Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a strong annual growth for 2024, with total revenue reaching 10.07 billion, a year-on-year increase of 19.6%, and net profit attributable to shareholders at 1.15 billion, also up by 19.5%. The cash dividend payout ratio increased to 45% [1] - The main brand, 361°, continues to lead the adult apparel segment with double-digit growth, driven primarily by volume increases. Footwear revenue reached 4.29 billion, up 22.1%, while apparel revenue was 3.09 billion, up 15.1% [2] - The children's clothing segment also showed strong growth, with revenue of 2.34 billion, a year-on-year increase of 19.5%. Footwear sales in this category reached 1.1 billion, up 17.5% [3] - E-commerce sales remained active, totaling 2.61 billion, a 12.2% increase, with a significant contribution from differentiated products [5] - The company is expected to see revenue growth of 13% in 2025, reaching 11.4 billion, and net profit growth of 14% to 1.38 billion, with a corresponding PE ratio of 6.9 [6] Summary by Sections Financial Performance - For 2024, the company reported total revenue of 10,073.5 million, a 19.59% increase, and net profit of 1,148.6 million, a 19.47% increase. The projected revenue for 2025 is 11,405.9 million, with a growth rate of 13.23% [12] - The gross profit margin for 2024 is expected to be 41.53%, with net profit margin at 11.84% [13] Product and Market Development - The company continues to innovate with new product lines, including advanced technology footwear and expanding its children's product line to cover ages up to 16 [4] - The company has increased its offline retail presence, with 5,750 stores and a focus on enhancing customer experience through new retail formats [2] E-commerce and Sales Channels - E-commerce sales accounted for 25.9% of total sales, with significant growth during promotional events, such as a 99% increase during the 618 shopping festival [5] Future Outlook - The company is projected to maintain a strong growth trajectory, with expected revenues of 12,737.8 million in 2026 and 14,191.4 million in 2027, alongside net profits of 1,470.7 million and 1,646.9 million respectively [12]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for performance relative to the market index [7]. Core Insights - The company achieved a total revenue of HKD 135.9 billion in 2024, representing a year-on-year growth of 35.8%. The Non-GAAP net profit reached HKD 57.7 billion, up 26.2% year-on-year. In Q4 2024, revenue surged by 86.8% year-on-year and 29.0% quarter-on-quarter, while Non-GAAP net profit doubled, increasing by 105.4% year-on-year and 39.6% quarter-on-quarter [1][2]. Summary by Sections Performance Overview - In Q4 2024, brokerage commission and fee income reached HKD 20.6 billion, a year-on-year increase of 127.6%, driven by a 201.7% rise in transaction volume to HKD 2.89 trillion. The U.S. stock trading volume was HKD 2.08 trillion. Interest income also grew by 51.8% to HKD 20.2 billion, with margin financing balance increasing by 53.7% to HKD 50.9 billion [2]. Customer Acquisition and Marketing - The company saw a significant increase in marketing expenses, with sales expenses rising by 154.2% to HKD 4.64 billion, attributed to a substantial growth in new deposit customers. The total number of paid customers grew by 41% to 2.4 million, with new paid users in Q4 2024 increasing by 39% year-on-year [3][4]. Financial Forecast and Valuation - The company anticipates Non-GAAP net profit growth rates of 22%, 21%, and 17% for 2025, 2026, and 2027, respectively. The expected earnings per ADS in USD are projected to be 6.50, 7.88, and 9.25 for the same years, corresponding to P/E ratios of 16.54, 13.65, and 11.63 [5][7].

投资要点 证券研究报告 | 公司更新 | 股份制银行Ⅱ 中信银行(601998) 报告日期：2025 年 03 月 16 日 中长期资金助力价值发现 ——瑞众人寿举牌中信银行点评 ❑ 基本面：盈利差距收窄 中信银行当前盈利能力领先股份行平均，但较头部银行招行仍有差距。展望未 来，中信银行和头部银行的盈利能力差距有望收窄，驱动估值差距收窄。中信 银行 24Q1-3 ROE 10.14%，优于其他股份行平均的 9.95%，但较头部股份行招行 的 15.38%仍有差距。分部拆解后，中信银行盈利能力劣势主要来自零售业务， 而在对公领域有较大优势。展望未来，中信较招行的盈利能力差距有望收窄，主 要归因零售、对公业务的盈利能力差行业性收窄、中信银行加杠杆能力打开。 （1）零售和对公的盈利差距将收窄：①零售业务：投放利率下行+减值压力上 行，零售综合盈利能力下降。②对公业务：行业"反内卷"带来利差水平企稳、 减值压力保持平稳，对公综合盈利能力平稳。我们测算当前新发放按揭贷款的经 济利润约在 53bp，而新发放 10 年期企业贷款的经济利润约在 78~114bp。中信银 行对公业务能力突出（24H1 中信银行对公分部税前 R ...

