- The report introduces the "Huaxin Market Sentiment Temperature Indicator," which is constructed based on six dimensions: index fluctuation, trading volume, number of rising and falling stocks, KDJ, northbound capital, and margin trading data. This indicator is classified as an oscillation indicator, similar to the RSI indicator, and is more suitable for range-bound markets rather than trend prediction. It may become less effective during trending markets, requiring a reassessment of its applicability when the indicator remains near 80 or above or 20 or below for extended periods [5][19][20] - The sentiment indicator provides a composite score ranging from "overcool" (0-19), "cool" (20-39), "neutral" (40-59), "warm" (60-79), to "overheat" (80-100). The current sentiment score is 76, indicating a "warm" market environment. Historical data suggests that when the sentiment score is below or near 30, the market tends to find support, while scores above 90 may lead to resistance [5][9][19] - The sentiment indicator's evaluation highlights its utility in oscillating markets for high-frequency trading strategies like buying low and selling high. However, it lacks predictive power for trends and may require adjustments during prolonged extreme sentiment levels [19][20]

2025 年 03 月 17 日 光伏生产配额上调，人形机器人催化不断 推荐(维持) 投资要点 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 联系人：罗笛箫 | S1050122110005 | | luodx@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 3.7 1.7 10.1 沪深 300 1.3 1.9 12.0 市场表现 -30 -20 -10 0 10 20 30 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：光伏产业 链多环节涨价，风电中长期需求和 盈利向好》2025-01-14 2、《电力设备行业周报：AI 投资旺 盛，相关电力设备有望受益》2025- 01-02 3、《电力设备行业周报：多晶硅期 货上市在即，硅料库存有望逐步出 清》2024-12-23 ▌光伏年中抢装，上半年主材配额调整 近日，光伏硅料及组件环节主要企业再度召开会议，对 2025 年上半年配额进行了重新调整，每季度配额出现 1%~3% ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [10][19]. Core Insights - The photovoltaic (PV) industry is experiencing an upward adjustment in production quotas, with major companies increasing their quotas by 1% to 3% for the first half of 2025. This is expected to lead to a surge in distributed PV project installations before key policy changes take effect [5][15][16]. - The humanoid robot industry is witnessing rapid technological advancements and commercialization, with significant developments such as the launch of new manufacturing facilities and government support for robotics as part of consumption stimulus measures [7][17][18]. Summary by Sections Photovoltaic Industry - The PV sector is set for a mid-year rush in installations, with key policy changes scheduled for May and June 2025. Projects connected to the grid before May 1 can opt for guaranteed pricing, while those after must engage in market-based pricing [5][15]. - Recent price increases in silicon wafers have been noted, with N-type G10L wafers priced at 1.19 RMB per piece, reflecting a 0.53% increase, and N-type G12R wafers at 1.38 RMB, up 2.74% [6][16]. Humanoid Robot Industry - The humanoid robot sector is seeing breakthroughs in technology and commercial applications, with companies like Figure planning to produce 12,000 units annually at a new facility. The government has included robotics in its consumption support initiatives [7][17]. - Upcoming events, such as NVIDIA's GTC conference, are expected to catalyze further developments in AI and robotics [18]. Key Companies and Investment Recommendations - For the photovoltaic sector, companies such as Aisuo Co., Ltd. and Junda Co., Ltd. are highlighted as key investment opportunities. In the BC technology space, companies like Dier Laser and Haimu Star are recommended, while HJT technology investments should focus on Maiwei Co., Ltd. [10][21]. - In the humanoid robot sector, companies with high supply chain certainty and significant value in their industry segments, such as Sanhua Intelligent Control and Top Group, are recommended [10]. Market Performance - The electric power equipment sector has shown a performance increase of 10.1% over the past 12 months, outperforming the Shanghai Composite Index and the CSI 300 Index [3][39].

