国产大模型进步显著，北美云巨头 证 券 capex 预期乐观 研 究 ——计算机行业周报（2024.5.6—2024.5.10） 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（5.6-5.10）上证综指上涨1.60%，创业板指上涨1.06%，沪 [行Ta业bl:e _Indu计st算ry]机 深 300 指数上涨 1.72%，计算机（申万）指数下跌 3.24%，跑输上证 日期: s 20h2z4q年da0t5e月m1a4r日k 综指4.84pcts，跑输创业板指4.30pcts，跑输沪深300指数4.95pcts， 位列全行业第31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 国产大模型进步显著，开始卷价格。（1）DeepSeek：5 月 6 日，幻 方旗下 DeepSeek 发布开源 MoE 模型 DeepSeek-V2，中文综合能力 [最Ta近bl一 ...

4 月乘用车零售量同比-5.7%，看好 5 月车市 证 券 销量改善 研 究 ——汽车与零部件行业周报（2024.5.6-2024.5.10） 报 [Table_Rating] [Table_Summary] 告 增持（维持） ◼ 行情回顾 [行Ta业bl:e _Indu汽st车ry] 汽车板块涨跌幅+0.76%，子板块中摩托车及其他表现最佳。过去一周 （2024.5.6-2024.5.10），沪深 300 涨跌幅为+1.72%，申万汽车涨跌幅 日期: s 20h2z4q年da0t5e月m1a4r日k 为+0.76%，在31个申万一级行业中排名第23。子版块中，摩托车及其 [T分ab析le师_A: utho仇r]百 良 他+9.19%、商用车+1.85%、乘用车+0.39%、汽车零部件+0.30%、汽 车服务-2.47%。 E-mail: qiubailiang@shzq.com SAC编号: S0870523100003 行业涨幅前五位公司为钱江摩托、隆鑫通用、久祺股份、新日股份、春 分析师: 李煦阳 风动力，涨幅分别为+27.61%/+22.03%/+20.15%/+18.41%/+14.62%； E-m ...

M4 处理器赋能新款 iPad Pro，全球智 证 券 能手机市场加速复苏 研 究 ——电子行业周报（2024.05.06-2024.05.10） 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（05.06-05.10），SW电子指数下跌0.89%，板块整体跑输沪 深300指数2.61 pct，从六大子板块具体数据来看，电子化学品Ⅱ、消 日期: s 20h2z4q年da0t5e月m1a3r日k 费电子、元件、光学光电子、半导体、其他电子Ⅱ涨跌幅分别为 0.37%、-0.42%、-0.71%、-1.12%、-1.14%、-1.50%。 [T分ab析le师_A: utho马r]永 正 核心观点 Tel: 021-53686147 苹果新品发布，iPad Pro搭载全新M4芯片及OLED屏幕。北京时间 E-mail: mayongzheng@shzq.com 5月7日，据芯智讯消息，苹果正式发布新一代的iPad Air与iPad Pro 机型。其中，新 iPad Air升级到了 M2系列处 ...

上海证券基金评价研究中心 2、申万一级行业表现 本年 ETF 发行情况 基金市场周报 注：1）数据来源，wind 资讯、上海证券基金评价研究中心；2）统计样本选取 1）基础市场 基金市场周报 二、ETF 市场总体状况 基金市场周报 基金市场周报 风险提示 证券投资基金研究报告 / 基金市场周报 宏观数据点评 [Table_Summary] 报告摘要： 2）ETF 市场 本期各类型 ETF 均不同程度上涨，其中跨境 ETF 表现最好，涨幅 5.39%，其次为权益 ETF，涨幅超 2%，商品 ETF 本期收益 0.89%，债券 ETF 受益于可转债 ETF 较好表现，整体上涨 0.22%。今年来商品 ETF 大 幅领先其他类型 ETF，涨幅超 13%，其次为跨境 ETF 和风格 ETF，涨幅接 近 7%，债券 ETF 涨幅为 2.41%，主题 ETF 今年微跌。本期除货币 ETF 规 模明显下滑外，其他类型 ETF 规模不同程度增加。本期除债券 ETF 资金 流入外，其他类型 ETF 资金不同程度流出，其中货币 ETF 资金流出最明 显。本期 ETF 整体成交活跃度提升，其中债券 ETF、主题 ETF 和宽基 E ...

