Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The expansion of the carbon market has officially launched, covering the steel, cement, and aluminum smelting industries, increasing the overall carbon emissions coverage by approximately 60% [1][10] - The number of key emission units is expected to rise from about 2,200 to approximately 3,700, marking an increase of about 68% [11] - The carbon market is transitioning from a single industry focus to a multi-industry integration, enhancing the carbon pricing mechanism and promoting high-quality development [1][2] Summary by Sections 1. Policy Framework - The National Carbon Emission Trading Market now includes the steel, cement, and aluminum smelting industries, aiming to create a more effective and internationally influential carbon market [10] - The new threshold for inclusion is set at an annual greenhouse gas emission of 26,000 tons of CO2 equivalent, which is higher than most local carbon markets [12] 2. Policy Evolution and Market Development - The carbon market has been gradually expanding since its establishment in 2017, with a structured approach to include high-energy-consuming industries [2][23] - The final plan has optimized the description of the aluminum smelting industry, enhancing clarity and precision in regulatory language [21] 3. Policy Impact and Interpretation - The transition risks associated with high-carbon industries are accompanied by opportunities for high-quality development, pushing these sectors towards low-carbon competitiveness [2][31] - The carbon pricing mechanism is being improved to enhance the ability to respond to green trade barriers, with the market now covering multiple greenhouse gases [39][42] 4. Transition Financial Tools - Transition finance, as an extension of green finance, provides long-term support for high-carbon industries to shift towards low-carbon and zero-carbon emissions [3][45] - Specific financial instruments include transition bonds and sustainable-linked loans, which incentivize companies to engage in sustainable practices based on performance metrics [45][46]

Investment Rating - The investment rating for the report on China Bank is "Buy" (maintained) [8] Core Views - The report highlights a recovery in profit growth for China Bank in 2024, with a year-on-year increase in net profit attributable to shareholders of 2.6% and a revenue growth of 1.2%. The improvement in asset quality and strong performance in overseas operations are also noted [1][2][5] Summary by Relevant Sections Performance Overview - In 2024, China Bank's net profit attributable to shareholders increased by 2.6% year-on-year, while revenue grew by 1.2%. The non-performing loan ratio at the end of 2024 was 1.25%, a decrease of 1 basis point from the end of Q3 2024, and the provision coverage ratio rose to 201%, an increase of 2 percentage points [1][2][4] Profit Growth Recovery - The bank's revenue growth of 1.2% in 2024 showed a slight slowdown compared to previous quarters, primarily due to a decline in net interest margin. However, net profit growth of 2.6% was supported by cost control and increased tax contributions. The net interest margin for Q4 2024 was 1.35%, up 2 basis points from the previous quarter [2][3] Asset Quality Improvement - The non-performing loan ratio improved slightly, with a