Investment Rating - The investment rating for the company is "Buy (First Time)" [1] Core Views - The company holds high-quality highway assets in Fujian Province, with significant improvements in dividend expectations [3] - The company plans to increase the minimum dividend payout ratio to 35% in 2024 and implement a mid-term dividend plan, leading to improved dividend rates [4] - The company is expected to achieve net profits of 927 million, 947 million, and 967 million yuan from 2024 to 2026, with corresponding PE valuations of 11.0, 10.8, and 10.5 times [4] - The company has a strong return on assets (ROA) and low financial leverage, indicating potential for ROE improvement [4][47] - The company has a solid investment strategy in the financial sector, providing stable investment returns [4][54] Summary by Sections Company Overview - The company operates 282 kilometers of highways in Fujian, holding the province's best highway assets [4][10] - The company is the only listed entity under Fujian Transportation Investment Group, with a significant state-owned shareholding [8] Historical Performance - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 5.31% from 2004 to 2023 [23] - In 2023, the company achieved total revenue of 3.05 billion yuan, a year-on-year increase of 14.15% [23] Financial Metrics - The company’s total revenue projections for 2024 to 2026 are 3.08 billion, 3.18 billion, and 3.27 billion yuan, with corresponding net profits of 927 million, 947 million, and 967 million yuan [5] - The gross profit margin is expected to remain stable around 55% from 2024 to 2026 [5] Investment Strategy - The company has made strategic investments in financial institutions, yielding stable returns [54] - The company’s investment income from 2021 to 2024 has been consistent, contributing to overall profitability [54] Future Outlook - The company is expected to benefit from the economic growth in Fujian Province, with a GDP growth rate of 5.0% in 2023 [57] - Increased demand for transportation due to rising manufacturing and tourism activities is anticipated to drive revenue growth [62]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology sector [1] Core Views - The pharmaceutical sector has seen a decline in holdings to historical lows, but there is continued optimism for innovative drugs and their industrial chain [2] - The AI field is gaining attention, with significant potential for application in healthcare, projected to grow from $4.2 billion in 2020 to $34.5 billion by 2027, representing a CAGR of 35.1% [4][15] - The report emphasizes the importance of identifying companies with quality data access and a broad user base in the AI+medical field [4][20] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From February 3 to February 7, 2025, the pharmaceutical sector outperformed the CSI 300 index, rising by 3.21% compared to the index's 1.98% increase [4][6] - The sector's valuation as of February 7, 2025, stands at 26.08 times PE, with a premium of 118.48% over the CSI 300 [7] 2. Industry Events and Policy Overview - The National Healthcare Security Administration announced innovations in settlement methods to ensure timely payments to medical institutions [14] - The rapid development of AI technology is being integrated into various sectors, including healthcare, enhancing efficiency and service delivery [14] 3. Industry Investment Strategy - The report suggests focusing on sectors with good growth potential and industrial logic, particularly innovative drugs and the medical device sector, which is expected to improve in 2025 [24][25] - The report highlights the importance of internationalization and innovation in the pharmaceutical industry, with a focus on companies that can leverage these trends [25][26] 4. Recommended Stocks - Recommended stocks include: - **Hengrui Medicine**: Expected to see growth from innovative drugs and international expansion [34] - **Innovent Biologics**: Anticipated to enter a rapid growth phase with several products expected to launch [32] - **WuXi AppTec**: A leading integrated CXO service provider with strong growth in orders and revenue [36] - **Aibot Medical**: A high-growth ophthalmic device platform benefiting from market expansion [36] - **Tongrentang**: A classic Chinese medicine brand expected to improve operational efficiency [38]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The report emphasizes the effectiveness of DeepSeek R1, showcasing the advancements in reinforcement learning and knowledge distillation [4][12] - It highlights the acceleration of intelligent equality through the empowerment of smart cabins and intelligent driving technologies [14] Summary by Sections Section 1: DeepSeek's Effectiveness - DeepSeek R1 model demonstrates excellent performance, being low-cost and open-source [4] - Reinforcement learning enhances reasoning capabilities, indicating a significant improvement in model performance [7] Section 2: Empowerment of Smart Driving and Cabin - DeepSeek R1 is positioned