Investment Rating - The report gives a "Strong Buy" investment rating for the company [3]. Core Viewpoints - The company is a leading provider of digital transformation services with a comprehensive stack of capabilities, including consulting, R&D, delivery, integration, operation, decision-making, and service [12][8]. - The company has a significant market share in the telecom BOSS software market, holding 35.5% domestically and ranking second globally [8]. - The AI large model delivery business is gaining momentum, with over 30 signed orders for 2024, showcasing the company's ability to leverage AI in high-value scenarios [8]. - The company is focusing on enhancing its digital operation capabilities, which have shown significant growth in various sectors, including automotive, consumer, and finance [8]. - The company aims to strengthen its AI capabilities to address fluctuations in BSS business and expand its OSS market share, with a positive outlook for future growth [8]. Financial Data and Valuation - The projected total revenue for 2023 is 7,913 million, with a year-on-year growth of 2% [2]. - The expected net profit for 2025 is 4,530 million, with a corresponding PE ratio of 17.5 [2][8]. - The company’s total market capitalization is approximately 8.6 billion HKD, with a current share price of 9.19 HKD [3]. Business Overview - The company operates in various sectors, including telecommunications, government, finance, energy, and transportation, providing end-to-end digital transformation services [12][13]. - The BSS business accounts for 60.9% of the revenue, while OSS and digital operation businesses contribute 12.3% and 16.6%, respectively [13]. - The company has a strong focus on vertical industry digitalization, particularly in finance, energy, and transportation [13][14]. Historical Development - The company has evolved from a telecom software leader to a digital transformation pioneer since its establishment in 1993 [23]. - Significant milestones include its listing on the Hong Kong Stock Exchange in 2018 and the acquisition of iResearch Consulting in 2022, enhancing its digital capabilities [24][23]. Governance Structure - The company has a stable and concentrated shareholding structure, with AsiaInfo Security becoming the largest shareholder, holding approximately 29.92% of the shares [25]. - The company emphasizes shareholder returns, with a high dividend payout ratio, reaching 158.28% in 2023 [26].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents a comprehensive analysis of China's economic situation through various high - frequency indicators, showing a mixed picture of economic trends with some sectors declining and others recovering [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) remained flat at 5.0%. The WEI production sub - index was 4.6%, down 0.1 percentage points from the previous value, and the WEI demand sub - index was 5.7%, unchanged from the previous value. The supply - demand gap was 1.2%, up 0.2 percentage points from the previous value [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was - 1.2%, down 1.1 percentage points from the previous value. The blast furnace operating rate was 83.7%, down 0.4 percentage points. The automobile semi - steel tire operating rate was 78.2%, down 0.1 percentage points. The 4 - week moving average year - on - year of the average daily coal consumption of major coastal power plants was 1.4%, up 0.5 percentage points [1]. 3.3 Infrastructure - The cement shipping rate was 40.5%, down 1.0 percentage point from the previous value. The cement mill operating rate was 41.8%, down 0.2 percentage points. The petroleum asphalt plant operating rate was 30.8%, down 3.6 percentage points [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the commercial housing sales area in 30 large and medium - sized cities was - 0.8%, up 5.1 percentage points from the previous value. The 4 - week moving average year - on - year of the land acquisition area of 100 large - and medium - sized cities was - 5.5%, down 4.9 percentage points from the previous value [2]. 3.5 Consumption - The year - on - year of the average daily retail sales of passenger cars was 14.0%, down 16.0 percentage points from the previous value. The 4 - week moving average year - on - year of movie box office was - 47.2%, down 3.8 percentage points. The 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 1.8%, down 1.2 percentage points [2]. 3.6 Export - South Korea's export year - on - year in mid - May was 20.3%, up 44.1 percentage points from the previous period. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) was - 40.4%, down 2.4 percentage points from the previous value. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) remained unchanged [2]. 3.7 CPI - The 4 - week moving average year - on - year of the agricultural product wholesale price 200 index was - 3.3%, down 0.4 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of pork was 1.4%, down 0.5 percentage points. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 9.0%, down 1.2 percentage points [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 10.7%, down 1.2 percentage points from the previous value. The 4 - week moving average year - on - year of the Brent crude oil spot price was - 22.6%, up 1.1 percentage points. The 4 - week moving average year - on - year of the rebar price was - 13.3%, down 0.6 percentage points. The 4 - week moving average year - on - year of the Qinhuangdao Port steam coal closing price was - 26.2%, down 2.7 percentage points. The 4 - week moving average year - on - year of the cement price index was 12.0%, down 2.5 percentage points [3].

