Group 1 - The construction of the Shanghai International Financial Center is a necessary path for China to become a financial power, serving as a hub for global capital flow, financial innovation, and regulatory systems [6][13][16] - Shanghai's financial market system is comprehensive, covering various sectors such as stocks, bonds, futures, and foreign exchange, making it a crucial window for China's financial innovation and openness [13][19][20] Group 2 - The Shanghai International Financial Center comprises five key elements: financial regulation and control, financial factor markets, financial product markets, financial infrastructure, and financial institutions, which are essential for its development [17][18] - The financial market in Shanghai is extensive, with a total trading volume of 337.36 trillion yuan in 2023, ranking first globally, and is expected to grow by 8.2% to 365.03 trillion yuan in 2024 [19][20] Group 3 - Shanghai's international financial center has significant advantages in promoting the development of other centers, including economic, trade, shipping, and technological innovation centers, creating a synergistic effect [25][26] - The international influence of the Shanghai International Financial Center is limited, with foreign investment in the stock market at approximately 4%, significantly lower than that of New York and London [30][33] Group 4 - The development of an offshore financial center is crucial for enhancing the internationalization of the Shanghai International Financial Center, with a focus on providing offshore financial services to non-residents and qualified resident enterprises [47][52] - The construction of a domestic offshore financial market is a key focus, with the aim of improving the international competitiveness of financial services and facilitating the internationalization of the renminbi [52][54]

Investment Rating - The investment rating for BOSS Zhipin is "Buy" with a target price of HKD 98.01, reflecting an upward adjustment based on a valuation of 25x PE for 2025, which is above the industry average [2][4]. Core Insights - The company has shown steady market share growth, with AI and specific job sectors gradually improving in demand. The implementation of AI-related products is expected to contribute to incremental revenue [4][11]. - The financial performance for Q4 2024 exceeded expectations, with revenue reaching RMB 1.824 billion, a year-on-year increase of 15.4%. The adjusted net profit was RMB 722 million, up 14.92% [11]. - The company has adjusted its projected net profits for 2025 and 2026 to RMB 3.299 billion and RMB 3.998 billion, respectively, reflecting a slight downward revision due to increased expenses [4][11]. Financial Summary - Revenue growth from 2021 to 2024 shows a significant increase, with 2024 projected revenue at RMB 7.356 billion, representing a 24% increase year-on-year. The adjusted net profit for 2024 is expected to be RMB 2.710 billion, a 25.72% increase [7][11]. - The company has maintained effective cost control, with a decrease in sales and R&D expense ratios, contributing to a 27% growth in operating profit [11]. - The blue-collar market has expanded, with blue-collar revenue accounting for 38% of total revenue in Q4 2024, indicating a shift in market dynamics [11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][10]. Core Insights - The company is expected to achieve a net profit of 603 million RMB in 2024, representing a year-on-year increase of 105.4% after excluding the impact of consolidating Zhong An International [3][10]. - The profit improvement is attributed to three main factors: stable underwriting profit, significant investment income boost due to market recovery, and the technology segment turning profitable [10]. Financial Summary - **Revenue**: The company reported revenue of 19,314 million RMB in 2024, a 15% increase from 2023 [8]. - **Net Profit**: The net profit for 2024 is projected at 603 million RMB, a substantial recovery from a loss of 13.56 million RMB in 2022 [8][11]. - **Investment Returns**: Total investment income increased to 13.35 billion RMB in 2024, with a total investment return rate of 3.4%, up by 1.5 percentage points year-on-year [10][11]. - **Premium Income**: The company achieved premium income of 334.17 billion RMB in 2024, reflecting a 13.3% year-on-year growth [11]. Business Segments Performance - **Health Ecosystem**: Premium income reached 103.38 billion RMB, growing by 5.4% year-on-year, with significant contributions from critical illness insurance and outpatient insurance [10][11]. - **Digital Life Ecosystem**: This segment saw a 28.9% increase in premium income to 161.97 billion RMB, driven by e-commerce return insurance and travel business [10][11]. - **Consumer Finance Ecosystem**: Premium income decreased by 12.9% to 48.32 billion RMB as the company reduced business scale to manage credit risk [10][11]. - **Automotive Financial Ecosystem**: Premium income grew by 29.8% to 20.51 billion RMB, with new growth expected from compulsory traffic accident insurance [10][11]. Technology and Banking Improvements - The technology segment generated revenue of 9.56 billion RMB, marking a 15.3% increase, and turned profitable with a net profit of 0.78 billion RMB [10][11]. - Zhong An Bank's net income rose by 52.6% to 5.48 billion HKD, with the net loss rate narrowing significantly [10][11]. - The application of AI technology across business scenarios is expected to enhance operational efficiency and open new growth avenues for technology output [10].

