Core Insights - The report highlights the significant recovery in various industries in 2023, with a notable performance in the semiconductor sector and a positive outlook for 2024 [5][9][28] - The report emphasizes the importance of government policies in stabilizing the real estate market and boosting consumer confidence, which is expected to drive economic recovery [12][22] - The analysis indicates a strong growth trend in the new energy vehicle sector, with measures being taken to enhance production quality and reduce costs [8][11] Market Performance - The A-share market has shown a slight upward trend, with the Shanghai Composite Index closing at 3,171.15, reflecting a 0.54% increase [3] - The report notes that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are below their three-year median levels, suggesting a favorable environment for long-term investments [12] - The report indicates that the real estate sector has faced challenges, with a 9.8% decline in real estate development investment, but recent policy measures are expected to stabilize this sector [22] Industry Analysis - The semiconductor industry is experiencing a clear recovery trend, with strong performance in the memory segment [5][9] - The report discusses the home furnishing industry, noting a significant increase in revenue and profit for furniture companies, driven by favorable seasonal demand [28][31] - The new materials sector is highlighted for its robust performance, with a 3.24% increase in the new materials index, outperforming the broader market [29] Key Data Updates - The report provides data on the export growth of optical modules, which saw a 59.3% year-on-year increase in March 2024, indicating a high level of industry activity driven by AI applications [26] - The report mentions that the domestic smartphone market experienced a 7.4% year-on-year increase in shipments, with 5G smartphones accounting for 83.7% of total shipments [24][25] - The report notes that basic metal prices have generally risen, with copper prices increasing by 10.73% and aluminum by 3.87% as of April 29, 2024 [30]

Key Insights - The report highlights the overall positive progress of China's 10 trillion yuan bond issuance project, with over 70% of the 15,000 projects already under construction [1] - Investment opportunities are suggested in sectors such as automobiles, banking, consumer electronics, and gaming [2] - The report notes that the Shanghai Composite Index rose by 0.32%, while the non-ferrous metals sector underperformed, decreasing by 0.86% [4] - The light industry manufacturing index increased by 2.49%, outperforming the Shanghai Composite Index by 2.17 percentage points, with the home furnishing sector showing significant growth [5] - The agriculture, forestry, animal husbandry, and fishery index rose by 1.32%, with the animal protection sector performing well, while the seed industry faced declines [6] - The pharmaceutical sector index fell by 1.98%, underperforming the market, with a recommendation to focus on key companies in synthetic biology [6] - The media sector experienced a decline of 0.53%, with internet video and audio sectors showing growth due to popular programs, while social media faced declines [8] - The telecommunications sector index increased by 0.41%, with a focus on the growth of new business segments and 5G user adoption [8] - The report indicates that the real estate sector is under pressure, with significant declines in investment and sales, but government policies are expected to stabilize the market [21] - The report emphasizes the resilience of consumer spending, particularly in the automotive sector, despite a decline in overall retail sales [21] - The report suggests that the semiconductor industry is in a recovery phase, with a focus on AI-related technologies and components [42]

Group 1 - The report highlights the "光耀中原" action plan for the development of a gigabit optical network in Henan Province, aiming to reach 18 million gigabit users by the end of 2024, accounting for over 40% of the total users in the province [1][4] - The A-share market has shown a slight correction with the banking and automotive sectors leading the gains, while other sectors like precious metals and liquor have underperformed [4][5] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are currently at 13.47 and 30.76 respectively, indicating that the market is still in a relatively low valuation zone suitable for medium to long-term investments [4][5] Group 2 - The report discusses the performance of various sectors, noting that the lithium battery index has decreased by 3.55%, while the new materials index has fallen by 0.86%, suggesting a weaker performance compared to the broader market [7] - The non-ferrous metals sector has shown a mixed performance, with gold and copper prices increasing slightly, while other metals like aluminum and nickel have seen declines [7] - The light industry manufacturing sector has outperformed the market with a 2.49% increase, driven by favorable real estate policies that have boosted the home furnishings segment [7] Group 3 - The report emphasizes the rapid growth of the sensor industry in Henan Province, with the establishment of the "Zhengzhou Smart Sensor Valley" as a core platform, housing over 3,000 related enterprises and achieving a scale of 30 billion yuan [17][33] - The global sensor market is dominated by companies from the US, Japan, and Europe, while domestic companies in China are accelerating their development to catch up [33] - The MEMS sensor technology is highlighted as a major trend in the industry, with a projected market growth from 98.2 billion yuan in 2022 to 157.1 billion yuan by 2025, reflecting a compound annual growth rate of 17% [33]