证券研究报告 | 公司点评报告 2025 年 05 月 28 日 顺威股份（002676.SZ） 国际化布局和新能源构建新成长动能 TMT 及中小盘/中小市值 事件：公司发布 2024 年年度报告以及 2025 年第一季度报告 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2267 | 2697 | 3257 | 3480 | 3718 | | 同比增长 | 8% | 19% | 21% | 7% | 7% | | 营业利润(百万元) | 41 | 77 | 112 | 145 | 155 | | 同比增长 | -5% | 85% | 46% | 30% | 7% | | 归母净利润(百万元) | 35 | 54 | 80 | 105 | 112 | | 同比增长 | -17% | 54% | 48% | 30% | 7% | | 每股收益(元) | 0.05 | 0.08 | 0.11 | 0.15 | 0.16 | | PE | 118. ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The first batch of floating - management - fee funds in 2025 focuses on investors' returns, encourages long - term holding, strengthens the binding mechanism between fund companies, fund managers and investors, protects investors' interests, emphasizes the role of performance benchmarks, and promotes a shift from β to α in product evaluation and screening logic [1][5]. - These funds' non - symmetric floating mechanism and comprehensive consideration of absolute and relative returns have positive impacts on the market, such as promoting long - term investment and stable investment behavior of fund managers [5]. 3. Summary According to the Table of Contents 3.1 2025 First Batch of Floating - Management - Fee Funds' Management Fee Mode 3.1.1 Product Introduction and Mechanism Analysis - On May 7, 2025, the CSRC issued the "Action Plan for Promoting the High - Quality Development of Public Funds", promoting the transformation from focusing on scale to focusing on investors' returns and establishing a floating - management - fee collection mechanism [8]. - After the release of the plan, 26 floating - management - fee funds were collectively declared on May 16, 2025, and approved on May 23. Most of them are hybrid funds, and the managers cover a wide range [9]. - The first - batch products are mainly active equity funds, with no holding period or fixed - opening period, and relatively complex performance comparison benchmarks [10]. - The management fee collection mode is the same for all products. It includes fixed, contingent, and excess management fees. The annual management fee is calculated at 1.2% (fixed 0.6%+contingent 0.6%) daily [14]. - The management fee varies according to investors' holding period and return rate. For those holding less than one year, the annual management fee is 1.2%. For those holding for one year or more, if the annualized return lags behind the benchmark by 3%, the management fee is 0.6%; if it outperforms the benchmark by 6% and has a positive return, the management fee is 1.5%; otherwise, it is 1.2% [15]. 3.1.2 Effect Calculation of the Fee Mode - By simulating the management fee rates of active stock - hybrid funds with the CSI 300 as the main benchmark from 2010 - 2025, it is found that the management fee rate distribution is significantly differentiated [18]. - In years when it is difficult to obtain excess returns, the proportion of low - grade fees is high; in years when both absolute and excess returns are good, the proportion of high - grade fees is high [19]. 3.2 Differences from Existing Floating - Management - Fee Fund Modes 3.2.1 Products with Management Fees Graded According to Investors' Holding - Period Returns - As of the end of the first quarter of 2025, there are two such products, Anxin Value Selection and Xinhua Steady Return, with a total scale of 16.79 billion yuan. They have no holding period and their management fees are graded based on absolute returns [27][28]. - The estimated actual management fees of the two funds are different. Anxin Value Selection's management fee fluctuates between 1% - 1.8%, while Xinhua Steady Return's is basically stable at 1% [31]. - The existing products only focus on absolute returns and have a performance - incentive - oriented floating mechanism with some fees still linked to performance. The 2025 first - batch products consider both absolute and relative returns, with "incentive" and "punishment" mechanisms and fixed - grade fees [34][35]. 3.2.2 Pilot Floating - Management - Fee Products from 2019 - 2020 - In 2019 - 2020, 10 pilot floating - management - fee products were issued, all of which are partial - stock hybrid funds with a holding period of 1 - 3 years. They adopt the "fixed management fee+performance reward" model [36][37]. - The estimated management fees of these products are relatively differentiated. The management fees are affected by investors' holding time and redemption points [41]. - Compared with the 2025 first - batch products, the 2019 - 2020 pilot products have a mandatory holding period, a different management fee calculation method, a single - incentive mechanism without a "punishment" mechanism, and only focus on absolute returns [48]. 