[Table_Stock] 比亚迪（002594） 高端+出海+智能，新能源汽车龙头再启 证 券 航 研 究 [Table 买_R 入at （ing 维] [◼Ta bl投e_资Su摘mm要a ry] 持） 报 产品布局完备，混动先发优势。作为国内新能源龙头企业，公司2022 告 [T行ab业le:_ Indus汽 try车] 年停产燃油车，乘用车已形成王朝、海洋、腾势、仰望与方程豹五大 品牌布局，多品牌布局初显成效。公司在插混领域率先发力，已形成 日期: s 20h2z4q年da0t3e月m2a1r日k DM-i、DM-p与DMO三大混动平台，面向不同定位助力混动车型销量 的持续提升。2023年公司插混车销量143.81万辆，YOY+51.98%， [T分ab析le师_A: utho仇r]百 良 所占国内市场份额51.29%，占市场绝对领先地位。同时多品牌布局与 SAC编号: S0870523100003 插混车型的升级和创新，将带动未来业绩的快速增长。 分析师: 李煦阳 高端化+智能化赋能全品牌升级。公司先后推出刀片电池、DM-i超级 SAC编号: S0870523100001 混动、e平台3.0、CTB ...

2024W11 周数据跟踪 证 券 ——互联网传媒行业周数据（20240311-20240317） 研 究 [Table 增_R 持at （ing 维] [[◼TTa abbl 过lee__去SSuu一mmmm 周aray行r]y ] 持） 情 报 告 上期（2024.03.11-03.15）上证综指、深证成指、创业板指、传媒板 [行Ta业bl:e _Indu传 st媒ry] 指分别上涨0.28%、上涨2.60%、上涨4.25%、上涨3.19%。 日期: s 20h2z4q年da0t3e月m2a1r日k 上期板块内个股涨幅前三电广传媒（25.3%）、掌阅科技（21.5%）、 [T分ab析le师_A: utho陈r]旻 龙韵股份（19.4%），后三华扬联众（-11.6%）、文投控股（- Tel: 021-53686134 7.8%）、每日互动（-7.2%）。 E-mail: chenmin@shzq.com SAC编号: S0870522020001 上期海外传媒板块内个股涨幅前三猫眼娱乐（16.9%）、宝尊电商 （16.0%）、虎牙直播（12.7%），后三祖龙娱乐（-9.0%）、乐华娱乐 [最Ta近bl一e_ ...

AI 大模型-端到端通用大模型强化人形机器人“具身 证 券 智能”效果，持续关注人形 机器人产业链 研 ——机械行业周报（2024.3.11-2024.3.15） 究 报 [Table 增_R 持at （ing 维] [◼T abl行e_情Su回mma顾ry ] 持） 告 过去一周（2024.3.11-2024.3.15），中信机械行业上涨1.39%，表现 [行Ta业bl:e _Indu机st械ry] 处于中下游，在所有一级行业中涨跌幅排名第18。具体来看，工程机 日期: s 20h2z4q年da0t3e月m2a1r日k 械下跌2.06%，通用设备上涨3.89%，专用设备上涨2.43%，仪器仪表 上涨4.94%，金属制品上涨3.59%，运输设备下跌4.43%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 E-mail: liuyangdong@shzq.com AI 大模型强化了人形机器人具身智能效果。大模型又称基础模型，一 SAC编号: S0870523070002 般是指参数量过亿、使用海量数据训练的大型神经网络模型。与现有 分析师: 吴婷婷 的小模型 ...

