Investment Rating - The report assigns a "Buy" rating to China Unicom (0762.HK) [4] Core Viewpoints - China Unicom is positioned as a leading integrated information service operator, with a focus on digital information services and cloud business as a second growth curve [1][3] - The company achieved revenue of CNY 389.6 billion in 2024, a year-on-year increase of 4.6%, and a net profit of CNY 20.6 billion, up 10.1% year-on-year [1][4] - The company has a strong dividend yield, averaging over 6% from 2020 to 2024, providing a defensive attribute [1][4] Summary by Sections Company Overview - China Unicom was established in 1994 and operates in 31 provinces in China and several countries abroad, ranking 279th in the 2024 Fortune Global 500 [1][13] - The company aims to build a comprehensive digital information infrastructure to support economic and social development [13] Business Focus - The company focuses on two core businesses: "Connected Communication" and "Intelligent Network Computing" [2][3] - The Connected Communication business generated revenue of CNY 261.3 billion in 2024, a 1.5% increase year-on-year, with mobile and broadband user growth [2][45] - The Intelligent Network Computing business, which includes cloud services, generated revenue of CNY 82.5 billion, up 9.6% year-on-year, with the cloud segment alone reaching CNY 68.6 billion, a 17.1% increase [2][19] Financial Analysis - The company forecasts net profits of CNY 21.7 billion, CNY 23.2 billion, and CNY 25.1 billion for 2025, 2026, and 2027 respectively [4][5] - The average P/E ratios for 2025 and 2026 are projected at 12x and 11x, respectively, indicating a valuation below comparable companies [4] Industry Environment - The telecommunications industry in China is experiencing a slowdown, with overall revenue growth of 3.2% in 2024, while emerging businesses like cloud computing and big data are growing steadily [26][29] - New business segments accounted for 25% of total telecommunications revenue in 2024, with significant growth in cloud computing and big data [29][40] Strategic Initiatives - China Unicom is enhancing its cloud capabilities and has established over 300 integrated computing resource pools, with a computing power scale exceeding 17 EFLOPS [3][47] - The company is leveraging AI and cloud technologies to drive digital transformation across various sectors, including government, healthcare, and industrial applications [3][40]

Investment Rating - The report assigns a "Buy" rating to China Unicom (0762.HK) [4][6] Core Viewpoints - China Unicom is positioned as a leading integrated information service operator, with a focus on digital information services and cloud business as a second growth curve [1][3] - The company achieved revenue of 389.6 billion RMB in 2024, a year-on-year increase of 4.6%, and a net profit of 20.6 billion RMB, up 10.1% year-on-year [1][5] - The company has a robust dividend yield averaging over 6% over the past five years, indicating strong defensive attributes [4] Summary by Sections Company Overview - China Unicom was established in 1994 and operates in 31 provinces in China and several countries worldwide, ranking 279th in the 2024 Fortune Global 500 [1][13] Business Segments - The company focuses on two core business areas: "Connected Communication" and "Intelligent Computing" [2][3] - The Connected Communication segment generated revenue of 261.3 billion RMB in 2024, growing by 1.5% year-on-year, with mobile and broadband user numbers reaching 470 million [2][45] - The Intelligent Computing segment, which includes Unicom Cloud, generated revenue of 68.6 billion RMB in 2024, a 17.1% increase year-on-year, and is expected to become a key growth driver [2][3] Financial Performance - The company forecasts net profits of 21.7 billion RMB, 23.2 billion RMB, and 