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]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The energy drink market in China reached a terminal market size of 60.2 billion yuan in 2022, with a CAGR of approximately 11% from 2017 to 2022, making it the fastest-growing category in the soft drink industry [4][17]. - The company has successfully increased its market share from 6% in 2013 to 20% in 2022, capitalizing on the decline of Red Bull's market share from 73% to 36% during the same period [4][14]. - The company’s flagship product, Dongpeng Special Drink, generated 8 billion yuan in revenue and has been the top-selling energy drink in China for two consecutive years [4][36]. - The company is expanding its product matrix with new categories such as Dongpeng Coffee and Sugar-Free Tea, aiming to become a comprehensive beverage group [5][6]. Summary by Sections Industry Overview - The energy drink sector is still in its early development stage in China, with significant growth potential as per capita consumption is only about 20% of that in developed countries [19][27]. - The market is expected to grow to 75.2 billion yuan by 2027, driven by increasing disposable income and consumer awareness [19][30]. Company Overview - Dongpeng Beverage was founded in 1994 in Guangdong and has expanded its production bases across major regions in China, achieving 100% coverage in city-level sales points [31][48]. - The company has a clear and stable shareholding structure, with the founder holding 50.72% of the shares as of June 30, 2023 [33]. Product Strategy - The company focuses on a product matrix centered around Dongpeng Special Drink, which includes various functional ingredients to meet diverse consumer needs [42]. - The pricing strategy positions Dongpeng Special Drink slightly below Red Bull, enhancing its appeal to cost-sensitive consumers [43]. Channel Strategy - The company employs a dual-channel strategy, utilizing both direct sales and a network of 2,796 distributors to enhance market penetration [5][48]. - The proportion of revenue from regions outside Guangdong has increased from 33% in 2017 to 60% in 2022, indicating successful national expansion [5][6]. Financial Outlook - The company forecasts a net profit of 1.989 to 2.061 billion yuan for 2023, representing a year-on-year growth of 38% to 43% [6]. - Revenue projections for 2023 to 2025 are 11.078 billion yuan, 14.174 billion yuan, and 17.515 billion yuan, with corresponding growth rates of 30.25%, 27.95%, and 23.57% [6][7].

Dato-DXd 有望成为全球首个治疗肺癌的 TROP2 证 券 ADC，国产 SKB 264 有潜力成为 Best in class 研 究 ——医药生物行业周报（20240219-0223） 报 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 告 Dato-DXd有望成为全球首个治疗肺癌的 TROP2 ADC [行Ta业bl:e _Indu医st药ry]生 物 2024年2月19日，第一三共/阿斯利康联合宣布，其递交的Dato-DXd生 日期: s 20h2z4q年da0t2e月m2a5r日k 物制品许可申请（BLA）获FDA受理，用于既往接受过全身治疗的局 部晚期或转移性非鳞状NSCLC成年患者。Dato-DXd是第一三共和阿 [T分ab析le师_A: utho邓r]周 宇 斯利康共同开发的TROP2 ADC，载荷为拓扑异构酶1抑制剂，通过肿 Tel: 0755-23603292 瘤特异性的可裂解linker相连，DAR值~4。如此次能获得批准，将成为 E-mail: dengzhouyu@shzq.com 全球首个治疗肺癌的TROP ADC。此次申报上 ...