decrease of 1 basis point in Q4 2024. The provision coverage ratio increased by 2 percentage points, indicating better asset quality overall. However, retail non-performing loans showed upward pressure, particularly in mortgages and business loans [4] Strong Overseas Business - China Bank's overseas operations showed robust performance, with a year-on-year growth of 9.2% in the scale of overseas institutions, outpacing domestic growth. The non-performing loan generation rate for overseas institutions decreased by 22 basis points to 0.65%, and the pre-tax ROA for overseas operations was 0.99%, higher than domestic operations [5] Earnings Forecast and Valuation - The forecast for net profit growth for China Bank from 2025 to 2027 is -0.46%, 0.79%, and 4.74%, respectively. The target price is set at 6.03 CNY per share, corresponding to a PB ratio of 0.69 for 2025. The current price is 5.48 CNY per share, indicating a potential upside of 10% [6][12]

证券研究报告 | 浙商早知道 报告日期：2025 年 03 月 27 日 浙商早知道 2025 年 03 月 27 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要观点 【浙商科创&海外策略 王杨/陈昊】科创&海外市场策略深度研究：徐徐图之：关于 AI 应用启动的条件探讨—— 20250325 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：3 月 26 日上证指数下跌 0.04%，沪深 300 下跌 0.33%，科创 50 下跌 0.26%，中证 1000 上涨 0.38%，创业 板指下跌 0.26%，恒生指数上涨 0.6%。 行业：3 月 26 日表现最好的行业分别是综合（+2.11%)、农林牧渔（+1.64%)、汽车（+1.23%)、纺织服饰 （+1%)、机械设备（+0.81%)，表现最差的行业分别是银行（-1.45%)、公用事业（-0.43%)、有色金属（- 0.35%)、钢铁（-0.32%)、石油石化（-0.23%)。 资金：3 月 26 日全 A 总成交额 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue and profit growth rates have improved, with net profit increasing by 5.6% year-on-year in 2024, and revenue growing by 1.1% year-on-year [2][5] - The stability of the interest margin exceeded expectations, with a daily average interest margin of 1.61% in 2024, remaining stable compared to the first three quarters of 2024 [3] - Asset quality remains stable, with a non-performing loan ratio of 1.18% at the end of 2024, which is a slight increase of 1 basis point from the end of Q3 2024 [4] Summary by Sections Financial Performance - In 2024, the company's net profit attributable to shareholders increased by 5.6%, and revenue grew by 1.1%, both showing improvement compared to the first three quarters of 2024 [2][5] - The decline in net interest income has narrowed, with a decrease of 4.3% in 2024, which is an improvement of 2.7 percentage points compared to the first three quarters [2] - Other non-interest income saw a significant increase of 56% in 2024, up 16 percentage points from the first three quarters [2] Interest Margin - The daily average interest margin for 2024 was reported at 1.61%, which is stable compared to the first three quarters and better than market expectations [3] - The decline in interest margin is expected to narrow in 2025 due to the maturity of high-interest deposits and a slowdown in the decline of loan rates [3] Asset Quality - The non-performing loan ratio at the end of 2024 was 1.18%, with a slight increase from the previous quarter, while the coverage ratio for provisions improved to 363% [4] - The company is expected to face pressure on non-performing loan generation, particularly in traditional manufacturing and retail sectors [4] Profit Forecast and Valuation - The forecast for net profit growth is 5.8% for 2025, 5.5% for 2026, and 5.7% for 2027, with corresponding book values per share of 12.01, 12.80, and 13.63 CNY respectively [5] - The target price is set at 7.81 CNY per share, indicating a potential upside of 29% based on a price-to-book ratio of 0.65 for 2025 [5]

