Investment Rating - The report assigns a "Buy" rating to the company [2]. Core Views - The company leverages its rich natural resources and Buddhist heritage to enhance its tourism offerings, aiming to increase visitor stay duration and attract more tourists [9]. - Continuous improvements in transportation infrastructure and the expansion of the cable car system are expected to drive revenue growth [9]. - The company is transitioning into a comprehensive smart tourism enterprise by integrating various business lines, enhancing sales conversion rates [9]. - Revenue forecasts for 2024-2026 are projected at 10.49 billion, 11.13 billion, and 12.17 billion yuan, with corresponding growth rates of 0.4%, 6.2%, and 9.4% [9]. Company Overview - The company is situated in Emei Mountain, a UNESCO World Heritage site, known for its natural beauty and Buddhist culture, attracting millions of visitors annually [15]. - It operates multiple business segments, including ticket sales, cable car services, hotel operations, tea production, and performance arts [18][20]. Industry Analysis - The tourism market is recovering steadily, with a projected increase in domestic travel to 5.615 billion trips in 2024, a year-on-year growth of 14.8% [44]. - Government policies are actively promoting tourism consumption, which is expected to further stimulate demand in the sector [52].

Investment Rating - The report maintains a "Buy-A/Buy-H" rating for the company [3] Core Views - The company demonstrates significant advantages as a domestic and international leader, with a recovery in performance and an increase in leverage [1] Financial Performance Summary - The company reported a revenue of CNY 63.79 billion for 2024, reflecting a year-on-year growth of 6.20%, and a net profit attributable to shareholders of CNY 21.70 billion, up 10.06% year-on-year [11] - The total asset scale reached CNY 1.71 trillion, an increase of 17.71% compared to the previous year [11] - The weighted average ROE for 2024 was 8.09%, with an adjusted leverage ratio of 4.51 times, up by 0.24 [1][13] Business Segment Analysis Investment Business - The self-operated investment income for 2024 was CNY 19.46 billion, a year-on-year increase of 12% [23] - The company has enhanced its product structure and strategy to attract long-term capital into the market [23] Wealth Management - The brokerage business generated a net income of CNY 10.70 billion, a 5% increase year-on-year, with a 12% growth in customer numbers [28][32] - The overseas wealth management product sales and income doubled in 2024 [32] Asset Management - The asset management business achieved an income of CNY 2.32 billion, up 5% year-on-year, while the fund business generated CNY 8.18 billion, a 7% increase [36] - The total asset management scale reached CNY 1.54 trillion, an 11% increase year-on-year [36] Investment Banking - The investment banking segment reported a revenue of CNY 4.16 billion, down 34% year-on-year, but maintained a market share of 22% in domestic equity underwriting [50] - The company completed 55 A-share underwriting projects with a total scale of CNY 70.36 billion, ranking first in the market [52] Capital Intermediation - The capital intermediation income was CNY 8.16 billion, a decrease of 7% year-on-year, with financing and securities lending interest income down 14% [56] Earnings Forecast and Investment Recommendation - The company is expected to benefit from cyclical recovery and increased market stability, with projected EPS of CNY 1.98 and CNY 2.20 for 2025 and 2026 respectively [60] - The report assigns a reasonable value of CNY 32.93 per share for A-shares and HKD 26.36 for H-shares, maintaining a "Buy" rating for both [60]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - The company is a global leader in resin lenses, with strong technological research and development capabilities leading the industry [1]. - The lens market is expanding, with China's growth rate surpassing the global average [33]. - The company has established a solid position in the optical lens industry, with a focus on lens production and a wide international sales network [14][15]. Financial Forecast - Revenue is projected to grow from 1,561 million RMB in 2022 to 2,817 million RMB in 2026, with a CAGR of 16% [2]. - Net profit is expected to increase from 249 million RMB in 2022 to 638 million RMB in 2026, with a CAGR of 20% [2]. - The EPS is forecasted to rise from 0.58 RMB in 2022 to 1.33 RMB in 2026 [2]. Market Position - The company has achieved a global market share ranking of 5th by sales revenue in 2023, with a sales volume ranking of 2nd [50]. - The company has a diverse customer base and is expanding its domestic market presence [8][14]. - The lens market in China is projected to reach 413 billion RMB by 2024, indicating significant growth potential [37]. Business Model and Strategy - The company employs a C2M (Customer to Manufacturer) model, enhancing product structure optimization and increasing customization business [8]. - Strategic partnerships, such as with GoerTek, aim to enter the smart glasses supply chain, transitioning from traditional lenses to precision electronic components [8]. Operational Efficiency - The company has demonstrated strong operational efficiency, with a gross margin increase from 30.61% in 2018 to 39.16% in 2024 H1 [31]. - The management team is stable and experienced, contributing to the company's robust performance [19].

