投资评级:看好(维持) 相关报告 1. 《情绪支撑猪价有所上行，反转渐进 持续推荐》 2024-05-12 2. 《需求平淡猪鸡价格震荡，静待猪周 期反转》 2024-05-07 3. 《猪价格周期反转渐进，宠物食品内 外销齐发力》 2024-04-21 ❖ 生猪养殖：猪价震荡上行，周期反转渐进。看涨情绪下二育进场，对猪价有所支 撑，供应量无明显压力，猪价震荡延续上行。中长期，现企业金流压力增加明 显，价格周期反转渐进，建议配置生猪养殖。1）数量端：3 月能繁母猪存栏延 续去化。据国家统计局数据，3 月底能繁母猪存栏数量 3992 万头，季环比-3.6% （3 月环比-1.24%）。2）价格端：震荡向上。根据涌益咨询，5 月 16 日，商品猪 出栏价为 15.19 元/kg，周环比+1.54%相关标的：牧原股份，温氏股份，新五 丰，巨星农牧。 ❖ 禽类养殖：白鸡价格稳定。据钢联统计，2024 年 4 月祖代引种及自繁更新量在 15.10 万套，环比+6.71%。下游毛鸡有一定缺口或对价格形成支撑，后续商品代价格有 望和猪价形成共振。相关标的：圣农发展，益生股份。 ❖ 动保：行业需求有望触底回升，潜在成长性持续 ...

| --- | --- | --- | |-------|------------------------------------|-------------------------------| | | | | | | | 证券研究报告 | | | | | | | | | | | 全球资金流入股票市场 119 | 亿美元 ——全球资金观察系列 106 | | | 分析师：李美岑 SAC：S0160521120002 | | | | | | | | 联系人：熊宇翔 | | | | | | | | | 报 告日期： 2 0 2 4 . 5 . 1 8 | 国内市场资金需求：本周募资总额55.14亿元，募集家数5家；相较上周53.84亿元募资规模小幅上升。其中IPO规模3.57亿元，首发家数为1家；定增募集规模36.97亿元。 风险提示： | --- | --- | |-------|-------------------------------------------------------------------| | | | | 01. | 全球资金大类流向：资金流入股票市场119亿美元，流出货币市场37亿 ...

Monetary Policy - The People's Bank of China announced a reduction in the personal housing provident fund loan interest rate by 0.25 percentage points, effective from May 18, 2024, with first-time home loan rates set at 2.35% for loans under 5 years and 2.85% for loans over 5 years[4] - The minimum down payment for first-time home buyers is adjusted to no less than 15%, while for second-time buyers, it is set at no less than 25%[4] Real Estate Market - In the first 16 days of May, the sales growth rate of new homes in 42 cities decreased significantly, with a decline rate of 37.7%[33] - The average price growth rate of second-hand homes in 108 cities narrowed to -0.4% in the first two weeks of May[18] Consumer Market - Retail sales growth for essential and discretionary goods showed mixed results, with essential goods growing at 5% and discretionary goods declining by 1.3% in April[74] - The April retail sales growth rate for limited above retail fell to 0.9%, while the online retail sales growth rate dropped to 11.1%[76] Industrial Production - Industrial production is gradually stabilizing, with average daily coal consumption by six major power generation groups showing an increase in early May[11] - The production of ten non-ferrous metals saw a slight year-on-year decline of 7% in April[55] Transportation and Logistics - The freight index showed a mixed trend in early May, with an increase in the overall freight flow index, indicating a recovery in logistics activity[53] - The railway freight volume turned positive year-on-year in early May, reflecting improved logistics performance[54]

