated to maintain a tight supply-demand balance in Q2 2024, with high profitability per ton of aluminum due to stable costs and recovering demand from the real estate and automotive sectors [2][43] Summary by Sections 1. Non-Ferrous Metals Sector Review - The Shenwan non-ferrous metals index increased by 8.5% year-to-date as of March 31, 2024, outperforming the CSI 300 index which rose by 3.1% [2][7] - The top three gainers in the sector include Luoyang Molybdenum, Northern Copper, and Zhuhai Group, while the biggest losers are Shenzhen New Star, Rongjie Shares, and Jiangte Electric [2][8] 2. Gold Sector Outlook for Q2 2024 - Gold prices are expected to rise following a period of volatility, influenced by the Federal Reserve's interest rate decisions and ongoing geopolitical risks [2][15] - Historical trends suggest that gold performs well during the transition from interest rate hikes to cuts, with central bank demand further supporting prices [2][37] 3. Electrolytic Aluminum Sector Outlook for Q2 2024 - The supply-demand balance for electrolytic aluminum is projected to remain tight, with production capacity capped at approximately 45 million tons [2][43] - Demand recovery is anticipated from the real estate sector, with a notable increase in automotive aluminum usage [2][57] - The report highlights that the profitability per ton of aluminum is expected to remain high due to stable costs and recovering demand [2][66] 4. Investment Recommendations - For the gold sector, it is recommended to consider companies such as Shandong Gold, Yintai Gold, and Zijin Mining during price dips [2][70] - In the electrolytic aluminum sector, companies like Yun Aluminum, China Aluminum, and Shenhuo Co. are suggested for investment [2][70]

行业评级：推荐 拥抱变革时代，密切关注华为产业链机会 ——消费电子行业二季度策略报告 研 究 员 高宏 ...

Group 1: Alcohol Industry - The performance of the liquor industry during the post-holiday off-season is in line with expectations, with slight price increases for leading products [2] - The wholesale price of Feitian Moutai decreased by 70 yuan to 2750 yuan, while other major brands maintained stable prices [6] - Major companies like Wuliangye and Fenjiu are controlling prices or attempting price increases for core products, with expectations of price recovery in the coming months [6] Group 2: Pharmaceutical Industry - Global financing in the biopharmaceutical sector remains low, with February seeing a total of $2.228 billion in transactions, a year-on-year increase of 10.2% [10] - The success rate of negotiations for innovative drugs in China is high, with 23 out of 25 drugs successfully negotiated, leading to improved affordability for patients [10] - The performance of companies like WuXi AppTec is under pressure due to the proposed Biosecurity Act, but operations remain normal [35] Group 3: Livestock Industry - The hog market is expected to remain under pressure in the first half of 2024, with high inventory levels and weak demand impacting profitability [14] - The average price of live pigs is currently at 14.77 yuan/kg, with a slight increase observed [38] - The ongoing capacity reduction is expected to positively influence the industry cycle in the second half of the year [14] Group 4: Social Services - The booking volume for Qingming Festival travel products has increased nearly fourfold year-on-year, indicating a strong recovery in travel demand [17] - Major cities like Beijing and Shanghai remain popular travel destinations during the Qingming holiday [17] Group 5: Banking Sector - The social financing scale at the end of February was 385.72 trillion yuan, with a year-on-year growth of 9%, indicating a slight decrease compared to previous months [23] - The total new RMB loans in January and February amounted to 6.37 trillion yuan, with a notable performance in corporate loans [23] Group 6: Real Estate Sector - Real estate development investment in January and February was 118.42 billion yuan, a year-on-year decrease of 9.0%, but the decline is narrowing [53] - The overall performance of the real estate market remains weak, with new construction and sales showing downward trends [53] Group 7: Construction Materials - The cement price index continued to decline in March, reflecting ongoing pressure from weak demand in the real estate sector [77] - Glass inventory levels are rising, and prices are expected to face downward pressure due to reduced demand [56] Group 8: Consumer Electronics - The online retail sales of major home appliances showed a narrowing year-on-year growth in February, influenced by the timing of the Spring Festival [79] - Air conditioning manufacturers are considering price increases due to rising copper prices, which are impacting production costs [80] Group 9: Engineering Machinery - Excavator sales in February decreased by 41.2% year-on-year, with domestic sales down by 49.2% [84] - The overall demand for engineering machinery remains under pressure, but there is potential for recovery driven by policy support for equipment upgrades [85] Group 10: New Energy Vehicles - In February, the production and sales of new energy vehicles were 464,000 and 477,000 units respectively, with a year-on-year decline [101] - The market share of new energy vehicles reached 30.1%, indicating a significant presence in the automotive market [101]

