Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [1] Core Views - The company reported a revenue of 10.07 billion HKD for 2024, representing a year-on-year growth of 19.6%, and a net profit attributable to shareholders of 1.15 billion HKD, also up by 19.5% [1][3] - The company plans to increase its dividend payout ratio to 45% for the year 2024 and accelerate the opening of 361 Degrees super brand stores [1] Revenue and Profitability - In the second half of 2024, the company achieved a revenue of 4.93 billion HKD, with a growth rate of 20.0% year-on-year [3] - The net profit for the second half of 2024 was 359 million HKD, showing a significant increase of 39.7% year-on-year [3] - The gross margin for 2024 slightly improved to 41.5%, while the operating profit margin decreased to 15.6% [5] Channel Performance - The company’s e-commerce channel generated revenue of 2.61 billion HKD in 2024, a year-on-year increase of 12.2%, accounting for 25.9% of total revenue [4] - Domestic offline stores achieved revenue of 7.28 billion HKD, growing by 23.1% year-on-year, with a total of 5,750 stores by the end of 2024 [4] - The overseas market revenue remained stable at 185 million HKD, representing 1.8% of total revenue, with 1,365 sales points globally [4] Future Projections - The company expects to achieve revenues of 11.37 billion HKD, 12.71 billion HKD, and 14.11 billion HKD for 2025, 2026, and 2027 respectively, with growth rates of 12.8%, 11.9%, and 11.0% [8] - The projected net profit for the same years is 1.31 billion HKD, 1.45 billion HKD, and 1.61 billion HKD, with growth rates of 13.7%, 10.9%, and 11.4% [8] Financial Metrics - The report indicates a projected P/E ratio of approximately 6.7, 6.0, and 5.4 for the years 2025 to 2027 [8] - The company’s return on equity (ROE) is expected to be 12.1% in 2024, increasing to 12.8% by 2025 [10]

电子 周跟踪（20250303-20250307） 领先大市-A(维持) Manus 推出全球首款通用型 AI Agent，博通一季度业绩超预期 投资要点 电子行业近一年市场表现 资料来源：最闻 相关报告： 小米双 Ultra 点燃市场热情-山西证券电 子行业周跟踪 2025.3.4 储即将迎来新涨价周期-山西证券电子行 业周跟踪 2025.2.25 高宇洋 2025 年 3 月 13 日 行业研究/行业周报 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.3.3-2025.3.7）市场大盘普遍上涨，上证指数涨 1.56%，深圳成指涨 2.19%，创业板指涨 1.61%，科创 50 涨 2.67%，申万电子 指数涨 2.74%，Wind 半导体指数涨 2.48%。外围市场，费城半导体指数跌 2.88%，台湾半导体指数跌 3.29%。细分板块中，周涨跌幅前三为半导体设备 （+4.53%）、模拟芯片设计（+3.65%）、分立器件（+3.52%）。从个股看，涨 幅前五为珠城科技（+41.38%）、 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the electronic industry [1]. Core Insights - The introduction of Manus, the world's first universal AI agent, is expected to accelerate AI application deployment and increase demand for AI computing power [8]. - Broadcom's first-quarter performance exceeded expectations, with a 25% year-on-year revenue growth, reaching $14.6 billion, and a 48.9% increase in non-GAAP net profit [5][43]. Market Performance Summary - The overall market saw significant gains during the week of March 3-7, 2025, with the Shanghai Composite Index rising by 1.56%, the Shenzhen Component Index by 2.19%, and the Semiconductor Index by 2.48% [12][4]. - The semiconductor equipment sector led the gains with a 4.53% increase, followed by analog chip design at 3.65% and discrete devices at 3.52% [4][12]. - Notable individual stock performances included Zhu Cheng Technology (+41.38%), San De Technology (+36.67%), and Vision Smart (+36.28%) [4][22]. Industry News Summary - China is set to promote RISC-V open-source chip applications, marking a significant step towards reducing reliance on Western technology [5][43]. - The NAND Flash and DRAM markets are expected to see improved supply-demand dynamics, with NAND contract prices projected to rebound by the end of Q2 2025 [43]. - TSMC announced an increase in its investment in advanced semiconductor manufacturing in the U.S. to $165 billion, with production expected to ramp up by 2030 [43]

