京东 23 年收入增长超预期，加大回购及 证 券 分红强化股东回报 研 究 ——行业周报（20240304-0308） 报 告 [Table 增_R 持at （ing 维] [◼Ta bl周e_度Su核mm心a观ry]点 ： 持） 黄金珠宝： [行Ta业bl:e _Indu商st贸ry]零 售 日期: s 20h2z4q年da0t3e月m1a0r日k 上海黄金交易所金价首次突破 500 元，在金价震荡上行趋势下，黄金 品类有望延续高景气表现。上海金交所黄金现货 3 月 7 日收盘价首次 [T分ab析le师_A: utho张r]洪 乐 突破 500 元/g，创历史新高，2024 年以来金价涨幅为 5%；各大品牌 Tel: 021-53686159 商门店黄金首饰价格已经突破 650 元/g。2023 年以黄金产品销售为主 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 的公司业绩兑现较强，近日老凤祥发布 2023年业绩快报， 2023年实 现营业总收入714.36亿元，同比增长13.37%；实现归母净利润22.14 [最Ta近bl一e_年Qu行o业teP指i ...

6 风险提示 请务必阅读尾页重要声明 25 公司深度 | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------|-------| | 现金流量表（单位：百万元） \n指标 | 2022A | 2023E | 2024E | 2025E | | 经营活动现金流量 | -100 | 319 | 526 | 620 | | 净利润 | -270 | 117 | 216 | 349 | | 折旧摊销 | 323 | 320 | 372 | 391 | | 营运资金变动 | -249 | -170 | -156 | -199 | | 其他 | 96 | 51 | 94 | 79 | | 投资活动现金流量 | -910 | -134 | -692 | -361 | | 资本支出 | -217 | -297 | -697 | -367 | | 投资变动 | -700 | -1 | -1 | -1 | | 其他 | 7 | 164 | 6 | 7 | | 筹资活动现金流量 | 929 | 58 | ...

Investment Rating - The industry investment rating is maintained at "Accumulate" [7][12]. Core Viewpoints - The humanoid robot industry is approaching a significant transition from "0-1" to "1", with 2024 expected to be the year of commercialization for humanoid robots, led by Tesla's humanoid robot [7][8]. - The inclusion of UBTECH in the Hong Kong Stock Connect list and its recent activities in the NIO factory highlight the positive developments in both domestic and international humanoid robot manufacturers [3][8]. - The upcoming NVIDIA GTC conference is anticipated to accelerate the development of humanoid robot software, showcasing advancements in AI and robotics [5][8]. Software Segment Summary - The NVIDIA GTC conference is expected to showcase breakthroughs in AI and robotics, enhancing the capabilities of humanoid robots [5]. - OpenAI's recent advancements in generative video models indicate a significant improvement in robots' perception and cognitive abilities, which may lead to more human-like functionalities [5]. Hardware Segment Summary - Domestic Tier 1 manufacturers are experiencing rapid growth in the bionic robot sector, indicating a promising market outlook [6]. - Tesla's humanoid robot, Optimus, has shown improvements in walking stability and speed, with a target for mass production by 2025 [6]. Investment Recommendations - The report suggests focusing on domestic component manufacturers that are likely to benefit from the humanoid robot industry's growth, particularly in high-tech and high-value segments [8]. - Key areas of interest include assembly, sensors, reducers, lead screws, motors, and equipment, with specific companies highlighted for their potential [8].

