[Table_Title] 24 夏秋航季航班总量创新高，航网质量持续优化 [ 交Ta 通bl 运e_ 输Rep o r 行tDa 业te 简] | 评报告 | 2024.03.22 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl2e4_S夏um秋m航ar季y] 将于2024年3月31日起执行，根据24夏秋航季时刻数 张功 据，国内航司航线每周航空运输总时刻量为 28.74万个，国内、国际 交运行业首席分析师 SAC执证编号：S0110522030003 及地区航线相较于2019年同期均有大幅增长。总时刻量为28.74万个 zhanggong1@sczq.com.cn /同比+20%，较2019年同期+34.48%。其中，国内航线同比+2.77%， 较19年同期+32.10%；国际和地区航线较2019年+49.86%，大幅增长 张莹 交运行业研究助理 超越2019年同期水平。 zhangying2022@sczq.com.cn ⚫ 上市航司时刻量均有增长，国内航线：南航集团国内航线数量最多， [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 国航集团国内航 ...

[Table_Title] 业绩稳健增长，产品结构改善 [Table_ReportDate] 飞科电器(603868)公司简评报告 | 2024.03.22 [评Ta级ble：_R an增k]持 核心观点 [ Table_Authors] [Tabl e_Summary] 陈梦 事件：公司发布 2023 年年报，全年实现营业收入 50.60 亿元，同比 首席分析师 +9.35%；实现归母净利润 10.20 亿元，同比+23.90%；实现扣非后归母 SAC执证编号：S0110521070002 净利润8.86亿元，同比+14.88%；拟每10股派发现金红利23元（含税）。 chenmeng@sczq.com.cn 电话：010-81152649 点评： ⚫ 2023 年收入稳健增长，产品结构有效改善。分季度看，Q3/Q4 公司实 潘美伊 现收入 13.20/10.66 亿元，同比分别-7.97%/+16.72%；实现归母净利润 家电分析师 2.19/1.93亿元，同比分别-23.56%/+138.02%，Q4收入及业绩增速转正。 SAC执证编号：S0110524010001 分业务看，2023 全年公司个人护理 ...

[Table_Title] 优质供给叠加技术驱动，继续看好游戏、影视板块 [Table_ReportDate] 传媒 | 行业简评报告 | 2024.3.20 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[Tabalbel _eS_Sumummmarayr]y ] 李甜露 ⚫ 【核心观点】看好游戏行业优质供给和技术持续驱动复苏。世界级 联席首席分析师 游戏开发者盛会GDC举行在即，预计大会将成为游戏与AI融合的 SAC执证编号：S0110516090001 展示窗口。大会官网显示，本届GDC将以“AI”为关键词， 会议 litianlu@sczq.com.cn 电话：86-10-8115 2690 内容涵盖AI、VR、AR、音频、视觉、编程、叙事、产品管理等多 个主题。微软、谷歌、英伟达、Meta、Adobe、Epic、Unity、Roblox、 辛迪 腾讯、网易、Pico等游戏巨头都将参与相关活动，并在数百场会议 分析师 上，展示其游戏技术的最新进展。 我们认为，当前核心行业政策核 SAC执证编号：S0110522110003 心口径仍是积极推动行业健康发展，版号发 ...

[周Tab报le_：Title1]-2 月社零同环比增速均有所下滑，通讯器 材、汽车等品类同比变动表现较好 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.03.20 [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（2024.3.11-2024.3.17）主要宽基指数全部上涨。其 中，上证综指数上涨 0.28%，深证成指上涨 2.60%，创业板指上涨 SAC执证编号：S0110522090002 4.25%。本周（2024.3.11-2024.3.17）商贸零售（申万）指数在涨幅 litian11@sczq.com.cn 较大。本周商贸零售指数上涨 4.72%，在申万一级行业中排名第 5， 电话： 相对沪深 300指数上涨 4.01%。商贸零售子板块方面，各子板块均上 涨。旅游零售Ⅱ上涨 9.81%涨幅最大，涨幅最小的为贸易 II 上涨 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 1.96%。本周个股涨多跌少。本周共96只个股上涨，其中国光连锁、 0.2 商贸零售 沪深300 ...