25.1 billion RMB for 2025, 2026, and 2027 respectively [4][5] - The average P/E ratios for 2025 and 2026 are projected at 12x and 11x, respectively, which are below the average for comparable companies [4] Industry Environment - The telecommunications industry in China is experiencing a slowdown, with overall revenue growth of 3.2% in 2024, but emerging businesses like cloud computing and big data are growing steadily [26][29] - New business revenue accounted for 25% of total telecommunications revenue in 2024, with cloud computing and big data revenues increasing by 13.2% and 69.2% respectively [29][40] Strategic Initiatives - China Unicom is enhancing its cloud capabilities through the integration of AI technologies, aiming to transform its business model from resource leasing to AI-enabled services [40][41] - The company has established over 300 integrated training and inference computing resource pools, with a total computing power exceeding 17 EFLOPS [47]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metal sector [5] Core Views - The report highlights the continuous increase in the price of praseodymium and neodymium oxide, suggesting a positive outlook for demand in 2025. It recommends focusing on companies with cost advantages and expansion potential in the lithium mining sector, as well as those in the cobalt market due to supply adjustments [4][26] Summary by Sections Non-Ferrous Metals - Cobalt prices remain stable at 240,000 CNY/ton with a week-on-week change of 0% [10] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -18.31 CNY/kg [24] - The price of lithium carbonate has decreased to 69,100 USD/ton, reflecting a 2.33% decline [26] New Energy Vehicle Materials - The price of praseodymium and neodymium oxide has risen to 423.30 CNY/kg, marking a 3.0% increase [26] - Lithium hydroxide prices are reported at 67,000 CNY/ton, down by 1.0% [31] - The report notes a significant increase in new energy vehicle production, with March 2025 figures showing 1.277 million units produced, a 43.9% month-on-month increase [27] Photovoltaic Materials - The price of photovoltaic-grade polysilicon has decreased to 4.34 USD/kg, down 1.1% [2] - EVA prices are reported at 11,250 CNY/ton, a decrease of 0.9% [2] Nuclear Power Materials - Uranium prices have dropped to 51.83 USD/lb, reflecting a 4.6% decrease [2] Consumer Electronics Materials - The price of indium has decreased, with rough indium priced at 24.25 CNY/kg, down 4.0% [3] - The price of silicon carbide remains stable at 5,600 CNY/ton [3] Recommendations - The report suggests focusing on companies in the non-ferrous metal sector, particularly those involved in rare earths and lithium mining, as well as cobalt and tin producers due to expected price increases [4]

2025 年 5 月 13 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】以斗争求合作，中方打到美方筹码底线——《大国博弈》系列第八十五篇 从资产价格而言，短期全球将开启一段 risk on 的交易，风险资产价格上涨、避险资 产交易热情暂歇；但美国逆全球化趋势已成，将给资产定价模式和资金流动方向带来 永久性改变，这条慢叙事逻辑依然没有被打破。 【宏观】今年以来"以旧换新"政策效果如何？——《见微知著》第二十一篇 据测算，今年一季度消费品以旧换新（家电、汽车、通讯设备）的财政乘数提高至 2.4，高于去年 9-12 月的 2.1，主要得益于国补范围拓宽至消费电子领域。预计二季 度以旧换新财政乘数仍能保持在较高水平，一是，4 月以来以旧换新申请速度进一步 加快；二是，近期第二批 810 亿元以旧换新资金下达；三是，地方政府因地制宜拓宽 国补范畴，叠加消费券配套发放，更好发挥政策效果。 【策略】【光大证券】A 股市场策略数据库-20250510 大类资产方面，本周大类资产涨多跌少，纳斯达克指数涨幅居前，WTI 原油现货价跌 幅居前。 A 股宽基指数方面，本周宽基指数涨多跌少，中小 100 涨幅居前，科创 50 ...

粮价稳步上行，种植周期崛起 — — 种 植 业 动态跟踪报告 分析师：李晓渊 执业证书编号：S0930523100002 联系人：于明正 2025年5月12日 证券研究报告 核心结论 粮价开启稳步上行，长期增量扩面趋势有望延续。 全球市场：24/25种植季，由于海外天气影响，全球玉米减产，叠加大豆价格低迷影响，新季全球玉米种植面积和产量预测向上，全球供需 预计仍将偏紧平衡。 国内市场：（1）中短期玉米库存压力缓解驱动价格回暖，种植利润修复；（2）25年Q1粮食进口大幅缩量，进口调控保障国内粮价合理、 稳定，利好长期种植意愿和种植面积扩张；（3）替代品方面，小麦供需同样趋紧，饲用替代空间有限，玉米价格仍具备一定上行空间； （4）下游养殖利润回暖，短期需求周期性改善。长期视角下，国内饲用玉米需求量持续增长，需要种植面积和单产水平提升保障主粮安全。 投资建议：把握三条主线，（1）种植：玉米、小麦等主粮价格稳步上行直接利好大种植标的，主营业务利润有望逐步改善，建议关注北大 荒、苏垦农发等；（2）种子：受益于种植景气回升，种业需求基本面逐步改善，关注具备品种优势和强推广能力的企业，建议关注隆平高 科、荃银高科、秋乐种业 ...

