Core Viewpoints - The report suggests that the revaluation of non-US assets continues, indicating that it is not yet time to retreat from these investments [1] - The report emphasizes a strong bullish outlook for Japanese stocks, interpreting the Bank of Japan's interest rate hike as manageable [1][2] - The report highlights the strong performance of the A-share market, driven by pre-conference seasonal effects and increased foreign capital inflows [2] A-Share Strategy - The bullish signal for A-shares has been validated, with a strong market risk appetite leading to increased trading volume [2][5] - The report notes that the introduction of Deepseek signifies a narrowing gap between China and the US in AI, accelerating application processes [2] - The report recommends focusing on sectors benefiting from the upcoming Two Sessions, including state-owned enterprise restructuring and consumption [34] Hong Kong Market Strategy - The report maintains a strong bullish stance on Hong Kong stocks, suggesting a dual allocation strategy in technology and high-dividend stocks [2][49] - The absolute return of selected Hong Kong stocks has reached 17.37%, with Tencent and Sunny Optical being major contributors [49] - The report indicates that the AH premium has returned to low levels, advising against chasing prices in the current market [44] US Market Strategy - The report advises maintaining a low position in US stocks, as recent short-term rebounds have been realized [36] - The report highlights that liquidity conditions are supported by a rebound in net liquidity from the Federal Reserve, despite some pressure from rising CPI [36][37] - The report notes that the financial conditions index remains volatile, indicating a need for caution in the US market [39] Commodity Strategy - The report maintains a bullish outlook on gold, with short-term uncertainties gradually clearing, while the long-term upward trend remains intact [55][57] - The report mentions that the People's Bank of China increased its gold reserves by 5 tons in January, marking the third consecutive month of increases [56] - The report suggests that geopolitical tensions and inflation risks will continue to drive demand for gold in the long term [57] ETF Strategy - The report details that the equity-focused ETF strategy has achieved an absolute return of 31.27% since the beginning of 2024, outperforming the CSI 300 index [6] - The report indicates that the ETF portfolio has been adjusted to include semiconductor equipment, with major holdings in precious metals and consumer sectors [58] - The report highlights that the bond-focused ETF strategy has shown resilience, with a cumulative return of 5.88% [7]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1]. Core Insights - AI continues to empower the healthcare industry, with the integration of DeepSeek expected to accelerate its adoption [3]. - The trend of AI in drug development is gradually forming, reshaping traditional drug R&D processes [5]. - The external environment for CROs may change, with AI+CRO integration enhancing capabilities [7]. - Illumina's inclusion in the unreliable entity list by the Ministry of Commerce is accelerating the localization of the gene sequencing industry [9]. - Progress in CAR-T therapy technology is noteworthy, with universal CAR-T therapies beginning clinical trials [11]. - The market for diabetes and weight loss treatments is expanding, with significant innovations in NASH therapies [12]. Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 1.53 percentage points over the past week, with a growth of 2.71% [25]. - Over the past month, the industry also outperformed the CSI 300 index by 2.75 percentage points, achieving a growth of 6.51% [28]. - The medical services sub-sector showed the highest weekly and monthly growth rates of 6.51% and 15.03%, respectively [31]. 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) is 31.17, below the historical average of 33.13 [46]. - The industry has experienced a 5.17% decline over the past three months, underperforming the CSI 300 index by 2.68 percentage points [44]. 3. Recent Research Achievements - The research team has published several in-depth reports highlighting positive trends in the supply and demand sides of the pharmaceutical industry [50]. 4. Recent Industry Policies and News - The National Medical Insurance Administration has issued a list of key tasks for 2025, focusing on improving efficiency in the medical insurance sector [52]. - Recent news includes various drug approvals and clinical trial advancements from companies like Kangfang Biotech and Betta Pharmaceuticals [54]. 5. Key Companies and Profit Forecasts - The report recommends several companies based on their performance and market potential, including Xintai, Zhongsheng Pharmaceutical, and Kangxino [15].

