Investment Rating - The report maintains a "Recommend" rating for Agricultural Bank of China (601288.SH) [1][3] Core Views - Agricultural Bank of China achieved a revenue of 710.6 billion yuan in 2024, a year-on-year increase of 2.3%, and a net profit attributable to shareholders of 282.1 billion yuan, up 4.7% year-on-year [4][7] - The bank's total assets reached 43.2 trillion yuan at the end of 2024, reflecting an 8.4% year-on-year growth, with total loans increasing by 10.1% and deposits by 4.9% [4][7] - The bank's net interest margin for the year was 1.42%, down 18 basis points year-on-year, primarily due to pressure on asset pricing [7][12] - The non-performing loan (NPL) ratio improved to 1.30%, down 2 basis points from the previous quarter, indicating stable asset quality [8][11] Summary by Sections Financial Performance - In 2024, the bank's net interest income grew by 1.6% year-on-year, while non-interest income increased by 5.5% [7][9] - The bank's earnings per share (EPS) for 2024 is projected at 0.81 yuan, with expected growth rates of 4.1% for 2025 and 5.6% for 2026 [6][12] Asset Quality - The NPL ratio for corporate loans decreased by 25 basis points to 1.58%, while the retail loan NPL ratio increased by 30 basis points to 1.03% [8][11] - The bank's provision coverage ratio remains high at 300%, ensuring stable risk mitigation capabilities [8][11] Growth Projections - The bank's total assets are expected to grow to 47 trillion yuan by 2025, with loan growth projected at 10% annually [10][12] - The report anticipates a steady increase in net interest income, with projections of 586.6 billion yuan in 2025 [11][12]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The report highlights that the company's revenue decline has narrowed, with a year-on-year decrease of 2.5% in total revenue for 2024, while net profit attributable to shareholders increased by 0.9% year-on-year [5][8] - The bank's total assets reached 40.6 trillion yuan, reflecting a year-on-year growth of 5.9%, with loans and deposits growing by 8.5% and 3.8% respectively [5][8] - The report emphasizes the resilience of net interest income, which showed a reduced decline of 4.4% year-on-year, and non-interest income increased by 5.1% [8][9] - The bank's non-performing loan (NPL) ratio decreased to 1.34%, indicating stable asset quality, although retail loan NPLs increased slightly [9] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 750.2 billion yuan, with a net profit of 335.6 billion yuan, and a return on equity (ROE) of 10.69% [5][10] - The net interest margin for the year was 1.51%, down 19 basis points year-on-year, while the loan yield decreased to 3.43% [8][10] Asset Quality - The year-end NPL ratio was 1.34%, down 3 basis points year-on-year, with corporate loan NPLs decreasing to 1.65% [9][10] - The provision coverage ratio stood at 234%, indicating a strong buffer against potential loan losses [9] Future Projections - The report projects that the company's earnings per share (EPS) for 2025-2027 will be 1.36, 1.40, and 1.46 yuan respectively, with corresponding profit growth rates of 1.1%, 3.0%, and 4.3% [8][12] - The bank's total assets are expected to grow at a rate of 5.9% in 2025, with loan growth projected at 8.0% [12]

有色金属 2025 年 3 月 31 日 东睦股份（600114.SH） 各平台业务表现亮眼，机器人打开公司成长空间 推荐（维持） 现价：19.46 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.pm-china.com | | 大股东/持股 | 睦特殊金属工业株式会社/ 10.62% | | 实际控制人 | | | 总股本(百万股) | 616 | | 流通 A 股(百万股) | 616 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 120 | | 流通 A 股市值(亿元) | 120 | | 每股净资产(元) | 4.56 | | 资产负债率(%) | 56.78 | 行情走势图 -20% 0% 20% 40% 60% 80% 2024/03 2024/06 2024/09 2024/12 东睦股份 沪深300 相关研究报告 《东睦股份（600114.SH）：折叠屏增长动能释 放 ，公 司MIM业务同比高增》2024-10-28 证券分析师 | 陈潇榕 | 投资咨询资格编号 | | --- | --- | | | S106052311 ...

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [4][11]. Core Views - The company achieved a revenue of 9.026 billion yuan in 2024, representing a year-over-year increase of 24.99%. The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-over-year [4][7]. - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) for 2024 [4]. - The gold production for 2024 was 15.16 tons, a growth of 5.60% year-over-year, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [7]. - The average selling price of gold reached 524.28 yuan per gram, an increase of 20.32% year-over-year, indicating a simultaneous rise in both quantity and price [7]. - The company is expected to benefit from rising gold prices due to the weakening of the US dollar and increasing demand for gold as a safe-haven asset [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 90.26 billion yuan and a net profit of 17.64 billion yuan, with significant growth rates of 24.99% and 119.46% respectively [4][6]. - The projected net profits for 2025, 2026, and 2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan respectively, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [6][8]. Production and Cost Efficiency - The company’s gold sales cost was 278.08 yuan per gram in 2024, a decrease of 0.76% year-over-year, reflecting improved production efficiency [7]. - The processing capacity of the company’s plants has increased, with the processing capacity rising from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a continued upward trend in gold prices, supported by high central bank gold purchases and the weakening of the US dollar [8]. - The company is well-positioned to leverage its high-quality gold business and cost advantages to achieve above-average profitability compared to industry peers [8].

