[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月14日 大模型风向标， 计算机 GPT-4o： OpenAI 重大更新 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004  事件：美国时间5月13日，OpenAI迎来重大更新。1）发布桌面版APP及更新 邮箱：chenhb3＠tebon.com.cn UI后的ChatGPT，用户使用更加简单与自然；2）发布新的全能模型 GPT-4o，实 现跨模态即时响应，相比GPT-4 Turbo，性价比显著提升的同时向用户免费开放。 研究助理  桌面版及新UI界面的ChatGPT，实现极致的用户交互体验。OpenAI推出了适用 王思 于macOS的新ChatGPT桌面应用程序，该应用程序旨在无缝集成到用户的计算 邮箱：wangsi＠tebon.com.cn 机上执行的任何操作。通过简单的键盘快捷键（Option + Space），用户便可向 ChatGPT 提问，并支持直接在应用程序中截取屏幕截图进行讨论。与此同时， 市场表现 ChatGPT 支持与计算机直接语 ...

Investment Rating - The report maintains an "Outperform" rating for the environmental sector, indicating a positive outlook for investment opportunities in this industry [1]. Core Insights - The environmental sector experienced a recovery in revenue and profit in Q1 2024, with a year-on-year revenue growth of 5.65% and a profit increase of 17% [3][25]. - The report highlights the potential for profit recovery in the water sector due to ongoing water price adjustments and the introduction of new policies aimed at improving asset returns [4][31]. - The environmental monitoring and detection sector is expected to benefit from stricter carbon trading regulations, which will enhance the demand for greenhouse gas monitoring [6][30]. Summary by Sections 1. Overall Industry Performance - In 2023, the environmental sector's total revenue reached 424.73 billion, a 3.32% increase year-on-year, while net profit fell by 12% to 22.59 billion [25]. - For Q1 2024, the sector's revenue was 946.29 billion, marking a 5.65% increase, and net profit rose to 81.91 billion, a 17% increase [25]. 2. Water Sector - The water sector generated 735.34 billion in revenue in 2023, a 4.99% increase, but net profit decreased by 12% to 91.23 billion [31]. - In Q1 2024, revenue increased by 7.17% to 161.52 billion, and net profit grew by 15% to 23.91 billion [31]. 3. Water Treatment Sector - The water treatment sector's revenue in 2023 was 469.68 billion, a decrease of 2.79%, with net profit down 24% to 21.05 billion [4]. - Q1 2024 saw a revenue increase of 4% to 96.67 billion and a significant profit recovery of 44% to 9.07 billion [4]. 4. Air Quality Management Sector - The air quality management sector's revenue in 2023 was 405.98 billion, down 3.67%, with net profit slightly decreasing by 2% to 7.02 billion [5]. - In Q1 2024, revenue fell by 18% to 73.38 billion, but net profit increased by 5% to 3.17 billion [5]. 5. Solid Waste Management Sector - The solid waste management sector achieved 1,956.1 billion in revenue in 2023, a 2.18% increase, while net profit decreased by 17% to 99.41 billion [5]. - Q1 2024 revenue grew by 10.13% to 468.72 billion, and net profit increased by 13% to 39.87 billion [5]. 6. Environmental Monitoring and Detection Sector - This sector generated 149.85 billion in revenue in 2023, a 6.78% increase, but net profit fell by 49% to 2.41 billion [6]. - In Q1 2024, revenue decreased by 5.61% to 26.9 billion, with a net loss of 0.71 billion [6]. 7. Landscaping Sector - The landscaping sector's revenue in 2023 was 121.43 billion, down 16.4%, with a net loss of 29.98 billion [6]. - Q1 2024 revenue fell by 21.02% to 27.34 billion, with a net loss of 1.77 billion [6]. 8. Environmental Remediation Sector - The environmental remediation sector reported 59.14 billion in revenue for 2023, a slight decrease of 0.94%, but net profit increased by 162% to 4.62 billion [6]. - In Q1 2024, revenue decreased by 4.89% to 11.45 billion, while net profit surged by 186% to 0.82 billion [6]. 9. Environmental Equipment Sector - This sector achieved 349.85 billion in revenue in 2023, a significant increase of 42.07%, with net profit rising by 92% to 30.1 billion [7]. - Q1 2024 revenue grew by 29.28% to 80.31 billion, and net profit increased by 67% to 7.54 billion [7]. 10. Investment Recommendations - The report suggests focusing on three main investment themes: water pricing reforms, large-scale equipment upgrades, and high dividend potential in stable operations [7].

