有色金属 2025 年 02 月 12 日 证 券 研 究 报 告 行业动态跟踪 主线明确，金价有望延续上行 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 24-01 24-04 24-07 24-10 25-01 沪深300 有色金属 证券分析师 平安观点： 行 业 报 告 行 业 动 态 跟 踪 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 黄金贸易异动显化关税担忧。2024 年底以来金价呈现较强走势，2024 年 12 月以来， COMEX-LBMA 黄金价差走阔，COMEX 金溢价带来的套利 空间引导实物黄金流入美国。我们认为全球黄金库存结构变化是特朗普政 府执政不确定性预期的进一步显化，对黄金关税的担忧催生了库存变化及 套利价差。当前来看全球贸易局势风险上升趋势仍存，全球 ...

其 他 报 告 2025年02月12日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3318 | -0.12 | 1.63 | | 深证成份指数 | 10558 | -0.69 | 4.13 | | 沪深300指数 | 3883 | -0.46 | 1.98 | | 创业板指数 | 2153 | -1.43 | 5.36 | | 上证国债指数 | 224 | 0.01 | 0.23 | | 上证基金指数 | 6895 | -0.54 | 3.10 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 21295 | -1.06 | 4.49 | | 中国香港国企指数 | 7843 | -1.31 | 5.44 | | 中国台湾加权指数 | 23384 | 0.57 | -0.20 | | 道琼斯指数 | 44594 | 0 ...

Investment Rating - The investment rating for Suzhou Bank is "Strongly Recommended" [1][15]. Core Views - Suzhou Bank reported a 3.01% year-on-year increase in operating revenue and a 10.2% increase in net profit attributable to shareholders for the year 2024 [4][9]. - The bank's total assets grew by 15.3% year-on-year, with loans increasing by 13.6% and deposits by 14.6% as of the end of 2024 [4][9]. - The asset quality is improving, with a non-performing loan (NPL) ratio decreasing to 0.83% and a provision coverage ratio rising to 483% by the end of 2024 [9][11]. Summary by Sections Financial Performance - Operating net income for 2024 is projected at 12,068 million yuan, with a year-on-year growth of 2.2% [6]. - Net profit attributable to shareholders is expected to reach 5,080 million yuan in 2024, reflecting a growth of 10.4% [6][13]. - The bank's return on equity (ROE) is forecasted to be 12.6% in 2024, increasing to 13.2% by 2026 [6][13]. Asset Quality - The NPL ratio is expected to improve slightly from 0.84% in 2023 to 0.81% in 2025 [13]. - The provision coverage ratio is projected to decrease from 523% in 2023 to 432% in 2025, indicating a solid buffer against potential loan losses [13]. Growth Projections - The bank's total assets are expected to grow from 698,907 million yuan in 2024 to 805,568 million yuan in 2025 [13]. - Loan growth is anticipated to be robust, with projections of 17% growth rates for the coming years [13]. - The bank's earnings per share (EPS) are forecasted to be 1.28 yuan in 2024, increasing to 1.57 yuan by 2026 [6][9]. Market Position - Suzhou Bank benefits from a favorable regional environment that supports strong credit demand, alongside ongoing expansion in personnel and branches to enhance its competitive edge in wealth management [9].

