Investment Rating - The report gives a "Strong Buy" investment rating for Tongguan Gold [2][7][47] Core Views - Tongguan Gold has successfully transformed into a gold mining and selection company since 2017, with significant resource endowment and potential for increased reserves and production. The introduction of Zijin Mining as a strategic investor in 2025 is expected to propel the company into a high-growth phase, allowing it to fully benefit from high gold prices [1][7][24]. Summary by Sections Company Overview - Tongguan Gold was established in 1997 and underwent several transformations before focusing on gold mining in 2017. The company has acquired multiple mining companies to enhance its resource base, including significant acquisitions in Gansu province in 2023 [11][15]. Financial Data and Valuation - Total revenue for 2023 is projected at HKD 1.358 billion, with a year-on-year growth of 22%. By 2025, revenue is expected to reach HKD 2.270 billion, reflecting a 53% increase. Net profit is forecasted to grow from HKD 47 million in 2023 to HKD 561 million in 2025, with corresponding PE ratios of 130.5, 31.1, and 11.7 for 2023, 2024, and 2025 respectively [6][48]. Resource Endowment and Growth Potential - As of the end of 2024, the company has a total gold resource of 55 tons with an average grade of 8.27 g/t, positioning it among the top in the industry. The company has significant exploration and development activities planned, with a focus on increasing production capacity in both Tongguan and Gansu mining areas [31][38][39]. Production and Sales Performance - Gold production increased from 0.7 tons in 2017 to 2.5 tons in 2024, with a projected increase to 2.8 tons in 2025. The company’s sales revenue from gold mining is expected to grow significantly, driven by rising gold prices and improved operational efficiency [43][47]. Strategic Partnerships - The strategic investment from Zijin Mining in April 2025 is expected to enhance Tongguan Gold's operational efficiency and market presence. The partnership includes a metal flow agreement that will provide the company with long-term funding while establishing a collaborative relationship with a leading global mining company [24][26][25]. Future Outlook - The report anticipates continued growth in net profit, projecting HKD 5.6 billion in 2025, HKD 8.0 billion in 2026, and HKD 9.7 billion in 2027, with a strong focus on increasing production and maintaining cost efficiency [47][48].

Group 1: Report's Investment Rating for the Industry - No information provided on the industry investment rating Group 2: Core Viewpoints of the Report - Amid the China-US trade game, technology has become the decisive factor, and China will continue to increase investment in technology, creating a good environment for tech companies [4][8] - Due to early listing rules, many Chinese tech companies are listed in Hong Kong. With interest rate cuts, southbound capital inflows, and low valuations, Hong Kong tech stocks have investment value, and investing in Hong Kong Stock Connect actively managed funds is a good choice [4] - Great Wall Hong Kong Stock Connect Value Selection Multi-Strategy A (007132.OF), which focuses on Hong Kong tech stocks and new consumption, has excellent performance and is worthy of attention [4] Group 3: Summary of Each Section in the Report I. Scarce Tech Stocks Gather in HKEX, and Hong Kong Stock Connect Funds Show Allocation Value 1. **Tech Manufacturing as the Decisive Factor in China-US Game** - China's R&D expenditure in 2024 reached 3.41 trillion yuan, accounting for 2.68% of GDP, and is expected to increase. The proportion of high-tech manufacturing in industrial added - value has risen from 9.4% in 2012 to 15.5% in 2022 [8] - The Chinese government attaches great importance to new - quality productivity, with leaders making multiple statements on its development directions [11][12] 2. **Flourishing High - tech Industries** - In 2024, China's new energy vehicle production was 11.712 million, a year - on - year increase of 43.69%, and exports were 1.2992 million, a year - on - year increase of 25.20%. Mobile internet monthly traffic per user has been increasing, and the semiconductor industry is growing well [13][16] 3. **HKEX Gathers Scarce Tech Stocks with Valuation Advantages** - Many Chinese tech companies are listed in Hong Kong. With global interest rate cuts, Hong Kong stocks, especially tech stocks, have