Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4][43] Core Insights - The company achieved revenue of 1800.2 billion RMB in Q1 2025, a year-on-year increase of 12.9%, exceeding Bloomberg consensus estimates of 1756.0 billion RMB [2][14] - Non-IFRS net profit reached 613.3 billion RMB, up 22.0% year-on-year, also surpassing Bloomberg consensus of 596.8 billion RMB [2][14] - AI is significantly contributing to the gaming and advertising sectors, enhancing product differentiation and user engagement [3][24] Revenue and Profitability - Total revenue is projected to grow from 609,015 million RMB in 2023 to 854,621 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 9.18% [4] - Non-IFRS net profit is expected to increase from 157,688 million RMB in 2023 to 298,384 million RMB in 2027, reflecting a strong growth trajectory [4] - The company’s overall gross margin improved to 56% in Q1 2025, driven by growth in high-margin revenue sources such as domestic games and advertising [33][36] Business Segments Performance - The gaming segment reported revenue of 595 billion RMB in Q1 2025, a 23.7% increase year-on-year, with strong performance in both domestic and international markets [20][21] - Social network revenue rose to 326 billion RMB, up 6.9% year-on-year, supported by growth in mobile game virtual goods and paid memberships [22] - Advertising revenue reached 319 billion RMB, a 20.4% increase year-on-year, benefiting from enhanced user engagement and AI-driven optimizations [24] - Financial technology and enterprise services revenue was 549 billion RMB, a 5.0% increase year-on-year, although slightly below expectations [28] Future Outlook - The report forecasts adjusted net profits of 2441 billion RMB, 2693 billion RMB, and 2984 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 16, and 14 times [4][43] - The company is expected to maintain strong business barriers and continue to grow its ecosystem, including video accounts, mini-programs, and fintech services [4][43]

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1]. Core Insights - The report highlights the ongoing consultation on the detailed rules of Document No. 136 in Guangdong, which sets a cap on the incremental mechanism electricity volume at 90%. Different types of renewable energy will be auctioned separately, with the first auction scheduled for mid-2025 [4]. - China Securities Regulatory Commission has approved Huadian New Energy's IPO application, aiming to raise 18 billion yuan for renewable energy projects [4]. - The report tracks key industry data, including a 3% year-on-year decrease in electricity purchase prices in May 2025, a 2.5% increase in total electricity consumption in the first quarter of 2025, and a 0.3% decrease in total power generation during the same period [4][39][14]. Summary by Sections 1. Market Review - The SW utility index increased by 0.08% from May 12 to May 16, 2025, with notable gains in solar and hydropower sectors [9]. - The top-performing stocks included Jingyuntong (+34.3%) and Hongtong Gas (+22.0%), while the worst performers were Mindong Power (-7.0%) and Huadian Energy (-7.8%) [10]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in Q1 2025 reached 2.38 trillion kWh, a 2.5% year-on-year increase, with growth in all sectors [14]. 2.2. Power Generation - Total power generation in Q1 2025 was 2.27 trillion kWh, down 0.3% year-on-year, with declines in thermal power and increases in hydropower, nuclear, wind, and solar [22]. 2.3. Electricity Prices - The average electricity purchase price in May 2025 was 394 yuan/MWh, a 3% decrease year-on-year [39]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 614 yuan/ton, down 28.6% year-on-year [43]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was normal, with inflow and outflow decreasing by 21.3% and 27.6% year-on-year, respectively [51]. 2.6. Nuclear Power - In 2024, 11 nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Green Energy - The report emphasizes the recovery of asset quality in green energy, with a focus on companies like Longjing Environmental Protection [4]. 3. Important Announcements - The report includes significant announcements regarding the approval of IPOs and regulatory changes affecting the utility sector [4].

