Group 1: Company Analysis - The core viewpoint of the report on China Resources Beer (291.HK) emphasizes the implementation of the "Three Precision" strategy and the ongoing advancement of high-end development, supported by national policies, recovery of consumption scenarios, and optimized inventory management [1] - The expected earnings per share (EPS) for the company from 2025 to 2027 are projected to be 1.64, 1.79, and 1.96 CNY respectively, indicating a positive outlook for the company's operational performance and profitability [1] - The report highlights the company's strategic foresight and high execution capability, along with strong organizational management, leading to a target price of 35.0 HKD per share, corresponding to a 20 times price-to-earnings (PE) ratio for 2025 [1] Group 2: Market Overview - The Hong Kong stock market experienced slight fluctuations, with the Hang Seng Index declining by 1.13% last week, while maintaining relatively high trading volumes [2] - The report notes that the U.S. Federal Reserve's decision to maintain interest rates has led to increased uncertainty in economic policies, but the overall market sentiment in Hong Kong remains resilient [2] - The offshore bond market saw a slight decrease in issuance, with 12 bonds issued totaling approximately 22.04 billion USD, primarily from the urban investment sector [3]

Investment Rating - The report indicates a stable investment rating for Longfa Group with a BBB rating from Fitch and a Baa2 rating from Moody's [3]. Core Insights - The offshore bond issuance in the primary market has decreased, with only 12 bonds issued last week totaling approximately 2.62 billion USD, primarily from the urban investment sector [1]. - The high-yield bonds outperformed investment-grade bonds in the secondary market, with the Markit iBoxx index for Chinese USD bonds rising by 0.05% last week [1]. Summary by Sections Primary Market - Last week, the primary market saw a total of 12 bonds issued, amounting to around 2.62 billion USD, with a significant issuance from the urban investment sector [1]. - Notably, the Shouhua Group issued a bond worth 450 million USD with a coupon rate of 7.15%, which was oversubscribed by more than 10 times [1]. Secondary Market - The secondary market showed a slight increase in returns, with the investment-grade return index rising by 0.04% and the high-yield return index increasing by 0.08% [1]. Market Overview - As of March 18, the Hang Seng Index increased by 2.46%, with all major sectors showing positive performance, particularly non-essential consumer goods and materials [5]. - The Shanghai Composite Index closed at 3429.76 points, up by 0.11%, while the Shenzhen Composite Index rose by 0.49% to 2122.66 points [5].

Group 1 - The investment rating for the Hong Kong technology sector is currently positive, with a notable increase in the Hang Seng Index by 7.04% over the past week, indicating a bullish sentiment in the market [1] - The core viewpoint of the report highlights that the recent surge in Hong Kong technology stocks is driven by market sentiment, with significant valuation increases for related stocks. However, the report cautions that the degree of future positive expectations being met will be crucial for sustaining this momentum [1] - The report emphasizes that despite uncertainties in the global environment, the Hong Kong market still has strong support from recent developments, such as the introduction of the AI model deepseek, which has significantly boosted investor confidence [1] Group 2 - In the offshore bond market, there has been a rebound in primary market issuances, with 11 new bonds issued totaling $1.56 billion, primarily in the urban investment sector. Notably, Greentown China issued a $350 million bond with a coupon rate of 8.45%, which was the largest single issuance of the week [2] - The secondary market performance shows that high-yield bonds outperformed investment-grade bonds, with the Markit iBoxx index for high-yield bonds rising by 0.85% while the investment-grade index increased by 0.25% [2]

Investment Rating - The report indicates a positive outlook for the maternal and infant industry, particularly due to the implementation of new parenting subsidy policies which are expected to boost infant-related stocks [1]. Core Insights - The maternal and infant market has faced challenges due to declining birth rates and weak consumer spending, with the sales of infant formula experiencing a 13.9% decline in 2023 [1]. - A rise in birth rates in the current year is anticipated to drive consumption in the following years, suggesting a potential recovery in the maternal and infant market [1]. - Various policies aimed at enhancing birth willingness are expected to further stimulate consumer demand in the maternal and infant sector [1]. Summary by Sections Industry Overview - The maternal and infant market has been negatively impacted by a continuous decline in birth rates and sluggish consumption [1]. - The infant formula market has seen a significant contraction, with a reported 13.9% decrease in sales across all channels in 2023 [1]. Future Outlook - The report forecasts a potential recovery in the maternal and infant market in the coming years, driven by an increase in birth rates and supportive government policies [1]. - The implementation of new policies aimed at increasing birth rates is expected to create a more favorable environment for consumer spending in the maternal and infant sector [1].

