电力及公用事业 分析师：陈拓 火电盈利修复，华能水电布局开发澜沧江 登记编码：S0730522100003 上游水能资源 c hentuo@ccnew.com 18638397797 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 电力及公用事业相对沪深300指数表现 发布日期：2024年02月28日 投资要点： 电力及公用事业 沪深300 5% ⚫ 市场表现：2 月电力及公用事业指数和电力指数表现弱于沪深 300 1% -3% 指数。截至2月23日收盘，2月电力及公用事业指数上涨3.33%， -6% 电力指数上涨4.71%，而同期沪深300指数上涨8.53%。电网、其 -10% -14% 他发电、水电、火电、燃气等板块实现正收益。 -18% -22% 2023.02 2023.06 2023.10 2024.02 ⚫ 动力煤价格：寒潮天气影响到煤炭生产和运输，却加大了对电力的 资 料来源：中原证券，聚源 需求，造成了煤价上涨。主流港口煤炭库存的下降也是煤价上涨的 相关报告 主要原因之一。2 月 23 日，秦皇岛港山西产动力末煤(Q5500)平仓 《电力及公用事业行业月报：核电核准加速， ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 over the next six months [29]. Core Insights - In January 2024, the brokerage index experienced its largest monthly decline in nearly 12 months, dropping by 5.29%, while outperforming the CSI 300 index by 1.00 percentage point [4][7]. - The brokerage sector continued to decline, with individual stock losses widening, and the average P/B ratio fluctuating between 1.150 and 1.257 times [4][13]. - Key factors affecting the monthly operating performance of listed brokerages include a significant drop in equity values, strong performance in fixed income, and a notable decrease in margin financing balances [5][15]. Summary by Sections January 2024 Market Review - The brokerage index fell by 5.29% in January, marking the largest monthly decline in 12 months, with a trading volume of 463.89 billion yuan, up 17.42% month-on-month [4][7]. - Only 4 out of 43 listed brokerages saw stock price increases, with the top performers being Shichuang Securities (10.55%) and Everbright Securities (1.43%) [9]. - The average P/B ratio for the brokerage sector was 1.186 times at the end of January [13]. Factors Influencing January Performance - Equity indices continued to decline, with the Shanghai Composite Index down 6.27% and the ChiNext Index down 16.81% [16]. - The average daily trading volume for stocks was 738 billion yuan, a decrease of 5.75% month-on-month [18]. - The total margin financing balance fell to 1.5664 trillion yuan, a decrease of 5.12%, marking the largest monthly decline in 12 months [21]. - The total amount of equity financing in January was 62.8 billion yuan, a slight increase of 0.44% month-on-month, while bond underwriting amounts remained stable at 808.4 billion yuan [23][24]. Investment Recommendations - As of February 2024, the brokerage sector is expected to face both challenges and opportunities, particularly in equity self-operated businesses, which are seen as a core variable [26]. - The market is anticipated to experience a rebound following the Lunar New Year, with increased trading volumes and a potential recovery in equity indices [26]. - The overall operating performance of listed brokerages in February is likely to be the lowest point of the year, influenced by a significant drop in IPO and refinancing activities [27].

Investment Rating - The industry investment rating is "Outperform the Market" with an expected increase of over 10% relative to the CSI 300 index in the next six months [28]. Core Insights - The release of OpenAI's Sora has reignited significant market interest in AI, showcasing advancements in video generation capabilities [6]. - The rapid iteration of AI technology is evident, with notable developments from ChatGPT to Sora, indicating a fast-paced evolution in the field [7]. - The demand for computational power and electricity has surged, with GPUs becoming the primary requirement for data centers, leading to a comprehensive upgrade of data center equipment [10]. - The AI sector is poised to trigger a fourth industrial revolution, reshaping global competitive dynamics among nations [10]. Summary by Sections 1. Sora's Impact on AI - The launch of Sora has significantly improved video realism and usability, marking a step closer to achieving general artificial intelligence [6]. 2. Deep Impacts of AI - The potential changes brought by large model AI include accelerated technological iteration, increased computational and electrical demands, and the erosion of competitive barriers in various industries [7][10]. 3. Nvidia and AMD Market Dynamics - Nvidia's data center revenue reached $18.404 billion, with a year-on-year growth of 409% and a quarter-on-quarter increase of 27% [18]. - AMD has raised its forecast for the AI accelerator market, predicting it will reach $400 billion by 2027, up from a previous estimate of $150 billion [19]. 4. Domestic AI Chip Supply Challenges - The U.S. has intensified restrictions on AI chip exports, leading to a shortage of GPUs in China, while domestic chip manufacturers are gaining more attention [19]. 5. AI's Role in Cloud Migration - The top four global cloud computing companies have shown accelerated revenue growth, with significant capital expenditures from Microsoft and Google reaching historical highs [21][22].

