证券研究报告·医药行业动态研究·行业周报 AI医疗：必须重视的产业变革趋势， 把握新的战略机遇和投资机会 贺菊颖 hejuying@csc.com.cn SAC编号：S1440517050001 SFC编号：ASZ591 袁清慧 yuanqinghui@csc.com.cn SAC编号：S1440520030001 SFC编号：BPW879 王在存 wangzaicun@csc.com.cn SAC编号：S1440521070003 汤然 tangran@csc.com.cn SAC编号：S1440524100001 发布日期：2025年2月9日 本报告由中信建投证券股份有限公司在中华人民共和国（仅为本报告目的，不包括香港、澳门、台湾）提供。在遵守适用的法律法规 情况下，本报告亦可能由中信建投（国际）证券有限公司在香港提供。同时请务必阅读正文之后的免责条款和声明。 摘要 2 核心观点：AI医疗在提升医疗器械功能、检查检验结果解读、辅助临床医生决策、健康管理等多个领域的应用价值较大，是医 疗企业和医院必须重视的创新方向和竞争趋势。企业有望借助AI进一步提高产品竞争力和客户粘性，巩固行业地位和竞争优势。 AI可助 ...

证券研究报告·行业深度 证券业高水平"走出去"的历 史进程和未来展望 核心观点 在金融强国建设不断推进、实体企业出海日益加快的背景 下，中资券商高水平走出去既是服务实体经济和国家战略大局的 必然要求，又是一流投行建设的应有之义。本文对国际一流投行 的国际化发展历程进行了详细回顾，并对中资头部券商国际化业 务布局进行了梳理，以期总结出"券商为什么要出海？怎么出 海？出海去哪？"的完整战略路径，并对我国券商国际业务的发 展提供一定的参照和借鉴意义。 摘要 券商为什么要出海？时代背景和行业格局使然 在加快建设金融强国的背景下，中资券商高水平走出去既 是服务实体企业走出去、融入全球金融治理体系的必然要求， 同时也是证券行业自身实现建设一流投行、实现高质量发展的 应有之义，具有显著的经济和政治意义。 券商怎么出海？国际化战略与管理模式相互适配 本文对摩根士丹利、高盛、野村等全球一流投行的国际化历 程进行了复盘，总结了券商国际业务的发展需要有清晰的国际化 发展路径以适应不同市场情况，同时还需要打造与发展模式相适 配的管理体系以兼顾当地团队的灵活性和总部管理的一致性。 券商出海去哪？市场容量和客户需求相结合 本文对中资券商 ...

证券研究报告·行业动态 每周观察：海风柔直的增量空间几何 ——新能源行业每周观察 核心观点 柔性直流输电方式多适用于海上风电大规模、远距离输送。大量柔 性直流海风项目处于规划状态，其中有明确项目清单的体量合计约 10GW，并网在 2025 年及以后，预计后续渗透率持续提升。我们预 计 2027 年新增柔性直流海上风电项目 5GW，渗透率约为 23% ，后 续年份渗透率逐步提升。海风柔直送出系统的设备相对集于换流站， 换流阀为换流站的核心设备，海缆等材料价值不菲。经测算，预计 "十五五"期间，海风配套的柔直换流阀的市场空间将提升至数十 亿，未来海风领域对柔直阀的增量需求将较为可观。 大量柔性直流海风项目处于规划状态，预计后续渗透率持续提升 目前我国规划的柔性直流海风项目较多，其中有明确项目清单的 体量合计 约 10GW，并网在 2025 年及以后。已建成采用柔直技术项目为 1.1GW 如东 海风项目，大量项目处于仍规划状态。 摘要 海风柔直的必要性：远距离海上风电的优选 1）通常来说，高压交流输电适合小于 70 千米左右的输送距离、400MW左 右的容量，超过这个临界值输电损耗将会增大，且其在故障处理中也较为复 ...

Summary of China Coal Energy Co., Ltd. Research Call Company Overview - **Company**: China Coal Energy Co., Ltd. (Ticker: 1898.HK) - **Industry**: Coal and Coal Chemicals Key Points and Arguments 1. **Price Target Update**: The price target for China Coal Energy Co., Ltd. has been raised from HK$8.50 to HK$9.12, with a bull case of HK$11.37 and a bear case of HK$5.60 [1][3][8] 2. **Earnings Estimates**: Net profit estimates for 2024-2026 have been increased by 9-11% due to higher earnings contributions from coal chemicals, with EBIT forecasts for this segment revised up to Rmb3.8 billion from Rmb3 billion [2][4] 3. **Valuation Model**: The updated price target is based on a residual income model, now assuming a WACC of 9% (previously 7.4%), with an unchanged ROE of 8.0% and a terminal growth rate of 3% [3][8] 4. **Stock Rating**: The stock is rated as Equal-weight, reflecting cautious sentiment towards the industry [4][14] 5. **Current Stock Performance**: As of February 6, 2025, the stock price was HK$8.94, with a 52-week range of HK$10.76 to HK$7.22 [4][11] Financial Metrics - **EPS Estimates**: EPS for fiscal years ending in December 2023, 2024, 2025, and 2026 are projected at Rmb1.52, Rmb1.41, Rmb1.26, and Rmb1.10 respectively, with prior estimates adjusted upwards for 2024 and 2025 [4][24] - **Revenue and EBITDA**: For FY Dec 2024, revenue is estimated at Rmb178.86 billion, with EBITDA at Rmb40.17 billion and net income at Rmb15.51 billion [24] Market Dynamics 1. **Coal Prices**: The report indicates a tight market balance in domestic thermal coal, supporting long-term contract prices at elevated levels. However, a correction in contract sales price for domestic thermal coal is expected by 3% YoY in 2025, with spot coal prices shrinking by 12% YoY [12][13][19] 2. **Production Costs**: Unit costs are projected to fluctuate slightly, with a unit cost of Rmb353.8/ton in 2023 and Rmb355.3/ton in 2024 [19] Risks and Opportunities - **Upside Risks**: Potential for stronger-than-expected recovery in coal demand and higher realized domestic coal prices [25] - **Downside Risks**: Risks include a slowdown in coal price rally due to demand slowdown and deterioration of coal chemical margins due to lower oil prices [25] Ownership and Institutional Positioning - **Institutional Ownership**: The company has a high institutional ownership rate of 88.8% [23] Conclusion The research indicates a cautiously optimistic outlook for China Coal Energy Co., Ltd., with revised earnings estimates and a higher price target reflecting improved performance in coal chemicals. However, the company faces potential risks from fluctuating coal prices and market dynamics.