2025 年 5 月 12 日 总量研究 以斗争求合作，中方打到美方筹码底线 ——《大国博弈》系列第八十五篇 作者 分析师：高瑞东 执业证书编号：S0930520120002 010-56513108 gaoruidong@ebscn.com 分析师：赵格格 执业证书编号：S0930521010001 0755-23946159 zhaogege@ebscn.com 相关研报 中美会晤前哨观察：特朗普的交易底线—— 《大国博弈》系列第八十四篇（2025-05- 10） 中美关税第二轮，双方在如何出牌？—— 《大国博弈》系列第七十九篇（2025-03- 05） 从减税视角出发，特朗普后续关税力度几 何？——《大国博弈》系列第七十八篇 （2025-02-20） 如何看待美中加墨本轮关税交锋？——《大 国博弈》系列第七十七篇（2025-02-06） 野心与现实：特朗普首日新政评述——《大 国博弈》系列第七十六篇（2025-01-21） 要点 核心观点： 在中国的示范下，越来越多的国家意识到，与美谈判"以斗争求合作则合作存，以 妥协求合作则合作亡"，"美 X 谈判"进展缓慢，对美国经济、市场和特朗普选盘 逐步造成实质 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The controlling shareholder has signed a framework agreement with Japan's TDK to acquire its micro motor business, which includes over 2,000 patents, more than 2,000 employees, and a well-experienced R&D team [1] - The acquisition is expected to enhance the controlling shareholder's high-end micro motor product line, positioning it as a global leader covering the entire product range from high to low-end micro motors [1] - The company's vertical integration capabilities in the camera module supply chain are expected to improve, enhancing long-term profitability [2] - The company has initiated the "Apollo" plan to promote vertical integration of core components in camera modules through partnerships and resources from the controlling shareholder [2] Summary by Sections Camera Module Shipment and Product Structure - From January to April, the shipment volume of camera modules decreased by 16.5% year-on-year, but the proportion of 32MP and above camera modules increased by 9.1 percentage points to 56.5%, indicating a significant optimization in product structure [3] - The fingerprint recognition module shipment increased by 83.1% year-on-year, driven by improved supply-demand dynamics and product structure optimization [3] Financial Forecasts and Valuation - The net profit forecasts for 2025 and 2026 have been raised by 24% and 17% to RMB 602 million and RMB 713 million, respectively, with a new forecast for 2027 at RMB 840 million [3] - Revenue projections for 2023 to 2027 are as follows: RMB 12,530.8 million in 2023, RMB 16,151.3 million in 2024, RMB 19,377.2 million in 2025, RMB 21,701.0 million in 2026, and RMB 23,936.3 million in 2027 [4][10]

Investment Rating - The report indicates a positive investment rating for the defense and military industry, highlighting its strong performance compared to other sectors [1][2]. Core Insights - The defense and military theme fund showed a remarkable increase of 4.46% this week, outperforming other thematic funds [2][36]. - The overall market saw a rise in major asset classes, with oil prices increasing by 4.75% and domestic equity indices generally rising [12][14]. - The report notes that the TMT (Technology, Media, and Telecommunications) and gold ETFs experienced significant inflows, while stock ETFs faced net outflows [2][3]. Summary by Sections Market Performance Overview - Major asset classes experienced an overall increase, with the oil index rising by 4.75%, and the ChiNext index increasing by 3.27% [12]. - The defense and military, communication, and electric equipment sectors led the industry gains, with increases of 6.33%, 4.96%, and 4.02% respectively [14]. Fund Product Issuance - A total of 15 new funds were established this week, with a combined issuance of 6.345 billion units, predominantly in stock funds [22][23]. - The largest newly established fund was the Jianxin Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive Link A, with an issuance of 1.955 billion units [22]. Fund Product Performance Tracking - The defense and military theme fund index rose by 4.46%, while the medical theme fund saw a decline [36]. - The median return for active equity funds was 1.15%, with the top-performing funds in the defense sector showing significant gains [40]. ETF Market Tracking - The TMT theme ETF saw a notable inflow of 32.65 billion yuan, while the overall stock ETF market experienced a net outflow of 85.14 billion yuan [3][2]. - Commodity ETFs, particularly gold, continued to attract investment, indicating a shift in investor sentiment [2]. ESG Financial Products Tracking - The green bond market saw a slight decrease in issuance, with 6 new bonds totaling 6.641 billion yuan this week [4]. - Active equity, passive index, and bond ESG funds showed median returns of 1.54%, 2.04%, and 0.14% respectively, with low-carbon and sustainable development themes performing particularly well [4].