Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company, Jingbeifang, is a leading financial technology service provider in China, focusing on advanced technologies such as artificial intelligence, big data, cloud computing, blockchain, and digital twins, which support clients in their digital transformation [3]. - In 2024, the company achieved a revenue of 4.636 billion yuan, representing a year-on-year growth of 9.29%, with a net profit attributable to shareholders of 312 million yuan [3]. - The company has a strong technical foundation and aims to participate in the stablecoin industry, leveraging its experience in digital currency infrastructure and applications [4]. - Jingbeifang has developed a diverse customer ecosystem, covering cross-border payment systems and expanding its services to non-bank financial institutions [5][7]. - The recent legislative developments in Hong Kong regarding stablecoins are expected to accelerate the application of blockchain technology in cross-border financial scenarios, benefiting the company's business [8]. Financial Overview - The projected earnings per share (EPS) for 2025-2027 are 0.42, 0.48, and 0.58 yuan, with corresponding price-to-earnings (P/E) ratios of 37.66, 32.49, and 26.90 [9][11]. - The company is expected to maintain a steady revenue growth rate of approximately 11% annually from 2025 to 2027 [11]. - The financial metrics indicate a healthy operating margin and return on equity (ROE) projected to increase from 11.1% in 2024 to 14.3% by 2027 [12].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The integration of multiple disciplines is leading to a technological explosion in brain-computer interface (BCI) systems, with China being a global leader in semi-invasive and non-invasive technologies [2][20] - The global BCI market is projected to grow from $2.62 billion in 2024 to approximately $12.4 billion by 2034, with a compound annual growth rate (CAGR) of 17.35% [2][45] - Various countries are accelerating their strategic layouts for BCI technology, with significant government support and policies in place to promote its development [2][40] Summary by Sections 1. Brain-Computer Interface: Multi-Disciplinary Integration and Technological Explosion - BCI systems involve a complex integration of neuroscience, signal processing, computer science, artificial intelligence, and electronic engineering [11] - BCI can be categorized into three types based on signal acquisition methods: invasive, semi-invasive, and non-invasive, with non-invasive methods being the mainstream choice due to their zero trauma and low cost [12][17] - The technology is in a rapid development phase, with significant advancements made since the concept was first introduced in the 1970s [18][20] 2. Accelerated Global Layout and Broad Commercial Applications - Countries like the US, EU, Japan, and South Korea are heavily investing in BCI technology, with the US committing $4.5 billion to its "Brain Initiative" [39][40] - China has also prioritized BCI in its national strategy, with various local governments implementing supportive policies to foster industry growth [41][42] - The BCI market is expected to see diverse applications, primarily in healthcare, but also in entertainment, smart homes, and military sectors [46][50] 3. Stock Selection and Industry Analysis - Key companies in the hardware sector include Hanwei Technology, Jiahe Intelligent, and Gaode Infrared, while application-focused companies include Zhongke Information, iFlytek, and Yingqu Technology [2] - The medical sector represents the largest share of BCI applications, with nearly 200 companies involved, of which 25% focus on invasive methods and 75% on non-invasive methods [50]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The optical module market is rapidly expanding, driven by the demand for CW silicon photonic light sources and EML chips due to the growth of AI technologies and data centers [4][5] - The company is expected to see significant revenue growth, with projected revenues of 4.54 billion, 6.47 billion, and 8.88 billion yuan for the years 2025, 2026, and 2027 respectively [6][10] - The company has successfully delivered CW 70mW laser products and is advancing in the development of high-speed EML chips, positioning itself well in the market [5][6] Company Overview - The latest closing price of the company's stock is 166.50 yuan, with a total market capitalization of 143 billion yuan [3] - The company has a total share capital of 0.86 billion shares, with 0.60 billion shares in circulation [3] - The company has a low debt-to-asset ratio of 3.5% and a very high price-to-earnings ratio of -2,378.57 [3] Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 0.92 billion, 1.58 billion, and 2.66 billion yuan for the years 2025, 2026, and 2027 respectively [6][10] - The expected growth rates for revenue are 74.63%, 80.05%, 42.47%, and 37.27% for the years 2024, 2025, 2026, and 2027 respectively [10][11] - The company's gross margin is expected to improve significantly, reaching 57.7% by 2027 [11]

