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]

[Table_Title] 高层再提家电“以旧换新”，利好家电需求释放 [Table_ReportDate] 家用电器 | 行业简评报告 | 2024.02.27 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [⚫T abl习e_近Su平mm主a席ry]主 持召开中央财经委员会第四次会议，强调推动新一轮大 陈梦 规模设备更新和消费品以旧换新，有效降低全社会物流成本。中共中 首席分析师 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 2 SAC执证编号：S0110521070002 月 23 日下午主持召开中央财经委员会第四次会议，研究大规模设备 chenmeng@sczq.com.cn 电话：010-81152649 更新和消费品以旧换新问题，研究有效降低全社会物流成本问题。自 2020年以来，我国政府相关部门多次表态刺激家电消费与更新，相较 潘美伊 于前期相关政府部门表态，我们认为此次会议参会领导级别高，会议 家电分析师 从更高层面再提家电“以旧换新”，推进力度有望进一步加强。 SAC执证编号：S0110524010001 ⚫ 上一轮“家电下乡”产品更换周期已 ...

[Table_Title] AI 行情再起，继续看好传媒板块反弹机会 [Table_ReportDate] 传媒 | 行业简评报告 | 2024.2.27 [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】AI催化不断，看好估值催化背后，产业化应用价值和 传媒互联网行业联席首席分析师 相关应用陆续落地。国外，Sora的推出是大模型领域里程碑式进展， SAC执证编号：S0110516090001 具备高质量、长时长、高精度等优势；国内，央视一套播出首部中 litianlu@sczq.com.cn 电话：86-10-8115 2690 国原创的文生视频AI系列动画片《千秋诗颂》，影片从美术设计到 动效生成，再到后期成片，均为AIGC辅助制作；同时政策端不断 辛迪 释放积极信号。我们认为，当前AIGC进展，大大提升其产业生产 传媒互联网行业分析师 力价值，有望赋能以图片、视频为代表的多模态内容生产，加速内 SAC执证编号：S0110522110003 容制作端生产效率升级。看好：a）优质IP储备 ...

Investment Rating - The report maintains a "Buy" rating for the company [15][22]. Core Views - The company is expected to achieve a revenue of 2.176 billion yuan in 2023, representing a year-on-year increase of 46.57%. The net profit attributable to shareholders is projected to be 124 million yuan, up 1.01% year-on-year [4]. - In Q4 2023, the company achieved a revenue of 612 million yuan, a year-on-year increase of 94.13%, but a quarter-on-quarter decrease of 6.38%. The net profit attributable to shareholders for the same quarter is expected to be 6 million yuan, down 121.20% year-on-year and 91.42% quarter-on-quarter [4]. - The company's gross margin is under pressure due to rising upstream costs and declining product prices, with an estimated overall gross margin of 34.20% for the year, down 5.17 percentage points from 2022 [4]. - The company is expanding its presence in the wearable market, particularly in smart watch chips, which are expected to contribute to revenue growth. The BES2700 series wearable main control chip has been launched and is already being used in products from well-known brands [4]. - The demand for TWS (True Wireless Stereo) earphones has shown a stable recovery, with expectations for growth driven by innovations such as AI [4]. Financial Summary - The company forecasts net profits of 124 million yuan for 2023, 279 million yuan for 2024, and 463 million yuan for 2025, corresponding to price-to-earnings ratios of 110, 49, and 30 times, respectively [4][20]. - Revenue is projected to grow from 2.176 billion yuan in 2023 to 3.570 billion yuan in 2025, with growth rates of 46.54% in 2023, 30.13% in 2024, and 26.09% in 2025 [20]. - The company's R&D expenses are expected to reach 551 million yuan in 2023, reflecting a year-on-year increase of 5.39% [4].

[周Tab报le_：Title淘] 宝成立直播电商公司，直播电商仍为巨头 必争之地 [Table_ReportDate] 商贸零售 | 行业简评报告 | 2024.02.27 [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（2024.2.19-2024.2.25）主要宽基指数均上涨，风格 首席分析师 偏大盘价值。主要宽基指数中，上证综指数上涨 4.85%，深证成指 SAC执证编号：S0110522090002 上涨 2.82%，创业板指上涨 1.81%。本周（2024.2.19-2024.2.25）商 litian11@sczq.com.cn 贸零售（申万）指数下跌。本周商贸零售指数上涨 6.14%，在申万一 电话： 级行业中排名第11，相对沪深300指数上涨2.43%。商贸零售子板块 方面， 全部上涨。互联网电商涨幅最大，上涨 14.25%。涨幅最小的 [市Ta场bl指e数_Ch走ar势t]（ 最近1年） 为旅游零售II，上涨3.17%。 ⚫ 本周个股跌多涨少。本周共 92 只个股上涨，汇通能源、盛迅达、人 0.2 ...