Core Insights - On August 15, a significant net inflow of 35.9 billion was observed, with the most funds flowing into the ETF Yingfu Fund rather than individual stocks, highlighting the growing influence of interconnectivity ETFs [1] - The report analyzes 17 Hong Kong ETFs that have entered the Stock Connect, detailing their allocation advantages and strategic highlights. With the AH premium at a new low, the Hong Kong market may see a secondary rally, focusing on broad-based ETFs like Yingfu Fund, Amundi Hang Seng Tech, and Hang Seng China Enterprises, as well as sector/style ETFs like Huaxia Hang Seng Biotech and GX Hang Seng High Dividend [1] Development of Stock Connect ETFs - After three years of development, Stock Connect ETFs have become a significant channel for southbound trading. As of now, there are 17 ETFs available, with mainland investors holding nearly 34 billion in total assets, indicating their importance in participating in the Hong Kong stock market. The average monthly trading volume is expected to exceed 68 billion by 2025, with active products like Yingfu Fund and Southern Hang Seng Technology showing good liquidity [2] - The performance of ETFs this year has shown significant relative advantages, with Huaxia Hang Seng Biotech doubling in value amid the innovative drug market, and GX Hang Seng High Dividend outperforming Hong Kong dividend ETFs by over 7% [2] Advantages of Stock Connect ETFs - Stock Connect ETFs offer three main advantages: higher precision in holdings, extended trading hours, and lower long-term fees. They allow investors to access non-Stock Connect Hong Kong or US stocks without QDII quotas, providing high tracking accuracy [3] - The trading hours for these ETFs extend by an additional 1.5 hours daily, allowing investors to capture incremental market movements after mainland ETF closures, thus avoiding the lag in net asset value calculations caused by traditional ETF premiums and discounts [3] - Long-term management fees are relatively low, exemplified by Yingfu Fund's management fee as low as 0.04%, which benefits long-term investors [3] Market Trends and Future Outlook - The downward trend of the AH premium reflects optimistic sentiment towards Hong Kong stocks, driven by strong A-share performance and expectations of rising US Treasury yields leading to foreign capital inflows. The convenience of investing through Stock Connect ETFs is expected to translate into performance advantages, with most of these ETFs outperforming their mainland counterparts this year [4] - The current requirements for ETFs to enter the Stock Connect are strict, including a minimum average asset size of 550 million HKD over the past six months and a stock purity of over 60% in the underlying index. There are various strategies for ETFs not yet included in the Stock Connect, such as the AGX Index Covered Call ETF, which aims for stable returns in volatile markets [4] ETF Performance Overview - The report lists five major broad-based ETFs tracking the Hang Seng Index, with an average excess return of 2.6% compared to mainland competitors this year. Additionally, three style ETFs focusing on high dividends and ESG-enhanced indices have shown strong performance, with GX Hang Seng High Dividend achieving a 28% return [6] - The report also highlights the performance of specific ETFs, such as Huaxia Hang Seng Biotech, which has a high concentration of innovative drug stocks, and the absence of redemption restrictions enhances its appeal [6]

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Views - The profitability of the photovoltaic sector has bottomed out, while the electronic and automotive sectors are experiencing expected growth [2] - The company is a leader in photovoltaic adhesives, maintaining a leading market share despite ongoing pressures from industry overcapacity and price fluctuations [3] - The company's revenue from renewable energy, transportation, and electronics for the first half of 2025 was 7.7 billion, 6.5 billion, and 3.8 billion respectively, with year-on-year changes of -17.9%, +34.0%, and +23.5% [2] Financial Summary - The company achieved a revenue of 21.68 billion in the first half of 2025, a year-on-year increase of 7.72%, and a net profit attributable to shareholders of 1.43 billion, up 4.18% year-on-year [1] - The gross profit margin for the company in the first half of 2025 was 22.46%, an increase of 3.38 percentage points year-on-year, while the net profit margin was 6.66%, a decrease of 0.12 percentage points year-on-year [2] - The company’s operating cash flow net amount was 0.29 billion, an increase of 69 million compared to the first half of 2024 [2] Earnings Forecast and Valuation - The forecast for the company's net profit attributable to shareholders has been adjusted to 2.05 billion and 2.75 billion for 2025 and 2026 respectively, with an expected net profit of 3.57 billion in 2027 [4] - The corresponding price-to-earnings ratios are projected to be 30.1, 22.4, and 17.3 for 2025, 2026, and 2027 respectively [4]