农林牧渔 分析师：张蔓梓 畜禽价格反弹，“一号文件”提出生物 登记编码：S0730522110001 育种产业化扩面提速 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02月21日 公司简称 22EPS 23EPS 23PE 评级 投资要点： 牧原股份 2.49 0.79 47.09 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 0.33 1.43 14.88 增持 2024年1月，农林牧渔（中信）指数下跌12.61%，在中信一级 大北农 0.01 -0.07 / 增持 30个行业中排第20位；同期沪深300指数下跌6.29%，农林牧 秋乐种业 0.37 0.49 13.85 增持 渔跑输对标指数6.32pcts。从子行业来看，1月水产捕捞板块涨幅 乖宝宠物 0.74 1.12 37.48 增持 居前，动保板块跌幅居前。 中宠股份 0.36 0.78 30.45 增持 ⚫ 生猪养殖：2024年1月全国生猪均价14.12元/kg，环比- 佩蒂股份 0.51 0 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][3] Core Views - The company is positioned as an industry leader with significant advantages, particularly in the content sector, and is expected to benefit from the new management team [3] - The recovery of the domestic film market is promising, with strong performance during the summer and New Year holiday seasons validating market demand [3] - The company is increasing its focus on a light-asset model to reduce operational costs while enhancing its competitive efficiency in the exhibition sector [3] Financial Performance Summary - The company forecasts a net profit attributable to shareholders for 2023 between 900 million and 1.2 billion yuan, with a significant recovery from previous losses [2] - The estimated earnings per share (EPS) for 2023, 2024, and 2025 are projected to be 0.49 yuan, 0.64 yuan, and 0.72 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20.49, 15.56, and 13.93 [3][4] - Revenue is expected to grow from 9.695 billion yuan in 2022 to 14.595 billion yuan in 2023, reflecting a growth rate of 50.54% [4][7] Market Position and Share - The company's market share in the domestic cinema sector is reported at 16.82% for 2023, showing a slight decline compared to the previous year but an increase of 3.09 percentage points compared to 2019 [2][3] - The company has expanded its cinema operations, with a total of 905 cinemas and 7,546 screens as of the end of 2023, indicating a growth in both direct and light-asset cinema formats [3][4] Management Changes - The company has appointed a new chairperson and CEO, Chen Xi, who is expected to bring more flexibility and enhance collaboration with Ru Yi Film [3]

通信设备 分析师：唐俊男 800G 光模块出货比重显著增加，业绩持 登记编码：S0730519050003 续高速增长 tangjn@ccnew.com 021-50586738 研究助理：李璐毅 l ily2@ccnew.com 021-50586278 ——中际旭创(300308)公司点评报告 证券研究报告-公司点评报告 买入(维持) 市场数据(2024-01-31) 发布日期：2024年02月01日 收盘价(元) 102.80 事件：公司发布 2023年业绩预告，预计 2023年归母净利润为 20-23 一年内最高/最低(元) 170.00/30.35 亿元，同比增长 63.40%-87.91%；扣非归母净利润为 19-23亿元，同 沪深300指数 3,215.35 比增长83.15%-121.70%。 市净率(倍) 6.08 点评： 流通市值(亿元) 771.21 基础数据(2023-09-30) ⚫ 光模块头部企业，800G 等高端产品需求快速增长带动公司盈利能 每股净资产(元) 16.90 力稳步提升。公司主营业务为高端光通信收发模块以及光器件的 每股经营现金流(元) 1.80 研发、生产及销售， ...

新能源动力系统 分析师：牟国洪 登记编码：S0730513030002 业绩略超预期，长期关注动力储能龙头 m ough@ccnew.com 021-50586980 ——宁德时代(300750)公司点评报告 证券研究报告-公司点评报告 增持(维持) 市场数据(2024-01-31) 发布日期：2024年02月01日 收盘价(元) 151.59 事件：1月30日，公司公布2023年年度业绩预告。 一年内最高/最低(元) 466.10/140.75 投资要点： 沪深300指数 3,215.35 市净率(倍) 3.70  公司第四季度业绩略超预期。公司公布 2023 年年度业绩预告：公 流通市值(亿元) 5,904.21 司预计 2023 年度归母净利润为 425-455 亿元，同比增长 38.31-48.07%；扣非后净利润为 385-415 亿元，同比增长 基础数据(2023-09-30) 36.46-47.09%。经测算：公司第四季度归母净利润区间为 每股净资产(元) 40.96 113.55-143.55亿元，同比变动区间为-13.57%到9.26%；环比2023 每股经营现金流(元) 11.97 年第 ...