南南南京京京证证证券券券股股股份份份有有有限限限公公公司司司 2024年02月06日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRRIIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 社会服务（801210） 社会服务行业周报[：T春ab节le假_M期a临in近In，fo关]注旅游市场景气度 [Table_IndustryInfo] 行业评级： 中性 近一年该行业相对沪深 300 走势  本周行情回顾：上周（20240129-20240202）沪深300下跌3.15%，社 会服务行业指数下跌14.68%，行业跑输沪深300指数11.53个百分点， 在申万31个一级行业中排名第31。涨幅排名前五的行业为：银行、煤 炭、公用事业、家用电器、石油石化。子板块方面，上周社会服务行业 各子板块（申万二级行业）涨跌幅由高到低分别为：体育Ⅱ（-12.28%）、 旅游及景区（-13.01%）、专业服务（-14.59%）、酒店餐饮（-15.53%）、 教育（-16.94%）。本周个股涨幅前十名分别为（不包含北交所）：九 分析师声明： 作者具有中国证券业协会授予的证券 ...

南南南京京京证证证券券券股股股份份 份有有有限限限公公公司司司 2024年2月6日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRRIIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 非银金融（801790） [Table_MainInfo] 预期低点，左侧布局——非银金融周报（2024.1.29-2024.2.4） 行业评级： 推荐 [Table_IndustryInfo] ➢ 一周市场表现回顾。年初至今，非银金融指数累计下跌5.77%，沪深300 近一年该行业相对沪深 300 走势 指数累计下跌7.33%，非银金融板块跑输沪深300指数1.56个百分点， 在三十一个申万一级行业中排名第七。本周，非银金融板块下跌5.90%， 沪深 300 指数累计下跌 4.63%，非银金融板块跑输沪深 300 指数 1.27 个百分点，在三十一个申万一级行业中排名第六。从个股表现来看，前 期炒作央企市值管理政策的多元金融个股跌幅居前，非银金融板块跌幅 前五的个股分别为亚联发展、建元信托、香溢融通、华林证券、九鼎投 资，而部分券商和保险股表现出较强韧性，板块涨幅前五的 ...

Investment Rating - The industry investment rating is "Recommended" as the expected index growth relative to the CSI 300 index is projected to exceed 10% within the next six months [45]. Core Viewpoints - The report indicates that the pig farming sector is experiencing a price increase driven by secondary fattening, although supply remains ample and consumer demand is weak, leading to a forecast of fluctuating prices in the short term [39][41]. - The white feather chicken sector is expected to see a cyclical reversal due to supply contraction and the recovery of pig prices, with recommendations for industry leaders that have full supply chain advantages [41]. - The seed industry is poised to benefit from the commercialization of genetically modified corn and soybeans, with companies that have strong technology reserves expected to lead [41]. Summary by Sections Pig Farming Data - The average price of pigs is reported at 15.04 CNY/kg, with a month-on-month increase of 1.62% [5][13]. - The total pig output in 2023 was 726 million heads, a year-on-year increase of 3.81% [5]. - The average price of piglets is 45.28 CNY/kg, reflecting a significant month-on-month increase of 16.50% [13]. - The report highlights that the current breeding sector valuation is at a historical low, suggesting potential investment opportunities in companies with clear output growth and strong performance capabilities, such as Wen's Food Group and Muyuan Foods [5][41]. White Feather Chicken Data - The average price of white feather chickens is 7.72 CNY/kg, showing a week-on-week decrease of 0.64% [7][13]. - The report notes an expansion of losses in white feather chicken farming, with a loss of 2.83 CNY per bird [7]. - Recommendations are made for industry leaders like Shennong Development, which have advantages in the entire supply chain and are leading the domestic replacement of chicken breeds [41]. Agricultural Products Data - The average price of corn is reported at 2.59 CNY/kg, with no change month-on-month but a year-on-year decrease of 13.09% [13]. - The average price of wheat is 2,759.39 CNY/ton, reflecting a month-on-month decrease of 1.29% [13]. - The report emphasizes the potential for companies in the seed industry to benefit from the first licenses for genetically modified crops, suggesting a focus on companies with strong genetic technology reserves [41].

