Investment Rating - The report suggests a positive outlook on Bitcoin and related companies, particularly recommending Clean Spark and Iris Energy for investment opportunities [2][32][44]. Core Insights - Bitcoin's price has increased over 300% from its bottom, but trading volume remains low, indicating that market sentiment is not yet euphoric [2][5]. - The current Bitcoin market cycle is approximately halfway through, with historical patterns suggesting a potential price surge coinciding with the Federal Reserve's first interest rate cut [2][15]. - Institutional interest in Bitcoin is growing, with the approval of Bitcoin ETFs reducing regulatory risks and attracting long-term capital [2][5][23]. - Coinbase's market share has increased significantly due to the collapse of FTX and regulatory challenges faced by competitors, with its trading volume reaching 43.6% in early 2024 [2][48]. Summary by Sections Bitcoin Market Analysis - The report highlights that previous Bitcoin price surges were accompanied by significant increases in trading volume, which is currently lacking despite the price increase [2][5]. - The trading volume has not surpassed 2021 highs, indicating a cautious market environment [2][5]. - The report notes that the current Bitcoin price is influenced by a reduced supply in centralized exchanges, with a significant portion of Bitcoin held long-term [2][7]. Mining Sector Analysis - Companies like Riot Platforms, Iris Energy, and Clean Spark are expected to see over 100% growth in hash rate by the end of 2024, with specific growth rates of 258%, 218.7%, and 178.2% respectively [2][39]. - The report recommends focusing on Clean Spark for its Bitcoin holding strategy and Iris Energy for its valuation metrics [2][44]. Coinbase Business Potential - Coinbase has benefited from the regulatory environment and increased user adoption, with its trading volume significantly rising post-FTX collapse [2][48]. - The Base chain, launched by Coinbase, has shown strong profitability compared to other Layer 2 solutions, indicating a robust growth potential [2][50]. - The report estimates that Coinbase's market value could increase by 47.5% from its current level, driven by expanding user engagement and new business lines [2][58].

证券研究报告 2024 年 6 月 25 日 [b_Suy 今日预览 展 【固收】肖雨：收入承压遇上地方化债——5 月财政数据点评 欢迎关注中泰研究所订阅号 晨会聚焦 请务必阅读正文之后的重要声明部分 - 2 - 请务必阅读正文之后的重要声明部分 晨会聚焦 晨会聚焦 中泰证券股份有限公司（以下简称"本公司"）具有中国证券监督管理委员会许可的证券投资咨 询业务资格。本报告仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为客户。 投资者应注意，在法律允许的情况下，本公司及其本公司的关联机构可能会持有报告中涉及的公司 所发行的证券并进行交易，并可能为这些公司正在提供或争取提供投资银行、财务顾问和金融产品 等各种金融服务。本公司及其本公司的关联机构或个人可能在本报告公开发布之前已经使用或了解 其中的信息。 - 4 - 请务必阅读正文之后的重要声明部分 - 3 - 请务必阅读正文之后的重要声明部分 重要声明： 本报告基于本公司及其研究人员认为可信的公开资料或实地调研资料，反映了作者的研究观点，力 求独立、客观和公正，结论不受任何第三方的授意或影响。本公司力求但不保证这些信息的准确性 和完整性，且本报告中的资料、 ...

Summary of Key Points Company Overview - The company has significant potential for ASP (Average Selling Price) improvement, indicating a strong growth trajectory ahead [1] - The customer base is described as high-quality, which supports the company's sustainable growth [1] Competitive Advantages - The company exhibits high production efficiency, strategically located production bases, and excellent management capabilities [1] - These advantages collectively contribute to the company's robust profitability [1]