[Table_Title] 硅片价格跌幅扩大，设备更新改造利好充电桩板块 [ 电Ta 力bl 设e_ 备Rep o r 行tDa 业te 简] | 评报告 | 2024.03.18 评[Ta级ble：_R an看k]好 核心观点 [lT abl本e_周Sumnm型ar棒y]状 硅价格维持稳定，成交低价有所下调，均价环比持平，p 董海军 型硅料价格呈现小幅下跌态势；硅片本周价格扩大跌幅，由于前期硅片 分析师 垒库，本轮跌价是去库存下的非理性行为，截至本周报价，各尺寸硅片 SAC执证编号：S0110522090001 基本进入阶段性亏损周期，n型硅片由于阶段性过剩，亏损更为明显。 donghaijun@sczq.com.cn 电话：86-10-5651 1712 需求方面，电池价格有松动迹象，组件市场回暖明显，3月电池排产维 持在62GW，组件端，随着冻土层融化，国内项目陆续启动，一季度末 张星梅 组件需求有明显改善。 研究助理 l 根据充电联盟数据，2024 年 1-2 月，我国充电基础设施增量为 42.7 万 zhangxingmei@sczq.com.cn 台，同比上升 12.9%；新能源汽车国内销量 10 ...

[硫Tab酸le_价Titl格e] 涨幅居前，卫星化学 2023 年归母净利润同 比增长 55.1% [ 基Ta 础bl 化e_ 工Rep |o 行rtD 业at 简e] 评 报告 | 2024.03.18 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl本e_S周um化m工ar板y] 块表现：本周（3 月 11 日-3 月 15 日）上证综指报收 翟绪丽 3054.64，周涨幅 0.28%，深证成指报收 9612.75，周涨幅 2.60%，中小 首席分析师 板 100 指数报收 5900.43，周涨幅 2.28%，基础化工（申万）报收 SAC执证编号：S0110522010001 3246.24，周涨幅2.75%，跑赢上证综指2.47pct。申万31个一级行业， zhaixuli@sczq.com.cn 24 个涨幅为正，申万化工 7 个二级子行业中，全部涨幅为正，申万化 电话：010-81152683 工23个三级子行业中，21个涨幅为正。涨幅居前的个股有艾艾精工、 润禾材料、永悦科技、领湃科技、三维股份、同大股份、晨化股份、 [市Ta场bl指e数_Ch走a ...

[Table_Title] 不惧淡季调整，静待需求风起 [Table_ReportDate] 煤炭开采 | 行业简评报告 | 2024.03.18 [评Ta级bl：e_ R看an好k] 核心观点 [ Table_Authors] [ Table_Summary] 张飞 ⚫ 需求承压动力煤价格继续下行，预计下跌空间有限。供给方面，主产 行业分析师 区煤矿供给陆续完成节后复工复产，当前面临主要问题仍是安全生 SAC执证编号： 产，山西、陕西等地安全检查仍旧保持高压态势，产量边际增加趋缓。 S0110523080001 需求方面，开工率稳步提升中，电厂日耗逐步攀升，需求增长有限， zhangfei@sczq.com.cn 预计随着开工率的继续提升日耗有望继续增加。随着天气回暖，以及 电话：010-81152685 北方大部分地区供暖季结束，供暖用煤明显收缩将对短期煤炭需求 形成较大压力，淡季煤炭需求缺乏更强支撑，短期价格预计将继续承 [市Ta场bl指e_数Ch走ar势t]（ 最近1年） 压。受价格回调影响，当前港口发运继续倒挂，北方港口库存继续下 0.4 煤炭开采 沪深300 降，截至3月15日，北方港口库存合计2 ...

