Investment Rating - The report maintains a "Market Perform" rating for the photovoltaic equipment industry [1] Core Insights - The photovoltaic equipment sector has shown a significant decline, with a 12-month drop of 47.11% as of February 2024, while the broader market (CSI 300) has decreased by 13.94% during the same period [3] - The report highlights a recovery in installation volumes and stabilization in industry chain prices, indicating potential for future growth [4][6] - The report suggests that companies with strong financial backing and technological advantages are likely to navigate through the current competitive landscape successfully [7][47] Summary by Sections 1. Market Review - The electricity equipment industry index increased by 9.62% from January 22 to February 27, 2024, outperforming the CSI 300 index by 2.33 percentage points [11] - Within the sub-sectors, photovoltaic equipment experienced a decline of 4.27%, which is the worst performance among all sub-sectors [13] 2. Industry Data Tracking - In December 2023, the domestic photovoltaic installation reached 52.14 GW, a year-on-year increase of 140% and a month-on-month increase of 145% [24] - The total cumulative installation for the year reached 216.02 GW, reflecting a 147% year-on-year growth [24] - The report notes that the price of polysilicon remains stable at 68 RMB/kg, with a slight increase of 4.61% compared to the previous month [30] 3. Industry News & Key Company Dynamics - March is expected to see a significant increase in photovoltaic module production, potentially exceeding 50 GW, driven by recovering demand and improved pricing conditions [34] - The report emphasizes the importance of technological advancements, particularly in large-size perovskite modules, which are expected to become commercially viable in 2024 [47] - Key companies highlighted for investment include JinkoSolar, Mibet, and Hanbell Precise Machinery, which are positioned to benefit from ongoing industry trends [47]

证券研究报告 行业月度点评 家用电器 白电景气度较高，外销继续提速 2024年 02月23日 2022A 2023E 2024E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 石头科技 9.00 35.18 15.89 19.93 19.18 16.51 买入 评级变动： 维持 海尔智家 1.56 15.33 1.73 13.82 1.82 13.10 买入 科沃斯 2.95 12.21 1.16 31.12 2.30 15.61 买入 行业涨跌幅比较 苏泊尔 2.56 20.80 2.70 19.76 2.78 19.19 买入 家用电器 沪深300 资料来源：同花顺iFind，财信证券 7% 投资要点： -3%  投资建议：2024年的投资逻辑把握上，我们首先重点关注具备业绩增 -13% 长持续性的标的，以及将持续跟踪经历内生改革和经营策略调整后， -23% 能够率先实现市场份额提升和经营效率改善的企业。建议关注投资主 2023-02 2023-05 2023-08 2023-11 2024-02 线 1）深耕海外市场，品牌运营能力较强，兼 ...

证券研究报告 策略点评 商品房销售仍然低迷， 期待政策效应逐步显现 房地产市场周报（02.12-02.18） 2024年 02月21日 投资要点  本周观点：长期来看，受人口老龄化和城镇化进程放缓等因素的影响， 上证指数-沪深 300走势图 房地产市场的长期需求增长空间或将有所收缩，但需求总量规模仍然 可观，根据贝克研究院数据，未来5-10年房地产市场的新房增量需求 上证指数 沪深300 中枢大约在 10 亿平方米左右，特别是核心城市的住房需求有望持续 7% 增长。中期来看，房地产市场仍处于持续时间最长、幅度最大的一轮 -3% 下行周期，周期拐点有待观察。短期来看，房地产救市政策将持续加 -13% 码，一二线核心城市房地产市场有望率先回暖。近期以来，房地产利 好政策密集出台，四大一线城市已相继调整限购政策，积极回应住建 -23% 2023-02 2023-05 2023-08 2023-11 部的政策部署。此外，房地产白名单机制正在加快落地，商业银行已 向 27个城市 83个项目发放贷款 178.6亿元，预计对开发商的金融支 % 1M 3M 12M 持力度将持续加大。下阶段，一二线核心城市的调控政策有望继续 ...

