Investment Rating - The report does not explicitly state an investment rating for Kuaishou Technology Core Insights - Kuaishou Technology's 2024 Investor Day highlighted the company's focus on technology innovation and user demand as the foundation for its growth strategy [2][3] - The company aims to enhance its e-commerce capabilities by improving the visibility of products through video and live streaming, addressing the challenges posed by cautious consumer spending and merchant profitability [5][6] - Kuaishou's international business is seeing steady growth, particularly in Brazil, with a focus on leveraging advanced advertising efficiency and local market opportunities [12] - The local life segment emphasizes user, merchant, and platform value, targeting lower-tier cities for growth [13][14] - Financial highlights include achieving a GMV of 1 trillion, revenue of 100 billion, and an adjusted net profit of 10 billion, with a strong focus on shareholder returns through share buybacks [16] Summary by Sections Company Strategy and Core Business Development - Kuaishou emphasizes a user-oriented content and product ecosystem, with AI enhancements improving user value recognition [3][4] - The platform's user engagement remains strong, with 77% of users interacting with creators and a 7% year-on-year growth in private domain markets [3] E-commerce - The e-commerce strategy focuses on good products and good content, with a current user penetration rate of 19% indicating room for growth [5][6] - Live streaming and short video capabilities are being enhanced to drive consumer purchases, with significant growth in GMV from short videos [8] International Business - The international strategy is centered on Brazil, with a dedicated team and a focus on e-commerce and financial services [12] Local Life - The local life business has evolved through two phases, focusing on user and merchant value, particularly in lower-tier cities [13][14] Financial Highlights - Kuaishou reported a GMV of 1 trillion, revenue of 100 billion, and an adjusted net profit of 10 billion, with a strong cash flow and significant share buyback plans [16]

宏观研究 证券研究报告 [Table_MainInfo] Amber Zhou amber.lh.zhou@htisec.com 宏观周报 2024-09-23 美联储开启降息，日央行按兵不动 ——海外经济政策跟踪 [Table_Summary] 全球大类资产表现。上周（2024.9.13-2024.9.20），全球大类资产价格中， 主要经济体股市大多上涨。其中，恒生指数涨幅最大，为 5.1%；IPE 布油期 货价格上涨 3.5%；10 年期美债收益率较前一周回升 7 个 BP 至 3.73%；美元 指数延续回落趋势，报收 100.7，日元小幅贬值，收 143.9。 经济：美国方面，哈里斯民调支持率继续领先，8 月工业生产小幅改善，工 业产能利用率也有所回升；零售销售环比增速有所回落，但仍好于市场预期； 成屋销售同比增速下滑，已开工的新建私人住宅同比增速有所回升。 通胀预期继续上升。截至 9 月 20 日，美国 5 年期通胀预期较前一周上升 7BP 至 2.02%，10 年期通胀预期较前一周上升 7BP 至 2.15%。市场预期 11 月美 联储大概率降息 50BP。截至 9 月 20 日，市场预期美联储接下 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 36.90 based on a 2024 PE of 30x [4][11]. Core Viewpoints - The company is a leading financial IT service provider, focusing on fintech and providing comprehensive digitalization support through its proprietary "3+1" technology platform. Despite short-term performance pressures due to market conditions, the company is expected to benefit from the financial industry's digital transformation in the medium to long term [4][11]. - In 2024H1, the company reported a revenue of RMB 267 million, a decrease of 4.93% year-on-year, and a net profit attributable to shareholders of RMB 49 million, down 21.11% year-on-year. The decline in performance is attributed to slowed IT investments from financial industry clients [11][12]. - The company is actively reducing costs and increasing efficiency while continuing to invest in R&D, with R&D expenses reaching RMB 80 million, an increase of 7.79% year-on-year [11][12]. Financial Performance Summary - For 2024, the company is projected to achieve total revenue of RMB 784 million, a growth of 5.4% year-on-year, and a net profit of RMB 254 million, an increase of 8.7% year-on-year. The EPS is expected to be RMB 1.23 [4][11]. - The company’s gross profit margin (GPM) is expected to improve gradually, with projections of 70.1% in 2024, 70.2% in 2025, and 70.4% in 2026 [4][11]. - The custom software business, which is the core revenue source, is expected to grow at rates of 5.0% in 2024, followed by 20.0% in 2025 and 2026 [4][11]. Business Development and Innovation - The company is making significant progress in its new core trading system A5, with successful implementations at seven securities firms, including CITIC Securities [2][11]. - The company is also pursuing external collaborations for business innovation, including a strategic partnership with Tencent Cloud to enhance financial innovation through various projects [2][11]. - The company maintains a leading position in the asset management sector and continues to support the digital investment banking platform, which is currently in the acceptance stage at several securities firms [2][11].

