东兴证券东兴晨报

Group 1: Core Views - The report suggests that state-owned banks have strong profitability stability and high dividend attractiveness, making them a good investment choice in the current low growth, low inflation, and low interest rate macro environment [3][23][26] - The valuation of state-owned banks is expected to recover due to multiple favorable factors, including stable earnings, high dividend yields, and institutional low positions [8][23][24] Group 2: Banking Sector Analysis - The average dividend yield of state-owned banks is 5.35%, which exceeds the 10-year government bond yield by over 300 basis points, indicating strong investment value [3][23] - The report anticipates that the profit growth rate of state-owned banks will remain stable in 2024, supported by rapid loan growth and a stable asset quality outlook [7][26] - As of March 1, the price-to-book ratio of state-owned banks was 0.59, reflecting a recovery from the low valuation point at the end of 2022 [26] Group 3: Artificial Intelligence Industry Insights - The report highlights that artificial intelligence is expected to become a significant engine of new productivity, with government policies increasingly supporting its development [12][14][27] - The release of high-performance AI models, such as Anthropic's Claude 3, indicates a shift towards multi-modal capabilities, which may increase demand for computational power and reshape the industry landscape [29] - Companies involved in computational power and AI model development are expected to benefit from the industry's growth, including Haiguang Information and Cambrian [14][29] Group 4: Economic and Policy Context - The report notes that the Chinese government is focusing on stimulating domestic demand to counteract the negative impact of the real estate sector on the economy [69][90] - The government is expected to implement policies that enhance consumer spending and infrastructure investment, which will support economic recovery [70][90] - The report emphasizes the importance of maintaining a balance between supply-side reforms and short-term economic growth strategies [46][70]