[Table_Au 分析师：thor]糜韩杰 SAC 执证号：S0260516020001 SFC CE No. BPH764 021-38003650 mihanjie@gf.com.cn 分析师： 曹倩雯 SAC 执证号：S0260520110002 021-38003621 caoqianwen@gf.com.cn 分析师： 左琴琴 SAC 执证号：S0260521050001 SFC CE No. BSE791 021-38003540 zuoqinqin@gf.com.cn 分析师： 李咏红 SAC 执证号：S0260523100001 021-38003542 liyonghong@gf.com.cn 分析师： 李悦瑜 SAC 执证号：S0260524120002 021-38003784 liyueyu@gf.com.cn -24% -15% -6% 2% 11% 20% 03/24 05/24 08/24 10/24 12/24 03/25 纺织服饰 沪深300 请注意，曹倩雯,李咏红,李悦瑜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_Page] ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 1.50 and a fair value of HKD 2.41 [2]. Core Views - The company has a comprehensive AIDD technology platform that enhances its operational efficiency and competitive edge, with a significant recovery in its CRO business expected due to cost reduction and industry recovery [7]. - The introduction of strategic investors has helped the company address its debt crisis and improve governance and management [7]. - The company's revenue is projected to grow significantly, with expected main revenues of RMB 2,053 million in 2024, RMB 2,393 million in 2025, and RMB 2,823 million in 2026 [7]. Summary by Sections 1. Strategic Investment and AIDD Technology Platform - The company has introduced strategic investors to alleviate its debt crisis and has restructured its operations to enhance efficiency [7][30]. - The transition from SBDD/FBDD/ASMS platforms to a full-process AIDD technology platform has been pivotal, leveraging AI to improve drug discovery processes [7][34]. 2. Industry Recovery and Project Advancement - The CRO business is gradually recovering, with new orders increasing post-2024 Q2, supported by AI applications and cost efficiency measures [7][60]. - The company has expanded its client base to over 2,350, indicating a robust demand for its services [7][56]. 3. Financial Projections and Investment Recommendations - The company is expected to see a turnaround in profitability, with adjusted net profits projected to reach RMB 257 million in 2024 and RMB 323 million in 2025 [7]. - The report anticipates a PE ratio of 15x for 2025, leading to a fair value estimate of HKD 2.41 per share [7].

[Table_Page] 跟踪分析|煤炭开采 证券研究报告 [Table_Title] 进口煤系列报告之二 怎么看 2 月以来不同热值进口煤价表现分化? [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-12 | [Table_PicQuote] 相对市场表现 -20% -12% -4% 4% 12% 20% 03/24 05/24 08/24 10/24 12/24 03/25 煤炭开采 沪深300 | [分析师： Table_Author]宋炜 | | | --- | --- | | | SAC 执证号：S0260518050002 | | | SFC CE No. BMV636 | | | 021-38003691 | | | songwei@gf.com.cn | | 分析师： | 沈涛 | | | SAC 执证号：S0260523030001 | | | SFC CE No. AUS961 | | | 010-59136686 | | | shentao@gf. ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The IDC industry is experiencing rapid growth driven by explosive demand for computing power and new infrastructure policies, with the market expected to exceed 750 billion yuan from 2025 to 2028 [6][9] - The IDC structure includes data centers, cloud services, and edge computing, which support various applications across multiple sectors [15][19] - The construction of data centers is primarily led by state-owned enterprises, while private companies are also participating through their technological advantages [46][47] Summary by Sections 1. Industry Data Foundation: IDC - IDC serves as the core of the digital economy, expanding its functions from basic data storage to supporting modern industrial ecosystems [15] - It provides high-performance computing and distributed computing resources essential for AI model training and data security [16] 2. Industry Chain: Upstream, Midstream, and Downstream Value Disparities - Upstream includes hardware and software suppliers, accounting for 71% of IDC construction investment [24] - Midstream involves construction companies that handle the design and construction of data centers, representing 25% of IDC investment [24] - Downstream consists of operators and service providers, with companies like China Energy Construction and China Communications Services expanding their roles [24][25] 3. Explosive Demand for Data Processing and Policy Support - The demand for IDC infrastructure is driven by the explosion of 5G data traffic and AI applications, with the market for servers expected to grow significantly [6][9] - Policies promoting regional data infrastructure development are enhancing the IDC layout, particularly in the northwest [6][9] 4. Investment Recommendations - Construction companies can leverage their resources to address energy consumption and power supply issues in IDC projects, suggesting a focus on companies like Deep Sanda A and China Construction [6][9] - Key investment targets include cloud computing companies and those involved in communication power construction [6][9] 5. Key Company Valuations and Financial Analysis - China Construction (601668.SH) has a current price of 5.35 CNY with a target value of 7.05 CNY, indicating a "Buy" rating [7] - Hainan Huatie (603300.SH) is also rated "Buy" with a current price of 12.22 CNY and a target value of 8.02 CNY [7]

