证券研究报告 | 行业点评 [Table_Main] [Table_Invest] 2024 年五一旅游数据点评 休闲服务 评级： 中性 出行人数创新高，“下沉式旅游”吸睛 日期： 2024.05.10 事件描述 [分Ta析bl师e_ A何ut晓ho敏r] 登记编码：S0950523110001 2024 年五一假期，国内旅游市场在去年同期高位基础上保持稳中有增的态 ： （021）6139 2631 势，总出行人数突破2.95亿人次，除水运外，各模态出行人数均比去年同期 ： hexiaomin@wkzq.com.cn 有所上升。受益于互免签证政策，出入境游人数同比增速（+35.1%）高于国 内游人数同比增速（+7.6%）。免税方面，因23年基数较高，24年五一假期 [行Ta业bl表e_现Pic Quote] 2024/5/10 5% 海南离岛购物金额、购物人数、客单价数据较 23 年同期分别下降 38.05%/ -4% 21.28%/ 21.27%，较2019年同期分别增长237.65%/ 98.61%/ 170.08%。 -12% -20% -28% -37% 事件点评 2023/5 2023/8 2023 ...

证券研究报告 | 行业点评 [Table_Main] [Table_Invest] 锂电行业点评：中游材料受益于以旧换 电气设备 新政策，IRA 法案或边际宽松 评级： 看好 日期： 2024.05.10 事件描述 [分Ta析bl师e_ A张ut鹏ho r] 1） 近期，商务部、财政部等7部门联合印发《汽车以旧换新补贴实施细则》， 登记编码：S0950523070001 自《细则》印发之日至 2024 年 12 月 31 日期间，报废国三及以下排放标准 ： 18373169614 燃油乘用车或2018年4月30日前注册登记的新能源乘用车，并购买符合节 ： zhangpeng1@wkzq.com.cn 能要求乘用车新车的个人消费者，可享受一次性定额补贴。 [行Ta业bl表e_现Pi cQuote] 2024/5/9 2） 美国政府近期宣布，在《通胀削减法》对电池材料的规定生效之前，将有 2% -6% 两年的宽限期，让电动车企业和电池制造商在2026年年底之前从非中国公司 -14% 获得石墨等关键电动汽车电池矿物的替代供应。 -23% -31% 事件点评 -39% 2023/5 2023/8 2023/11 20 ...

证券研究报告|行业点评 2024/5/9 电气设备行业 投资评级 看好 锂电材料行业 2 0 2 4 年Q 1 财 报 点 评 ： 盈 利 承 压， 有望进入底部区间 ...

以上的那么也是基于这样一个基础啊所以今年我们给出来的这个产量和成本指引呢其实并没有在在一季度也并没有调整 那么从邦邦街可能大家比较关注的就是我们二财场这个超高邦邦的一个进展目前来看呢我们在跟超高邦邦周边社区的谈判呢实际上还是进展的比较顺利的那当然这个谈判还是持续在进行过程当中但是同时呢我们跟 社区其实在年初就达成了社区公司达成了五项合同那么这五项商业合同主要是用于支持ChocoBamba的这个玉玻璃还有一些开发准备当作的那么这五项合同实际上在近期也得到了进一步的一个延期那么这些合同会延期到今年2020年年底所以ChocoBamba的 开发准备工作也是在顺利的进行过程当中那么不仅有社区公司的参与同时邦巴斯业主团队也有人员和机器设备进入所以也都是在同步做矿区的开发准备的一个工作 另外一点可能大家比较关注的就是针对邦邦思想就是我们重载道路的问题重载道路其实很长从去年 第一季度四月开始我们基本恢复了我们的这个重摆道路的运输之后呢实际上绝大部分时间都是非常通畅的那可能有的投资者也关注到我们在四月今年的四月初其实是有一个短期的堵路的那么也可以看到这个短期的堵路呢是实际上持续了应该是五六天的时间那么道路就恢复了通畅 其实我 ...