Investment Rating - The report assigns an "Invest" rating with a "Buy" recommendation for the company [1] Core Views - The company is a leader in China's cloud-based HCM (Human Capital Management) solutions market, offering a comprehensive suite of HR SaaS products through its iTalentX platform [2] - The company has experienced rapid revenue growth, with a CAGR of 18.4% from FY2019 to FY2023, reaching RMB 751 million in FY2023 [2] - The cloud-based HCM solutions market in China is expected to grow significantly, with the market size projected to reach RMB 304 billion by 2027, up from RMB 55 billion in 2021 [2] - The company has a strong customer base, with over 1,600 Core HCM integrated solution clients as of the 2024 interim report [2] - The company is actively embracing AI, collaborating with major AI model providers to develop the SenGPT human resources model, which enhances HR scenarios such as intelligent recruitment and talent management [2] Financial Performance and Valuation - Revenue is forecasted to grow from RMB 854 million in FY2024E to RMB 1,146 billion in FY2026E, with year-over-year growth rates of 13.7%, 15.1%, and 16.5% respectively [1] - Net losses are expected to narrow significantly, from RMB -3,216 million in FY2024E to RMB -112 million in FY2026E [1] - The company's P/S ratio is projected to be 4x, 3x, and 3x for FY2024E, FY2025E, and FY2026E respectively [1] - The company's gross margin is expected to improve from 55.34% in FY2023 to 65.3% in FY2026E, driven by the high-margin cloud-based HCM solutions [38] Market and Industry Analysis - China's HCM market is expected to grow from RMB 6,608 billion in 2021 to RMB 16,259 billion by 2027, with a CAGR of 16.2% [22] - The cloud-based HCM solutions market in China is growing rapidly, with the market size increasing from RMB 55 billion in 2021 to an estimated RMB 304 billion by 2027 [23] - The company holds a leading position in the HCM SaaS market, with a 15.3% market share in 2023, and is the top player in Core HR, recruitment management, and performance management SaaS segments [29] Product and Technology - The company's Core HCM integrated solution has shown strong growth, with annual recurring revenue increasing by 35.1% from RMB 251.0 million in September 2022 to RMB 339.2 million in September 2023 [33] - The company's SenGPT human resources model, developed in collaboration with AI model providers, offers intelligent services across various HR scenarios, including recruitment, talent management, and employee services [35] Customer and Business Strategy - The company has a diversified customer base across various industries, with a focus on "business-human integration" to provide seamless HR solutions [2] - The company's Core HCM integrated solution has a high customer retention rate of around 95%, with clients increasingly adopting additional HR modules for cross-selling opportunities [32]

Investment Rating - The report assigns a rating of "Increase Holdings" for the industry, indicating an expected increase in stock prices relative to the benchmark index by 5% to 15% over the next 6 to 12 months [6]. Core Insights - The report highlights the importance of cultivating new consumption scenarios in cultural tourism and sports, emphasizing the need for innovative content and experiences to attract users [3][4]. - It suggests that companies with a focus on health, elderly care, and childcare consumption scenarios are likely to benefit from policy support and an expanding customer base [4]. - The report identifies entertainment and silver economy sectors as key areas for investment, driven by technological advancements such as AI and VR, which can enhance service quality and consumer experience [4]. Summary by Sections Key Companies Overview - The report provides financial metrics for key companies in the industry, including EPS, PE, and stock prices, indicating a diverse range of performance among companies like Shandong Publishing and Mango Super Media [1]. Investment Opportunities - Companies leading in educational tourism and content creation, such as Shandong Publishing and Xinhua Wenhui, are recommended for investment due to their clear advantages in content and distribution channels [4]. - Companies with deep reserves in virtual reality entertainment, such as Fengyuzhu and City Media, are also highlighted as potential beneficiaries of market trends [4]. Market Trends - The report notes a significant market size for the industry, with a total market capitalization of 1,156,201 million and a circulating market capitalization of 615,813 million [1]. - It emphasizes the growing importance of high-quality audiovisual content and the need for companies to innovate in content production to meet evolving consumer demands [4][5].

Investment Rating - The report maintains an "Invest" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the importance of creating new consumption scenarios in cultural tourism and sports, emphasizing the need for innovative content and experiences to attract users [4]. - It identifies potential beneficiaries in the entertainment and silver economy sectors, suggesting that companies with relevant customer bases are well-positioned to capitalize on these trends [4]. - The report suggests that companies embracing AI and VR technologies, while enhancing their content ecosystems, will likely see accelerated project implementation and improved service quality [4]. Summary by Sections Industry Overview - The report notes that the industry comprises 142 listed companies with a total market capitalization of 1,156,201 million yuan and a circulating market capitalization of 615,813 million yuan [1]. Key Companies and Ratings - Companies such as Shandong Publishing and Central South Media are highlighted for their leading positions in educational tourism and silver economy layouts [5]. - Other companies mentioned include Windy Media and Urban Media, which have deep reserves in virtual reality entertainment [5]. Investment Recommendations - The report recommends focusing on companies with strong content and channel advantages in educational tourism, such as Shandong Publishing and Xinhua Wenhui [4]. - It also suggests looking at companies with unique applications in virtual human creation, like BlueFocus and Jiecheng [4].