南京证券股份有限公司 NANJING SECURITIES CO.LTD 2024 年 4 月 9 日 投资策略研究 策略周报-估值分析 ➢ 板块估值所处区间：PE 角度看：中证成份指数维持在 原有估值区间。中信一级行业中，基础化工板块上行一个 估值区间，传媒板块下行一个估值区间。目前中信一级行 业中建筑和电力设备及新能源板块的 PE 估值水平明显较 低。PB 角度看：中证 500 成份指数上行一个估值区间。 中信一级行业中，基础化工、轻工制造、纺织服装和农林 牧渔板块上行一个估值区间，国防军工板块下行一个估值 区间。目前中信一级行业中商贸零售、消费者服务、医 药、非银行金融、建筑、房地产和建材板块 PB 估值水平 明显较低。 分有限公司 - 2 - 市场大类绝对估值水平变化 值水平变化 A 图 3 不同风格PE（TTM,整体法,剔除负值）,PB(整体法,最新,剔除 负值）估值水平变化 南京证券股份有限公司 NANJING SECURITIES CO.LTD | --- | --- | --- | --- | |----------------------------------------|-------| ...

Investment Rating - The report rates the food and beverage industry as "Recommended" [1] Core Insights - The food and beverage industry is experiencing a weak recovery in consumption in 2023, with the market having low expectations for the Spring Festival consumption due to its later timing in 2024. However, the overall performance during the Spring Festival was slightly better than expected, driven by increased consumer demand from returning residents and travel [2][7] - The white liquor sector showed resilience, with high-end and mass-market brands performing well, supported by rigid demand for gifting and gatherings. The industry is experiencing increased differentiation, with leading brands gaining market share at the expense of smaller players [3][21] - As of March 27, 2024, the food and beverage industry index has risen by 0.14%, ranking 13th among 31 industries. Notably, white liquor prices increased by 0.94%, while other segments like snacks and dairy saw declines [10][14] Summary by Sections 1. Food and Beverage Industry Review - The industry is witnessing a weak recovery in consumption, with the Spring Festival period showing better-than-expected performance due to consumer demand from travel and family gatherings [2][7] - As of March 27, 2024, the food and beverage industry has a PE ratio of 25.04, which is at the 5.64% percentile level since 2019, indicating a slight valuation recovery but still at historical lows [14] 2. White Liquor: Spring Festival Feedback - The white liquor sector experienced concentrated sales activity leading up to and during the Spring Festival, with overall consumption expected to be flat or slightly up compared to the previous year. High-end liquor demand remains rigid, while mass-market brands benefit from changing consumer habits [3][18] - Leading brands like Moutai and Wuliangye showed strong performance in terms of sales and inventory management, with expectations for price increases post-festival to prepare for the next peak season [33][54] 3. Mass Market Products: Cost Improvements - The mass market segment is seeing a gradual recovery in downstream demand, with decreasing raw material costs and improved management of sales expenses contributing to better performance for leading dairy brands [48] - The condiment sector is also expected to improve as raw material costs decline and channel inventories are gradually digested, alongside a low base from the previous year [48] 4. Investment Recommendations - The report suggests that leading companies in the white liquor sector, such as Moutai, Wuliangye, and others, are expected to maintain steady growth and should be considered for investment during market dips [54] - For mass market products, the report highlights the potential for improved performance due to cost reductions and recovering demand, making it a sector to watch for performance inflection points [54]