[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 强于大市 多家美护上市公司提议回购股份 (维持) 研 究 [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(02.05-02.18) 2024年02月20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 珠宝龙头企业 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market in the next six months [2][19]. Core Insights - The report highlights that the wealth management product scale showed a trend of initial decline followed by recovery in 2023, with a total scale of 26.80 trillion yuan at the end of 2023, down 3.1% year-on-year but up 5.8% compared to mid-2023 [4][16]. - Fixed income products dominate the market, with their scale reaching 25.82 trillion yuan, reflecting a continued low risk appetite among investors [10][11]. - The proportion of wealth management products with a risk level of secondary (medium-low) or below reached 92.80%, indicating a conservative investment approach [10][11]. Summary by Sections 1. Wealth Management Product Scale - As of the end of 2023, there were 39,800 wealth management products, an increase of 14.86% from the beginning of the year, with a total scale of 26.80 trillion yuan, showing a trend of initial decline followed by recovery [4][6]. - Wealth management companies accounted for 83.58% of the total market scale, with 31 companies managing 22.47 trillion yuan [6][9]. - Individual investors represented 98.82% of the total number of investors in wealth management products, with a total of 114 million investors [9]. 2. Dominance of Fixed Income Products - Fixed income products accounted for 96.34% of the total scale, with a year-on-year increase of 1.84%, indicating a low risk appetite in the market [10]. - The asset allocation remains primarily in fixed income, with 45.3% allocated to bonds and 26.7% to cash and bank deposits [11]. - The proportion of closed-end products increased to 20.97%, with a shorter average duration for newly issued products [15]. 3. Investment Recommendations - The report suggests that the wealth management market is characterized by a recovery in product scale in the second half of 2023, although it has not returned to the levels seen at the end of 2022 [16]. - The potential for further adjustments in deposit rates is anticipated, which may aid in the recovery of the wealth management market scale [16].

Investment Rating - The report maintains an "Outperform" rating for the industry [3]. Core Insights - The overall net profit of the eight major consumption sectors in 2023 is projected to reach CNY 122.46 billion, with a year-on-year growth rate of 75% [2][15]. - The performance of the home appliance, beauty care, and food and beverage sectors stands out, while the agriculture and animal husbandry sector shows significant deterioration in profitability [2][3]. Summary by Relevant Sections 1. Overall Performance - As of February 1, 2024, 453 A-share listed companies in the eight major consumption sectors have released their 2023 performance forecasts, with an overall disclosure rate of 55% [2][13]. - Among the disclosed forecasts, 34% of companies are expected to be profitable, while 21% are projected to incur losses, and 45% have not disclosed their performance [2][3]. 2. Sector Performance - The sectors with the highest profitability ratios are home appliances (76%), beauty care (75%), and textiles and apparel (70%) [2][3]. - The sectors with the highest proportion of profit growth forecasts are home appliances (42%), food and beverage (33%), and beauty care (31%) [2][3]. - The agriculture and animal husbandry sector has the highest proportion of loss-making companies at 57%, followed by light industry manufacturing (43%) and food and beverage (38%) [2][3]. 3. Detailed Sector Analysis - Home appliances and beauty care lead in profitability, with the social services sector showing significant improvement, achieving a turnaround from losses to profits [3][8]. - The beauty care sector's net profit growth rate is projected at 577%, while textiles and apparel are expected to see a 244% increase [3][17]. - The food and beverage sector maintains a stable performance with a projected net profit growth of 21% in 2023, up from 11% in 2022 [3][17]. 4. Investment Recommendations - The report suggests focusing on opportunities in the following sectors for 2024: 1. Food and Beverage: High-end liquor, regional famous liquor, beer, dairy products, condiments, and frozen foods [9]. 2. Real Estate: Home appliances and home furnishings in the post-real estate cycle [9]. 3. Tourism: Benefiting from favorable policies and a resurgence in travel [9]. 4. Pig Farming: Potential upward cycle reversal [9]. 5. Beauty and Jewelry: Continued high demand in the beauty and aesthetics market [9].