Investment Rating - The report rates the industry as "Positive" [2] Core Insights - The 2024 Beijing International Auto Show showcased a significant shift towards new energy vehicles (NEVs), with NEVs accounting for nearly 80% of the total new cars displayed, marking the highest proportion in the history of the event [3][4] - The report highlights a transformation in consumer perception regarding domestic brands and NEVs, as joint venture brands collaborate with Chinese companies to launch smart electric vehicles, reshaping the market landscape [4] - The increase in plug-in hybrid electric vehicles (PHEVs) is notable, with their share rising from 18.1% at the 2023 Shanghai Auto Show to 25.6% at the 2024 Beijing Auto Show, indicating a potential large-scale replacement of traditional fuel vehicles [4][8] Summary by Sections Event Description - The 2024 Beijing International Auto Show, themed "New Era, New Cars," took place from May 4, 2024, covering an area of 220,000 square meters, featuring 117 global debuts and 278 new energy models [3] Event Commentary - The report discusses the emergence of a "Joint Venture 2.0" era, where consumer awareness of domestic brands and NEVs is evolving. Joint venture brands are launching electric models, which is changing consumer attitudes towards NEVs [4] - The report anticipates that PHEVs will increasingly replace traditional fuel vehicles due to their advantages in cost and convenience, as evidenced by the rising number of PHEVs at the auto show [4][8] Key Models Overview - The report lists several key models introduced at the auto show, emphasizing the focus on new energy vehicles. Notable models include the BYD Seal 06, Changan Mazda EZ-6, and various models from other domestic and international brands [9][12]

证券研究报告 | 行业周报 [Table_Main] 电子行 业半月报：台积电 2024Q1 营收 [ 电Tab 子le_I nvest] 评级： 看好 略超预期，多项前沿技术领跑行业 日期： 2024.05.08 报告要点 [分Ta析bl师e_ A王ut少ho南r] 登记编码：S0950521040001 4月下板块走势回顾：2024年 4月下（4月 16日-4月30日），大盘指数中， 上证综指上涨1.55%，深证成指上涨2.32%，创业板指上涨3.50%，沪深300 ： 0755-23375522 ： wangshaonan@wkzq.com.cn 上涨1.56%。截至2024年 4月30日，申万电子指数为3336.74，较 4月16 联系人 金凯笛 日上涨 4.79%，行业涨跌幅在所有一级行业中排序8/31。2024 年 4月下， 申万电子各子行业中，其它电子板块上涨9.30%，元件板块上涨8.88%，电 ： 021-61102509 ： jinkaidi@wkzq.com.cn 子化学品板块上涨 8.54%，半导体板块上涨 4.36%，消费电子板块上涨 4.20%，光学光电子板块上涨 2.45%。20 ...

证券研究报告 | 宏观点评 [Table_Main] 加快政策落地，避免前紧后松——4.30 未来几项重点工作。对于重点的经济工作，会议仍围绕扩大需求、产业转型、 改革开放、防风险和保民生几方面展开。此外，本次会议重新将绿色低碳放在 重要位置上。对于房地产领域的表态值得关注。本次会议淡化了"三大工程" 的表述，而将重点转向为"去库存"，这对于稳定房价下跌趋势从而改善居民 购房预期有重要的意义。我们认为此前房地产政策思路较为注重依靠"三大工 程"缓解房地产行业下行对上下游产业链的冲击；而现在保交房和去库存成为 重点工作，更加侧重于扭转房价下跌的趋势，从而改善行业本身前景。未来应 重点关注对于房地产"去库存"的方案设计和资金支持。此外值得关注的是， 本次会议重新将"绿色低碳"提上重点工作。我们认为有两层含义，一是当前 能源短缺的问题已经基本解决，部分行业产能过剩，可能未来会以碳减排为契 机深化供给侧改革。二是用减碳政策推动新能源的发展，加快绿电普及，对新 能源行业较为利好。总体而言，我们认为本次会议对市场的影响较为中性，没 有强调增量政策，但也指出了"避免前紧后松"，整体维持原有的方向。对于 房地产的新思路以及碳 ...

