Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights the company's operational resilience demonstrated during a warm winter and the optimization of channels that enhance brand visibility [5] - The company has achieved a revenue of 25.902 billion RMB for FY2025, reflecting a year-on-year growth of 11.6%, with a CAGR of 17.7% from FY2021 to FY2025 [7] - The report emphasizes the company's focus on the "dual focus" strategy of concentrating on down jackets and fashionable functional apparel, which drives revenue growth [7] Financial Performance Summary - For FY2025, the company reported a net profit of 3.514 billion RMB, a year-on-year increase of 14.3% [7] - The revenue from the brand down jacket business reached 21.668 billion RMB, growing by 11.0% year-on-year, with the main brand and Xuezhongfei contributing to this growth [7] - The OEM business revenue was 3.373 billion RMB, showing a significant increase of 26.4% year-on-year, with the top five clients accounting for 90.4% of the revenue [7] Revenue and Profit Forecast - The company forecasts net profits of 3.928 billion RMB, 4.388 billion RMB, and 4.879 billion RMB for FY2026, FY2027, and FY2028 respectively, with growth rates of 11.78%, 11.71%, and 11.20% [6][8] - The projected revenue for FY2026 is 28.533 billion RMB, with a growth rate of 10.2% [8] Operational Strategy - The company is enhancing its retail strategy through the Top Store model and online-offline collaboration, which has led to a 5.2% increase in direct sales and a 24.3% increase in wholesale revenue for the brand down jacket business [7] - The number of offline stores increased by 253 to a total of 3,470, while online revenue for brand down jackets grew by 9.4% to 7.478 billion RMB [7]

Group 1: Economic Indicators - In June 2025, the manufacturing PMI increased by 0.2 percentage points to 49.7%, supported by tariff delays and the implementation of existing policies [2][5] - The non-manufacturing business activity index rose to 50.5%, indicating a slight improvement in the service sector [2][7] - The comprehensive PMI output index was 50.7%, reflecting an overall acceleration in business activities [5][7] Group 2: Company Overview - Guangzhou Development (600098.SH) - Guangzhou Development is a comprehensive energy platform controlled by the Guangzhou Municipal Government, with a diversified energy industry system including power, energy logistics, gas, new energy, and energy finance [2][9] - As of the end of 2024, the total installed power capacity of the company was 10.26 GW, with significant contributions from coal, gas, wind, and solar power [2][9] - The company has maintained stable performance with continuous dividends for 26 years, achieving a net profit of 1.732 billion yuan in 2024, a year-on-year increase of 5.73% [2][9] Group 3: Business Segments - The company focuses on thermal power in the Greater Bay Area, benefiting from a decline in coal prices, which enhances the performance elasticity of thermal power [2][10] - The new energy business is rapidly developing, with plans to reach an installed capacity of 8 GW by the end of 2025 [2][10] - The gas segment, primarily in Guangzhou, has shown steady growth, with gas sales volume reaching 2.166 billion cubic meters in 2024, a year-on-year increase of 26.18% [2][11] Group 4: Financial Projections - The company is projected to achieve net profits of 1.849 billion, 2.120 billion, and 2.373 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 6.74%, 14.70%, and 11.91% respectively [2][11] - The current stock price corresponds to a PE ratio of 12, 10, and 9 for the years 2025 to 2027 [2][11]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market." The emphasis on building quality housing and high-quality residential areas is expected to lead to a development wave for high-quality residential properties [5][49] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 1.9%, the Shenzhen Component Index by 3.7%, the ChiNext Index by 5.7%, and the CSI 300 by 2.0%. The real estate sector (Shenwan) increased by 3.1% [5][8] - The top five stocks in terms of increase were: Quzhou Development (+15.5%), Huayuan Holdings (+13.8%), Zhujiang Shares (+10.1%), New Huangpu (+10.1%), and ST Shuyuan (+9.6%) [5][8] Data Tracking New Housing Transactions - In the week of June 21-27, 2025, 42 key cities saw a total new housing transaction of 3.16 million square meters, a 34.1% increase from the previous week, but a 31.7% decrease year-on-year [15] - For June 2025, the total new housing transaction in 42 key cities was 9.13 million square meters, a 12.9% increase month-on-month but a 12.3% decrease year-on-year [19] Second-Hand Housing Transactions - In the week of June 21-27, 2025, 21 key cities recorded a total second-hand housing transaction of 2.16 million square meters, a 3.0% increase from the previous week, but a 10.4% decrease year-on-year [32] - For June 2025, the total second-hand housing transaction in 21 key cities was 7.97 million square meters, a 5.8% increase month-on-month and a 2.6% decrease year-on-year [36] Industry News - The Ministry of Housing and Urban-Rural Development emphasized the need for new technologies and materials to create safe, comfortable, green, and smart housing [46] - Several cities, including Hangzhou, Jinan, and Tianjin, have adjusted their housing provident fund policies to enhance support for homebuyers [46] Company Announcements - Poly Developments announced a green asset-backed