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].

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]

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 ...

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 ...