[Table_Title] 研究报告 Research Report 22 Sep 2024 中国能源 China (Overseas) Energy 传统能源格局在 AI 人工智能推动下有望迎来新转型，核能重要性日益凸显 Traditional Energy Landscape Poised for Transformation by AI, with Nuclear Energy Gaining Prominence 杨斌 Bin Yang 毛琼佩 Olivia Mao 邓雅文 Linda Deng bin.yang@htisec.com olivia.qp.mao@htisec.com linda.yw.deng@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： AI 人工智能发展是长期确定性趋势，进程预计将持续加速。据 Statista 预测，全球 AI 市场规模在 2024 年将达到 2,982.5 亿美元，并预计将以 35.5 ...

宏观研究 证券研究报告 [Table_MainInfo] Amber Zhou amber.lh.zhou@htisec.com 宏观周报 基建边际改善 ——国内高频指标跟踪（2024 年第 36 期） [Table_Summary] 投资要点： 基建边际改善，地产和出口受节假日错位、天气等原因有扰动。消费方面， 汽车消费因以旧换新政策刺激而持续改善，但非耐用品消费需求较弱。服务 消费虽有季节性回升，但整体仍低于往年。投资方面，专项债发行进度明显 加快，基建资金加速投放或对后续基建投资有支撑，地产销售因中秋假期错 位影响出现逆季节性回落，同比跌幅短期小幅扩大。进出口方面，受台风和 海外需求回落影响，港口数据偏弱，出口或承压。生产领域，钢材生产持续 改善，煤电需求强劲，石化和氯碱行业开工率有所提升。库存方面，钢材去 库速度较快，而秦皇岛港煤炭库存虽小幅回升，但补库速度慢于往年。物价 方面，蔬菜价格持续上涨，猪肉价格小幅回落，整体食品价格维持高位。流 动性方面，资金利率回升，央行净投放资金以对冲季末缴税影响，美元指数 震荡下行。 风险提示：外需超预期回落，稳增长政策不及预期。 请务必阅读正文之后的信息披露和法律声 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 8.11, reflecting a PE of 35 times for 2024 [4][10]. Core Insights - The company achieved a revenue of RMB 1.22 billion in H1 2024, representing a year-on-year growth of 2.68%. The net profit attributable to shareholders was RMB 30 million, up 81.83% YoY, while the recurring net profit was RMB 21 million, up 147.62% YoY [9]. - The healthcare IT segment generated RMB 1.05 billion in revenue, down 2.12% YoY, with core product software sales increasing by 1.83% YoY. In contrast, the internet healthcare business saw a revenue increase of 44.25%, reaching RMB 178 million [9]. - The company is focusing on core business areas and enhancing project management and product delivery efficiency, which has led to growth in new orders and revenue across various sectors, including smart hospitals and primary healthcare [9]. - The innovative business segments, including "Cloud Medical," "Cloud Pharmacy," and "Cloud Insurance," reported significant revenue growth, with "Cloud Medical" achieving a 125.10% increase in revenue [2][9]. Financial Summary - The company forecasts revenues of RMB 3.64 billion, RMB 4.27 billion, and RMB 5.07 billion for 2024, 2025, and 2026, respectively, with expected growth rates of 15.2%, 17.3%, and 18.7% YoY [4][10]. - Net profit is projected to be RMB 501 million, RMB 668 million, and RMB 844 million for the same years, with growth rates of 39.8%, 33.5%, and 26.3% YoY [4][10]. - The report highlights a significant improvement in profitability, with a net profit margin expected to rise from 11.3% in 2023 to 16.6% by 2026 [6][10]. Business Development - The company is actively pursuing a share repurchase plan of RMB 40-80 million, indicating confidence in its future growth prospects [2][9]. - The WiNEX product line continues to expand, with hundreds of clients and successful implementations across various medical fields, enhancing the company's market position [9].

