Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market performance [11]. Core Viewpoints - The report emphasizes the importance of long-term capital inflows from insurance funds into the banking sector, which is seen as a significant opportunity for growth in 2025 and beyond [2]. - The recent increase in shareholding by Swiss Re Life in CITIC Bank is attributed to the bank's solid fundamentals, high dividend yield, and relatively large market capitalization [2]. - The banking sector is expected to maintain stability with a focus on high dividends and steady growth, attracting insurance capital [2]. Summary by Sections Investment Opportunities - Insurance companies have made eight significant shareholding increases in banks since the beginning of 2024, indicating a trend towards increased investment in the banking sector [3]. - CITIC Bank's fundamentals are highlighted as being ahead of its peers, with a notable improvement in asset quality and a decrease in non-performing loan ratios [2]. Dividend Appeal - As of March 14, 2025, CITIC Bank's H-share dividend yield stands at 8.9%, which is attractive compared to A-share counterparts, even after accounting for a 20% dividend tax [4]. - The report suggests that the larger free float of CITIC Bank's H-shares aligns well with the investment needs of insurance funds [2]. Market Outlook - The report forecasts that the credit growth in the banking sector will remain stable in 2025, with expectations of improved net interest margins due to delayed interest rate cuts and better liability cost management [2]. - The anticipated stable growth in net profit for listed banks in 2025, combined with high dividend rates, is expected to meet the demands of insurance capital [2]. Stock Recommendations - The report recommends focusing on undervalued joint-stock banks and high-quality regional banks in Jiangsu and Zhejiang provinces, as well as regional banks listed in Hong Kong due to their higher dividend yields and lower acquisition costs [2]. - Specific banks highlighted for investment include Chongqing Bank, Suzhou Bank, and Industrial Bank, with a potential focus on cyclical stocks like China Merchants Bank if economic recovery trends become clearer [2].

航空机场 2025 年 03 月 15 日 2025 年夏航季换季计划出现国内 时刻收缩拐点，国际航班保持平稳 恢复 看好 ——民航航班时刻换季点评 证 券 研 究 报 告 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 研究支持 行 业 及 产 业 交通运输/ 郑逸欢 A0230124010001 zhengyh@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 联系人 郑逸欢 (8621)23297818× zhengyh@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 业 研 究 / 行 业 点 评 行 相关研究 - ⚫ 核心事件：3 月 14 日民航局发布 2025 年夏秋航季计划，整体时刻量同比 24 年- 3.3%。国内航司的国内客运时刻同比 24 年夏航季-4%；国际时刻同比 24 ...

Investment Rating - The report suggests a positive investment outlook for the photovoltaic industry, emphasizing the transition from extensive expansion to technology-driven high-quality development [3][59]. Core Insights - The photovoltaic industry is undergoing a transformation driven by policy and technological innovation, with a focus on short-term opportunities related to the Q2 installation surge and long-term advancements in technologies such as BC and HJT [3][59]. - The report highlights the importance of leading silicon material companies that possess cost advantages and development potential, such as Tongwei Co. and GCL-Poly Energy [3][59]. - Specialized battery companies are expected to benefit from increased demand for batteries due to the growth of local photovoltaic manufacturing capacity overseas, with companies like Junda Co. being highlighted [3][59]. - New technologies, particularly BC and HJT, are identified as key areas for investment, with companies like Aiko Solar and Maiwei Co. expected to gain from these advancements [3][59]. Summary by Sections Current Status - The photovoltaic market is experiencing continuous growth driven by strong demand, with a projected domestic installation of 277.6 GW in 2024, maintaining its position as the global leader in cumulative installed capacity [8][30]. - The supply side is facing challenges, including a significant supply-demand imbalance expected to persist into 2024 [6][30]. Future Outlook - The report anticipates a new cycle of growth driven by anti-involution policies and technological innovation, with a focus on high-quality development [5][30]. - The global photovoltaic market is expected to maintain growth, with emerging markets in Latin America and the Middle East showing strong demand [13][30]. New Markets - The report emphasizes the high growth potential in overseas markets, particularly in the Middle East and Africa, where countries are increasingly investing in photovoltaic projects [51][53]. - India is projected to see significant growth in photovoltaic installations, with annual additions expected to reach 28-38 GW [55][56].

