Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Viewpoints - During the 2024 Spring Festival holiday, the overall transaction volume of commercial housing in 30 major cities was relatively flat, with a total of 614 units sold, a slight increase of 6% compared to the 2023 Spring Festival [3][14] - The average daily transaction volume during the holiday was 77 units, a decrease of 7% year-on-year [3][14] - Notably, the top 10 cities saw a significant increase in sales, with an average daily transaction of 27 units, up 125% year-on-year, driven by the relaxation of housing purchase restrictions in first-tier cities [3][14] - The issuance of a trillion yuan in government bonds has been completed, with a focus on post-holiday demand, particularly in sectors benefiting from infrastructure investments such as cement, pipelines, and waterproofing [3][18] Summary by Sections Industry Overview - The report highlights the completion of the issuance of a trillion yuan in government bonds, which is expected to stimulate demand in traditional infrastructure sectors post-holiday [3][18] Key Data Tracking Cement - Cement inventory remained stable, with a theoretical profit of 25.65 yuan per ton, unchanged week-on-week [25][27] - As of February 16, cement inventory in 8 provinces was 20.97 million tons, stable compared to the previous week [25] Flat Glass - The price of flat glass increased by 0.3% week-on-week, continuing a rising trend since January [29] - Inventory rose by 2.90% week-on-week, with a total inventory of 1.8099 million tons as of February 16 [29] Photovoltaic Glass - Inventory and production of photovoltaic glass saw a slight increase, with inventory up 0.27% week-on-week [33] - The average price of 3.2mm coated photovoltaic glass remained stable at 26.00 yuan per square meter [33] Glass Fiber - Glass fiber prices remained stable, with the price of 2400tex direct yarn at 3200 yuan per ton [37] - Production in January was 589,100 tons, showing a month-on-month increase of 7.03% [37] Carbon Fiber - Carbon fiber prices remained unchanged at 96 yuan per kilogram, with inventory increasing by 5.01% to 13,465 tons [40]

海外 AI 进展不断，关注 AI 算力和应用 证 券 ——计算机行业周报（2024.2.5—2024.2.8） 研 究 [Table 增_R 持at （ing 维] 持） a[bTlaeb_lSeu_mSummamrya] ry] 报 ◼ 市场回顾 告 [行Ta业bl:e _Indu计 st算ry]机 节前一周（2.5-2.8）上证综指上涨4.97%，创业板指上涨11.38%，沪 日期: s 20h2z4q年da0t2e月m2a0r日k 深 300 指数上涨 5.83%，计算机（申万）指数上涨 5.81%，跑嬴上证 综指0.84pct，跑输创业板指5.57pct，跑输沪深300指数0.01pct，位 [T分ab析le师_A: utho吴r]婷 婷 列全行业第12名。 Tel: 021-53686158 E-mail: wutingting@shzq.com ◼ 周观点 SAC编号: S0870523080001 OpenAI Sora问世，有望加速AGI进程。2月16日，OpenAI发布首 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 款文生视频大模型 Sora，借鉴了 ChatGPT ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [3] Core Views - During the Spring Festival holiday, domestic travel reached 474 million trips, a year-on-year increase of 34.3%, and a 19.0% increase compared to the same period in 2019 [11] - The civil aviation market saw a record passenger transport volume of 17.99 million during the Spring Festival, with a daily average of 2.25 million, marking a 25.1% increase from 2019 and a 74.8% increase from 2023 [11] - The express logistics sector experienced significant growth, with 1.079 billion packages collected during the Spring Festival, a 145.2% increase from 2023 [12] - The shipping sector showed positive trends, with the BDTI index at 1341 points, up 5.8% week-on-week, and the BDI index at 1610 points, up 4.2% week-on-week [13] Summary by Sections Travel Data - The Ministry of Culture and Tourism reported 474 million domestic trips during the Spring Festival, with cross-province travel orders doubling year-on-year [11] - Popular travel themes included "ice and snow tourism" and "winter escape tourism," with bookings for "ancient capital tours" increasing by 115% [11] - The outbound tourism market is recovering, with popular destinations expanding from a "4-hour flight circle" to a "12-hour flight circle" [11] Civil Aviation Market - The civil aviation sector achieved a record of 128,000 flights during the Spring Festival, with a daily average of 16,000 flights, marking a 10.7% increase from 2019 and a 47.9% increase from 2023 [11] - The average ticket price for economy class reached 1011 yuan, a 16% increase from 2019 and a 19.5% increase from 2023 [11] - Domestic flights accounted for 88.4% of total flights, with a daily average increase of 20.1% from 2019 and 34.5% from 2023 [11] Express Logistics - The express logistics sector collected 1.079 billion packages during the Spring Festival, with a daily average collection increase of 145.2% from 2023 [12] - The delivery of packages reached 641 million, with a daily average delivery increase of 82.1% from 2023 [12] Shipping - The BDTI index reported 1341 points, a week-on-week increase of 5.8%, while the BDI index reached 1610 points, up 4.2% week-on-week [13] - The CCFI and SCFI indices reported 1455.2 points and 2166.3 points, respectively, with slight decreases of -0.66% and -2.32% [13]

