Investment Rating - The report maintains a rating of "Buy" for Ping An Bank, with a target price of RMB 11.97 per share, reflecting a dynamic dividend yield of 5.4% [4][5]. Core Insights - Ping An Bank is currently undergoing a transformation phase, with a focus on optimizing its retail loan structure while continuing to support corporate lending to the real economy. The bank's total loan growth for 2024 is projected at -0.98%, primarily due to a 10.65% decrease in retail loans, although the quality of assets is improving [2][4]. - The bank's non-interest income has seen significant growth, with a 69% year-on-year increase in 2024, and a remarkable 123% increase in Q4 2024 alone, driven by trading gains and other financial activities [2][4]. Summary by Sections Financial Performance - For 2024, Ping An Bank reported a total revenue of RMB 146.7 billion, a decrease of 10.9% year-on-year. The profit before provisions (PPOP) and net profit attributable to shareholders also saw declines of 2.9% and 4.2%, respectively [1][9]. - The bank's net interest margin for 2024 was reported at 1.87%, reflecting a contraction of 6 basis points compared to the previous quarters, with a more significant decline of 22 basis points in Q4 2024 [3][12]. Asset Quality - As of Q4 2024, the non-performing loan (NPL) ratio stood at 1.06%, stable compared to the previous quarter, while the attention loan ratio decreased to 1.93% [3][12]. - The bank has increased its provision coverage ratio to 250.71%, indicating a robust buffer against potential loan losses [3][12]. Dividend and Shareholder Returns - The bank plans to distribute a cash dividend of RMB 6.08 per 10 shares for 2024, resulting in a dividend payout ratio of 27%, ensuring sustainable returns for shareholders [4][5]. Market Position - Ping An Bank's market capitalization is approximately RMB 232.3 billion, with a total share capital of 19.406 billion shares [5][9]. The bank's return on equity (ROE) for the trailing twelve months (TTM) is reported at 10.1% [5].

敬请阅读末页的重要说明 事件：特朗普 2.0 百日新政时间过半，其密集出台行政令和政策对美国国内和 国际社会均产生较大冲击。如何理解特朗普施政纲领的起因和来源？他从美国 保守派建议中做了哪些取舍？百日新政后半程还有何关注点？ ❑ "百日新政"后半程还有何关注点？ 1）主线上，美国国内事务（如联邦政府改革、削减政府开支、移民问 题）、经济问题（如关税、减税、通胀与经济增长）、俄乌和中东冲突等议 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 魏芸 S1090522010002 weiyun@cmschina.com.cn 专题报告 证券研究报告 2023 年| 0宏观6 月专题报告 29 日 2025 年 03 月 14 日 证券研究报告 | 宏观分析报告 ❑ 特朗普 2.0 对外议程与国内议程呈现较高关联性，是国内议程的延伸。所谓 "美国优先"，是一个综合性的政策框架，旨在通过一系列措施确保美国在 经济、贸易、外交等领域的利益和优势。这一理念的核心在于重新平衡国际 关系，减少对外国的依赖，推动国内经济的繁荣和就业的增长，提高美国供 应链韧性和安全。"美国优先" ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][4]. Core Viewpoints - The company is accelerating its layout in the humanoid robot core transmission system by acquiring a controlling stake in Weihan Intelligent Technology [1][2]. - Weihan Intelligent specializes in precision transmission, with over 70 standard harmonic reducer products, enhancing the company's capabilities in robotics [1][2]. - The integration of government, university, and overseas resources aims to create an industrial ecosystem that combines automotive parts manufacturing with robotics technology [2]. Financial Data and Valuation - The company is projected to achieve significant revenue growth, with total revenue expected to reach 4,157 million yuan in 2025, reflecting a 53% year-on-year increase [3][10]. - The net profit attributable to the parent company is forecasted to be 354 million yuan in 2025, up 58% from the previous year [3][10]. - The company's PE ratio is expected to decrease from 39.1 in 2024 to 24.8 in 2025, indicating improving valuation metrics [10]. Business Outlook - The company is positioned as a leader in EGR and motor core businesses, with strong growth in its existing operations and new ventures in robotics and commercial aerospace [3]. - The natural gas nozzle business is anticipated to benefit from the increase in demand for natural gas heavy trucks, contributing to revenue growth in 2025 and 2026 [3].

