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]

2025 年 2 月 17 日星期一 【债券快讯】 【市场综述】 上周五港股各种重要指数全部上涨。截至 2 月 14 日，恒生指数上涨 3.69%，报收 22620.33 点。其中大型股、中型股和小型股的涨跌幅分别为 3.87%、3.3%和 3.63%；与此同时，中资企 业指数和科技指数的涨跌幅度分别达到 2.74%和 5.56%。从行业来看，所有行业都出现上涨：其 中医疗保健业和资讯科技业表现相对较好，涨跌幅分别为 7.38%和 6.54%；公用事业和恒生综合 行业指数-能源业市场走势较弱，涨跌幅分别为 0.63%和 0.08%。内地股市方面，截至 2 月 14 日，上证指数收盘价为 3346.72 点，上涨 0.43%；深证综指收盘价为 2033.42 点，上涨 0.75%。陆港股通方面，截至 2 月 14 日，当日陆股通交易暂停;当日沪市港股通南下资金净流入 37.76 亿元，深市港股通南下净流入为 34.26 亿元，共计港股通资金净流入 72.02 亿元。 美国三大股指涨跌不一：截至 2 月 14 日，道琼斯工业指数报收 44546.08 点，较前一个交易日 下跌 0.37%；标普 500 指数报收 ...

Investment Rating - The report indicates a positive investment outlook for the consumer electronics sector, particularly in mobile devices, driven by the increasing penetration of AI applications [2][40]. Core Insights - The report highlights that the global smartphone market is experiencing a rebound, with a projected 6% year-on-year increase in shipments for 2024, reaching approximately 1.22 billion units [22]. - The average selling price (ASP) of smartphones is expected to rise due to the demand for higher specifications driven by AI applications, which will positively impact revenue growth [40]. - The report emphasizes the importance of government support for the domestic consumer electronics market, including subsidies for upgrading appliances and promoting energy-efficient products [18][19]. Summary by Sections 1. Market Performance - The consumer electronics sector has slightly outperformed the market, with the electronic components sector rising by 17.73% year-to-date as of December 6, 2024, compared to a 16.53% increase in the Hang Seng Index [3][5]. 2. Macroeconomic Data - China's GDP growth rates for the first three quarters of 2024 were 5.3%, 4.7%, and 4.6%, indicating a period of structural adjustment [12]. - Exports have been a significant driver of GDP growth, with a total export value of $2.9 trillion from January to October 2024, reflecting a 5.1% year-on-year increase [12]. 3. Industry Changes - The global smartphone market has seen a 4% year-on-year growth in Q3 2024, marking four consecutive quarters of growth [22]. - The average smartphone price increased by 7% in Q3 2024, with total revenue growing by 10%, indicating strong demand for high-end devices [26]. - AI smartphone penetration is expected to reach 17% in 2024 and could accelerate to 32% by 2025, driven by advancements in AI capabilities in mobile devices [31]. 4. Investment Recommendations - The report recommends leading companies such as Xiaomi Group (1810.HK) and BYD Electronics (0285.HK) for their strong market positions and growth potential in the consumer electronics sector [40][43]. - Specific recommendations include companies that supply components for smartphones, such as Sunny Optical Technology (2382.HK) and AAC Technologies (2018.HK), which are expected to benefit from rising ASPs and margins due to AI integration [43].

Investment Rating - The report suggests a positive investment outlook for the urban gas industry, highlighting stable growth and improved profit margins, along with high dividend payouts [1]. Core Insights - The urban gas industry is experiencing a recovery with a significant increase in natural gas demand, driven by a favorable supply-demand structure [3][11]. - The implementation of a pricing mechanism has led to a continuous improvement in profit margins for gas companies [34]. - The profitability model of the industry remains stable, with dividends showing a consistent upward trend [46][50]. - The industry is undergoing significant consolidation, with leading companies gaining clear advantages [55][58]. - Investment recommendations focus on companies with regional integration advantages and potential for increased dividend payouts, specifically China Resources Gas and Kunlun Energy [63][64]. Summary by Sections 1. Natural Gas Demand Recovery - In 2023, China's apparent natural gas consumption reached 394.53 billion cubic meters, a year-on-year increase of 7.6%. For 2024, consumption is projected to be between 420 billion and 425 billion cubic meters, reflecting a growth of 6.5% to 7.7% [3][4]. - The share of natural gas in primary energy consumption has risen from 2.3% in 2004 to 8.6% in 2023, with industrial fuel and urban gas being the largest consumers [6][7]. 2. Pricing Mechanism Advancement - The establishment of a price linkage mechanism has improved the purchase-sale price gap for gas companies, alleviating previous issues of cost overruns [34][38]. - The average adjustment in residential gas prices has been approximately 0.257 yuan per cubic meter, with increases ranging from 5% to 10% [34]. 3. Stable Profitability Model - The approved return on gas distribution is set at 7%, ensuring reasonable returns for gas companies [43]. - Major gas companies have shown a steady increase in dividend payout ratios, with China Resources Gas increasing its dividend per share from 0.45 HKD in 2016 to 1.1569 HKD in 2023, reflecting a compound annual growth rate of 14.4% [50][64]. 4. Industry Consolidation - The report notes a trend towards consolidation in the urban gas sector, with policies promoting mergers and acquisitions to streamline operations [55][58]. - Leading gas companies now account for 33% of the national natural gas consumption, indicating a stable competitive landscape [58][59]. 5. Investment Recommendations - The report recommends focusing on China Resources Gas and Kunlun Energy due to their strong market positions and potential for dividend growth [63][64].