[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 重视发展新质生产力，继续关注人工智能产 强于大市 研 (维持) 究 业链 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(05.27-06.02) 2024年06月03日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周沪深300指数下跌0.60%，申万计算机行业上升0.32%，领先于指数 计算机 沪深300 0.92pct，在申万一级行业中排名第8位。本周建议重点关注人工智能产 20% 业产品技术更新、AIGC应用和数智生态应用的投资机会。 10% 0% 行 投资要点： -10% 业 -20% 周 产业动态：（1）宏观：5月31日，二十届中央政治局第十一次集体学习 -30% -40% 观 中，习近平总书记指出发展新质生产力是推动高质量发展的内在要求 -50% 点 和重要着力点。（2）人工智能：5月29日，欧盟宣布成立人工智能办公 室，对人工智能进行监管，支持可信 ...

[Table_Title] 万联晨会 [Table_Summary] 概览 【市场回顾】 周一 A 股三大指数涨跌不一，截止收盘，沪指收跌 0.27%，深成指收 涨 0.07%，创业板指收涨 0.79%。沪深两市成交额 8303.19 亿元，北 向资金净流入 15.39 亿元。 申万行业方面，通信、电子、家用电器 领涨，综合、钢铁、有色金属领跌； 概念板块方面，铜缆高速连接、 存储芯片、养鸡概念领涨，DRG/DIP、ST 板块、家庭医生概念领跌。 港股方面，恒生指数收涨 1.79%，恒生科技指数收涨 2.53%；海外方 面，美国三大指数涨跌不一，道指收跌 0.3%，标普 500 收涨 0.11%， 纳指收涨 0.56%。 【重要新闻】 【5 月财新中国制造业 PMI 录得 51.7】5 月财新中国制造业 PMI 录得 51.7，较 4 月上升 0.3 个百分点，为 2022 年 7 月来最高，显示制造 业生产经营活动扩张加速。生产指数升至 2022 年 7 月来新高，新订 单指数在扩张区间小幅下行，新出口订单指数明显放缓当仍位于临界 点上方。 【消息称快时尚巨头 Shein 计划最快本周秘密申请在伦敦上市】消 ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 存储市场持续复苏，MLCC 订单出货比有望 强于大市 研 (维持) 究 回升 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(05.27-06.02) 2024年06月03日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年5月27日至6月2日期间，沪深300指数下跌0.60%，申万电子指 电子 沪深300 数上涨2.84%，在31个申万一级行业中排第1，跑赢沪深300指数3.44个 10% 5% 百分点。把握终端复苏和 AI 产业链加速建设的催化下，AIPC、AI 手机、 0% 行 HBM、先进封装、存储芯片、面板等领域呈现的结构化投资机会。 -5% -10% 业 -15% 投资要点： -20% 周 -25% 观 产业动态：（1）先进封装：5月30日，TrendForce集邦咨询表示，估计 -30% -35% 点 台积电（TSMC）2024年CoWoS总产能年 ...

[Table_RightTitle] 证券研究报告|通信 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 关注 AI 算力对光模块等需求的提振 (维持) 究 [Table_ReportType] [Table_ReportDate] ——通信行业周观点(05.27-06.02) 2024年06月03日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周（5.27-5.31）沪深300指数下跌0.60%，申万通信行业指数下跌 通信 沪深300 0.73%，在31个申万一级行业中排名第17位，跑输沪深300指数0.13个百 20% 15% 分点。建议重点关注5G建设及应用、人工智能、光模块、车联网等细分 10% 行 板块投资机会。 5% 0% 业 -5% 投资要点： -10% 周 -15% -20% 观 产业动态：（1）车联网：为落实政府工作报告关于“巩固扩大智能网 -25% -30% 点 联新能源汽车等产业领先优势”“提振智能网联新能源汽车、电子产品 等大宗消费”等部署要求，工业和信息化部规划1亿个11位公众 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 首个未成年人游戏退费标准发布，腾讯推出 强于大市 研 (维持) 究 AI 助手 App [Table_ReportType] [Table_ReportDate] ——传媒行业周观点(05.27-06.02) 2024年06月03日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周传媒行业（申万）下跌 1.55%，居市场第24 位，跑输沪深 300 指 数。首个未成年人游戏退费标准推出。5 月 28 日，中国互联网协会出 传媒 沪深300 10% 台《未成年人网络游戏服务管理要求团体标准（征求意见稿）》，首次提 0% 出细化退费标准和建议，根据各方过错情形，明确划分了网络游戏服务 行 -10% 提供者、监护人等责任方的担责比例。随着团标的出台，相关方面解决 业 -20% 未成年人网游退费难问题时无疑会更具针对性，同时也将进一步保障未 -30% 周 成年人在网络空间的合法权益，巩固防沉迷成果，助力游戏行业健康发 -4 ...