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1]. Core Insights - The report highlights the ongoing consultation regarding the detailed implementation of Document No. 136 in Guangdong, which includes a bidding mechanism for new energy projects with a maximum electricity scale of 90% [4]. - China Securities Regulatory Commission has approved Huadian New Energy's IPO application, aiming to raise 18 billion yuan for renewable energy projects [4]. - The report tracks key industry data, including a 3% year-on-year decrease in electricity purchase prices and a 2.5% increase in total electricity consumption in the first quarter of 2025 [4][39]. Summary by Sections 1. Market Review - The SW utility index increased by 0.08% from May 12 to May 16, 2025, with notable performances in solar and hydropower sectors [9]. - The top five gainers included Jingyuntong (+34.3%) and Hongtong Gas (+22.0%), while the biggest losers were Mindong Power (-7.0%) and Huadian Energy (-7.8%) [10]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in Q1 2025 reached 2.38 trillion kWh, a 2.5% year-on-year increase, with growth in all sectors [14]. 2.2. Power Generation - Cumulative power generation in Q1 2025 was 2.27 trillion kWh, down 0.3% year-on-year, with declines in thermal power generation [22]. 2.3. Electricity Prices - The average electricity purchase price in May 2025 was 394 yuan/MWh, down 3% year-on-year [39]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 614 yuan/ton, down 28.6% year-on-year [43]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 156.81 meters, with inflow and outflow rates down 21.3% and 27.6% year-on-year, respectively [51]. 2.6. Nuclear Power - In 2024, 11 nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Green Energy - Wind and solar power installations saw a year-on-year increase of 30.5% and a decrease of 5.7%, respectively, in Q1 2025 [4]. 3. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4]. - Recommended stocks include Jiangsu Power, Huadian International, and China Nuclear Power [4].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4] Core Views - The company has exceeded revenue and profit expectations, with Q1 2025 revenue reaching 1800.2 billion yuan, a year-on-year increase of 12.9%, surpassing Bloomberg's consensus estimate of 1756.0 billion yuan. Non-IFRS net profit was 613.3 billion yuan, up 22.0% year-on-year, also exceeding expectations [2][14] - AI is making substantial contributions to the gaming and advertising industries, enhancing product differentiation and driving revenue growth [3][4] Summary by Sections Revenue and Profit Performance - Q1 2025 revenue was 1800.2 billion yuan, up 12.9% year-on-year, exceeding expectations [2][14] - Non-IFRS net profit for Q1 2025 was 613.3 billion yuan, reflecting a year-on-year increase of 22.0%, also above consensus estimates [2][14] Gaming Business - Online gaming revenue reached 595 billion yuan in Q1 2025, a 23.7% year-on-year increase, surpassing expectations [20] - Domestic gaming revenue was 429 billion yuan, up 24.3% year-on-year, while international gaming revenue was 166 billion yuan, up 22.1% year-on-year [21] Advertising Revenue - Advertising revenue for Q1 2025 was 319 billion yuan, a 20.4% year-on-year increase, exceeding expectations [24] - The growth in advertising revenue is attributed to increased user engagement, AI upgrades, and optimization of the WeChat ecosystem [24] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue was 549 billion yuan in Q1 2025, a 5.0% year-on-year increase, slightly below expectations [28] - The growth in financial technology is driven by consumer loan services and wealth management services [28] Profitability Metrics - Overall gross margin for Q1 2025 was 56%, up 3 percentage points year-on-year, driven by high-margin revenue sources [33] - The gross margin for value-added services was 60%, reflecting growth in both domestic and international gaming revenue [33] Future Earnings Forecast - The report forecasts adjusted net profits of 2441 billion yuan, 2693 billion yuan, and 2984 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 16, and 14 times [4][43]

[Table_Summary] 在 2 月中旬发布的首期 《ETF 主观配置策略月报》中，我们详细阐述了 ETF 主观配置策略的背景与意义，以及如何基于"大势研判—风格研判— 行业/产业趋势研判"三层级框架自上而下地构建 ETF 主观配置策略。遵 循这一框架，我们会于每月中旬更新市场展望，并推荐 10 只 A 股 ETF 作 为未来 1 个月的重点关注方向。 ◼ 本期市场展望与 ETF 主观配置策略 证券研究报告·策略报告·策略月评 策略月评 20250520 大市值+科技成长"杠铃"配置——ETF 主观 配置策略月报（四） ➢ 大势/风格展望与 ETF 推荐： 当前，A 股已进入外部扰动阶段性平息的新阶段，下有支撑、上待催化， 预计短期走势偏震荡。中美日内瓦会谈后，关税贸易风险暂缓，指数已回 补此前缺口并重回关税冲击前水平。从基本面来看，4 月在外部关税冲击 背景下，国内经济顶住压力，依然维持了稳定增长的态势，但生产、消费、 投资增速均呈现边际走弱态势，提示经济基础还需巩固，总量经济及行业 景气的进一步上行仍待时日。A 股在本次关税风波中彰显出全球领先的抗 风险性，近期虽市场量能有所回落、板块轮动偏快，短期 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-05-20 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250519：【勘误版】谁是消费"领头羊"：人口周期改变 消费模式 当人口高峰遇见消费高峰，2025-2035 年消费总量的增速可能比 2020- 2025 年更乐观。过去十多年，我国人口高峰和消费高峰的移动并不一致， 少子化老龄化驱动人口高峰右移，但消费高峰却在左移，二者反向移动是 不利于消费总量增长的，因为人口最多的年龄段，可能不是人均消费最高 的年龄段。而下一个五年（2025-2030 年）我国 40-49 岁人口比重将从 13.8%提高到 15.9%，如果消费高峰也右移到这一年龄段，人口高峰与消 费高峰重叠，消费总量将更加乐观。2030-2035 年也是同样的逻辑，未来 十年（2025-2035）消费总量将有更多潜力空间。 风险提示：（1）数据相 对滞后，CFPS 调查数据目前仅更新到 2022 年，但受到外部冲击影响， 2022 年是中国消费的次低谷（仅次于 2020 年），可能不能完全代表常态 下的中国消费情况。（2）由于官方没有分年龄段的消费和收入数据， ...

