Investment Rating - The industry is rated as "Outperform the Market" [6] Core Insights - The recent upgrades to the Doubao large model family, including the release of the visual understanding model, significantly expand the application scenarios of large models [2][3] - There has been an explosive growth in demand for cloud inference for Doubao models, with daily token usage exceeding 4 trillion, marking a 33-fold increase since its release [3] - The average input price for the visual understanding model is 0.003 yuan per 1,000 tokens, which is 85% lower than the industry average, making it highly cost-effective [3] - The semiconductor sector has shown volatility, with notable stock movements such as Cambricon up by 8.72% and Longxin Technology down by 8.69% [1] - Broadcom has become the third semiconductor company to surpass a market capitalization of $1 trillion, focusing on customized ASIC chips for cloud providers [4] Summary by Sections Semiconductor Sector - The semiconductor sector experienced fluctuations, with Cambricon's stock price surpassing 600 yuan and a total market value exceeding 250 billion yuan [1] - The storage sector is also benefiting, with Zhaoyi Innovation rising by 10.83% due to anticipated demand from AI applications [1] Doubao Model Developments - The Doubao visual understanding model enhances content recognition and reasoning capabilities, broadening the scope of large models [2] - The Doubao family has undergone a significant upgrade, including the release of the Doubao Universal Model Pro and Doubao Music Model 4.0 [2] Future AI Trends - The pre-training era is reaching its data peak, necessitating a shift in model training methods due to the finite nature of internet data resources [3] - Future breakthroughs in AI are expected to focus on superintelligence, characterized by reasoning, understanding, and self-awareness [4] Market Opportunities - Suggested companies to watch include Hengxuan Technology, Loxin Technology, and various domestic computing power chains such as Cambricon and Longxin Technology [8]

Investment Rating - The report gives a "Buy" rating for the company, indicating a potential upside of over 20% relative to the market benchmark within the next six months [4][119][136]. Core Insights - The company is positioned as a quality leader in the real estate sector, focusing on core urban areas, with a strong financial structure and declining financing costs [3][44][119]. - The company has shown resilience in sales rankings, achieving significant growth in a challenging market environment, with a focus on high-quality projects and efficient turnover [2][65][75][119]. - The report highlights the company's robust land reserves and its leading position in the construction management sector, which supports future profitability [3][88][98][119]. Summary by Sections 1. Company Overview - Established in 1995, the company has become a leading benchmark for quality in real estate development in China, with total assets exceeding 530 billion RMB and net assets over 100 billion RMB [14][16]. - The company has a stable shareholding structure, with major shareholders including state-owned enterprises, which provide advantages in land acquisition and financing [16][19]. 2. Financial Performance - In 2023, the company achieved revenue of 131.4 billion RMB, a year-on-year increase of 3.3%, with a net profit of 3.09 billion RMB, up 19.6% [2][3][23]. - The company maintains a healthy financial structure, with a debt-to-asset ratio of 69.2% and a net asset-to-debt ratio of 67.2% as of mid-2024 [3][31]. 3. Sales and Market Position - The company has focused on core high-tier cities, with over 79% of its saleable value located in first and second-tier cities as of the first half of 2024 [2][53]. - The average selling price of self-developed projects reached 28,334 RMB/m² in 2023, surpassing the average in core cities [65][70]. 4. Construction Management Business - The company’s subsidiary, Green City Management, is a leader in the construction management sector, with a market share exceeding 20% for eight consecutive years [88][90]. - The management business has shown strong revenue growth, with 2023 revenues of 3.3 billion RMB, reflecting a compound annual growth rate (CAGR) of 10.4% from 2019 to 2023 [90][93]. 5. Profitability Forecast - The company is expected to achieve revenue growth of 135.2 billion RMB in 2024, with net profit projected at 2.77 billion RMB, reflecting a price-to-earnings (P/E) ratio of 7.9 [3][112][119]. - The report anticipates a gradual recovery in the real estate market, positioning the company to capitalize on favorable policies and market conditions [119].

