[Table_Title] MLF 维持缩量续作 播图目录 play 图 2 北向资金流向 行业层面,本周北向资金主要加仓医药生物、银行和非银金融等行业；电子、电力 设备和商贸零售等行业遭减仓。 图 6 周内回购金额 ■本周净流入 (亿元) 2 资料来源: Wind, 商创证券 行业展面,医药、公用事业和金融地产等 ETF 继续净申购,新能源和消费等 ETF 继续净赎回。周期、科技和军工等 ETF 由净申购变为净赎回。 资料来源：Wind，首创证券 图 14 公开市场操作货币投放与回笼 本周央行通过公开市场操作共从市场净回笼 720 亿元。其中通过 7 天逆回购操作 投放 100 亿，到期回笼 120 亿元；此外，开展 1000 亿元 MLF 操作，利率 2.50%，与上 月持平，同时周内有 1700 亿元 MLF 到期，连续两个月"量缩价平"。 请务必仔细阅读本报告最后部分的重要法律声明 5 图 16 外汇占款（万亿） ■外汇占款(万亿,周皮) 22.4 22. 2 22. 0 21. 8 21. 6 21. 4 21. 2 21.0 20. 8 本周离岸人民币价格显著抬升,隔夜 CNH HIBOR 破 6 ...

资料来源: Wind，商创证券 市场策略报告 证券研究报告 本周北上资金净流出 114.68 亿元。行业层面，有色金属和电子等行业净流入规模居 前，食品饮料、医药生物和计算机等行业净流出规模居前。 资料来源：Wind，首创证券 市场策略报告 证券研究报告 | --- | --- | --- | --- | --- | --- | |----------------|---------------------|---------------------------------|----------------------------------|---------------------|---------------------| | 跟 踪 ETF | 本周净申购 （亿元） | 指 数 ETF \n上周净申购 （亿元） | 净申购变化 \n月度净申购 （亿元） | 季度净申购 （亿元） | 年度净申购 （亿元） | | 创业板 | 9.3 | -4.8 | 4.5 | 109.0 | 191.1 | | 科 创 50 | 8.0 | 3.1 | 11.1 | -80.3 | -18.4 | | 创业板 50 ...

[Table_Title] 量价齐升利润高增长 内生外延打造持续成长性 [Table_ReportDate] 山东黄金(600547)公司简评报告 | 2024.04.23 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl量e_价Su齐mm升a，ry]利 润高增长。2023 年公司实现营业收入 592.75 亿元，同比 吴轩 +17.83%；归母净利润 23.28 亿元，同比+86.57%；扣非后归母净利润 有色行业首席分析师 22.13亿元，同比+69.47%。其中，Q4实现营业收入179.52亿元，同比 SAC执证编号：S0110521120001 +71.30%，环比+29.17%；归母净利润 9.83 亿元，同比+77.13%，环比 wuxuan123@sczq.com.cn 电话：021-58820297 +111.11%；扣非后归母净利润9.34亿元，同比+69.85%，环比+134.38%。 2023年公司矿产金产量为41.78吨，同比增长8.03%。2023年黄金现货 刘崇娜 年均价449.68元/克，同比增长14.7%。 有色行业研究助理 ⚫ ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 41.487 billion yuan in 2023, representing a year-on-year increase of 12.00%, and a net profit attributable to shareholders of 4.789 billion yuan, up 54.71% year-on-year [4] - The profit recovery trend continued throughout 2023, driven by the easing of pandemic control measures, ongoing economic stimulus policies, and a gradual recovery in downstream demand. The prices of raw materials such as ethane and propane have decreased, improving the price and margin of the company's main products [4] - The company has seen a significant increase in quarterly profits, with Q4 2023 net profit soaring by 2693.91% year-on-year [4] - Research and development investment has increased, with the company successfully launching several new projects, enhancing its growth potential [4] - The company is expected to achieve net profits of 5.502 billion yuan, 6.787 billion yuan, and 8.583 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.63 yuan, 2.01 yuan, and 2.55 yuan [4] Summary by Sections Basic Data - Latest closing price: 19.37 yuan - Market capitalization: 65.251 billion yuan - Total shares: 3.369 billion [2] Financial Performance - Revenue for 2023: 41.487 billion yuan, with a growth rate of 12.0% - Net profit for 2023: 4.789 billion yuan, with a growth rate of 56.4% - EPS for 2023: 1.42 yuan, with a PE ratio of 13.62 [5] Profit Forecast - Expected revenue for 2024: 47.124 billion yuan, with a growth rate of 13.6% - Expected net profit for 2024: 5.502 billion yuan, with a growth rate of 14.9% - Expected EPS for 2024: 1.63 yuan, with a PE ratio of 11.86 [5] R&D and New Projects - R&D investment in 2023: 1.626 billion yuan, up 31.05% year-on-year - Successful launch of new projects including a 600,000 tons/year styrene project and a green materials industrial park [4]

