财通策略、多行业：2024年5月金股

Industry Investment Rating - The report highlights a positive outlook for the TMT sector, particularly in areas like electronics, AI, hydrogen energy, new energy vehicles, and machinery, driven by policy and industry catalysts [2][6] Core Views - Overseas markets are expected to see a potential rebound if housing and oil prices decline by June, with domestic economic performance better than last year but showing marginal slowdown [2][6] - The US economy remains resilient, with strong liquidity and credit data, and consumer confidence and new home sales exceeding expectations [1][6] - Domestic economic growth in Q1 2024 showed a 2.3% increase in industrial enterprise revenue and a 4.3% increase in profits, setting a baseline for A-share corporate earnings [2][6] - TMT sector is favored over dividend stocks due to better risk-reward ratios, with policy and industry catalysts driving growth [2][6] Sector and Company Analysis TMT Sector - Focus on electronics (storage, consumer electronics), AI (accelerated infrastructure investment by giants like Nvidia, Meta, Microsoft, and Google), hydrogen energy, new energy vehicles (subsidies for vehicle replacement), and machinery (robotics, equipment updates) [2][6] - Policy support includes low-altitude flight subsidies in Chongqing and subsidies for new energy vehicle sales, with central and local governments sharing costs at a 6:4 ratio [2][6] - Industry advancements include the development of a 504-bit superconducting quantum computing chip in China and rising memory chip prices in Taiwan [2][6] Key Companies - Ningde Times (300750.SZ): Strong battery sales growth with stable unit profits, driven by supply chain control and scale effects. Market share increased to 48.6% domestically and 38.4% globally, supported by new product launches [7][8] - Zhejiang Dingli (603338.SH): Expanding overseas and increasing production capacity, with a focus on high-altitude platforms. The company's fifth-phase project is in trial production, enhancing product competitiveness [9] - Dongfang Yuhong (002271.SZ): Benefiting from relaxed real estate policies, the company is well-positioned in the waterproofing sector with both B2B and B2C channels driving growth [10] - Huatushanding (300492.SZ): A leading non-academic training provider in China, expected to see rapid growth due to increased demand for public service exams [11] - Hudian (002463.SZ): Positioned as a leader in AI server-related PCBs, benefiting from the global surge in computing demand and AI server upgrades [12] - Xiechuang Data (300857.SZ): Leveraging strong demand and high barriers in server remanufacturing, the company is well-positioned to capture global market opportunities [13] - Tsingtao Brewery (600600.SH): Structural upgrades in product offerings and cost efficiency improvements are driving profit growth [14] - Furee (300049.SZ): Rapid growth in medical device business, with potential upside from the FDA approval of NASH treatment Resmetirom [15] - Kuka Home (603816.SH): Optimized overseas supply chain and improved profitability, with strong potential for domestic demand recovery [16] - CICC (601995.SH): Strong asset management and investment banking capabilities, with potential for further expansion [17] Market Outlook - May is expected to be a pivotal month for A-shares, with structural performance driven by earnings growth and policy catalysts [6] - Overseas markets may see a second wave of growth if housing and oil prices decline, while domestic economic performance remains stable with limited downside [2][6]