Core Insights - This week, major indices, except for the Dividend Index and the Shanghai 180 Index, experienced a broad increase, with a divergence in slopes. Overall, small and medium growth stocks outperformed large-cap value stocks, with the Wind Micro Stock Index rising over 7% and several indices such as the ChiNext 50, STAR 100, ChiNext Composite, and CSI 2000 increasing by over 4%. In contrast, the Shanghai 50 and Shanghai Composite Index continued to show narrow fluctuations. On Friday, the market saw a net inflow of over 10 billion from northbound funds, driven by the FTSE Russell index's construction, although market volume has shrunk [1][3][36] - The inflow pace of ETFs, a major source of supporting funds in this round of market rally, has noticeably slowed down. The net inflow of the CSI 300 ETF dropped from nearly 25 billion last week to less than 5 billion this week, with net outflows observed in the ChiNext, STAR Market, CSI 1000, and CSI 500 ETFs [1][10][34] - Since the Spring Festival, the cumulative net buy of margin financing has increased by 99.5 billion, indicating a gradual rise in market risk appetite. Currently, the financing transaction ratio has exceeded 9%, reaching a new high in nearly a year. However, without strong catalysts, the motivation for high-risk funds to further increase positions is weak, and the inflow pace of such funds is expected to slow down [1][34] - Cumulatively, since the Spring Festival, northbound funds have seen a net inflow of 63.9 billion, with 40 billion of that occurring over the last six trading days. This has provided good support against the weakening momentum of domestic capital inflows, which is crucial for maintaining the recent upward structure of the index. Additionally, the number of reports from foreign investment banks bullish on Chinese assets has increased, suggesting that Chinese assets may be part of overseas hedge funds' barbell strategies amid high valuations in other markets [1][36] - Overall, the current rebound has generated significant profit-taking pressure, making it challenging for the index to break further upward. With the inflow pace of major incremental funds slowing down, the probability of market adjustment in the short term is high. The choice of northbound funds will be critical, and sectors and stocks favored by foreign investors, such as electronics, automobiles, non-ferrous metals, and home appliances, may be key areas for future focus [1][36] Index and Fund Market Review - The market has shown a trend of broad increases transitioning to fluctuations, with the ChiNext 50, ChiNext Composite, and ChiNext Index all rising over 4%. The small-cap indices, such as the CSI 1000 and CSI Composite, also performed relatively well, while the Shanghai 50 and Shanghai Composite Index continued to exhibit a fluctuating pattern. Industry rotation has been rapid, with real estate, healthcare, and consumer staples showing strong performance after previous declines, while energy, telecommunications services, and utilities have underperformed [15][39] Risk Appetite and Sector Heat - The current market heat is reflected in the proportion of companies with upward trends, indicating the least resistance direction. The leading sectors include non-ferrous metals, light manufacturing, and environmental protection. This week, real estate and food and beverage sectors have significantly warmed up, while the coal sector has cooled down, and public utilities, non-bank financials, and steel sectors have also seen a decrease in heat [22][42] Important Fund Behavior - Northbound fund inflows this week included significant net purchases in sectors such as electric power equipment (5.47 billion), food and beverage (4.83 billion), and automobiles (3.22 billion). Conversely, sectors like pharmaceuticals, insurance, and electronic services saw notable net outflows exceeding 3 billion [26][45]

[Table_Title] MLF 停止超额续作 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_Title] 2 月民航运输规模创历史新高，免签国家增加推动国 际航线恢复 [ 交Ta 通bl 运e_ 输Rep o r 行tDa 业te 简] | 评报告 | 2024.03.18 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[⚫Ta balbel上_eS_周Sumu行mmm情aray回r]y ]顾 。上周沪深300指数上涨0.71%，交通运输（申万） 张功 指数上涨1.92%，在31个申万一级行业中排名第19。二级板块中， 交运行业首席分析师 航空机场周涨跌幅为+4.33%，航运港口的周涨跌幅为-0.45%，物流 SAC执证编号：S0110522030003 周涨跌幅为+4.37%，铁路公路周涨跌幅为-0.57%。 zhanggong1@sczq.com.cn ⚫ 《2024年第 11周（03月 11日至 03月 17 日）民航运行简报》： 张莹 全国民航执行客运航班量近 9.7万架次，日均航班量 13867架次， 交运行业研究助理 环比上周下降 0.1%，同比 2023 年上升 12.7%，同比 2019 年上升 zhangying2022@scz ...