Investment Rating - The report maintains an "Outperform" rating for the real estate industry [1] Core Viewpoints - The real estate sector is experiencing a recovery in transaction volumes, particularly in key cities, with policies being optimized to support the market [5][6] - The report highlights a significant improvement in the sales of new and second-hand homes in major cities, with specific mention of Shenzhen's cancellation of the "7090 policy" [5][6] - The overall market performance shows that the real estate sector has underperformed compared to the broader market indices, with a year-to-date decline of 9.52% [3][4] Market Performance - During the week of March 25-29, 2024, the Shanghai Composite Index fell by 0.23%, while the real estate sector dropped by 1.74%, underperforming the indices by 1.52 and 1.53 percentage points respectively [3] - Year-to-date, the real estate sector has underperformed the Shanghai Composite Index by 11.75 percentage points and the CSI 300 Index by 12.62 percentage points [3] Data Tracking - In the week of March 25-29, 2024, the cumulative year-on-year decline in land transactions across 100 major cities was 22.01%, with first-tier cities showing a 33.53% increase in land area sold [3][19] - The total sales area of commercial housing in 30 major cities was 331 million square meters, reflecting a year-on-year decline of 43% [4][27] Industry Dynamics - In Q1 2024, Shenzhen recorded a 13.9% increase in second-hand home transactions compared to Q1 2023, indicating a notable market recovery [5] - The report notes the abolition of restrictive policies in Beijing, which may further stimulate market activity [5] Investment Recommendations - The report suggests focusing on developers with quality land reserves in core urban areas and those likely to benefit from urban village renovations, such as Binjiang Group and China Resources Land [5]

[Table_Main] 证券研究报告 | 产业经济点评 2024年04月02日 产业经济点评 AI 赋能医疗影像领域创新 ——医疗产业周报 证券分析师 赵月 李[浩Ta ble_Summary] 医疗新观察： 资格编号：S0120524030008 资格编号：S0120522110002 邮箱：zhaoyue3@tebon.com.cn 邮箱：lihao3＠tebon.com.cn 上周，我们关注了人工智能（AI）在医疗影像领域的最新进展和应用。AI 技 术正在不断推动医疗影像的创新，提高诊断的准确性和效率，同时为患者提 研究助理 供更加个性化的医疗服务。 行业动态： 相关研究 1. IBM Watson Health的肿瘤学应用： Watson for Oncology通过深度分析 医学文献和患者数据，为肿瘤患者提供治疗建议。 2. Siemens Healthineers的AI-Rad Companion： Siemens推出的AI-Rad Companion 工具在放射学影像分析中发挥重要作用。该工具能够自动识 别胸部 X 光片中的异常，如肺部结节，极大提高了放射科医生的工作效 率。 技术进展： 1. ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved strong revenue growth, with a total revenue of 705 million yuan in 2023, representing a year-on-year increase of 54.86%. The revenue for Q4 alone was 244 million yuan, showing a quarter-on-quarter growth of 67% [2][3] - The company has made significant progress in the overseas market for biosimilars, with two products receiving FDA approval. BAT1806 (Tocilizumab) was approved in September 2023, and BAT1706 (Bevacizumab) was approved in December 2023. Applications for marketing authorization have also been submitted to the EMA [3] - The company has a rich pipeline of innovative drugs, with multiple ADC products in clinical trials. BAT2094 (Batrifiban) is currently in the domestic listing application stage, while BAT4406F (CD20 antibody) is in a critical trial phase [4] Financial Summary - The company forecasts revenues of 1.396 billion yuan, 2.548 billion yuan, and 4.363 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -22 million yuan, 571 million yuan, and 1.329 billion yuan for the same years [4][10] - The gross margin is expected to be 69.4% in 2024, 71.0% in 2025, and 72.7% in 2026, indicating a stable profitability outlook [10] - The company reported a total asset value of 2.287 billion yuan as of 2023, with a projected increase to 5.214 billion yuan by 2026 [10][19]

