[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 推动数字经济高质量发展，开展“人工智能 强于大市 (维持) 研 究 +”行动 [Table_ReportType] [Table_ReportDate] ——计算机行业快评报告 2024年03月06日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年3月5日上午，十四届全国人大二次会议开幕。李强总理作政府工 作报告。在2024年十大工作任务的第一项第三点，明确提出要“深入推进 计算机 沪深300 30% 数字经济创新发展”。 20% 行 10% 业 投资要点： 0% -10% 快 -20% ⚫ 深化核心产业的数字化转型，推动数据开发开放和流通使用。2023年的政 -30% 评 府工作报告中提出要大力发展数字经济，而 2024 年的政府工作报告则是 -40% 报 -50% 进一步提出要深入推进、创新发展，强调数字经济的高质量发展。数字经 告 济和实体经济的深度融合一直是我国数字经济发展的核心，数字产业化和 数据来源 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [5][9]. Core Viewpoints - The company announced on March 4 that its wholly-owned subsidiary, Changdian Technology Co., Ltd., plans to acquire 80% of the shares of Shengdi Semiconductor (Shanghai) Co., Ltd. for approximately USD 62.4 million [2][3]. - Shengdi Semiconductor is one of the largest packaging and testing factories for flash memory storage products globally, with a strong financial performance that is expected to positively impact the company's overall performance post-acquisition [3][4]. - The acquisition is anticipated to deepen the collaboration with storage giant Western Digital, enhancing customer loyalty and positioning the company favorably in the growing storage chip market, which is projected to reach USD 130 billion in 2024 [3][4]. Summary by Sections Financial Performance - Shengdi Semiconductor achieved revenues of CNY 3.498 billion in 2022 and CNY 1.605 billion in H1 2023, accounting for 10.36% and 13.19% of Changdian Technology's revenue during the same periods [3]. - The net profit for Shengdi Semiconductor was CNY 357 million in 2022 and CNY 222 million in H1 2023, with net profit margins of 10.21% and 13.80%, respectively, outperforming Changdian Technology's figures [3]. Market Outlook - The storage chip market is the second-largest segment in the semiconductor industry, accounting for approximately 28%, with NAND flash memory chips representing about 40% of this market [3]. - The compound annual growth rate (CAGR) for NAND flash memory chips is projected to be 8% from 2021 to 2027 [3]. Earnings Forecast - The company is expected to generate revenues of CNY 29.42 billion, CNY 33.97 billion, and CNY 38.16 billion for the years 2023, 2024, and 2025, respectively [4][9]. - The forecasted net profit for the same years is CNY 1.56 billion, CNY 2.73 billion, and CNY 3.47 billion, indicating a significant recovery and growth trajectory [4][9].

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[Table_Summary] 概览 研报精选 1-2 月社零同比+5.5%，消费市场持续恢复 政策仍在继续发力 | --- | --- | --- | |-------------------------------|---------------------|----------| | [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% | 证 券 研 究 报 告 晨会纪要 市场研究 [Table_Content] 核心观点 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 ...

Core Viewpoints - The A-share market showed positive performance with all three major indices rising, with the Shanghai Composite Index up by 0.99% to 3,084.93 points, the Shenzhen Component Index up by 1.46% to 9,752.83 points, and the ChiNext Index up by 2.25% to 1,926.40 points. The total trading volume in the A-share market reached 1,137.616 billion RMB, with northbound capital net buying 2.825 billion RMB [1][10] - In terms of economic performance, China's industrial production accelerated in January-February, with the industrial added value of large-scale enterprises growing by 7% year-on-year. Retail sales of consumer goods totaled 81,307 billion RMB, reflecting a year-on-year increase of 5.5% [11][12] - The new generation GPU Blackwell was announced by NVIDIA's CEO Jensen Huang, featuring 208 billion transistors and supporting real-time generative AI applications. The first chip, GB200, is expected to launch later this year [11][12] Market Performance - The A-share market saw a total of 4,445 stocks rise, with the media, electronics, and power equipment sectors leading the gains, while coal, home appliances, and banking sectors lagged behind. The concept indices for low-altitude economy, AI mobile phones, and AI PCs showed significant increases, while indices for stock transfers, special steel concepts, and gold concepts experienced declines [1][10] - The Hang Seng Index rose by 0.10% to 16,737.12 points, and the Hang Seng Technology Index increased by 1.25%. In the overseas markets, all three major US indices closed higher, with the Dow Jones up by 0.20% to 38,790.43 points, the S&P 500 up by 0.63% to 5,149.42 points, and the Nasdaq up by 0.82% to 16,103.45 points [1][10] Economic Indicators - The fixed asset investment in January-February grew by 4.2% year-on-year, an increase of 1.2 percentage points compared to the previous year. The urban surveyed unemployment rate averaged 5.3% in January-February, showing stability in the employment situation [11][12] - Online retail sales in January-February reached 21,535 billion RMB, reflecting a year-on-year growth of 15.3%, indicating a recovery in online consumption [15][12] Investment Recommendations - The report suggests focusing on resilient sectors such as food and beverage, social services, and beauty and jewelry. Specific recommendations include high-end liquor, regional liquor leaders, and sectors benefiting from expanded service consumption policies [15][12] - The report anticipates that the consumption growth rate will normalize below pre-pandemic levels, expected to remain in the range of 5%-8%, while still maintaining long-term steady growth [15][12]

