Investment Rating - The report maintains a "Buy" rating for Meta and other companies in the media sector, including Tencent Holdings and ByteDance [4]. Core Insights - Meta's advertising revenue has shown a positive trend, with a recovery and acceleration in growth since Q1 2023, achieving nearly 20% year-on-year growth for six consecutive quarters [11][12]. - Key drivers of Meta's advertising revenue growth include globalization, increased average revenue per user (ARPPU), and rising ad prices [11][12]. - AI technology is enhancing user engagement and improving return on investment (ROI) for advertisers, contributing to the increase in both ad volume and pricing [11][12]. Summary by Sections Meta Advertising Revenue - Meta's advertising revenue is driven by globalization, ARPPU, and ad price increases, with significant growth in regions outside North America and Europe [11][14]. - The user base is stabilizing, with Instagram's Reels feature significantly increasing user engagement and time spent on the platform [31][41]. - Ad prices have been rising since Q4 2023, driven by increased advertiser demand and improved ad effectiveness due to AI [51][60]. Meta's AI Strategy - Meta plans to significantly increase capital expenditures in 2025, focusing on infrastructure and generative AI, with expected spending between $60 billion and $65 billion [63]. - The development of the Llama 4.0 model and AI assistants is anticipated to enhance user personalization and engagement [63]. - New products like AI glasses are expected to be launched in 2025, further expanding Meta's AI capabilities [63]. Investment Recommendations - The report suggests monitoring companies like Tencent Holdings and ByteDance, which are also leveraging AI to enhance user engagement and monetization [3]. - Continued investment in AI tools and platforms is expected to bolster Meta's advertising revenue and overall market position [60][63].

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is recognized as a leading designer brand in the fashion industry, maintaining a high return on equity (ROE) and a high dividend payout, showcasing its resilience in the market [8]. - The rise of "interest consumption" among younger consumers highlights the company's ability to attract a loyal customer base willing to pay a premium for personalized experiences [8]. - The company's core competitive advantages include design-led retail, a diverse brand matrix, and the integration of fan economy with digital strategies to enhance retail efficiency [8]. Financial Forecast - The company's revenue is projected to grow from RMB 4,465 million in 2023 to RMB 6,572 million by 2027, with a compound annual growth rate (CAGR) of approximately 9.3% [2]. - The net profit attributable to shareholders is expected to increase from RMB 621 million in 2023 to RMB 1,006 million in 2027, reflecting a growth rate of 11.8% in the final year [2]. - The earnings per share (EPS) is forecasted to rise from RMB 1.20 in 2023 to RMB 1.94 in 2027, indicating a steady increase in profitability [2]. Company Overview - The company operates a diverse brand portfolio, including mature brands like JNBY and emerging brands such as POMME DETERRE, catering to various consumer demographics [17]. - The company's historical development can be divided into three phases: initial establishment (1994-2004), brand matrix construction (2005-2016), and a focus on innovation and sustainability (2017-present) [18][19]. - The ownership structure is stable, with the founding couple holding a significant majority of shares, ensuring consistent management and strategic direction [20]. Industry Analysis - The trend of "interest consumption" is becoming increasingly significant, driven by younger consumers who prioritize quality and personal expression in their purchasing decisions [36]. - The report indicates that the new generation of consumers is willing to pay for products that enhance their lifestyle and social connections, emphasizing the importance of brand identity and aesthetic appeal [36][41].

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is a leading designer brand in the fashion industry, characterized by high ROE and high dividend payouts, with a robust brand matrix that caters to various consumer demographics [8]. - The rise of "interest consumption" among younger consumers highlights the resilience of designer brands, as they are willing to pay a premium for personalized experiences [8]. - The company's core competitive advantages include design-led retail, a diverse brand matrix for comprehensive market coverage, and the integration of fan economy with digital strategies to enhance retail efficiency [8]. Financial Forecast - The company's revenue is projected to grow from RMB 4,465 million in 2023 to RMB 6,572 million by 2027, with a CAGR of approximately 9.3% [2]. - EBITDA is expected to increase from RMB 1,202 million in 2023 to RMB 1,491 million in 2027 [2]. - The net profit attributable to shareholders is forecasted to rise from RMB 621 million in 2023 to RMB 1,006 million in 2027, reflecting a growth rate of 11.8% in the final year [2]. - The EPS is projected to grow from RMB 1.20 in 2023 to RMB 1.94 in 2027, with a corresponding P/E ratio decreasing from 6.5 to 7.1 [2]. Company Overview - The company operates multiple brands, including the mature brand JNBY and several growth brands, providing a diverse product offering that appeals to various age groups [17]. - The company has a stable shareholding structure, with the founders holding a significant portion of shares, ensuring consistent management and strategic direction [20]. Industry Analysis - The trend of "interest consumption" is becoming increasingly significant, with younger consumers prioritizing quality and social attributes in their purchasing decisions [36]. - The report indicates that the new generation of consumers is willing to pay more for products that reflect their personal style and social identity [41].

[Table_Page] 行业专题研究|计算机 2025 年 3 月 11 日 证券研究报告 [Table_Title] 计算机行业 医疗 IT 订单跟踪：2 月订单复苏，后续关注 AI 订单的落地 | 分析师： [Tabl | 刘雪峰 | 分析师： | 李婉云 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260514030002 | | SAC 执证号：S0260522120002 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | liwanyun@gf.com.cn | | | 请注意，李婉云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： 识别风险，发现价值 请务必阅读末页的免责声明 1 / 13 [本报告联系人： Table_C ontacter] 用不及预期；只是根据公开渠道的统计，未必能体现行业和公司订单全貌，存在趋势不一致的可能。 ⚫ 我们选 ...

