Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected investment return exceeding 10% compared to the CSI 300 index over the next six months [2]. Core Insights - The report highlights the premiere of China's first AI-generated animated series "Qianqiu Shisong" on February 26, 2024, marking a significant milestone in the industry as it utilizes AI models for content creation, thereby accelerating production timelines from one episode per month to three [1]. - The report emphasizes the continuous innovation in Mixed Reality (MR) gaming, with Meta's recent launch of the "Cryptic Cabinet" game showcasing enhanced interactive experiences [1]. - The investment suggestion points towards the gradual implementation of AI-generated video content as a catalyst for industry growth, alongside the ongoing upgrades in MR experiences, which are expected to foster ecosystem development [1]. Summary by Sections AI-Generated Content - The AI-generated animated series consists of 26 episodes, each approximately 7 minutes long, produced using a large media model developed in collaboration with several prestigious institutions [1]. - The series is the first of its kind to be broadcasted on a mainstream television channel in China, utilizing AI to create historically accurate artistic representations [1]. Mixed Reality Gaming - Meta's "Cryptic Cabinet" game allows for real-time adjustments based on players' actual room layouts, enhancing the immersive experience [1]. - The game supports both single and multiplayer modes, promoting social interaction and collaborative gameplay [1]. Investment Recommendations - The report suggests focusing on specific stocks such as Jiecheng Co., Visual China, Kunlun Wanwei, and others, which are positioned to benefit from the advancements in AI and MR technologies [1].

2024年02月25日 行业研究●证券研究报告 食品饮料 行业周报 新业态新趋势，变化正悄然发生 同步大市-A维持 投资评级 投资要点 首选股票 评级 600519.SH 贵州茅台 买入-A 行情回顾：上周食品饮料（申万）行业整体上涨3.32%，在31个子行业中排名 603369.SH 今世缘 买入-B 第24位，跑输上证综指1.53pct，跑赢创业板1.50pct，跟随行情上涨。二级（申 万）子板块对比，上周子版块均有一定程度上涨，其中非白酒、调味品上涨幅度 一年行业表现 最大，均上涨6.20%，主要与板块前期超跌严重有关，休闲食品、白酒上涨幅 度最小，分别上涨2.74%、2.87%，三级子行业中预加工食品、啤酒表现最好， 分别上涨9.50%、7.88%，为三级子行业中涨幅最大。 本周大事：回乡调研见闻，新业态新趋势，变化正悄然发生。春节期间，我们 团队成员返乡，记录了全国六省七市春节的观察和感受，分别为浙江湖州、四川 成都、河北唐山、河南商丘睢县、山东菏泽、山东泰安新泰、新疆乌鲁木齐，样 本以北方城市、三四五线城市居多，通过我们的回乡观察，希望给投资者提供更 资料来源：聚源 全面更真实的视角。我们从收 ...

2024年02月25日 行业研究●证券研究报告 家电 行业周报 政策释放积极信号，家电板块回暖可期 投资评级 领先大市-B维持 投资要点 大家电普遍高增，小家电景气偏弱。根据奥维云网，1月大家电各品类均实现较 首选股票 评级 高增长，主要源于去年同期疫情及春节错期影响，在此背景下小家电实现个位数 增长，需求略显疲软。具体来看，空调线上需求高增，洗碗机、集成灶线下表现 突出，景气度较优于其他品类及渠道。 一年行业表现 中央鼓励汽车、家电等传统消费品以旧换新。根据央视新闻，2月23日，中共 中央总书记、国家主席、中央军委主席、中央财经委员会主任习近平主持召开中 央财经委员会第四次会议，并于会上发表重要讲话，强调加快产品更新换代是推 动高质量发展的重要举措，要鼓励引导新一轮大规模设备更新和消费品以旧换 新。会议强调，实行大规模设备更新和消费品以旧换新，将有力促进投资和消费， 既利当前、更利长远，要打好政策组合拳，坚持市场为主、政府引导。同时会议 指出，要推动各类生产设备、服务设备更新和技术改造，鼓励汽车、家电等传统 消费品以旧换新。对消费品以旧换新，要坚持中央财政和地方政府联动，统筹支 资料来源：聚源 持全链条 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical sector, indicating a positive outlook for the industry [1]. Core Insights - The pharmaceutical sector has shown a rebound, with the Shenwan Pharmaceutical Index rising by 2.09%, although it underperformed the CSI 300 Index by 1.62 percentage points [7][9]. - The report highlights that the pharmaceutical index ranked 31st among 31 primary industries this week, but improved to 12th for the month [9]. - Sub-sectors such as raw materials, pharmaceutical distribution, and vaccines performed well, with weekly changes of 5.76%, 4.59%, and 3.86% respectively [11]. - Conversely, offline pharmacies, medical devices, and blood products lagged behind, with weekly changes of -4.23%, -1.14%, and -0.67% respectively [11]. - Notable individual stock performances included significant gains for companies like Jingfeng Pharmaceutical and Changshan Pharmaceutical, while companies like Xingqi Eye Medicine and Yifeng Pharmacy saw declines [11]. Summary by Sections Industry Performance - The Shenwan Pharmaceutical Index has shown a monthly increase of 8.63%, slightly outperforming the CSI 300 Index by 0.09 percentage points [7]. - The report indicates that the pharmaceutical sector is currently in a recovery phase after a period of decline [1]. Clinical Progress and Innovations - Several innovative pharmaceutical companies reported strong revenue growth for 2023, with Ailisi and Dizhe Pharmaceutical achieving revenue increases of 154.42% and significant sales from newly launched products [1][15]. - The report emphasizes the importance of commercial performance and pipeline advancements for these companies [1]. Investment Strategy - Short-term recommendations include focusing on stocks that have experienced significant declines, with suggested companies such as Tiantan Biological and Juzhi Biological for potential rebounds [1]. - Long-term strategies favor innovative drugs and medical devices, with a stable demand outlook for the industry [1]. Company Performance Highlights - Companies like Maiwei Bio and Zexing Pharmaceutical reported substantial revenue growth, with Maiwei achieving a 360.49% increase in revenue for 2023 [22]. - The report notes that while some companies are experiencing losses, their revenue growth indicates a positive trend in commercial activities [22].

