Group 1: Transportation Industry - The report highlights the significant impact of US sanctions on Russian oil exports, which have decreased from 5.14 million barrels per day on January 27, 2025, to 2.91 million barrels per day by February 3, 2025, representing a 43% week-on-week decline and a 36% decrease compared to the average in the second half of 2024 [2][9] - The sanctions have led to a reduction in the operational status of sanctioned oil tankers, with only half of the affected vessels remaining active, while the rest are anchored offshore [10] - The report notes an increase in the scrapping of older vessels and a tightening of the second-hand ship trading market due to the sanctions, with 8 oil tankers dismantled in January 2025, marking the largest scrapping activity since the onset of the Russia-Ukraine conflict [10] Group 2: Technology Sector - Weishi Jiajie - Weishi Jiajie has adapted its AI computing management and scheduling platform to integrate with the DeepSeek series of large models, allowing for easy access and deployment in various computing environments, which lowers the barrier for enterprise clients [12][14] - The platform supports the application of DeepSeek models across multiple business scenarios, potentially accelerating AI empowerment in sectors such as finance, healthcare, education, and manufacturing [14] - The company has revised its profit forecasts for 2024, 2025, and 2026, projecting net profits of HKD 9.94 billion, HKD 11.76 billion, and HKD 12.82 billion respectively, reflecting year-on-year growth rates of 7.8%, 18.4%, and 9.0% [14] Group 3: Consumer Sector - Hailan Home - Hailan Home operates as a multi-brand retail group with a focus on men's clothing, reporting a gross margin increase of 5.13 percentage points to 44.59% compared to 2019 [15][16] - The company has expanded its direct store count to 1,869, an increase of 1,210 stores since 2019, with direct channels achieving gross margins exceeding 60% [16] - The report anticipates that Hailan Home will achieve revenue and profit growth driven by increased online sales and direct channel contributions, with projected net profits of CNY 22.98 billion, CNY 26.90 billion, and CNY 29.98 billion for 2024 to 2026 [17]

Investment Rating - The investment rating for the company is "Buy" (initial coverage) [5][42] Core Views - The company's men's clothing business is stable, and its expansion into new sectors is expected to open up growth opportunities [5][42] - The company has a multi-brand operation model, which has shown stable profit growth, with an increasing gross margin trend in recent years [7][15] - The company is focusing on enhancing its online sales and direct sales channels, which are expected to drive revenue and profit growth [10][24] Summary by Relevant Sections Market Performance - As of February 12, 2025, the closing price is 7.94 yuan, with a market capitalization of 38,134 million yuan [3] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 21,157 million yuan, 24,144 million yuan, and 26,331 million yuan, with year-on-year growth rates of -1.72%, 14.12%, and 9.06% respectively [6][40] - Net profit forecasts for the same period are 2,298 million yuan, 2,690 million yuan, and 2,998 million yuan, with year-on-year growth rates of -22.17%, 17.09%, and 11.45% respectively [6][40] - The company’s price-to-earnings ratio (P/E) is projected to be 12.92 for 2023, decreasing to 12.72 by 2026 [6][43] Investment Logic - The company has a solid foundation in the men's clothing sector, with expected revenue and profit growth driven by increased online and direct sales channel contributions [10][42] - The company is expanding its overseas market presence and entering the sports retail and outlet channels, which are anticipated to inject new growth into its revenue [10][42] Key Assumptions - Sales expense ratios are expected to improve as business stabilizes, with projections of 20.90%, 20.80%, and 20.45% for 2024-2026 [9][40] - Management expense ratios are anticipated to decline due to digital management initiatives, with estimates of 4.90%, 4.80%, and 4.70% for the same period [9][40]

行业评级：看好（维持） 证券研究报告|行业专题报告 贵金属 2025年2月12日 姓名：张明磊 资格编号：S1350525010001 邮箱：zhangminglei@huayuanstock.com 证券分析师 姓名：陈婉妤 资格编号：S1350524110006 邮箱：chenwanyu@huayuanstock.com 联系人 姓名：方皓 邮箱：fanghao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 主要内容 1. 贵金属价格的分析框架 贵金属研究框架 4. 风险提示 证券分析师 2. 贵金属需求和供应的拆分 3. 贵金属股价的分析框架及主要标的 主要内容 1. 贵金属价格的分析框架 l 了解黄金：三属性，两情形，一逻辑 l 实际利率、美元与黄金 l 黄金的宏大叙事 l 黄金的中短期定价 l 沪金的中短期交易逻辑 l 宏观交易主导的黄金与白银 了解黄金：三属性，两情形， 一逻辑 图表：黄金投资逻辑梳理 图表：近年来亚盘增持了较多的黄金 资料来源：华源证券研究 资料来源：世界黄金协会、华源证券研究 4 n 黄金是与股票、债券截然不同的大类资产，因其不提供贴现价值，也不 ...

证券研究报告 晨会 hyzqdatemark 2025 年 02 月 12 日 投资要点： | 市场数据 | | | | | --- | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌幅 | 年初至今 | | 上证指数 | 3,346.39 | 0.85% | 2.57% | | 创业板指 | 2,191.76 | 1.81% | 6.37% | | 沪深 300 | 3,919.86 | 0.95% | 2.60% | | 中证 1000 | 6,284.61 | 1.53% | 8.41% | | 科创 50 | 1,041.14 | 1.63% | 8.98% | | 北证 50 | 1,265.07 | 1.17% | 24.04% | 资料来源：聚源，华源证券研究所，截至 2025 年 2 月 12 日 华源晨会精粹 机械/建材/建筑 重视建筑板块"春季躁动"行情——建筑装饰行业周报：春节作为 一季度的关键时间节点，对建筑板块的表现具有重要推动作用。基于 2015-2024 年 第一季度数据分析，申万建筑板块在春节节后 10 个交易日中共有 7 次实现正超额收 益，尤其在 2 ...

