Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its business segments [5][74]. Core Views - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's performance is expected to recover in 2025, with a projected net profit of 25.49 billion HKD, reflecting a substantial increase of 52.40% compared to the previous year [73]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a significant installed wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and surrounding regions [21][48]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY per kWh, maintaining stability compared to the previous year [50]. - The company is actively developing offshore wind projects, with a total of 2 million kW capacity under approval [55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected to be 5.888 billion cubic meters, showing a year-on-year increase of 15.13% [59]. - The LNG terminal project is expected to enhance revenue, with the first phase already operational and the second phase progressing well [63][64]. - The company completed LNG sales of approximately 1.123 billion cubic meters in 2024, indicating significant growth potential [64]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion, 24.034 billion, and 26.960 billion HKD from 2025 to 2027, with corresponding net profits of 2.549 billion, 2.516 billion, and 2.990 billion HKD [73]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its natural gas and wind power segments [5][74]. Core Insights - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's wind power segment is expected to benefit from favorable market conditions and a strong project pipeline, particularly in offshore wind projects [2][52]. - The natural gas segment faces short-term challenges but has potential for growth with the upcoming commissioning of the second phase of the LNG terminal [3][63]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a substantial wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and a strong market position due to favorable trading policies [2][21]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY/kWh, maintaining stability compared to the previous year, with a market transaction volume ratio of 44.71% [50][48]. - The company has a robust project pipeline, including 430.99 million kW of approved but unconstructed projects, with a significant focus on offshore wind development [52][55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected at 5.888 billion cubic meters, reflecting a 15.13% year-on-year increase, although Q4 2024 shows a decline of 24.43% [3][59]. - The LNG terminal project is progressing, with the first phase operational and the second phase expected to enhance capacity significantly, targeting a total unloading capacity of 10 million tons per year [63][64]. - The natural gas segment's revenue for 2024 is estimated at 15.004 billion CNY, with a gross profit margin of 3.52%, indicating pressure on profitability [3][59]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion CNY, 24.034 billion CNY, and 26.960 billion CNY for 2025-2027, with corresponding net profits of 2.549 billion CNY, 2.516 billion CNY, and 2.990 billion CNY [73][74]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74][76].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][8]. Core Insights - The company reported a revenue of 2.892 billion yuan for 2024, representing a year-on-year growth of 17.74%. The net profit attributable to the parent company was 403 million yuan, up 15.67% year-on-year, while the non-recurring net profit reached 410 million yuan, marking a significant increase of 55.92% [1]. - In Q1 2025, the company achieved a revenue of 918 million yuan, reflecting a year-on-year growth of 24.71%, with a net profit of 100 million yuan, a slight increase of 1.99% [1]. - The company is focusing on enhancing management efficiency by streamlining R&D expenses while increasing sales promotion efforts, with sales expenses for 2024 amounting to 1.094 billion yuan, a 28.10% increase from 2023 [2]. Financial Performance - The company expects revenues of 3.702 billion yuan, 4.516 billion yuan, and 5.162 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 661 million yuan in 2025, 930 million yuan in 2026, and 1.030 billion yuan in 2027 [6][12]. - The EBITDA for 2024 is estimated at 1.324 billion yuan, with a net profit margin of 14.17% for 2024 [12][13]. Product Development and Market Position - The company's core product, the ALK inhibitor Ensartinib, is experiencing steady growth due to its long treatment duration and has been included in the medical insurance directory for first-line treatment of ALK-positive NSCLC [3]. - The company is actively expanding its product portfolio in the lung cancer field, with four candidates in development, including MCLA-129 and CFT8919, aimed at enhancing its competitive edge [4]. - Several products are nearing commercialization, including Ensartinib, which has received approval for first-line treatment in the U.S. and is progressing well in clinical trials [5].

金融工程 证券研究报告 2025 年 05 月 25 日 作者 吴先兴 分析师 SAC 执业证书编号：S1110516120001 wuxianxing@tfzq.com 金融工程 | 金工定期报告 韩乾 分析师 SAC 执业证书编号：S1110522100001 hanqian@tfzq.com 相关报告 1 《金融工程：金融工程-因子跟踪周 报：换手率、季度 sp 分位数因子表现较 好-20250524》 2025-05-24 2 《金融工程：金融工程-大模型总结 和解读行业研报（ 2025W20 ）》 2025-05-19 3 《金融工程：金融工程-量化择时周 报：等待缩量》 2025-05-18 基金季报中披露有基金前十大重仓股，同时企业季度报告中披露有企业的 前十大股东信息（主要使用上市公司 1、3 季度十大股东信息），结合这两 部分信息我们可以得到基金持仓更加详细的重仓股信息。因此模拟全部股 票持仓只需要估计基金剩余的非重仓持股明细。 基金季报（T 期）披露有股票持仓的证监会行业配置信息，基金最近（T-1 期）半年报、年报会披露全部股票持仓，可得基金半年报、年报末非重仓 股持仓信息。假设基金非重仓 ...