Market Trends - The report highlights a slight decline in major domestic market indices, with the Shanghai Composite Index closing at 3,371.92, down 0.23% [2] - The Shenzhen Component Index and CSI 300 also experienced minor declines of 0.17% and 0.36% respectively [2] Industry Commentary: General Machinery - The report emphasizes the growing demand for computing power driven by the iteration of large models in artificial intelligence, suggesting a focus on investment opportunities in AIDC (Automatic Identification and Data Capture) equipment [3][4] - The Chinese government is promoting the "AI+" initiative, which aims to enhance industrial transformation through AI applications, including smart robots and connected vehicles [4] - The launch of the general AI Agent product Manus by Monica, a Chinese startup, demonstrates significant advancements in AI technology, indicating a potential increase in computing power demand [4] Investment Recommendations - The report suggests monitoring companies involved in the engine manufacturing sector, including Weichai Power and Yuchai International, as the supply chain tightens [4] - It also recommends focusing on liquid cooling equipment manufacturers such as Invec and Highland, as well as other related companies [4] Industry Commentary: Photovoltaic Industry - The report tracks the pricing trends in the photovoltaic supply chain, noting that polysilicon prices remain stable at 40.0 CNY/kg for dense materials and 38.0 CNY/kg for granular silicon [6] - The production of silicon materials in February was reported at 92,300 tons, with a slight expected increase in March to 97,000 tons [6] - The report indicates a structural price increase in photovoltaic components, with a projected production scale of 50-55 GW for components in March, reflecting a 20%+ increase [6] Key Recommendations in Photovoltaic Sector - The report highlights companies to watch, including Aiko Solar and Longi Green Energy for new technology directions, and recommends companies like Xinyi Solar and Tongwei Co. for supply-side improvements [6]

研究早观点 2025 年 3 月 13 日 星期四 【今日要点】 【行业评论】其他通用机械：行业动态点评-大模型迭代刺激算力需求， 重视 AIDC 设备投资机会 【行业评论】【山证电新】20250312 光伏产业链价格跟踪 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,371.92 | -0.23 | | 深证成指 | 10,843.23 | -0.17 | | 沪深 300 | 3,927.23 | -0.36 | | 中小板指 | 6,718.79 | 0.01 | | 创业板指 | 2,191.27 | -0.58 | | 科创 50 | 1,092.71 | -0.73 | 资料来源：最闻 分析师： 市场走势 刘斌 liubin3@sxzq.com 【投资要点】 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【行业评论】其他通用机 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the industry, indicating an expected price increase exceeding the benchmark index by more than 10% [7]. Core Insights - The 2025 Government Work Report emphasizes the continuous promotion of "Artificial Intelligence +" actions, aiming to enhance industrial transformation through AI applications, including smart robots and intelligent connected vehicles [1]. - The emergence of the first general AI Agent, Manus, by a Chinese startup, showcases significant advancements in AI technology, further stimulating demand for computing power [2]. - Major internet companies, such as Alibaba, have significantly increased their capital expenditure plans, with Alibaba announcing a future investment of over 380 billion yuan in cloud and AI infrastructure over the next three years [2]. Summary by Sections Industry Dynamics - The report highlights the rapid growth of the global data center market driven by cloud computing, big data, and AI, supported by government policies encouraging innovation in the data center sector [3]. - The construction of intelligent computing centers is expected to accelerate, making computing power a critical strategic resource in global competition [1]. Investment Opportunities - The report suggests focusing on the following areas: - Diesel generator sets, with key players identified in the supply chain, including engine manufacturers like Weichai Power and Yuchai International, and OEMs such as Weichai Heavy Machinery and Keta Power [3]. - Liquid cooling equipment, with companies like Invec and Highcool being highlighted as potential investment opportunities [3].

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the other general machinery industry, indicating an expected growth rate exceeding the benchmark index by over 10% [1][7]. Core Insights - The 2025 Government Work Report emphasizes the continuous promotion of the "Artificial Intelligence +" initiative, which aims to enhance industrial transformation through AI, develop AI terminals such as smart robots and connected vehicles, and accelerate AI applications across various sectors including low-altitude, education, and healthcare. This push is expected to significantly increase demand for computing power, positioning intelligent computing centers as a key strategic resource in global competition [1]. - The launch of the first general AI agent, Manus, by Chinese startup Monica showcases advancements in AI technology, achieving state-of-the-art performance in benchmark tests. This development is anticipated to further expand the application scenarios for AI agents, thereby stimulating demand for computing power [2]. - Major internet companies, including Alibaba, have significantly increased their capital expenditure plans, with Alibaba announcing a capital expenditure of 31.775 billion yuan for Q3 FY25, an 80% quarter-on-quarter increase. The company plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years, which is expected to surpass the total investment of the past decade [3]. Summary by Sections Industry Performance - The other general machinery sector has shown strong market performance over the past year, driven by advancements in AI and increased capital expenditures from major tech companies [1][3]. Investment Opportunities - The report highlights investment opportunities in AIDC (Artificial Intelligence Data Center) equipment, driven by the growing demand for computing power and the expansion of data center infrastructure [1][3]. - Specific companies in the supply chain for AIDC equipment are recommended for attention, including engine manufacturers and OEMs, as well as liquid cooling equipment suppliers [4].

