Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is focused on becoming a platform for innovative applications of magnetic and electronic materials, with its lead-free radiation protection materials entering a growth phase, and various new materials in the cultivation phase expected to drive profit and valuation upward [1]. Summary by Sections Company Overview - The company, established in 1998 and listed on the ChiNext in 2023, specializes in powder research and has developed a range of products including magnetic adsorption materials, electronic ceramic materials, and radiation protection materials [10]. - The management team has a strong technical background, with a high ownership stake among executives and employees, indicating alignment of interests [11]. Market Analysis - The company operates in the nuclear technology application sector, which is expected to see increased demand for radiation protection materials due to government initiatives promoting the integration of nuclear technology into the economy [2]. - The company's lead-free radiation protection materials are positioned to replace traditional lead-based materials, aligning with industry trends towards safer alternatives [3]. Growth Expectations - The report forecasts the company's net profit to grow from 151 million yuan in 2024 to 254 million yuan in 2026, representing a compound annual growth rate of approximately 25% [4]. - The company is expected to benefit from the successful development of new products and expansion into new customer segments and fields [4]. Financial Projections - Revenue is projected to increase from 890 million yuan in 2024 to 1.314 billion yuan in 2026, with corresponding profit margins improving as new materials gain market traction [6]. - The report assigns a target price of 53.91 yuan based on a 30x PE ratio for 2025, reflecting the company's competitive advantages in innovative materials [4]. Competitive Landscape - The company is a leader in the lead-free radiation protection materials sector, with a strong R&D capability that sets it apart from competitors who primarily offer lead-based solutions [35]. - The competitive environment includes both domestic and international players, but the company's focus on innovation and safety positions it favorably in the market [32][35].

Investment Rating - The industry rating for the food and beverage sector is "Positive" (maintained) [5] Core Views - The food and beverage sector is expected to focus on the performance during the Spring Festival and the New Year goods festival, with potential increases in dividends from liquor companies and new gifting concepts through WeChat stores. The Spring Festival of 2025 may serve as a verification period [1] - In the medium to long term, the focus should be on leading brands with strong brand momentum, early inventory clearance, and reasonable growth targets in the liquor sector. For mass-market products, attention should be paid to high prosperity and the recovery of the catering industry [1] Summary by Sections Liquor Sector - The liquor sector is currently focusing on the sales performance during the Spring Festival, with expectations that regional leaders like Sujiu and Huijiu will perform well. The short-term sales recommendation is for Yingjia Gongjiu, while the annual top stock recommendation is for Gujing Gongjiu [2][19] - The report emphasizes two main lines of investment: "momentum continuation" and "low base recovery." High-end liquor recommendations include Wuliangye and Kweichow Moutai, while for mid-range and regional brands, Gujing Gongjiu and Yingjia Gongjiu are recommended [2][19] - The report predicts that the overall revenue performance of major liquor companies will slow down in Q4 2024, with a focus on maintaining healthy growth strategies [6][9] Mass-Market Products - The investment focus for 2025 in the mass-market sector is summarized into two main themes: the prosperity theme and the recovery theme. The report highlights the potential for upward trends in sub-sectors with expected improvements from new channels like hard discounts and WeChat stores [26] - The catering chain is seen as a key policy lever for stimulating consumption and supporting livelihoods, with expectations for broader policy stimulus to boost demand recovery and valuation recovery opportunities [26] - Recommended stocks in the mass-market sector include Three Squirrels, Qingdao Beer, Yili, and others, with a focus on leading companies [26][27] Market Performance - From January 13 to January 17, the Shanghai Composite Index rose by 2.14%, with the liquor sector increasing by 2.36%. Notable performers included Huazhi Wine and Jiuziyuan, while Kweichow Moutai and Yanghe were among the lower performers [3][4][32] - The report indicates that the overall demand in the mass-market sector remains flat, but certain strong sub-sectors continue to show robust performance [21][23]