to empower smart cabins and intelligent driving, indicating a shift towards more integrated automotive technologies [14] Section 3: Investment Recommendations - The report suggests focusing on companies like Xpeng Motors, BYD, Li Auto, Great Wall Motors, and SAIC Group due to their strong positions in intelligent driving and product cycles [17] - It also recommends suppliers such as Horizon Robotics and SUTENG for their roles in the domestic chip market and cost-effective lidar solutions [17]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The chemical industry is expected to see price increases for chemical products as the peak season approaches, with a focus on core chemical assets and the growth of new materials [2] - The supply side shows an industry operating rate of 76.9% as of February 7, 2025, an increase of 3.83 percentage points since the beginning of the year, while factory inventory has decreased by 1,077 tons compared to the beginning of the year [3] - The apparent consumption of spandex in December 2024 was 85,200 tons, a year-on-year increase of 15%, with an annual total of 1,026,900 tons, reflecting an 18% year-on-year growth [3] - The price spread for spandex- pure MDI-PTMEG recorded 10,830 RMB/ton as of February 7, 2025, with a month-on-month increase of 115 RMB/ton and a year-to-date increase of 79 RMB/ton [3] - The current supply-demand relationship is expected to gradually improve as the new capacity investment cycle nears its end, benefiting leading companies in the industry [3] Summary by Sections Supply Side - The industry operating rate is 76.9%, up 3.83 percentage points from the start of the year [3] - Factory inventory stands at 154,000 tons, down 1,077 tons from the beginning of the year and down 7,778 tons from the peak in Q3 2024 [3] Demand Side - The spandex market is experiencing steady and rapid growth, with retail sales in the downstream apparel and textile market expected to continue increasing [3] - The demand for spandex is anticipated to rise further during the traditional peak season of "Golden March and Silver April" [3] Price Dynamics - Some spandex manufacturers have raised factory prices, indicating a potential for slight price recovery in the market [5] - As of February 7, 2025, spandex prices in the East China market have increased by 400 RMB/ton and 500 RMB/ton for 20D and 30D respectively [5] Recommended Companies - Companies to watch include Huafeng Chemical, Xinxiang Chemical Fiber, and Taihe New Materials [4]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - Xiaomi's home appliance segment demonstrates diversified advantages with leading market shares across multiple categories, including televisions, air conditioners, humidifiers, and water purifiers, ranking in the top three domestically as of Q3 2024 [2][17] - The revenue from Xiaomi's IoT and lifestyle products grew by 26% year-on-year, reaching 26.1 billion yuan, driven by increased sales in tablets, smart home appliances, and wearable devices [2][23] - Xiaomi's high cost-performance strategy effectively attracts price-sensitive young consumers, leveraging online sales channels and supply chain integration to maintain competitive pricing [2][4] - The company is focusing on innovation and product diversification, with significant R&D investments amounting to 16.6 billion yuan in Q3 2024, a 19.9% increase year-on-year [2][37] - Xiaomi's global market expansion, particularly in Southeast Asia, is expected to drive future growth, with the global home appliance market projected to grow at a CAGR of over 5% from 2024 to 2032 [2][13] Summary by Sections Xiaomi Home Appliances: Diverse Smart Product Lines and High Cost-Performance Strategy - Xiaomi's product range includes major appliances, small appliances, smart home devices, and smart kitchen products, all controllable via the Mi Home app [3] - The brand targets young consumers who prioritize high-tech experiences and cost-effectiveness, successfully capturing market share through competitive pricing [4][10] Market Trends and Growth Projections - The global home appliance market is expected to see a CAGR of over 5% from 2024 to 2032, with specific segments like televisions projected to grow at a CAGR of 10% [13][14] - Xiaomi's market share in air conditioners increased from 4.43% in 2023 to 6.79% in 2024, with online retail market share reaching 12.85% [17][23] Product Innovation and R&D - Xiaomi's R&D efforts focus on enhancing product quality and innovation, with a dedicated smart appliance lab and significant investment in new technologies [37][40] - The company aims to improve product quality through self-manufacturing initiatives, starting with air conditioning units [44][45] Global Expansion and Market Strategy - Xiaomi plans to expand its home appliance business into Southeast Asian markets, with a focus on smart home products [45][48] - The company is enhancing its offline presence with an expected increase in Mi Home stores, aiming to surpass 20,000 locations by 2025 [53]

