中原证券股份有限公司具备证券投资咨询业务资格。本报告由中原证券股份有限公 司（以下简称"本公司"）制作并仅向本公司客户发布，本公司不会因任何机构或个 人接收到本报告而视其为本公司的当然客户。 本报告中的信息均来源于已公开的资料，本公司对这些信息的准确性及完整性不作 任何保证，也不保证所含的信息不会发生任何变更。本报告中的推测、预测、评 估、建议均为报告发布日的判断，本报告中的证券或投资标的价格、价值及投资带 来的收益可能会波动，过往的业绩表现也不应当作为未来证券或投资标的表现的依 据和担保。报告中的信息或所表达的意见并不构成所述证券买卖的出价或征价。本 报告所含观点和建议并未考虑投资者的具体投资目标、财务状况以及特殊需求，任 何时候不应视为对特定投资者关于特定证券或投资标的的推荐。 本报告具有专业性，仅供专业投资者和合格投资者参考。根据《证券期货投资者适 当性管理办法》相关规定，本报告作为资讯类服务属于低风险（R1）等级，普通投 资者应在投资顾问指导下谨慎使用。 本报告版权归本公司所有，未经本公司书面授权，任何机构、个人不得刊载、转发 本报告或本报告任何部分，不得以任何侵犯本公司版权的其他方式使用。未经授权 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 预制菜产业之河南发展现状 l iuran@ccnew.com 021-50586281 证券研究报告-行业深度分析 食品饮料相对沪深300指数表现 发布日期：2024年05月28日 投资要点： 食品饮料 沪深300 5% ⚫ 预制菜是食品加工产业中新生的细分领域。中国的预制菜产业目 2% -2% 前正在经历一个快速发展期。2022年，中国预制菜产值已超过4000 -6% 亿元，同比增长21.3%，显示出强劲的增长势头。预计未来几年， -9% -13% 预制菜市场将保持较高的增长速度，到2026年市场规模将突破万 -17% -20% 亿元规模。尽管中国的预制菜市场容量巨大，但是市场格局分散 2023.05 2023.09 2024.01 2024.05 ——头部企业的市场占有率仅达到1%，市场仍以小企业经营为主， 资 料来源：中原证券，聚源 这为头部企业的长足发展提供了广阔的市场空间。 相关报告 ⚫ 中国预制菜产业之所以获取了高质量、高速度发展，得益于资本、 《食品饮料行业月报：食饮板块全面反弹，核 技术以及政策各方面条件的推动。从投资视角来看，预 ...

通信 分析师：唐俊男 登记编码：S0730519050003 光通信产业链分析之河南概况 tangjn@ccnew.com 021-50586738 研究助理：李璐毅 l ily2@ccnew.com 021-50586278 证券研究报告-行业深度分析 通信相对沪深300指数表现 发布日期：2024年05月24日 报告要点： 通信 沪深300 24% ⚫ 光通信是一种以光波作为传输媒介的通信方式，该领域属于我国实 18% 12% 施创新驱动发展战略的重要组成部分。光通信产业包括多个环节， 6% 话语权较强的集中在上游和下游两端，上游芯片厂商和下游客户较 0% -7% 为强势，处于中游的光模块厂商的成本控制水平决定其整体盈利能 -13% -19% 力。随着技术进步和成本降低，光通信产品的应用范围持续拓展， 2023.05 2023.09 2024.01 2024.05 市场需求不断增加。 资 料来源：中原证券研究所，聚源 相关报告 ⚫ 在5G、6G等新一代通信技术、AI、云计算及物联网等新兴领域的 《通信行业月报：智能手机出货量小幅增长， 推动下，光通信行业迎来了广阔的市场前景和发展机遇。按下游应 光模块出口 ...