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% over the next six months [23]. Core Insights - The report highlights two significant events in the global pension sector: the U.S. SEC's decision to halt legal defense for climate disclosure rules and the cautious approach of sovereign funds towards net-zero targets despite increased awareness of climate risks [1][2][6][8]. Summary by Sections U.S. SEC Climate Disclosure Rule - On March 27, the U.S. SEC decided to stop defending the climate disclosure rule, which required public companies to disclose climate-related information in their reports. The SEC's acting chairman stated that the decision aimed to cease support for what was deemed an expensive and overly intrusive regulation [1][6][7]. Sovereign Wealth Funds and ESG - A report by the International Forum of Sovereign Wealth Funds and the One Planet Sovereign Wealth Fund Network revealed that while more sovereign funds are recognizing climate risks, their commitment to net-zero targets is waning. Only 17% of surveyed funds have set net-zero targets, down from 30% in 2023. Additionally, the proportion of funds considering setting such targets has decreased from 27% to 24% [2][8]. Global Pension Policy Developments - North Carolina plans to abandon its "sole trustee" model for pension management due to poor performance metrics, aiming to establish a trustee committee for better governance [9]. - Chile's Congress approved a pension reform bill that will gradually increase employer contributions from 1.5% to 8.5% over nine years, enhancing competition among pension fund managers [10]. - In the UK, 75% of pension plans have adopted net-zero targets, a significant increase from 60% the previous year, indicating a growing commitment to addressing climate risks [11]. - India is set to launch a Unified Pension Scheme (UPS) in April 2025, providing a new option for government employees to enhance their pension benefits [12][13]. - A new U.S. bill is being drafted to require pension funds to disclose excess returns from ESG investments, emphasizing the need for financial accountability in ESG-related decisions [14]. Domestic Pension Policy and Industry Dynamics - The Ministry of Civil Affairs in China is pushing for the expansion of the silver economy, focusing on improving elderly care services and integrating various industries to enhance the quality of life for seniors [14][15]. - Wuhan has initiated a three-year action plan to improve elderly care facilities, aiming to add at least 10,000 new beds by 2027 [16]. - Gansu Province is offering subsidies for home modifications to support elderly residents, with a maximum subsidy of 30% for eligible purchases [17]. - Shanxi Province has released guidelines for managing long-term care insurance service institutions, enhancing the quality of care provided [18]. Industry Innovations - Cheng Tian Technology has completed a nearly 100 million yuan Series B financing round to advance its exoskeleton technology for rehabilitation and elderly care [19]. - New health products targeting the elderly, such as specialized nutritional milk powders, are being introduced to cater to the aging population's needs [19].