2025 年 03 月 17 日 全球供需+关税上行双因素催化，重点推荐猪饲 料&生猪养殖板块 推荐(维持) 事件 | 分析师：娄倩 | S1050524070002 | | --- | --- | | louqian@cfsc.com.cn | | | 联系人：卫正 | S1050124080020 | | weizheng2@cfsc.com.cn | | 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 农林牧渔(申万) | 1.8 | -3.5 | -1.0 | | 沪深 300 | 1.5 | 2.2 | 12.2 | 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 (%) 农林牧渔 沪深300 相关研究 1、《农林牧渔行业周报：推荐生猪 养殖及户外运动行业，重点关注养 殖、饲料、运动品牌及制造赛道》 2025-03-09 2、《农林牧渔行业点评报告：美国 进口玉米和大豆进口关税上调，影 响几何？》2025-03-05 3、《农林牧渔行业周报：亏损逻辑 催化生猪养殖板块投资机会，猪饲 料板块有望实现 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [2][9]. Core Insights - The company is expected to leverage its unique content and community engagement to capitalize on the AI era, enhancing its content recommendation and creation tools, which will unlock significant commercial value from its content library [3]. - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both sectors. The revenue structure has improved, with advertising and game revenues projected to grow by 28% and 40% year-on-year, respectively, in 2024 [4]. - The company is anticipated to continue its growth trajectory, driven by a strong sense of community and user engagement, which will enhance its monetization potential in the evolving digital landscape [5]. Financial Projections - Revenue forecasts for the company are projected at 298.8 billion, 332.5 billion, and 358.5 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 1.93, 4.01, and 5.74 yuan for the same years [9]. - The company is expected to achieve a significant turnaround in profitability, with a projected net profit of 812 million yuan in 2025, followed by 1.688 billion yuan in 2026 and 2.417 billion yuan in 2027, reflecting a robust growth rate [11].

Investment Rating - The report maintains a "Buy" recommendation for the pig feed and pig farming sectors [1][11]. Core Insights - The dual factors of global supply-demand dynamics and rising tariffs are expected to catalyze price increases in domestic corn and soybean meal, with corn prices projected to show a slow upward trend in 2025 [5][6]. - The report highlights that the increase in tariffs on U.S. imports of corn and soybeans will likely lead to a rise in domestic soybean meal prices, as China is more reliant on imported soybeans compared to corn [6][8]. - The anticipated increase in feed prices is expected to create investment opportunities in the pig feed and pig farming sectors, with a focus on mid-sized companies showing growth potential [8][9]. Summary by Sections Market Performance - The agricultural sector (Agriculture, Forestry, Animal Husbandry, and Fishery) has shown mixed performance over the past month, with a 1.8% increase over one month, a 3.5% decrease over three months, and a 1.0% decrease over twelve months [2]. Investment Highlights - The report forecasts that domestic corn prices will gradually rise due to global supply-demand expectations and tariff impacts, with a projected average price increase in 2025 compared to 2024 [5]. - The soybean meal prices are expected to experience short-term fluctuations followed by a long-term upward trend, influenced by tariff increases and supply-demand factors [6][8]. - The pig feed sector is anticipated to benefit from rising raw material prices, with expectations of price increases for corn, soybean meal, and alternative feed ingredients [8]. Company Focus and Profit Forecast - The report emphasizes specific companies for investment, including Zhengbang Technology, Bangji Technology, and Juxing Agriculture, all rated as "Buy" with projected earnings per share (EPS) growth [11]. - The report predicts that the price of live pigs will decline throughout 2025, with an expected average price of 12 CNY/kg, while also indicating potential investment opportunities due to rising feed costs [9].

