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].

[Table_Page] 年报点评|计算机 AI 赋能下，个人业务稳健增长，WPS 365 开启增长新引擎 [Table_Summary] 核心观点： | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入（百万元） | 4556 | 5121 | 5962 | 7332 | 8715 | | 增长率（ % ） | 17.3% | 12.4% | 16.4% | 23.0% | 18.9% | | EBITDA（百万元） | 1216 | 1496 | 2065 | 2430 | 2816 | | 归母净利润（百万元） | 1318 | 1645 | 1792 | 2128 | 2546 | | 增长率（ % ） | 17.9% | 24.8% | 9.0% | 18.7% | 19.6% | | EPS（元/股） | 2.86 | 3.56 | 3.87 | 4.60 | 5.50 | | 市盈率（P/E） | 11 ...

[Table_Page] 宏观经济研究报告 2025 年 3 月 20 日 证券研究报告 美联储减缓 QT，美股有所反弹 [Tabl e_Author] 分析师： 郭磊 分析师： 陈嘉荔 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260523120005 021-38003572 021-38003674 guolei@gf.com.cn gfchenjiali@gf.com.cn 请注意，陈嘉荔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_Summary] 报告摘要： ⚫ 在美联储 2025 年 3 月议息会议中1，FOMC 官员一致投票保持联邦基金利率目标区间在 4.25-4.5%，这是自 2024 年 9 月启动降息后第二次暂停。同时，美联储表示将进一步放缓资产负债表缩减节奏。值得注意的是，美联储内 部对利率决策意见一致，但对控通胀缺乏进展背景下放缓缩表意见并不一致，美联储理事沃勒就对减缓 QT 表示 反对。 2022 年 3 月、5 月、6 月、7 月、9 月、11 月、12 月以及 2023 年 2 ...

[Table_Page] 公司深度研究|环保 证券研究报告 [Table_Title] 军信股份（301109.SZ） 垃圾焚烧+IDC 协同先行者，期待项目复制 [Table_Summary] 核心观点： | 盈利预测： | | --- | | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1571 | 1857 | 2455 | 3285 | 3484 | | 增长率（ % ） | -24.4% | 18.3% | 32.2% | 33.8% | 6.1% | | EBITDA（百万元） | 1008 | 1062 | 1190 | 1650 | 1761 | | 归母净利润（百万元） | 466 | 514 | 540 | 762 | 834 | | 增长率（ % ） | 4.4% | 10.2% | 5.1% | 41.0% | 9.6% | | EPS（元/股） | 1.24 | 1.25 | 1.05 | 1.35 | 1.4 ...

[Table_Page] 投资策略月报|煤炭开采 证券研究报告 [Table_Title] 煤炭行业月报（2025 年 1-2 月） [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-03-20 ⚫ 煤炭板块回顾：前 2 月煤炭板块高位回落，年初以来跑输大盘 11.8pct。 根据 Wind 数据，前 2 月上证综指下跌 0.9%，沪深 300 下跌 1.1%， 煤炭（中信）板块下跌 13.5%。截至 3 月 18 日，煤炭板块累计下跌 10.0%，跑输沪深 300 指数 11.8pct，排名中信各行业指数 30/30。目 前煤炭板块市盈率、市净率处于历史中等位置，其中市盈率仅高于银 行、建筑和石油石化板块。 ⚫ 煤炭市场回顾：前 2 月用电量增速降至 1.3%，非电需求整体改善，煤 炭进口量增速降至 1.8%。（1）国内煤价：年初以来，动力煤和炼焦煤 价均偏弱势，3 月以来价格企稳；（2）国际煤价：年初以来，澳洲煤价 下跌 10-20%，其中高卡动力煤跌幅较大；（3）国内需求：前 2 月用电 量和火电发电量增速显著回落，非电行业中钢铁和水泥降幅收窄，化工 需求稳步增长；（4）国 ...