证券研究报告：农林牧渔|行业周报 发布时间：2025-06-24 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2648.11 | | 52 周最高 | 2838.04 | | 行业相对指数表现 | | --- | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 近期研究报告 《生猪供应压力大，5 月产能惯性增加》 - 2025.06.17 农林牧渔行业报告 （2025.6.15-2025.6.22） 生猪偏弱震荡，政策调控影响或在明年体现 ⚫ 行情回顾：大幅调整 农林牧渔（申万）行业指数跌 3.13%，在申万 31 个一级行业中涨 幅排名第 26 位。上周农业板块大幅下挫，核心板块全线下跌。调控 政策频出，但市场表现较为平静，对后市持观望态度。 ⚫ 猪：价格震荡下跌，调控政策频出 猪价延续跌势。截至 6 月 22 日，全国生猪均价 13.93 元/公斤， 较上周微跌，但已是月内第二次跌破 14 元大关。仔猪价格亦明显下 滑，本周 15KG 仔猪均价跌至 400 元/头，较年内 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [8][12]. Core Views - The company has shown stable performance with a slight increase in gross margin despite a decrease in overall revenue. The gross margin improved by 0.76 percentage points to 22.17% in 2024, while total revenue decreased by 4.4% to 10.749 billion yuan [4][6]. - The company is committed to high dividend payouts, proposing a cash dividend of 0.1 yuan per share for 2024, totaling 196 million yuan, which represents a payout ratio of 77.71% [5][6]. - The company is focusing on its core business while exploring innovative paths, with projected revenues of 11.1 billion yuan, 11.4 billion yuan, and 11.8 billion yuan for 2025, 2026, and 2027 respectively [6][10]. Summary by Sections Company Overview - The latest closing price is 6.62 yuan, with a total market capitalization of 12.9 billion yuan. The company has a debt-to-asset ratio of 39.7% and a price-to-earnings ratio of 18.36 [2]. Financial Performance - In 2024, the company reported a revenue of 10.749 billion yuan, a decrease of 4.4% year-on-year, and a net profit of 705 million yuan, down 24.67% year-on-year. However, the net profit after deducting non-recurring items increased by 0.5% [3][4]. - For Q1 2025, the company achieved a revenue of 2.749 billion yuan, a decrease of 6.14% year-on-year, but the net profit rose by 31.63% to 386 million yuan due to a significant reduction in tax expenses [4]. Dividend Policy - The company plans to distribute a total of 548 million yuan in dividends for 2024, with a dividend yield of 4.22% based on the closing price as of June 23 [5][6]. Future Projections - The company anticipates stable growth in revenue and net profit over the next three years, with expected net profits of 832 million yuan, 897 million yuan, and 942 million yuan for 2025, 2026, and 2027 respectively [6][10].

