Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [3] Core Views - Tencent is expected to benefit significantly from the revaluation of AI applications and cloud business, leveraging its advantages in application scenarios and data [6][8] - The company has made organizational adjustments to enhance its AI product lines, integrating multiple AI applications into its cloud business group [16][20] - Tencent's AI applications are already showing positive impacts on advertising and cloud revenue, with AI-driven enhancements leading to increased efficiency and user engagement [25][28] Financial Data and Profit Forecast - Revenue projections for Tencent are as follows: - 2022: 554,552 million RMB - 2023: 609,015 million RMB (9.8% YoY growth) - 2024E: 657,853 million RMB (8.0% YoY growth) - 2025E: 723,411 million RMB (10.0% YoY growth) - 2026E: 780,334 million RMB (7.9% YoY growth) [7] - Adjusted net profit forecasts are: - 2022: 115,649 million RMB - 2023: 157,688 million RMB (36.4% YoY growth) - 2024E: 224,710 million RMB (42.5% YoY growth) - 2025E: 245,071 million RMB (9.1% YoY growth) - 2026E: 280,292 million RMB (14.4% YoY growth) [7] AI Applications and Cloud Business - Tencent's AI applications are integrated with DeepSeek, enhancing capabilities across various services such as social search, financial services, and enterprise solutions [20][21] - The company is focusing on AI-driven advertising, which has already shown significant growth in user engagement and revenue [25][26] - Tencent's cloud revenue is expected to grow as AI applications become more prevalent, contributing over 10% to its IaaS revenue [28] Organizational Adjustments - Recent structural changes at Tencent have moved several AI product lines into the cloud business group, indicating a strategic shift towards unified management of AI applications and infrastructure [16][18] - This adjustment aims to clarify cost and revenue responsibilities while enhancing the efficiency of AI application deployment [16][17] Investment Portfolio and Market Position - Tencent has invested in various internet companies that possess unique scenarios and private data, which are expected to increase in value as AI applications mature [14] - The company is positioned well in the competitive landscape, with a rich ecosystem of applications and a strong user base, allowing it to capitalize on the growing AI market [12][13]

策 略 研 究 新股申购 2025 年 02 月 24 日 永杰新材：国内领先的锂电池铝材供 应商，多领域共同发力 ——注册制新股纵览 20250224 本期投资提示： 相关研究 申 购 请务必仔细阅读正文之后的各项信息披露与声明 策 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 略 证 券 研 究 报 告 - ⚫ AHP 得分——剔除流动性溢价因素后，永杰新材 1.72 分，位于总分的 23.1%分位。永杰 新材于 2025 年 2 月 20 日招股，将在主板上市。剔除流动性溢价因素后，我们测算永杰新 材 AHP 得分为 1.72 分，位于非科创体系 AHP 模型总分 23.1%分位，位于中游偏下水平。 考虑流动性溢价 ...

Investment Rating - The report maintains a "Positive" outlook on the public utility and environmental protection industry, indicating a favorable investment environment for high dividend stocks [1]. Core Insights - The report highlights that the recent market pullback in public utility stocks presents an opportunity for investors, particularly in high dividend yield sectors [2]. - It emphasizes the potential for long-term capital inflows into the market, driven by a low interest rate environment, which enhances the attractiveness of high dividend stocks [2]. - The report notes that H-shares in the public utility sector are undervalued compared to A-shares, offering higher dividend yields, with some companies reaching over 7% [2][3]. - The stability of earnings and improvement in cash flow for municipal environmental companies are expected to lead to sustained dividend increases, making them attractive investment targets [2][4]. Summary by Sections Public Utility Sector - The report predicts a recovery in dividend yields for key thermal and gas companies, with forecasts indicating yields above 4% for thermal power and 4.5% for gas companies by 2024 [2][3]. - It recommends specific companies such as China Nuclear Power and China General Nuclear Power for their growth potential in the nuclear sector [2][3]. - The report identifies several high dividend companies in the public utility sector, including Inner Mongolia Huadian and Sheneng Co., with projected dividend yields ranging from 4.33% to 5.89% [3][7]. Environmental Sector - The report lists high dividend companies in the environmental sector, such as Junxin Co. and Yongxing Co., with dividend yields projected to increase significantly [4][6]. - It highlights the potential for cash flow improvements and debt reduction in municipal environmental companies, which could enhance their dividend-paying capabilities [2][4]. - The report suggests that the environmental sector is poised for growth, particularly in municipal water and solid waste management, with several companies showing strong dividend potential [4][6]. Valuation and Recommendations - The report provides a detailed valuation table for key public utility and environmental companies, indicating a generally favorable price-to-earnings (PE) ratio for many recommended stocks [7][9]. - Specific recommendations include companies like Huadian International Power and China Power, which are expected to outperform the market based on their current valuations and growth prospects [7][9]. - The report emphasizes the importance of selecting stocks with strong dividend histories and stable earnings to maximize investment returns in the current market environment [2][4].

