Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, including China State Construction, China Railway, and China Communications Construction [4]. Core Insights - The report highlights an increase in the proportion of public fund holdings in the construction and decoration sector, with a total market value of 1.91% of A-shares, reflecting a 3.7% quarter-on-quarter growth [3][11]. - Key sub-sectors such as steel structures and housing construction have seen an increase in public fund holdings, while international engineering and landscaping sectors have experienced a decrease [15][19]. - The report emphasizes the potential for recovery in valuations and earnings per share (EPS) due to improved corporate balance sheets and order volumes, driven by stable growth and debt resolution funds [40]. Summary by Sections 1. Public Fund Holdings in Construction Industry - Public funds' holdings in the construction and decoration sector increased to 0.58%, up 0.14 percentage points from the previous quarter [3][11]. - The total market value of the SW construction and decoration sector reached 188.69 billion CNY, with a year-on-year decrease of 8.1% in fund holdings [3][11]. 2. Sub-sector Performance - The housing construction sector's public fund holding ratio rose to 0.217%, primarily due to an increase in shares of China State Construction [15][19]. - The steel structure sector's holding ratio increased to 0.142%, driven by a rise in shares of Honglu Steel Construction [19]. - Conversely, the international engineering sector saw a decline in its holding ratio to 0.018% [19]. 3. Key Companies and Their Holdings - The top five companies by heavy holdings include China State Construction, Honglu Steel Construction, China Railway, Tunnel Corporation, and China Chemical, with respective heavy holding market values of 35.10, 23.55, 6.82, 5.04, and 4.33 billion CNY [38]. - Notable increases in heavy holdings were observed in companies like Zhongyan Dadi and China Communications Construction, with increases of 2210.1% and 909.3% respectively [38]. 4. Investment Recommendations - The report suggests focusing on four main investment themes: valuation recovery, growth in domestic demand, technology growth, and international engineering opportunities [40]. - Specific companies recommended for investment include Shandong Road and Bridge, Zhejiang Communications, and China Nuclear Engineering, among others [40].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, including China State Construction, China Railway, and China Communications Construction [4]. Core Insights - The report highlights an increase in the proportion of public fund holdings in the construction and decoration sector, with a total market value of 1.91% of A-shares, reflecting a 3.7% quarter-on-quarter growth [3][11]. - The report identifies a shift in public fund allocations towards cyclical stocks, power engineering, and low-altitude economy sectors, indicating a positive outlook for these areas [41]. - Investment recommendations focus on sectors expected to benefit from stable growth, including effective investments in water conservancy, mining, and communication [43]. Summary by Sections Section 1: Public Fund Holdings - Public fund holdings in the construction and decoration sector increased to 0.58%, up 0.14 percentage points from the previous quarter [3][11]. - The total market value of the SW construction and decoration sector reached 188.69 billion CNY, with a total fund holding value of 9.613 billion CNY, reflecting a year-on-year decrease of 8.1% [3][11]. Section 2: Subsector Performance - The report notes an increase in public fund holdings in the housing construction sector to 0.217%, up 0.048 percentage points, primarily due to increased holdings in China State Construction [15][19]. - The steel structure sector saw a rise in public fund holdings to 0.142%, up 0.057 percentage points, driven by increased shares in Honglu Steel Structure [19][41]. - Conversely, the international engineering sector experienced a decline in holdings to 0.018%, down 0.010 percentage points [19][22]. Section 3: Company Performance - Key companies such as China State Construction, Honglu Steel Structure, and China Railway saw significant increases in their public fund holdings, with respective market values of 3.510 billion CNY, 2.355 billion CNY, and 0.682 billion CNY [41][42]. - Notable increases in holdings were observed in companies like Zhongyan Dadi and China Communications Construction, with increases of 2210.1% and 909.3% respectively [41][42]. Section 4: Investment Recommendations - The report suggests focusing on companies with strong balance sheets and improving order volumes, recommending firms like Shandong Road and Bridge, Zhejiang Communications, and Anhui Construction [43]. - It emphasizes the potential for stable growth in infrastructure investment in 2025, particularly in effective investment areas [43].