3.2.3 Pilot Floating - Management - Fee Products Linked to Performance in 2023 - In 2023, 8 pilot floating - management - fee products linked to performance were issued, all of which are partial - stock hybrid funds with a three - year fixed - opening cycle [49][50]. - Their management fees are composed of a basic management fee and performance rewards, which are calculated based on the absolute and excess returns during the closed - operation period [52]. - Compared with the 2025 first - batch products, the 2023 pilot products have a fixed - opening cycle, a different management fee calculation and accounting period, a lower basic fee, a different fee structure, and a different focus on performance evaluation [54][57]. 3.2.4 Floating - Management - Fee Products Linked to Holding Period - As of the end of March 2025, there are 9 such products, all of which are partial - stock hybrid funds. Their scale has been decreasing since their establishment, and the floating - fee mechanism has limited attractiveness to investors [57][58]. - The management fees of these products are graded according to the holding period. The average capital retention rate is relatively low, and most funds still mainly consist of A1 shares (holding period less than one year) [61][63]. - The 2025 first - batch products integrate the holding - period - linked mechanism to some extent and are more concerned about the performance over one year, encouraging long - term investment [68]. 3.3 Impact and Significance on the Market - Encourage investors to hold for the long term: The products have no holding period, and the fee - optimization mechanism guides long - term investment [69]. - Strengthen the binding mechanism between fund companies, fund managers and investors: Management fees are linked to investors' holding - period returns, deepening the binding degree [69]. - Protect investors' interests and focus on actual return experience: The management fee is determined by the holding period of a single share, and the asymmetric fee structure protects investors' interests [69]. - Emphasize the excess return performance relative to the benchmark: The benchmark setting needs to be more cautious, promoting the transformation of product evaluation and screening logic from β to α [69][70]. - Focus on the stability of fund managers' investment behavior: The management fee is determined by the long - term, rolling, and continuous assessment of fund performance, encouraging stable investment behavior [70].

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company is expected to achieve significant revenue growth driven by acquisitions and core business expansion, with projected revenues of 32.57 billion, 34.80 billion, and 37.18 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21%, 7%, and 7% [6] - The automotive parts business is rapidly growing, with a 178.55% year-on-year increase in revenue to 4.56 billion in 2024, indicating a new growth driver for the company [6] - The company has established strong partnerships with major players in both the home appliance and automotive sectors, enhancing its market position [6] Financial Data and Valuation - Total revenue for 2023 is reported at 2,267 million, with a projected increase to 3,257 million in 2025, representing a year-on-year growth of 21% [2][13] - The net profit attributable to the parent company is expected to rise from 54 million in 2024 to 80 million in 2025, marking a 48% increase [2][13] - The company's price-to-earnings (PE) ratio is projected to decrease from 77.1 in 2024 to 52.0 in 2025, indicating improving valuation metrics [2][14] Business Segments - The air conditioning fan blade business is showing stable growth, with revenues of 16.25 billion in 2024, up 12.29% year-on-year [6] - The newly acquired Junwei Technology is expected to contribute significantly to the company's automotive parts segment, particularly in the field of new energy vehicles [6] - The company is focusing on international expansion with factories in Thailand and Mexico, enhancing its local supply capabilities [6]

