医药 分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 证券研究报告-行业月报 强于大市(维持) 医药相对沪深 300 指数表现 发布日期：2024 年 04 月 30 日 投资要点： -30% -25% -21% -17% -12% -8% -4% 1% 2023.05 2023.09 2023.12 2024.04 医药 沪深300 资料来源：聚源，中原证券研究所 相关报告 《医药行业月报：关注年报和一季报超预期 相关机会》 2024-02-23 《医药行业月报：行业政策面未发生变化， 建议关注防御属性较强的子板块》 2024-01- 16 《医药行业月报：新版医保目录调整落地， 集采稳步推进 》 2023-12-17 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 ⚫ 市场行情回顾。2024 年 2 月 20 日至 4 月 29 日，中信生物医药行 业指数上涨 5.84%（按照流通市值加权平均计算），同期沪深 300 上涨 7.59%，（按照流通市值加权平均计算） ...

行业周观点 中原证券行业周观点 —2024 年第十六期：5 月 6 日-5 月 10 日 证券研究报告-行业周观点 发布日期：2024 年 5 月 12 日 ⚫ 摘要： 分析师：牟国洪 近期重点关注行业：医药。 登记编码：S0730513030002 分析师：顾敏豪 ⚫ 锂电池 登记编码：S0730512100001 本期锂电池指数上涨2.94%，同期沪深300指数上涨1.72%，板块跑赢沪深300指数。 分析师：刘冉 宏观政策总体鼓励新能源汽车行业发展，3月我国新能源汽车销售恢复增长，预计4月持 登记编码：S0730516010001 续增长。结合行业景气度、产业链价格走势及板块走势，短期建议关注板块投资机会。 分析师：唐月 风险提示：行业政策变动；原材料价格大幅波动；新能源汽车销量不及预期；行业竞争加 登记编码：S0730512030001 剧。 分析师：李琳琳 ⚫ 化工 登记编码：S0730511010010 根据Wind数据，本周中信基础化工行业指数上涨3.78%，在30个中信一级行业中位列 分析师：张洋 第7位。本周卓创资讯跟踪的化工产品涨跌比强于上周。结合行业景气度、发展趋势和板 登记编码：S07 ...

风险提示：新能源汽车渗透率不及预期、行业政策执行力度不及预期、智能化迭代速度 低于预期、原材料价格上涨。 ⚫ 光伏 本期光伏行业上涨 2.07%，跑赢沪深 300 指数（1.72%）。光伏板块周成交额 996.83 亿 元，环比明显放量。光伏行业一季度财报显示行业盈利整体承压，供给过剩导致价格低迷， 主产业链头部企业普遍面临业绩下滑、甚至亏损的压力。短期行业进入非理性竞争状态， 部分环节产品价格跌破现金成本，市场将加速落后产能淘汰。尽管市场出清仍需时日，但 头部企业具备更强的抗风险能力，有望穿越周期。建议中期关注银浆、光伏玻璃、焊带、 逆变器和钙钛矿电池设备头部企业。 风险提示：全球装机需求不及预期；产能过剩，竞争激烈，盈利下滑风险。 本期 CS 电力及公用事业上涨 1.48%，跑输沪深 300 指数（1.72%）0.24 个百分点，本 周行业整体表现弱于市场。各三级子行业本周涨跌幅排名依次为：电网(10.59%)、供热或 其他(6.22%)、火电(2.63%)、燃气(2.60%)、环保及水务(1.65%)、其他发电(1.47%)、水 电(-0.82%)。五一长假后第一周市场整体表现较为强势，电力及公用事业板 ...

