Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The international passive asset management sector has developed rapidly since its inception, with significant growth in assets under management (AUM) and management fee income, which reached $22 billion by the end of 2022, outpacing active investment growth [2][20] - Passive asset management products, primarily index funds and ETFs, are characterized by low fees, high transparency, and risk diversification, with index funds exceeding $20 trillion in size and ETFs surpassing $10 trillion by the end of 2022 [2][20] - BlackRock is the leading global passive asset management firm, with a passive investment scale of $6.62 trillion, accounting for 72% of its total AUM, while Fidelity Investments has also seen significant growth in passive products, reaching $1.3 trillion by April 2024 [2][20] - The report emphasizes the need for domestic asset management firms to upgrade their business models, optimize scale effects, and focus on innovation to remain competitive in the evolving market landscape [2][20] Summary by Sections 1. Origin and Development of International Passive Asset Management - Passive asset management began in the 1970s, gaining traction with the introduction of the Efficient Market Hypothesis and Capital Asset Pricing Model in 1965 [12] - The first passive product, the Vanguard 500 Index Fund, was launched in 1976, but it took time for the concept to gain acceptance among investors [12][13] 2. Main Products of International Passive Asset Management - Index funds and ETFs are the primary products, with ETFs experiencing rapid growth and currently dominating the market [2][20] - By the end of 2022, passive investment AUM reached $21 trillion, while traditional active management AUM was $29 trillion, indicating a narrowing gap [21] 3. Analysis of Representative Institutions in International Passive Asset Management - BlackRock and Fidelity Investments are highlighted as key players, with BlackRock focusing on passive management and Fidelity expanding its passive offerings alongside its traditional active management [78][100] 4. Insights and Lessons for Domestic Markets - Domestic asset management firms are encouraged to adopt a diversified approach that includes active, passive, and alternative investments to enhance service capabilities [2][20] - Emphasis is placed on the importance of leveraging technology and innovation to improve competitiveness and meet evolving investor demands [2][20]

[Table_Page] 行业专题研究|食品饮料 2024年6月14日 证券研究报告 [食Table_品Title] 饮料行业 安徽&河北白酒市场跟踪：淡季动销放缓，高端价盘承压 分析[T师ab：l 符蓉 分析师： 杨琳琳 e_Author] SAC 执证号：S0260514050004 SAC 执证号：S0260523120002 SFC CE.no: BNC117 021-38003552 0755-23480370 furong@gf.com.cn yll@gf.com.cn 请注意，符蓉并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 核心观点：  2023年白酒总结：格局优化，加速筑底。根据国家统计局和华夏酒报披露的数据，同时结合wind上所披露白 酒行业累计产量来看，2023年全国规模以上白酒企业产量达449.2万千升，同比下降2.8%。从规模以上酒企 产量来看，自2016年达1358.4万千升后，至2023年已出现“七连降”，当前行业总产量仅为2016年的33.1%。 全年来看，品牌力较强的企业在规模效应的影响下优势持续放大，过去在白酒牛 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - Apple has launched AI products, increasing the penetration rate of AI in smartphones. According to Apple's official website, the Apple Intelligence system can be integrated into iPhone 15 Pro and above models, enhancing capabilities such as text processing, image creation, and information retrieval. Additionally, Apple announced a collaboration between Siri and ChatGPT, allowing users to access ChatGPT's responses for free through Siri. The integration of AI with smartphones continues to expand product functionalities, driving a wave of device upgrades [2][3] - The global penetration rate of AI smartphones is expected to reach 54% by 2028, according to Canalys data. AI is driving upgrades in consumer electronics hardware, with new trends emerging in batteries and buttons. AI voice recognition is changing traditional touch interactions, impacting buttons and screens, while AI algorithms and multi-camera integration are improving photo quality [2] - Consumer electronics inventory is stabilizing and new device sales are showing positive trends. In Q1 2024, global and Chinese smartphone sales reached 290 million and 60 million units, respectively, with year-on-year growth of 8% and 6%. Inventory levels in China's consumer electronics manufacturing sector are showing signs of recovery, with capital expenditure growth projected at 13%-14% [2] - New processes and products in terminals are accelerating iterations. Following BOE's 8.6 generation AMOLED line, Visionox signed an investment cooperation memorandum in May 2024 to invest 55 billion CNY in building an 8.6 generation AMOLED line. The penetration of OLED in smartphones, tablets, and PCs is accelerating [2] - Investment recommendations include companies involved in assembly and testing automation equipment, such as Saiteng Co., Ltd. and Bozhong Precision, as well as core component upgrades with companies like Lianxin Equipment and Chuangshiji [2][3]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 18.00, compared to the current price of HKD 14.10 [1] Core Views - The company is poised for a turnaround after a period of underperformance, with industry competition becoming more rational and its leading position solidified [1] - The company and its affiliate, Haidilao, significantly increased their dividend payout ratio to 90% in 2023, supported by ample capacity, low capital expenditure, and strong cash flow [1] - The compound seasoning market remains a high-growth sector, with both hotpot seasoning and Chinese-style compound seasoning in the growth and penetration phase [2] - The ready-to-eat food market, particularly self-heating products, has slowed down after rapid growth, but opportunities exist in new product categories and channels [2] - The company is expected to benefit from affiliate growth, product quality-to-price ratio improvements, incentive model reforms, and multi-channel expansion in 2024 [2] Company Overview - The company has experienced significant growth phases, including a 15x stock price increase from 2016 to 2019, followed by a period of underperformance from 2020 to 2022 [1][11][12] - In 2023, the company's hotpot seasoning and Chinese-style compound seasoning categories resumed growth, while ready-to-eat food remained a drag due to high base effects [12] - The company's product structure is dominated by hotpot seasoning (67% of total revenue), followed by ready-to-eat food (23%) and compound seasoning (10%) [20] - The company's channel structure is shifting towards third-party sales, which accounted for 67% of total revenue in 2023, up from 44% in 2013 [22] - The company has a balanced regional presence, with 50% of revenue from South China, 44% from North China, and 6% from overseas markets [24] Industry Analysis - The compound seasoning market in China is expected to reach RMB 203.2 billion in 2023, accounting for 34% of the total seasoning market [27] - The compound seasoning market is still in the growth phase, with hotpot seasoning and Chinese-style compound seasoning being the key growth drivers [27] - The ready-to-eat food market in China exceeded RMB 200 billion in 2022, with instant noodles being the dominant category, while self-heating products have entered a slowdown phase [43] - The food processing and catering industries are the main consumption scenarios for compound seasoning, with catering being the core driver of short-term growth [29][32] Future Outlook - The company is expected to benefit from Haidilao's store expansion and overseas growth, with a projected 10% CAGR in affiliate hotpot seasoning revenue over the next three years [53] - The company plans to focus on B2B and online channels for third-party sales, with Chinese-style compound seasoning and hotpot seasoning being the key growth drivers [58] - The company is undergoing organizational reforms, including changes to its product project system and channel incentive policies, to improve responsiveness and stimulate growth [60][62] - The company's profitability is expected to remain stable, with a focus on revenue growth and capacity utilization [63]

