Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint As of March 27, 2025, the total planned issuance of local government bonds in the second quarter is 162.06 billion yuan, with new special bonds accounting for 44% (70.78 billion yuan). The planned issuance in April, May, and June accounts for 37% (60.7 billion yuan), 29% (46.51 billion yuan), and 34% (54.84 billion yuan) respectively, and the proportion of new special bonds in each month is 31% (21.67 billion yuan), 35% (24.97 billion yuan), and 34% (24.14 billion yuan) respectively [2]. 3. Summary by Relevant Catalogs 3.1 Overall Planned Issuance of Local Government Bonds in the Second Quarter - The total planned issuance of local government bonds in the second quarter is 162.06 billion yuan, with new general bonds, refinancing general bonds, new special bonds, refinancing special bonds, and unclassified refinancing bonds accounting for 5% (7.44 billion yuan), 21% (34.57 billion yuan), 44% (70.78 billion yuan), 18% (28.36 billion yuan), and 13% (20.91 billion yuan) respectively [2]. 3.2 Monthly Planned Issuance of Local Government Bonds - In April, the planned issuance is 60.7 billion yuan, accounting for 37% of the second - quarter total, with new special bonds accounting for 31% (21.67 billion yuan). - In May, the planned issuance is 46.51 billion yuan, accounting for 29% of the second - quarter total, with new special bonds accounting for 35% (24.97 billion yuan). - In June, the planned issuance is 54.84 billion yuan, accounting for 34% of the second - quarter total, with new special bonds accounting for 34% (24.14 billion yuan) [2]. 3.3 Regional Planned Issuance of Local Government Bonds - The top regions in terms of the planned issuance of local government bonds in the second quarter are Shandong Province (19.17 billion yuan), Zhejiang Province (16.82 billion yuan), Anhui Province (12.88 billion yuan), Guizhou Province (12.05 billion yuan), and Guangxi (10.49 billion yuan) [3]. 3.4 Regional Planned Issuance of New Special Bonds - The top regions in terms of the planned issuance of new special bonds in the second quarter are Zhejiang Province (15.3 billion yuan), Shandong Province (9.35 billion yuan), Guangxi (7.68 billion yuan), Anhui Province (5.83 billion yuan), and Fujian Province (5.56 billion yuan) [4].

Investment Rating - The report maintains a "Buy" recommendation for Meituan-W (3690.HK) [8] Core Insights - Meituan's core business shows robust growth, with local commerce revenue reaching 656 billion CNY, a year-on-year increase of 18.9%, and operating profit rising by 60.9% to 129 billion CNY [4][6] - The instant retail order volume in China surpassed 48 billion, growing by 17.6% year-on-year, with expectations to exceed 100 billion by 2030, maintaining an average annual growth rate of 13.1% over the next six years [4] - The company has disclosed its AI strategy, focusing on internal efficiency, product intelligence upgrades, and self-developed large models, with significant investments in GPU resources [7] Summary by Sections Instant Retail and Delivery - The instant delivery sector is undergoing a technological transformation, with the government including "instant delivery network construction" in new infrastructure initiatives [4] - Meituan's instant delivery service has achieved a peak order volume of 98 million daily, supported by partnerships with major retailers and local merchants [4][6] Core Business Performance - The local commerce segment's revenue growth is driven by synergies among food delivery, flash purchase, and in-store services, with a significant increase in active merchants [4][6] - New business revenue reached 229 billion CNY, up 23.5%, with losses narrowing to 22 billion CNY, reflecting a loss rate improvement to 9.6% [6] AI Strategy and Technological Investment - Meituan's AI strategy includes integrating AI into daily operations, enhancing existing services, and developing proprietary models, with a planned launch of an AI-native product covering various service scenarios [7] - The company invested 211 billion CNY in R&D, focusing on AI and autonomous delivery technologies [6][7]

