[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 白酒价格稳定，企业聚焦两会逐步开展新年 强于大市 (维持) 研 究 工作 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(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 上周食品饮料板块下跌1.83%，于申万31个子行业中位列第23。上周 食品饮料 沪深300 （2024年3月4日-2024年3月10日），沪深300指数上涨0.20%，申 10% 万食品饮料指数下跌 1.83%，跑输沪深 300 指数 2.03 个百分点，在申 5% 0% 行 万31个一级子行业中排名第23。年初至今沪深300指数上涨3.32%， -5% 业 申万食品饮料指数下跌 4.35%，跑输沪深 300 指数 7.67 个百分点，在 -10% -15% 周 申万31个一级子行业中排名第16。上周食品饮料子板块全部下跌，其 -20% ...

[Table_RightTitle] 证券研究报告|通信 行 [Table_Title] [Table_IndustryRank] 业 中国移动宣布自主研发的全球首条 400G 全 强于大市 (维持) 研 究 光省际骨干网正式商用 [Table_ReportType] [Table_ReportDate] ——通信行业周观点(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 上周（3.4-3.8）沪深300指数上涨0.20%，申万通信行业指数上涨2.55%， 通信 沪深300 在31个申万一级行业中排名第6位，跑赢沪深300指数2.35个百分点。建 30% 议重点关注5G建设及应用、算力、物联网、卫星通信等细分板块投资机 20% 行 会。 10% 业 0% 投资要点： -10% 周 -20% 观 产业动态：（1）ICT：近日，据IDC《全球ICT支出指南：行业与企业规 -30% 点 模》报告预测，2027年中国ICT市场规模接近6,888.4亿美元，五年复合 数据来源：聚源，万联证券研究所 增长 ...

证券研究报告|宏观报告 从CPI食品具体分项来看，2月，猪肉价格同比继续上行17.5个百分点至0.2%，上涨幅 度加快，环比增速由上月的-0.2%显著上行至7.2%；猪肉的替代品牛羊肉同比增速分 别由上月的-7.7%、-5.9%上行至-6.9%、-4.2%，蛋类同比增速上行1.3个百分点至-5.1%， 环比-2.2%。鲜菜价格同比上涨15.6个百分点至2.9%，环比上行12.7%；鲜果价格同比 上涨5个百分点至-4.1%，环比上行4.3%。粮食、食用油、水产品、烟草、酒类同比增 速分别由1月的0.5%、-4.9%、-3.4%、1.3%、-0.1%变动为0.3%、-5.4%、4.1%、1.3%、 -1.3%。 图表5：猪肉价格在2月上旬抬升（元/公斤） 图表6：能繁母猪去化进程边际提速（万头，%） 资料来源：Wind，万联证券研究所 资料来源：Wind，万联证券研究所 [Table_RightTitle] 4、风险提示 | --- | --- | --- | |----------|-----------------------------------------|-------| | 图表 1: | CPI ...

[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|传媒 行 [Table_Title] [Table_IndustryRank] 业 大模型 Cluade 3 发布，data.ai 公布 2023 强于大市 (维持) 研 究 年发行商营收 Top50 榜单 [Table_ReportType] [Table_ReportDate] ——传媒行业周观点(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 上周传媒行业（申万）下跌 2.54%，居市场第29位，跑输沪深 300 指 数。国外最新大模型Cluade 3发布。3月4日，Anthropic公司发布了 传媒 沪深300 50% 新一代的Claude 3模型家族，性能大幅提升，超越了GPT4。这些模型 40% 在多种认知任务上设定了新的行业标准，并在复杂任务上展现出接近人 30% 行 20% 类的理解和流畅度，引领着通用智能的前沿。data.ai 公布 2023 年发 业 10% 行商营收Top 50榜单。3月7日，data.ai公布了2023 ...

