Investment Rating - The report maintains a "Positive" outlook on the banking industry, particularly focusing on state-owned banks [1]. Core Viewpoints - The profitability of state-owned banks is expected to remain stable, supported by high dividend yields and favorable macroeconomic conditions. The report highlights the strong potential for valuation recovery due to multiple positive factors, including institutional low positions and government support for large financial institutions [1][2]. Summary by Sections 1. Profitability Stability - The report anticipates that the profit growth rate of state-owned banks will remain stable in 2024, driven by their role in counter-cyclical adjustments and maintaining a relatively fast loan growth rate [7][12]. - Although asset yields are expected to decline, the release of policy dividends on the liability side is likely to alleviate the pressure on net interest margins, supporting stable revenue growth [7][12]. - The asset quality of major banks is projected to remain stable, with sufficient provisioning capabilities to support steady profit growth [7][30]. - From a capital perspective, the necessity for maintaining net profit growth and stable internal capital replenishment is increasing due to G-SIBs and TLAC compliance requirements [7]. 2. High Dividend Attractiveness - In the current macroeconomic environment characterized by low growth, low inflation, and low interest rates, the investment value of high-dividend stocks is rising. The banking sector's dividend yield stands at 5.29%, with state-owned banks averaging 5.35%, significantly higher than the 10-year government bond yield by over 300 basis points [1][2]. - The stability of dividends from state-owned banks is strong, with a consistent payout ratio of around 30% over the past five years, ensuring reliable dividend income for investors [1][2]. 3. Funding Support - The report notes that funding support for the banking sector is gradually forming, with domestic institutions maintaining low positions and expectations for increased market funding. As of the end of 2023, the allocation of active equity public funds to the banking sector was only 1.92%, indicating significant room for increased investment [2][3]. - The central government is expected to inject substantial capital into the sector, enhancing market confidence and supporting the banking sector [2][3]. 4. Market Outlook - The report suggests that the valuation of state-owned banks is likely to recover due to strong support from stable profitability, high dividend attractiveness, low institutional positions, and government backing [2][3]. - As of March 1, 2024, the price-to-book ratio for state-owned banks was 0.59, reflecting a recovery from the low point at the end of 2022 [2].

行 业 研 究 电力设备及新能源行业：三元路线份额 2024年3月8日 看好/维持 有望提升，前驱体行业或将受益 东 电力设备及 行业报告 兴 新能源 证 券 分析师 洪 一 电话：0755-82832082 邮箱：hongyi@dxzq.net.cn 执业证书编号：S1480516110001 研究助理 侯河清 电话：010-66554108 邮箱：houhq@dxzq.net.cn 执业证书编号：S1480122040023 股 研究助理 吴征洋 电话：010-66554045 邮箱：wuzhy@dxzq.net.cn 执业证书编号：S1480123010003 份 有 投资摘要： 限 公 三元电池份额有望迎来拐点。三元正极材料份额近年逐渐萎缩，磷酸铁锂出货量激增。我们认为这种情况可能在 2024年出 司 现拐点。主要原因有二：一、上游原材料价格下跌：在锂价持续下跌维持低位稳定的背景下，LFP和NCM的价差正在逐渐 证 缩小。根据我们的测算，单车成本差距已经收窄至 7000 元左右。二、下游需求端出现边际变化：2023 年年末以来，新能 券 源汽车新车价格连续下调，降价增配已成主要竞争手段；增程式新能源车 ...

行 业 研 究 证券行业：提振信心&化解风险，资 2024年3月8日 看好/维持 本市场生态有望持续优化 东 非银行金融 行业报告 兴 ——证监会主席吴清在记者会上的讲话点评 证 券 事件：3月6日下午，十四届全国人大二次会议举行经济主题记者会，证监会 未来3-6个月行业大事： 股 主席吴清出席该记者会并接受中外媒体采访。 无 份 严监、严管，补齐监管短板、严打违法行为，保护投资者权益被提升至崭新高 行业基本资料 占比% 有 限 度。吴清主席提出要延续之前在中央金融工作会议上对资本市场的要求，持续 股票家数 83 1.8% 公 加强监管全覆盖，“针对股票市场、债券市场、期货和衍生品市场等各领域、 行业市值(亿元) 55560.88 6.58% 司 各主体、各环节，全面检视并加快补齐监管存在的短板弱项。”细化来说，日 流通市值(亿元) 43004.64 6.4% 常监督上要抓住三件事：一是防假打假，二是规范减持，三是推动分红，打击 证 行业平均市盈率 16.51 / 违法违规行为，全方位维护资本市场的良好环境，保护投资者特别是中小投资 券 行业指数走势图 研 者合法权益。我们预计， 保护投资者权益、提升投资者参 ...

