Group 1: Company Overview - The report covers Damai Entertainment (1060.HK), a leading platform in live entertainment, driven by ticketing and IP derivatives [1][6][8] - The company is positioned in a high-growth sector, benefiting from the recovery and structural upgrade of offline entertainment consumption [1][8] - Expected adjusted net profits for FY26-28 are projected at 1.06 billion, 1.35 billion, and 1.58 billion CNY respectively [1][8] Group 2: Industry Insights - The live performance market is experiencing a significant increase, with ticket sales for large concerts expected to exceed 26 billion CNY in 2024, a year-on-year growth of 78.1% [6] - The demand for live entertainment is driven by both personal enjoyment and social needs, with an increase in repeat attendance [6] - The supply side is expanding with diversification in lower-tier cities and various performance categories [6] Group 3: IP Business - Alibaba's IP licensing platform, Aliyu, is a leading player in the market, with a projected GMV of 4.1 billion USD in 2024 [7] - The company is enhancing its collaboration with top IPs, which is expected to contribute significantly to revenue growth [7] - The film industry is still in a recovery phase, with a total box office of 29.23 billion CNY in the first half of 2025, reflecting a year-on-year increase of 22.91% [7] Group 4: Company Financials - Sinopec Engineering (02386.HK) is highlighted as a leading energy and chemical engineering firm with strong technical capabilities and a solid financial performance [10][12] - The company has a high dividend payout ratio, with a dividend yield exceeding 5%, providing stable returns for investors [10][12] - Expected target price for 2026 is set at 9.50 HKD per share, based on a 13x PE ratio [10] Group 5: Market Trends - The petrochemical industry is facing revenue stability but profit pressures, with a slight revenue decline of 2.6% year-on-year in H1 2025 [11] - The trend of "reducing oil and increasing chemicals" is evident, with a 9.94% year-on-year increase in ethylene consumption [11] - Global refining capacity continues to grow, particularly in the Middle East and Asia-Pacific regions, with a projected capital expenditure of 153.35 billion USD in 2024 [11] Group 6: Aviation Sector - Bank of China Aviation Leasing (02588.HK) is positioned to benefit from the rising aviation industry and the ongoing interest rate cut cycle [14][15] - The company ranks fifth globally with a fleet of 483 aircraft, poised to gain from increased revenues as the aviation market recovers [14][15] - Expected total revenue for 2025-2027 is projected at 2.63 billion, 2.85 billion, and 2.94 billion USD, with net profits of 761 million, 894 million, and 964 million USD respectively [16] Group 7: Medical Sector - Weisi Medical (688580.SH) is experiencing steady growth, with projected net profits of 133 million, 165 million, and 184 million CNY for 2025-2027 [4][18] - The company focuses on rehabilitation as its core business while expanding into aesthetic and urology sectors [18][19] - The company emphasizes product innovation in non-invasive brain-machine interfaces, aiming to create a comprehensive neuro-rehabilitation system [19]

Investment Rating - The report assigns a "Buy" rating to Sinopec Engineering (02386.HK) with a target price of HKD 9.50 per share based on a 2026 PE of 13 times [1][5]. Core Insights - Sinopec Engineering is one of the largest energy and chemical engineering companies in China, with leading technical capabilities and strong backing from its parent company, Sinopec Group. The company is expanding its overseas business, contributing to performance growth. Additionally, it has a solid financial performance with a high dividend payout ratio, offering a stable yield of over 5% for investors [1][18]. Company Overview - Sinopec Engineering provides comprehensive services across the entire industry chain and lifecycle, focusing on refining and petrochemical engineering. It has a strong international competitive edge and a history of over 70 years [23][26]. - The company is backed by Sinopec Group, which holds a 62.52% stake, ensuring a stable business foundation [30][34]. Industry Analysis - The petrochemical industry is experiencing pressure on profits, with a slight revenue decline of 2.6% year-on-year in H1 2025, while total profits fell by 10.3%. However, the demand for petrochemical products remains, driven by the "reduce oil, increase chemicals" trend [2][17]. - Policy support for coal chemical development is evident, with significant investments planned in Xinjiang, exceeding 900 billion [2][17]. Financial Performance - For H1 2025, Sinopec Engineering reported a revenue increase of 10.14% year-on-year and a net profit increase of 4.83%. The company has maintained a dividend payout ratio above 63% over the past four years, with a current dividend yield of 5.33% [3][4]. - The company's revenue is projected to grow steadily, with estimates of 70.66 billion in 2025 and 78.10 billion in 2026, reflecting a growth rate of 10.06% and 10.53% respectively [4][18]. Growth Drivers - The company has seen a 24.35% increase in new contracts signed in Q1-Q3 2025, with a backlog of contracts amounting to 215.47 billion, which is 3.36 times the expected revenue for 2024 [3][39]. - The overseas revenue for H1 2025 increased by 92% year-on-year, indicating strong growth potential in international markets [3][39].