Group 1 - The report suggests that with the arrival of the domestic economic and listed company performance verification window, the pricing of the equity market in April will further return to fundamentals, recommending a bottom-up approach to capture performance guidance from the first quarter, focusing on companies with positive performance expectations [4][9][27] - As of March 29, 2025, the earnings expectations for certain A-share industries such as non-bank financials, non-ferrous metals, automobiles, and building materials have been revised upward, while the overall A-share earnings expectation has been adjusted down by 0.7% [4][9][27] - The report recommends ten key stocks for April: Haoyuan Pharmaceutical, Nanya New Materials, Hongquan Internet of Things, Kingsoft Office, Luoyang Molybdenum, Seres, Stone Technology, Mingyang Smart Energy, Three Trees, and Industrial and Commercial Bank of China [4][9][27] Group 2 - The report indicates that the U.S. President's announcement of a 25% tariff on imported cars will significantly impact Japanese and Korean automakers, while also affecting U.S. domestic brands [6][14][15] - The tariff policy is expected to have a more substantial impact on the export of automotive parts from China than on complete vehicles, as the majority of Chinese automakers focus their export strategies on regions other than the U.S. [16][17] - The report highlights that the tariff policy may force a return of automotive manufacturing to the U.S., but the restructuring of the supply chain will be costly and time-consuming, potentially slowing down the electrification and transformation processes of foreign automakers [17][19] Group 3 - The report emphasizes that domestic automakers are increasingly gaining market share due to their advantages in new energy and intelligent features, positioning them to potentially dominate the global market in the future [18][19] - It suggests that component manufacturers need to rethink their strategies in the U.S. market, as the tariff policy may increase costs and affect their competitiveness [19] - The report recommends several domestic automakers for investment, including BYD, Great Wall Motors, Geely, Li Auto, Xpeng Motors, Changan Automobile, and Xiaomi Group, as well as the component manufacturer Fuyao Glass [19][20]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The semiconductor manufacturing sector is experiencing a clear trend of domestic substitution, which is favorable for semiconductor manufacturing and equipment. Additionally, major manufacturers are continuously investing in AI terminals, leading to the introduction of new AI-capable chips, which is expected to drive a new wave of replacement demand [29]. - NAND Flash prices are expected to gradually recover in 2Q25 due to production cuts and inventory replenishment by buyers. According to TrendForce, NAND Flash manufacturers began reducing production in Q4 2024, and the effects are becoming evident. The demand from consumer electronics brands and the rebuilding of inventory in sectors like PCs, smartphones, and data centers are contributing to this recovery [9][10]. - The price decline of DRAM is expected to narrow in 2Q25, with conventional DRAM prices projected to decrease by 0% to 5%. The introduction of HBM3e 12hi is anticipated to increase average prices by 3% to 8% [12][14]. Summary by Sections Industry News and Commentary - New Kai Lai showcased over 30 products at SEMICON, including diffusion, etching, thin film, and measurement products [3][5]. - The recovery of NAND Flash prices is attributed to effective production cuts and inventory replenishment by buyers, with expectations for prices to stabilize in 2Q25 [9][10]. - The successful inventory reduction among downstream customers is expected to lead to a narrowing of DRAM price declines in 2Q25 [12][13]. Weekly Market Review - The Philadelphia Semiconductor Index and the Taiwan Semiconductor Index both experienced declines last week, with the Philadelphia index at 4284.91, down 5.99%, and the Taiwan index at 593.84, down 2.32% [20]. - The semiconductor industry index has increased by 29.57% since the beginning of 2024, outperforming the CSI 300 index by 15.46% [23]. Investment Recommendations - Recommended companies include Northern Huachuang, Zhongwei Company, Tuojing Technology, Lanke Technology, Jingdongfang A, Lite-On Technology, and Hengxuan Technology, among others, due to the favorable trends in the semiconductor manufacturing sector [29][33].

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [4][11]. Core Views - The company achieved a revenue of 9.026 billion yuan in 2024, representing a year-over-year increase of 24.99%. The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-over-year [4][7]. - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) for 2024 [4]. - The company's gold production increased by 5.60% to 15.16 tons in 2024, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [7]. - The average selling price of gold reached 524.28 yuan per gram, a year-over-year increase of 20.32% [7]. - The company is expected to benefit from rising gold prices and has a cost advantage, leading to higher profitability compared to industry averages [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 90.26 billion yuan and a net profit of 17.64 billion yuan, with significant growth rates of 24.99% and 119.46% respectively [4][6]. - The projected net profits for 2025-2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [8][10]. Production and Cost Efficiency - The company’s gold sales cost was 278.08 yuan per gram in 2024, a decrease of 0.76% year-over-year [7]. - Production efficiency improved, with the processing capacity of the ore processing plant increasing from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a long-term upward trend in gold prices due to weakening dollar credit and increasing demand for gold as a safe-haven asset [8]. - The company is well-positioned to capitalize on this trend due to its high-quality gold business and ongoing expansion projects [8].

宏 2025 年 3 月 30 日 中国经济高频观察（2025 年 3 月第 4 周） 3 月高频数据表现如何 证券分析师 平安观点： 观 报 告 宏 观 周 报 证 券 研 究 报 告 钟正生 投资咨询资格编号 S1060520090001 zhongzhengsheng934@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 3 月以来，中国经济总体平稳，结构分化。支撑在于，基建重大项目推进较快， 以旧换新支撑家电、汽车销售，出口货运受低基数推升，且地产销售"金三" 成色尚可。拖累在于：家电、汽车等中下游行业生产增速放缓，房地产销售 的恢复尚未充分传导至房建施工，企业预期和信心有待巩固和提升。 1. 工业：3 月以来开工率分化，钢铁、水泥、纺织、光伏组件等生产同比回升， 汽车轮胎、冰箱、洗衣机、玻璃、沥青及多数化工品生产数据同比回落。具 体看：一是，钢铁、水泥前期库存较低，需求和盈利恢复对生产的带动较强。 二是，光 ...

证券研究报告 DeepSeek又迎更新， 通义千问发布新一代端到端旗舰模型 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询）HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 2025年3月30日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）DeepSeek又迎更新，通义千问发布新一代端到端旗舰模型。3月24日，DeepSeek上线了小版本更新后的 DeepSeek-V3模型DeepSeek-V3-0324。3月27日，阿里巴巴发布通义千问系列的最新旗舰模型Qwen2.5-Omni。2）ChatGPT文生图功 能迎重大升级，谷歌Gemini2.5 Experimental发布。OpenAI发布了GPT-4o image generation，图像生成技术模型。同日，谷歌 推出Gemini 2.5 Pro Experi ...