Group 1: Macroeconomic Overview - The Shenzhen Component Index is at 9064.84, while the ChiNext Index stands at 1755.88, indicating the current market performance [2][3] - The report highlights a moderate recovery in retail consumption growth, particularly in categories such as home appliances, sports and entertainment products, and communication equipment, influenced by trade-in programs [6] - However, automotive sales have shown disappointing performance, with a year-on-year growth decline to 1.5% in May, and retail sales remaining at a low of -4.4% [6] Group 2: Real Estate Sector Insights - There are signs of marginal improvement in the real estate sector, with sales and investment growth rates showing an upward trend in April and May [6] - This improvement appears to be more pronounced in second-tier and lower-tier cities, possibly due to population returning to smaller cities and less speculative activity [6] - Despite these signs, the overall real estate market remains under pressure, particularly in first-tier cities where housing prices are still high [6] Group 3: Investment and Capital Expenditure - Fixed asset investment in high-tech industries remains robust, with growth rates stabilizing around 11%, particularly in information transmission, software, and IT sectors [6] - Investment in environmentally related industries, such as forestry and waste resource utilization, is also highlighted, with growth rates of 24.6% and 13.9% respectively [6] - The report notes that the capital expenditure driven by large-scale equipment updates may be stabilizing or even declining, shifting profit points more towards external demand [6]

[Table_TargetPrice] [Table_Title] 经营发展稳健，新产品技术持续迭代 ——美亚光电首次覆盖报告 务提供商 色选机行业保持稳健，CBCT 行业未来可期。 公司发展稳健，持续加大创新研发投入 24 年 2 月，公司自主研发的移动式头部 CT，取得国家药监局医疗器械第 三类医疗器械注册证，正式获准进入市场。24 年 6 月 9-12 日，在 2024 北京国际口腔展上，公司正式发布了 PD-MAR"去伪存真"影像技术，不 止能精准去伪影，更能真实还原组织细节，标志着口腔影像技术的新里程 碑。 美亚光电深耕光电检测设备行业，伴随公司未来加大品牌建设，产能边际 扩张，叠加产品力和渠道端的不断提升，行业地位进一步稳固，未来销售 业绩有望边际改善。预计美亚光电 2024-2026 年营收分别为 27.83 亿元 /31.86 亿元/36.19 亿元，同比增长 14.75%/14.47%/13.58%，归母净利润 分别为 8.22/9.42/10.85 亿元，同比增长 10.37%/14.59%/15.20%，最新总 股本及收盘市值对应 EPS 分别为 0.93/1.07/1.23 元，对应 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as a first-time recommendation [4]. Core Insights - The company focuses on engineering consulting and contracting, leveraging over 40 years of industry experience. It aims to benefit from the emerging low-altitude economy, supported by top-level design and active local government responses [1][15]. - The establishment of a joint venture in the low-altitude economy sector is expected to integrate core resources and enhance service capabilities [3][17]. - The company has a strong emphasis on technological innovation and product development, maintaining a leading position in research capabilities, technical expertise, and industry reputation [5][19]. Financial Performance - In 2023, the company reported a revenue of 5.278 billion yuan, a year-on-year increase of 0.98%, while the net profit attributable to shareholders was 330 million yuan, down 44.47% year-on-year [6]. - From 2018 to 2023, the company's revenue decreased from 7.030 billion yuan to 5.278 billion yuan, with a five-year CAGR of -5.57%. The net profit also declined from 623 million yuan to 330 million yuan, with a five-year CAGR of -11.93% [6][8]. - The gross margin for 2023 was 35.99%, an increase of 1.04 percentage points year-on-year, while the net margin was 5.81%, a decrease of 6.34 percentage points year-on-year [6]. Future Projections - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 472 million yuan, 554 million yuan, and 592 million yuan, respectively, with corresponding basic earnings per share of 0.37 yuan, 0.44 yuan, and 0.47 yuan [7][8]. - The projected P/E ratios for the same years are 19.58, 16.67, and 15.60, indicating a positive outlook for the company's valuation [7][8]. Industry Context - The low-altitude economy is recognized as a strategic emerging industry with significant growth potential, supported by national policies aiming to create a trillion-yuan market by 2030 [15][16]. - The company is actively expanding its low-altitude services across key regions, including the Beijing-Tianjin-Hebei area, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [16].