| | | 目 录 请务必阅读正文之后的免责条款部分 市 场 研 究 每 日 报 告 回 放 证 券 研 究 报 告 每日报告回放 |  | 行业日报/周报/双周报/月报：有色金属《情绪助燃现货，钴价升势延续》2025-03-15 | 39 | | --- | --- | --- | |  | 行业日报/周报/双周报/月报：基础化工《重点化工品价格每日跟踪数据库》2025-03-15 | 40 | |  | 行业日报/周报/双周报/月报：基础化工《重点化工品价格每日跟踪数据库》2025-03-15 | 41 | |  | 模型助力端侧 落地》 行业日报/周报/双周报/月报：海外科技《晶圆代工格局或生变，轻量级 Gemma3 AI | | | | 2025-03-15 | 41 | |  | 行业日报/周报/双周报/月报：基础化工《重点化工品价格每日跟踪数据库》2025-03-15 | 42 | |  | 行业事件快评：纺织服装业《生育政策加码，受益标的估值有望修复》2025-03-15 | 42 | |  | 行业更新：煤炭《下行风险释放，4 月有望进入上升通道》2025-03-14 | 43 ...

Investment Rating - The report indicates a cautious approach towards investment, suggesting a neutral stance on the industry performance relative to the benchmark index [15]. Core Insights - The Federal Reserve's March FOMC meeting maintained interest rates, signaling a shift in policy focus from inflation to employment, which is interpreted as a dovish signal by the market [1][4]. - The Fed plans to slow down its balance sheet reduction starting in April, decreasing monthly Treasury redemptions from $250 billion to $50 billion, while keeping MBS redemptions unchanged [4][5]. - The Fed's economic growth forecast for Q4 2025 has been downgraded from 2.1% to 1.7%, while the unemployment rate is expected to rise from 4.3% to 4.4% [4][6]. - Inflation expectations have been revised upward, with the PCE inflation forecast for Q4 2025 increased from 2.5% to 2.7% and core PCE from 2.5% to 2.8% [4][6]. - The market anticipates a higher likelihood of rate cuts, with futures indicating expectations for three rate cuts this year, despite the Fed's guidance suggesting only two [4][9]. Summary by Sections Federal Reserve Policy Changes - The Fed's recent policy shift emphasizes employment over inflation, reflecting a more cautious approach to monetary policy [1][4]. - The removal of language indicating a balance of risks between employment and inflation suggests a heightened focus on employment risks [4]. Economic Forecast Adjustments - The Fed has lowered its GDP growth forecast for 2025 while raising inflation expectations, indicating concerns about potential stagflation [4][6]. - The adjustments in forecasts highlight the Fed's ongoing challenges in balancing economic growth and inflation control [4]. Market Reactions - Following the Fed's announcements, there was a notable increase in both short-term stock and bond markets, reflecting investor optimism about the dovish signals [4][5]. - The market's reaction underscores the sensitivity of investors to changes in Fed policy and economic outlook [4].

固收新发放缓，中长期资金入市持续推进 投资银行业与经纪业 [Table_Industry] ——2025 年 1 月财富管理业务月报 | [table_Authors] 刘欣琦(分析师) | 王思玥(研究助理) | 吴浩东(分析师) | | --- | --- | --- | | 021-38676647 | 021-38031024 | 010-83939780 | | liuxinqi@gtjas.com | wangsiyue028676@gtjas.com | wuhaodong029780@gtjas.com | | 登记编号 S0880515050001 | S0880123070151 | S0880524070001 | 本报告导读： 2025 年 1 月，居民增配存款及理财，新发产品规模大幅下滑。产品收益率下行，同 时利率下行至低位。固收产品新发放缓。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Report] 相关报告 投资银行业与经纪业《支持科技创新和新质生产 力发展是长期主线》2025.03.16 投资银行业 ...

