[Table_MainInfo]行业研究/煤炭 证券研究报告 行业周报 2024 年 03 月 10 日 [Table_AuthorInfo] [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -13.95% -5.83% 2.29% 10.41% 18.53% 26.65% 2023/3 2023/6 2023/9 2023/12 煤炭 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《24 年煤炭供需以"稳"为主，非电需 求或引领后市》2024.03.03 《安监加严+低温持续，煤价或仍有支撑》 2024.02.25 《假期库存持续去化，煤价短期或有支 撑》2024.02.18 分析师:李淼 | --- | |---------------------------| | | | Tel:(010)58067998 | | Email:lm10779@haitong.com | | 证书 :S0850517120001 | | 分析师 : 王涛 | | Tel:(021)23185633 | | Email:wt ...

Industry Investment Rating - The report recommends focusing on the valuation uplift opportunities in the publishing industry, particularly for domestic publishing companies with stable operations, strong cash reserves, and high dividend yields [2] Core Views - The report highlights the rapid progress in AI models, particularly the domestic AI company Moon Dark Side's first large model product KimiChat, which has gained user attention [1] - It suggests that 2024 will be a period of intensive landing for domestic AI application products, with companies like Palm Reading Technology integrating AI models into their main apps to enhance reading efficiency and user engagement [1] - The report identifies three key areas for investment: IP resources, film and TV content production and distribution, and TOC applications, listing specific companies in each category [1] - It emphasizes the potential for strategic transformation in the publishing industry through resource integration, particularly for state-owned publishing companies involved in educational materials [2] - The report also recommends attention to the low-valuation gaming sector, highlighting companies with strong AI gaming logic and those with comprehensive R&D and operation capabilities [2] Sector Summaries Publishing Industry - Domestic publishing companies are noted for their stable operations and high dividend yields, with potential for strategic transformation through resource integration [2] - State-owned publishing companies, particularly those involved in educational materials, are seen as having strong ties to schools and students, with opportunities for business model upgrades [2] - Specific companies to watch include those making progress in educational services and new business directions, as well as those with high dividends and low valuations [2] Gaming Sector - The report recommends focusing on companies with strong AI gaming logic and those with comprehensive R&D and operation capabilities [2] - It also highlights small and medium-sized companies in the gaming sector, as well as core blue-chip companies in the Hong Kong market [2] Internet Sector - The report provides a weekly performance overview of major Hong Kong internet companies, noting the top gainers and losers [13] - It also reviews the performance of the Haituo Media March portfolio, which showed a weekly increase of 3.29%, matching the performance of the Shenwan Media Index [9] Film and Advertising Sector - The report anticipates a strong recovery in the Chinese film box office market in 2023, driven by high-quality film releases and holiday effects [17] - It recommends attention to offline media scene leaders like Focus Media and Zhaoxin Media, as well as long video leader Mango Super Media, which has a rich reserve of top film and variety projects [17] - The report also highlights the potential for innovation in content development and application scenarios with the development of AIGC, particularly in the "AI+film" and "AI+marketing" fields [17] Mobile Gaming - The report reviews the performance of top iOS games, noting the dominance of Tencent and NetEase games in the weekly bestseller list [15][16]

[Table_MainInfo] 行业研究/交通运输/航空公司 证券研究报告 行业跟踪报告 2024年03月07日 民航春运表现优异，客流创历史新高 [Table_Summary] 投资要点： 春运期间，民航运输持续呈现高位运行态势，旅客运输需求充分释放，旅客运输量  创历史新高。据交通运输部统计，春运40天民航累计客运量 8344.9万人次，日均 旅客量达208.6万人次，较19年农历同期上升14.5%，较23年农历同期上升51.1%。 民航春运客流整体两头低中间高，春节假期客流创历史新高。春节假期（2月10日 —2月17日），民航日均运输旅客224.9万人次，较19年假期日均客流增19.6%。 春运前 20 天，民航累计客运量4207.8 万人次（日均客运量 210.4万人次），同比 上升70.74%，较 19 年春运同期上升 18.7%。节后民航客运量有所回落，但整体相 对平稳。春运后20天民航累计客运量 4137.1 万人次，日均客运量206.9万人次， 较 19 年春运同期上涨 10.48%。春运后8天客流回落相对明显，日均客流190.9万 人次，较 19 年同期增 4.6%。我们分析节前客流较高 ...

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 2024年03月11日 加快贯通“八纵八横”高铁主通道，铁路信 息化有望受益 [Table_Summary] 投资要点： 加快贯通“八纵八横”高铁主通道，聚力补齐西部重点地区铁路“留白”。根据新华  网消息，全国人大代表、国铁集团党组书记、董事长刘振芳表示，2023 年，全 国铁路投产新线3637公里，其中高铁2776公里，完成固定资产投资7645亿元、 同比增长7.5%，是“十四五”以来铁路投资规模完成最多的一年。到2023年底， 全国铁路营业里程达到 15.9 万公里，其中高铁 4.5 万公里，“八纵八横”高铁网 主通道已建成 80%、在建 15%，2024 年，国铁集团将以加快贯通“八纵八横”高 铁主通道为重点，聚力补齐西部重点地区铁路“留白”，加大出疆入藏、沿边铁路 等国家战略通道项目实施力度，积极推进沿江沿海高铁、西部陆海新通道等重 点项目建设，高质量建成投产上海至苏州至湖州高铁、杭州至义乌至温州高铁 等工程。 持续推进铁路科技自立自强。2023年，铁路科技创新联盟成立，“CR450科技创  新工程”取得重大突破， ...

