Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on dual demand from both C-end and B-end sectors, leading to a recovery in performance and valuation [5]. Core Insights - The company is expected to benefit from the recovery of passenger traffic in the civil aviation sector, with projected revenue growth of 26.3% in 2024, reaching 8.823 billion RMB, and a net profit increase of 48.3%, amounting to 2.074 billion RMB [7]. - The company holds a dominant position in the global GDS (Global Distribution System) market, with a 95% market share in China, and is the second-largest GDS provider globally [7]. - The company is well-positioned to capitalize on the digital transformation of the aviation industry, enhancing its profitability through various service extensions related to GDS and system integration [7]. Financial Projections - Revenue is forecasted to grow from 6,983.85 million RMB in 2023 to 9,927.83 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 7.4% from 2024 to 2027 [6]. - Net profit is projected to increase from 1,398.95 million RMB in 2023 to 2,961.26 million RMB in 2027, reflecting a CAGR of 12.9% [6]. - The earnings per share (EPS) is expected to rise from 0.48 RMB in 2023 to 1.01 RMB in 2027, indicating a strong growth trajectory [6].

Group 1 - The core view of the report indicates that the REITs market experienced a peak in trading volume in January 2026, followed by a significant decline due to the upcoming Spring Festival, with the weekly turnover rate dropping to 0.33%, the lowest level in the first two months of 2026 [2][6][7] - The report highlights that most REITs projects rebounded from low levels in January 2026 but faced a correction in February, with data centers and transportation sectors performing well, while other sectors like parks and consumer-related REITs saw significant declines [7][8] - The report suggests that the market will increasingly differentiate based on the quality of underlying assets, with data center REITs likely to receive valuation premiums due to AI computing demand, while park-related projects may struggle to see valuation improvements in the short term [8][9] Group 2 - The report notes a seasonal increase in wealth management products, with the total scale reaching 33.3 trillion yuan by the end of February 2026, an increase of 0.8 trillion yuan from the previous month, driven by low deposit rates and year-end bonuses [11][12] - The average annualized yield for fixed-income wealth management products fell in February 2026, with the upper limit at 2.69% and the lower limit at 2.16%, indicating a trend towards lower yields in a low-interest-rate environment [12][13] - The report anticipates that the wealth management scale could grow by approximately 3 trillion yuan in 2026, supported by favorable market conditions and seasonal factors [11][12] Group 3 - The report indicates a contraction in the supply of perpetual bonds in February 2026, with no new issues and a total repayment amount of approximately 61 billion yuan, reflecting a decrease compared to previous months [15][16] - The average credit spread for different ratings of perpetual bonds shows that AA- rated bonds have a significantly higher average credit spread compared to other ratings, indicating a higher risk pricing capability for lower-rated products [16][17] - The report recommends focusing on long-term bonds (5Y/10Y) with high credit spreads, particularly AA+ rated perpetual bonds, as they present potential investment opportunities [19]

证券研究报告 固收定期报告 hyzqdatemark 2026 年 03 月 11 日 数据中心板块领涨，商业不动产 REITs 审核反馈 ——REITs 系列报告 投资要点： 对于 2026M1-2 申报的第一批商业不动产 REITs 项目而言，从已反馈项目的反馈意 见可以看出，监管较为关注的点可以归纳为以下几点：其一，不动产合规性，具体 包含手续完备性、土地用途合规性、经营资质完备性等；其二，资产完整性，具体 包含入池资产范围、共用资产情况等；其三，项目收益情况，要求补充披露项目的 运营模式和项目竞争力，补充核查租约集中到期、关联交易、主力租户流失、单一 主体依赖等风险；其四，估值合理性，要求审慎评估预测期内出租率取值等。 从已反馈商业不动产 REITs 项目的监管关注点来看，不同项目的资产质量、收益情 况、估值合理性等因素或较大程度上影响该批项目上市后的市场表现，例如奥莱项 目出租稳定性相对更高，而传统商业地产项目（如写字楼等）的收益稳定性相对偏 弱，仍需结合后续反馈回复以筛选出具备性价比的商业地产 REITs 项目。 风险提示：1）数据来源和数据处理偏误风险；2）底层资产运营收益不及预期的风 险；3） ...

