Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is well-positioned with a solid foundation backed by four major Buddhist mountains, leading to strong profitability in its core business, which is less affected by consumer spending [4] - The company is expected to benefit significantly from the "Great Huangshan Strategy" promoted by Anhui Province, which will bring major changes in investment, new product development, and resource integration [4] - The company has high operational efficiency and a well-structured governance system, outperforming its peers [4] Financial Summary - The total revenue for 2023 is projected at 724 million, with a year-on-year growth of 117.9%. Revenue is expected to grow to 756 million in 2024, 814 million in 2025, and 872 million in 2026 [5] - The net profit attributable to the parent company for 2023 is estimated at 175 million, with a staggering year-on-year growth of 1,374.9%. This is expected to rise to 186 million in 2024, 211 million in 2025, and 236 million in 2026 [5] - The earnings per share (EPS) for 2023 is projected at 1.58, increasing to 1.68 in 2024, 1.90 in 2025, and 2.13 in 2026 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 20.9 in 2023 to 15.5 in 2026, indicating a more attractive valuation over time [5] Business Growth Drivers - The company is experiencing strong customer flow growth, outperforming the industry average, with a solid customer base due to its status as one of the four major Buddhist mountains [4] - The opening of a new parking lot is expected to drive rapid growth in passenger transport services, with passenger revenue projected to grow by 28% in the first half of 2024 [4] - The company plans to enhance its cable car services and expand its business through new projects, including a new cable car expected to be operational by 2027 [4]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1] Core Views - Continuous policy support for innovative drugs is expected to provide better development opportunities for differentiated innovative drugs in China, with faster review and approval processes, support for medical insurance pricing, and diverse payment systems [4][17] - The AI medical field is identified as a significant investment direction for 2025, with successful business models emerging in AI gene testing [4][19] - The pharmaceutical sector is currently at a historical low, presenting investment opportunities, particularly in innovative drugs and their supply chains, as well as in the medical device sector [4][24] Weekly Pharmaceutical Sector Performance - The pharmaceutical and biotechnology sector outperformed the CSI 300 index, with a weekly increase of 1.93% compared to the 1.00% increase of the CSI 300 index [6][10] - The sector has experienced a decline of 9.41% since the beginning of 2024, underperforming the CSI 300 index by 25.37 percentage points [6][8] Investment Strategy - The report emphasizes the importance of focusing on sectors with good growth potential and industrial logic, particularly innovative drugs and the medical device sector, which are expected to improve in 2025 [23][24] - The report suggests prioritizing investments in companies with high-quality data access and a broad user base in the AI medical field, including companies in imaging, genetic testing, pathology, robotics, and health management [21][22] Recommended Stocks - **Hengrui Medicine**: Expected to see rapid growth in innovative drug revenue with several key products approved [33] - **Innovent Biologics**: Anticipated to enter a rapid growth phase with significant product launches [31] - **BeiGene**: Expected to maintain leadership in hematological malignancies with strong sales growth [31] - **Aibot Medical**: Anticipated to benefit from the aging population and product launches [34] - **Enhua Pharmaceutical**: Positioned well in the stable growth of the anesthetic market [38]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The current photovoltaic supply chain is experiencing significant overcapacity, and merely relying on demand growth is insufficient for absorption. The key lies in supply-side clearing. The government is emphasizing the orderly development of the new energy industry, with actions already taken by the Ministry of Industry and Information Technology (MIIT) and the China Photovoltaic Industry Association (CPIA) to promote this [3][4] - Potential paths for clearing include market mechanisms such as price and technology adjustments, implementing stricter standards for technology and energy consumption to eliminate outdated capacity, and setting production quotas or capacity utilization rates for companies. Under different clearing paths, leading companies will continue to benefit from their scale, technology, and cost advantages. If stricter standards accelerate the elimination of outdated capacity, leading companies will benefit even more [3][4] - The industry is currently at the bottom of the cycle, and if policies promote capacity clearing, leading companies will have significant profit and valuation elasticity. Recommended stocks include leading companies in silicon materials, photovoltaic glass, and components [3] Summary by Sections Supply Chain Capacity - As of the end of January 2025, global capacities for silicon materials, wafers, battery cells, and modules are 1,448 GW (equivalent to 311.3 million tons), 1,154 GW, 1,089 GW, and 1,325 GW respectively. The operating rates for January 2025 are 40%, 47%, 50%, and 37% respectively. The CPIA predicts an additional global photovoltaic installation of 430 GW to 470 GW in 2024. The significant overcapacity in the photovoltaic supply chain necessitates supply-side clearing to achieve supply-demand balance [3][4] Government Policies - The government is focused on the healthy and orderly development of the new energy industry. In July 2024, the 20th Central Committee proposed to improve the system for promoting high-quality economic development, including policies for strategic industries like new energy. In November 2024, the MIIT released new standards for the photovoltaic manufacturing industry, raising capital and technical standards to guide companies away from low-level repetitive expansion [3][4] Competitive Landscape - Leading companies will maintain advantages under various supply-side clearing paths. If the market relies on price competition and technological iteration, the process of clearing overcapacity may take longer, with leading companies facing continued pressure on performance. However, if stricter standards are implemented, leading companies with superior technology and energy consumption metrics will see improved market share and profitability [3][4]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is positioned as the leading domestic wafer foundry, benefiting from the AI wave and the reshaping of its scarce advanced processes [2][4] - The company is expected to see a revenue increase of approximately 27% in 2024, with a strong recovery in demand from consumer electronics and smartphones [3][30] - The company is projected to have a revenue growth rate that outpaces the industry average in 2025, with a quarter-on-quarter revenue increase of 6-8% expected in Q1 2025 [3][6] Summary by Sections Company Overview - The company is the most advanced and largest wafer foundry in mainland China, with a total capacity of approximately 421,000 wafers per month (equivalent to 12-inch) by the end of 2024 [4][20] - The company has multiple production bases in Shanghai, Beijing, Shenzhen, and Tianjin, and is currently expanding its production lines [4][20] Financial Performance - The total revenue for 2023 is projected at 45.25 billion yuan, with a year-on-year decline of 8.6%. However, revenue is expected to grow to 57.80 billion yuan in 2024, representing a 27.7% increase [3][30] - The net profit attributable to the parent company is forecasted to be 3.687 billion yuan in 2024, down 23.5% from the previous year, but is expected to recover to 4.937 billion yuan in 2025, a growth of 33.9% [3][30] Market Dynamics - The AI wave is expected to significantly increase the demand for high-performance computing, with the Chinese smart computing scale projected to reach 1,037.3 EFLOPS by 2025, growing at a compound annual growth rate of 46.2% from 2023 to 2028 [18][20] - The company is well-positioned to benefit from the return of domestic advanced manufacturing capabilities due to increased export controls from the U.S. on semiconductor technologies [20][21] Growth Prospects - The company anticipates a strong recovery in demand across various sectors, including consumer electronics, smartphones, and automotive applications, driven by government subsidies and AI innovations [30][31] - The revenue from the consumer electronics segment is expected to grow significantly, with projections of 195.84 billion yuan in 2024, reflecting a year-on-year increase of 92.11% [30][31]

