Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown steady performance in Q1, with a 11% year-on-year increase in visitor numbers to Macau and a 9% quarter-on-quarter increase. The total gaming revenue in Macau for Q1 was HKD 56 billion, reflecting a 1% year-on-year growth [1] - The company is confident in its long-term prospects, as evidenced by plans to increase the dividend payout ratio to 50% and distribute a final dividend of HKD 0.5 per share in June 2025 [2] - The opening of the Capella hotel is expected to attract high-end customers, enhancing the luxury hotel experience in Macau [3] Financial Performance Summary - Q1 net revenue reached HKD 11.2 billion, a 6.2% year-on-year increase, with gaming and non-gaming segments contributing HKD 8.9 billion and HKD 1.6 billion respectively [1] - The adjusted EBITDA for Q1 grew by 16.3% to HKD 3.3 billion, with an EBITDA margin of 29.4%, up by 2.6 percentage points year-on-year [1] - Revenue projections for 2025-2027 are estimated at HKD 46.1 billion, HKD 50.0 billion, and HKD 54.7 billion respectively, with year-on-year growth rates of 6.1%, 8.5%, and 9.3% [3][4] Market Position and Events - The company has increased its market share during the May Day holiday, with a series of events planned for Q2 expected to drive demand further [2] - Upcoming major events include concerts by BTS and G-Dragon, which are anticipated to positively impact Q2 performance [2] Valuation Metrics - The current market capitalization corresponds to a 9.7x EV/EBITDA for 2025, indicating a favorable valuation [3] - Financial ratios such as P/B are projected to decrease from 2.0 in 2023 to 1.5 by 2027, suggesting improving value over time [4][11]

NV 芯片出口限制缩减，中东新增较大芯片需求。2025 年 5 月 13 日， 美国 BIS 宣布撤销拜登政府时期的《人工智能扩散暂行最终规则》，原 规则规定了对全球 AI 芯片出口的限制措施，将全球划分为三个不同 "层级"的区域，并据此决定不同国家和地区从美国获取先进的人工 智能技术和 CPU 芯片的范围。在 2025 年 5 月 13 日沙特—美国投资论 坛期间，英伟达宣布将向沙特 AI 公司 Humain 交付超过 1.8 万颗最新 GB300 Blackwell 芯片，以共同部署一个 500 兆瓦的 AI 基础设施项目。 此外，AMD 为沙特的"跨大西洋 AI 走廊"项目提供价值百亿美元的芯 片与软件支持，高通与 Humain 签署谅解备忘录，计划在沙特开发和 构建基于高通边缘和数据中心解决方案的尖端 AI 数据中心。美国政府 还与阿联酋建立"美阿人工智能加速伙伴关系"框架，将联手打造拥有 5 吉瓦数据中心的人工智能园区，将向阿联酋 G42 公司运送数十万块 美国设计的人工智能芯片。 海外 CSP 持续加码 AI 投资，2025 年资本开支维持高位增长。2025Q1 海外四大 CSP 合计资本开支为 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 17 年 月 日 房地产 C-REITs 周报——二级延续上行，保障房、消费持续走强 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.39%。截至 5.16，本周（5.10- 5.16，下同）中证 REITs（收盘）指数上涨 1.24%，收于 859 点；中 证 REITs 全收益指数上涨 1.39%，收于 1076.8 点。本周沪深 300/恒 生/中债十年期国债/房地产（（申万）/恒生地产建筑业/高速公路（（申万） 指数上涨 1.12%/上涨 2.09%/下跌 0.53%/下跌 0.31%/下跌 0.00%/ 下跌 1.33%。其中恒生指数本周涨幅最高，REITs 全收益指数排行第 2。 本年中证 REITs 全收益指数涨幅为 11.25%。截至 5.16，本年中证 REITs（收盘）指数涨幅为 8.79%，中证 REITs 全收益指数涨幅为 11.25%。本年沪深 300/恒生/中债十年期国债/房地产（（申万）/恒生地 产建筑业/高速公路（申万）指数分别下跌 1.16%/上涨 16.38%/下跌 0.30%/下跌 7. ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 17 年 月 日 计算机 大厂 Capex 加速增长 阿里、腾讯 Capex 实质更乐观，AI 基建正式启动。推理端对高性能计算的需求快速释放， 阿里、腾讯等大厂 Capex 持续扩张，云上游上行周期正式启动。1）2025Q1 阿里资本开支 为 246.12 亿元，同比增长 120.68%；2025Q1 阿里云表现亮眼，收入 301.27 亿元，同比增 长 17.71%。同时，根据阿里巴巴资本性支出承诺事项，2024 年 3 月 31 日及 2025 年 3 月 31 日已签约但尚未计提的资本性支出承诺总金额分别为 183.72 亿人民币及 453.21 亿人民 币，之前季度报告基本不披露此数据，资本开支承诺金额超预期。2025 年 2 月 24 日，阿里 CEO 吴泳铭宣布，未来三年阿里将投入超 3800 亿元用于建设云和 AI 硬件基础设施，产业 端持续释放积极信号。2）2025Q1 腾讯资本开支 274.76 亿，相比之下，去年同期 2024Q1 约 144 亿，同比+91.35%。2025 年 3 月 19 日，腾讯控股公告，202 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown steady performance in Q1, with a 6.2% year-on-year increase in net revenue to HKD 11.2 billion, driven by a significant increase in visitor numbers and entertainment events in Macau [1][2] - The opening of the Capella hotel is expected to attract high-end customers and set a new benchmark for luxury hotels in Macau, enhancing the company's appeal to ultra-high-net-worth individuals [3] - The company plans to increase its dividend payout ratio to 50%, reflecting confidence in its long-term prospects [2] Financial Performance Summary - Q1 visitor numbers in Macau increased by 11% year-on-year and 9% quarter-on-quarter, with a 64% increase in traffic attributed to major entertainment events [1] - Q1 adjusted EBITDA grew by 16.3% to HKD 3.3 billion, with an EBITDA margin of 29.4%, up 2.6 percentage points year-on-year [1] - Revenue projections for 2025-2027 are estimated at HKD 46.1 billion, HKD 50.0 billion, and HKD 54.7 billion, representing year-on-year growth rates of 6.1%, 8.5%, and 9.3% respectively [3][4] Market Position and Events - The company has increased its market share during the May Day holiday, with a series of events expected to drive demand in Q2, including concerts and international competitions [2] - The company is set to host several high-profile events, including concerts by BTS and G-Dragon, which are anticipated to further boost performance [2] Valuation Metrics - The current market capitalization is approximately HKD 140.2 billion, with an EV/EBITDA multiple of 9.7x for 2025 estimates [4][5] - The projected return on equity (ROE) is expected to improve from 10.1% in 2023 to 14.6% by 2027 [11]