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The report is optimistic about the domestic substitution of high-end reagents in the upstream life sciences sector, driven by factors such as product quality, emerging demands in oncology and CAR-T therapies, policy support, and the increasing emphasis on supply chain security amid rising global protectionism [2][24]. Summary by Sections Market Review - Over the past two weeks, the pharmaceutical and biotechnology index increased by 1.50%, underperforming the CSI 300 index by 0.06 percentage points and the ChiNext index by 2.80 percentage points, ranking 16th among 31 sub-industries [1][17]. - The Hong Kong Hang Seng Healthcare Index fell by 1.48%, lagging behind the Hang Seng China Enterprises Index by 4.31 percentage points [1][17]. Company Updates - Recent clinical application updates include new undertakings for injectable BG-C9074 by BeiGene and HDM2005 by Huadong Medicine, as well as IND applications for BGB-45035 tablets by BeiGene [27]. - Companies such as Enhua Pharmaceutical and Bide Pharmaceutical are currently in Phase III clinical trials for NH600001 and BL-M07D1, respectively [27]. Investment Recommendations - The report suggests focusing on companies like Titan Technology, Novozymes, Aladdin, Bide Pharmaceutical, Baipusais, and Yiqiao Shenzhou, which are well-positioned to benefit from the domestic substitution trend in high-end life science reagents [2][24]. Financial Forecasts and Valuations - Key company forecasts include: - Hengrui Medicine: EPS of 1.07 in 2025E with a PE of 48, rated as "Accumulate" [4]. - Mindray Medical: EPS of 10.62 in 2025E with a PE of 22, rated as "Buy" [4]. - United Imaging Healthcare: EPS of 2.39 in 2025E with a PE of 59, rated as "Buy" [4]. - Yuyue Medical: EPS of 2.32 in 2025E with a PE of 15, rated as "Buy" [4].

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347.HK) [6] Core Views - The company achieved revenue of $541 million in Q1 2025, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 0.3%, aligning with the company's guidance of $530 to $550 million [1] - The overall demand is expected to gradually recover, with structural growth in demand for products such as analog and power management due to US-China tariff policies [2] - The company is accelerating capacity expansion, with monthly production capacity expected to reach 40,000 wafers by the end of 2025 [3] - The forecast for net profit has been revised downwards for 2025-2027 due to increased depreciation pressure from accelerated capacity expansion, with expected net profits of $80 million, $180 million, and $270 million respectively [4] Summary by Sections Financial Performance - Q1 2025 revenue was $541 million, with 8-inch wafer revenue at $230 million (down 4% YoY) and 12-inch wafer revenue at $310 million (up 41% YoY) [1] - Q1 2025 gross margin was 9.2%, slightly above the lower end of the guidance range of 9%-11%, with a year-on-year increase of 2.8 percentage points [1] Demand and Market Outlook - The company expects a gradual recovery in downstream demand, with electronic consumer goods revenue accounting for 64.3% of total revenue, growing 20.9% YoY [2] - The ASP for 12-inch wafers shows signs of price increases, while the 8-inch wafer ASP is stabilizing but lacks upward momentum [2] Capacity Expansion - Huahong Semiconductor is actively advancing the construction of new manufacturing facilities, with a projected monthly capacity of 40,000 wafers by the end of 2025 [3] - Capital expenditures in Q1 2025 amounted to $510.9 million, with significant investments in 12-inch wafer production [3] Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted downwards, reflecting increased depreciation pressure from capacity expansion [4] - The current stock price corresponds to a P/E ratio of 94x for 2025 and 41x for 2026, indicating a favorable long-term growth outlook supported by capacity expansion [4]