Investment Rating - The report assigns an "Accumulate" rating to BOC Aviation (02588.HK) [6] Core Views - BOC Aviation is positioned to benefit from the rising aviation industry and the Federal Reserve's interest rate cuts, with a fleet of 483 aircraft, ranking fifth globally among aircraft leasing companies. The company is expected to see revenue growth from its global airline customer base and a decrease in funding costs due to lower interest rates, leading to an expansion of profit margins [2][6] - The aviation market is recovering strongly post-pandemic, with global available seat kilometers (ASK) returning to pre-pandemic levels by mid-2025. A shortage of aircraft supply due to delivery delays from Boeing and Airbus is expected to drive rental prices upward [2][3] Summary by Sections Company Overview - BOC Aviation, a leading aircraft leasing company backed by Bank of China, operates in 46 countries and regions, serving 88 airlines. The company has shown resilience and growth since its establishment in 1993 and its listing in Hong Kong in 2016 [22][23] Industry Analysis - The aviation leasing market is characterized by high concentration, with the top 20 companies holding a significant market share. The industry is currently in a recovery phase, with demand for air travel increasing, particularly in Europe and North America, while the Asia-Pacific region is expected to drive future growth [36][39][43] Competitive Advantages - BOC Aviation boasts a young fleet and long-term lease agreements, providing cost and liquidity advantages. The company is dynamically adjusting its debt structure to optimize financing costs, which are expected to decline as interest rates fall [3][12] Financial Projections - Revenue projections for BOC Aviation from 2025 to 2027 are estimated at $26.34 billion, $28.54 billion, and $29.39 billion, with corresponding net profits of $7.61 billion, $8.94 billion, and $9.64 billion. The earnings per share (EPS) are projected to be 8.53, 10.01, and 10.80 HKD respectively [4][12][13] Valuation and Target Price - The report suggests a target price of 84.37 HKD for BOC Aviation, based on a price-to-book (PB) ratio of 1.1 times, reflecting the company's strong position in the recovering aviation market and the anticipated decrease in funding costs [16]

Investment Rating - The report assigns a "Buy" rating to the company, Dama Entertainment (1060.HK), marking its first coverage [4]. Core Insights - Dama Entertainment is positioned as a leading platform in the live entertainment sector, driven by ticket sales and IP derivatives. The live performance market is experiencing a "volume and price increase" with a projected box office revenue of over 26 billion yuan for large concerts in 2024, reflecting a year-on-year growth of 78.1%. The company benefits from the high demand in the domestic performance market and is expanding its content, international reach, and product categories [1][3][4]. Summary by Sections 1. Company Overview - Dama Entertainment, formerly known as Cultural China, has evolved into a comprehensive entertainment platform focusing on live performances and IP derivatives. The company has undergone significant restructuring and acquisitions since its establishment in 2014, becoming a subsidiary of Alibaba Group in 2019 [17][20]. 2. Live Performance Sector - The live performance market is characterized by high growth, with Dama Entertainment maintaining a leading position. The company reported a revenue of 20.57 billion yuan from live performances in FY25, a year-on-year increase of 236%, contributing to 30.69% of total revenue [26][36]. The demand for live events is driven by social and self-pleasure needs, with an increasing frequency of attendance among younger audiences [43][49]. 3. IP Derivatives - Dama's IP business, led by Alibaba's IP platform, Alifish, is experiencing significant growth. In FY25, the IP derivatives revenue reached 14.33 billion yuan, up 73.21% year-on-year. Alifish is recognized as the largest IP licensing agent in China, with a strong network effect and a diverse portfolio of IPs [2][63][67]. 4. Film Sector - The film industry is still in a recovery phase, with a focus on stable content investment. The company plans to concentrate on key film projects, with a projected revenue of 27.12 billion yuan from its film technology and investment platform in FY25, despite a slight decline from the previous year [2][3][21]. 5. Financial Projections - The report forecasts adjusted net profits for Dama Entertainment to be 10.60 billion yuan, 13.54 billion yuan, and 15.77 billion yuan for FY26, FY27, and FY28, respectively, indicating a robust growth trajectory [3][13]. The company is expected to maintain a strong market position while benefiting from the ongoing recovery in offline entertainment consumption [3][10].

