证 券 研 究 报 告 事 件 点 评 [行业: 日期: Table_Industry] 通信 shzqdatemark 2024年03月01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 -21% -14% -7% 0% 7% 14% 22% 29% 36% 02/23 05/23 07/23 10/23 12/23 02/24 通信 沪深300 [Table_ReportInfo] 相关报告： 《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 《集采彰显 AI 发展活力，6G 标准助力商业 化变革》 ——2024 年 02 月 03 日 《AI 算力浪潮汹涌，高速光模块产业化进 程提速》 ——2024 年 01 月 24 日 航天蓝皮书重磅发布，火箭发射迎来成长新篇章 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 事件描述 2024 年 ...

海外市场跟踪：利率顶部，转向谨慎 [Table_ReportInfo] 相关报告： 《海外市场跟踪：美国通胀延续回落》 ——2024 年 02 月 22 日 《海外市场跟踪：欧美经济反差》 ——2024 年 02 月 08 日 《海外市场跟踪：欧美政策步调趋同》 ——2023 年 11 月 10 日 欧洲通胀持续缓解 [Table_RiskWarning] 风险提示 日 | --- | --- | |-------|-----------------------------------------------| | | | | | | | | 图 2: 美国三大股指走势………………………………………………………3 | | | 图 3: 欧洲市场主要指数走势………………………………………………3 | | | 图 4: 亚洲市场主要指数走势…………………………………………3 | | | 图 5: 主要海外国家国债收益率(%) | | | 图 6: 美国国债收益率（%）以及利差（BP）. | | | 图 7: 主要货币本期涨跌幅（%）. | | | 图 8: 美元指数（%） | | | 图 9: 主要商品本期涨跌幅 ...

镍矿供应扰动，顺周期逻辑继续演绎 证 券 ——有色金属行业周报（2024.2.19-2024.2.23） 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 3,990.54 点，上涨 4.96%，跑赢上证综 [行Ta业bl:e _Indu有 st色ry]金 属 合指数 0.11pct，在所有一级行业中涨跌幅排名第 19 位。大盘分板块 日期: s 20h2z4q年da0t2e月m2a8r日k 来看，过去一周传媒板块表现居前；金属板块细分来看，过去一周铜 板块表现居前，较上周上涨 7.36%；非金属新材料板块表现偏弱，较 [T分ab析le师_A: utho王r]亚 琪 上周上涨0.60%。 Tel: 021- 53686472  核心观点&数据跟踪 E-mail: wangyaqi@shzq.com 本周热点： SAC编号: S0870523060007 习近平总书记，推动新一轮大规模设备更新和消费品以旧换新：习近 联系人: 杨丰源 平2月23日下午主持召开中央财经委员会第四次会议，会议指出，要 E-mail: yan ...

3 月光伏排产提升明显，国网电表招标高增 证 券 研 ——电力设备与新能源行业周报（2024.02.19-02.23） 究 报 [Table 增_R 持at （ing 维] 持） [◼Ta bl行e_情Su回mm顾a ry] 告 过去一周，电力设备行业上涨 2.87%，表现弱于大盘，在所有一级行 [行Ta业bl:e _Indu电st力ry]设 备 业中涨跌幅排名第 26。分子板块看，电机上涨 9.47%，其他电源设备 上涨 5.80%，光伏设备上涨 3.83%，电网设备上涨 3.80%，风电设备 日期: s 20h2z4q年da0t2e月m2a8r日k 上涨3.03%，电池上涨0.94%。 [T分ab析le师_A: utho丁r]亚 ◼ 本周观点 Tel: 021-53686149 锂电：需求端新能源汽车支持政策持续出台，车厂推出购车优惠，有 E-mail: dingya@shzq.com 望带动电动车销量增长。原料端当前价格处于低位，看好后续动力电 SAC编号: S0870521110002 池出货增长，电池厂盈利能力提升。新技术方面，固态电池、复合集 流体等产业化进程不断加速，多家车企发布 800V 平台 ...

OpenAI 发布文生视频模型 Sora，有望 证 券 开启算力需求新空间 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16日，OpenAI公布了名为“Sora”的人工智能模型。该模 [行Ta业bl:e _Indu计st算ry]机 型可根据用户的文本提示快速制作长达一分钟的视频，据OpenAI介 日期: s 20h2z4q年da0t2e月m2a7r日k 绍，Sora所制作的视频可以呈现“具有多个角色、特定类型的动作， 包含主题和背景细节的复杂场景”。 [T分ab析le师_A: utho刘r]京 昭 SAC编号: S0870523040005 相比于Runway、Pika等厂商推出的文生视频模型，Sora在分辨率、生 成视频长度等技术指标上有明显进步：Runway推出的Gen-2、Pika推 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 出的Pika 1.0等模型生成视频长度均在10秒以内，Sora则支持生成长 达60秒的视频，同时具备向前和向后的视频扩展能力。 计算机 沪深300 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [4] Core Views - The humanoid robot sector is continuously catalyzing, with significant events such as NVIDIA's GTC 2024 conference and advancements from companies like Tesla and Agility Robotics. The domestic market is also seeing initiatives to establish a national manufacturing innovation center for humanoid robots [5][6] - A new round of large-scale equipment updates is set to begin, benefiting machine tools and other mechanical equipment due to government policies aimed at reducing logistics costs and promoting advanced production capacity [5][6] Summary by Sections Market Review - In the past week (February 19-23, 2024), the CITIC Machinery sector rose by 7.30%, ranking 8th among all primary industries. Specific segments saw varied performance: engineering machinery increased by 0.72%, general equipment by 8.17%, specialized equipment by 9.45%, instruments by 10.81%, metal products by 13.16%, and transportation equipment by 4.91% [4][29] Key Insights - The humanoid robot sector is expected to thrive as it attracts strong technological and financial players. Recent investments include $675 million from NVIDIA and OpenAI into Figure AI, and a B-round financing for domestic company Yushu Technology [5] - The upcoming large-scale equipment updates are anticipated to enhance demand for machine tools, with a focus on competitive domestic manufacturers such as Qin Chuan Machine Tool and Haitan Precision [5][6] Industry Data Tracking - January 2024 PMI was at 49.2%, with a month-on-month increase of 0.2 percentage points. Manufacturing fixed asset investment in December 2023 saw a year-on-year increase of 6.5% [32][38] - January 2024 excavator sales were 12,000 units, up 18.5% year-on-year but down 25.9% month-on-month [32][33] - The production of industrial robots in December 2023 was 42,000 units, reflecting a year-on-year increase of 3.8% [38] Company Announcements - Yushu Technology completed nearly 1 billion yuan in B2 round financing, aimed at product development and business expansion [54] - Caterpillar reported a record revenue of approximately $67.1 billion for 2023, a 13% increase from 2022, driven by strong demand for equipment [51]

