Investment Rating - The report maintains a bullish outlook on the market, emphasizing the positive economic data from January to February and the impact of policy measures [2][8]. Core Insights - Economic data for January and February exceeded expectations, with a focus on the performance of technology giants as earnings reports are released [2][8]. - The report highlights the significant inflow of capital into the Hong Kong stock market, with a net inflow of nearly 10.5 billion HKD from northbound trading [2][3]. - The report notes that 10 out of 12 Hang Seng Composite Industry Indices rose, with utilities, finance, consumer staples, industrials, and information technology leading the gains [3]. Economic Data Summary - The National Bureau of Statistics reported that retail sales increased by 4% year-on-year in January and February, while industrial output rose by 5.9% [4]. - Fixed asset investment grew by 4.1%, marking the highest level since April of the previous year, with infrastructure investment up by 5.6% and manufacturing investment up by 9% [4][5]. - The report indicates that the government is implementing a comprehensive plan to boost consumption, focusing on increasing household income and reducing economic burdens [5][8]. Company Analysis - The report discusses the IPO of Weisheng Pharmaceutical (2561.HK), which focuses on treatments for endocrine diseases in China and is nearing commercialization [11]. - The company has no commercialized products yet and reported losses of 290 million, 250 million, and 130 million CNY for the years ending in 2022, 2023, and September 30, 2024, respectively [12]. - The Chinese growth hormone market is projected to grow from 4 billion CNY in 2018 to 11.6 billion CNY in 2023, with a compound annual growth rate of 23.9% [13]. Competitive Advantages - The company has a strong pipeline nearing commercialization, with its lead product, Longpei Growth Hormone, already under review by the National Medical Products Administration [14]. - The management team is noted for its commercial capabilities and strong support from shareholders and investors [14]. Use of Proceeds - Approximately 84% of the IPO proceeds will be allocated to the BLA registration of the core product, while 7.6% will support the Phase III trial of another product [15].

Investment Rating - The report indicates a positive outlook for the nuclear power industry, particularly in light of the support from major tech companies for the "Triple Nuclear Power Declaration" aiming to triple global nuclear capacity by 2050 [2][4]. Core Insights - The nuclear power sector is expected to play a crucial role in meeting the growing energy demands driven by AI and data centers, with significant commitments from companies like Amazon, Google, and Meta to invest in nuclear energy [2][3]. - The report highlights a projected 160% increase in global data center electricity demand by 2030 compared to 2023, emphasizing the alignment of nuclear power's stable output with this rising demand [2][4]. - The nuclear fuel industry is anticipated to benefit from the rapid development of nuclear power, with a noted supply-demand gap in natural uranium that is expected to widen, leading to a bullish outlook on uranium prices [4]. Summary by Sections Section: Industry Dynamics - Major tech companies have publicly supported coordinated nuclear energy expansion, marking a significant shift in the industry's landscape [2]. - The report outlines specific initiatives by tech giants, such as Meta's nuclear power procurement plans and Google's collaboration on modular reactors, indicating a strategic pivot towards nuclear energy for powering data centers [3][4]. Section: Uranium Market - In 2022, global natural uranium production was 49,355 tons, while demand reached 65,651 tons, highlighting a significant supply gap that is expected to grow as secondary supplies diminish [4]. - The report suggests that the complementary needs of uranium-producing and consuming countries will sustain uranium trading, with a long-term upward trend in uranium prices anticipated [4]. Section: Investment Opportunities - The report identifies specific investment opportunities in small modular reactor companies such as Oklo Inc. and NuScale Power, as well as uranium resource companies like China General Nuclear Power and Cameco [5][8].