securities plan with a priority asset scale of 1.354 billion yuan and a 2.50% interest rate over 18 years [49] - China Overseas Development plans to list its project in Foshan through a public infrastructure securities investment fund, expecting to raise 1.355 billion yuan [49]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on product development and channel innovation driving performance growth [5][8]. Core Insights - The company is positioned as a leading player in the domestic sports apparel market, with ongoing channel upgrades and sustained investment in research and development enhancing brand strength and operational efficiency [8]. - The forecasted net profit for the company is expected to grow from 1.315 billion RMB in 2025 to 1.670 billion RMB by 2027, reflecting year-on-year growth rates of 14.50%, 12.75%, and 12.63% respectively [6][8]. Summary by Sections Market Performance - As of June 27, 2025, the closing price is HKD 4.99, with a market capitalization of HKD 10,317.73 million and a debt-to-asset ratio of 26.72% [3]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 11,540.03 million RMB, 13,113.23 million RMB, and 14,773.90 million RMB, with corresponding growth rates of 14.56%, 13.63%, and 12.66% [6][8]. - The company’s price-to-earnings ratio is forecasted to decrease from 9.85 in 2023 to 5.67 by 2027, indicating an attractive valuation compared to peers [6]. Investment Logic - The company is leveraging traditional store upgrades and the introduction of "super stores" to capture the attention of new-generation consumers, which is expected to drive revenue growth [10]. - Continuous investment in research and marketing is enhancing the brand's professional image and recognition among target demographics [10]. - A stringent supply chain selection process is expected to improve operational efficiency [10]. Company Overview - The company has been deeply involved in the sports apparel sector for over 20 years, enhancing its brand image through partnerships with major international sporting events [15]. - The company’s revenue and gross profit have shown consistent growth, with 2024 revenue reaching 10.1 billion RMB, a year-on-year increase of 19.59% [18]. Channel and Product Upgrades - The company is focusing on channel upgrades, with a total of 7,115 stores globally by 2024, reflecting a 1.73% year-on-year increase [49]. - The children's business segment is growing rapidly, with revenue contribution increasing from 18.20% in 2020 to 23.20% in 2024 [61]. - Online sales are also on the rise, with a 12.21% increase in revenue from online channels in 2024 [64]. Market Trends - The global sports apparel market is expected to grow at a compound annual growth rate (CAGR) of 7% from 2023 to 2027, with emerging markets driving significant growth [32]. - The domestic sports apparel market is projected to reach 598.9 billion RMB by 2025, with a CAGR of 11.62% from 2021 to 2025 [33].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company is positioned as a leading brand in the oriental fashion jewelry sector, with a focus on mid-to-high-end fashion consumer goods. It has successfully expanded its brand influence and market presence through strategic partnerships and product diversification [7][10]. - The company is expected to benefit from rising gold prices and its ongoing expansion of franchise stores, which will enhance its market penetration and long-term performance outlook [10][51]. Summary by Sections Market Performance - As of June 27, 2025, the closing price is 13.70 yuan, with a market capitalization of 12,172.62 million yuan and a circulating market value of 11,877.96 million yuan. The stock has seen a one-year high of 18.18 yuan and a low of 4.02 yuan [3]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 79.0 billion yuan, 90.5 billion yuan, and 99.4 billion yuan, with year-on-year growth rates of 21.2%, 14.6%, and 9.8% respectively. The expected net profit for the same period is 4.7 billion yuan, 5.6 billion yuan, and 6.6 billion yuan, with growth rates of 140.9%, 20.6%, and 17.7% respectively. The current price-to-earnings ratios are projected to be 26, 22, and 18 times [6][51]. Business Model and Brand Strategy - The company operates three main brands: "CHJ潮宏基," "ADELE VENTI梵迪," and "FION菲安妮," focusing on jewelry and fashion handbags. It emphasizes the integration of traditional craftsmanship with modern design to appeal to younger consumers [7][14]. - The company is expanding its franchise model domestically and has initiated international expansion into Southeast Asia, with plans to open stores in Malaysia and Thailand [7][45]. Revenue Contribution and Growth Drivers - In 2024, the revenue contribution from self-operated, franchise, and wholesale channels is projected to be 30.2 billion yuan, 32.8 billion yuan, and 1.9 billion yuan respectively. The franchise model is expected to grow significantly, with the number of franchise stores increasing to 1,268 by the end of 2024 [7][33]. - The company is leveraging cultural elements and popular IP collaborations to enhance product offerings and attract a younger demographic [26][28]. Competitive Positioning - The company is compared with peers such as Lao Feng Xiang, China Gold, and Zhou Dazheng, with a focus on its unique positioning as a leading oriental fashion jewelry brand. The report suggests that the company is well-positioned to capitalize on market trends and consumer preferences [10][51].