[Table_MeetReportDate] 2024 年 06 月 03 日 星期一 [Table_Summary] 概览 【市场回顾】 上周五 A 股三大股指全线收跌，上证指数下跌 0.16%，报 3086.81 点； 深证成指下跌 0.22%，报 9364.38 点；创业板指下跌 0.44%，报 1805.11 点。A 股两市全天成交额 7144.92 亿元人民币，北向资金净流出 77.98 亿元人民币，其中，沪股通净流出 44.57 元人民币，深股通净流出 33.41 亿元人民币；南向资金净买入 99.05 亿港元。A 股两市个股普 遍上涨，超 3100 只个股上涨。申万行业方面，计算机、国防军工、 传媒行业领涨，建筑材料、电力设备领跌；概念板块方面，商业航天、 DRG/DIP 概念指数领涨，硅能源、有机硅概念指数跌幅居前。港股方 面，恒生指数下跌 0.83%，恒生科技指数下跌 1.65%；海外方面，美 国三大股指涨跌不一，道指上涨 1.51%，报 38,686.32 点，标普 500 指数收涨 0.80%，报 5277.51 点，纳指收跌 0.01%，报 16,735.02 点。 欧洲股市和亚太股市 ...

[Table_Title] 万联晨会 | --- | --- | --- | |---------------------------------------------------|----------|----------| | [Table_InnerMarketIndex] 国内市场表现 \n指数名称 | \n 收盘 | 涨跌幅 % | | 上证指数 | 3,091.68 | -0.62% | | 深证成指 | 9,384.72 | -0.32% | | 沪深 300 | 3,594.31 | -0.53% | | 科创 50 | 742.70 | 1.14% | | 创业板指 | 1,813.15 | 0.12% | | 上证 50 | 2,473.76 | -0.78% | | 上证 180 | 7,896.73 | -0.67% | | 上证基金 | 6,022.27 | -0.24% | | | | | [Table_MeetReportDate] 2024 年 05 月 31 日 星期五 核心观点 【重要新闻】 国债指数 212.82 0.03% [Table_MeetContact] 主持 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 4 月新游中头部厂商持续发力，重点手游背 强于大市 研 (维持) 究 倚日漫火热 IP 表现突出 [Table_ReportType] [Table_ReportDate] ——传媒行业月报 2024年05月30日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 ⚫ 新游情况：2024 年 4 月份共 5 款新重点手游上线、3 款新重点手游公 测。5款上线的重点新游分别是阅文游戏发行的《斗破苍穹：三年之约》 传媒 沪深300 20% （4月2日上线）、37手游发行的《达芬奇密室2》（4月25日上线）、 10% 雷霆游戏发行的《律动轨迹》（4 月 29 日上线），《漫画道场物语》 0% 行 （4月29上线）、游族网络发行的《少年西游记2》（4月30日上线）； -10% -20% 业 公测的重点新游是雷霆游戏发行的《航海王：梦想指针》（4月1日公 -30% 月 测）、完美世界发行的《女神异闻录：夜幕魅影》（4月12日公测）、 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [34]. Core Insights - The Chinese gaming market experienced a decline in revenue in April 2024, with actual sales revenue at 22.432 billion yuan, a month-on-month decrease of 4.21% and a year-on-year decrease of 0.27%. However, a significant recovery is anticipated in May due to the launch of the popular IP "Dungeon and Fighter" (DNF) [11][12]. - The global gaming market saw Tencent's "Honor of Kings" ranking second in mobile game revenue, with the global mobile gaming revenue reaching $6.5 billion in April 2024, a year-on-year increase of 3.17% [14][18]. - The revenue rankings in the Chinese gaming market are dominated by major players, with Tencent holding five of the top ten positions in the App Store revenue rankings for April 2024 [20][23]. Summary by Sections 1. Chinese Gaming Market - In April 2024, the Chinese gaming market's actual sales revenue was 22.432 billion yuan, reflecting a month-on-month decline of 4.21% and a slight year-on-year decrease of 0.27%. The mobile gaming sector was particularly affected, with revenue at 15.905 billion yuan, down 6.18% month-on-month and 1.93% year-on-year. The anticipated launch of DNF is expected to significantly boost the market in May [11][12][27]. 2. Global Gaming Market - The global mobile gaming market generated $6.5 billion in revenue in April 2024, with the U.S., China, and Japan being the top three markets. China's revenue decreased by 2.62% year-on-year to $1.21 billion, ranking second globally [14][18]. 