Investment Rating - The industry investment rating is "Increase" [6] Core Viewpoints - The pet industry is experiencing increased investment interest, particularly in smart pet products, driven by the rise of "empty nest" pet ownership and refined pet care demands [2][3] - Tianyuan Pet's acquisition of "Itpin" aims to enhance offline channel capabilities and integrate resources to strengthen its brand matrix centered around pet stores [1] - The Chinese pet economy is projected to grow from 592.8 billion yuan in 2023 to 1.15 trillion yuan by 2028, indicating a robust market trend [3] Summary by Relevant Sections Industry Overview - The pet industry is witnessing a surge in investment as companies from various sectors enter the market, recognizing the growing consumer spending on pets [3] - The market is characterized by a shift towards smart pet products, which cater to the needs of busy pet owners [2] Company Developments - Tianyuan Pet has launched its first asset acquisition project with Chongqing Xiyuan Information Technology Co., enhancing its B2B digital procurement platform for pet stores [1] - Xiaomai and other tech giants are entering the pet electronics market, developing smart pet devices [3] Market Trends - The demand for smart pet products is expected to grow due to advancements in AI, IoT, and big data technologies, which will create new opportunities in the industry [2] - Companies with strong product development, brand building, and resource integration capabilities are likely to thrive amid industry evolution [3] Investment Recommendations - Focus on companies involved in smart pet technology and interactive pet products, such as Tianyuan Pet, Yiyi Co., and Source Fly Pet [4] - Consider investments in companies like Xiaomi, Haier, and Unilever that are diversifying into the pet sector [4]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - Beijing has introduced 12 measures to promote high-quality development in the advertising industry, which is expected to benefit the entire industry chain. The annual revenue of large-scale advertising companies in Beijing reached 343.4 billion yuan, maintaining the top position in the country with a steady growth trend [10][26] - The success of "Nezha 2" has not only boosted the domestic film market but also reignited interest in the "Guzi economy," with related merchandise sales exceeding 300 million yuan within a month of its release, breaking previous records [2][10] - Multiple regions, including Zhejiang and Guangzhou, have expressed support for the gaming industry to grow stronger, with specific policies and funding being developed to enhance the sector [11][27] Summary by Sections 1. Market Review - The A-share Shenwan Media Index fell by 8% from February 24 to February 28, underperforming the CSI 300 Index by 5.78 percentage points and the ChiNext Index by 3.55 percentage points. The performance of the seven sub-sectors of the Shenwan Media Index ranked as follows: Television Broadcasting (-5.28%), Publishing (-5.79%), Advertising Marketing (-7.09%), Digital Media (-8.38%), Gaming (-9.1%), Education (-9.16%), and Film and Television (-9.89%) [3][14][17] 2. Investment Recommendations - The report recommends focusing on the following sectors: - Advertising Marketing: Suggested companies include Focus Media and Easy Point [12] - Guzi Economy: Suggested companies include Aofei Entertainment, Guangbo Shares, Huali Technology, and Chuangyuan Shares [12] - Gaming: Suggested companies include Kaiying Network, 37 Interactive Entertainment, and G-bits [12] 3. Industry News - Beijing's 12 measures aim to enhance the digital advertising industry's quality and support the construction of digital advertising industrial parks, optimizing medical advertising management and providing guidelines for financial and real estate advertising [26] - The merchandise sales related to "Nezha 2" have surpassed 300 million yuan, with over 2 billion yuan coming from trendy items like blind boxes and figurines, leading to the emergence of nearly 10 million-level stores [2][10] - Zhejiang and Guangzhou are implementing measures to support the gaming industry, including policies for promoting local games abroad and enhancing cultural trade innovation [11][27]

通信 行业研究/行业周报 A OpenAI 发布 GPT-4.5，英伟达财报表现亮眼 ——通信行业周报（2025.2.24-2025.2.28） ◼ 核心观点 本周我们看好光模块、运营商、通信设备等板块。 光模块：建议关注中际旭创、天孚通信、新易盛等。 运营商：建议关注中国移动、中国电信、中国联通等。 通信设备：建议关注中兴通讯、紫光股份等。 ◼ 风险提示 本周核心观点与重点要闻回顾 算力：OpenAI 发布 GPT-4.5。据澎湃新闻报道，当地时间 2 月 27 日 （周四），OpenAI 通过一段 13 分钟的视频发布了其最新模型 GPT- 4.5，这是迄今为止最大的模型。据悉，GPT-4.5 的训练使用了 GPT- 4o 10 倍的计算能力，它的能力展示了预训练规模进一步扩展带来的 能力的提升。在多项基准测试中，GPT-4.5 超过了 GPT-4o，尤其在数 学能力上上升了 27%，编码能力提升 7%-10%。山姆·奥特曼也表示 这是一个庞大且昂贵的模型，目前仅向 ChatGPT Pro 推出。"我们一 直在增长，GPU 已经用完了。我们下周将增加数万张 GPU。" 通信设备：光传输设备市场强势收官，2 ...