中 泰 证 券 研 究 所 专 业 | 领 先 | 深 度 | 诚 信 | 证 券 研 究 报 告 | 各地车路云一体化项目落地, 智慧交通产业加速发展 2024 . 6 . 2 3 分析师:闻学臣 执业证书编号:S0740519090007 Email:wenxc@zts.com.cn 分析师:何柄谕 执业证书编号: S0740519090003 Email:heby@zts.com.cn 联系人:王雪晴 Email: wangxq03@zts.com.cn 核心观点与投资建议 2 ◼ 我国打造了单车智能与车路协同相结合的智慧交通"中国方案",车路云一体化是其中核心环节。当下车联网软硬件 玩家分工明确,产业生态逐渐走向成熟。车路云一体化能够打通数据收集、处理和应用的各个环节,有望大幅提升城 市交通智慧化程度。 ◼ 智能网联汽车示范区、车联网先导区、"双智"城市建设等多重政策持续催化,相关产业产值将超万亿。在车侧智能 网联汽车试点;在路侧规划设立了7处车联网先导区以积累落地经验,"双智"建设与打造交通新基建共同推进智慧交 通改造。据预测智慧交通市场规模将达到10.6万亿元,2025-2030年CAGR达35% ...

Summary of Conference Call Company or Industry Involved - The conference call pertains to Zhongtai Securities, a financial services company in China [1] Core Points and Arguments - The call was conducted to formally sign contracts with clients, indicating a focus on client engagement and relationship building [1] Other Important but Possibly Overlooked Content - No additional financial data, industry trends, or specific performance metrics were provided in the document [1]

Revenue Performance - From January to May 2024, general budget revenue totaled CNY 9.7 trillion, with a year-on-year growth rate of -2.8%, indicating a widening decline compared to previous months[1] - Tax revenue for the same period reached CNY 8.0 trillion, down 5.1% year-on-year, while non-tax revenue increased by 10.3% to CNY 1.6 trillion[1] - The completion rate of general budget revenue for the first five months was 43.3%, below the five-year average of 45.2%[1] Tax Revenue Breakdown - Major tax categories showed varied performance: domestic VAT at -6.1%, domestic consumption tax at 7.2%, corporate income tax at -1.7%, and personal income tax at -6.0%[1] - Land-related taxes, such as urban land use tax and arable land occupation tax, grew by 12.7% and 21.4% respectively, although land sales revenue dropped by 14.0%[1] - Stamp duty revenue fell by 18.6%, with securities transaction stamp duty down 50.8%, reflecting a pessimistic market outlook[1] Expenditure Trends - Total expenditure increased by 3.4%, slightly above the five-year average, driven primarily by infrastructure-related spending[1] - The fastest-growing expenditure categories included agriculture, forestry, and water affairs at 12.0%, and urban and rural community affairs at 9.5%[1] - Social security expenditure rose by 6.7%, with its share of total expenditure at 17.2%, higher than the average since 2011[1] Broader Fiscal Context - Broad revenue decreased by 4.1%, with general public budget revenue and government fund revenue declining by 2.8% and 10.8% respectively, largely due to reduced land sale income[1] - The progress of new special bonds issued was only 29.8%, significantly lower than the average of 43.3% from 2019 to 2023, indicating slow project initiation[1] Future Outlook - The pace and sustainability of infrastructure investment are under scrutiny, with expectations for increased fiscal and infrastructure spending concentrated in the second half of the year[1] - The issuance of CNY 1 trillion in special bonds is planned to be spread out from May to November, suggesting a delayed fiscal stimulus[1] - Risks include potential unexpected adjustments in fiscal policy and slower-than-expected revenue and expenditure rhythms[1]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][41]. Core Insights - The real estate sector is experiencing a significant decline in sales and investment, with a 20.3% year-on-year decrease in sales area and a 27.9% drop in sales value from January to May 2024 [6][9]. - Recent policy adjustments, including lower down payment requirements and interest rate cuts, are expected to stabilize sales in the coming months [6][13]. - Despite the current downturn, there is optimism for recovery driven by ongoing policy support aimed at reducing inventory and improving market conditions [39][37]. Summary by Sections Industry Overview - As of May 2024, the total number of listed companies in the real estate sector is 105, with a total market capitalization of 9,963.59 billion yuan and a circulating market value of 4,622.14 billion yuan [2]. Sales Performance - From January to May 2024, the total sales area of commercial housing reached 36,642 million square meters, a decrease of 20.3% year-on-year, while the sales value was 35,665 billion yuan, down 27.9% [9][13]. - Residential sales area fell by 23.6%, and sales value decreased by 30.5% during the same period [9][13]. Investment Trends - Real estate investment from January to May 2024 totaled 40,632 billion yuan, reflecting a 10.1% year-on-year decline [9][24]. - New construction starts saw a significant drop of 24.2%, while completed construction areas decreased by 20.1% [24][7]. Funding Sources - The funding available to real estate developers decreased by 24.3% year-on-year, with domestic loans and personal mortgage loans also showing negative growth [8][31]. - The report anticipates improvements in funding conditions as government policies aimed at stabilizing the market take effect [31]. Investment Recommendations - The report suggests focusing on real estate companies with stable performance and high safety levels in first and second-tier cities, such as Binjiang Group, China Merchants Shekou, and Poly Developments [39][37].