证券研究报告：固定收益报告 发布时间：2025-06-24 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 研究助理:谢鹏 SAC 登记编号:S1340124010004 Email:xiepeng@cnpsec.com 近期研究报告 《生产有所分化，物价边际回升——高 频数据跟踪 20250622》 - 2025.06.23 固收周报 中长久期高评级城投债流动性上升 ——流动性打分周报 20250623 ⚫ 核心解读 本周报以 qb 的债券资产流动性打分为基础，跟踪不同债券板块 个券的流动性得分情况。 城投债方面，分区域看，江苏高等级流动性债项均有所增加，山 东、四川、天津、重庆整体维持。分期限看，中长久期流动性增加， 短久期流动性下降；其中一年以内高等级流动性债项有所减少，1-2 年期和 2-3 年期整体维持，3-5 年期和 5 年期以上债项则有所增加。 从隐含评级看，高等级债项流动性增加，低等级流动性下降；其中隐 含评级为 AAA、AA+的高等级流动性债项数量有所增加，隐含评级为 AA、AA（2）、AA-的高等级流动性债 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report highlights that the white liquor and beer stocks are expected to recover in sentiment, with new channel expansion and globalization becoming new growth paths for consumer brands [4][15]. - The recent commentary from People's Daily and Xinhua emphasizes the need for precise regulation of dining practices, distinguishing between normal dining and violations, which is crucial for the industry [15]. - The impact of the new regulations introduced on May 18 is expected to diminish by July-August, allowing for a potential recovery in stock valuations for fundamentally strong companies [5][16]. Summary by Relevant Sections Industry Overview - The food and beverage industry index closed at 16578.62, with a 52-week high of 19809.29 and a low of 14118.56 [2]. Recent Performance - The food and beverage sector's performance for the week was -0.12%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 2.10 percentage points [9][22]. - Among the 10 sub-sectors, only beer and white liquor saw increases, with beer rising by 1.91% [22]. Key Company Announcements - Kweichow Moutai announced a cash dividend of 27.673 yuan per share for the 2024 annual equity distribution [27]. - The company Wuliangye is focusing on market operations and product innovation to maintain its competitive edge [17][18]. Industry Trends - New channel expansion and globalization are identified as critical growth strategies for consumer brands, with significant growth in pet consumption during the 618 shopping festival [20]. - The report notes that traditional supermarkets are undergoing transformations that enhance supply chain development [20]. Market Data Tracking - The dynamic PE for the food and beverage industry is currently at 21.04, indicating a stable valuation environment [22]. - The report tracks various commodity prices, including wheat at 2415.3 yuan/ton and pork at 20.33 yuan/kg, reflecting the current market conditions [33][35].

证券研究报告：电力设备|深度报告 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 6629.95 | | --- | --- | --- | | 52 | 周最高 | 8068.94 | | 52 | 周最低 | 5403.16 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《全面加快电力现货市场建设+辅助服 务顶层规划发布，有望理顺价格机制， 绿电价值有望重估》 - 2025.05.06 抽蓄系列产业报告 1：抽蓄是促进新能源高质量发 展和提升电力系统安全性的有效途径 驱动因素3：抽蓄的两部制电价，稳定成本回收预期+提升盈利； 国家鼓励民企参与抽蓄电站建设。华东地区规模最大的抽水蓄能电站 ——浙江建德协鑫抽蓄电站（240 ...

证券研究报告：宏观报告 发布时间：2025-06-24 研究所 分析师:李起 SAC 登记编号:S1340524110001 Email:liqi2@cnpsec.com 研究助理:高晓洁 SAC 登记编号:S1340124020001 Email:gaoxiaojie@cnpsec.com 近期研究报告 《"以旧换新"蓄动力，"过境免签" 新亮点》 - 2025.06.17 宏观观点 海外宏观周报：关税扰动下，联储降息仍需等待 ⚫ 核心观点： 上周美联储召开议息会议，决定继续维持联邦基金目标利率在 4.25%-4.5%区间。当前，关税上调可能带来的阶段性扰动仍是美联储 进一步降息的主要掣肘。预计下一次降息将在 9 月份开启，若届时能 够确认关税对通胀的影响为一次性的价格调整，不具备持续性，美联 储可能会在四季度连续降息。 历史经验表明，美元熊市多发生在美国货币政策相对其他主要经 济体更宽松、经济增速下滑、财政赤字扩大等宏观背景下，典型的美 元熊市周期通常有 20%-40%的下跌空间，持续时间往往长达 5-6 年， 目前贬值幅度尚未到位。当前继续看空美元的理由主要包括：1）美国 经济相对走弱，2）国际投资者的 ...

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 景气度向好，无人叉车快速放量 行业基本情况 | 收盘点位 | | 1574.84 | | --- | --- | --- | | 52 | 周最高 | 1803.12 | | 52 | 周最低 | 1122.98 | 行业相对指数表现（相对值） 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 近期研究报告 《智能养老场景应用政策发布，长期看 好人形机器人应用场景向 C 端渗透》 - 2025.06.17 叉车行业 ...