Group 1 - The core viewpoint suggests a long-term shift from the US to non-US markets, with a potential capital inflow of approximately $230 billion into Chinese equities [1] - Short-term movements indicate that risk-averse funds are flowing into European stocks, Hong Kong stocks, gold, and US Treasury bonds, suggesting a possible "East-West resonance" in the coming weeks [1][2] - The report recommends a moderate position in US stocks, with specific attention to the upcoming interest rate meeting and potential impacts from political events [1][28] Group 2 - The A-share market maintains a full position signal, driven by optimistic market sentiment despite policy outcomes not exceeding expectations [2][35] - The Hong Kong market shows a bullish outlook, particularly in the technology sector, with a focus on domestic demand and dividend opportunities [2][37] - The report highlights a shift in investment strategies, with an emphasis on industry rotation and a potential increase in the allocation of these strategies in the first half of 2025 [28][39] Group 3 - The report identifies key sectors for investment, including industrial manufacturing, essential consumer goods, materials, and real estate, with active themes in AI applications and semiconductor industries [5][28] - The gold market is expected to see short-term profit-taking, but the long-term upward trend remains intact, driven by geopolitical tensions and currency fluctuations [43][46] - The ETF strategy has shown strong performance, with a year-to-date absolute return of 29.87%, outperforming major indices [46]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [3][7]. Core Insights - The company is positioned as a rare "makeup artist IP," reshaping the high-end beauty ecosystem with a unique pricing strategy and personalized consultation services [3]. - The company achieved impressive sales performance during the "3·8" promotional event, ranking first in the makeup and fragrance category on Douyin with a GMV of 50-70 million yuan, reflecting a 7-place increase year-on-year [5]. - Following its inclusion in the Hong Kong Stock Connect, the company is expected to see a significant increase in liquidity, benefiting from both southbound capital and passive index fund investments [6]. - Revenue forecasts for 2024-2026 are projected at 38.44 billion, 50.83 billion, and 63.98 billion yuan respectively, with corresponding EPS of 1.77, 2.36, and 2.98 yuan [7][10]. Summary by Sections Company Overview - The brand founder, Mao Geping, is a prominent figure in the makeup aesthetics field, leveraging his influence to enhance brand recognition and market positioning [3]. Market Performance - The company has shown strong online sales performance, with effective promotional strategies such as live streaming expected to further boost its growth [5]. Financial Projections - The company anticipates significant revenue growth, with a projected increase of 57.8% in 2023, followed by growth rates of 33.2%, 32.2%, and 25.9% in the subsequent years [10]. - The net profit is expected to grow from 662 million yuan in 2023 to 1.458 billion yuan by 2026, indicating a robust growth trajectory [10].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [3][7]. Core Insights - The company is positioned as a rare "makeup artist IP," reshaping the high-end beauty ecosystem with a unique pricing strategy and personalized consultation services [3]. - The sales performance during the "3·8" promotional event was impressive, with significant online sales growth, particularly on platforms like Douyin and Tmall [5][6]. - The inclusion in the Hong Kong Stock Connect is expected to enhance liquidity and attract capital, aligning with the new consumption trends in the market [6]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 38.44 billion, 50.83 billion, and 63.98 billion yuan respectively, with corresponding EPS of 1.77, 2.36, and 2.98 yuan [7][10]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 33.2%, 32.2%, and 25.9% for the next three years [10]. - The projected net profit for the same years is 868 million, 1.155 billion, and 1.458 billion yuan, reflecting growth rates of 31.2%, 33.1%, and 26.2% [10].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Insights - The company is expected to leverage its unique content and community engagement to capitalize on the AI era, enhancing its content recommendation and creation tools to unlock commercial value from its extensive corpus [3]. - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both sectors. The revenue structure has improved significantly, with advertising and game revenues projected to grow by 28% and 40% year-on-year, respectively, in 2024 [4]. - The company is anticipated to continue its growth trajectory, driven by a strong sense of community and user engagement, which will enhance its monetization potential in the evolving digital landscape [5]. Summary by Sections Current Financial Data - Current stock price is HKD 166.30, with a total market capitalization of HKD 700.6 billion and a total share count of 421.3 million [2]. - The average daily trading volume is HKD 710.1 million, with a 52-week price range of HKD 80.85 to HKD 238.8 [2]. Performance Forecast - Revenue projections for 2025 to 2027 are estimated at HKD 298.8 billion, HKD 332.5 billion, and HKD 358.5 billion, respectively. The earnings per share (EPS) are forecasted to be HKD 1.93, HKD 4.01, and HKD 5.74 for the same period [9]. - The company is expected to achieve a net profit of HKD 812 million in 2025, with a significant growth rate of 107.8% in 2026 [11]. Revenue Breakdown - For 2024, the company anticipates advertising revenue of HKD 110 billion and game revenue of HKD 81.9 billion, contributing to a diversified revenue structure [4]. - The company’s gross margin is projected to improve from 32.7% in 2024 to 40.6% by 2027, indicating enhanced profitability [11].