Investment Rating - The report maintains a "Buy" rating for Changshu Bank (stock code: 601128) [1] Core Views - Changshu Bank demonstrated excellent performance in 2024, with revenue of 10.909 billion yuan (+10.53%) and net profit attributable to shareholders of 3.813 billion yuan (+16.20%). The return on equity (ROE) reached 14.15% (+0.46 percentage points) [4] - The bank's net interest income was 9.142 billion yuan (+7.54%), with a net interest margin (NIM) of 2.71%, showing a slight decline of 15 basis points year-on-year, but the downward pressure is narrowing [4] - Non-interest income grew significantly, reaching 1.767 billion yuan (+29.07%), driven by strong performance in intermediary business and investment income [4] - The asset quality remains strong, with a non-performing loan (NPL) ratio of 0.77% (+0.02 percentage points) and a provision coverage ratio of 500.51%, indicating robust risk mitigation capabilities [4] Summary by Sections Financial Performance - In 2024, the bank's total revenue was 10.909 billion yuan, with a year-on-year growth of 10.53%. The net profit attributable to shareholders was 3.813 billion yuan, reflecting a growth of 16.20% [4][32] - The bank's interest income was 9.142 billion yuan, with a net interest margin of 2.71%, showing a decline of 15 basis points year-on-year [4][33] Loan and Deposit Growth - Total loans increased by 8.28% year-on-year, with corporate loans growing by 16.11% and personal loans by 2.17% [4] - Total deposits grew by 15.57%, with personal time deposits increasing by 19.76%, indicating effective cost optimization [4] Non-Interest Income - Non-interest income reached 1.767 billion yuan, a significant increase of 29.07%, with fees and commissions growing by 158.54% [4][33] Asset Quality - The bank's NPL ratio stood at 0.77%, with a provision coverage ratio of 500.51%, indicating strong asset quality management [4][32] Future Outlook - The bank's strategy focuses on small and micro enterprises, with a strong competitive edge in personal operating loans. The integration of village and town banks is accelerating, suggesting promising growth potential in the future [4]

Investment Rating - The report maintains a "Recommended" investment rating for Industrial and Commercial Bank of China (ICBC) [1] Core Views - The report highlights a marginal recovery in performance with improved revenue and net profit growth rates, alongside optimized deposit costs [1][4] - The bank's net interest income showed a positive growth of 4.68% year-on-year in Q4 2024, marking the first quarterly positive growth since Q3 2022 [4] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.34% at the end of 2024, reflecting a slight decrease [4] Summary by Relevant Sections Financial Performance - In 2024, ICBC's revenue decreased by 2.52% year-on-year, while net profit attributable to shareholders increased by 0.51% [4] - The bank's return on equity (ROE) was 9.88%, down by 0.78 percentage points year-on-year [4] - The bank's net interest margin (NIM) was 1.42%, a decrease of 19 basis points from the end of 2023, but the decline has narrowed [4] Loan and Deposit Growth - Total loans increased by 8.76% year-on-year, with corporate loans growing by 8.28% and retail loans by 3.51% [4] - Personal loans, including consumption and operating loans, saw significant growth rates of 28.3% and 24.6% respectively [4] - Total deposits grew by 3.9% year-on-year, with personal deposits increasing by 11.93% [4] Non-Interest Income and Wealth Management - Non-interest income decreased by 1.95% year-on-year, with a notable decline in commission income by 8.34% [4] - Wealth management showed steady growth, with retail assets under management (AUM) increasing by 10.28% year-on-year [4] Asset Quality and Capital Adequacy - The NPL ratio was 1.34% at the end of 2024, with a coverage ratio of 214.91% [4] - The core tier one capital adequacy ratio was 14.1%, indicating a solid capital position [4] Future Outlook - The report forecasts a stable dividend payout ratio of 31.3% for 2024, with projected book value per share (BVPS) of 10.99, 11.77, and 12.57 for 2025, 2026, and 2027 respectively [4][43]

