Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company's Q1 2025 revenue of 5.4 billion yuan represents a 2.2% year-on-year increase, aligning with the guidance of 0%-4% [7] - Adjusted EBITDA and net profit for Q1 2025 were 1.5 billion yuan and 780 million yuan, showing year-on-year growth of 5.3% and 0.5% respectively [7] - The domestic hotel segment achieved an adjusted EBITDA of 1.6 billion yuan, reflecting a 6.7% increase year-on-year [7] - The company has a robust membership system and an attractive investment return model, which is expected to attract more franchisees and accelerate store expansion [7] Financial Performance - The company reported a total revenue of 21.882 billion yuan for 2023, with a projected growth of 9% in 2024 and 5% in 2025 [3] - The adjusted net profit for 2025 is estimated at 3.926 billion yuan, representing a 29% increase compared to 2024 [3] - The company’s gross margin improved to 33.2% in Q1 2025, an increase of 0.7 percentage points year-on-year [7] - The total number of domestic hotels reached 11,564, marking a 19.4% increase, with a net addition of 539 hotels in Q1 2025 [7] Market Position - The company’s current stock price is 28.7 HKD, with a market capitalization of 174.1 billion HKD [4] - The company has a return on equity (ROE) of 29.0% and a debt-to-asset ratio of 82.7% [4] - The company is expected to see a revenue growth of 1%-5% in Q2 2025, with domestic hotel revenue projected to grow by 3%-7% [7]

证券研究报告 | 行业定期报告 2025 年 05 月 22 日 AI 助力海外科技公司降本增效，关注游戏龙头恺英网络 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，看好【神州泰岳】【南方传媒】 【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控股】【昆仑万 维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 过去的一周，传媒行业下跌了 0.67%，在所有行业中排名第 26 位，传媒板块 年初到现在上涨了 3.91%，排名所有板块第 6 名。上周传媒板块出现了一定 的调整，主要还是由于最近 AI 应用落地相对较少，市场缺乏催化剂，但另一 方面，我们可以看看海外，海外 SPOTIFY（音乐 APP）近期也创下阶段新高， SHOPIFY 也持续大涨，多邻国，奈飞，PALANTIR，SPOTIFY，SHOPIFY，其实 这些海外科技大涨都是有共性的：就是 AI 帮助这些垂直龙头降本增效，持续 的提高业绩和提高用户满意度，AI 的效果正在显现。另外，我们也看到近期 游戏板块出现了一定的调整，我们认为游戏存在明显的误杀，逻辑有以下几 点：1）龙头腾讯已经出了一季报， ...

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a positive outlook for the sector [2][6]. Core Insights - The insurance industry experienced steady growth in fund utilization, with a net increase of over 1.6 trillion yuan in Q1 2025, bringing the total fund utilization balance to 34.93 trillion yuan, a 5.0% increase from the beginning of the year [5][6]. - The allocation of funds has shifted, with bonds and stocks reaching their highest proportions in recent years, highlighting a more pronounced "barbell" structure in investment strategy [6]. - The report notes a significant increase in equity investments, with insurance companies actively increasing their positions in the transportation sector and continuing to engage in shareholding activities primarily in the banking and public utility sectors [6][15]. Summary by Sections Fund Utilization - As of Q1 2025, the balance of funds utilized by insurance companies was 34.93 trillion yuan, with life insurance companies holding 31.38 trillion yuan (89.8% of the total) and property insurance companies holding 2.27 trillion yuan (6.7% of the total) [5][6]. - The bond allocation reached 16.97 trillion yuan, accounting for 50.4% of total investments, the highest level in recent years, driven by a strategic increase in long-term bond investments [6]. - The stock balance increased to 2.82 trillion yuan, representing 8.4% of total investments, also the highest level in recent years, with a net increase of 389.3 billion yuan in Q1 2025 [6]. Investment Strategy - The report emphasizes the importance of long-duration bonds and high-dividend stocks as key components for insurance companies' revenue stability [6]. - The investment strategy is diversifying, with a cautious increase in equity allocation expected, alongside a richer variety of investment products [6]. Sector Focus - The top sectors for insurance equity investments include banking (45.8%), transportation (10.8%), real estate (7.4%), telecommunications (6.9%), and public utilities (6.1%) [10][11]. - The report highlights a trend of insurance companies increasing their stakes in high-dividend stocks, which provide stable returns and lower risk, aligning with long-term strategic investment goals [6][15]. Stock Recommendations - The report recommends specific stocks such as China Taiping and China Ping An, while suggesting to pay attention to New China Life, China Pacific Insurance, and China Life Insurance for their long-term investment value [6].

