Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Viewpoints - The food and beverage industry is experiencing a robust development phase, with high demand in various segments, particularly in the liquor market [3][9] - Companies are focusing on expanding their market presence and enhancing brand recognition, especially in Southeast Asia [3][42] - The report highlights structural opportunities within the industry, particularly in high-end liquor and beer segments [9][48] Summary by Sections Industry News - Moutai Group is conducting market research and brand promotion in Indonesia, Thailand, and Laos [3][42] - Moutai has changed its purchasing model for certain products to a nationwide distribution approach [3][42] - Shanxi Fenjiu aims for a revenue growth of approximately 20% in 2024 [3][42] - Koushike's revenue target for 2024 is set at 7.035 billion yuan, reflecting an 18% increase from 2023 [3][42] - Gujing Gongjiu has achieved over 70% national coverage in its market strategy [3][42] - New product launches, such as chocolate by Hengshui Laobaigan, are diversifying offerings in the liquor sector [3][42] Investment Recommendations - For liquor, focus on companies like Luzhou Laojiao, Jiansi Yuan, and Laobaigan, which are positioned to meet consumer demand [9][48] - In the beer sector, companies like Qingdao Beer and Chongqing Beer are recommended due to their product upgrades and channel expansions [9][48] - For soft drinks, East Peak Beverage and Baijiu Holdings are highlighted for their national expansion and marketing strategies [10][48] - In the frozen food segment, Anjijia and Qianwei Yangchu are noted for their potential growth driven by pre-made dishes [10][48] Market Performance - The SW Food and Beverage Index fell by 2.73%, underperforming compared to the CSI 300 [50] - Among sub-sectors, dairy products saw a rise of 1.84%, while other liquor categories declined by 2.31% [50] Stock Performance - The top-performing stocks in the food and beverage sector included ST Jiaoxiang and Xibu Muye, with significant gains [58] - Conversely, stocks like Huangshi Group and Yanshi Co. experienced notable declines [58] Valuation Levels - The overall valuation of the food and beverage sector stands at 22.72x, ranking it 16th among all primary industries [60] - The liquor sub-sector has the highest valuation at 40.88x, followed by beer at 28.66x [60]

英伟达业绩超预期，人工智能有望成为 证 券 拉动晶圆代工复苏核心驱动力 研 究 ——电子行业周报（2024.05.20-2024.05.24） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl核e_心Su观mm点a ry] 市场行情回顾 [行Ta业bl:e _Indu电st子ry] 过去一周（05.20-05.24），SW电子指数下跌3.49%，板块整体跑输沪 深 300 指数 1.41 pct，从六大子板块涨跌幅数据来看，消费电子、元 日期: s 20h2z4q年da0t5e月m2a7r日k 件、其他电子Ⅱ、光学光电子、电子化学品Ⅱ以及半导体的涨跌幅分 别为-2.32%、-2.45%、-3.11%、-3.47%、-3.89%、-4.28%。 [T分ab析le师_A: utho马r]永 正 核心观点 Tel: 021-53686147 晶圆代工短期调整不改长期复苏趋势，人工智能将是晶圆代工的主要 E-mail: mayongzheng@shzq.com 增长动力。5月22日，据Counterpoint报告显示，2024年第一季度全 球晶圆代工业营收环比下滑5%，但同比增长12%，当季 ...

证 蓄力发展，细分赛道景气度较高 券 研 ——食品饮料行 业周报 20240520-20240526 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl投e_资Su要mm点a：ry] 报 告 本周行业要闻：1）茅台集团赴印尼、泰国、老挝开展市场调研和品牌 [行Ta业bl:e _Indu食 st品ry]饮 料 推广活动：近日，茅台集团党委副书记、总经理王莉一行作为企业代 日期: s 20h2z4q年da0t5e月m2a6r日k 表，随贵州省经贸团先后走进印度尼西亚、泰国和老挝等国开展经贸 交流活动。期间，茅台代表团组织开展了市场调研和品牌推广，进一 [T分ab析le师_A: utho王r]慧 林 步将“中国茅台·香飘世界”融入东南亚市场。 Tel: 15951919467 2）茅台1935改变购酒模式，飞天53%vol 100ml茅台酒改为全国投放 E-mail: wanghuilin@shzq.com 模式：5月19日，i茅台开启519·品牌日活动，同时“茅台1935”改 SAC编号: S0870524040001 变购酒模式。从5月19日19:35起，53%vol 500ml茅台1935 ...

