Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.40 CNY based on a projected average PE of 60 times for comparable companies in 2026 [3][6]. Core Views - The company is expected to achieve earnings per share of 0.09 CNY, 0.29 CNY, and 0.38 CNY for the years 2025 to 2027, respectively, with adjustments made to revenue and gross margin forecasts [3][12]. - The company is expanding its application fields and optimizing its product layout, particularly in power semiconductor and LED businesses, which are anticipated to show resilience despite market challenges [11]. Financial Summary - Revenue projections for the company are as follows: 14,053 million CNY in 2023, growing to 27,995 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21% [5]. - The gross margin is expected to improve from 10.2% in 2023 to 18.2% in 2027, indicating a positive trend in profitability [5]. - The net profit attributable to the parent company is forecasted to rise from 367 million CNY in 2023 to 1,888 million CNY in 2027, with significant growth rates in the coming years [5]. - The company’s operating profit is projected to increase from 495 million CNY in 2023 to 2,341 million CNY in 2027, showcasing a robust growth trajectory [5].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China [6]. Core Insights - The recent policy adjustments in major cities like Shenzhen are expected to boost market expectations in the short term and reinforce confidence in the industry's long-term recovery path. The report emphasizes that the current phase does not require excessive speculation on short-term policy rhythms, as comprehensive measures will likely be introduced to stabilize the market during critical times [2][4]. - The report highlights that the reduction in industry risk assessment is a primary driver for the recovery of real estate stocks. The previous decline in real estate stock prices was attributed to the impact of the numerator exceeding that of the denominator. Currently, the industry is entering a new bottoming phase, where the influence of the denominator is expected to surpass that of the numerator, leading to a potential rebound in stock prices [2][4]. Summary by Sections Policy Changes - Shenzhen's recent policy changes include the relaxation of purchase restrictions, increased support for housing provident funds, adjustments to commercial loan rates, and further easing of purchasing conditions for enterprises. These measures are more extensive than those implemented in Beijing and Shanghai [3][4]. - The adjustments to purchase restrictions in Shenzhen are detailed, indicating a shift towards core urban areas and the removal of purchase limits in non-core regions, which is anticipated to effectively release demand for improved housing and multiple property purchases [3]. Market Trends - The report notes a weakening trend in the new housing market since Q2, with increasing pressure to stabilize prices. The policy measures introduced in August by major cities are expected to have a short-term positive impact on transaction volumes and further strengthen confidence in the industry's recovery [4]. - The report also mentions that there is significant policy space available for future measures, including urban renewal initiatives and stock housing acquisition policies, which could further support the market [4]. Investment Recommendations - The report identifies specific investment targets within the real estate sector, recommending "Buy" ratings for companies such as China Merchants Shekou (001979), Poly Developments (600048), and others, while suggesting "Hold" for certain companies [8].

餐饮旅游行业 行业研究 | 动态跟踪 酒店机器人-文旅行业机器人应用 服务经济之科技引领变革系列（一） 核心观点 投资建议与投资标的 华住集团-S(01179，未评级)：年报披露数智化改造推进，国内首批大规模配置机器人的 酒店集团之一。首旅酒店(600258，买入)：机器人已覆盖 29%，仍有渗透率提升空间， 增强加盟店盈利能力。亚朵(ATAT.O，未评级)：强调在运营和管理中引入智能化技术。 风险提示 酒店机器人仍处于早期导入阶段，系统对接与维保成本高于预期、硬件故障率或任务失 败率上升，可能削弱投资回报。 国家/地区 中国 行业 餐饮旅游行业 报告发布日期 2025 年 09 月 09 日 看好（维持） | 谢宁铃 | xieningling@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860520070001 | | 项雯倩 | 021-63325888*6128 | | | xiangwenqian@orientsec.com.cn | | | 执业证书编号：S0860517020003 | | | 香港证监会牌照：BQP120 | | 关注 AI 在旅 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.00 CNY based on an 18x PE valuation for 2025 [2][10][4]. Core Insights - The company plans to initiate an overseas listing, which is expected to enhance its global expansion and brand influence, particularly in overseas markets [9]. - The new business venture, JD Outlet, is in a rapid expansion phase, with significant growth potential anticipated in the medium term [9]. - The domestic business of the main brand is expected to gradually improve in the second half of the year, providing a resilient foundation for the company [9]. Financial Forecasts - The company’s earnings per share (EPS) projections for 2025-2027 are adjusted to 0.50, 0.55, and 0.62 CNY respectively [2]. - Revenue forecasts for 2023A to 2027E are as follows: 21,528 million CNY (2023A), 20,957 million CNY (2024A), 21,937 million CNY (2025E), 23,798 million CNY (2026E), and 25,833 million CNY (2027E) [2][15]. - The net profit attributable to the parent company is projected to be 2,952 million CNY (2023A), 2,159 million CNY (2024A), 2,384 million CNY (2025E), 2,645 million CNY (2026E), and 2,999 million CNY (2027E) [2][15]. Key Financial Ratios - The gross margin is expected to improve from 44.5% in 2023A to 46.0% in 2027E [2][15]. - The net profit margin is projected to increase from 13.7% in 2023A to 11.6% in 2027E [2][15]. - The return on equity (ROE) is forecasted to rise from 19.3% in 2023A to 15.0% in 2027E [2][15].

