Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company is expected to achieve significant revenue growth driven by acquisitions and core business expansion, with projected revenues of 32.57 billion, 34.80 billion, and 37.18 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21%, 7%, and 7% [6] - The automotive parts business is rapidly growing, with a 178.55% year-on-year increase in revenue to 4.56 billion in 2024, indicating a new growth driver for the company [6] - The company has established strong partnerships with major players in both the home appliance and automotive sectors, enhancing its market position [6] Financial Data and Valuation - Total revenue for 2023 is reported at 2,267 million, with a projected increase to 3,257 million in 2025, representing a year-on-year growth of 21% [2][13] - The net profit attributable to the parent company is expected to rise from 54 million in 2024 to 80 million in 2025, marking a 48% increase [2][13] - The company's price-to-earnings (PE) ratio is projected to decrease from 77.1 in 2024 to 52.0 in 2025, indicating improving valuation metrics [2][14] Business Segments - The air conditioning fan blade business is showing stable growth, with revenues of 16.25 billion in 2024, up 12.29% year-on-year [6] - The newly acquired Junwei Technology is expected to contribute significantly to the company's automotive parts segment, particularly in the field of new energy vehicles [6] - The company is focusing on international expansion with factories in Thailand and Mexico, enhancing its local supply capabilities [6]

Investment Rating - The report gives a "Strong Buy" investment rating for the company [3]. Core Viewpoints - The company is a leading provider of digital transformation services with a comprehensive stack of capabilities, including consulting, R&D, delivery, integration, operation, decision-making, and service [12][8]. - The company has a significant market share in the telecom BOSS software market, holding 35.5% domestically and ranking second globally [8]. - The AI large model delivery business is gaining momentum, with over 30 signed orders for 2024, showcasing the company's ability to leverage AI in high-value scenarios [8]. - The company is focusing on enhancing its data-driven operations and has seen substantial growth in its smart operation business across various industries [8]. - Future profit forecasts indicate a rebound in net profit from 2025 onwards, with expected growth rates of 56% in 2026 and 16% in 2027 [8]. Financial Data and Valuation - Total revenue for 2023 is projected at 7,913 million, with a year-on-year growth of 2% [2]. - The company expects a decline in revenue in 2024 to 6,646 million, a decrease of 16% [2]. - Net profit for 2023 is estimated at 533 million, reflecting a significant drop of 36% compared to the previous year [2]. - The company’s PE ratio is projected to decrease from 14.9 in 2023 to 9.7 by 2027, indicating an improving valuation over time [2]. Business Overview - The company operates in various sectors, including telecommunications, government, finance, energy, and transportation, providing end-to-end digital transformation services [12][13]. - The BSS business accounts for 60.9% of the revenue, while the OSS and smart operation businesses contribute 12.3% and 16.6%, respectively [13]. - The company has a strong focus on vertical industry digitalization, particularly in finance, energy, and transportation [13][14]. Historical Development - The company has evolved from a telecom software leader to a digital transformation pioneer since its establishment in 1993 [23]. - Significant milestones include its listing on the Hong Kong Stock Exchange in 2018 and the acquisition of iResearch Consulting in 2022, enhancing its digital capabilities [24][23]. Governance Structure - The company has a concentrated and stable shareholding structure, with AsiaInfo Security becoming the largest shareholder in 2024 [25]. - The governance framework is designed to ensure long-term stability and strategic alignment with its parent company [25].

