Core Insights - In January-February 2024, China's total retail sales of consumer goods reached 81,307 billion yuan, with a year-on-year growth of 5.5%, a decrease of 1.9 percentage points compared to December, but an increase of 2.0 percentage points compared to January-February 2023 [7][32] - Retail sales of goods and catering revenue grew by 4.6% and 12.5% year-on-year, respectively [32] - Online retail sales showed a recovery, with a year-on-year growth of 15.3%, which is an increase of 4.3 percentage points compared to December 2023 and 9.1 percentage points compared to January-February 2023 [7][33] Retail Sector Analysis - The growth rate of essential goods such as grain and oil increased, while daily necessities saw a slight decline [7] - Among optional goods, categories like home appliances and construction materials turned from negative to positive growth, while cosmetics and jewelry experienced a notable decline in growth rates [7][32] - The online retail sector accounted for 26.5% of total retail sales, with significant growth in food, clothing, and daily necessities [7][33] Investment Recommendations - For the food and beverage sector, focus on high-end liquor, regional leading brands, beer, dairy products, and snacks [33] - In the social services sector, consider investments in catering, tourism, and hotels, which are expected to benefit from policies promoting service consumption [33] - The jewelry sector, particularly gold jewelry, is anticipated to see growth due to its dual nature of consumption and investment, alongside improving consumer sentiment [33]

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 ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 强于大市 上美股份发布业绩预告，38 节日大促来临 (维持) 研 究 [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(02.26-03.03) 2024年03月05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：短期来看，38 节日大促来临，在消费者趋于理性的背景下，近年 1543 行 -10% 来电商大促热度有所下滑，品牌商转而更注重拉动日销；中长期来看， -20% 业 颜值经济下医美、化妆品需求较大，多项化妆品、医美相关法规发布， -30% 周 行业洗牌背景下合规化妆品、医美龙头公司受益。②黄金珠宝：近期 -40% 观 金价高位震荡，叠加消费场景恢复、黄金饰品工艺提升以及“悦己”消 -50 ...

Investment Rating - The report indicates a weak performance of the real estate sector, with a slight decline of 0.72% in the Shenwan first-level real estate index from February 26 to March 1, 2024, underperforming the Shanghai and Shenzhen 300 index, which rose by 1.38% [2][12]. Core Insights - The report highlights a significant decline in sales for the top 100 real estate companies, with total sales amounting to 476.24 billion yuan in January and February 2024, representing a year-on-year decrease of 51.6%. February alone saw a month-on-month decline of 29.3% and a year-on-year drop of 64.7% [2][26]. - The report discusses the establishment of a city financing coordination mechanism, with 276 cities having set up such mechanisms by February 28, 2024, proposing around 6,000 real estate projects and approving loans exceeding 200 billion yuan [2][26]. Market Review - The real estate sector index fell by 0.72% during the week of February 26 to March 1, 2024, while the broader market index rose by 1.38%, indicating underperformance [12]. - The report notes that the sales of commercial housing in 30 major cities increased by 51.07% week-on-week but decreased by 57.19% year-on-year, with total sales of 1.4636 million square meters during the week [27]. Policy Overview - Key policies include the Ministry of Housing and Urban-Rural Development's notification on the scientific preparation of housing development plans for 2024 and 2025, emphasizing the importance of a coordinated mechanism for housing, land, and finance [2][24]. - The report mentions the adjustment of housing provident fund policies in Changchun and the introduction of rental deposit management regulations in Beijing, aimed at stabilizing the housing market [24]. Sales and Land Market Conditions - The report indicates that the supply of residential land in 100 cities decreased by 52.46% year-on-year, with a total supply of 3.595 million square meters during the week of February 26 to March 3, 2024 [35]. - The average premium rate for residential land transactions was reported at 3.77%, with first-tier cities showing a premium rate of 0.00% [35]. Financing Situation - As of March 3, 2024, the domestic bond issuance in the real estate sector amounted to 1.631 billion yuan, with a total issuance of 230.837 billion yuan year-to-date [41].

[Table_RightTitle] 5943 证券研究报告|建筑材料 行 [Table_Title] [Table_IndustryRank] 业 2 月百强房企销售额大幅下降，下游需求有 强于大市 (维持) 研 究 待进一步修复 [Table_ReportType] [Table_ReportDate] ——建筑材料行业周观点(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 （1）水泥，本周水泥价格低位运行。供给端，北方十五省区仍处于采 暖错峰生产阶段，南方省份 2 月份集中执行一季度错峰停窑或检修计 建筑材料 沪深300 5% 划，国内大部分熟料线处于停窑状态；需求端，水泥磨机开工负荷较上 0% -5% 周有一定恢复；展望后市，当前复工节奏恢复较弱，后续需求有望加快 行 -10% -15% 启动，3月初部分区域水泥价格有上涨空间，但整体涨幅可能有限。（2） 业 -20% -25% 浮法玻璃，本周国内浮法玻璃均价较上周有所上涨，环比涨幅收窄；供 周 -30% -35% 应端，周内产能持平，日熔量为1 ...