Investment Rating - The report rates the nuclear power equipment industry as "Positive" [1] Core Insights - The demand for nuclear power is expected to benefit from AI-driven energy needs, with major tech companies like Microsoft, Google, Amazon, and Meta investing in nuclear energy [4][12] - The policy environment is shifting towards a more supportive stance, with a forecasted compound annual growth rate (CAGR) of approximately 8.4% for nuclear power installations from 2023 to 2035, increasing the share of nuclear power to about 10% by 2035 [4][44] - The domestic approval process for nuclear power projects is accelerating, with an expected CAGR of about 7% for new nuclear power equipment from 2023 to 2035 [4][40] Summary by Sections Global Nuclear Power Industry - AI is catalyzing a resurgence in nuclear power demand, with significant investments from leading tech companies [4][12] - The global nuclear power sector is entering a recovery phase, with a historical context of development phases leading to the current restart phase since 2023 [14][24] - Nuclear power generation accounts for approximately 9% of global energy production, with varying shares across countries [25][24] Domestic Nuclear Power Development - China's nuclear power technology has evolved through stages of following, imitating, and leading [29] - The domestic nuclear power policy has transitioned to a more proactive and orderly approach, emphasizing safety and the importance of nuclear energy in achieving carbon neutrality goals [34][31] - China is projected to become the world's largest nuclear power nation, with 102 operational and approved nuclear units [32] Nuclear Power Equipment Market - The nuclear island equipment constitutes over half of the total investment in nuclear power projects, with a significant market space projected during the 14th and 15th Five-Year Plans [56][68] - The report highlights the high gross margins of core components in the nuclear island, with margins ranging from 40% to 50% [62] - The expected market size for nuclear power equipment during the 14th Five-Year Plan is estimated at around 100 billion annually [68] Future Nuclear Technologies - The focus is on advanced nuclear technologies such as Generation IV reactors, Small Modular Reactors (SMR), and controlled nuclear fusion [5][74] - The global market for fusion equipment is anticipated to grow at a compound annual growth rate of 26% from 2023 to 2033 [5][74] - The report recommends companies like Lianchuang Optoelectronics and Jingda Co., Ltd. as beneficiaries of the nuclear fusion advancements [6]

Market Overview - Major broad-based indices and CITIC first-level industries all rose this week, with the North Certificate 50 leading the gains at 9.63%[9] - The Shanghai Composite Index, after a rapid decline, confirmed a rebound in the 3087-3152 range, indicating a potential bottom formation[1][4] - The growth indices such as the CSI 1000 and ChiNext Index increased by 5.35% and 4.66% respectively, while the Shanghai Composite Index rose by 2.31%[9][44] Investment Strategy - Investors are advised to maintain current positions and consider increasing allocations during the formation of the "right foot" in the market[1][46] - Preference should be given to small-cap styles over industry selection, particularly in the "right foot" phase, with a focus on sectors like non-ferrous metals and real estate that have seen significant declines[1][46] Market Sentiment and Capital Flow - The average daily trading volume in the Shanghai and Shenzhen markets increased to 1.18 trillion CNY, up from 1.13 trillion CNY the previous week[13] - Margin trading balances rose to 1.83 trillion CNY, with the proportion of financing purchases increasing to 9.37% from 8.39%[19] - Equity ETFs saw a net inflow of 114 billion CNY, with electronic ETFs leading the inflows at 2.5 billion CNY[19] Economic Indicators - The National Bureau of Statistics reported a GDP of 13,490.84 billion CNY for 2024, growing by 5.0% year-on-year, with Q4 growth at 5.4%[39][41] - The People's Bank of China emphasized financial support for high-quality economic development, aiming to stabilize market expectations and manage risks[43] Risks - Potential risks include domestic economic recovery falling short of expectations and ongoing global geopolitical uncertainties[47]

❑ 本轮债市跨年行情或已结束 证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 01 月 18 日 本轮债市跨年行情或已结束 ——债市策略思考 核心观点 本轮债市跨年行情或已结束，下一阶段 10 年国债收益率或将进入回调期，2025 年债 市在经济复苏、财政发力、中美关系等因素扰动下或呈现波动加大的特征。人民币汇 率短期贬值空间或有限，贬值预期下仍不乏逆势升值的潜在路径。 年初央行地量开展 OMO 操作，选择用 7 天逆回购对冲月中到期的 MLF，叠加月 中税期、春节前取现需求增加等因素影响，资金面持续紧张。从 1 月 7 日开始， 资金利率已出现走高迹象，而过去一周 DR007 加权平均价持续在 1.9%以上运行， R007 一度突破 4%，流动性分层加剧。资金利率倒挂现券收益率，负 carry 压制债 市情绪，短端收益率率先上行，传导至长端收益率同步调整。但在市场普遍预期 2025 年货币宽松推动债牛行情的主线逻辑不变的情况下，长端收益率展现出较强 的韧性。当前临近春节，从历史经验和近期债市回调走势来看，我们认为本轮债 市的跨年行情大概率已结束。 ❑ 2025 年 ...

