证券研究报告 行业点评 游戏Ⅱ 《未成年人网络游戏服务消费管理要求》征求意见稿发布， 明确权责划分、退费标准有据可依 2024年 05月29日 2023A 2024E 2025E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 同步大市 神州泰岳 0.45 18.71 0.51 16.51 0.56 15.04 买入 评级变动： 首次 吉比特 15.62 11.49 17.88 10.03 19.49 9.20 增持 完美世界 0.25 37.60 0.44 21.36 0.50 18.80 买入 行业涨跌幅比较 三七互娱 1.20 12.07 1.26 11.49 1.34 10.81 买入 游戏Ⅱ 沪深300 资料来源：iFinD，财信证券 35% 15% 投资要点： -5%  2024年5月28日，中国互联网协会发布关于《未成年人网络游戏服务消费管 -25% 理要求》团体标准（征求意见稿），明确了游戏公司、监护人的权责划分， -45% 重点解决了过往未成年人游戏大额充值后的退费难问题。 2023-05 2023-08 2023-11 2024-02 ...

晨会纪要 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 【湖南省地方动态及政策】省人大常委会审议关于检查中小企业促进"一 法一办法"实施情况的报告 【固定收益类】可转债周报（5.20-5.24）：转债估值抬升，表现较强韧 性 晨会聚焦摘要： 一、市场层面 （1）分市场来看，代表全部 A 股的万得全 A 指数跌 0.48%，收于 4425.22 点，代表蓝筹股的上证指数跌 0.62%， 收于 3091.68 点，代表硬科技的科创 50 指数涨 1.14%，收于 742.7 点，代表创新成长的创业板指数涨 0.12%，收于 1813.15 点，代表创新型中小企业的北证 50 指数跌 1.41%，收于 771.59 点，总体来看，硬科技板块风格跑赢，但创新型中小 企业风格跑输。 （2）分规模来看，代表超大盘股的上证 50 指数跌 0.78%，收于 2473.76 点，代表大盘股的中证 100 指数跌 0.56%， 收于 3421.53 点，代表中大盘股的沪深 300 指数跌 0.53%，收于 3594.31 点，代表中盘股中证 500 指数跌 0.37%，收于 5308.66 点，代表小盘股的中证 10 ...

Market Overview - The market experienced a high and then a pullback, with accelerated rotation among hot sectors [4][37] - The IMF raised China's economic growth forecast for 2024 to 5% due to strong GDP growth in Q1 and recent policy measures [14][41] - The overall market sentiment is supported by ongoing fiscal policy efforts, with a significant increase in the issuance of special bonds [37] Industry Dynamics - The Hubei government aims to promote the "old for new" consumption scheme, targeting the replacement of 1 million household appliances this year [52] - The China Internet Association released a draft for managing minors' online game consumption, setting strict limits on spending [53] - The Jiangsu Provincial Development and Reform Commission adjusted time-of-use electricity pricing to guide renewable energy consumption [24] - BYD announced its fifth-generation DM technology, achieving a fuel consumption of 2.9L per 100km and a comprehensive range of 2100km [56] - The Ministry of Industry and Information Technology plans to issue 100 million dedicated mobile communication numbers for the Internet of Vehicles to support high-quality development [57] - The Ministry of Industry and Information Technology is also working on safety requirements for electric vehicle batteries, emphasizing the need for batteries to not catch fire or explode during thermal runaway [58] Company Updates - Baiotai (688177.SH) signed a commercialization agreement with STADA for its BAT2506 injection, with potential payments totaling up to $157.5 million [60] - Xinhua Medical (600587.SH) received approval for its thoracic and abdominal endoscope as a Class II medical device [31]

