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 ...

Investment Rating - The industry investment rating is "Overweight" [49] Core Views - L'Oréal Group reported steady growth with a sales increase of 11.0% in 2023, reaching €41.18 billion (approximately ¥319.29 billion) [16] - Estée Lauder Group experienced a decline in revenue by 7% and net profit by 18% in Q2 of fiscal 2024 [17][18] - Coty Group achieved a sales growth of 13% in Q2, marking the 14th consecutive quarter of exceeding expectations [19] - Unilever's revenue decreased by 0.8% in 2023, but core sales grew by 7%, with the Beauty & Wellbeing segment showing an 8.3% increase [21][22] - Kao Group's net sales fell by 1.2% in 2023, with a significant drop in operating income by 45.5% [24] Summary by Sections 1. Key Points - L'Oréal's four divisions showed growth, with skincare and mass cosmetics achieving over 10% growth rates [16] - Estée Lauder's skincare and makeup categories saw revenue declines, primarily due to challenges in Asian travel retail [18] - Coty's high-end beauty segment grew by 20% in the first half of fiscal 2024 [19] - Unilever's Beauty & Wellbeing segment accounted for a quarter of its total revenue, with double-digit growth in Prestige Beauty [21][22] - Kao's consumer products division faced a decline, particularly in the Asian market due to external factors [24] 2. Market Review - The beauty and personal care industry index increased by 9.01% from February 5 to February 16, outperforming the CSI 300 index by 3.18 percentage points [28] - The cosmetics sector rose by 6.76%, while personal care products increased by 9.68% [28] 3. Industry News and Announcements - L'Oréal's investment fund BOLD acquired a minority stake in the luxury perfume brand To Summer [35][36] - Estée Lauder is considering selling parts of its business in Europe and Asia [37] - Coty announced a new product line and continued to exceed sales expectations [19] - Unilever is implementing a growth action plan focusing on quality growth and productivity [22] - Kao closed several underperforming brands and acquired a sunscreen brand to boost sales in the Americas [24]

春节期间多省市线下业态实现客流和销 证 券 售双增，黄金珠宝销售额实现双位数增 研 究 长 报 告 ——行业周报（20240205-0217） [Table 增_R 持at （ing 维] [◼Ta bl周e_度Su核mm心a观ry]点 ： 持） 传统零售： [行Ta业bl:e _Indu商st贸ry]零 售 日期: s 20h2z4q年da0t2e月m1a8r日k 春节期间多省市线下百货实现客流和销售双增。商务部大数据监测显 示，各地商圈客流大幅攀升，除夕全国示范步行街客流量、营业额同 [T分ab析le师_A: utho张r]洪 乐 比分别增长 26.9%和 21.7%。腊月二十三至初七，全国重点商圈客流 Tel: 021-53686159 总量同比增长 73%；和去年同期相比，客流量排名前十的商圈中，新 E-mail: zhanghongle@shzq.com SAC编号: S0870523040004 出现了重庆解放碑步行街、西安大唐不夜城步行街、广州的北京路步 行街和哈尔滨中央大街步行街。春节期间，各地消费迎来“开门 [最Ta近bl一e_年Qu行o业teP指ic数] 与沪深300比较 红”。在重庆，观 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [6] Core Viewpoints - The travel market during the Spring Festival was robust, with outbound tourism reaching a four-year peak. The total number of travelers during the Spring Festival exceeded 1.6 billion, with daily average travelers recovering to 347.95% of the same period in 2019 [7][29] - High visitor numbers were sustained in multiple regions, with notable performance in key scenic spots. For instance, Beijing's parks received 505,400 visitors on the seventh day of the Lunar New Year, a year-on-year increase of 103.14% [8][33] - Local consumption saw record-breaking box office revenues during the Spring Festival, with daily average box office recovering to 116.39% of the same period in 2019 [12][36] Summary by Sections 1. Spring Festival Consumption Data Summary - The outbound travel market was vibrant, with a total of over 1.6 billion travelers during the Spring Festival, and daily average travelers recovering to 347.95% of 2019 levels [7][29] - High visitor numbers were reported in various regions, with Beijing, Shanghai, and Guangdong showing significant increases in tourist numbers compared to previous years [8][33] - Local consumption, including box office revenues and dining, saw substantial growth, with the box office reaching 7.852 billion yuan during the Spring Festival [12][39] 2. Recent Market Performance (2024.02.05-02.16) - The social service industry index rose by 2.10%, underperforming the CSI 300 index by 3.73 percentage points [15][41] - Among the sub-sectors, hotel and catering increased by 3.32%, while education saw a decline of 5.51% [15][41] 3. Industry Data Tracking - Travel data indicated a significant recovery in passenger volumes, with major airports seeing increased throughput compared to pre-pandemic levels [50][52] - Hotel occupancy rates and booking volumes exceeded 2019 levels, with high-star hotels experiencing a nearly 150% increase in night stays [40][52] - The restaurant sector also reported a surge in dining orders, particularly in major cities like Shanghai and Chongqing [39][57] 4. Investment Recommendations - Recommendations include focusing on specific companies within the hotel, catering, tourism, and retail sectors, such as Huazhu Group, Haidilao, and Changbai Mountain [16][59]