Investment Rating - The report indicates a positive outlook for the infant and maternal market due to new birth subsidy policies and expected recovery in consumer spending [1][4]. Core Insights - The introduction of substantial birth subsidies in various regions, particularly in Hohhot, aims to alleviate childcare costs and enhance birth rates [3][4]. - The expected increase in newborn numbers in 2024, with a projected rise to 9.54 million, represents a 5.77% increase from 2023, marking the first rebound since 2017 [4]. - The report highlights a potential recovery in the maternal and infant market, driven by rising birth rates and supportive government policies [5][6]. Summary by Sections - **Birth Subsidy Policies**: Hohhot has implemented a one-time subsidy of 10,000 yuan for the third child, which is the highest among Chinese cities, aimed at encouraging higher birth rates [3]. - **Population Trends**: The birth rate in China has significantly declined from 13.03‰ in 2013 to 6.39‰ in 2023, but is expected to recover in the coming years due to favorable cultural factors and financial incentives [4]. - **Market Recovery**: The maternal and infant market has faced challenges due to declining birth rates, with a 13.9% drop in infant formula sales in 2023. However, the report anticipates a rebound in consumption driven by increased birth rates and supportive policies [6]. - **Investment Opportunities**: The report suggests focusing on companies related to infant formula, diapers, and baby products, including China Feihe, H&H International, Mengniu Dairy, and Goodbaby International [6].

2025 年 3 月 14 日星期五 【债券快讯】 【市场综述】 研 究 报 告 ➢ 3 月 13 日中资离岸债一级市场发行 3 只债券 枣庄基础设施投发集团拟发行 Reg S、3 年期、以美元计价的高级无抵押债券。最终定价 6.9%， 申万宏源香港(B&D)担任独家全球协调人、联席牵头经办人和联席账簿管理人；东兴证券香港、 海通国际、兴证国际、民银资本、兴业银行香港分行、东吴证券香港、中泰国际、国泰君安国 际、中信证券、中信建投国际、远东宏信国际、英皇证券、申投证券、星空证券、星河证券、圆 通环球证券、东海国际、浙商国际、淞港国际证券、仁和资本、万海证券香港担任联席牵头经办 人和联席账簿管理人。 首创集团（标普：BBB-，惠誉：BBB-，中诚信亚太：Ag+）拟发行 Reg S、3 年期、以美元计价 的高级债券。初始指导价 7.75%区域，汇丰银行(B&D)、中信证券、中信建投国际、海通国际担 任联席全球协调人、联席牵头经办人和联席账簿管理人；工银国际、中银国际、农银国际、建银 国际、交银国际、招银国际、德意志银行、中金公司、中国银河国际、国泰君安国际、龙石资 本、华夏银行香港分行担任联席牵头经办人和联席账簿 ...

【债券快讯】 ➢ 另有 1 家主体潜在发行 株洲城发集团（惠誉：BBB-稳定，中诚信亚太：BBBg+稳定）拟发行 Reg S、以美元计价的高 级无抵押可持续发展债券。该债券预期发行评级为 BBB-/BBBg+(惠誉/中诚信亚太)，将在可持续 请务必阅读免责条款 2025 年 3 月 13 日星期四 1 证 券 研 究 报 告 ➢ 3 月 12 日中资离岸债一级市场发行多只债券 嵊州交投拟发行 Reg S、3 年期、固定利率、以美元计价的高级无抵押债券。初始指导价 5.70% 区域，中信证券(B&D)、国金证券香港担任联席全球协调人、联席牵头经办人和联席账簿管理 人；中信银行国际、中国银河国际、中金公司、中信建投国际、兴证国际、民银资本、信银资 本、国信证券香港、国泰君安国际、国元证券香港、海通国际、工银国际、兴业银行香港分行、 天风国际担任联席牵头经办人和联席账簿管理人。 扬州经开（穆迪：Ba1 稳定，标普：BB+ 稳定，中诚信亚太：Ag- 稳定，联合国际：A- 稳 定）拟发行 Reg S、3 年期、固定利率、以美元计价的高级无抵押转型债券。初始指导价 5.50% 区域，光银国际、浦银国际、中信建投国际(B& ...