Group 1: Global Net Zero Goals and Challenges - 110 countries have set net zero emission targets, but only 27 countries and the EU have legally binding commitments covering approximately 16% of global greenhouse gas emissions[3] - The industrial sector accounts for nearly 30% of global carbon emissions, highlighting the need for urgent improvements in decarbonization efforts[2] - Despite some progress in energy efficiency and clean technology, the overall decarbonization pace is insufficient to meet the 2030 climate goals[5] Group 2: Importance of Public-Private Cooperation - Public-private collaboration is essential for accelerating industrial decarbonization and effective policy implementation[2] - A new cooperation framework proposed by the World Economic Forum aims to enhance collaboration between public and private sectors to achieve net zero transitions[10] - Key areas for cooperation include developing net zero financial mechanisms, improving carbon accounting standards, and supporting low-carbon supply chain transitions[12] Group 3: Current Trends and Future Directions - The number of large companies with verified climate targets increased from 865 in 2021 to 1866 in 2023, representing a 57% growth[5] - Only 6% of climate experts believe that limiting global warming to 1.5°C is achievable, with nearly half predicting a rise of over 3°C[4] - Effective public financing mechanisms and tailored incentives are crucial for ensuring the commercial viability of decarbonization projects[11]

ESG 点评报告 推动净零转型的公私合作:全球行动与战略 报告点评 核心观点 分析师 马宗明 ☎: 18600816533 网: mazongming_yj@chinastock.com.cn 分析师登记编码：S0130524070001 肖志敏 ☎：13581725586 网: xiaozhimin_yj@chinastock.com.cn 分析师登记编码：S0130524080004 相关研究 2025年3月24日 3. 【银河 ESG】聚焦 ESG 分歧的指数增强策略能 否带来超额收益? 4.【银河 ESG】兼顾环境的投资组合能否提高投资 业绩? 5. 【银河 ESG】动态投资风险比较：清洁能源与污 染能源 6. 【银河 ESG】伊斯兰投资能否促进投资组合多元 1尺 7. 【银河 ESG】绿色金融与技术创新是低碳发展的 核心动力 8. 【银河 ESG】地缘政治、清洁能源发展与未来能 源安全 9. 【银河 ESG】合力奋进,共御气候变化 -- 碳定 价、政策联动与全球减排之路 10.【银河 ESG】全球可持续发展脉搏——应对气 候变化中企业与投资的关键审视 11.【银河 ESG】 绿色金融研究:理论与实践 ...

Key Insights - The report highlights the impact of tariff policies on asset pricing and the rising market risk aversion, indicating a potential prolonged downturn in the US stock market due to economic recession fears and corporate earnings adjustments [1][4] - The pharmaceutical industry is experiencing breakthroughs in innovative technologies for lung cancer treatment, with a focus on targeted therapies and immunotherapies, creating a multi-layered treatment system [1][9] - The apparel industry is exploring international expansion strategies, emphasizing the importance of financial strength, brand influence, and product quality for successful overseas market entry [1][16] Pharmaceutical Industry - The lung cancer treatment landscape is evolving with the introduction of precision medicine, leading to a significant increase in the survival rates and quality of life for patients [9][12] - The development of targeted therapies for NSCLC and advancements in dual antibodies and ADC technologies are expected to overcome existing treatment bottlenecks in SCLC [11][12] - Companies with strong R&D capabilities and innovative product lines are recommended for investment as they are well-positioned to capitalize on these advancements [12] Apparel Industry - The report emphasizes the role of national policies in supporting the internationalization of domestic apparel brands, which are now at a stage of exploring overseas markets [16][19] - Successful international brands leverage product innovation, direct-to-consumer (DTC) strategies, and differentiation to enhance their global competitiveness [17][19] - Chinese apparel brands are increasingly focusing on overseas market expansion, particularly in Southeast Asia, the Middle East, and Europe, with a strategic emphasis on high-quality products and supply chain advantages [19][21] Company-Specific Insights - Oriental Cable has achieved record-high orders, with significant growth in its revenue from land cables and offshore cables, indicating a strong market position and future growth potential [27][31] - Teabo Bio's revenue and profit have shown robust growth, driven by the successful market introduction of its long-acting interferon product, highlighting the company's strong pipeline and R&D efforts [33][37] - Postal Savings Bank has improved its revenue and net profit growth, benefiting from a unique self-operated and agency model, which positions it well for future growth in the financial sector [39][42]