Investment Rating - The report rates the waste incineration industry as "Positive" [3] Core Insights - The waste incineration industry is expected to benefit from the trend of reducing energy consumption in data centers, with a target PUE (Power Usage Effectiveness) of 1.25 by 2025, compared to the current average of 1.48 in 2023 [5] - The collaboration between Pudong Environmental Protection and waste incineration to create a zero-carbon data center is highlighted, with the project expected to provide up to 12.7 EFLOPS of computing power and utilize 70% green electricity from the incineration plant [5] - Waste incineration is recognized as a scarce green and stable energy source, with an annual utilization of nearly 8000 hours, comparable to nuclear power, which can significantly reduce the PUE of data centers [5] - The geographical advantages and expansion potential of waste incineration facilities are emphasized, as they are typically located near urban centers with ample space for expansion [5] - The electricity generation from waste incineration aligns well with the energy demands of medium-sized data centers, with estimated annual generation of 100-200 million kWh [5] - The report suggests that waste incineration companies are likely to see revenue increases as large data centers push for zero-carbon construction, recommending attention to specific companies in the sector [5] Summary by Sections Industry Overview - The waste incineration industry is positioned as a key player in the transition to greener energy solutions, particularly in supporting data centers [5] Company Valuation - A table of major waste incineration companies is provided, detailing their market capitalization and projected net profits for 2023 to 2026, indicating a positive outlook for the sector [6]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [6][43]. Core Insights - The report emphasizes the importance of food security and the ongoing growth in the pet food sector, with domestic brands rising and consumer upgrades being key themes for 2024 and beyond [5][6]. - The "Central No. 1 Document" highlights food security as a priority, with a focus on agricultural productivity and the promotion of genetically modified corn expected to accelerate in 2025 [5][6]. - The report suggests monitoring the trends in agricultural technology and smart agriculture, particularly in the context of the biobreeding industry [5][6]. Summary by Sections Agricultural Sector Performance - The Shenwan Agricultural Index decreased by 0.4% while the CSI 300 increased by 1.0% during the week [5][6]. - Notable stock performances included New Hope (+9.7%), Denghai Seeds (+9.5%), and Shennong Technology (+8.5%) [5][6]. Livestock Farming - Pig prices showed a slight increase, with the average selling price for pigs at 14.81 CNY/kg, up 1.4% week-on-week [5][6]. - The report indicates that the industry may face micro-profit or even losses in the short term, suggesting potential left-side investment opportunities [5][6]. Poultry Farming - The price of white feather broiler chicks has slightly rebounded, with the average price at 1.95 CNY/chick, up 8.3% week-on-week [5][6]. - The report notes that the demand side remains a core constraint on the current poultry market [5][6]. Pet Food Industry - The pet food sector continues to grow steadily, with a total sales figure of 21.6 billion CNY in January, reflecting a year-on-year increase of 4% [5][6]. - The report highlights the strong performance of leading brands such as Guai Bao Pet and Petty Co., with market share expected to increase in 2025 [5][6]. Agricultural Technology and Breeding - The report stresses the importance of agricultural technology and the ongoing transformation in the seed industry, with a focus on biobreeding and smart agriculture [5][6].

