Investment Rating - Investment rating: Positive (maintained) [4] Core Insights - The government work report for 2025 emphasizes the development of emerging industries, including deep-sea technology, which is expected to benefit related sectors such as cable manufacturing [5][6][16] - The 2025 target for energy consumption intensity is a reduction of approximately 3%, while carbon emission intensity is progressing slowly [21][27] - The overseas market presents significant growth opportunities for waste-to-energy companies as domestic projects reach saturation [12][29][37] Summary by Sections 1. Deep-Sea Technology and Cable Industry - The government work report highlights deep-sea technology for the first time, indicating its importance alongside low-altitude economy and commercial aerospace [5][16] - The report suggests that specialized cables, known as tether cables, will be crucial for underwater operations, with only a few domestic manufacturers qualified to supply them [6][20] 2. Energy Consumption and Carbon Emission Targets - The 2025 government report sets a target to reduce energy consumption intensity by about 3%, with a cumulative reduction of 11.1% from 2021 to 2024 [21][22] - The carbon emission intensity target for the 14th Five-Year Plan is 18%, but progress has been slow, with a cumulative reduction of only 8% from 2021 to 2024 [27][28] 3. Overseas Expansion of Waste-to-Energy Companies - Domestic waste-to-energy companies are increasingly looking to overseas markets for growth, particularly in Southeast Asia and the Middle East, where waste management practices are still developing [12][29] - Companies like China Tianying and Veolia are actively investing in projects abroad, with favorable conditions such as longer concession periods and higher waste treatment fees compared to domestic projects [34][35][36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is positioned to become a leader in the silver-haired health industry, supported by ongoing empowerment from China Resources [5] - The company reported a slight revenue decline of 0.34% in 2024, but achieved record highs in net profit and non-recurring net profit [7] - The company is focusing on enhancing its product offerings in the health management sector, particularly through its 777 series of products [7] Financial Performance Summary - Revenue projections for 2025 are estimated at 8,996 million RMB, with a year-on-year growth rate of 7.08% [6] - The net profit for 2025 is projected to be 751 million RMB, reflecting a growth rate of 15.82% [6] - The earnings per share (EPS) for 2025 is expected to be 0.99 RMB, with a return on equity (ROE) of 12.85% [6] Business Segment Performance - The oral dosage segment achieved revenue of 3,693 million RMB in 2024, growing by 1.18% year-on-year, while the injection segment saw a significant decline of 49.09% [7] - The company is enhancing its product structure, with a focus on the 777 series and other key products, which are expected to drive future growth [7] Strategic Goals - The company aims to become a leader in the silver-haired health industry and a premium traditional Chinese medicine provider [7] - The strategic focus includes optimizing product channels and increasing brand recognition, particularly for its key products [7]

Group 1: Weight Management Industry - The National Health Commission of China has been actively promoting the "Weight Management Year" initiative, with a focus on companies in the weight management industry such as Kangbiter [2][8] - The meal replacement market in China has grown significantly, from 5.82 billion yuan in 2017 to 132.18 billion yuan in 2022 [2][8] - The sports nutrition food market in China reached 6 billion yuan in 2023, with a year-on-year growth of 25% [2][8] - The fitness equipment market is projected to reach 81.95 billion yuan in 2024, with an expected growth of 11.6% [2][8] - There are four companies listed on the Beijing Stock Exchange involved in the weight management industry: Kangbiter, Yizhi Konjac, Beiyikang, and Lude Medical [2][8] Group 2: Computer Industry - The computer industry experienced a slight decline of 1.4% this week, ranking last among all sectors [12][13] - There is a consensus in the market regarding the development of domestic AI this year, indicating potential opportunities [12][13] - Century Internet reported a significant increase in new orders, with a total capacity expected to grow by 161%-194% year-on-year in 2025 [12][13] - The focus of research will be on changes in large models and their applications, particularly in edge AI [12][14] Group 3: Agriculture, Forestry, Animal Husbandry, and Fishery - The number of breeding sows decreased by 0.05% in February, indicating a potential decline in pig prices due to increased supply pressure [16][17] - The price of broiler chickens has rebounded, with a notable increase in chick prices [16][18] - The USDA's March report indicates a continued upward trend in agricultural prices, with a reduction in corn imports expected [23][24] Group 4: Media and Internet Industry - Tencent's AI applications are rapidly evolving, with new features being integrated into its platforms [25][26] - The game "Whispers From The Star" has been announced, showcasing the potential of AI in gaming [25][27] - The media industry is expected to continue its upward trend, with a focus on new channels and content [31]

