Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - Transition finance and green finance form an effective complementary structure, with transition finance targeting high carbon-emitting enterprises for their low-carbon transformation through technological upgrades, while green finance focuses on pure green projects [2][9]. - The international development of transition finance is driven by the EU carbon tax policy, entering a rapid development phase since 2023, with a historical progression through three stages: global consensus (2015-2019), framework establishment (2020-2022), and rapid development (2023-present) [2][14]. - China officially proposed the concept of "low-carbon transition" in 2024, with a series of supportive policies following, including the revision of the "Green Industry Guidance Catalog" to focus on low-carbon transition industries [2][17]. - The 14th Five-Year Plan shifts China's energy management from "dual control of energy consumption" to "dual control of carbon emissions," with an estimated demand for green low-carbon investment reaching 487 trillion yuan over the next 30 years, of which 60% is related to low-carbon transition [2][20]. - Mainstream international transition finance products include Sustainable Linked Loans (SLL), Sustainable Linked Bonds (SLB), and transition bonds, with SLL and SLB directly linking financing costs to sustainability goals [2][25]. Summary by Sections Transition Finance vs Green Finance - Transition finance supports high carbon-emitting projects for low-carbon transformation, while green finance supports energy-saving and emission-reducing projects [9][8]. International Development of Transition Finance - The development of international transition finance has progressed through three stages: consensus (2015-2019), framework establishment (2020-2022), and rapid development (2023-present) [14][10]. China's Transition Finance Development - China's transition bonds include transition bonds and low-carbon transition-linked bonds, with the latter dominating in issuance and financing amounts [3][50]. - The issuance of low-carbon transition-linked bonds reached 104, with a net financing amount of 572 billion yuan, while transition bonds totaled 32 with approximately 207 billion yuan [3][50]. - The main issuers of transition bonds have shifted from state-owned enterprises to local state-owned enterprises, with a corresponding decline in credit ratings from AAA to AA [3][72]. Mainstream Products in Transition Finance - The report identifies three main products in transition finance: transition bonds, SLL, and SLB, with specific characteristics and restrictions on fund usage [25][27]. - Transition bonds are specifically allocated for low-carbon transition projects, while SLL and SLB link financing costs to sustainability targets [25][27]. Advantages and Challenges of Transition Bonds - Despite higher costs, transition bonds offer advantages such as expedited review processes, potential government interest subsidies, and flexible interest rate adjustments linked to ESG goals [3][96][94]. - Transition bonds face challenges including higher issuance costs and a shift in issuer credit ratings, impacting their attractiveness compared to traditional corporate bonds [3][84][89].

Investment Rating - The report assigns a "Buy" rating for the company, Century Huatong, as part of its initial coverage [2][7][65]. Core Insights - Century Huatong has transformed into the largest game company in A-shares by acquiring several firms, including Qiku, Tianyou, Diandian Interactive, and Shengqu Games [6][15]. - The company is expected to see significant growth in net profit, with projections of 54 billion, 82 billion, and 101 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 345%, 52%, and 23% [5][7][65]. - The report emphasizes the potential of Diandian Interactive's SLG (Simulation and Strategy Game) and casual gaming segments, which are expected to drive future growth [6][58]. Financial Data and Profit Forecast - Total revenue projections for the company are 22,620 million yuan for 2024, 37,927 million yuan for 2025, 45,189 million yuan for 2026, and 49,552 million yuan for 2027, with corresponding year-on-year growth rates of 70.3%, 67.7%, 19.1%, and 9.7% [5][63]. - The gross profit margin is expected to remain robust, with estimates of 68.4%, 68.8%, and 69.0% for 2025, 2026, and 2027 respectively [5][63]. - The company’s return on equity (ROE) is projected to increase to 18.7% in 2025, 22.0% in 2026, and 21.3% in 2027 [5]. Market Position and Strategy - Diandian Interactive has established itself as a leader in the global SLG market, with significant contributions from its successful titles such as "Whiteout Survival" and "Kingshot" [6][27][28]. - The report highlights the strategic importance of casual gaming, which is expected to create a new growth curve for the company, particularly in overseas markets [6][58]. - The company is leveraging its expertise in both SLG and casual gaming to enhance user acquisition and retention, thereby expanding its market share [6][58][47]. Valuation and Target Market Capitalization - The report employs a relative valuation method, assigning a target market capitalization of 172.2 billion yuan based on a 21X PE ratio for 2026 [7][65]. - The valuation is supported by comparisons with leading gaming companies in the A-share market, indicating a favorable outlook for Century Huatong [7][66].