Investment Rating - The report maintains a "Buy" rating for Dong'e Ejiao, with a target price of 77.24 CNY, indicating a potential upside of 23% based on a 26x PE for 2025 [5][70]. Core Insights - Dong'e Ejiao, a subsidiary of China Resources Group, has shown significant growth since the state-owned enterprise reform began in 2020, and is expected to continue its high growth and high dividend trajectory [1][5]. - The company leads the blood-nourishing product market with a 38% market share in the first three quarters of 2024, benefiting from increased health awareness post-pandemic [2][5]. Summary by Sections Company Overview - Dong'e Ejiao is a leading producer of Ejiao and related products, established in 1952 and listed in 1996. It is recognized as a standard setter in the Ejiao industry and a model for high-quality development in traditional Chinese medicine [15][16]. Market Position and Growth - The blood-nourishing product market has a compound annual growth rate (CAGR) of 9.3% from 2020 to 2023, with Dong'e Ejiao being the market leader [2][31]. - The company has successfully expanded its product line to include ready-to-eat and male health products, enhancing its market presence [2][5]. Financial Performance and Projections - Revenue projections for 2024-2026 are 58.71 billion CNY, 68.01 billion CNY, and 78.34 billion CNY, representing year-on-year growth rates of 24.50%, 15.85%, and 15.18% respectively [5][67]. - The net profit for the same period is expected to be 15.38 billion CNY, 19.13 billion CNY, and 23.17 billion CNY, with growth rates of 33.65%, 24.37%, and 21.14% respectively [5][67]. Catalysts for Growth - Anticipated strong performance in Q1 2025 due to marketing reforms and cost reduction efforts, with revenue and net profit growth expected to exceed industry averages [4][64]. - Continued product revenue growth driven by marketing reforms and an increase in gross margins [4][64]. Risk Factors - The report does not include risk factors, focusing instead on the positive outlook and growth potential of Dong'e Ejiao [6].

Investment Rating - The investment rating for Changsha Bank is "Buy" [6] Core Views - Changsha Bank's net profit for 2024 is expected to grow by 6.9% year-on-year, with a slight recovery in growth rate compared to the previous three quarters [2][3] - Revenue for 2024 is projected to increase by 4.6% year-on-year, showing improvement from the previous quarters [2][3] - The non-performing loan (NPL) ratio at the end of 2024 is 1.15%, a decrease of 1 basis point from the previous quarter, indicating stable improvement in asset quality [5] - The provision coverage ratio remains stable at 314% [5] Summary by Sections Performance Overview - In 2024, Changsha Bank's net profit is estimated to reach CNY 7,983 million, reflecting a year-on-year increase of 6.97% [7] - Revenue is expected to be CNY 25,936 million, with a growth rate of 4.57% [7] Asset Growth - Total assets of Changsha Bank are projected to grow by 12.4% year-on-year by the end of 2024, with a quarter-on-quarter increase of 2.1% [4] - The loan balance shows a slight increase of 0.3% compared to the previous quarter, while total assets have grown more significantly [4] Non-Performing Loans - The NPL ratio is expected to remain stable at 1.15% by the end of 2024, with a provision coverage ratio of 314% [5] Profit Forecast and Valuation - For 2025 and 2026, net profit is forecasted to grow by 4.94% and 5.44% respectively, with corresponding book values per share (BPS) of CNY 18.14 and CNY 19.83 [6] - The target price is set at CNY 10.75 per share, indicating a potential upside of 26% based on a price-to-book (PB) ratio of 0.65x for 2024 [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.17 to 1.4 billion yuan in 2024, representing a year-on-year growth of 50% to 80% [1] - The growth in 2024 is primarily driven by the continued growth in the shipbuilding industry, with significant increases in sales and orders for the company's diesel engine segment [2] - The shipbuilding industry is experiencing an upward cycle due to factors such as ship replacement cycles, environmental policies, and tight capacity, which are expected to drive ship prices to new highs [3][4] Financial Summary - The company forecasts revenues of approximately 54.8 billion, 65 billion, and 75.1 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22%, 19%, and 16% [5] - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is approximately 1.29 billion, 2.16 billion, and 3.13 billion yuan, with year-on-year growth rates of 66%, 67%, and 45% [5] - The company's price-to-earnings (P/E) ratios are projected to be approximately 39, 23, and 16 for 2024, 2025, and 2026, respectively, while the price-to-book (P/B) ratios are expected to be around 1.3, 1.2, and 1.2 [5]