唐德影视(300426) 报告日期：2025 年 03 月 15 日 定增落地，公司进入全新发展阶段 ——唐德影视深度报告 投资要点 推荐理由 公司近期基本完成定增相关事宜，流动资金得到补充，公司进入全新发展阶段。 未来公司在内容端布局的广度和深度有望持续超市场预期。 超预期点一：定增进度超预期 公司定增虽启动时间较早，但近期落地进度超市场预期，2025 年 2 月 27 日公司 公布了定增上市公告书及最新的股权结构，浙江广电集团旗下的浙江易通（全资 孙公司）成为最大股东。公司定增启动于 2020 年，2020-2024 年期间进展较为缓 慢，自 2024 年 7 月起明显提速，至 2025 年 2 月底基本落地仅 8 个月时间。定增 价格由 2020 年的 3.94 元/股调整为目前的 8.19 元/股。当前时间点，在定增审核 的审慎性提升的大环境下，各行业定增落地进度明显降低，截至 2024 年 12 月， A 股上市定增 144 个，同比下滑 56.0%；募资 1728 亿元，同比下滑 70.1%，在这 样的环境下，公司定增的落地进度一定程度显示了浙江国资的重视，同时同业竞 争问题未来也有望得到解决。 ...

证券研究报告 | A 股策略周报 | 中国策略 "行情扩散"权重突破，调结构、待补涨 ——A 股市场运行周报第 32 期 核心观点 本周市场震荡上行，主要宽基指数走势分化，大消费、大金融普遍上涨，TMT 板块攻 势暂缓，行情在政策驱动下明显扩散，从前期"中国科技重估"逐渐转变为"中国资 产重估"。展望后市，我们预计权重指数会继续震荡上行、引领市场整体向上，目标直 指此前大盘区间震荡的上沿（即去年 11 月 8 日、12 月 10 日上证指数两个阶段性高点 所在），而成长指数则大概率会在权重呵护下进行"强式整理"。配置方面，基于"权 重指数突破后引领市场前行，成长指数受呵护下震荡整理"的判断，我们建议投资者 继续调整持仓结构，按照"高切低"原则，将前期涨幅过大的部分科技板块持仓，切 换至今年以来涨幅相对落后的大金融、大消费相关板块。此外，由于权重指数攻势明 显超出预期，市场很难给出较为舒服的"回调上车位"，因此建议投资者在大金融、大 消费板块中选择年内涨幅相对落后的标的，在指数快速整理时伺机增配。 ❑ 本周（2025-03-10 至 2025-03-14）行情概况 （1）主要指数：主要宽基指数走势分化。（2）板 ...

Investment Rating - The report assigns a "Buy" rating for the company [5][57]. Core Viewpoints - The company has recently completed a private placement, enhancing its liquidity and entering a new development phase. The breadth and depth of its content strategy are expected to exceed market expectations [1][5]. - The private placement process has accelerated, with significant progress made in a challenging market environment, indicating strong support from Zhejiang State-owned Assets [2]. - The company's content production capabilities have improved, with a pipeline of over 8 films and series, which could lead to substantial revenue growth if successful [3][48]. Summary by Sections Investment Highlights - The completion of the private placement marks a transition for the company, providing necessary capital and signaling a new growth phase [1][5]. - The private placement price increased from 3.94 CNY to 8.19 CNY per share, reflecting market confidence [2]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 0.60 billion, 3.48 billion, and 4.71 billion CNY, respectively, with net profits expected to shift from a loss of 0.05 billion CNY in 2024 to a profit of 1.31 billion CNY by 2026 [5][57]. - The current price-to-earnings (P/E) ratios are projected to be - for 2024, 84 for 2025, and 36 for 2026 [5][57]. Company Overview - The company specializes in film and television investment, production, and distribution, with a strong portfolio of past successful projects [22]. - The company is currently under the control of Zhejiang Radio and Television Group, which is expected to enhance its operational capabilities [4][57]. Industry Analysis - The traditional film and television market has faced challenges, with a notable shift towards micro-short dramas, which are experiencing rapid growth [26][30]. - The micro-short drama market is projected to reach 680 billion CNY by 2025, indicating a significant opportunity for content creators [26][30].

证券研究报告 目录 C O N T E N T S 2 ◼ 周观点：短债行情启动中 ◼ 静态票息与综合策略 ◼ 市场调整与板块轮动观察 ◼ 信用债板块与择券观察 ◼ 信用债市场热度观测 ◼ 超长期信用债品种观察 票息周观点：短债行情启动中 过去一周总结：信用好于利率，短端好于长端；短端银行二永及低等级城投已修复3-6bp，短债行情正在启动中。目前短端票息品种仍处于 历史分位数60-80%的区间，建议追逐短端的确定性；而长端情绪依旧较为脆弱。除短久期下沉策略，其余策略资本利得基本为负。 市场交易逻辑：1、社融数据预期与降准预期；2、资金利率边际回落；3、权益风险偏好； 后市策略：资金利率相较之前有所回落，建议跟随短债行情增配。短端未来大概率跟随资金利率回落而收益率回落，长端目前来看更有可 能受后续风险偏好+经济数据修复+刺激政策发力等因素扰动，大概率仍呈震荡格局，适合快进快出，择机交易。根据历史经验，在债市修 复行情启动中，市场调整速度：利率债＞银行永续债＞银行二级资本债＞城投债。修复初期，可优先考虑3Y银行二永，低等级长久期城投 债的修复滞后期较长，建议修复后半段择机增配。 机构行为&异常成交：本周前半周基金 ...

