[Table_Title] 光伏产业链下游酝酿涨价情绪，配电网建设预期加速 [ 电Ta 力bl 设e_ 备Rep o r 行tDa 业te 简] | 评报告 | 2024.03.04 评[Ta级ble：_R an看k]好 核心观点 [lT abl硅e_料Su方mm面a，ry]本 周硅料价格小幅上涨，N 型料成交均价为 7.21 万元/吨， 董海军 周环比上涨0.14%；复投料成交均价6.32万元/吨，周环比上涨2.27%。 分析师 硅片方面，本周价格小幅下滑，其中M10单晶硅片（182 mm /150μm） SAC执证编号：S0110522090001 成交均价2.05元/片，周环比持平；N型单晶硅片（182 mm /130μm） donghaijun@sczq.com.cn 电话：86-10-5651 1712 成交均价1.98元/片，周环比下降1.06%； G12单晶硅片（210 mm/150 μm）成交均价2.89元/片，周环比持平。下游组件需求一季度有回暖迹 张星梅 象，部分散单价格有所回升，尤其分布式光伏表现优异。 研究助理 l 中国光伏业协会举办2023年发展回顾与2024年展望研讨会，会上指出 ...

宏观经济分析报告 证券研究报告 图 7：PMI 新订单（%） 40 42 44 46 48 50 52 54 56 2019-01 2020-01 2021-01 2022-01 2023-01 2024-01 新订单 新出口订单 倒算的国内订单 2 月制造业、建筑业和服务业 PMI 分别为 49.1%、53.5%和 51.0%，较前值分别下降 0.1、0.4 和上升 0.9 个百分点，仍然处于低位。综合 PMI2 月读数为 50.9%，与前值持 平。由于服务业 PMI 的反弹，制造业和非制造业 PMI 的均值继续上升。在考虑春节因素 之后，2 月服务业 PMI 的反弹幅度依然明显。 [Table_Title] 2 月 PMI 数据点评：经济低位运行，环比小幅好转 ⚫ 风险提示。地产下行超预期，政策不及预期，海外扰动超预期。。 宏观经济分析报告 证券研究报告 图 1：PMI（%） 38 43 48 53 58 63 68 2019-01 2020-01 2021-01 2022-01 2023-01 2024-01 PMI 非制造业PMI:建筑业 非制造业PMI:服务业 图 2：PMI 平均和综合 PMI（% ...

汽[Tab车le_行Title业] 周报：上海发布新一轮补贴政策，有望拉 动汽车消费 [Table_ReportDate] 汽车 | 行业简评报告 | 2024.03.04 评[Ta级ble：_R an看k]好 核心观点 [Tabl e_Summary] 岳清慧 l 理想MEGA正式发布，比亚迪多款主力车降价 汽车首席分析师 1）3月1日，理想汽车首款纯电MPV——理想MEGA上市售价55.98 SAC执证编号：S0110521050003 万元，新车将在3月11日开启交付。李想表示，MEGA将是理想汽车下 yueqinghui@sczq.com.cn 一个爆品，有信心成为50万以上销量第一。 电话： 动力：采用双电机智能四驱系统，前轴采用的是异步电机，最大 功率为 155kW。后轴采用的是永磁同步电机，最大功率为 245kW，峰值 [市T场ab指le数_C走ha势rt（] 最近1年） 扭矩 542N·m。电池方面，搭载宁德时代麒麟 5C 电池，电池组容量为 0.1 汽车 沪深300 102.7 千瓦·时，CLTC 纯电续航里程为 710km，百公里耗电量低至 15.9kWh，充电峰值功率达520kW。 0 ...

