Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has announced a minor adjustment in the conversion price of its convertible bonds due to the cancellation of repurchased shares, which has no substantial impact on the bonds or the underlying stock [7] - The launch of the AC3212TCAM1 redundant server power module, which features a compact design and high efficiency, positions the company to benefit from the growing demand for high-power server power supplies [7] - The company aims to provide reliable, intelligent, and efficient power electronic products, targeting high-growth sectors such as AI computing, data centers, and renewable energy [7] - Revenue projections for 2025-2027 are estimated at 45.80 billion, 54.98 billion, and 66.23 billion RMB, with corresponding net profits of 3.31 billion, 4.33 billion, and 5.63 billion RMB, maintaining a PE ratio of 79.0, 60.3, and 46.4 respectively [7] Financial Forecasts - Revenue (in million RMB) is projected to grow from 2,870 in 2023 to 6,623 in 2027, with a revenue growth rate of 6.2% in 2023 and expected to reach 20.5% by 2027 [6][8] - Net profit (in million RMB) is expected to increase from 196 in 2023 to 563 in 2027, with a net profit growth rate of 116.5% in 2023, tapering to 29.9% by 2027 [6][8] - The company's EPS is projected to rise from 1.93 in 2023 to 5.33 in 2027, reflecting a strong growth trajectory [6][8] - The ROE is expected to improve from 10.5% in 2023 to 17.3% in 2027, indicating enhanced profitability [6][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has announced a minor adjustment in the conversion price of its convertible bonds due to the cancellation of repurchased shares, which has no substantial impact on the bonds or the underlying stock [7] - The company launched a new 3200W titanium power supply module designed for high-density server cabinets, achieving an average efficiency of approximately 93.34% and receiving 80PLUS titanium certification [7] - The company is expected to benefit from the growing demand for high-power server power supplies, aiming to provide reliable, intelligent, and efficient power electronic products across various industries [7] - The company has a vision to become a leading brand in the industry, focusing on AI computing, data centers, and new energy sectors, leveraging its advanced technology and global production capacity [7] - Revenue projections for 2025-2027 are estimated at 45.80 billion, 54.98 billion, and 66.23 billion RMB, with net profits of 3.31 billion, 4.33 billion, and 5.63 billion RMB respectively, corresponding to PE ratios of 79.0, 60.3, and 46.4 [7] Financial Summary - The company's revenue for 2023 is projected at 2,870 million RMB, with a growth rate of 6.2%, and is expected to reach 6,623 million RMB by 2027, with a growth rate of 20.5% [6][8] - The net profit for 2023 is estimated at 196 million RMB, with a significant growth rate of 116.5%, projected to increase to 563 million RMB by 2027, with a growth rate of 29.9% [6][8] - The earnings per share (EPS) is expected to grow from 1.93 RMB in 2023 to 5.33 RMB in 2027 [6][8] - The return on equity (ROE) is projected to improve from 10.5% in 2023 to 17.3% in 2027 [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 946 billion RMB for 2025, reflecting a year-on-year growth of 1.2%, while the adjusted net profit decreased by 30.4% to 50 billion RMB [7] - Revenue growth was driven by a significant increase in leasing business income, which rose by 52.8% year-on-year, although new and second-hand housing business revenues declined by 9.1% and 11.3% respectively [7] - The company is focused on enhancing shareholder returns through dividends and share buybacks, having declared a dividend of 300 million USD and completed a buyback of 920 million USD in 2025, resulting in a total shareholder return of approximately 1.22 billion USD, an increase of over 9% year-on-year [7] - The company maintains a strong market position as a leading brokerage in the domestic market, benefiting from scale advantages and brand effects, despite the ongoing adjustment cycle in the real estate industry [7] Financial Performance Summary - The company forecasts revenues of 99,245 million RMB for 2026, with a projected growth rate of 4.93% [6] - Adjusted net profit is expected to recover to 75 billion RMB in 2026, with a corresponding PE ratio of 18.45 [7] - The company’s return on equity (ROE) is projected to improve to 8.64% in 2026, with a gradual increase in net profit expected to reach 81 billion RMB by 2028 [6][7]

