Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The report highlights that the steady promotion of new energy entry into the market and the deepening reform of the electricity market will create new opportunities for the power equipment and new energy industry [2][3] - The report emphasizes the importance of market-oriented electricity trading, which is expected to accelerate investments in related power software and scheduling sectors [4] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on companies such as Guoneng Rixin (301162, Buy), Guowang Xintong (600131, Not Rated), and Dongfang Electronics (000682, Not Rated) due to the opportunities arising from market-oriented electricity trading [4] - It recommends paying attention to grid construction and optimization companies like Guodian Nanrui (600406, Not Rated), Jinpan Technology (688676, Buy), and Mingyang Electric (301291, Not Rated) as the investment in power equipment is expected to gain more attention [4] - The report also indicates that as the proportion of market-oriented electricity trading increases, the value of electricity over time will be recognized, benefiting the energy storage industry, with recommendations for companies like Deye Technology (605117, Buy) and Sungrow Power (300274, Not Rated) [4]

降脂：百亿市场，谁主沉浮？ ——降脂药行业深度报告 核心观点 医药生物行业 行业研究 | 深度报告 ⚫ 监管政策变动的风险、市场竞争加剧的风险、研发进度或临床试验结果不及预期的 风险。 国家/地区 中国 行业 医药生物行业 报告发布日期 2025 年 02 月 11 日 看好（维持） | 伍云飞 | wuyunfei1@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524020001 | | | 香港证监会牌照：BRX199 | | 傅肖依 | fuxiaoyi@orientsec.com.cn | | | 执业证书编号：S0860524080006 | | 创新涌现，聚焦刚需与出海：——医药生 | 2024-12-23 | | --- | --- | | 物行业 2025 年度投资策略 | | | 心衰：Pipeline 激烈竞争的潜在大市场： | 2024-12-04 | | ——医药行业周专题 | | | EGFR突变 NSCLC 一线治疗步入新时期： | 2024-10-14 | | ——医药行业周专题 | | ⚫ 全球心血管疾病发病率上升，推动降脂 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a strong performance in its 2024 earnings preview, achieving its employee stock ownership plan targets [4] - The company has adjusted its revenue forecasts downward for 2024 and 2025 due to weak downstream demand, but has raised its earnings per share (EPS) estimates for 2024-2026 due to declining costs [5][8] Financial Performance Summary - The company’s revenue for 2024 is projected to be 34.76 billion yuan, representing a year-on-year growth of 10.41%, with a net profit attributable to the parent company of 6.26 billion yuan, up 36.99% year-on-year [7] - The company’s EPS for 2024, 2025, and 2026 is forecasted to be 0.59 yuan, 0.68 yuan, and 0.78 yuan respectively, with previous estimates being 0.52 yuan and 0.64 yuan for 2024 and 2025 [5][8] - The company’s gross margin is expected to improve from 37.9% in 2023 to 41.8% in 2024, while the net margin is projected to increase from 14.5% in 2023 to 18.0% in 2024 [7][11] Strategic Developments - The company has acquired a 63.84% stake in "Jia Dian Zi Wei," enhancing its product line and distribution channels, particularly targeting the younger consumer market [7][8] - The establishment of a branch in Hangzhou aims to strengthen online sales and improve the marketing service network [7][8]

基础化工行业 行业研究 | 行业周报 东方证券化工周报-2025 年 2 月第 1 周 核心观点 原油相关信息： ⚫ 原油及相关库存： 2025 年 1 月 31 日美国原油商业库存 4.238 亿桶，周增加 870 万 桶；汽油库存 2.511 亿桶，周增加 220 万桶；馏分油库存 1.185 亿桶，周减少 550 万桶；丙烷库存 0.61429 亿桶，周减少 481.9 万桶。美国原油产量及钻机数：2025 年 1 月 31 日美国原油产量为 1347.8 万桶/天，周度增加 23.8 万桶/天，较一年前增 加 17.8 万桶/天。2025 年 2 月 7 日美国钻机数 586 台，周度增加 4 台，年减少 37 台；加拿大钻机数 249 台，周减少 9 台，年度增加 17 台。其中美国采油钻 480 台， 周度增加 1 台，年减少 19 台。 价格变化： 价差变化： 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外销售不及预期；原材料价格大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 02 月 11 日 看好（维持） | 倪吉 | 021-63325 ...

