制冷剂、液氯等产品价格上行，轮胎行 证 券 业迎来涨价潮 研 究 ——基础化工行业周报（20240318-20240324） 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-0.12%，沪深300指数涨跌幅为- [行Ta业bl:e _Indu基st础ry]化 工 0.70%；基础化工板块跑赢沪深300指数0.58个百分点，涨幅居于所有 日期: s 20h2z4q年da0t3e月m2a6r日k 板块第15位。基础化工子行业以下跌为主，跌幅靠前的子行业有：钾肥 （-5.25%），氮肥（-3.72%），有机硅（-2.95%）。 [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：烧碱（54.35%）、R32（20.00%）、 液氯（9.96%）、硫酸（8.23%）、国际氯化钾（6.83%）。周跌幅前 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 五的产品分别为：二氯乙烷（-8.40%）、辛醇（-5.36%）、尿素（- ...

英伟达发布新一代 GPU 架构，NVLink 证 券 连接技术迭代升级 研 究 ——人工智能行业跟踪报告 报 告 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 事件描述 [行Ta业bl:e _Indu计st算ry]机 2024年3月19日，英伟达正式发布Blackwell架构的GPU B200、计算 日期: s 20h2z4q年da0t3e月m2a9r日k 平台HGX B200以及新一代NVLink 5.0连接技术。同时，英伟达基于 B200和Grace CPU推出了超级芯片GB200，以及由72张GB200组成 [T分ab析le师_A: utho刘r]京 昭 的DGX GB200 NVL72超级计算机。 SAC编号: S0870523040005 值得关注的是，新一代NVLink连接技术支持单块Blackwell架构的GPU [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 实现1.8TB/s的传输带宽。根据SemiAnalysis的测算，鉴于DGX GB200 NVL72拥有72个OSFP端口，每个端口对应于1个400G或 计算机 沪深 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][23]. Core Insights - The company reported a revenue of 38.42 billion yuan, an adjusted net profit of 9.01 billion yuan, and an adjusted net profit attributable to the parent of 9.00 billion yuan for 2023, representing year-on-year growth of 8.6%, 32.3%, and 29.4% respectively [5]. - The company achieved a package volume of 30.2 billion pieces in 2023, a year-on-year increase of 23.8%, and expanded its market share by 0.8 percentage points to 22.9% [6]. - The company plans to distribute a cash dividend of $0.62 per share for 2023, a year-on-year increase of 67.6%, and has announced a dividend payout ratio of no less than 40% for 2024 [6][8]. Revenue Analysis - The core express business revenue increased from 34.16 billion yuan to 37.51 billion yuan, a year-on-year growth of 9.8%, with express service revenue accounting for 92.4% of total revenue [6]. - The average revenue per package decreased by 11.3% to 0.16 yuan, with 0.05 yuan attributed to incremental subsidies [6]. Cost Analysis - Total operating costs for 2023 were recorded at 26.76 billion yuan, with a year-on-year increase of only 1.6% [6]. - The company benefited from economies of scale, optimized transportation routes, and a decrease in fuel prices, leading to a 12.1% year-on-year decline in unit transportation costs [6]. Profitability - The gross profit for 2023 was 11.66 billion yuan, a year-on-year increase of 29.0%, with the gross margin improving by 4.8 percentage points to 30.4% [6]. - The operating profit margin increased by 4.1 percentage points to 26.0% for the year [6]. Future Projections - The company expects a package volume of 34.73 to 35.64 billion pieces in 2024, representing a year-on-year growth of 15% to 18% [8]. - Revenue projections for 2024 to 2026 are 44.25 billion yuan, 49.28 billion yuan, and 52.84 billion yuan, with corresponding year-on-year growth rates of 15.2%, 11.4%, and 7.2% [8].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [6]. Core Insights - The 110th National Sugar and Wine Fair was held from March 20 to 22, 2024, in Chengdu, with a record exhibition area of 325,000 square meters, aimed at boosting consumption and economic vitality in the food and beverage sector [6][45]. - The liquor, beverage, and refined tea manufacturing industry grew by 8.1% in January-February 2024, indicating strong performance within the sector [6][45]. - New product launches from major brands like Moutai and Luzhou Laojiao highlight the ongoing innovation and market expansion efforts in the liquor segment [6][45][47]. - The fruit wine market is projected to grow significantly, with the market size expected to exceed 200 billion yuan by 2025 [9][48]. Summary by Sections Industry News - The 110th National Sugar and Wine Fair showcased a transformation in format, promoting a global benchmark for consumer festivals [6][45]. - The 20th China International Wine Expo took place in Luzhou, focusing on international collaboration and brand promotion [6][45]. - Moutai launched new products, including blueberry sparkling wine, reflecting a trend towards diversification in product offerings [6][9][48]. Performance Metrics - The SW Food and Beverage Index decreased by 0.85% this week, underperforming compared to the CSI 300 Index [52]. - The liquor manufacturing sector showed robust growth, with a reported increase of 8.1% in early 2024 [6][45]. Investment Recommendations - For liquor, focus on companies like Luzhou Laojiao and Moutai, which are positioned to benefit from both high-end and mass-market demand [12][51]. - In the beer segment, companies such as China Resources Beer and Qingdao Beer are recommended due to their product optimization and market expansion strategies [12][51]. - The report suggests monitoring the frozen food sector, particularly companies like Anjui Foods, which are expected to benefit from the growing demand for pre-prepared meals [12][51].