Investment Rating - The report gives a "Strong Buy" investment rating for the company [3]. Core Viewpoints - The company is a leading provider of digital transformation services with a comprehensive stack of capabilities, including consulting, R&D, delivery, integration, operation, decision-making, and service [12][8]. - The company has a significant market share in the telecom BOSS software market, holding 35.5% domestically and ranking second globally [8]. - The AI large model delivery business is gaining momentum, with over 30 signed orders for 2024, showcasing the company's ability to leverage AI in high-value scenarios [8]. - The company is focusing on enhancing its data-driven operations and has seen substantial growth in its smart operation business across various industries [8]. - Future profit forecasts indicate a rebound in net profit from 2025 onwards, with expected growth rates of 56% in 2026 and 16% in 2027 [8]. Financial Data and Valuation - Total revenue for 2023 is projected at 7,913 million, with a year-on-year growth of 2% [2]. - The company expects a decline in revenue in 2024 to 6,646 million, a decrease of 16% [2]. - Net profit for 2023 is estimated at 533 million, reflecting a significant drop of 36% compared to the previous year [2]. - The company’s PE ratio is projected to decrease from 14.9 in 2023 to 9.7 by 2027, indicating an improving valuation over time [2]. Business Overview - The company operates in various sectors, including telecommunications, government, finance, energy, and transportation, providing end-to-end digital transformation services [12][13]. - The BSS business accounts for 60.9% of the revenue, while the OSS and smart operation businesses contribute 12.3% and 16.6%, respectively [13]. - The company has a strong focus on vertical industry digitalization, particularly in finance, energy, and transportation [13][14]. Historical Development - The company has evolved from a telecom software leader to a digital transformation pioneer since its establishment in 1993 [23]. - Significant milestones include its listing on the Hong Kong Stock Exchange in 2018 and the acquisition of iResearch Consulting in 2022, enhancing its digital capabilities [24][23]. Governance Structure - The company has a concentrated and stable shareholding structure, with AsiaInfo Security becoming the largest shareholder in 2024 [25]. - The governance framework is designed to ensure long-term stability and strategic alignment with its parent company [25].

Investment Rating - The report maintains a "Strong Buy" rating for Pinduoduo (PDD) with a target price range of $113 to $134 per share [3][4]. Core Insights - Pinduoduo reported Q1 2025 revenue of 95.67 billion yuan, a year-over-year increase of 10%, but GAAP net profit decreased by 45% to 16.9 billion yuan due to increased merchant support and changes in overseas tariff policies [1][2]. - The company is implementing a 100 billion yuan support plan aimed at enhancing the merchant ecosystem, which is expected to pressure short-term profitability but is viewed as a long-term investment for sustainable growth [1][4]. - The impact of tariff policies has led to a temporary slowdown in the growth of TEMU, but the long-term outlook for global market expansion and profitability remains positive [1][4]. Financial Data Summary - Revenue projections for Pinduoduo are as follows: 2023 at 247.639 billion yuan, 2024 at 393.836 billion yuan, and 2025E at 455.799 billion yuan, with year-over-year growth rates of 90%, 59%, and 16% respectively [2][7]. - Non-GAAP net profit is expected to be 67.899 billion yuan in 2023, 122.344 billion yuan in 2024, and 112.979 billion yuan in 2025E, reflecting a year-over-year growth of 72%, 80%, and a decline of 8% respectively [2][7]. - The report indicates a projected P/E ratio (Non-GAAP) of 14.9 for 2023, decreasing to 5.7 by 2027, suggesting a favorable valuation trend over the forecast period [2][7]. Stock Performance - The stock has shown a 1-month performance of -1.0%, a 6-month performance of +3.7%, and a 12-month performance of -34.6% [4]. - Relative performance indicates a decline of -4.8% over 1 month, -14.1% over 6 months, and -53.6% over 12 months compared to the market [4]. Shareholder Information - The total share capital is 567.859 million shares, with a market capitalization of $146.2 billion [3]. - The major shareholder, Huang Zheng, holds a 24.8% stake in the company [3]. Profitability Metrics - The gross margin for Q1 2025 was reported at 57%, a decrease of 5 percentage points year-over-year [1]. - The report highlights that the company is focusing on high-quality development strategies to foster a healthy merchant ecosystem, which is expected to support long-term sustainable growth [1][4].