Report Investment Rating The document does not provide a specific investment rating for the industry. Core View - The report believes that the experience of the United States from 2010 - 2011 is of certain reference significance. When commodity prices, especially energy prices, rise and drive inflation higher, the central bank may still maintain or increase easing. Given the current macro - environment in China, which is similar to that of the US at that time, with inflation rising against the backdrop of a weak recovery, and referring to the US experience and recent statements and actions of the central bank, it is likely that China's monetary policy will remain loose [2]. Summary by Directory 1. 2010 - 2011 US Experience - From the summer of 2010, various commodities such as metals, agricultural products, and energy all rose to different extents. During the Libyan war from February 15, 2011, to October 20, 2011, crude oil prices soared and remained high. In March 2011, the US PCE exceeded 2% and continued to rise, but the Fed continued to implement the QE2 plan and expand its balance sheet [8][9]. - **Yellen's view**: The inflation was temporary, and there was no need to change the monetary policy stance. The reasons for commodity price increases were strong demand growth in emerging markets represented by China, climate - related agricultural product production cuts in China and Russia, and political turmoil in the Middle East around the Libyan conflict. The inflation was temporary because there was no wage - price spiral and it did not affect long - term inflation expectations. The resource utilization rate was low, the unemployment rate was high, and the labor participation rate was low, so the upstream could not continuously transfer costs downstream. The long - term inflation expectations could be measured by core inflation and trimmed - mean inflation. Since long - term inflation expectations were stable and wage - cost transmission was blocked, the monetary policy did not need adjustment and should maintain the second - round Treasury bond purchase and the loose stance [10][12][16]. - **Bernanke's view**: After the two crises in the US since 2000, the shape of the economic potential output gap was different. The negative expansion space and the time for gap filling after the dot - com bubble burst were significantly smaller than those after the sub - prime mortgage crisis. Under the pull of the negative output gap, the decline of the nominal interest rate was a natural result, which was the background for the Fed to lower the federal funds rate and implement QE after the sub - prime mortgage crisis. In addition, there were issues of the fiscal cliff and fiscal budget control. The impact of fiscal austerity could not be underestimated. The monetary policy remained loose mainly due to fiscal issues rather than short - term inflation issues [23][25][34]. 2. How to View China's Monetary Policy Stance - China does not have a wage - inflation spiral, and long - term social inflation expectations are relatively stable. The urban survey unemployment rate of 16 - 24 - year - old labor force is at a high level in the past five years, the consumer confidence index is at a low level, the average collection period of accounts receivable of large - scale industrial enterprises is at a high level in the past ten years, and the employment and price expectations are at a low level in the past five years [39][41]. - The core CPI is relatively stable, especially when considering the exclusion of the impact of gold [43]. - China needs to resolve the issue of local government hidden debts, and since the second half of 2025, the year - on - year growth rate of fiscal budget expenditures has continued to decline. Therefore, it is difficult for the central bank to change its loose monetary policy stance due to a single - sided increase in commodity prices. Historical experience also shows that the central bank can implement a loose monetary policy stance even when CPI or PPI rises significantly [46][48]. - Referring to the central bank's latest statements, Governor Pan Gongsheng mentioned the need to prevent the spill - over effects of external shocks. After the US - Iran conflict, the central bank took measures such as reducing the forward foreign exchange sales risk reserve ratio, guiding the central parity rate to rise, and showing care for the capital market. Further observation is needed on whether the central bank will continue to net - buy Treasury bonds in March, which would demonstrate its supportive monetary policy stance and the coordination between fiscal and monetary policies [51][54][56].

