策略报告 | 投资策略 "十五五"渐行渐近 证券研究报告 国常会通过《制造业绿色低碳发展行动方案（2025－2027年）》。5月23日国务 院总理李强5月23日主持召开国务院常务会议，审议通过《制造业绿色低碳发展 行动方案（2025－2027年）》，研究进一步健全横向生态保护补偿机制有关举措， 讨论《中华人民共和国食品安全法（修正草案）》。 特朗普税改法案在众议院通过。5月22日，当天众议院以215票赞成、214票反对 的微弱优势表决通过了特朗普的税改法案。所有民主党议员和两名共和党议员投 了反对票，另有一名共和党议员投弃权票。法案接下来将提交至共和党拥有微弱 多数优势的参议院审议。 国内外政策导向分析 上周（5.19-5.23）海外政策聚焦于特朗普税改法案在众议院通过, 法案接下来 将提交至共和党拥有微弱多数优势的参议院审议; 在各国经贸部长全力协调和共 同推动下，中国—东盟自贸区3.0版谈判全面完成，向签署升级议定书的目标又迈 出关键一步。 上周（5.19-5.23）国内政策主要聚焦于总书记对"十五五"规划编制工作作出 重要指示并于5月19-20日赴河南洛阳市考察调研；国常会通过《制造业绿色低 碳发展行动 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [8][19]. Core Views - The company is expected to achieve revenue and profit growth from 2025 to 2027, with projected revenues of 150.81 billion, 162.88 billion, and 171.02 billion yuan respectively, reflecting year-on-year growth rates of 22%, 8%, and 5% [6]. - The company has a strong market position in the cinema industry, with a significant share of the top 100 box office cinemas and a robust recovery in ticket sales in early 2025 [2]. - The company is actively expanding into the trendy toy sector, enhancing its IP derivative business through strategic investments [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 12.36 billion yuan, a decrease of 15.44% year-on-year, and a net loss of 940 million yuan [1]. - For Q1 2025, the company achieved a revenue of 4.709 billion yuan, an increase of 23.23% year-on-year, and a net profit of 830 million yuan, a significant increase of 154.72% [1]. Cinema Operations - The company maintains a strong market share, with its single-screen revenue output nearly double the national average, and it holds 41 seats in the top 100 box office cinemas [2]. - The company has introduced innovative viewing experiences through its "Time Space" brand, which combines entertainment, social interaction, and consumption [2]. Film and Television Production - The film production and distribution segment generated 620 million yuan in revenue in 2024, a year-on-year increase of 85.49%, while the television segment saw a decline [3]. - Notable films released include "Grab the Doll" with a box office of 3.33 billion yuan and "Detective Chinatown 3" [3]. Gaming Business - The gaming segment reported a revenue of 580 million yuan in 2024, a growth of 54.71%, with a significant portion of revenue coming from overseas [4]. - The company plans to launch several classic IP games internationally in 2025 [4]. Trendy Toy Sector - The company is investing in the trendy toy market through a partnership with 52TOYS, acquiring a 7% stake to enhance its IP portfolio [5]. - 52TOYS is a leading brand in China's IP toy industry, with a revenue of approximately 630 million yuan in 2024 [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Viewpoints - The company is leveraging synthetic biology to enhance the production of plant extracts, addressing key technological challenges in scaling natural product production [1] - The dual technology strategy of "natural extraction + biosynthesis" has been elevated to a strategic goal, with significant progress in the biosynthesis of natural sweeteners and polysaccharides [2] - The company has achieved breakthroughs in natural sweeteners and functional polysaccharides, including the mass production capability of steviol glycosides and the full synthetic pathway for monk fruit sweetener [3][4] Summary by Sections Industry Overview - The plant extract industry in China entered a quality improvement phase in 2021, with technological innovations driving development [1] Company Developments - Since 2016, the company has collaborated with research institutions to develop biosynthesis technologies for natural sweeteners, resulting in the establishment of two R&D platforms [2] - The company has obtained 8 patents in synthetic biology and has a production capacity of over 1,000 tons annually, with an expected annual output value exceeding 1 billion yuan [2] Product Progress - The company has developed a high-value steviol glycoside, Reb M2, which is set to receive FDA GRAS certification by February 2025, allowing it to be marketed in the US [3] - The company is the first to achieve a fully synthetic pathway for monk fruit sweetener, addressing the limitations of natural sourcing [3] - A new functional polysaccharide, L-β-glucan, has been developed with various health benefits and is expected to receive FDA GRAS certification by 2025 [4] Financial Forecast & Investment Recommendations - The company has adjusted its revenue forecasts for 2025-2027 to 2.08 billion, 2.48 billion, and 2.99 billion yuan respectively, with net profits of 212.53 million, 288.09 million, and 395.93 million yuan [5] - The company is expected to maintain strong growth in the plant extraction and synthetic biology sectors, justifying the "Buy" rating [5]