Investment Rating - The report assigns a "Buy" investment rating for the company [8] Core Views - The demand for refrigeration compressors is high due to the expansion of high-end equipment needs, benefiting the company as a leading precision machinery manufacturer in China [2] - The company has established strong relationships with overseas core clients, which are becoming a new growth engine for its business [3] - The company is making significant progress in capacity expansion and new product development, indicating strong potential for future earnings growth [4][7] Summary by Sections Market Performance - The company has shown a strong market performance, with its overseas revenue share increasing from 33% in 2021 to 44% in 2023, reflecting robust international expansion capabilities [3] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 11.96 billion, 15.03 billion, and 18.54 billion yuan respectively, with corresponding EPS of 0.89, 1.20, and 1.52 yuan [8][10] - The company is expected to experience stable growth due to its global layout and gradual capacity release [8] Production and R&D - The company is currently constructing a factory in Mexico, expected to partially commence production in 2025, which will enhance its overseas capacity and mitigate trade risks [4] - R&D investment has been increasing, with 0.53 billion yuan spent in the first nine months of 2024, representing a 6.24% R&D expense ratio, up by 0.64 percentage points from the previous period [7]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company's profitability is under short-term pressure due to intense competition in the existing market, with a revenue decline of 1.99% year-on-year for the first three quarters of 2024, totaling 2.684 billion yuan, and a net profit drop of 34.29% to 427 million yuan [5] - The company is advancing its next-generation FPGA products, which have completed sample testing and are in small-batch sales to select customers, while also working on yield improvement [6] - The storage product lines have seen significant sales growth in the first half of 2024, benefiting from industry changes and stable pricing, with a comprehensive product architecture that meets various customer needs [7] - Revenue forecasts for 2024-2026 are projected at 37.66 billion yuan, 43.78 billion yuan, and 49.96 billion yuan respectively, with corresponding EPS of 0.78 yuan, 1.03 yuan, and 1.30 yuan, indicating a strong growth trajectory [8] Summary by Sections Market Performance - The company faces fierce competition in the existing market, leading to a decrease in profitability [5] Product Development - The company has a comprehensive FPGA product line with advanced technology and is progressing with next-generation products [6] - The storage product lines have shown significant growth due to market recovery and stable pricing [7] Financial Forecast - The company is expected to achieve revenues of 37.66 billion yuan in 2024, with a growth rate of 6.5%, and further growth in subsequent years [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's profitability is under short-term pressure due to intense competition in the existing market, leading to a slight decline in revenue and a significant drop in net profit [5][8] - The company is making steady progress with its next-generation FPGA products, which have completed sample testing and are being sold in small batches to select customers [6] - The storage product line has seen significant sales growth in the first half of 2024, benefiting from industry changes and stable pricing [7] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 2.684 billion yuan, a year-on-year decrease of 1.99%, and a net profit of 427 million yuan, down 34.29% [5] - The third quarter revenue was 890 million yuan, reflecting a year-on-year decline of 5.55% [5] Product Development - The company has a comprehensive FPGA product line with advanced technology, including million, billion, and ten billion gate FPGA products, as well as PSoC products [6] - The new generation of FPGA products is being developed using advanced 1xnm FinFET processes, with ongoing yield improvement efforts [6] Storage Product Line - The company has established a complete niche non-volatile memory product architecture, including EEPROM, NOR Flash, and NAND Flash [7] - Sales of storage products have significantly increased in the first half of 2024, with prices stabilizing after a period of decline [7] Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 3.766 billion yuan, 4.378 billion yuan, and 4.996 billion yuan, respectively, with corresponding EPS of 0.78 yuan, 1.03 yuan, and 1.30 yuan [8] - The current stock price corresponds to PE ratios of 51, 39, and 30 for the years 2024, 2025, and 2026 [8]

把握港股央企红利， 博弈恒生科技波段机会。 更新时间：2025年2月13日 ——港股2月投资策略 n 分析师：吕思江 n SAC编号：S1050522030001 n 联系人：武文静 n SAC编号：S1050123070007 【港股择时观点】积极做多基本面、情绪面、资金面三维共振行情 PAGE 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 p 我们以恒生指数为核心标的，从基本面、流动性、资金面、情绪面、估值五大维度筛选细分指标，对港股 市场涨跌的影响因子进行详尽了的定性分析和定量评估。 p 最终选取单因子测试中的有效信号：OECD中国经济领先指标、恒指期权认沽认购比PCR、外资净买入金 额三个指标，给出恒生指数的看多看空信号。 p 择时策略样本外2024年9月23日到10月10日从空仓转向看多恒生指数，成功把握住政策反弹带来的港股波 段行情。之后港股震荡调整，策略以空仓为主，成功避开了港股下跌区间。 证 券 研 究 报 告 金融工程深度报告 【港股择时观点】积极做多基本面、情绪面、资金面三维共振行情 p 【最新信号】对港股延续"强烈推荐"观点，看好港股银行、AI相关的互联网平台、数据中心、硬件和 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company's performance is expected to significantly improve in 2024 due to market recovery and enhanced operational efficiency [4] - The company has achieved substantial growth in net profit, with forecasts indicating a year-on-year increase of 45% to 70% for 2024 [3][4] Summary by Sections Market Performance - The current stock price is 11.39 yuan, with a total market capitalization of 23 billion yuan and a total share count of 2019 million shares [1] Industry Overview - The earthmoving machinery industry is showing signs of recovery, with excavator sales increasing by 16% year-on-year in December 2024 [4] - The overall demand for earthmoving machinery is on the rise, contributing to the company's performance [4] Company Strategy - The company has implemented a flexible strategy focusing on "profit growth, business growth, and capability enhancement" as part of its 14th Five-Year Plan [4] - The completion of the mixed-ownership reform has diversified the shareholder structure and optimized governance, enhancing the company's internal vitality [5] Financial Performance - The company forecasts revenues of 30.26 billion yuan, 34.92 billion yuan, and 40.59 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.72, 1.01, and 1.30 yuan [9][11] - The net profit for 2024 is projected to be between 1.26 billion yuan and 1.48 billion yuan, with a significant increase in profitability metrics [3][11] Product Development - The company is a leader in the industry for electric products, having achieved full electrification across its product lines, with significant advancements in electric excavators and autonomous machinery [8]