Group 1 - The report highlights that the acceleration of AI infrastructure is expected to benefit the diesel generator industry, particularly in the context of data centers where diesel generators account for 23% of the construction cost [3][24][27] - The investment scale in the AI computing center sector reached 87.9 billion yuan in 2023, showing a year-on-year growth of over 90%, with projections indicating the market size could exceed 288.6 billion yuan by 2028 [25][26] - The report identifies five companies in the diesel generator supply chain listed on the Beijing Stock Exchange, including Huayuan Co., Ltd. and Meixin Yishen, which are expected to benefit from the growing demand for backup power solutions [3][27][29] Group 2 - The median stock price change for technology growth stocks on the Beijing Stock Exchange was +5.87% from March 10 to March 14, 2025, with 72% of the companies experiencing an increase [31][32] - The mechanical equipment industry saw its price-to-earnings (P/E) ratio increase from 45.0X to 57.3X, indicating a positive trend in valuation [35][37] - The electronic equipment industry also experienced a rise in its P/E ratio from 59.3X to 63.0X, reflecting a growing market confidence [35][36] Group 3 - The report details that the information technology industry’s P/E ratio slightly decreased from 69.6X to 69.5X, while its total market value increased from 996.9 billion yuan to 1,059 billion yuan [42][43] - The automotive industry’s P/E ratio rose from 28.4X to 31.7X, with an overall market value increase from 569.5 billion yuan to 578.8 billion yuan [45][48] - The new energy sector's P/E ratio increased from 45.8X to 51.2X, with total market value rising from 507 billion yuan to 531 billion yuan [50][53]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its competitive positioning and growth potential in the sequencing industry [5][8]. Core Views - The company is positioned as a global leader in sequencing technology, with a strong focus on autonomous control and AI integration to enhance growth opportunities [5][10]. - Revenue projections for 2024-2026 are estimated at RMB 32.10 billion, RMB 36.34 billion, and RMB 42.17 billion, reflecting year-on-year growth rates of 10.28%, 13.21%, and 16.03% respectively [5][8]. - The company is expected to achieve a turnaround in profitability by 2026, with projected net profits of RMB 1.10 billion after losses in the previous years [5][8]. Summary by Sections 1. Company Overview - Founded in 2016, the company specializes in the development and commercialization of sequencing instruments and related consumables, establishing itself as a key player in the life sciences sector [19]. 2. Market Performance - As of March 14, 2025, the company's closing price was RMB 89.61, with a market capitalization of RMB 37,324.01 million and a circulating market value of RMB 19,080.88 million [3]. 3. Financial Projections - The company anticipates revenues of RMB 32.10 billion in 2024, with a projected net loss of RMB 5.99 billion, followed by a gradual recovery in profitability [23][8]. - The report highlights a significant increase in the number of sequencing instruments sold, with a record of 454 units in the first half of 2024, indicating strong market demand [7]. 4. Competitive Landscape - The company is compared with leading peers in the medical device sector, such as Mindray Medical, United Imaging, and Huaitai Medical, emphasizing its competitive advantages in sequencing technology [5][8]. 5. Technological Advancements - The company has developed advanced sequencing technologies, including DNBSEQ and CycloneSEQ, which enhance accuracy and efficiency in genomic analysis [57][60]. - The integration of AI into laboratory automation is expected to further improve operational efficiency and expand the company's market reach [7][10]. 6. Regulatory Environment - Recent government policies have favored domestic sequencing technologies, potentially reducing reliance on foreign brands and enhancing the company's market position [45][49]. 7. Growth Drivers - The report identifies several growth drivers, including the increasing demand for genomic sequencing in clinical diagnostics and research, as well as the company's strategic initiatives to expand its product offerings [41][43].

证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 魏桢 weizhen@huayuanstock.com 证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 腾讯 AI 应用迭代加速，重视头部公司 AI 游戏示范效应 投资评级： 看好（维持） ——传媒互联网行业周报（2025.3.10-2025.3.16） 投资要点： 本周观点：自全面接入 DeepSeek 后，腾讯体系的 AI 应用产品迭代周期持续加速， 重视腾讯顶层 AI 战略的切变。同时《Whispers From The Star》正式公布首个 PV， 关注头部公司在 AI+游戏范式探索上的示范效应。 联系人 板块表现： 互联网方面：2025 年 3 月 13 日，腾讯元宝和腾讯文档正式打通。用户可直接上传 腾讯文档（包括文档、表格、PPT 等多形式）到腾讯元宝，让 AI 辅助总结、提炼要 点，且能一键导出腾讯元宝对话到腾讯文档，随时修改、 ...