[Table_Stock] 爱美客（300896） 业绩符合预期，濡白天使延续良好增长 证 券 态势 研 究 [Table 买_R 入at （ing 维] [◼Ta bl投e_资Su摘mm要a ry] 持） 报 告 事件概述 [行Ta业bl:e _Indu美 st容ry]护 理 公司发布2023年年报。2023年公司实现营收28.69亿元，同比 日期: s 20h2z4q年da0t3e月m2a0r日k +47.99%；归母净利润18.58亿元，同比+47.08%。2023Q4实现营收6.99 亿元，同比+55.55%，归母净利润4.40亿元，同比+59.00%。 [T分ab析le师_A: utho梁r]瑞 Tel: 021-53686409 分析与判断 E-mail: liangrui@shzq.com 公司溶液类与凝胶类注射产品均实现同比增长。其中，以嗨体为核心 SAC编号: S0870523110001 的溶液类注射产品实现营收16.71亿元，同比+29.22%；经过长期的临 床验证，“嗨体”的安全性和有效性得到了下游医疗机构与终端消费者的 [基Ta本bl数e_据Ba seInfo] 充分认可，品牌价值日 ...

Industry Overview - The global outdoor industry reached a market size of approximately $200.2 billion in 2022, with a year-on-year growth of 10.49% [2] - China's outdoor apparel and footwear market size was RMB 38.4 billion in 2022, an 18% increase year-on-year [2] - China's outdoor sports penetration rate is only 28%, significantly lower than the over 50% rate in developed countries, indicating substantial growth potential [2] - The number of people regularly participating in physical exercise in China has exceeded 500 million, with outdoor activities becoming increasingly popular and daily active users doubling from January to October 2023 [2] Key Investment Themes Domestic Leading Sports Brands - Leading domestic sports brands such as Anta, Li-Ning, and Bosideng are expected to benefit from the growing popularity of outdoor sports [2] - Anta has expanded its brand portfolio through acquisitions like Descente, Arc'teryx, and Kolon, positioning itself to capitalize on various outdoor sub-sectors [2] - Li-Ning focuses on long-term growth, while Bosideng is making strides in brand premiumization and youth-oriented strategies [2] Overseas Outdoor & Sports Demand - The rising global demand for outdoor and sports products is expected to benefit Chinese export manufacturers [2] - Companies like Huali Group, a core supplier of sports and casual footwear, are well-positioned to benefit from the increasing overseas demand for outdoor sports products [2] Outdoor Equipment Industry - The demand for outdoor equipment is driven by trends such as glamping, skiing, and water sports [3] - Companies like Sanfo Outdoor, Zhejiang Natural, and Mobi Garden are expected to benefit from the growing domestic and international demand for outdoor equipment [3] Market Trends and Developments Global Outdoor Industry - The global outdoor industry is projected to reach $2.156 trillion in 2023 and $2.265 trillion in 2024, with a CAGR of 11.86% from 2020 to 2022 [5] - Developed countries like the US and Japan have high outdoor sports participation rates, driven by economic growth, supportive policies, and infrastructure development [5] China's Outdoor Industry - China's outdoor industry has grown steadily, with retail sales reaching RMB 26.22 billion in 2022, a 3.39% increase year-on-year [8] - The industry is expected to continue growing, with retail sales projected to reach RMB 27.11 billion in 2023 and RMB 27.44 billion in 2024 [8] Emerging Trends - The outdoor industry is moving towards premiumization, youth orientation, and daily integration [13] - Young consumers, particularly those aged 18-29, are the main drivers of the outdoor market, accounting for nearly 40% of the consumer base [13] - Outdoor sports are becoming more specialized and segmented, with core categories expanding to meet diverse consumer needs [13] Key Companies and Brands Anta Sports - Anta's other brands, including Descente and Kolon, saw a 77.6% year-on-year revenue increase in H1 2023, contributing 10.96% of total revenue [27] - Descente, a leading ski brand, has expanded into the children's sports market, with plans to open new stores in key shopping districts [27] - Kolon, positioned in the high-end outdoor segment, has a strong female consumer base and plans to further increase its market share [27] Amer Sports (Arc'teryx) - Amer Sports, the parent company of Arc'teryx, went public in the US in 2024, with revenue growing at a CAGR of 20% from 2020 to 2022 [30] - Arc'teryx's revenue in Greater China accounted for nearly 50% of its global revenue, with 63 self-operated retail stores in the region as of Q3 2023 [30] Li-Ning and Bosideng - Li-Ning reported a 12.98% year-on-year revenue increase in H1 2023, with a focus on inventory management and long-term growth [32] - Bosideng, a leading domestic down jacket brand, has been expanding its high-end outdoor product lines, with a 20.9% revenue increase in H1 2023 [32] Huali Group - Huali Group, a leading manufacturer of sports and casual footwear, saw a 6.93% year-on-year revenue decline in Q1-Q3 2023, but is expected to recover as outdoor demand grows [34] - The company has strong relationships with major clients like Nike, VF, and Puma, which account for 91.27% of its revenue [34] Sanfo Outdoor - Sanfo Outdoor, a leading outdoor equipment retailer, reported a 49.73% year-on-year revenue increase in Q1-Q3 2023, driven by its diverse brand portfolio [36] - The company has exclusive partnerships with brands like X-Bionic and is expected to see further growth in 2024 [36] Mobi Garden - Mobi Garden, a leading domestic camping tent brand, reported an 11.55% year-on-year revenue increase in Q1-Q3 2023, with strong growth in its OEM/ODM business [38] - The company is expanding its global production capacity and has partnered with major brands like Decathlon and Go Outdoors [38] Zhejiang Natural - Zhejiang Natural, a leading outdoor equipment manufacturer, reported a 16.43% year-on-year revenue decline in Q1-Q3 2023, but is expected to recover as demand rebounds [40] - The company has a strong client base, including Decathlon, and is expanding its production capacity in Vietnam and Cambodia [40] Conclusion - The outdoor industry is poised for continued growth, driven by increasing consumer interest in outdoor activities and the expansion of domestic and international markets [42] - Key investment opportunities lie in leading domestic sports brands, export manufacturers, and outdoor equipment companies, with a focus on premiumization, youth orientation, and daily integration [42]

