证券研究报告 非银金融 报告日期：2024年05月 16日 高基数下业绩触底 并购预期优化行业格局 ——证券行业 2023&2024Q1 业绩综述 华龙证券研究所 摘要：  2023年全行业145家证券公司全年实现营业收入4059.02亿元， 投资评级：推荐（维持） 净利润 1378.33 亿元，分别同比变动 2.77%、-3.14%。2023 年净 最近一年走势 资产收益率4.80%，同比下降0.51个百分点。2023年行业整体经 营情况整体稳定，资本实力稳步增强，头部券商提高综合金融服 务能力，抓住机遇做优做强,中小券商积极探索特色化经营模式， 立足区域优势和专业特色。  2023 年上市券商业绩总体与 2022 年相比变化不大，实现收入合 计 4970.88 亿元，同比增加 1.35%，实现归母净利润 1285.89 亿 元，同比增加1.05%。2024Q1上市券商业绩同比下滑明显，2024Q1 上市券商实现营业收入1058.28亿元，同比下滑21.55%，实现归 母净利润293.51亿元，同比下滑31.69%。2023年上市券商ROE 分析师：杨晓天 为 4.45%，高于 2022 年 ROE4. ...

Market Analysis - The market experienced a downward trend with major indices declining nearly 1% on Wednesday [1][5] - The real estate sector saw a temporary surge, with stocks like Everbright Jiabao and Tiandi Source hitting the daily limit [3] - The overall market had more decliners than advancers, with over 3,800 stocks falling [3][5] Data Insights - As of May 14, the financing balance on the Shanghai Stock Exchange was reported at 793.906 billion yuan, an increase of 1.543 billion yuan from the previous trading day [7] - The total financing balance for both exchanges reached 1,496.964 billion yuan, up by 1.56 billion yuan [7] Investment Advisory Perspective - The absence of real-time data on northbound capital has led to a noticeable decline in market participation, resulting in reduced trading volume [8] - The Shanghai Composite Index has fallen below the 10-day moving average and is approaching the critical support level of 3,100 points [8] - Despite recent external pressures, the overall market environment remains stable, suggesting that short-term adjustments do not alter the medium-term upward trend [9] Conceptual Hotspots - The pig farming sector is showing signs of recovery, with the price of live pigs reported at 15.0 yuan per kilogram, a 0.7% increase from the previous month [10] - Several A-share listed companies have reported a significant reduction in losses from pig farming this year, with some achieving profitability during certain periods [10] - The expectation of a pig cycle reversal is strengthening, indicating a favorable investment period for low-cost, high-elasticity pig enterprises [10] Future Events Reminder - The 9th Power Battery Recycling Industry Forum will be held on May 16, focusing on battery recycling [43] - The 2024 China Machine Vision Conference will take place on May 21, aimed at promoting innovation in smart manufacturing [43] - The 26th Integrated Circuit Manufacturing Annual Conference is scheduled for May 22, addressing supply chain innovation [43]

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 86 期，总第 1645 期（电子版） 2024 年 5 月 15 日 星期三 一、市场分析 股指震荡蓄势 注重趋势和节奏 盘面上，出口、高外销占比概念股表现活跃，其中家居、纺织方向 集体走强，亚振家居、爱丽家居、龙头股份、三柏硕等涨停；汽车股震 荡走高，金龙汽车、中通客车、安凯客车涨停；电网概念股持续活跃， 金利华电、科林电气、积成电子等涨停。民爆概念股震荡拉升，盛景微、 保利联合、高争民爆涨停。 板块方面，民爆、游戏、汽车整车、家用轻工等板块涨幅居前，细 胞免疫治疗、煤炭、合成生物、草甘膦等板块跌幅居前。 截至 5 月 13 日，上交所融资余额报 7923.63 亿元，较前一交易日增加 15.34 亿元；深交所融资余额报 7030.41 亿元，较前一交易日增加 3.58 亿元；两市合计 14954.04 亿元，较前一交易日增加 18.92 亿元。 TTTT == Ull Ull Univers == $( 5 月 14 日凌晨，美国人工智能研究公司 OpenAI 在线上举办了"春季更新"活动。整体来看，活动主要分为 ...

证券研究报告 社会服务 报告日期：2024年05月 13日 旅游市场景气延续得到验证，核心旺季值得期待 ——社会服务行业周报 华龙证券研究所 摘要：  2024 年“五一”假期国内旅游市场景气延续，出入境游市场从复 投资评级：推荐（维持） 苏走向繁荣。据文化和旅游部数据中心测算，全国国内旅游出游 最近一年走势 合计2.95亿人次，同比增长7.6%，按可比口径较2019年同期增 长28.2%；国内游客出游总花费1668.9亿元，同比增长12.7%， 按可比口径较2019年同期增长13.5%。“五一”假期入出境游客 合计达 367.2 万人次，其中入境游客 177.5 万人次，出境游客 189.7万人次。  亲子游热度大涨 247%，动植物园、博物馆等成为热门选择，热度 有望延续至暑期。2024年五一小长假，国内旅游市场延续火爆态 势，一周以内的中短途旅行是大多数游客的选择，订单量占比超 74%。自驾是家庭出游的首选，热度环比增长 279%。明星演唱会 分析师：姬志麒 和各大音乐节也在五一假期“扎堆”上演，各地“音乐节”平均 热度涨幅超过 90%。亲子游同样在五一迎来小高潮，热度大涨 执业证书编号：S0230 ...