Core Insights - The A-share market saw all three major indices rise on Monday, with the Shanghai Composite Index up 0.99% to 3,084.93 points, the Shenzhen Component Index up 1.46% to 9,752.83 points, and the ChiNext Index up 2.25% to 1,926.40 points. The total trading volume in the A-share market was 1,137.616 billion RMB, with northbound capital net buying 2.825 billion RMB [4][20] - The retail sales of consumer goods in China for January-February reached 81,307 billion RMB, 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 the same period in 2023 [10][22] - The industrial production in China accelerated, with the industrial added value for large-scale enterprises growing by 7% year-on-year in January-February, which is an increase of 0.2 percentage points compared to December of the previous year [9][22] Market Performance - The A-share market had a total of 4,445 stocks rising, with the media, electronics, and power equipment sectors leading the gains, while coal, home appliances, and banking sectors lagged [4][20] - The online retail sales in January-February grew by 15.3% year-on-year, with physical goods online retail sales reaching 18,206 billion RMB, a growth of 14.4% [10][22] Economic Indicators - The fixed asset investment in China for January-February grew by 4.2% year-on-year, which is an acceleration of 1.2 percentage points compared to the entire year of the previous year [9][22] - The urban surveyed unemployment rate in China averaged 5.3% in January-February, with a slight increase of 0.1 percentage points in February compared to the previous month, but a decrease of 0.3 percentage points compared to the same month last year [9][22] Investment Recommendations - In the food and beverage sector, it is recommended to focus on high-end liquor, regional liquor leaders, beer, dairy products, condiments, frozen foods, and snacks [10] - For social services, attention is drawn to sectors benefiting from expanded service consumption policies, including catering, tourism, scenic spots, hotels, and duty-free shops [10] - In the beauty and jewelry sector, it is suggested to monitor leading companies in gold jewelry, as the demand is expected to recover with the gradual improvement of the economy [10]

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 行业巨头持续加码 AIPC，存储产业营收有 强于大市 (维持) 研 究 望保持增长 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(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 2024年3月4日至3月10日期间，沪深300指数上涨0.20%，申万电子指 电子 沪深300 数上涨 0.55%，在 31 个申万一级行业中排第 11，跑赢沪深 300 指数 0.35 20% 15% 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 10% 5% 0% 行 端、消费电子、存储芯片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）消费电子：苹果于3月4日发布了搭载 M3 芯片的新款 点 MacBook Ai ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials industry [1]. Core Insights - The issuance of special government bonds is expected to support the growth rate of infrastructure investment, which is crucial for the construction materials sector [1]. - The cement prices have slightly decreased, and the fuel prices have also dropped, leading to an upward trend in the cement-coal price spread. However, demand recovery is slow, and cement prices are expected to remain stable with limited upward potential [1][3]. - The report highlights a significant decline in sales for the top 100 real estate companies, indicating pressure on downstream demand [1]. Summary by Sections Market Review - The construction materials sector index fell by 1.56% to 4389.86 points as of March 8, 2024, underperforming the Shanghai and Shenzhen 300 index, which rose by 0.20% [9]. - All sub-sectors within the construction materials industry experienced declines, with cement down by 0.88%, glass and fiberglass down by 0.31%, and renovation materials down by 3.05% [11]. Cement Industry Data Tracking - As of March 8, 2024, the national average price for cement (P.O42.5 bulk) was 316.08 CNY/ton, a decrease of 0.24% week-on-week and a year-on-year decline of 19.62% [17]. - The clinker price was 273.75 CNY/ton, down 3.52% week-on-week and down 24.48% year-on-year. The cement-coal price spread was 199.45 CNY/ton, up 0.11% week-on-week but down 21.16% year-on-year [24][25]. - The national cement operating load was 23.87%, an increase of 7.31 percentage points week-on-week but a decrease of 29.2 percentage points year-on-year [29]. Glass Industry Data Tracking - The average price for 5mm float glass was 1990.68 CNY/ton as of March 8, 2024, a decrease of 3.95% week-on-week but an increase of 13.98% year-on-year [32].

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 个护重仓保持稳定，化妆品、医美重仓比例 强于大市 (维持) 研 究 持续下滑 [Table_ReportType] [Table_ReportDate] ——美容护理行业 2023Q4 基金持仓分析 2024年03月08日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 投资要点： 美容护理行业：重仓比例持续下滑，23Q4进入低配区间。23Q4美容护 美容护理 沪深300 10% 理行业重仓比例下滑至0.12%（环比-0.06pct），行业排名不变。2023年 5% 0% 行 以来，美容护理行业基金重仓配置水平持续下滑，23Q4 重仓持股市值 -5% -10% 业 占重仓持股总市值的比例为 0.28%（环比-0.12pct），超配比例环比- -15% -20% 跟 0.12pct至-0.07%，由正转负进入低配区间。 -25% -30% 8343 踪 -35% 子板块：个护用品重仓保持稳定，化妆品、医疗美容重仓比例持续下滑。 - ...

[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 | 3,084.93 | 0.99% | | 深证成指 | 9,752.83 | 1.46% | | 沪深 300 | 3,603.53 | 0.94% | | 科创 50 | 825.40 | 2.07% | | 创业板指 | 1,926.40 | 2.25% | | 上证 50 | 2,438.19 | 0.45% | | 上证 180 | 7,834.05 | 0.77% | | 上证基金 | 6,112.72 | 1.05% | | 国债指数 | | | [Table_MeetContact] 主持人: 陈雯 $$start$$ [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 | ...