短期供需错配致煤价下行，静待需求回 证 券 暖 研 究 ——煤炭行业周报 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl核e_心Su观mm点a ry] 动力煤：需求弱势运行，煤价承压 [行Ta业bl:e _Indu煤st炭ry] 国内动力煤市场行情走弱，价格持续下滑，价格重心下移。截止到3月 日期: s 20h2z4q年da0t3e月m2a0r日k 14日，动力煤市场均价为 751 元/吨，较上周同期价格下滑 12 元/吨， 跌幅 1.57%。重点会议结束后，除个别煤矿停产检修外，多数产地煤矿 [T分ab析le师_A: utho于r]庭 泽 正常生产，整体供应充足，下游需求释放力度不足，采购无力，下游刚 SAC编号: S0870523040001 需企业有少量补库，多数下游客户都在观望中，煤矿销售普遍较差，库 存压力较大，到矿拉运车辆不多，发运以长协为主，煤矿市场竞争加 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 剧，开始竞相降价促销，个别大矿竞拍煤出现大面积流标。周内山西、 安徽发生两起煤矿事故，主产地煤矿安全检查趋严，但需求不佳，目前 煤炭 沪深300 ...

“以旧换新”政策落地，有望刺激新一轮换购 证 券 需求 研 究 ——汽车与零部件行业周报（2024.3.10-2024.3.15） 报 [t] [Summy] 告 增持（维持） ◼ 行情回顾 [行Idu业ty:] 汽车 汽车板块涨跌幅+6.09%，子板块中乘用车表现最佳。过去一周 （2024.3.10-2024.3.15，下同），沪深300涨跌幅为+0.71%，申万汽车 日期: 20h 2z4q年dt0m3月20日 涨跌幅为+6.09%，在 31 个申万一级行业中排名第 1。子版块中，乘用 [A分u析tho师] : 仇百 良 车+9.40%、汽车服务+7.38%、汽车零部件+4.98%、商用车+3.58%、 摩托车及其他+1.84%。 E-m: qu@hzq.com SAC编号: S0870523100003 行业涨幅前五位公司为德众汽车、万丰奥威、中捷精工、北汽蓝谷、东 分析师: 李煦阳 安动力，涨幅分别为+45.77%/+35.76%/+32.75%/+32.08%/+27.66%； E-m: xuy@hzq.com 行业跌幅前五位公司为春风动力、苏威孚 B、通用股份、森麒麟、贵州 SAC编号: S087 ...