Economic Overview - China's GDP grew by 5.3% year-on-year in Q1, exceeding market expectations and the annual growth target, boosting confidence in economic prospects[6] - The Central Political Bureau's meeting on April 30 emphasized a positive evaluation of the current economic situation, highlighting increased positive factors and sustained momentum[6] Policy Direction - The overall policy tone remains "seeking progress while maintaining stability," with a focus on effectively implementing existing macro policies rather than introducing new ones[7] - Fiscal policy will accelerate the issuance and utilization of government bonds to ensure economic support, while monetary policy may see further reductions in reserve requirements and interest rates[7][8] Key Focus Areas - Future economic work will concentrate on expanding demand, industrial transformation, reform and opening up, risk prevention, and ensuring people's livelihoods[9] - The meeting placed renewed emphasis on green and low-carbon initiatives, indicating a shift towards carbon reduction and promoting renewable energy development[17] Real Estate Sector - The focus has shifted from the "three major projects" to "de-stocking" in the real estate sector, which is crucial for stabilizing falling housing prices and improving homebuyer expectations[16] - Policies will prioritize ensuring housing delivery and addressing the new dynamics of supply and demand in the real estate market[16] Risk Considerations - Risks include the possibility of macro policies being less forceful than expected and the ongoing downward trend in the real estate sector[3][18]

证券研究报告 [|T a行ble业_F深ir度st ] [Table_Main] 氢能爆发，基建先行，储运设备国产化 [电Tab气le_I设nve备st] 评级： 看好 进程几何? 日期： 2024.04.22 报告要点 [分Ta析bl师e_ A蔡ut紫ho豪r] 登记编码：S0950523070002 氢能战略成为共识，政策推动氢能源爆发。2022年全球氢气的消费量约9500 ： caizihao@wkzq.com.cn 万吨。为了实现碳中和目标，预计2050年全球氢气市场将扩张到5~8亿吨。 分析师 张鹏 其中绿氢将从占比不足1%变为主流。各国积极制定氢能战略，其中欧洲制定 登记编码：S0950523070001 2030年2000万吨的需求目标最为激进。 ： 18373169614 氢的储运是现阶段的产业卡点。当前全球氢能绝大部分是灰氢，灰氢的生产 ： zhangpeng1@wkzq.com.cn 和使用在一个地方，仅有少量氢通过管线车等方式运输，所以没有一个成体 [行Ta业bl表e_现Pic Quote] 2024/4/19 系的氢能输送网络。而绿氢的生产主要集中在风光资源充沛的地区，生产和 5% 使 ...

Investment Rating - The report rates the electronics industry as "Positive" [1] Core Insights - The electronics sector experienced a decline in the first half of April 2024, with the Shenwan Electronics Index dropping by 4.91% [1] - Huawei's Pura 70 series was launched on April 18, 2024, with expectations to sell over 10 million units in 2024, positioning it as a major competitor to Apple's iPhone 15 and 16 series [6][8] - Global semiconductor sales reached $46.2 billion in February 2024, marking a 16.3% year-on-year increase, although a slight month-on-month decline of 3.1% was noted [10] Summary by Sections 1. Huawei Pura 70 Launch - Huawei's Pura 70 series includes four models priced from 5,499 to 9,999 yuan, featuring advanced camera technology and satellite communication capabilities [6][8] - The Ultra version boasts a 50MP camera with a 1-inch sensor and advanced AI features, aiming for significant market penetration [6][8] 2. Industry News - NVIDIA's new Blackwell platform is expected to drive a 150% increase in TSMC's CoWoS capacity in 2024 [10] - The semiconductor industry is projected to continue its growth trajectory throughout 2024, driven by new AI applications and technologies [10] 3. Company Dynamics - BOE Technology Group reported a revenue of 174.54 billion yuan in 2023, a slight decline of 2.17%, but anticipates a strong recovery in Q1 2024 with a projected net profit of 0.8 to 1 billion yuan [14] - Longying Precision expects a significant increase in revenue in Q1 2024, driven by the recovery in consumer electronics and new projects [14]