Group 1: Key Insights on the Food and Beverage Industry - The liquor sector is focusing on cultivating new consumer bases among younger demographics, with a current PE-TTM of 19.52X, indicating a relatively low valuation compared to historical levels [3] - Pre-processed food categories are showing varied performance, with specific attention on themes such as cost control and new consumption trends [3] - Dairy products are expected to benefit from ongoing policies related to childbirth and milk powder subsidies, as well as rising beef prices [3] Group 2: Key Insights on Mining and Metals Industry - The company, a global metal mining giant, is expected to see significant revenue growth in 2024, with projected revenues of $4.479 billion, a year-on-year increase of 3.05% [4] - The Las Bambas mine is anticipated to contribute nearly 80% of the company's performance, with copper production expected to reach 322,900 tons in 2024 [4][29] - The company’s net profit is projected to increase dramatically to $162 million in 2024, a year-on-year increase of 1698.89% [4] Group 3: Key Insights on the Media and Entertainment Industry - The cinema business of the company is maintaining a strong market share, with a significant increase in box office revenue in Q1 2025, reaching $4.709 billion, a 23.23% year-on-year increase [8][20] - The company is innovating its operational strategies by launching a new brand that combines entertainment, social interaction, and consumption [21] - The film production segment is expected to drive revenue growth, with notable box office performances from key releases [22] Group 4: Key Insights on Chemical Industry - The current cycle in the chemical industry is nearing its end, with expectations for demand recovery in 2024 driven by infrastructure and export resilience [10] - The industry is shifting towards a regional cooperation model, focusing on stability and security in supply chains [10] - Investment opportunities are being identified in companies that focus on new material production and breakthroughs in supply chain efficiency [10]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Insights - The company is leveraging synthetic biology to enhance the production of plant extracts, addressing key technological challenges in scaling natural product production [1]. - The dual technology strategy of "natural extraction + biological synthesis" has been elevated to a strategic goal, with significant progress in the field of natural sweeteners and polysaccharides [2]. - The company has achieved breakthroughs in natural sweeteners, including the mass production capability of steviol glycosides and the full synthetic pathway for monk fruit sweetener [3][4]. Summary by Sections Section 1: Industry Development - The plant extract industry in China entered a quality improvement phase in 2021, with technological innovations driving growth and reducing dependency on raw materials [1]. Section 2: Company Strategy - Since 2016, the company has collaborated with research institutions to develop biological synthesis technologies for natural sweeteners, resulting in the establishment of two R&D platforms [2]. - The company has obtained 8 patents in synthetic biology and has a production capacity of over 1,000 tons annually, with an expected annual output value exceeding 1 billion yuan [2]. Section 3: Product Progress - The company has developed a high-value steviol glycoside, Reb M2, which is set to receive FDA GRAS certification by February 2025, allowing it to be marketed in the U.S. [3]. - The company is the first to successfully synthesize monk fruit sweetener, addressing the limitations of natural sourcing [3]. - A new functional polysaccharide, L-β-galactomannan, has been developed with various health benefits and is expected to receive FDA GRAS certification by 2025 [4]. - The company is actively researching ergothioneine, which has promising market potential [4]. Section 4: Financial Forecast & Investment Recommendations - The revenue forecast for 2025-2027 is adjusted to 2.08 billion, 2.48 billion, and 2.99 billion yuan, with net profits of 212.53 million, 288.09 million, and 395.93 million yuan respectively [5]. - The company is expected to see significant growth in the plant extraction and synthetic biology sectors, maintaining a "Buy" rating [5].

