Investment Rating - The investment rating for Sinopec Engineering (02386.HK) is "Buy" with a current price of HKD 6.23 and a target value of HKD 8.12 [6]. Core Views - The report highlights that the company maintains its special dividend and keeps the total dividend unchanged, reflecting confidence in its financial stability. The expected recovery in profit margins is anticipated as project execution progresses [6][10]. - The company reported a revenue of RMB 70.1 billion for 2025, a year-on-year increase of 9.2%, while the net profit attributable to shareholders decreased by 27.1% to RMB 1.798 billion due to declining gross margins and interest income [6][10]. - The report indicates that the decline in gross margin to 7.4% in 2025 was primarily due to underperformance in two Saudi projects, impacting the construction gross margin significantly [6][10]. Financial Forecast - Revenue projections for the upcoming years are as follows: - 2024: RMB 64.198 billion - 2025: RMB 70.074 billion - 2026: RMB 77.026 billion - 2027: RMB 84.014 billion - 2028: RMB 90.757 billion - The growth rates for these years are projected at 13.9%, 9.2%, 9.9%, 9.1%, and 8.0% respectively [2]. - The expected EBITDA figures are: - 2024: RMB 2.779 billion - 2025: RMB 2.361 billion - 2026: RMB 2.867 billion - 2027: RMB 3.293 billion - 2028: RMB 3.458 billion [2]. - The net profit attributable to shareholders is forecasted to recover to RMB 2.291 billion in 2026, RMB 2.539 billion in 2027, and RMB 2.821 billion in 2028, with growth rates of 27.5%, 10.8%, and 11.1% respectively [2][10]. Dividend Policy - The company declared a special dividend of RMB 0.094 per share, maintaining the total dividend at RMB 0.358 per share for 2025, resulting in a dividend payout ratio of 88% and a dividend yield of 6.2% as of March 16 [6][10].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 65.80 and a fair value of HKD 91.95 [5]. Core Insights - The company, Lin Qingxuan, is a leading high-end domestic skincare brand in China, known for its innovative "oil-based skincare" concept. It ranks as the 13th largest high-end skincare brand in China with a market share of 1.4% in 2024 [11][17]. - The company has achieved significant revenue growth, with a CAGR of 32% from 2022 to 2024, and reported a revenue of RMB 1.052 billion in the first half of 2025, representing a year-on-year increase of 98.3% [11][27]. - The company's flagship product, Camellia Oil Essence, has sold over 45 million bottles and has been the top-selling facial oil product in China for 11 consecutive years [11][17]. - The company has successfully integrated an OMO (Online-Merge-Offline) channel model, with 554 stores nationwide, leading the high-end skincare segment in store count [11][17]. Financial Performance - The company's main revenue is projected to grow from RMB 805 million in 2023 to RMB 4.732 billion by 2027, with growth rates of 16.5%, 50.3%, 99.4%, 45.2%, and 35.1% respectively [3]. - EBITDA is expected to increase from RMB 181 million in 2023 to RMB 975 million in 2027, reflecting strong operational efficiency [3]. - Net profit attributable to shareholders is forecasted to rise from RMB 85 million in 2023 to RMB 798 million in 2027, with growth rates of 121.1%, 92.4%, 59.6%, and 39.1% [3]. Market Position and Strategy - Lin Qingxuan has established a strong brand identity through its focus on high-quality ingredients like Camellia and small molecule peptides, with nearly 70% of its revenue coming from high-end products such as essence oils, creams, and serums [11][17]. - The company has leveraged social media platforms like Douyin (TikTok) for rapid growth, achieving a 328% increase in revenue from this channel in the first half of 2025 [11][17]. - The company plans to use proceeds from its IPO to enhance brand value, expand its sales network, and improve production and supply chain capabilities [47][48]. Industry Overview - The Chinese cosmetics market is projected to grow to RMB 688.6 billion by 2024, with skincare products accounting for 67% of this market [51][52]. - The facial oil market is expected to reach RMB 5.3 billion by 2024, with a CAGR of 42.8% from 2019 to 2024, driven by the increasing demand for anti-aging and skin-tightening products [52][59]. - Online sales of skincare products are anticipated to grow significantly, with an expected online penetration rate of 55.3% by 2024 [59].