拼多多 23 年强势增长，TEMU 持续贡献 证 券 增量收入 研 究 ——行业周报（20240318-0322） 报 告 [Table 增_R 持at （ing 维] [◼Ta bl周e_度Su核mm心a观ry]点 ： 持） 电商： [行Ta业bl:e _Indu商st贸ry]零 售 日期: s 20h2z4q年da0t3e月m2a4r日k 1-2月电商渗透率为22.40%，拼多多23年收入及利润均大幅增长。1- 2月份全国网上零售额同比增长15.3%，其中实物商品网上零售额增长 [T分ab析le师_A: utho张r]洪 乐 14.4%，占社会消费品零售总额的比重为 22.4%（环比-5.2pct），线 Tel: 021-53686159 上仍然优于线下消费。拼多多公布 23Q4 及全年业绩，23Q4 收入 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 888.81亿元，同比增长123%，Non-GAAP归母净利润254.77亿元， 同比增长 110%，Non-GAAP 归母净利润率 28.66%。2023 全年收入 [最Ta近bl一e_年Qu行o业 ...

23 年报密集披露，美护龙头业绩兑现能 证 券 力强 研 究 ——美容护理行业周报（20240318-0322） 报 告 [Table 增_R 持at （ing 维] [➢Ta bl主e_S要u观mm点ar y] 持） 爱美客：业绩符合预期，濡白天使延续良好增长态势 [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m2a3r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 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 Tel: 021-53686409 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 E-mail: liangrui@shzq.com 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 SAC编号: S0870523110001 充分认可，品牌价值日益增长，产品销量 ...

证 2 月民航运输规模创新高，吉祥 2 月国 券 际航线 RPK/ASK 远超 19 年同期 研 究 ——航空机场板块 2024年 2月数据点评 报 告 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 行业数据：2024年 2月，民航完成运输总周转量 116.4亿吨公里，同 [行Ta业bl:e _Indu交st通ry]运 输 比增长 46.8%，总体运输规模创历史新高。数据显示，2 月，国内市 日期: s 20h2z4q年da0t3e月m2a1r日k 场运输规模同比增长 30.5%；国际市场运输规模同比增长 108.6%且 首次超过了2019年同期水平。 [T分ab析le师_A: utho王r]亚 琪 Tel: 021- 53686472 客运方面，全行业完成旅客运输量 6247.8万人次，同比增长 44.6%， E-mail: wangyaqi@shzq.com 日均完成 215.4 万人次。其中，国内客运规模同比增长 35.5%，国际 SAC编号: S0870523060007 客运规模同比增长 593.4%。客运飞机日利用率达到 9.8小时，正班客 座率 ...

星舰试飞取得较大突破，航天器未来空间循序展开 证 券 ——通信行业周报（2024.3.11-3.17） 研 究 [Table_Rating] [Table_Summary] 增持（维持） ◼ 市场回溯 报 行情回顾：过去一周（2024.3.11-3.17），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0.28%、2.60%，中信通信指数涨跌幅为0.73%，在中信30个一级行 日期: s 20h2z4q年da0t3e月m2a1r日k 业排第22位。过去一周通信板块个股表现：股价涨幅前五名为: 普天科技 36.15 %、华星创业27.54 %、日海智能18.07 %、九联科技16.38 %、震有 [T分ab析le师_A: utho刘r]京 昭 科技 15.58 %。股价跌幅前五名为：华菱线缆-9.74 %、元道通信- 9.28 %、精伦电子-6.01 %、中国移动-5.90 %、中国电信-5.21 %。 E-mail: liujingzhao@shzq.com SAC编号: S0870523040005 ◼ 行业核心观点 事件点评：北京时间2024年3月14日晚间，美国太空 ...

[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 ...