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - In the US ETF market last week, new product issuance slowed during the year - end holiday, with 7 new products launched. International stock products had significant inflows compared to domestic ones, and developed - market stock products performed better than US stocks. In the US ordinary public - offering fund market, there was an outflow of domestic stock funds and an increase in the outflow of hybrid allocation products [2]. Summary by Relevant Catalogs 1. US ETF Innovation Products: Pacer Issues Export Leaders ETF - Last week, 7 new ETF products were issued in the US, with issuance slowing during the year - end holiday. Multiple thematic ETFs were issued, including a software platform ETF by AOT Invest, an export leaders ETF by Pacer, a growth opportunities ETF by Virtus, and a European market leaders ETF by Xtrackers [7] - The AOT Software Platform ETF selects stocks from software - driven companies using cost - to - revenue ratio, E/P, and ROIC, and weights them by quality factors. Its heavy - weight stocks include Nvidia and Meta, with individual stock weights between 0.5% and 7.5% [7] - The Pacer International Export Leaders ETF selects companies with high overseas revenue and outstanding free - cash - flow growth from the S&P 900 [8] 2. US ETF Dynamics 2.1 US ETF Funds: Cross - border Stock Products See Significant Inflows - In the past week, US ETF inflows slowed slightly, with international stock products having significantly more inflows than domestic ones. Vanguard's multiple products had large inflows, while its growth and value - style ETFs had more outflows, indicating continued optimism about overseas stocks in the new year [9][12] - Gold - related ETFs had large inflows as the gold price hit a new high, showing a positive correlation between funds and performance. S&P 500 ETFs had high - level recent fund fluctuations, and the Russell 2000 ETF had outflows [14] 2.2 US ETF Performance: Developed - market Stock Products Perform Well - This year, developed - market ETFs have generally outperformed US stocks. The S&P 500 has risen less than 20%, while most developed - market products have risen more than 30%, and the EAFE Value ETF has risen more than 40% [15] 3. Recent Fund Flows of US Ordinary Public - offering Funds - In October 2025, the total non - money public - offering funds in the US were $23.70 trillion, an increase of $0.22 trillion from September. The scale of US domestic stock products rose 0.9%, but the redemption pressure was still high [19] - From December 10th to December 17th, the outflow of US domestic stock funds expanded to $47.3 billion, and the outflow of domestic stock products this year has exceeded $700 billion. The outflow of hybrid - allocation products also increased [19]

Group 1: Key Insights on Xingfu Electronics - The company is backed by Xingfa Group, a leading player in the phosphate chemical and fine chemical industry, ensuring strong supply chain support [8] - It focuses on semiconductor applications, with a complete wet electronic chemical product system, including 60,000 tons of electronic-grade phosphoric acid and 100,000 tons of electronic-grade sulfuric acid, leading the domestic market [8] - The company aims to become a world-class electronic materials enterprise, with ongoing internationalization and diversification strategies [8] Group 2: Key Insights on JD Industrial - JD Industrial is a leading provider of industrial supply chain technology and services in China, with a projected revenue of 20.398 billion yuan and an adjusted net profit of 909 million yuan for 2024 [10] - The company has established a comprehensive digital infrastructure for supply chain management, covering 80 product categories and serving over 11,100 key enterprise clients [10] - The industrial supply chain market in China is vast, with a size of 11.4 trillion yuan in 2024, and JD Industrial holds a market share of 4.1% in the industrial supply chain technology and services market [10] Group 3: Insights on the Coal Industry - The coal industry is experiencing a restructuring due to stricter safety regulations, with a cumulative coal production of 4.402 billion tons from January to November, showing a year-on-year increase of 1.4% [14] - The demand for coal remains stable, with a projected increase in coal consumption in the chemical industry, and the overall coal demand is expected to grow slightly [14] - Investment recommendations include stable high-dividend stocks like China Shenhua and Shaanxi Coal, as well as growth stocks such as TBEA and Huaihe Energy [14] Group 4: Insights on MEMS Sensor Industry - The company is a leading player in high-performance MEMS inertial sensors, with a revenue and net profit CAGR exceeding 38% from 2019 to 2024 [15] - The MEMS technology market is expanding, with applications in consumer electronics, automotive, industrial, and aerospace sectors [16] - The company is actively pursuing new market opportunities, including partnerships in