Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Viewpoints - The recent launch of BYD Qin PLUS Glory Edition has intensified the price war in the compact car segment priced between 70,000 to 100,000 yuan, with multiple automakers following suit by reducing prices [4][29] - The automotive sector saw a weekly increase of 5.82%, outperforming the Shanghai Composite Index, which rose by 3.71% [3][12] - February is expected to be the lowest sales month of the year, with retail sales of narrow passenger vehicles projected at approximately 1.15 million units, a 43.5% month-on-month decline [4][18] Summary by Sections Market Review - The automotive sector's performance was highlighted by a 5.82% increase, with the best-performing sub-sector being automotive parts, which rose by 6.73% [3][12] - The top five companies in terms of stock price increase included Hanma Technology (+54.29%), Zhongjie Precision (+43.38%), and Beite Technology (+40.74%) [3][17] Industry Data Tracking - Daily average retail and wholesale volumes for passenger vehicles showed significant declines, with retail volume down 14% year-on-year and wholesale volume down 42% [18][19] - As of February 23, 2024, prices for hot-rolled steel, butadiene rubber, and natural gas were reported at 3,930, 12,700, and 4,118 yuan per ton, respectively [20][21] Recent Industry/Key Company Dynamics - The National Financial Supervision Administration has introduced measures to guide automotive finance companies to focus on consumer credit services [25] - BYD's Qin PLUS Glory Edition was launched on February 19, with prices ranging from 79,800 to 125,800 yuan for the DM-i version and 109,800 to 139,800 yuan for the EV version [29][30] Recent New Car Launches - New models launched include the AION Y Plus from GAC Aion, which is a compact SUV priced between 145,800 and 155,800 yuan, and the Nezha X from Hozon Auto, priced at 99,800 yuan [32] Investment Recommendations - Recommendations for vehicle manufacturers include focusing on hybrid and overseas markets, specifically mentioning Changan Automobile, BYD, Great Wall Motors, and Jianghuai Automobile [33] - For automotive parts, the focus is on companies related to automotive intelligence and lightweighting, such as Bertley and Top Group [33]

AI 爆点时代或已来临，建议关注折叠屏 证 券 终端创新 研 究 ——电子行业周报（2024.02.19-2024.02.23） 报 [Table 增_R 持at （ing 维] [◼Ta bl核e_心Su观mm点a ry] 告 持） 市场行情回顾 [行Ta业bl:e _Indu电st子ry] 过去一周（02.19-02.23），SW电子指数上涨6.02%，板块整体跑赢沪 深 300 指数 2.31 pct，从六大子板块来看，光学光电子、电子化学品 日期: s 20h2z4q年da0t2e月m2a6r日k II、消费电子、元件、其他电子Ⅱ、半导体涨跌幅分别为 7.28%、 3.98%、5.62%、7.67%、12.96%、5.09%。 [T分ab析le师_A: utho马r]永 正 核心观点 Tel: 021-53686147 折叠屏手机：折叠屏手机从 1 到 N 加速渗透，国产供应链公司有望迎 E-mail: mayongzheng@shzq.com 来放量机遇。2 月 22 日，华为发布新一代旗舰小折叠手机 Pocket2， 支持 AI 隔空操控，双向北斗卫星消息，并配备业界小折叠首个全焦段 SAC编号: ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [4] Core Viewpoints - The People's Bank of China lowered the 5-year LPR by 25 basis points to 3.95%, which is expected to reduce mortgage pressure for residents and stabilize the real estate market [6][11] - The construction resumption rate in the first week after the Spring Festival was better than the previous year, indicating a recovery in demand at the construction end [6][11] - Despite a decrease in the total number of projects, the resumption of ongoing projects has been rapid, contributing to improved labor utilization rates [6][13] Summary by Sections 1. Weekly Viewpoint - The first week after the Spring Festival saw a construction resumption rate of 13%, up 2.5 percentage points year-on-year, and a labor utilization rate of 15.5%, up 0.8 percentage points year-on-year [6][13] 2. Market Review 2.1 Sector Performance - The construction materials sector index rose by 3.19% in the past week, underperforming the CSI 300 index by 0.52 percentage points [16] 2.2 Stock Performance - Top-performing stocks included Nanchuan Co. (+41.2%) and Sichuan Jinding (+28.7%), while Hebei Cement (-5.3%) and Huaxin Cement (-3.7%) were among the worst performers [19] 3. Key Data Tracking 3.1 Cement - The national average cement price was 464.81 yuan/ton, with a slight week-on-week decrease of 0.2% [21] - Cement inventory in 8 provinces decreased by 1.93% week-on-week, indicating a slight decline [25] 3.2 Flat Glass - The price of flat glass rose to 2051.1 yuan/ton, up 0.3% week-on-week, continuing a recovery trend [27][31] - Inventory levels increased by 5.69% week-on-week, marking six consecutive weeks of accumulation [31] 3.3 Photovoltaic Glass - Photovoltaic glass prices decreased by 1.9% to 25.50 yuan/square meter, with inventory slightly increasing by 0.54% [34][36] 3.4 Glass Fiber - Glass fiber prices remained stable at 3200 yuan/ton, with production increasing by 7.03% month-on-month [39]