公 司 报 告 银行 2025 年 2 月 11 日 【平安证券】成都银行（601838.SH）*季报点评*盈利 稳健增长，资产质量保持优异*强烈推荐20241030 成都银行(601838.SH) 营收回暖，资产质量稳健 强烈推荐（维持） 股价：16.46 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bocd.com.cn | | 大股东/持股 | 成都交子金融控股集团有限公司 | | | /19.66% | | 实际控制人 | 成都市人民政府 | | 总股本(百万股) | 4,238 | | 流通 A 股(百万股) | 4,231 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 698 | | 流通 A 股市值(亿元) | 696 | | 每股净资产(元) | 18.84 | | 资产负债率(%) | 93.7 | 行情走势图 相关研究报告 证券分析师 | 袁喆奇 投资咨询资格编号 | | --- | | S1060520080003 | | YUANZHEQI052@pingan.com.cn | | 研究助理 | | 许淼 一般证券从 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - Eli Lilly reported a revenue of $45.043 billion for 2024, a year-on-year increase of 32%, with a net profit of $10.590 billion, up 102% [2][10] - The cardiovascular metabolic segment is the core business for Eli Lilly, generating $29.521 billion in revenue, accounting for 66% of total revenue, primarily driven by the strong sales of Tirzepatide [2][10] - The diabetes market is large and steadily growing, with significant contributions from GLP-1 products [32] Summary by Sections Part 1: 2024 Financial Overview and Key Events - Eli Lilly's total revenue for 2024 was $45.043 billion, with a gross margin of 81.3% and an operating income of $12.899 billion, reflecting a 104% increase year-on-year [7][10] - Key events included the approval of new drugs and significant clinical trial advancements [11][13] Part 2: Core Product Sales Analysis - Tirzepatide sales reached $11.540 billion for the diabetes version (Mounjaro) and $4.926 billion for the weight loss version (Zepbound), together contributing $16.466 billion, which is 37% of Eli Lilly's total revenue [15] - The sales of Dulaglutide decreased by 26% to $5.254 billion due to competition from Tirzepatide [18] - Empagliflozin sales increased by 23% to $3.341 billion, benefiting from its coverage of diabetes and related conditions [21] Part 3: 2025 Pipeline Milestones - Clinical advancements include the initiation of Phase III trials for Orforglipron and Olomorasib, with several data readouts expected in 2025 [26] - Eli Lilly anticipates submitting applications for multiple products, including Tirzepatide for heart failure and Orforglipron for obesity [26] Part 4: 2025 Outlook - Eli Lilly projects a revenue growth of 41.5%-43.5% for 2025, estimating total revenue between $58 billion and $61 billion [29][30] - The expected earnings per share (EPS) for 2025 is projected to be between $22.50 and $24.00 [29]

Investment Rating - Industry investment rating is "Outperform the Market" [13] Core Viewpoints - BYD's intelligent driving strategy aims to popularize smart driving features, marking the beginning of a "smart driving era" for the public [3][7] - The launch of the "Tian Shen Zhi Yan" intelligent driving solutions across BYD's entire model range is expected to enhance the penetration of intelligent driving features, particularly in the price range below 200,000 yuan [7][10] - BYD's "Tian Shen Zhi Yan C" system includes advanced perception capabilities and is set to cover the high-speed NOA function for models priced below 200,000 yuan, with the lowest priced model starting at 78,800 yuan [7][10] Summary by Sections Intelligent Driving Technology - BYD introduced three intelligent driving technology solutions: Tian Shen Zhi Yan A, B, and C, with the C version featuring 12 cameras, 5 millimeter-wave radars, and 12 ultrasonic radars [3][7] - The Tian Shen Zhi Yan C system enables high-speed NOA, smart parking, and urban memory navigation, with the latter expected to be available via OTA updates by the end of 2025 [7] Market Impact - BYD's strategy is likely to accelerate the adoption of intelligent driving features across the industry, compelling competitors to quickly follow suit [7][10] - The intelligent driving capabilities, especially high-speed NOA, are anticipated to become a significant factor for consumers when purchasing vehicles, potentially diminishing the competitiveness of vehicles lacking such features [10] Competitive Landscape - The report highlights that while BYD is a follower in terms of releasing intelligent driving functions, it plays a crucial role in driving the overall industry's penetration rate [7][10] - Competitors like XPeng Motors are expected to introduce urban NOA features at lower price points, indicating a competitive pressure in the market [7][10] Investment Recommendations - The report suggests that the intelligent driving strategy will benefit companies in the intelligent driving supply chain, including manufacturers of driving chips, cameras, and sensors [10] - Specific companies recommended for investment include Baolong Technology, Desay SV, and Huayang Group, among others [10]