小米集团-W（01810.HK） 25Q1 业绩再创新高，汽车、IoT 表现超预期 TMT 及中小盘/电子 事件：公司发布 2025 年一季度业绩，25Q1 营收 1113 亿元，同比+47.4%/环 比+2.1%；经调整净利润 106.8 亿元，同比+64.5%/环比+28.4%，首次突破百 亿大关。我们评论如下： 证券研究报告 | 公司点评报告 2025 年 05 月 28 日 强烈推荐（维持） 目标估值：NA 当前股价：51.3 港元 基础数据 ❑ 25Q1 营收持续超千亿，经调整净利润首次突破百亿。25Q1 公司总营收 1113 亿元，同比+47.4%/环比+2.1%，连续两个季度超千亿；毛利率 22.8%，同比 +0.5pct/环比+2.2pct 创历史新高；经调整净利润 106.8 亿元，同比+64.5%/ 环比+28.4%，首次突破百亿大关，其中智能电动汽车及 AI 等创新业务亏损 5 亿元。公司稳步执行"新十年目标"，大规模投入底层核心技术，25Q1 研发 支出 67 亿元，同比+30.1%。截至 25Q1 末公司研发人员 2.17 万人创历史新 高，占员工总数 47.7%；获得专利超 4.3 ...

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [1][3] Core Insights - Meituan's Q1 2025 revenue reached 86.56 billion, representing an 18.1% year-on-year growth, with operating profit at 10.57 billion, up 102.8%, and adjusted net profit at 10.95 billion, increasing by 46.2% [1][6] - The report expresses long-term optimism regarding the company's domestic core business barriers and growth potential, alongside new growth opportunities from overseas expansion [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2023: 276.85 billion - 2024: 337.59 billion - 2025E: 390.78 billion - 2026E: 451.15 billion - 2027E: 513.08 billion - Year-on-year growth rates: 26%, 22%, 16%, 15%, 14% [2][9] - **Adjusted Net Profit**: - 2023: 23.25 billion - 2024: 43.77 billion - 2025E: 42.79 billion - 2026E: 56.37 billion - 2027E: 70.15 billion - Year-on-year growth rates: 709%, 88%, -2%, 32%, 24% [2][11] - **Earnings Per Share (EPS)**: - 2023: 3.79 - 2024: 7.13 - 2025E: 6.97 - 2026E: 9.19 - 2027E: 11.43 [2][11] - **Valuation Ratios**: - P/E (adjusted): 40.8 for 2023, decreasing to 13.5 by 2027 - P/B: 4.9 for 2023, decreasing to 2.3 by 2027 [2][10] Business Segment Performance - **Core Local Business**: - Q1 revenue of 64.32 billion, up 17.8%, with operating profit of 13.49 billion, up 39.1% [6] - **New Business**: - Q1 revenue of 22.23 billion, up 19.2%, with an operating loss of 2.27 billion [6] - **Delivery & Flash Purchase**: - Q1 delivery volume growth remained stable, with operating profit margin (OPM) showing significant improvement [6] - **In-store Services**: - Q1 revenue of approximately 15.1 billion, up 20%, with stable OPM [6] Market Outlook - The report anticipates that while Q2 may see short-term competitive impacts on delivery services, the long-term effects on market share and user experience (UE) will be limited [6] - The company is expected to continue exploring overseas markets, with plans for Keeta to enter Brazil, backed by a strategic partnership and a planned investment of 1 billion USD over five years [6]

证券研究报告 | 策略研究 2025 年 05 月 27 日 稳定币法案对于美债的影响或较为有限 ——金融市场流动性与监管动态周报（0527） 美国参议院通过"稳定币统一标准保障法案"，标志着稳定币立法过程中的重 要进展。美国政府对于稳定币的"合法化招安"或将增强其市场认可度，稳定 币规模有望进一步扩大从而客观上增持美债。但整体来看，稳定币对于美债影 响或小于市场预期，主要由于法案仍存在不确定性，且不改变存量市场。 专题报告 相关报告 1. 《招商 A 股流动性研究体系与 流动性指数——A 股市流动性研 究之四》，2016 年 8 月 2. 《A 股机构投资者全景图—股 票市场 SCP 范式研究之一》， 2017 年 10 月 3. 《融资净流入与 ETF 净赎回， 小微盘风格相对占优 —— 金融 市 场 流 动 性 与 监 管 动 态 周 报 (0520)》 | 招商 A 股流动性指数 | | | --- | --- | | 流动性指标 | 数值/金额（亿元） | | 资金供给 | | | 公募基金发行 | 94.88↑ | | ETF 净申购 | -115.07↑ | | 融资净买入 | -55.19↓ ...