[Table_Page] 深度分析|建筑装饰 证券研究报告 [Table_Title] 建筑装饰行业 算力需求爆发、新基建政策双轮驱动 IDC 景气度向上，建筑企 业产业链多点开花 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-12 | [Table_PicQuote] 相对市场表现 -24% -15% -6% 2% 11% 20% 03/24 05/24 08/24 10/24 12/24 03/25 建筑装饰 沪深300 | [分析师： Table_Author]耿鹏智 | | | --- | --- | | | SAC 执证号：S0260524010001 | | | 021-38003620 | | | gengpengzhi@gf.com.cn | | 分析师： | 尉凯旋 | | | SAC 执证号：S0260520070006 | | | 021-38003576 | | | yukaixuan@gf.com.cn | | 分析师： | 乔钢 | | | ...

[Table_Page] 跟踪分析|汽车 证券研究报告 [Table_Title] 汽车行业：AI 赋能汽车系列 人形机器人领域：逻辑比事实更重要 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-03-12 [Table_PicQuote] 相对市场表现 -14% -3% 8% 18% 29% 40% 03/24 05/24 08/24 10/24 12/24 03/25 汽车 沪深300 | [分析师： Table_Author]闫俊刚 | | --- | | SAC 执证号：S0260516010001 | | 021-38003682 | | yanjungang@gf.com.cn | | 分析师： 陈飞彤 | | SAC 执证号：S0260524040002 | | 021-38003726 | | gfchenfeitong@gf.com.cn | | 分析师： 纪成炜 | | SAC 执证号：S0260518060001 | | SFC CE No. BOI548 | | 021-38003594 | | jicheng ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report discusses the impact of the Russia-Ukraine conflict on the shipping market, highlighting that the geopolitical situation has significantly reshaped global energy supply chains and commodity trade patterns. A potential ceasefire could bring new risks and opportunities for oil and dry bulk shipping [6][19]. - For oil shipping, the report outlines two scenarios: a partial ceasefire where the U.S. lifts sanctions but Europe maintains restrictions, leading to limited changes in trade flows; and a complete ceasefire that could significantly alter demand dynamics for different types of tankers [20][39]. - In dry bulk shipping, the report emphasizes that post-war reconstruction in Ukraine could drive structural demand growth, with significant needs for construction materials estimated to exceed $500 billion, potentially increasing shipping demand by over 1% annually [6][79]. Summary by Sections Section 1: Russia-Ukraine Ceasefire Developments - The report details ongoing ceasefire negotiations, indicating that while some progress has been made, significant geopolitical imbalances remain, particularly with U.S. influence dominating the talks [6][19]. - The conflict has restructured global energy supply chains, with implications for shipping markets depending on the outcome of ceasefire negotiations [19]. Section 2: Oil Shipping Dynamics - The report analyzes the impact of the Russia-Ukraine conflict on oil shipping, noting a shift in trade flows from Europe to Asia, particularly to China and India, which have significantly increased their imports of Russian oil [20][24]. - It highlights the emergence of a "shadow fleet" of older tankers used by Russia to circumvent sanctions, which now constitutes over 51% of the global shadow fleet capacity [32]. - The report presents two scenarios for the future of oil shipping: a partial ceasefire with limited impact on trade flows and a complete ceasefire that could lead to a demand increase for VLCCs (Very Large Crude Carriers) while reducing demand for Aframax tankers [46][39]. Section 3: Dry Bulk Shipping Opportunities - The report discusses the potential recovery of Ukrainian grain and iron ore exports post-ceasefire, estimating that Ukraine could restore 70-80% of its pre-war export levels within a few months, significantly benefiting dry bulk shipping [50][53]. - It emphasizes the reconstruction needs in Ukraine, which could drive demand for construction materials and thus increase shipping volumes by approximately 1.89 million tons annually, representing about 3.41% of global dry bulk shipping volume [84][79]. Section 4: Investment Recommendations - The report suggests focusing on companies that could benefit from the evolving shipping landscape, particularly those involved in oil and dry bulk shipping, recommending stocks such as China Merchants Energy, COSCO Shipping Energy, and Haitong Development [87].

