[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 端午假期旅游业稳步恢复，国潮文化引领出 强于大市 研 (维持) 究 游体验 [Table_ReportType] [Table_ReportDate] ——社会服务行业快评报告 2024年06月12日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 端午节假期收官，经文旅部数据中心测算，假期3天全国国内旅 游出游合计1.1亿人次，同比增长6.3%；国内游客出游总花费 社会服务 沪深300 10% 403.5亿元，同比增长8.1%。 5% 0% 行 -5% -10% -15% 业 投资要点： -20% -25% 快 -30% 评 ⚫ 旅游人次收入齐超疫前，人均支出有待恢复。相较于五一黄金周 -- 43 05 %% -45% （出游人次、出游总花费同比分别增长7.6%/12.7%），今年端 报 午节假期出游人次及旅游收入同比增速均小幅回落，但整体规模 告 已超过疫前，出游人次较2019年同期增长14.61%，出游总花费 数据 ...

[Table_Title] 万联晨会 核心观点 | --- | --- | --- | |---------------------------------------|------------------------|--------| | [Table_InnerMarketIndex] 国内市场表现 | \n指数名称 收盘 涨跌幅 | % | | 上证指数 | 3,028.05 | -0.76% | | 深证成指 | 9,262.35 | 0.07% | | 沪深 300 | 3,542.88 | -0.87% | | 科创 50 | 755.83 | 2.43% | | 创业板指 | 1,787.30 | 0.35% | | 上证 50 | 2,423.62 | -1.37% | | 上证 180 | 7,770.51 | -1.15% | | 上证基金 | 5,990.60 | -0.07% | | 国债指数 | | | Email: liying1@wlzq.com.cn [Table_Content] 核心观点 【重要新闻】 保障新能源消纳，推动新型电力系统建设 具体来看《通知》提出了 4 项重 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 智谱 AI 宣布全模型矩阵降价，AI 应用有望 强于大市 研 (维持) 究 加速落地 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(06.03-06.09) 2024年06月11日 [行Ta业bl核e_心Sum观ma点ry：] [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0.16%，申万计算机行业下跌4.89%，落后于指数 计算机 沪深300 4.72pct，在申万一级行业中排名第27位。本周建议重点关注人工智能、 20% 大模型产业产品技术更新、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）人工智能：6月5日消息，智谱AI宣布全模型矩阵降价， -30% -40% 观 同时开源了GLM-4-9B 系列模型，其包含基座模型、视觉模型，以及不 -50% 点 同上下文长度的 Chat 模型。（2）人工智能：6月7日消息，生数 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [29]. Core Insights - The communication industry index underperformed the CSI 300 index by 2.30 percentage points, with a decline of 2.46% during the week of June 3-7 [1][12]. - Key investment opportunities are identified in segments such as artificial intelligence, optical modules, and satellite internet [1][26]. - The report highlights significant advancements in the industry, including the launch of the world's first 800G hollow-core fiber transmission technology by China Mobile, which demonstrates superior performance in various conditions [5]. - The dedicated cloud service market is projected to grow by 18.0% year-on-year, reaching a market size of 19.49 billion RMB in the second half of 2023, with the top three operators holding a combined market share of 43.6% [6]. - The global semiconductor market is expected to grow by 16% in 2024, reaching a total value of $611.2 billion, driven by strong demand in memory and logic integrated circuits [7]. - China Telecom has launched an integrated cloud-network scheduling product, enhancing digital transformation across industries [9]. - Chinese manufacturers dominate the global optical module market, with seven out of the top ten positions, reflecting their growing influence [10]. - SpaceX successfully conducted the fourth test flight of its Starship, marking a significant milestone in satellite internet development [11]. Summary by Sections Industry Dynamics - **Operators**: China Mobile has successfully launched the world's first 800G hollow-core fiber transmission technology trial network, achieving international leading performance metrics [5]. - **Cloud Services**: The dedicated cloud service market is experiencing robust growth, with the top three operators significantly increasing their market shares [6]. - **Chips**: The semiconductor market is forecasted to grow significantly, with strong performance expected in memory and logic sectors [7]. - **Operators**: China Telecom has introduced a new integrated cloud-network scheduling product, enhancing service delivery and operational efficiency [9]. - **Optical Modules**: Chinese companies have taken the lead in the global optical module market, reflecting a shift in market dynamics [10]. - **Satellite Internet**: SpaceX's successful test flight of the Starship represents a key advancement in satellite internet capabilities [11]. Market Review - The communication industry index fell by 2.46%, underperforming the broader market [12]. - The industry has seen a slight increase in trading volume, with a total of 148.08 billion RMB traded during the week [18]. - The average daily trading volume increased by 5.96% compared to the previous week [18]. Investment Recommendations - The report suggests focusing on investment opportunities in the satellite communication supply chain, AI computing power industry, digital applications, and 5G infrastructure development for medium to long-term growth [26].