行业投资月度报告 | 房地产 证券研究报告 行业评级 中性（维持） 报告日期 2025 年 02 月 10 日 相关研究 【兴证地产】新房二手房周报：受春节 假期影响，1 月百强房企销售金额同比微 跌-2025.02.02 【兴证地产】新房二手房周报：房地产 "白名单"融资已达 5.6 万亿元，深化农 村土地制度改革-2025.01.26 【兴证地产】新房二手房周报：全国新 建商品房销售额延续正增长，下阶段房 地产市场有望继续改善-2025.01.19 分析师：靳璐瑜 S0190520080003 jinluyu@xyzq.com.cn 分析师：宋词 S0190523120004 songci@xyzq.com.cn 2025 年 1 月房地产行业回顾：回稳与分化 投资要点： 指标回暖下，土地市场分化明显。具体来看，一/二/三四线土地成交金额同比分别为 +101%/-4%/-18%，溢价率分别为 15%/18%/3%；流拍率分别为 0%/13%/16%。 本月公司重要公告主要聚焦在业绩预告、可转债发行和重大资产重组。从业绩预告情况 来看，板块业绩仍然存在一定压力。 ⚫ 投资建议：1 月销售受到春节影响，需要进 ...

S0190524030006 yupengliang@xyzq.com.cn 分析师：董晓彬 S0190520080001 dongxiaobin@xyzq.com.cn 行业深度报告 | 汽车 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 02 月 10 日 相关研究 【兴证汽车】特斯拉人形机器人 Optimus 复盘专题——人形机器人系列 研究 1-2025.01.30 【兴证汽车】周动态：赛力斯 2024 年首 次实现扭亏为盈；工信部倡导积极扩大 新能源汽车消费-2025.01.28 【兴证汽车】周动态：长城汽车 2024 年 业绩预告符合预期，电动两轮车新国标 正式稿出台-2025.01.19 分析师：于鹏亮 电动重卡深度：势不可挡，群雄逐鹿 投资要点： 风险提示：新车销量不及预期；原材料价格大幅上涨；政策力度不及预期 请阅读最后评级说明和重要声明 1/21 电动重卡总量持续高增长，渗透率快速提升。2024 年电动重卡总量达 77067 辆，同 比增速 154.1%。2022-2024 年月度来看，电动重卡总量月度呈现明显上升趋势。从 上险数据看，电动重卡渗透率从 2024 年 3 月 ...

行业评级 推荐（维持） 报告日期 2025 02 10 相关研究 -2025.01.26 行业周报 | 通信 证券研究报告 -2025.01.20 -2025.01.13 分析师：章林 S0190520070002 zhanglin20@xyzq.com.cn 分析师：代小笛 S0190521090001 daixiaodi@xyzq.com.cn 分析师：仇新宇 S0190523070005 qiuxinyu@xyzq.com.cn 分析师：朱锟旭 S0190524040001 zhukunxu@xyzq.com.cn 分析师：许梓豪 S0190524070002 xuzihao@xyzq.com.cn 研究助理：王灵境 wanglingjing@xyzq.com.cn 【兴证通信】通信行业周报（02.05-02.09）： 北美大厂 2025 年资本开支维持高增长 投资要点： ⚫ 02.5-02.09 2.69% 2.26% 12.61% 1.13% 300 1.98% 4.74% 5.36% 请阅读最后评级说明和重要声明 1/6 ⚫ 24Q4 ⚫ 2024Q4 723 68% 23% ⚫ 24Q4 143 ...

行业周报 | 基础化工 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 2 月 9 日 相关研究 【兴证化工】化工行业周报———中长期 资金入市工作实施方案发布、空调排产数 据强劲，继续关注化工核心资产及新材料 成长（20250120-20250124）-2025.1.26 【兴证化工】化工行业周报———出口压 制预期缓和有望带动轮胎估值修复，继续 关注化工核心资产及新材料成长 （20250113-20250117）-2025.01.19 【兴证化工】化工行业周报———财政部 积极定调财政政策、BASF 发函调涨 TDI 价格，继续关注化工核心资产及新材料成 长（20250106-20250110）-2025.01.12 分析师：刘梓涵 S0190523070006 liuzihan@xyzq.com.cn 分析师：吉金 S0190522030003 jijin@xyzq.com.cn 分析师：张勋 S0190521100002 zhangxun19@xyzq.com.cn 分析师：陈垒 S0190524070001 chenlei22@xyzq.com.cn 化工品价格、价差底部区域，龙头白马 ...

行业周报 | 钢铁 证券研究报告 | 年 | | | --- | --- | | 02 | | | 月 | | | 09 | | | 日 | | | 行业评级 推荐（维持） 2025 | 报告日期 | 相关研究 【兴证金属】钢铁：钢价盘整，行业政策 文件推升钢铁股普涨-2025.01.27 【兴证金属】宏观情绪转暖推升钢价反弹 -2025.01.20 【兴证金属】钢铁：钢价磨底，关注钢铁 股估值修复机会-2025.01.12 S0190518030002 投资要点： 成本推升钢矿价格上涨，供给侧政策落地有望推动钢铁股估值修复 分析师：蔡屹 caiyi@xyzq.com.cn 黑色商品价格普涨，政策端发酵推升板块大涨 春节假期后，目前钢材需求还未正式启动，但产业基本面实际上已经具备了较多催涨条件。 从基本面结构看，钢材供需结构延续节前态势（产量低、库存低和消费低），最近社库累 库速度虽然呈现季节性快速累库，但仍低于近两年同期水平，绝对水位仍然偏低，随着旺 季逐步临近，需求修复或能提振钢价。铁矿石方面，铁水产量维持高位运行，对原料价格 支撑力度较为明显，而节后钢厂对铁矿的补库需求将逐步释放，或进一步支撑矿价坚挺。 ...