Investment Rating - The report assigns a "Buy" rating for the company [9]. Core Insights - The company has a solid industry leadership position, with a focus on product innovation and channel reform to drive growth. The financial performance shows a stable revenue increase and a rebound in profitability, supported by effective cost management and expansion into overseas markets [4][9]. Financial Summary - For FY2023, the company reported revenue of 23,586.33 million CNY, with a year-on-year growth of 2.87%. The net profit attributable to the parent company was 3,990.47 million CNY, reflecting an 18.36% increase from the previous year. The earnings per share (EPS) for FY2023 was 0.34 CNY, with a price-to-earnings (PE) ratio of 12.88 and a price-to-book (PB) ratio of 3.13 [2][4]. Business Performance - The company has shown a compound annual growth rate (CAGR) of 2.55% in revenue and 4.21% in net profit from FY2017 to FY2023. The gross profit margin for FY2023 was 46.60%, and the return on equity (ROE) was 25.73% [4][36]. Market Trends - The report highlights a shift towards health-oriented products, with significant growth in the health snack segment, which is expected to grow at a CAGR of 7.20%. The company is also expanding its presence in e-commerce and overseas markets, which are projected to contribute to future revenue growth [3][4]. Product and Channel Strategy - The company is focusing on product innovation, with a strong emphasis on health and wellness trends. It is also reforming its distribution channels to enhance efficiency and reach, including a significant push into e-commerce and international markets [3][4][9].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has a stable business development with a high dividend rate, focusing on technology, inclusive, and green finance as part of its three-year development plan [1][29]. - The bank's total assets and net assets are projected to grow, with total assets reaching CNY 3.23 trillion and net assets CNY 254.19 billion by the end of 2024, reflecting year-on-year growth of 4.6% and 6.5% respectively [1][18]. - The bank's loan and deposit scales are expanding, with loans reaching CNY 1.41 trillion and deposits CNY 1.71 trillion by the end of 2024, showing year-on-year growth of 2.09% and 4.3% respectively [2][18]. Summary by Sections Leadership and Strategy - The new leadership under Gu Jianzhong is expected to maintain strategic stability, with a focus on the bank's regional advantages in the Yangtze River Delta [16][25]. - The bank's ownership structure is stable, with institutional investors holding a significant portion of shares [17][20]. Business Development - The bank is enhancing its technology, inclusive, and green finance sectors, with significant growth in related loan balances [29][30]. - Retail business focuses on pension, wealth management, and credit cards, with retail AUM reaching CNY 1.02 trillion by the end of 2024, a 6.9% increase from 2023 [1][32]. Financial Performance - The bank's operating income for 2024 is projected at CNY 52.99 billion, a 4.8% increase from 2023, with net profit expected to reach CNY 23.56 billion, reflecting a 4.5% year-on-year growth [4][23]. - The bank's net interest margin is projected to be 1.17% for 2024, with a slight year-on-year decrease of 0.17 percentage points, but the decline is narrowing [2][18]. Asset Quality and Capital Adequacy - The bank maintains a strong asset quality with a non-performing loan ratio of 1.18% and a provision coverage ratio of 269.81% as of the end of 2024 [2][15]. - Capital adequacy ratios are improving, with total capital adequacy ratio at 14.21% and core tier 1 capital ratio at 10.35% by the end of 2024 [2][15].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company has established itself as a leading domestic beauty group through a multi-brand strategy, with a strong focus on product innovation and market responsiveness [2][18]. - The company is expected to achieve steady revenue growth driven by its main brand, Han Shu, and the gradual ramp-up of its sub-brands [4][31]. Summary by Sections Company Overview - The company has been deeply engaged in the beauty industry for over 20 years, launching multiple brands including Han Shu, Yi Ye Zi, and Hong Se Xiao Xiang, and is preparing to introduce new high-end and baby care brands [1][18]. Financial Analysis - The company experienced a significant revenue increase in 2023, with projected revenues of 67.93 billion and a net profit of 7.81 billion in 2024, reflecting growth rates of 62.08% and 69.42% respectively [5][25]. Business