宏观经济 | 专题报告 衰退降息叙事浮现，看好黄金相对表现 ——海外札记 0908 研究结论 ⚫ 美国经济暴露衰退风险 8 月美国就业数据超预期走弱。8 月美国非农就业数据发布：新增非农就业只有 2.2 万，大幅低于预期的 7.5 万。6 月修正之后出现单月就业负增长，同时数据在失业 率、薪资增速、岗位空缺等各个维度上全面弱化。 就业市场已经接近经济衰退特征。这是一份很差的就业数据表现，如果借助历史经 验理解，已经接近美国经济衰退周期当中的典型就业市场表现，一旦出现，则在未 来较大概率步入新一轮衰退周期。 第二，对于美债利率意味着进一步的下行空间，特别是此前下行幅度很小的长端利 率。但是财政、通胀两项长期风险仍有可能持续存在并继续影响市场定价。往后风 险的催化剂还有：美国 FY26 财年预算上升风险，25H2 的美国通胀反弹风险，等 等。这些风险可能继续影响长端利率下行空间，也会进一步抑制经济和风险资产表 现。而黄金并不畏惧长端利率当中的通胀、财政风险溢价，甚至能够提供对冲。这 意味着不论衰退降息叙事后的长端利率能否顺利下行，黄金均有望受益。对于美元 来说，持续降息或带来美元进一步走弱，并由于汇率市场波动率的 ...

宏观经济 | 动态跟踪 贸易政策不确定性有望继续下降，推动资 本品出口增长 ——8 月进出口点评 研究结论 报告发布日期 2025 年 09 月 09 日 | 孙国翔 | sunguoxiang@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860523080009 | | 孙金霞 | 021-63325888*7590 | | | sunjinxia@orientsec.com.cn | | | 执业证书编号：S0860515070001 | | 王仲尧 | 021-63325888*3267 | | | wangzhongyao1@orientsec.com.cn | | | 执业证书编号：S0860518050001 | | | 香港证监会牌照：BQJ932 | | 陈至奕 | 021-63325888*6044 | | | chenzhiyi@orientsec.com.cn | | | 执业证书编号：S0860519090001 | | | 香港证监会牌照：BUK982 | | 服务消费政策预期升温，获得感提升还在 | 2025-09-07 | | -- ...