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The total retail sales for January-February 2026 reached 86,079 billion yuan, with a nominal year-on-year increase of 2.8%, exceeding market expectations; retail sales excluding automobiles increased by 3.7% year-on-year [4][12] - In January-February, the retail sales of catering amounted to 10,264 billion yuan, with a year-on-year increase of 4.8%, while commodity retail sales were 75,815 billion yuan, with a year-on-year increase of 2.5% [4][13] - Essential goods showed strong performance due to holiday effects and increased return migration, with year-on-year growth in food and oil (+10.2%), beverages (+6.0%), tobacco and alcohol (+19.1%), and daily necessities (+6.6%) [4][20] - For discretionary goods, textiles and clothing, as well as communication equipment, led the growth, with cosmetics (+4.5%), gold and silver jewelry (+13.0%), textiles and clothing (+10.4%), and communication equipment (+17.8%) showing significant increases [4][22] - The real estate chain remained relatively flat, while the automotive chain continued to be weak, with retail sales of passenger cars declining by 18.9% year-on-year [4][25] - Online retail sales grew by 9.2% in January-February, totaling 32,546 billion yuan, with physical online retail sales reaching 20,812 billion yuan, up 10.3% year-on-year [4][35] Summary by Sections Overall Retail Data - The total retail sales for January-February 2026 were 86,079 billion yuan, with a nominal year-on-year increase of 2.8%, and a 3.7% increase excluding automobiles [4][12] - Urban and rural retail sales increased by 2.7% and 3.2% year-on-year, respectively [4][13] Limited Above Data - The retail sales of limited above units reached 32,218 billion yuan, with a year-on-year increase of 2.7% [4][20] - Retail sales of limited above commodities and catering increased by 2.5% and 4.7% year-on-year, respectively [4][20] Classification Data - Essential consumption categories showed significant growth: food and oil (+10.2%), beverages (+6.0%), tobacco and alcohol (+19.1%), daily necessities (+6.6%) [4][22] - Discretionary consumption categories included textiles and clothing (+10.4%), cosmetics (+4.5%), gold and silver jewelry (+13.0%), and communication equipment (+17.8%) [4][22] Online Retail Data - Online retail sales totaled 32,546 billion yuan, with a year-on-year increase of 9.2% [4][35] - Physical online retail sales reached 20,812 billion yuan, with a year-on-year increase of 10.3% [4][35] - Online service retail sales amounted to 11,734 billion yuan, with a year-on-year increase of 7.3% [4][35]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a total revenue of 154.73 billion yuan for 2025, a decrease of 13.53% year-on-year, with a net profit attributable to shareholders of 1.02 billion yuan, down 74.65% year-on-year [8] - The decline in revenue and profit was attributed to a decrease in the scale of revenue recognition and gross margin, along with reduced investment income [8] - The company focused on core cities, achieving a sales area of 7.16 million square meters, a decrease of 23.5% year-on-year, but the average sales price increased by 16.8% to 27,000 yuan per square meter [8] - Investment in core cities increased, with total land acquisition area of 4.4 million square meters and total land cost of 93.8 billion yuan, a 93% increase year-on-year [8] - The company maintained a healthy financial position with a net cash flow from operating activities of 9.693 billion yuan and a cash balance of 86.127 billion yuan at the end of 2025 [8] - The forecast for net profit attributable to shareholders for 2026-2028 is 1.31 billion, 1.63 billion, and 2.00 billion yuan, respectively, with corresponding PE ratios of 66.3x, 53.3x, and 43.4x [8] Financial Performance Summary - Revenue forecast for 2024A is 178.95 billion yuan, with a growth rate of 2.3%, followed by 154.73 billion yuan in 2025A, a decline of 13.5% [7] - Net profit for 2024A is projected at 4.04 billion yuan, with a significant drop to 1.02 billion yuan in 2025A, reflecting a net profit growth rate of -74.6% [7] - The company's gross margin for 2025 was 15.33%, a slight decrease of 0.25 percentage points year-on-year [8] - The company’s return on equity (ROE) is expected to improve from 1.0% in 2025 to 2.0% by 2028 [7]