[周Tab报le_：Titl e2]023 年奥莱销售额破 10 亿家数创新高，继续 关注折扣业态 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.03.04 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [Tabl e_Summary] 李田 ⚫ 周度行情：本周（2024.2.26-2024.3.3）主要宽基指数多数上涨，风格 首席分析师 偏向小盘成长。主要宽基指数中，上证综指数上涨 0.74%，深证成 SAC执证编号：S0110522090002 指上涨4.03%，创业板指上涨 3.74%。本周（2024.2.26-2024.3.3）商 litian11@sczq.com.cn 贸零售（申万）指数上涨。本周商贸零售指数上涨 0.94%，在申万一 电话： 级行业中排名第17，相对沪深300指数下跌0.44%。商贸零售子板块 方面， 多数上涨。互联网电商继续涨幅最大，上涨4.62%。唯一下跌 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 的为旅游零售II，下跌1.06%。 ⚫ 本周个股涨多跌少。本周共 54 只个股上涨，联络互动、焦点 ...

Economic Overview - The average PMI for February remains low, with manufacturing, construction, and services PMI at 49.1%, 53.5%, and 51.0% respectively, indicating a slight decline in manufacturing and construction[27] - The comprehensive PMI for February is 50.9%, unchanged from the previous month, suggesting economic stability at a low level[27] Market Performance - In February, both stock and bond markets experienced significant gains, with the Wande All A Index rising by 2.4% and the 10-year government bond yield decreasing by 3.3 basis points[9][15] - The best-performing sectors in the stock market were TMT, leading the gains in the Sci-Tech and ChiNext indices[71] Interest Rate Dynamics - The yield curve has shown a notable narrowing of the term spread, with the 1-year and 5-year government bond yields rising by 1.3 and 1.4 basis points, while the 10-year and 30-year yields fell by 3.3 and 8.9 basis points respectively[9][34] - The spread between the 30-year and 10-year government bond yields has reached a historic low, indicating unusual market conditions[28] Economic Risks - Ongoing risks in the real estate sector, with continued low sales of commercial housing, may pose uncertainties for future economic recovery[13][21] - Potential risks include unexpected downturns in the real estate market, policy measures falling short of expectations, and unforeseen international disturbances[11][60] Future Outlook - The overall economic recovery remains fragile, particularly in the manufacturing sector, with limited potential for significant short-term stock market gains[28][47] - Strategies for the bond market may involve gradually entering positions as the yield curve steepens, given the current low levels of the term spread[28]

Investment Rating - The investment rating for the company is "Buy" [15]. Core Views - The company is expected to achieve a revenue of 887 million yuan in 2023, representing a year-on-year growth of 15.60%, and a net profit of 200 million yuan, reflecting a year-on-year increase of 36.87% [6]. - In Q4 2023, the company reported a revenue of 252 million yuan, a year-on-year increase of 65.34%, and a net profit of 81 million yuan, marking a significant turnaround [6]. - The company's gross profit margin is expected to improve, with a projected net profit margin of 22.52% for 2023, up by 3.50 percentage points year-on-year [6]. - The company is actively expanding into industrial, automotive, and medical electronics markets, while maintaining a strong position in consumer electronics [6]. - The global smartphone market is anticipated to grow by 4% in 2024, following a recovery in Q4 2023, which is expected to benefit the company [6]. - The subsidiary, Saimikentuo, is set to be listed on the New Third Board, which is expected to enhance its financing capabilities and market competitiveness [6]. - Profit forecasts for the company are 200 million yuan for 2023, 281 million yuan for 2024, and 379 million yuan for 2025, with corresponding PE ratios of 31, 22, and 16 times [6][8]. Summary by Sections Company Overview - The latest closing price of the company is 46.39 yuan, with a market capitalization of 6.202 billion yuan [3]. Financial Performance - The company expects to achieve a revenue of 887 million yuan in 2023, with a growth rate of 15.60% [8]. - The projected net profit for 2023 is 200 million yuan, with a growth rate of 36.87% [8]. - The company’s net profit margin is expected to reach 22.52% in 2023, an increase from the previous year [6]. Market Outlook - The global smartphone shipment is projected to recover in 2024, which is expected to positively impact the company's performance [6]. - The company is focusing on expanding its presence in various sectors, including automotive and industrial electronics, in addition to its stronghold in consumer electronics [6].

[Table_Title] 宏观经济周报：政策主导，股债均走强 | --- | --- | --- | |--------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | [T ...