Group 1 - The report highlights that social consumption remains resilient, with retail sales in April growing by 2.3% year-on-year, although this represents a decline of 0.8 percentage points compared to March. Excluding automotive sales, retail sales increased by 3.2% [2][29] - Automotive consumption saw a year-on-year decline of 5.6%, with the drop widening by 1.9 percentage points compared to the previous month. However, the retail volume of new energy passenger vehicles grew by 28.2%, indicating a strong growth trend in this segment [2][29] - The overall consumer market is expected to achieve high-quality development as policies such as "trade-in" are implemented and household incomes gradually improve [2][29] Group 2 - The report discusses the introduction of a comprehensive set of real estate policies aimed at stabilizing investment and boosting domestic demand. The central bank has reduced the minimum down payment ratio for housing loans by 5 percentage points, with the minimum down payment for first-time homebuyers now at 15% and for second homes at 25% [3][15][17] - Real estate development investment has seen a year-on-year decline of 9.8%, with residential investment down by 10.5%. The area of new housing starts has decreased by 24.6%, and the area of completed housing has dropped by 20.4% [12][25] - The report indicates that the real estate market's weakness is significantly dragging down overall economic growth, but the newly introduced policies are expected to stabilize real estate investment and support economic recovery [17][26] Group 3 - The report notes that the U.S. Consumer Price Index (CPI) has decreased, leading to earlier expectations for interest rate cuts. The April CPI rose by 3.4% year-on-year, down from 3.5% in March, with core CPI also declining to 3.6%, the lowest since April 2021 [17][34] - The report suggests that as domestic favorable policies are implemented, market risk appetite is likely to increase, with recommendations to focus on sectors such as technology (computers, communications, electronics, media), non-ferrous metals, and non-bank financials [17][26]

Group 1: Pharmaceutical Industry - The pharmaceutical index decreased by 1.98%, underperforming the CSI 300 index by 2.3 percentage points, suggesting a focus on synthetic biology key listed companies [2] Group 2: Electronics Industry - The electronics index fell by 0.32%, aligning with the CSI 300 index performance. Sub-industry performance varied, with semiconductors down by 1.14% and consumer electronics up by 2.50%. The semiconductor industry is at the bottom of a down cycle, but global monthly sales continue to grow year-on-year, indicating a gradual recovery in consumer demand. Recommendations include focusing on AI computing chips, memory, semiconductor equipment, and AI terminals [6][42] Group 3: Communication Industry - The communication industry index rose by 0.41%, outperforming the CSI 300 index. The weekly transaction volume was 1600.48 billion yuan, down 11% from the previous week. OpenAI launched the new flagship model GPT-4o, which can process various input types and generate corresponding outputs. The demand for high-speed optical modules is expected to increase significantly, with top manufacturers' performance accelerating in Q1 2024 [6][43] Group 4: Lithium Battery Industry - The lithium battery index dropped by 3.55%, underperforming the CSI 300 index. Short-term investment opportunities are suggested based on industry sentiment and price trends [7] Group 5: New Materials Industry - The new materials index decreased by 0.86%, underperforming the CSI 300 index. Sub-sectors like carbon fiber and superhard materials saw some increases. Recommendations include focusing on new materials with strong domestic substitution attributes and growth potential, such as semiconductor materials and industrial gases [9][57] Group 6: Nonferrous Metals Industry - The nonferrous metals sector underperformed the CSI 300 index, with a decline of 0.86%. Key sub-sectors included gold (up 1.45%) and copper (up 0.82%). The report suggests monitoring investment opportunities in copper, aluminum, and gold due to favorable macroeconomic conditions and policy support [11] Group 7: Agricultural Industry - The agricultural index increased, outperforming the CSI 300 index by 1 percentage point. The pig farming sector shows a bullish sentiment with an average price of 15.17 yuan/kg, up 1.61% month-on-month and 5.71% year-on-year. The poultry sector is expected to see limited short-term price rebounds due to high supply levels [13][52] Group 8: Machinery Industry - The machinery sector is experiencing a reversal in fundamentals, with recommendations to focus on sectors benefiting from large-scale equipment updates, such as shipbuilding, robotics, and machine tools. The report emphasizes the importance of monitoring sectors with bottom reversal expectations and those benefiting from industrial equipment updates [18][53] Group 9: Power and Utilities Industry - The power and utilities sector index fell by 0.39%, underperforming the CSI 300 index. Sub-sectors like power grid and hydropower saw increases, while thermal power declined. The report suggests a long-term focus on stable, high-dividend companies in the power and gas sectors [66]

电子 分析师：邹臣 登记编码：S0730523100001 传感器产业链分析之河南概况 z ouchen@ccnew.com 021-50581991 证券研究报告-行业深度分析 电子相对沪深300指数表现 发布日期：2024年05月22日 报告要点： 电子 沪深300 5%  传感器是“物联网之眼”，国家政策持续扶持传感器产业。传感器 0% -5% 是物联网系统数据采集的源头，被称为“物联网之眼”。根据IoT -10% Analytics的数据，2022 年全球活跃物联网连接设备数量超过140 -15% -20% 亿个，已经部署超过 500 亿个连接的物联网传感器；预计2027 -252%023.05 2023.09 2024.01 2024.05 年全球联网物联网设备数量将超过290亿个，2022-2027年复合 -30% 增速达16%，传感器将与物联网的快速发展齐头并进。近年来我 资 料来源：聚源，中原证券 国陆续出台多项政策，进一步明确智能传感器产业发展方向和路 相关报告 径；政策规划注重促进高端传感器及关键技术和核心材料的突 《电子行业月报：半导体行业24Q1复苏趋 破，推进智能传感器相关产业的发 ...

