丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 行业研究丨专题报告丨银行 [Table_Title] 招商银行：价值加速修复，再现 A/H 倒挂 ——红利银行时代系列十三 报告要点 [Table_Summary] 大型银行启动再融资的背景下，招商银行长期内生增长优势更清晰。近期招商银行 H 股持续上 涨后较 A 股出现溢价，本轮行情与历史不同，核心驱动力量是南下资金配置高股息资产，从南 下持股比例来看，国有大行及招商银行自 2024 年以来持续加速上行，目前仍在创新高，保险 为代表的大型资本是核心增持力量。基本面维度，净息差下行压力缓解，房地产风险拐点清晰， 财富管理收入预计调整充分，营收压力预期改善。我们认为招商银行合理股息率将修复到 3.5% 左右，1xPB 并不构成招商银行的估值约束。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 [Table_Title 招商银行：价值加速修复，再现 2] A/H 倒挂 ——红利银行时代系列 ...

丨证券研究报告丨 行业研究丨专题报告丨制药、生物科技与生命科学 [Table_Title] KAT6：乳腺癌新兴靶点，辉瑞率先验证潜力 报告要点 [Table_Summary] 目前由辉瑞制药开发的 KAT6A 抑制剂 PF-07248144 已经展现出了优异的早期 POC 数据，其 联合氟维司群二线治疗 CDK4/6i 和 ET 经治的晚期 HR+/HER2-乳腺癌患者 mPFS 达到 10.7 个 月，PFS 获益优于目前指南中所提及的"CDK4/6i+ET"方案，并且在多种 HR+/HER2-乳腺癌 治疗亚组中都看到了疗效的获益，安全性良好，其靶点成药性确定性大大提高，建议关注国内 相关产品进度和催化事件。 分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 制药、生物科技与生命科学 cjzqdt11111 [Table_Title2] KAT6：乳腺癌新兴靶点，辉瑞率先验证潜力 [Table_Summary2] KAT6 可调控表观遗传， ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - In Q4, the company reported total revenue of 3.277 billion yuan, a year-on-year increase of 25.65%, and a net profit attributable to shareholders of 69 million yuan, up 40.82% year-on-year. The net profit after deducting non-recurring items was 25 million yuan, reflecting a 31.58% increase year-on-year. The improvement in performance is attributed to stabilizing overseas business, rapid growth in domestic flexible employment, and steady progress in headhunting services [2][6]. - For the full year, total revenue reached 11.793 billion yuan, a 20.60% increase, while net profit attributable to shareholders was 204 million yuan, a modest increase of 1.50% [6]. - The company expects net profits for 2025 and 2026 to be 287 million yuan and 400 million yuan, respectively, corresponding to price-to-earnings ratios of 22.53X and 16.15X [2][6]. Summary by Sections Q4 Performance - Total revenue for Q4 was 3.277 billion yuan, with a year-on-year growth of 25.65%. Net profit attributable to shareholders was 69 million yuan, up 40.82% year-on-year. The net profit after deducting non-recurring items was 25 million yuan, reflecting a 31.58% increase year-on-year [2][6]. Full Year Performance - For the entire year, total revenue was 11.793 billion yuan, representing a 20.60% increase. The net profit attributable to shareholders was 204 million yuan, with a year-on-year growth of 1.50% [6]. Business Segments - The domestic flexible employment business showed significant growth, driven by large clients. The headhunting business also demonstrated resilience, contributing positively to overall revenue. The overseas business began to stabilize, with expectations for substantial contributions in 2025 [11]. Future Outlook - The company is embracing AI technologies to enhance efficiency and reduce costs. It has integrated the DeepSeek-R1 model to improve recruitment processes, particularly for mid-to-high-end positions [11]. - The report highlights a favorable industry environment supported by employment policies, with expectations for continued growth in both domestic and overseas markets [11].