Investment Rating - The report maintains a "Positive" outlook on the transportation industry, particularly highlighting the potential benefits from the upcoming U.S. shipping legislation hearing on March 24, 2025 [4][23]. Core Insights - The report emphasizes the importance of the U.S. shipping legislation and its potential impact on the shipping and logistics sectors, particularly for companies like 德翔海运 (Dexion Shipping) [4][23]. - The report identifies AI-driven logistics as a key factor in reducing logistics costs, with companies like 圆通速递 (YTO Express) expected to benefit significantly from digital transformation initiatives [6][23]. - The report notes a mixed performance across sub-sectors, with the express delivery sector showing the highest growth, while the airline sector faced declines [7][14]. Summary by Sections Industry Performance - The transportation index increased by 1.07%, underperforming the Shanghai Composite Index by 0.52 percentage points [7]. - The express delivery sector saw a significant increase of 3.62%, while the airline transportation sector experienced a decline of 1.81% [7][14]. Shipping and Logistics - The report highlights the volatility in shipping rates, with the VLCC (Very Large Crude Carrier) rates rising by 3% to $35,202 per day, while the Suezmax rates increased by 24% to $51,524 per day [25][24]. - The SCFI (Shanghai Containerized Freight Index) recorded a drop of 8.1%, indicating pressure on container shipping rates [27][39]. Air Transportation - The report suggests that external factors such as oil prices and domestic demand recovery are likely to enhance the airline sector's performance, with a focus on the potential for increased passenger volumes [44]. High Dividend Stocks - The report lists high dividend yield stocks in the transportation sector, including 渤海轮渡 (Bohai Ferry) with a yield of 12.07% and 大秦铁路 (Daqin Railway) with a yield of 7.07% [19][21]. Recommendations - The report recommends关注 (focus on) companies like 中国动力 (China Power), 中国船舶 (China Shipbuilding), and 招商轮船 (China Merchants Energy) for potential investment opportunities [24][23].

行 业 及 产 业 2025 年 03 月 15 日 相关研究 《Manus Agent、物理 AI，两大前沿领域 解析——计算机行业周报 20250303- 20250307》 2025/03/08 《云计算复盘与 AI 展望！持续看好！ — —计算机行业周报 20250224- 20250228》 2025/03/01 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 胡雪飞 A0230522120002 huxf@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230123060004 xupp@swsresearch.com 曹峥 A0230123040004 caozheng@swsresearch.com 陈晴华 A0230123090010 chenqh@swsresearch.com 联系人 ...

行 业 及 产 业 食品饮料 2025 年 03 月 15 日 行 业 研 究 / 行 业 点 评 相关研究 《 政策重视消费 估值持续修复——食品 饮料行业周报 20250303—20250307》 2025/03/08 《 市场风格转换 板块估值修复——食品 饮料行业周报 20250224—20250228》 2025/03/01 《不破不立—2025 年食品饮料行业投资策 略》 2024/12/13 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 严泽楠 A0230524090001 yanzn@swsresearch.com 研究支持 王栗晴 A0230123110002 wanglq@swsresearch.com 联系人 王栗晴 (8621)23297818× wanglq@swsresearch.com 消费政策催化 估值持续修复 看好 ——食品饮料行业周报 20250310—20250314 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信 ...

行 业 及 产 业 家用电器 2025 年 03 月 15 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com iRobot24Q4 亏损扩大，海尔推出 懒人洗衣机产品 看好 ——《2025/3/10-2025/3/14》家电周报 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 - 证券分析师 ⚫ 本周家电板块跑赢沪深 300 指数。本周家电板块跑赢沪深 300 指数。本周申万家用电 器板块指数同比上升 1.9%，同期沪深 300 指数上升 1.6%。重点公司方面，荣泰健康 （12.5%）、飞科电器（10.3%）、科沃斯（7.6%）领涨，倍轻松（-8.7%）、光峰科 技（-5.8%）、公牛集团（-2.0%）领跌。 ⚫ 行业动态：1） iRobot24Q4 亏损扩大。扫地机器人制造商 iRobot 当地时间 3 月 12 ...

