Core Insights - On Monday, all three major A-share indices rose, with the Shanghai Composite Index up 0.99% to 3084.93 points, the Shenzhen Component Index up 1.46% to 9752.83 points, and the ChiNext Index up 2.25% to 1926.40 points [2][4] - The total trading volume in the A-share market reached 1,137.616 billion RMB, with northbound funds net buying 2.825 billion RMB, including 1.767 billion RMB from the Shanghai Stock Connect and 1.058 billion RMB from the Shenzhen Stock Connect [2][4] - The majority of A-share stocks rose, with 4445 stocks increasing in value. In terms of sectors, media, electronics, and power equipment led the gains, while coal, home appliances, and banking sectors lagged [2][4] Market Review - The A-share market saw a total trading volume of 1,137.616 billion RMB, with net inflows from northbound funds amounting to 2.825 billion RMB [4] - The performance of various sectors showed that media, electronics, and power equipment were the top gainers, while coal, home appliances, and banking were the weakest [4] - The Hang Seng Index rose by 0.10%, and the Hang Seng Technology Index increased by 1.25% [4] Economic Overview - In January-February, China's industrial production accelerated, with the industrial added value of large-scale enterprises growing by 7% year-on-year, an increase of 0.2 percentage points compared to December [9] - The total retail sales of consumer goods reached 81,307 billion RMB, marking a year-on-year increase of 5.5%. Fixed asset investment also saw a year-on-year growth of 4.2% [9][10] - The urban surveyed unemployment rate averaged 5.3% in January-February, with a slight increase of 0.1 percentage points in February compared to the previous month [9] Retail Sector Insights - The retail sales growth of consumer goods in January-February was 5.5%, with a slight decrease of 1.9 percentage points compared to December, but an increase of 2.0 percentage points compared to the same period in 2023 [13][15] - Online retail sales showed a recovery trend, with a year-on-year growth of 15.3%, accounting for 26.5% of total retail sales [13][22] - Specific categories such as food and beverages, household appliances, and automobiles saw varying growth rates, with some categories experiencing a decline in growth [13][15]

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 台积电继续扩大先进封装产能，关注本周英 强于大市 (维持) 研 究 伟达 GTC 大会 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(03.11-03.17) 2024年03月18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3月11日至3月17日期间，沪深300指数上涨0.71%，申万电子 电子 沪深300 指数上涨0.76%，在31个申万一级行业中排第23，跑赢沪深300指数0.05 15% 10% 个百分点。把握终端复苏和 AI 产业链加速建设的催化下，AIPC 等创新终 5% 行 端、消费电子、存储芯片等领域呈现的结构化投资机会。 0% -5% 业 -10% 投资要点： -15% 周 -20% -25% 观 产业动态：（1）AI PC：在3月13日的荣耀笔记本技术沟通会上，荣耀笔 -30% -35% 点 记本 AIPC 技术正式发布。此次发布的 ...

| --- | --- | --- | |-------------------------------|---------------------|----------| | [Table_InterIndex] \n指数名称 | 国际市场表现 \n收盘 | 涨跌幅 % | | 道琼斯 | 38,790.43 | 0.20% | | S&P500 | 5,149.42 | 0.63% | | 纳斯达克 | 16,103.45 | 0.82% | | 日经 225 | 39,740.44 | 2.67% | | 恒生指数 | 16,737.12 | 0.10% | | 美元指数 | 103.43 | 0.00% | [Table_MeetContact] 主持人: 陈雯 Email: chenwen@wlzq.com.cn 证 券 研 究 报 告 晨会纪要 市场研究 万千财富，与您相连 $$start$$ [Table_Content] 核心观点 [Table_MeetContent] 【市场回顾】 周一 A 股三大股指全部上涨，上证指数收涨 0.99%，报 3084.93 点；深证成指收涨 1.46%， 报 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 梯媒带动广告市场维持增长，快消品行业持 强于大市 (维持) 研 究 续领跑 [Table_ReportType] [Table_ReportDate] ——传媒行业跟踪报告 2024年03月15日 8033 [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 广告市场保持增长态势，1月同比、环比均有所增长。广告市场24年1月 整体广告花费同比上涨3.7%，环比微涨0.2%。从同比来看，广告市场花费 传媒 沪深300 50% 在23年3月份恢复正增长态势，4-5月份恢复力度达到顶峰，在线下消费 40% 行 市场持续火热的影响下，23年下半年月度同比保持稳定的增长态势，24年 30% 20% 业 1 月份节日效应显著，消费需求维持高位，同比维持增长态势；环比有所 10% 跟 震荡调整，但广告市场花费仍处于较高水平，1月份环比微幅上涨0.2%， 0% -10% 踪 市场热度不减。 -20% 报 -30% 告 快消品行业领跑，家用电 ...

