2024 年 06 月 02 日 核心观点： -29% -22% -15% -7% 0% 7% 23/6/123/8/1 23/10/123/12/124/2/124/4/1 上证50 上证180 沪深300 深证100R 中小综指 资料来源：iFind，国元证券研究所 资料来源：iFind，国元证券研究所 中国:制造业PMI:新订单 -14 -12 -10 -8 -6 -4 -2 0 2 2016-012016-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-072023-012023-072024-01 资料来源：iFind，国元证券研究所 资料来源：Wind，国元证券研究所 -100 -50 0 50 100 150 200 2014-112015-052015-112016-052016-112017-052017-112018-052018-112019-052019-112020-052020-112021-052021-112022-052022-112023-052023-1 ...

[Table_Main] 行业研究|可选 消费|汽车与汽车零部件 证 券研究报告 汽车与汽车零部件行业 2024年06月02日 周报、月报 [Table_Invest] [Ta政ble策_Tit油le]价 齐推动，新能源重卡高增长 推荐|维持 [报Ta告bl要e_S点um：ma ry] [过T去ab一le年_P市ic场Qu行ot情e]  5月乘用车单月销量同、环比走弱，累计值符合年度预期 16% 5月1-26日，乘用车市场零售120.8万辆，同比去年同期下降6%，较上 8% 月同期下降2%，今年以来累计零售757.5万辆，同比增长5%；5月1-26 -1% 日，全国乘用车厂商批发125.3万辆，同比去年同期下降5%，较上月同 -9% 期下降 16%，今年以来累计批发 880.2 辆，同比增长 8%;5 月 1-26 日， -18% 新能源车市场零售57.4万辆，同比去年同期增长27%，较上月同期增长 6/2 9/1 12/1 3/1 5/31 2%，今年以来累计零售302.5万辆，同比增长32%；5月1-26日，全国 汽车与汽车零部件 沪深300 乘用车厂商新能源批发62万辆，同比去年同期增长25%，较上月 ...

[Table_Main] 行业研究|可选 消费|汽车与汽车零部件 证 券研究报告 汽车与汽车零部件行业 2024年05月31日 研究报告 [Table_Invest] [Table_Title激] 荡四十年，并购周期再临 推荐|维持 ——中国汽车产业并购启示录 [报Ta告ble要_S点um：m ary] [过Ta去bl一e_年Pi市cQ场uo行te情]  激荡四十年，两轮生命周期指引汽车行业并购基本规律 19% 企业并购符合生命周期规律，成长期由于增速快、空间大，并购较少。 10% 其他阶段均为并购高发期。建国以来，中国汽车的发展实际上经历了 1% 两轮大的产业生命周期转换。第一轮是改革开放后的燃油汽车发展， -8% 其萌芽期在建国后到改革开放之间，改革开放后的大合资时代起进入 -17% 成长期，并购行为较少。进入2000年后，步入成长后期和振荡期前 5/29 8/28 11/27 2/26 5/27 期，政策推动规模化发展，提高行业集中度，企业并购开始出现。2008 汽车与汽车零部件 沪深300 年左右行业逼近传统车成熟期，车企一方面开启全球化道路，一方面 资料来源：Wind 开始探索新能源道路；劣势企业 ...

Investment Rating - The report gives a "Recommended" rating for the telecommunications and electronics industry, anticipating continued high prosperity and performance from related companies [3]. Core Insights - The telecommunications sector experienced a slight decline this week, with the Shenwan Communications index down by 0.73%. However, the overall high prosperity of the industry is expected to continue, leading to positive earnings reports from related companies [3][10]. - A significant satellite constellation plan named "HONGHU-3" has been revealed, which aims to launch 10,000 satellites. This initiative is expected to impact the computing power supply chain and satellite internet sectors positively [4][18]. - The report highlights the performance of individual stocks within the telecommunications sector, with notable increases in stock prices for companies such as Oubit (up 16.08%) and Hengshi Technology (up 13.15%) [3][14]. Summary by Sections Market Overview - The overall market indices showed slight declines, with the Shanghai Composite down 0.07%, the Shenzhen Component down 0.64%, and the ChiNext down 0.74% during the week of May 27 to May 31, 2024 [10]. - Within the telecommunications sector, the highest increase was seen in other communication equipment, which rose by 1.61%, while communication network equipment and devices experienced the largest decline at 2.35% [12][13]. Industry News - The report discusses the establishment of the China Space-Time Information Group, with a registered capital of 4 billion yuan, focusing on satellite navigation and communication services [18]. - LightCounting forecasts that the silicon photonics market will reach $3 billion by 2029, driven by increased demand from AI clusters [21]. - YOLE Group predicts a 45% year-on-year growth in the optical module market for 2024, fueled by demand from major tech companies [23]. Company Announcements - Key announcements from the telecommunications sector include dividend declarations from various companies, such as Ziguang Co. and Haige Communications, with dividends ranging from 1.4 yuan to 21.849 yuan per 10 shares [26][27]. - The report also notes upcoming announcements for the week of June 3 to June 9, 2024, including the lifting of restrictions on certain shares [28].

