Group 1: Performance Tracking of Fixed Income Products - As of March 14, 2025, there are 1,155 fixed income + funds in the market with a total scale of 15,680.47 billion [8][9] - The median performance of various fund types for the week of March 10-14, 2025, is as follows: mixed bond type I fund 0.00%, mixed bond type II fund 0.15%, and flexible allocation fund 0.18% [12][14] - A total of 142 fixed income + products reached historical net value highs, including 15 mixed bond type I funds and 54 mixed bond type II funds [19][20] Group 2: Major Asset Allocation and Industry ETF Rotation Strategies - The macro environment forecast for Q1 2025 indicates inflation, with the Shanghai-Shenzhen 300 index yielding 3.00% and the China government bond total wealth index yielding -0.76% as of March 14 [12] - Recommended industry ETFs for March 2025 include Southern CSI Nonferrous Metals ETF and Guotai CSI All-Share Securities Company ETF, with a combined return of 2.73% for the week [12][19] Group 3: Absolute Return Strategy Performance Tracking - The macro timing-based stock-bond 20/80 rebalancing strategy yielded 0.31% for the week, while the cumulative return for 2025 is -0.60% [12][14] - The quant-based fixed income + strategy, using a non-timing stock-bond 10/90 monthly rebalancing strategy, has a cumulative return of 0.48% for 2025 [12][14]

Investment Rating - The investment rating for the company is "Outperform the Market" [3] Core Views - The report highlights the improvement in profitability and the expansion into electronic acoustics and humanoid robotics sectors [7][8] - The company is expected to benefit from cost reduction and efficiency enhancement measures, alongside a growing market for its products [7] Financial Performance and Forecast - Revenue for 2023 is projected at 4,036 million yuan, with a year-on-year decrease of 14.7%. For 2024, revenue is expected to be 4,009 million yuan, a slight decrease of 0.7%, followed by a recovery to 4,605 million yuan in 2025, representing a growth of 14.9% [6][11] - Net profit is forecasted to be 90 million yuan in 2023, increasing significantly to 248 million yuan in 2024, a year-on-year growth of 176.5%, and further rising to 308 million yuan in 2025 [6][11] - The gross margin is expected to improve from 17.8% in 2023 to 20.9% in 2025, reflecting enhanced operational efficiency [6][11] Product Segment Analysis - The report details revenue performance by product segment, with notable growth in the electric wheelchair and audio speaker categories, while the neodymium iron boron segment shows a decline [7][8] - The company’s neodymium iron boron production is estimated at 6,279.80 tons for 2024, giving it a market share of approximately 2.24% [7] Market Opportunities - The global market for neodymium iron boron magnets is projected to grow from 7.93 billion USD in 2023 to 12.95 billion USD by 2032, with a CAGR of 5.6% [7] - The electric wheelchair market is expected to grow significantly, with forecasts indicating a rise from 3.4 billion USD in 2023 to 9.1 billion USD by 2033, reflecting a CAGR of 10.3% [7] - The humanoid robotics market is anticipated to expand rapidly, with projections for the harmonic reducer and linear actuator markets to grow significantly by 2030 [7] Valuation and Price Target - The estimated net profit for 2025 and 2026 is projected at 308 million yuan and 362 million yuan, respectively, with corresponding EPS of 0.27 yuan and 0.32 yuan [7][11] - The report suggests a valuation range of 10.80 to 12.15 yuan per share based on a PE ratio of 40-45x for 2025 [7][10]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company is positioned as a leading provider of digital solutions for government and enterprise, focusing on smart procurement, smart governance, and digital construction. It aims to leverage AI and big data to enhance its service offerings and operational efficiency [5][7] - The company is expected to benefit from the government's proactive fiscal policies and debt management strategies, which are anticipated to improve local government spending capabilities and accelerate project implementation [7] - The company has a strong foothold in the AI governance sector, with multiple AI products and applications being deployed across various regions, indicating a growing market presence [7] Financial Data and Forecasts - Revenue and profit forecasts indicate a decline in revenue from 2023 to 2024, with expected revenues of 21.42 billion yuan in 2024, down 12.3% year-on-year, followed by a recovery in 2025 to 22.76 billion yuan, and further growth to 27.43 billion yuan in 2026 [5][10] - Net profit is projected to recover from 2.13 billion yuan in 2024 to 3.12 billion yuan in 2025, and reach 5.04 billion yuan in 2026, reflecting a significant growth trajectory [5][10] - The company’s gross margin is expected to improve gradually, reaching 66.0% by 2026, indicating enhanced operational efficiency [10] Business Segments - The smart procurement segment is forecasted to see a revenue decline of 14% in 2024, followed by a recovery of 8% in 2025 and a robust growth of 25% in 2026 [8] - The smart governance segment is also expected to decline by 12% in 2024, with a projected recovery of 5% in 2025 and 20% in 2026 [8] - The digital construction segment is anticipated to decline by 8.39% in 2024, with a recovery of 5% in 2025 and 10% in 2026 [8] Valuation - The company is assigned a dynamic PE ratio of 50-60 times for 2025, with a reasonable value range estimated between 47.28 and 56.74 yuan per share [7][10]

