[Table_Title] 宏观研究报告 2025年2月19日 | [Table_Summary] FICC | 策略：打破常规叙事，欧元为何上涨？ | | | james.zhan@gtjas.com.hk | 詹春立 +852 2509 7745 | 张潇子骄 +852 2509 5317 hunter.zhang@gtjas.com.hk | | --- | --- | --- | --- | --- | --- | --- | | | 在"美欧分歧"和"美国通胀再起"叙事逻辑下，欧元逆势走强 | | | | | | | 1.06 | | | | | | | | 1.05 | | | | | | | | 1.04 | | | | | | | | 1.03 | | | | | | | | 1.02 | | | | | | | | 1.01 | | | | | | | | 1.00 25-01 | 25-01 欧元兑美元汇率 | 25-01 | 25-01 | 25-01 | 25-02 | 25-02 | 资料来源： Wind ，国泰君安国际。 海 外 宏 观 研 究 证 券 研 究 报 告 请务必阅读正 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the automotive sector [2]. Core Insights - The report indicates that some car purchase demand was released ahead of the Spring Festival, and the "trade-in" policy will continue to support sales in 2025 [11]. - In January 2025, the retail sales of narrow-sense passenger vehicles in China were approximately 1.79 million units, a year-on-year decrease of 12.1% and a month-on-month decrease of 31.9% [11]. - The penetration rate of new energy vehicles (NEVs) reached 41.5% in January 2025, up 8.7 percentage points year-on-year [11]. - The report highlights that the domestic market for NEVs is expected to capture a larger share of the fuel vehicle market, with a projected penetration rate of 50%-55% by 2025 [14]. Summary by Sections Overall Market Performance - In January 2025, the dealer inventory warning index reached 62.3, the highest level in nearly seven years, indicating a decline in market activity [15]. - The wholesale sales of NEVs in January 2025 were approximately 890,000 units, a year-on-year increase of 25.8% [11]. Key Players and Recommendations - The report recommends several leading companies in the automotive sector, including Great Wall Motors (02333 HK), Geely Automobile (00175 HK), BYD (01211 HK), Li Auto (02015 HK), Xpeng Motors (09868 HK), and Leapmotor (09863 HK) for their strong performance and rapid transition to new energy [16]. - For the heavy truck segment, it recommends China National Heavy Duty Truck Group (03808 HK) and Weichai Power (02338 HK) [22]. Export Trends - NEV exports accounted for 36.6% of total exports in January 2025, with a year-on-year increase of 9.8 percentage points [11]. - The total export volume in January 2025 was 380,000 units, a year-on-year increase of 3.0% [11]. Component Sector - The report continues to recommend companies like Nidec (01316 HK) and Minth Group (00425 HK) in the components sector, highlighting their potential growth driven by the recovery of the domestic automotive industry and gradual improvement in overseas sales [24][25].

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of HKD 5.00 [1][10]. Core Views - The company possesses excellent wind power asset resources, and the profitability of its existing and newly commissioned wind power units is expected to exceed expectations due to favorable policies in the main installation areas [3][10]. - The market perceives that the company's wind power assets lack unique competitive advantages, but the report argues that the company's wind power projects have significant advantages in utilization hours and stable on-grid electricity prices [11][10]. Summary by Sections Financial Summary - The company’s revenue is projected to grow from RMB 219 billion in 2024 to RMB 304 billion in 2026, with a compound annual growth rate (CAGR) of 7.8% to 13.5% [13]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.48, RMB 0.66, and RMB 0.72 respectively [13][49]. Wind Power Asset Quality - The company’s wind power assets are primarily located in Hebei Province, with a total operational capacity of 636,000 kW, accounting for 98.1% of its total operational capacity [51]. - The average utilization hours for the company’s wind power projects from 2019 to 2023 were 2,459 hours, significantly higher than the provincial and national averages [59][11]. Cash Flow and Dividend Policy - The company has maintained a strong cash flow, with a projected dividend per share (DPS) of RMB 0.26 for 2025, corresponding to a dividend yield of 7.9% based on the current stock price [49][42]. - The company has consistently increased its dividend payout ratio, reaching 40.8% in 2023 [42][48]. Natural Gas Business - The company’s natural gas sales are expected to grow significantly, with projected sales volumes of 51.6 billion cubic meters in 2024, increasing to 74.5 billion cubic meters by 2026 [13]. - The natural gas segment has shown robust growth, contributing to the overall revenue increase [27]. Market Position and Strategy - The company is positioned as a key player in the clean energy sector in Hebei, focusing on wind and natural gas operations while planning to divest its solar assets [25][21]. - The company benefits from the support of the Hebei provincial government and has a strong market presence in the region [23][21].