investment value due to low valuations and continuous southbound capital inflows [18][20][21] 4. **Attention to Hong Kong Stock Connect Tech - themed Funds** - Among various investment channels for Hong Kong stocks, Hong Kong Stock Connect actively managed funds are a good choice for investors seeking excess returns. Great Wall Hong Kong Stock Connect Value Selection Multi - Strategy A is worthy of attention [24][25] II. Investment Value Analysis of Great Wall Hong Kong Stock Connect Value Selection Multi - Strategy (007132.OF) 1. **Experienced Fund Manager** - The fund manager, Qu Shaojie, has rich experience in Hong Kong stock market investment management. The fund is managed by Great Wall Fund, which has a good track record and a large management scale [26][27] 2. **Forward - looking Industry Layout in Technology** - In 2024, the fund adjusted its industry weights, increasing new consumption, auto, and semiconductor weights while maintaining internet technology weights. It is more focused on the tech sector, and the manager is optimistic about the future of Hong Kong's tech and internet industries and emerging consumption [28][29] 3. **High - position and Value - oriented Portfolio** - The fund maintains a high equity position (above 85% since 2024, with the latest at 88.15%), and shows a value - oriented style with good valuation performance [35] 4. **Top Holdings Covering Leaders in Hard Tech and New Consumption** - The fund's top holdings include internet tech, high - end manufacturing, and emerging consumption companies. It has early and continuous investments in internet tech stocks, and timely increased positions in new energy vehicle stocks and emerging consumption stocks like Pop Mart [37] 5. **Outstanding Recent Performance** - The fund has excellent recent performance, with a 51.16% return in the past year, a Sharpe ratio of 1.57, and an excess return of 33.02% compared to the benchmark. In the past 6 months, the return was 38.27%, ranking first among similar products, and 32.89% this year, ranking third. It is a five - star rated fund [39][42]

Investment Rating - The report gives a "Strong Buy" investment rating for Tongguan Gold [2][7][47] Core Views - Tongguan Gold has successfully transformed into a gold mining and selection company since 2017, with significant resource endowments and potential for increased reserves and production. The introduction of Zijin Mining as a strategic investor in 2025 is expected to propel the company into a high-growth phase, allowing it to fully benefit from high gold prices [1][7][24]. Summary by Sections Company Overview - Tongguan Gold was established in 1997 and underwent several transformations before focusing on gold mining in 2017. The company has acquired multiple mining companies to enhance its resource base, including significant acquisitions in Gansu province in 2023 [11][15]. Financial Data and Valuation - Total revenue for 2023 is projected at HKD 1.358 billion, with a year-on-year growth of 22%. By 2025, revenue is expected to reach HKD 2.270 billion, reflecting a 53% increase. The net profit for 2025 is estimated at HKD 561 million, corresponding to a PE ratio of 11.7 [6][48]. Resource Endowment and Growth Potential - As of the end of 2024, the company has a total gold resource of 55 tons with an average grade of 8.27 g/t, positioning it among the top in the industry. The company has significant exploration and development activities planned, with a focus on increasing reserves and production capacity [31][38][39]. Production and Sales Performance - Gold production increased from 0.7 tons in 2017 to 2.5 tons in 2024, with a projected increase to 2.8 tons in 2025. The company’s sales revenue from gold mining is expected to grow significantly, driven by rising production and favorable gold prices [43][47]. Strategic Partnerships - The strategic investment from Zijin Mining in 2025 is expected to enhance operational efficiency and market visibility for Tongguan Gold. The partnership includes a metal flow agreement that will provide the company with long-term funding while establishing a collaborative relationship with a leading global mining company [24][26][25]. Future Outlook - The report anticipates continued growth in net profit, projecting HKD 5.6 billion in 2025, HKD 8.0 billion in 2026, and HKD 9.7 billion in 2027, with corresponding PE ratios decreasing over the years, indicating a strong growth trajectory [47][48].