Investment Rating - The industry investment rating is "Increase" (maintained) [7] Core Viewpoints - On February 16, OpenAI released the text-to-video model Sora, which is expected to create a universal simulator capable of simulating the physical world [6] - Sora has six main capabilities: text-to-video generation, complex scene and character generation, language understanding, multi-shot generation, generating video from static images, and simulating the physical world [6] - The maturity of AI-generated text, images, and audio is evident, with tools like Stable Diffusion and Midjourney widely used in gaming and advertising [6] - Sora is anticipated to replace simple creative video works more cost-effectively and efficiently, accelerating the application of video generation tools [6] - The report suggests that as AI-generated video develops, it will help animation film companies, IP companies, and gaming companies reduce costs and increase efficiency [6] Summary by Sections AI and Content Creation - The report emphasizes the importance of focusing on AI applications in text and virtual characters, followed by AI in images [7] - It highlights the need to select targets based on the range of mature large model outputs and the possession of quality data or content [7] Investment Recommendations - The report recommends focusing on companies with strong fundamentals in the gaming and publishing sectors [7] - Specific recommendations include: - AI: Focus on "Huinake Technology" and "Kunlun Wanwei"; recommend "Chuangye Heima" [7] - MR: Recommend "Fengyuzhu"; focus on "Baotong Technology" and "Fantao Shuchuang" [7] - New gaming models: Recommend "Shengtian Network," "Perfect World," and "37 Interactive Entertainment"; focus on "Mingchen Health" [7] Film and Television New Models - The report suggests paying attention to companies like "Zhongwen Online," "Shanghai Film," "Guangxian Media," and "Huace Film" in the film and television sector [8]

降低全社会物流成本，强调优化运输结 证 券 构及主干线大通道 研 究 ——交通运输行业周报 20240217-20240223 报 告 [Table 增_R 持at （ing 维] [◼Ta bl行e_情Su回mm顾a ry] 持） 过去一周（2024/2/17-2024/2/23）上证指数报收 3004.88 点，涨幅 [行Ta业bl:e _Indu交st通ry]运 输 为 4.85%；深证成指报收 9069.42 点，涨幅为 2.82%；创业板指报收 日期: s 20h2z4q年da0t2e月m2a7r日k 1758.19 点，涨幅为 1.81%；沪深 300 指数报收 3489.74 点，涨幅为 3.71%。SW交运指数报收2046.32点，跌涨幅为3.86%。 [T分ab析le师_A: utho王r]亚 琪 Tel: 021- 53686472 交运子板块中，过去一周（2024/2/17-2024/2/23）涨幅靠前的子版 E-mail: wangyaqi@shzq.com 块为物流及铁路公路，涨幅分别为 5.61%及 4.60%。本周前五位领涨 SAC编号: S0870523060007 个股为庚星 ...