股票研究 /[Table_Date] 2025.03.11 平台费率正优化，小家电利润率有望改善 [Table_Industry] 家用电器业 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 [table_Authors] 蔡雯娟(分析师) 樊夏俐(分析师) 李汉颖(分析师) 021-38031654 021-38676666 010-83939833 caiwenjuan024354@gtjas.com fanxiali@gtjas.com lihanying026725@gtjas.com 本报告导读： 对电商平台内卷行为的监管趋严有望大幅度改善小家电企业的费用率水平，从而提 升其盈利能力，增持。 投资要点： 家用电器业《3000 亿特别国债支持以旧换新，楼 市回稳奠基》2025.03.09 家用电器业《楼市健康发展奠基，国补拉动内销 稳增》2025.03.06 家用电器业《厨电告别成长股模式，转型价值股 新征程》2025.03.04 家用电器业《楼市企稳厨电受益，周度零售数据 强改善》2025.03.02 家用电器业《Neo gamma 问世，开启机 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][30]. Core Insights - The company focuses on lung cancer treatment, with its core product, Furmetinib, experiencing rapid growth. It targets rare EGFR mutations and expands into overseas markets. The pipeline is rich, and the company continues to enhance its presence in the lung cancer sector [3][19]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are estimated at 3.17, 3.87, and 4.72 yuan, respectively. The target price is set at 104.74 yuan based on absolute and relative valuation methods [3][30]. Financial Summary - Revenue is expected to grow from 791 million yuan in 2022 to 5,618 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 49.2% to 21.9% [5]. - Net profit attributable to the parent company is projected to increase from 131 million yuan in 2022 to 2,125 million yuan in 2026, with a significant growth rate of 614.2% in 2023 [5]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 268.92 in 2022 to 16.52 in 2026, indicating improving profitability [5]. Product and Market Positioning - Furmetinib is positioned as a potential best-in-class EGFR-TKI, with significant advantages in efficacy and safety, particularly for patients with brain metastases. The product has shown rapid market uptake since its launch [3][19]. - The company is expanding its focus on rare EGFR mutations, with ongoing clinical trials for Exon20ins and PACC mutations, aiming for global market penetration [3][19]. Pipeline Development - The company has a diverse pipeline, including partnerships for the development of RET inhibitors and KRAS inhibitors, which are expected to enhance its competitive positioning in the lung cancer treatment market [3][19][38]. - The collaboration with ArriVent for global expansion of Furmetinib's indications is a strategic move to capture a larger market share [3][19].

规模效应助力全年盈利，机器人雷达快速放量 禾赛(HSAI.O) 登记编号 S0880523110003 本报告导读： 盈利能力大超预期。智驾平权快速推进，ADAS 雷达下探至 10 万级别车型，ATX 系列加速渗透；机器人雷达快速放量，开启第二增长曲线。 投资要点： [Table_PicQuote] -50% 0% 50% 100% 150% 200% 250% 300% 2024-03-11 2024-04-01 2024-04-19 2024-05-09 2024-05-30 2024-06-20 2024-07-11 2024-07-31 2024-08-20 2024-09-10 2024-09-30 2024-10-18 2024-11-07 2024-11-27 2024-12-18 2025-01-10 2025-01-31 2025-02-21 52周股价走势图 HSAI 纳斯达克综指 ——禾赛科技 FY24Q4 业绩点评 [Table_Industry] 海外信息科技 [Table_Invest] 评级： 增持 | [table_Authors] 秦和平(分析师) | | | | --- | ...