传媒 分析师：乔琪 2024Q1 业绩表现分化，关注 AI 更新 登记编码：S0730520090001 以及降价效应 q iaoqi@ccnew.com 021-50586985 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深300指数表现 发布日期：2024年05月22日 投资要点： 传媒 沪深300 17%  行情回顾：4月传媒板块下跌5.70%，同期创业板指数、上证指数、 10% 3% 沪深300分别上涨2.21%、2.09%、1.89%，与基准指数对比，传 -5% -12% 媒板块在4月出现了较为深度的调整，排在全行业涨跌幅第29位。 -20% -272%023.05 2023.09 2024.01 2024.05 子板块全部下跌，其中互联网广告营销板块下跌幅度超11%，社交 -34% 与互动媒体、动漫跌幅超9%，游戏、信息搜索与聚合、其他广告 资 料来源：聚源，中原证券研究所 营销的跌幅相对较小，4月分别下跌2.39%、2.47%、3.31%。 相关报告  投资建议： 《传媒行业专题研究：2023年业绩修复明显， 2024Q1细分板块变化致整体略承压》 结合传媒板块2 ...

农林牧渔 分析师：张蔓梓 猪价淡季不淡，宠物食品出口数据持 登记编码：S0730522110001 续回暖 z hangmz@ccnew.com 13681931564 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 发布日期：2024年05月22日 公司简称 23EPS 24EPS 24PE 评级 投资要点： 牧原股份 -0.79 3.18 15.01 增持 ⚫ 行情回顾：农林牧渔行业跑输对标指数。根据Wind数据统计， 圣农发展 0.54 2.09 10.19 增持 2024年4月，农林牧渔（中信）指数上涨1.04%，在中信一级 大北农 -0.53 0.15 46.61 增持 30个行业中排第16位；同期沪深300指数上涨1.89%，农林牧 秋乐种业 0.48 0.52 13.74 增持 渔跑输对标指数0.85pcts。从子行业来看，4月宠物食品板块涨幅 居前；水产养殖板块跌幅居前。 乖宝宠物 1.15 1.23 34.12 增持 中宠股份 0.80 0.98 24.31 增持 ⚫ 生猪养殖：2024年4月全国生猪均价15.11元/kg，环比 佩蒂股份 -0.04 0. ...

基础化工 分析师：顾敏豪 登记编码：S0730512100001 尼龙产业链分析及河南省产业概况 g umh00@ccnew.com 021-50586308 证券研究报告-行业深度分析 发布日期：2024年05月21日 相关报告 投资要点： ⚫ 尼龙行业概况：尼龙是所有聚酰胺材料的总称，经过多年的发展， 联系人： 马嶔琦 尼龙系列的品种不断增多。不同尼龙品在性能上各有差异，其应用 电话： 021-50586973 领域也有所区别。由于尼龙材料具有丰富的品种和优异的综合性 地址： 上海浦东新区世纪大道1788号16楼 能，其应用范围遍布服装领域、日用品制造、汽车运输领域、电子 邮编： 200122 电气等领域。目前各尼龙产品中，占主导地位的是PA6和PA66， 其他的尼龙产品被称为特种尼龙。 ⚫ 我国尼龙产业发展政策：尼龙市场前景广阔，也是我国高端制造业 的发展基础。我国对尼龙以及尼龙所属的化工新材料以支持、鼓励 发展为主。政府相关部门先后出台了多项产业政策，支持我国尼龙 行业进一步高质量发展，支持尼龙产业做大做强向高端产品迈进。 ⚫ 尼龙6产业发展现状：受益于聚合技术的进步以及原材料己内酰胺 供应瓶颈的打破 ...

基础化工 分析师：顾敏豪 登记编码：S0730512100001 尼龙产业链分析及河南省产业概况 g umh00@ccnew.com 021-50586308 证券研究报告-行业深度分析 发布日期：2024年05月21日 相关报告 投资要点： ⚫ 尼龙行业概况：尼龙是所有聚酰胺材料的总称，经过多年的发展， 联系人： 马嶔琦 尼龙系列的品种不断增多。不同尼龙品在性能上各有差异，其应用 电话： 021-50586973 领域也有所区别。由于尼龙材料具有丰富的品种和优异的综合性 地址： 上海浦东新区世纪大道1788号16楼 能，其应用范围遍布服装领域、日用品制造、汽车运输领域、电子 邮编： 200122 电气等领域。目前各尼龙产品中，占主导地位的是PA6和PA66， 其他的尼龙产品被称为特种尼龙。 ⚫ 我国尼龙产业发展政策：尼龙市场前景广阔，也是我国高端制造业 的发展基础。我国对尼龙以及尼龙所属的化工新材料以支持、鼓励 发展为主。政府相关部门先后出台了多项产业政策，支持我国尼龙 行业进一步高质量发展，支持尼龙产业做大做强向高端产品迈进。 ⚫ 尼龙6产业发展现状：受益于聚合技术的进步以及原材料己内酰胺 供应瓶颈的打破 ...