Core Insights - The report recommends several stocks, including Tencent Holdings, Xiaomi Group, Leap Motor, Mingyang Electric, Dongmu Co., Bojun Technology, Jinggong Technology, and Xinjie Electric, indicating a focus on sectors such as media, automotive, and new energy [1] - The upcoming Two Sessions are expected to emphasize fiscal support for the development of new productivity, with the government likely to issue long-term special bonds to support strategic emerging industries [1] - The report anticipates that significant investments will flow into advanced manufacturing sectors, including semiconductors and artificial intelligence, to accelerate technological breakthroughs and industrial upgrades [1] Company Summaries Tencent Holdings (00700.HK) - Tencent is the largest social platform in China, with a robust user base supporting its various business segments, including a gaming market share of 48.2% in 2023 [9][11] - The company is expected to benefit from the growth of its gaming sector, with projected net profits of 1,703.64 million, 1,911.76 million, and 2,162.84 million for 2024-2026, reflecting growth rates of 47.86%, 12.22%, and 13.13% respectively [11] Xiaomi Group (01810.HK) - Xiaomi is a leading global smartphone company, with smartphone revenue consistently exceeding 50% of total revenue, reaching 54.67% in the first three quarters of 2024 [13] - The company is advancing its "human-vehicle-home" ecosystem strategy and aims to become a global leader in hard technology, with projected adjusted net profits of 253.15 million, 319.16 million, and 383.86 million for 2024-2026 [14] Leap Motor (09863.HK) - Leap Motor focuses on the high cost-performance market, with a product matrix that includes five models and monthly sales exceeding 20,000 units as of June 2024 [15][17] - The company has partnered with Stellantis to expand into overseas markets, with plans to launch products in nine European countries by the end of 2024 [16] Mingyang Electric (301291.SZ) - Mingyang Electric anticipates a net profit of 600-700 million for 2024, driven by growth in the renewable energy sector and data center construction [18] - The company is expected to benefit from the increasing demand for offshore wind power, with projections of 10-15 GW of new installations in 2025 [19] Dongmu Co. (600114.SH) - Dongmu Co. is a leading manufacturer in powder metallurgy and soft magnetic materials, with a revenue of 2.353 billion in the first half of 2024, reflecting a year-on-year growth of 33.50% [23] - The company is positioned to benefit from the growing demand for foldable screens, with a projected CAGR of 30% in foldable smartphone shipments from 2024 to 2028 [24] Bojun Technology (300926.SZ) - Bojun Technology has seen significant growth, with revenues of approximately 2.6 billion in 2023, a year-on-year increase of about 87% [27] - The company is expanding its modular business and has secured orders totaling 7.1 billion, ensuring high growth potential for the next three years [27] Jinggong Technology (002006.SZ) - Jinggong Technology is a leader in carbon fiber equipment, with a market share of over 50% in China, benefiting from the increasing demand in commercial aviation and new energy vehicles [31][32] - The company expects revenues of 1.776 billion, 2.019 billion, and 2.504 billion for 2024-2026, with corresponding net profits of 212 million, 258 million, and 357 million [32] Xinjie Electric (603416.SH) - Xinjie Electric has shown a revenue growth of 10.93% in the first half of 2024, with a net profit increase of 21.74% [33] - The company is positioned to benefit from the recovery of high-end manufacturing and increased capital expenditure in the manufacturing sector [34]

北京出台政策推动广告行业发展，浙江、广州多地支 持游戏产业"做大做强" ——传媒行业周报（2025.02.24-2025.2.28） ◼ 核心观点 传媒 行业研究/行业周报 本周（2.24-2.28），A 股申万传媒指数下跌 8%，整体跑输沪深 300 指 数 5.78pct，跑输创业板综指数 3.55pct。申万传媒二级七大子板块 涨跌幅由高到低分别为：电视广播(-5.28%)、出版(-5.79%)、广告营 销(-7.09%)、数字媒体(-8.38%)、游戏(-9.1%)、教育(-9.16%)、影 视院线(-9.89%）。从海外市场指数表现来看，整体继续维持弱势，海 内外指数涨跌幅由高到低分别为：纳斯达克(-3.47%)、中国金龙指数 (-3.9%)、道琼斯美国科技(-4.11%)、恒生科技(-4.97%)、申万传媒 (-8%)。 ◼ 投资建议 本周我们看好广告营销、谷子经济、游戏等方面。 广告营销：建议关注分众传媒、易点天下等。 谷子经济：建议关注奥飞娱乐、广博股份、华立科技、创源股份 等。 游戏：建议关注恺英网络、三七互娱、吉比特等。 本周核心观点与重点要闻回顾 广告营销：北京推出 12 项举措推动广告 ...