Group 1 - The essence of the current bond market adjustment is due to the rapid decline in bond yields in 2024, leading to a decrease in investor expectations for potential further rate cuts, prompting investors to exit the bond market [4][7][9] - The previous rise in the stock market acted as a catalyst for the bond market adjustment rather than being the root cause, as the opportunity cost for investors to leave the bond market decreased in a low-interest environment [9][10] - The bond market's relative value may gradually become more prominent if bond yields maintain stability or experience slight rebounds, encouraging institutional investors to increase their buying scale [4][9][10] Group 2 - The government bond supply has risen to a high level, with a total issuance of approximately 9,827 billion in rate bonds expected this week, indicating a significant increase in government debt issuance [11][13] - The issuance of local bonds is accelerating, with a planned issuance of 3,017 billion, which includes various types of bonds such as new general bonds and refinancing bonds [13][16] - The bond market is expected to face challenges as the issuance volume is at a high level, which may affect the market dynamics and investor sentiment [11][12] Group 3 - The bond market's interest rates have shown a mixed trend, with short-term rates experiencing the most significant increase, while long-term rates are expected to stabilize [36][37] - The recent data indicates a decline in production rates across various sectors, including steel and automotive, which may impact the overall economic outlook and demand for bonds [44][45] - The overall market sentiment remains cautious, with the bond market struggling to sustain upward momentum due to low profit expectations and the inability to meet optimistic forecasts [36][37]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has experienced a recovery in revenue during the first half of 2025, achieving a revenue of 1.37 billion yuan, representing a year-on-year growth of 85.6% [11] - The company is accelerating its overseas expansion, with overseas revenue reaching 110 million yuan, a year-on-year increase of nearly 187% [11] - The company is actively advancing its innovation pipeline, with several products in various stages of clinical trials [11] Financial Forecast and Investment Recommendations - The report adjusts the sales and R&D expense ratios due to increased hospital access and R&D investments, forecasting earnings per share of 0.24, 0.32, and 0.38 yuan for 2025-2027 [3] - The target price is set at 8.96 yuan based on a 28 times PE valuation for 2026 [3] - The company is expected to recover from a net loss in 2024 to a net profit of 462 million yuan in 2025, with a significant year-on-year growth of 1181.5% [5][11] Financial Information - The company’s revenue is projected to grow from 2.01 billion yuan in 2024 to 3.54 billion yuan in 2027, with a compound annual growth rate of approximately 10.3% [5] - The gross margin is expected to decline slightly from 80.1% in 2023 to 71.3% in 2027 [5] - The net profit margin is projected to improve from -2.1% in 2024 to 20.9% in 2027 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 20.16 CNY [1][6] Core Views - The company has shown steady revenue growth and a turning point in profits, with a focus on improving efficiency and performance [5][10] - The retail business experienced a slight decline, while the franchise and distribution business performed well, indicating a shift in revenue sources [10] - The company is actively optimizing its store network and expanding its new retail business, achieving significant growth in online sales [10] Financial Performance Summary - Revenue for 2025 is projected to be 29.649 billion CNY, with a year-on-year growth of 11.9% [8] - The net profit attributable to the parent company is forecasted to be 1.096 billion CNY in 2025, reflecting a year-on-year increase of 19.8% [8] - The company achieved a gross margin of 35.0% and a net margin of 3.7% in 2025 [8] - The earnings per share (EPS) is expected to be 0.96 CNY in 2025, with a projected increase to 1.37 CNY by 2027 [8] Market Performance - The company's stock has shown a 37.33% increase over the past 12 months, outperforming the market index [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 129.77 HKD, based on a reasonable valuation of 793 billion HKD [2][11]. Core Insights - The company's revenue for Q2 2025 was slightly below expectations, with a year-on-year growth of 11.7%, while adjusted net profit significantly underperformed expectations due to intensified competition in the food delivery sector and increased subsidy expenditures, impacting performance by approximately 10 billion [9]. - The report anticipates that the competitive landscape will remain challenging in Q3, with expectations of a shift from positive to negative core local business profits due to increased subsidy efforts [9]. - New business segments showed better-than-expected revenue growth, with a year-on-year increase of 22.8% to 26.5 billion CNY, although losses are expected to widen [9]. Financial Summary - The company's projected financials for 2025 include: - Revenue: 368,284 million CNY, a 9.09% increase year-on-year - Operating profit: -9,746 million CNY - Net profit attributable to the parent company: -9,523 million CNY - Earnings per share: -1.56 CNY [3][10]. - The gross margin is expected to be 32.27%, with a net margin of -2.59% for 2025 [3][10]. Valuation Breakdown - The valuation is based on a segment analysis: - Food delivery and flash purchase business is expected to generate a tax-adjusted operating profit of 6.4 billion CNY in 2026, with a corresponding market value of 218.5 billion HKD [12][13]. - The hotel and travel business is projected to achieve a tax-adjusted operating profit of 23.7 billion CNY in 2026, leading to a market value of 440.9 billion HKD [12][13]. - New business segments are expected to generate revenue of 121.7 billion CNY in 2026, with a market value of 133.6 billion HKD [12][13].