Investment Rating - The report suggests a "关注" (focus) investment rating for the company, indicating potential investment interest due to its strong market position and growth prospects [2][4]. Core Insights - The company, 新恒泰, specializes in functional high polymer foaming materials, recognized as a national-level "little giant" enterprise, with a focus on innovation and quality in its product offerings [11][35]. - The company plans to utilize the funds raised from its IPO to invest in projects aimed at expanding production capacity and enhancing technological capabilities, including a new production base for micro-porous foaming materials [9][10]. - The demand for polyethylene foam materials is expected to grow significantly, with the market projected to reach $3.4 billion by 2028 in China, driven by applications in construction, automotive, and consumer goods [35][43]. Summary by Sections Initial Offering - The company plans to issue 41.09 million shares at a price of 9.4 yuan per share, with an expected market capitalization of 13.89 times earnings [3][6]. - The total number of shares post-issue will be 164.36 million, with the new shares representing 25% of the total [6][7]. Business Overview - 新恒泰's main products include PE Foam, IXPE, and MPP, which are used in various applications such as construction materials, automotive interiors, and consumer products [11][13]. - The company has established a direct sales model primarily targeting downstream manufacturers, with a decreasing reliance on major customers, as indicated by the sales concentration dropping from 21% to 17% from 2022 to 2025H1 [22][24]. Financial Performance - The company forecasts revenues of 836 million yuan for 2025, reflecting an 8% year-over-year increase, with net profit expected to reach 111.23 million yuan, a 21% increase from the previous year [28][31]. - The gross margin for 2025 is projected at 26.39%, with a declining expense ratio indicating improved cost management [28][31]. Market Demand - The polyethylene foam market in China is expected to grow at a compound annual growth rate (CAGR) of 9.04% from 2018 to 2023, with the market size reaching $1.976 billion in 2023 [35][38]. - The automotive sector is a significant application area for the company's products, with increasing demand for lightweight and soundproof materials in vehicles [43][45].

Group 1: Fixed Income/Banking - Current oil prices are experiencing a pulse-like increase, with historical patterns showing similarities to the early 2022 Ukraine-Russia conflict, but the current price fluctuations may occur at a faster pace due to market conditions [3][11] - Supply-driven oil price increases are generally not expected to trigger monetary policy tightening, as historical experiences indicate that central banks focus on demand-side adjustments [10][11] - The bond market may experience fluctuations in March, influenced by oil prices affecting market sentiment, but long-term bond risks are considered low due to limited holdings [3][11] Group 2: Overseas/Education Research - The ongoing conflict in the Middle East is a major concern for global markets, with escalating oil prices and declining stock markets indicating investor anxiety [12][15] - The approval of a new commercial nuclear reactor in the U.S. marks a significant milestone for the nuclear energy sector, reflecting renewed policy support for advanced nuclear projects [13] - The commercial aerospace sector is expected to see revenue growth driven by government contracts and commercial agreements, despite high capital expenditures and operational losses [14][15] Group 3: Machinery/Construction - The 2026 National People's Congress emphasizes the importance of effective investment, with a focus on major infrastructure projects and the "Six Networks" initiative, which includes water and electricity networks [16][19] - The fiscal policy remains proactive, with record-high government spending and special bond issuance aimed at supporting infrastructure investments [17][19] - The construction sector is expected to benefit from stable infrastructure demand, particularly in energy security and clean energy projects [19] Group 4: Pharmaceuticals - Hutchison China MediTech reported a total revenue of $549 million for 2025, a decrease of 12.96%, while net profit surged by 1111.03% to $457 million [21][22] - The company’s oncology/immunology business generated $286 million, with significant growth in international sales, particularly for its drug, fruquintinib [22][23] - The ATTC platform is progressing into clinical validation, with multiple candidates entering trials, indicating a robust pipeline for future growth [23][24] Group 5: Home Appliances - Bosideng is expected to achieve steady revenue growth, with a projected mid-single-digit increase for the fiscal year, despite a warm winter affecting sales [26][27] - The main brand, down jackets, is anticipated to maintain growth, supported by high-profile designer collaborations [26][27] - The company is focusing on improving operational efficiency and management capabilities across its various business segments [27][28] Group 6: North Exchange - North Mining Testing is positioned as a leader in the non-ferrous metal testing sector, benefiting from rising metal prices and the domestic demand for quality control [30][31] - The testing services market is projected to reach ¥487.6 billion by 2024, with a significant shift towards larger, more concentrated firms [30][31] - The company is expanding its business model to include high-end instrument development, enhancing its competitive edge in the market [31][32]