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The humanoid robot industry is on the verge of mass production, with significant advancements expected in 2024, marking a pivotal year for the sector [7][13] - Automotive companies are accelerating their entry into the humanoid robot market, leveraging their existing supply chain advantages and expertise in AI and automation [7][41] - Investment opportunities are identified in companies with strong overlaps in existing automotive business and humanoid robot capabilities, particularly in the midstream supply chain [7][55] Summary by Sections Humanoid Robots Overview - Major global players in the humanoid robot sector are making significant progress, with many products entering pilot testing phases in 2024 [13] - Humanoid robots consist of five main modules, with the joint components representing a significant cost portion [16][19] - The estimated BOM cost for humanoid robots is approximately 316,200 CNY per unit, with joint components accounting for about 50% of the total cost [22][31] Automotive Sector - Automotive companies are uniquely positioned to commercialize humanoid robots due to their existing supply chains and expertise in AI from autonomous driving research [41][42] - The demand for humanoid robots in automotive manufacturing is driven by the need for automation in complex assembly processes that currently rely heavily on human labor [41][42] Parts Suppliers - Automotive parts suppliers are encouraged to explore humanoid robot business opportunities, particularly those with strong customer overlaps and technological synergies [53] - Companies such as Top Group, Silver Wheel, and Aikodi are highlighted as having potential advantages in expanding into the humanoid robot market [55]

[Table_Page] 公司深度研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】金山云（03896.HK） 背靠小米金山，AI 为翼，发展再提速 [Table_Summary] 核心观点： 盈利预测：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.931 人民币） | [Table_ 单位 Finance] :人民币百万元 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,180 | 7,047 | 7,696 | 9,321 | 11,151 | | 增长率 （ ） % | -9.7% | -13.8% | 9.2% | 21.1% | 19.6% | | 经调整EBITDA（百万元） | -755 | -265 | 613 | 2,417 | 3,487 | | 经调整净利润（百万元） | -1,994 | -1,291 | -858 | -170 | 147 | | EPS（元/股） | -0.73 | -0.61 ...

[Table_Page] 公司深度研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】金山云（03896.HK） 背靠小米金山，AI 为翼，发展再提速 [Table_Summary] 核心观点： 盈利预测：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.931 人民币） [分析师： Table_Author]杨琳琳 SAC 执证号：S0260514050004 SFC CE No. BNC117 0755-23480370 yll@gf.com.cn 分析师： 刘雪峰 SAC 执证号：S0260514030002 SFC CE No. BNX004 021-38003675 gfliuxuefeng@gf.com.cn 分析师： 吴祖鹏 SAC 执证号：S0260521040003 wuzupeng@gf.com.cn -32% 91% 214% 336% 459% 582% 03/24 05/24 07/24 09/24 11/24 01/25 03/25 金山云 恒生指数 请注意，吴祖鹏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。 | ...