证 券 阿里重回增长轨道，京东净利润超预期 研 增长 究 报 ——行业周报（20240513-0517） 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl周e_度Su核mm心a观ry]点 ： [行Ta业bl:e _Indu商st贸ry]零 售 电商： 日期: s 20h2z4q年da0t5e月m1a8r日k 京东净利润大幅超市场预期，阿里重回增长轨道。2024Q1 京东实现 收入 2600 亿元，同比增长 7.0%；在持续补贴和扶持商家的基础上， [T分ab析le师_A: utho张r]洪 乐 Non-GAAP净利润达 89亿元，同比增长 17.2%；Q1 日百品类收入同 Tel: 021-53686159 比增速达 8.6%，高于行业平均水平，品类结构更加均衡。京东主动变 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 革取得显著成效，“多快好省”提升用户体验，季度活跃用户数实现 同比双位数增长，用户平均购物频次、NPS(用户净推荐值)加速提升。 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 京东商家生态更加繁 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4][26]. Core Views - In 2023, the company achieved operating revenue of 3.783 billion yuan, a year-on-year decline of 4.41%, while net profit attributable to shareholders was 70 million yuan, a significant increase of 291.79% [4]. - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares (tax included) for the year 2023 [4]. - The company reported a revenue of 903 million yuan in Q1 2024, representing a year-on-year growth of 2.18% [4]. Summary by Sections Revenue Breakdown - The logistics and related services segment generated revenue of 3.761 billion yuan in 2023, down 4.46% year-on-year, with a gross margin of 10.44%, an increase of 1.54 percentage points [5]. - The complete vehicle transportation business recorded revenue of 2.698 billion yuan, a decline of 11.40%, accounting for 71.33% of total revenue [5]. - International business revenue reached 796 million yuan, up 18.94%, contributing 21.05% to total revenue, with a gross margin increase of 9.33 percentage points to 23.18% [5]. - The new energy business saw revenue of 44 million yuan, a remarkable growth of 304.43%, with a gross margin of 10.89%, up 4.86 percentage points [5]. Future Outlook - The company plans to purchase a 6200RT international car roll-on/roll-off ship for 59 million USD, which is expected to enhance its international shipping capacity and expand its international business layout [7]. - The company forecasts operating revenues of 5.568 billion yuan, 6.724 billion yuan, and 7.760 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 47.18%, 20.75%, and 15.42% [26]. - Net profit attributable to shareholders is projected to be 299 million yuan, 383 million yuan, and 449 million yuan for the same years, with growth rates of 325.33%, 27.79%, and 17.42% [26].

4 月挖掘机内销超预期，持续关注工程机械板块 证 券 ——机械行业周报（2024.5.6-2024.5.10） 研 究 [Table 增_R 持at （ing 维] 持） [◼T abl行e_情Su回mma顾ry ] 报 告 过去一周（2024.5.6-2024.5.10），中信机械行业上涨2.48%，表现处 [行Ta业bl:e _Indu机st械ry] 于中游，在所有一级行业中涨跌幅排名第14。具体来看，工程机械上 日期: s 20h2z4q年da0t5e月m1a6r日k 涨7.56%，通用设备上涨1.86%，专用设备上涨1.13%，仪器仪表下跌 0.20%，金属制品上涨1.80%，运输设备上涨3.15%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 E-mail: liuyangdong@shzq.com 工程机械行业周期拐点苗头显露。据中国工程机械工业协会对挖掘机 SAC编号: S0870523070002 主要制造企业统计，2024年4月销售各类挖掘机18822台，同比增长 分析师: 吴婷婷 0.27%，其中国内 10782 台，同比增长 13.3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by more than 20% within the next six months [36]. Core Views - The company's logistics and related services recorded revenue of 3.761 billion yuan in 2023, a year-on-year decline of 4.46%, while the gross margin increased by 1.54 percentage points to 10.44% [4]. - The report highlights that the company's vehicle transportation business faced challenges, but the introduction of a 7000RT automobile transport ship is expected to enhance international shipping capacity and expand international business growth [28]. - The company has made significant strides in its international business, with revenue from international operations reaching 796 million yuan, a year-on-year increase of 18.94%, and a gross margin improvement of 9.33 percentage points to 23.18% [4]. - The new energy business saw remarkable growth, with revenue increasing by 304.43% to 44 million yuan, and the gross margin improved by 4.86 percentage points to 10.89% [4]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 3.783 billion yuan, a decrease of 4.41% year-on-year, while the net profit attributable to shareholders was 70 million yuan, an increase of 291.79% [25]. - The forecast for 2024-2026 projects operating revenues of 5.568 billion yuan, 6.724 billion yuan, and 7.760 billion yuan, with year-on-year growth rates of 47.18%, 20.75%, and 15.42% respectively [28]. - The net profit attributable to shareholders is expected to reach 299 million yuan, 383 million yuan, and 449 million yuan for the same period, reflecting growth rates of 325.33%, 27.79%, and 17.42% respectively [28]. Business Segments - The vehicle transportation segment generated revenue of 2.698 billion yuan, down 11.40% year-on-year, while the gross margin decreased to 6.20% [4]. - The international business segment's revenue growth was driven by increased transportation volume, contributing to a significant gross margin improvement [4]. - The new energy segment's growth is supported by the acquisition of Guangdong Dido Holdings and the establishment of sales channels in overseas markets [4]. Future Outlook - The report anticipates continued growth in the company's new energy business, leveraging its existing market networks and cost-reduction strategies [28]. - The company is expected to enhance its international logistics capabilities through strategic investments in specialized transport vessels [27].