[Table_Main] 证券研究报告 | 行业周报 房地产 2024年05月13日 多地新房二手成交环比改善，杭州、西 房地产 安取消限购 优于大市（维持） 房地产行业周报（2024.5.06-5.10） 证券分析师 [Table_Summary] 投资要点： 金文曦 资格编号：S0120522100001 邮箱：jinwx＠tebon.com.cn  市场回顾 2024.5.06-5.10，上证综指数上涨1.60%，沪深300指数上涨1.72%，房地产板块上 研究助理 涨4.38%，房地产板块跑赢上证综指2.78个百分点，跑赢沪深300指数2.66个百分 蔡萌萌 点。年初至今，上证综指上涨 6.04%，沪深 300 指数上涨 6.85%，房地产板块下跌 邮箱：caimm＠tebon.com.cn 9.58%，房地产板块跑输上证综指15.62个百分点，跑输沪深300指数16.44个百分 点。 市场表现 上周，重点关注的A股地产股中南都物业、*ST新城、*ST金科涨幅居前，*ST中迪、 ST迪马、ST中南跌幅较大；重点关注的H股地产股中世茂集团、华南城涨幅居前； 房地产 沪深300 17% 重点关注的港股物 ...

Investment Rating - The report initiates coverage on WanNeng Power (000543.SZ) with a "Buy" investment rating [12][70]. Core Views - WanNeng Power, as a leading coal power company in Anhui, is expected to see continuous expansion in installed capacity. With electricity prices remaining high and an increase in the proportion of long-term coal contracts alongside a decrease in pithead coal prices, the company's profitability is anticipated to improve steadily [12][70]. - Revenue projections for WanNeng Power from 2024 to 2026 are estimated at CNY 29.579 billion, CNY 31.400 billion, and CNY 31.613 billion, with growth rates of 6.1%, 6.2%, and 0.7% respectively. Net profit is expected to be CNY 2.025 billion, CNY 2.279 billion, and CNY 2.458 billion, with growth rates of 41.7%, 12.5%, and 7.8% respectively [12][70]. Summary by Sections Company Overview - WanNeng Power is recognized as a leading coal power company in Anhui, with a steady increase in installed capacity. As of the end of 2023, the company had a total installed capacity of 14.94 million kW, with a year-on-year increase of 2.9% [39][43]. Performance and Growth - The company's revenue grew from CNY 13.42 billion in 2018 to CNY 27.87 billion in 2023, with a compound annual growth rate (CAGR) of 15.7%. Net profit increased from CNY 560 million to CNY 1.43 billion during the same period, with a CAGR of 20.8% [39][44]. Price and Cost Dynamics - The report highlights that the electricity price in Anhui is expected to remain high due to strong demand and supply constraints. The average transaction price for direct electricity trading increased from CNY 346.8/MWh in 2020 to CNY 460.3/MWh in 2023 [40][50]. - The report anticipates a decrease in coal prices, benefiting the company's cost structure. The expected coal prices for 2024-2026 are CNY 983.2/ton, CNY 959.6/ton, and CNY 931.6/ton respectively [69][89]. Strategic Developments - WanNeng Power is transitioning towards becoming a comprehensive energy operator by acquiring high-quality assets and expanding its renewable energy portfolio. The company plans to add 4 million kW of renewable energy capacity during the 14th Five-Year Plan period [32][93]. - The company has successfully commenced construction on a 300,000 kW wind power project and secured construction indicators for an 800,000 kW photovoltaic project [32][93]. Financial Projections - The financial forecasts indicate that the company's operating cash flow will remain robust, with net profits projected to reach CNY 2.025 billion in 2024, CNY 2.279 billion in 2025, and CNY 2.458 billion in 2026 [70][73].

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月13日 迎峰度夏+市场化推进，虚拟电 计算机 厂热度有望持续提升 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004 迎峰度夏，最高用电负荷预计激增，虚拟电厂热度有望持续提升。国家能源局综合  邮箱：chenhb3＠tebon.com.cn 司副司长、新闻发言人张星4月30日表示，今年以来，电力消费延续快速增长态 势，预计今年度夏期间，全国用电负荷还将快速增长，最高负荷同比增长超过1亿 研究助理 千瓦（去年夏季全国最高用电负荷约为13.4亿千瓦），电力保供面临着一定压力； 局部地区高峰时段可能存在电力供应紧张的情况，主要是内蒙古以及华东、华中、 李杨玲 西南、南方区域的部分省份，如出现极端、灾害性天气，电力供应紧张的情况可能 邮箱：liyl＠tebon.com.cn 进一步加剧。虚拟电厂通过削峰填谷，是平衡电力供需的重要手段之一，部分地区 经过过去一两年的集中布局，今年夏季期间虚拟电厂的作用及影响有望进一步体 市场表现 现，我们预计相关热度有望持续提升 ...

[Table_Main] 证券研究报告 | 行业点评 计算机 2024年05月13日 迎峰度夏+市场化推进，虚拟电 计算机 厂热度有望持续提升 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 陈涵泊 资格编号：S0120524040004 迎峰度夏，最高用电负荷预计激增，虚拟电厂热度有望持续提升。国家能源局综合  邮箱：chenhb3＠tebon.com.cn 司副司长、新闻发言人张星4月30日表示，今年以来，电力消费延续快速增长态 势，预计今年度夏期间，全国用电负荷还将快速增长，最高负荷同比增长超过1亿 研究助理 千瓦（去年夏季全国最高用电负荷约为13.4亿千瓦），电力保供面临着一定压力； 局部地区高峰时段可能存在电力供应紧张的情况，主要是内蒙古以及华东、华中、 李杨玲 西南、南方区域的部分省份，如出现极端、灾害性天气，电力供应紧张的情况可能 邮箱：liyl＠tebon.com.cn 进一步加剧。虚拟电厂通过削峰填谷，是平衡电力供需的重要手段之一，部分地区 经过过去一两年的集中布局，今年夏季期间虚拟电厂的作用及影响有望进一步体 市场表现 现，我们预计相关热度有望持续提升 ...