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in pig farming, despite recent price declines due to oversupply [1][5] - The USDA has revised soybean production estimates downward, indicating potential supply pressures in the agricultural market [1][5] Group 1: Pig Farming - Pig prices are declining due to oversupply, with a reported price of 10.18 CNY/kg as of March 12, reflecting a week-on-week decrease of 3.60% [5][29] - The number of breeding sows has shown a slight decrease of 0.02% in February, indicating ongoing supply pressures [5][18] - Losses in pig farming are significant, with self-bred and purchased pig farming reporting losses of 283.15 CNY/head and 118.18 CNY/head respectively [5][35] Group 2: Poultry Farming - The poultry sector is facing challenges due to frequent outbreaks of avian influenza, which may benefit the white feather chicken industry in the long term [5][40] - The average price for white feather meat chickens was reported at 7.21 CNY/kg, with a slight increase of 0.14% week-on-week [5][40] Group 3: Animal Health - The animal health sector is experiencing growth potential, with new product launches providing growth momentum [5][49] - The demand for animal health products is currently under pressure due to the cyclical downturn in pig farming [5][49] Group 4: Seed Industry - The average prices for wheat, corn, and soybean meal have increased, with wheat at 2578 CNY/ton, soybean meal at 3439 CNY/ton, and corn at 2447 CNY/ton, reflecting increases of 1.4%, 8.3%, and 1.2% respectively [5][54] - The government is promoting the revitalization of the seed industry, focusing on the breeding and promotion of breakthrough varieties [5][54] Group 5: Pet Industry - The pet food export value was reported at 906 million CNY in December 2025, showing a year-on-year decrease of 2.9% [5][60] - Domestic sales of pet food continue to grow, with e-commerce sales in February 2026 increasing by 21% year-on-year [5][63]

Economic Performance - In January-February 2026, industrial added value increased by 6.3% year-on-year, up from 5.2% in December 2025, primarily driven by exports[5] - Fixed asset investment (FAI) rose by 1.8% year-on-year in January-February 2026, a significant recovery from -15.1% in December 2025, with infrastructure investment at 11.4% and manufacturing investment at 3.1%[5][29] - Real estate investment decreased by 11.1% year-on-year in January-February 2026, but the decline narrowed by 6.1 percentage points compared to the entire year of 2025, aligning with seasonal trends[5][36] Consumer Behavior - Retail sales (social zero) grew by 2.8% year-on-year in January-February 2026, compared to 0.9% in December 2025, supported by the Spring Festival and post-real estate cycle consumption[5][20] - Categories such as home appliances and furniture saw significant year-on-year growth, with beverage retail sales increasing by 6.0% and food categories by 10.2%[27][20] Policy Outlook - The GDP growth rate for the first quarter is projected at 5.2%, indicating that achieving the annual growth target of 4.5%-5% is feasible with lower average growth rates required in subsequent quarters[42] - The likelihood of new incremental policies being introduced in the short term is low due to reduced growth pressure[42] Risks - Potential risks include domestic policy effectiveness falling short of expectations, unexpected changes in international geopolitical situations, and measurement errors in data[44]