定量研究 | 定量研究专题报告 证券研究报告 报告日期 2025 年 02 月 23 日 分析师：郑兆磊 S0190520080006 zhengzhaolei@xyzq.com.cn 相关研究 【兴证金工】布局" 硬科技"突围新思路， 科创板全能选手来袭—鹏华上证科创板 综合 ETF 盛大发行中-2025.02.19 【兴证金工】浙江国资创新崛起，杭州概 念领跑市场—浙江国资 ETF 投资价值分 析-2025.02.13 【兴证金工】政策春风助力，把握科创板 块投资机遇-2025.02.12 政策支持不断落地，科技东风带来民企经济新启程— —弘毅远方国证民企领先 100ETF 投资价值分析 投资要点： 风险提示：基金投资有风险，本报告不代表投资建议；基金经理历史业绩不代表未来， 请投资者知悉。 | 一、 | 支持政策不断落地，科技东风带来民企经济新启程 | 4 | | --- | --- | --- | | （一） | 民营企业是中国经济的重要支撑 | 4 | | （二） | 支持政策不断落地，民营企业迎来历史机遇期 | 5 | | （三） | 民营企业在中美科技竞争前沿一线的重要性再度凸显 | 6 | | ...

Investment Rating - The industry rating is maintained as "Recommended" [1] Core Viewpoints - The macroeconomic expectations are driving price increases, and seasonal demand is expected to gradually open up [2] - The steel price is currently stabilizing, with limited downside potential due to healthy supply-demand dynamics, particularly in a low inventory and low production environment [3] - Recent government policies, including the issuance of guidelines for greenhouse gas emissions in the steel industry, are expected to stimulate market enthusiasm [4] - The steel sector is anticipated to experience upward momentum due to improved profitability and macroeconomic policy expectations [4] Summary by Sections Market Performance Review - The steel sector saw a slight increase of 0.33%, underperforming the Shanghai Composite Index by 0.64 percentage points [12] Fundamental Tracking - National steel prices are generally strong, with a slight decrease in iron ore inventory [10] - The average price of rebar in Beijing is 3,318 CNY/ton, with a weekly change of +23 CNY/ton [11] - The apparent consumption of rebar increased by 104.5 thousand tons week-on-week, reaching 168.6 thousand tons [6] Industry Dynamics - The high furnace operating rate is at 77.68%, with a slight week-on-week decrease of 0.3 percentage points [6] - The total output of five major steel products increased by 21.4 thousand tons week-on-week, totaling 8.36 million tons [6] - The profitability of hot-rolled sheets improved, with a gross profit of 75 CNY/ton, up by 15 CNY [6] Key Industry News - South Korea proposed temporary anti-dumping duties on thick plates imported from China, ranging from 27.91% to 38.02% [36] - In January 2025, member companies of the China Iron and Steel Association reported a 0.29% year-on-year decrease in total energy consumption [36]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The insurance industry is actively integrating AI technologies to enhance various operational aspects, potentially leading to significant economic benefits, with estimates suggesting over $50 billion in annual economic gains from generative AI applications [4][37] - The securities sector is set to benefit from the Hong Kong Stock Exchange's optimization of transaction fee structures, which aims to enhance market attractiveness and fairness in trading costs [4][40] Summary by Sections 1. Index and