Investment Rating - The report maintains a "Strong Buy" rating for Pinduoduo (PDD) with a target price range of $113 to $134 per share [3][4]. Core Insights - Pinduoduo reported Q1 2025 revenue of 95.67 billion yuan, a year-over-year increase of 10%, but GAAP net profit decreased by 45% to 16.9 billion yuan due to increased merchant support and changes in overseas tariff policies [1][2]. - The company is implementing a 100 billion yuan support plan aimed at enhancing the merchant ecosystem, which is expected to pressure short-term profitability but is viewed as a long-term investment for sustainable growth [1][4]. - The impact of tariff policies has led to a temporary slowdown in the growth of TEMU, but the long-term outlook for global market expansion and profitability remains positive [1][4]. Financial Data Summary - Revenue projections for Pinduoduo are as follows: 2023 at 247.639 billion yuan, 2024 at 393.836 billion yuan, and 2025E at 455.799 billion yuan, with year-over-year growth rates of 90%, 59%, and 16% respectively [2][7]. - Non-GAAP net profit is expected to be 67.899 billion yuan in 2023, 122.344 billion yuan in 2024, and 112.979 billion yuan in 2025E, reflecting a year-over-year growth of 72%, 80%, and a decline of 8% respectively [2][7]. - The report indicates a projected P/E ratio (Non-GAAP) of 14.9 for 2023, decreasing to 5.7 by 2027, suggesting a favorable valuation trend over the forecast period [2][7]. Stock Performance - The stock has shown a 1-month performance of -1.0%, a 6-month performance of +3.7%, and a 12-month performance of -34.6% [4]. - Relative performance indicates a decline of -4.8% over 1 month, -14.1% over 6 months, and -53.6% over 12 months compared to the market [4]. Shareholder Information - The total share capital is 567.859 million shares, with a market capitalization of $146.2 billion [3]. - The major shareholder, Huang Zheng, holds a 24.8% stake in the company [3]. Profitability Metrics - The gross margin for Q1 2025 was reported at 57%, a decrease of 5 percentage points year-over-year [1]. - The report highlights that the company is focusing on high-quality development strategies to foster a healthy merchant ecosystem, which is expected to support long-term sustainable growth [1][4].

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [1][6] Core Views - The company achieved record high performance in Q1 2025, with revenue of 111.3 billion yuan, a year-on-year increase of 47.4% and a quarter-on-quarter increase of 2.1% [1][5] - Adjusted net profit reached 10.68 billion yuan, marking a year-on-year increase of 64.5% and a quarter-on-quarter increase of 28.4%, surpassing the 10 billion yuan mark for the first time [1][5] - The company is focused on its "New Decade Goals," with significant investments in core technologies, reporting R&D expenses of 6.7 billion yuan in Q1 2025, a year-on-year increase of 30.1% [5][6] Summary by Sections Financial Performance - Q1 2025 revenue was 111.3 billion yuan, with a gross margin of 22.8%, a historical high [5] - The company reported a net profit of 10.68 billion yuan, with a gross margin increase of 0.5 percentage points year-on-year [5] Mobile Business - Revenue from the mobile segment was 50.6 billion yuan, with a year-on-year increase of 8.9% [5] - The average selling price (ASP) of smartphones reached 1,211 yuan, a historical high, driven by increased domestic sales [5] IoT Business - IoT revenue was 32.3 billion yuan, a year-on-year increase of 58.7% [5] - The gross margin for IoT products was 25.2%, reflecting strong growth in smart home appliances [5] Internet Services - Internet services revenue was 9.1 billion yuan, with a year-on-year increase of 12.8% [5] - The gross margin for internet services improved to 76.9% [5] Automotive Business - Revenue from the automotive segment was 18.6 billion yuan, with a gross margin of 23.2% [5] - The company delivered 76,000 units of its electric vehicles in Q1 2025, with expectations for continued growth following the launch of the YU7 model [5][6] Future Outlook - The report projects total revenue for 2025, 2026, and 2027 to be 519.1 billion yuan, 706.7 billion yuan, and 907.5 billion yuan respectively, with adjusted net profits of 45.8 billion yuan, 67.7 billion yuan, and 92.6 billion yuan [6][7]