23 年我国纱线进口同增 13.2%，央行大 证 券 幅度降息利好家居行业发展 研 究 ——轻工纺服行业周报（20240219-0223） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 行情回顾：本周（2024.02.19-2024.02.23，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 4.78%，轻工制造行业上涨 6.12%，而沪深 300 上涨 日期: s 20h2z4q年da0t2e月m2a5r日k 3.71%，上证指数上涨 4.85%。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12位和第6位。 [T分ab析le师_A: utho杜r]洋 Tel: 021-53686169 1） 纺织服装：2023年纱线进口同比增长13.2%，受美棉上涨国内棉 E-mail: duyang@shzq.com 纺行业迎开门红。 SAC编号: S0870523090002 据海关数据，2023 年纱线进出口 196.8 亿美元，同比下降 2.9%。其 中出口 137 亿美元，同比下降 8.6%；进 ...

证 酒企密集展开 2024 年部署，关注大众食品复苏 券 ——食品饮料行业周报 20240219-20240225 研 究 [Table 增_R 持at （ing 维] 持） [◼Ta bl投e_资Su要mm点a：ry] 报 告 本周行业要闻：1）茅台部署“开门红”工作安排：2 月 19 日，茅台 [行Ta业bl:e _Indu食 st品ry]饮 料 集团召开党委（扩大）会议，会上通报了茅台集团春节假期运转和复 日期: s 20h2z4q年da0t2e月m2a5r日k 工复市情况，并对实现“开门红”和近期工作作出安排。会议提出， 要抓好项目建设“黄金期”，在严把安全、质量关的前提下，全力推 [T分ab析le师_A: utho梁r]瑞 动重点项目建设提速提质；要抓好市场营销“一盘棋”和“四端”建 Tel: 021-53686409 设工作，以高质量营销工作确保“开门红”。 E-mail: liangrui@shzq.com 2）丁雄军调研茅台酒2024年度二轮次生产：2月20日，茅台酒2024 SAC编号: S0870523110001 年度二轮次生产伊始，茅台集团党委书记、董事长丁雄军率队调研。 联系人: 赖 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Views - Walmart China reported a Q4 net sales of $4 billion, a year-on-year increase of 11.3%, with comparable sales growth of 6.6% and e-commerce sales growth of 11% [4][20] - The e-commerce sector is experiencing significant growth, with Meituan's "snack discount store" transaction volume increasing by 517.6% year-on-year [5][21] - The gold and jewelry sector is highlighted as the highest growth segment in 2023, with January gold outflow from the Shanghai Gold Exchange reaching 271 tons, the highest ever for January [5][21] Summary by Sections Weekly Market Review - The retail industry index rose by 5.57% from February 19 to February 23, outperforming the CSI 300 index by 1.86 percentage points [6][12] - Year-to-date, the retail sector has declined by 7.88%, underperforming the CSI 300 index by 9.59 percentage points [12] Industry Dynamics Tracking - Walmart's Q4 financial report showed a global revenue of $173.4 billion, a 5.7% increase year-on-year, with a 13.2% increase in adjusted operating profit [4][20] - The e-commerce sector is seeing robust growth, with Temu's user base in Japan exceeding 15 million, significantly surpassing the average of Japan's top three e-commerce platforms [5][21] - The gold and jewelry sector is experiencing strong demand, with the People's Bank of China increasing gold reserves for the fifteenth consecutive month, now totaling 2,245 tons [5][21] Investment Recommendations - Suggested companies to focus on include Pinduoduo, Alibaba, Meituan, and Vipshop for their strong performance and growth potential [7][8] - Emphasis on companies with sustainable profitability and strong supply chain advantages, such as Chongqing Department Store and Red Flag Chain [7][8]