证券研究报告 2024年2月18日 行业：机械设备 增持 （维持） 稳中求进，守正出奇 ——机械行业2024年度投资策略 ...

化药首发定价征求意见稿出炉，探索高质量创新 证 券 药定价自由 研 究 ——医药生物行业周报（20240205-0209） 报 [Table 增_R 持at （ing 维] [◼Ta bl主e_要Su观mm点a ry] 持） 告 化药首发定价征求意见稿出炉，探索高质量创新药定价自由。据每日 [行Ta业bl:e _Indu医 st药ry]生 物 经济新闻，2月5日，国家医保局《关于建立新上市化学药品首发价格 日期: s 20h2z4q年da0t2e月m1a7r日k 形成机制 鼓励高质量创新的通知（征求意见稿）》通过有关行业协会征 求意见。《征求意见稿》的主要内容包括：新上市的化学药品首次在各 省药品采购平台申报挂网时，企业可以选择按医保部门公布的评价量 [T分ab析le师_A: utho邓r]周 宇 表，从药学、临床价值和循证证据三方面对号入座、自我测评，按分 Tel: 0755-23603292 值进入高、中、低三个组别。自评点数越高，表明药品创新价值含量 E-mail: dengzhouyu@shzq.com 越高，新上市药品首发价格的自由度就可以越高，在挂网服务方面提 SAC编号: S0870523040 ...

Investment Rating - The report maintains an "Overweight" rating for the media industry [6]. Core Views - The report emphasizes the importance of selecting targets based on the benefits from the fundamentals, particularly focusing on the AI + text/virtual human sectors, followed by AI + images [7]. - It suggests that investors should consider companies with quality data or content, particularly in the AI + content/IP/copyright sectors [7]. Market Review - In the past week (January 29 to February 4, 2024), the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Media Index fell by 6.19%, 8.06%, 7.85%, and 12.44% respectively [14]. - The top three gainers in the media sector were Zhongshi Media (31.8%), Times Publishing (6.9%), and Zhongnan Media (2.5%), while the biggest losers were Wen Investment Holdings (-33.9%), Huawen Group (-30.0%), and Longban Media (-29.8%) [14]. - In the overseas media sector, the top gainers were Qutoutiao (35.7%), Xindong Company (10.6%), and Aurora (9.7%), while the biggest losers were Fubo Group (-18.2%), Meitu (-13.3%), and Pinduoduo (-12.1%) [14]. Weekly Industry Tracking Film - The top three films by box office in the past week were "Annual Meeting Can't Stop!" (0.91 billion), "Temporary Robbery" (0.37 billion), and "Golden Finger" (0.33 billion) [17]. - The total box office for the week was 2.48 billion, with a significant decrease in audience attendance, down 31.65% week-on-week and 84.40% year-on-year [21]. Television and Variety Shows - The top ten dramas by popularity were "You Should Love," "Xianjian Si," "Pray for Today," "In Blizzard," "Dog Sheng Run," "The Great River's Years," "You Also Have Today," "Blossoms," "Our Translator," and "Happy Friends" [25]. - The top ten variety shows were "Ace vs. Ace Season 8," "Voice of Life: Family Year," "Offer Due Diligence Bureau," "Extreme Challenge Treasure Hunt: Beautiful Countryside Season," "I Want to Sing with You Season 5," "Love's Study Tour," "Happy Old Friends," "Running Man: Ecological Edition," "Unstoppable," and "This! Is Street Dance Season 6" [26]. Gaming - The report highlights the importance of focusing on AI + gaming, recommending companies such as Sheng Tian Network, Yao Ji Technology, and Perfect World [8]. - The top ten mobile games on the iOS free list as of February 4, 2024, included "Yuanmeng Star," "Egg Party," "Douluo Dalu," "Honor of Kings," and "Peace Elite" [58][59].