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [1][3] Core Insights - Meituan's Q1 2025 revenue reached 86.56 billion, representing an 18.1% year-on-year growth, with operating profit at 10.57 billion, up 102.8%, and adjusted net profit at 10.95 billion, increasing by 46.2% [1][6] - The report expresses long-term optimism regarding the company's domestic core business barriers and growth potential, alongside new growth opportunities from overseas expansion [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2023: 276.85 billion - 2024: 337.59 billion - 2025E: 390.78 billion - 2026E: 451.15 billion - 2027E: 513.08 billion - Year-on-year growth rates: 26%, 22%, 16%, 15%, 14% [2][9] - **Adjusted Net Profit**: - 2023: 23.25 billion - 2024: 43.77 billion - 2025E: 42.79 billion - 2026E: 56.37 billion - 2027E: 70.15 billion - Year-on-year growth rates: 709%, 88%, -2%, 32%, 24% [2][11] - **Earnings Per Share (EPS)**: - 2023: 3.79 - 2024: 7.13 - 2025E: 6.97 - 2026E: 9.19 - 2027E: 11.43 [2][11] - **Valuation Ratios**: - P/E (adjusted): 40.8 for 2023, decreasing to 13.5 by 2027 - P/B: 4.9 for 2023, decreasing to 2.3 by 2027 [2][10] Business Segment Performance - **Core Local Business**: - Q1 revenue of 64.32 billion, up 17.8%, with operating profit of 13.49 billion, up 39.1% [6] - **New Business**: - Q1 revenue of 22.23 billion, up 19.2%, with an operating loss of 2.27 billion [6] - **Delivery & Flash Purchase**: - Q1 delivery volume growth remained stable, with operating profit margin (OPM) showing significant improvement [6] - **In-store Services**: - Q1 revenue of approximately 15.1 billion, up 20%, with stable OPM [6] Market Outlook - The report anticipates that while Q2 may see short-term competitive impacts on delivery services, the long-term effects on market share and user experience (UE) will be limited [6] - The company is expected to continue exploring overseas markets, with plans for Keeta to enter Brazil, backed by a strategic partnership and a planned investment of 1 billion USD over five years [6]

证券研究报告 | 策略研究 2025 年 05 月 27 日 稳定币法案对于美债的影响或较为有限 ——金融市场流动性与监管动态周报（0527） 美国参议院通过"稳定币统一标准保障法案"，标志着稳定币立法过程中的重 要进展。美国政府对于稳定币的"合法化招安"或将增强其市场认可度，稳定 币规模有望进一步扩大从而客观上增持美债。但整体来看，稳定币对于美债影 响或小于市场预期，主要由于法案仍存在不确定性，且不改变存量市场。 专题报告 相关报告 1. 《招商 A 股流动性研究体系与 流动性指数——A 股市流动性研 究之四》，2016 年 8 月 2. 《A 股机构投资者全景图—股 票市场 SCP 范式研究之一》， 2017 年 10 月 3. 《融资净流入与 ETF 净赎回， 小微盘风格相对占优 —— 金融 市 场 流 动 性 与 监 管 动 态 周 报 (0520)》 | 招商 A 股流动性指数 | | | --- | --- | | 流动性指标 | 数值/金额（亿元） | | 资金供给 | | | 公募基金发行 | 94.88↑ | | ETF 净申购 | -115.07↑ | | 融资净买入 | -55.19↓ ...

Investment Rating - The report gives a "Strong Buy" investment rating for Tongguan Gold [2][7][47] Core Views - Tongguan Gold has successfully transformed into a gold mining and selection company since 2017, with significant resource endowment and potential for increased reserves and production. The introduction of Zijin Mining as a strategic investor in 2025 is expected to propel the company into a high-growth phase, allowing it to fully benefit from high gold prices [1][7][24]. Summary by Sections Company Overview - Tongguan Gold was established in 1997 and underwent several transformations before focusing on gold mining in 2017. The company has acquired multiple mining companies to enhance its resource base, including significant acquisitions in Gansu province in 2023 [11][15]. Financial Data and Valuation - Total revenue for 2023 is projected at HKD 1.358 billion, with a year-on-year growth of 22%. By 2025, revenue is expected to reach HKD 2.270 billion, reflecting a 53% increase. Net profit is forecasted to grow from HKD 47 million in 2023 to HKD 561 million in 2025, with corresponding PE ratios of 130.5, 31.1, and 11.7 for 2023, 2024, and 2025 respectively [6][48]. Resource Endowment and Growth Potential - As of the end of 2024, the company has a total gold resource of 55 tons with an average grade of 8.27 g/t, positioning it among the top in the industry. The company has significant exploration and development activities planned, with a focus on increasing production capacity in both Tongguan and Gansu mining areas [31][38][39]. Production and Sales Performance - Gold production increased from 0.7 tons in 2017 to 2.5 tons in 2024, with a projected increase to 2.8 tons in 2025. The company’s sales revenue from gold mining is expected to grow significantly, driven by rising gold prices and improved operational efficiency [43][47]. Strategic Partnerships - The strategic investment from Zijin Mining in April 2025 is expected to enhance Tongguan Gold's operational efficiency and market presence. The partnership includes a metal flow agreement that will provide the company with long-term funding while establishing a collaborative relationship with a leading global mining company [24][26][25]. Future Outlook - The report anticipates continued growth in net profit, projecting HKD 5.6 billion in 2025, HKD 8.0 billion in 2026, and HKD 9.7 billion in 2027, with a strong focus on increasing production and maintaining cost efficiency [47][48].