上海证券未授权任何媒体刊载或转载此次电话会议相关内容擅自刊载或转载的上海证券保留追究其法律责任的权利 各位投资人下午好非常感谢来参加今天我们的医药美洲谈那么今天我想就最近比较热点的事件就是药敏生物和药敏康德相关的一个生物安全法案去进行一个简单点评我们在昨天的时候大概是美国当地时间5月15号上午10点 众议院的监督委员会进行了投票对这个生物安全法案进行了一个辩论并且提出了修改意见最终是以40比1的赞成票通过其实这个生物安全法案的通过在前两天 就是在上周末 在对这个法案进行修改的时候其实大家已经有预期了就是这个大概率是会通过的因为他当时修改的那个条款就是做了一些关于他这个就后续的就是他的一个豁免时间包括他一个长达八年的这样的一个寻找让企业寻找新的这个供应商的这样的一个时间其实在这样的一个缓和条件下或者说给到一个这样的缓和条款下那么大概率他这个这一次的投票是能够通过的 那我觉得其实这个通过的情况的话其实也反映了一些就是现在的目前的一些就是大家所谓的担忧这个事情的一个落地当然这个对于这个条款的解读的话现在市场上的争议还是非常大的关于它是一个利空还是一个利好相信在周一的这个市场上其实一个高开回落就是当时盘前大概涨到十几 ...

图 7： 宽基指数 ETF 累计资金流（亿元): 沪深 300、科创 50、上证 50 近一年获得责金净流入 ——上证50 —— 沪深300 —— 中证1000 —— 中证1000 —— 科创创业50 — 创业板指 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 0.00 -1,000.00 1017 2017 2017 11 (Adris 2019-11-15 202005/15 者并来源:Wind, 聚源,上海证券研究所 5 图 10: 主題 ETF 净流入: 短期净流入 TMT、周期、大全融 ■ 近1周净流入(亿元) ■ ■近1月净流入(亿元) ■ ■近1年净流入(亿元) 350.00 300.00 250.00 200.00 150.00 100.00 50.00 0.00 -50.00 TMT 周期 大金融 新能源 消费 医药生物 资料来源：Wind, 震源, 上海证券研究所 基金研究周报 基金研究周报 资料来源：Wind, 聚源, 上海证券研究所 基金研究周报 基金研究周报 资料来源：Wind, 聚源, 上海证券研究所 图 15：行业/主题基金收益统计：军 ...

算力中心接连落地，星网产业化进程正式开启 证 券 研 ——通信行业周报（2024.5.6-2024.5.10） 究 [Table 增_R 持at （ing 维] 持） ◼[T ab行le业_S走um势m ary] 报 行情回顾：过去一周（2024.5.6-5.10），上证指数、深证成指涨跌幅分别 告 [行Ta业bl:e _Indu通st信ry] 为1.60% ，1.50%，中信通信指数涨跌幅为-2.71%，在中信30个一级行 日期: s20h2z4q年 da0t5e月m1a5r日k 业排第29位。过去一周通信板块个股表现：股价涨幅前五名为:ST中嘉 23.19%、*ST通脉17.89%、*ST九有14.16%、移远通信9.38%、神宇股 [T分ab析le师_A: utho刘r]京 昭 份8.32%。股价跌幅前五名为：ST高鸿-22.63%、*ST鹏博-22.50%、ST 富通-22.49%、奥维通信-17.66%、天孚通信-13.03%。 E-mail: liujingzhao@shzq.com 过去一周通信板块呈现下调走势，细分板块通信设备、电信运营II、增 SAC编号: S0870523040005 值服 ...