[Table_Main] 行业研究|日常消 费|食品、饮料与烟草 证 券研究报告 食品、饮料与烟草行业策略报告 2024年06月19日 [Table_Invest] [Table_Title] 复苏进行时，配置价值显 推荐|维持 ——白酒行业中期策略报告 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情 消费正在以一种新的结构持续复苏，白酒的消费粘性有目共睹，而白酒板 5% 块估值正处于高性价比区间，配置价值凸显。 -1%  白酒企业穿越周期，业绩韧性强 -7% 1）消费市场持续复苏，白酒库存消化进入正循环。2022年12月短期消 费场景波动影响开瓶率，导致社会库存增加，影响白酒批价及经销商渠道 -13% 利润和周转周期；而随着社会经济在2023年下半年逐步恢复常态，白酒 -19% 社会库存逐步进入正循环消化过程，2023年，我国社零总额同比+7.2%， 6/19 8/19 10/1912/19 2/19 4/19 食品、饮料与烟草 沪深300 其中烟酒社零同比+10.6%，本轮周期已进入筑底回升过程。2024年1-4 月，随着消费市场持续复苏，我国烟酒社零增速领 ...

[Table_Main] 行业研究|工业| 资本货物 证 券研究报告 资本货物行业研究报告 2024年06月17日 [Table_Invest] [Ta低ble空_Tit经le] 济未来已来，eVTOL 扶摇而上 推荐|首次 ——eVTOL 行业深度报告 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情  eVTOL是低空经济重要载体，发展前景广阔 7% eVTOL（电动垂直起降飞行器），是低空经济载体的一种创新形式， -2% 具有安全、环保、低成本、高效率等优势，主要应用于低空旅游、日 -10% 常通勤、空中物流、消防救援、医疗救助等场景，从技术路线看，包 -19% 括多旋翼、复合翼、倾旋翼等方案。根据保时捷管理咨询预计，2024 -27% 年将成为全球 eVTOL商业化运营元年，到2030年，在保守、中性、 6/13 9/12 12/12 3/12 6/11 乐观的预期下，中国eVTOL市场规模分别为250、500、900亿元人 资本货物 沪深300 民币，相应的，在中性预期下，中国 eVTOL 市场规模占全球 25%份 资料来源：Wind 额，即全球市场规模 ...

Investment Rating - The report recommends an "Accumulate" rating for the company, HaiTe High-Tech (002023) [2]. Core Views - The company is advancing its "three-in-one" layout steadily, with a recovery in downstream demand driving performance improvement. HaiTe High-Tech is a high-tech enterprise focusing on high-end core equipment development and support, high-performance integrated circuit design and manufacturing, and aviation engineering technology and services. It is the first private aviation equipment development and technical service company in China and the only private aviation engineering technical service enterprise with various certifications [2][3]. - The recovery of the civil aviation industry has boosted the demand for aviation engineering services, and the company is actively expanding its market presence. The company has signed agreements for aircraft modification projects and is developing new production lines to enhance its service capabilities [3][10]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 1.053 billion yuan, a year-on-year increase of 15.81%. The net profit attributable to shareholders was 47 million yuan, a significant increase of 263.21% compared to the previous year, driven by increased deliveries of aviation seats and major project completions in training systems [3][16]. - The company’s expenses showed a favorable trend, with a total expense ratio of 28.03% in 2023. The sales expense ratio was 1.49%, up by 0.09 percentage points year-on-year, while R&D expenses decreased by 28.20% due to some projects meeting capitalization criteria [3][16]. Business Segments - The aviation engineering technology and services segment generated 756 million yuan in revenue, a year-on-year increase of 12.91%, accounting for 71.80% of total revenue. The gross margin for this segment was 38.93%, slightly up by 0.12 percentage points [3][20]. - The high-end core equipment development and manufacturing segment reported revenue of 239 million yuan, a year-on-year increase of 25.65%, representing 22.72% of total revenue [3][20]. Future Outlook - The company is expected to maintain rapid growth in performance, with projected net profits of 78.4 million yuan, 119.1 million yuan, and 174 million yuan for 2024, 2025, and 2026, respectively. Corresponding EPS is expected to be 0.11, 0.16, and 0.23 yuan per share [2][16]. - The company is actively involved in various R&D projects, including those related to eVTOL and UAV technologies, which are anticipated to contribute to future revenue growth [10][12].

[Table_Main] 行业研究|信息技 术|技术硬件与设备 证 券研究报告 技术硬件与设备行业研 2024年06月17日 究报告 [Table_Invest] [ATapblpe_lTeit leI]n telligence 将带动 iPhone 换机需求 推荐|首次 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pic市Q场uo行te]情 苹果将强化AI功能在其生态应用的落地，也印证了市场关于苹果 3% 本次WWDC的几个预期：1）苹果正式推出Apple Intelligence，不同 -6% 于其他竞争对手的地方在于苹果强调的AI不是人工智能，而是个人智 -15% 能（personal intelligence），在运算方式上，采用端侧算力+私有云端 -24% 算力相结合的方式。2）全新的Siri升级。Siri能够开始理解用户的自 -34% 然语言，并具备情境感，还可以“读懂”用户iPhone的操作界面，更 6/16 9/15 12/15 3/15 6/14 好的处理用户需求。当苹果自带模型无法解决用户需求时，可在用户 技术硬件与设备 沪深300 同意下连接 Chatgpt-4o。 ...