2024 年 4 月 1 日 指数连涨三日，成交萎缩创年内新低 | --- | --- | --- | |--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

南南南京京京证证证券券券股股股份 份份有有有限限限公公公司司司 2024年3月29日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRRIIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 家用电器（801110） 4 月空调排产持续高增，内外销均维持高景气 行业评级： 推荐  内容提要 近一年该行业相对沪深 300 走势  AWE展现家电智能化最新成果，产品与场景不断融合。AWE2024全面展示 了家电与消费电子产业的创新成果，其中最主要的技术特征是智能化。 单品智能化加速渗透，同时叠加场景智能化融合，呈现出AI技术与物联 网技术的应用落地。随着生成式大模型如ChatGPT、Sora等颠覆式创新， 家电产业结合AI、算力算法、通讯技术将不断完善，迎来AI为家电赋能 的主动智能时代。  洗地机行业实施以价换量策略，行业价格将持续下探。洗地机自2020 年起已连续三年保持着高增长态势，2024年洗地机的市场规模有望赶超 扫地机器人，成为清洁电器赛道第一大细分品类。自2023年起，洗地机 厂商为了抢夺市场份额，产品价格一路下探。2024年，洗地机市场将正 ...

请务必阅读正文之后的重要法律声明 7 公司地址：中国·南京市江东中路 389 号 邮编：210019 公司总机：86-025-83367888 公司网址：www.njzq.com.cn 客服热线：95386 风险提示 资本市场大幅波动，北交所政策执行不及预期。 请务必阅读正文之后的重要法律声明 8 公司地址：中国·南京市江东中路 389 号 邮编：210019 公司总机：86-025-83367888 公司网址：www.njzq.com.cn 客服热线：95386 北交所日报 2023 年 4 月 2 日 北交所日报 2023 年 4 月 2 日 免责声明 本报告仅供南京证券股份有限公司（以下简称"本公司"）客户使用。本公司不因接收 人收到本报告而视其为客户。 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及 完整性不作任何保证。本报告所载的意见、评估及预测仅反映报告发布当日的观点和判 断。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。 同时，本报告所指的证券或投资标的的价格、价值及投资收入可能会波动。本公司不保证 本报告所含信息保持在最新状态。本公司对本 ...

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - In January and February 2024, China's retail sales slightly exceeded expectations, with a total retail sales amount of 81,307 billion yuan, a year-on-year increase of 5.5%. The retail sales of consumer goods excluding automobiles reached 74,194 billion yuan, growing by 5.2%. Notably, the catering revenue was 9,481 billion yuan, up by 12.5%, and the retail sales of tobacco and alcohol reached 1,265 billion yuan, increasing by 13.7% [5][15] - The white liquor industry reported a total production of 6.29 million kiloliters in 2023, a year-on-year decrease of 5.1%, while sales revenue and profit totaled 7,563 billion yuan and 2,328 billion yuan, respectively, marking a year-on-year increase of 9.7% and 7.5% [5][15] - The pre-prepared dishes industry is undergoing further regulation, with six departments jointly issuing guidelines to clarify the scope of pre-prepared dishes and ensure food safety standards [5][17] Summary by Sections Retail Sales Performance - The total retail sales in January and February 2024 were 81,307 billion yuan, with a 5.5% year-on-year growth. Excluding automobiles, the growth was 5.2%. Catering and tobacco/alcohol sectors showed strong growth, with increases of 12.5% and 13.7%, respectively [5][15] White Liquor Industry Insights - The white liquor sector demonstrated stability during the Spring Festival, with leading brands showing resilience. The market has a renewed recognition of the certainty surrounding these top brands, and their valuations remain at historically low levels [5][15][17] Pre-prepared Dishes Regulation - The issuance of guidelines by six government departments aims to standardize the pre-prepared dishes industry, which is expected to benefit leading companies in the sector by enhancing their market share [5][17] Investment Recommendations - It is suggested to pay attention to leading brands such as Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Jianshiyuan, and others, as they are expected to perform well in the current market environment [5][17]

