[Table_Page] 投资策略周报|农林牧渔 证券研究报告 [TAblE_TitlE] 农林牧渔行业 [TAblE_SummAry] 核心观点： | [TAblE_G rADE] 行业评级 3570068 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-04-20 | [Table_PicQuote] 相对市场表现 -24% -14% -5% 5% 14% 24% 04/24 07/24 09/24 11/24 02/25 04/25 农林牧渔 沪深300 | [分析师： TAblE_Author 钱浩] | | | --- | --- | | | SAC 执证号：S0260517080014 | | | SFC CE No. BND274 | | | 021-38003634 | | | shqianhao@gf.com.cn | | 分析师： | 郑颖欣 | | | SAC 执证号：S0260520070001 | | | 021-38003632 | | | zhengyingxin@gf.com.cn | | 分析师： | 周舒玥 | | | SA ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The municipal investment in March continues to show a warming trend, with a focus on domestic demand counter-cyclical adjustments and safe investment areas [1] - The construction industry PMI rose to 53.4 in March, indicating improved activity in the sector [36] - The issuance of special bonds has been stable, with a significant year-on-year increase in the amount issued [44] Summary by Sections 1. Water Conservancy and Power Investment - Water conservancy and power investments continue to maintain high growth, with municipal investment in March showing a year-on-year increase of 6.5% [23] - Narrowly defined infrastructure investment (excluding power) increased by 5.8% year-on-year, while broadly defined infrastructure investment (including power) rose by 11.5% [23][24] 2. Fund Tracking - As of April 18, 2025, the total amount of newly issued special bonds reached 1,063.39 billion CNY, a year-on-year increase of 40.4% [44] - The issuance of city investment bonds reached 1,824.42 billion CNY, with a year-on-year increase of 4.74% [48] 3. Recent Key Company Announcements - Shanghai Construction Group reported a cumulative new contract amount of 64.548 billion CNY for Q1 2025, a year-on-year decrease of 44.03% [60] - Jianghe Group announced a cumulative new contract amount of 1.435 billion CNY for Q1 2025, down 47.13% year-on-year [60]

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 房地产市场"仍有很大的发展空间"，关注建材板块底部机会 [Table_Summary] 核心观点： [Table_Grade] 行业评级 持有 前次评级 持有 报告日期 2025-04-20 3570068 [Table_PicQuote] 相对市场表现 -24% -14% -5% 5% 14% 24% 04/24 06/24 09/24 11/24 02/25 04/25 建筑材料 沪深300 | [分析师： Table_Author]谢璐 | | | --- | --- | | | SAC 执证号：S0260514080004 | | | SFC CE No. BMB592 | | 021-38003688 | | | | xielu@gf.com.cn | | 分析师： | 张乾 | | | SAC 执证号：S0260522080003 | | 021-38003687 | | | | gzzhangqian@gf.com.cn | | 分析师： | 吴红艳 | | | SAC 执证号：S02605 ...