Investment Rating - The report maintains a "Buy" rating for the company 361 Degrees (1361.HK) with a target price of HKD 6.6, based on a projected 10x PE for 2025 [10]. Core Insights - The report highlights the implementation of the "Consumption Promotion Special Action Plan" aimed at boosting the stock market and stabilizing the real estate market, with expectations of more stimulus policies following the Two Sessions [6][8]. - The company 361 Degrees reported a revenue of HKD 10.07 billion, a year-on-year increase of 19.6%, and a net profit of HKD 1.15 billion, also up 19.5% year-on-year, indicating strong performance driven by children's clothing and e-commerce [9][10]. Summary by Sections Market Overview - The Hang Seng Index rebounded significantly, closing at 23,959 points, up 497 points or 2.12%, after a five-day decline, with increased trading volume of HKD 290.6 billion [2][3]. - The report notes a net inflow of HKD 4.346 billion from northbound trading, with a total weekly inflow of HKD 61.609 billion, significantly higher than the previous week's HKD 35.554 billion [3]. Company Performance - 361 Degrees achieved a revenue growth of 19.6% year-on-year, with children's clothing sales increasing by 19.5% to HKD 2.34 billion [9]. - The company plans to expand its "super brand" stores, aiming to have 100 by the end of 2025, which is expected to enhance customer experience and drive sales [10]. Financial Metrics - The overall gross margin for 361 Degrees improved to 41.5%, with specific segments showing slight increases in gross margins [10]. - The company announced a dividend of HKD 0.265 per share, increasing the payout ratio from 40% to 45%, reflecting a commitment to shareholder returns [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.6 HKD [1][7]. Core Insights - The company reported a revenue growth of 19.6% year-on-year, reaching 10.07 billion RMB, and a net profit growth of 19.5%, amounting to 1.15 billion RMB, which exceeded market expectations [2][3]. - The company is actively exploring new channels, with a focus on e-commerce and the launch of new store formats, including the first "super product" store, which aims to enhance customer experience [2][3]. - The gross margin improved to 41.5%, with a slight increase in the gross margins for major footwear and apparel segments, while children's apparel margins experienced a slight decline [3][5]. Financial Performance Summary - Revenue and profit forecasts for 2025-2027 are projected at 11.29 billion RMB, 1.25 billion RMB, and 0.60, 0.69, and 0.76 RMB EPS respectively [2][5]. - The company plans to increase its dividend payout ratio to 45%, reflecting its commitment to shareholder returns [2][3]. - The company has expanded its store network, with a total of 5,750 and 2,548 sales points for adult and children's apparel respectively, and aims to open 100 "super product" stores by the end of 2025 [2][3].

SDICSI 2025 年 3 月 14 日 维昇药业-B (2561.HK) 维昇药业-B（2561.HK）IPO 点评 报告摘要 公司概览 维昇药业（以下简称"公司"）是一家处于研发后期、产品接近商业化的生物制药公司， 专注于在中国（包括香港、澳门及台湾）提供特定内分泌疾病的治疗方案。公司拥有一款 核心产品及两款其他在研候选药物，均是由其合作伙伴及控股股东之一 Ascendis Pharma 授权引入。 财务状况 截至目前，公司尚无商业化产品，且暂未实现盈利。在 2022 年、2023 年及截至 2024 年 9 月 30 日，公司其他收入分别为 576.4 万元、1,135.6 万元和 864.7 万元，相应亏损总额 分别 2.9 亿元、2.5 亿元和 1.3 亿元。 行业状况及前景 根据 Frost & Sullivan 的资料，中国人生长激素市场规模呈现显著的增长态势。由 2018 年 的 40 亿元迅速增长至 2023 年的 116 亿元，年复合增长率为 23.9%，预计到 2030 年将持 续增长至 286 亿元，自 2023 年至 2030 年的年复合增长率为 13.7%。未来行业成长的主 要 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and meet customized client needs in the energy testing sector [2]. - The company has shown strong performance in overseas markets, with significant revenue growth, particularly in the overseas segment, which increased by 47.2% year-on-year [3]. Financial Summary - The company reported a revenue of HKD 944.01 million for FY2022, with projections of HKD 1,368.11 million for FY2024, reflecting a growth rate of 22.3% [4][10]. - The net profit for FY2022 was HKD 69.40 million, expected to rise to HKD 89.05 million in FY2024, indicating a growth rate of 11.2% [4][10]. - The gross margin is projected to be around 41.8% in FY2024, with a net profit margin of 6.5% [4][10]. - The company’s return on equity (ROE) is expected to average 21.5% in FY2024, increasing to 25.7% by FY2026 [4][10]. Business Performance - The company’s revenue from the Greater China region reached HKD 340 million in H1 2024, showing a stable growth of 5.8% year-on-year, while overseas revenue was HKD 270 million, marking a substantial increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, indicating a successful expansion strategy [3]. - The company is focusing on enhancing its brand recognition in overseas markets, particularly in Singapore, where it has seen rapid growth [3].