证券研究报告 | 行业深度报告 2025 年 05 月 22 日 关税压力边际缓解，聚焦 AI 创新及低估优质公司布局机遇 消费电子行业深度跟踪报告 TMT 及中小盘/电子 近期关税压力边际缓解，我们建议聚焦 AI 端侧、汽车智能化等创新主线，看 好消费电子板块修复弹性；苹果业绩会表示在其库存和供应链优化下 Q2 受 关税影响很小，我们认为后续其仍有望最大化规避潜在的 232 行业关税，建 议把握跟随苹果全球化布局、具备成本效率优势的低估优质公司，并关注 WWDC 大会 AI 创新及后续新品零部件创新；安卓链方面，国内品牌受关税 影响小，关注补贴政策及 AI 创新带来的潜在销量提升机会；把握 AI 穿戴主 线，尤其关注今年将迎发布潮的 AI 眼镜、耳机、玩具、运动相机产业链；把 握汽车智能化产业链重构机遇，关注华为/小米/特斯拉汽车链；特斯拉为首的 企业加速布局人形机器人赛道，今年产业链将迎来 0-1 阶段。 q 终端景气与创新跟踪：Q1 终端出货延续增长，关注关税、AI 创新对销量 的影响。 1）手机：Q1 出货同比+1.5%，全年关注关税、AI 创新及国补对销量的影 响。Q1 全球/中国智能手机出货同比+ ...

可控核聚变关键金属 铍行业深度报告 周期/金属及材料 证券研究报告 | 行业深度报告 2025 年 05 月 21 日 推荐（维持） 行业指数 % 1m 6m 12m 绝对表现 7.1 4.5 12.5 相对表现 3.7 6.7 6.9 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 May/24 Sep/24 Dec/24 Apr/25 (%) 金属及材料 沪深300 相关报告 1、《金属行业周报—钨价持续创新 高，稀土有望开启涨价》2025-05-18 2、《钨行业点评—钨配额减量，钨 价持续上涨》2025-05-12 3、《可控核聚变行业点评报告—自 主可控且有显著增量预期，行业进入 发展关键期》2025-05-12 | 刘伟洁 | S1090519040002 | | --- | --- | | | liuweijie@cmschina.com.cn | | 赖如川 | S1090523060003 | | | lairuchuan@cmschina.com.cn | 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company is expected to benefit from a rapid recovery in downstream demand, with three major growth curves poised for explosive growth [5]. - The company reported a revenue of 331 million yuan in 2024, a year-on-year increase of 50.22%, and a net profit attributable to shareholders of 17.94 million yuan, up 15.28% year-on-year [5]. - The company has a strategic focus on special optical devices, new materials, and equipment, aiming to strengthen its market position in both military and civilian sectors [5]. Financial Performance - In 2024, the company achieved a revenue of 331 million yuan, with a breakdown showing optical ring devices generating 124 million yuan (up 69.07% year-on-year) and new materials contributing 24.06 million yuan (up 15.60% year-on-year) [5]. - The gross profit margin for optical ring devices remained stable, while the overall gross margin decreased by 7.57 percentage points to 44.62% due to price adjustments in military products and changes in product mix [5]. - The company expects net profits for 2025-2027 to be 84 million, 122 million, and 150 million yuan, respectively, with corresponding P/E ratios of 47.4, 32.5, and 26.5 [5][6]. Market Position and Strategy - The company is enhancing its industrial synergy through the acquisition of "Shengyisheng," which will improve its production capabilities in optical gyroscope photon chip devices and expand its market reach [5]. - The strategic layout includes a focus on three growth curves: enhancing sensor solutions, developing energy transmission solutions, and advancing thermal management and next-generation optical communication [5]. Valuation Metrics - The current stock price is 32.48 yuan, with a total market capitalization of 4 billion yuan and a circulating market value of 3.1 billion yuan [2]. - The company has a return on equity (ROE) of 1.7% and a debt-to-asset ratio of 21.4% [2].

证券研究报告 | 策略定期报告 2025 年 05 月 21 日 4 月社零当月同比增幅收窄，工业机器人产量同比增幅扩大 定期报告 ——行业景气观察（0521） 本周景气度改善的方向主要在消费服务、公用事业和部分中游制造领域。上游资 源品中，金属库存多数下行；中游制造领域，4 月工业机器人、金属切削机床产 量三个月滚动同比增幅扩大。信息技术中，DDR4 价格上行，4 月智能手机产量 三个月滚动同比跌幅扩大。消费服务领域，中药材价格指数上行。4 月社零总额 当月同比增幅略有收窄，扩大消费政策效应持续显现。推荐景气较高或有改善的 自动化设备、白电、家居用品、中药、娱乐用品、钟表珠宝、美容护理、绿电等。 相关报告 《4 月汽车产销稳健增长，装载机 销量同比增幅扩大（0514）》 《五一出行需求持续增长，3 月全 球 半 导 体 销 额 同 比 增 幅 扩 大 （0507）》 《生鲜乳价格上行，3 月金属成形 机床产量同比增幅扩大（0424）》 《3 月社零总额当月同比增幅扩 大 ， 智 能 手 机 产 量 同 比 转 正 （0416）》 《2 月全球半导体销售额同比增 幅收窄，食糖价格指数上行 （0409）》 《3 ...