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook compared to the overall market performance [1]. Core Insights - The report highlights that the slight tightening of supply and improvement in non-electric demand are expected to slow down the decline in coal prices. Despite high inventory levels putting pressure on prices, factors such as reduced production during Indonesia's Ramadan and rising international shipping costs may provide some support for coal prices [1][4]. - The report emphasizes the recovery of coal supply from Shanxi, with port inflows returning to levels seen in the same period last year. Non-electric industries are gradually ramping up operations, contributing to increased demand for coal [1][4]. - Key companies recommended for investment include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are expected to benefit from increased market coal supply and stable operations [1]. Summary by Sections 1. Recent Industry Policies and Dynamics - Mongolia plans to increase coal exports to China by nearly 20% this year, aiming for a total of 100 million tons by 2025 [8]. - The U.S. has established a National Energy Dominance Council to enhance its energy leadership [8]. - Russia is developing new railways to boost coal exports to China [8]. 2. Domestic Coal Prices - Domestic thermal coal prices have decreased, with specific prices reported for various regions, such as 540 RMB/ton for Datong and 435 RMB/ton for Ordos [9]. - The thermal coal price index in the Bohai Rim region has also seen a decline [9]. 3. International Oil Prices - Brent crude oil prices have slightly increased, with a closing price of $75.60 per barrel [16]. - The ratio of international oil prices to domestic coal prices has risen, indicating a shift in the energy market dynamics [16]. 4. Port Inventory Levels - Inventory levels at the Bohai Rim ports have increased, with a total of 29.68 million tons reported, reflecting a 4.92% week-on-week growth [20]. - The average daily inflow and outflow of coal at these ports have both risen, indicating active market movements [20]. 5. Coastal Shipping Costs - Domestic coastal shipping costs have decreased slightly, with an average freight rate of 22.59 RMB/ton reported [24]. - International shipping costs from Newcastle, Australia to Qingdao, China have increased marginally [24]. 6. Key Company Valuation Table - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts for the coming years [28].

行 业 及 产 业 农林牧渔 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 胡静航 (8621)23297818× hujh@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 2025 年 02 月 24 日 ⚫ 事件：2 月 23 日，2025 年中央一号文件《中共中央 国务院关于进一步深化农村改革 扎实推进乡村全面振兴的意见》发布，重点强调粮食安全、乡村振兴、土地制度改革， 首提"农业新质生产力"，再次强调种业振兴，连续四年提及生物育种。 ⚫ 2025 年的中央一号文件主要分为六个部分：1.持续增强粮食等重要农产品供给保障能 力；2.持续巩固拓展脱贫攻坚成果；3.着力壮大县域富民产业；4.着力推进乡村建设； 5.着力健全乡村治理体系；6.着力健全要素保障和优化配置体质机制。基于农业二级行 业投资的主要领域，我们认为以下要点值得重点关注： ⚫ 粮食安全：仍为重中之重。2 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [6][40]. Core Insights - The report emphasizes that Alibaba is focusing on AI and cloud computing as core strategic areas, with significant investments planned to enhance its capabilities in these domains [6][19]. - The collaboration with Apple to develop localized AI features for iPhone users is expected to enhance Alibaba's AI commercialization pathways [6][39]. - The financial forecasts for Alibaba's revenue are projected at 155.9 billion, 177.3 billion, and 190.2 billion RMB for FY25, FY26, and FY27 respectively, indicating a positive outlook for revenue recovery and growth [6][19]. Summary by Sections 1. AI Innovation and Development - DeepSeek's V3 and R1 series models have been launched, marking a significant advancement in AI capabilities, with performance comparable to leading models like OpenAI's GPT [10][12]. - The introduction of the MoE architecture and other optimizations has significantly reduced training costs, enhancing the commercial viability of AI applications [12][15]. 2. Acceleration of AI Strategy - Alibaba's cloud intelligence group reported a revenue of 31.742 billion RMB for FY3Q25, a 13% year-on-year increase, with AI-related product revenues growing at triple-digit rates for six consecutive quarters [19][24]. - The capital expenditure (Capex) for FY3Q25 reached 31.8 billion RMB, reflecting a substantial increase aimed at bolstering AI and cloud infrastructure [24][27]. 3. Investment Analysis Recommendations - The report projects a valuation space of 26.294 billion RMB for the Taotian Group and 4.196 billion RMB for other businesses, with a target price raised to 174 USD per share, representing a 21% upside potential [6][19]. - The focus on e-commerce, technology, and internet platform products is expected to drive Alibaba's growth trajectory [6][19].

研究支持 任奕璇 A0230123050002 renyx2@swsresearch.com 策 略 研 究 新股研究 2025 年 02 月 23 日 汉朔科技：全球领先的电子价签供应商 ——注册制新股纵览 20250223 投资提示： 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 申 购 策 略 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ AHP 得分——剔除流动性溢价因素后，汉朔科技 2.52 分，位于总分的 34.2%分位。汉朔 科技于 2025 年 2 月 20 日招股，将在创业板上市。剔除、考虑流动性溢价因素后，我们测 算汉朔科技AHP得分分别为2.52分、2.58分，分别位于非科创体系AHP模型总分的34.2%、 42.5%分位，分别处于上游偏上、上游偏上水平。假设以 ...

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