Group 1 - The report indicates a structural improvement in financial data for November, significantly influenced by hidden debt replacement, leading to stronger government bond financing and increased non-financial corporate deposits and M1 [1][15][33] - The report highlights a positive signal in the improvement of residents' medium to long-term loans, benefiting from lower existing mortgage rates and a recovering real estate sales market [1][15][26] - The Central Political Bureau and Central Economic Work Conference emphasized implementing a more proactive fiscal policy and moderately easing monetary policy, which is expected to improve real financing demand and residents' consumption capacity [2][15] Group 2 - In November, the new social financing (社融) amounted to 23,262 billion yuan, a year-on-year decrease of 1,292 billion yuan, with a notable increase in corporate bond financing and discounted bank acceptance bills [3][16][20] - The new RMB loans in November were 5,800 billion yuan, lower than the expected 9,208 billion yuan, indicating a continued need for credit demand recovery [4][26][27] - The report notes that the total new deposits in November were 21,700 billion yuan, with non-financial corporate deposits increasing significantly, likely due to the effects of large-scale debt replacement [5][33] Group 3 - The M1 growth rate in November was -3.7%, while M2 grew by 7.1%, indicating a narrowing of the M1-M2 gap and an increase in fund activity [5][33][36] - The report details that the government bond issuance in November was 13,089 billion yuan, which provided significant support to social financing [20][26] - The report emphasizes that the structural changes in credit demand are influenced by the ongoing debt replacement process, which may lead to a shift from high-interest debts to government bonds [1][16][20]

Investment Rating - The report initiates coverage on Bohui Paper with a "Buy" rating [4][5]. Core Views - Bohui Paper is a leading domestic white card paper enterprise, benefiting from the integration with APP, which enhances its scale and operational efficiency [15][22]. - The white card paper market in China is highly concentrated, with the top four companies holding nearly 80% of the market share, indicating a potential for price stabilization and recovery in profitability [2][37]. - The company is focusing on differentiation and high value-added products, actively developing specialty white card products to enhance its competitive edge [3][62]. Summary by Sections Company Overview - Bohui Paper, established in 1994, specializes in the integrated research, production, and sales of various paper products, including white card paper, cultural paper, and box board paper [15][19]. - The company reported revenues of 13.967 billion yuan in Q1-Q3 2024, a year-on-year increase of 2.12%, and a net profit of 149 million yuan, marking a turnaround from losses [15][19]. Supply and Demand Dynamics - The white card paper market is experiencing a supply-demand optimization, with a significant increase in production capacity expected in 2024-2025, primarily concentrated among large manufacturers [2][37]. - Recent announcements of production halts by major players like Chenming Paper indicate a reduction in supply, which may lead to price stabilization in the near term [2][55]. Competitive Advantages - Bohui Paper aims to achieve cost leadership and efficiency through technological advancements and product differentiation, focusing on high-value specialty products [3][62]. - The company has successfully launched new products, such as sterile liquid packaging paper, which opens up new market opportunities [3][62]. Financial Forecast and Investment Recommendations - The report forecasts revenue growth rates of 1.1%, 7.9%, and 5.9% for 2024-2026, with net profit growth rates of 31%, 100%, and 45% respectively [4]. - The estimated earnings per share (EPS) for the same period are projected to be 0.18 yuan, 0.36 yuan, and 0.52 yuan [4]. - The report emphasizes the long-term benefits of the company's strategic focus on product differentiation and efficiency, alongside short-term recovery in profitability due to supply-demand improvements [4][61].

Investment Rating - The report initiates coverage on Yongxing Co Ltd (601033 SH) with a "Buy" rating and a target price of RMB 17 85 per share [3][5] Core Views - Yongxing Co Ltd is a regional leader in solid waste management with strong growth potential and high dividend payouts The company benefits from its backing by Guangzhou State-owned Assets and its dominant position in the Guangzhou waste-to-energy market [1][3] - The company has a stable business structure with 14 operational waste-to-energy projects and 4 biomass treatment projects primarily located in advantageous regions of Guangzhou [1][16] - Yongxing Co Ltd is expected to see steady growth in revenue and net profit driven by increased capacity utilization and the disposal of aged landfill waste The company is projected to achieve revenues of RMB 3 688 billion RMB 4 165 billion and RMB 4 572 billion in 2024 2025 and 2026 respectively with net profits of RMB 803 million RMB 959 million and RMB 1 126 billion [3][99] Business Overview - Yongxing Co Ltd is the sole investment and operator of waste-to-energy projects in Guangzhou with a total daily capacity of 32 090 tons for waste incineration and 2 590 tons for biomass treatment [1][16] - The company has a strong focus on R&D with 426 patents including 22 invention patents and has developed advanced incineration technologies such as the ACC automatic incineration control system which has an automation rate of over 95% [36][38] - The company is expected to reach a waste incineration capacity utilization rate of 91% by 2026 with further potential increases through the co-incineration of industrial solid waste [2][64] Financial Performance - Yongxing Co Ltd has demonstrated consistent revenue and profit growth with a CAGR of 24 87% for revenue and 55 51% for net profit from 2019 to 2023 In 2023 the company reported revenues of RMB 3 536 billion and a net profit of RMB 735 million [21][24] - The company's operating cash flow is robust with RMB 1 721 billion in 2023 which is more than double its net profit ensuring strong dividend payout capabilities [87][91] - Yongxing Co Ltd has committed to a high dividend policy with a minimum payout ratio of 60% of distributable profits for the years 2023-2025 [3][91] Industry Context - The waste-to-energy industry in China has transitioned from a growth phase to a mature phase with declining new project awards and capital expenditures The industry is now focused on improving operational efficiency and profitability [79][80] - Yongxing Co Ltd is well-positioned to benefit from the industry's shift towards operational excellence and cost efficiency given its advanced technologies and strong regional presence [2][79] Valuation and Projections - The report values Yongxing Co Ltd at a 2024 PE multiple of 20x resulting in a target market capitalization of RMB 16 1 billion and a target price of RMB 17 85 per share [3][105] - The company's valuation is supported by its strong growth prospects high dividend yield and favorable industry position [3][105]