行 业 研 究 2024 年动力电池板块投资策略：行业步入 2024年3月8日 看好/维持 筑底期，关注电池出海与新技术落地 东 电力设备及 行业报告 兴 新能源 证 分析师 洪一 电话：0755-82832082 邮箱：hongyi@dxzq.net.cn 执业证书编号：S1480516110001 券 研究助理 吴征洋 电话：010-66554045 邮箱：wuzhy@dxzq.net.cn 执业证书编号：S1480123010003 股 份 投资摘要： 有 限 我们认为电动化的大势并未改变，全球新能源车渗透率仍处于S型增长曲线上升的早期阶段。随着政策的持续引导激励以及 公 产品供给的不断完善，美国、东南亚等海外市场需求有望快速发力崛起，成为行业增长的新一轮驱动力，同时快充等技术的 司 加速迭代将加速油电平价进程，我们认为动力电池作为新能源车产业链核心环节，将持续受益于产业链成长的过程，未来仍 证 将维持稳固增长趋势。 券 当前板块核心问题依旧在于供给过剩，短期内基本面仍处于筑底阶段，行业扩张速度已明显放缓，下游竞争日益激烈叠加行 研 业再融资政策的收紧，对各企业资金端压力持续提升，行业有望加速进入尾部出 ...

DONGXING 行 电新行业｜仅供策略会使用 业 研 SECURITIES 究 东 兴 证 券 竞争加剧、优胜劣汰正当时 股 份 有 限 公 ——光伏行业2024年展望报告—— 司 证 ...

Investment Rating - The report maintains a "Recommendation" rating for Agora (API.NASDAQ) [1] Core Views - The company achieved a revenue of 36 million USD in Q4 2023, a year-on-year decrease of 10.2% but a quarter-on-quarter increase of 2.9% [2] - The net loss for the quarter was 2.61 million USD, while the Non-GAAP net profit was 1.4 million USD [2] - The overall revenue decline in Q4 2023 is expected to be offset by accelerated growth in the second half of 2024 due to domestic digital business and overseas live e-commerce development [2] - Cost reduction and efficiency improvement measures have shown significant results, with expectations of achieving breakeven in 2024 [2] - The overseas market has become the main growth driver for the company, with competitors like Twilio exiting the cloud video communication segment, allowing Agora to expand its market share [2][3] Financial Summary - In Q4 2023, Agora's overseas revenue was 15.3 million USD, a decrease of 3.16% year-on-year, primarily due to a slowdown in emerging markets and reduced global venture capital [2] - The company's domestic revenue was 20.7 million USD, reflecting a stable decline of 10.39% year-on-year [2] - The gross margin for Q4 2023 was 62.9%, with a decrease of 1.1 percentage points from the previous quarter [2] - Research and development expenses were 16.31 million USD, accounting for 45.3% of revenue, a decrease of 7.7 percentage points year-on-year [2] - Sales and management expenses also saw reductions, contributing to an overall decrease in the expense ratio [2] Revenue Forecast - The company forecasts revenues of 146.8 million USD in 2024, with a growth rate of 3.7%, followed by 172.0 million USD in 2025 and 205.5 million USD in 2026, with respective growth rates of 17.2% and 19.4% [3][4] - The projected net losses for the next three years are -11.0 million USD in 2024, -2.5 million USD in 2025, and -2.2 million USD in 2026 [3][4]

Economic Growth - The GDP growth target for 2024 is set at 5%, aligning with market expectations[3] - The contribution of consumption to economic growth reached 82.5% last year, but the growth rate is expected to decline this year due to base effect[15] - Export performance is anticipated to improve slightly compared to last year, driven by overseas inventory replenishment[15] Policy Continuity - The economic policy framework remains consistent with the December 2023 Central Economic Work Conference, emphasizing a supportive fiscal and monetary policy environment[4] - A fiscal deficit target of 3% has been established, with plans to issue CNY 1 trillion in special long-term bonds this year[4][20] - Monetary policy will continue to be flexible and effective, ensuring adequate liquidity in the market[20] Real Estate and Employment - The real estate sector is expected to see a slight reduction in decline due to new financing policies and support for project completion[15] - The government aims to create over 12 million new urban jobs this year, with a focus on supporting industries with high employment capacity[4][38] - Emphasis on equal support for reasonable financing needs of real estate enterprises across different ownership types[33] Risks and Challenges - Global inflation exceeding expectations poses a risk of global recession[5] - Domestic economic recovery faces challenges such as insufficient effective demand and weak social expectations[14]