Investment Rating - The report gives a "Buy" rating for the company [42][44]. Core Insights - The company is focusing on innovative drug development, particularly in the oncology and digestive health sectors, with significant potential for growth in the coming years [43][39]. - ASK120067, a third-generation EGFR inhibitor, shows strong efficacy against EGFR mutations and is currently under review for market approval [20][39]. - ASKB589, a Claudin18.2 targeted therapy, is in clinical trials and is expected to become a major product with a potential market size of 30 billion [8][39]. Summary by Sections Drug Development and Clinical Trials - ASK120067 is designed to effectively inhibit EGFR mutations, including T790M, and has shown an objective response rate (ORR) of 68.8% and a disease control rate (DCR) of 92.4% in clinical trials [2][20]. - ASKB589 is a leading candidate in the global market for Claudin18.2 targeted therapies, with clinical data indicating an ORR of 79.2% and a DCR of 95.8% [8][39]. Market Potential - The report highlights a significant clinical need for gastric cancer treatments in China, with projections indicating that the gastric cancer drug market could reach 148.6 billion by 2028, growing at a CAGR of over 13% from 2023 to 2028 [9][39]. - The third-generation EGFR inhibitor market share is expected to increase to 79% by 2024, driven by the advantages of these drugs in treating EGFR mutation-positive non-small cell lung cancer (NSCLC) [28][39]. Financial Projections - Revenue growth is projected at 13.03% in 2024, with net profit expected to turn positive in the same year, followed by significant growth in subsequent years [43][39]. - Earnings per share (EPS) are forecasted to be 0.04, 0.08, and 0.18 yuan per share for 2024, 2025, and 2026, respectively, indicating a strong recovery and growth trajectory [43][39].

投资评级 计算机行业 推荐 维持 生成式 加速创新，国内厂商聚力突破 AI ——生成式人工智能行业专题研究：国内大模型篇 证券研究报告 2024年5月30日 ...

[Table_Main] 行业研究|可选 消费|汽车与汽车零部件 证 券研究报告 汽车与汽车零部件行业 2024年05月27日 周报、月报 [Table_Invest] [Ta政ble策_Tit油le]价 齐推动，新能源重卡高增长 推荐|维持 [报Ta告bl要e_S点um：ma ry] [过T去ab一le年_P市ic场Qu行ot情e]  4月新能源重卡创历史同期新高，连续十五个月正增长 19% 终端上牌数据显示，2024年4月新能源重卡销售4590辆（不含出口）， 10% 同比去年4月的2276辆实现了翻倍增长（102%），环比今年3月的5306 1% 辆下降13%。1-4月新能源重卡累计销售15544辆，累计同比增长129%。 -8% 单月销量创历史同期新高，月度渗透率7.06%，比去年同期的4.09%提升 -17% 了2.97个百分点，实现2023年1月以来连续15个月正增长。重卡新能 5/29 8/27 11/25 2/23 5/23 源化发展正在进入快车道。 汽车与汽车零部件 沪深300  政策推动叠加油价攀升，重卡新能源化趋势持续 资料来源：Wind 与 2023 年 4 月单月高增长但一季度均 ...

