[Table_Title] 研究报告 Research Report 25 Jun 2025 New Industria 高利率成本加重美国基础设施建设负担。美国发电及输配电建设项目的融资渠道包括联邦项目（通过 IRA 和 IIJA，每 个项目 20-30 亿美元）、公用事业费率支付者模式（仅输电项目每年就达 400 亿美元）、私人投资（公私合作项目、 ITP 等）以及州政府主导的资金支持。联邦政府的资金支持在建设中至关重要，但仍然需要私人资本和州政府作为补 充，在建设过程中，许可延迟和成本分摊纠纷等事件都会影响建设进度，如冗长的审批流程（7-12 年）导致资金锁 定期延长，增加了融资成本，利率走低可缓解政府支出及项目融资的压力，利于加快项目的建设。 数据中心建设支出中融资比例较高，降息有利于项目加快落地。美国超大规模 AI 数据中心项目带动大量资本需求， 数据中心开发融资通常涉及覆盖项目成本 65%-80%的贷款，资金来源主要包括主流贷款机构、房地产投资银行、私 募信贷基金以及专注于基础设施的贷款机构等，常见融资利率区间因贷款机构类型和融资结构而异，项目融资一般 约为基准利率加上 3.25%-3.50%利差 ...

东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚指数双周报第 1 期：普遍承压，越南回暖 Southeast Asia Index Tracking: Generally Under Pressure, Vietnam Rebounds 胡佳璐 Rebecca Hu 宋琦 Qi Song 刘坤钰 Kunyu Liu 汪立亭 Liting Wang rebecca.jl.hu@htisec.com q.song@htisec.com ky.liu@htisec.com liting.wang@htisec.com [Table_Title] 研究报告 Research Report 25 Jun 2025 风险提示：宏观经济下行风险、地缘政治风险。 [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明 ...

[Table_Title] 研究报告 Research Report 24 Jun 2025 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚见闻之越南：消费出海正当时 Vietnam Tracking：Consumer Expansion to Vietnam is Timely 经济高速增长。当前越南政府将经济发展放在中心位置；加之，越南具有丰富资源、人口红利以及地理优势等， 越南经济进入高速发展阶段。外资和外贸的发展推动了越南经济的不断抬升，尤其是 2018 年中美贸易摩擦后，越 南得到进一步发展。 制造机遇在升级。中资制造在越南的布局，经历了纺织服装、太阳能光伏、家电、消费电子、新能源汽车等的出 海历程。当前越南制造业正处于不断升级的发展阶段，而中资制造的综合优势依然较为显著未来的发展前景依然 可观。 rebecca.jl.hu@htisec.com q.song@htisec.com liting.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please ...

[Table_Title] 研究报告 Research Report 24 Jun 2025 日本必需消费可选消费 Japan Staples Discretionary 日本消费行业 5 月跟踪报告：国内需求企稳，免税销售承压 Domestic demand stabilizes while duty-free sales face pressure | 芮雯 Raven Rui | 闻宏伟 Hongwei Wen | Qiao Xu | 季屏子 Pingzi Ji | | --- | --- | --- | --- | | raven.w.rui@htisec.com | hongwei.wen@htisec.com | qiao.xu@htisec.com | pz.ji@htisec.com | [Table_summary] (Please see APPENDIX 1 for English summary) 宏观：消费者信心指数回升，核心 CPI 加速上行。5 月日本消费者信心指数从 4 月的两年低点 31.2 回升至 32.8，环 比上升 1.6。3 月实际工资同比下降 1.8%，连续四个月下 ...