[Table_Main] 证券研究报告 | 行业周报 电气设备 2024年5月13日 电气设备 4 月新能源车市场稳步向好，产销、出 口维持增势 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 彭广春  4月新能源车市场稳步向好，汽车出口保持快速增长。中汽协数据显示，4月新能 资格编号：S0120522070001 源汽车产量为87万辆，同比上升35.9%；销量为85万辆，同比上升33.5%。分 邮箱：penggc＠tebon.com.cn 车型看，纯电动汽车产销分别完成53.5万辆和51.9万辆，同比分别上升11.6%和 11.1%；插电式混合动力汽车产销分别完成33.4万辆和33.1万辆，同比分别增长 赵皓 108.5%和 95.7%。4 月，我国经济景气水平总体延续扩张，三大指数继续保持在 资格编号：S0120524030004 扩张区间，制造业企业生产继续加快、市场需求继续恢复、企业对近期市场发展信 邮箱：zhaohao3＠tebon.com.cn 心总体稳定。我国汽车产销环比下降，同比呈现较快增长，其中新能源汽车和汽车 研究助理 出口同比继续保持快速增长。  ...

Economic Policy and Real Estate - Nationwide relaxation of real estate purchase restrictions, with only six cities maintaining limits, including Beijing, Shanghai, Guangzhou, Shenzhen, and parts of Tianjin[22] - Real estate inventory reached a historical high of 760 million square meters in February 2024, surpassing the previous peak of 740 million square meters in February 2016[50] - The impact of relaxed purchase restrictions remains to be observed, as residents shift from profit maximization to minimizing liabilities, indicated by high national savings rates[26] Financial Market Trends - April inflation data suggests potential upward pressure on CPI due to low base effects from pork prices and supply adjustments[3] - The A/H premium rate has decreased to 137.3% as of May 10, 2024, down from a peak of 157.9% earlier in the year, with high premiums observed in sectors like agriculture and electronics[73] - Global inflation is projected to decline from an average of 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025, indicating a significant reduction from the inflation peak of 2022[80] Commodity Market Insights - Cocoa prices have surged by 108% year-to-date, with a peak increase of 168%, while CME lean hogs and NYMEX RBOB gasoline have risen by 50% and 19%, respectively[78] - The Baltic Dry Index has risen above 2200 points, reflecting increased shipping costs due to geopolitical tensions affecting supply chains[76] Industry Developments - The Ministry of Industry and Information Technology plans to guide lithium battery companies to reduce pure capacity expansion and focus on technological innovation and cost reduction[32] - Excavator sales in April 2024 reached 18,822 units, a year-on-year increase of 0.27%, indicating a recovery in the construction machinery sector[27]

（3）存款规模：4 月，人民币存款减少 3.92 万亿，同比多减 3.46 万亿。从 结构上看，居民存款减少 1.85 万亿，同比多减 6500 亿；企业存款减少 1.87 万 亿，同比多减 1.73 万亿；财政存款增加 981 亿，同比少增 4047 亿；非银金融机 构存款减少 3300 亿元，同比多减 6212 亿。 | --- | --- | --- | |------------------------------|-------------------------------------------------------------|--------------| | 宏观点评 | 2024 年 05 \n在一季度货政报告中寻找金融数据波动的答案 | 月 12 日 | | —— 2024 | 4 月金融数据点评兼评一季度货政报告 | | | 证券分析师 | | | | [Table_Summary] 投资要点： | | | （1）社会融资规模：4 月，社融减少 1987 亿，同比少增 1.42 万亿。截至 4 月末，社融存量同比增长 8.3%，增速较 3 月末下降 0.4 个百分点。从结构上看， ...

[Table_Main] 证券研究报告 | 海外市场周报 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 2024 年 05 月 12 日 | --- | --- | --- | --- | --- | |--------------|-------|-------|--------------|-------| | | | | | | | 海外市场周报 | | | | | | | | | 静待通胀指引 | | | | | | | | | 证券分析师 | | | | | [Table_Summary] 投资要点： 全球股市多数上涨，欧洲股市领涨。上周美股三大指数涨幅在 1%-2.5%区间；欧 洲股市强势，德国 DAX、法国 CAC40 和富时 100 涨幅分别为 4.3%、3.3%和 2.7%； 亚太市场分化，韩国综合指数、越南 VN30 指数、日经 225 和印度 SENSEX30 涨 跌幅分别为 1.9%、1.7%、-0.02%和-1.6%。 美国就业转弱，通胀指引分化， ...