Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Insights - The media industry (Shenwan) rose by 13.39% last week, ranking first in the market and outperforming the CSI 300 index by 9.68 percentage points [8][10] - "Honor of Kings" has officially partnered with the Saudi Esports World Cup, marking its entry into the Middle East and other regions [34] - The launch of the AI-generated animation "Qianqiu Shisong" represents a significant breakthrough in the application of AI technology in the media and film industry [35] Summary by Sections 1. Media Industry Weekly Review - The media industry saw a significant increase, with all sub-sectors rising last week, particularly the publishing sector, which increased by 17.13% [15] - The industry valuation (PE TTM) is currently at 23.78X, below the 6-year average of 26.52X, indicating a 10.32% decline [16] - Over 97% of the stocks in the media sector rose last week, with 129 out of 132 stocks increasing in value [20] 2. Media Industry Weekly Performance Review 2.1 Gaming - "Honor of Kings" topped the global mobile game revenue charts, generating $233 million in January 2024 [26] - The first esports and sports event will take place in Kazan, Russia, combining traditional sports with esports [34] 2.2 Film and Television - The box office for the week reached 1.945 billion yuan, a year-on-year increase of 372.22% [29] - The top three films by box office share were "The 20th Article," "Fast and Furious 2," and "Hot and Spicy" [31] 3. Industry News and Company Announcements - The partnership between "Honor of Kings" and the Saudi Esports World Cup is a strategic move to expand into the Middle East [34] - The launch of "Qianqiu Shisong" showcases the potential of AI in content creation, marking a significant advancement in the media sector [35] - The VR/AR industry saw a decline in investment and financing activities in 2023, with a total of 229 events, down 31.64% year-on-year [35] 4. Investment Recommendations - The report suggests focusing on leading companies in gaming with strong R&D capabilities and a rich game reserve [45] - In the film sector, it is recommended to pay attention to leading cinema chains and quality content producers [47] - For AIGC applications, companies that have successfully implemented AIGC technology should be monitored [47] - The report also highlights the potential in the VR/AR market, suggesting to focus on companies involved in virtual reality content [48]

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 华为及小米发布手机新品，各尺寸电视面板 强于大市 研 (维持) 究 价格回升 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(02.19-02.25) 2024年02月26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19日至2月25日期间，沪深300指数上涨3.71%，申万电子 电子 沪深300 指数上涨6.02%，在31个申万一级行业中排第13，跑赢沪深300指数2.31 20% 15% 个百分点。把握 AI 产业链加速建设的催化下，AIPC 等创新终端、半导体 10% 5% 0% 行 设备、消费电子、存储芯片、AI+终端等领域呈现的结构化投资机会。 -5% -10% -15% 业 -20% 投资要点： -25% -30% 周 -35% 观 产业动态：（1）人工智能：2月21日，英伟达发布了2024财年年报及第 点 四季度报，全年营收609亿美元， ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 中免进军新加坡市场，春节假期海南免税店 强于大市 研 (维持) 究 业绩亮眼 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(02.19-02.25) 2024年02月26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 月19日-2月25日）沪深300指数上涨3.71%、申万社会服务指 社会服务 沪深300 数上涨8.28%，社会服务指数跑赢沪深300指数4.57个百分点，在申万31 10% 个一级行业指数涨跌幅排第 4。年初至今沪深 300 指数上涨 1.71%、申万 5% 0% 社会服务指数下跌10.18%，申万社会指数跑输沪深300指数11.89个百分 -5% 行 -10% -15% 点，在申万31个一级子行业中涨跌幅排名第22。上周社会服务主要子板 -20% 业 -25% 块全部上涨：酒店餐饮7.19%、旅游及景区4.52%、教育18.12% ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 强于大市 创健医疗成功研发 III 型重组人胶原蛋白 (维持) 研 究 [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(02.19-02.25) 2024年02月26日 [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 0% 美：受内外部环境影响，部分医美、化妆品龙头去年业绩出现放缓；中 行 -10% 长期来看，颜值经济下医美、化妆品需求较大，多项化妆品、医美相关 -20% 业 法规发布，行业洗牌背景下合规化妆品、医美龙头公司受益。②黄金珠 -30% 周 宝：近期金价高位震荡，叠加消费场景恢复、黄金饰品工艺提升以及“悦 -40% 观 己”消费观念的深入，看好积极抢占渠道、升级品牌、开发新品的黄金 -50% 点 ...