电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 投资要点： 表 3: 中信一级行业全天深跌幅分布情况（单位: 点）. 1. A股市场走势综述… 2. 后市研判及投资建议 请阅读最后一页各项声明 从盘中热点来看，两市超过七成个股下跌，其中房地产服务、房地产开发、电力、贵金属 以及保险等行业涨幅居前；电池、半导体、医疗服务、电子化学品以及消费电子等行业跌幅居 前。房地产开发、电力、银行、贵金属以及电网设备等行业资金净流入居前；半导体、汽车零 部件、消费电子、化学制品以及专用设备等行业资金净流出居前。 | --- | --- | --- | --- | |------------|-----------------------------------------------|----------------|------------| | | 表 2：港股主要指数表现（单位：点） \n指数名称 | 最新价 | 当天涨跌幅 | | | 恒生指数 | 18,963.68 2.3% | | | | 恒生国企指数 | 6,718.86 2.4% | | | | 恒生 ...

轻工制造 分析师：龙羽洁 登记编码：S0730523120001 浆价延续上涨趋势，地产政策持续宽松 l ongyj@ccnew.com 0371-65585753 ——轻工制造行业月报 证券研究报告-行业月报 强于大市(维持) 轻工制造相对沪深300指数表现 发布日期：2024年05月10日 投资要点： 轻工制造 沪深300 6% ⚫ 市场回顾：4月轻工制造板块下跌0.42%，跑输沪深300指数 1% -4% 2.31pct，涨幅在中信一级行业中排名第19名。细分子板块中， -9% 金属包装、其他轻工和造纸涨幅靠前。个股超三分之一上涨，涨 -13% -18% 幅靠前的5名分别是方大新材、百亚股份、建霖家居、齐峰新材、 -23%2023.05 2023.09 2024.01 2024.05 -28% 粤桂股份。 资 料来源：中原证券，聚源 ⚫ 造纸：企业收入持续增长，利润延续高增，产量持续增长。原材 相关报告 料：4月废黄板纸价格先扬后抑，纸浆价格延续上涨趋势。纸品 《轻工制造行业深度分析：家居产业链分析之 价格：箱板纸/瓦楞纸/双胶纸/双铜纸/白板纸/白卡纸/木浆生活用 河南概况》 2024-04-30 纸 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [7]. Core Views - The company has shown a recovery in its three main business segments in Q1 2024, achieving profitability after a challenging 2023 where revenue declined due to macroeconomic factors [8]. - The company is focusing on R&D, with a significant portion of its revenue (12.73% in 2023) allocated to research and development, indicating a strong commitment to innovation in the optical chip industry [9]. - The demand for optical communication products is expected to grow rapidly, driven by the explosion of AI models and computing power needs, with the global optical module market projected to exceed $20 billion by 2027 [10]. Financial Performance - In 2023, the company reported a revenue of 755 million yuan, a decrease of 16.46% year-on-year, and a net loss of 48 million yuan, down 173.97% from the previous year [51]. - For Q1 2024, the company achieved a revenue of 198 million yuan, a year-on-year increase of 32.85%, and a net profit of 8.44 million yuan, marking a return to profitability [51]. - The projected revenues for 2024 to 2026 are 951 million yuan, 1.173 billion yuan, and 1.372 billion yuan, respectively, with corresponding net profits expected to be 40 million yuan, 77 million yuan, and 106 million yuan [11][38]. Business Development - The company is actively developing high-power DFB chips and devices for data centers and AI applications, indicating a strategic focus on high-growth areas [34]. - The company maintains strong partnerships with leading research institutions, enhancing its R&D capabilities and talent pool [34]. - The gross margin for Q1 2024 improved to 24.1%, reflecting a recovery in profitability compared to the previous year [23].

证券研究报告-晨会聚焦 发布日期：2024 年 05 月 06 日 分析师：周建华 登记编码：S0730518120001 zhoujh-yjs@ccnew.cm 021-50586758 晨会聚焦 | --- | --- | --- | |------------|-----------|------------| | 指数名称 | 收盘 | 涨跌幅 (%) | | 道琼斯 | 30,772.79 | -0.67 | | 标普 500 | 3,801.78 | -0.45 | | 纳斯达克 | 11,247.58 | -0.15 | | 德国 DAX | 12,756.32 | -1.16 | | 富时 100 | 7,156.37 | -0.74 | | 日经 225 | 26,643.39 | 0.62 | | 恒生指数 | 18,475.92 | 1.48 | 行业月报：重点板块 23 年年报回顾，建议近期关注合成生物学概念投资 机会 l 【上市公司一季报表现分化，整体企业盈利承压】全部 A 股 2024 年一季度归母净利润同比 下降 4.7%，剔除金融石油石化公司后，整体净利润同比下降 6.0%；创 ...

