万联证券万联晨会

Core Insights - The report highlights a mixed performance in the domestic market, with the Shanghai Composite Index closing at 3,021.98, down 0.74%, while the ChiNext Index saw a slight increase of 0.15% [6][9] - The report indicates that the A-share market experienced a total trading volume of approximately 775.71 billion RMB, with northbound funds showing a net sell of 2.997 billion RMB [6][9] - The beauty and food & beverage sectors led the gains in the Shenwan industry classification, while non-ferrous metals and steel sectors faced declines [6][9] Company Analysis - The report discusses Mango TV's strong performance in 2023, with effective playback volume for variety shows increasing by 31% and for series by 46%, leading the long video industry [13] - The company achieved an annual revenue of 14.628 billion RMB in 2023, reflecting a year-on-year increase of 4.66%, and a net profit of 3.556 billion RMB, up 90.73% year-on-year [12] - In Q1 2024, Mango TV reported a revenue of 3.324 billion RMB, a 7.21% increase year-on-year, but a decline in net profit by 13.85% [12] Industry Trends - The report notes that the bond custody volume growth has slowed, with a total custody balance of 143.4 trillion RMB, reflecting a month-on-month increase of 0.79 trillion RMB [27] - The report highlights a significant increase in local government bonds, while the growth in national bonds has notably decreased [27] - The leverage ratio in the bond market is estimated at 108.7%, showing a slight increase of 0.4 percentage points month-on-month [28]