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - Palantir's Q4 2024 revenue grew rapidly, reaching $828 million, a year-on-year increase of 36% and a quarter-on-quarter increase of 14%. The net profit for the quarter was $79 million, a decrease of 15% year-on-year. For the entire fiscal year 2024, revenue reached $2.866 billion, up 29% year-on-year, with a net profit of $462 million, a significant increase of 120% [7] - The guidance for fiscal year 2025 is positive, with revenue expected to be between $3.741 billion and $3.757 billion, representing a year-on-year growth of approximately 31%. The commercial sector is projected to exceed $1.079 billion, with at least a 54% increase year-on-year [7] - The report emphasizes the potential applications of AI in the defense sector, particularly in areas such as unmanned equipment, intelligent weapons, battlefield situational awareness, electronic warfare, and simulation training [7] Summary by Sections Financial Performance - In Q4 2024, Palantir's sales to U.S. government users increased by 45% year-on-year, reaching $343 million, with total annual sales of $1.2 billion, a 30% increase year-on-year. The number of customers grew by 43% year-on-year and 13% quarter-on-quarter [7] - Contracts with U.S. military branches were expanded, including a $36.8 million contract with USSOCOM and a $619 million contract with the U.S. Army [7] Investment Opportunities - The report suggests focusing on potential investment opportunities in the defense sector driven by the global AI technology development wave, particularly in unmanned systems and smart weapons [7] - Specific companies to watch include 中科星图, 国睿科技, and 星图测控, among others, in the battlefield situational awareness and decision-making space [7] Valuation and Financial Analysis - The report includes a valuation table for key companies in the defense sector, providing metrics such as EPS, PE ratios, and ROE for companies like 中科星图, 中航沈飞, and 紫光国微 [8]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of CNY 31.29 and HKD 22.35, and a fair value of CNY 41.92 and HKD 31.59 [4]. Core Views - The company is expected to achieve significant profit growth in 2024, with a projected net profit of CNY 422-463 billion, representing a year-on-year increase of 55%-70%. This growth is driven by a rising equity market and a low profit base from 2023 [8]. - The report anticipates stable growth in intrinsic value, with an expected increase of 6.9% in 2024, despite potential downward adjustments in investment return assumptions due to declining long-term interest rates [8]. - The company is expected to maintain a robust performance in its insurance services, with stable growth in premium income across various channels, including individual insurance and group insurance [9][10]. Financial Forecasts - The report provides detailed financial forecasts for the company from 2022 to 2026, including: - Intrinsic value (CNY million): 519,621 in 2022, projected to grow to 681,436 by 2026, with a CAGR of 9.84% [2]. - New business value (CNY million): Expected to increase from 9,205 in 2022 to 15,825 by 2026 [2]. - Net profit attributable to shareholders (CNY million): Forecasted to rise from 37,481 in 2022 to 48,827 by 2026, with a notable increase of 66.36% in 2024 [2]. - EPS (CNY): Expected to grow from 2.56 in 2022 to 5.08 by 2026 [2]. Premium Income Projections - The report outlines premium income projections, indicating: - New individual insurance premiums are expected to grow at rates of +11.4% in 2024, +7.8% in 2025, and +11.9% in 2026 [9]. - The total premium income growth is projected at +1.3% in 2024, +7.1% in 2025, and +7.7% in 2026 [9][14]. Profitability and Valuation - The report highlights profitability metrics, including: - The company's net profit growth rates are projected at +66.4% in 2024, +1.2% in 2025, and +6.4% in 2026 [10]. - The report assigns a PEV valuation of 0.65X for A-shares and 0.45X for H-shares, with a fair value of CNY 41.92 per share and HKD 31.59 per share [12].