Investment Rating - The report rates the internet media industry as "Buy" [3] Core Insights - The report suggests focusing on companies with strong growth potential in the internet sector, such as Pop Mart, which is expanding its channels globally and has a promising IP+product strategy. NetEase Cloud Music is also highlighted for its stable growth in music consumption and user engagement [4][17] - In the gaming sector, the report recommends leading companies like Tencent and NetEase, emphasizing the potential for valuation increases due to improved domestic policies and overseas trends [4][17] - The publishing sector is advised to focus on companies with strong cash dividends and AI integration, such as China South Publishing and Phoenix Media [4][17] - The film industry is expected to show strong performance, with a reported box office of 25.25 billion yuan, a 40% year-on-year increase, highlighting companies like Wanda Film and Maoyan Entertainment [4][17] - In advertising, the report suggests monitoring Focus Media, which plans to acquire New潮传媒, potentially enhancing its operational efficiency and profitability [4][17] Summary by Sections Internet Sector - Companies like Pop Mart and NetEase Cloud Music are recommended for their growth strategies and user engagement improvements. The report notes the positive impact of AI applications on performance and valuation [4][17] Gaming Sector - The report continues to recommend the gaming sector, particularly Tencent and NetEase, due to favorable policy changes and overseas market opportunities. It also highlights companies with strong product pipelines and performance improvements [4][17] Publishing Sector - Focus on companies with high dividend yields and AI capabilities, such as China South Publishing and Phoenix Media, is advised [4][17] Film Sector - The film industry is projected to perform well, with significant box office growth, and companies like Wanda Film and Maoyan Entertainment are recommended [4][17] Advertising Sector - Focus Media's acquisition of New潮传媒 is expected to enhance its operational capabilities and profitability, making it a company to watch [4][17]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 51.51 CNY and a fair value of 70.84 CNY [4]. Core Insights - The company is positioned as a leading connector manufacturer in the automotive and consumer electronics sectors, benefiting from the growing trend of automotive intelligence and the expansion of high-frequency and high-speed connectors [8][14]. - The automotive connector market is expected to grow rapidly as intelligent driving configurations penetrate mid- to low-end models, enhancing overall market demand [41][48]. - The company has established strong partnerships with major domestic automotive manufacturers, ensuring a stable supply chain and robust order backlog, which supports its growth trajectory [8][28]. Financial Summary - The company's revenue is projected to grow from 31.29 billion CNY in 2023 to 76.06 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.8% [2]. - The net profit attributable to the parent company is expected to increase from 3.56 billion CNY in 2023 to 10.91 billion CNY in 2026, indicating strong profitability growth [2]. - The company's earnings per share (EPS) is forecasted to rise from 0.84 CNY in 2023 to 2.57 CNY in 2026, showcasing significant earnings potential [2]. Market Trends - The global connector market is projected to grow at a compound annual growth rate (CAGR) of 5.8% over the next four to five years, driven by increasing demand across various sectors, including automotive and consumer electronics [41][42]. - The automotive connector market is particularly promising, with the global market size estimated at approximately 14.15 billion USD in 2020, expected to expand further due to the rise of electric vehicles and smart driving technologies [47][48]. Product and Capacity Expansion - The company is continuously expanding its product offerings in high-frequency and high-speed connectors, which are essential for advanced automotive applications, including autonomous driving systems [8][41]. - The company has made significant investments in capacity expansion, enhancing its delivery capabilities and solidifying its position within the supply chains of leading automotive manufacturers [8][28].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The global recorded music market is projected to reach $29.6 billion in 2024, with a year-on-year growth of 5%. Streaming services are the main growth driver, accounting for 68% of the market, with revenues of $20.4 billion in 2024, reflecting a 7% increase [6][20]. - The Chinese music consumption market shows long-term growth potential, with a market size of $1.6 billion in 2024, growing by 9.6% year-on-year, and accounting for 5% of the global market share [6][31]. - The music industry value chain indicates that record companies hold significant power through their artist discovery and development systems, while streaming platforms are diversifying content to reduce reliance on core copyright resources [6][42]. Summary by Sections 1. Music Industry Demand Stability - The global recorded music industry is experiencing stable growth driven by streaming services, with the market size reaching $29.6 billion in 2024, a 5% increase year-on-year. Streaming services contribute significantly, accounting for 68% of the market [20][25]. - The U.S. remains the largest market with a size of $11.3 billion in 2024, while China ranks fifth with a market size of $1.6 billion, showing a 9.6% growth [31][33]. 2. Record Companies: Core Artist Catalogs Maintain Premium - Major record companies like Universal Music Group (UMG), Sony Music, and Warner Music Group (WMG) dominate the market, with UMG holding a 32% share of the digital music market in 2023 [52][56]. - The record companies maintain a strong position through their extensive artist catalogs and global operations, while also facing competition from streaming platforms that are developing personalized content [42][74]. 3. Streaming: Differentiated Content and Pricing Power - Streaming platforms are increasingly diversifying their content offerings, which helps them reduce dependence on traditional copyright resources. For instance, Spotify's market share is 32%, while Tencent Music Entertainment (TME) holds 15% in the global streaming market [56][63]. - The ability to increase prices is a key growth driver for streaming services, with successful price hikes observed in the U.S. market [6][56]. 4. Conclusion and Investment Recommendations - The report suggests focusing on Tencent Music (TME US) and NetEase Cloud Music (09899.HK) due to their strong growth potential driven by both volume and pricing strategies, as well as the increasing share of self-produced content [6][74].

Investment Rating - The report assigns a "Buy" rating to the company [2] Core Views - The report highlights a recovery in net interest margin and a significant increase in dividend payout ratio [1] - The company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders for 2024 are projected to grow by 8.2%, 13.9%, and 6.2% year-on-year, respectively [6][11] - The report emphasizes the stability of asset quality, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 389% [6][8] Summary by Sections Financial Performance - The company's total revenue growth for 2024 is 8.2%, with a PPOP growth of 13.9% and a net profit growth of 6.2% compared to the previous year [6][11] - The growth rates for revenue, PPOP, and net profit for the first three quarters of 2024 show slight improvements compared to the first quarter [11][19] Asset Quality - The NPL ratio remains stable at 0.76%, with a provision coverage ratio of 389%, indicating a strong buffer against potential loan losses [6][8] - The report notes a decrease in the attention loan ratio to 1.03%, suggesting improved asset quality management [6] Capital and Dividends - The core Tier 1 capital adequacy ratio increased to 9.84%, reflecting a solid capital position [6][8] - The dividend payout ratio reached 21.91%, exceeding 20% for the first time, which enhances the company's attractiveness to investors [6][8] Growth Drivers - The report identifies strong growth in loan and deposit volumes, with loans and deposits increasing by 17.8% and 17.2% year-on-year, respectively [6][8] - The net interest margin is reported at 1.86%, showing a slight recovery due to improved funding costs [6][8] Valuation - The report estimates a reasonable value of 34.71 CNY per share based on a 1.1 times price-to-book (PB) ratio for 2024 [6][8]

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 扩内需政策或持续加码，2025 年是盈利修复年 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 吴红艳 SAC 执证号：S0260525020003 无 -24% -14% -5% 5% 14% 24% 04/24 06/24 08/24 11/24 01/25 04/25 建筑材料 沪深300 wuhongyan@gf.com.cn 请注意，张乾,吴红艳并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 建筑材料行业:水泥纳入碳市 | 2025-03-30 | | ...

[Table_Page] 深度分析|证券Ⅱ 证券研究报告 [Table_Title] 23 家上市券商 2024 年报总结 投资再现胜负手，投行触底迎新机 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-04-06 | [相对市场表现 Table_PicQuote] [分析师： Table_Author]陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-88286912 yanyilan@gf.com.cn -14% 1% 16% 30% 45% 60% 04/24 06/24 08/24 11/24 01/25 03/25 证券Ⅱ 沪深300 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- ...