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Insights - The company achieved a revenue of 326 million yuan in the first three quarters of 2025, representing a year-on-year growth of 11.58%, and a net profit attributable to the parent company of 102 million yuan, up 30.68% year-on-year [1][4]. - The core business of rehabilitation is steadily growing, while new emerging businesses in aesthetic medicine and urology are being developed, creating a multi-layered business structure [1]. - The mental rehabilitation business is benefiting from policy support and market demand, maintaining double-digit growth, while the pelvic floor rehabilitation business is experiencing single-digit growth due to product upgrades [1][2]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 326 million yuan, with a net profit of 102 million yuan and a non-recurring net profit of 94 million yuan [1]. - The company expects net profits for 2025, 2026, and 2027 to be 133 million yuan, 165 million yuan, and 184 million yuan, respectively, with year-on-year growth rates of 30.1%, 24.0%, and 11.8% [2][3]. - The sales, management, and R&D expense ratios for the first three quarters of this year were 18.77%, 10.03%, and 9.74%, respectively, showing a decrease compared to the previous year [2].

Group 1: IVD Industry Insights - The IVD industry in China is currently under short-term pressure, with leading companies actively expanding overseas [4][6] - The global IVD market is projected to grow from USD 66.7 billion in 2018 to USD 186.1 billion by 2030, with a CAGR of 8.9% [4] - The Chinese immunodiagnostics market is experiencing rapid growth, with a market size increase from RMB 37.3 billion in 2021 to RMB 50.3 billion in 2023, reflecting a CAGR of 16.13% [5] Group 2: Health元 Company Overview - Health元, a large comprehensive pharmaceutical group, is focusing on innovation and internationalization to drive growth [7] - The company is expected to achieve revenues of RMB 15.81 billion, RMB 17.02 billion, and RMB 18.27 billion from 2025 to 2027, with respective growth rates of 1.2%, 7.6%, and 7.4% [8] - The core products of Health元 are expected to see reduced pricing pressure, with new products like tobramycin inhalation solution and maropitant capsules set to contribute to revenue growth [7][8]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [27]. Core Insights - The North Exchange A-shares trading volume reached 21.69 billion yuan on December 23, 2025, an increase of 1.215 billion yuan from the previous trading day, with the North Exchange 50 index closing at 1439.94, down 0.64% [2][9]. - The North Exchange specialized and innovative index closed at 2413.60, down 1.05% [2][9]. - Among 286 companies listed on the North Exchange, 33 saw an increase in stock price, while 253 experienced a decline [2][17]. - The report highlights that the hard technology sector, including semiconductors and AI computing, was the main focus of A-share trading, but this did not effectively transmit to the North Exchange [4]. Summary by Sections Market Review - On December 23, the North Exchange A-shares trading volume was 21.69 billion yuan, with a PE_TTM of 60.37 times [9][15]. - The North Exchange 50 index decreased by 0.64%, while the specialized and innovative index fell by 1.05% [2][9]. Stock Performance - The top five gainers included: - Rongyi Precision (up 8.9%) - Hongxi Technology (up 7.9%) - Shuguang Digital Innovation (up 6.8%) - Tonghui Electronics (up 6.5%) - Tianhong Lithium Battery (up 6.4%) [2][17]. - The top five losers were: - Hanxin Technology (down 14.9%) - Xingchen Technology (down 13.3%) - *ST Guandao (down 12.1%) - Tianye Co. (down 11.7%) - Ruixing Co. (down 9.1%) [2][17]. Important News - Beijing issued the first batch of L3 level special license plates for autonomous driving vehicles on highways, allowing dynamic driving tasks under certain conditions [3][20]. - The National Development and Reform Commission and the National Energy Administration aim for a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [3][20]. Company Announcements - Changjiang Energy Technology plans to use up to 100 million yuan of temporarily idle raised funds to purchase safe and liquid investment products [21]. - Meideng Technology announced the use of 10 million yuan of idle self-owned funds for cash management [21][24].