[Table_Summary] [Table_ReportDate] 荣泰健康(603579)公司简评报告 | 2024.04.23 [Table_Authors] 陈梦 首席分析师 SAC 执证编号：S0110521070002 chenmeng@sczq.com.cn 电话：010-81152649 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 23.16 | | 一年内最高 / 最低价（元） | 24.12/15.40 | | 市盈率（当前） | 16.03 | | 市净率（当前） | 1.69 | | 总股本（亿股） | 1.39 | | 总市值（亿元） | 32.19 | | 资料来源：聚源数据 | | 核心观点 | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------| | 盈利预测 [Table_Pro ...

| --- | --- | --- | --- | --- | |------------------------|------------|--------------------------------------------------|----------|-------| | 图 13 下周重要数据 | | 下周全球主要国家核心经济数据 | | | | 日 期 | 国家 /地区 | 指标名称 | 前 值 | 预 期 | | 2024-04-22 | 欧 盟 | 4月欧元区:消费者信心指数:季调(初值) | -14.9 | | | 2024-04-23 | 德 国 | 4月制造业PMI(初值) | 41.9 | | | 2024-04-23 | 欧 盟 | 4月欧元区:制造业PMI(初值) | 46.1 | | | 2024-04-23 | 美 国 | 3月新屋销售:季调:折年数(千套) | 662.0 | | | 2024-04-24 | 德 国 | 4月IFO景气指数:季调(2015年=100) | 87.8 | | | 2024-04-25 | 美 国 | 第一季度GDP价格指数(初值):季调 ...

请务必仔细阅读本报告最后部分的重要法律声明 评级 说明 增持 相对沪深 300 指数涨幅 5％-15%之间 减持 相对沪深 300 指数跌幅 5％以上 中性 行业与整体市场表现基本持平 王仕进，策略首席分析师，上海财经大学经济学博士，7 年策略研究经验，2022 年 10 月加入首创证券研究发 展部。 免责声明 在法律许可的情况下，首创证券可能会持有本报告中提及公司所发行的证券头寸并进行交易，也可能为这些公司 提供或争取提供投资银行业务服务。因此，投资者应当考虑到首创证券及/或其相关人员可能存在影响本报告观 点客观性的潜在利益冲突。投资者请勿将本报告视为投资或其他决定的唯一信赖依据。 本周 ETF 基金整体上净赎回。跟踪的主要指数标的中,本周净申购排名靠前的为创 业板 ETF (9.3 亿)、科创 50ETF (8.0 亿)和创业板 50ETF (2.6 亿元), 净赎回排名靠 前的为沪深 300ETF（-50.0 亿）、中证 500ETF（-28.1 亿元）和中证 1000ETF（-15.8 亿 元)。 请务必仔细阅读本报告最后部分的重要法律声明 4 资料来源:Wind, 商创证券 资料未源:Wind, 商 ...