Operations - The company operates a diverse product matrix, with Han Shu accounting for 82% of revenue in 2024, while sub-brands are gradually gaining traction [30][31]. - The company is expanding its channel presence, particularly in Tmall, to complement its strong performance on Douyin [44][47]. Core Advantages - The company has established a robust R&D and marketing framework, with significant investments in proprietary research and a strong marketing presence on platforms like Douyin [3][22]. - The company’s main brand, Han Shu, has positioned itself effectively in the market, leveraging high-quality, cost-effective products to capture consumer interest [35][42]. Profitability Forecast - The company forecasts revenues of 84.90 billion, 102.89 billion, and 123.07 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 10.04 billion, 12.50 billion, and 15.20 billion [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Viewpoints - The company, Aima Technology, is a leading player in the electric two-wheeler industry, focusing on high-end and global expansion strategies. In 2024, the company is projected to achieve revenue of 21.606 billion yuan, a year-on-year increase of 2.71%, and a net profit attributable to shareholders of 1.988 billion yuan, up 5.68% year-on-year [1][2]. Summary by Sections Company Overview - Aima Technology is recognized as a leading enterprise in the electric two-wheeler sector, with a rich product matrix and a strong market presence. The company has over 2,000 dealers and more than 30,000 retail outlets, providing a robust distribution network [20][23]. Industry Analysis - The electric two-wheeler market is expected to see significant growth driven by new national standards and policies promoting the replacement of old vehicles. The global e-bike market is projected to maintain a growth rate of over 10% from 2022 to 2030 [2][43]. Financial Performance - The company has shown steady revenue growth, with total revenue reaching 20.802 billion yuan in 2022, a 35.09% increase year-on-year. The revenue from electric bicycles has been increasing, accounting for 60.34% of total revenue by 2024 [34][38]. Profitability Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 3.14, 3.74, and 4.20 yuan, with corresponding price-to-earnings (PE) ratios of 13X, 11X, and 10X [3][5]. Market Trends - The company is actively expanding its international presence, with overseas revenue increasing significantly from 1.0 million yuan in 2020 to an estimated 2.35 million yuan in 2024. The overseas gross margin is also showing signs of recovery [2][3]. R&D Investment - Aima Technology has invested 659 million yuan in research and development in 2024, reflecting an 11.75% increase year-on-year. The company holds over 2,000 patents, indicating a strong focus on innovation [3][40].

Investment Rating - The report rates the defense and military industry as "better than the market" [4]. Core Insights - The recent conflict between India and Pakistan, where Pakistan used Chinese weapons to shoot down multiple Indian aircraft, has created new opportunities for China's military trade [2][34]. - Pakistan has imported over 80% of its military equipment from China in the past five years, highlighting its role as a key partner in China's Belt and Road Initiative [2][35]. - The demand for advanced military equipment, such as air defense systems and drones, is increasing due to the ongoing tensions in the region [2][35]. Summary by Sections Market Review - The defense and military index rose by 6.33% last week, outperforming other major indices [13]. - The current PE (TTM) for the defense and military sector is 76.08, with aerospace equipment at 136.47 and ground weaponry at 144.71 [21]. Key Recommendations - Recommended companies include: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and Zhongji Aviation for downstream manufacturers; and companies like Lianchuang Optoelectronics and Guangqi Technology for military technology [3][36]. Industry Dynamics - The military industry is expected to see long-term growth, with demand recovering and production capacity improving [3]. - The global military trade market has shown steady growth, with military spending correlating with trade volume [36][42]. Military Trade Insights - The top five military exporters from 2019 to 2023 were the USA (41.7%), France (10.9%), Russia (10.5%), China (5.8%), and Germany (5.6%) [39]. - China's military exports have been rapidly increasing, with a market share of 8.35% in 2023, driven by competitive weaponry and a decline in Russian exports [42][44].

