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].

2025 年 03 月 16 日 或有一到两周的"东西共振" —定量策略周观点总第 154 周 海外市场风险偏好：金融条件指数本周持续位于 120ma 下 方，持续出现较大幅度下降，3/6 日达到近期最低点，后 周五出现小幅反弹，需要持续关注；反应离岸美元流动性 的 ted 利差本周持续震荡中略有下降；libor-ois 本周走 势周四出现小幅跃升后，整体震荡下降，二者仍处于短期 内相对高位，需要注意。 A 股：仓位信号仍维持满仓。两会政策落地未超预期但市场 情绪乐观，AI 科技驱动的资产重估渐入佳境；外资对中国资 产再平衡仍需时间验证，短期建议关注港股＞A 股的补涨机 会（恒生科技盈利兑现期，南向资金买入收窄但底部配置价 值凸显）。 港股：港股胜率模型延续看多，科技板块进入盈利兑现交 易（腾讯将于本月 19 日披露 2024 年报），保持多头思 维，同时看好内需及红利板块机会。市场交投情绪分化。 PCR 延续上行触发看多信号，但卖空成交占比一路回升 12.72%→13.58%→14.8%→15.92%→16%，市场空头有所 边际积累。被动外资买入量略有收窄，主动外资卖出规模 本周大幅走阔，外资止盈抛压增加。 ...

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].

Investment Rating - The report assigns a "Buy" investment rating for the company [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][4] - The company has entered a commercialization phase, transitioning from game revenue to advertising revenue, with a notable increase in both segments. 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][5] - The company is forecasted to continue its growth trajectory, with a strong community sense and user engagement driving its commercial potential. The shift from niche culture to a broader community platform is expected to sustain its growth in the AI era [5] Financial Projections - Revenue projections for the company are estimated at 298.8 billion, 332.5 billion, and 358.5 billion yuan for 2025, 2026, and 2027, respectively. The earnings per share (EPS) are forecasted to be 1.93, 4.01, and 5.74 yuan for the same years [9][11] - The company is expected to achieve a net profit of 812 million yuan in 2025, with a significant growth rate of 107.8% in 2026 [11][12] - The current price-to-earnings (P/E) ratios are projected to be 92.7, 44.6, and 31.1 for 2025, 2026, and 2027, indicating a favorable valuation as the company continues to grow [9][11]

2025 年 03 月 16 日 或有一到两周的"东西共振" —定量策略周观点总第 154 周 投资要点 ▌本周建议一览 核心观点：长期看两个转移：美国向非美，以及一些"墙 头草"资金在 EMexChina 到 china 的回补。年初我们报 告中的测算，中国权益潜在回流体量，大约在 2300 亿美 元。短期看避险资金动向：本轮美国流出避险资金主要去 向包括欧股（德国 DAX）、港股、黄金、美债。避险资产 的逐步冲高，叠加美股超跌迹象明显，或有一到两周的 "东西共振"。 美股：转为中等仓位参与反弹。德股、港股有一定止盈， CPI 低于预期给予反弹窗口；能否真实反转仍需关注下周 议息会议，以及特朗普 Put 发挥作用。 日股：美元兑日元贬值趋势有延缓，上周受首轮"春斗" 结果压制，企业承诺涨薪 5.46%，不及此前工人诉求。多 头仓位比较拥挤，3/19 当前利率期货显示无加息概率。结 合跨境资金流向，我们仍然对日股持看多信号。 海外市场风险偏好：金融条件指数本周持续位于 120ma 下 方，持续出现较大幅度下降，3/6 日达到近期最低点，后 周五出现小幅反弹，需要持续关注；反应离岸美元流动性 的 ted 利差本 ...