ROE-TTM环比 房地产开发 2.0% ● 造纸 1.5% 1.0% · 白色家电 ● 地面兵装Ⅱ ● 专业工程 0.5% ● 汽车零部件 ● 电力 · 光学光电子 · 普钢 · 航海装备Ⅱ -0.0% 计算机设备 电子化学品工。 归母净利润TTM同比 家居用品 · 广告营销 -0.5% ● 多元金融 ● 数字媒体 -1.0% ● 汽车服务 ● 农业综合II ● 房屋建设I -1.5% 焦炭 -2.0% -50.0% 50.0% 200.0% -200.0% -150.0% -100.0% 0.0% 100.0% 150.0% 归母净利润TTM同比为负 ROE环比改善 归母净利润TTM同比为负 归母净利润TTM同比为正 ROE环比下降 ROE环比改善 ◆ 业绩下滑，但盈利能力已出现改善的 板块包括房地产开发、地面兵装、造 纸、光学光电子以及航海装备，ROE ◆ 盈利能力下滑较明显的行业集中在中 下游,如房屋建设、汽车服务、广告 ROE环比下降 数据来源: Wind, 财通证券研究所 注：房地产开发、商用车、焦炭数值过大，2024Q1的ROE环比分别变化4.6pct、-4.6pct、-4.6pct，归母净利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights an improvement in overseas liquidity expectations and favorable policies for the Hong Kong stock market, which are expected to enhance trading activity and profitability for the Hong Kong Stock Exchange (HKEX) [3][27] - The report anticipates a recovery in average daily turnover (ADT) for HKEX, driven by supportive domestic policies and improved overseas liquidity [27] Summary by Sections Market Environment - The Hong Kong stock market experienced a strong rebound in April, with the Hang Seng Index increasing by 7.4%, the Hang Seng Tech Index by 6.4%, and the Hang Seng Financial Index by 9.6% [7] - The average daily turnover (ADT) for HKEX in April was HKD 112.3 billion, reflecting a month-on-month increase of 1.0% and a year-on-year increase of 3.1% [3][7] - Southbound trading showed significant growth, with a 3.8% month-on-month increase in ADT to HKD 38.1 billion [11][7] Macro Environment - The domestic economic fundamentals remain stable, with the manufacturing PMI at 50.4 in April, indicating continued expansion [20] - In the U.S., non-farm payrolls increased by 175,000 in April, which was below expectations, leading to a rise in market expectations for a potential interest rate cut by the Federal Reserve in September [20][24] Investment Recommendations - The report suggests that the combination of improved overseas liquidity and favorable policies for the Hong Kong stock market will lead to a recovery in trading activity, positively impacting HKEX's profitability and valuation [27] - The projected net profits for HKEX for 2024, 2025, and 2026 are HKD 12.44 billion, HKD 12.93 billion, and HKD 13.98 billion, respectively, with year-on-year growth rates of 4.9%, 3.9%, and 8.2% [27][30]

轻工制造 /行业投资策略月报 /2024.05.17 4 月社零总额同比+2.3%，高基数下增速放缓 证券研究报告 投资评级:看好(维持) 轻工社零数据月度跟踪 最近12月市场表现 核心观点  2024年4月社零总额同比+2.3%，增速环比再下降。2024年4月社零总 轻工制造 沪深300 额 3.57万亿元（+2.3%，前值+3.1%），除汽车以外的消费品零售额 3.22 万亿 7% 元（+3.2%，前值+3.9%）。2024年4月市场销售呈现弱复苏态势，同期高基数 0% 下整体社零增速有所放缓，有效需求仍待提升。 -7% -13%  2024年4月家具类社零同比+1.2%，增速环比提升1.0pct。分品类来看， -20% 家具方面，2024 年 4 月家具零售额同比+1.2%（前值+0.2%），增速环比提升 -26% 1.0pct；日用品方面，2024年4月日用品零售额同比+4.4%（前值+3.5%），增 速环比提升0.9pct；纺织服饰方面，2024年4月服装、鞋帽、针纺织品类零售 额同比-2.0%（前值+3.8%），增速转负；文化办公用品方面，2024年4月零售 分析师 吕明璋 SAC证书编号：S ...