[Table_Page] 深度分析|计算机 证券研究报告 [计Table_算Title] 机行业 [Table_G行rade] 业评级 买入 前次评级 买入 技术生态与市场发展共助算力硬件国产替代 报告日期 2024-06-13 核心[T 观able 点_Sum ：mary] 相[Ta对ble市_Pi场cQu表ote现]  在技术升级和国产替代双轮驱动下，国产算力公司迎快速发展机遇。 7% 受信创政策引导和外部环境变化，包括芯片、服务器和交换机在内的基 -3%06/23 08/23 10/23 12/23 02/24 04/24 础软硬件国产替代是大势所趋，其不仅在政务、金融、电信、能源等重 -14% 点行业快速放量，在互联网和科技公司的生态拓展也值得关注。另一方 -24% 面，AI 大模型的技术变革带来算力向智能化和集群化两个方向发展， -34% 国产AI芯片和交换机也迎来快速发展的历史机遇。 -44%  从 AI 芯片到 AI 服务器，构建稳健的国产 AI 算力基础是支撑国内 AI 计算机 沪深300 行业持续稳定发展的关键。产业链上游国家AI算力出口管制政策使得 我国 AI 产业链面临重大挑战。另一 ...

[Table_Page] 投资策略周报|通信 证券研究报告 [通Table_信Title] 行业 [Table_G行rade] 业评级 买入 前次评级 买入 Computex 2024 关键变化：算力的易用化和端侧扩散 报告日期 2024-06-10 核心[T 观able 点_Sum ：mary] [相Tab对le_P市icQ场uote表] 现 ⚫ 本次 Comuptex 2024 展会以“Connecting AI”为主旨，涵盖 AI 算 14% 5% 力、前瞻通讯、未来移动、XR、绿能永续等多个主题，其中以英伟达 -4%06/23 08/23 11/23 01/24 03/24 06/24 和AMD领衔的AI算力概念边际更新最为明显。我们为Computex上 -12% AI算力厂商及产品的发展战略总结了两个关键变化。 -21% ⚫ （1）英伟达在拔高GPU性能上限的同时，开始思考算力迭代的长期 -30% 通信 沪深300 主义战略。一是英伟达持续在软件侧洞察用户需求并给予优化方案。英 伟达在Computex会前演讲上宣布NIM（一种推理微服务）可以使用， 我们以“开箱即用”概括其思路：英伟达认同 Llam ...

[Table_Page] 跟踪分析|航运港口 证券研究报告 [航Table_运Title] 港口行业 [Table_行Grade] 业评级 买入 前次评级 买入 集运系列研究之一：新加坡港口拥堵几 报告日期 2024-06-13 何？ [相Tab对le_P市icQ场uote表] 现 [Table_Summary] 20% 核心观点： 12% 4% ⚫ 新加坡港正常运行出现压力。据新加坡海事及港务管理局（MPA）， -4%06/23 08/23 11/23 01/24 03/24 06/24 2024年1-4月新加坡港整体船舶到港数量持续攀升，同比增长4.5%， -12% 达到10.4亿吨。据AIS数据，6月以来到港船舶作业量的增加为港区 -20% 航运港口 沪深300 施加了不小的停泊压力，目前船舶进港滞留时间在不断拉长，转口箱船 到港后完成作业并重新起航的时间由7天左右拉长至约10天；港区内 集装箱堆放数量达到自2022年以来的新高，其中九成为转口集装箱。 [分Ta析ble师_A：uth or]许 可 ⚫ 压力结构分化，远洋干线与大船泊停正常，区域内短途航线大量泊停， SAC 执证号：S0260523120 ...