Investment Rating - The report maintains an "Outperform" rating for the banking industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [1]. Core Insights - The banking sector's asset quality remains stable, with a slight decrease in net interest margin and an increase in asset growth rate. In 2023, commercial banks achieved a net profit of 2.38 trillion yuan, with a year-on-year growth of 3.2%, and a fourth-quarter growth of 13.2% [1][5]. - The total assets of the banking sector grew by 11.0% year-on-year by the end of 2023, showing an improvement from the previous quarter's growth of 10.5% [1][7]. - The net interest margin for commercial banks at the end of 2023 was 1.69%, reflecting a quarter-on-quarter decline of 0.03% and a year-on-year decline of 0.22% [1][9]. - The overall asset quality is stable, with non-performing loans (NPL) at 3.23 trillion yuan and a non-performing loan ratio of 1.59%, which has decreased by 0.02% quarter-on-quarter [1][11][12]. - The report anticipates continued support for the banking sector's asset quality due to fiscal policy measures and a stable monetary policy environment, which are expected to boost market expectations and economic recovery [1][20]. Summary by Sections Section 1: Net Interest Margin and Asset Growth - In 2023, commercial banks' net profit grew by 3.2% year-on-year, with a total asset growth of 11.0% [5][7]. - The net interest margin decreased to 1.69% by the end of 2023, with variations across different banking segments [9]. Section 2: Asset Quality - The non-performing loan balance remained stable at 3.23 trillion yuan, with a non-performing loan ratio of 1.59% [11][12]. - The report highlights a slight increase in the proportion of special mention loans to 2.2% [12]. Section 3: Investment Recommendations - The report suggests that the banking sector will benefit from ongoing fiscal policy support and a stable monetary policy, which are expected to enhance asset quality and profitability [20].

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 行业重仓比例下降，教育板块迎来增仓 (维持) 究 [Table_ReportType] [Table_ReportDate] ——社会服务行业 2023Q4 基金持仓分析 2024年02月23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 2023Q4社会服务基金重仓比例下行，相较于历史水平，社服行业当前 重仓比例不仅远低于历史平均重仓比例，同时也尚未恢复至疫前水 社会服务 沪深300 10% 平，反弹空间较大。分板块来看，专业服务作为半年多来的社服持仓 5% 0% 行 主力地位稳固，教育龙头重新获得基金关注。当前板块当前估值处于 -5% -10% -15% 业 低位，酒店、景区等业绩仍有复苏空间，股价有望得到进一步修复。 -20% -25% 跟 建议关注：1）受益于经济回暖后客流恢复的景区与演艺龙头、酒店 -30% -35% -40% 踪 龙头；2）积极转型发展、符合政策要求的职教公司以及应用科 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][19]. Core Insights - Under low risk appetite, the configuration of newly issued products and asset allocation is unlikely to change significantly in the short term [1][10]. - In January 2024, the total number of newly issued wealth management products by banks reached 2,794, a month-on-month increase of 3.9%, while the total scale was 4,877 billion, a month-on-month decrease of 4.7% [5][11]. - The proportion of products with a duration of 3-6 months continues to rise, reaching 39% by the end of January, an increase of 12 percentage points compared to January 2023 [5][10]. - The proportion of fixed income products remains high, exceeding 99%, while the performance benchmark for newly issued products has declined to 3.33%, down 0.53% year-on-year and 0.05% month-on-month [7][11]. Summary by Sections 1. New Product Configuration and Asset Allocation - The scale of newly issued medium to long-term products by banks has slightly rebounded, with a total of 2,794 products issued in January 2024 [5]. - The proportion of fixed income products remains high, and the performance benchmark continues to decline [7]. - The overall market risk appetite is low, and the configuration of new products is expected to remain stable in the short term [10]. 2. Wealth Management Company Issuance - In January 2024, wealth management companies issued a total of 1,467 products, a month-on-month increase of 128 products, with a total scale of 4,159 billion, reflecting a month-on-month decrease of 151 billion [11]. - The average fundraising scale per product was 284 million, with the proportion of newly issued products steadily increasing within the banking sector [11]. 3. Investment Recommendations - The continued increase in the proportion of short-term products (3-6 months) and the high proportion of fixed income products reflect a low market risk appetite [16]. - The potential adjustment of deposit rates may further help restore the scale of the wealth management market [16].