[Table_Info1] 有色金属 [Table_Date] 发布时间：2025-05-12 $$i k\neq\pm i k$$ 上次评级:优于大势 [Table_PicQuote] 历史收益率曲线 [Table_Trend] 涨跌幅（%） 1M 3M 12M 绝对收益 8% 1% -2% 相对收益 4% 2% -7% [Table_Market] 行业数据 成分股数量（只） 136 总市值（亿） 24568 流通市值（亿） 13349 市盈率（倍） 14.56 市净率（倍） 2.13 成分股总营收（亿） 31776 成分股总净利润（亿） 1882 成分股资产负债率（%） 50.80 [Table_Report] 相关报告 《黄金：情绪缓和，现实恶化，继续看多金价》 --20250506 《黄金：牛市未尽》 --20250428 《黄金：新世界秩序下的宠儿》 --20250421 《东北有色周报：关税反复+财政担忧+联储观 望，金价继续冲高》 --20250414 [Table_Author] 证券分析师：曾智勤 执业证书编号：S0550520110002 021-20363251 zengzq@nesc ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [6]. Core Insights - The report emphasizes that AI is reshaping future warfare, highlighting a global trend towards military intelligence and the significant impact of AI technologies on battlefield decision-making and operational efficiency [3][16]. - The ongoing competition among major powers in military AI applications is driving the transformation of military systems towards data-driven and autonomous decision-making [26][27]. Summary by Sections 1. Military AI as a Strategic High Ground - Military AI is defined as the deep application of artificial intelligence technologies in defense and military sectors, focusing on autonomous decision-making and intelligent perception [16]. - The report identifies the Russo-Ukrainian conflict as a pivotal moment for AI in warfare, marking it as the "year of AI combat" [3][19]. 2. AI Empowering the Military Industry - AI enhances military operations through improved intelligence analysis, decision-making, autonomous equipment, simulation training, and digital maintenance of equipment [4][11]. - The report outlines three layers of the military AI industry chain: upstream (data and hardware), midstream (technology transformation), and downstream (application scenarios) [4][5]. 3. Global Competition in Military AI - The report discusses how countries are intensifying their efforts in military AI, with the U.S. viewing AI as a core driver for its "Third Offset Strategy" [26][27]. - It highlights the emergence of companies like Palantir, which have demonstrated significant value in military applications, with its market capitalization soaring from $18 billion in early 2023 to $287 billion by Q1 2025 [4][5]. 4. Investment Opportunities - The report anticipates a surge in military orders, particularly in areas like missiles, drones, and data links, driven by the integration of AI into military equipment [5]. - It notes that the military AI sector is expected to see explosive growth in 2025, particularly in intelligent equipment empowered by AI [5]. 5. Industry Data - The defense and military industry comprises 138 constituent stocks with a total market capitalization of 25,859 billion, and a total revenue of 574.5 billion [8]. - The industry has shown strong performance with absolute returns of 15% over one month and 18% over twelve months [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market rose following the equity market this week. The convertible bonds of industries such as national defense and military industry, household appliances, machinery and equipment, automobiles, and power equipment led the gains, with increases of 2.66%, 1.99%, 1.91%, 1.74%, and 1.62% respectively. Only the media sector declined, with a drop of -0.7%. The median absolute price of convertible bonds this week was 120.6. In the stock market, all sectors rose, with the national defense and military industry, communication, power equipment, and banking industries leading the gains, with increases of 6.33%, 4.96%, 4.02%, and 3.88% respectively [1][26]. - The conversion premium rate of 100 - yuan par value convertible bonds fell to 23.86% this week. Looking at the conversion premium rates by par - value intervals, the average conversion premium rates of convertible bonds in the par - value intervals of 40 - 50, 90 - 100, and over 130 decreased, while the average conversion premium rates of convertible bonds in the remaining par - value intervals increased [1][29]. - The yields of all classic convertible bond strategies were positive this week. The yield of the stock - biased strategy was 2.72%, the yield of the bond - biased strategy was 1.06%, the yield of the balanced strategy was 1.32%, the yield of the low - price strategy was 1.31%, and the yield of the double - low strategy was 1.94% [2][33]. - In terms of convertible bonds entering special periods, Hebang Convertible Bonds and Baolong Convertible Bonds entered the conversion and redemption periods; no convertible bonds announced redemption or non - redemption; Fengyu Convertible Bonds, Wanshun Convertible Bonds 2, and Shouhua Convertible Bonds announced formal downward revisions; Ruifeng Convertible Bonds, Dongcai Convertible Bonds, Lingkang Convertible Bonds, Jiuqiang Convertible Bonds, Shunbo Convertible Bonds, Shenghong Convertible Bonds, Lanfan Convertible Bonds, Qifan Convertible Bonds, Shengxun Convertible Bonds, and Yuxing Convertible Bonds announced non - downward revisions [2][39][42]. - No convertible bonds were announced for issuance this week. Eight listed companies announced the progress of convertible bond issuance, with a planned issuance scale of 7.372 billion yuan. Seven of them adopted a combined issuance method of priority placement, online pricing, and offline placement, and one was a private placement. Two passed the board of directors' proposals, five passed the general meetings of shareholders, and one was approved for registration [3][46]. 