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - The current economic operation is in a neutral range, and the marginal change in the economy compared to 2024 may lie in consumption [2][104]. - The negative economic cycle of "sharp decline in housing prices, sharp decline in the stock market - wealth shrinkage - consumption downgrade" in the past two years has come to an end [2][104]. - Pay attention to the progress of future China - US trade negotiations and whether the fentanyl tariff can be reduced to 0, as well as possible policy adjustments for weak business reception activities that may affect consumption [2][104]. 3. Summary According to the Table of Contents 3.1 Macro News - On June 24, six departments including the People's Bank of China jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", which aims to activate markets such as automobiles, culture and tourism, and elderly care through various measures [8]. - On June 26, the Financial Regulatory Administration and others issued the "Implementation Plan for the High - Quality Development of Inclusive Finance in the Banking and Insurance Industries", aiming to build a high - quality inclusive finance system and solve the financing problems of small and micro enterprises, "agriculture, rural areas, and farmers", and new citizens [8]. - The second - quarter meeting of the Monetary Policy Committee of the People's Bank of China in 2025 was held on June 23. It was more cautious about the world economic growth momentum and more optimistic about the domestic economy. The probability of a recent reserve requirement ratio cut and interest rate cut is low [8]. - From January to May 2025, the total profit of industrial enterprises above designated size was 2.72 trillion yuan, a year - on - year slight decrease of 1.1%. However, the profit structure had highlights, with the profit of the equipment manufacturing industry increasing by 7.2% [9][10]. - Israel and Iran announced a formal cease - fire, leading to a significant decline in domestic and international oil prices recently [13]. 3.2 Medium - term High - Frequency: Consumption and Production Show Differentiated Recovery Characteristics 3.2.1 Consumption: Policy Stimulus Shows Remarkable Results - As of the week of June 22, the average daily retail volume of passenger car manufacturers increased by 30.0% year - on - year, and the average daily wholesale volume increased by 1.4% year - on - year [16][19]. - As of the week of June 13, the retail volume and retail amount of three major household appliances increased by 24.6% and 13.5% year - on - year respectively [16][25]. 3.2.2 Transportation: Supply Chain Resilience is Prominent - As of the week of June 22, the container throughput of ports increased by 5.3% year - on - year, railway freight volume increased by 2.4% year - on - year, and highway truck traffic volume increased by 0.7% year - on - year [17][27]. - As of the week of June 22, the number of civil aviation flights guaranteed increased by 1.7% year - on - year, and as of June 27, the average passenger volume of subways in first - tier cities in the past 7 days increased by 2.3% year - on - year [17][36]. 3.2.3 Capacity Utilization: Infrastructure Chain is Stronger than Chemical Chain - As of June 25, the blast furnace capacity utilization rate of major steel enterprises nationwide was 77.6%, a year - on - year increase of 2.2 pct, and as of June 26, the average asphalt capacity utilization rate was 25.0%, a year - on - year increase of 1.0 pct [17][49]. - As of June 26, the soda ash capacity utilization rate was 85.7%, a year - on - year decrease of 1.6 pct, and the PVC capacity utilization rate was 74.9%, a year - on - year decrease of 1.5 pct [17][53]. 3.2.4 Real Estate: Continuously Under Pressure - As of June 27, the transaction area of commercial housing in 30 large and medium - sized cities in the past 7 days increased by 0.5% year - on - year, and the number of transactions decreased by 2.0% year - on - year [18][62]. - As of June 22, the listing price index of second - hand houses in national cities decreased by 7.5% year - on - year [18][67]. 3.2.5 Price: Commodity Prices are Under Pressure - As of June 27, the average wholesale price of pork decreased by 16.8% year - on - year, and the average wholesale price of vegetables decreased by 0.8% year - on - year [18][75]. - As of June 27, the average spot price of WTI crude oil was 67.4 US dollars per barrel, a year - on - year decrease of 17.0% [18][81]. 3.3 Bond Market and Foreign Exchange Market: Structural Easing Coexists with Cross - Month Pressure - On June 27, the yields of 1 - year, 5 - year, 10 - year, and 30 - year treasury bonds were 1.35%, 1.51%, 1.65%, and 1.85% respectively, with changes of - 1.0BP, + 0.3BP, + 0.6BP, and + 1.3BP compared to June 20 [2][89]. - On June 27, the central parity rate and spot exchange rate of the US dollar against the Chinese yuan were 7.16/7.17, down 68/147 pips compared to June 20 [94]. 