Core Viewpoints - The profitability of state-owned banks is expected to remain stable, supported by strong dividend yields and favorable policies from the central government [1][2][10] - The average dividend yield of state-owned banks is 5.35%, which is over 300 basis points higher than the 10-year government bond yield, highlighting their attractiveness in a low-growth environment [2][10] - The valuation of state-owned banks is anticipated to recover due to multiple supportive factors, including stable earnings, high dividend appeal, low institutional positioning, and government support [3][10] Earnings Stability - The profit growth rate of major state-owned banks is projected to remain steady in 2024, driven by rapid loan growth and the release of policy benefits on the liability side [1][10] - Although asset yield rates are expected to decline, the pressure on net interest margins will be alleviated, allowing for stable revenue growth [1][10] - The asset quality of major banks is expected to remain stable, with sufficient provisioning capacity to support steady profit growth [1][10] Dividend Appeal - In the current macro environment characterized by low growth and low inflation, the defensive investment value of high dividend yields is increasing [2][10] - The banking sector's dividend yield is currently at 5.29%, which is historically high, making it an attractive choice for dividend strategies [2][10] - State-owned banks have maintained a stable dividend payout ratio of around 30% over the past five years, ensuring reliable dividend income [2][10] Market Support - Institutional investors currently have low exposure to bank stocks, with only 1.92% of actively managed equity funds allocated to the banking sector, indicating significant room for increased investment [5][10] - The central government is expected to inject substantial funds into the banking sector, enhancing market confidence and supporting stock prices [5][10] - The outflow pressure from northbound capital is expected to ease, providing opportunities for structural increases in investment in the banking sector [5][10] Valuation Recovery - The current price-to-book ratio of state-owned banks is 0.59, reflecting a recovery of 0.11 from the low point at the end of 2022, indicating potential for further valuation support [10] - The valuation of state-owned banks remains at historical lows, which does not align with their stable earnings and asset quality [3][10]

行 业 研 究 计算机行业：人工智能或将成为新 2024年3月6日 看好/维持 质生产力发展重要引擎 东 计算机 行业报告 兴 ——人工智能行业动态追踪 证 券 事件： 未来3-6个月行业大事： 股 无 份 1、3月5日，2024年《政府工作报告》提出要大力推进现代化产业体系建设， 行业基本资料 占比% 有 加快发展新质生产力。要深化大数据、人工智能等研发应用，开展“人工智能+” 限 行动，打造具有国际竞争力的数字产业集群。 股票家数 274 5.95% 公 行业市值(亿元) 33110.15 3.92% 2、3月4日，Anthropic发布了新一代AI大模型系列Claude 3。该系列包含三 司 流通市值(亿元) 26695.92 3.97% 个模型，按能力由弱到强排列分别是Claude 3 Haiku、Claude 3 Sonnet和Claude 证 行业平均市盈率 187.7 / 3 Opus。 券 资料来源：恒生聚源、东兴证券研究所 研 点评： 行业指数走势图 究 人工智能有望作为新质生产力引擎加速发展。有别于传统生产力，新质生产力 报 涉及领域新、技术含量高，代表着一种科技创新发挥主导作用的生产力， ...

Core Insights - The report highlights the strong stability of profitability for state-owned banks, with expectations for steady profit growth in 2024 due to their role in counter-cyclical adjustments and continued loan growth [14][21] - High dividend yields are emphasized as an attractive investment strategy in the current low-growth, low-inflation environment, with state-owned banks offering an average dividend yield of 5.35%, significantly above the 10-year government bond yield [15][21] - The report notes that institutional investors currently have low allocations to bank stocks, indicating potential for increased investment as market conditions stabilize and confidence improves [16][21] Banking Sector Analysis - The report indicates that the total social financing (TSF) for the first two months of the year was 8.06 trillion yuan, reflecting a year-on-year decrease of 1.1 trillion yuan, primarily due to weak credit demand and slow local government bond issuance [39] - The report discusses the decline in personal loans, with a net reduction of 590.7 billion yuan in February, attributed to weak housing mortgage demand and high early repayment rates [12][39] - The banking sector is expected to maintain stable profitability levels despite pressures on net interest margins, with the potential for valuation recovery supported by favorable policies and market conditions [21][39] Real Estate Sector Insights - The report notes a continued decline in new home sales, with a year-to-date decrease of 31.95% in 26 cities, indicating ongoing weakness in the real estate market [46] - Recent policy changes, such as the lifting of restrictions on second-hand housing purchases in Hangzhou, are expected to impact market dynamics positively [48][61] - The report suggests that urban village renovations and affordable housing construction are becoming key drivers for real estate investment and market demand [49]