养老备忘录系列（七）： 落魄的模范：智利养老金体系改革的简要回顾 证券分析师 | 陈骁 | 投资咨询资格编号 | | --- | --- | | | S1060516070001 | | | CHENXIAO397@pingan.com.cn | | 郝博韬 | 投资咨询资格编号 | | | S1060521110001 | | | HAOBOTAO973@pingan.com.cn | | 石艺 | 投资咨询资格编号 | | | S1060524070003 | | | SHIYI262@pingan.com.cn | 1 月 30 日，智利国会批准了智利政府对养老金体系改革的提案。借此机会，我 们对智利养老金体系的发展历史和现状进行了回顾，并探讨了其借鉴意义。 平安观点： 当前智利养老保险体系的运作及本轮改革内容 智利的养老金体系为完全积累制，主要包括两个部分：一般养老金和通用 保障养老金（PGU）。其中，一般养老金完全由职工缴纳，由养老金管理机 构（AFP）管理并发放；PGU 则是财政支持的老年贫困补贴。 本轮养老金改革主要包括三个部分：第一，新增雇主缴款。目前，智利的 养老金完全由职工个人缴费，缴费率 ...

非银行金融 2025 年 02 月 11 日 行业动态跟踪 险资投资黄金试点开启，优化资产配置、分散投资风险 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业年度策略报告-非银行金融-保险行 业 2025 年度策略：稳中求进，变革图强-强于大市 20241213 【平安证券】行业年度策略报告-非银行金融-证券行 业 2025 年度策略：拐点已现，景气可期-强于大市 20241213 证券分析师 | 王维逸 | 投资咨询资格编号 | | --- | --- | | | S1060520040001 | | | BQC673 | | | WANGWEIYI059@pingan.com.cn | | 李冰婷 | 投资咨询资格编号 | | | S1060520040002 | | | LIBINGTING419@pingan.com.cn | | 陈潇榕 | 投资咨询资格编号 | | | S1060523110001 | | | CHENXIAORONG186@pingan.com.cn | | 韦霁雯 | 投资咨询资格编号 | | | S1060524070004 | | | WEIJIWEN854@p ...

非银行金融 【平安证券】行业年度策略报告-非银行金融-保险行 业 2025 年度策略：稳中求进，变革图强-强于大市 20241213 【平安证券】行业年度策略报告-非银行金融-证券行 业 2025 年度策略：拐点已现，景气可期-强于大市 20241213 证券分析师 | 王维逸 | 投资咨询资格编号 | | --- | --- | | | S1060520040001 | | | BQC673 | | | WANGWEIYI059@pingan.com.cn | | 李冰婷 | 投资咨询资格编号 | | | S1060520040002 | | | LIBINGTING419@pingan.com.cn | | 陈潇榕 | 投资咨询资格编号 | | | S1060523110001 | | | CHENXIAORONG186@pingan.com.cn | | 韦霁雯 | 投资咨询资格编号 | | | S1060524070004 | | | WEIJIWEN854@pingan.com.cn | 事项： 2025 年 02 月 11 日 行业动态跟踪 险资投资黄金试点开启，优化资产配置、分散投资风险 强于大 ...

其 他 报 告 2025年02月11日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3322 | 0.56 | 1.63 | | 深证成份指数 | 10631 | 0.52 | 4.13 | | 沪深300指数 | 3901 | 0.21 | 1.98 | | 创业板指数 | 2184 | 0.44 | 5.36 | | 上证国债指数 | 224 | -0.01 | 0.23 | | 上证基金指数 | 6933 | 0.67 | 3.10 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 21522 | 1.84 | 4.49 | | 中国香港国企指数 | 7947 | 2.09 | 5.44 | | 中国台湾加权指数 | 23252 | -0.96 | -0.20 | | 道琼斯指数 | 44470 | 0.38 | ...