Investment Rating - The report indicates a positive investment outlook for the high dividend sector, particularly within the highway segment, suggesting a stable return expectation with a projected dividend yield of around 5% in the medium to long term [2][3]. Core Insights - The highway sector has shown resilience, outperforming the broader market since 2021, with significant excess returns compared to the CSI 300 index, highlighting its defensive attributes in a weak market [5]. - The profitability of the highway industry is primarily driven by traffic volume changes, with regional economic development significantly impacting toll revenue [7][9]. - The report emphasizes the long-term growth potential of the highway sector, supported by increasing traffic volumes and ongoing infrastructure investments [12][14]. Summary by Sections Section 1: Market Performance - Since 2021, the highway sector has consistently outperformed the CSI 300 index, with excess returns increasing annually [5]. - As of April 1, 2024, the SW-highway index has shown a year-to-date increase of 1.97% [5]. Section 2: Profitability Drivers - Highway revenue is primarily influenced by traffic volume, with toll rates set by local governments [7]. - The average annual toll revenue for operational highways reached CNY 403.08 billion in 2021, with Guangdong province contributing the highest share [9]. Section 3: Growth Drivers - China's highway construction remains robust, with a total length of 177,300 kilometers as of the end of 2022, and plans for further expansion during the 14th Five-Year Plan [12]. - Traffic volume is expected to grow, driven by the increasing number of private vehicles, which accounted for 73.16% of total highway traffic in 2022 [14]. Section 4: Key Companies Overview - **Ninghu Expressway**: Positioned in the Yangtze River Delta, it has a strong traffic performance with a daily flow of 109,600 vehicles as of 2023, reflecting a 37.79% increase year-on-year [19]. - **China Merchants Highway**: A comprehensive highway investment operator with a total operating mileage of 14,745 kilometers, it has shown stable profitability and a rising dividend payout ratio [26][32]. - **Wuhu Expressway**: The only highway-listed company in Anhui, it operates approximately 609 kilometers of toll roads and is expected to benefit from regional economic developments [35].

华为 P70 发布在即，鸿蒙迎重大催化 证 券 研 ——计算机行业周报（2024.3.25—2024.3.29） 究 [Table 增_R 持at （ing 维] 持） a[◼bTlae b_lS 市eu_mS场um 回mamr 顾ya] r y] 报 告 过去一周（3.25-3.29）上证综指下跌 0.23%，创业板指下跌 2.73%， [行Ta业bl:e _Indu计 st算ry]机 沪深300指数下跌0.21%，计算机（申万）指数下跌6.47 %，跑输上 日期: s 20h2z4q年da0t4e月m0a4r日k 证综指6.25pct，跑输创业板指3.75pct，跑输沪深300指数6.26pct， 位列全行业第30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 P70 系列手机即将发售，华为终端业务迎来复苏。根据手机中国公众 号，华为P70系列有望在4月初正式亮相，全系列三款机型P70、P70 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深30 ...

胰岛素集采接续启动，中标产品有望享 证 券 “量价齐升” 研 究 ——医药生物行业周报（20240401-0407） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 胰岛素集采接续启动，采购周期更长，报量更多。据易联招采信息， [行Ta业bl:e _Indu医 st药ry]生 物 2024 年 3 月 29 日，《全国药品集中采购文件》（胰岛素专项接续）发 日期: s 20h2z4q年da0t4e月m0a6r日k 布，正式开启胰岛素接续工作。本轮集采周期为从中选结果执行之日 起至 2027 年 12 月 31 日，而上一轮采购周期为 2 年；本轮报量约为 [T分ab析le师_A: utho邓r]周 宇 2.42亿支，上一轮采购报量为2.10亿支，整体报量增加超10%；本轮 最高有效申报价和上一轮集采实际最高中标价格一致。从拟中选产品 Tel: 0755-23603292 选定规则上来看，与上一轮集采中选规则相比存在较多变化，但整体 E-mail: dengzhouyu@shzq.com 较为温和。1）明确A类产品价格线：同采购组内，结合价格水平，将 S ...