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 are projected at 26%, 22%, 16%, 15%, and 14% respectively [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 - Notable growth of 709% in 2023, followed by 88% in 2024, with a slight decline of 2% expected in 2025 [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 in 2023, decreasing to 13.5 by 2027 - P/B: 4.9 in 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, a 39.1% increase [6] - **New Business**: - Q1 revenue of 22.23 billion, up 19.2%, with an operating loss of 2.27 billion [6] - **Delivery and Flash Purchase**: - Q1 delivery volume growth remained stable despite competitive pressures, with a projected increase in Q2 [6] - **International Expansion**: - Keeta is set to enter the Brazilian market, with a planned investment of 1 billion USD over five years [6]

证券研究报告|行业定期报告 2025 年 05 月 27 日 稳楼市政策继续发力，等待基本面筑底改善 建材行业定期报告 中游制造/建材 本周（2025/5/19-2025/5/25）建材动态：水泥市场需求减弱，价格持续回 落；浮法玻璃价格呈下行趋势，整体需求偏弱；玻纤中，无碱粗纱市场价格 延续稳中小降，电子纱市场价格稳定。消费建材板块，政策托底需求释放， 行业整合驱动高质量发展。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 96 | 1.9 | | 总市值（十亿元） | 761.8 | 0.9 | | 流通市值（十亿 | 696.7 | 0.9 | | 元） | | | 行业指数 % 1m 6m 12m 绝对表现 2.6 1.5 -1.5 相对表现 0.7 1.0 -8.7 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 May/24 Sep/24 Jan/25 Apr/25 (%) 建材 沪深300 相关报告 1、《建材行业定期报告—降准降息 推进稳楼市，"好房子"时代头部品 牌受益》2025-05-12 2、《建材行 ...

从高频数据看 5月消费和外贸形势 显微镜下的中国经济(2025年第19期) 相关报告 5 月以来,汽车销量保持较快增长,房地产销售同比降幅收窄,外贸继续"抢 证券研究报告| 宏观定期报告 2025年05月26日 □ 汽车销量继续保持较快增长。根据乘联会数据,除 5月第一周可能受假期因 素影响之外,5月第二周和第三周乘用车当周日均销量同比均保持较快增 长。其中,第二周日均销量为 60896 辆,同比增长 30%,第三周日均销量 为 51175 辆,同比增长 14%,好于 4 月同期水平。补贴政策对汽车销售的 刺激效果继续发酵。 □ 30 城商品房成交面积周同比降幅收窄。进入 5月,排除长假因素的扰动, 30 城商品房销售形势有所好转。近两周成交面积回到 190 万平方米以上, 同比降幅从 4 月底部的-21.7%收窄至上周的-4.4%。房地产销售同比增速继 1、《等待破局 -- 宏观与大类 资产周报》 2025-05-25 2、《政策不会短视—显微镜下 的中国经济(2025年第 18 期）》2025-05-19 3、《央国企动态系列报告之 39 -- 多家央企制定并购重组规 划,通信等央企带动分红提 升》 20 ...