Investment Rating - The report does not explicitly provide an investment rating for the packaged food industry, particularly in the pet sector. Core Insights - The pet industry showed strong growth during the 618 shopping festival in 2025, with Tmall dominating the market with a share of 67%, significantly higher than its competitors [1][4][18]. - Domestic brands like Rosy Fresh, Myfoodie, and Legendsandy have emerged strongly, disrupting the traditional dominance of imported brands in the pet food market [20][22][26]. - The competition among brands is intense, with significant shifts in rankings year over year, indicating a dynamic market environment [23]. Summary by Sections Market Performance - During the 618 shopping festival, Tmall's pet live turnover increased by nearly 180% year-on-year, while JD Supermarket reported a 32% increase in pet user transactions [1][18]. - Over 1,000 new brands participated in the 618 event, showcasing the growing interest and competition in the pet food sector [1][18]. Brand Analysis - Tmall's rankings featured a balanced mix of traditional high-end foreign brands and emerging domestic brands, with Rosy Fresh securing the top position [2][19]. - JD's cat food rankings indicated a trend towards premiumization, while its dog food rankings reflected a blend of cost-effectiveness and premium options [2][19]. - The report highlighted the impressive growth of new domestic brands, with 371 brands on Tmall achieving triple-digit growth, including MEATYWAY and Toptrees [21][22]. Competitive Landscape - The competitive landscape is characterized by a shift from a single-brand dominance to a multi-brand ecosystem, with domestic brands innovating and adapting to new marketing channels [26]. - Royal Canin maintained a strong presence in the market, particularly in JD's rankings, but faced increasing competition from domestic brands [25][26]. - The report emphasizes the need for traditional brands to adapt to changing consumer preferences and digital marketing trends to maintain their market positions [26].

Investment Rating - The report maintains the full-year performance guidance unchanged for Giant Biogene, indicating confidence in the company's ability to recover revenue growth in the latter half of the year [10][11]. Core Insights - The recombinant collagen industry is in its early development stage, lacking unified testing and quality standards, which affects the accuracy of testing results [2][7]. - The company experienced a controllable impact on its online business during the 618 sales period, with sales of its Comfy brand ranking second in Tmall's domestic beauty products [8]. - The offline business remained stable, with strong performance in hospitals and pharmacies, unaffected by recent public opinion events [9]. - The company plans to enhance brand communication and consumer trust through various initiatives, including transparent communication and collaboration with research institutions [12]. - Future online marketing strategies will focus on "people, goods, and places," aiming to improve customer engagement and brand exposure [13]. Summary by Sections Business Update - The company discussed recent public opinion events and their impact on operations during the June 24, 2025, meeting [6]. - The online sales of Comfy were initially affected by a public opinion event but returned to normal levels shortly after [8]. - Offline sales of major medical device products remained strong, supporting stable business development [9]. Financial Performance - The profit margin in the first half of 2025 was not adversely affected by public opinion events, with a positive impact from the increase in offline business proportion [11]. - The company is confident in recovering revenue growth in the third and fourth quarters through refined operations and continuous investment [10]. Future Strategies - The company aims to strengthen brand and consumer communication to enhance trust and loyalty [12]. - Marketing efforts will include differentiated offerings for new and existing customers, leveraging the professionalism of medical devices [13].

Investment Rating - The report maintains an "Outperform" rating for Ascentage Pharma with a target price of HKD 84.60, up from a previous target of HKD 53.10 [2][30]. Core Insights - Lisaftoclax has demonstrated potential to overcome resistance to venetoclax in patients with acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS), showcasing promising efficacy and safety data [7][23]. - The report highlights the significant clinical data presented at the ASCO 2025 meeting, marking the first international study demonstrating a novel Bcl-2 inhibitor overcoming venetoclax resistance [23][26]. - The company is actively progressing in global registration studies for high-risk MDS and first-line AML, enhancing the potential for out-licensing opportunities [26][30]. Financial Summary - The company's market capitalization is HKD 25.19 billion (USD 3.21 billion) with a current share price of HKD 72.30 [2]. - Revenue projections for FY25-27 are RMB 570 million, RMB 2.99 billion, and RMB 2.80 billion, respectively, with net profit estimates of RMB -840 million, RMB 1.25 billion, and RMB 910 million [29][30]. - The gross profit margin is expected to remain high, with estimates of 90.1% in FY25 and 98.1% in FY26 [14]. Clinical Data Highlights - In a study of 28 relapsed/refractory AML patients with prior venetoclax resistance, the overall response rate (ORR) was 31.8%, with 22.8% achieving complete remission [4][17]. - For newly diagnosed AML patients, the ORR was 83.3%, with 33.3% achieving complete remission [18]. - In MDS/CMML patients, the ORR was 80% for treatment-naïve patients and 50% for relapsed/refractory patients, indicating strong efficacy [19][25]. Valuation - The report utilizes a risk-adjusted discounted cash flow (DCF) model, with a WACC of 10.0% and a terminal growth rate of 3.5%, leading to a revised target price of HKD 84.60 per share [30].