具身智能是 AI 的终极形态，持续关注人形机器人产 证 券 业链 研 ——机械行业周报（2024.2.26-2024.3.1） 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（2024.2.26-2024.3.1），中信机械行业上涨5.16%，表现处 [行Ta业bl:e _Indu机st械ry] 于中上游，在所有一级行业中涨跌幅排名第6。具体来看，工程机械上 日期: s 20h2z4q年da0t3e月m0a7r日k 涨1.83%，通用设备上涨5.53%，专用设备上涨6.14%，仪器仪表上涨 3.04%，金属制品上涨1.37%，运输设备上涨6.84%。 [T分ab析le师_A: utho刘r]阳 东 ◼ 主要观点 Tel: 021-53686144 具身智能具备由“大脑”“小脑”“脑干”组成的完整人脑结构以及 E-mail: liuyangdong@shzq.com 可实现行动的机器身体：具身智能概念在1950年首次被提出，指能够 SAC编号: S0870523070002 与环境交互感知，具备自主规划、决策、行动、执行能力的机器人或 分析 ...

Investment Rating - The investment rating for the company is "Buy" [53] Core Viewpoints - The company is a leading domestic transmission system enterprise with a strong focus on the automotive, rail transit, and aerospace sectors. Its main products include synchronizer series products, differential series products, and aerospace components. The synchronizer business is expected to achieve stable growth due to its competitive advantages and high industry entry barriers [81][87]. - The company is actively expanding its differential business, which has a large market size and is transitioning to direct procurement of assembly products by vehicle manufacturers. The company has three competitive advantages in this area: a complete industrial chain layout, a broad customer base, and well-established production capacity [81][82]. - The company is also rapidly entering the aerospace sector through acquisitions and partnerships, enhancing its product structure and core competitiveness [81][82][37]. - The company is investing in new businesses such as motor shafts and precision planetary reducers, which are expected to see significant demand growth driven by the rapid penetration of new energy vehicles [81][82][40]. Summary by Sections Motor Shaft Market - The motor shaft is a key component for electric motors, with a projected demand of 15.98 million units in China by 2026, driven by the growth of the new energy vehicle market. The company is investing 5.5 billion yuan to establish a production base for 2 million motor shafts annually, expected to start production in 2024 [40][70][12]. Synchronizer Business - The synchronizer is the company's largest business segment, generating 994 million yuan in revenue in 2022, accounting for 67.53% of total revenue, with a gross margin of 31.19%. The business is expected to grow steadily, with revenue projections of 740 million yuan, 780 million yuan, and 820 million yuan over the next three years [5][47][36]. Aerospace Business - The company is actively developing its aerospace business, having acquired Haoyiqiang and established partnerships with leading commercial aerospace companies. This segment is projected to achieve revenues of 222 million yuan, 255 million yuan, and 294 million yuan over the next three years, with a stable gross margin of 60% [21][23][48]. Precision Planetary Reducer - The company is entering the precision planetary reducer market, which is crucial for robotics. The product is expected to achieve mass production by Q4 2023, with a projected revenue of 40 million yuan in 2024 and 150 million yuan in 2025 [71][73][33].

关注新质生产力，赋能轻纺制造和消费 证 券 ——轻工纺服行业周报（20240226-0301） 研 究 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 报 告 行情回顾：本周（2024.02.26-2024.03.01，下同），A股SW纺织服装 [行Ta业bl:e _Indu纺 st织ry]服 饰 行业指数上涨 0.66%，轻工制造行业上涨 1.02%，而沪深 300 上涨 日期: s 20h2z4q年da0t3e月m0a3r日k 1.38%，上证指数上涨 0.74%。纺织服装和轻工制造在申万 31个一级 行业中涨幅排名分别为第19位和第16位。 [T分ab析le师_A: utho杜r]洋 Tel: 021-53686169 1） 纺织服装：两会提出新质生产力赋能，多家纺服企业业绩预喜。 E-mail: duyang@shzq.com 2024 年全国“两会”纺织行业代表委员提出纺服行业相关话题。从中 SAC编号: S0870523090002 央到地方，围绕发展新质生产力、优化营商环境、深化改革开放等方 面密集出台政策，树信心、鼓干劲、作部署、抓落实。提出我 ...