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for Qingdao Bank, with a current price of 4.25 CNY and a reasonable value of 5.16 CNY, and for H shares, a current price of 3.26 HKD and a reasonable value of 3.96 HKD [2]. Core Views - The report highlights strong performance with revenue, PPOP, and net profit attributable to shareholders growing by 8.2%, 7.1%, and 20.2% year-on-year, respectively, with net interest margin decline narrowing [5][6]. - Key drivers of performance include steady growth in loan and deposit volumes, a marginal reduction in net interest margin, significant growth in non-interest income, and stable asset quality [5][6]. Summary by Sections Financial Performance - For 2024, revenue, PPOP, and net profit attributable to shareholders increased by 8.2%, 7.1%, and 20.2% year-on-year, with growth rates showing slight variations compared to previous quarters [5][8]. - Loan growth was 13.5% year-on-year, with deposits increasing by 11.9%, indicating robust support for the real economy [5][8]. - The net interest margin for 2024 was reported at 1.73%, with a slight recovery expected in Q4 [5][8]. Asset Quality - The non-performing loan (NPL) ratio stood at 1.14%, showing improvement from the previous quarter, primarily due to better asset quality in corporate loans [5][8]. - The provision coverage ratio increased to 241.32%, indicating a stable asset quality overall [5][8]. Non-Interest Income - Other non-interest income grew by 35% year-on-year, with investment income contributing significantly to net profit [5][8]. - The report notes a decline in net fee income by 4.9%, impacted by reduced fees in the insurance sector and lower credit card transaction volumes [5][8]. Profitability Forecast - The forecast for net profit growth is 11.53% and 12.07% for 2025 and 2026, respectively, with EPS projected at 0.78 CNY and 0.88 CNY [5][8]. - The current stock price corresponds to a PE ratio of 5.47X for 2025 and 4.85X for 2026, with a PB ratio of 0.60X and 0.54X for the same years [5][8].

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of 6.04 CNY/5.34 HKD and a fair value of 6.64 CNY/5.87 HKD [2]. Core Insights - The report highlights that the company's net interest margin has stabilized, while other non-interest income has seen significant growth, particularly benefiting from favorable market conditions [5]. Financial Performance Summary - For the fiscal year 2024, the company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 1.1%, 3.9%, and 5.6% year-on-year, respectively, showing improvements compared to the first three quarters of 2024 [5][7]. - The net interest margin for 2024 was reported at 1.61%, remaining stable compared to the previous quarters, primarily due to improved funding costs [5]. - Non-interest income surged by 56% year-on-year, with investment income contributing significantly to the net profit, accounting for 36.5% of the total [5]. - The cost-to-income ratio improved, decreasing by 2.08 percentage points year-on-year, reflecting effective cost management strategies [5]. - The asset quality remains robust, with a non-performing loan (NPL) ratio of 1.18% and a provision coverage ratio of 363% as of the end of 2024 [5]. Loan and Deposit Growth - The loan growth rate for 2024 was 5.6%, although there was a decline in loan volume in the fourth quarter, attributed to debt resolution impacts [5]. - The company has increased its focus on supporting new productive capacities, with manufacturing loans rising by 104 billion CNY, representing 27.8% of total loan growth [5]. Profitability Forecast - The report forecasts a net profit growth of 3.11% and 3.70% for the years 2025 and 2026, respectively, with earnings per share (EPS) projected at 1.02 CNY and 1.06 CNY [5].