Investment Rating - The report maintains a "Buy" rating for Wanda Film, with an expected relative return of over 20% within the next six months [8][19]. Core Views - Wanda Film's cinema and film business shows steady growth, with a strategic expansion into the trendy toy sector, which is expected to drive revenue and profit growth [6][5]. - The company reported a revenue of 12.36 billion yuan in 2024, a decrease of 15.44% year-on-year, while the first quarter of 2025 saw a revenue increase of 23.23% to 4.71 billion yuan [1][6]. - The film production and distribution segment achieved a revenue of 620 million yuan in 2024, marking an 85.49% increase year-on-year, driven by successful films [3]. Summary by Sections Cinema Operations - Wanda Film's cinema operations maintain a strong market share, with a single-screen output nearly double the national average. The company holds 41 seats in the top 100 cinemas by box office [2]. - In Q1 2025, Wanda's domestic cinemas generated a box office of 3.42 billion yuan, a 44.9% increase year-on-year, with attendance rising by 32.7% to 63.98 million [2]. Film Production - The film production and distribution business saw significant growth, with notable films such as "Grab the Doll" achieving a box office of 3.33 billion yuan in 2024 [3]. - The company launched the "Time Youth Leap Plan" to nurture young directors and optimize content offerings [3]. Gaming Business - The gaming segment reported a revenue of 580 million yuan in 2024, a 54.71% increase year-on-year, with a focus on international markets [4]. - The subsidiary, Mutual Love Interactive, has seen a rise in overseas revenue, contributing to the overall growth of the gaming business [4]. Trendy Toy Sector - Wanda Film is expanding into the trendy toy sector by investing in 52TOYS, aiming to enhance its IP derivative business and diversify revenue streams [5]. - The investment includes acquiring a 7% stake in 52TOYS, which reported a revenue of approximately 630 million yuan in 2024 [5]. Financial Projections - The company forecasts revenues of 15.08 billion yuan, 16.29 billion yuan, and 17.10 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22%, 8%, and 5% [6][7]. - Projected net profits for the same period are 1.12 billion yuan, 1.35 billion yuan, and 1.44 billion yuan, with corresponding P/E ratios of 21, 18, and 17 [6][7].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 3.5 HKD, based on a current price of 2.9 HKD [6]. Core Insights - The company is a global metal mining giant focused on upstream metal resources, primarily copper and zinc, with significant operations in Peru, Australia, and the Democratic Republic of Congo [1][14]. - The Las Bambas mine is the main contributor to the company's revenue, accounting for approximately 66.48% of total revenue in 2024, with a strong EBITDA contribution of 77.82% [2][26]. - The company has seen a significant improvement in net profit, reaching 162 million USD in 2024, a year-on-year increase of 1699%, driven by strong performance from Las Bambas and the acquisition of the Khoemacau mine [2][21]. Summary by Sections Company Overview - The company was established in 1988 and has undergone significant transformations, including the acquisition of MMG in 2010 and the Las Bambas mine in 2014, enhancing its resource strength [1][15]. - The company operates five overseas mines, focusing on copper and zinc, and is expanding into nickel with a planned acquisition in Brazil [1][14]. Project Contributions - In 2024, copper products generated 3.308 billion USD in revenue, making up 73.86% of total revenue, with Las Bambas alone contributing 2.978 billion USD [2][29]. - The company expects production from its three main copper projects (Las Bambas, Kinsevere, and Khoemacau) to increase significantly, with total copper production potentially reaching 610,000 tons by 2025 [3][43]. Industry Analysis - The copper market is expected to experience tight supply conditions, with prices likely to rise due to increased demand from traditional and emerging sectors [4][3]. - The report forecasts that the company's net profits will grow significantly in the coming years, with projections of 420 million USD in 2025, 640 million USD in 2026, and 750 million USD in 2027 [4][31].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 3.5 HKD, based on a current price of 2.9 HKD [6]. Core Views - The company is a global metal mining giant focusing on upstream metal resources, with significant operations in copper and zinc, and has recently expanded into nickel [1][14]. - The Las Bambas mine is the primary contributor to the company's revenue, accounting for approximately 66.48% of total revenue in 2024, with a strong EBITDA contribution of 77.82% [2][26]. - The company has shown a significant recovery in 2024, with a net profit of 162 million USD, a year-on-year increase of 1699%, driven by strong performance from Las Bambas and the acquisition of the Khoemacau mine [2][21]. Summary by Sections Company Overview - The company, headquartered in Melbourne, Australia, operates five overseas mines and has a strong focus on copper, zinc, and nickel production [1][14]. - The company has undergone significant transformations since its establishment, including the acquisition of MMG in 2010 and the Las Bambas mine in 2014, enhancing its resource strength [1][15]. Project Developments - The company operates three major copper projects: Las Bambas, Kinsevere, and Khoemacau, with Las Bambas expected to produce between 360,000 to 400,000 tons of copper in 2025 [3][47]. - The Kinsevere project is transitioning from oxide to sulfide ore, with production expected to increase from 45,000 tons in 2024 to between 63,000 to 69,000 tons in 2025 [3]. - The Khoemacau mine, acquired in 2024, is projected to produce 31,000 tons of copper in 2024 and increase to between 43,000 to 53,000 tons in 2025 [3]. Industry Analysis - The copper market is expected to experience tight supply and increasing prices due to rising production costs and strong demand from traditional and emerging sectors [4]. - The report anticipates that the company's financial structure will benefit from rising copper prices, with projected net profits of 420 million USD, 640 million USD, and 750 million USD for 2025-2027, respectively [4]. Financial Performance - In 2024, the company achieved a total revenue of 4.479 billion USD, with copper products contributing 3.308 billion USD, representing 73.86% of total revenue [2][29]. - The company's debt-to-asset ratio improved to 58.1% by the end of 2024, with a continuous decline in loan size from 8.13 billion USD in 2018 to 4.629 billion USD in 2024 [31][32].