3.4 Institutional Behavior: The Duration of Credit Bond Funds has Decreased - As of June 29, the net - breaking rate of public wealth management products of wealth management companies was about 0.81%, a decrease of 1.16 pct compared to the beginning of the year, and the current net - breaking rate's percentile within the year was below 5% [96]. - As of June 27, the median and average duration of medium - and long - term pure bond funds for interest - rate bonds were about 4.7 years and 5.1 years respectively, an increase of about 0.12 years compared to the previous week; the median and average duration of medium - and long - term pure bond funds for credit bonds were about 1.9 years and 2.1 years respectively, a decrease of about 0.19 years compared to the previous week [97][98]. 3.5 Investment Suggestions - Be bullish on long - duration urban investment bonds and bank capital bonds with a yield of over 2%. Currently, the yield of 10Y treasury bonds is close to a historical low, and the cost - effectiveness of investing in interest - rate bonds is low. Among interest - rate bonds, local bonds have a higher cost - effectiveness than treasury bonds [104]. - Continue to pay attention to Hong Kong - listed banks. The low interest rates in the domestic market may drive up the valuations of high - dividend stocks [104].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8][66] Core Views - The company is a comprehensive energy platform under the jurisdiction of Guangzhou, focusing on stable growth and high dividends. It has established a synergistic energy industry system encompassing power generation, energy logistics, gas, renewable energy, energy storage, and energy finance [7][10] - The company has maintained stable growth in net profit, with a projected net profit of 1.732 billion yuan in 2024, reflecting a year-on-year increase of 5.73% [7][27] - The company has a diversified business model that effectively smooths out performance fluctuations, with a consistent dividend payout ratio of around 50% over the years [10][32] Summary by Sections Market Performance - The closing price of the company's stock is 6.26 yuan, with a total market capitalization of approximately 21.95 billion yuan [3] Financial Data - The company has a total share capital of 3,506.31 million shares and a debt-to-asset ratio of 62.52% as of June 2025 [3] Profit Forecast and Valuation - Projected revenues for 2025 are 49.168 billion yuan, with a net profit forecast of 1.849 billion yuan, representing a year-on-year growth of 6.74% [6][8] - The price-to-earnings (P/E) ratios for 2025-2027 are estimated at 12, 10, and 9 times, respectively, indicating a favorable valuation compared to peers [8][66] Business Overview - The company has a total installed capacity of 10.26 GW as of the end of 2024, with a mix of coal, gas, wind, and solar power generation [7] - The energy logistics segment accounted for over 50% of the company's revenue in 2024, highlighting its importance in the overall business model [17] Dividend Policy - The company has a history of 26 consecutive years of stable dividends, with a dividend payout ratio of 54.67% in 2024, corresponding to a dividend yield of 4.21% [10][32] Growth Drivers - The company plans to increase its renewable energy capacity to 8 GW by the end of 2025, contributing to future revenue growth [7][47] - The gas segment is expected to see stable growth, with a projected gas sales volume of 2.166 billion cubic meters in 2024, up 26.18% year-on-year [54] Risk and Challenges - The company faces potential challenges from fluctuating electricity prices and rising coal and gas prices, which could impact profitability [6][11]

Group 1: Market Trends - The demand for konjac and its products is steadily increasing, driving price growth due to strong downstream demand[2] - China's konjac planting area peaked at 2.87 million mu in 2020 but has declined to 2.42 million mu by 2024[2] - The consumption of konjac in China has grown from 14.8 thousand tons in 2011 to 54.84 thousand tons in 2024, with a compound annual growth rate (CAGR) of 10.6%[2] Group 2: Price Trends - The price of fresh konjac has risen from 1.3 yuan per jin in 2004 to 8.8 yuan per jin in 2024[2] - Konjac powder prices increased from 38,000 yuan per ton in 2002 to 105,000 yuan per ton in 2024, while flower konjac powder rose from 26,000 yuan per ton to 94,000 yuan per ton[2] - The gross profit margin for konjac powder in 2024 is reported at 25.15%, an increase of 3.8 percentage points year-on-year[41] Group 3: Company Performance - Yichang Konjac's revenue reached 617 million yuan in 2024, a year-on-year increase of 28.76%, with a net profit of 86.72 million yuan, up 64.41%[46] - In Q1 2025, Yichang Konjac reported revenue of 152 million yuan, a 35.03% year-on-year increase, and a net profit of 22.70 million yuan, up 36.95%[46] Group 4: Industry Overview - The overall market concentration in China's konjac industry is low, with a high degree of marketization[22] - The median price-to-earnings (P/E) ratio for the North Exchange's consumer service sector increased from 50.5X to 52.4X[53] - The total market capitalization of the North Exchange's consumer service sector rose from 116.7 billion yuan to 121.7 billion yuan[58]