微软发布 Copilot+PC，英伟达 Q1 财报 证 券 超预期 研 究 ——计算机行业周报（2024.5.20—2024.5.24） 报 告 [Table 增_R 持at （ing 维] 持） a[◼bTlae b_lS 市eu_mS场um 回mamr 顾ya] r y] 过去一周（5.20-5.24）上证综指下跌 2.07%，创业板指下跌 2.49%， [行Ta业bl:e _Indu计st算ry]机 沪深 300 指数下跌 2.08%，计算机（申万）指数下跌 4.17%，跑输上 日期: s 20h2z4q年da0t5e月m2a7r日k 证综指 2.10pcts，跑输创业板指 1.68pcts，跑输沪深 300 指数 2.09pcts，位列全行业第26名。 [T分ab析le师_A: utho吴r]婷 婷 Tel: 021-53686158 ◼ 周观点 E-mail: wutingting@shzq.com SAC编号: S0870523080001 微软发布 Copilot+PC，或将重塑 PC 生态。5 月 22 日，微软召开 “Build 2024”全球开发者大会，大模型、生成式 AI 成为本次大会的 ...

周观点：Copilot 推自定义版，百川智能推出 证 券 首款 AI 应用百小应 研 究 ——互联网传媒行业周报（20240520-20240526） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 5 月 22 日，微软 Build2024 开发者大会在美国西雅图召开，发布有关 [行Ta业bl:e _Indu传st媒ry] AI技术并带来AI新工具。Copilot+PC方面，推出有专用端侧模型，原 日期: s 20h2z4q年da0t5e月m2a7r日k 生支持 PyTorch。新的 Copilot+PC 自带原生的人工智能框架和工具 链，方便开发人员将自己的端侧模型引入 Windows。微软正式宣布通 [T分ab析le师_A: utho陈r]旻 过 DirectML，PyTorch 和 Web 神经网络现在将在 Windows 上本地运 Tel: 021-53686134 行，为开发人员提供更多可用的工具，允许数千个 HuggingFace 模型 E-mail: chenmin@shzq.com 在Windows上运行，NPU也可以帮助这些工具比以 ...

周观点：Copilot 推自定义版，百川智能推出 证 券 首款 AI 应用百小应 研 究 ——互联网传媒行业周报（20240520-20240526） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 5 月 22 日，微软 Build2024 开发者大会在美国西雅图召开，发布有关 [行Ta业bl:e _Indu传st媒ry] AI技术并带来AI新工具。Copilot+PC方面，推出有专用端侧模型，原 日期: s 20h2z4q年da0t5e月m2a7r日k 生支持 PyTorch。新的 Copilot+PC 自带原生的人工智能框架和工具 链，方便开发人员将自己的端侧模型引入 Windows。微软正式宣布通 [T分ab析le师_A: utho陈r]旻 过 DirectML，PyTorch 和 Web 神经网络现在将在 Windows 上本地运 Tel: 021-53686134 行，为开发人员提供更多可用的工具，允许数千个 HuggingFace 模型 E-mail: chenmin@shzq.com 在Windows上运行，NPU也可以帮助这些工具比以 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [9][36][37] Core Views - Microsoft has launched Copilot+PC, which is expected to reshape the PC ecosystem, integrating AI capabilities and enhancing productivity through new features [6][11] - NVIDIA's Q1 financial results exceeded expectations, with revenue reaching $26 billion, a 262% year-over-year increase, indicating strong demand for AI computing [7][25] - The price war among domestic large models is intensifying, with significant price reductions expected to accelerate the commercialization of AI applications across various sectors [8][14] Summary by Sections Market Review - From May 20 to May 24, the Shanghai Composite Index fell by 2.07%, the ChiNext Index by 2.49%, and the CSI 300 Index by 2.08%. The computer sector (Shenwan) index dropped by 4.17%, underperforming the Shanghai Composite by 2.10 percentage points [15][16] Industry News - Microsoft introduced Copilot+PC, which integrates the GPT-4o model and is expected to significantly enhance AI capabilities in PCs. The global AI PC shipment is projected to reach 48 million units in 2024, accounting for approximately 19% of the PC market [6][11] - NVIDIA reported a record revenue of $26 billion for Q1 FY2025, with a net profit increase of over 620% to $14.88 billion. The data center revenue reached $22.6 billion, driven by strong demand for AI computing [7][25] - Domestic large models are experiencing drastic price cuts, with some models seeing reductions of up to 97%, which is expected to facilitate faster commercialization in sectors like finance and healthcare [8][14] Investment Recommendations - Suggested companies to focus on include those in AI computing such as Industrial Fulian, Inspur Information, and Cambricon, as well as AI applications like iFLYTEK and Kingsoft Office, and the AI PC supply chain including Lenovo and StarRing Technology [9][14]