[Table_RightTitle] 证券研究报告|交通运输 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 低空经济产业链梳理之总览篇 (维持) 究 [Table_ReportType] [Table_ReportDate] ——交通运输行业深度报告 2024年06月11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 中央经济工作会议以及两会均首次提及低空经济，明确其战 略新兴产业地位，低空经济产业链涉及领域广泛，市场空间 交通运输 沪深300 10% 广阔，发展潜力大，我国低空经济尚处于起步阶段，低空空 5% 行 域管理改革持续深化为低空经济发展奠定基础条件，低空制 0% 业 造环节以无人机发展为主导、eVTOL加速发展驱动技术创 -5% -10% 深 新，以市场需求为牵引，低空运营应用领域不断拓宽并加 -15% 度 深，低空基础设施建设是其发展的保障，我国多地已经发布 -20% 报 关于支持低空经济发展的相关支持政策，通航机场及起降点 告 等建设先行推进。建议积极关注低空经济基础设施领域相关 数据来 ...

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Viewpoints - The Computex 2024 event showcased significant advancements in the AIPC (AI Personal Computing) industry, with major companies like Nvidia, AMD, and Qualcomm presenting their latest innovations and product launches [2][3] - Continuous innovation in edge AI chips is solidifying the hardware foundation for AIPC, with AMD's Ryzen AI 300 series APU achieving 50 TOPS, Qualcomm's Snapdragon X series reaching 45 TOPS, and Intel's Lunar Lake architecture promising a 3x increase in AI performance while reducing power consumption by 40% [3] - The application ecosystem for AIPC is becoming increasingly robust, with new products being launched, such as Microsoft's Copilot+ and Nvidia's support for it through their RTX series graphics cards, indicating a growing maturity in AIPC applications [3] Summary by Sections Event Overview - Computex 2024 took place from June 4 to 7 in Taipei, focusing on AI integration and featuring around 1500 exhibitors, including major international companies [2] AI Chip Innovations - AMD, Qualcomm, Intel, and MediaTek have all introduced new AI chips, enhancing local deployment capabilities for AI applications on PCs [3] Application Ecosystem Development - The introduction of AI assistants and support for high-performance computing in new PC products indicates a trend towards a more mature AIPC ecosystem [3] Investment Recommendations - The report suggests focusing on companies that are proactively positioning themselves in the AIPC sector, including hardware manufacturers and application developers, as the demand for upgrades is expected to rise in the latter half of the year [4]