华福证券 美容研究 2024 年 12 月 16 日 2024 中国干细胞行业市场空间跟踪——产业经 济医疗周观点（2024.12.9—2024.12.13） 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 投资要点： 近期观点 1、医药指数本周关注的 6 个子行业收益有正有负，表现一般。 相关报告 1、Z 世代投资理财行为深度解析——2024.12.9 2、国家医保局：36 个项目纳入《综合诊查类医 疗服务价格项目立项指南（试行）》——2024.11.18 3、抗衰产业链之美护专题——2024.11.16 2、根据前瞻产业研究院数据，2024 年中国中国干细胞市场规模预 计约为 265 亿元，但中国整体干细胞行业仍与发达国家存在巨大差距。 目前市场渗透率较低，从干细胞的采集、制备、储存等全套产业链均 值得关注。 风险提示 技术和质量控制风险；监管政策不确定性；市场竞争压力大 证 券 研 究 报 告 诚信专业 发现价值 1 请务必阅读报告末页的声明 1 医疗新观察………………………………………………………………………………………………………………………………… ...

Economic Growth - In November, the industrial added value of large-scale industries increased by 5.4% year-on-year, a slight rise of 0.1 percentage points from the previous month[4] - The manufacturing sector's added value grew by 6.0% in November, up from 5.4% in October, while mining and electricity sectors saw a slowdown[18] - High-tech manufacturing maintained rapid growth with an added value increase of 7.8%, outperforming the overall industrial growth by 2.4 percentage points[21] Consumer Spending - The total retail sales of consumer goods reached 43,763 billion yuan in November, growing by 3.0% year-on-year, but the growth rate slowed by 1.8 percentage points compared to the previous month[23] - Restaurant revenue increased by 4.0% in November, up from 3.2% in October, indicating a slight acceleration in consumer spending in the food service sector[28] - The "old-for-new" consumption policy showed significant effects, with retail sales of home appliances and furniture growing by 22.2% and 10.5% respectively[29] Investment Trends - From January to November, fixed asset investment (excluding rural households) totaled 465,839 billion yuan, with a year-on-year growth of 3.3%, slightly down by 0.1 percentage points from the previous ten months[32] - Manufacturing investment grew by 9.3%, exceeding the overall investment growth by 6.0 percentage points, while infrastructure investment (excluding electricity and water) saw a cumulative growth of 4.2%[38] - Real estate development investment in November showed a year-on-year decline of 11.6%, but the rate of decline narrowed by 0.7 percentage points from October[42] Real Estate Market - The sales area of commercial housing in November increased by 3.2% year-on-year, marking the first positive growth since May 2023[46] - The average price of new residential properties in 70 large and medium-sized cities showed a reduced decline, with a year-on-year drop of 0.20%[47] - New construction and completion areas in the real estate sector saw a year-on-year decline of 23.0% and 26.2% respectively, indicating ongoing challenges in the market[42] Risk Factors - Potential risks include unexpected geopolitical tensions, macroeconomic performance falling short of expectations, and significant fluctuations in overseas markets[6]