Investment Rating - The report indicates a positive outlook for the technology sector, suggesting a "bull market" driven by improved risk appetite due to potential easing in US-China relations [1][8]. Core Insights - The core insight of the report emphasizes that the performance of major asset classes in Q2 will largely depend on risk appetite, with a particular focus on the equity market benefiting from improved US-China dialogue [1][8]. - The report anticipates a slight economic slowdown in Q2, with GDP growth expected to decrease to approximately 4.9% from 5.1% in Q1, primarily due to weaker internal dynamics in the private sector [2][12]. - The report highlights that broad infrastructure and manufacturing investments are expected to remain resilient, contributing to economic recovery [2][21]. Summary by Sections Economic Overview - Q2 GDP growth is projected to slow to 4.9%, influenced by a recovery in both supply and demand driven by counter-cyclical policies [2][12]. - Retail sales growth is expected to reach 5.5% in Q2, supported by low base effects and policy stimulus [18][19]. Monetary Policy - The report suggests a potential reserve requirement ratio (RRR) cut in Q2, while interest rate cuts remain uncertain due to external pressures [3][4]. Fiscal Policy - Fiscal policy is expected to maintain a proactive stance, with an increase in government bond issuance and a focus on special bonds for land reserves [4][46]. Industry Policy - The report indicates a push for innovation and energy consumption control, with a focus on supporting new industries such as quantum technology and AI [4][26]. US Economic Outlook - The US economy is expected to stabilize in Q2, with the report attributing recent economic slowdowns to uncertainties in fiscal policy and trade tariffs [5][7]. Major Asset Classes - The report predicts that the stock market will maintain a high-risk appetite leading up to potential meetings between US and Chinese leaders, with technology stocks expected to perform well [1][8].

Group 1: Financial Data Overview - In February 2025, new RMB loans increased by 1.01 trillion yuan, with a year-on-year decrease of 440 billion yuan, resulting in a stock growth rate of 7.3%[1] - The social financing scale increased by 2.23 trillion yuan, with a year-on-year increase of 737.4 billion yuan, and a month-end growth rate of 8.2%[4] - Government bonds contributed significantly to the financing scale, with an increase of 1.6967 trillion yuan, a year-on-year increase of 1.0956 trillion yuan[5] Group 2: Loan Structure Analysis - Resident loans showed resilience, with a year-on-year increase of 201.6 billion yuan, while corporate loans decreased by 530 billion yuan year-on-year[2] - Corporate loans increased by 1.04 trillion yuan, but this was a year-on-year decrease of 530 billion yuan, with short-term loans increasing by 330 billion yuan[2] - Non-bank loans increased by 284.4 billion yuan, but this also reflected a year-on-year decrease of 120.1 billion yuan, continuing a downward trend[3] Group 3: Monetary Policy Outlook - The central bank is expected to maintain a loose monetary policy throughout 2025, with an anticipated reduction of 100 basis points in reserve requirement ratios and a 30 basis points cut in interest rates[10] - If US-China tensions escalate, monetary policy may shift towards further easing, while caution is advised regarding potential volatility in the bond market[10] - The M2 growth rate was 7% at the end of February, with a significant contribution from fiscal deposits, indicating a potential liquidity issue[7]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 03 月 15 日 对本轮债市调整行情的再校对 ——债市策略思考 核心观点 风险偏好持续回升，债市做多情绪仍被压制，本轮调整行情或延续至 5-6 月，建议投 资者顺势而为，上修 10 年国债利率本轮调整上限至 2.0%-2.1%。 ❑ 对本轮债市调整的再校对 2024 年 11 月 25 日至 2025 年 3 月 14 日，债市依次经历了跨年债牛行情、利率底 部震荡过渡期，以及逆风调整行情。10 年国债收益率已于 3 月 11 日最高上行至 接近 1.9%附近。跨年行情至今，债市经历了极端的宽货币预期向更为理性看待货 币宽松的过渡，而投资者亦对当前经济企稳修复产生一定预期。往后看，我们建 议投资者摒弃做多惯性，再次校对债市当前的变与不变，以期为后市交易策略提 供参考。 ❑ 10 年国债接近 1.9%，尚未出现趋势做多契机 10 年国债活跃券收益率于 3 月 11 日盘中上行至接近 1.9%附近，随后几个交易日 虽然略有下行，但低点始终未突破 1.8%，并且区间波动较大，从微观结构的以下 几个迹象来看，市场目前情绪仍旧 ...