相关报告 《市场分析：防御行业领涨 A 股小幅震荡》 2024-05-24 《市场分析：军工电子行业领涨 A 股宽幅震 荡》 2024-05-23 《市场分析：地产光伏行业走强 A 股窄幅波 动》 2024-05-22 联系人： 马嵚琦 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 证券研究报告-市场分析 发布日期：2024 年 05 月 28 日 投资要点： 周一 A 股市场高开高走、小幅震荡上涨，早盘股指高开后震荡上行，沪指 盘中在 3106 点附近遭遇阻力，尾盘股指再度震荡走高，盘中银行、电网设 备、半导体以及石油煤炭等行业表现较好；光伏设备、军工、农牧饲渔以 及房地产等行业表现较弱，沪指全天基本呈现小幅震荡上涨的运行特征。 当前上证综指与创业板指数的平均市盈率分别为 13.19 倍、30.01 倍，处 于近三年中位数以下水平，市场估值依然处于较低区域，适合中长期布局。 两市周一成交金额 7785 亿元，处于近三年日均成交量中位数区域下方。新 国九条发布，推动市场走向成熟，提振市场长期信心。4 月财政收入降幅 略有扩大，财政支出力加大。地产组合 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 券商板块 2024 年 4 月回顾及 5 月前瞻 z hangyang-yjs@ccnew.com 021-50586627 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深300指数表现 发布日期：2024年05月27日 证券Ⅱ 沪深300 20% ⚫ 券商板块2024年4月行情回顾：4月券商指数先抑后扬，月末创 15% 9% 年内最大单日涨幅。中信二级行业指数证券Ⅱ全月上涨1.92%， 4% -1% 跑赢沪深300指数0.03个百分点。4月券商板块大部分个股实现 -7% 上涨，整体呈现探低反弹，板块平均P/B的震荡区间为1.123- -12% -17% 1.227倍。 2023.05 2023.09 2024.01 2024.05 资料来源：中原证券研究所，聚源 ⚫ 影响上市券商2024年4月月度经营业绩的核心要素：（1）权益明 显分化、固收冲高回落，上市券商自营业务的不确定性有所增 相关报告 强，分化甚至显著分化将在所难免。（2）日均成交量、成交总量 《证券Ⅱ行业专题研究：行业经营环境趋 环比均出现较为明显的下滑，经 ...

Group 1 - Fiscal revenue decreased by 2.7% year-on-year in the first four months of 2024, with tax revenue down by 4.9%, while non-tax revenue increased by 9.4% [13][17][45] - Real estate sales showed signs of stabilization after the introduction of policies on May 17, with daily sales exceeding 300,000 square meters from May 20 to May 24, reducing the year-on-year decline to 22% [17][18][27] - The automotive market saw a slight decline in sales, with an estimated 1.65 million vehicles sold in May, down 5.3% year-on-year but up 7.5% month-on-month, while the new energy vehicle market remained robust with a projected 770,000 units sold [17][18][27] Group 2 - The report emphasizes the need for comprehensive reform to overcome systemic barriers and enhance the socialist market economy, aligning production relations with productivity [38][47] - The U.S. Federal Reserve's hawkish stance is noted, with indications that high interest rates will be maintained longer than previously expected, impacting market risk appetite [30][49] - Investment recommendations focus on sectors such as technology (computers, communications, electronics, media), non-ferrous metals, and non-bank financials [18][49]

Group 1 - The report indicates that the securities index attempted to rebound at the beginning of the week but failed, leading to a significant decline later in the week, suggesting a weak overall market trend [2] - The power and public utility sector outperformed the market, with a 1.01% increase, while the Shanghai and Shenzhen 300 index fell by 2.08%, indicating a defensive sector's strength [8] - The report highlights that the computer industry experienced a 4.32% decline, significantly underperforming the Shanghai and Shenzhen 300 index, which reflects a challenging environment for the sector [27] Group 2 - The light communication industry is positioned for growth driven by advancements in 5G, 6G, AI, cloud computing, and the Internet of Things, with significant market opportunities emerging [33] - The report notes that the sensor industry is supported by national policies, with a projected global IoT device connection growth from over 14 billion in 2022 to over 29 billion by 2027, indicating a robust demand for sensors [39] - The report emphasizes that the light communication industry in Henan province is in its early development stage, with local companies primarily engaged in upstream product manufacturing, suggesting potential for future growth [34]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% against the CSI 300 index within the next six months [7][34]. Core Insights - The company reported a slight decline in Q1 performance, with revenue of 101 million yuan, down 4.24% year-on-year, and a net profit of 19.15 million yuan, down 26.52% year-on-year. The decrease in performance is attributed to a decline in downstream demand and changes in revenue structure [9][32]. - New business segments, particularly in oil drilling and acid fracturing hoses, have shown significant growth, with revenue from these segments increasing by 73.76% year-on-year, becoming a major driver of the company's performance [11][24]. - The company is expected to benefit from a recovery in downstream demand, particularly in the construction machinery sector, due to recent supportive policies in the real estate market [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 101 million yuan, a decrease of 4.24% year-on-year, and a net profit of 19.15 million yuan, down 26.52% year-on-year. The decline is attributed to a decrease in orders for hydraulic hoses and changes in revenue structure [9][32]. - The company's gross margin for Q1 2024 was 40.18%, down 6.89 percentage points year-on-year, and the net profit margin was 18.98%, down 5.74 percentage points year-on-year [32]. Business Segments - The company's main products include various types of rubber hoses and assemblies, primarily used in engineering machinery, agricultural machinery, and mining machinery. The recent decline in the real estate market has negatively impacted demand in these sectors [9][1]. - The company has actively expanded into new business areas, particularly in oil drilling hoses, which have seen rapid growth and are expected to continue driving future performance [11][24]. Market Outlook - The report highlights a potential recovery in demand for construction machinery, driven by recent government policies aimed at stimulating the real estate market. This is expected to positively impact the company's traditional business segments [1]. - The company is also focusing on developing high-pressure hoses and exploring new markets, which could provide additional growth opportunities [11].