Investment Rating - The investment rating for Alibaba is "Buy" and is maintained [7]. Core Views - The report highlights optimism regarding Alibaba's commercial opportunities arising from its strong commitment to technology investment and the integration of AI within its ecosystem. The acceleration of commercialization in its core business, particularly through intelligent advertising tools, is expected to enhance growth [2][4]. Financial Performance - For FY2025 Q3, Alibaba reported revenue of 280.2 billion yuan, representing an 8% year-on-year increase. Non-GAAP net profit attributable to shareholders reached 51.3 billion yuan, up 7% year-on-year, while net profit attributable to shareholders surged by 239% to 48.9 billion yuan [4][8]. Business Segments - **Taotian Group**: The group experienced a 9% year-on-year growth in CMR, driven by the full-quarter impact of basic software service fees and increased penetration of comprehensive promotion tools. EBITA grew by 2% year-on-year, indicating stable profitability during the commercialization acceleration phase [8]. - **AIDC**: Revenue grew by 32% year-on-year, although EBITA losses expanded to 5 billion yuan, primarily due to investments aimed at user acquisition during overseas shopping festivals [8]. - **Cloud Intelligence Group**: Revenue increased by 13% year-on-year, with EBITA rising by 33%, driven by double-digit growth in public cloud services and significant increases in AI-related product usage [8]. Membership Growth - The number of 88VIP members reached 49 million, reflecting a quarter-on-quarter increase of 3 million and a year-on-year increase of 19 million, suggesting that the optimization of membership benefits is driving new buyer and order growth [8]. Capital Expenditure - Capital expenditures for FY2025 Q1-Q3 were reported at 121 billion, 175 billion, and 318 billion yuan, with a year-on-year increase of 259% in the latest quarter [8]. Profit Forecast - The report projects net profits attributable to shareholders for FY2025-2027 to be 139.6 billion, 157.6 billion, and 189.3 billion yuan, respectively [8].

丨证券研究报告丨 公司研究丨点评报告丨盈趣科技（002925.SZ） [Table_Title] 盈趣科技发布股权激励和员工持股计划草案： 收入增长潜力充沛，看好电子烟业务放量 报告要点 [Table_Summary] 1）公司发布 2025 年股权激励计划（草案），拟向不超过 921 名中层管理人员及核心技术（业 务）骨干以 13.70 元/份价格授予股票期权共计不超过 2165 万份（占总股本的 2.79%）。2）公 司发布 2025 年员工持股计划（草案），包括董事长在内的 6 位高管以及不超过 455 位中层管 理人员及核心骨干拟以 11.3 元/股价格认购此前回购的库存股不超过 1235 万股（占总股本的 1.59%）。3）公司层面收入目标为：2025/2025-2026 年两年累计收入/2025-2027 年三年累计 收入分别实现触发值为 44.625/92.82/144.585 亿元，目标值为 53.55/110.67/171.36 亿元。 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 章颖佳 SAC：S0490516060001 SAC：S0490522050001 SFC：B ...

行业研究丨点评报告丨机械 丨证券研究报告丨 [Table_Title] 2 月挖机销量点评：内销超预期，国内新周期开 启 报告要点 [Table_Summary] 2 月我国挖掘机内销 11640 台，同比增长 99.4%；1-2 月合计内销 17045 台，同比增长 51.4%。 1-2 月国内销售数据好于预期，周期上行趋势更加明确，且 3 月展望相对乐观，全年国内销量 预期有望上修。同时，行业出口增长改善趋势持续。持续看好工程机械板块性机会，周期上行 期，龙头业绩增长确定性、弹性或更领先，而短期挖机收入占比高的公司或更受益于挖机国内 销量高增；同时，建议重视主机改善有支撑，并积极布局并受益地方机器人政策的弹性标的。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 2 月挖机销量点评：内销超预期，国内新周期开 2] 启 [Table_Summary2] 事件描述 根据 CCMA，2025 年 2 月我国挖掘机主要制造企业共销售各类挖掘机 19270 台，同比增长 52.8%；其中国内销量 11640 台，同比增长 99 ...

