中原证券晨会聚焦

Media Sector - The media sector experienced a decline of 0.53%, underperforming the CSI 300 index by 0.85 percentage points, with a trading volume of 146.195 billion yuan, down 5.84% month-on-month [1] - Sub-sectors showed mixed performance, with internet audio and video rising by 8.21%, driven by the popularity of the variety show "Singer 2024," while social and interactive media fell by 5.02% [1] - The report suggests monitoring the recovery progress in film, gaming, and advertising sectors, while the book publishing sector may face profit impacts due to tax policy changes, yet companies with high dividend yields remain valuable for long-term attention [1][4] Mechanical Sector - The mechanical sector declined by 1.32%, lagging behind the CSI 300 index by 1.64 percentage points, ranking 26th among 30 CS primary industries [2] - Key sub-industries such as textile machinery (+4.61%) and 3C equipment (+2.9%) showed positive growth, while service robots and forklifts performed poorly [2] - The report recommends focusing on sectors with expected fundamental reversals, including engineering machinery and high-altitude work vehicles, as well as industries benefiting from large-scale equipment updates [2] Power and Utilities Sector - The power and utilities sector fell by 0.39%, underperforming the CSI 300 index by 0.71 percentage points, with mixed performance across sub-industries [3] - The report highlights the expected increase in demand for electricity and gas as summer approaches, with a potential for price hikes in public utility services [3] - It is advised to focus on leading companies in the power and gas sectors that have stable profitability and strong dividend capabilities [3] Semiconductor Sector - The semiconductor sector showed a recovery trend in Q1 2024, with revenues reaching 124.665 billion yuan, a year-on-year increase of 25.59% [39] - The report indicates that the storage segment is experiencing significant growth, with major companies like Jiangbolong and Demingli continuing to see rapid revenue and profit increases [39] - Global semiconductor sales have shown a consistent year-on-year growth, indicating a recovery in consumer demand and a positive outlook for the sector [39][41] Communication Sector - The communication sector index rose by 0.41%, outperforming the CSI 300 index, with a trading volume of 1600.48 billion yuan, down 11% month-on-month [13] - The report notes that operators are expanding into new business areas, with emerging business revenues growing by 12.2% year-on-year [7] - The demand for high-speed optical modules is expected to increase significantly, driven by the growth of cloud computing and data centers [39]