2025 年 3 月 12 日星期三 【债券快讯】 【市场综述】 昨日港股各种重要指数有涨有跌。截至 3 月 11 日，恒生指数下跌 0.01%，报收 23782.14 点。 其中大型股、中型股和小型股的涨跌幅分别为 0.01%、0.58%和 0.9%；与此同时，中资企业指 数和科技指数的涨跌幅度分别达到 0.34%和 1.39%。从行业来看，多数行业出现上涨：其中必需 性消费和医疗保健业表现相对较好，涨跌幅分别为 2.68%和 1.42%；金融业和恒生综合行业指数 -原材料业市场走势较弱，涨跌幅分别为-0.95%和-2.19%。内地股市方面，截至 3 月 11 日，上 证指数收盘价为 3379.83 点，上涨 0.41%；深证综指收盘价为 2087.72 点，上涨 0.34%。陆港 股通方面，截至 3 月 11 日，当日陆股通交易暂停;当日沪市港股通南下资金净流入-19.59 亿元， 深市港股通南下净流入为-18.01 亿元，共计港股通资金净流入-37.61 亿元。 券 研 究 报 告 请务必阅读免责条款 1 | 沪港通及深港通 | 南下/北上 | 净流入 | | --- | --- | --- | | 沪 ...

Investment Rating - The report provides a positive investment rating for the renewable energy sector, highlighting specific companies such as China Power (2380.HK) and China Resources Power (0836.HK) as key players with strong growth potential [2][3]. Core Insights - The report emphasizes the establishment of a flagship platform for renewable energy by China Power, with a target for clean energy to account for 90% of its portfolio by 2025, indicating a significant growth trajectory [2]. - China Resources Power is noted for its strategic shift towards clean energy, benefiting from regulatory changes that have positively impacted coal prices, leading to a reversal in profitability for thermal power [2]. - The report identifies smart energy storage as a new growth area for companies, enhancing overall valuation levels [2]. - The report also highlights the strong performance of BYD (1211.HK) in the electric vehicle market, with a notable 160% year-on-year increase in sales in February 2025 [3]. Summary by Company China Power (2380.HK) - Market capitalization: 374 million HKD - Latest price: 3.02 HKD - Key points: Establishment of a renewable energy flagship platform, target of 90% clean energy by 2025, and growth in smart energy storage [2]. China Resources Power (0836.HK) - Market capitalization: 941 million HKD - Latest price: 18.18 HKD - Key points: Regulatory changes benefiting thermal power profitability and accelerated transition to clean energy [2]. BYD (1211.HK) - Market capitalization: 11,065 million HKD - Latest price: 363.60 HKD - Key points: Significant sales growth in electric vehicles, with 320,000 units sold in February 2025, and expectations for continued rapid growth in domestic and overseas shipments [3]. Longyuan Power (0916.HK) - Market capitalization: 1,077 million HKD - Latest price: 6.09 HKD - Key points: Resource distribution advantages and potential for valuation recovery as the market improves [2]. Xiaomi Group (1810.HK) - Market capitalization: 12,793 million HKD - Latest price: 50.95 HKD - Key points: Breakthrough in high-end smartphone market and positive outlook for Xiaomi's automotive segment [2]. 康龙化成 (3759.HK) - Market capitalization: 476 million HKD - Latest price: 15.42 HKD - Key points: Strong growth in drug development services and low valuation with expected recovery in performance [3].

Investment Rating - The report recommends subscription for Chifeng Gold (6693.HK) [1][6] Core Viewpoints - Chifeng Gold is a rapidly growing international gold producer, primarily engaged in the mining, processing, and sales of gold, with a history dating back to December 2012 [2] - The company has become the largest private gold producer in China and is expanding its global business through acquisitions of quality mineral resources in Laos and Ghana [2] - China's gold demand has been steadily increasing, with a compound annual growth rate of 1.3% from 2019 to 2023, and a significant recovery in 2023 with a 10.9% year-on-year growth, reaching 37.5 million ounces [2] - The company has shown high double-digit revenue growth for several consecutive years, with a compound annual growth rate of 38.17% from 2021 to 2023 [3] - The expected net profit for 2024 is projected to be between 1.73 billion and 1.8 billion RMB, representing a year-on-year increase of 115.19% to 123.90% [3][6] Summary by Relevant Sections IPO Details - The IPO price range is set between HKD 13.72 and 15.83, with a total fundraising amount of approximately HKD 2.8868 billion [1] - The total number of shares offered is 205.7 million, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - Revenue figures for Chifeng Gold from 2021 to 2023 are RMB 3.783 billion, RMB 6.267 billion, and RMB 7.221 billion respectively, with gross profit figures of RMB 1.258 billion, RMB 1.795 billion, and RMB 2.353 billion [3] - The company plans to use about 50% of the net proceeds from the IPO for upgrading and exploration of existing mines over the next five years [3][6]