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 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [127][129]. Core Viewpoints - The company has demonstrated robust growth in its main business, showcasing resilience and maintaining its leading position in the digital reading industry. It has established a comprehensive digital reading platform that integrates a vast array of books, advanced technology, copyright protection, and multi-terminal operations, serving users in over 150 countries [127][129]. - The free reading business has become a major growth driver, significantly boosting user traffic and revenue. The company has successfully transitioned from relying on terminal pre-installation for traffic acquisition to leveraging internet marketing strategies [25][54][129]. - The company is actively expanding its IP derivative industry chain and enhancing AI model applications in digital reading, aiming to create innovative content production and interaction paradigms [129]. Summary by Sections Business Overview - The company has been deeply engaged in the digital reading sector for fifteen years, aiming to be the most professional reading platform globally. It has built strong partnerships with numerous publishers and literary websites, ensuring a rich content library [121][127]. - In 2022, the company achieved a record revenue of 25.82 billion yuan, a year-on-year increase of 24.71%, although its net profit decreased by 61.77% to 0.58 billion yuan [127][128]. Revenue and Profit Forecast - The company expects to see continued growth in revenue, with projections of 29.53 billion yuan in 2023, 33.93 billion yuan in 2024, and 39.16 billion yuan in 2025. The net profit is forecasted to be 0.58 billion yuan in 2023, 1.13 billion yuan in 2024, and 1.45 billion yuan in 2025 [12][90][129]. Digital Reading Strategy - The company has developed two free reading apps, "Dejian" and "Qidu," which have significantly increased monthly active users to 170 million by the end of 2022, up from 150 million in 2021. This growth is attributed to effective marketing strategies and user engagement initiatives [25][112][129]. - The company is also focusing on enhancing its content production capabilities through AI technologies, including the launch of the AI chat-based reading platform "Yue Ai Liao," which aims to provide innovative user experiences [129][128]. IP Development and Innovation - The company is actively exploring the IP derivative industry, including adaptations of literary works into short dramas and animations, which have gained significant viewership and engagement [60][63][129]. - The integration of AI in content creation processes is expected to improve efficiency and quality, further enhancing user engagement and satisfaction [82][129].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [32]. Core Insights - The company is positioned as a leader in the EGR (Exhaust Gas Recirculation) system market, actively expanding into the new energy vehicle and precision components sectors. The three business segments are expected to grow simultaneously, driven by policy support and increasing demand for hybrid and natural gas commercial vehicles [26][40]. Company Overview - The company has been deeply involved in the EGR system for nearly two decades and has expanded into the new energy vehicle and precision components sectors through strategic acquisitions and investments [40][59]. - The EGR system is a core component for commercial vehicles and new energy hybrid vehicles, effectively reducing fuel consumption and suppressing engine knocking [60][63]. Market Position - In the domestic diesel EGR market, the company holds a significant position, with a projected market share of 60% in the light truck sector during the National VI phase [3]. - The company has established strong customer relationships with major automotive manufacturers, including BYD, Geely, and Chery, for hybrid vehicle EGR systems [3][26]. Financial Performance - The company anticipates achieving net profits of 1.50 billion, 2.43 billion, and 3.40 billion yuan for the years 2023, 2024, and 2025, respectively, reflecting year-on-year growth rates of 99.01%, 61.58%, and 39.92% [32][27]. - The revenue from EGR products, new energy products, and precision components for 2022 was 2.85 billion, 4.15 billion, and 3.84 billion yuan, respectively, indicating a balanced revenue structure across its three business segments [46]. Production Capacity and Expansion - The company plans to expand its production capacity for motor cores to 4.32 million sets by 2025, supported by recent fundraising efforts [11][50]. - The company has successfully developed and launched multiple projects in the drive motor core sector, with significant growth in sales revenue and gross margin from 2020 to 2022 [11][12]. Regulatory Environment - The tightening of emission standards, including the implementation of National VI standards, has positioned the EGR system as a critical component for meeting regulatory requirements in both on-road and off-road vehicles [22][23]. - The company is well-positioned to benefit from these regulatory changes, as its EGR systems are essential for reducing nitrogen oxide emissions and improving fuel efficiency in commercial vehicles [23][26].

Investment Rating - The industry investment rating is "Overweight (Maintain)" [7] Core Viewpoints - The power equipment industry has seen an increase of 8.43%, outperforming the market and ranking 5th among all primary industries. The sub-sectors such as batteries, wind power equipment, and photovoltaic equipment have also shown significant growth [7][14]. - The demand for lithium batteries is expected to rise due to supportive policies for new energy vehicles and promotional offers from car manufacturers. The current low prices of raw materials are anticipated to boost the profitability of battery manufacturers [8]. - The photovoltaic industry is stabilizing, with silicon material prices recovering. The overall price level in the industry is at a low point, which is expected to stimulate demand as the market sentiment improves [8]. - In 2024, the State Grid is expected to increase investment in the grid, with total investment projected to exceed 500 billion yuan, benefiting related power equipment companies [8]. Summary by Sections Market Review - The power equipment sector rose by 8.43%, outperforming the market, with significant increases in battery (10.60%), wind power equipment (8.34%), photovoltaic equipment (8.00%), and electric motors (6.60%) [14][18]. Industry Data Update - By the end of 2023, the cumulative installed capacity of photovoltaic power in China reached 609.49 GW, with a new installation of 216.88 GW, a year-on-year increase of 148.12% [22][29]. Investment Recommendations - For power equipment, companies such as HaiXing Electric, Sanxing Medical, and Weisheng Information are recommended for their potential in overseas markets [9]. - In the photovoltaic sector, companies benefiting from the increase in N-type market share and new technologies are highlighted, including Xinbo Co., Juhe Materials, and others [9].

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 | ...