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交面积环比改善，持续推进城市 更新 增持（维持） 2025 年 05 月 19 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -26% -21% -16% -11% -6% -1% 4% 9% 14% 19% 2024/5/20 2024/9/18 2025/1/17 2025/5/18 房地产 沪深300 相关研究 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.5.12-2025.5.16）：上周房地产板块（中信）涨跌幅-0.5%,同期 沪深 300、万得全 A 指数涨跌幅分别为 1.1%、0.7%，超额收益分别为- 1.6%、-1.2%。29 个中信行业板块中房地产位列第 25。 ◼ （1）新房市场：上周 36 城新房成交面积 205.1 万方，环比+29.6%，同 比-12.5%。2025 年 5 月 1 日至 5 月 16 日累计成交 381.4 万方，同比- 2.4%。今年截至 5 月 16 日累计成交 3684.7 万方， ...

证券研究报告·策略报告·策略月评 策略月评 20250520 大市值+科技成长"杠铃"配置——ETF 主观 配置策略月报（四） [Table_Summary] 在 2 月中旬发布的首期 《ETF 主观配置策略月报》中，我们详细阐述了 ETF 主观配置策略的背景与意义，以及如何基于"大势研判—风格研判— 行业/产业趋势研判"三层级框架自上而下地构建 ETF 主观配置策略。遵 循这一框架，我们会于每月中旬更新市场展望，并推荐 10 只 A 股 ETF 作 为未来 1 个月的重点关注方向。 ◼ 本期市场展望与 ETF 主观配置策略 ➢ 大势/风格展望与 ETF 推荐： 当前，A 股已进入外部扰动阶段性平息的新阶段，下有支撑、上待催化， 预计短期走势偏震荡。中美日内瓦会谈后，关税贸易风险暂缓，指数已回 补此前缺口并重回关税冲击前水平。从基本面来看，4 月在外部关税冲击 背景下，国内经济顶住压力，依然维持了稳定增长的态势，但生产、消费、 投资增速均呈现边际走弱态势，提示经济基础还需巩固，总量经济及行业 景气的进一步上行仍待时日。A 股在本次关税风波中彰显出全球领先的抗 风险性，近期虽市场量能有所回落、板块轮动偏快，短期 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-05-19 宏观策略 [Table_MacroStrategy] 宏观点评 20250514：看淡"贷款淡季"、观察宽松效果——2025 年 4 月 金融数据点评 [Table_FixedGain] 固收深度报告 20250514：债券"科技板"他山之石：从海外经验看我国 科创债市场建设（市场现状篇） 我国科创债市场发展潜力：1）与海外科创债市场相比，我国科创债市场 正处于发展的初级阶段，整体呈现市场体量不大、发行期限偏短、评级较 高、发行主体集中于传统行业等特点，而美国作为成熟科创债市场的代 表，其科创债期限分布较为均匀且相对集中于中长端，债项评级主要分布 于中高评级且对低评级亦具有一定的包容性，科创债对于促进其高科技 行业和新兴产业的发展与进步大有助益。2）展望未来，随着我国科创债 市场的不断完善，一方面在市场体量上或实现快速增长，另一方面在市场 结构上或向美国等成熟海外市场靠拢，例如科创债发行期限预计将进一 步拉长，发债主体信用资质预计将进一步多元化，发行主体中从事高科技 行业、高新技术产业的企业数量预计将进一步增多，不仅助力资金期限与 科创型 ...

2025 年 05 月 19 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交面积环比改善，持续推进城市 更新 增持（维持） 行业走势 《公积金贷款利率下调，市场有望逐 步企稳》 2025-05-13 《三部委发布会点评：公积金贷款利 率下调，货币政策支持行业止跌回 稳 》 2025-05-07 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.5.12-2025.5.16）：上周房地产板块（中信）涨跌幅-0.5%,同期 沪深 300、万得全 A 指数涨跌幅分别为 1.1%、0.7%，超额收益分别为- 1.6%、-1.2%。29 个中信行业板块中房地产位列第 25。 ◼ （1）新房市场：上周 36 城新房成交面积 205.1 万方，环比+29.6%，同 比-12.5%。2025 年 5 月 1 日至 5 月 16 日累计成交 381.4 万方，同比- 2.4%。今年截至 5 月 16 ...