强于债券市场，较中债综合财富指数高 0.08%。 赵威 1.90%，中国债基指数上周上涨 0.20%。相对表现来看，股基指 35)指数较上周上涨 1.40%、生命周期(15-20)指数较上周上涨 一、上周市场表现 [Table_MainInfo] 宏观数据点评 中国股基指数上周上涨 2.07%，中国混基指数上周上涨 证成指高 0.57%。混基指数上周表现强于沪深两市，收益率比 分析师 邮箱：zhaowei1@shzq.com 电话：021-53686115 收益率比中债综合财富指数高 0.40%，比上证综指低 1.09%， 养老生命周期基金系列指数上周全部上涨，生命周期(20- 10)指数较上周上涨 0.42%、生命周期(0-5)指数较上周上涨 市场走势趋同，生命周期(20-35)指数较上证综指低 0.20%，较 深证成指低 0.11%。 相关报告： 基金指数周报 图 1 不同指数的上周收益率 本期（2024.5.6-5.10）上证指数上涨 1.60%，深证成 指上涨 1.50%。申万一级行业多数上涨，其中计算机行业涨 幅最大。海外权益市场重要指数多数上涨，国际黄金价格上 涨。本期各类型基金指数多数上涨。主动 ...

纺织出口增速回升，持续关注纺织制造 证 券 订单回暖 研 究 ——轻工纺服行业周报（20240506-0510） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 行情回顾：本周（2024.05.06-2024.05.10），A股SW纺织服饰行业指 [行Ta业bl:e _Indu纺st织ry]服 饰 数上涨 0.59%，轻工制造行业上涨 3.69%，而沪深 300上涨 1.72%， 日期: s 20h2z4q年da0t5e月m1a2r日k 上证指数上涨1.60%。纺织服装和轻工制造在申万31个一级行业中涨 幅排名分别为第25位和第8位。 [T分ab析le师_A: utho杜r]洋 Tel: 021-53686169 1）纺织服装：4月外需表现或好于内需，纺服出口降幅收窄。 E-mail: duyang@shzq.com 据海关总署数据显示，按美元计，2024年1-4月我国进出口总值1.94 SAC编号: S0870523090002 万亿美元，同比增长 2.2%；其中，出口 1.10 万亿美元，同比增长 1.5%；进口 8439.1 亿美元，同比增长 3 ...

Investment Rating - The industry investment rating is "Overweight" [6] Core Views - The textile and apparel export decline has narrowed, indicating a recovery in orders and a positive outlook for the textile manufacturing sector [7][17] - The paper industry has shown improved profitability in Q1 2024, with a focus on leading paper companies during the peak season [8][20] - Cross-border e-commerce faces increasing operational costs, particularly for sellers on Amazon, which may impact their profitability [10][21] Summary by Sections Textile and Apparel - In April 2024, the textile and apparel export decline narrowed, with cumulative exports from January to April reaching $89.84 billion, a year-on-year increase of 0.6%. Textile exports were $44.28 billion (up 1.2%), while apparel exports were $45.56 billion (flat year-on-year). April's export value was $23.93 billion, down 3.4% year-on-year but up 15% month-on-month [7][18] - The overall trade surplus for the first four months was $255.66 billion, a year-on-year decrease of 3.9% [7][17] Light Industry Manufacturing - The paper industry has seen a positive trend in profitability in Q1 2024, driven by rising pulp prices. The average import price of wood pulp was $643.3 per ton, down 22.8% from the same period in 2023 [8][20] - Major cultural paper companies have increased prices in response to rising costs, and the traditional peak season is expected to enhance profitability [9][20] Cross-Border E-commerce - Amazon has increased operational fees, adding pressure on sellers. Starting June 2024, new return processing fees will be implemented for items exceeding category thresholds, which could lead to higher costs for sellers [10][21] - Sellers are advised to manage return rates effectively to mitigate the impact of these increased costs [10][21]

618 大促陆续开启，淘天集团取消预售 证 券 研 ——行业周报（20240506-0510） 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl周e_度Su核mm心a观ry]点 ： 报 告 [行Ta业bl:e _Indu商 st贸ry]零 售 电商： 日期: s 20h2z4q年da0t5e月m1a2r日k 618 大促陆续开启，淘天集团取消预售。淘天集团取消预售，5 月 20 日晚八点直接售卖，全程价保。抖音商城618好物节于5月24日正式 [T分ab析le师_A: utho张r]洪 乐 开启，平台将投入百亿流量，推出多重低价营销玩法；今年抖音商城 Tel: 021-53686159 618 没有商家类型报名限制，对个人店也开放报名资格，将以更大的 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 生意规模、更优的货品品质、更好的用户体验，助力商家登上年中增 长高峰。近年来，“低价”“平替”成为消费者购物的决策关键词， [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 价格力成为商家赢取消费者的重要筹码之一。京东61 ...