股票研究/[Table_Date] 2025.03.20 新股精要—国内有色行业工程设计领先企 业中国瑞林 [table 泰禾股份（ _NewStock] 301665.SZ）发行 4500 万股 泰鸿万立（603210.SH）发行 8510 万股 中国瑞林（603257.SH）是国内有色行业工程设计领先企业，有望受益于行业产能出 清，积极拓展装备集成业务前景广阔。2023 年公司实现营收/归母净利润 28.66/1.48 亿元。截至 2025 年 2 月 28 日，可比公司对应 2023/2024/2025 年平均 PE 分别为 26.14/37.23/34.44 倍。 投资要点： [Table_Report] 相关报告 | 新股上市逐步常态化，申购收益环比提升 | | --- | | 2025.03.16 | | 科技企业 IPO 支持力度再强化，当周新股上市恢 | | 复 2025.03.11 | | 新股精要—国内领先的半导体第三方检测分析实 | | 验室胜科纳米 2025.03.10 | | 新股精要—国内主要的汽车座椅锁供应商之一浙 | | 江华远 2025.03.09 | | 新股精要—华南地区 ...

AI 赋能多品牌共建，海外提供持续增长空间 海尔智家(600690) ——海尔 2025 生态大会发布点评 | | ——海尔 | 2025 | 生态大会发布点评 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | --- | --- | --- | --- | | [table_Authors] 蔡雯娟(分析师) | | 谢丛睿(分析师) | 李汉颖(分析师) | [Table_Target] | 上次评级: | 增持 | | 021-38031654 | | 021-38038437 | 010-83939833 | 目标价格： | | 36.54 | | caiwenjuan024354@gtjas.com xiecongrui@gtjas.com | | | lihanying026725@gtjas.com | | 上次预测: | 36.54 | | 登记编号 S0880521050002 | | S0880523090004 | S0880524110001 | Table_CurPrice] [当前价格： | | 28.14 | 本报告导读： 公司举 ...

产能快速扩张，把握印度发展机遇 塔塔钢铁(500470.BO) ——塔塔钢铁（500470.BO）更新报告 | | | | | | | [table_Authors] 李鹏飞(分析师) | 魏雨迪(分析师) | 王宏玉(分析师) | [当前价格 Table_CurPrice] (印度卢比)： | 158.60 | | --- | --- | --- | --- | --- | | 010-83939783 | 021-38674763 | 021-38038343 | | | | lipengfei@gtjas.com | weiyudi@gtjas.com | wanghongyu@gtjas.com | [Table_Market] | | | 登记编号 S0880519080003 | S0880520010002 | S0880523060005 | | | 本报告导读： 公司作为印度最大民营钢企，未来将持续扩张本土产能，以把握印度经济快速发展 机遇。未来中长期来看，我们认为印度经济增长仍有较强支撑，公司将充分受益。 投资要点： 风险提示：公司产能扩张不及预期，印度经济增速下降。 [Table_Rep ...

风险提示：需求断崖式下滑、供给侧调控放松。 -23% -5% 13% 31% 49% 67% 2024/3 2024/4 2024/5 2024/6 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 2025/1 2025/2 2025/3 52周内股价走势图 华润建材科技 恒生指数 [Table_Report] 相关报告 | [table_Authors] 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | [当前价格 Table_CurPrice] (港元)： | 1.85 | | --- | --- | --- | --- | --- | | 0755-23976830 | 0755-23976858 | 0755-23976666 | | | | baoyanxin@gtjas.com | huajianyi@gtjas.com | wukaiyang028675@gtjas.com | [Table_Market] | | | 登记编号 S0880513070005 | S0880521010001 | S0880123070145 | 交易数 ...