证券研究报告 行业月度点评 汽车 1 月汽车销售实现开门红，“车路云一体化”应用 试点启动 2024年02月20日 2022A 2023E 2024E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 长安汽车 0.79 17.06 0.98 13.76 1.06 12.72 买入 评级变动： 维持 银轮股份 0.48 33.92 0.74 22.00 0.93 17.51 买入 均胜电子 0.28 55.75 0.69 22.62 0.97 16.09 买入 行业涨跌幅比较 新坐标 1.15 17.63 1.30 15.59 1.48 13.70 买入 汽车 沪深300 资料来源：iFinD（2024-2-19收盘价），财信证券 4% 投资要点： -6%  市场行情回顾：2024年 1月 1日至2024年 2月 19日，沪深 300指数 -16% 涨跌幅为+0.52%。本月申万一级行业涨跌幅中位数为-10.09%，汽车行 -26% 业（申万一级）涨跌幅为-11.24%，低于沪深 300指数 11.76pcts，处于 2023-02 2023-05 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the medical device industry [2] Core Insights - The medical device sector has shown resilience, with a recent decline of -24.96% over the past month, outperforming the broader pharmaceutical sector by 0.26 percentage points [11] - The average PE ratio for the medical device sector stands at 26.91 times, which is the highest among six sub-sectors in pharmaceuticals, indicating a premium valuation compared to the overall pharmaceutical industry and the Shanghai Composite Index [15][18] Summary by Sections Market Review - The pharmaceutical sector experienced a decline of -25.21%, ranking 25th among 32 primary industries, while the medical device sector's decline of -24.96% ranked 3rd among six sub-sectors [11] - The medical device sector's market capitalization accounted for 16.85% of the total pharmaceutical sector's trading volume, with institutional holdings amounting to 993.39 billion yuan [18] Industry Perspective - Mindray Medical plans to acquire a controlling stake in Huatai Medical, enhancing its capabilities in the cardiovascular market, which is projected to grow significantly [23] - The acquisition is expected to create synergies in R&D, marketing, and manufacturing, allowing both companies to leverage their strengths [23] - The report highlights the trend of domestic brands gaining market share due to supply chain advantages and cost-effectiveness, particularly in the context of centralized procurement policies [24][25] Key Company Dynamics - Mindray Medical's acquisition of Huatai Medical is valued at approximately 30.2 billion yuan, with a share price of 471.12 yuan per share, reflecting a premium over market prices [23] - Heartbeat Medical is expected to achieve revenue growth of 31%-34% in 2023, driven by new product launches and increased market penetration [41] - The report also notes that several companies, including Furuide and Weigao Orthopedics, are facing challenges due to price reductions from centralized procurement policies [43][44]

Investment Rating - The report maintains a "Buy" rating for the company [26] Core Insights - The company has a significant advantage in its liability structure, with a high proportion of stable demand deposits, leading to a low cost of liabilities and a favorable balance between risk and return [5][64] - Recent negative factors affecting the company are gradually weakening, including concerns over wealth management fee reductions and real estate risks, with the company positioned to benefit from economic resilience in key regions [6][111] - The company is focusing on transforming its business model to balance heavy and light capital operations, emphasizing retail banking and wealth management [20][140] Summary by Sections 1. Development Strategy - The company has undergone three strategic transformations, focusing on retail banking, light banking, and financial technology [19][37] - The current strategy emphasizes a balance between heavy and light capital operations, aiming to strengthen its retail banking position [20][45] 2. Business Characteristics - The company leads in asset scale among joint-stock banks, with a stable asset structure [22][77] - Retail banking contributes significantly to profits, with a strong performance in wealth management [49][79] - The company has a high proportion of demand deposits, resulting in a low cost of liabilities [64][93] 3. Profitability - The company has maintained a high return on equity (ROE) and return on assets (ROA), outperforming peers [67][97] - The net interest margin remains strong, indicating effective management of interest income [99][125] 4. Asset Quality - The company has a low non-performing loan (NPL) ratio, indicating strong asset quality [126][128] - The provision coverage ratio is significantly higher than peers, reflecting robust risk management [128] 5. Recent Negative Factors - Concerns over fee reductions in wealth management are manageable due to the company's strong market position and diversified income sources [6][105] - The company is well-positioned to navigate real estate risks, with a focus on high-quality clients in major urban areas [111][138] 6. Investment Analysis - Revenue growth is projected to be slightly negative in 2023, followed by modest growth in subsequent years, with a stable profit outlook [30][114] - The current stock price is considered undervalued based on projected price-to-earnings (P/E) and price-to-book (P/B) ratios [30][114]

证券研究报告 行业月度点评 银行 央行超预期降准，银行股“开门红”成色足 银行业 2024年 2月月报 2024年02月05日 2022A 2023E 2024E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 招商银行 5.47 5.69 5.81 5.35 6.01 5.18 买入 评级变动： 维持 宁波银行 3.49 6.07 4.22 5.02 5.07 4.18 买入 常熟银行 1.00 6.82 1.25 5.46 1.53 4.46 增持 行业涨跌幅比较 邮储银行 0.94 5.00 1.08 4.35 1.25 3.76 增持 银行 沪深300 资料来源：同花顺IFind，财信证券 16% 投资要点： 6%  1月，申万银行录得涨跌幅6.17%，跑赢上证指数12.44 pct.，跑赢沪深300指 -4% 数12.46pct.，月涨跌幅在申万31个一级行业中排名第2位。其中，中信银行 -14% 领涨（+18.34%）。 2022-12 2023-03 2023-06 2023-09 2023-12  板块估值上行。截至1月31日， ...

叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 相关报告 1 宏观经济研究周报（01.22-01.26）：工业企业 利润持续恢复，美国核心 PCE 回落 2024-01- 30 2 经济金融高频数据周报（01.22-01.26）2024- 01-29 3 宏观经济研究周报（01.15-01.19）：国内经济 数据向好，美国消费数据较强劲 2024-01-24 国内 1 月 PMI 回升，美非农数据超预期 宏观经济研究周报（01.29-02.02）) 投资要点 本周观点：国内方面，受政策加力稳增长、春节前消费品制造业产销 加快等因素影响，经济景气水平有所回升，1月制造业 PMI为 49.2%， 环比上升 0.2 个百分点，结束连续 3 个月下降势头。但是受房地产市 场低迷、市场预期改善有限等因素制约，国内需求不足对经济增速有 一定制约，制造业 PMI连续4个月处于收缩区间，经济恢复基础仍需 继续巩固。从供给指标来看，1 月生产指数为 51.3%，较上月提高 1.1 个百分点，生产扩张有所加快，原因主要有二：一是临近春节，企业 加快生产备货；二是万亿国债加快发行使 ...

Investment Rating - The industry investment rating is maintained at "In line with the market" [1] Core Viewpoints - The securities industry outperformed the market in January, ranking 8th among 31 Shenwan industry indices, with a decline of 5.42% [5][7] - The report suggests focusing on three main lines: leading firms, financial technology, and mergers and acquisitions [6][27] - The report highlights that the performance of listed securities firms showed divergence, with some firms experiencing significant growth due to low base effects in proprietary trading [6][27] Summary by Sections Market Performance - In January, the Shanghai Composite Index fell by 6.27%, and the CSI 300 Index dropped by 6.29%, while the Shenwan Securities Index decreased by 5.42%, outperforming both indices by 0.85 and 0.87 percentage points respectively [7][9] - The median decline for listed securities firms in January was -5.81% [9] Valuation and Earnings - As of February 6, the median PB valuation for listed securities firms was 1.15 times, down by 0.02 times from the end of December [6][10] - Among 33 firms that released earnings forecasts, 23 reported positive growth, while 10 experienced declines [6][27] - Notable growth was observed in firms like Hongta Securities (+711%) and Northeast Securities (+182%) [27] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has strengthened regulation on securities lending, including a complete suspension of the lending of restricted shares [30] - The CSRC emphasized the need for a fair market and plans to enhance the registration system for stock issuance in 2024 [27][34] Investment Recommendations - The report recommends focusing on high-quality leading securities firms, firms empowered by financial technology, and those involved in mergers and acquisitions [6][27] - Specific stocks to watch include CITIC Securities (600030.SH), Huatai Securities (601688.SH), Guolian Securities (601456.SH), and Zheshang Securities (601878.SH) [6][27]

Investment Rating - The industry investment rating is maintained as "Synchronize with the Market" [2][20] Core Viewpoints - The financial data for January indicates an improvement in credit structure, with a notable performance in the banking sector, referred to as a strong "opening red" [20] - The total amount and structure of financial data in January exceeded expectations, with continued strength in corporate credit and a notable performance in short-term loans for residents [20] - The banking sector has shown significant excess returns since the beginning of the year, with current valuations at a low point, suggesting potential for recovery as the economy stabilizes [20] Summary by Relevant Sections Financial Data Overview - As of the end of January 2024, the RMB loan balance reached 242.5 trillion yuan, with a year-on-year growth of 10.4% [8][14] - In January, RMB loans increased by 4.92 trillion yuan, with short-term loans and bill financing recording 839.5 billion yuan, a year-on-year decrease of 291.9 billion yuan [8][12] Loan Performance - Resident loans increased significantly in January, with a total of 980.1 billion yuan added, a year-on-year increase of 722.9 billion yuan [12][16] - Corporate loans remained high, with an increase of 3.86 trillion yuan in January, although this was a year-on-year decrease of 820 billion yuan [12][16] Deposit Trends - As of January 2024, the RMB deposit balance was 289.74 trillion yuan, with a year-on-year growth of 8.9% [14][16] - In January, RMB deposits increased by 5.48 trillion yuan, showing a slight year-on-year decrease of 1.39 billion yuan [14][16] Investment Recommendations - The report suggests focusing on three main lines: state-owned banks with low valuations and high dividends, small and medium banks benefiting from regional economic resilience, and recovery trading targets such as招商银行 and 宁波银行 [20]