春节旅游市场表现平稳 核心观点 投资建议与投资标的 根据 2025 年春节假期数据，旅游行业整体表现平稳，OTA 平台增速预计优于大盘，个别 景区表现突出，游客接待量和收入均有所增长。春季行情仍需等待宏观政策支持落地、 或春季出行旺季的启动。 餐饮旅游行业 行业研究 | 动态跟踪 国家/地区 中国 行业 餐饮旅游行业 报告发布日期 2025 年 02 月 11 日 看好（维持） 谢宁铃 xieningling@orientsec.com.cn 执业证书编号：S0860520070001 行业投资评级的量化标准： 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 25 年春节假期数据稳中有增，其中文旅部、交通部、商务部监测的数据都同比增长 个位数，出境旅游持续回暖，免税因高基数同比有缺口，整体符合节前预期。春季 行情或需等待宏观政策支持的落地、或春季出行旺季启动。 ⚫ 文旅部数据：春节假期 8 天，全国国内出游 5.01 亿人次，同比增长 5.9%；国内出 游总花费 6770.02 亿元，同比增长 7.0%。与 20 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 33.45 CNY based on a 15x P/E ratio for comparable companies in 2025 [2][5]. Core Views - The supply landscape for sweeteners, particularly sucralose, is expected to continue improving, with significant price fluctuations anticipated in 2024 [1][7]. - The report forecasts the company's net profit attributable to shareholders for 2024, 2025, and 2026 to be 618 million, 1.273 billion, and 1.494 billion CNY respectively, reflecting a recovery from previous declines [2][4]. Financial Summary - The company's revenue is projected to decline from 5.311 billion CNY in 2023 to 5.219 billion CNY in 2024, before increasing to 6.023 billion CNY in 2025 and 6.486 billion CNY in 2026, indicating a recovery trend [4][15]. - The gross margin is expected to improve from 23.5% in 2023 to 34.8% in 2026, while the net profit margin is projected to rise from 13.3% in 2023 to 23.0% in 2026 [4][15]. - The company's return on equity (ROE) is forecasted to increase from 9.9% in 2023 to 15.1% in 2026, suggesting enhanced profitability and efficiency [4][15].

计算机行业 行业研究 | 动态跟踪 DeepSeek 持续火爆，中立云厂商及国产算 力有望受益 核心观点 投资建议与投资标的 我们认为，DeepSeek 的卓越的性能和超高性价比有望催化 AI 应用的百花齐放，在这个 过程中，推理算力需求有望持续上涨，而布局推理云的公司以及国产 AI 芯片厂商有望持 续受益。 ⚫ 推理云：建议关注优刻得、首都在线、深桑达、润建股份、青云科技、铜牛信息、 中科曙光、品高股份等 ⚫ 国产算力链：建议关注海光信息、华丰科技、寒武纪、云天励飞、浪潮信息、紫光 股份、拓维信息、四川长虹、神州数码、景嘉微、中国长城、安博通、恒为科技等 计算机行业动态跟踪 —— DeepSeek持续火爆，中立云厂商及国产算力有望受益 目 录 | 一、 DeepSeek 日活全球第二，推理算力需求有望持续上涨 4 | | --- | | 二、 多家云厂适配 DeepSeek，第三方云厂有望受益 5 | | 三、DeepSeek 将给国产算力带来新发展机遇 7 | | 3.1 国产 AI 芯片纷纷适配 DeepSeek 7 | | 3.2 国产算力有望受益于推理算力需求增长 8 | | 投资建议 10 | | ...