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The global aerospace industry is experiencing high prosperity, and attention should be paid to the progress of domestic commercial aerospace construction [2] - The report highlights the rapid development of the global aerospace industry in 2024, with several overseas commercial rocket companies planning test flights of new rocket models in 2025. SpaceX is expected to launch 175-180 Falcon rockets and expand Starship testing [7] - Domestic private rocket companies are also expected to conduct test flights of key rocket models in 2025, with the Long March 8 rocket anticipated to launch soon [7] - The report suggests focusing on leading companies in the domestic satellite and launch vehicle industry chain, including Shanghai Hanxun, Guangwei Composites, and others [7] Summary by Sections Industry Overview - The report indicates that the global commercial aerospace industry is in a high-growth phase, with significant advancements expected in 2025 for China's commercial aerospace sector [7] Key Companies and Financial Analysis - The report includes a valuation and financial analysis of key companies in the defense and aerospace sector, highlighting their stock performance, earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) [8]

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The supply contraction trend is clear, and it is a good time for left-side layout [6] - The domestic raw milk supply still requires import supplementation, with imports accounting for about 20% [6] - The core of domestic supply lies in the number of dairy cows and yield levels, while imports depend on domestic and foreign price differences [6] - A supply turning point is gradually emerging, with a new cycle expected to begin in 2025 [6] - The investment suggestion emphasizes that the supply contraction trend is clear, and the industry is expected to benefit from the upcoming price cycle [6] Summary by Sections 1. High Degree of Industry Chain Scale, Domestic Raw Milk Supply Requires Import Supplementation - The raw milk industry is positioned upstream in the dairy product supply chain, with upstream farms selling raw milk to processing enterprises [15] - Domestic milk production has steadily increased, with a 36.5% growth from 2018 to 2023 [19] - Currently, about 20% of the domestic fresh milk supply needs to be supplemented by imported powder [19] 2. Supply Turning Point Gradually Emerging, New Cycle Expected in 2025 - The current downward cycle has lasted over three years, with a price adjustment depth greater than previous cycles [53] - As of December 2024, the cumulative reduction in dairy cow inventory is 4.55% [58] - The domestic raw milk price has fallen to around 3.12 CNY/kg, with social scattered milk prices dropping below cash cost lines [58] 3. Investment Recommendations - The supply contraction trend is clear, and the industry is expected to benefit from the upcoming price cycle [6] - Key companies to focus on include Modern Farming (01117.HK), Youran Agriculture (09858.HK), and Western Farming [6]

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The report emphasizes the importance of promoting long-term capital into the market to enhance the intrinsic stability of the market [7] - The growth in insurance premium income is driving an increase in the balance of funds utilized, with a year-on-year increase of 14% reaching 32.2 trillion yuan [7] - The report identifies three main bottlenecks for long-term capital entering the market, including short performance assessment cycles, the need for a more attractive investment ecosystem, and regulatory pressures on insurance companies [7] - The introduction of policies aimed at enhancing market stability is expected to improve investor confidence and resource allocation [7] - The report suggests that as external uncertainties and internal responses gradually materialize, market activity is likely to rebound [7] Summary by Sections Policy and Market Dynamics - On January 22, 2025, a joint implementation plan was issued by several financial regulatory bodies to encourage long-term capital market participation [7] - The report notes that insurance funds are currently a significant source of stable incremental capital in the equity market [7] Financial Performance and Projections - The report highlights that the insurance sector's asset allocation is under pressure due to a low interest rate environment, with a current equity allocation ratio of 20.4% [7] - The solvency adequacy ratio for the insurance industry