autonomous driving and low-altitude aviation [16] Group 5: Insights on Automotive Industry - The automotive market is seeing a shift towards intelligent and high-end vehicles, with a focus on new energy vehicles and the potential for significant growth in the second-hand car market [24] - Recent data indicates a 9% month-on-month increase in retail sales of passenger vehicles, despite a year-on-year decline [26] - Investment recommendations include companies with strong alpha potential and those benefiting from the ongoing reforms in state-owned enterprises [27]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company is a leader in the engineering machinery sector, with a diversified business model that includes concrete machinery, lifting machinery, and agricultural machinery, among others. It has established a strong global presence through overseas manufacturing and strategic acquisitions [3][4] - The domestic engineering machinery market is showing signs of recovery, while international markets present significant growth opportunities. The company is well-positioned to benefit from both domestic and international demand [8][9] - The report forecasts revenue growth for the company, projecting revenues of 53.26 billion, 61.67 billion, and 70.77 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.85 billion, 6.30 billion, and 7.84 billion RMB [4][9] Summary by Sections Company Overview - The company has evolved from the Changsha Construction Machinery Research Institute, officially established in 1992, and has become a successful mixed-ownership enterprise. It has a comprehensive product line covering 15 categories and 745 models, with 29 domestic industrial parks and 10 overseas R&D and manufacturing bases [3][18] - The company has successfully integrated various business segments, including engineering machinery, agricultural machinery, and financial services, creating a multi-faceted business ecosystem [3][24] Market Dynamics - The domestic engineering machinery market is recovering, with signs of stabilization in real estate and infrastructure investments. The report notes that new construction areas in real estate have been declining for six years but are nearing a bottom [8][54] - Infrastructure investment has shown consistent growth, with significant government projects underway, which are expected to drive demand for engineering machinery [59][60] Financial Projections - The company is expected to see revenue growth rates of 17.12%, 15.78%, and 14.77% for the years 2025 to 2027, with net profit growth rates of 37.72%, 29.93%, and 24.46% for the same period [4][9] - The report highlights that the company's valuation is significantly undervalued compared to peers, with projected P/E ratios of 12, 9, and 7 for 2025 to 2027, indicating a potential upside of 57% based on a target market capitalization of 921 billion RMB [9] Competitive Landscape - The company is compared with peers such as Sany Heavy Industry, XCMG, and LiuGong, which have higher average P/E ratios, indicating that the company is undervalued in the current market [9] - The report emphasizes the company's strong international presence, with overseas revenue accounting for over 51% of total revenue by 2024, showcasing its successful global expansion strategy [36][70]

Investment Rating - The investment rating for the company is maintained as "Buy" [3] Core Insights - The company is collaborating with adidas to build a "Sports+" ecosystem, focusing on product reach, community empowerment, and public welfare [8] - The main brand of the company holds a 5.6% market share in the Chinese menswear market, leading the sector [8] - The company has opened 23 city outlet stores as of the first half of 2025, with plans for rapid expansion [8] - The partnership with international sports brands has proven successful, contributing significant revenue [8] - The company is positioned as a leader in the national apparel sector, with a focus on new growth areas such as city outlets and sports collaborations [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 21,649 million, with a year-on-year growth rate of 3.3% [7] - The net profit attributable to the parent company is expected to be 2,168 million in 2025, reflecting a slight increase of 0.4% year-on-year [7] - Earnings per share are forecasted to be 0.45 yuan in 2025, with a projected PE ratio of 14 [7] - The gross margin is expected to be 44.8% in 2025, with a return on equity (ROE) of 12.6% [7]