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - NVIDIA showcased multiple AI computing products at the GTC conference, focusing on enhancing the performance of inference capabilities for Agent applications [10][30] - The Vera Rubin NVL72 super node product demonstrates significant performance improvements, achieving 3.6 EFLOPs for inference and 2.5 EFLOPs for training, marking a 5x and 3.5x increase compared to previous architectures [13][11] - The introduction of the Groq 3 LPU chip aims to address the long context and low latency requirements typical in Agent inference scenarios, indicating a trend towards the integration of chip and algorithm development [16][30] - The sixth-generation NVLink technology doubles the data transfer rate to 3600 GB/s, enhancing the scalability and performance of AI computing clusters [22][23] - The Dynamo software stack enhances AI chip inference capabilities through dynamic resource allocation and intelligent memory management, reflecting a growing emphasis on optimizing inference performance [24][30] Summary by Sections AI Hardware - Key companies to watch include Cambricon, Inspur Information, and Unisoc [31] Model Providers - Notable model providers include Zhiyuan, MiniMax, Alibaba, Tencent, with a recommendation to also monitor SenseTime and iFlytek [31] AI Software - Companies in the AI software sector to consider are StarRing Technology, ZTE Information, and Paradigm Intelligence [31] Data Center Operations - Recommended companies for data center operations and scheduling services include Wangsu Science and Technology, Baoxin Software, and YunSai Zhilian, with a suggestion to pay attention to Capital Online [31]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 3.70 and a fair value of HKD 5.76 [7]. Core Insights - The company reported a net profit of CNY 6.31 billion for the year, reflecting a year-on-year growth of 15.7%, which is an improvement from the mid-year growth of 7.8%. This growth is attributed to the company's prudent investment style [7]. - The New Business Value (NBV) increased by 48.2% year-on-year, driven by a 47.3% increase in new policies, particularly from the bancassurance channel, which saw a significant growth of 69% in new policies in the second half of the year [7]. - The company's total investment return rate for the year was 4.8%, a slight increase of 0.5 percentage points year-on-year. The investment strategy remains conservative, with equities making up 13.7% of total investment assets [7]. Financial Forecast - The forecast for net profit is as follows: CNY 5.449 billion in 2024, CNY 6.307 billion in 2025, CNY 7.694 billion in 2026, CNY 9.328 billion in 2027, and CNY 9.456 billion in 2028, with growth rates of 45.8%, 15.7%, 22.0%, 21.2%, and 1.4% respectively [2]. - The expected EPS for the next five years is projected to be CNY 0.47 in 2024, CNY 0.55 in 2025, CNY 0.67 in 2026, CNY 0.81 in 2027, and CNY 0.82 in 2028 [2]. - The company's price-to-earnings (PE) ratio is expected to decrease from 6.88 in 2024 to 3.96 in 2028, indicating a potentially undervalued stock [2]. Business Performance - The company's total investment assets are projected to grow from CNY 5.818 billion in 2024 to CNY 8.466 billion in 2028, reflecting a steady increase in financial strength [29][30]. - The company's insurance service revenue is expected to increase from CNY 640 million in 2024 to CNY 850 million in 2028, indicating a positive trend in operational performance [29].

[Table_Page] 跟踪分析|汽车 证券研究报告 请注意，闫俊刚,周伟,张力月,罗英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_Title] 汽车行业 如何看待乘用车 26 年国内需求拐点？ [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-17 [Table_PicQuote] 相对市场表现 -20% -12% -4% 4% 12% 20% 03/25 05/25 08/25 10/25 12/25 03/26 汽车 沪深300 | [分析师： Table_Author]陈飞彤 | | | --- | --- | | | SAC 执证号：S0260524040002 | | | SFC CE No. BWZ819 | | | 021-38003726 | | | gfchenfeitong@gf.com.cn | | 分析师： | 闫俊刚 | | | SAC 执证号：S0260516010001 | | | 021-38003682 | | | yanjungang@gf.c ...