Group 1: AIDC Overview - AIDC is a computing infrastructure built on artificial intelligence computing architecture, integrating high-performance computing equipment, high-speed networks, and advanced software systems to provide an efficient and stable computing environment for AI training and inference [1][10] - The core components of AIDC include computing devices, storage devices, network devices, power supply systems, and cooling systems, which collectively support powerful computing capabilities, efficient data processing, and various AI applications [10][11] Group 2: Market Trends and Policy Support - The AIDC market is expected to grow significantly, with an annual growth rate exceeding 25% from 2023 to 2028, leading to a market size of over 280 billion yuan by 2028 [16] - AIDC's policy support features three main characteristics: multi-departmental collaboration, full-cycle coverage, and a focus on technological self-sufficiency, with various policies established since 2017 to strengthen AI data center development [14][15] Group 3: AIDC Market Performance - AIDC has experienced three significant phases of excess returns from 2018 to 2025, driven by policy initiatives, technological breakthroughs, and the competitive landscape of AI models [2][27] - The first phase (2019-2020) saw a cumulative increase of 110% in computing infrastructure, while the second phase (2022-2023) recorded a 50% increase, and the upcoming phase (2024-2025) is expected to be driven by heightened demand for computing power due to AI model competition [2][24][25] Group 4: Industry Chain Overview - In the AI computing chip sector, GPUs dominate the market with a share of approximately 90%, and the market size for GPUs in China is projected to exceed 120 billion yuan by 2025 [30][34] - The storage chip market, supported by DRAM and NAND flash, is entering a recovery phase driven by the increasing demand for high-bandwidth storage due to AI model training [42][43] - The power supply and cooling systems are also evolving to meet the rising demands of AI computing, with opportunities in modular and prefabricated solutions for power supply and liquid cooling technologies becoming more prevalent [4][5][29] Group 5: Business Models in AIDC - AIDC encompasses four core business models: IaaS (Infrastructure as a Service), PaaS (Platform as a Service), SaaS (Software as a Service), and MaaS (Model as a Service), catering to various customer needs from infrastructure hosting to customized AI model services [22][26] - The diverse stakeholders in the AIDC ecosystem include local governments, internet and cloud service providers, third-party IDC service providers, and AI enterprises, each with distinct strategic goals and resource advantages [19][20]

行业报告 | 行业研究周报 建筑装饰 证券研究报告 继续看好中西部基建及重点产业投资，关注后续实物工作量落 地 核心观点 本周 CS 建筑板块下跌 1.11%，跑输沪深 300 1.04pct，转型标的涨幅居前。 25M1-4 基建投资维持较高增长，地产仍维持弱势，单 4 月来看，基建和制 造业投资增速环比有所回落但仍保持较高水平，西部基建景气度突出。建 议继续关注中西部基建（建筑，水泥，民爆）和煤化工、核电等重点产业 领域的投资机会，以及中小市值建筑转型标的。 4 月制造业、地产投资数据下滑，基建投资仍是未来政策发力的重要方向 4 月制造业、地产投资数据下滑，基建投资仍是未来政策发力的重要方向 25M1-4，全国固定资产投资同比+4%，其中，地产开发/狭义基建/广义基 建/制造业同比分别-10.3%/+5.8%/+10.9%/+8.8%，基建投资高增长对冲了地 产投资下滑的影响，有利于稳投资、稳经济。狭义基建增速比全部投资高 1.8%，对全部投资增长的贡献率为 32.6%，比 Q1 提高 2.3pct。4 月单月地产 开发投资/狭义基建/广义基建/制造业同比分别-11.5%/+5.8%/+9.6%/+8.2 ...