证券研究报告 | 行业周报 gszqdatemark 2025 05 17 年 月 日 电子 周观点：AI 芯片出口限制缩减，NV 需求高增 美国 BIS 废除 AI 芯片扩散规则，新增大量芯片订单。规则废除后， 以英伟达、AMD 为代表的美企芯片出口限制缩减，芯片需求增量较大， 英伟达核心产业链上的公司有望充分受益于新增需求。 NV 芯片出口限制缩减，中东新增较大芯片需求。2025 年 5 月 13 日， 美国 BIS 宣布撤销拜登政府时期的《人工智能扩散暂行最终规则》，原 规则规定了对全球 AI 芯片出口的限制措施，将全球划分为三个不同 "层级"的区域，并据此决定不同国家和地区从美国获取先进的人工 智能技术和 CPU 芯片的范围。在 2025 年 5 月 13 日沙特—美国投资论 坛期间，英伟达宣布将向沙特 AI 公司 Humain 交付超过 1.8 万颗最新 GB300 Blackwell 芯片，以共同部署一个 500 兆瓦的 AI 基础设施项目。 此外，AMD 为沙特的"跨大西洋 AI 走廊"项目提供价值百亿美元的芯 片与软件支持，高通与 Humain 签署谅解备忘录，计划在沙特开发和 构建基于高通边 ...

Group 1: Financial Investment Trends - The financial investment growth rate for listed banks showed divergence, with rural commercial banks rebounding to 8.30% in Q1 2025 after a decline in 2024[2] - State-owned banks' financial investment growth was weaker compared to other types of banks due to liability pressures[2] - The average contribution of investment net income to revenue increased, with contributions for state-owned, joint-stock, city commercial, and rural commercial banks at 6.95%, 18.56%, 25.86%, and 28.85% respectively in Q1 2025[2][31] Group 2: OCI Account and Profit Realization - The average proportion of OCI accounts increased to 32.5%, while the average AC proportion decreased to 47.5% in Q1 2025, indicating a greater reliance on OCI accounts for profit adjustment[2][28] - Estimated remaining sellable old bonds for listed banks is approximately 4.5 trillion yuan, with state-owned banks holding about 2.8 trillion yuan[4] - The pressure to sell bonds may re-emerge in Q2, raising questions about the remaining space for selling old bonds[3] Group 3: Profitability and Cost Management - The average net profit growth rate for listed banks declined from 4.83% in 2024 to 2.29% in Q1 2025, with some banks experiencing negative growth[19] - Average interest margin narrowed to 1.58% in Q1 2025, down from 1.61% in 2024, indicating ongoing profitability pressure[21] - Interest income remains the primary revenue source, but the average interest net income for state-owned banks decreased by 2.75% year-on-year[23] Group 4: Asset Quality and Risk - Overall asset quality improved, but potential risks accumulated, particularly with an increase in the proportion of special mention loans for rural commercial banks[5] - The capital adequacy ratio for various banks declined, with state-owned banks experiencing the most significant drop, indicating pressure on capital retention capabilities[5]