南南南京京京证证证券券券股股股份份份有有有限限限公公公司司司 2024年03月25日 NNNAAANNNJJJIIINNNGGG SSSEEECCCUUURRRIIITTTIIIEEESSS CCCOOO...LLLTTTDDD 行业研究报告 社会服务（801210） 社会服务行业[周T报ab：le关_M注a职in业In教fo育]及出行链机会 [Table_IndustryInfo] 行业评级： 推荐 近一年该行业相对沪深 300 走势  本周行情回顾：上周（20240318-20240322）沪深300下跌0.09%，社 会服务行业指数上涨2.60%，行业跑赢沪深300指数2.69个百分点， 在申万31个一级行业中排名第6。涨幅排名前五的行业为：传媒、农 林牧渔、综合、通信、计算机。子板块方面，上周社会服务行业各子板 块（申万二级行业）涨跌幅由高到低分别为：教育（+5.66%）、专业服 务（+3.02%）、体育Ⅱ（+1.79%）、旅游及景区（+1.63%）、酒店餐饮 （+0.15%）。本周个股涨幅前三名分别为（不包含北交所）：东方时尚、 分析师声明： 作者具有中国证券业协会授予的证券投资 谱尼测试、美吉姆 ...

南京证券股份有限公司 NANJING SECURITIES CO.LTD 2024 年 03 月 15 日 【策略周视点】：市场冲高回落震荡偏强，仍有整固关注强势补涨 周五，两市因前一交易日小幅调整早盘低开，并且此后指数一路震荡走低，创业板指跌幅一度逼近 2%， 沪指相对稳健，部分高股息板块及大盘成长股回调带领指数走低，午后市场短暂下探后，跌幅开始逐步收 窄，多头持续发力，买入有色、通信等板块，主要股指持续上行并翻红，且此后基本维持红盘震荡。截至 收盘，沪指上涨 0.54%，报 3054.64 点；深成指上涨 0.60%，报 9612.75 点；创业板指上涨 0.06%，报 1884.09 点；科创 50 指数上涨 0.47%，报 808.67 点；北证 50 指数上涨 3.42%，报 892.73 点。申万一级行业中， 有色、环保及通信板块涨幅居前；煤炭、家电及电力设备板块跌幅居前。 周度表现来看，主要宽基指数均录得上涨，创业板指及中证 1000 等成长及中小盘风格指数涨幅靠前， 上证 50 涨幅垫底。申万一级行业中，多数行业录得上涨，汽车、食品饮料、有色板块涨幅居前，煤炭、石 油石化、家电、银行等板块跌幅 ...

Market Overview - The market attempted to break the sideways consolidation pattern, with an upward breakout at the beginning of the week, followed by slight adjustments in subsequent trading days. However, most adjustments were met with firm buying support, allowing the overall index to rise. The Shenzhen market indices recorded gains again [4] - Northbound capital continued to flow in, with two days of net inflows exceeding 10 billion. Southbound capital also maintained a net inflow trend. Global market performances varied, with US indices rebounding after previous declines, while European indices showed stronger upward trends, with Germany and France reaching historical highs [4] Valuation Changes - The overall A-share PE valuation increased from 13.68x on March 8 to 13.75x on March 15. Excluding banks and oil & gas, the PE rose from 18.93x to 19.14x, and the ChiNext PE valuation increased from 28.31x to 29.51x. The PB valuation for all A-shares rose from 1.379x to 1.390x during the same period [35][50] - The report indicates that the consumer style saw the largest increase in valuation, rising by 3.48%, while the stable style experienced the largest decline of 3.15% [17][37] Sector Performance - Among the CITIC first-level industries, the automotive and consumer services sectors recorded the highest gains, while coal and oil & gas sectors saw the largest declines. The automotive sector rose by 5.01%, and consumer services by 4.62% [4][34] - The report highlights that the basic chemical, light manufacturing, consumer services, and pharmaceutical sectors moved up one valuation tier, while steel, banking, and comprehensive finance sectors moved down one tier [25][51] Valuation Premiums - The valuation premium of the ChiNext relative to the main board increased from 2.45 on March 8 to 2.57 on March 15, which is below the average of 3.75 since the establishment of the ChiNext. The PB valuation premium also rose from 2.47 to 2.58, remaining below the average of 2.80 [29][39] Risk Premium Analysis - The A-share market risk premium ratio decreased from 2.355 on March 8 to 2.255 on March 15, indicating a rise in market risk appetite. The current premium level is above the mean of two standard deviations, suggesting a stronger risk preference but still in an extremely undervalued state [51][61]