Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected performance that will exceed the market by more than 15% over the next 12 months [7]. Core Insights - The company is projected to achieve a 17% year-on-year increase in net profit for 2025, with a total revenue forecast of 33.75 billion RMB, reflecting a growth rate of 6.85% [7]. - The company is focusing on expanding its green methanol production capacity, which is expected to enhance both valuation and earnings flexibility [7]. - The report highlights a significant improvement in cash flow, with a net operating cash flow of 1.955 billion RMB for 2025, representing an 11.44% increase year-on-year [7]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 25.54 billion RMB - 2024A: 31.59 billion RMB - 2025E: 33.75 billion RMB (growth rate of 6.9%) - 2026E: 36.51 billion RMB (growth rate of 8.2%) - 2027E: 38.16 billion RMB (growth rate of 4.5%) [2] - **Net Profit Forecast**: - 2023A: 840 million RMB - 2024A: 850 million RMB - 2025E: 1 billion RMB (growth rate of 17.3%) - 2026E: 1.09 billion RMB (growth rate of 8.9%) - 2027E: 1.15 billion RMB (growth rate of 5.5%) [2] - **Earnings Per Share (EPS)**: - 2023A: 0.86 RMB - 2024A: 0.66 RMB - 2025E: 0.77 RMB - 2026E: 0.84 RMB - 2027E: 0.89 RMB [2] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E is projected at 17.6, with a target price of 15.42 RMB per share based on a 20x P/E valuation [7].

- The report defines long-term heavy positions as stocks that appear in the top ten holdings of a fund for four or more consecutive reporting periods[9] - The report provides a list of stocks heavily held by funds in Q4 2025, including CATL, Tencent Holdings, Zijin Mining, Kweichow Moutai, and Midea Group[9][10] - The report calculates the termination ratio of long-term heavy positions for Q4 2025 using the formula: $$ \text{Termination Ratio} = \frac{\text{Number of funds terminating long-term heavy positions in Q4 2025}}{\text{Number of funds holding long-term heavy positions in Q3 2025}} $$[14] - The report identifies stocks with the highest and lowest termination ratios in Q4 2025, such as Xiaomi Group and Poly Developments with high termination ratios, and Baili Tianheng and Zijin Mining with low termination ratios[14][18] - The report also analyzes the termination ratios of long-term heavy positions by industry, noting that the media, food and beverage, and electrical equipment industries have relatively low termination ratios, indicating fund managers' optimism about these sectors[20][22]

[Table_Page] 公告点评|媒体Ⅱ | [Table_ 单位：人民币 | Finance] | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | | | 8,436 | 11,239 | 12,391 | 11,514 | 13,914 | | 增长率 | （ % | ） | 25.3% | 33.2% | 10.2% | -7.1% | 20.8% | | 增长率 （ | % | ） | 25.3% | 33.2% | 10.2% | -7.1% | 20.8% | | --- | --- | --- | --- | --- | --- | --- | --- | | EBITDA（百万元） | | | 1,268 | 2,825 | 4,577 | 4,740 | 5,506 | | NonGaap归母净利润 （百万元） | | | 2,797 | 4,020 | 4,767 | 4,901 | 5,241 | | 增长率 （ | % | ...

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Insights - The large-scale application of AI agents is expected to drive the demand for CPUs and foundational software tools, as AI agents require substantial computational resources for their operations [6][19]. - The report highlights that the demand for CPUs is anticipated to grow due to the CPU-intensive nature of tasks performed by AI agents, which cannot be easily replaced by GPUs [19][22]. - The report suggests that the current tight capacity in wafer fabs is leading to an increase in CPU prices, with Intel's LGA1700 products experiencing a price rise of 23% from October 2025 to January 2026 [22]. - The report emphasizes the potential for a dual trend of quantity expansion and performance upgrades in CPUs driven by the penetration of AI agents across various industries [19][22]. - Key companies to watch include domestic CPU leaders and IT firms such as StarRing Technology and Deepin Technology, which are expected to benefit from this trend [26][29]. Summary by Sections AI Agent and Infrastructure Demand - AI agents rely on runtime environments that provide the necessary tools and resources for their operations, which include task planning, data processing, and tool invocation [9]. - Virtual machines play a crucial role in determining the hardware resources available to AI agents, as they manage the allocation and scheduling of CPU and memory resources [11][16]. CPU Market Dynamics - The report notes that the configuration of server CPUs is evolving from traditional 8-16 cores to 32-64 cores and higher, indicating a shift towards more powerful processing capabilities [19]. - The report also mentions that the growth in storage demand is impacting CPU production capacity, further tightening the supply of CPUs [22]. Investment Recommendations - The report recommends focusing on key players in the software and hardware infrastructure related to AI, including: 1. AI foundational software tools: StarRing Technology, Paradigm Intelligence 2. Virtual machines: Deepin Technology, UCloud 3. CPUs: China Great Wall [26][29].

