通胀预期平稳，利率预期趋降 风险提示 请务必阅读尾页重要声明 2 俄乌冲突等地缘政治事件恶化，国际金融形势改变：俄乌战 争久拖不决并进一步扩大化，西方对俄罗斯制裁升级或引致国际 大宗商品市场动荡，并对国际金融市场产生扰动。 分析师声明 投资评级体系与评级定义 在法律许可的情况下，本公司或其关联机构可能会持有报告中涉及的公司所发行的证券或期权并进行交易，也可能 为这些公司提供或争取提供多种金融服务。 请务必阅读尾页重要声明 4 证 券 研 究 报 告 宏 观 数 据 ——中国经济中长期前景 POLL（2024 年 3 月/PB） [Table_ReportInfo] 相关报告： 《开局较好，仍需巩固》 ——2024 年 03 月 22 日 《CPI 回正，PPI 偏弱》 ——2024 年 03 月 13 日 《外贸重振，高顺差延续》 ——2024 年 03 月 12 日 经济景气前景信心趋升 从物价市场预期的中值变化看，市场认为中国经济低通胀态势逐渐缓 解，通缩认识趋消退：与上月相比，本月市场对未来 4Q 的 CPI 增速预 期中值"三升一平"，未来 3 年度预期则都趋上移；PPI 预期变化则表 现相反，未来 ...

Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Viewpoints - The report highlights that Zhonggu Logistics has announced a dividend plan that exceeds expectations, indicating a strong dividend attribute for the company [4] - In 2023, Zhonggu Logistics reported a revenue of 12.439 billion yuan, a year-on-year decline of 12.46%, and a net profit attributable to shareholders of 1.717 billion yuan, down 37.36% year-on-year [1][2] - The report notes a significant shift in the shipping industry, with the average freight rate returning to normal levels after a period of high demand [2] - The demand for water and rail transport is expected to increase under carbon emission constraints, with the "bulk to container" trend showing promising growth potential [3] Summary by Sections Financial Performance - In 2023, Zhonggu Logistics achieved an operating revenue of 12.439 billion yuan, a decrease of 12.46% compared to 2022, and a net profit of 1.717 billion yuan, down 37.36% year-on-year [1][7] - The company plans to distribute a cash dividend of 7.2 yuan per 10 shares, totaling 1.512 billion yuan, which represents 88.05% of the net profit attributable to shareholders [4] Business Segments - The water transport segment generated revenue of 10.112 billion yuan, a decline of 17.93% year-on-year, while the land transport segment saw revenue of 2.326 billion yuan, an increase of 25.10% [2] - The company completed a transportation volume of 14.83 million TEU in 2023, reflecting a year-on-year growth of 22% [2] Market Trends - The average industry freight rate (PDCI) fell by 25% year-on-year in 2023 as foreign trade container freight rates decreased [2] - The report emphasizes the advantages of water transport in terms of lower energy consumption and costs for long-distance, large-volume shipments [3]

餐企业绩强势修复，掘金假日经济 证 券 ——社服行业周报（2024.04.01-04.05） 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 报 告 [行Ta业bl:e _Indu社st会ry]服 务 餐企业绩强势修复，消费动能持续增强。在国内消费市场复苏背景 日期: s 20h2z4q年da0t4e月m0a7r日k 下，餐饮消费需求迎来快速反弹，餐饮上市公司 2023 年业绩迎来修 复。海底捞：2023 年实现收入 414.53 亿元，同比增长 33.6%；实现净 [T分ab析le师_A: utho翟r]宁 馨 利润 44.95 亿元，同比增长 174.6%。海底捞餐厅翻台率显著提升，促 Tel: 021-53686140 进了业绩增长。呷哺呷哺：得益于公司对门店网络结构的持续优化和 E-mail: zhainingxin@shzq.com SAC编号: S0870523100005 运营效率的不断提升，2023 年亏损较 2022 年有所收窄。实现营收 59.18 亿元，同比增长 25.25%；净利润亏损 1.99 亿元，去年同期亏损 [最Ta近b ...

国内人形机器人厂商进展持续落地，制造业 PMI 时 证 券 隔 5 个月后重返扩张区间 研 ——机械行业周报（2024.3.25-2024.3.29） 究 报 [Table 增_R 持at （ing 维] 持） [◼T abl行e_情Su回mma顾ry ] 告 过去一周（2024.3.25-2024.3.29），中信机械行业下跌0.50%，表现 [行Ta业bl:e _Indu机st械ry] 处于中上游，在所有一级行业中涨跌幅排名第13。具体来看，工程机 日期: s 20h2z4q年da0t4e月m0a4r日k 械上涨4.40%，通用设备下跌2.55%，专用设备下跌2.08%，仪器仪表 下跌1.85%，金属制品上涨0.28%，运输设备上涨3.63%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 E-mail: liuyangdong@shzq.com ➢ 人形机器人产业链 SAC编号: S0870523070002 1、国内人形机器人厂商进展持续落地，有助于加速人形机器人商业 分析师: 吴婷婷 化。 1）3 月中下旬，宇树科技在官方视频号上发布人形机器人 U ...

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 ...