3. Revenue Rankings - The revenue rankings in the Chinese gaming market are heavily dominated by Tencent and NetEase, with Tencent's "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle" occupying the top three spots in the App Store revenue rankings for April 2024 [20][23]. 4. Overseas Market - In April 2024, the revenue from self-developed games in overseas markets was $1.418 billion, showing a month-on-month decrease of 0.65% but a year-on-year increase of 7.03%. "Last War: Survival Game" by First Fun topped the overseas mobile game revenue chart [27][30]. 5. Investment Recommendations - The report suggests that the gaming market is expected to grow, driven by the continuous release of quality new games from leading companies and a stable performance in overseas markets. It recommends focusing on companies with strong R&D capabilities and a rich reserve of game licenses [31].

Market Overview - The A-share market experienced narrow fluctuations in May, with major indices showing mixed performance. As of May 27, the Shanghai Composite Index closed at 3124.04 points, up 0.62% from the end of April. The STAR 50 index saw the largest decline at -3.75%, while the Shanghai 50 and CSI 300 indices recorded slight increases of 1.35% and 0.87%, respectively [11][28]. - The issuance of long-term special government bonds began on May 17, with strong market demand observed. This issuance reflects an expansionary fiscal policy aimed at supporting economic growth and is expected to boost market confidence without significantly impacting liquidity [19][28]. Profit Analysis - Profit growth rates varied among different types of enterprises. For April, the profit growth rates for joint-stock and private enterprises were 0.90% and 6.40%, respectively, while state-owned enterprises saw a decline of 2.80% [16]. - In terms of industry performance, the resource extraction sector showed notable improvement, with profits in this sector increasing by 4.30% year-on-year. The manufacturing sector also saw a profit growth of 8.00% [17][39]. Liquidity and Market Sentiment - The liquidity environment in the A-share market improved compared to the previous month, with net inflows from northbound capital continuing since May. The net inflow for May reached 171.88 billion yuan, with the banking sector receiving the largest inflow of 94.17 billion yuan [46][54]. - The average turnover rate for major indices decreased in May, indicating a slight decline in market activity. The turnover rate for the ChiNext and CSI 500 indices fell by 0.11 percentage points and 0.13 percentage points, respectively [59][84]. Valuation Levels - As of May 27, the current dynamic price-to-earnings (P/E) ratios for various indices indicate that the non-bank financial, coal, and real estate sectors are above the historical 50th percentile, suggesting higher valuations compared to historical averages [65][89]. - The current valuation levels for the Shanghai 50 index are at 65.70%, while the CSI 300 index stands at 50.10%, indicating a relatively high valuation environment [89].