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - In Q2 2025, the company's net profit attributable to shareholders increased by 81.5% year-on-year, with a total revenue of 3.73 billion yuan, up 7.7% year-on-year [1][2] - The company is undergoing a significant expansion project, with a total investment exceeding 50 billion yuan, expected to be completed by 2025, which will increase annual passenger throughput capacity to 120 million [2] - The company is expected to see a recovery in both aviation and non-aviation revenues as passenger traffic continues to recover [2] Financial Summary - For H1 2025, the company achieved a net profit of 750 million yuan, a year-on-year increase of 71.3%, with a forecasted net profit of 1.37 billion yuan for 2025 [3][8] - The projected revenue for 2025 is 7.98 billion yuan, reflecting a 7% increase from 2024 [3] - The company's earnings per share (EPS) is expected to be 0.58 yuan in 2025, with a price-to-earnings (P/E) ratio of 17.03 [3][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is positioned as a leading domestic wafer foundry, with the explosive demand for domestic AI chips and the trend of localization in edge-side chips expected to drive its performance growth beyond expectations [1][3] Demand and Supply Analysis - Demand Side: The growth in the AI cloud server industry is expected to drive the demand for AI chips. Additionally, domestic cloud manufacturers are increasingly seeking to localize AI chip production, which will further stimulate demand. There is potential for elasticity in advanced process wafer consumption if certain brands experience an upward turning point in sales expectations [3] - Supply Side: Domestic semiconductor equipment is being customized to better fit local process routes, which may lead to an unexpected improvement in wafer foundry yield rates. The long-term trend in the wafer foundry industry is expected to favor larger players, and the company is likely to benefit from the localization of advanced processes and the demand surge in the AI chip sector [3] Driving Factors - The explosive demand for AI chips in both cloud and edge markets is expected to create significant opportunities for advanced process expansion [4] Performance Metrics and Catalysts - Key performance indicators include the shipment pace of domestic AI chips and discrepancies between performance guidance and actual results. Catalysts for growth include orders for key production line equipment, breakthroughs in critical process yields, and accelerated localization in IC design tape-outs [5] Financial Forecast and Valuation - The company is projected to experience a new phase of revenue and profit elasticity from 2025 to 2027, with expected net profits of 5.352 billion, 6.370 billion, and 7.456 billion respectively, representing year-on-year growth rates of 44.7%, 19.0%, and 17.0%. The estimated P/B ratios for the same period are 4.5, 4.3, and 4.1, while the P/E ratios are 135.8, 114.1, and 97.5 [6][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has achieved a 79% year-on-year increase in net profit attributable to shareholders, driven by multiple business lines creating new growth drivers [1][2] - The company is accelerating the development of a franchise model in lower-tier markets, with over 140 selected franchise stores under construction or planning, aiming for 500 selected franchise stores by 2025 [2] - The company is a leader in the maternal and infant retail sector, with a unique large-store model and steady progress in franchise operations, leading to continuous market share growth [3][4] Financial Performance - In the first half of 2025, the company reported revenue of 4.9 billion yuan, a 9% year-on-year increase, and a net profit of 140 million yuan, a 79% increase [7] - The company expects revenues of 11.2 billion yuan, 15.1 billion yuan, and 19.7 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20%, 35%, and 30% [9] - The net profit attributable to shareholders is projected to be 350 million yuan, 560 million yuan, and 890 million yuan for the same years, with growth rates of 96%, 59%, and 58% respectively [9] Business Expansion - The company has over 1,300 stores nationwide, including 502 self-operated large