Power Generation and Coal Consumption - In March, the cumulative power generation from coal-fired power plants decreased by 4.5% year-on-year, while the cumulative power generation for the year fell by 0.3%[3] - The cumulative coal consumption in March decreased by 3.1% year-on-year, with a year-to-date decline of 1.3%[3] - Coal inventory at coal-fired power plants was 890,000 tons higher than the same period last year, with available days of inventory up by 4.7 days compared to last year[3] Industrial Production and Capacity Utilization - The average operating rate of 247 blast furnaces nationwide was recorded at 78.0%, down 3.0 percentage points year-on-year[4] - Key steel enterprises reported an average daily crude steel output of 201.1 million tons, a year-on-year decrease of 6.1%[6] - The operating rate of coking enterprises increased by 1.6 percentage points year-on-year, while the operating rate for PVC rose by 1.1 percentage points year-on-year[4] Real Estate Market Trends - From March 1 to March 16, the average daily transaction volume of commercial housing in 30 major cities fell by 9.8% year-on-year, compared to a 28.0% decline in February[10] - In the same period, the average daily transaction area recorded was 195,000 square meters, reflecting a year-on-year decrease of 9.8%[10] Economic Indicators and Consumer Behavior - The average daily subway ridership in ten major cities was 63.39 million, a slight increase of 0.02% year-on-year[7] - Domestic flights averaged 13,671 per day, down 8.0% month-on-month but up 10.9% year-on-year[7] Price Indices and Commodity Trends - The Business Price Index (BPI) rose to 1,055 points, an increase of 11.3% from February 28[16] - The price of Brent crude oil increased by 8.38%, while the prices of other commodities in the energy sector also saw significant gains[16]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that the hydrogen energy industry is expected to achieve large-scale applications across multiple scenarios, driven by the initiatives from three ministries to promote comprehensive hydrogen applications [6] - The main goal of the policy is to reduce the average terminal hydrogen price to ≤25 CNY/kg by 2030, with a target of ≤15 CNY/kg in advantageous regions, and to double the number of fuel cell vehicles to 100,000 by 2030 [6] - The report suggests focusing on companies such as Jiazhe New Energy, Goldwind Technology, and others in the hydrogen energy sector, with three main lines of investment: hydrogen production, hydrogen refueling stations, and fuel cells [6] Summary by Sections Policy Initiatives - The report discusses the implementation of comprehensive hydrogen application pilot projects organized by the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission [6] - The pilot projects will focus on urban clusters and multiple scenarios to enhance application scale and reduce costs [6] Financial Support - The central government will provide performance-based rewards to selected urban clusters, with a maximum reward of 1.6 billion CNY per cluster over a four-year pilot period [6] - The report outlines specific criteria for renewable hydrogen projects to qualify for rewards, emphasizing clean and low-carbon hydrogen production [6] Investment Recommendations - The report recommends monitoring specific companies within the hydrogen energy sector, including those involved in hydrogen production, refueling stations, and fuel cells [6] - Key companies mentioned include Huaguang Huaneng, Huaneng Keji, and others across various segments of the hydrogen industry [6]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In January-February 2026, China's retail sales grew by 2.8% year-on-year, with total retail sales amounting to 8.6 trillion CNY, an increase of 1.9 percentage points compared to December 2025. Excluding automobiles, retail sales reached 8.0 trillion CNY, growing by 3.7% [5] - The report emphasizes the strong performance of service consumption, with dining revenue increasing by 4.8% year-on-year [5] - E-commerce penetration rate increased to 24.2%, with online retail sales of physical goods reaching 2.1 trillion CNY, a year-on-year growth of 10.3% [5] Summary by Sections Retail Sales Performance - Total retail sales in January-February 2026 were 8.6 trillion CNY, up 2.8% year-on-year, with a 1.9 percentage point increase from December 2025 [5] - Urban retail sales totaled 7.4 trillion CNY, growing by 2.7%, while rural retail sales reached 1.2 trillion CNY, up 3.2% [5] - Retail sales of goods amounted to 7.6 trillion CNY, increasing by 2.5%, and dining revenue was 1.0 trillion CNY, up 4.8% [5] Category Performance - Retail sales growth for staple foods and beverages was 10.2% and 6.0% respectively, while tobacco and alcohol sales surged by 19.1% [5] - In the discretionary category, cosmetics and gold and silver jewelry saw year-on-year growth rates of 4.5% and 13.0% respectively [5] - Retail sales for building materials, furniture, and home appliances showed varied performance, with growth rates of -2.2%, +8.8%, and +3.3% respectively [5] E-commerce Insights - The e-commerce penetration rate reached 24.2%, with a slight decrease of 1.9 percentage points from the previous month, but an