Core Insights - The report indicates a neutral market sentiment with a score of 42, suggesting a balanced outlook for investors [2][6][9] Market Themes Tracking - **Computing Power Theme**: The "East Data West Computing" project has been fully launched for three years, with significant contributions from major telecom operators and data center service providers. As of 2024, China's computing power centers have a total scale of over 8.3 million standard racks, with a total computing power of 246 EFLOPS, ranking second globally. The computing-related industries contributed approximately one-third of the digital economy's growth, which accounted for over 45% of GDP [7] - **Home Appliances Theme**: The national home appliance consumption season was launched on March 22, 2025, in Shanghai. The Ministry of Commerce aims to stimulate growth and transformation through a series of activities, encouraging manufacturers to innovate and platforms to offer discounts, thereby enhancing consumption potential and supporting high-quality economic development [7] - **Deep Sea Economy Theme**: The "Mingyuan Plan" research results were recently published, marking a significant advancement in China's deep-sea life sciences research. This initiative has led to the establishment of the world's largest abyssal biological database, supported by deep-sea equipment innovations [7] Key Companies and Stocks - **Computing Power Related Stocks**: Zhonghe Technology (000925), Capital Online (300846) [7] - **Home Appliances Related Stocks**: Haier Smart Home (600690), TCL Technology (002668) [7] - **Deep Sea Economy Related Stocks**: Jiexun Feihong (300213), CIMC Environmental Protection (301559) [7] Market Capital Flow - The report lists the top ten stocks with the highest net inflow, including Sanhua Intelligent Control (56,527.21 million), Silis (48,130.85 million), and Huaren Pharmaceutical (38,450.36 million) [10] - The report also highlights the top ten stocks with the highest net outflow, such as Wolong Electric Drive (-110,630.90 million) and Shenghong Technology (-56,472.53 million) [12][22]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company achieved a revenue of 1.098 billion yuan in 2024, representing a 10% year-on-year increase, with a net profit of 175 million yuan, up 2% year-on-year [1] - The main product lines are experiencing steady growth, with a focus on expanding the product matrix and enhancing e-commerce channels [1][3] - The company has increased its dividend payout ratio to approximately 83% in 2024, up from 58% in 2023 [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.098 billion yuan, a 10% increase year-on-year, and a net profit of 175 million yuan, also a 2% increase year-on-year [1] - The fourth quarter of 2024 saw a revenue of 259 million yuan, a slight decrease of 0.4% year-on-year, with net profit dropping by 19% due to rising raw material costs [1] Profitability and Costs - The gross margin increased by 0.1 percentage points to 41.73% in 2024, despite pressure from rising raw material prices [2] - The net profit margin decreased by 1 percentage point to 15.98% due to increased sales and management expenses [2] Product and Channel Development - Revenue from seasoning products reached 625 million yuan, a 12% increase year-on-year, with successful expansion in offline channels [3] - The direct sales channel generated 660 million yuan in revenue, a 17% increase, driven by enhanced partnerships with chain supermarkets and B-end custom sales [4] Future Outlook - The company is expected to maintain steady growth, with projected revenues of 1.208 billion yuan in 2025, reflecting a growth rate of 10% [11] - Earnings per share (EPS) are forecasted to be 1.29 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 22 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for Zhongjing Food [1][9] Core Views - The company achieved a revenue of 1.098 billion yuan in 2024, representing a 10% year-on-year increase, with a net profit of 175 million yuan, up 2% year-on-year [1] - The main product lines are showing steady growth, with a focus on expanding the product matrix and enhancing e-commerce channels [1][3] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 41.73%, a slight increase of 0.1 percentage points year-on-year, despite rising raw material costs impacting profitability [2] - The net profit margin decreased by 1 percentage point to 15.98% due to increased sales and management expenses [2] Product Growth - Revenue from seasoning products reached 625 million yuan, a 12% increase year-on-year, with successful distribution of Shanghai scallion oil in offline channels [3] - The company is continuously launching new products across retail, catering, and sauce categories to enhance its product matrix [3] Channel Development - Revenue from direct sales channels grew by 17% to 660 million yuan, driven by deeper partnerships with chain supermarkets and expansion into B-end custom and home delivery sales [4] - E-commerce channels generated 245 million yuan in revenue, reflecting a 30% year-on-year increase, with ongoing efforts to improve the efficiency of online channel investments [4] Earnings Forecast - The company is expected to maintain steady growth, with projected revenues of 1.208 billion yuan in 2025, 1.357 billion yuan in 2026, and 1.546 billion yuan in 2027, reflecting growth rates of 10%, 12.3%, and 13.9% respectively [11] - The diluted earnings per share (EPS) are forecasted to be 1.29 yuan in 2025, 1.51 yuan in 2026, and 1.76 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 22, 19, and 16 times [9][11]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [7]. Core Insights - The company is expected to achieve significant growth driven by its image and design product business, with projected revenue of 2.09 billion yuan in 2024, representing a year-on-year increase of 57.1% [2]. - The company's gross margin is anticipated to improve from 61.4% in 2023 to 68.7% in 2024, benefiting from a higher proportion of high-margin image and design product revenues [2]. - The company is focusing on "productivity and globalization" as its core strategies, leveraging AI technology to enhance product applications and meet diverse local needs [3]. - The company aims to replicate its domestic market strategies in overseas markets, with a strong emphasis on AI-driven tools that lower creative barriers and create new value increments [4]. Financial Projections - Revenue projections for the company are as follows: 4.25 billion yuan in 2025, 5.11 billion yuan in 2026, and 6.05 billion yuan in 2027, with corresponding net profits of 815 million yuan, 1.07 billion yuan, and 1.39 billion yuan respectively [7][9]. - The earnings per share (EPS) are projected to be 0.18 yuan in 2024, 0.24 yuan in 2026, and 0.31 yuan in 2027, indicating a positive growth trajectory [9][10]. - The company is expected to maintain a robust return on equity (ROE) of 16.0% in 2024, improving to 17.1% by 2027 [10].