Core Viewpoints - The report indicates that inflation trading has shown signs of localized overheating, with significant fluctuations in upstream resource prices, particularly in non-ferrous metals like copper and aluminum, which have continued to rise [10] - As of May 25, copper prices on COMEX reached 478.35 cents/pound and 2582.50 USD/ton, marking increases of 4.5% and 1.88% respectively since the beginning of the month [10] - Domestic futures prices for copper and aluminum reported at 83760 CNY/ton and 20815 CNY/ton, reflecting increases of 3.36% and 0.45% respectively [10] - The report suggests that the current rise in commodity prices is primarily driven by expectations of liquidity expansion, although there are concerns about the sustainability of this trend due to weak inventory replenishment behavior among enterprises [10] - The penetration rate of new energy vehicles in China reached 62.65% as of May 19, indicating a potential opportunity in emerging industries with cyclical attributes [10] Industry Analysis - The report highlights that the cement price index increased by 1.76 points over the past week, while rebar and glass futures prices rose by 129 CNY/ton and 57 CNY/ton, representing week-on-week increases of 9.2% and 1.6% respectively [10][16] - Despite the increase in building materials prices, the sales area of commercial housing in 30 major cities nationwide decreased by 36.96% year-on-year, indicating that the market remains at a low point [10] - The report emphasizes the need to assess domestic liquidity constraints and their potential impact on the global liquidity expansion cycle, as well as the implications of sudden changes in regional political issues [10]

Group 1: Market Performance - After the Spring Festival, the domestic stock market, bond market, and commodity market all experienced varying degrees of increase, with the Shanghai Composite Index rising by 8%[3] - The 10Y government bond yield decreased by 12 basis points, indicating a bullish sentiment in the bond market[3] - The CRB Index saw a 5% increase, reflecting positive trends in commodity prices[3] Group 2: Liquidity and Economic Conditions - The current environment is not characterized by extreme liquidity, as evidenced by the stable R007 rates and a significant decline in the year-on-year growth rates of narrow social financing and loans[13] - Global liquidity is still expanding, as indicated by the acceleration of global M2 growth, while domestic liquidity is facing blockages with substantial funds circulating within the banking system[13] - The disparity in liquidity between domestic and global markets suggests that asset trends may lack clear direction, with commodities expected to rise in a globally expanding liquidity environment[13] Group 3: Stock Market Dynamics - The A-share market appears to be preemptively betting on the resolution of liquidity blockages, with recent index increases driven by expectations of real estate policy easing[13] - If there is no incremental monetary supply, optimistic expectations may not materialize quickly, leading to a temporary risk-on sentiment in the market[14] - In the absence of strong market forces, fiscal policy remains a crucial stabilizing factor, particularly regarding real estate policies aimed at addressing local government debt risks[20]

Investment Rating - The report assigns a "Recommended" rating to the telecommunications and electronics industry, anticipating continued high prosperity and performance from related companies [3]. Core Insights - The overall market experienced a decline, with the Shanghai Composite Index down 2.07% and the ShenZhen Component Index down 2.93% during the week of May 20-24, 2024. The telecommunications sector specifically saw a 3.85% decline [3]. - Despite the market pullback, the telecommunications industry is expected to maintain high growth, with companies' operational performance likely to meet expectations [3]. - Notable stock performances included Yihua Co., which rose by 24.63%, followed by ST Zhongjia at 15.00% and Alade at 14.53% [3]. Summary by Sections Market Overview - The telecommunications industry index declined by 2.89% during the week of May 20-24, 2024, while the overall market indices also experienced declines [11]. - Among the sub-sectors, the telecommunications network equipment and devices had the lowest decline at 3.18%, while other telecommunications equipment saw the highest decline at 4.03% [13][14]. Company News - Significant advancements were reported in the field of hollow-core fiber transmission systems, achieving a new record for single-direction real-time transmission capacity over a distance of 20 km at 100.4 Tbit/s [17]. - As of the end of April, the total number of 5G base stations reached 3.748 million, marking a net increase of 372,000 from the end of the previous year [18]. - The low-orbit satellite internet has seen its first overseas application in Thailand, marking a significant milestone for China's low-orbit broadband satellite internet [21]. Key Announcements - The report highlights several key announcements from telecommunications companies, including dividend distributions and stock performance updates [25].