stands at 197.4%, indicating room for increased equity investment [7] Investment Recommendations - The report recommends focusing on the non-bank financial sector for potential investment opportunities, particularly as policies are expected to stabilize the capital market [7] - The report also suggests that the market's active participation is anticipated to increase as new capital flows in [7]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 26.75 and a target value of HKD 34.20 [4][248]. Core Insights - The company is a leading urban gas provider in China, with a strong focus on city gas operations and a significant market share, achieving a compound annual growth rate (CAGR) of 25% in gas sales from 2008 to 2023 [9][39]. - The company is expected to benefit from the recovery of LNG prices and the implementation of pricing policies that will enhance profitability [9][248]. - The report highlights the company's robust financial health, with a return on equity (ROE) consistently above 10% and a dividend payout ratio increasing to 50.3% in 2023, indicating strong shareholder returns [9][94]. Summary by Sections 1. Company Overview - The company is backed by China Resources Group and has been deeply involved in the urban gas sector for over 20 years, ranking among the top three in gas sales nationwide [21][23]. - As of 2024H1, the company operates 276 urban gas projects across 25 provinces, with a coverage of 97.08 million users [31][39]. 2. Pricing and Profitability - The company has seen a recovery in profitability due to the stabilization of gas prices and the implementation of a pricing mechanism that aligns sales prices with procurement costs [9][160]. - The average selling price of gas in 2023 was HKD 3.50 per cubic meter, with a gross margin of HKD 0.51 per cubic meter, showing improvement from previous years [160][248]. 3. Business Segments - Gas sales accounted for 82% of total revenue in 2023, with a significant contribution from the connection business, which, despite its smaller share, has a high profit margin [55][241]. - The comprehensive service segment has been growing rapidly, with revenues reaching HKD 40.45 billion in 2023, driven by kitchen and heating services [202][204]. 4. Financial Projections - The company is projected to achieve net profits of HKD 50 billion, HKD 57 billion, and HKD 63 billion for the years 2024 to 2026, respectively, with corresponding earnings per share (EPS) of HKD 2.17, HKD 2.44, and HKD 2.73 [9][243]. - The report anticipates a gradual recovery in gross margins, with expected improvements in the gas sales segment due to favorable pricing policies [239][240]. 5. Market Dynamics - The urban gas market in China is expected to continue growing, driven by increasing urbanization and the demand for cleaner energy sources [97][106]. - The company is well-positioned to capitalize on these trends, with a strategic focus on expanding its service offerings and enhancing customer engagement through innovative service models [207][212].

Investment Rating - The report maintains a "Buy" rating for Shenzhen Airport (000089.SZ) with a target price of 7.84 CNY, indicating an expected upside from the current price of 6.88 CNY [3]. Core Views - The company is projected to achieve a net profit of 39.98 million to 44.38 million CNY in 2024, representing a year-on-year growth of 0.78% to 11.88%. The non-recurring net profit is expected to grow significantly by 289.24% to 327.59% [8]. - The strategic partnership with "Zhongji Renjian" and "Low-altitude Industry Service Company" aims to enhance the company's presence in the smart airport and low-altitude economy sectors, which is expected to boost domestic demand [8]. - The report highlights a strong recovery in passenger throughput, with an expected annual total of over 60 million passengers in 2024, a 16.6% increase year-on-year [8]. Financial Summary - **Revenue Forecast**: - 2022: 2,671 million CNY - 2023: 4,165 million CNY (growth of 55.9%) - 2024: 4,531 million CNY (growth of 8.8%) - 2025: 4,912 million CNY (growth of 8.4%) - 2026: 5,291 million CNY (growth of 7.7%) [2] - **Net Profit Forecast**: - 2022: -1,124 million CNY - 2023: 397 million CNY (growth of 135.3%) - 2024: 437 million CNY (growth of 10.2%) - 2025: 639 million CNY (growth of 46.2%) - 2026: 759 million CNY (growth of 18.8%) [2] - **Earnings Per Share (EPS)**: - 2022: -0.55 CNY - 2023: 0.19 CNY - 2024: 0.21 CNY - 2025: 0.31 CNY - 2026: 0.37 CNY [2] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2023 is 33.25, decreasing to 18.59 by 2026 [2].