Investment Rating - The investment rating for the company is "Buy" (maintained) [10][19]. Core Views - The company reported a revenue of 113.47 billion RMB for 2023, representing a year-over-year increase of 20.5%. The operating profit was 6.43 billion RMB, and the net profit was 6.40 billion RMB, with adjusted profit at 10.27 billion RMB [6][10]. - The company has entered a profitable phase, with significant growth in user engagement and revenue streams, particularly in e-commerce and advertising [7][8]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 113.47 billion RMB in 2023, with a year-over-year growth of 20.5%. The operating profit was 6.43 billion RMB, marking a turnaround from a loss of 12.6 billion RMB in 2022 [6][8]. - The gross profit for 2023 was 57.39 billion RMB, up 36.2% from 42.13 billion RMB in 2022, resulting in a gross margin of 50.6%, an increase of 5.9 percentage points [8][10]. User Growth and Engagement - Monthly active users reached 700 million in Q4 2023, with daily active users averaging 382.5 million, reflecting a year-over-year increase of 4.5% [7]. - The average daily usage time per user was 124.5 minutes, indicating strong user engagement [7]. Revenue Breakdown - Online marketing services generated 60.30 billion RMB in revenue, a year-over-year increase of 22.97%. The number of active marketing clients grew significantly, with Q4 revenue reaching 18.2 billion RMB [9]. - E-commerce revenue was 39.05 billion RMB, up 10.4% from the previous year, driven by an increase in active paying users and merchants [9]. - The overseas business reported a revenue of 847 million RMB in Q4 2023, nearly doubling year-over-year, with a significant reduction in operating losses [9]. Future Projections - Revenue projections for 2024-2026 are set at 128.36 billion RMB (up 13.12%), 141.48 billion RMB (up 10.22%), and 157.92 billion RMB (up 11.62%), respectively. Net profit is expected to reach 11.99 billion RMB, 17.11 billion RMB, and 22.04 billion RMB in the same period [10][13].

煤企业绩陆续发布，高分红彰显板块价 证 券 值 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] 龙头煤企高分红提振板块信心。2023年中国神华共实现归母净利润 [行Ta业bl:e _Indu煤st炭ry] 596.94亿元，基本每股收益为 3.004 元/股（中国会计准则下）；根据 日期: s 20h2z4q年da0t3e月m2a6r日k 公司2023年度现金分红方案，派发 2023 年度末期股息现金人民币 2.26 元/股（含税），共计449.03亿元，占2023年度归属于公司股东净利润 [T分ab析le师_A: utho于r]庭 泽 的75.2%，高于2022年的72.8%。我们认为中国神华作为煤炭龙头率先 SAC编号: S0870523040001 公布高比例分红方案，彰显投资价值，有望大大提振板块信心。 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 动力煤：供强需弱，煤价阶段性下行 国内动力煤市场行情弱势下滑，煤价跌跌不休，降价幅度较大。截止到 煤炭 沪深300 23% 3月21日，动力煤市场均价 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [24]. Core Viewpoints - The company has established itself as a leader in the domestic high-end nano-silica market, focusing on high-value-added products and gradually achieving import substitution in the Asia-Pacific region [27][41]. - The global demand for silica is on the rise, with a projected growth rate of 8.6% for the silica industry [6]. - The company has a strong growth trajectory, with revenue and net profit expected to increase significantly in the coming years [41]. Summary by Sections 1. Domestic High-End Silica Industry Leader - The company has over ten years of experience in the nano-silica market, transitioning from raw material production to downstream applications [59]. - As of the end of 2022, the company had a silica production capacity of 14,000 tons, with a market share of 10-13% for its matting agents in the Asia-Pacific region [24][35]. 2. Nano-Silica: Broad Space for Import Substitution - The market for precipitated silica is expected to grow from $2.11 billion in 2014 to $3.49 billion in 2023 [9]. - The company’s products, including matting agents, adsorbents, opening agents, and anti-rust pigments, have significant potential for growth in market share [41][81]. 3. Company Focused on High-End Market and Capacity Expansion - The company plans to increase its production capacity by 20,000 tons of high-end silica, enhancing its market share [40]. - The company has established partnerships with well-known domestic and international clients in the coatings and petrochemical industries [35]. 4. Profit Forecast and Investment Recommendations - Revenue is projected to reach 460 million yuan in 2023, with a year-on-year growth rate of 14.7% [28]. - The net profit is expected to be 119 million yuan in 2023, reflecting a growth rate of 30.4% [28]. - The report anticipates a significant increase in earnings per share (EPS) from 1.09 yuan in 2023 to 2.17 yuan in 2025 [41].