Investment Rating - The report maintains a "Buy" rating for Ning Shui Group, indicating a positive outlook on the company's performance relative to the market benchmark [4]. Core Views - The successful election of the new board and supervisory committee on February 17 and 18, 2025, reflects the company's stable governance structure and commitment to strategic direction [2]. - The company is actively promoting the integration of artificial intelligence in smart water management, collaborating with major AI models to enhance service delivery [2]. - Local government leaders have praised the company's focus on its core business and its achievements in digital transformation, highlighting its competitive position in the water meter industry [3]. Financial Performance Summary - Revenue projections for 2024-2026 are adjusted to approximately 1.346 billion, 1.706 billion, and 1.976 billion yuan, respectively, with net profit estimates of 48 million, 53 million, and 58 million yuan [4]. - The company reported a revenue of 1.789 billion yuan in 2023, with a year-on-year growth rate of 15.1%. However, a significant decline of 24.8% is expected in 2024 [6]. - The earnings per share (EPS) is projected to be 0.24 yuan in 2024, recovering to 0.26 yuan in 2025 and 0.29 yuan in 2026 [6]. Market Position and Strategy - Ning Shui Group is recognized as a leader in the water meter industry, with high concentration, competitive products, and significant sales volume [3]. - The company is leveraging new information technologies to extract data value and enhance operational efficiency in water management [2].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company successfully completed the election of its ninth board of directors and supervisory board, appointing new senior management and committee members [2] - The company is actively promoting the application of artificial intelligence in smart water management, collaborating with major AI models to enhance its data management capabilities [2] - Local leaders have highly praised the company's focus on its core business and its achievements in digital transformation [3] Financial Performance Summary - The company has adjusted its revenue forecasts due to factors such as the downturn in real estate and tight local fiscal conditions, predicting revenues of approximately 1.346 billion, 1.706 billion, and 1.976 billion yuan for 2024, 2025, and 2026 respectively [4] - The forecasted net profit attributable to the parent company is approximately 48 million, 53 million, and 58 million yuan for the same years [4] - The company reported a revenue of 1.789 billion yuan in 2023, with a year-on-year growth rate of 15.1% [6] Key Financial Metrics - The company's earnings per share (EPS) is projected to be 0.24 yuan in 2024, 0.26 yuan in 2025, and 0.29 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is expected to be 45.02 in 2024, 40.75 in 2025, and 37.19 in 2026 [6] - The return on equity (ROE) is forecasted to be 3.0% in 2024, 3.3% in 2025, and 3.5% in 2026 [6]