Investment Rating - The investment rating for Ping An Bank is maintained at "Accumulate" [3]. Core Views - The report highlights a 2.1% year-on-year growth in net profit attributable to shareholders for 2023, despite an 8.4% decline in revenue, primarily due to a narrowing net interest margin and fluctuations in foreign exchange gains [1][2]. - Retail customer assets and numbers have shown rapid growth, with total retail customer assets reaching 4,031.177 billion yuan, a 12.4% increase year-on-year, and the number of wealth clients growing by 8.9% to 1.3775 million [1]. - The dividend payout ratio has been significantly increased by 18 percentage points to 30%, resulting in a dividend yield of 7% based on the closing price on March 14, 2024 [1]. - The core Tier 1 capital adequacy ratio improved to 9.22% by the end of 2023 [1]. - Asset quality indicators showed slight fluctuations, with a non-performing loan ratio of 1.06% and a provision coverage ratio of 277.63% [1]. - Future earnings forecasts have been adjusted downward for 2024 and 2025, with projected revenues of 157.805 billion yuan and 161.490 billion yuan, respectively [2]. Summary by Sections Financial Performance - In 2023, the operating revenue was 164.699 billion yuan, with a year-on-year growth rate of -8.4% [2]. - The net profit attributable to shareholders for 2023 was 46.455 billion yuan, reflecting a growth rate of 2.1% [2]. - Earnings per share for 2024 is projected at 2.25 yuan, with a price-to-earnings ratio of 4.55 times [2]. Asset and Liability Management - Total loans are projected to reach 3,407.509 billion yuan in 2024, with total assets expected to be 5,587.116 billion yuan [2]. - Total deposits are forecasted to be 3,458.287 billion yuan in 2024 [2]. Capital Management - The report indicates a focus on transforming corporate and retail businesses, aiming for a balanced approach to asset-liability management [1].

Core Insights - The report indicates that China's retail sales of consumer goods in January-February 2024 reached 81,307 billion yuan, showing a year-on-year growth of 5.5%, which is a decrease of 1.9 percentage points compared to December, but an increase of 2.0 percentage points compared to January-February 2023 [17][26] - The industrial production has accelerated, with the industrial added value of large-scale enterprises growing by 7% year-on-year in January-February, which is an increase of 0.2 percentage points compared to December [4][12] - The fixed asset investment in January-February increased by 4.2% year-on-year, which is an acceleration of 1.2 percentage points compared to the entire year of 2023 [4][12] Retail Sector Analysis - The retail sales growth was driven by both essential and discretionary categories, with essential goods like grain and oil showing an increase of 9.0%, while discretionary categories like home appliances and building materials also saw positive growth [26] - Online retail sales grew by 15.3% year-on-year, with physical goods online retail sales reaching 18,206 billion yuan, indicating a recovery in online consumption [26][18] - The report highlights that while the growth rate of retail sales has improved compared to the previous year, it remains below the average growth rate of 9.1% seen in the three years prior to the pandemic (2017-2019) [18][26] Investment Recommendations - The report suggests focusing on resilient sectors such as food and beverage, which are essential consumer goods, and highlights opportunities in high-end liquor, regional liquor leaders, beer, dairy products, and snacks [18][26] - It also recommends sectors benefiting from expanded service consumption policies, including dining, tourism, and hotels [18] - In the jewelry sector, the report notes that gold jewelry has both consumption and investment attributes, suggesting a positive outlook for leading companies in this space [18][26] Economic Indicators - The unemployment rate in urban areas averaged 5.3% in January-February, indicating overall stability in the job market [4][12] - The report mentions that the monetary policy remains supportive, with social financing stock growth at 9.0% year-on-year, reflecting ongoing efforts to stimulate the economy [20]