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 利润端短期承压，关注业绩韧性较强的标的 (维持) 究 [Table_ReportType] [Table_ReportDate] ——电子行业跟踪报告 2024年02月20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 电子行业共 268 个公司披露 2023 年业绩预告，占比约 56.42%，披 露率高于 A 股整体。截止 2024 年 2 月 2 日，A 股共 2792 个公司披露 电子 沪深300 15% 2023年度业绩预告情况，披露率为52.20%。分行业看，SW电子行业共 10% 5% 行 268家公司披露2023年业绩预告，披露率为56.42%，高于A股整体披 0% 业 露率，在申万各一级行业中排名居中。 -5% -10% 跟 -15% -20% 投资要点： 踪 -25% -30% 报 -35% ⚫ SW 电子行业创业板 2023 年度业绩预告披露率最高，达 62.07%。分板 告 ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 春节假期旅游景区持续火热，离岛免税迎来 强于大市 (维持) 研 究 新年开门红 [Table_ReportType] [Table_ReportDate] ——2024 年春节黄金周旅游消费数据跟踪 2024年02月20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年春节黄金周收官，消费市场活力旺盛，旅游景区持续 火爆，表现亮眼，离岛免税喜迎新年开门红。旅游行业受政 社会服务 沪深300 5% 策和文旅宣传等因素影响，出行人次创新高，国内游、出境 0% -5% 行 游、入境游多点开花。“南北互跨”游趋势明显，“北上看 -10% 业 雪”和“南下避寒”贯穿春节假期，冰雪游、年俗游热度高 -15% -20% 跟 涨，各地景区表现亮眼。免税行业迎来新年开门红，在促消 -25% -30% 踪 费政策刺激和旅游热潮的影响下，海南免税销售表现亮眼， -35% -40% 报 国内免税市场潜力较大，免税龙头今年业绩可 ...

Investment Rating - The industry investment rating is "stronger than the market" indicating an expected increase of over 10% in the industry index relative to the market in the next six months [35]. Core Insights - The SW Media industry has a disclosure rate of approximately 60.61% for 2023 earnings forecasts, which is higher than the overall A-share market disclosure rate of 52.20% [10][12]. - The industry has a positive earnings forecast sentiment with a pre-joy rate of 42.50%, surpassing the A-share average, and an overall performance improvement rate of 55.00% [16][18]. - The total net profit forecast for the SW Media industry is estimated at 7.816 billion yuan, indicating a turnaround from losses in the previous year, primarily driven by leading companies [3][32]. Summary by Sections 1. Earnings Forecast Disclosure Rate - A total of 80 companies in the SW Media industry disclosed their 2023 earnings forecasts, with a disclosure rate of 60.61%, ranking high among various sectors [10][12]. - The main board of the A-share market has the highest disclosure rate at approximately 62.5% [12]. 2. Profit Performance - More than half of the companies reported good performance, with 55.00% showing improved net profits, including 20 companies turning losses into profits [3][18]. - The total net profit forecast for the 80 companies is 7.816 billion yuan, reflecting a significant improvement compared to the previous year [3][32]. 3. Companies with Notable Earnings Changes - The top five companies with the largest year-on-year net profit growth forecasts include Zhejiang Wenlian, Ice River Network, Mingchen Health, Oriental Pearl, and Fengyuzhu [24]. - Companies that have turned losses into profits with the most significant absolute changes include Century Huatong, Wanda Film, BlueFocus, Light Media, and Youzu Network [24][28]. 4. Investment Recommendations - The report suggests focusing on companies with year-on-year profit growth and those that have turned losses into profits. Long-term attention is recommended for leading companies in mini-games, ladder media, quality film production, and virtual reality content [32].