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [4] Core Insights - The global IVD market is projected to grow from USD 66.7 billion in 2018 to USD 186.1 billion by 2030, with a CAGR of 8.9% [12] - The Chinese IVD market is expected to increase from RMB 71.3 billion in 2018 to RMB 415.2 billion by 2030, with a CAGR of 15.8%, significantly outpacing the global average [13] - The immunodiagnostics market in China is experiencing rapid growth, with a market size increase from RMB 37.3 billion in 2021 to RMB 50.3 billion in 2023, reflecting a CAGR of 16.13% [16] - The POCT market is also expanding quickly, growing from RMB 11.2 billion in 2021 to RMB 16 billion in 2023, with a CAGR of 19.52% [20] - The molecular diagnostics market, despite a decline from RMB 23.1 billion in 2021 to RMB 14.8 billion in 2023, still shows potential with a market size exceeding RMB 10 billion when excluding emergency-related factors [25] Summary by Sections IVD Market Outlook - The IVD industry began in the 1950s and has seen significant growth due to advancements in medical technology and increasing health demands [11] - The Chinese IVD market has diversified into various diagnostic technologies, including biochemical, immunological, POCT, molecular, and pathological diagnostics [15] Immunodiagnostics Market - The immunodiagnostics market is the largest segment in China's IVD market, accounting for over 40% in 2023 [15] - The market is expected to face some deceleration due to price reductions from centralized procurement policies [16] Biochemical Diagnostics Market - The biochemical diagnostics market in China grew from RMB 17.1 billion in 2021 to RMB 19 billion in 2023, with a CAGR of 5.41% [19] - Domestic products dominate this market with over 70% market share [19] POCT Market - The POCT market is driven by convenience and increased demand for home testing, growing from RMB 11.2 billion in 2021 to RMB 16 billion in 2023 [20] Molecular Diagnostics Market - The molecular diagnostics market has faced challenges, declining from RMB 23.1 billion in 2021 to RMB 14.8 billion in 2023, primarily due to reduced demand post-pandemic [25] Pathogen Microbiology Market - The pathogen microbiology diagnostics market in China is projected to grow from RMB 16.82 billion in 2018 to RMB 90.27 billion by 2030, with a CAGR of 15.0% [30]

公司深度研究 | 健康元 呼吸龙头再起航，创新+国际化开启成长新篇章 健康元（600380.SH）首次覆盖报告 大型综合医药集团，创新+国际化开启新篇章。公司始创于 1992 年，保健品 业务起家，通过收并购不断开拓商业版图，经过 30 余年逐步发展为大型综 合医药集团。近年来，公司加快布局国际化及创新转型，一方面推动海外生 产基地建设，同时通过合作引进等方式快速丰富研发管线，聚焦呼吸常见疾 病，同时拓展镇痛、抗感染等领域布局。 制剂集采压力出清，新品放量助力主业拐点向上。近年来受艾普拉唑系列产 品、盐酸左沙丁胺醇吸入溶液等大单品降价影响，公司主业短暂承压，目前 核心产品降价压力基本出清，后续随着妥布霉素吸入溶液、玛帕西沙韦等新 品陆续放量，公司主业有望拐点向上。 加快创新管线布局，聚焦呼吸大适应症。多年深耕呼吸领域，近年来随着公 司创新转型进程加速推进，公司通过合作引进快速扩充在研管线，覆盖支气 管扩张、流感、COPD 等呼吸常见适应症。目前改良新药妥布霉素吸入溶液 以及流感新药玛帕西沙韦胶囊已获批，另外 TSLP 单抗、MABA 双靶点吸入 溶液、PREP 抑制剂等核心药物已进入 2 期临床。 丽珠集团： ...

Group 1: Core Conclusions - The core conclusion of the report indicates that the pig farming industry is experiencing a significant increase in the number of pigs marketed in November 2025, with a year-on-year increase of 26.67% but a month-on-month decrease of 2.96% [1][4] - The revenue of listed pig companies in November 2025 was 22.556 billion yuan, reflecting a year-on-year decrease of 17.03% and a month-on-month decrease of 4.94% [1][5] Group 2: Industry Dynamics - In November 2025, the total number of pigs marketed by listed companies reached 18.2581 million, with leading companies such as Muyuan, Wens, and New Hope reporting respective sales of 6.602 million, 4.3535 million, and 1.5675 million pigs, showing year-on-year increases of 11.80%, 49.71%, and 24.44% [4][5] - The cumulative number of pigs marketed from January to November 2025 was 176 million, with a stable year-on-year growth rate of approximately 21.42% [4] - The average selling price of pigs in November 2025 increased by 1.60% month-on-month but decreased by 30.05% year-on-year, indicating a significant drop in prices due to oversupply and weak demand during the peak season [6][5] Group 3: Investment Recommendations - The report suggests seizing opportunities in the pig farming sector, focusing on companies with strong growth in marketing and stable operations, recommending companies such as Muyuan, Wens, Tangrenshen, Huadong, and Juxing Agriculture [7]