5 月 6 日央行、证监会联合发布关于支持发行科技创新债券有关事宜的公告。 政策出台后一周科技创新债券已累计发行超 1800 亿元。科创债发展历史如何， 科创债发行有哪些特征，科创债二级市场表现如何，本文将对此进行分析。 一、政策支持与制度创新推动科创债市场扩容提速 我国科创债市场历经多阶段政策优化，从 2015 年"双创债"的初步探索，到 2022 年交易所与银行间市场同步推出科创公司债和科创票据，2025 年政策支 持进一步加码，央行提出构建债券市场"科技板"，支持科技创新债券发行。5 月以来央行、证监会联合发布《关于支持发行科技创新债券有关事宜的公告》， 随后交易商协会、交易所迅速响应，也制定发布相关通知。我们将 5 月以来一 系列支持科创债发行的政策称为新政。 本次支持发行科技创新债券的最新政策有三大关注点：一是扩大发行主体至金 融机构及私募股权机构，允许募集资金用于私募股权投资基金设立；二是鼓励创 设科创债指数产品，引导社保、年金等中长期资金加大对科技创新债券的配置； 三是完善增信机制，加大政策性工具支持力度、鼓励市场化信用增进以及发挥区 域增信机制作用。政策红利驱动下，科创债市场扩容提速。 二、科 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Views - The company reported Q1 2025 revenue of 13.83 billion yuan, a year-on-year increase of 16.2%, and a NON-GAAP net profit of 4.19 billion yuan, up 3.3%, both slightly exceeding market expectations. Domestic leisure travel demand has shown steady improvement, while outbound and international business continues to grow significantly, supported by optimized overseas marketing expenses [1][8]. - The long-term outlook remains positive due to the vast growth potential in overseas markets, with expectations of continued performance improvement as international operations mature and profitability enhances [1][8]. Financial Data and Valuation - Revenue projections for the company are as follows: - 2023: 44.51 billion yuan - 2024: 53.29 billion yuan (+20%) - 2025E: 61.81 billion yuan (+16%) - 2026E: 70.80 billion yuan (+15%) - 2027E: 80.91 billion yuan (+14%) [3][11]. - The company’s net profit is projected to grow significantly, with estimates of 9.92 billion yuan in 2023, reaching 23.99 billion yuan by 2027, reflecting a compound annual growth rate of 13% [3][11]. - The adjusted earnings per share (EPS) are expected to increase from 19.11 yuan in 2023 to 37.56 yuan in 2027 [3][11]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 24.2 in 2023 to 12.3 in 2027, indicating improving valuation metrics over time [3][12]. Business Performance - The company’s revenue breakdown for Q1 2025 includes: - Accommodation bookings: 5.54 billion yuan (+23.2%) - Transportation ticketing: 5.42 billion yuan (+8.4%) - Travel vacation: 0.95 billion yuan (+7.2%) - Business travel management: 0.57 billion yuan (+12.1%) - Other businesses: 1.37 billion yuan (+33.0%) [8]. - The overall gross margin for the reporting period was 80.4%, slightly down by 0.8 percentage points, while the operating profit margin (OPM) was 29.2%, exceeding the expected 27.5% [8]. Market Outlook - The company’s outbound and international business continues to show high growth, with outbound hotel and flight bookings exceeding 120% of pre-pandemic levels, and international OTA platform bookings increasing by over 60% year-on-year [8]. - The report anticipates a 15%-20% growth in outbound business for 2025, driven by high-margin outbound operations [8].

中远海特（600428.SH） 业务量较快增长，关税缓解纸浆船去程运价有望受益 周期/交通运输 证券研究报告 | 公司点评报告 2025 年 05 月 21 日 事件：1、中远海特发布 24 年报及 25 年一季报，业绩符合预期。2024 年公司 归母净利润 15.3 亿元，同比+44%；25Q1 归母净利润 3.5 亿元，同比+1.6%； 2、中美关税政策超预期缓解，短期集运舱位紧张，有望带动纸浆船市场去程业 务盈利提升。 ❑ 2024 年公司业绩处于前期预告上限，25Q1 业绩增速放缓。受益于红海绕行， 多用途及纸浆市场运价上行；同时汽车运输量价齐升，24 年毛利 36.6 亿元， 同比+73%；毛利率达 21.8%，同比+4.2pcts。因计提道达尔润滑油减值，影 响归母利润 2.7 亿，如剔除减值影响，Q4 归母利润将 5.9 亿，超预期。25Q1 各板块经营稳健，但纸浆运输去程运价环比回落，毛利 10.1 亿，同比+42%， 环比-14%。另外 Q1 管理+财务费用同比有所提升，因此盈利增速放缓。 ❑ 分部业务：24 年机械设备+汽车运输量价齐升,预计 25 年基本面稳健增长。 1）24 年多用途船 ...