Company Overview - Zhongji Innolight (300308) is a leading global optical module manufacturer and a domestic leader in 800G optical modules [2] - The company specializes in the design, R&D, and manufacturing of optical communication devices and intelligent equipment [2] - Formed through the merger of Zhongji Intelligent and Suzhou InnoLight, it provides high-speed optical modules (100G, 200G, 400G, 800G) for cloud data centers and 5G optical modules for telecom equipment manufacturers [2] - Ranked first globally in optical module shipments in 2022, tied with Coherent [2] - The company's revenue and net profit reached historical highs in 2022, with revenue increasing from RMB 2.357 billion in 2017 to RMB 9.642 billion in 2022 [2] Industry Outlook - The optical module industry is experiencing rapid growth, driven by AI and 5G technologies [2] - The global optical module market is projected to reach $10.8 billion by 2024, with China's market expected to hit $8.2 billion by 2026 [2] - AI-driven demand for computing power is accelerating the need for optical modules, particularly in data centers [2] - The 800G optical module market is expected to see significant growth, with demand driven by AI and cloud computing [3] Financial Performance - Revenue is forecasted to grow from RMB 10.725 billion in 2023 to RMB 30.845 billion in 2025, with a CAGR of 11.24%, 133.66%, and 23.08% respectively [3] - Net profit is expected to increase from RMB 2.181 billion in 2023 to RMB 5.294 billion in 2025, with a CAGR of 78.17%, 95.95%, and 23.88% respectively [3] - The company's gross margin for high-speed optical modules increased from 27.9% in 2020 to 30.8% in 2022 [52] - R&D expenses have been steadily increasing, from RMB 309 million in 2018 to RMB 767 million in 2022 [50] Key Business Segments - High-speed optical modules (100G, 200G, 400G, 800G) are the core revenue drivers, accounting for 90.71% of total revenue in 2022 [43] - The company has a strong presence in both data center and telecom markets, with a focus on 5G and 800G optical modules [2] - Suzhou InnoLight, a wholly-owned subsidiary, is a key player in high-speed optical modules, while Chengdu Chuhang focuses on telecom access network products [13] Strategic Initiatives - The company has successfully transitioned from 40G to 100G and is now leading in 200G and 400G optical modules [44] - 800G optical modules are expected to open new growth opportunities, with the company already achieving small-scale production and customer certification [45] - The acquisition of Chengdu Chuhang has strengthened the company's position in the telecom access network market [47] Market Position - Zhongji Innolight is a global leader in optical modules, with a strong competitive advantage in both data center and telecom markets [2] - The company has secured a leading position in the 800G optical module market, with significant growth potential driven by AI and cloud computing [3] - It has established strong relationships with key customers, including major cloud service providers and telecom equipment manufacturers [45]

供给优化，需求改善，面板头部企业及 证 券 产业链中上游有望持续受益 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 报 事件描述 告 [行Ta业bl:e _Indu电 st子ry] 近日，群智咨询数据显示3月份各主流尺寸面板价格持续上涨，32/50/ 日期: s 20h2z4q年da0t4e月m0a4r日k 55/65/75寸TV面板价格相较2月份分别上涨1/2/4/5/5美金。 分析与判断 [T分ab析le师_A: utho马r]永 正 面板行业供给持续优化，格局向大陆头部厂商集中。 日韩系厂商逐步退出市场。根据洛图科技报道，全球液晶电视面板行 Tel: 021-53686147 业的话语权已经彻底地转移到了中国大陆厂商，在中国大陆面板厂的 E-mail: mayongzheng@shzq.com 巨大压力之下，日韩系面板厂的业务经营常年亏损，因此只能选择逐 SAC编号: S0870523090001 步地断臂退出——2023 年，日韩系液晶电视面板厂出货量全球占比仅 联系人: 杨蕴帆 为10.8%，同比下滑4.6 pct。2024年日韩厂商收缩情 ...

低空经济政策与产业催化持续，固态 证 券 电池产业化速度加快 研 究 ——电力设备与新能源行业周报（2024.03.25-03.29） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl行e_情Su回mm顾a ry] 过去一周，电池上涨 0.24%，电网设备下跌 0.71%，光伏设备下跌 [行Ta业bl:e _Indu电st力ry]设 备 2.78%，其他电源设备下跌 2.87%，风电设备下跌 3.15%，电机下跌 日期: s 20h2z4q年da0t4e月m0a6r日k 4.74%。 [T分ab析le师_A: utho丁r]亚 ◼ 工控：政策与产业催化持续，关注 eVTOL板块投资机会 Tel: 021-53686149 3 月 18 日，民航局召开通用航空工作领导小组会议，专题研究贯彻落 E-mail: dingya@shzq.com 实党中央、国务院关于打造低空经济战略性新兴产业的重大决策部署 SAC编号: S0870521110002 要求，推进低空经济高质量发展相关工作。3 月 21 日，峰飞航空科技 型号为 V2000CG的载物 eVTOL已获得中国民用航空局颁发的型号合 ...