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周四市场全天震荡反弹，创业板指领涨，沪指、深成指均再创年内 新高。 敬请参阅正文之后的免责声明 - 1 - 2、北向资金 北向资金全天净买入 80.14 亿，其中沪股通净买入 39.25 亿元，深股通净买入 40.9 亿元。 二、重点新闻 2024-5-10 股票适合积极型及以上投资者参考）。 华龙证券 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3154.32 | 0.83 | | 深证成指 | 9788.07 | 1.55 | | 中小 100 | 5985.93 | 1.56 | | 创业板指 | 1900.01 | 1.87 | | 沪深 300 | 3664.56 | 0.95 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39387.76 | 0.85 | | 纳斯达克 | 16346.26 | 0.27 | | 标普 500 | 5214.08 | ...

| --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3148.02 | -0.21 | | 深证成指 | 9673.32 | -0.6 | | 中小 100 | 5939.84 | -0.29 | | 创业板指 | 1860.37 | -0.95 | | 沪深 300 | 3664.69 | -0.04 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39431.51 | -0.21 | | 纳斯达克 | 16388.24 | 0.29 | | 标普 500 | 5221.42 | -0.02 | | 英国富时 100 | 8414.99 | -0.22 | | 日经 225 | 38393.73 | 0.56 | | 恒生指数 | 19115.06 | 0.8 | COMEX 白银 28.515 0.25 1、市场综述 盘面上，燃气、电力等公用事业板块逆势走强，洪通燃气、西昌电 力、明星电力涨停。出海概念 ...

| --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3154.55 | 0.01 | | 深证成指 | 9731.24 | -0.58 | | 中小 100 | 5957.29 | -0.48 | | 创业板指 | 1878.17 | -1.15 | | 沪深 300 | 3666.28 | 0.05 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39512.84 | 0.32 | | 纳斯达克 | 16340.87 | -0.03 | | 标普 500 | 5222.68 | 0.16 | | 英国富时 100 | 8433.76 | 0.63 | | 日经 225 | 38106.99 | -0.32 | | 恒生指数 | 18963.68 | 2.3 | | | 货币市场 | | | | 收盘(点) | 涨跌幅(%) | | 美元离岸人民币 | 7.2347 | 0.01 | | ...

证券研究报告 银行/非银 报告日期：2024年 05月13日 关注券商并购主线发酵行情 银行息差与保险竞争压力增强 ——金融行业周报 华龙证券研究所 摘要：  上周（5月6日至5月10日）A 股市场普遍上涨，沪深300指数 投资评级：推荐（维持） 上涨1.72%，全年上涨6.85%；非银金融指数上周上涨1.44%，全 最近一年走势 年上涨0.17%；证券指数上周上涨0.35%，全年下跌2.86%；保险 指数上周上涨4.06%，全年上涨7.86%，银行指数上周上涨1.35%， 全年上涨17.84%。  银行：监管严控资金空转与手工补息，有助于提升银行资金使用 效率加强服务实体能力。2024年4月社融规模全面超预期回落， 监管部门近期打击资金沉淀空转和手工补息，并对金融增加值核 算进行优化调整，将减轻存贷款冲量现象，有助于降低银行负债 端压力，提高资金使用效率进一步提升服务实体的能力。短期银 行行业仍面临息差收窄与地方债化债压力。银行板块高股息策略 为主导的银行股具备优势。关注标的：常熟银行(601128.SH)、浙 市场数据 2024年5月10日 商银行(601916.SH)、杭州银行（600926.SH） ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [1]. Core Insights - DeepSeek, a subsidiary of Huanfang Quantitative, has released its second-generation MoE model, DeepSeek-V2, which is comparable to GPT-4 in capability and priced at only 1% of GPT-4-Turbo [1][13]. - The introduction of DeepSeek-V2 is expected to initiate a price war among large models, significantly lowering costs and enhancing efficiency in AI applications across various sectors, particularly in media [1][18]. - The report highlights the anticipated growth in the media industry driven by the continuous development of generative AI, which is expected to lead to cost reductions and efficiency improvements in content creation and distribution [1][18]. Summary by Sections 1. Weekly Market Performance - From May 6 to May 10, 2024, the Shenwan Media Index fell by 1.98%. The top five gainers included Zhidema, Shandong Publishing, and Simay Media, while the top five losers included Zitian Technology and Yinsai Group [5]. 2. Industry News - The total box office for the May Day holiday in 2024 reached 1.527 billion yuan, ranking among the top three in film history, with 37.77 million viewers [8]. - Tencent Video's "Qing Yu Nian 2" has officially announced its release date, with over 15 million reservations, marking it as the first series to surpass 10 million reservations [19]. 3. Key Company Announcements - Baotong Technology plans to raise up to 303.1324 million yuan for a digital conveyor belt project in Thailand [12]. - Huanyu Century announced that its film "Peacekeeping Anti-Riot Team" has grossed over 405 million yuan within five days of release [12]. 4. Weekly Insights - The report emphasizes the competitive edge of DeepSeek-V2 in natural language processing, which can lower content creation costs while enhancing user engagement through personalized recommendations [18]. - The report also notes that the efficient performance of DeepSeek-V2 will help media companies accelerate content innovation and production speed, thereby improving market competitiveness [18]. 5. Focus Companies and Earnings Forecast - The report lists key companies to watch, including Mango Super Media, Phoenix Media, and Kunlun Wanwei, with projected earnings per share (EPS) and price-to-earnings (PE) ratios for the coming years [20].