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer, with a target price of 16.59 CNY, based on a valuation of 468 billion CNY [3][4]. Core Views - Yanjing Beer is expected to see a steady improvement in profitability, driven by the strong growth of its U8 product line and structural upgrades in its product matrix, leading to a slight increase in market share [2][13]. - The overall beer market in China is projected to experience a controlled decline, with Yanjing Beer expected to maintain a stable market share due to its strong brand positioning and product offerings [7][16]. Summary by Sections Financial Forecast and Investment Recommendations - The earnings per share (EPS) for Yanjing Beer is forecasted to be 0.37, 0.53, and 0.64 CNY for the years 2024, 2025, and 2026 respectively, reflecting an upward revision from previous estimates [3]. - Revenue projections for 2024 to 2026 are adjusted to 14,957 million CNY, 15,884 million CNY, and 16,657 million CNY, with corresponding growth rates of 5.2%, 6.2%, and 4.9% [3]. Market Position and Product Development - Yanjing Beer has successfully developed the U8 product as a national mid-to-high-end growth item, contributing to a projected compound annual growth rate (CAGR) of 0.5% in total sales from 2023 to 2027 [21]. - The U8 product is expected to account for approximately 32% of total sales by 2028, driven by its competitive pricing and strong market acceptance [34][35]. Competitive Landscape and Industry Trends - The report highlights that Yanjing Beer has increased its market share from 10.1% in 2021 to 10.8% in 2023, outperforming competitors like Chongqing Beer and Zhujiang Beer during the same period [13][20]. - The overall beer market in China is anticipated to decline at a compound rate of -1.7% from 2023 to 2035, with Yanjing Beer expected to navigate this decline effectively due to its strategic positioning and product offerings [16][19]. Profitability Improvement Measures - Key reforms initiated by Yanjing Beer include focusing on the U8 product, optimizing production lines, and reducing costs, which are expected to enhance the company's profitability compared to its peers [38][39]. - The company's gross margin is projected to improve significantly, benefiting from the increased share of U8 and cost reductions in raw materials [7][38].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 3.08 based on a 2026 P/E ratio of 7.5x [2]. Core Views - The company is expected to benefit from an improvement in cash flow and a reversal in the raw milk cycle, positioning it as a direct beneficiary in the industry [1][6]. - The company has a strong market position as the largest raw milk supplier in China, with significant collaboration with its core customer, Yili [6][13]. - The report anticipates a potential acceleration in the clearing of dairy farms, leading to a balance in raw milk supply and demand [6][54]. Financial Forecast and Investment Recommendations - Earnings per share are projected to be -0.05, 0.17, and 0.38 CNY for 2024, 2025, and 2026 respectively [2]. - Revenue is expected to grow from CNY 20.12 billion in 2024 to CNY 22.02 billion in 2026, with a CAGR of 6.4% [3]. - The company’s gross margin is forecasted to improve, with raw milk business gross margin reaching 32% in 2024H1 [25]. Company Overview - The company has expanded its scale through mergers and acquisitions, increasing its number of farms from 38 in 2018 to 96 by 2024H1, with raw milk production rising from 590,000 tons to 3.02 million tons during the same period [17][19]. - Yili has been a major customer, with over 90% of raw milk sales directed to Yili since 2018, ensuring a high sales rate close to 100% [21][6]. Market Dynamics - The report highlights that the decline in raw milk prices has led to increased pressure on dairy farms, with expectations of a reduction in dairy cow inventory by 300,000 to 400,000 heads in 2024 [54][56]. - The average price of fresh milk has decreased from CNY 4.4/kg in August 2021 to CNY 3.1/kg currently, indicating a significant market shift [37][49]. Profitability and Cost Structure - The company’s profitability is expected to improve, with a projected gross margin of 28.3% in 2024H1, benefiting from lower feed costs [25][31]. - The financial burden from biological asset impairments has impacted profits, with a net loss of CNY 470 million in 2024H1 [31][54]. Supply and Demand Balance - The report estimates that achieving a balance in raw milk supply and demand will require a reduction in dairy cow inventory to approximately 5.99 million heads by 2025 [56][58]. - The analysis indicates that if fresh milk demand increases by 3% in 2025, supply-demand balance could be reached by Q3 2025 [56][58].

Investment Rating - The report maintains a "Positive" outlook for the new energy vehicle industry [5] Core Insights - The terminal sales performance is strong, with a projected increase in demand. In 2024, China's new energy vehicle sales are expected to reach 12.865 million units, a year-on-year increase of 35%, while the installed capacity of power batteries is projected to be 548.4 GWh, up 41% year-on-year. The demand for lithium batteries is anticipated to maintain strong growth momentum through 2025 [11][12] - The overall profitability trend is stabilizing and slightly improving. Both upstream lithium resources and downstream batteries have shown significant recovery. However, the midstream materials, including ternary and lithium iron phosphate cathodes, are still affected by the impairment of lithium carbonate [11][12] - The upward trend in profitability remains unchanged, with many companies in the industry expected to have a PE valuation below 20 times for 2025, indicating investment value [12] Summary by Sections Weekly Insights - Terminal sales performance is strong, with a year-on-year increase in new energy vehicle sales and power battery installation [11] - The profitability trend is stabilizing, with upstream and downstream sectors recovering, while midstream materials face challenges [11][12] Industry News - Tesla's Shanghai energy storage factory is set to commence production, with a planned annual output of 10,000 Megapack units, contributing to global supply [14] - SK On has completed a merger to enhance its raw material procurement capabilities and financial stability [15] Important Announcements - EVE Energy (300014.SZ) has signed a strategic procurement agreement for energy storage cells, indicating recognition of its product performance and supply capabilities [21][22] Price Tracking of Battery-Related Products - Lithium carbonate price is at 77,000 CNY/ton, down 0.77% from the previous week, and down 20.23% since the beginning of 2025 [28]