主要产油国宣布将减产延长至二季度 证 券 末，关注行业供给侧结构优化 研 究 ——基础化工行业周报（20240311-20240317） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl市e_场Su行mm情a走ry]势 过去一周，基础化工指数涨跌幅为2.92%，沪深300指数涨跌幅为 [行Ta业bl:e _Indu基st础ry]化 工 0.71%；基础化工板块跑赢沪深300指数2.21个百分点，涨幅居于所有 日期: s 20h2z4q年da0t3e月m2a0r日k 板块第13位。基础化工子行业以上涨为主，涨幅靠前的子行业有：粘胶 （8.83%），锦纶（6.71%），其他化学纤维（5.87%）。 [T分ab析le师_A: utho于r]庭 泽 ◼ 化工品价格走势 SAC编号: S0870523040001 周涨幅排名前五的产品分别为：硫酸（11.47%）、盐酸（10.46%）、 SBS（6.61%）、天然乳胶（6.08%）、DMF（5.33%）。周跌幅前五 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 的产品分别为：POM（-16.57%）、煤焦油（-6.06%） ...

证 培育新质生产力，低空经济扬帆起航 券 研 究 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 报 告 低空经济是低空飞行活动和产业融合的新型经济形态。低空经济以低 [行Ta业bl:e _Indu汽 st车ry] 空空域为依托，以通用航空产业为主导，涉及低空飞行、航空旅游、 日期: s 20h2z4q年da0t3e月m1a9r日k 支线客运、通航服务、科研教育等众多行业的经济概念，是辐射带动 效应强、产业链较长的综合经济形态。 [T分ab析le师_A: utho花r]小 伟 低空经济政策面近期迎来密集催化。中央工作经济会议将低空经济列 Tel: 021-53686135 为战略性新兴产业， 2024年政府工作报告也提出积极打造低空经济等 E-mail: huaxiaowei@shzq.com 新增长引擎。2024年1月，《无人驾驶航空器飞行管理暂行条例》正式 SAC编号: S0870522120001 实施，标志着我国无人机产业将进入规范化发展新阶段，进一步刺激 分析师: 李煦阳 低空经济发展。 Tel: 021-53686471 eVTOL凭借安全便捷、低 ...

杭州放开二手房限购，推动二手房市场 证 券 活跃 研 究 ——建筑材料行业周报（20240311-20240315） 报 告 [Table 增_R 持at （ing 维] [◼Ta bl核e_心Su观mm点a ry] 持） 杭州放开二手房限购政策，增值税“5改2”，将能有效带动二手房置换链 [行Ta业bl:e _Indu建st筑ry]材 料 条的活跃。2024年3月14日，杭州市再次优化住房政策，一方面，优化 日期: s 20h2z4q年da0t3e月m1a9r日k 二手住房限购政策，在杭州市范围内购买二手住房，不再审核购房人资 格；另一方面，优化增值税免征年限，出售住房增值税调整为 2 年。杭州 [T分ab析le师_A: utho方r]晨 此次住房限购调整，是继 2023年 10月 16日将住房限购范围缩窄为主城 区 4 区之后的又一次调整，意味着杭州已经完全放开了二手房限购。从市 Tel: 021-53686475 场表现来看，2023年 10月 16日的“杭六条”发布后，10月当月二手房 E-mail: fangchen@shzq.com 成交套数抬升至 5247 套，较 9月环比增加 41.9%，对于 ...