3. Summaries According to Relevant Catalogs 1. This Week's Secondary Market Performance 1.1 This Week's Performance of Convertible Bond/Stock Market Indexes - The CSI Convertible Bond Index closed at 427.47, with a weekly increase of 1.32% and a weekly trading volume of 242.319 billion yuan; the Shanghai Stock Exchange Convertible Bond Index closed at 376.36, with a weekly increase of 1.31% and a weekly trading volume of 94.108 billion yuan; the Shenzhen Stock Exchange Convertible Bond Index closed at 306.83, with a weekly increase of 1.32% and a weekly trading volume of 155.172 billion yuan. The Shanghai Composite Index closed at 3,342.00, with a weekly increase of 1.92% and a weekly trading volume of 2,113.529 billion yuan; the Shenzhen Component Index closed at 10,126.83, with a weekly increase of 2.29% and a weekly trading volume of 3,176.346 billion yuan; the ChiNext Index closed at 2,011.77, with a weekly increase of 3.27% and a weekly trading volume of 1,489.326 billion yuan [13]. - The top three convertible bonds in terms of increase this week were Haomei Convertible Bonds (18.20%), Huaxiang Convertible Bonds (13.17%), and Outong Convertible Bonds (12.59%); the top three convertible bonds in terms of decrease were Fuxin Convertible Bonds (-1.93%), Shengxun Convertible Bonds (-1.95%), and Rundong Convertible Bonds (-2.14%) [13]. 1.2 This Week's Performance of Convertible Bond/Stock Market Industries - In the convertible bond market, the convertible bonds of industries such as national defense and military industry, household appliances, machinery and equipment, automobiles, and power equipment led the gains, with increases of 2.66%, 1.99%, 1.91%, 1.74%, and 1.62% respectively; only the media sector declined, with a drop of -0.7%. In the stock market, all sectors rose, with the national defense and military industry, communication, power equipment, and banking industries leading the gains, with increases of 6.33%, 4.96%, 4.02%, and 3.88% respectively [1][26]. - The conversion premium rate of 100 - yuan par value convertible bonds fell to 23.86% this week. Looking at the conversion premium rates by par - value intervals, the average conversion premium rates of convertible bonds in the par - value intervals of 40 - 50, 90 - 100, and over 130 decreased, while the average conversion premium rates of convertible bonds in the remaining par - value intervals increased [1][29]. 1.3 Performance of Classic Convertible Bond Strategies The yields of all classic convertible bond strategies were positive this week. The yield of the stock - biased strategy was 2.72%, the yield of the bond - biased strategy was 1.06%, the yield of the balanced strategy was 1.32%, the yield of the low - price strategy was 1.31%, and the yield of the double - low strategy was 1.94% [2][33]. 1.4 Performance of the Dynamic Pool of Convertible Bond Targets This Week The report provided the weekly performance, April performance, convertible bond prices, conversion values, and industries of 10 convertible bond targets such as Zhongte Convertible Bonds, Shanlu Convertible Bonds, and Heshun Convertible Bonds [38]. 1.5 Convertible Bonds Entering Special Periods This Week - Hebang Convertible Bonds and Baolong Convertible Bonds entered the conversion and redemption periods [39]. - No convertible bonds announced redemption or non - redemption [41]. - Fengyu Convertible Bonds, Wanshun Convertible Bonds 2, and Shouhua Convertible Bonds announced formal downward revisions [42]. - Ruifeng Convertible Bonds, Dongcai Convertible Bonds, Lingkang Convertible Bonds, Jiuqiang Convertible Bonds, Shunbo Convertible Bonds, Shenghong Convertible Bonds, Lanfan Convertible Bonds, Qifan Convertible Bonds, Shengxun Convertible Bonds, and Yuxing Convertible Bonds announced non - downward revisions [42][44]. 2. This Week's Convertible Bond Primary Market Situation 2.1 Convertible Bonds Announced for Issuance This Week No convertible bonds were announced for issuance this week [45]. 2.2 Progress of Convertible Bond Issuance Proposals Announced This Week Eight listed companies announced the progress of convertible bond issuance, with a planned issuance scale of 7.372 billion yuan. Seven of them adopted a combined issuance method of priority placement, online pricing, and offline placement, and one was a private placement. Two passed the board of directors' proposals, five passed the general meetings of shareholders, and one was approved for registration [46].