宏 观 数 据 ——2024 年 2 月中国经济数据市场提前预期 [Table_Author] 分析师: 胡月晓 Tel: 021-53686171 E-mail: huyuexiao@shzq.com SAC 编号: S0870510120021 分析师: 陈彦利 Tel: 021-53686170 E-mail: chenyanli@shzq.com SAC 编号: S0870517070002 [日期Table_Industry] : shzqdatemark[Table_Summary] 主要观点 通缩预期仍未出现 经济偏软中货币增长预期保持平稳 风险提示 宏观数据 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|--------------|-------|-------|-----------|-------|---------|-------|---------------------------------------------|----------| | 机构 | CPI PPI 工业 | | ...

周观点：春节档票房破 70 亿，影视基本面回 证 券 暖较为确定 研 究 ——互联网传媒行业周报（20240209-20240218） 报 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 告 持） 据灯塔专业版数据，2024 年度国内电影票房（含预售）突破 100 亿 [行Ta业bl:e _Indu传st媒ry] 元，其中春节档（2月9日-2月16日）总票房（含预售）已突破75亿 日期: s 20h2z4q年da0t2e月m1a9r日k 元，跃居中国影史春节档票房第二，总场次突破 375 万场，刷新春节 档总场次纪录。截至2月16日，2024年春节档档期总票房（含预售） [T分ab析le师_A: utho陈r]旻 达到 75.16 亿元，其中《热辣滚烫》总票房 25.72 亿元领跑春节档； Tel: 021-53686134 《飞驰人生2》和《熊出没·逆转时空》暂列第二、三名，票房分别为 E-mail: chenmin@shzq.com 22.52亿元、12.98亿元。截至2月16日，春节档三部电影宣布撤档， SAC编号: S0870522020001 其中《我们一 ...

新能源业务：我们认为，公司收购迪度及和链宇科技、昊能 | --- | --- | --- | --- | --- | |------------|------------------------------------------------|------------|--------|--------| | 表 4 | ：长久物流主要业务营收预测（单位：亿元、 2022A | % ） 2023E | 2024E | 2025E | | 整车运输 | 30.46 | 31.56 | 34.45 | 37.44 | | YOY | -10.70% | 3.62% | 9.16% | 8.69% | | 整车配套 | 1.75 | 1.80 | 1.93 | 2.08 | | YOY | -28.54% | 2.69% | 7.05% | 7.87% | | 国际业务 | 6.70 | 9.44 | 14.04 | 17.62 | | YOY | -13.48% | 41.01% | 48.77% | 25.43% | | 新能源业务 | 0.11 | 5.06 | 9.62 | 17.84 | | YOY | ...