[Table_Title] 业绩符合预期，中药创新药有望进入收获期 [ 天Ta 士bl 力e_ (R 6e 0p 0o 5r 3tD 5a )公te] 司 简评报告 | 2024.04.22 [评Ta级ble：_R a买nk]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：m公m司ary发] 布2023年年报，2023年实现营业收入86.74亿元（+0.42%）， 王斌 归属于上市公司股东的净利润 10.71 亿元（+505.34%），扣非后归母净 首席分析师 利润11.81亿元（+60.11%）。 SAC执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 ⚫ 中药表现平稳，化学药集采负面影响已充分体现，生物药新适应症获批 后有望迎来拐点。2023年公司中药收入为59.71 亿元（+6.62%），其中 [市Ta场bl指e_数Ch走ar势t]（ 最近1年） 核心产品复方丹参滴丸销售量同比增加9.89%，在集采后实现了以价换 0.2 天士力 沪深300 量，我们预计 2023 年收入仍有一定幅度增长，后续随着原有适应症用 ...

Investment Rating - The investment rating for the company is "Buy" [2][24]. Core Views - The company reported a total revenue of 6.301 billion yuan in 2023, representing a year-on-year growth of 36.5%. The net profit reached 1.088 billion yuan, a significant increase of 128.8% year-on-year, while the adjusted net profit was 1.191 billion yuan, up 107.6% year-on-year [5][9]. - The company's offline retail and robot store revenues grew by 46.6% and 44.8% respectively, driven by strong store efficiency and a booming offline market. The average revenue per store reached its highest since 2017, particularly in first-tier cities [6]. - The Douyin channel saw remarkable growth, with revenue increasing by 431.2% year-on-year to 283 million yuan in 2023. The company plans to continue expanding its presence in overseas markets, with a revenue increase of 134.9% year-on-year from Hong Kong, Macau, Taiwan, and other international locations [6][9]. - The company's IP operation system is maturing, with key IPs like SKULLPANDA, MOLLY, and DIMOO generating revenues of 1.025 billion yuan, 1.020 billion yuan, and 738 million yuan respectively, showing growth rates of 20.3%, 27.2%, and 27.6% [7][8]. - The product line is expanding, with non-blind box products like the MEGA collectible series generating 682 million yuan in revenue. The company plans to introduce new product categories, including building blocks, to further enhance its offerings [8]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 63.01 billion yuan and net profit of 10.88 billion yuan, with significant growth rates of 36.5% and 128.8% respectively [5][9]. - The forecast for 2024-2026 indicates revenues of 82.8 billion yuan, 99.8 billion yuan, and 112.1 billion yuan, with corresponding net profits of 13.9 billion yuan, 17.2 billion yuan, and 19.8 billion yuan [9][10]. Market Expansion - The company plans to enter new markets in Indonesia, Vietnam, and the Philippines, and expand flagship stores in the UK, France, the US, Japan, and South Korea, aiming for a total of 130-140 overseas stores by the end of 2024 [6][9]. IP Development - The company has successfully launched multiple IPs, with a focus on enhancing the success rate of IP incubation through its PDC department. The number of artist IPs generating over 100 million yuan in sales reached 10 in 2023 [7][8]. Product Line Development - The company is increasing its investment in plush and building block products, addressing supply chain challenges to meet demand for popular items. The opening of the "Bubble Mart City Park" in Beijing aims to deepen emotional connections with fans [8].

| --- | --- | --- | --- | --- | |---------------------------|-------|---------------------|-------|-------| | 盈利预测 \n[Table_Profit] | 2023A | 2024E | 2025E | 2026E | | 营收（亿元） | 14.12 | 17.22 | 21.21 | 25.12 | | 营收增速 | 21.7% | 22.0% | 23.2% | 18.4% | | 归母净利润（亿元） | 1.16 | 1.49 | 1.96 | 2.38 | | 归母净利润增速 | 39.7% | 27.9% | 31.6% | 21.3% | | EPS( 元 / 股 ) | 0.68 | 0.87 | 1.15 | 1.39 | | PE | | 38.3 29.9 22.7 18.7 | | | 公司简评报告 证券研究报告 本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者将 对报告的内容和观点负责。 在法律许可的情况下，首创证券可能会持有 ...