wo[Table_Title] Research Report 24 Jun 2025 中国互联网 China (Overseas) Internet 京东进军酒旅业务，供应链+零佣金模式撬动 OTA 格局 JD enters hotel & travel market with supply chain-driven strategy and zero-commission offer 姚书桥 Barney Yao 吴叡霖 Louis Ng barney.sq.yao@htisec.com louis.yl.ng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件： 2025 年 6 月，京东正式推出"京东酒店 PLUS 会员计划"，宣布进军酒旅行业。该计划向入驻酒店商家提供最高三年 0 佣金，并承诺通过京东电商主站、到家 App、企业购等多渠道导入流量。同时，京东强调围绕供应链整合布草清 洁、电力设备、安防、家具、洗涤等采购场景，为中小酒店提供降本方案。 点评： 以供应链为核心能力，重构中小酒店成本结构与服务能力。京东此次进军酒旅业务，并 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2]. Core Views - The company is expected to achieve revenue growth of 5% to 12% year-on-year in FY25, with net profit growth slightly lower than revenue growth, emphasizing a dynamic balance between profit and operational quality [3][12]. - The high-end strategy has shown significant results, with the Guoyuan special A+ products accounting for 64.9% of total revenue in FY24 and a gross profit margin of 82.7%, which is substantially higher than the overall gross profit margin of 74.7% [4][13]. - The company has a clear target for FY25, aiming for revenue of RMB 12.5 billion, net profit of RMB 3.6 billion, and an EPS of RMB 2.9, with a projected target price of RMB 52 based on an 18x PE ratio [5][15]. Financial Performance - The company has maintained over 20% growth in revenue and net profit for three consecutive years from FY21 to FY23, with net profit growth outpacing revenue growth, indicating improved profitability [3][12]. - For FY24, the company is expected to achieve revenue of RMB 11.5 billion and a net profit of RMB 3.4 billion, with a diluted EPS of RMB 2.74 [10]. - The company has a dividend yield of 3.1% for FY24, marking a record high with eight consecutive years of cash dividends [5][15]. Market Strategy - The company is focusing on core segments with tailored strategies for different provinces, aiming for synergistic growth across six regions in FY24 and targeting key markets in Anhui and Shandong for expansion in FY25 [4][14]. - The company has optimized its expense ratios significantly, with reductions in sales, management, and period expense ratios year-on-year [4][13].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][5]. Core Views - The company has successfully achieved an IPO on the Hong Kong stock market, raising HKD 9.177 billion to expand production capacity in refrigeration and automotive sectors, and to develop electromechanical actuators for bionic robotics [3][9]. - The company has shown excellent growth in both refrigeration and automotive sectors, with a revenue of RMB 16.56 billion in the refrigeration sector (YoY +13.1%) and RMB 11.39 billion in the automotive sector (YoY +14.9%) for 2024 [4][10]. - The company is expected to benefit from Chinese appliance renewal policies in 2025, with a strong order backlog in the automotive sector [4][10]. Financial Summary - Revenue projections for the company are as follows: RMB 31.65 billion in 2025, RMB 36.28 billion in 2026, and RMB 41.65 billion in 2027, reflecting growth rates of 13%, 15%, and 15% respectively [2][4]. - Net profit is projected to be RMB 3.73 billion in 2025, RMB 4.34 billion in 2026, and RMB 5.07 billion in 2027, with growth rates of 20%, 17%, and 17% respectively [2][4]. - The diluted EPS is expected to increase from RMB 0.90 in 2025 to RMB 1.22 in 2027 [2][4]. Valuation - The company is assigned a target price of RMB 28.80 based on a 32x PE valuation for 2025, reflecting its growth potential in both existing and new markets [5][11].