Investment Rating - The report maintains a "Positive" rating for the real estate market in Hangzhou [4][6]. Core Views - The report highlights that the economic growth in Hangzhou, driven by the technology sector and a continuous net population increase, creates a favorable environment for real estate investment [3][4]. - It emphasizes that despite a weak overall market, structural opportunities exist, particularly in core first- and second-tier cities, with expectations of a supply-demand reversal and strong resilience [4][5]. Summary by Sections 1. Macroeconomic Overview - Hangzhou's GDP is projected to reach 2.2 trillion yuan in 2024, with a year-on-year growth of 4.7%, ranking 8th among major cities in China [3][13]. - The digital economy and cloud computing sectors contribute to 80% of the GDP, indicating a robust technological foundation for future growth [3][14]. - The city has seen a net population increase of 3.5 million from 2015 to 2023, with a compound annual growth rate (CAGR) of 13.1% in the core four districts [3][29]. 2. Land Market - As of January 2025, Hangzhou's inventory is at a low of 8 months, the lowest among major cities, with core districts showing even shorter cycles of 3-5 months [3][40]. - Land transaction amounts have decreased for three consecutive years, with 2024 figures showing a 34% decline year-on-year, but the core districts' share of total transactions has increased from 40%-45% to 56% [3][50]. - The top three companies in land acquisition for 2024 are Binjiang Group (32%), Greentown China (18%), and Jianfa Real Estate (16%) [3][60]. 3. Sales Performance - The report notes a recovery in market sentiment, with second-hand home transactions surpassing new homes for the first time, accounting for 65% of total sales [3][6]. - The core four districts' share of new home sales has increased from 31% in 2020 to 49% in 2023, indicating a shift in market dynamics [3][6]. - The competitive landscape remains stable, with Binjiang Group, Greentown China, and Jianfa Real Estate leading the market [3][6]. 4. Impact and Opportunities - The report anticipates that sectors such as residential development, intermediary services, and property management will benefit from the improving market conditions in Hangzhou [3][4]. - Key companies expected to benefit include Binjiang Group, Jianfa International, and Greentown China in residential development, and Beike and Wo Ai Wo Jia in intermediary services [3][4]. 5. Investment Recommendations - The report recommends focusing on residential developers like Binjiang Group, Jianfa Shares, and Greentown China, as well as property management firms like Greentown Services and Nandu Property [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of 11.6 billion yuan for 2024, representing a year-over-year increase of 4.7%, and a net profit attributable to shareholders of 9.6 billion yuan, up 17.3% year-over-year [4] - The fourth quarter of 2024 saw a significant increase in revenue and net profit, with figures reaching 4.3 billion yuan and 3.6 billion yuan respectively, marking year-over-year growth of 65.9% and 80.0% [4] - The report highlights that the company's revenue growth is primarily driven by cost reduction and efficiency improvements, with sales expenses down 31% year-over-year [5] Financial Data and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 12.5 billion yuan, 13.4 billion yuan, and 14.2 billion yuan respectively, with year-over-year growth rates of 8.1%, 6.7%, and 6.4% [5] - The net profit attributable to shareholders is expected to be 9.7 billion yuan in 2025, 10.6 billion yuan in 2026, and 10.9 billion yuan in 2027, reflecting growth rates of 0.8%, 9.1%, and 2.9% respectively [5] - The report indicates a decrease in the company's investment income assumptions, leading to a downward revision of profit forecasts for 2025-2027 [5] Business Segments Analysis - The company’s revenue from commission and fee income is projected to grow from 6.1 billion yuan in 2024 to 7.9 billion yuan in 2027 [6] - The report notes that the company’s securities business performed well, with a market share increase in margin financing and securities lending [5] - The fund distribution business saw a decline in revenue, attributed to a decrease in fund sales, but showed signs of recovery in the fourth quarter of 2024 [5]

2025 年 03 月 13 日 中银航空租赁 (02588) ——滞俄飞机减计影响出清，交付掣肘与降息放缓成关键 变量 上 市 公 司 非银金融 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 13 日 | | --- | --- | | 收盘价（港币） | 61.85 | | 恒生中国企业指数 | 8640.61 | | 52 周最高/最低（港币） | 70.25/53.60 | | H 股市值（亿港币） | 429.25 | | 流通 H 股（百万股） | 694.01 | | 汇率（人民币/港币） | 1.0832 | 一年内股价与基准指数对比走势： -3% 17% 37% 57% HSCEI 中银航空租赁 资料来源：Bloomberg 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 事件：3 月 13 日，中银航空租赁披露 2024 ...