轻工制造 /行业点评报告 /2024.05.17 降首付降利率，推进地产去库落到实处 证券研究报告 投资评级:看好(维持) 轻工行业政策点评 最近12月市场表现 核心观点  事件：2024年5月17日，央行、国家金融监督管理总局发布《关于调整个人 轻工制造 沪深300 住房贷款最低首付款比例政策的通知》称，对于贷款购买商品住房的居民家 7% 庭，首套住房商业性个人住房贷款最低首付款比例调整为不低于15%，二套住 0% 房商业性个人住房贷款最低首付款比例调整为不低于25%。同日，央行宣布自 -7% 5月18日起下调个人住房公积金贷款利率0.25个百分点，取消全国层面首套 -13% 住房和二套住房商业性个人住房贷款利率政策下限。 -20% -26%  降首付降利率，推进房地产去库存落到实处。两部门调整个人住房贷款最 低首付款比例，首套房和二套房分别降至 15%和 25%（此前分别为 20%和 30%），同时央行下调个人住房公积金贷款利率0.25个百分点，取消全国层面 分析师 吕明璋 SAC证书编号：S0160523030001 首套住房和二套住房商业性个人住房贷款利率政策下限。我们认为，当下时点 lvmz@c ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 2.847 billion yuan in 2023, representing a year-on-year increase of 4.7%, while the net profit attributable to shareholders was 500 million yuan, down 8.72% [3] - In Q4 2023, the company reported a revenue of 662 million yuan, up 14.24%, but a net profit of -1 million yuan, down 134.01% [3] - For Q1 2024, the company achieved a revenue of 708 million yuan, an increase of 5.03%, and a net profit of 173 million yuan, up 2.51% [3] - The company expects continued quarterly improvement in performance, particularly as the price of dental implants enters a low base in Q2 2024 [3] - The orthodontics segment is under short-term pressure, while the implant business is experiencing rapid growth, with a 47% year-on-year increase in implant volume in 2023 [3] Financial Performance Summary - Revenue forecast for 2024-2026 is 3.072 billion yuan, 3.406 billion yuan, and 3.772 billion yuan respectively, with net profits of 604 million yuan, 707 million yuan, and 814 million yuan [4] - The corresponding PE ratios are projected to be 33.91, 28.99, and 25.19 [4] - The company maintained low expense ratios in 2023, with sales, management, and financial expense ratios at 1.03%, 10.85%, and 1.74% respectively [3] - The gross profit margin and net profit margin improved significantly in Q1 2024, reaching 44.63% and 28.79% respectively [3]

而是去在产品的体验上做了那么多的提升和改进其中可能让大家最记忆犹新的就是这次TICPP和我们用户的交互变得非常的逼真 非常的迷人甚至在交互的这个过程中特别是在多媒体的交互过程中能够做到实时的 这样一个交互,所以从这一点来说,我想请教一下专家,就是从您的观看的体验,包括从潜在技术实践的角度,能不能为我们来分析一下这种非常女人化的交互体验是怎么实现的吗?谢谢。好的,谢谢这个问题。首先就是前几天这个GPSO发布, 其实它最大家都知道的它它也比较强调的一个点是它是一个端到端的一个多模态模型就是它输入是多模态的然后输出也是多模态的这个和之前的一些工作啊比如说GPT-4V或者说是这种LAVA那种工作是不太相同的 这里有一个比较重要的区别是什么就是说如果是多模态理解的话它如果生成才是文本那么它的这种多模态的话可以说是粘合上去的它甚至都不用变形词表但是如果是多模态生成的话现在普遍的业界的方案是说 它是训练了当然可以是在文本的文本模型的基础上进行这种Post Training但是它一定是去扩充了词表的也就是它的语音的模态和这种文和视觉的模态它是有单独的词表这个是和之前的一个模型最大的区别然后这个端到端呢就是说也是它实现这种非常 ...

计算机 /行业专题报告 /2024.05.16 交通信息化景气度如何？ 证券研究报告 投资评级:看好(维持) 核心观点 最近12月市场表现 ❖ 铁路轨道：交通强国要领之一，设备更新政策提振行业需求 2023 年我 国轨道投资额同比增长 19.6%，铁路投资由 2023 年期回正，增速呈逐月上升 计算机 沪深300 趋势。2009-2023年，我国高铁营业里程从0.27万公里提升至4.5万公里。2020 20% 年8月，国家铁路集团提出到2035年，全国铁路网达到20万公里左右，其中 8% 高铁7万公里左右。无论是低时延、高可靠的5G专网，还是智能化的铁路防 -3% 护系统与设备，其核心目的都是保证铁路安全、高速、稳定地运行。随着我国 -15% 铁路提速进程持续开展，根据我们测算，2030 年我国铁路信息化年投入有望 -26% 达千亿。 -38% ❖ 公路水路获政策加码，支持交通基础设施数字化转型。《加快建设交通强 国五年行动计划(2023—2027年)》明确未来五年交通强国的建设目标，构建十 分析师 杨烨 大行动框架。2024 年5 月1 日，财政部、交通运输部联合发布《关于支持引 SAC证书编号：S0160 ...