车市迎开门红，1 月汽车销量同比+47.9% 证 券 ——汽车与零部件行业周报（2024.2.5-2024.2.16） 研 究 [Table_Rating] [Table_Summary] 增持（维持） 报 ◼ 行情回顾 告 [行Ta业bl:e _Indu汽 st车ry] 汽车板块涨跌幅+6.41%，子板块中乘用车表现最佳。节前最后四个交 易日（2024.2.5-2024.2.9），沪深300涨跌幅为+5.83%，申万汽车涨跌 日期: s 20h2z4q年da0t2e月m1a9r日k 幅为+6.41%，在 31 个申万一级行业中排名第 9。子版块中，乘用车 [T分ab析le师_A: utho仇r]百 良 +9.51%、商用车+8.88%、摩托车及其他+7.83%、汽车零部件 +4.72%、汽车服务+2.45%。 E-mail: qiubailiang@shzq.com SAC编号: S0870523100003 行业涨幅前五位公司为赛力斯、九号公司-WD、科博达、同心传动、恒 分析师: 李煦阳 帅股份，涨幅分别为+22.54%/+21.60%/+20.38%/+18.13%/+17.73%； E-mail: ...

全球面板市场即将开启上行新周期，折 证 券 叠屏手机产业链有望延伸 研 究 ——电子行业周报（2024.02.05-2024.02.09） 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（02.05-02.09），SW电子指数上涨8.64%，板块整体跑赢沪 深 300 指数 2.81 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m1a9r日k II、消费电子、元件、其他电子Ⅱ、半导体涨跌幅分别为 4.29%、 11.69%、8.36%、10.50%、1.55%、10.33%。 [T分ab析le师_A: utho马r]永 正 核心观点 Tel: 021-53686147 全球面板市场：2023 年面板价格出现回升，行业或将开启上行新周 E-mail: mayongzheng@shzq.com 期。2020 年至 2021 年中，由于终端远程办公、在线教育、居家娱乐 等“宅经济”场景推动 PC 和电视需求增长，同时上游原材料出现短 SAC编 ...

商务部确定 24 年为“消费促进年”，多 证 券 家纺服公司业绩预喜 研 究 ——轻工纺服行业周报（20240205-0216） 报 告 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 行情回顾：期间（2024.02.05-2024.02.16，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 1.19%，而沪深 300 上涨 日期: s 20h2z4q年da0t2e月m1a8r日k 5.83%，上证指数上涨 4.97%。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29位和第25位。 [T分ab析le师_A: utho杜r]洋 Tel: 021-53686169 1） 纺织服装：24 年网络零售额开门红，A 股多家纺服上市公司业绩 E-mail: duyang@shzq.com 预喜。 SAC编号: S0870523090002 商务部数据显示，2024年 1月 18日至 2月 6日年货节期间，网络零 售额接近8000亿元，比2023年农历同期增长8.9%，实现2024年网 ...

证 春节需求平稳，库存逐步去化 券 研 ——食品饮料行 业周报 20240205-20240218 究 [Table 增_R 持at （ing 维] [◼Ta bl投e_资Su要mm点a：ry] 持） 报 告 2024 年农历春节假期收官，根据微酒数据，白酒出货量表现与去年基 [行Ta业bl:e _Indu食 st品ry]饮 料 本相当，名优酒品牌仍具备较好的市场承接力，随着即将到来的元宵 日期: s 20h2z4q年da0t2e月m1a8r日k 节，传统农历新年进入尾声，整体看市场库存逐步去化，我们认为市 场后续表现仍值得期待。核心仍是关注超高端与地产酒的刚需价格 [T分ab析le师_A: utho梁r]瑞 带。 Tel: 021-53686409 E-mail: liangrui@shzq.com 上期行业要闻：1）贵州茅台官网改版上线：茅台集团、贵州茅台酒股 SAC编号: S0870523110001 份公司官网近日改版上线。“美”成为被突出的重点。在茅台集团官 联系人: 赖思琪 网上，“美酒，美链接，美生活”成为主线。这也印证了丁雄军在茅 Tel: 021-53686180 台集团第七届第二次职工代表 ...