同研究 /公司深 | 2025 年 12 月 29 日 | | --- | 锐捷网络 (301165) 敏锐迅捷的 AI 智算网络筑基者 报告原因:首次覆盖 (首次评级) | 市场数据: 2025 年 12 月 26 日 | | | --- | --- | | 82.80 收盘价（元） | | | 一年内最高/最低（元） 106.80/47.21 | | | 13.3 | 市净率 | | 股息率%（分红/股价） 0.73 | | | 流通 A 股市值 (百万元) 65,864 | | | ┣证指数/深证成指 3.963.68/13.603.89 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.24 | | 资产负债率% | 47.15 | | 总股本/流通 A 股 (百万) | 795/795 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比走势: 户深300指数 相关研究 证券分析师 李国盛 A0230521080003 ligs@swsresearch. ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [9]. Core Insights - The company has signed significant contracts totaling 2.54 billion yuan and 3.92 billion yuan, reflecting its strategic focus on expanding its market position in the aerospace sector [6][9]. - The company's "One Core, Two Wings" strategy is being implemented, aiming to enhance its role as a key supplier of materials for aircraft engines and expand into other high-end manufacturing sectors [9]. - The establishment of a new electromagnetic testing system marks a significant advancement in the company's testing capabilities, supporting product development and providing services to various industries [9]. - The company is recognized as a leading domestic enterprise in special materials, with a strong market position and a broad scope for growth due to increasing defense modernization demands [9]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,139 million yuan in 2024 to 2,157 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 22.5% [8]. - The net profit attributable to the parent company is expected to increase from 414 million yuan in 2024 to 762 million yuan in 2027, reflecting a strong growth trajectory [8]. - The earnings per share (EPS) is forecasted to rise from 1.65 yuan in 2025 to 2.80 yuan in 2027, indicating improving profitability [8]. - The company's return on equity (ROE) is anticipated to improve from 9.2% in 2025 to 12.8% in 2027, showcasing enhanced efficiency in generating profits from shareholders' equity [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that exceeds the market by more than 20% [7]. Core Insights - The company has achieved a significant breakthrough in the lithium battery equipment sector with the successful delivery of its first CVD fluidized bed equipment for silicon-carbon anode materials, marking a key market achievement [7]. - The company has launched an equity incentive plan, granting up to 5.7 million restricted shares, which represents approximately 1.81% of the total share capital, aimed at retaining core personnel [7]. - The company is experiencing a decline in orders, with a total order backlog of 9.94 billion yuan as of September 30, 2025, reflecting a 26% year-on-year decrease primarily due to a downturn in the photovoltaic sector [7]. Financial Data and Profit Forecast - Total revenue is projected to be 6.46 billion yuan in 2025, with a year-on-year decrease of 29.8% [6]. - The net profit attributable to the parent company is expected to be 519 million yuan in 2025, down 59.3% year-on-year [6]. - The earnings per share (EPS) is forecasted to be 1.65 yuan in 2025, with a significant decline from previous years [6]. - The company’s gross margin is expected to be 29.5% in 2025, slightly lower than previous years [6]. - The return on equity (ROE) is projected to be 11.7% in 2025, indicating a recovery trend in subsequent years [6].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][10]. Core Insights - The company is a leader in thermal management and is accelerating its globalization process, with its robotics business opening new growth ceilings [3][7]. - The company achieved a total revenue of 24.03 billion RMB in Q3 2025, a year-on-year increase of 17%, and a net profit attributable to shareholders of 3.24 billion RMB, with a growth rate exceeding 40% [7][27]. - The report forecasts net profits of 4.253 billion RMB, 4.650 billion RMB, and 5.099 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 37.2%, 9.4%, and 9.6% [10][11]. Summary by Sections 1. Globalization and Business Expansion - The company has successfully listed in both A and H shares, enhancing its global competitiveness and financing channels [7][42]. - The company has a strong market position in traditional refrigeration components and automotive thermal management, with significant revenue contributions from both sectors [9][28]. 2. Mature Business: Strong Position in Refrigeration and Automotive Components - The traditional refrigeration business remains robust, contributing 64% of total revenue in H1 2025, while the automotive components business has rapidly increased its share to 36% [28][34]. - The company has maintained a leading market share in key refrigeration components, with electronic expansion valves and microchannel heat exchangers showing significant growth [50][58]. 3. Emerging Business: Energy Storage and Robotics - The energy storage and robotics sectors are expected to drive future growth, with the company leveraging its existing technology to enter these markets [9][12]. - The robotics division has been established to focus on high-value electromechanical actuators, with plans for mass production in collaboration with global clients [9][12]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 24.56 billion RMB, 27.95 billion RMB, and 31.91 billion RMB from 2023 to 2025, with corresponding growth rates of 15.0%, 13.8%, and 14.2% [8][10]. - The report estimates a reasonable market capitalization of 1,433 billion RMB, indicating a potential upside of 12.3% from the current H-share market value [10][11].