Investment Rating - The report assigns a "Buy" rating to Cheng Yi Tong (300430) for the first time, with a target price corresponding to a PE of 21/16/13 times for 2023-2025 [16][17] Core Views - Cheng Yi Tong has established a "one body, two wings, dual-drive" development strategy, focusing on both intelligent manufacturing and rehabilitation medical equipment businesses [7][16] - The company achieved a 33.57% YoY revenue growth and 69.68% YoY net profit growth in the first three quarters of 2023, driven by strong performance in both business segments [16][25] - In the intelligent manufacturing sector, the company is expanding into chemical synthesis, traditional Chinese medicine, and plant extraction, with new orders in chemical synthesis exceeding 180 million yuan in 2022, an 83% YoY increase [16][45] - In the rehabilitation medical equipment sector, the company is actively expanding into grassroots markets, with products entering over 5,000 domestic medical institutions and exporting to more than 30 countries [16][37] Business Performance - In 2022, the company's revenue from intelligent manufacturing and rehabilitation medical equipment accounted for 72.16% and 27.84% of total revenue, respectively, with gross margins of 30.26% and 70.86% [27] - From 2018 to 2022, the CAGR of revenue from rehabilitation medical equipment was 13.21%, higher than that of intelligent manufacturing by over 5 percentage points [27] - The company's gross profit margin and net profit margin remained stable, with 2023Q1-3 figures at 40.41% and 13.65%, respectively [28] Market and Industry Analysis - The domestic rehabilitation medical equipment market is expected to reach 67 billion yuan by 2023, driven by factors such as aging population and increasing chronic diseases [34] - The company's rehabilitation medical equipment business has a comprehensive product line covering six major fields, including pain rehabilitation, neurological rehabilitation, and orthopedic rehabilitation [35] - The company's products have obtained CE and FDA certifications, and its production capacity reaches 7,000 units/sets per year [35][37] Future Outlook - The company is expected to achieve revenue of 12.43/15.19/17.82 billion yuan in 2023-2025, with YoY growth rates of 27.61%/22.19%/17.29% [95] - Net profit is projected to be 168/221/280 million yuan in 2023-2025, with YoY growth rates of 34.73%/31.28%/26.79% [95] - The intelligent manufacturing business is expected to maintain steady growth, with revenue growth rates of 28.50%/20.00%/15.00% in 2023-2025 [76] - The rehabilitation medical equipment business is expected to grow rapidly, with revenue growth rates of 25.50%/28.00%/23.00% in 2023-2025 [76]

Investment Rating - The report maintains an "Overweight" rating for the beauty and personal care industry [3] Core Insights - Jiangsu Chuangjian Medical has successfully developed a recombinant human collagen type III that is fully consistent with the amino acid sequence of natural human collagen, which is expected to be commercialized [4][16] - Aier Doctor launched the upgraded version of its "Flash Charge Water Emulsion 2.0," which includes five major improvements, including the introduction of recombinant collagen [5][17] - East China Pharmaceutical's strategic partner ATGC Co., Ltd. has received approval for the market application of its new type A botulinum toxin product ATGC-110 in South Korea [5][19] - During the Spring Festival holiday, Tmall's skincare category generated a GMV of 918 million yuan, with 40% of the top 20 brands being domestic brands [6][20] Summary by Sections Major Points - Jiangsu Chuangjian Medical's recombinant human collagen type III is expected to set a new standard in the industry due to its mechanical support capabilities [16] - Aier Doctor's Flash Charge Water Emulsion 2.0 has shown significant anti-aging effects, with users reporting a reduction in fine lines and improved skin tightness after 28 days of use [17] - East China Pharmaceutical's ATGC-110 is designed to improve moderate to severe frown lines and is expected to be commercialized in collaboration with ATGC [19] - Tmall's Spring Festival sales data indicates strong performance for domestic skincare brands, with significant contributions from skincare sets [20] Market Review - The beauty and personal care industry index increased by 5.90%, outperforming the CSI 300 index by 2.19 percentage points [21] - The cosmetics sector saw a notable increase of 11.23%, while personal care products grew by 1.27% [21] Industry News and Announcements - Notable industry developments include the launch of men's beauty products by NBA star LeBron James and the introduction of a hair care brand by Beyoncé [7][30][33] - Coty has signed a new agreement with Italian luxury brand Etro for the production and distribution of its fragrance line [31] - Blackstone Group is in the process of evaluating a potential acquisition of the French cosmetics group L'Occitane [36]