Investment Rating - The investment rating for the company is "Buy" with a current price of 10.42 CNY and a reasonable value of 14.72 CNY [4]. Core Insights - The company continues to experience high profit growth, with a reported operating income growth of 10.48% year-on-year and a net profit growth of 8.08% year-on-year for the year 2025 [8]. - The total assets of the company increased by 16.6% year-on-year, surpassing 3 trillion CNY, with both deposits and loans maintaining double-digit growth [8]. - The company has a strong asset quality, with a non-performing loan ratio of 0.83% and a provision coverage ratio of 313.31% [8]. - The core tier one capital adequacy ratio remains stable at 9.31% [8]. - A mid-term dividend of 0.3062 CNY per share was distributed, with a payout ratio of 30% based on the net profit for the first half of 2025 [8]. - The forecasted net profit growth rates for 2026 and 2027 are 7.53% and 7.48%, respectively, with corresponding EPS of 1.80 CNY and 1.94 CNY per share [8]. Summary by Sections Financial Performance - The operating income for 2025 is projected to grow by 10.48% year-on-year, with a significant increase in interest income by 31.1% [8]. - The net profit for 2025 is expected to reach 18.63 billion CNY, reflecting a growth of 8.08% year-on-year [8]. Asset Quality - The company maintains a non-performing loan ratio of 0.83%, consistent with the previous quarter, and a provision coverage ratio of 313.31% [8]. - The company emphasizes optimizing risk management and enhancing value creation [8]. Capital Adequacy - The core tier one capital adequacy ratio is reported at 9.31%, showing stability compared to the beginning of the year [8]. Dividend Policy - A mid-term dividend of 0.3062 CNY per share was declared, with an expected total payout of 37.86 billion CNY, representing a 30% payout ratio based on the net profit for the first half of 2025 [8]. Earnings Forecast - The expected net profit growth rates for 2026 and 2027 are 7.53% and 7.48%, with corresponding EPS of 1.80 CNY and 1.94 CNY per share [8].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector has decreased by 0.15 percentage points, currently at a low allocation level of approximately 1.01%, which is 0.38 percentage points below the standard allocation ratio of 1.39% [15][21] - The report highlights a continued decline in holdings across various sub-sectors, with the feed sector experiencing the most significant drop of 0.14 percentage points [21] - Major public fund holdings are concentrated in leading companies within the livestock breeding industry and related agricultural sectors, with notable stocks including Muyuan Foods (0.28%), Wens Foodstuffs (0.07%), and others [22][24] Summary by Sections 1. Sector Allocation - The public fund allocation in the agriculture, forestry, animal husbandry, and fishery sector is approximately 1.01%, down 0.15 percentage points from the previous quarter, indicating a low allocation level compared to the standard ratio of 1.39% [15] 2. Sub-sector Holdings - The holdings in the feed and breeding sectors have both decreased, with the feed sector at 0.47% (down 0.14 percentage points) and the breeding sector at 0.43% (down 0.01 percentage points) [21] 3. Major Holdings - The report indicates that public fund holdings are primarily in leading companies in the livestock breeding chain and related agricultural sectors, with significant holdings in Muyuan Foods, Wens Foodstuffs, and others [22] 4. Investment Recommendations - In the pig farming sector, the report suggests that companies with cost advantages will have a significant competitive edge, recommending major players like Wens Foodstuffs and Muyuan Foods, while also highlighting potential in smaller firms like Tian Kang Biological and Shennong Group [37] - For the poultry sector, the report notes potential supply declines due to avian influenza, recommending attention to companies like San Nong Development and Yisheng Biological [37] - In the feed sector, the report remains optimistic about leading companies expanding their market share domestically and internationally, emphasizing the importance of cost efficiency [37] - The report also suggests monitoring developments in biotechnology and industry consolidation in the planting sector, recommending companies like Suqian Agricultural Development and Beidahuang [37] - In the pet industry, the report highlights the trend towards market consolidation and recommends companies like Guibao Pet and Zhongchong Co. [37]