Group 1 - Industry investment rating is "Buy" [2] - The report highlights the launch of NVIDIA's CPO switches, Quantum-X Photonics and Spectrum-X Photonics, aimed at meeting low power consumption needs for large-scale networking [13][17] - The CPO technology improves energy efficiency by 3.5 times, network resilience by 10 times, and reduces deployment time by 1.3 times, while also lowering total cost of ownership (TCO) [17][24] Group 2 - Quantum-X Photonics switch features 144 ports with a total bandwidth of 115.2T, utilizing liquid cooling for effective thermal management [18][27] - The report notes that NVIDIA's CPO switches will initially be used in its own network clusters, with cloud vendors expected to purchase a limited number for testing [31] - The CPO technology is positioned as a significant trend in optical network connections, offering advantages in low power consumption, low latency, and cost [31]

Investment Rating - The report provides a "Buy" rating for several companies in the agriculture sector, including 温氏股份 (Wens Foodstuffs Group), 牧原股份 (Muyuan Foods), 立华股份 (Lihua Agricultural), 唐人神 (Tianren Shen), and 邦基科技 (Bangji Technology) [4]. Core Insights - The report emphasizes the significant support from national policies for the development of smart agriculture, highlighting the promising future of AI-enabled agricultural practices [2][25]. - AI is transforming traditional agriculture into standardized production through applications in crop monitoring, precision agriculture, agricultural robotics, and data analysis [10][25]. - The report identifies key investment opportunities in AI breeding, AI planting, and AI agricultural service providers, suggesting specific companies to watch [2][4]. Summary by Sections 1. Policy Promotion of Smart Agriculture - The integration of AI, IoT, big data, and cloud computing is fundamentally changing traditional agricultural production models [25]. - The national action plan aims for an agricultural production informationization rate of 32% by the end of 2028 [25]. - Recent policies emphasize the importance of technology in enhancing agricultural productivity and efficiency [27]. 2. Breeding: AI-Driven Intelligent Design - AI tools are enhancing breeding efficiency by analyzing vast datasets to predict genotype-phenotype associations [31]. - International agricultural giants are leveraging AI for rapid development of new crop varieties [31]. - Domestic advancements in AI breeding are being made through collaborations between research institutions and tech companies [31]. 3. Planting Production: AI-Assisted Decision Making - AI supports intelligent decision-making and automated farming practices, leading to increased crop yields [25]. - The report notes the rapid development and application of AI technologies in large-scale farms in Europe and the US [25]. - Domestic policies are fostering an environment conducive to the adoption of AI in planting practices [25]. 4. Investment Recommendations - The report suggests focusing on companies involved in AI breeding, such as 隆平高科 (Longping High-Tech), and AI planting, such as 北大荒 (Beidahuang) [2][4]. - It also highlights AI agricultural service providers like 托普云农 (TopCloud) as potential investment opportunities [2][4].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of HKD 2.98 and a fair value of HKD 3.83 [7]. Core Views - The company's annual performance shows continuous improvement, with a special dividend yielding over 7%. In 2024, the company achieved a main revenue of RMB 54.213 billion (up 22.5% YoY) and a net profit attributable to shareholders of RMB 3.862 billion (up 25.2% YoY) [7][9]. - The company added 6GW of green electricity, with clean energy accounting for 80% of its installed capacity. The total electricity sold reached 1,280 billion kWh (up 23.9% YoY) [7][9]. - The report highlights the integration progress of hydropower platforms and anticipates both profit and dividend increases [7][9]. Summary by Sections 1. Performance Recovery Across Segments - The company reported a 25% YoY increase in overall performance, with a main revenue of RMB 54.213 billion and a net profit of RMB 3.862 billion [13][14]. - The revenue from various segments includes: thermal power (RMB 24.269 billion, +1.4%), hydropower (RMB 4.806 billion, +57.4%), wind power (RMB 11.737 billion, +34.6%), and solar power (RMB 9.492 billion, +57.9%) [17]. 2. New Clean Energy Installations - By the end of 2024, the company’s installed capacity reached 49.39GW, with clean energy installations increasing to 80.1%, up 4.7 percentage points YoY [39][41]. 3. Hydropower Platform Integration and Special Dividends - The company is accelerating capital operations, planning to inject hydropower assets into a new platform, which is expected to enhance shareholder value. The dividend payout ratio is projected to reach 68%, with a total cash dividend of RMB 2 billion [56][62]. 4. Asset Optimization and Stable Profitability - The company forecasts net profits of RMB 44.26 billion, RMB 50.49 billion, and RMB 56.03 billion for 2025 to 2027, with corresponding PE ratios of 7.69, 6.74, and 6.08 [66].