证券研究报告 固收点评报告 hyzqdatemark 2026 年 03 月 10 日 CPI 超季节性上涨，PPI 同比降幅收窄 ——2 月物价数据点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 马赫 mahe@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 核心观点：2026 年 2 月 CPI 同比大幅上涨至 1.3%（近三年新高），或主要受春节 错月低基数、消费需求释放及食品价格由负转涨等因素推动，核心 CPI 创下 2019 年 3 月以来最高值，基期轮换影响较小；同期 PPI 同比降幅收窄至-0.9%，环比连 续 5 个月正增长，或受益于生产资料改善、上游行业支撑及输入性因素双向提振， 美伊战争或进一步推动其降幅收窄。债市供给压力好于预期，经济增长存在一定压 力，长债风险较低、收益率有望下行，建议关注长久期债券投资机会。 CPI 同比大幅上涨，创下近三年新高。2 月 CPI 同比上涨 1.3%，较上月（0.2%）扩 大 1.1pct，为近三年来最高水平。2 月 CPI 超季节 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) due to sustainable global commercialization growth and promising potential of the ATTC platform [5]. Core Views - The company reported a total revenue of $549 million for 2025, a decrease of 12.96% year-on-year, while net profit surged to $457 million, reflecting a growth of 1111.03% [7]. - The oncology/immunology business generated $286 million in revenue, with significant contributions from milestone payments [7]. - The company holds a strong cash position of $1.367 billion, indicating robust financial health [7]. - The ATTC platform is entering clinical validation stages, with multiple candidates progressing through trials [7]. - Future catalysts include various product approvals and clinical trial initiations, which are expected to drive revenue growth [7]. Financial Summary - Revenue projections for 2026-2028 are estimated at $632 million, $771 million, and $890 million respectively, with growth rates of 15.2%, 21.9%, and 15.5% [6][8]. - The forecasted net profit for 2026 is $91 million, with a significant increase expected in subsequent years [6][8]. - The company’s reasonable equity value is estimated at HKD 27 billion, based on a DCF calculation with a perpetual growth rate of 2% and WACC of 7.84% [7].

Investment Rating - The report does not provide a specific investment rating for the industry [4] Core Insights - The approval of a new commercial reactor construction license by the NRC marks a significant milestone for the advanced nuclear power sector in the U.S., indicating renewed policy support for nuclear energy amid growing energy security and electricity demand [5][12] - AST SpaceMobile reported a revenue of $70.9 million for 2025, with a Q4 revenue of $54.3 million, driven by the delivery of commercial gateways and government service milestones, and has signed over $1 billion in minimum revenue commitment agreements [17][18] - The commercial aerospace sector is experiencing a fundamental resonance period, with government orders and initial revenue growth laying a solid foundation for 2026 revenue [18] Summary by Sections 1. Overseas AI 1.1 Market Review - The Hong Kong and U.S. tech stocks experienced a significant pullback, with the Hang Seng Tech Index down 3.7% and the Philadelphia Semiconductor Index down 7.2% during the week [8] - The AI energy sector saw notable stock movements, with Eos Energy up 8% and several companies like ESS Tech and The AES Corporation down 18% [10] 1.2 Key Events - The NRC authorized the construction of the Kemmerer Power Station, the first new commercial reactor approval in a decade, which is expected to positively impact the advanced nuclear power supply chain and long-term uranium demand [11][12] 2. Commercial Aerospace 2.1 Market Review - The aerospace sector indices showed mixed performance, with the US Space Economy Index up 0.36% and the S&P Aerospace and Defense Select Industry Index down 1.31% [14] - Key aerospace stocks like AST SpaceMobile and Intuitive Machines saw significant gains, with AST SpaceMobile up 12.99% [15] 2.2 Key Events - AST SpaceMobile's financial report highlighted a total revenue of $70.9 million for 2025, with a strong cash position of approximately $3.9 billion to support satellite manufacturing and launches in 2026 [17][18]