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 [31]. Core Insights - The communication industry is projected to experience significant growth, with nearly half of the companies reporting improved year-on-year profits. The total net profit for the 79 companies in the SW communication sector is estimated to be 5.659 billion yuan, reflecting a year-on-year increase of 85.65% [14][18]. - The report highlights that the performance forecast disclosure rate for the SW communication industry stands at 58.96%, which is higher than the overall A-share market disclosure rate of 52.20% [6][8]. Summary by Sections 1. Performance Forecast Disclosure Rate - The SW communication industry has a disclosure rate of 58.96%, with 79 companies reporting their 2023 performance forecasts, surpassing the overall A-share market [6][8]. - The disclosure rates for different boards are as follows: Main Board 61.67%, ChiNext 62.50%, Sci-Tech Innovation Board 50.00%, and North Exchange 0.00% [8][10]. 2. Profit Improvement - Nearly half of the companies in the SW communication sector reported improved net profits year-on-year, with 38 out of 79 companies showing positive trends, resulting in an overall profit improvement rate of 48.10% [12][14]. - The total net profit for the sector is projected to be 5.659 billion yuan, with a significant increase driven by major companies [14][18]. 3. Net Profit and Non-Recurring Profit Growth - The estimated non-recurring net profit for the SW communication industry is approximately 3.987 billion yuan, reflecting a year-on-year increase of 440.61% [18][24]. - Key companies contributing to this growth include Tongding Interconnection, Hengshi Technology, and others, with significant improvements in their financial performance [24][28]. 4. Investment Recommendations - The report suggests focusing on sectors benefiting from the demand for data elements and AI models, particularly in areas such as operators, equipment manufacturers, optical modules, and data centers [28].

[Table_RightTitle] 证券研究报告|通信 行 9243 [Table_Title] [Table_IndustryRank] 业 强于大市 研 国资央企领头，加速推进人工智能产业发展 (维持) 究 [Table_ReportType] [Table_ReportDate] ——通信行业快评报告 2024年02月22日 [事Ta件ble：_S ummary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2 月 19 日，国务院国资委召开“AI 赋能 产业焕新”中央企业人工智能 专题推进会。会议强调，要推动中央企业在人工智能领域实现更好发展、 通信 沪深300 40% 发挥更大作用。 30% 行 20% 业 投资要点： 10% 快 国资央企带头拥抱AI产业，着力打造人工智能产业集群。会议认为，加 0% -10% 评 快推动人工智能发展，是国资央企发挥功能使命，抢抓战略机遇，培育新 -20% 报 质生产力，推进高质量发展的必然要求。中央企业要主动拥抱人工智能带 -30% 告 来的深刻变革，把加快发展新一代人工智能摆在更加突出的位置，不断强 数据来源：聚源，万联证券研究所 化创新策略、 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 利润端整体承压，过半标的呈现向好趋势 (维持) 究 [Table_ReportType] [Table_ReportDate] ——计算机行业跟踪报告 2024年02月21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 SW计算机行业共219个公司披露2023年业绩预告，占比为62.04%， 披露率高于A股整体。截止2024年2月2日，A股共2792个公司披 计算机 沪深300 30% 露2023年度业绩预告情况，披露率为52.20%。分行业看，SW计算机 20% 6343 行 行业共 219 家公司披露 2023 年业绩预告，披露率为 62.04%，高于 A 10% 0% 业 股整体披露率，披露率在申万各一级行业中排名靠前。 -10% 跟 -20% 投资要点： -30% 踪 -40% 报 SW计算机行业科创板2023年度业绩预告披露率最高，约71.88%。分 -50% 告 板块看，A 股主板/创业 ...