Investment Rating - The report maintains a bullish outlook on 3-year AAA medium-short bonds, 2-year government bonds, COMEX gold, and IPE crude oil [3][6] - Adjustments are suggested for 30-year government bonds, Hang Seng Technology Index, Sci-Tech 50 Index, and CSI 2000 Index [3][6] - The report indicates a neutral stance on 10-year government bonds, CSI Dividend Total Return Index, and Wande All A Index [3][6] Core Insights - The original signal for 30-year government bonds is 62.58%, with a 5-day moving average (MA5) of 66.26%, leading to an adjustment recommendation [3][6] - The original signal for 3-year AAA medium-short bonds is 16.06%, with an MA5 of 31.40%, changing from a neutral to a bullish outlook [3][6] - The original signal for 10-year government bonds is 64.12%, with an MA5 of 49.35%, maintaining a neutral stance [3][6] - The original signal for 2-year government bonds is 29.05%, with an MA5 of 30.52%, indicating a bullish outlook [3][6] - The original signal for Wande All A Index is 73.94%, with an MA5 of 74.91%, leading to an adjustment recommendation [3][6] - The original signal for CSI Dividend Total Return Index is 70.45%, with an MA5 of 46.67%, changing from bullish to neutral [3][6] - The original signal for Hang Seng Technology Index is 58.13%, with an MA5 of 53.25%, maintaining a neutral stance [3][6] - The original signal for Sci-Tech 50 Index is 75.95%, with an MA5 of 69.47%, leading to an adjustment recommendation [3][6] - The original signal for Wande Micro Index is 18.67%, with an MA5 of 16.99%, indicating a bullish outlook [3][6] - The original signal for CSI 2000 Index is 43.82%, with an MA5 of 60.99%, leading to an adjustment recommendation [3][6] - The original signal for COMEX gold is 28.71%, with an MA5 of 25.89%, indicating a bullish outlook [3][6] - The original signal for IPE crude oil is 62.79%, with an MA5 of 47.48%, changing from bullish to neutral [3][6]

Market Performance - The real estate sector (CITIC) experienced a decline of -0.2% last week, while the CSI 300 and Wind All A indices increased by 0.2% and decreased by -0.5%, respectively, resulting in excess returns of -0.4% and 0.3%[46] - Among 29 CITIC industry sectors, real estate ranked 14th in performance[46] New Housing Market - In the week from March 7 to March 13, 2026, the new housing transaction area in 36 cities was 1.637 million square meters, a month-on-month increase of 24.0% but a year-on-year decrease of 18.3%[8] - Cumulative new housing transactions from March 1 to March 13, 2026, totaled 2.646 million square meters, down 22.6% year-on-year[8] - Year-to-date cumulative transactions as of March 13, 2026, reached 11.962 million square meters, reflecting a year-on-year decline of 32.0%[8] Second-Hand Housing Market - For the same week, the transaction area for second-hand housing in 15 cities was 1.623 million square meters, with a month-on-month increase of 12.3% but a year-on-year decrease of 18.4%[15] - Cumulative second-hand housing transactions from March 1 to March 13, 2026, amounted to 2.857 million square meters, down 15.3% year-on-year[15] - Year-to-date cumulative transactions as of March 13, 2026, reached 13.544 million square meters, showing a year-on-year decline of 5.7%[15] Inventory and Depletion - The cumulative inventory of new housing in 13 cities was 76.659 million square meters, with a month-on-month decrease of 0.1% and a year-on-year decrease of 2.8%[21] - The new housing depletion cycle in these cities was 25.5 months, with a month-on-month increase of 0.3 months and a year-on-year increase of 9.3 months[21] Land Market - From March 9 to March 15, 2026, the land transaction area in 100 cities was 1.1901 million square meters, a month-on-month decrease of 55.2% and a year-on-year decrease of 17.9%[38] - The average land price was 941 yuan per square meter, down 16.4% month-on-month and 12.8% year-on-year[38] - Year-to-date cumulative land transaction area as of March 15, 2026, was 20.2622 million square meters, reflecting a year-on-year decline of 5.5%[38] Investment Recommendations - Recommended mainland developers include A-shares: Binhai Group, China Merchants Shekou; Hong Kong stocks: China Overseas Development, Greentown China, China Resources Land, and Jianfa International Group[7] - Suggested light-asset operation companies include property management: Greentown Service; commercial management: China Resources Vientiane Life; leading intermediary platform: Beike-W[7]