3 月天猫美妆同比+13%，芭薇股份正式 证 券 登陆北交所 研 究 ——美容护理行业周报（20240401-0405） 报 告 [Table 增_R 持at （ing 维] 持） [➢Ta bl主e_S要u观mm点ar y] 3月天猫美妆同比+13%，国货品牌表现亮眼 [行Ta业bl:e _Indu美st容ry]护 理 根据青眼情报数据，2024年3月天猫美妆类目GMV为162.82亿元，同比 日期: s 20h2z4q年da0t4e月m0a7r日k 增长13.23%，环比2月增长176%。（1）3月天猫护肤类目GMV为139.65 亿元，珀莱雅、薇诺娜、自然堂、可复美等品牌进入前20。珀莱雅GMV [T分ab析le师_A: utho梁r]瑞 达到5.99亿元，位居榜首。从品类看，珀莱雅3月面部护理套装GMV贡 Tel: 021-53686409 献率最高达27.81%，较2月下滑2.51%，面部精华、面膜、防晒等品类 E-mail: liangrui@shzq.com 的GMV贡献率有所上升。3月珀莱雅GMV最高的三个单品为红宝石面霜、 SAC编号: S0870523110001 双抗精华液、早C晚A组合 ...

周观点：Adobe 推出企业版生成式 AI，苹果 证 券 与百度达成技术合作 研 究 ——互联网传媒行业周报（20240325-20240331） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 3 月 21 日，Adobe 首次发布了 Firefly，这是一款类似 DALL·E 3、 [行Ta业bl:e _Indu传st媒ry] Midjourney 的文生图产品。在这一年多的时间里，全球用户通过 日期: s 20h2z4q年da0t4e月m0a2r日k Firefly生成了超过60亿张图片。3月27日，全球多媒体领导者Adobe 在拉斯维加斯召开“Summit 2024”大会，推出了Firefly Services，提 [T分ab析le师_A: utho陈r]旻 供了 20 多个生成式 AI 和创意 API 服务，支持企业自有数据对模型进 Tel: 021-53686134 行定制、微调，同时可以与PS、Illustrator、Express等Adobe其他产 E-mail: chenmin@shzq.com 品相结合使用，大幅度简化创意流程。Fi ...

小米 SU7 售价 21.59-29.99 万，24h 大定约 证 券 8.89 万辆 研 究 ——汽车与零部件行业周报（2024.3.25-2024.3.29） 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-2.03%，子板块中汽车零部件表现最佳。过去一周 （2024.3.25-2024.3.29，下同），沪深 300涨跌幅为-0.21%，申万汽车 日期: s 20h2z4q年da0t4e月m0a2r日k 涨跌幅为-2.03%，在31个申万一级行业中排名第24。子版块中，汽车 [T分ab析le师_A: utho仇r]百 良 零部件-0.04%、摩托车及其他-0.62%、商用车-2.14%、汽车服务- 2.82%、乘用车-5.86%。 E-mail: qiubailiang@shzq.com SAC编号: S0870523100003 行业涨幅前五位公司为联明股份、奥联电子、海泰科、凯众股份、万丰 分析师: 李煦阳 奥威，涨幅分别为+42.00%/+35.68%/+26.79%/+21.51%/+ ...

证 运营商保障通信行业发展，关注 5G-A、智算领域 券 研 ——通信行业周报（2024.3.25-2024.3.31） 究 [Table 增_R 持at （ing 维] 持） ◼[T ab周le行_S情um mary] 报 行情回顾：过去一周（2024.3.25-3.31），上证指数、深证成指涨跌幅分 告 [行Ta业bl:e _Indu通 st信ry] 别为-0.23%、-1.72%，中信通信指数涨跌幅为-4.94%，在中信30个一级 日期: s 20h2z4q年da0t4e月m0a2r日k 行业排第27位。过去一周通信板块个股表现：股价涨幅前五名为:神宇股 份20.41%、ST路通15.10%、三旺通信13.95%、硕贝德13.94%、ST天喻 [T分ab析le师_A: utho刘r]京 昭 13.79%。股价跌幅前五名为：博创科技-19.68%、ST九有-19.17%、会畅 通讯-15.96%、新易盛-15.93%、新亚电子-15.58%。 E-mail: liujingzhao@shzq.com 过去一周通信板块呈现回调走势：细分板块通信设备、通讯工程服务、 SAC编号: S0870523040005 ...