Group 1 - The REITs market experienced a V-shaped trend over the past week, with most sectors achieving profitability, while the consumer sector underperformed, possibly due to concentrated unlocking expectations [5][9]. - After a round of adjustments, the REITs distribution rate and IRR indicators showed slight recovery, with market sentiment remaining relatively strong in the first half of the week [9]. - The overall market trend since the end of 2024 has been driven by a decline in the asset denominator, leading to a comparative advantage, while support from the numerator remains limited [9]. Group 2 - In the past week (February 28 to March 7, 2025), five REITs updated their issuance status, with a total of 63 REITs listed in the domestic market, having a total market capitalization of 179.8 billion yuan and a circulating market value of 78.6 billion yuan [7][8]. - The REITs index overall declined, with the operating rights REITs performing relatively well. Specifically, the CSI REITs (closing) and CSI REITs (total return) changed by 1.14% and 1.19%, respectively [8]. - The trading volume of the REITs market decreased marginally, with the weekly trading volume dropping to 3.665 billion yuan. The average turnover rates for rental housing and energy REITs were relatively high at 1.75% and 1.54%, respectively [22].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 339.60, up from the previous forecast of 318.90 [2][14]. Core Insights - The company is expected to achieve a net profit growth of 145% year-on-year in 2024, driven by the strong momentum of its flagship product, Wei Yi Mei. The launch of the new ColNet collagen product in Q1 2025 is anticipated to further enhance growth prospects [3][14]. - The report highlights the company's robust revenue growth, with projected revenues increasing from 780 million in 2023 to 1.447 billion in 2024, representing an 85.4% increase [5][15]. - The company has a strong market position in the medical aesthetics sector, with its core product, Wei Yi Mei, expected to generate significant sales, reaching approximately 1 billion in 2025 [14]. Financial Summary - Revenue is projected to grow from 390 million in 2022 to 2.415 billion by 2026, with a compound annual growth rate (CAGR) of 23.9% [5][15]. - Net profit attributable to the parent company is expected to rise from 109 million in 2022 to 1.265 billion in 2026, reflecting a CAGR of 26.3% [5][15]. - The company's earnings per share (EPS) is forecasted to increase from 1.23 in 2022 to 14.29 in 2026 [5][15]. Market Data - The company's current market capitalization is approximately 24.341 billion, with a current share price of 275.00 [6]. - The stock has shown a 52-week price range of 143.39 to 275.00 [6]. - The company has a net asset return rate of 31.4% in 2023, projected to reach 45.9% in 2024 [5][15]. Product Development - The company plans to launch the Wei Yi Mei ColNet collagen product in February 2025, which is expected to complement its existing product line and enhance market competitiveness [14]. - The report indicates a rich pipeline of new products, including various types of collagen products that are anticipated to receive regulatory approval in 2025 [14].

股权激励锚定高增长，业务扩张加速 盈趣科技(002925) 股票研究 /[Table_Date] 2025.03.11 耐用消费品[Table_Industry] /可选消费品 | 股东权益（百万元） | 4,725 | | --- | --- | | 每股净资产（元） | 6.08 | | 市净率（现价） | 2.7 | | 净负债率 | -11.60% | [Table_PicQuote] 52周股价走势图 | | | —盈趣科技公司更新报告 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | --- | --- | --- | | [table_Authors] 刘佳昆(分析师) | | 毛宇翔(分析师) | [Table_Target] | 上次评级: | 增持 | | 021-38038184 | 021-38038672 | | 目标价格： | | 19.07 | | liujiakun029641@gtjas.com | | maoyuxiang029547@gtjas.com | | 上次预测: | 19.25 | | 登记编号S08805240 ...