[Table_RightTitle] 5943 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 食饮业绩报告数据亮眼，企业动员大会彰显 强于大市 (维持) 研 究 新年志气 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(02.26-03.03) 2024年03月04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 上周食品饮料板块下跌0.71%，于申万31个子行业中位列第26。上周 食品饮料 沪深300 （2024年02月26日-2024年03月03日），沪深300指数上涨1.38%， 5% 申万食品饮料指数下跌 0.71%，跑输沪深 300 指数 2.09 个百分点，在 0% -5% 行 申万31个一级子行业中排名第26。年初至今沪深300指数上涨3.11%， -10% 业 申万食品饮料指数下跌 2.57%，跑输沪深 300 指数 5.68 个百分点，在 -15% -20% 周 申万31个一级子行业中排名第13。上周食品饮料子板块涨幅较低，整 ...

[Table_RightTitle] 证券研究报告|银行 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 开年新发产品整体呈现稳中向好态势 (维持) 究 [Table_ReportType] [Table_ReportDate] ——银行行业跟踪报告 2024年03月05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 从2024年1-2月合计数据看，新发产品整体呈现稳中向好态势： 银行 沪深300 受春节假期因素影响，2024年2月银行系新发行理财产品数量合 15% 10% 计2030只，环比下滑27.2%；规模合计2478亿元，环比下滑56.7%。 行 5% 1543 2024年1-2月，新发行产品的数量合计4819只，同比增长15.6%； 0% 业 -5% 跟 规模合计为8196亿元，同比增长2.9%。整体呈现稳中向好趋势。 -10% -15% 踪 从新发产品的期限结构看，3-6个月的产品占比为33%，环比下滑 -20% 报 5%；期限在 6-12 个月和 1-3 年期的产品占比分别为 24%和 38% ...

[Table_RightTitle] 5943 证券研究报告|通信 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 华为发布通信行业大模型 (维持) 究 [Table_ReportType] [Table_ReportDate] ——通信行业周观点(02.26-03.03) 2024年03月04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（2.26-3.1）沪深300指数上涨1.38%，申万通信行业指数上涨 通信 沪深300 6.05%，在31个申万一级行业中排名第3位，跑赢沪深300指数4.67个百 30% 分点。建议重点关注5G建设及应用、算力、数据中心、卫星通信等细分 20% 行 板块投资机会。 10% 业 0% 投资要点： -10% 周 -20% 观 产业动态：（1）电脑硬件：2月26日，在MWC 2024上，英特尔官宣了 -30% 点 Granite Rapids-D至强处理器，这一面向电信等领域产品将于明年正 数据来源：聚源，万联证券研究所 式发布。（2）卫星网络：2月27日，埃隆·马 ...

[Table_RightTitle] 5943 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 微软 Copilot 持续更新，AI 手机有望拉动 强于大市 (维持) 研 究 换机周期 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(02.26-03.03) 2024年03月04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2月26日至3月3日期间，沪深300指数上涨1.38%，申万电子指 电子 沪深300 数上涨7.02%，在31个申万一级行业中排第2，跑赢沪深300指数5.64个 15% 10% 百分点。把握AI产业链加速建设的催化下，AIPC、AI手机、AI芯片、HBM 5% 行 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：微软在2月29日发布一款能够为金融业工作人员服 -30% -35% 点 务的聊天机器人，名为Copilot for Financ ...

[Table_RightTitle] 5943 证券研究报告|中药Ⅱ 行 [Table_Title] [Table_IndustryRank] 业 超六成公司业绩预告向好，关注业绩催化标 强于大市 (维持) 研 究 的 [Table_ReportType] [Table_ReportDate] ——中药Ⅱ行业周观点(02.26-03.03) 2024年03月04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。本周梳理截至2月底，中药板块 5% 上市公司业绩预告和业绩快报数据，超6成上市公司2023年度业绩向 0% 行 -5% 好，建议关注业绩催化标的。 业 -10% -15% 周 -20% 投资要点： -25% 观 -30% 点 ⚫ 涨跌幅：本周，生物医药指数上涨1.38%，跑赢沪深300指数 0.34个百分点，位列申万一级31个子行业第14；申万医药8 数 ...