证券研究报告 固收点评报告 hyzqdatemark 2026 年 03 月 10 日 源引金融活水 润泽中华大地 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 联系人 张一帆 请务必仔细阅读正文之后的评级说明和重要声明 zhangyifan@huayuanstock.com 中东局势扰动下，债市如何演绎？ 事件：2026 年 2 月 28 日，美国和以色列联合对伊朗发动"先发制人"军事打击， 伊朗对以色列及中东地区多处目标予以还击，除此之外，伊朗伊斯兰革命卫队于 3 月 5 日表示，在冲突时期，伊朗有权控制霍尔木兹海峡的通行和航行，美国、以色 列和欧洲国家船只被禁止通行。 本轮原油价格节奏或快于 2022H1 俄乌冲突时期。俄乌冲突发生于 2022 年 2 月 24 日，发生后一个月内原油价格脉冲式上涨，突破 100 美元/桶。4 个月后原油价格逐 步下行，一年后恢复正常。本轮原油价格波动节奏与其较具相似性，但节奏或快于 2022H1，原因或系 2022 年 OPEC+闲置产能较为充裕，叠加制裁与政策干预滞后， 地缘风险溢价维 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its authoritative position in non-ferrous metal testing and growth drivers from metal price increases and domestic instrument development [5][9]. Core Insights - The company is a leader in the non-ferrous metal mineral product testing sector, holding the highest market share in 2023. Its business model focuses on entrusted testing and high-margin arbitration testing, supported by self-developed online analysis instruments, creating a dual-driven growth model of "testing services + instrument business" [6][9]. - The overall market for testing services in China is projected to reach CNY 4,876 billion by 2024, with the mining and metallurgy testing sector expected to grow to CNY 56.15 billion, indicating a significant structural upgrade and concentration trend within the industry [8][11]. - The company anticipates steady revenue growth driven by rising metal prices and expanding industry demand, with projected revenues of CNY 1.51 billion, CNY 1.80 billion, and CNY 2.12 billion for 2025-2027 [10][11]. Summary by Sections Industry Overview - The testing industry is recognized as a strategic emerging industry in China, with government policies promoting its development. The market size is expected to grow significantly, with a compound annual growth rate of approximately 11.34% from 2016 to 2024 [16][19]. - The mining and metallurgy testing sector is experiencing a concentration trend, with the number of institutions decreasing while the market size increases, indicating a shift towards larger, more capable firms [37][41]. Company Positioning - The company has established a high barrier to entry in the non-ferrous metal testing market through its deep technical expertise and authoritative qualifications. It is recognized as a designated institution by the London Metal Exchange (LME) [8][11]. - The company’s core revenue sources include ore and concentrate testing, which accounts for approximately 80% of its income, and it is actively expanding into high-growth areas such as self-developed instruments and lithium carbonate futures testing [8][11]. Financial Projections - The company forecasts net profits of CNY 0.74 billion, CNY 0.89 billion, and CNY 1.07 billion for 2025-2027, with corresponding price-to-earnings ratios of 38, 32, and 26 times [6][9]. - Revenue for the first half of 2025 reached CNY 85.94 million, reflecting a year-on-year growth of 31.3%, indicating strong operational performance [8][11].