证 券 研 究 报 告 宏 观 数 据 2024年05月15日 [日期Table_Industry] : shzqdatemark[Table_Summary] 主要观点 按照《证券市场周刊》进行的、对中国经济短期运行数据的市场提前 POLL（4 月份数据未公布前进行的 2024 年 5 月份中国经济数据预测）， 对中国经济运行前景的市场主流预期延续提升：与预测当期数据 （2024 年 3 月份）相比，5 月份工业、消费、投资、进出口的增长预 期中值和均值全面提升，表明市场对经济运行前景稳中趋暖的主流看 法再度提升。我们认为，中国经济运行平稳中趋暖的特征不变；另外 从预测数据的统计特征看，本次预期的中值和均值比较接近，PPI、消 费和社融的中值和均值均相等，我们认为这体现了市场对经济回暖的 共识度提高。 虽然 3 月份 CPI 再度回落至零基线附近，而 PPI 则延续下降局面，市场 主流预期通胀结构趋改善的趋势将延续：CPI 延续低位平稳，PPI 则缓 慢回升。2024 年 5 月份 CPI 同比增速（%）预测分布区间为（- 0.6,0.6），预期的中值和均值分别为 0.3 和 0.2，表明消费价格平稳的 市 ...

长丝供给出现扰动，国际油价震荡下行 证 券 研 ——基础化工行业周报（20240506-20240512） 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl市e_场Su行mm情a走ry]势 报 告 过去一周，基础化工指数涨跌幅为4.61%，沪深300指数涨跌幅为 [行Ta业bl:e _Indu基 st础ry]化 工 1.72%；基础化工板块跑赢沪深300指数2.89个百分点，涨跌幅居于所 日期: s 20h2z4q年da0t5e月m1a5r日k 有板块第5位。基础化工子行业涨幅靠前的有：涂料油墨（17.56%）， 钾肥（9.33%），食品及饲料添加剂（8.64%）；跌幅靠前的有：橡胶 [T分ab析le师_A: utho于r]庭 泽 助剂（-1.44%），其他橡胶制品（-0.48%）。 SAC编号: S0870523040001 ◼ 化工品价格走势 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 周涨幅排名前五的产品分别为：重质纯碱（6.82%）、液氨 （5.67%）、氯化铵（5.45%）、醋酸（4.92%）、涤纶长丝POY 基础化工 沪深300 （3.72%）。周跌幅 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6][42]. Core Viewpoints - The basic chemical index increased by 4.61% over the past week, outperforming the CSI 300 index by 2.89 percentage points, ranking fifth among all sectors [6][14]. - Key sub-industries with significant gains include coatings and inks (17.56%), potassium fertilizer (9.33%), and food and feed additives (8.64%) [6][14]. - The report highlights a significant drop in international oil prices due to geopolitical easing and fundamental pressures, with WTI crude oil priced at $78.26 per barrel and Brent crude at $82.79 per barrel as of May 10 [7][8]. - The report suggests focusing on several key sectors for investment, including refrigerants, chemical fibers, coal chemicals, tires, and agricultural chemicals, with specific companies recommended for each sector [8][42]. Market Trends - The basic chemical index rose by 4.61% in the past week, while the CSI 300 index increased by 1.72% [14]. - The top five products with the highest weekly price increases were heavy soda ash (6.82%), liquid ammonia (5.67%), ammonium chloride (5.45%), acetic acid (4.92%), and polyester filament POY (3.72%) [18][19]. - Conversely, the top five products with the largest price declines included pyrethroids (-5.83%), potassium chloride (-5.44%), and international sulfur (-5.13%) [20]. Key Stock Dynamics - Notable stocks with significant weekly gains include Meino Biological (63.05%), Baihehua (61.05%), and Qicai Chemical (51.16%) [15][16]. - Stocks with the largest declines included Yinhai Technology (-10.98%), Baisimei (-10.71%), and Annuoqi (-10.29%) [17]. Chemical Price Trends - The report provides a detailed analysis of chemical price movements, indicating a general upward trend in several key products while noting declines in others [18][20]. - The price differences for various chemicals also show significant fluctuations, with DMF price difference increasing by 105.58% [30]. Investment Recommendations - The report recommends focusing on the refrigerant sector, chemical fiber sector, coal chemical sector, tire sector, agricultural chemical sector, and high-quality growth stocks, with specific companies highlighted for each category [8][42].