证券研究报告 | 公司点评 | 股份制银行Ⅱ 经营表现稳健，中期分红落地 ——招商银行 2024 年报点评 投资要点 ❑ 招商银行 2024A 利润增速回正，资产质量平稳，2025 年中期分红初步落地。 ❑ 数据概览 招商银行 2024 年归母净利润同比增长 1.2%，利润增速回正；营收同比下降 0.5%，降幅较 24Q1-3 收窄 2.4pc。2024 年末不良率 0.95%，环比 24Q3 末回升 1bp，拨备覆盖率 412%，环比 24Q3 末下降 20pc。 ❑ 息差好于预期 招商银行 2024 年归母净利润同比增长 1.2%，利润增速回正；营收同比下降 0.5%，降幅较 24Q1-3 收窄 2.4pc。从驱动因素来看，除债市表现优异带动其他非 息增速回升外，核心超预期点在于息差拖累改善，支撑盈利增速改善。 招行 24Q4 单季净息差（日均口径）环比小幅下降 3bp 至 1.94%，息差韧性好于 预期。主要得益于负债成本显著改善。①资产端收益率环比下降 16bp至 3.33%， 主要是受 LPR 降息、存量按揭降息等行业共性因素冲击，贷款收益率环比下降 20bp 至 3.70%；②负债端成本率环比改善 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company's 2024 annual profit exceeded expectations, with a revenue of 28.66 billion yuan (up 14.8% year-on-year) and a net profit of 6.24 billion yuan (up 36.9 year-on-year), alongside a proposed dividend of 1.28 HKD per share [1][5] - The growth in revenue is driven by a recovery in customer demand and an increase in market share, leading to improved production efficiency and gross margin recovery [1][3] Revenue Breakdown - Revenue from different product categories in 2024: sportswear 19.80 billion yuan (up 9.8%), leisurewear 7.21 billion yuan (up 27.1%), underwear 1.44 billion yuan (up 34.6%), and other knitted products 0.22 billion yuan (up 10.9%) [2] - Revenue by region in 2024: Mainland China 8.06 billion yuan (up 13.2%), Europe 5.19 billion yuan (up 3.2%), Japan 4.83 billion yuan (up 31.5%), the United States 4.61 billion yuan (up 18.9%), and other regions 5.97 billion yuan (up 13.4%) [2] Profitability and Efficiency - The gross margin for 2024 is 28.1% (up 3.8 percentage points year-on-year), with a net profit margin of 21.8% (up 3.5 percentage points year-on-year) [3] - The company has improved its operational efficiency, leading to a significant recovery in gross margin, although the second half of the year saw a slight decline compared to the first half due to increased hiring and wage adjustments [3] Capacity and Expansion - The company has increased its workforce to 103,000 by the end of 2024, up from 92,000 at the end of 2023, and has acquired a new factory in Vietnam to enhance fabric production capacity [4] - The new garment factory in Cambodia is expected to start hiring in March 2025, further expanding production capabilities [4] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 32.14 billion yuan, 35.52 billion yuan, and 39.14 billion yuan, respectively, with corresponding net profits of 6.59 billion yuan, 7.39 billion yuan, and 8.22 billion yuan [5][10] - The company is expected to maintain a low price-to-earnings ratio of 12, 10, and 9 times for the years 2025-2027, indicating potential for growth [5][10]

证券研究报告 | 浙商早知道 报告日期：2025 年 03 月 26 日 浙商早知道 2025 年 03 月 26 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 【浙商房地产 杨凡/吴贵伦】房地产 行业深度：楼市修复领跑全国，"中国硅谷"崭露峥嵘——20250324 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：3 月 25 日上证指数下跌 0%，沪深 300 下跌 0.06%，科创 50 下跌 1.36%，中证 1000 下跌 0.78%，创业板指 下跌 0.33%，恒生指数下跌 2.35%。 行业：3 月 25 日表现最好的行业分别是煤炭（+1.9%)、基础化工（+1.24%)、公用事业（+1.22%)、石油石化（+0.86%)、 农林牧渔（+0.75%)，表现最差的行业分别是通信（-2.24%)、计算机（-2.15%)、电子（-1.82%)、传媒（-1.58%)、 汽车（-1.52%)。 资金：3 月 25 日全 A 总成交额为 12875 亿元，南下 ...