Investment Rating - The report maintains a "Buy" rating for JD Group, with a target price of 41 USD and 162 HKD based on a 9x 2025e P/E ratio [3][5]. Core Insights - JD Group reported a revenue of 301.1 billion CNY for Q1 2025, representing a year-on-year growth of 15.8%. The revenue breakdown includes JD Retail at 263.8 billion CNY, JD Logistics at 47.0 billion CNY, and new businesses at 5.8 billion CNY, with respective growth rates of 16.3%, 11.5%, and 18.1% [1]. - The company achieved a non-GAAP net profit of 12.8 billion CNY for the same quarter, marking a 43% increase year-on-year, with a non-GAAP net profit margin of approximately 4.2% [1]. - The growth in the consumer electronics category was particularly strong, with revenue reaching 144.3 billion CNY, up 17.1% year-on-year, driven by supportive consumption policies and JD's supply chain advantages [1]. - JD's expansion into the food delivery business has seen rapid growth, with over 1 million stores onboarded and daily orders approaching 20 million, enhancing cross-selling opportunities within its platform [2]. Financial Summary - The projected revenues for JD Group from 2025 to 2027 are 1,300.2 billion CNY, 1,451.1 billion CNY, and 1,607.8 billion CNY, with growth rates of 12%, 12%, and 11% respectively [3][4]. - Non-GAAP net profits are expected to reach 51.0 billion CNY, 57.0 billion CNY, and 64.6 billion CNY for the same period, with growth rates of 7%, 12%, and 13% respectively [3][4]. - The report indicates a steady improvement in profit margins, with non-GAAP net profit margins projected to stabilize around 3.9% to 4.0% in the coming years [4][12].

Group 1: Key Insights from Reports - The report highlights a divergence in financial investment growth rates among large and small banks, with state-owned banks showing signs of profit-taking through bond sales in Q1 2025 [3] - The overall asset quality of banks is improving, but there is a buildup of potential risks due to insufficient internal growth momentum and a rebound in credit issuance, which puts pressure on capital [4] - The bond market is expected to experience a downward trend in interest rates, with banks expanding their OCI accounts and utilizing floating profits to adjust earnings, potentially increasing volatility in long-term bonds [4] Group 2: Industry Performance - The banking sector has shown a year-on-year growth of 23.5%, indicating strong performance compared to other industries [1] - The report notes that credit demand remains low, with April 2025 showing signs of bottoming out, and a continued easing of monetary policy is anticipated to support private credit demand [4] - The report suggests that the short-term interest rates are expected to decline, enhancing the yield curve and making short-term government bonds more attractive compared to certificates of deposit [4] Group 3: Company-Specific Insights - JD Group reported a revenue of 301.1 billion yuan in Q1 2025, marking a year-on-year growth of 15.8%, with the launch of its food delivery service contributing significantly to its ecosystem [6] - The company has expanded its food delivery service to over 1 million stores, achieving nearly 20 million daily orders, showcasing its rapid growth and market penetration [6] - The forecast for JD Group's revenue from 2025 to 2027 is projected to be 1,300.2 billion, 1,451.1 billion, and 1,607.8 billion yuan, with a consistent growth rate of around 12% [6]

Group 1 - The report indicates that credit demand from enterprises remains weak due to debt replacement, with April's new credit at 280 billion yuan, a year-on-year decrease of 450 billion yuan [1][7] - Specifically, enterprise medium and long-term loans decreased by 160 billion yuan year-on-year to 250 billion yuan, while short-term loans fell by 70 billion yuan to -480 billion yuan [1][7] - The report highlights that government bonds are the main support for social financing, with April's new social financing at 1.1591 trillion yuan, a year-on-year increase of 1.2249 trillion yuan, and a social financing stock growth of 8.7% [2][10] Group 2 - M2 growth is reported at 8%, an increase of 1 percentage point from the previous month, primarily driven by an expansion in non-bank deposits [3][21] - The report suggests that the monetary policy easing environment is likely to continue, with the recent rate cuts in May marking the beginning of a broader easing cycle [3][23] - The bond market is expected to experience a shift from short to long-term, with the yield curve anticipated to first steepen and then flatten, as short-term rates decline [4][23]