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [51]. Core Insights - The media industry (Shenwan) experienced a decline of 4.75% last week, ranking 26th in the market and underperforming the CSI 300 index [9][11]. - The game "Black Myth: Wukong" has topped the global sales chart on Steam after its pre-sale began on June 8, with a standard edition priced at 268 yuan and a deluxe edition at 328 yuan [35]. - In June, 15 imported game licenses were approved, including notable titles for mobile and PC platforms [35]. - The game "Ming Chao" achieved over 150 million yuan in net revenue within two weeks of its launch, topping sales charts in multiple regions [2]. - The average score for the minor protection mechanism in mobile games improved to 79.1, reflecting progress in protecting minors in gaming [2]. Summary by Sections 1. Media Industry Weekly Review - The media industry saw a cumulative decline of 17.98% year-to-date, significantly underperforming the CSI 300 index, which increased by 4.17% [11]. - The industry valuation (PE ratio) fell to 21.25X, below the six-year average of 26.52X, indicating a 19.86% drop [15]. - Trading volume increased, with a total turnover of 1,004.40 billion yuan last week, marking a 16.69% rise in average daily trading [17]. 2. Game Sector - Tencent's "Dungeon and Fighter" leads the sales chart, followed by "Honor of Kings" [25]. - The new game "Battlefield 1939" ranks first in iOS pre-orders, while "Zero Zone" leads in Android pre-orders [27]. 3. Film and Television Sector - The box office for the week was 40,820.45 million yuan, down 32.03% year-on-year [29]. - The top film was "I Don't Want to Be Friends with You," accounting for 16.1% of the box office [32]. 4. Investment Recommendations - The report suggests focusing on leading companies with strong game reserves and R&D capabilities, especially those actively developing mini-games [2][45]. - In the film sector, it is recommended to pay attention to leading cinema chains and production companies that focus on quality content [45]. - For AIGC applications, companies that have successfully implemented AIGC technologies should be monitored [46]. - In the virtual reality sector, companies developing VR content are recommended for investment [49].

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 国际巨头积极布局 AIPC，关注本周苹果 强于大市 研 (维持) 究 WWDC 2024 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(06.03-06.09) 2024年06月11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6月3日至6月9日期间，沪深300指数下跌0.16%，申万电子指 电子 沪深300 数下跌0.46%，在31个申万一级行业中排第5，跑输沪深300指数0.30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）折叠屏手机：根据TrendForce集邦咨询的最新研究，2024 -30% -35% 点 年折叠手机的全球出货量预计为 1 ...

[Table_RightTitle] 证券研究报告|电力设备 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 保障新能源消纳，推动新型电力系统建设 (维持) 究 [Table_ReportType] [Table_ReportDate] ——电力设备行业快评报告 2024年06月11日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 ⚫ 事件：国家能源局近日印发《关于做好新能源消纳工作 保障新能源 高质量发展的通知》，全面推动新型电力系统建设。 电力设备 沪深300 10% 投资要点： 5% 行 出台背景：近两年，新能源发展持续提速，截至2024年4月底，全 0% -5% 业 国风电、光伏发电累计装机超过11亿千瓦，同比增长约38%，消纳 -10% -15% 快 需求大幅增加。为适应新能源高速增长形势，保障新能源高质量发 -20% -25% 评 展，需要优化完善新能源消纳政策措施，以高质量消纳工作促进新 -30% -35% 报 能源供给消纳体系建设。因此，此次《通知》核心在于解决新能源 -40% 告 并网、消纳问题，推进以 ...

[Table_Title] 万联晨会 概览 【重要新闻】 供给持续收缩，拉久期策略仍占优 | --- | --- | --- | |-------------------------------|---------------------|----------| | [Table_InterIndex] \n指数名称 | 国际市场表现 \n收盘 | 涨跌幅 % | | 道琼斯 | 38,798.99 | -0.22% | | S&P500 | 5,346.99 | -0.11% | | 纳斯达克 | 17,133.13 | -0.23% | | 日经 225 | 38,683.93 | -0.05% | | 恒生指数 | 18,366.95 | -0.59% | | 美元指数 | 104.89 | 0.75% | | | | | 万千财富，与您相连 [Table_Summary] 【市场回顾】 上周五 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.08%，深成指 收跌 0.9%，创业板指收跌 2.16%。沪深两市成交额 7166.27 亿元，北 向资金净流出 7.05 亿元。申万行业方面，环保、房地产、综合 ...