港股晨报 2025 年 3 月 14 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：美国 PPI 胜预期，但贸易战升级令股市继跌 港股三大指数昨天集体下滑，恒生指数跌 0.58%，国企指数跌 0.48%，恒生科 技指数跌 1.67%。大市成交持续回落至 2,338 亿元。主板总卖空金额 413 亿元， 卖空金额占大市成交升至 17.67%之较高水平。 南向资金（北水）方面，港股通资金净流入 54.66 亿元。港股通 10 大成交活 跃股，北水净买入最多的依次是中国移动 941.HK、小鹏汽车 9868.HK、阿里巴 巴 9988.HK；净卖出最多的依次是腾讯控股 700.HK、中芯国际 981.HK、优必选 9880.HK。 北向资金方面，昨天共成交 1888 亿元，占两市总成交额的 11.75%。贵州茅台 600519.CH、招商银行 600036.CH、寒武纪 688256.CH 位列沪股通成交前三，成 交额分别为 17.95 亿、9.90 亿、9.13 亿；宁德时代 300750.CH、比亚迪 002594.CH、 顺丰控股 002352.CH 位列深股通成交前三，成交额分别为 14.7 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for future performance [4]. Core Insights - The company is one of the top global automotive parts suppliers, with a strong traditional business that supports performance growth. It has expanded into battery boxes, smart exteriors, and chassis components, accelerating its transition to electric and intelligent vehicles [4]. - Emerging businesses such as robotics, low-altitude flight, and wireless charging for vehicles are market hotspots, with new products expected to be mass-produced by 2025 or 2026, contributing to revenue [4]. - The company is expected to resume dividend payments after a hiatus in 2023 due to high capital expenditures and debt levels. It is transitioning from an expansion phase to a harvesting phase, with improved cash flow and stock buybacks anticipated [4]. - Projected net profits for 2024-2026 are 2.2 billion, 2.51 billion, and 3.15 billion, respectively, with corresponding P/E ratios of 11.3x, 9.9x, and 7.9x, indicating a currently low valuation [4]. Company Overview - The company has over 30 years of experience in the automotive parts industry, with a global presence. Founded in 1992 and listed in Hong Kong in 2005, it is the largest supplier of battery boxes and body structure parts globally, employing over 20,000 people across 77 factories and offices in 14 countries [9][10]. Financial Performance - The company has shown resilient revenue growth since its listing, with a 13.8% year-on-year increase in revenue to 11.09 billion in the first half of 2024, and a 20.4% increase in net profit to 1.07 billion [18][22]. - The gross profit margin and net profit margin have improved slightly in the first half of 2024, with figures of 28.5% and 9.7%, respectively [22]. Revenue Structure - The company has seen a continuous increase in overseas market share, with overseas revenue accounting for 59.2% of total revenue in the first half of 2024. The Americas and Europe represent significant portions of this revenue [26]. - The traditional business, including metal trims, plastic parts, and aluminum components, constitutes 67% of revenue, while new businesses like battery boxes account for 33% [29]. Emerging Business Development - The company has a strong order backlog of 236 billion, with over 53% of orders related to battery boxes, indicating significant growth potential in this area [31]. - The company has established a research center focused on automotive intelligent integration components and lightweight technology, leading to innovations in various sectors, including robotics and low-altitude flight [33][36].

港股晨报 2025 年 3 月 12 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：资金流入增强港股面对美股波动的免疫力 1. 国证视点 资金流入增强港股面对美股波动的免疫 力 2. 行业点评 港股昨日展示了强劲的韧性，低开高走。隔晚美股暴挫，恒指大幅低开 508 点 至 23274 点，最低曾跌 545 点至 23238 点。低位大量买盘涌现，大市逐步收 复失地，尾盘曾倒升 75 点至 23858 点，收市才略为回软。恒指收报 23782 点， 全日微跌 1 点或 0.01%。恒生科指报捷，升 1.39%。大市交投略为回升，主板 成交报 3070 亿港元，较上日多 1.73%。 大市急挫之际，港股通资金大幅涌入扫货。北水昨日净流入逾 296 亿元，较上 日增加 144.6%。水净买入最多的个股依次是盈富基金 2800.HK、恒生中国企 业 2828.HK、阿里 9988.HK；净卖出最多的依次是中芯 981.HK、金蝶国际 268.HK。 行业表现方面，12 个恒生综合行业指数中，9 个上升 3 个下跌。领涨板块为必 需性消费、医疗保健及资讯科技，涨幅分别为 2.68%、1.42%及 0.9 ...

SDICSI 2025 年 3 月 10 日 医美行业动态点评 38 大促期间毛戈平、珀莱雅、巨子生物、上 美股份表现尤为亮眼 护肤类目： 护肤类目总 GMV 超 84 亿元，相较于去年 3.8 大促提升 65%。在 TOP20 榜单 中，头部品牌的集中度以及国产品牌的数量出现一定程度的下滑。上美股份旗下 的韩束品牌表现突出，稳居市场榜首，市场份额达 4.3%。从带货方式来看， 35%的品牌达人推广 GMV 贡献率超过 50%，其中，后、资生堂等品牌达人推广 GMV 贡献率超 70%。 彩妆香水类目： 事件：3 月 8 日，一年一度的三八大促收官。 报告摘要 我们主要分两大电商平台来阐述： 天猫平台： TOP4 稳居榜单，国货品牌市场占比稳定。根据天猫美妆全周期品牌成交榜 （2025 年 3 月 3 日 20:00 至 3 月 8 日）显示，TOP20 榜单中，国货品牌占比达 25%，与 2024 年（2024 年 2 月 28 日至 3 月 8 日）的比例持平。 按品牌进行分析，珀莱雅蝉联冠军；巨子生物旗下的可复美位列第 8 名，较 2024 年提升了 5 个名次，根据青眼情报数据显示，其明星产品胶原棒在李 ...