宏观专题研究 MLF 退出后央行如何定利率? 核心观点 2025年3月24日央行官网发布公告,宣布将开展 4500亿元 MLF操作,并从本月起 将 MLF 操作由单一价位中标调整为多重价位中标，标志着 MLF 利率政策属性完全 退出,央行主要政策利率为公开市场 7天期逆回购操作利率。 当前我国央行采取的隔夜利率走廊上、下限是从推动货币政策从数量型向价格型转变 的尝试,与 7天 OMO 利率组合方式与欧央行利率走廊的机制有相似之处。MLF 利 率政策属性退出后,预计央行通过"7天 OMO 利率+央行引导→DR007/LPR→短端 利率→长端利率"的链条实现利率传导。展望后续货币政策,全年看预计 2025年货 币政策维持宽松基调,与财政政策、产业政策形成政策合力,预计全年降准幅度约 100BP,降息约 30BP。 MLF 利率政策属性退出历史舞台,回归1年期流动性投放工具定位 证券研究报告| 宏观专题研究|中国宏观 报告日期:2025年03月25日 分析师:李超 执业证书号:S1230520030002 lichao1@stocke.com.cn 分析师:费瑾 执业证书号:S1230524070007 feiji ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 7.847 billion yuan in 2024, a year-on-year increase of 4.85%, while the net profit attributable to the parent company was 942 million yuan, a year-on-year decrease of 6.83% [1] - The organic fluorine segment is expected to grow as 3M exits the market in 2025, providing new opportunities for the company's fluorinated products [3] - The electrolyte segment faced pressure due to increased competition and a significant drop in product prices, with the average price per ton decreasing by 41.3% year-on-year [2] Summary by Sections Financial Performance - In 2024, the company reported revenues of 51.2 million yuan from electrolytes, 15.3 million yuan from organic fluorine, 7.7 million yuan from capacitors, and 3.7 million yuan from semiconductors, with year-on-year changes of +1.24%, +7.25%, +21.91%, and +18.35% respectively [2] - The gross margin for the company decreased to 26.49%, down 2.45 percentage points year-on-year, primarily due to the impact of the electrolyte segment [2] - The company’s net profit margin was 12.13%, a decrease of 1.37 percentage points year-on-year [2] Future Outlook - The company plans to enhance its competitive edge by investing in key raw materials and expanding its production capabilities, including a new base in Poland to meet international demand [3] - The forecast for net profit attributable to the parent company is adjusted to 1.198 billion yuan for 2025 and 1.541 billion yuan for 2026, with a projected increase to 1.949 billion yuan by 2027 [4] - The report indicates that the company’s earnings could see significant growth in Q1 2025 as the fluorinated products ramp up production [3] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 21.7 for 2025, 16.9 for 2026, and 13.4 for 2027 [4] - The company’s earnings per share (EPS) is expected to rise from 1.25 yuan in 2024 to 2.58 yuan by 2027 [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company is a leading high-end footwear manufacturer with strong design and development capabilities, focusing on high-value-added sports, luxury, and fashion brand clients. Following a successful management transition in 2019, the company has accelerated its expansion into luxury fashion clients and increased its market share in sports categories. The company has initiated its first three-year plan for 2023-2025, targeting a low double-digit profit CAGR [1][2][3]. Summary by Sections Company Overview - The company specializes in high-end footwear manufacturing, with a global production footprint in China, Vietnam, Bangladesh, Indonesia, and the Philippines. It serves notable clients such as Nike, Deckers, Balenciaga, and Cole Haan across various categories including sports, luxury, and fashion. The management transition in 2019 has revitalized the company, leading to accelerated growth in luxury fashion client acquisition and sports category share [2][16][18]. Competitive Advantages - The company boasts leading design and development capabilities, with an average selling price (ASP) of $28.4 in 2024, significantly ahead of the industry. Its R&D expense ratio stands at 3.1%, placing it in the top tier of the industry. The company has established deep ties with high-end brands like Nike and Balenciaga, effectively diversifying its client base and mitigating trend cycle risks. The revenue distribution for 2024 is projected at 45% from sports, 8% from luxury, 27% from fashion, and 20% from leisure [3][4][18]. Financial Performance and Projections - The company is expected to achieve revenues of $1.62 billion in 2025, with a year-on-year growth of 5%. The projected net profit for 2025 is $185.3 million, reflecting an 8.34% increase. The company maintains a commitment to a 70% dividend payout ratio and plans to repurchase $60 million worth of shares annually from 2024 to 2026, resulting in a projected dividend yield of 10% in 2025 [5][6][21]. Production Capacity and Efficiency - The company has diversified its production capacity, with 51% of its output expected from Vietnam and 27% from China in 2024. The average output per employee is projected to reach 1,244 pairs per year, with revenue per employee at $36,000, indicating a continuous improvement in production efficiency [4][21][22].