证券研究报告 2024年2月27日 行业：计算机 增持（维持） 人工智能主题2023Q4公募基金持仓分析 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6][30]. Core Viewpoints - The report indicates that the supply contraction expectations have strengthened, leading to an optimistic outlook for coal prices. The domestic thermal coal market price has seen a slight increase, with the average price reaching 759 RMB/ton as of February 22, up by 2 RMB/ton from the previous week. The recovery of coal mines post-holiday is ongoing, but overall supply remains tight due to various factors including adverse weather conditions affecting transportation [6][11]. - For coking coal and coke, the market is experiencing weak performance due to limited downstream demand. As of February 22, the average price of coking coal was 1953 RMB/ton, down by 24 RMB/ton (1.21%) from the previous week. The coke market is also declining, with an average price of 2068 RMB/ton, down by 93 RMB/ton. The report highlights that the production recovery of coal mines is gradual, and the overall market sentiment remains cautious [7][25]. Summary by Sections 1. Industry Data Overview 1.1 Coal Prices - As of February 21, the Qinhuangdao sea coal trading market reported a price index of 730.0 RMB/ton, an increase of 2.0 RMB/ton from the previous week. The comprehensive trading price for thermal coal (Q5500) at Qinhuangdao port was 749.0 RMB/ton as of February 23, up by 5.0 RMB/ton, but down by 53.0 RMB/ton compared to the same period last year [11][21]. 1.2 Coal Inventory - As of February 19, the coal inventory at major ports was 52.806 million tons, a decrease of 405,000 tons (-0.76%). The inventory of coking coal at six major ports increased by approximately 13.61 million tons (6.60%) as of February 23 [21]. 1.3 Coal Freight Rates - As of February 25, the comprehensive index for coastal coal freight rates was 509.35 points, an increase of 6.15 points from the previous week. The freight rate from Qinhuangdao to Guangzhou was 831.62 points, up by 3.31 points (0.40%), while the rate to Shanghai decreased by 2.24 points (-0.25%) [23]. 2. Important Company Dynamics - China Shenhua reported a commodity coal production of 27.2 million tons in January 2024, up by 1.1% year-on-year, with sales of 38.5 million tons, an increase of 27.9%. Shaanxi Coal achieved a production of 13.907 million tons, up by 6.27% year-on-year. Other companies like Shanxi Coal International and China Coal Energy also reported varying production and sales figures, reflecting the overall industry dynamics [25].

政 策 点 评 [◼Table_Summary] 事件 ◼ 主要观点 短端资产利率不调降或为保护商业银行净息差。 区间。 [Table_Author] 分析师: 张河生 Tel: 021-53686158 E-mail: zhanghesheng@shzq.com SAC 编号: S0870523100004 ——2024 年 2 月 LPR 点评 4.2%。 2 月 18 日央行投放逆回购与 MLF 时并没有下调 7 天逆回购利率以 及 1 年期 MLF 利率，这次 1 年期 LPR 也并未下调。央行单独下调 5 年 期 LPR，超出我们的预期，从下调幅度来看，单次下降 25 BP，与最近 2 次长端存款利率下调幅度一致，2023 年 9 月、12 月 3 年与 5 年定存 利率均下调 25 BP。我们认为央行在保护商业银行长端资产、负债息 差的同时已经尽最大努力"降低社会融资成本"。 单独调降 5 年期 LPR 或主要为托地产。 债市反响积极，降息也超出市场预期。 短期内调降逆回购利率与 MLF 利率概率不高。 2024 年经济增长目标或不高，经济平稳发展。 利率债收益率向下进一步突破难度大，风险在积聚。 ...

政策、产业双重催化，持续重视 AI 投资 证 券 机会 研 究 ——计算机行业周报（2024.2.19—2024.2.23） 报 告 [Table 增_R 持at （ing 维] 持） a[◼bTlae b_lS 市eu_mS场um 回mamr 顾ya] r y] 过去一周（2.19-2.23）上证综指上涨 4.85%，创业板指上涨 1.81%， [行Ta业bl:e _Indu计st算ry]机 沪深 300 指数上涨 3.71%，计算机（申万）指数上涨 11.59 %，跑赢 日期: s 20h2z4q年da0t2e月m2a6r日k 上证综指 6.74pct，跑赢创业板指 9.77pct，跑赢沪深 300 指数 7.88pct，位列全行业第2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 海外AI产业趋势延续火热。近一周海外科技巨头和AI初创公司陆续推 出新品，AI 大模型加速迭代。（1）Groq：2 月 19 日，AI 创企 Groq [最Ta近bl一e_年 ...