行业报告 | 行业研究周报 食品饮料 证券研究报告 食品饮料周报：白酒淡季运行平稳，大众品关注调研催化 市场表现复盘 本周（5 月 19 日-5 月 23 日）食品饮料板块/沪深 300 涨跌幅分别-1.27%/-0.18%。具体板块来 看，本周其他酒类(+8.90%)、预加工食品(+3.41%)、调味发酵品(2.21%)、软饮料(1.97%)、乳品 (+1.66%)、零食(+1.07%)、啤酒(0.98%)、肉制品(+0.12%)、烘焙食品(-0.08%)、白酒(-2.82%)。 周观点更新 白酒：酒企重视年轻化培育新消费群，关注股东会反馈。本周白酒板块-2.82%，表现弱于食品 饮料整体以及沪深 300，或主要系本周新修订后的《党政机关厉行节约反对浪费条例》明确工 作餐不上酒，我们认为，目前白酒消费中政务消费占比已很低，"禁酒令"对行业基本面影响 有限。本周茅台、汾酒、泸州老窖均提及公司的年轻化市场策略，我们认为，年轻化在短期是 白酒寻求需求增量的方向之一，在长期是防止白酒消费断层重要举措。本周贵州茅台召开股东 会，提到"三个相信"，相信茅台的质量、文化、根基不会动摇；相信茅台的创新能力、自我 调节能力不 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [57]. Core Insights - The report highlights significant advancements in AI technology, particularly from major tech events such as Google I/O and Microsoft Build, indicating a shift from "model capability" to "product experience" and "development tools" [4][30]. - Google has seen a dramatic increase in AI penetration, with its AI model and API processing token volume rising from 9.7 trillion to 480 trillion year-over-year, a nearly 48-fold increase [4][14]. - Snowflake reported a first-quarter revenue of $997 million, a 26% year-over-year increase, with a remaining performance obligation (RPO) of $6.7 billion, up 34% [3][52]. Summary by Sections Global AI Dynamics - Major tech events have showcased the evolution of AI, with Google and Microsoft leading the charge in integrating AI into their core products and services [4][30]. - The report emphasizes the importance of AI in driving growth for tech giants, with Google’s AI features significantly enhancing user engagement and product performance [4][14]. Key Company Financials and AI Progress - Snowflake's performance exceeded expectations, with a notable increase in new customer acquisition and the integration of AI into its core offerings, establishing it as a foundational element of its business strategy [3][52]. - The report notes that over 5,200 customer accounts are utilizing Snowflake's AI and machine learning capabilities weekly, indicating strong market adoption [3][52]. Investment Recommendations - The report suggests focusing on major tech companies transitioning from model capabilities to product experiences, highlighting Google, Meta, and Microsoft as key players [4]. - It also points to the acceleration of smart driving applications, with companies like Uber and Tesla making significant strides in commercializing AI technologies [4]. Chinese AI Landscape - The report discusses the growing competitiveness of Chinese AI technology, with companies like Xiaomi, Alibaba, and Tencent entering a new growth phase driven by AI [8]. - The anticipated release of new AI models in China is expected to create significant investment opportunities in the sector [8].