[Table_Page] 深度分析|煤炭开采 证券研究报告 进口煤经济性减弱，减量因素增多，淡季有望支撑沿海市场 [Table_Summary] 核心观点： | [Table_Grade]行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-11 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author] 宋炜 -24% -15% -6% 2% 11% 20% 03/24 05/24 08/24 10/24 12/24 03/25 煤炭开采 沪深300 | | 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.com.cn | | 分析师： | 安鹏 | | | ...

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔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： 识别风险，发现价值 请务必阅读末页的免责声明 ...

Investment Rating - The report assigns a "Buy" rating for multiple companies in the media industry, including Meta, Tencent, ByteDance, and others [4]. Core Insights - Meta's advertising revenue has shown a positive trend, with a recovery and acceleration in growth since Q1 2023, achieving nearly 20% year-on-year growth for six consecutive quarters [11][14]. - Key growth drivers for Meta's advertising revenue include globalization, increased average revenue per user (ARPPU), and rising ad prices [11][14]. - AI technology is enhancing Meta's advertising performance by increasing user engagement and improving return on investment (ROI) for advertisers [11][51]. Summary by Sections Section 1: Meta Advertising Revenue - Meta's advertising revenue has been driven by globalization, ARPPU growth, and ad price increases, with significant contributions from regions outside North America and Europe [11][14]. - The user base is stabilizing, with Instagram's Reels feature significantly boosting user engagement and time spent on the platform [31][41]. - Ad prices have been rising since Q4 2023, driven by increased advertiser demand and improved ad effectiveness due to AI [51][60]. Section 2: Meta's AI Strategy - Meta plans to significantly increase capital expenditures in 2025, focusing on infrastructure and generative AI, with expected spending between $60 billion and $65 billion [63]. - The development of the Llama 4.0 model and AI assistants is anticipated to enhance user personalization and engagement [63]. - New products like AI glasses and enhanced AI tools are expected to further drive user engagement and advertising revenue [63]. Section 3: Investment Recommendations - The report suggests monitoring companies like Tencent and ByteDance, which are also leveraging AI to enhance user engagement and monetization [3]. - Continued investment in AI by Meta is expected to bolster confidence in the AI industry, with a focus on companies with strong R&D capabilities in AI [3]. - The open-source ecosystem of Llama is likely to foster innovation in various AI applications, including gaming and education [3].

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔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： 识别风险，发现价值 请务必阅读末页的免责声明 ...

Investment Rating - The report assigns a "Buy" rating for the stocks of Weining Health, Chuangye Huikang, and Jiahe Meikang, indicating an expectation of strong performance in the next 12 months [5][50]. Core Insights - The medical IT industry is experiencing a recovery in orders, with a notable increase in AI-related orders expected in the future [4][45]. - The total order amount for the medical IT industry in January-February 2025 was 767 million CNY, a decrease of 7.9% compared to the same period in 2024, while the number of orders increased by 5.2% [4][42]. - The structure of orders shows that traditional hospital information projects account for 91.2% of the total, indicating a strong demand in this area due to regulatory pressures for system upgrades [4][43]. Summary by Sections 1. Overview of Medical IT Industry Orders - The report analyzes data from 11 A-share listed medical information companies, highlighting a recovery trend in orders for February 2025 [4][12]. - The cumulative order amount for January-February 2025 was 767 million CNY, slightly down from 833 million CNY in the same period last year, while the number of orders rose to 448 from 426 [4][13][42]. 2. Monthly Order Data - In February 2025, the medical IT industry recorded an order amount of 340 million CNY, a year-on-year increase of 15.9%, with 174 orders, up 30.8% year-on-year [4][18][42]. 3. Order Structure - Traditional hospital information projects dominate the order structure, with 91.2% of total orders, followed by electronic medical records at 6.8% and medical insurance IT at 2.1% [4][39][43]. 4. Supplier Landscape - In February 2025, the leading suppliers for million-level orders were Jiahe Meikang (35.2%), Donghua Software (34.2%), and Weining Health (23.5%), indicating a high market concentration [4][33][36]. - The report suggests that leading companies will have a greater advantage in securing large orders due to stricter regulations and a more standardized bidding process [4][36][44]. 5. Investment Recommendations - The report anticipates a sustained increase in medical IT demand over the next 3-5 years, particularly with the integration of AI technologies [4][45]. - Companies such as Weining Health, Chuangye Huikang, and Jiahe Meikang are highlighted as having significant advantages, along with a recommendation to monitor AI-related medical companies [4][45].

（说明：数据来源于 wind，如无特别说明，数据截至 2025.3.7。） ⚫ 股市流动性跟踪 一级市场：上周 IPO 规模为 17 亿元，前一周 IPO 规模为 0 亿元。 [Table_Page] 投资策略|定期报告 2025 年 3 月 10 日 证券研究报告 [Table_Title] 两融规模创新高、南下流入缩量 ——广发流动性跟踪周报（3 月第 1 期） [Table_Summary] 报告摘要： 二级市场：上周两融规模创新高，日度换手率先下后上，A 股二级市 场总体呈现资金净流出。各流动性分项：国内基金（股票+混合）新发 行 77 亿元，重要股东净减持 98 亿元，两融融资增加 121 亿元，南下 资金净流入 332 亿元，交易费用 173 亿元。 2025 年 3 月（截至 3 月 7 日），南下资金净流入 332.29 亿元。3 月累 计净买入个股前五为腾讯控股、中国移动、招商银行、中国银行、比 亚迪股份。 行业结构上来看，恒生一级行业净买入前五名为金融业、资讯科技业、 非必需性消费、电讯业、公用事业；恒生二级行业净买入前五名为银 行、软件服务、汽车、电讯、保险。 投资者情绪：上周融资交易占 ...