Investment Rating - The industry rating is "Strongly Outperform the Market" [6] Core Viewpoints - The report indicates that policy easing has led to a release in demand, with monthly sales showing a year-on-year increase for the first time [2] - The report anticipates a recovery phase for the industry characterized by alleviation of liquidity pressures, continuous supply contraction, stabilization of housing prices, and a resurgence in sales and construction [5] Summary by Sections Investment Highlights - As of November 2024, cumulative real estate development investment reached 93,634 billion, reflecting a year-on-year decline of 10.4%, with the decline rate widening by 0.1 percentage points compared to previous values [2] - In November, real estate development investment was 7,325 billion, a month-on-month decrease of 4.0% and a year-on-year decrease of 11.6%, with the decline rate narrowing by 0.8 percentage points [3] Sales Performance - From January to November, the total sales area of new commercial housing was 86,118 million square meters, and the sales amount was 85,125 billion, representing year-on-year declines of 14.3% and 19.2%, respectively, with the decline rates narrowing by 1.5 and 1.7 percentage points [2] - In November, the monthly sales area of commercial housing was 8,188 million square meters, showing a month-on-month increase of 7.1% and a year-on-year increase of 3.2% [2] Funding Sources - Total funding for real estate development from January to November was 96,575 billion, down 18.0% year-on-year, with the decline rate narrowing by 1.2 percentage points [4] - In November, the funding amount was 9,340 billion, reflecting a month-on-month increase of 12.0% and a year-on-year decrease of 4.8%, with the decline rate narrowing by 6.0 percentage points [4] Investment Recommendations - The report suggests focusing on three main lines: companies reversing from difficulties such as Jindi Group and New Town Holdings; leading companies maintaining land acquisition intensity like China Merchants Shekou, Greentown China, and Poly Developments; and local state-owned enterprises with stable diversified operations like Pudong Jinqiao and Waigaoqiao [5]

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Viewpoints - The automotive sector is expected to benefit from the "old-for-new" policy, which is projected to increase domestic passenger car sales by approximately 2-2.3 million units this year, accounting for about 8%-10% of total annual sales [3] - The report highlights a strong sales performance for passenger vehicles, with retail sales reaching 502,000 units in early December, a year-on-year increase of 32% [2] - The report suggests a focus on leading automakers and automotive parts companies with robotics layouts, anticipating a rise in market concentration as weaker second-tier manufacturers exit the market [3] Summary by Sections Recent Market Performance - The automotive index rose by 0.7% this week, ranking 12th out of 31 sectors [2] - The "old-for-new" policy has led to over 5.2 million applications for vehicle replacements, with more than 2.51 million for scrapping and over 2.72 million for trade-ins [2] Industry Changes - The report notes the introduction of several new vehicle models, including those from Xiaomi and Tesla, indicating ongoing innovation in the sector [2] - The report anticipates that the penetration rates of intelligent driving and domestic brands will continue to rise, particularly in the luxury segment [3] Investment Strategy - The report recommends focusing on leading automakers such as Geely, Seres, Li Auto, and BYD, which are expected to benefit from strong fundamentals and pricing power [3] - For automotive parts, the emphasis is on companies involved in robotics, with a positive outlook for the sector as the penetration of intelligent driving increases [3][10] Suggested Focus Areas - Recommended leading automakers include BYD and Seres in A-shares, and Geely, Li Auto, and Xiaomi in Hong Kong and US markets [7] - Key robotics companies to watch include large-cap firms like Sanhua Intelligent Control and Top Group, as well as smaller firms like Beite Technology and Wuzhou New Spring [7][10]

Group 1 - The report indicates that there is a policy window period ahead, but existing policies are expected to continue impacting the economy positively [1] - China's credit expansion relies on government and household sectors, while the corporate sector remains relatively stable, which may drive continuous improvement in corporate profits [1][20] - Financial data may reflect the activation of monetary policy, serving as an important indicator for the economy to transition from a debt cycle to a positive loop [1][20] Group 2 - The report highlights a significant adjustment in the ChiNext 50 index, with the broad market indices mostly declining, indicating a potential style shift in the market [21][30] - From an industry perspective, the report notes that consumer sectors are leading the gains, while financial real estate, advanced manufacturing, and healthcare sectors are experiencing declines [30][34] - The report emphasizes that the expansion of domestic demand is outperforming other sectors, with retail, leisure food, and entertainment products leading the relative performance against the Shanghai Composite Index [34][36] Group 3 - The report discusses the structural credit expansion in China, noting that the growth in social financing has slowed, with policy-driven financing outpacing spontaneous financing [20] - The report also mentions that the M1 growth rate has improved while M2 continues to decline, indicating a potential activation of monetary policy [20] - The report points out that foreign capital index futures positions are showing divergence, with net short positions in IC and IH converging, while IF's net short position is widening [39]