业绩加速改善，出行高景气有望延续 证 券 ——社服行业周报（2024.02.19-02.23） 研 究 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 报 告 餐企业绩亮眼，行业迎强势回暖。九毛九集团发布正面盈利预告，预 [行Ta业bl:e _Indu社st会ry]服 务 日期: s 20h2z4q年da0t2e月m2a5r日k 计2023年营收59.86亿元，同比增长49.40%；公司权益股东应占营利 为 4.50 亿元，同比增长不低于 812.8%，是自 2020 年上市以来取得的 [T分ab析le师_A: utho翟r]宁 馨 最佳溢利水平。九毛九 2023 年业绩出现增长，主要是因为餐厅网络的 Tel: 021-53686140 扩张，在营餐厅总数由 2022 年年底的 556 间增加至 726 间；同店销售 E-mail: zhainingxin@shzq.com SAC编号: S0870523100005 增长，业务已经从疫情中恢复，2023 年营业天数和翻台率都有显著增 加，以及营运效率提高，包括持续增强的供应链支持能力。海底捞预 [最Ta近bl ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Viewpoints - In January 2024, excavator sales increased by 18.5% year-on-year, with domestic sales rising significantly by 57.7%. The total sales of various excavators reached 12,376 units, with 5,421 units sold domestically and 6,955 units exported, which saw a slight decline of 0.73% [7][55] - The recovery in the domestic market is attributed to factors such as the Spring Festival, standard changes, and the easing of COVID-19 restrictions, leading to a lower base in the same period last year. It is expected that the industry will enter a traditional sales peak season after the Spring Festival, with a potential recovery in domestic demand throughout the year [7] - The completion of the issuance of 1 trillion yuan in government bonds is expected to marginally improve demand for construction machinery. The National Development and Reform Commission has approved over 2,800 projects, allocating nearly 200 billion yuan in bond funds, primarily focused on disaster recovery and prevention projects [7] Summary by Sections Market Review - During the week before the Spring Festival (February 4-8, 2024), the CITIC Machinery Industry Index rose by 4.90%, ranking 13th among all primary industries. Specifically, engineering machinery increased by 7.67%, general equipment by 6.00%, specialized equipment by 4.39%, and instruments by 4.14% [6][28][30] High-Frequency Data Tracking - The PMI for January 2024 was 49.2%, up by 0.2 percentage points from the previous month. The cumulative year-on-year growth rate of fixed asset investment in manufacturing for December 2023 was 6.5%, an increase of 0.2 percentage points from the previous month [34] - In January 2024, excavator sales were 12,376 units, up 18.5% year-on-year, while loader sales reached 7,802 units, also up 18.9% year-on-year [35][55] Industry News and Announcements - The global semiconductor sales in December 2023 reached $48.66 billion, a year-on-year increase of 12.1%. In China, semiconductor sales for the same month were $15.14 billion, up 19.9% year-on-year [43][56]

证 生成式视频应用 Sora 强势推出，AIGC 落地进程加速 券 ——通信行业周报（2024.2.5-2.18） 研 究 [Table_Rating] [Table_Summary] 增持（维持） ◼ 行业核心观点 报 行情回顾：节前一周（2024.2.5-2.8），上证指数、深证成指涨跌幅分别 告 [行Ta业bl:e _Indu通 st信ry] 为4.97%、9.49%，中信通信指数涨跌幅为5.01%，在中信30个一级行业 日期: s 20h2z4q年da0t2e月m2a1r日k 排第12位。 节前一周通信板块呈现上升走势，细分板块涨跌情况如下：细分板块通 [T分ab析le师_A: utho刘r]京 昭 信设备近一周涨跌幅达到8.07%，电信运营II板块仅轻微上涨0.46%，通 讯工程服务、增值服务II子板块分别下跌1.53%、2.57%。 E-mail: liujingzhao@shzq.com SAC编号: S0870523040005 ◼ 产业要闻追踪 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 事件 2月16日，OpenAI宣布推出全新的生成式人工智能模型“Sora”，通过 ...

节前煤价暂稳，看好节后全面复工下需 证 券 求改善 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：节前价格平稳运行 [行Ta业bl:e _Indu煤st炭ry] 节前（2024.2.2-2024.2.7）国内动力煤市场价格维稳运行，截止到2月 日期: s 20h2z4q年da0t2e月m2a2r日k 7日，动力煤市场均价为 757 元/吨，市场稳价过年为主。主产区煤价稳 中小幅调整，春节前最后一周，煤矿停产增多，主产区煤矿陆续进入假 [T分ab析le师_A: utho于r]庭 泽 期模式，市场供应进一步收紧，市场以长协发运为主，下游工厂也陆续 SAC编号: S0870523040001 放假，工业需求疲软运行，寒潮促使电厂日耗小幅提升，保持高位运 行，抵扣工业需求的转弱，少数性价比高的煤矿小幅探涨 5-10 元不 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 等，实际市场基本有价无市，销售较差，到矿拉煤车不多，仅保供矿出 货相对略好，坑口价格弱势运行，多数煤矿未调价；港口库存持续降 煤炭 沪深3 ...