宏观研究/宏观点评 经济筑底期的波动 ——1 至 2 月 PMI 分析 ◼ 核心观点 一、制造业 PMI 经历 1 月回落之后，2 月再次回到临界值以上， 而此前在 2024Q4 连续 3 个月运行在临界值以上。我们认为这是中国 经济筑底阶段的一次波动。 二、制造业 PMI 分项指数之中恢复不足的地方主要有四个方面： 需求侧新出口订单还在临界值以下；供给侧原材料库存、产成品库存 两项指数仍然偏低；价格层面购进价格指数再次回升至临界值以上， 但出厂价格指数还需进一步修复。此外，2 月只有大型企业指数回归 景气区间；而中型、小型企业指数都有所回落且仍运行在临界值以下。 总体而言，我们认为需求、价格、库存的上行循环已处于酝酿阶段。 三、从美国与欧元区的制造业 PMI 看外需：2025 年 1 月至 2 月 美国制造业连续两个月在临界值以上，欧元区制造业 PMI 仍然运行在 临界值以下。我们认为欧元区制造业 PMI 的进一步可能是全球总需求 进一步修复的关键指标。 四、中国建筑业与服务业 PMI：2025 年 2 月，建筑业 PMI 回到 临界值以上，服务业 PMI 为 50.0%，有所回落但仍保持临界值运行。 但其 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is a global leader in high polymer functional films, particularly in optical reflective films, with a market share of 62% in 2023 [17][24]. - The company has successfully entered higher technical barrier markets such as optical base films and lithium battery separators, indicating a strong growth trajectory [3][24]. - Continuous investment in R&D and the development of new products are expected to drive long-term benefits, especially with the rising demand for domestic alternatives [24]. Summary by Sections 1. Company Overview - The company has been a pioneer in the reflective film market since 2012 and has achieved a leading position in the global market by breaking the technological monopoly of Japanese and Korean firms [17][24]. - The main products include reflective films, optical base films, separators, and other special functional films, with core technologies reaching international standards [18][24]. 2. Reflective Film Market - The reflective film market for liquid crystal displays is projected to grow from approximately 1.95 billion yuan in 2023 to about 2.48 billion yuan by 2027, with a CAGR of around 6.2% [2]. - The company has achieved a reflective rate exceeding 97% through innovative multi-phase bubble structures, maintaining a high gross margin of 36.56% in the first half of 2024 [2][4]. 3. Optical Base Film - The optical base film market in China is expected to grow at a rate of 6.2%, reaching nearly 60 billion yuan by 2028 [2]. - The company has seen a steady increase in the proportion of high-end products in its optical base film segment, with gross margins improving by 8.5 percentage points year-on-year [2]. 4. Lithium Battery Separators and CPI Films - The company has received small batch orders for its lithium battery separators, which are designed for various technological applications [3]. - The CPI film project is expected to enter mass production by 2025, indicating a new growth curve for the company [3]. 5. Financial Forecast and Valuation - The company is projected to achieve net profits of 0.23 billion yuan, 1.01 billion yuan, and 1.92 billion yuan for the years 2024 to 2026, with corresponding EPS of 0.08 yuan, 0.35 yuan, and 0.66 yuan [4]. - The PE ratios for 2024, 2025, and 2026 are estimated to be 215.79x, 49.71x, and 26.25x respectively, reflecting the company's growth potential [4].

长阳科技(688299) 公司研究/公司深度 反射膜全球领先，固态膜取得突破 ——深耕宁波系列之长阳科技深度报告 ◼ 核心观点 长阳科技是全球领先高分子功能膜高新技术企业。公司于 2012 年进 入反射膜市场，2023 年全球市场占有率第一，全球光学反射膜细分行 业龙头地位稳固。2018 年底，公司进军技术壁垒更高的光学基膜领域。 2021 年进军动力电池隔膜，布局包括动力电池等成长性确定的领域。 在新型显示领域，公司加大透明聚酰亚胺薄膜的开发，该产品主要应 用于折叠手机。我们认为，长阳科技通过持续加大研发投入，依托储 备的核心技术不断进行技术迭代，不断衍生新产品、拓展新领域，致 力于打造关键基础工业新材料平台，伴随国产替代需求逐步攀升，公 司有望长期受益。 反射膜市占率全球第一，液晶显示全尺寸覆盖。我们测算，液晶显示 用反射膜 2023 年市场规模约 19.5 亿元，2027 年或达约 24.8 亿元， 2023-2027 年 CAGR 将达到约 6.2%。长阳科技成功研发出多相泡孔结 构，反射率进一步提升到 97%以上，达到了国际领先水平；产品种类 方面，实现了液晶显示全尺寸应用领域的覆盖。2024 年上 ...