Investment Rating - The report assigns a "Buy" rating to China Resources Mixc Lifestyle Services Limited (01209.HK) with a current price of HKD 43.44 and a fair value of HKD 48.72 [6][33]. Core Insights - The shopping center segment shows strong performance, with both scale and quality being emphasized. The company is expected to experience significant growth in its commercial operations, particularly in shopping centers, which are projected to drive revenue growth [2][33]. - The company is entering a critical development phase over the next five years, focusing on both expansion and high-quality service delivery. This includes a strategy to enhance customer flow and membership engagement [33]. Financial Forecasts - Revenue projections for 2023A to 2027E are as follows: - 2023A: RMB 14,767 million - 2024A: RMB 17,043 million (22.9% growth) - 2025E: RMB 18,026 million (5.8% growth) - 2026E: RMB 19,218 million (6.6% growth) - 2027E: RMB 20,434 million (6.3% growth) [3][14]. - EBITDA is forecasted to grow from RMB 4,304 million in 2023A to RMB 6,985 million in 2027E [3]. - Net profit attributable to shareholders is expected to increase from RMB 2,929 million in 2023A to RMB 4,824 million in 2027E, with a growth rate of 32.8% in 2023A and 10.6% in 2027E [3][14]. Revenue Breakdown - The company’s revenue is segmented into commercial and property channels: - Commercial channel revenue is projected to grow significantly, with shopping center revenue expected to increase by 16.5% in 2025, 14.0% in 2026, and 14.0% in 2027 [14][21]. - Property channel revenue is expected to grow at a slower pace, with community space revenue projected to decline by 2% in 2025, followed by modest growth in subsequent years [21][22]. Profitability Metrics - The overall gross margin is expected to improve from 35.6% in 2025 to 37.9% in 2027, driven by enhanced profitability in the commercial segment [22][24]. - The core net profit margin is projected to rise from 21.7% in 2025 to 23.5% in 2027, reflecting improved operational efficiency [30][32]. Investment Strategy - The report emphasizes the importance of balancing scale and quality in the company's growth strategy, with a focus on expanding its commercial footprint while maintaining high service standards [33]. - The fair value assessment is based on a price-to-earnings ratio of 23x, reflecting the company's historical performance and future growth potential [33].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 28.76 and a fair value of HKD 48.16 [8]. Core Insights - The company maintains a strong position in sales, ranking among the top three in the industry, with a focus on increasing investment efforts [9]. - Rental income from shopping centers has shown double-digit growth, indicating robust performance in the investment property segment [25]. - The company is expected to achieve a core net profit of CNY 21 billion in 2025, with a projected growth trajectory for the following years [8]. Summary by Sections Development Business - In 2025, the company achieved sales of CNY 233.6 billion, a decrease of 10.5% year-on-year, with a sales area of 9.23 million square meters, down 18.6% [9]. - The average sales price increased by 10% to CNY 25,000 per square meter [9]. - The company secured land in 18 cities with a total investment of CNY 91.6 billion, up 18% year-on-year, and an equity land acquisition amount of CNY 68.3 billion, up 30% [19][14]. Regular Business - The total rental income for 2025 is projected at CNY 329.4 billion, reflecting a year-on-year increase of 12.8% [34]. - The company’s shopping centers saw a rental income increase of 9.9% in the first half of 2025, driven by a 36% increase in foot traffic [25]. - Overall regular income for the year is expected to reach CNY 512 billion, a 6.5% increase year-on-year [40]. Performance Forecast - The core net profit forecast for 2025 is CNY 21 billion, with expectations of CNY 23.2 billion and CNY 25.6 billion for 2026 and 2027, respectively [8]. - The company’s performance structure is improving, with non-development core net profit expected to account for 56% of total profits in 2025 [8].

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 2.23 and a fair value of HKD 2.93 [8]. Core Insights - The issuance of HKD 2.338 billion convertible bonds aims to enhance trading activity and mitigate equity market volatility risks for bondholders. The company plans to use the net proceeds for operational funding, loan repayment, and vessel acquisition [2][8]. - The bond issuance is accompanied by a stock borrowing arrangement to facilitate short selling, ensuring a smooth issuance process and balancing supply and demand [2][8]. - The company anticipates a net profit of HKD 2.431 billion in 2026, representing a year-on-year growth of 6.44% [8]. Financial Forecast - Revenue projections (in million HKD) are as follows: - 2023A: 3,745.1 - 2024A: 4,441.0 - 2025E: 4,655.6 - 2026E: 4,768.9 - 2027E: 5,200.8 - The growth rates for revenue are projected at 12.37% for 2023, 18.58% for 2024, and 4.83% for 2025 [3]. - Net profit forecasts (in million HKD) are: - 2023A: 1,901.6 - 2024A: 2,105.7 - 2025E: 2,284.2 - 2026E: 2,431.2 - 2027E: 2,746.7 - The expected EPS (in HKD) is projected to be 0.31 for 2023, increasing to 0.44 by 2027 [3]. Relative Market Performance - The report includes a comparative performance analysis of the company against the Hang Seng Index, indicating a positive trend in the company's stock performance [4].