2025 年 03 月 27 日 —固定收益点评报告 事件 2025 年 1~2 月规模以上工业营业收入同比增长 2.8%（去年 全年 2.1%）；利润总额同比增长-0.3%（去年全年-3.3%）。 当月来看，2 月规上工业利润总额同比增长-0.3%（12 月 11%）。 投资要点 ▌工业企业利润当月降幅收窄 从量、价、利润率拆分的角度：量、价以稳为主，营收利润 率下跌。 1）量的方面， 1 至 2 月全国规模以上工业增加值同比增长 5.9%，环比 12 月回落 0.3 个百分点。 2）价格方面，PPIRM 从 2024 年 1 月开始止跌企稳，连续 3 个月维持在-2.3%；PPI 连续 4 个月保持回升趋势，2 月为- 2.2%；季节性因素导致 2 月 CPI 同比增速由涨转跌。 "两新"发力与以价换量并存——1 至 2 月工业 企业利润 相关研究 3）利润率方面，2 月当月全行业营收利润率为 4.5%，同比下 降 0.14pct，12 月同比增 0.3pct。 ▌行业分化显著，"两新"政策发力，装备制造 业、原材料制造业向上拉动 1、《实体经济基本维持去年 11 月 以来的平稳走势》2025-03-18 ...

2025 年 03 月 27 日 尿素与复合肥产品产销量同比增长，2024 年度 业绩稳中有升 买入(首次) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-03-26 | | --- | --- | | 当前股价（元） | 23.52 | | 总市值（亿元） | 431 | | 总股本（百万股） | 1834 | | 流通股本（百万股） | 1834 | | 52 周价格范围（元） | 18.51-24 | | 日均成交额（百万元） | 621.19 | 市场表现 -20 -10 0 10 20 30 40 (%) 云天化 沪深300 资料来源：Wind，华鑫证券研究 相关研究 —云天化（600096.SH）公司事件点评报告 云天化发布 2024 年报：公司 2024 全年实现营业收入 615.37 亿元，同比-10.89%；实现归母净利润 53.33 亿元，同比 +17.93%。 分季度来看，2024Q4 公司实现营业收入 148.13 亿元，同比- ...

买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 分析师：傅鸿浩 | S1050521120004 | | fuhh@cfsc.com.cn | | | 联系人：覃前 | S1050124070019 | | qinqian@cfsc.com.cn | | | 基本数据 | 2025-03-26 | | --- | --- | | 当前股价（元） | 21.62 | | 总市值（亿元） | 728 | | 总股本（百万股） | 3369 | | 流通股本（百万股） | 3366 | | 52 周价格范围（元） | 14.75-22.11 | | 日均成交额（百万元） | 397.73 | 市场表现 -20 -10 0 10 20 30 40 (%) 卫星化学 沪深300 2025 年 03 月 27 日 究 报 告 主要产品产销量实现增长，轻烃项目投产助力公 司 2024 年业绩增长 资料来源：Wind，华鑫证券研究 相关研究 1、《卫星化学（002648）：Q3 公司 盈利能力改善，新材料打开成长 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Insights - The company has shown a year-on-year increase in the sales volume of urea and compound fertilizer products for 2024, despite a decline in overall revenue due to falling soybean prices [5][4]. - The company's net profit attributable to shareholders increased by 17.93% year-on-year, reaching 5.33 billion yuan in 2024 [4]. - The company aims to become a world-class provider of fertilizers, modern agriculture, and fine chemical products, focusing on cost leadership and resource advantages [8]. Financial Performance - In 2024, the company achieved an operating revenue of 61.54 billion yuan, a decrease of 10.89% year-on-year, while the net profit attributable to shareholders was 5.33 billion yuan, an increase of 17.93% [4]. - The company’s financial expenses decreased significantly by 30.52% due to a reduction in interest-bearing liabilities [6]. - The company forecasts net profits of 5.49 billion yuan, 5.78 billion yuan, and 6.17 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 7.9, 7.5, and 7.0 [9][11]. Product Performance - The company reported significant increases in the production and sales of urea and compound fertilizers, with urea production rising by 9.87% to 2.82 million tons and sales increasing by 10.57% to 2.75 million tons [5]. - The production of compound fertilizers reached 1.78 million tons, up 13.17%, while sales increased by 16.9% to 1.82 million tons [5]. Future Outlook - The company is expected to benefit from capacity enhancements, with ammonia production capacity increasing from 500,000 tons/year to 580,000 tons/year through technological upgrades [7]. - The company plans to expand its new energy battery materials sector, focusing on integrated projects for iron phosphate and new energy batteries [8].