Group 1: Media and Entertainment Sector - The media sector experienced a significant recovery in 2023, with operating revenue reaching a new high, and net profit showing substantial improvement due to a low base in 2022 and recovery in certain sub-sectors [4][17] - In Q1 2024, the media sector's revenue was 1286.45 billion, a year-on-year increase of 3.66%, while net profit decreased by 32.46% due to performance divergence among sub-sectors [17] - The gaming, film, advertising, and publishing sectors showed good recovery in 2023, but Q1 2024 saw profit declines in most sectors except for film, indicating a trend of revenue growth without profit increase [4][17] Group 2: AI and Technology Trends - AI technology continues to evolve, with major updates from companies like OpenAI and Google, enhancing multi-modal capabilities and reducing costs, which is expected to expand AI applications [2][6] - The gaming sector is expected to benefit from improved policies and consumer demand, with a competitive landscape that may pressure profits but also enhance long-term investment value [6][17] Group 3: Semiconductor Industry - The semiconductor industry showed signs of recovery in Q1 2024, with revenue reaching 1246.65 billion, a year-on-year increase of 25.59%, driven by rising prices of memory products [22] - Global semiconductor sales continued to grow year-on-year, with a 15.7% increase in March 2024, indicating a gradual recovery in consumer demand [22] Group 4: Communication Sector - The communication sector's index rose by 0.41%, outperforming the broader market, with significant growth in new business revenues and a high penetration rate of 5G users [3][20] - The demand for high-speed optical modules is increasing, driven by the growth of cloud computing and AI applications, indicating a positive outlook for the optical communication segment [3][20] Group 5: Publishing and Literature - The publishing sector remains stable, with state-owned publishers showing solid performance despite short-term impacts from tax policy changes, and a significant increase in dividend payouts [24]

Media Sector - The media sector experienced a decline of 0.53%, underperforming the CSI 300 index by 0.85 percentage points, with a trading volume of 146.195 billion yuan, down 5.84% month-on-month [1] - Sub-sectors showed mixed performance, with internet audio and video rising by 8.21%, driven by the popularity of the variety show "Singer 2024," while social and interactive media fell by 5.02% [1] - The report suggests monitoring the recovery progress in film, gaming, and advertising sectors, while the book publishing sector may face profit impacts due to tax policy changes, yet companies with high dividend yields remain valuable for long-term attention [1][4] Mechanical Sector - The mechanical sector declined by 1.32%, lagging behind the CSI 300 index by 1.64 percentage points, ranking 26th among 30 CS primary industries [2] - Key sub-industries such as textile machinery (+4.61%) and 3C equipment (+2.9%) showed positive growth, while service robots and forklifts performed poorly [2] - The report recommends focusing on sectors with expected fundamental reversals, including engineering machinery and high-altitude work vehicles, as well as industries benefiting from large-scale equipment updates [2] Power and Utilities Sector - The power and utilities sector fell by 0.39%, underperforming the CSI 300 index by 0.71 percentage points, with mixed performance across sub-industries [3] - The report highlights the expected increase in demand for electricity and gas as summer approaches, with a potential for price hikes in public utility services [3] - It is advised to focus on leading companies in the power and gas sectors that have stable profitability and strong dividend capabilities [3] Semiconductor Sector - The semiconductor sector showed a recovery trend in Q1 2024, with revenues reaching 124.665 billion yuan, a year-on-year increase of 25.59% [39] - The report indicates that the storage segment is experiencing significant growth, with major companies like Jiangbolong and Demingli continuing to see rapid revenue and profit increases [39] - Global semiconductor sales have shown a consistent year-on-year growth, indicating a recovery in consumer demand and a positive outlook for the sector [39][41] Communication Sector - The communication sector index rose by 0.41%, outperforming the CSI 300 index, with a trading volume of 1600.48 billion yuan, down 11% month-on-month [13] - The report notes that operators are expanding into new business areas, with emerging business revenues growing by 12.2% year-on-year [7] - The demand for high-speed optical modules is expected to increase significantly, driven by the growth of cloud computing and data centers [39]