Group 1: Report's Investment Rating for the Industry - No information provided on the industry investment rating Group 2: Core Viewpoints of the Report - Amid the China-US trade game, technology has become the decisive factor, and China will continue to increase investment in technology, creating a good environment for tech companies [4][8] - Due to early listing rules, many Chinese tech companies are listed in Hong Kong. With interest rate cuts, southbound capital inflows, and low valuations, Hong Kong tech stocks have investment value, and investing in Hong Kong Stock Connect actively managed funds is a good choice [4] - Great Wall Hong Kong Stock Connect Value Selection Multi-Strategy A (007132.OF), which focuses on Hong Kong tech stocks and new consumption, has excellent performance and is worthy of attention [4] Group 3: Summary of Each Section in the Report I. Scarce Tech Stocks Gather in HKEX, and Hong Kong Stock Connect Funds Show Allocation Value 1. **Tech Manufacturing as the Decisive Factor in China-US Game** - China's R&D expenditure in 2024 reached 3.41 trillion yuan, accounting for 2.68% of GDP, and is expected to increase. The proportion of high-tech manufacturing in industrial added - value has risen from 9.4% in 2012 to 15.5% in 2022 [8] - The Chinese government attaches great importance to new - quality productivity, with leaders making multiple statements on its development directions [11][12] 2. **Flourishing High - tech Industries** - In 2024, China's new energy vehicle production was 11.712 million, a year - on - year increase of 43.69%, and exports were 1.2992 million, a year - on - year increase of 25.20%. Mobile internet monthly traffic per user has been increasing, and the semiconductor industry is growing well [13][16] 3. **HKEX Gathers Scarce Tech Stocks with Valuation Advantages** - Many Chinese tech companies are listed in Hong Kong. With global interest rate cuts, Hong Kong stocks, especially tech stocks, have investment value due to low valuations and continuous southbound capital inflows [18][20][21] 4. **Attention to Hong Kong Stock Connect Tech - themed Funds** - Among various investment channels for Hong Kong stocks, Hong Kong Stock Connect actively managed funds are a good choice for investors seeking excess returns. Great Wall Hong Kong Stock Connect Value Selection Multi - Strategy A is worthy of attention [24][25] II. Investment Value Analysis of Great Wall Hong Kong Stock Connect Value Selection Multi - Strategy (007132.OF) 1. **Experienced Fund Manager** - The fund manager, Qu Shaojie, has rich experience in Hong Kong stock market investment management. The fund is managed by Great Wall Fund, which has a good track record and a large management scale [26][27] 2. **Forward - looking Industry Layout in Technology** - In 2024, the fund adjusted its industry weights, increasing new consumption, auto, and semiconductor weights while maintaining internet technology weights. It is more focused on the tech sector, and the manager is optimistic about the future of Hong Kong's tech and internet industries and emerging consumption [28][29] 3. **High - position and Value - oriented Portfolio** - The fund maintains a high equity position (above 85% since 2024, with the latest at 88.15%), and shows a value - oriented style with good valuation performance [35] 4. **Top Holdings Covering Leaders in Hard Tech and New Consumption** - The fund's top holdings include internet tech, high - end manufacturing, and emerging consumption companies. It has early and continuous investments in internet tech stocks, and timely increased positions in new energy vehicle stocks and emerging consumption stocks like Pop Mart [37] 5. **Outstanding Recent Performance** - The fund has excellent recent performance, with a 51.16% return in the past year, a Sharpe ratio of 1.57, and an excess return of 33.02% compared to the benchmark. In the past 6 months, the return was 38.27%, ranking first among similar products, and 32.89% this year, ranking third. It is a five - star rated fund [39][42]