Group 1 - The report highlights that Sanofi Pharmaceutical has set a new record for the highest upfront payment in the License-out of domestic innovative drugs, receiving $1.25 billion from Pfizer for the exclusive rights to develop, produce, and commercialize the dual-specific antibody SSGJ-707 globally, excluding mainland China [4][12][15] - The potential total transaction amount for this deal could reach $6.05 billion, which is over 43 billion RMB at current exchange rates, indicating a significant milestone for the domestic innovative drug industry [12][15] - The report emphasizes the growing international recognition of Chinese innovative drugs, as evidenced by this record-breaking deal, which reflects the increasing competitiveness of China's drug development capabilities on a global scale [15][16] Group 2 - The report discusses Google's comprehensive upgrade of its AI ecosystem, introducing the Google AI Ultra subscription service, which integrates the best AI models to enhance productivity across various sectors such as film, finance, and healthcare [16][19] - Google also announced significant updates to its core search functionality, launching an "AI Mode" that integrates conversational AI responses into search results, aiming to adapt to changing user behaviors and competition from AI-driven search services [25][26] - The Computex 2025 event showcased six major highlights in the AI industry, including advancements in generative AI, humanoid robots, and the development of next-generation technologies, indicating a robust growth trajectory for AI applications [33][39] Group 3 - The report identifies five key sectors for short-term investment focus, including robotics, self-sufficiency, domestic demand, precious metals, and innovative drugs, suggesting a strategic approach to capitalize on emerging opportunities [52][55] - It also outlines a long-term investment strategy centered around technological cycles, emphasizing the importance of AI advancements, domestic supply chain independence, and the transition to carbon neutrality across various industries [56] Group 4 - The report notes that the global stock market experienced mixed performance, with healthcare, telecommunications, and utilities sectors performing well, while information technology, energy, and real estate sectors lagged [4][57] - It highlights the importance of monitoring regulatory developments, particularly the recent measures introduced by the State Administration for Market Regulation to address "involution" in competition, which could impact various industries [57][58]

证券研究报告 | 宏观定期报告 2025 年 05 月 26 日 从高频数据看 5 月消费和外贸形势 显微镜下的中国经济（2025 年第 19 期） 频率：每周 5 月以来，汽车销量保持较快增长，房地产销售同比降幅收窄，外贸继续"抢 出口"。 汽车销量继续保持较快增长。根据乘联会数据，除 5 月第一周可能受假期因 素影响之外，5 月第二周和第三周乘用车当周日均销量同比均保持较快增 长。其中，第二周日均销量为 60896 辆，同比增长 30%，第三周日均销量 为 51175 辆，同比增长 14%，好于 4 月同期水平。补贴政策对汽车销售的 刺激效果继续发酵。 30 城商品房成交面积周同比降幅收窄。进入 5 月，排除长假因素的扰动， 30 城商品房销售形势有所好转。近两周成交面积回到 190 万平方米以上， 同比降幅从 4 月底部的-21.7%收窄至上周的-4.4%。房地产销售同比增速继 续明显回落的可能性下降。 出口集运价格指数底部回升。5 月以来，NCFI、SCFI 和 CCFI 逐步从底部 环比回升。过去三周，NCFI 周环比增速分别为 2.4%、6.5%和 9.0%，环比 增速不断加快。SCFI 周环比分 ...

Investment Rating - The report maintains a "Strong Buy" rating for Qingdao Beer with a target price of 89 CNY, while the current stock price is 71.97 CNY [3]. Core Views - The new management team, led by Chairman Jiang Zongxiang, has outlined a strategic plan focusing on product innovation and market expansion, particularly in the southern market [1][6]. - The company is optimistic about achieving its growth targets for the second quarter and the full year, driven by summer promotional activities [1]. - Qingdao Beer is adapting to new industry trends, entering a new operational cycle, and is confident in its long-term growth prospects [1][6]. Financial Data and Valuation - Revenue projections show a decline in 2024 to 32,138 million CNY, followed by a recovery to 33,278 million CNY in 2025, representing a 4% growth [2][14]. - Operating profit is expected to increase from 5,843 million CNY in 2024 to 6,504 million CNY in 2025, reflecting an 11% growth [2][14]. - Net profit attributable to shareholders is projected to rise from 4,345 million CNY in 2024 to 4,830 million CNY in 2025, also an 11% increase [2][14]. - The company’s earnings per share (EPS) are forecasted to be 3.54 CNY in 2025, up from 3.19 CNY in 2024 [2][14]. Strategic Initiatives - The company aims to enhance its product lineup to meet consumer demands for personalization and health, focusing on mid-to-high-end products [6]. - Qingdao Beer is prioritizing its fresh beer strategy and the importance of the southern market, planning to optimize resource allocation and product offerings in that region [6]. - The company is exploring non-beer business opportunities, including the development of yellow wine and whiskey, to create new growth avenues [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report focuses on the performance comparison benchmarks of domestic active bond funds. It analyzes the benchmark settings of various sub - types of active bond funds and their deviations in actual operations. After the release of the "Action Plan", some bond funds have adjusted their performance comparison benchmarks. The report also studies the correlation between funds and benchmarks, tracking errors, and excess returns [1][9]. 