Investment Rating - The report indicates a cautious outlook on the real estate market, suggesting potential investment opportunities in state-owned enterprises and top private companies that are on the financing whitelist [3]. Core Insights - The real estate market is experiencing a segmented recovery, with second-tier cities showing an increase in transaction volume while first and third-tier cities are declining [2][10]. - Recent policy changes, including the cancellation of purchase restrictions in key cities, are expected to stimulate demand, although the overall market activity remains subdued [2][11]. - The long-term demand for housing is projected to remain substantial, particularly in core cities, despite a recent decline in population growth [9]. Summary by Sections Weekly Insights - The report highlights a mixed performance in property sales across different city tiers, with second-tier cities seeing an 8.52% increase in transaction area, while first-tier cities decreased by 7.43% [2][10]. - The overall market activity is still low, with new home sales showing only a sporadic recovery [2][10]. Policy Dynamics and Key News - Recent government measures include the comprehensive cancellation of purchase restrictions in Zhuhai and the introduction of new supportive policies in Hubei [11][12][13]. - Emphasis on managing intertwined risks in the real estate sector and local government debt was highlighted in a recent meeting led by He Lifeng [11]. High-Frequency Data on Property Market - For the week of May 20 to May 26, 2024, the total transaction area for new homes in 30 major cities increased by 0.23% week-on-week but decreased by 35.12% year-on-year [14][15]. - The cumulative transaction area for new homes in these cities has seen a significant decline of 41.89% year-on-year [15]. Land Market Data - The land supply in 100 major cities increased by 21.40% week-on-week, but the number of transactions decreased by 16.08% year-on-year [27][28]. - The average land price for new supplies rose by 57.00% week-on-week, indicating a potential recovery in land market sentiment [30]. Real Estate Development Investment Data - As of April 2024, cumulative real estate development investment reached 30,928 billion yuan, reflecting a year-on-year decrease of 9.80% [34]. - The construction area for new housing has also seen a significant decline, with new starts down by 24.60% year-on-year [36].

2024 年 05 月 26 日 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 投资要点 国内经济增长动能平稳，2024年04月中国官方制造业PMI为50.4%， 较上月下降 0.4 个百分点；通胀趋于平稳，2024 年 05 月 16 日中国 猪肉当周平均价为 24.89 元/公斤，较上周增加 0.01 元/公斤。 必需品消费平稳，2024 年 05 月 20 日柯桥纺织价格指数为 105.24 点，较前周减少 0.22 点；可选品消费较好，中国乘用车当周日均销 量为 6.32 万辆，较上周增加 2.96 万辆。 2024 年 05 月 24 日出口集装箱运价指数为 1389.16 点，较上周增加 77.31 点。2024 年 04 月中国主要港口外贸货物吞吐量当月值为 44722.19 万吨，较去年同期增加 3322 万吨。 证券研究报告 -40% -20% 0% 20% 40% 上证指数 沪深300 2016-06 2016-09 2016-12 2017-03 1 宏观经济研究周报（05.13-05.17）：国内经济 平稳恢复，美国通胀略低预期 20 ...

近日公司公告，公司心脑血管事业部的子公司上海蓝帆博元医疗科技有限公司自主研发和生产的三类医疗器械 产品"一次性使用冠脉血管内冲击波导管"获得国家药监局（NMPA）的批准注册。 一次性使用冠脉血管内冲击波导管（SoniCracker?-CL）与公司自主研发的冠脉血管内冲击波治疗设备配合使 用，用于成人患者在支架植入手术前对原发性冠状动脉的钙化病变（冠状动脉狭窄程度≥50%）进行预处理和球囊扩 张。 SoniCracker?-CL作为国内首批上市的国产类冠脉血管内冲击波导管之一，在保留 IVL（冲击波血管内碎石技 术）治疗特点和效果的前提下，首次增加 15mm长病变治疗规格，为目前市面独有导管长度规格；同时，最小直径 为 2.0mm，填补了目前市场空白，此次共获批了 18 个规格型号，为目前国内规格型号最齐全的冲击波导管，为临床 提供更多选择；此外其具备更小的通过外径，全规格型号均可适配最小 5F 导引导管，使适用的治疗范围进一步得到 提升。 风险提示：产品推广不及预期；市场竞争加剧等。 【公司跟踪】热景生物（688068.SH）：参股公司创新药 SGC001 临床试验申请获美国 FDA 批准 龙靖宁（S0530 ...

证券研究报告 上证指数-沪深 300 走势图 1 经济金融高频数据周报（04.15-04.19）2024- 04-21 2 宏观经济研究周报（04.15-04.19）：国内一季 度 GDP 超预期，美联储降息预期降温 2024- 04-21 % 1M 3M 12M 2024 年 05 月 26 日 上证指数 2.06 6.28 -5.40 沪深 300 1.66 7.22 -9.55 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 3 宏观经济研究周报（04.08-04.12）：国内 CPI 同比回落，美国 CPI 同比超预期 2024-04-15 宏观经济研究周报（05.20-05.24）) 本周观点：国内方面，中国人民银行授权全国银行间同业拆借中心公 布，2024 年 5 月 20 日贷款市场报价利率（LPR）为：1 年期 LPR 为 3.45%，5 年期以上 LPR 为 3.95%，均较上月保持不变。5 月 LPR 维 持不变，主要原因有三：一是 MLF 利率未变，LPR 在一年期 MLF 利 率的基础上加点而来，由于 5 月 MLF 利率未变，LPR ...