Investment Rating - The report gives a "Strong Buy" investment rating for Tongguan Gold [2][7][47] Core Views - Tongguan Gold has successfully transformed into a gold mining and selection company since 2017, with significant resource endowments and potential for increased reserves and production. The introduction of Zijin Mining as a strategic investor in 2025 is expected to propel the company into a high-growth phase, allowing it to fully benefit from high gold prices [1][7][24]. Summary by Sections Company Overview - Tongguan Gold was established in 1997 and underwent several transformations before focusing on gold mining in 2017. The company has acquired multiple mining companies to enhance its resource base, including significant acquisitions in Gansu province in 2023 [11][15]. Financial Data and Valuation - Total revenue for 2023 is projected at HKD 1.358 billion, with a year-on-year growth of 22%. By 2025, revenue is expected to reach HKD 2.270 billion, reflecting a 53% increase. The net profit for 2025 is estimated at HKD 561 million, corresponding to a PE ratio of 11.7 [6][48]. Resource Endowment and Growth Potential - As of the end of 2024, the company has a total gold resource of 55 tons with an average grade of 8.27 g/t, positioning it among the top in the industry. The company has significant exploration and development activities planned, with a focus on increasing reserves and production capacity [31][38][39]. Production and Sales Performance - Gold production increased from 0.7 tons in 2017 to 2.5 tons in 2024, with a projected increase to 2.8 tons in 2025. The company’s sales revenue from gold mining is expected to grow significantly, driven by rising production and favorable gold prices [43][47]. Strategic Partnerships - The strategic investment from Zijin Mining in 2025 is expected to enhance operational efficiency and market visibility for Tongguan Gold. The partnership includes a metal flow agreement that will provide the company with long-term funding while establishing a collaborative relationship with a leading global mining company [24][26][25]. Future Outlook - The report anticipates continued growth in net profit, projecting HKD 5.6 billion in 2025, HKD 8.0 billion in 2026, and HKD 9.7 billion in 2027, with corresponding PE ratios decreasing over the years, indicating a strong growth trajectory [47][48].

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [1][3] Core Insights - Meituan's Q1 2025 revenue reached 86.56 billion, representing an 18.1% year-on-year growth, with operating profit at 10.57 billion, up 102.8%, and adjusted net profit at 10.95 billion, increasing by 46.2% [1][6] - The report expresses long-term optimism regarding the company's domestic core business barriers and growth potential, alongside new growth opportunities from overseas expansion [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2023: 276.85 billion - 2024: 337.59 billion - 2025E: 390.78 billion - 2026E: 451.15 billion - 2027E: 513.08 billion - Year-on-year growth rates are projected at 26%, 22%, 16%, 15%, and 14% respectively [2][9] - **Adjusted Net Profit**: - 2023: 23.25 billion - 2024: 43.77 billion - 2025E: 42.79 billion - 2026E: 56.37 billion - 2027E: 70.15 billion - Notable growth of 709% in 2023, followed by 88% in 2024, with a slight decline of 2% expected in 2025 [2][11] - **Earnings Per Share (EPS)**: - 2023: 3.79 - 2024: 7.13 - 2025E: 6.97 - 2026E: 9.19 - 2027E: 11.43 [2][11] - **Valuation Ratios**: - P/E (adjusted): 40.8 in 2023, decreasing to 13.5 by 2027 - P/B: 4.9 in 2023, decreasing to 2.3 by 2027 [2][10] Business Segment Performance - **Core Local Business**: - Q1 revenue of 64.32 billion, up 17.8%, with operating profit of 13.49 billion, a 39.1% increase [6] - **New Business**: - Q1 revenue of 22.23 billion, up 19.2%, with an operating loss of 2.27 billion [6] - **Delivery and Flash Purchase**: - Q1 delivery volume growth remained stable despite competitive pressures, with a projected increase in Q2 [6] - **International Expansion**: - Keeta is set to enter the Brazilian market, with a planned investment of 1 billion USD over five years [6]