Investment Rating - The report maintains a "Buy" rating for several key companies in the AI sector, including 科大讯飞 (002230.SZ), 寒武纪 (688256.SH), 鼎通科技 (688668.SH), 亿道信息 (001314.SZ), 迈信林 (688685.SH), and 泓淋电力 (301439.SZ) [17][53]. Core Insights - The AI application DeepSeek has achieved over 22.15 million daily active users (DAU) within 21 days of its launch, making it the fastest-growing AI application globally, surpassing ChatGPT's DAU by 41.6% [8][31]. - AMD's upcoming AI accelerator, Instinct MI400, is set to feature eight acceleration chips and an independent multimedia I/O chip, enhancing performance for AI training and inference tasks [25][28]. - The report highlights significant advancements in AI models, particularly the DeepSeek-R1 model, which has shown superior performance in various benchmark tests compared to its predecessors and competitors [36][39]. Summary by Sections 1. Computing Power Dynamics - The rental prices for computing power remain stable, with specific pricing details for various configurations provided [24][26]. - AMD's Instinct MI400 accelerator is expected to integrate advanced features, including multiple acceleration chips and improved communication structures [25][28]. 2. AI Application Dynamics - DeepSeek's rapid user growth is noted, with a monthly active user (MAU) count of 33.7 million, and a significant portion of its user base located overseas [8][31]. - The DeepSeek-R1 model has been developed using a novel reinforcement learning approach, achieving impressive results in benchmark tests [36][39]. 3. AI Financing Trends - Anthropic has secured $1 billion in funding, positioning itself as a leading player in the AI financing landscape [41][42]. 4. Market Review - The report provides insights into the performance of various AI indices, noting significant fluctuations in stock prices among key players [45][46]. 5. Investment Recommendations - The report emphasizes the potential for growth in AI hardware and software sectors, recommending a focus on leading companies in the field [51][52].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company is expected to achieve significant growth in 2024, with a projected net profit of approximately 1.258 billion to 1.475 billion yuan, representing a year-on-year increase of 45% to 70% [3] - The construction machinery industry is showing signs of recovery, with improved operational efficiency contributing to the company's performance [4] - The company has successfully implemented a mixed-ownership reform, enhancing its internal vitality and diversifying its shareholder structure [5] - The company is a leader in the electric product market, having achieved full electrification across its product lines, with significant advancements in electric and autonomous machinery [8] Summary by Sections Market Performance - As of February 12, 2025, the company's stock price is 11.39 yuan, with a total market capitalization of 23 billion yuan and a total share count of 2,019 million [1] Industry Overview - The construction machinery market is experiencing a rebound, with excavator sales increasing by 16% year-on-year in December 2024, and overall excavator sales for the year reaching 201,100 units, a 3.13% increase [4] Financial Projections - Revenue forecasts for 2024 to 2026 are 30.257 billion, 34.918 billion, and 40.589 billion yuan respectively, with corresponding EPS of 0.72, 1.01, and 1.30 yuan [9] - The company is expected to see a net profit growth rate of 67.8% in 2024, followed by 39.7% in 2025 and 29.0% in 2026 [11] Operational Efficiency - The company has adopted flexible strategies to enhance profitability, business growth, and capability development, leading to significant operational efficiency improvements [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company is experiencing accelerated growth in its actuator business, driven by the electric and intelligent transformation of the automotive industry. The revenue from actuators has become a pillar of the company's business, with significant contributions from major clients like BYD [5][10]. - The company is expanding its production capacity to meet increasing demand, with ongoing projects that will enhance its output of temperature sensors and actuators [4][5]. - The global automotive actuator market is projected to grow from 165.8 billion yuan in 2023 to 275.9 billion yuan by 2029, indicating a compound annual growth rate of 8.9% [8]. Summary by Sections Company Overview - The company specializes in automotive thermal management products, including sensors, controllers, and actuators. It has established a strong client base, including major automotive manufacturers and new energy vehicle companies [9]. Financial Performance - The company's revenue from actuators has shown substantial growth, with figures of 92 million yuan in 2021, 162 million yuan in 2022, and 211 million yuan in 2023, reflecting year-on-year growth rates of 37.2%, 77.2%, and 29.9% respectively [5]. - The gross margin has improved significantly, reaching 24.8% in the first half of 2024, up from 14.6% in 2021 [5]. Future Outlook - Revenue projections for 2024, 2025, and 2026 are estimated at 820 million yuan, 1.08 billion yuan, and 1.37 billion yuan respectively, with corresponding earnings per share (EPS) of 0.77 yuan, 1.03 yuan, and 1.35 yuan [10][12]. - The company is actively exploring new markets, including humanoid robotics, which could provide additional growth opportunities [8].