3. Summary According to the Table of Contents 3.1 Introduction On May 7, 2025, the CSRC issued the "Action Plan for Promoting the High - quality Development of Public Funds", emphasizing the importance of performance comparison benchmarks. The report, as the second in the series, will analyze the benchmark settings and actual operation deviations of domestic active bond funds [9]. 3.2 Active Bond Fund Performance Comparison Benchmark Characteristics - **Generalized Active Bond Fund Sample Selection**: As of May 7, 2025, 4191 generalized active bond funds in existence and with performance comparison benchmarks were selected as samples, with a total scale of 9.05 trillion yuan. The samples include 7 types of funds, and the medium - long - term pure - bond funds have the largest number and scale [9][10][12]. - **Performance Benchmark Composition Method**: The performance comparison benchmarks of active bond funds have various forms, mainly including single bond indexes or weighted composites of different indexes. The component indexes can be classified into 6 major categories, and the bond index can be further divided into 5 sub - types, while the stock index can be divided into 9 sub - types [13]. - **Performance Benchmark Commonly Used Indexes**: The top ten "main benchmark indexes" of medium - long - term pure - bond funds are mainly indexes compiled by ChinaBond. For example, the number of funds with ChinaBond - Composite Full Price (Total Value) Index as the main benchmark index is 964, accounting for 52.56%. The main benchmark indexes of convertible bond funds are mainly convertible bond indexes, with CSI Convertible Bond Index being the most used. The main benchmark indexes of fixed - income enhanced funds are mainly A - share market indexes such as CSI 300 Index [36][41][50]. - **Comparison of Commonly Used Index Clusters**: The ChinaBond index system is compiled by the Central Government Bond Depository Trust & Clearing Co., Ltd., and the CSI index system is compiled by CSI Index Co., Ltd. The component bond listing locations, remaining maturities, and credit ratings of ChinaBond and CSI indexes are different [54][57]. - **Weight Distribution of "Main Benchmark Indexes"**: For most active bond funds, the weights of ChinaBond - Composite Full Price (Total Value) Index and ChinaBond - Composite Wealth (Total Value) Index are mainly in the range of 90 - 100% for medium - long - term pure - bond funds, mixed bond - type first - level funds, and mixed bond - type second - level funds. The weights of equity indexes in the performance comparison benchmarks of mixed bond - type second - level funds, convertible bond - type funds, and partial - debt hybrid funds are relatively concentrated [62][66]. 3.3 Fund Performance and Benchmark Correlation and Other Analyses - **Correlation Analysis between Active Bond Funds and Their Benchmarks**: From 2022 to 2025, convertible bond - type funds, short - term pure - bond funds, medium - short - term pure - bond funds, medium - long - term pure - bond funds, and partial - debt hybrid funds have relatively high correlations with their performance comparison benchmarks, while mixed bond - type first - level funds and mixed bond - type second - level funds have relatively low correlations [72][73]. - **Tracking Error and Excess Return of Funds Relative to the Benchmark**: The average tracking error of pure - bond funds is less than that of products with embedded options. Among fixed - income enhanced bond funds, first - level bond funds have lower tracking errors, second - level bond funds and partial - debt hybrid funds are relatively close, and convertible bond funds have the highest and most volatile tracking errors. Most pure - bond funds can outperform the benchmark in most years, and the average outperformance is within 2%. Among fixed - income enhanced funds, partial - debt hybrid funds have relatively high average excess returns [3][78]. - **Distribution of Fund Types with Significant Underperformance against the Benchmark**: Pure - bond funds have relatively small deviations from the benchmark and a low proportion of significant underperformance. The performance of fixed - income enhanced funds is related to the selected time interval and the performance of the equity market. In the long - term, active bond funds have the ability to obtain positive excess returns relative to the benchmark, but there are significant performance differences within each type of fund [3].