February 6, 2025 03:55 AM GMT China Property | Asia Pacific Weekly Database Tracker #5 Weekly primary unit sales were -42% YoY and -91% WoW. Weekly secondary unit sales were -59% YoY and -97% WoW, respectively. All YoY are based on comparison with 2024 Chinese New Year week. No new launch projects or sell-through data were monitored due to the holiday. Weekly primary unit sales in 50 cities were -42% YoY (vs. -8% YoY last week) and -91% WoW for the week ended February 2: Tier 1 city sales were -12% YoY (vs. ...

Summary of Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** market, specifically the **secondary home prices** in major cities across the country [1][8]. Key Points and Arguments 1. **Price Trends**: - January secondary home prices in major cities experienced a month-on-month (m-m) decline of **-0.6%** and a year-on-year (y-y) decline of **-9.8%** [2] - 64% of the tracked cities reported a m-m decrease in home prices, a slight improvement from **80%** in December [2] 2. **Listing Trends**: - New secondary listings fell significantly by **-45% m-m** and **-22% y-y** in January, with all cities reporting a decrease [3] - Total listings also saw a slight decline, with **43%** of cities recording a m-m decrease [3] 3. **Visitations**: - Visits to agent shops dropped by **43% m-m** and **16% y-y** in January, attributed to the earlier Chinese New Year [4] - However, visitations compared to February 2024 showed a **38%** increase, indicating potential support for secondary home sales due to competitive pricing [4] 4. **Market Sentiment**: - The decline in listing and transaction prices may reflect weakening resident sentiment, which could exert further downward pressure on home sales and prices in the upcoming months [5] - The sustainability of any recovery in home sales is contingent upon effective implementation of announced policies, such as inventory buyback and urban redevelopment, supported by adequate funding from the central government [5] 5. **Investment Recommendations**: - The industry view remains **In-Line**, with a focus on persistent sales recovery as crucial for sector performance [6] - Suggested stocks for selective accumulation include **CR Land (1109.HK)** and **CR Mixc (1209.HK)**, as well as defensive SOE developers like **Greentown (3900.HK)** and **Yuexiu (0123.HK)**, which may outperform due to stronger sales potential [6] Additional Important Insights - The data indicates a seasonal impact on the property market, particularly around the Chinese New Year, affecting both listings and visitations [4][3] - The overall sentiment in the property market remains cautious, with analysts urging investors to wait for more favorable entry points before making significant investments [6] - The report highlights the importance of monitoring government policy effectiveness in stabilizing the property market and improving consumer confidence [5] This summary encapsulates the critical insights from the conference call regarding the current state and outlook of the China property market, emphasizing price trends, market sentiment, and investment strategies.

Equity Research U.S. Gaming, Leisure & Lodging 6 February 2025 BYD 4Q24 Review: So You're Saying There's a Chance Solid 4Q report, as expected. Post election bump was downplayed, but likely for the sake of conservatism. Our estimates tick modestly higher. PT to $78, remain EW. BYD reported 3%/6% upside vs. us/Cons property adjusted EBITDAR. Compared to our model, outperformance was driven by Locals, Online and Managed, while MW&S was in-line with our estimate (and 2% ahead of Cons.). Looking forward, our 20 ...

Wanhua Chemical | Asia Pacific February 6, 2025 05:51 AM GMT Spreads and share price diverged but valuation fair Investors are curious for the reasons behind the weak share price performance despite recent product price hikes. We think the uncertainty in 4Q24 earnings and valuation is key, while tariff impact could be milder than it appears. Maintain EW. Price hikes across regions but share price diverged. Since the overseas price hikes by BASF and Wanhua in early Jan, Huntsman also followed and hiked MDI p ...

February 6, 2025 01:11 AM GMT | Exhibit 1: | | | Solar products – Price summary | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2/5/2025 Polysilicon (Rmb/kg) Wafer-182mm | | Wafer-210mm | Cell-182mm | Cell-210mm | Polysilicon | Wafer-182mm | (USD/pc) Cell-182mm (USD/W) | | | | | (Rmb/pc) | (Rmb/pc) | (Rmb/W) | (Rmb/W) | (USD/kg) | | | | | Weekly ave | 39.0 | 1.18 | 1.55 | 0.29 | 0.30 | 21.00 | 0.16 | 0.04 | | | WoW | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | | ...

A fresh start for the new year Equity Research Report 6 February 2025 China Equity Strategy Equity Strategy DeepSeek a re-rating catalyst. The development of DeepSeek has attracted the attention of global markets – it reconfirmed China's continued ability to innovate, and in this note, we explore other evidence of China's underestimated innovation capability. In 2023, China accounted for an impressive quarter of global patent filings. However, the relatively low correlation between the CSI300's PE and China ...