周观 REITs 首程控股携手中国人寿设百亿 REITs 投资基金 策略报告 | 投资策略 首程控股携手中国人寿设百亿 REITs 投资 基金 风险提示：REITs 基础资产项目未来经营情况具有不确定性；募集说明书中测 算的未来现金流可能无法准确反映实际情况；募集发行进度不及预期。 市场表现方面，本周 REITs 市场上行，华泰苏州恒泰租赁住房 REIT（+52.82%） 领涨 国寿投资公司与首程控股有限公司、财信吉祥人寿保险股份有限公司在京签 署北京平准基础设施不动产股权投资基金协议，目标规模 100 亿元，首期规 模超 50 亿元，是目前市场单只规模最大的公募 REITs 投资基金。 证券研究报告 2025 年 05 月 25 日 作者 本周（2025.5.19-2025.5.23），中证 REITs 全收益指数上涨 1.20%，REITs 总指 数上涨 1.65%，产权 REITs 指数上涨 1.53%，经营权 REITs 指数上涨 1.80%。大 类资产角度，REITs 总指数跑赢沪深 300 指数 1.82 个百分点，跑赢中证全债 指数 1.57 个百分点，跑赢南华商品指数 2.14 个百分点。个券 ...

金融工程 | 金工定期报告 金融工程 证券研究报告 沪深 300 增强本周超额基准 1.13% 戴维斯双击策略 戴维斯双击即指以较低的市盈率买入具有成长潜力的股票，待成长性显现、 市盈率相应提高后卖出，获得乘数效应的收益，即 EPS 和 PE 的"双击"。 策略在 2010-2017 年回测期内实现了 26.45%的年化收益，超额基准 21.08%。 今年以来，策略累计绝对收益 14.32%，超额中证 500 指数 15.59%，本周策 略超额中证 500 指数 0.44%。本期组合于 2025-05-06 日开盘调仓，截至 2025-05-23 日，本期组合超额基准指数 3.44%。 净利润断层策略 净利润断层策略是基本面与技术面共振双击下的选股模式，其核心有两点： "净利润"，指通常意义上的业绩超预期；"断层"，指盈余公告后的首个交 易日股价出现向上跳空，该跳空通常代表市场对盈余报告的认可程度。 策略在 2010 年至今取得了年化 28.67%的收益，年化超额基准 27.15%。本 年组合累计绝对收益 16.76%，超额基准指 18.03%，本周超额收益 0.33%。 沪深 300 增强组合 根据对优秀基 ...

通信 证券研究报告 通信赋能机器人在 AI 浪潮下茁壮生长，产业链星辰大海 机器人市场规模持续扩大，25 年有望成为量产元年 随着人工智能和机器人技术的飞速进步，机器人产业正在迅速渗透多个领 域，市场空间稳步增长。根据国际机器人联合会（IFR）的数据，2024 年全 球工业机器人市场预计将达到 230 亿美元；中国市场也持续增长，2024 年 产量将突破 55 万台，同比增长 29.53%。全球人形机器人市场预计从 2023 年的 21.6 亿美元增至 2029 年的 206 亿美元，年复合增长率 57%。 海内外多领域大厂入局，机器人或成为 AI 重要落地方向 行业报告 | 行业专题研究 Figure AI、优必选、宇树科技等初创企业不断迭代产品，特斯拉、英伟达、 OpenAI、小鹏、华为等跨界巨头积极布局，2024 年人形机器人行业融资超 64 亿美元。多模态大模型赋予机器人环境理解和任务规划能力，推动其在 工业制造、医疗护理、家庭服务和仓储物流等场景加速落地。未来 5-10 年， 具身机器人有望从辅助角色到逐步承担危险、高强度任务，成为 AI 的重要 终端，开启规模化应用时代。 上游核心零部件技术突破， ...

行业报告 | 行业研究周报 2025 年 05 月 24 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市（维持评级） | | 上次评级 | 强于大市 | 作者 -16% -8% 0% 8% 16% 24% 32% 2024-05 2024-09 2025-01 金属与材料 沪深300 刘奕町 分析师 SAC 执业证书编号：S1110523050001 liuyiting@tfzq.com 曾先毅 分析师 SAC 执业证书编号：S1110524060002 zengxianyi@tfzq.com 胡十尹 分析师 SAC 执业证书编号：S1110525010002 hushiyin@tfzq.com 吴亚宁 联系人 wuyaning@tfzq.com 行业走势图 资料来源：聚源数据 相关报告 1 《金属与材料-行业研究周报:宏观情 绪 回 暖 ，看 好基 本 金属 向 上修 复 》 2025-05-18 2 《 金 属 与 材 料 - 行 业 深 度 研 究:24&25Q1 总结：资源端金&铜领涨， 材料端盈利大幅提升》 2025-05-13 3 《金属与材料-行业研究周报:宏观 ...