Sector Performance - The Shanghai Composite Index increased by 1.00% this week, while the securities sector (Securities II) rose by 0.58% [6][7] - The insurance sector (Insurance II) decreased by 1.04%, underperforming the Shanghai Composite by 2.05 percentage points [4][36] 2. Insurance Weekly Data Tracking - As of the end of December 2024, the total assets of the insurance industry reached 35.9 trillion yuan, with life insurance companies holding 31.6 trillion yuan, reflecting a year-on-year growth of 15.3% [35] - The cumulative insurance premium income for the insurance industry was 5.7 trillion yuan in 2024, showing a growth of 5.7% year-on-year [35] 3. Brokerage Weekly Data Tracking - The margin trading balance increased by 1.44% to 1.88 trillion yuan as of February 20 [16] - The issuance of new funds surged by 281.9% to 16.3 billion units this week, with equity funds seeing a remarkable increase of 750.1% to 4.4 billion units [19] 4. Key Company Announcements & Industry News - The Hong Kong Stock Exchange announced changes to its transaction fee structure, effective June 2025, which will link fees to transaction amounts and eliminate minimum and maximum fee limits [4][40] - Central Clearing Company has reduced certain transaction fees to support the real economy, effective from January 1, 2025, to December 31, 2027 [31]

行业周报 | 非银金融 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 23 日 | 相关研究 【兴证非银】证券业基本面梳理之二十 一：AMC 股权划转汇金公司，打开券商 整合想象空间-2025.02.19 【兴证非银】证券业基本面梳理之二 十：中长期资金入市的券商视角，打开 OCI 账户配置空间-2025.02.19 【兴证非银】非银周报（250210- 250214）：AMC 股权划转中央汇金，关 注行业整合空间-2025.02.16 分析师：徐一洲 S0190521060001 xuyizhou@xyzq.com.cn 非银周报（250217-250221）： 港交所优化交收费结构，提振港股交易活跃度 投资要点： 重点公告：王常青先生因到龄退休原因，辞去中信建投董事长职务，董事会同意提请 股东大会审议关于选举刘成担任公司执行董事的议案。 行业新闻：证监会召开党委会传达学习习近平总书记在民营企业座谈会上的重要讲话 精神。 ⚫ 风险提示：利率下行、市场大幅波动、政策落地不达预期、行业竞争加剧。 请阅读最后评级说明和重要声明 1/14 研 ...

行业周报 | 公用事业 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 23 日 | 相关研究 【兴证公用】新能源上网电价新政落 地，动力煤价持续走低-2025.02.16 【兴证公用】国内对美国产煤炭、LNG 加征 15%关税，关注中长期资金入市下 的红利板块-2025.02.09 【兴证公用&海外&化工】全球燃气供需 格局变迁与展望 3：寻找影响 2025 年进 口 LNG 价格的关键变量-2025.02.07 分析师：蔡屹 投资要点： 请阅读最后评级说明和重要声明 1/24 ⚫ 20250217-20250221，本期 A 股电力指数+0.33%，截至 2 月 21 日 PE（TTM）估值 17.0x；A 股燃气板块指数-0.91%，截至 2 月 21 日 PE（TTM）估值 13.1x。A 股电力 指数+0.33%，其细分子板块火电、水电、新能源发电变化幅度分别为+1.53%、-0.77%、 +0.86%。A 股燃气板块指数-0.91%。 ⚫ 本期火电组合：皖能电力+华电国际+申能股份+华能国际+浙能电力+国电电力 ⚫ 本期清洁电 ...

行业周报 | 有色金属 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 02 月 23 日 相关研究 【兴证金属】有色金属：俄乌战争趋向 结束，大宗价格或迎短期回调- 2025.02.16 【兴证金属】关税落地后金价再创新 高，关注黄金股右侧布局机会- 2025.02.09 【兴证金属】有色金属：关税压力缓 和，继续看好铜铝黄金配置机会- 2025.01.26 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：赵远喆 S0190524070011 zhaoyuanji@xyzq.com.cn 研究助理：汤璐阳 tangluyang@xyzq.com.cn 美国延续强势购金，大宗商品价格如期回调 投资要点： ⚫ 周度观点：美国延续强势购金行为，大宗价格如期短暂回调 贵金属方面，近期黄金价格强势主要受到美国强势购金行为影响。Comex 黄金库存自 2025 年年初以来，已经增加 500 吨至 1181 吨，增幅达到 73%，且目前仍在持续增加过程中， 表示实物黄金紧缺程度的黄金租赁利率（SOFR-GOFO）也迅速上升至 3.5%。叠加近期 马斯克主导的 DOGE ...