Investment Rating - The report maintains an "Outperform the Market" rating for the real estate sector, indicating a potential for value re-evaluation due to the disparity between market capitalization and economic value [3][13]. Core Insights - The report highlights that the real estate market is experiencing a "small spring" in 2025, driven by policy effects from late 2024 and a low base effect in the first quarter of 2025. This is expected to lead to a significant improvement in fundamentals [3][13]. - The report emphasizes the importance of AI technology in the ToB logistics sector, suggesting that companies with strong digital capabilities and refined operational abilities will benefit from cost control and efficiency improvements [7][8]. Summary by Sections Real Estate Sector - In the first two months of 2025, real estate development investment decreased by 9.8% year-on-year, but the decline narrowed compared to the previous year. New construction starts fell by 29.6%, while completed area decreased by 15.6%, showing signs of market activity in high-tier cities [10][12]. - The report suggests that the current market conditions present a value re-evaluation opportunity, as the market capitalization does not align with the economic value of the sector [3][13]. Logistics Sector - The report discusses the transformative impact of AI on the ToB logistics industry, highlighting that AI technologies can enhance cost control and operational efficiency. The shift from traditional methods to intelligent decision-making is expected to provide competitive advantages for early adopters [7][8]. - Various application scenarios for AI in logistics are identified, including intelligent scheduling, multi-modal transport planning, and automated warehousing, which can significantly reduce costs and improve efficiency [7]. Key Companies - Huayi Group is projected to achieve a revenue of 240.1 billion yuan in 2024, with a net profit of 38.4 billion yuan, maintaining an "Outperform the Market" rating [15][17]. - Weilan Lithium Core is expected to see substantial growth, with net profits projected at 7.51 billion yuan in 2025, supported by strong demand and overseas capacity expansion, also rated as "Outperform the Market" [20][22]. - Ideal Auto is forecasted to sell 650,000 vehicles in 2025, with revenues reaching 189.5 billion yuan, maintaining an "Outperform the Market" rating based on the rapid growth of the new energy vehicle sector [24][29].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Views - The company is expected to achieve a revenue of 240.1 billion yuan in 2024, representing a year-on-year growth of 19.4%, and a net profit of 38.4 billion yuan, also reflecting a 20% increase year-on-year [6]. - The company has initiated production in three finished shoe factories and one shoe material factory in 2024, which is currently in the ramp-up phase, temporarily affecting profits [6]. - The company has started cooperation with the globally recognized sports brand Adidas, which is expected to provide substantial orders and enhance production capacity [6]. - The company is projected to experience a peak in capacity expansion over the next 3-5 years, with several new factories planned in Indonesia and Vietnam [6]. Financial Data and Forecast - Revenue and net profit forecasts for 2024-2026 are as follows: - 2024E: Revenue of 234.74 billion yuan, net profit of 38.36 billion yuan - 2025E: Revenue of 271.57 billion yuan, net profit of 44.60 billion yuan - 2026E: Revenue of 308.81 billion yuan, net profit of 50.84 billion yuan [5][10]. - The company’s gross margin is expected to remain stable at around 25.9% from 2024 to 2026 [5][10]. - The earnings per share (EPS) is projected to increase from 2.74 yuan in 2023 to 4.36 yuan in 2026 [5][10]. Market Performance - The company's stock closed at 65.25 yuan on March 17, 2025, with a 52-week price range of 55.50 to 85.00 yuan [2]. - The company has shown a relative performance decline compared to the market index, with absolute and relative declines of -2.5% and -3.7% respectively over the past month [3].