[传Tab奇le_筑Titl基e] ，多维成长 [Table_ReportDate] 恺英网络(002517)公司深度报告 | 2024.02.28 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [Tabl e_Summary] 王建会 ⚫ 恺英网络（002517.SZ）是国内知名的互联网游戏上市公司。公司坚持 传媒互联网首席分析师 将“聚焦游戏主业”作为公司发展的核心战略方向，以研发、发行以 SAC执证编号：S0110522050001 及投资+IP三大业务体系为支撑，持续为用户提供优质内容服务和深度 wangjianhui2@sczq.com.cn 游戏娱乐体验。 ⚫ 公司自研体系逐步实现管线化、标准化、模块化、自动化。公司高度 李甜露 重视多维度、立体化研发体系建设，形成上海本部与浙江盛和两支经 传媒互联网联席首席分析师 验丰富的研发团队，并组建了VR游戏团队和其他研发队伍。当前上海 SAC执证编号：S0110516090001 恺英与浙江盛和的美术中台、技术中台已逐步打通，围绕热门 IP 规模 litianlu@sczq.com.cn 化产出精品游戏的能力显著提高。 ...

[Table_Title] 看好 24 年出行链景气回升，关注美妆 38 大促表现 [ 社Ta 会bl 服e_ 务Rep o r 行tDa 业te 简] | 评报告 | 2024.02.28 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl元e_S宵u节mm周ar边y]游 及短途跨城游需求不减，广州深圳成都等地热度居前。 于那 元宵节恰逢周六，周边游和短途跨城游的需求因此大增。截至2月21 首席分析师 日，同程旅行平台上“元宵节”的相关搜索量周环比增长超300%，逛 SAC执证编号：S0110522070001 庙会、赏花灯、夜游及演出等相关主题的搜索热度相对较高。据同程 yuna3@sczq.com.cn 电话：021-58820297 旅行数据显示，元宵节期间，广州、深圳、成都、重庆、贵阳等城市 的周边游及短途跨城游热度居前。平台数据显示，广州、深圳、上海、 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 成都等核心城市大型灯会外地游客比例均在40%以上。祈福赏灯逛庙 会依然是元宵节期间最具人气的游玩主题，元宵节当晚各地的灯会及 0.2 社会服务 沪深 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company, China Merchants Highway (招商公路), is the largest comprehensive highway investment and operation service provider in China, with a total operating mileage of 13,060 kilometers as of June 2023, ranking first among operating expressway companies [3] - The company's operating performance is stable, with a steady cost structure and increased traffic volume boosting profitability. Revenue from 2018 to the first three quarters of 2023 was 67.59, 81.85, 70.69, 86.26, 82.97, and 65.75 billion yuan, while net profit attributable to shareholders was 39.1, 43.27, 22.23, 49.73, 48.61, and 43.63 billion yuan [3] - The company plans to maintain a dividend payout ratio of no less than 55%, enhancing returns for investors. The actual dividend payout ratios from 2020 to 2022 were 49.20%, 42.99%, and 52.68% [3] - The company is expected to benefit from economic recovery, leading to increased traffic volume and revenue growth. The forecasted net profit for 2023-2025 is 50.3 billion, 60.2 billion, and 64.3 billion yuan, with corresponding PE ratios of 13.8, 11.6, and 10.8 [3][4] Summary by Sections Company Overview - China Merchants Highway operates the longest and most comprehensive highway network in China, covering 22 provinces and municipalities, primarily in economically developed and densely populated areas [3] Financial Performance - The company's revenue and net profit have shown fluctuations, with a notable increase in traffic volume and toll revenue in 2023 due to rising demand for passenger and freight transport [3] - The revenue breakdown for 2023 indicates that investment operations account for 72.89%, traffic technology for 19.57%, smart transportation for 4.74%, and ecological investment for 2.80% [3] Profit Forecast - Revenue is projected to grow from 83.0 billion yuan in 2022 to 103.8 billion yuan in 2023, with a growth rate of 25.1%. Net profit is expected to increase from 48.6 billion yuan in 2022 to 50.3 billion yuan in 2023, reflecting a growth rate of 3.5% [4]