Investment Rating - The investment rating for the company is "Cautious Accumulate" [3][10]. Core Views - The report indicates that the home appliance industry is facing significant pressure from weak demand and intensified competition, leading to substantial challenges for revenue and profit [2][10]. - The company is expected to report a net profit attributable to shareholders of between -0.62 billion to -0.43 billion yuan for 2025, a sharp decline from a profit of 0.60 billion yuan in the previous year [10]. - The report anticipates a significant drop in total revenue, projecting 220 million yuan for 2025, which represents a 48.8% decrease compared to 2024 [8][10]. Financial Summary - Total revenue for 2023 is reported at 831 million yuan, with projections of 430 million yuan for 2024 and 220 million yuan for 2025, reflecting a year-on-year decline of 12.2% and 48.3% respectively [8]. - The net profit attributable to shareholders is forecasted to be 190 million yuan for 2023, decreasing to 60 million yuan in 2024, and turning negative at -53 million yuan in 2025 [8]. - The earnings per share (EPS) is expected to drop from 1.03 yuan in 2023 to -0.29 yuan in 2025, indicating a significant decline in profitability [8][10]. Market Data - The target price for the company's stock is set at 15.95 yuan, with the current price at 15.08 yuan [3]. - The company's market capitalization is approximately 2,766 million yuan, with a total share count of 183 million shares [3]. - The stock has experienced a 52-week price range of 12.68 to 22.33 yuan [3].

利润增速保持强劲，资产质量连续七年优化 齐鲁银行(601665) 齐鲁银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | [Table_Industry] 商业银行/金融 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 7.43 | | | | 齐鲁银行业务规模保持较快增长，同时主动加强负债成本管控，净息差同比改善， 资产质量持续向好，打开信用成本下行空间，利润增速快于同业。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

氢能产业园正式投产运行，积极布局可控核聚变领域 中国能建(601868) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 2025Q1~3 归母净利润同减 12.4%，2025 年新签合同同增 2.9%。中能建松原氢能产 业园一期工程正式投产运行，公司积极布局可控核聚变领域。 投资要点： [维持增持。 Table_Summary] 3 季报业绩低于预期，下调预测 2025-2026 年 EPS0.21/0.22 增 3.7/7.2%，预测 2027 年 EPS 为 0.24 增 6.0%。维持目标价 2.96 元，对应 ...

Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook compared to the market benchmark [3][37]. Core Insights - The recovery in innovative drug financing and business development (BD) is signaling the industry's entry into a repair cycle, with clinical Contract Research Organization (CRO) demand supported by improved funding conditions [3][6]. - The number of Investigational New Drug (IND) applications has increased, reflecting a substantial recovery in research and development activities, with a notable rise in the approval rates for innovative drugs [3][22][26]. - The global regulatory focus has shifted from risk aversion to efficiency, which is expected to accelerate clinical trial processes and enhance the demand for CRO services [3][29]. Summary by Sections 1. Recovery in Innovative Drug Financing and BD - The primary market financing amount has rebounded, with a total of approximately 79.53 billion RMB raised in the first three quarters of 2025, marking a 22.4% year-on-year increase [6][9]. - The financing structure has improved, with a shift from early-stage investments to later-stage clinical projects, indicating a more substantial commitment to projects with clear clinical pathways [9][10]. - China has become a significant source of projects for multinational corporations (MNCs), with the total amount of transactions involving Chinese assets reaching 39.4 billion USD, accounting for about 37.4% of global transaction amounts [16][18]. 2. Dual Recovery in Applications and Reviews - The number of IND applications has shown a significant increase, with 1,878 applications in 2025, reflecting a 13.34% year-on-year growth [22][23]. - The approval rates for INDs and New Drug Applications (NDAs) have improved, with a 96.53% approval rate for INDs and an 86.87% rate for NDAs, indicating a more efficient review process [26][28]. 3. Intensified Global Competition and AI-Driven Changes - The FDA is promoting continuous trials and the application of AI in clinical execution, which is expected to enhance efficiency in clinical trials [29][30]. - Leading CROs are leveraging AI to transform their delivery models, moving from project-based human delivery to platform-based digital delivery, thereby improving operational efficiency and client retention [30].

氢能产业园正式投产运行，积极布局可控核聚变领域 中国能建(601868) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 2025Q1~3 归母净利润同减 12.4%，2025 年新签合同同增 2.9%。中能建松原氢能产 业园一期工程正式投产运行，公司积极布局可控核聚变领域。 投资要点： [维持增持。 Table_Summary] 3 季报业绩低于预期，下调预测 2025-2026 年 EPS0.21/0.22 增 3.7/7.2%，预测 2027 年 EPS 为 0.24 增 6.0%。维持目标价 2.96 元，对应 ...