Market Overview - The demand for konjac and its products is steadily increasing, driven by strong downstream demand, leading to price rises[2] - China's konjac planting area peaked at 2.87 million mu in 2020 but has declined to 2.42 million mu by 2024[2] - The consumption of konjac in China has grown from 14.8 thousand tons in 2011 to 54.84 thousand tons in 2024, with a compound annual growth rate (CAGR) of 10.6%[2] Price Trends - The price of fresh konjac has risen from 1.3 RMB per jin in 2004 to 8.8 RMB per jin in 2024, indicating a long-term upward trend[2] - The price of white konjac powder increased from 38,000 RMB per ton in 2002 to 105,000 RMB per ton in 2024, while the price of flower konjac powder rose from 26,000 RMB per ton to 94,000 RMB per ton during the same period[2] Company Performance - Yicheng Konjac reported revenue of 617 million RMB in 2024, a year-on-year increase of 28.76%, and a net profit of 86.72 million RMB, up 64.41% year-on-year[2] - In Q1 2025, Yicheng Konjac's revenue reached 152 million RMB, growing 35.03% year-on-year, with a net profit of 22.70 million RMB, up 36.95% year-on-year[2] Stock Market Insights - The median price change for companies in the North Exchange's consumer services sector was +4.90% from June 23 to June 27, 2025, with 34 companies (92%) experiencing gains[2] - The total market capitalization of the North Exchange's consumer services sector increased from 116.7 billion RMB to 121.7 billion RMB during the same period[2] Industry Valuation - The median TTM price-to-earnings (P/E) ratio for the broader consumer sector rose from 70.3X to 73.7X[2] - The median TTM P/E ratio for the food and agriculture sector increased from 43.2X to 47.3X, with notable gains from companies like Knight Dairy (+12.52%) and Yicheng Konjac (+9.60%)[2] Risk Factors - Potential risks include macroeconomic fluctuations, market competition, and statistical data inaccuracies[57]

Investment Rating - Investment rating: None [5] Core Insights - The nuclear power industry is experiencing a surge in demand expectations, driven by recent announcements such as New York's plan to build its first commercial nuclear power plant in 15 years, which is expected to increase long-term demand for nuclear fuel [19][18] - SPUT has been actively purchasing physical uranium, acquiring a total of 115 million pounds of U3O8 since its self-financing of $200 million, contributing to a rise in spot uranium prices from $69.75 per pound on June 13 to $79.05 per pound on June 27 [19][18] - The report suggests that the combination of policy drivers and financial forces may lead to a continued strong performance in uranium prices and a potential recovery in industry valuations [19] Market Performance Review - The Hong Kong and US tech stocks saw an increase during the week of June 23 to June 27, 2025, with the Hang Seng Tech Index rising by 4.1% and the Philadelphia Semiconductor Index increasing by 6.4% [9][10] - Notable stock performances included Nvidia reaching a historical high, while the top five gainers were Arista Networks (+18%), AMD (+12%), Kingdee International (+12%), Kuaishou-W (+11%), and Integra (+11%) [11][10] - Conversely, the top five decliners included Wolfspeed (-46%), Duolingo (-15%), Centrus Energy (-8%), Nano Nuclear Energy (-4%), and Oklo (-4%) [11] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies rose to $3.26 trillion as of June 27, 2025, up from $3.23 trillion the previous week [21] - The total trading volume for cryptocurrencies was $96.9 billion, accounting for 2.97% of the total market capitalization [21] - The sentiment in the cryptocurrency market is currently neutral, with the Fear and Greed Index at 49 [25] Recent Events - The report highlights significant geopolitical events affecting the market, including US airstrikes in Iran, which initially caused a drop in cryptocurrency prices but later led to a rebound following a ceasefire announcement [33] - In the cryptocurrency sector, there was a net inflow of $2.215 billion into core asset spot ETFs during the week, indicating a positive trend in investor sentiment [30]