平台 618 规则简化，御泥坊品牌全新升 证 券 级 研 究 ——美容护理行业周报（20240506-0510） 报 告 [Table 增_R 持at （ing 维] 持） [➢Ta bl主e_S要u观mm点ar y] 4月国货品牌抖音表现强势，关注防晒旺季催化 [行Ta业bl:e _Indu美st容ry]护 理 根据青眼情报数据，24年4月抖音护肤与彩妆总GMV达141.72亿 日期: s 20h2z4q年da0t5e月m1a2r日k 元，同比增长32.66%。分类目看，抖音护肤类目GMV超100亿元，同 比增长31.2%；抖音彩妆类目GMV超41.69亿元，同比增长36.31%。 [T分ab析le师_A: utho梁r]瑞 分品牌看，头部国货品牌表现强势，韩束继续登顶护肤榜首。韩束4月 Tel: 021-53686409 GMV超3.33亿元，同比增长126.44%，保持抖音护肤top1；可复美、 E-mail: liangrui@shzq.com 丸 美 、 薇 诺 娜4月GMV分 别 超0.86/0.71/0.61亿 元 ， 同 比 增 长 SAC编号: S0870523110001 106.96%、 ...

Summary of Conference Call for Semiconductor Company Company Overview - The company is a semiconductor firm that reported a revenue of 921 million RMB in Q1 2024, representing a year-on-year growth of 49.63% [2][3][9] - Gross profit reached 427 million RMB with a gross margin of 46.32%, while net profit was 81.08 million RMB [2][3][9] - Total assets amounted to 10.1128 billion RMB [2][3][9] Key Industry Insights - The semiconductor industry is experiencing robust growth, particularly in cleaning and SPM (Single Wafer Processing Module) equipment, which are expected to drive future revenue [2][3][4] - The company is optimistic about the global application prospects of advanced packaging technology [2][5] Financial Performance - The company achieved a compound annual growth rate (CAGR) of over 47% in revenue and over 57% in net profit [3] - Despite a decline in gross margin, net profit grew by 18.60% due to cost control and non-cash expenses [3][14] - The company anticipates full-year revenue between 5 billion to 5.8 billion RMB for 2024 [2][13] Product and Market Development - Significant growth in cleaning equipment revenue, which increased by 79.78% to 721 million RMB, accounting for 78.2% of total revenue [9] - The SPM equipment market is expected to contribute to business growth, with potential market size estimated at 25% to 30% of the front-end cleaning equipment market [9][10] - The company is actively expanding its product offerings and enhancing its international market presence [2][4][12] R&D and Innovation - R&D investment totaled 204 million RMB in Q1 2024, a 109.01% increase year-on-year [16] - The company is focusing on new product development, including PCVD (Plasma Chemical Vapor Deposition) and track technology, with plans for client testing and feedback [7][20][22] - The company aims to leverage unique intellectual property to provide differentiated solutions to meet specific customer needs [7][20] Market Strategy and Expansion - The company is expanding its production capacity in China and other regions, with a new production and R&D center in Lingang expected to commence operations [12][13] - Discussions on operational differences between the US and China markets highlighted the impact of order confirmation methods on revenue recognition [5] - The company is optimistic about securing orders in the advanced packaging sector, particularly with the growth of domestic wafer fabrication plants [19][22] Future Outlook - The company expects a steady increase in shipment volumes, particularly in the second half of the year, as equipment shipped in Q1 is likely to be recognized as revenue by Q3 [17] - The anticipated growth in the advanced packaging market is expected to contribute significantly to future revenue streams [19][22] - The company maintains a positive outlook on the demand for storage and logic chips, with expectations for continued market growth [22]