Investment Rating - The report maintains a "Buy" rating for the company [2][18]. Core Views - The company's performance in Q4 2024 met expectations, with significant long-term growth potential driven by its AI tool, KuaLing [1][5]. - The report highlights a stable user base with daily active users (DAU) exceeding 400 million, and a year-on-year increase of 4.8% [5]. - Advertising revenue grew by 13.3% year-on-year, reaching 20.6 billion CNY, although slightly below market expectations [5]. - E-commerce gross merchandise volume (GMV) increased by 14.4% year-on-year to 462.1 billion CNY, with a notable rise in active buyers [5]. - Live streaming revenue showed a smaller decline than expected, down 2.0% year-on-year, indicating improved content quality and user engagement [5]. - The adjusted net profit for Q4 2024 was 4.7 billion CNY, aligning with expectations, and the company anticipates a net profit of 43 billion CNY in Q1 2025 [5][7]. Summary by Sections User Metrics - DAU remained above 400 million, with MAU increasing by 5.0% to 736 million [5]. - Average daily usage time per user rose by 0.9% to 125.6 minutes [5]. Advertising Performance - Q4 2024 advertising revenue reached 20.6 billion CNY, accounting for 58.3% of total revenue [5]. - The external circulation advertising segment grew significantly, with short dramas and other content types driving growth [5]. E-commerce Insights - E-commerce GMV for Q4 2024 was 462.1 billion CNY, with a 14.4% year-on-year increase [5]. - The number of active buyers rose by 10% year-on-year, reaching 143 million [5]. Live Streaming Developments - Live streaming revenue decreased by 2.0% year-on-year to 9.8 billion CNY, better than market expectations [5]. - The number of signed-up agencies and hosts increased significantly, indicating a healthier ecosystem [5]. Financial Performance - Adjusted net profit for Q4 2024 was 4.7 billion CNY, with a net profit margin of 13.3% [5][7]. - The company expects an adjusted net profit of 194 billion CNY for the full year of 2025 [7]. KuaLing AI Tool - KuaLing's commercial potential is viewed positively, with expectations for significant revenue growth in the medium to long term [6][8]. - The tool has already generated over 100 million CNY in revenue since its monetization began [6].

基础化工行业 行业研究 | 行业周报 关注内需及国产替代新材料机会 核心观点 原油相关信息： ⚫ 原油及相关库存：2025 年 3 月 28 日美国原油商业库存 4.398 亿桶，周增加 620 万 桶；汽油库存 2.376 亿桶，周减少 160 万桶；馏分油库存 1.146 亿桶，周增加 30 万 桶；丙烷库存 0.44141 亿桶，周增加 98.3 万桶。美国原油产量及钻机数：2025 年 3 月 28 日美国原油产量为 1358.0 万桶/天，周度增加 0.6 万桶/天，较一年前增加 48 万 桶/天。2025 年 4 月 4 日美国钻机数 590 台，周度减少 2 台，年减少 30 台；加拿大 钻机数 153 台，周减少 10 台，年度增加 17 台。其中美国采油钻机 489 台，周度增 加 5 台，年度减少 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；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 04 月 07 日 看好（维持） | 倪吉 | 021-63325888*7504 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][18]. Core Views - The company's performance in Q4 2024 met expectations, with significant long-term growth potential driven by its AI capabilities [1][5]. - Daily Active Users (DAU) remained above 400 million, with a year-over-year increase of 4.8%, while Monthly Active Users (MAU) grew by 5.0% to 736 million [5]. - Advertising revenue in Q4 2024 increased by 13.3% year-over-year to 20.6 billion CNY, slightly below market expectations [5]. - E-commerce Gross Merchandise Volume (GMV) rose by 14.4% year-over-year to 462.1 billion CNY, with a notable increase in active buyers [5]. - Live streaming revenue decreased by 2.0% year-over-year to 9.8 billion CNY, but the decline was less than expected due to improved content quality [5]. - The adjusted net profit for Q4 2024 reached 4.7 billion CNY, aligning with expectations, and the company anticipates a full-year adjusted net profit of 19.4 billion CNY for 2025 [5][7]. Summary by Sections User Engagement - DAU maintained over 400 million, with MAU reaching 736 million, indicating strong user retention and engagement [5]. - Average daily usage time per user increased by 0.9% year-over-year to 125.6 minutes [5]. Advertising Performance - Q4 2024 advertising revenue was 20.6 billion CNY, accounting for 58.3% of total revenue, with external circulation growth in the high teens [5]. - The company expects a slowdown in advertising revenue growth in Q1 2025, projecting a year-over-year increase of 7.0% [5]. E-commerce Growth - E-commerce GMV reached 462.1 billion CNY, with a 14.4% year-over-year increase, and the number of active buyers grew by 10% [5]. - The proportion of general merchandise in e-commerce reached 30%, indicating a shift towards diversified product offerings [5]. Live Streaming Insights - Live streaming revenue saw a smaller decline than anticipated, with a year-over-year decrease of 2.0% to 9.8 billion CNY [5]. - The number of signed-up agencies and hosts increased significantly, suggesting a strengthening of the live streaming ecosystem [5]. Financial Performance - The adjusted net profit for Q4 2024 was 4.7 billion CNY, with a full-year projection of 19.4 billion CNY for 2025 [5][7]. - The company’s gross margin improved to 54.0%, reflecting operational efficiency [5]. Future Outlook - The report highlights the potential of the company's AI tool, KuaLing, which is expected to enhance advertising and e-commerce capabilities [6][8]. - Long-term revenue projections for KuaLing suggest a market potential of 20-25 billion USD, with significant contributions from both B2B and C2C segments [6][9].