Group 1 - The National Health Commission of China is intensifying policies related to weight management in 2024, emphasizing the need for continuous efforts in chronic disease prevention and weight management knowledge dissemination [2][7][10] - The weight management industry in China is segmented, with meal replacement products accounting for 50%, weight loss drugs for 20%, and exercise and equipment for 15% of the market [11][12] - The meal replacement market in China has shown significant growth, increasing from 5.82 billion yuan in 2017 to 132.18 billion yuan in 2022 [13][15] Group 2 - The median stock price change for consumer service stocks on the Beijing Stock Exchange was +13.43% from March 10 to March 14, 2025, with 33 out of 35 companies experiencing an increase [21][22] - The median price-to-earnings (P/E) ratio for consumer service companies rose from 42.8X to 48.5X during the same period, indicating a positive market sentiment [22][24] - The total market capitalization of consumer service companies increased from 86.832 billion yuan to 95.684 billion yuan, with the median market cap rising from 1.777 billion yuan to 2.053 billion yuan [25][28] Group 3 - The median P/E ratio for the broader consumer sector increased by 16.08% to 51.2X, reflecting strong investor interest [29][30] - The P/E ratio for the food and beverage sector rose from 35.3X to 38.6X, with notable stock performance from companies like Runpu Food and Knight Dairy [31][32] - The professional services sector also saw an increase in its median P/E ratio from 23.1X to 24.3X, indicating a positive trend in valuations [34][35] Group 4 - Four companies on the Beijing Stock Exchange are involved in the weight management industry: Kangbiter (sports nutrition and consulting), Yizhi Konjac (konjac products), Beiyikang (rehabilitation medical devices), and Lude Medical (medical devices and health care products) [18][19]

农林牧渔 行业定期报告 hyzqdatemark 2025 年 03 月 16 日 证券研究报告 投资要点： 生猪：第三方机构样本 2 月能繁调减。 联系人 2 月涌益能繁母猪存栏量样本环比-0.05%（前值+0.63%），主要因头部部分企业更 新种群及前期超配后淘汰带动的母猪淘汰量增加。本周涌益数据最新猪价涨至 14.62 元/kg，出栏均重增至 127.92kg，15Kg 仔猪涨至 604 元/头，175kg 标肥价差为 0.80 元/kg。短期看，市场对后市价格及肥标价差持续强势预期不足，加之饲料原料涨价 拉升增重成本，二育群体出栏意愿增强，延后的供应压力开始显现，猪价或有下行 压力；中长期看全年总体供给偏多，猪价弱势较为确定。产能方面，1 月农业部全国 能繁母猪存栏量 4062 万头，即将超出 105%的产能调控绿色合理区间。农业农村部 对产能增加较多的企业开展窗口指导，行业产能或维持震荡，叠加当前饲料原料价 格出现上涨，若出现持续深度亏损，产能或进入去化区间。 投资评级： 看好（维持） 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SA ...

证券研究报告 计算机 行业定期报告 hyzqdatemark 2025 年 03 月 17 日 投资评级： 看好（维持） 证券分析师 宁柯瑜 SAC：S1350525020001 ningkeyu@huayuanstock.com 董佳男 SAC：S1350524110002 dongjianan@huayuanstock.com 华源证券股份有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。 请务必仔细阅读正文之后的评级说明和重要声明 本周计算机行情回顾：本周市场出现回调，计算机涨跌幅-1.4%，位列申万行业倒数 第一。计算机行业已经连续上涨一段时间，出现调整也是情理之中。但我们认为， 市场对今年国产 AI 的发展已经形成共识，我们预计机会仍存在。 联系人 世纪互联发布财报，又进一步验证了 AI 产业如火如荼的发展。在公司官网的投资者 关系页披露，公司 2024Q4 共赢得新订单 252.5MW，2025 年计划交付的总容量为 400~450MW（预期同比增长 161%-194%），对 2025 全年资本支出的预期是在 100 至 120 亿元之间（24 年为 49.8 亿）。公司详细 ...

证券研究报告 医药生物 | 医疗器械 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 17 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | 2025 | | 年 | 日 | | 03 | | 月 | 14 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 89.61 | | 一 年 内 高 / 最 | | 最 | | | 低 | | | | | | （元） | | | | | | | 106.66/34.68 | | | | 总市值（百万元） | | | | | | | | | 37,324.01 | | 流通市值（百万元） | | | | | | | | | 19,080.88 | | 总股本（百万股） | | | | | | | | | 416.52 | | ...