[Table_MainInfo] 行业研究/商业贸易 证券研究报告 行业信息点评 2025 年 03 月 18 日 [Table_QuoteInfo] -14.88% -4.93% 5.01% 14.96% 24.90% 34.84% 2024/3 2024/6 2024/9 2024/12 商业贸易 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《生育补贴政策密集出台，看好母婴相关 | | --- | | 产业链》2025.03.16 | | 《由渠道驱动至品牌驱动，关注金饰消费 | | 心智升级红利》2025.02.23 | | 《海外美妆集团跟踪：全球业务恢复稳 | | 健，中国区竞争激烈》2025.02.16 | 分析师:李宏科 Tel:(021)23154125 Email:lhk11523@haitong.com 证书:S0850517040002 分析师:汪立亭 Tel:(021)23219399 Email:wanglt@haitong.com 证书:S0850511040005 联系人:毛弘毅 Tel:(021)23183110 Email:mhy1 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 招商积余（001914）公司年报点评 2025 年 03 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 17日收盘价（元）] 11.92 | | --- | | 52 周股价波动（元） 8.16-13.59 | | 总股本/流通 A 股（百万股） 1060/1060 | | 总市值/流通市值（百万元） 12639/12639 | | 相关研究 | | [Table_ReportInfo] 《收入利润稳定增长，规模拓展井然有序》 | | 2024.11.13 | | 《经营业绩平稳发展，压降负债费用下行》 | | 2024.09.03 | | 《收入利润稳健增长，业务条线有序发展》 | | 2024.05.09 | | 市场表现 | [Table_Summary] 投资要点： [Table_QuoteInfo] -22.48% -11.48% -0.48% 10.52% 21.52% 32.52% 2024/3 2024/6 2024/9 2024/1 ...

[Table_MainInfo] 行业研究/房地产 证券研究报告 多项指标降幅收窄，高线城市市场活跃 市场表现 [Table_QuoteInfo] -17.20% -7.21% 2.78% 12.77% 22.76% 32.75% 2024/3 2024/6 2024/9 2024/12 房地产 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《第 11 周新房成交同比增速回落，供销 | | --- | | 比回升》2025.03.16 | | 《第 10 周新房成交同比增速回升，供销 | 比回升》2025.03.10 《"两会"房地产相关信息点评——力促 行业止跌回稳，扩大地方收储自治权》 2025.03.06 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 联系人:陈昭颖 Tel:(021)23183953 Email:czy15598@haitong.com 行业月报 2025 年 03 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Tabl ...

[Table_MainInfo] 金融工程研究 证券研究报告 [Table_Summary] 投资要点： 风险提示：市场环境变动风险，有效因子变动风险。 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 联系人:卓洢萱 Tel:(021)23183938 Email:zyx15314@haitong.com 请务必阅读正文之后的信息披露和法律声明 金融工程周报 2025 年 03 月 18 日 [Table_Title] 相关研究 [Table_ReportInfo] 《本周大单因子表现优异，AI 增强组合本 周反弹明显——高频选股因子周报 （202500310-20250314）》2025.03.17 《下周或继续呈强势震荡格局——量化 择时和拥挤度预警周报（20250316）》 2025.03.16 《量价因子表现显著修复——量化选股 周报（2025.03.07- 2025.03.14）》 2025.03.15 小盘 50 组合表现较优——风格 Smart beta 组合跟踪 周报（2025.03.10-2025.0 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 蔚蓝锂芯（002245）公司年报点评 2025 年 03 月 18 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 17日收盘价（元）] 15.22 | | --- | | 52 周股价波动（元） 6.91-16.67 | | 总股本/流通 A 股（百万股） 1152/1087 | | 总市值/流通市值（百万元） 17534/16548 | | 相关研究 | | [Table_ReportInfo] 《前三季度业绩及盈利能力持续提升，锂电池 | | 出货量保持增长》2024.11.04 | | 《业绩符合预期，电动工具需求持续改善，驱 | | 动公司量利双升》2024.07.25 | 《24Q1 业绩持续修复，预计锂电池业务全年 实现量利齐升》2024.05.31 市场表现 Email:mty15264@haitong.com 证书:S0850523030004 分析师:徐柏乔 Tel:(021)23183820 Email:xbq6583@haitong. ...