Investment Rating - The report maintains a "Buy" rating for the real estate industry [1]. Core Insights - The report highlights that May saw a significant number of policies related to REITs, focusing on enhancing the quality of infrastructure, including highways, affordable housing, and renewable energy projects [3][11]. - The C-REITs market experienced a decline in both comprehensive income index and trading activity in May, with a total market size of C-REITs reaching 104.76 billion yuan, a decrease of 1.28% from the previous month [4][20]. - The report indicates that the overall market performance of C-REITs was stable, with a distribution rate of 6.97% as of the end of May, reflecting a 10 percentage point increase [4]. Policy Overview and Market Outlook - In May, the central government announced support for digital transformation in transportation infrastructure, aiming for 85% of busy national highways to undergo upgrades within three years [11][12]. - Local governments, such as in Hubei and Guangdong, have implemented policies to increase the supply of affordable housing by allowing state-owned enterprises to purchase unsold residential properties [11][12]. - The report notes that as of May 31, there were 36 listed C-REITs with no new issuances during the month, indicating a stagnant market environment [20][23]. Market Review - The C-REITs comprehensive income index fell by 1.09% in May, outperforming the Shanghai Composite Index, which declined by 2.32% [31]. - The average daily turnover rate for C-REITs was 0.74%, a decrease of 0.28 percentage points from April, with total trading volume dropping to 1.942 billion shares, a decline of 15.21% [33]. - The report identifies that the real estate sector, particularly industrial parks and logistics, showed resilience with positive growth, while the concession rights sector faced declines [4][31]. C-REITs Market Dynamics - As of the end of May, the total market size of C-REITs was 104.76 billion yuan, with a circulating market value of 51.21 billion yuan, both reflecting a downward trend [20][23]. - The report outlines that there are currently 17 projects under review by the exchanges, with a total scale of 30.09 billion yuan, indicating potential future growth in the C-REITs market [15][17].

Investment Rating - The investment rating for the company is "Buy" with a current price of $3.69 and a fair value of $7.13 [1][2]. Core Insights - The company achieved its first consecutive profitable quarters, with Q1 2024 revenue of 1.392 billion RMB, a year-on-year increase of 19.65%, and a net profit of 12 million RMB, marking a turnaround from losses [2][12]. - Digital content services showed steady growth, while online marketing services experienced significant momentum, with a 125.89% year-on-year revenue increase in Q1 2024 [2][12]. - The company has improved cost control, with a sales expense ratio of 32.7%, down 15.9 percentage points year-on-year [2][12]. - AI technology has empowered all business lines, with AI-driven subscription services achieving over 140% year-on-year sales growth in Q1 2024 [2][12]. Financial Performance Summary - For 2024-2026, the company is projected to generate revenues of 6.058 billion RMB, 6.984 billion RMB, and 7.890 billion RMB, respectively, with net profits of -140 million RMB, 86 million RMB, and 199 million RMB [2][15]. - The learning services segment is expected to generate revenues of 3.463 billion RMB, 3.913 billion RMB, and 4.422 billion RMB from 2024 to 2026 [12][15]. - The smart devices segment is projected to achieve revenues of 864 million RMB, 907 million RMB, and 979 million RMB during the same period [12][15]. - The online marketing services are anticipated to generate revenues of 1.731 billion RMB, 2.164 billion RMB, and 2.489 billion RMB from 2024 to 2026 [12][15].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 33.87 CNY per share, compared to the current price of 31.05 CNY [4][10]. Core Views - The company has launched a broad-based stock incentive plan for 1,006 employees, aiming to enhance team motivation and drive operational improvements. The plan includes performance targets for revenue, profit, and asset management over the next three years [2][3]. - Domestic demand is recovering, with significant contributions expected from overseas markets. The company anticipates a 15.37% increase in revenue for 2024, with domestic revenue projected to grow by around 10% and overseas revenue by approximately 20% [2][3]. - The report forecasts a rebound in gross margin due to a decrease in costs related to raw materials, transportation, and depreciation, despite an expected increase in expense ratios to address industry competition [2][3]. Financial Summary - Revenue projections for 2024-2026 are 152.48 billion CNY, 169.53 billion CNY, and 189.84 billion CNY, reflecting year-on-year growth rates of 12.27%, 11.18%, and 11.98% respectively [3][9]. - Net profit estimates for the same period are 13.38 billion CNY, 15.09 billion CNY, and 16.98 billion CNY, with growth rates of 5.30%, 12.80%, and 12.54% respectively [3][9]. - The report indicates a projected PE ratio of 20, 18, and 16 for the years 2024, 2025, and 2026 [3][9].