Outperform: The stock's total return over the next 12-18 months is expected to exceed the return of its relevantbroad market benchmark, as indicated below. Neutral: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating fallsinto a hold rating category. Underperform: The stock's total return over the next 12-18 months is expected to ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------------|------------------------|-----------------|--------------------------|--------|--------|--------|--------|--------|--------------| | 表 1 绝对估值法得到公司 | 2024E | 2024 \n2025E | 年每股评估价值 \n2026E | 91.38 \n2027E | 港元（百万美元） \n2028E | 2029E | 2030E | 2031E | 2032E | 2033E | 未来年份 NBV | | 折现因子 | 92% | 84% | 77% | 70% | 64% | 59% | 54% | 49% | 45% | 41% | 41% | | NBV （折现 后） | 4149 | 4145 | 41 ...

Group 1 - The report emphasizes the importance of developing a green, low-carbon economy as one of the key tasks for the government in 2024, highlighting the need for ecological civilization and comprehensive environmental management [29][38][78] - The report identifies that ESG goals include corporate-established targets, Sustainable Development Goals (SDGs), and Science-Based Targets initiative (SBTi), allowing investors to prioritize companies with proactive climate actions and lower risks [30][90] - The correlation between ESG factors and corporate credit risk is noted, indicating that effective ESG management can enhance competitive advantage and reduce debt risk [79][84] Group 2 - The report outlines the ESG rating system, which includes five themes: Environment, Social, Governance, Strategy, and Controversies, providing a comprehensive assessment of a company's ESG performance [22][69] - The report discusses the increasing availability of ESG data and the role of artificial intelligence in processing large datasets, which aids in advancing ESG research [23][58] - The report suggests that investors can utilize ESG-themed indices for portfolio optimization and can collaborate with index providers to create customized indices that meet specific ESG requirements [86][75]

Investment Rating - The report maintains an "Outperform" rating for JD Logistics [3][7]. Core Views - JD Logistics reported a significant improvement in profitability, with Q4 2023 earnings exceeding expectations. The company recorded a revenue of RMB 47.2 billion, representing a year-on-year increase of 9.7%, and a Non-IFRS net profit of RMB 1.804 billion, up 79.6% year-on-year [4][7]. - The forecast for 2024 anticipates total revenue to reach RMB 180.98 billion, reflecting an 8.6% year-on-year growth, with external revenue projected to grow at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2026 [4][7]. Financial Performance Summary - In 2023, JD Logistics achieved a total revenue of RMB 166.625 billion, a 21.3% increase from the previous year, and a Non-IFRS net profit of RMB 2.761 billion, up 218.8% [4][6]. - For Q4 2023, the company’s revenue from integrated supply chain customers was RMB 23 billion, an increase of 8.8%, driven by higher income from JD Group and a 15.4% rise in average revenue per customer (ARPC) [4][6]. - The gross margin for Q4 2023 was reported at 9.2%, an increase of 0.3 percentage points from Q4 2022, attributed to optimized business and customer structure and economies of scale [4][6]. Earnings Forecast - The report projects that JD Logistics will achieve a Non-IFRS net profit of RMB 3.253 billion in 2024, corresponding to a net margin of 1.8% [6][7]. - The expected earnings per share (EPS) for 2024 is RMB 0.49, with a forecasted growth in net profit of 17.8% for the same year [6][7]. Valuation and Target Price - The target price for JD Logistics is maintained at HKD 16, based on a price-to-sales (P/S) ratio of 0.5 for 2024 [4][7].

IAEA 总干事访问福岛核电站，日本核能复苏稳步推进 IAEA Director General visited Fukushima Nuclear Power Plant, Japan's nuclear energy recovery is advancing steadily 杨斌 Bin Yang 余小龙 Bruce Yu 杨一 Tim Yang bin.yang@htisec.com bruce.xl.yu@htisec.com tim.y.yang@htisec.com 日本风力及太阳能发电发展较慢，核电是保障能源安全的重要依赖。日本资源相对匮乏，石油、天然气 等化石能源主要依靠进口，考虑到能源安全问题以及自身经济发展，日本在2000 年提出高度依赖核能的 政策方向。但 2011 年的地震导致福岛第一核电站发生事故，此后日本先后将 8 个核电站的 15 个机组除 役，共计约5500 兆瓦。日本多山的地貌导致可用土地稀缺，没有大量空间供可再生能源发展；地震和台 风频发使得风机损坏的概率大大提高；此外，日本不具有全国性电网，而是十家电力公司自主经营，南 方的太阳能资源向东京输送电力，需要多家公司互相谈 ...

研究报告Research Report 15 Mar 2024 金斯瑞生物科技 Genscript Biotech (1548 HK) 2023 年点评：生命科学业务展现韧劲，CARVYKTI 商业化持续放量，看好前线治疗获批 23FY Review: Life science business shows resilience, and the commercialization of CARVYKTI continues to increase, and we expect frontline treatment will be approved. [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件 评级 优于大市OUTPERFORM 现价 HK$17.20 公司发布 2023 年业绩：2023 年，公司实现营业收入 8.40 亿美元 目标价 HK$30.45 （+34%），其中非细胞治疗板块，外部收入5.55亿美 ...