[Table_Main] 证券研究报告 | 行业点评 铜 2024年04月02日 铜行业跟踪：TC 走低致冶炼减产 铜 预期，2024Q1 铜价震荡升高 优于大市 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 翟堃 资格编号：s0120523050002  2024年Q1电解铜价格震荡走高。人民银行于2月5日下调存款准备金率0.5个 邮箱：zhaikun＠tebon.com.cn 百分点，向市场提供长期流动性约 1 万亿元，并有定向降息操作；另一方面受美 张崇欣 国原油库存超预期下降影响，原油期货上涨，对铜价起支撑作用，拉动铜价走高。 资格编号：S0120522100003 3 月美联储的降息态度、LME 库存续降、以及 TC 走低国内炼厂原料供应紧张， 邮箱：zhangcx＠tebon.com.cn 导致的减产预期风波推动铜价大幅走高。3月21日，美联储上调2024年核心PCE 通胀预期至2.6%，预计2024至2026年底核心PCE通胀预期中值分别为2.6%、 研究助理 2.2%、2.0%，去年 12 月预期分别为 2.4%、2.2%、2.0%。美联储政策声明重申 等待对通胀的信心增 ...

[Table_Main] 证券研究报告 | 公司点评 赤峰黄金(600988.SH) 2024年04月02日 赤峰黄金（600988.SH）：公司降 买入 所属行业：有色金属/贵金属 本效果显著，金价上扬带动公司 当前价格(元)：17.28 业绩快速向上 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 投资要点 张崇欣 资格编号：S0120522100003 事件：公司披露2023年年度预告，业绩同比大幅提升。预计公司2023年营业收 邮箱：zhangcx＠tebon.com.cn  入72.21亿元，同比+15.23%；归母净利润8.04亿元，同比+78.21%；扣非归母 研究助理 净利润 8.66 亿元，同比+115.97%；经营活动产生现金流量 22 亿元，同比 康宇豪 +102.09%。 邮箱：kangyh＠tebon.com.cn 受益集中化采购及各矿山针对性降本措施，公司2023年降本效果显著。2023年  境内外矿山通过集中化采购，降本效果显著。除集中化采购措施外，各矿山还根 市场表现 据自身实际，采取针对性措施努力挖潜，降本增效。吉 ...

[Table_Main] 证券研究报告 | 海外市场点评 2024 年 04 月 02 日 | --- | --- | |--------------|------------------------| | 海外市场点评 | 日股强于过往的"秘密" | | | | | 证券分析师 | ——精卫填"海"系列（五） | | | | 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn [Table_Summary] 投资要点： 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 2023 年以来日本股市加速上行，市场判断日本经济有望进入长时间的正反馈。从 历史来看，日本经济修复从 2009 年就开始显现，日本股市也自 2009 年持续修复， 但为何当初的市场并没有预期日本经济进入正反馈？以上问题本文将一探究竟。 我们认为是市场对日本经济的信心主要源于三大因子的反转迹象，这使得日本此 轮的复苏不同于过往。第一，全球化趋势放缓，全球产业链重塑，物价有长期上涨 压力。日本 CPI 同比增速在 2021 年上升后仍维持在高位。第二，日本企业工资 ...

[Table_Main] 证券研究报告 | 行业点评 汽车 2024年04月02日 3 月新势力交付环比普遍提升， 汽车 问界表现亮眼 优于大市（维持） 证券分析师 [ 投Tab 资le_ 要Su 点mm ：ar y] 邓健全 资格编号：S0120523100001  3月新势力交付量环比普遍提升。2024年3月AITO汽车交付量为31727辆，同 邮箱：dengjq＠tebon.com.cn 比+762%，环比+50%，其中问界新M7单月交付新车24598辆，上市累计交付量 赵悦媛 超过12万辆，问界M9单月交付新车6243辆；理想汽车交付量为28984辆，同 资格编号：S0120523100002 比+39%，环比+43%；零跑汽车交付量为14567辆，同比+136%，环比+122%； 邮箱：zhaoyy5＠tebon.com.cn 蔚来交付量为 11866 辆，同比+14%，环比+46%；小鹏汽车交付量为 9026 辆， 赵启政 同比+29%，环比+99%，其中小鹏X9交付3,946台，上市三月累计交付近八千台； 资格编号：S0120523120002 哪吒汽车交付量为 8317 辆，同比-18%，环 ...