英伟达发布 Project GR00T 赋能人形机器人产业发 证 券 展，CME 预估国内挖机销量 边际改善 研 ——机械行业周报（2024. 3. 18-2024.3.22） 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（2024.3.18-2024.3.22），中信机械行业下跌0.19%，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da0t3e月m2a7r日k 械下跌1.25%，通用设备下跌0.82%，专用设备上涨0.01%，仪器仪表 上涨1.29%，金属制品上涨0.97%，运输设备上涨0.73%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 英伟达发布机器人基础模型项目 Project GR00T，有望赋能人形机器 E-mail: liuyangdong@shzq.com 人产业发展。2024年3月19日，英伟达在举办的GTC大会上推出了 SAC编号: S087052307000 ...

证 券 研 究 报 告 2024年03月25日 [日期Table_Industry] : shzqdatemark [◼Table_Summary] 投资摘要 [Table_QuotePic] 最近一年沪深 300 走势 [Table_ReportInfo] 相关报告： 《全面深化资本市场改革，夯实市场信 心》 ——2024 年 03 月 17 日 《关注新兴产业和未来产业机会》 ——2024 年 03 月 11 日 《新质生产力或为下一条大主线》 ——2024 年 03 月 04 日 ——策略（权益&转债）周报（2024-03-18—2024-03-22） 中信一级行业指数表现（周涨幅前5）：传媒(8.92%)，农林牧渔 (4.51%)，计算机(3.51%)，电子(1.48%)，国防军工(1.00%) 议息会议维持利率不变：美国联邦储备委员会美国时间3月20日结束为 期两天的货币政策会议，将联邦基金利率目标区间维持在5.25%至 5.5%之间。这是美联储自2023年9月以来连续第五次会议维持利率不 变。根据当天同步发布的经济前景展望，负责制定货币政策的联邦公 开市场委员会19名成员中的多数预计今年内将有三次 ...

供需结构逐渐好转，AI 提供新动能 证 券 ——铜价跟踪系列 研 究 [Table 增_R 持at （ing 维] [Ta bl主e_要Su观mm点a ry] 持） 报 告 铜供需结构逐渐好转提供上涨的良好基础 [行Ta业bl:e _Indu有 st色ry]金 属 从23年末开始，铜供给端的扰动不断，首先是23年11月末，第一量子 日期: s 20h2z4q年da0t3e月m2a6r日k 旗下的Cobre Panama被认为违宪，该矿年产量达35万吨，占全球铜 产量的1.5%；同时英美资源将2024年的铜产量指引从91万—100万吨 [T分ab析le师_A: utho花r]小 伟 下调至73万—79万吨，其中智利和秘鲁铜矿指引分别下调约13万吨和 Tel: 021-53686135 6.5万吨；2024年3月，Codelco旗下的Radomiro Tomic铜矿由于一名 E-mail: huaxiaowei@shzq.com 工人意外身亡而发生罢工事件（2023年Radomiro Tomic铜产量为31.5 SAC编号: S0870522120001 万吨）。综上，2024年全球铜供给可能会收缩60万吨以上 ...