世界经济与海外市场丨点评报告 [Table_Title] 通胀回落，缓慢降温预期强化 丨证券研究报告丨 ——美国 2 月 CPI 数据点评 报告要点 [Table_Summary] 2025 年 2 月，美国 CPI、核心 CPI 均低预期回落，那么结构上的走势有何具体变化？对美联 储降息有何影响？其一，食品、能源涨幅双双回落。其二，汽车、服装价格一下一上，核心商 品通胀压力可控；住房通胀有所缓解，核心服务通胀压力可控。向前看，我们认为：一方面， 当前美国就业缓慢降温的主线未变，另一方面 2 月数据显示通胀压力尚且可控，两者共同指向 美国经济软着陆仍是大概率事件，而通胀压力的缓和，也意味着降息预期将迎来升温。 分析师及联系人 [Table_Author] 于博 SAC：S0490520090001 SFC：BUX667 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 通胀回落，缓慢降温预期强化 2] ——美国 2 月 CPI 数据点评 [Table_Summary2] 事件描述 2025 年 3 月 12 日，美国劳工统计局公布 202 ...

丨证券研究报告丨 公司研究丨点评报告丨盈趣科技（002925.SZ） [Table_Title] 盈趣科技发布股权激励和员工持股计划草案： 收入增长潜力充沛，看好电子烟业务放量 报告要点 [Table_Summary] 1）公司发布 2025 年股权激励计划（草案），拟向不超过 921 名中层管理人员及核心技术（业 务）骨干以 13.70 元/份价格授予股票期权共计不超过 2165 万份（占总股本的 2.79%）。2）公 司发布 2025 年员工持股计划（草案），包括董事长在内的 6 位高管以及不超过 455 位中层管 理人员及核心骨干拟以 11.3 元/股价格认购此前回购的库存股不超过 1235 万股（占总股本的 1.59%）。3）公司层面收入目标为：2025/2025-2026 年两年累计收入/2025-2027 年三年累计 收入分别实现触发值为 44.625/92.82/144.585 亿元，目标值为 53.55/110.67/171.36 亿元。 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 章颖佳 SAC：S0490516060001 SAC：S0490522050001 SFC：B ...

丨证券研究报告丨 港股研究丨公司点评丨中国建筑国际（3311.HK） [Table_Title] 东方国际溢价认购，后续业务合作可期 报告要点 [Table_Summary] 3 月 11 日，中国建筑国际公告，东方国际以每股 12.26 港元认购公司发行的 2.446 亿股新股， 较协议日期前最后五日平均价溢价约 3%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Rank]投资评级 买入丨维持 公司基础数据 1 中国建筑国际（3311.HK） cjzqdt11111 [Table_Title2] 东方国际溢价认购，后续业务合作可期 [Table_Summary2] 事件描述 3 月 11 日，中国建筑国际公告，东方国际以每股 12.26 港元认购公司发行的 2.446 亿股新股， 较协议日期前最后五日平均价溢价约 3%。 事件评论 丨证券研究报告丨 2025-03-12 港 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In February 2025, the company achieved sales of 26,263 units, representing a year-on-year increase of 29.7% but a month-on-month decrease of 12.2%. Cumulative sales for January and February reached 56,000 units, up 9.3% year-on-year. The company’s product advantages and brand design are well recognized, and the future vehicle planning is clear, indicating significant sales potential [2][4][7]. Summary by Sections Sales Performance - February 2025 sales reached 26,263 units, a year-on-year increase of 29.7% and a month-on-month decrease of 12.2%. Cumulative sales for the first two months of 2025 were 56,000 units, reflecting a 9.3% year-on-year growth [2][4]. Product Development - The company announced its first pure electric SUV, the i8, on February 25, 2025. The i8 is positioned as a six-seat pure electric vehicle, with a design that bridges the L series and MEGA models. This new vehicle cycle is expected to enhance sales [7]. Strategic Initiatives - The "Dual Energy Strategy" is expected to further enhance the company's competitive edge. As of February 28, 2025, the company has over 10,000 charging piles and 1,874 supercharging stations, with ongoing improvements in smart technology to enhance user experience [7]. Future Outlook - The company has a clear vehicle planning strategy, with a product matrix that includes four range-extended electric models and one high-voltage pure electric model, covering the market above 200,000. The ongoing expansion of direct sales channels and the opening of new retail centers are expected to drive future sales growth [7]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 76.4 billion, 142.1 billion, and 195.6 billion respectively, with corresponding PE ratios of 30.1X, 16.2X, and 11.8X. The non-GAAP net profit projections are 106.4 billion, 147.1 billion, and 195.6 billion, with PE ratios of 21.6X, 15.6X, and 11.8X [7].