证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 02 月 12 日 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 市场表现： | | | | 基本数据 | 2025 | 年 | 02 | 月 11 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.15 | | | 一年内最高/最低（港 | | | | 5.63/3.96 | | | 元） | | | | | | | 总市值（百万港元） | | | | 7,370.55 | | | 流通市值（百万港元） | | | | 7,370.55 | | | 资产负债率（%） | | | | 76.77 | | | 资料来源：聚源数据 | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——拥抱 deepseek，深化算力调度与大模型应用落地 投资 ...

证券研究报告 交通运输 行业点评报告 hyzqdatemark 2025 年 02 月 12 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 美国对俄制裁效果初现，老船交易收紧运力供给 投资评级： 看好（维持） ——航运船舶市场系列（六） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 0110 美国对俄油制裁留有过渡期。 2025 年 1 月 10 日，美国对俄罗斯原油出口实 施了迄今为止最大力度的制裁，将 184 艘油轮、液化天然气运输船和其他船只，以 及数百家石油公司、保险公司和贸易商列入了制裁名单，其中 32 家中国实体也被列 入名单。其中，本次被制裁的原油油轮共计 90 艘/1147 万 DWT，有 4 艘 VLCC、20 艘 Suzemax、62 艘 ...

证券研究报告 美容护理 | 化妆品 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 12 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 02 | 月 | | 日 | | 2025 | | 11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 31.16 | | | | | | | | 一 年 内 低 | 最 | 高 | / | | | | | | 最 | | | | 36.82/20.17 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 12,495.16 | | | | 流通市值（百万元） | | | | | | | | | | | 12,495.16 | | | ...

风险提示：各地电价政策不及预期，新能源建设不及预期，电网建设低于预期。 金属新材料 赤峰黄金(600988.SH)首次覆盖：高成长国际化黄金矿企，降本+增效下 高弹性业绩释放可期：赤峰黄金主营黄金、有色金属采选业务，资源涉及中国、东 南亚（老挝）和西非（加纳）三大区域 7 个矿业开发项目。公司产品秉承"以金为 主"战略，2018、2022 年先后收购海外金矿，产量进入快速爬坡期，至 2023 年黄 金产量达到 14.35 吨。"降息交易"+"特朗普 2.0"双主线持续催化，金价上行动 能充足。横向对比公司有三个主要优势：1）全球来看，公司盈利能力显著高于行业 平均水平：公司以美元计量的黄金全维持成本在全球行业处于第一四分位数。2）国 内来看，赤峰黄金的矿产金毛利占比（96.09%）显著高于其他公司。3）成本测算 下公司黄金业绩弹性居于国内第一梯队：金价（637.85 元/克，25 年 1 月 21 日）上 涨 1%将对应公司归母净利润增量 0.32 亿元（以 24H1 为基准），业绩弹性达到 4.57 倍。内生方面，公司预计 2024 年底五龙金矿年选矿产能提升至约 70 万吨；2025 年底吉隆金矿开采能力 ...

唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重视建筑板块"春季躁动"行情 投资评级： 看好（维持） ——建筑装饰行业周报（20250203-20250209） 投资要点： 证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 02 月 11 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 本周观点： 基建数据跟踪： 市场回顾： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 1) 春节作为一季度的关键时间节点，对建筑板块的表现具有重要推动作用。基于 2015-2024 年第一季度数据分析，申万建筑板块在春节节后 10 个交易日中共有 7 次实现正超额收益，尤其在 2021 年至 2024 年，该板块连续四年录得显著的超额回 报。以 2 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment based on its growth potential and operational efficiency [4][10][13]. Core Views - The company is characterized as a high-growth, international gold mining enterprise with a focus on cost reduction and efficiency improvement, which is expected to lead to significant earnings growth [4][6][10]. - The company has a diversified resource base across China, Southeast Asia (Laos), and West Africa (Ghana), with a strong emphasis on gold production [4][24][34]. - The report highlights the company's strategic focus on gold, which constitutes the majority of its revenue and profit, and its efforts to enhance operational efficiency through cost control measures [4][46][50]. Summary by Sections Company Overview - The company operates in the gold and non-ferrous metal mining sectors, with a significant international presence and a focus on gold as its primary product [4][24][34]. - The company has undergone strategic acquisitions to enhance its resource base, including the purchase of gold mines in Laos and Ghana [4][15][24]. Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 1.67 to 1.74 billion yuan in 2024, representing a year-on-year increase of 92.79% to 100.87% [4][10][11]. - The company's revenue and net profit have shown strong growth, with a compound annual growth rate (CAGR) of 38.17% and 17.47% respectively from 2021 to 2023 [42][46]. Market Dynamics - The report notes that the gold price is expected to rise due to macroeconomic factors, including potential interest rate cuts and inflationary pressures, which will benefit the company's profitability [5][60]. - The company is well-positioned to capitalize on rising gold prices due to its low production costs and high profit margins compared to industry averages [6][50][52]. Operational Efficiency - The company has implemented measures to control costs and improve operational efficiency, resulting in a decrease in the ratio of selling, general, and administrative expenses to revenue [8][52]. - The report emphasizes the company's commitment to enhancing its production processes and reducing procurement costs, which has led to a significant reduction in overall production costs [8][50][52]. Future Outlook - The company is expected to continue its growth trajectory with projected net profits of 1.76 billion yuan in 2024, 1.99 billion yuan in 2025, and 2.25 billion yuan in 2026, reflecting a strong growth outlook [10][11][13]. - The company is also pursuing additional financing through a potential listing on the Hong Kong Stock Exchange, which could further support its expansion plans [7][10][15].