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME) with a current price of $15.09 and a fair value of $16.36 [9][40]. Core Insights - The report highlights that Tencent Music's profit performance exceeded expectations, balancing membership growth and ARPU (Average Revenue Per User) [3][9]. - The company is expected to continue enhancing its SVIP (Super VIP) membership scale and ARPU, leading to steady revenue growth [9][34]. - The online music revenue for Q4 2024 was reported at 58.31 billion RMB, showing a year-over-year increase of 16% [9][34]. Financial Performance Summary - **Revenue Forecast**: - 2023A: 27,752 million RMB - 2024A: 28,401 million RMB (growth rate: 2.3%) - 2025E: 30,973 million RMB (growth rate: 9.1%) - 2026E: 35,313 million RMB (growth rate: 14.0%) - 2027E: 38,160 million RMB (growth rate: 8.1%) [4] - **Net Profit Forecast**: - 2023A: 5,923 million RMB - 2024A: 7,671 million RMB (growth rate: 29.5%) - 2025E: 8,699 million RMB (growth rate: 13.4%) - 2026E: 10,359 million RMB (growth rate: 19.1%) - 2027E: 11,645 million RMB (growth rate: 12.4%) [4] - **EPS and Valuation Ratios**: - EPS for 2025E is projected at 5.58 RMB, with a P/E ratio of 21.60 [4]. - The report anticipates a continuous improvement in gross margin, reaching 45.1% and 47.4% in 2025 and 2026, respectively [35]. Business Segment Performance - **Online Music Business**: - Expected to generate revenues of 252.31 billion RMB and 298.59 billion RMB in 2025 and 2026, respectively, with growth rates of 16% and 18% [34]. - The net profit margin for the online music segment is projected to be 27% and 29% for 2025 and 2026 [36]. - **Social Entertainment Business**: - Revenue is expected to decline, with projections of 57.42 billion RMB and 54.55 billion RMB for 2025 and 2026, reflecting a year-over-year decrease of 14% and 5% [34][36]. Valuation Analysis - The fair value of Tencent Music is calculated at $16.36 per ADS, based on a segmented valuation approach [40]. - The online music business is valued at 28x P/E, while the social entertainment business is valued at 9x P/E [41].

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111.SH) with a current price of 339.00 CNY and a fair value of 403.42 CNY [3][26]. Core Insights - The report highlights that AI empowerment has led to steady growth in personal business, with WPS 365 emerging as a new growth engine. The personal business revenue for 2024 reached 3.283 billion CNY, a year-on-year increase of 18.0% [7][16]. - The WPS 365 business saw significant revenue growth of 149.33% in 2024, driven by the integration of AI and increasing collaborative office demands [7][18]. - The overall revenue for 2024 was 5.121 billion CNY, reflecting a 12.4% year-on-year growth, while the net profit attributable to shareholders was 1.645 billion CNY, up 24.8% from the previous year [8][20]. Financial Performance Summary - **2024 Financial Data**: - Revenue: 5.121 billion CNY, up 12.4% from 2023 - Net Profit: 1.645 billion CNY, up 24.8% from 2023 - Basic EPS: 3.56 CNY, compared to 2.86 CNY in the previous year [8][20]. - **Quarterly Performance**: - Q4 2024 revenue was 1.494 billion CNY, a 16.2% increase year-on-year, with net profit reaching 610 million CNY, up 42.6% [8][12]. Earnings Forecast - The report forecasts revenues of 5.962 billion CNY, 7.332 billion CNY, and 8.715 billion CNY for 2025, 2026, and 2027 respectively, with growth rates of 16.4%, 23.0%, and 18.9% [2][20]. - Net profit is expected to be 1.792 billion CNY, 2.128 billion CNY, and 2.546 billion CNY for the same years, with growth rates of 9.0%, 18.7%, and 19.6% [2][20]. Valuation Methodology - The report employs a segmented valuation approach, applying a PS ratio of 35x for subscription business and a PE ratio of 35x for institutional licensing and other businesses. The estimated fair value per share is approximately 403.42 CNY [21][26].