Market Overview - The A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3142 points during the day [4][21] - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are 12.50 times and 30.65 times, respectively, both below the median levels of the past three years, indicating a low valuation suitable for medium to long-term investment [4][26] - The total trading volume for both markets reached 1,107.3 billion yuan, which is in line with the median trading volume over the past three years [4][26] Sector Performance - The healthcare, home appliance, and pharmaceutical sectors performed well, while the securities, communication equipment, and tourism hotel sectors lagged [4][21] - Over 80% of stocks in the two markets rose, with the chemical raw materials, chemical products, and biopharmaceutical sectors showing the highest gains [9][30] - The manufacturing PMI remains in the expansion zone, and real estate sales have shown improvement, contributing to a positive market outlook [4][26] Investment Recommendations - Investors are advised to focus on short-term investment opportunities in the healthcare, consumer, engineering machinery, and consumer electronics sectors [4][26] - The report highlights that the overall environment and market expectations are favorable for continued upward movement in the market, with stock indices expected to maintain a trend of gradual increases [4][26]

——市场分析 投资要点： 《市场分析：医药消费行业领涨 A 股窄幅波 动》 2024-04-30 《市场分析：金融地产助力 沪指突破 3100 点》 2024-04-29 电话： 021-50586973 地址： 上海浦东新区世纪大道1788 号16 楼 邮编： 200122 ◼ A 股市场综述 ◼ 后市研判及投资建议 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政策及经 济复苏进度不及预期；宏观经济超预期扰动；政策超预期变化；国际关 系变化带来经济环境变化；海外宏观流动性超预期收紧；海外波动加剧。 表 1: A股主要指数表现 (单位:点) . 表 3: 中信一级行业全天深跌幅分布情况（单位: 点）. 1. A股市场走势综述… 2. 后市研判及投资建议 图 1: 最近三年沪深两市平均市盈率变化（单位:倍) 图 2: 最近三年沪市和深市成交金额变化（单位: 亿元) 图 3: 最近三年沪股通和深股通资金净流入变化(单位:亿元) 请阅读最后一页各项声明 周二（05 月 07 日）A 股市场低开高走、小幅震荡上扬，早盘股指低开后震荡上行，沪指盘 中在 3147 点附近遭遇阻力，午后股指震荡整固，盘中军工、化工 ...

Market Overview - The A-share market experienced slight fluctuations with a small correction on May 8, 2024, as the Shanghai Composite Index faced resistance around 3144 points and closed at 3128.48, down 0.61% [7][12][16] - Defensive sectors such as coal, agriculture, and medical devices performed well, while software development, internet, communication equipment, and securities sectors lagged behind [12][16][21] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices were 13.42 times and 31.50 times, respectively, both below the median levels of the past three years, indicating a favorable environment for medium to long-term investments [12][16] Future Market Outlook and Investment Recommendations - The report suggests that the overall market environment and expectations are conducive to upward movement, with stock indices expected to maintain a trend of oscillating upward [12][16] - Investors are advised to focus on short-term investment opportunities in sectors such as biopharmaceuticals, medical devices, and coal [12][16] - The recent release of the "New National Nine Articles" is expected to enhance market maturity and boost long-term confidence [12][16] Sector Performance - On May 8, 2024, the coal sector led the market with a gain of 2.62%, followed by agriculture with a 2.28% increase, while sectors like real estate and media saw significant declines [23][21] - The report highlights that over 80% of stocks in the two markets declined, with significant capital inflows into coal, agriculture, medical devices, and precious metals, while sectors like software development and internet services experienced capital outflows [21][12]