2024年02月25日 行业研究●证券研究报告 食品饮料 行业专题报告 回乡见闻之二：潜心耕耘，也无风雨也无晴 同步大市-A维持 投资评级 投资要点 首选股票 评级 春节期间，我们团队成员返乡，记录了全国六省七市春节的观察和感受，分别 600519.SH 贵州茅台 买入-A 为浙江湖州、四川成都、河北唐山、河南商丘睢县、山东菏泽、山东泰安新 603369.SH 今世缘 买入-B 泰、新疆乌鲁木齐，样本以北方城市、三四五线城市居多，通过我们的回乡观 察，希望给投资者提供更全面更真实的视角。我们从收入及预期、渠道变迁、 一年行业表现 送礼趋势、商超调研等维度记录了多省的变化，并总结为宏观、微观两篇报 告。本文主要为微观层面的相关见闻，虽然过去一年消费企业经营面临需求疲 软、成本压力、竞争加剧等问题，但是终端调研中依旧发现了很多亮点，如海 天库存压力已逐步缓解、rio强爽势头正浓、三只松鼠布局商超进展迅速、零 食量贩店遍地开花。2024年我们认为要继续保持谨慎乐观的态度，积极挖掘 个股机会。春节行业微观观察具体如下： （1）白酒：无论经济发达还是欠发达地区，商务送礼场景以高端酒为主，尚 未感受到降级趋势；聚饮场 ...

Investment Rating - The investment rating for the food and beverage industry is maintained at "Market Perform" [1] Core Views - The food and beverage industry saw an overall increase of 3.32% last week, ranking 24th among 31 sub-industries, underperforming the Shanghai Composite Index by 1.53 percentage points but outperforming the ChiNext by 1.50 percentage points [6][10] - The report highlights new trends and changes observed during the Spring Festival, indicating a cautious optimism for 2024, with a focus on individual stock opportunities [9][11] - Key observations from the Spring Festival include stable demand for high-end liquor, strong performance of leading brands in various segments, and a notable shift in consumer preferences towards lower-priced products [10][19] Summary by Sections Industry Overview and Investment Recommendations - The food and beverage industry is currently in a state of recovery, with significant price increases in non-liquor and seasoning products, both rising by 6.20% [6][7] - The report suggests focusing on companies with valuation advantages and dividend expectations, such as Yili and Shuanghui, while also considering sectors aligned with current consumer trends like prepared dishes and snacks [11][12] Company Announcements - Zhujiang Beer reported a 4.79% increase in beer sales volume to 1.4028 million tons and a 9.13% increase in revenue to 5.378 billion yuan for 2023 [12] - Kangbiter expects a net profit increase of 33.65% to 56.21% for 2023 [13] Industry News - The report discusses the competitive landscape of the liquor industry, emphasizing the importance of high-quality customer bases and the ongoing trend of premiumization in liquor consumption [19][20] - The dairy sector is facing challenges with a collective decline in net profits among raw milk companies, attributed to oversupply and increased competition [20]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [72]. Core Insights - The company, Zhongchuang Co., Ltd. (688695.SH), is a leading domestic provider of middleware products and services, primarily serving sectors such as government, military, finance, energy, and transportation [29][30]. - The company achieved revenue of 120 million yuan, 137 million yuan, and 180 million yuan from 2021 to 2023, with a compound annual growth rate (CAGR) of 30.02% [30]. - The net profit attributable to the parent company was 48 million yuan, 44 million yuan, and 67 million yuan during the same period, with a CAGR of 15.94% [30]. - The company is positioned to benefit from the ongoing trend of domestic middleware localization, with a market share of 15% in the domestic basic middleware market as of 2021, ranking second among local manufacturers [41][61]. Financial Performance - The company reported a year-on-year revenue growth of 46.79%, 14.35%, and 30.94% for the years 2021, 2022, and 2023, respectively [3][30]. - The net profit growth rates for the same years were 13.21%, -9.45%, and 52.05% [5][30]. - For Q1 2024, the company forecasts revenue between 28 million and 32 million yuan, representing a growth of 56.60% to 78.97% year-on-year [30][69]. Industry Overview - The middleware market in China is experiencing a shift towards localization, with foreign companies like IBM and Oracle holding significant market shares [37][41]. - The overall middleware market size in China was approximately 88.7 billion yuan in 2021, with expectations to reach 144.2 billion yuan by 2026 [57]. - The domestic basic middleware market was valued at 48.3 billion yuan in 2021, with a localization rate of about 14.1% [37][41]. Company Highlights - The company has over 20 years of experience in middleware research and development and has participated in significant national projects, including the "Nuclear High Base" technology initiative [29][41]. - The company has established strong competitive advantages in the government and military sectors, having successfully implemented domestic middleware replacements for key clients [63]. - The company plans to invest in three main projects through its IPO proceeds, focusing on middleware research and development, upgrading its technology center, and building a nationwide marketing and service network [64][66].