Economic Development - Anhui Province's GDP has risen from 14th in the nation in 2010 to 10th in 2022, achieving a leap of three trillion yuan levels[69] - In Q1 2024, Anhui's GDP reached 1.13 trillion yuan, maintaining a positive growth trend[70] - The province's fixed asset investment accounted for over 85% of GDP, consistently higher than the national average[81] Technological Innovation - Anhui has established 13 major scientific facilities, positioning itself at the forefront of quantum technology and fusion energy[76] - The province's high-tech industry R&D investment has grown significantly, with a 24.4% increase in high-tech industry investment in 2023[81] - Effective invention patents in Anhui have maintained a rapid growth rate of around 20%[97] Industry Growth - The new energy vehicle industry produced 868,000 units in 2023, ranking 4th nationally and accounting for approximately 25% of the country's total exports[121] - Strategic emerging industries in Anhui have seen a cumulative annual growth rate of 19.8% from 2012 to 2023[118] - The province's high-tech product exports have experienced an annual growth rate of 24.6% from 2012 to 2021, significantly contributing to overall export growth[118] Investment and Infrastructure - Anhui's public budget revenue increased from 318.3 billion yuan in 2019 to 393.9 billion yuan in 2023, with a year-on-year growth of 9.7%[84] - The province has attracted over 2,300 billion yuan in various funds, establishing a "fund jungle" to support industrial development[16]

[Table_Main] 行 业研究|电信服务 证 券研究报告 电信服务行业周报 2024年06月16日 [Table_Invest] [Table_Title] 推荐|维持 博通 24FYQ2 业绩高增，重视光的新一轮催化 ——通信行业周报 [过T去ab一le年_P市ic场Qu行ot情e] [Table_Summary] 报告要点：  市场整体行情及通信细分板块行情回顾 沪深300 通信(申万) 周行情：本周（2024.06.11-2024.06.14）上证综指回调 0.61%，深 10% 证成指回调0.04%，创业板上涨0.58%。本周申万通信上涨6.01%。 0% -10% 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 -20% 发展，我们给予通信及电子行业“推荐”评级。 -30% 细分行业：本周（2024.06.11-2024.06.14）通信板块三级子行业 -40%6/16 9/16 12/16 3/16 6/16 中，通信网络设备及器件上涨幅度最高，涨幅为 10.63%，通信线缆 资料来源：Wind，国元证券研究所 及配套上涨幅度最低，涨幅为2.43%，本周各细分板块主要呈 ...

Investment Rating - The report maintains a "Buy" rating for Oriental Wealth (300059 SZ) due to its growth potential in the internet service platform sector and the healthy development of China's capital market [5] Core Views - Oriental Wealth's Choice Smart Financial Terminal 8 0 version has been officially launched, featuring AI-powered functionalities that enhance investment research efficiency and decision-making [2][3] - The terminal leverages a self-developed financial large model, "Miaoxiang," which is built on trillions of financial data points and offers leading capabilities in security and professionalism [3] - The 8 0 version introduces seven intelligent scenarios, including AI search, AI Q&A, AI report summarization, and AI bond trading assistant, aiming to address user pain points and improve research efficiency [4] Financial Projections - The company's revenue is projected to grow from 11 816 38 million yuan in 2024 to 13 252 33 million yuan in 2026, with a compound annual growth rate (CAGR) of 6 63% to 5 64% [5][10] - Net profit attributable to the parent company is expected to increase from 8 852 29 million yuan in 2024 to 10 157 51 million yuan in 2026, with a CAGR of 8 04% to 6 83% [5][10] - Earnings per share (EPS) are forecasted to rise from 0 56 yuan in 2024 to 0 64 yuan in 2026, with a corresponding P/E ratio decreasing from 22 00 to 19 18 [5][10] Business Highlights - The Choice Smart Financial Terminal 8 0 version supports multiple operating systems, including Windows, Mac OS, and domestic Linux, providing seamless cross-platform and cross-system intelligent interaction [3] - The terminal's AI capabilities include intelligent search, real-time data tracking, and report summarization, which significantly improve the efficiency of investment research and decision-making [4] - The bond-related AI functionalities, such as AI bond information and AI bond trading assistant, offer real-time updates and structured non-standard quotation information, enhancing trading opportunities [4] Market Position - Oriental Wealth is a rare internet service platform in China, with significant growth potential as the capital market continues to develop [5] - The company's financial data coverage and real-time service capabilities are industry-leading, providing a competitive edge in the financial information service sector [3]