| | | | 124.34 | 119.29 | 124.80 | 131.31 | | --- | --- | --- | --- | | -7.98 | -4.06 | 4.62 | 5.22 | | 17.51 | 18.43 | 19.56 | 21.04 | | -0.84 | 5.24 | 6.16 | 7.54 | | 29.40 | 28.95 | 29.43 | 30.87 | | 0.76 | 0.80 | 0.85 | 0.92 | | 11.27 | 10.71 | 10.09 | 9.38 | | 市场数据 | 2025-03-28 | | --- | --- | | 股票代码 | 600720.SH | | A 股收盘价(元) | 8.58 | | 上证指数 | 3,373.75 | | 总股本(万股) | 229,460 | | 实际流通 A 股(万股) | 77,616 | | 流通 A 股市值(亿元) | 66.59 | 资料来源：公司公告，中国银河证券研究院 | 利润表(亿元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for Datang Power Generation [2] Core Insights - The company's profitability has significantly improved, with a notable increase in net profit and cash flow, primarily due to a decrease in coal prices [5][6] - The company has substantial growth potential in installed capacity, with over 30% of its capacity under construction or approved, supporting long-term growth [5][6] Financial Forecast Summary - **Revenue Forecast**: Projected revenues for 2024 to 2027 are 123,473.63 million, 120,598.42 million, 124,721.10 million, and 127,416.75 million respectively, with a revenue growth rate of 0.86% in 2024, declining to -2.33% in 2025, and then recovering to 3.42% and 2.16% in 2026 and 2027 [5][7] - **Net Profit Forecast**: Expected net profits for the same period are 4,506.18 million, 5,184.03 million, 5,576.03 million, and 6,212.03 million, with a remarkable profit growth of 229.70% in 2024 [5][7] - **Profitability Ratios**: The gross margin is projected to improve from 14.87% in 2024 to 15.94% in 2027, while the net margin is expected to rise from 3.65% to 4.88% over the same period [5][7] - **Valuation Metrics**: The price-to-earnings (PE) ratio is forecasted to decrease from 11.70 in 2024 to 8.49 in 2027, indicating potential undervaluation as earnings grow [5][7] Segment Performance - **Coal and Hydropower Segments**: The coal segment's profit is expected to increase significantly due to lower coal prices, while the hydropower segment also shows growth, contributing to overall profitability [5][6] - **Installed Capacity**: As of the end of 2024, the company has an operational capacity of 79.11 GW, with 24.74 GW under construction or approved, indicating strong future growth potential [5][6]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company, Kailaiying, reported a revenue of 5.805 billion yuan for 2024, a year-on-year decrease of 25.82%. However, excluding the impact of large orders, revenue grew by 7.40% year-on-year, with a gross margin of 42% [3]. - The decline in revenue is primarily attributed to the high base from large orders delivered in 2023. The revenue from large pharmaceutical companies was 2.691 billion yuan, growing by 4.78% year-on-year after excluding large orders, while revenue from small and medium pharmaceutical companies was 3.114 billion yuan, growing by 9.78% [3]. - The company's small molecule CDMO business achieved a revenue of 4.571 billion yuan, with a year-on-year growth of 8.85% after excluding large orders, and a gross margin of 47.95% [3]. - Emerging businesses generated a revenue of 1.226 billion yuan, with a year-on-year growth of 2.25% and a gross margin of 21.67%, indicating room for improvement [3]. - The company has a total order backlog of 1.052 billion USD, with a year-on-year growth of over 20%, and significant growth in orders from European and American markets [3]. Financial Summary - For 2024, the company reported a net profit attributable to shareholders of 949 million yuan, a decrease of 58.17% year-on-year. The forecast for 2025 estimates a net profit of 1.141 billion yuan, reflecting a growth rate of 20.23% [4][6]. - The projected revenue for 2025 is 6.572 billion yuan, with a growth rate of 13.21% [4][6]. - The gross margin is expected to improve gradually, reaching 43.03% in 2025 and 44.51% by 2027 [4][6]. - The company's earnings per share (EPS) is projected to be 3.16 yuan in 2025, increasing to 4.46 yuan by 2027 [4][6].