stores and 61 franchise stores as of the first half of 2025 [7] - The first Ultra store opened in June 2025, integrating trendy IP, grain economy, and AI technology [7] - The company is enhancing its supply chain advantages through short-chain self-operated products, with differentiated supply chain revenue of 530 million yuan in the first half of 2025 [7] Profitability Metrics - The gross margin for the first half of 2025 was 27.7%, a decrease of 2 percentage points, while the net margin increased by 1 percentage point to 2.9% [7] - The company has a projected P/E ratio of 46, 29, and 18 for the years 2025, 2026, and 2027 respectively [9]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The real estate sector is at a historical low in holdings, combined with interest rate cuts, which enhances the attractiveness of investments in this sector [4] - The report highlights that the fund holdings in real estate stocks have reached a historical low, with a significant drop in market value from 14.1 billion to 3 billion, a decrease of 80% [19] - The report identifies several driving factors, including low fund holdings, global policy cycles, and high base pressure in Q4 2025, which necessitate further policy support [5] Summary by Sections 1. Real Estate Heavyweight Stock Analysis: Historical Low Holdings - The number of funds holding real estate stocks has reached a five-year low, with a decline from 372 funds in Q4 2020 to 194 funds in Q4 2023 [13] - The total market value of funds holding real estate stocks has decreased significantly, reaching a historical low of 3 billion by H1 2025 [19] - The report notes that the proportion of funds overweight in real estate stocks has remained around 55% over the past five years, indicating a stable but low allocation [23] 2. Impact of US Rate Cuts on Chinese Real Estate Stocks - The report discusses the correlation between US interest rate cuts and the valuation recovery of Chinese real estate stocks, suggesting that these cuts can alleviate pressure on the Chinese yuan and provide opportunities for local rate cuts [56] - It emphasizes that the US rate cuts can improve the financing environment for Chinese real estate companies, thereby enhancing their credit profiles and market valuations [58] - The report anticipates a 92.1% probability of a rate cut by the Federal Reserve in September 2025, which could further influence the Chinese real estate market positively [61]

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 21 日 浙商早知道 2025 年 08 月 21 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 ❑ 【浙商教育与人力资源 冯翠婷/段联/刘梓晔】豆神教育（300010）公司深度：AI 打造极致性价比，先发卡位抢 占 AI 教育时代用户心智——20250819 重要观点 重要点评 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 ❑ 大势：8 月 20 日上证指数上涨 1.04%，沪深 300 上涨 1.14%，科创 50 上涨 3.23%，中证 1000 上涨 0.86%，创业 板指上涨 0.23%，恒生指数上涨 0.17%。 ❑ 行业：8 月 20 日表现最好的行业分别是美容护理（+2.42%)、石油石化（+2.36%)、电子（+2.32%)、汽车 （+1.93%)、食品饮料（+1.39%)，表现最差的行业分别是医药生物（-0.07%)、家用电器（+0.12%)、房地产 （+0.16%)、环保（+0. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The company is a communication equipment giant, with significant underestimation of its AI computing and network business progress, which is expected to recreate ZTE in the AI era [1] - The company has a complete AI product ecosystem and has successfully expanded its internet customer base, with a projected revenue of 18.6 billion yuan for its government and enterprise business in 2024, representing a year-on-year growth of 37% [3] - The domestic supernode progress is exceeding expectations, with a core increment in the switching network, and the domestic supernode penetration rate is expected to accelerate [4][5] Summary by Sections Company Expectations - The company is expected to occupy a core strategic position in the supernode system, leveraging its core capabilities [2][17] AI Product Ecosystem - The company has made significant breakthroughs in servers, switches, switching chips, and self-developed chips, with products entering the internet customer ecosystem and related business segments experiencing rapid revenue growth [3] Domestic Supernode Progress - The domestic supernode market is expected to see accelerated penetration, with projections indicating a penetration rate of 5% in 2025, 19% in 2026, and 45% in 2027 [4] Scale Up Switching Network - The Scale Up switching network is identified as a core incremental segment of the supernode solution, with a projected market size of 14 billion USD by 2027 [5] Market Position - The company occupies a core position in the domestic supernode solution, with a significant gap in market recognition and expectations [10] Demand for Scale Up Switching Chips - The demand for Scale Up switching is accelerating the localization of switching chips, with domestic manufacturers gradually catching up in technology [11] Profit Forecast and Valuation - The company's net profit is projected to be 8.7 billion yuan in 2025, 9.3 billion yuan in 2026, and 10.1 billion yuan in 2027, with corresponding PE ratios of 22, 21, and 19 times [13][16]