Market Overview - The domestic market indices showed mixed performance with the Shanghai Composite Index closing at 3,379.83, up by 0.41% [2] - The Shenzhen Component Index and CSI 300 also experienced slight increases of 0.33% and 0.32% respectively, while the ChiNext Index rose by 0.19% [2] Non-Bank Financial Sector - The report emphasizes the need to stabilize the real estate and stock markets, with ongoing reforms in the capital market [4] - The China Securities Regulatory Commission (CSRC) aims to enhance the inclusiveness of the multi-tiered market system and improve the awareness of listed companies in returning value to investors [6] Pharmaceutical Industry - The pharmaceutical sector is expected to see a rebalancing of valuations, with the SW Pharmaceutical Bio Index having reached a historical low PE of 25.5 times as of January 3, 2025 [7] - The government is promoting a multi-layered payment system to support the development of innovative drugs and medical devices, with commercial health insurance expected to grow significantly [8] - The report highlights the potential for Chinese manufacturers to expand internationally, particularly in high-end customized medical supplies and innovative drugs [8] Food and Beverage Sector - The food and beverage industry faced challenges in 2024, with overall performance lagging behind the market due to weak economic growth and demand recovery [8] - The report suggests that the sector is now at a turning point, with expectations for a gradual recovery in 2025 driven by improved consumer sentiment and policy support [10] - Investment strategies focus on identifying companies with strong growth potential and those offering high dividends [10] Agricultural Sector - The agricultural sector is experiencing a recovery in pig prices, maintaining profitability even during the off-season [15] - The report indicates that the pig farming industry is entering a profit cycle, with expectations for a gradual recovery in production capacity and profitability [18] Chemical Raw Materials - The new materials sector is supported by government policies aimed at fostering new productive forces, with significant orders reported for innovative materials [19] - The report notes that the chemical raw materials industry is poised for growth as upstream raw material prices stabilize and demand recovers [20] AI and Computing Power - The report highlights the emergence of AI platforms like Manus, which are expected to drive significant increases in computing power demand [12] - Investment opportunities are identified in sectors benefiting from increased capital expenditure in computing infrastructure, particularly in servers and data centers [16] Textile and Apparel Sector - The textile and apparel industry is facing challenges with export declines, particularly in comparison to competitors like Vietnam [28][29] - The report suggests a focus on companies that can adapt to changing market conditions and consumer preferences [30]

研究早观点 2025 年 3 月 12 日 星期三 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,379.83 | 0.41 | | 深证成指 | | 10,861.16 | 0.33 | | 沪深 | 300 | 3,941.42 | 0.32 | | 中小板指 | | 6,718.22 | -0.00 | | 创业板指 | | 2,204.03 | 0.19 | | 科创 | 50 | 1,100.74 | -0.40 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20250303-20250309）：-稳住楼 市股市，资本市场改革再深化 【行业评论】医药：医药行业 2025 年投资策略-多层次支付体系支持 创新发展，看好中国制造扬帆出海 【行业评论】食品饮料：食品饮料行业 2025 年度策略-至暗已过，柳 暗花明 【行业评论】通信： ...

非银行金融 行业周报（20250303-20250309） 领先大市-A(维持) 2025 年 3 月 11 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：最闻 推进，关注行业并购及业绩催化-行业周 报（20250217-20250223）： 2025.2.25 【山证非银行金融】DeepSeek 大部署， 券 商 牌 照 再 整 合 - 行 业 周 报 （20250210-20250216）： 2025.2.17 上周主要指数均有不同程度上涨，上证综指上涨 1.56%，沪深 300 上涨 1.39%，创业板指数上涨 1.61%。上周 A 股成交金额 8.50 万亿元，日均成交额 1.70 万亿元，环比减少 14.59%。两融余额 1.91 万亿元，环比提升 0.67%。中债-总全价(总值)指数较年初下跌 1.29%; 中债国债 10 年期到期收益率为 1.81%,较年初上行 20.51bp。 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351-- ...