证证券券研研究究报报告告 2024年5月22日 行业：电子行业 增持 （维持） 凌冬渐远，奏响复苏主旋律 ——电子行业2023年报及2024一季报总结 ...

Summary of Key Points from Conference Call Records Industry: Real Estate Core Points and Arguments - **Policy Changes in Shanghai**: Shanghai has implemented measures to optimize the real estate market, including easing purchase conditions for non-local residents and adjusting related policies. The new regulations will take effect on May 28, 2024 [2][3]. - **Changes in Purchase Conditions**: - Non-local residents' social insurance or income tax payment period reduced from 5 years to 3 years [3]. - Divorce purchase restrictions removed, and housing gift regulations adjusted [3]. - **Credit Policy Adjustments**: - Down payment for first homes reduced from 30% to 20% [4]. - Interest rates for first homes decreased from 4.1% to 3.5% [4]. - **Impact on Housing Costs**: The reduction in mortgage payments is expected to alleviate financial burdens on homebuyers, with significant decreases in monthly payments and interest expenses reported [5]. Other Important Content - **Real Estate Companies' Land Acquisition**: A table lists the top real estate companies in Shanghai by land acquisition, highlighting招商蛇口 (China Merchants Shekou) as the leader with 24 plots and a total equity land acquisition amount of 544.4 million [6]. Industry: Semiconductor Core Points and Arguments - **Establishment of National Integrated Circuit Fund Phase III**: The fund has a registered capital of 344 billion RMB, with major banks pledging to contribute [7]. - **Current State of Domestic Semiconductor Production**: While the first phase of domestic substitution has been completed, certain areas remain underdeveloped, particularly in photolithography machines and other critical equipment [7]. Industry: Engineering Machinery Core Points and Arguments - **Growth in Excavator Sales**: Domestic excavator sales are projected to reach approximately 7,700 units in May 2024, marking a year-on-year increase of nearly 19% [8]. Industry: Solid-State Batteries Core Points and Arguments - **SAIC's Plans for Solid-State Battery Production**: SAIC Group announced plans to mass-produce solid-state batteries by 2026, addressing safety and energy density issues in the electric vehicle sector [9][10]. Industry: AI and Mobile Phones Core Points and Arguments - **Collaboration Between Apple and OpenAI**: Apple is set to integrate OpenAI's ChatGPT into iOS 18, with an official announcement expected at the WWDC 2024 [12][13]. Industry: Cement Core Points and Arguments - **Cement Price Increase**: The average price of high-standard cement has risen to 365.67 RMB per ton, reflecting a 1.81% increase [16]. Industry: Coal Core Points and Arguments - **Coal Price Trends**: As of May 24, coal prices at Qinhuangdao Port have reached 884 RMB per ton, showing a year-on-year increase of 2.8% [19]. Industry: Electricity Reform Core Points and Arguments - **Electricity System Reform Discussions**: A meeting led by Xi Jinping focused on deepening electricity system reforms and enhancing traditional industries through technology [20][21]. This summary encapsulates the key points from the conference call records, highlighting significant developments across various industries, particularly in real estate, semiconductors, engineering machinery, solid-state batteries, AI, cement, coal, and electricity reform.

证证券券研研究究报报告告 2024年5月22日 行业：基础化工 增持 （维持） 业绩承压，景气回升可期 ——化工行业2023&2024Q1业绩回顾 ...