Investment Rating - The industry investment rating is optimistic [4] Core Insights - The Chinese dining industry is characterized by a large market size and high frequency of repurchase, making it a highly sticky consumer segment [7] - The industry is transitioning from "can replicate" to "can scale" due to advancements in standardization and cold chain efficiency [7] - Major brands like Laoxiangji and Xiaocaiyuan are leading the market with innovative models and significant growth potential [7] Industry Scale - The Chinese dining market is projected to reach over 55,000 billion yuan by 2024, with a CAGR of approximately 9% from 2020 to 2024 [14] - The Chinese cuisine market is expected to grow to over 36,000 billion yuan by 2024, with a CAGR of about 4% from 2018 to 2023 [15] - The market for affordable Chinese dining, which constitutes about 90% of the Chinese cuisine market, is estimated to be around 36,000 billion yuan [7][18] Brand Competition Landscape - The development of Chinese dining chains is entering a new phase with significant growth in brands with over 100 stores, particularly in lower-tier cities [7] - The concentration of the industry remains low, with leading brands primarily located in key regions like East China and Southwest China [7] - The market is witnessing a structural shift with brands like Laoxiangji and Xiaocaiyuan expanding rapidly in lower-tier cities [7] Future Outlook - The current chain rate of Chinese dining is only 23.2%, significantly lower than that of the US and Japan, indicating substantial growth potential [7] - The market for affordable Chinese dining is expected to grow at a CAGR of 8.9% from 2024 to 2028, driven by consumer demand for convenience and value [7] - The international Chinese dining market is projected to grow from 233 billion USD in 2020 to 445 billion USD by 2027, with Southeast Asia and Europe being key expansion areas [7]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment opportunities [5]. Core Insights - The private jet industry is experiencing stable demand growth, with the company leveraging its differentiated product competitiveness and personalized services to continuously enhance market share and attract high-end clientele. The robust order backlog supports performance over the next two years, and the company's ability to raise prices and high repurchase rates highlight its luxury brand attributes, suggesting significant potential for valuation improvement [1][4]. Company Overview - The company, established in 1984 in the United States, is a leader in the global private jet market, with a product matrix that includes the SR series (SR20, SR22, SR22T) and Vision Jet. It is projected to achieve a revenue growth of 12.1% year-on-year in 2024, driven by stable growth in aircraft sales and services, with a gross margin of 34.6% and a net margin of 10.1% [1][16]. Private Jet Industry - The global private jet fleet remains stable at approximately 140,000 aircraft, with a projected delivery of 3,050 general aviation aircraft in 2023, reflecting an 8% year-on-year increase. The compound annual growth rate (CAGR) for aircraft deliveries from 2019 to 2023 is 3.5%, supported by the growth of high-net-worth individuals and infrastructure expansion [2][27]. Competitive Analysis - The company has a strong product offering with leading safety features and a focus on customization. It boasts a total accident rate that is three times lower than the industry average. The service ecosystem is expanding, with a comprehensive range of lifecycle services, and the brand's ability to increase prices and achieve high repurchase rates underscores its luxury positioning [3][4]. Financial Forecast and Valuation - The company is expected to achieve revenues of $1.398 billion, $1.633 billion, and $1.913 billion in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.8%, 16.8%, and 17.2%. The projected net profit for the same years is $155 million, $195 million, and $245 million, with corresponding growth rates of 28.0%, 26.1%, and 25.9%. The current market valuation corresponds to a price-to-earnings (P/E) ratio of 22, 18, and 14 for the next three years, indicating significant room for valuation enhancement compared to luxury car brands like Ferrari [4][10].