Core Insights - The overall trading activity of the Beijing Stock Exchange (BSE) has significantly declined, with the average daily trading volume dropping to approximately 26.455 billion yuan, down from 39.658 billion yuan the previous week [3][4][5] - The BSE has 265 listed companies, with a total market capitalization of 720.115 billion yuan, and a price-to-earnings (P/E) ratio of around 43.3 times, which has decreased from 44.3 times the previous week [6][21][24] - The report emphasizes the accelerated development of specialized and innovative enterprises in the A-share market, highlighting the importance of capital market reforms in fostering a conducive environment for these companies [3][39][40] Trading Activity Overview - The BSE's trading volume for the week was 132.275 billion yuan, with a total trading volume of 6.629 billion shares, indicating a notable decrease in trading activity [3][4] - The weekly turnover rate for the BSE was 37.69%, which remains higher than that of the Sci-Tech Innovation Board, Growth Enterprise Market, and the Shanghai and Shenzhen main boards [5][6] Sector Performance - Among the 265 listed companies on the BSE, 122 companies experienced positive weekly growth, with the highest gainers being Kai Fa Technology (+150.36%) and Tonghui Electronics (+57.76%) [3][11] - The sectors with the largest weekly gains included non-ferrous metals (+10.1%), building materials (+9.8%), and agriculture, forestry, animal husbandry, and fishery (+6.3%), while the transportation sector saw the largest decline at -11.1% [3][11] Investment Strategy - The report recommends focusing on three main investment directions for 2025: 1. Concentrating on new productivity in the BSE, particularly companies with high growth potential and strong R&D investment [27] 2. Monitoring companies that are encouraged by policies to pursue mergers and acquisitions, as well as those expanding their industrial chains or planning overseas [27] 3. Paying attention to state-owned enterprises with stable operations and strong growth capabilities [27] Company Announcements - Important announcements from BSE companies this week included new foreign investments, stock buyback plans, project changes, project delays, and asset sales [28][30]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the long - term, there are three main investment lines with high allocation value in the Hong Kong stock market: the consumer sector may see improved performance and rising stock prices due to domestic policies; the technology sector is expected to rise continuously with policy support and industry trends; the high - dividend strategy in the Hong Kong stock market, especially high - dividend targets of central state - owned enterprises, is attractive and can provide stable returns [2]. - In 2025, the Hong Kong stock market is expected to continue rising as earnings recover steadily, but the impact of US trade policies and the Fed's interest - rate cut rhythm should be noted [49]. 3. Summary According to the Catalog 3.1 This Week's Important Events 3.1.1 Domestic Aspect - From January to February 2025, the operating income of industrial enterprises above designated size in China increased by 2.8% year - on - year, 0.7 percentage points faster than the whole year of 2024. Their profits decreased by 0.3% year - on - year, with the decline narrowing by 3.0 percentage points compared to the whole year of 2024. The manufacturing and equipment manufacturing industries showed obvious improvements [2][4]. 3.1.2 Overseas Aspect - On March 24, Trump announced a 25% tariff on countries buying Venezuelan oil and gas, effective April 2. On March 26, he said he would impose a 25% tariff on all non - US - made cars, and tariffs on the pharmaceutical and timber industries. The US 2 - month core PCE price index rose more than expected, with the year - on - year increase at 2.8% and the month - on - month increase at 0.4%, the highest since January 2024 [2][9]. 3.2 This Week's Review of the Hong Kong Stock Market 3.2.1 Index Gains and Losses - From March 24 to March 28, most global stock indices fell. The three major Hong Kong stock indices declined again, with the Hang Seng Index, Technology Index, and State - owned Enterprises Index falling 1.11%, 2.36%, and 0.82% respectively. Three Hang Seng Composite Industry Indices rose, and nine declined. The healthcare, raw materials, and conglomerates sectors led the gains, while the information technology, industrial, and financial sectors led the losses [2][14][16]. 3.2.2 Capital Flows - The average daily trading volume of the Hong Kong Stock Exchange this week was HK$237.557 billion, a decrease of HK$49.847 billion from last week. The average daily short - selling amount was HK$29.347 billion, a decrease of HK$2.091 billion from last week. The average daily ratio of short - selling amount to trading volume was 12.48%, an increase of 1.56 percentage points from last week. Southbound funds had a net inflow of HK$37.18 billion this week, an increase of HK$14.155 billion from last week [2][21]. 3.2.3 Valuation and Risk Premium - As of March 28, the PE and PB of the Hang Seng Index were 10.34 times and 1.1 times respectively. The PE increased by 0.95% and the PB decreased by 0.49% compared to last Friday. The Hang Seng Index's risk - premium rate relative to the 10 - year US Treasury bond yield was 5.4%, at the 14% quantile since 2010. The Hang Seng Index's risk - premium rate relative to the 10 - year Chinese Treasury bond yield was 7.9%, at the 75% quantile since 2010. Industry valuations were highly differentiated [23][28][33]. 3.3 Investment Outlook for the Hong Kong Stock Market - In the long - term, there are three main investment lines: the consumer sector supported by policies, the technology sector with expected performance realization, and the high - dividend sector providing stable investment returns [49].