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 Chat with RTX 推动模型本地部署，AIPC 内 强于大市 (维持) 研 究 容生态持续丰富 [Table_ReportType] [Table_ReportDate] ——电子行业跟踪报告 2024年02月20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 ⚫ 英伟达推出Chat with RTX，本地化部署为其重要特征：英伟达发布 电子 沪深300 AI聊天机器人Chat with RTX，用户可在搭载NVIDIA GeForce RTX 15% 10% 30系列或更高版本的GPU（至少8GB显存）进行本地部署。Chat With 5% 行 0% RTX可以将用户的资料与大语言模型建立连接，从而令大语言模型更 业 -5% -10% 具个性化。利用检索增强生成(RAG)、TensorRT-LLM和RTX加速，该 跟 -15% -20% 应用具备本地文件及在线视频检索分析功能。同时，本地化部署有望 踪 -2 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Insights - Google has launched the Gemini 1.5 Pro version, which has performance levels comparable to the largest model, Gemini 1.0 Ultra. The Gemini 1.5 Pro significantly outperforms the Gemini 1.0 Pro in most benchmark tests, with better results in 27 out of 31 tests. It also surpasses Gemini 1.0 Ultra in over half of the benchmark tests, particularly excelling in text and some visual benchmarks [1][9] - The Gemini 1.5 model is built on a sparse mixture-of-expert (MoE) architecture, allowing for more efficient training and service compared to traditional transformer models. This architecture divides the model into smaller "expert" neural networks, enhancing efficiency and reducing computational resource requirements [1][10][12] - Gemini 1.5 Pro features an exceptionally large context window, capable of processing up to 1,000,000 tokens, which equates to handling extensive information such as 1 hour of video, 11 hours of audio, over 30,000 lines of code, or more than 700,000 words. This capability enables complex reasoning over large datasets [1][13][17] Summary by Sections 1. Gemini 1.5 Pro Release - Google has updated its Gemini series with the Gemini 1.5 Pro version, which is a multimodal model capable of processing various types of information including text, images, audio, video, and code [7][9] 1.1 Performance Comparison - The performance of Gemini 1.5 Pro is on par with Gemini 1.0 Ultra, showing significant improvements over Gemini 1.0 Pro in most benchmarks [9] 1.2 Efficiency of MoE Architecture - The MoE architecture allows for more efficient training and service, utilizing a structure that includes sparse MoE layers and a gating network to direct tokens to specific experts [10][12] 1.3 Context Window Capacity - The model supports a context window of 128,000 tokens by default, with options for select users to access up to 1,000,000 tokens, facilitating complex reasoning tasks [13][17] Investment Recommendations - The large context window and efficient MoE architecture present significant investment opportunities, particularly as these models accelerate their application in various fields and continue to drive demand for computational power [19]

[Table_RightTitle] 证券研究报告|中药Ⅱ 行 [Table_Title] [Table_IndustryRank] 业 《中药标准管理专门规定（征求意见稿）》 强于大市 (维持) 研 究 发布，板块估值具吸引力 [Table_ReportType] [Table_ReportDate] ——中药Ⅱ行业周观点(02.05-02.18) 2024年02月20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。 5% 0% 行 -5% 投资要点： 业 -10% -15% 周 ⚫ 涨跌幅：2024年2月5日至2024年2月8日，生物医药指数 -20% -25% 观 上涨10.31%，跑赢沪深300指数4.48个百分点；申万医药8 -30% 点 个二级子板块中，中药板块位列第四，上涨9.19%。中药板块 73家上市公司50家上涨，23家下跌。 数据来源： ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [23]. Core Insights - The advertising market showed signs of recovery in 2023, with a year-on-year increase in spending of 6.0%. Monthly spending began to rise from March, with significant growth in April and May, and a year-on-year increase of 8.9% in December [9][20]. - Key sectors driving advertising growth include pharmaceuticals, beverages, entertainment and leisure, and cosmetics/personal care, with notable increases in advertising spending of 34.0%, 29.9%, 15.7%, and 12.3% respectively [14][20]. - The elevator media segment remains a strong performer, with advertising spending for elevator LCDs and posters increasing by 20.4% and 16.5% year-on-year, respectively [16][20]. Summary by Sections Market Performance - The advertising market in 2023 experienced a recovery, with December showing a year-on-year growth trend. The overall market is expected to continue this upward trajectory into 2024 [9][20]. - Monthly advertising spending saw a consistent positive growth trend starting from March, with December reflecting an 8.3% month-on-month increase [9][20]. Sector Analysis - The advertising expenditure in the beverage sector grew by 15.7%, while the pharmaceutical sector saw a 12.3% increase. The entertainment and leisure sector experienced a significant rise of 29.9% due to increased consumer travel enthusiasm [14][20]. - The cosmetics/personal care sector had a remarkable growth of 34.0%, driven by sustained consumer demand for quality of life products [14][20]. Channel Insights - Elevator media continues to be a dominant force, with significant year-on-year growth in advertising spending. The cinema video channel also showed a notable rebound, with a month-on-month increase of 41.3% in December despite a year-on-year decline [16][20]. - Other channels such as airports, train stations, and subways have transitioned from negative to positive growth in advertising spending [16][20].