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 强于大市 (维持) 业绩边际改善，旅游底部复苏 研 究 [Table_ReportType] ——社会服务行业 2023年业绩预告综述 [Table_ReportDate] 2024年03月12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 2023 年业绩预告披露基本结束，社服板块共有 61 家发布业绩预告， 社会服务 沪深300 行业披露率为 77%。旅游板块步入弱复苏通道，业绩整体改善，服务 10% 类板块利润稳步增长，教育板块业绩表现不佳。2024 年政府工作导向 5% 0% 持续围绕文旅等生活服务行业发力，预计文旅行业促消费政策有望延 -5% 行 -10% 续，利好文旅产业链上的餐饮、景区、酒店、免税等行业。建议关 -15% -20% 业 注：1）受益于出入境恢复带来口岸免税回暖，以及业绩逐步向好的 -25% -30% 跟 免税龙头；2）受益于经济回暖后客流恢复的景区与演艺龙头、酒店 -- 43 05 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 03 月 19 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大股指全部上涨，上证指数收涨 0.99%，报 3084.93 点； 深证成指收涨 1.46%，报 9752.83 点；创业板指收涨 2.25%，报 1926.40 点。A 股两市全天成交额 11,376.16 亿元人民币，北向资金净买入 28.25 亿元人民币，其中，沪股通净买入 17.67 亿元人民币，深股通 净买入 10.58 亿元人民币；南向资金净买入 29.31 亿港元。A 股两市 个股多数上涨，上涨个股数为 4445。申万行业方面，传媒、电子、电 力设备领涨，煤炭、家电、银行领跌；概念板块方面，低空经济、AI 手机、AI PC 概念指数涨幅居前，送转填权、特钢概念、黄金概念指 数跌幅居前。港股方面，恒生指数收涨 0.10%，恒生科技指数收涨 1.25%；海外方面，美国三大股指全线收涨，道指收涨 0.20%，报 38,790.43 点，标普 500 指数收涨 0.63%，报 5149.42 点，纳指收涨 ...

[Table_RightTitle] 证券研究报告|中药Ⅱ 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 《政府工作报告》指出促进中医药传承创新 (维持) 究 [Table_ReportType] [Table_ReportDate] ——中药Ⅱ行业周观点(03.04-03.10) 2024年03月11日 7743 [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 中药作为国家顶层政策支持的板块，在老龄化趋势、产业政策改革优化、 中药Ⅱ 沪深300 企业内部改革创新下，叠加中药创新药审评审批提速、中药OTC医保免 10% 疫等多方面优势，行业长期增长可期。本周《政府工作报告》发布，指 5% 出促进中医药传承创新。短期内关注一季度业绩、基药目录落地以及国 0% 行 -5% 改进展等。 业 -10% -15% 周 -20% 投资要点： -25% 观 -30% 点 ⚫ 涨跌幅：本周（2024.3.4~2024.3.10），生物医药指数下跌 2.24%，跑输沪深300指数2.44个百分点，位列申万一级31个 数据来源 ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 金价进一步上涨创下新高，多家公司公告回 强于大市 (维持) 研 究 购进展 [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(03.04-03.10) 2024年03月11日 7743 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 行业核心观点： 美容护理 沪深300 近月消费呈现平稳恢复态势，预计未来随着经济的逐步恢复和扩大消费 10% 措施的出台，消费活力有望得到进一步刺激。建议关注：①化妆品&医 5% 0% 美：在消费者趋于理性的背景下，近年来电商大促热度有所下滑，品牌 -5% 行 -10% 商转而更注重拉动日销；中长期来看，颜值经济下医美、化妆品需求较 -15% 业 -20% 大，多项化妆品、医美相关法规发布，行业洗牌背景下合规化妆品、医 -25% 周 -30% 美龙头公司受益。②黄金珠宝：随着金价上涨、消费场景恢复、黄金 -35% 观 -40% 饰品工艺提升以及“悦己 ...