increase of 1.9 percentage points year-on-year [5] - Online retail sales of food, clothing, and household goods grew by 20.7%, 18.0%, and 4.7% respectively [5] Investment Recommendations - Retail: Focus on companies with strong transformation potential and higher profitability, such as Bubu Gao and Huijia Times, as well as undervalued high-dividend stocks like Chongqing Department Store [5] - Cosmetics: Positive outlook for high-end domestic brands like Maogeping, with strong online growth and expansion in high-end offline markets [5] - Jewelry: Monitor brands with strong market presence and high gold investment ratios, such as Laopu Gold and Mankalon [5] - Tourism: Favorable travel data from the longest Spring Festival holiday, with recommendations for Huangshan Tourism and Jiu Hua Tourism [5] - Education: Emphasize undervalued vocational education stocks with high dividends, such as Action Education and China Oriental Education [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of $4.04 and a fair value of $6.25 per ADS [7][20]. Core Insights - The report highlights that Didi Chuxing is increasing its investment in international business while steadily improving domestic order volume and profit margins. The company's core platform transaction volume reached 4.844 billion orders, a year-on-year increase of 13.5% [8][9]. - The revenue forecast for 2024-2028 shows a steady growth trajectory, with total revenue expected to reach approximately 298.19 billion RMB by 2028, reflecting a compound annual growth rate (CAGR) of around 9.21% [3][13]. Financial Forecasts - **Revenue Projections**: - 2024: 206.8 billion RMB - 2025: 226.7 billion RMB - 2026: 249.0 billion RMB - 2027: 273.0 billion RMB - 2028: 298.2 billion RMB - **Net Profit Projections**: - 2024: 1.26 billion RMB - 2025: 0.99 billion RMB - 2026: -1.45 billion RMB - 2027: 5.54 billion RMB - 2028: 8.80 billion RMB - **Non-IFRS EBITA**: - 2024: 4.33 billion RMB - 2025: 3.67 billion RMB - 2026: -1.06 billion RMB - 2027: 7.40 billion RMB - 2028: 15.37 billion RMB [3][8][13]. Business Segments - **Domestic Ride-Hailing Business**: - Expected to maintain a stable growth rate with a projected GTV of 3,605 billion RMB in 2026, reflecting an 8% year-on-year increase. Revenue from this segment is anticipated to reach 2,184 billion RMB in 2026 [9][10]. - **International Business**: - The international segment is expected to grow significantly, with GTV projected to reach 1,698 billion RMB in 2026, a 45% year-on-year increase. Revenue from international operations is forecasted to be 197 billion RMB in 2026 [10][11]. - **Other Businesses**: - This includes autonomous driving and energy sectors, with revenue expected to grow to 108 billion RMB by 2026, reflecting a 10% growth rate [11][12]. Valuation Methodology - The report employs a segmented valuation approach, assigning a 13x EV/EBITDA multiple to the domestic ride-hailing business, a 0.1x P/GTV multiple to international operations, and a 0.1x PS multiple to other business segments. This results in a total fair value of approximately 311.27 billion USD (2,147.75 billion RMB) for the company [20][21].

Investment Rating - The industry investment rating is "Buy" [4] Core Views - The Spring Festival has catalyzed demand release in civil aviation, with both supply and demand showing strong growth. The passenger load factor has increased to a high level, with domestic routes seeing a larger increase compared to international routes. In February, the total supply and demand of six listed airlines increased by 12.9% and 15.2% year-on-year, respectively, reaching approximately 125.2% and 127.3% of the levels in the same period of 2019 [9] - The performance of airlines varies, with Spring Airlines and Eastern Airlines leading in passenger load factors. The three major airlines reported a year-on-year increase in supply and demand of 13.7% and 15.8%, respectively, continuing the recovery trend. Domestic supply and demand have recovered to 134.5% and 137.4% of the levels in 2019 [9] - Ticket prices have increased year-on-year, and the overall supply-demand pattern in the industry remains positive. The average ticket price for domestic economy class in February reached 987.1 CNY (including tax), a year-on-year increase of 21.9% and an increase of 8.3% compared to 2019 [9] Summary by Sections Industry Overview - The civil aviation industry is experiencing a robust recovery, driven by the Spring Festival and increasing passenger demand. The load factors for domestic and international routes have shown significant improvement compared to pre-pandemic levels [9] Airline Performance - The three major airlines have shown a strong recovery in both supply and demand, with Eastern Airlines leading in passenger load factors. The performance of private airlines like Spring Airlines and Juneyao Airlines has also been notable, with their supply and demand recovering significantly compared to 2019 [9] Pricing Trends - The average ticket prices have risen significantly, indicating a positive trend in the industry. Despite rising oil prices due to geopolitical conflicts, the demand for flights, especially on international routes, has increased, helping to offset some of the cost pressures [9]