Industry Rating - The media industry is rated as "Positive" (maintained) [7] Core Views - The media industry's performance in 24Q4 is expected to remain stable, with a focus on AI industry trends in 2025, driven by companies like ByteDance, Tencent, Xiaomi, Alibaba, and Xiaohongshu [1] - The gaming sector is expected to maintain stable growth in Q4 2024, with new product cycles emerging in 2025 [1] - The film industry is expected to recover in 2025 after a decline in 2024 due to insufficient content supply [2] - The publishing sector benefits from the extension of income tax exemption until 2027, which is expected to positively impact publishing companies [3] - The advertising market is expected to remain stable, with AI-driven marketing companies like Yidian Tianxia showing potential for double-digit growth [4] Gaming Sector - Century Huatong's "Endless Winter" has maintained a high ranking since its launch in May, while Perfect World's "Zhu Xian World" saw over 140,000 players queuing on its launch day [1] - New games like "Time Big Bang" by 37 Interactive Entertainment and "Ask Sword Longevity" by G-bits are performing well in the free rankings [1] - Several major IP games, including "Douluo Continent: Soul Hunting World" and "Dragon Nest World," are expected to launch in the first half of 2025 [1] - Companies like ST Huatong, Giant Network, 37 Interactive Entertainment, and Glacier Network are expected to see significant profit growth in Q4 2024 due to base effects [1] Film Sector - The national box office revenue in 2024 was 42.5 billion yuan, a 23% decrease year-on-year and 34% lower than 2019, falling short of market expectations [2] - The box office revenue is expected to recover to over 50 billion yuan in 2025, a 17% increase year-on-year [2] - Leading film companies like Light Chaser Animation, Wanda Film, and Bona Film Group are expected to benefit from the Spring Festival season and a recovery in 2025 [2] - Mango Excellent Media's performance in IPTV remains under pressure, despite the success of shows like "Goodbye Lover" and "Alley Family" [2] - Companies like Shanghai Film and Huace Film & TV are expected to perform well in Q4 due to low base effects and AI+IP catalysts [2] Publishing Sector - The extension of income tax exemption for publishing companies until 2027 is expected to benefit the sector, with actual tax rates for state-owned publishing companies ranging from 20% to 30% in 2024 [3] - The new "National Nine Articles" policy emphasizes cash dividends, which could lead to increased dividends from education publishing companies, although overall performance may remain under pressure in Q4 and the full year [3] Advertising Sector - The advertising market is expected to remain stable, with Focus Media expected to see a profit growth of 6% to 10% in Q4 2024 [4] - AI-driven marketing companies like Yidian Tianxia are expected to achieve double-digit growth [4] Investment Recommendations - The media industry in 2025 is expected to focus on AI-driven trends, with companies like ByteDance, Tencent, Xiaomi, Alibaba, and Xiaohongshu leading the way [5] - Key investment opportunities include gaming companies like Giant Network, ST Huatong, and 37 Interactive Entertainment, as well as AI-related companies like Kunlun Tech and Perfect World [5] - Hong Kong-listed companies like Tencent Holdings, Xiaomi Group, and Meituan are also recommended for investment [5]

Investment Rating - Maintain "Buy" rating [3][5] Core Views - Acquisition of Hangzhou New Century Mixed Gas: The company plans to acquire 51% of Hangzhou New Century Mixed Gas Co Ltd for RMB 134 million, aiming to extend its standard gas business layout and enhance comprehensive competitiveness [1] - Hangzhou New Century: With decades of experience in the standard gas field, the company achieved revenue of RMB 56.34 million and net profit of RMB 6.21 million in 2023, and revenue of RMB 27.32 million and net profit of RMB 836,000 in the first half of 2024 [1] - Performance Commitment: Hangzhou New Century is expected to achieve a total net profit of no less than RMB 67.88 million from July 2024 to June 2027, with an annual average of RMB 22.63 million, accounting for 2% of Hangyang's 2023 net profit [1] Industry Demand and Market Share - Industrial gas market demand: The total demand for industrial gas is nearly RMB 200 billion, with the third-party outsourcing market growing rapidly, expected to increase from 41% in 2021 to 45% by 2025 [2] - Market share growth: Under the trend of domestic substitution, the company's market share in the third-party gas supply market was 9% in 2021, with an incremental share of 45%, and is expected to reach 30-40% in the future [2] - Product structure upgrade: The proportion of gas business revenue continues to increase, with higher growth and profitability compared to equipment business, and the retail gas business, especially electronic special gases, is expected to further enhance profitability [2] Financial Forecasts - Net profit forecast: Expected net profits for 2024-2026 are RMB 980 million, RMB 1.31 billion, and RMB 1.59 billion, with year-on-year growth rates of -19%, 34%, and 21%, respectively [3] - PE ratios: Corresponding PE ratios are 20x, 15x, and 12x for 2024-2026 [3] - Revenue growth: Expected revenue growth rates for 2024-2026 are 5%, 19%, and 15%, respectively [5] Company Growth Path - Demand growth + market share increase + profitability improvement: The company's long-term profit potential is expected to be several times higher, driven by industry demand growth, increased market share, and improved profitability [2] - Gas business expansion: The company's gas business revenue is expected to account for over 75% by 2025, with a compound growth rate of 23% from 2022 to 2025 [10] Financial Summary - Revenue and profit: 2023 revenue was RMB 13.31 billion, with a net profit of RMB 1.22 billion, and expected revenues for 2024-2026 are RMB 13.92 billion, RMB 16.55 billion, and RMB 19.01 billion, respectively [5] - ROE: Expected ROE for 2024-2026 are 10%, 12%, and 14%, respectively [5]