[Table_Title] 证券研究报告 / 策略专题报告 再论红利的必要性和终点 市场周观察 05 月第 2 期 报告摘要： [Table_Summary] 红利持续缩圈，TOP4 均为银行。我们梳理目前的红利方向：（1）考虑 业绩波动对于分红的影响，连续多个季度 EPS 保持稳定，或者存在向上 的预期；（2）考虑股价对于股息率的影响，筛选＞2%的方向，相对 10Y 国债收益率仍具有绝对性价比。目前筛选的方向中：TOP4 均为银行的二 级行业，国有大型银行、农商行、城商行、股份制银行；以及消费白马， 厨卫电器、白酒、白色家电；此外，交运物流保持在 3%左右的股息；而 此前明显强势的煤炭已经不在此列。 高实际利率偏好于稳定性资产。（1）传统观点认为红利占优在于无风险 利率的下行，因此拥有类债属性的红利风格凭借更高的股息率走强。但 从历史规律看，2020 年以前，国内无风险利率更多与中证红利/万得全 A 的收益同向变动；但在 2022 年后，红利股走强的逻辑并不能够用无风险 利率波动简单解释，红利风格的定价模式似乎出现变化。（2）如果我们 考虑实际利率对于资产价格的影响，我们引入了无风险利率-PPI 来指代 实 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company has a leading position in the refractory materials industry, with significant growth potential in its active magnesium oxide business for wet metallurgy [3][15] - The company is expected to see a recovery in profitability from its domestic refractory business in 2025, driven by improved competition dynamics and raw material price stabilization [2][3] Company Overview - Established in 2002 and listed in 2008, the company has over 30 years of experience in high-temperature industrial products and solutions [15] - The company has expanded internationally since 2000, with production bases in the USA and Serbia, and a strong brand presence [15][16] - In 2024, the company is projected to achieve revenue of 5.19 billion yuan and a net profit of 140 million yuan [1] Industry Overview - The refractory materials industry in China is under pressure, with a projected production of 22.07 million tons in 2024, down 4% year-on-year, primarily due to the downturn in the steel industry [2][54] - The steel industry is the main downstream market for refractory materials, accounting for approximately 70% of demand [58] Domestic Refractory Business - The competitive landscape is expected to improve due to rising concentration in the steel industry and enhanced environmental standards [2][79] - The company’s revenue from overall contracting services in 2024 is expected to account for 49% of total revenue [79] Overseas Refractory Business - The company is positioned to benefit from its overseas operations, with 28% of revenue coming from international markets in 2024 [2][16] - The company has established a direct sales network overseas, making it the first domestic refractory materials company to do so [16] Financial Summary - The company forecasts revenue growth from 5.61 billion yuan in 2025 to 6.37 billion yuan in 2027, with net profit expected to rise from 299 million yuan to 498 million yuan over the same period [4] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18, 14, and 11, respectively [3] Raw Material Prices - The price of alumina is expected to decline in 2025, while magnesium sand prices may stabilize or increase [2][3][72]