彩 发 隻 团 旗 下 企 业 证券研究报告 半导体行业深度报告 领先大市-A（维持） 华金证券电子团队一走进"芯"时代系列深度之七十五"半导4核心材料" 万丈高楼材料起，夯实中国"芯"地基 分析师：孙远峰 S0910522120001 分析师：王海维 S0910523020005 2024年2月26日 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 u 中国大陆为全球半导体材料第二大市场，2022年占比为17.84%，然而国产厂商在多类材料的自给能力低且 主要为低端产品。在半导体全产业链国产化的大背景下，半导体材料国产化迫在眉睫。 u 封装基板：AI算力助力封装基板腾飞。2022年全球封装基板市场规模约174亿美元，ABF载板加速国产化迫 在眉睫，需求显著。我们认为，国内ABF厂商有望迎高速增长期。 u 光刻胶：光刻胶全产业链亟需国产突破。我国生产的光刻胶约94%为技术难度较低的PCB光刻胶，显示/半 导体光刻胶国产化率处于较低水平，同时上游原材料是光刻胶产业链最薄弱环节。我们认为，国产厂商享 有光刻胶全产业链广阔的国产替代空间。 u 电子气体:产能扩张推升电子气体 ...

2024年02月25日 行业研究●证券研究报告 电力设备及新能源 行业周报 中国风电新增吊装容量再创新高，光伏硅料环 领先大市-B维持 投资评级 节价格平稳【第 期】 8 首选股票 评级 投资要点 300750.SZ 宁德时代 买入-A 002846.SZ 英联股份 买入-A 新能源汽车：本周，《韩国经济日报》报道称，韩国SKOn将筹集至多2万亿 002459.SZ 晶澳科技 买入-A 韩元（约合107亿元人民币）投资于大圆柱电池等新业务。龙蟠科技控股子公 司常州锂源与LGES签署《长期供货协议》，协议约定，常州锂源自2024年至 一年行业表现 2028年期间合计向LGES销售16万吨磷酸铁锂正极材料产品，协议总金额超 人民币70亿元。中国大唐集团有限公司2024年度磷酸铁锂电池储能系统框架 采购中标结果公示，中车株洲所、海博思创、比亚迪中标，本次采购包含1GWh 0.5C及1GWh0.25C储能系统，供货范围为磷酸铁锂电池储能系统。当升科技 完成卢森堡SPV全资子公司的工商登记手续。孚能科技、派能科技、长远锂科、 振华新材和万润新能发布2023年度业绩快报，其中孚能科技、长远锂科和万润 新能预计归母净利润 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next six months [1]. Core Views - The company achieved revenue of 4.529 billion yuan in 2023, representing a year-on-year growth of 2.07%, while the net profit attributable to shareholders reached 735 million yuan, up 17.44% year-on-year [1]. - The company is expected to see significant growth driven by its collaboration with China Mobile, which is anticipated to enhance its business volume substantially [1]. - The report adjusts the revenue forecast for 2023-2025 to 4.529 billion, 5.371 billion, and 6.557 billion yuan respectively, with net profits projected at 735 million, 927 million, and 1.16 billion yuan [1]. Financial Data Summary - The company reported a gross profit margin of 62.2% in 2023, with a projected decline to 61.6% in 2024 and 61.1% in 2025 [2][3]. - The earnings per share (EPS) for 2023 is estimated at 0.60 yuan, with projections of 0.76 yuan for 2024 and 0.95 yuan for 2025 [2][3]. - The return on equity (ROE) is expected to improve from 9.2% in 2023 to 10.6% in 2024 and 11.8% in 2025 [2][3]. Business Outlook - The company is positioned as a leader in the domestic cybersecurity industry, with the change in control to China Mobile expected to bring substantial business growth [1]. - The collaboration with China Mobile is set to leverage its extensive network and digital resources, enhancing the company's service offerings in cloud security and other areas [1]. - The report highlights that the demand for cybersecurity solutions is expected to grow significantly, particularly from government and enterprise sectors undergoing digital transformation [1].