Investment Rating - The report rates the education industry as "Outperform" [1] Core Viewpoints - The recruitment market is experiencing strong demand, with the number of candidates for national civil service exams reaching a record high. The overall recruitment market is characterized by an increase in the number of applicants and training participation rates, indicating a high level of market vitality [2][4] - The competitive landscape is fragmented, with leading companies such as Huatu, Zhonggong, and Fenbi dominating the market. These companies leverage their brand, teaching resources, and management capabilities to enhance market share [2][4] Summary by Sections 1. Recruitment Market Dynamics - The number of college graduates in China has been steadily increasing, with 2023 expected to see 11.58 million graduates, up from 10.76 million in 2022. This trend is driving a growing interest in public service exams among graduates [13][14] - The national civil service exam has seen a continuous increase in recruitment numbers, with 39,600 positions available in 2024, a 6.6% increase from the previous year. The competition ratio for these positions is approximately 77:1, indicating heightened competition [15][18] - The recruitment training market is projected to reach 38.7 billion yuan in 2023, with a compound annual growth rate (CAGR) of 8.7% from 2016 to 2021. The market is expected to grow to 50.5 billion yuan by 2026 [18][21] 2. Competitive Landscape - The recruitment training market is characterized by a "three-horse race" among Huatu, Zhonggong, and Fenbi, with respective revenues of 2.67 billion yuan, 2.1 billion yuan, and 1.68 billion yuan in the first half of 2023 [29] - Huatu has been expanding its non-degree vocational education business, leveraging its established brand and resources to enhance its market position. The company has set up over 300 branches nationwide, training more than 50,000 students [33][34] - Zhonggong, a leader in vocational education, has shifted its strategy towards sustainable growth after experiencing significant losses in 2021. The company is now focusing on profitability and has announced a stock incentive plan to boost employee confidence [30][31] - Fenbi, which started as an online training provider, has successfully integrated online and offline training methods, achieving a revenue growth of 15.9% in the first half of 2023 [30][31] 3. Policy Support and Market Growth - The Chinese government has been increasingly supportive of vocational education, with policies aimed at enhancing the quality and accessibility of vocational training. This support is expected to drive further growth in the recruitment training market [28][29]

投资要点 2023-04 2023-08 2023-12 事件：公司发布 2023 年年度报告。2023 年公司实现营收 20.65 亿元，同比 +41.26%，实现归母净利润 2.10 亿元，同比+68.17%，实现扣非归母净利润 1.86 亿元，同比+64.49%。其中，单 Q4 实现营收 5.72 亿元，同比+26.51%，实现归 母净利润 0.76 亿元，同比+122.61%，实现扣非归母净利润 0.77 亿元，同比 +153.92%。 | --- | --- | |-------------------------------------------------------------------|---------------------| | 劲仔食品（ 买入（维持） | 003000.SZ ）：营收 | | | | | 所属行业：食品饮料 / 休闲食品 高增收官， 当前价格 ( 元 ) ： 14.51 | 24 年势能有望延续 | | | | 市场表现 -43% -34% -26% -17% -9% 0% 9% 劲仔食品 沪深300 相关研究 营收高增收官，大包装+散称双轮驱动。分产品看，23 ...

baao[Table_Main] 证券研究报告 | 行业月报 传媒 2024年04月02日 传媒互联网行业 3 月报：Kimi 传媒 引领长文本趋势，国内外多模态 优于大市（维持） 证券分析师 应用百花齐放 马笑 资格编号：S0120522100002 [Table_Summary] 投资要点： 邮箱：maxiao＠tebon.com.cn  行情概述：2024年3月，传媒行业指数（SW）涨幅为 1.50%，沪深300涨幅为 研究助理 0.61%，创业板指涨幅为 0.62%，上证综指涨幅为 0.86%。各传媒子板块中，媒 体上涨 2.62%，广告营销上涨 1.47%，文化娱乐上涨 1.57%，互联网媒体下跌 王梅卿 0.98%。2024年3月，港股互联网板块涨幅为5.90%，恒生科技涨幅为1.35%， 邮箱：wangmq＠tebon.com.cn 恒生指数涨幅为0.18%。港股互联网板块相较恒生科技指数跑赢4.55%。 市场表现  数据跟踪：1）游戏：2月中国市场同比增长 15.12%，环比增长 2.17%。根据伽马 数据，2024年2月，中国游戏市场规模为248.75亿元，环比增长2.17%，同比上 传 ...