核心观点 原油相关信息： ⚫ 原油及相关库存：2025 年 3 月 28 日美国原油商业库存 4.398 亿桶，周增加 620 万 桶；汽油库存 2.376 亿桶，周减少 160 万桶；馏分油库存 1.146 亿桶，周增加 30 万 桶；丙烷库存 0.44141 亿桶，周增加 98.3 万桶。美国原油产量及钻机数：2025 年 3 月 28 日美国原油产量为 1358.0 万桶/天，周度增加 0.6 万桶/天，较一年前增加 48 万 桶/天。2025 年 4 月 4 日美国钻机数 590 台，周度减少 2 台，年减少 30 台；加拿大 钻机数 153 台，周减少 10 台，年度增加 17 台。其中美国采油钻机 489 台，周度增 加 5 台，年度减少 19 台。 基础化工行业 行业研究 | 行业周报 关注内需及国产替代新材料机会 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；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 04 月 07 日 看好（维持） | 倪吉 | 021-63325888*7504 | | ...

特朗普新关税政策落地，建议关注华为链 及业绩超预期公司 ——汽车行业周报（0331-0406） 核心观点 ⚫ 问界 M8 小订突破 10 万辆，预计新款问界 M9、问界 M8 将助力鸿蒙智行销量回 暖。4 月 6 日，鸿蒙智行官方宣布问界 M8 小订已突破 10 万辆，新车首批展车已到 店，预计将于 4 月中旬上市。问界 M8 定位"家庭智慧旗舰 SUV"，提供 5 座和 6 座布局，将搭载华为乾崑 ADS3.0 高阶智驾系统、华为途灵平台、双电机四驱系 统、空气悬架+EDC 可变阻尼减振器等一系列高端智能配置。此前问界 M9 于 3 月 20 日上市，72 小时大定超 2.1 万台，预计新款问界 M9、问界 M8 两款高端鸿蒙智 行车型将助力鸿蒙智行 4 月、5 月销量回暖。 投资建议与投资标的 从投资策略上看，继续关注人形机器人链汽零投资机会，相关公司有望盈利和估值双 升；2025 年具备竞争力的自主品牌及在智驾技术方面领先的新势力企业将继续扩大市场 份额；预计部分央国企通过自身改革及加强对外合作等，实现困境反转。建议持续关注 部分汽车行业央国企及人形机器人链、华为产业链、小米产业链、T 链、智驾产业链公 ...

金融工程 | 动态跟踪 8 家基金公司宣布增资，证券投资基金 托管业务管理办法将迎修订 报告发布日期 2025 年 04 月 06 日 | | | 杨怡玲 | yangyiling@orientsec.com.cn | | --- | --- | --- | --- | | 研究结论 | | 1111111111 | 执业证书编号：S0860523040002 | | | | 邱蕊 | 021-63325888*5091 | | ⚫ | 基金市场热点跟踪：1.年内 8 家基金公司宣布增资：年内已有包括摩根士丹利、恒 | | qiurui@orientsec.com.cn | | | 越、国新国证、联博、弘毅远方、苏新、红土红塔、湘财基金等在内的 8 家基金公 | | 执业证书编号：S0860519020001 | | | 司先后增资。3 月 29 日，恒越基金发布公告显示，公司注册资本由 2 亿元增加至 2.3 | | 香港证监会牌照：BSW115 | | | 亿元。增资事项已完成，公司股东及股东持股比例均保持不变。3 月 27 日，摩根士 | 陶文启 | taowenqi@orientsec.com.cn ...