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业深度报告 [Table_InvestInfo] 24H1&24Q2 行业营收上行、利润承压， 政策驱动下静待行业复苏 [Table_Summary] 投资要点： 2024H1&2024Q2，营收复苏，利润承压。①2024H1 计算机行业总营收 5397.98 亿元，同比+7.73%；归母净利润 89.25 亿元，同比-43.30%；扣非净利润 47.09 亿元，同比-36.86%。2024H1 计算机员工总数为 117.81 万人，同比+0.13%。2024Q2 计算机行业总营收 3006.40 亿元，同比+9.19%；归母净利润 86.61 亿元，同比 -18.11%；扣非净利润 67.75 亿元，同比-14.57%。2024H1 和 2024Q2 计算机板块 营收端呈现恢复态势，但是利润端呈下降趋势，而员工人数整体维持稳定。② 业绩增速分布上，24H1 营收正增速占比为 54.94%，24Q2 营收正增速占比为 52.00%，营收正增速公司出现下滑，24H1 与 24Q2 公司数最多的区间[0%，20%]； 24H1 归母净利润正增速 ...

[Table_Title] 研究报告 Research Report 22 Sep 2024 中国能源 China (Overseas) Energy 传统能源格局在 AI 人工智能推动下有望迎来新转型，核能重要性日益凸显 Traditional Energy Landscape Poised for Transformation by AI, with Nuclear Energy Gaining Prominence 杨斌 Bin Yang 毛琼佩 Olivia Mao 邓雅文 Linda Deng bin.yang@htisec.com olivia.qp.mao@htisec.com linda.yw.deng@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： AI 人工智能发展是长期确定性趋势，进程预计将持续加速。据 Statista 预测，全球 AI 市场规模在 2024 年将达到 2,982.5 亿美元，并预计将以 35.5 ...

[Table_Title] 研究报告 Research Report 20 Sep 2024 中国能源 China (A-share) Energy 8 月规上工业发电量同增 5.8%，美国 73 亿美元支持农村清洁能源发展 Above Designated Size Industrial Power Generation Increased by 5.8% Year-On-Year in August, $7.3 Billion in U.S. Support for Rural Clean Energy Development [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： 杨斌 Bin Yang 余小龙 Bruce Yu 毛琼佩 Olivia Mao bin.yang@htisec.com bruce.xl.yu@htisec.com olivia.qp.mao@htisec.com 中国：1）天然气：本周期中国 LNG 到岸价及市场价较前一周下跌。2 ...

Investment Rating - The report indicates a positive outlook for the new energy sector in the short term due to the Federal Reserve's unexpected rate cut, while maintaining optimism towards natural gas and nuclear power in the long term [1][8]. Core Insights - The Federal Reserve's decision to cut the federal funds rate by 50 basis points is expected to lower project financing costs and enhance the returns on photovoltaic and energy storage projects, benefiting the development of new energy projects [1][8]. - The report highlights that the rate cut will stimulate installation demand for photovoltaic and wind power by reducing financing costs, with significant growth expected in new installations for both sectors in 2024 [2][9]. - Long-term challenges for the new energy sector include an aging power grid and a backlog of nearly 2600GW of energy waiting to be connected, which may limit future development [10]. Photovoltaic and Wind Power - The report notes that the U.S. photovoltaic installation capacity reached 32.4GW in 2023, a 51% year-on-year increase, with expectations of 43.3GW in new installations for 2024, representing a 34% increase [2][9]. - For wind power, 1.97GW of new installations were added in the first half of 2024, with an anticipated total of 8.2GW for the year, marking a 13.9% increase [2][9]. Energy Storage - The report emphasizes that the rate cut will improve the internal rate of return for large-scale energy storage projects, with expectations of 11.1GW/31.6GWh of new installations in 2024 and a cumulative addition of 62.6GW/219GWh from 2024 to 2028 [9][10]. - The significant growth in energy storage installations is attributed to the 2022 IRA policy, which allows independent energy storage to enjoy tax credits [9]. Traditional Energy - The rapid growth of data centers in the U.S. is leading to increased demand for traditional energy sources, particularly natural gas and nuclear power, with natural gas generation's share rising from 37% in 2021 to 42% in 2023 [11][12]. - The report highlights the importance of nuclear power in meeting the stability requirements of data centers, with the federal government providing loans to restart closed nuclear facilities [11][12]. Investment Recommendations - The report suggests focusing on companies involved in AI data center equipment and construction, power grid equipment, and suppliers of natural gas and nuclear power [13].