Investment Rating - The report assigns a rating of "Buy" for HashKey Holdings [4]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, with a comprehensive licensing framework and a focus on compliance, which is becoming increasingly critical as the digital asset landscape evolves [2][8]. - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [8]. - HashKey's net profit is projected to improve significantly, moving from a loss of HKD 1.08 billion in 2025 to a profit of HKD 594 million by 2028 [8]. Summary by Sections 1. HashKey: Compliance First, Building a Full Ecosystem - HashKey was established with a "compliance first" strategy, obtaining full licenses from the Hong Kong Securities and Futures Commission, making it a leading licensed virtual asset trading platform in Hong Kong [17][24]. - The company has developed a comprehensive ecosystem that includes trading facilitation, on-chain services, and asset management, catering to both institutional and retail clients [24][29]. 2. Focus on Institutional Trading Business, Gradual Improvement in Profitability - HashKey has shifted its focus towards institutional clients, with institutional trading volume increasing significantly, accounting for 68% of total trading volume in the first half of 2025 [30][34]. - The company has seen its trading volume grow from HKD 4.2 billion in 2022 to HKD 638.4 billion in 2024, driven by the launch of its trading platforms [30][34]. 3. Steady Progress on the Compliance Path, Attracting Institutional Participation - The tightening of global digital asset regulations has created a clear framework that enhances investor protection and promotes sustainable development in the digital asset industry [43]. - HashKey's comprehensive licensing and compliance strategy positions it as a preferred partner for institutions looking to engage in the digital asset space [8][43]. 4. Profit Forecast and Valuation Analysis - The report utilizes a price-to-sales (P/S) valuation method, comparing HashKey to peers like Coinbase and OSL, resulting in a valuation of HKD 28.1 billion and a target price of HKD 10.14 per share [8]. - HashKey's revenue is expected to grow significantly, with total revenues projected to reach HKD 3.415 billion by 2028, reflecting a robust growth trajectory [4][8].

Investment Rating - The report assigns an "Accumulate" rating to HashKey Holdings with a target price of HKD 10.14, corresponding to a valuation of HKD 28.1 billion [4][8]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, benefiting from comprehensive licensing and a closed-loop digital asset ecosystem. The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [2][8]. - The company has established a strong focus on institutional trading, with institutional revenue accounting for 85.52% of total income as of the first half of 2025, reflecting a strategic shift towards institutional clients [30][37]. - HashKey's business model is built around three main segments: trading facilitation, on-chain services, and asset management, which together create a comprehensive digital asset ecosystem [24][29]. Financial Summary - Total revenue is projected to grow from HKD 721 million in 2024 to HKD 3.415 billion by 2028, with a gross profit forecasted to increase from HKD 533 million to HKD 2.615 billion over the same period [4][9]. - The net profit is expected to improve significantly, moving from a loss of HKD 1.189 billion in 2024 to a profit of HKD 594 million by 2028, indicating a turnaround in profitability [4][9]. - The company’s financial ratios, including PE and PB, reflect a transition from negative values to positive as profitability improves, with a PE ratio projected to reach 34.76 by 2028 [4][10]. Business Model and Operations - HashKey operates as a centralized exchange, focusing on digital asset trading, on-chain services, and asset management, with a market share exceeding 75% in Hong Kong [24][27]. - The trading facilitation segment is the primary revenue source, supported by on-chain services and asset management, which together enhance the overall ecosystem [29][30]. - The company has made significant investments in compliance and technology to meet regulatory requirements across multiple jurisdictions, which is expected to enhance customer retention and operational efficiency [41][43].

利润增速保持强劲，资产质量连续七年优化 齐鲁银行(601665) 齐鲁银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 齐鲁银行业务规模保持较快增长，同时主动加强负债成本管控，净息差同比改善， 资产质量持续向好，打开信用成本下行空间，利润增速快于同业。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 11,952 | 12,496 | 13,125 | 14,259 | 15,809 | | (+/-)% | 8.0% | 4. ...

本报告导读： 同店维持正增，肯德基 TA 企稳。 投资要点： | 财务摘要(百万美元) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 11,303 | 11,797 | 12,666 | 13,412 | 14,137 | | (+/-)% | 3.0% | 4.4% | 7.4% | 5.9% | 5.4% | | 毛利润 | 2,331 | 2,561 | 3,085 | 3,424 | 3,786 | | 净利润（归母） | 911 | 929 | 1,005 | 1,062 | 1,143 | | (+/-)% | 10.2% | 2.0% | 8.2% | 5.7% | 7.6% | | PE | | 19.02 | 17.51 | 15.89 | 14.32 | | PB | | 3.16 | 3.29 | 2.94 | 2.64 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 股票研究 /[Table_Date] 2026.02.05 同店销 ...

股 票 研 究 市场化改革及财富管理引领，ROE 向上拐点 兴业证券(601377) 兴业证券更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | 本报告导读： 公司当前推进市场化改革，有望进一步发挥财富管理优势，ROE迎来向上拐点，维 持"增持"评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 10,627 | 12,354 | 12,207 | 13,994 | 15,255 | | (+/-)% | -0.3% | 16.2% | -1.2% | 14.6% | ...