谷歌发布开源模型 Gemma，端侧生成 证 券 式 AI 或现增量需求 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） 2024年2月21日，谷歌发布生成式AI模型Gemma，并在全球范围内开 [行Ta业bl:e _Indu计st算ry]机 放使用。本次发布的Gemma 2B和Gemma 7B模型，参数量分别为20 日期: s 20h2z4q年da0t3e月m0a4r日k 亿和70亿，每个模型都有对应的预训练和指令微调版本。其中， Gemma 7B模型主要用于在GPU和TPU上进行部署，Gemma 2B模型 [T分ab析le师_A: utho刘r]京 昭 主要用于在CPU上进行部署，特别是在端侧设备上实现应用。 SAC编号: S0870523040005 相比于Meta、Mistral AI等厂商推出的LLaMA-2、Mistral等相似参数量 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 的开源模型，Gemma 7B在多个英文数据集上的表现相对较优。同 时，Gemma也有望进一步缩小开源模型与闭 ...

证 券 研 究 报 告 行 业 周 报 [行业Table_Industry] : 通信 日期: shzqdatemark 2024年03月06日 [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -23% -17% -10% -4% 2% 9% 15% 21% 28% 03/23 05/23 07/23 10/23 12/23 02/24 通信 沪深300 [Table_ReportInfo] 相关报告： 《航天蓝皮书重磅发布，火箭发射迎来成 长新篇章》 ——2024 年 03 月 01 日 《央企加快部署算力基础底座，大模型快 速迭代拉动光通信建设需求》 ——2024 年 02 月 29 日 《生成式视频应用 Sora 强势推出，AIGC 落地进程加速》 ——2024 年 02 月 21 日 6G 迈入成长加速期，航天产业迎发展新突破 ——通信行业周报（2024.2.26-3.3） [Table_Rating] 增持（维持） [Tabl ...

23 年煤炭消费量同比增长 5.6%，后市关 证 券 注非电需求 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：减产信息频出，煤价存在较强支撑 [行Ta业bl:e _Indu煤st炭ry] 国内动力煤市场价格大稳小动，截止到2月29日，动力煤市场均价为 日期: s 20h2z4q年da0t3e月m0a5r日k 759 元/吨，较上周（2024.2.19-2024.2.25，下同）同期价格持平。主 要产煤区的煤矿复产数量大幅增加，目前主产区煤矿复工复产率 80% [T分ab析le师_A: utho于r]庭 泽 以上，供应环比增加明显，供给增加，需求却迟迟不改善，需求释放有 SAC编号: S0870523040001 限。煤矿整体车流不理想，新开工煤矿多以降价为主，主要降幅在 10- 30 元/吨，个别煤矿降幅达百元，28 日产地流标情况增加，陕煤旗下煤 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 矿竞拍价大幅下滑，市场看空情绪较浓。周内仅部分性价比高的煤矿价 格有小幅上调动作，大部分煤矿都降价促 ...

黄金主升浪或开启 证 券 ——有色金属行业周报（2024.2.26-2024.3.1） 研 究 [Table 增_R 持at （ing 维] [Ta bl行e_S情u回mm顾ar y] 持） 报 告 过去一周申万有色金属行业报 4073.16 点，上涨 2.07%，跑赢上证综 [行Ta业bl:e _Indu有 st色ry]金 属 合指数 1.33pct，在所有一级行业中涨跌幅排名第 11 位。大盘分板块 日期: s 20h2z4q年da0t3e月m0a6r日k 来看，过去一周计算机板块表现居前；金属板块细分来看，过去一周 其他小金属板块表现居前，较上周上涨 5.81%；铜板块表现偏弱，较 [T分ab析le师_A: utho王r]亚 琪 上周下跌1.99%。 Tel: 021- 53686472  核心观点&数据跟踪 E-mail: wangyaqi@shzq.com 本周热点： SAC编号: S0870523060007 联系人: 杨丰源 美国 ISM 制造业 PMI 数据不及预期，纽约社区银行陷入困境：3 月 1 日，美国 2月 ISM制造业 PMI为 47.8，预期 49.5，前值 49.1，不仅 E ...