造纸轻工行业 行业研究 | 行业周报 4 月智利阔叶浆外盘报价提涨 20 美元/吨 ——造纸产业链数据每周速递（2025/04/05） 核心观点 ⚫ 本周轻工制造行业指数下跌 0.96%，跑赢大盘 0.41pct；造纸子板块下跌 0.53%， 跑赢大盘 0.84pct。本周沪深 300 指数下跌 1.37%，轻工制造(申万)指数下跌 0.96%，跑赢沪深 300 指数 0.41pct，在 28 个申万一级行业中位列第 17 位；二级行 业中，造纸子板块下跌 0.53%，跑赢大盘 0.84pct。本周轻工四大子板块按跌幅由小 到大分别为造纸、包装印刷、家具以及文娱用品板块，分别下跌 0.53%、0.87%、 0.96%、1.90%。 | 李雪君 | 021-63325888*6069 | | --- | --- | | | lixuejun@orientsec.com.cn | | | 执业证书编号：S0860517020001 | | | 香港证监会牌照：BSW124 | | 谢雨辰 | xieyuchen@orientsec.com.cn | | | 执业证书编号：S0860524090001 | 产业链数 ...

Group 1: ESG Policy Developments - The EU has postponed the implementation of key sustainability reporting and due diligence regulations, including the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) [6] - The EU Commission has set a tight deadline for the European Financial Reporting Advisory Group (EFRAG) to develop simplified sustainability reporting standards by October 31, 2025 [11] - The SEC has decided to stop defending its climate disclosure rules, effectively abandoning the requirement for companies to report climate risks and greenhouse gas emissions [16] Group 2: Domestic ESG Initiatives - The 2024 China Nonferrous Metals Industry ESG Information Disclosure White Paper reports an overall disclosure rate of 46% among listed companies in the sector, with state-owned enterprises at 74% and private enterprises at 29% [20] - The national carbon emissions trading market has expanded to include the steel, cement, and aluminum industries, covering over 60% of national CO2 emissions [22] - The Ministry of Ecology and Environment has established the world's largest ecological environment quality monitoring network, covering various environmental factors [25] Group 3: Future Outlook and Risks - The 2025 fiscal policy will focus on supporting ecological civilization construction and promoting green low-carbon transitions in key industries [28] - The macroeconomic downturn is exceeding expectations, which may impact ESG investment performance [33] - Historical data may not predict future performance, emphasizing the need for cautious investment strategies [33]

金融工程 | 动态跟踪 报告发布日期 2025 年 04 月 06 日 研究结论 风格表现监控 本周市场正收益风格集中在 Trend 风格上，负收益风格表现在 Liquidity 风格上。非 流动性冲击是中证全指成分股中，本周表现最好的因子。 因子表现监控 公募基金指数增强产品表现跟踪 风险提示 量化模型失效风险、 市场极端环境冲击。 杨怡玲 yangyiling@orientsec.com.cn 执业证书编号：S0860523040002 | 分红对期指的影响 20250403 | 2025-04-05 | | --- | --- | | 14 只科创综指相关基金产品获批，全球首 | 2025-03-30 | | 支代币化货币市场 ETF 面世 | | | 公募费率再改革，又一家外资公募宣布增 | 2025-03-22 | | 资 | | | DFQ-FactorVAE-pro：加入特征选择与环 | 2025-02-19 | | 境变量模块的 FactorVAE 模型：——因子 | | | 选股系列之一一一 | | 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][10][7] Core Views - The company is expected to see earnings per share of 1.20, 1.76, and 2.21 yuan for 2024-2026, with a target price of 47.52 yuan based on a 27x PE ratio for comparable companies in 2025 [4][10] - The report highlights the company's ongoing expansion in the optical connection business, with significant growth in product offerings and international capacity [9][10] - The manufacturing business is accelerating its high-end transformation, focusing on sectors like new energy vehicles and semiconductor industries [9] Financial Forecasts - Revenue is projected to grow from 10,208 million yuan in 2023 to 19,516 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [6] - Operating profit is expected to increase from 1,108 million yuan in 2023 to 2,486 million yuan in 2026, with a CAGR of 26.1% [6] - Net profit attributable to the parent company is forecasted to rise from 1,007 million yuan in 2023 to 2,227 million yuan in 2026, indicating a CAGR of 26.2% [6] Business Developments - The company showcased its latest products at the OFC exhibition, including advancements in optical modules and high-speed solutions [9] - The optical connection business is integrating various products and achieving significant testing milestones with major clients [9] - The manufacturing sector is enhancing its capabilities in response to the growing demand in the AI and semiconductor markets [9]