证券研究报告 袁闯 分析师 执业证书编号:S0530520010002 yuanchuang@hnchasing.com 周艺晗 研究助理 zhouyihan96@hnchasing.com 二、重要财经资讯 三、行业及公司动态 【重点公司跟踪】崇德科技国内首获滑动轴承 IECEx 非电气防爆认证 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 一、财信研究观点 【基金研究】基金数据日跟踪 燕轶纯（S0530521030001） 晨会纪要 晨会纪要 2024 年 05 月 28 日 | --- | --- | --- | --- | --- | --- | --- | --- | |------------|-------|-------|---------|-------|-------|-------|--------| | | | | | | | | | | 市场数据 | | | | | | | | | 指数名称 | | | 收盘 | | | | 涨跌 % | | 上证指数 | | | 3124.04 | | | | 1.14 | | 深证成指 | | | 9507.75 | | | | 0. ...

Group 1 - The report indicates a significant decline in land inventory value thresholds for the top 100 cities, with a new threshold value of 1.89 billion yuan, down 32% year-on-year, while the total price and construction area thresholds also saw declines of 29% and 10% respectively, although the rate of decline is narrowing [3][87]. - The average land supply price in the top 100 cities is reported at 735.00 yuan per square meter, a decrease of 52.55% month-on-month and 65.53% year-on-year, while the average transaction floor price is 1,174.00 yuan per square meter, reflecting a month-on-month increase of 24.50% and a year-on-year decrease of 18.87% [18][19]. - The land premium rate for the week of May 13 to May 19, 2024, in 100 major cities is 1.83%, an increase of 1.18 percentage points from the previous week, with first-tier cities showing rates of 0.00%, 1.68%, and 2.05% respectively [4][5][19]. Group 2 - The report highlights that the inventory cycle for commodity housing in the top ten cities has expanded, indicating ongoing pressure to reduce inventory, with a total available area of 8,638.55 million square meters and a depletion cycle of 96.52 weeks as of May 19, 2024 [6][8]. - As of April 2024, the nationwide inventory of unsold commodity housing reached 74,553 million square meters, reflecting a year-on-year increase of 15.70%, while the sales area for the first four months of 2024 was 6,584.47 million square meters, resulting in a depletion cycle of 11.32 months [8][9]. - The report notes that the overall sales volume of commodity housing in 30 major cities has slightly contracted, with first and second-tier cities showing a week-on-week increase of 4.95% and 5.22% respectively, while third-tier cities experienced a decline of 17.27% [49][64]. Group 3 - The report discusses the significant changes in housing loan policies, including the removal of the lower limit on commercial housing loan interest rates and a reduction in housing provident fund loan rates, aimed at stimulating demand in the real estate market [60][61][62]. - It is noted that the People's Bank of China plans to establish a 300 billion yuan re-loan for affordable housing, which is expected to encourage financial institutions to support local state-owned enterprises in acquiring unsold commodity housing [62][63]. - The report emphasizes that the real estate market is undergoing a critical transformation, with a shift towards a focus on existing housing stock and a potential recovery in demand, particularly in core cities [42][43].

Group 1 - The report indicates that the A-share market experienced a weak fluctuation last week, with the Shanghai Composite Index falling by 2.07% and the ChiNext Index down by 2.49% [1] - Defensive sectors such as coal, public utilities, and agriculture showed gains, while overall market sentiment appears to be cooling due to low trading volumes and a lack of new capital inflow [1][12] - The report anticipates that opportunities in the A-share market will outweigh risks in the near future, supported by expected economic recovery in the second and third quarters of 2024 [1][9] Group 2 - Real estate policies are beginning to show effects, with significant increases in property viewings and transactions in key cities following the implementation of new policies [1][9] - The report highlights that the current real estate policy environment is the most accommodative in history, which is expected to bolster the real estate sector's fundamentals [1][9] - The report emphasizes the importance of observing the actual implementation of policies and economic data performance in May and June [1][9] Group 3 - The report notes that comprehensive reforms are set to release economic potential, with the upcoming Third Plenary Session of the 20th Central Committee focusing on deepening reforms and promoting modernization [10] - Key areas of reform include state-owned enterprise reform, fiscal and tax system reform, and financial system reform, which are crucial for the overall economic landscape [10] Group 4 - The report suggests that the market is currently undervalued, with the overall A-share market's price-to-book ratio at 1.43, close to historical lows [1][51] - The report provides specific investment recommendations, highlighting sectors such as resources, export industries, TMT (technology, media, and telecommunications), and new productivity [41][45]