敬请阅读末页的重要说明 证券研究报告 | 金融工程 2025 年 3 月 12 日 南向资金持续流入，如何一键配置港股科技公司？ ——景顺长城中证港股通科技 ETF 投资价值分析 受美联储降息、AI 大模型技术突破等多重利好因素叠加影响，港股市场在 2025 年表现持续亮眼。景顺长城中证港股通科技 ETF，一键配置香港市场优 质科技公司，值得投资者在当前市场环境下重点关注。 ❑ 基金经理张晓南先生，具有 14 年证券、基金行业从业经验，现管理景顺 长城中证 A500ETF 和景顺长城纳斯达克科技市值加权 ETF 等多只基金， 合计规模 439.58 亿元。基金经理金璜先生，具有 8 年证券、基金行业从 业经验。现管理景顺长城中证港股通科技 ETF 和景顺长城上证科创板综合 价格 ETF 等多只基金，合计规模 100.09 亿元。 风险提示：本报告仅作为投资参考，基金产品过往业绩并不预示其未来表现， 亦不构成投资收益的保证或投资建议，新发基金无历史业绩可参考。 任瞳 S1090519080004 rentong@cmschina.com.cn 刘凯 S1090524120001 liukai11@ cmschi ...

证券研究报告 | 债券专题报告 2025 年 3 月 13 日 利率回升对信用债融资影响如何 ——信用策略周报 一、上周债市显著调整，长久期信用利差走阔幅度较大 上周货币宽松不确定性提升，叠加资金面未明显转松，各期限信用债收益率均有 所上行。上周信用利差大多走阔，长久期利差走阔幅度较大。1 年期各评级中短 票利差基本持平，3 年期 AA+级及以上中短票利差全周累计收窄-1 到-2bp，5 年 期各评级中短票利差走阔 5-8bp，7 年期各评级中短票利差走阔 1-2bp。分品种 来看，二永债利差走阔幅度整体大于其他信用债： 1）城投债：上周城投债信用利差整体走阔，长久期利差走阔幅度较大，尤其是 中低评级。5 年期 AA+级及以下城投债利差全周累计走阔 5-6bp； 2）金融债：上周金融债信用利差整体走阔，5 年期二永债利差走阔幅度较大， 为 7-9bp，此外 7 年期二级资本债信用利差走阔约 7bp。 二、调整期间基金大幅抛售长久期信用债，理财、保险维持增配 机构行为方面，上周其他产品类（包含企业年金、社保基金、养老基金等）、理 财、保险、农村金融机构是信用债的主要增配机构。上周前四天基金持续增配信 用债，周五 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3]. Core Viewpoints - The company is a leading player in the domestic ophthalmic medical device sector, focusing on innovation and expanding its product lines, particularly in intraocular lenses and orthokeratology lenses, with the contact lens business in a ramp-up phase [1][11]. - The approval of the refractive intraocular lens (PR) in January 2025 is expected to contribute significantly to revenue growth and facilitate domestic substitution [1][7]. - The aging population is driving demand for cataract surgeries, and the company has successfully participated in multiple rounds of national procurement for cataract lenses, ensuring stable revenue streams [7][49]. Financial Data and Valuation - The company’s total revenue is projected to grow from 579 million yuan in 2022 to 2,390 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 29% [2]. - The net profit attributable to shareholders is expected to increase from 233 million yuan in 2022 to 653 million yuan in 2026, reflecting a steady growth trajectory [2]. - The company’s price-to-earnings (PE) ratio is forecasted to decrease from 73.8 in 2022 to 26.3 in 2026, indicating improving valuation metrics as earnings grow [2]. Product and Market Position - The company’s product mix includes intraocular lenses (46.5% of revenue), orthokeratology lenses (16.5%), and contact lenses (27%), showcasing a diversified portfolio [14]. - The company is positioned to gradually replace imported products in the intraocular lens market, which is currently dominated by international brands [7][30]. - The contact lens market in China is expected to reach 1.28 billion USD by 2024, with the company planning to expand its production capacity to 300 million pieces annually within three years [7]. Research and Development - The company has a robust pipeline of research projects, including the PR lens and other innovative products aimed at enhancing its competitive edge in the ophthalmic device market [7][29]. - The company maintains a research and development expense ratio of around 15%, ensuring continued investment in innovation [21]. International Expansion - The establishment of an international business headquarters in Hong Kong is part of the company's strategy to expand its global footprint and enhance its supply chain [7][27]. - The company aims to build long-term partnerships with renowned hospitals and key opinion leaders worldwide to increase product recognition and market penetration [27].

Investment Rating - The report assigns an "Accumulate" investment rating for the company [3]. Core Views - The company is entering a new development stage by joining the China Resources system, enhancing its position as a leading innovator in traditional Chinese medicine [7]. - The company focuses on innovation, with successful secondary development of existing products and expansion into new indications, thereby extending product lifecycles [7]. - The company has a rich pipeline of research and development, with 98 projects underway, including 33 first-class new drugs, indicating a strong competitive edge [7]. - The financial outlook is positive, with projected net profits of 1.16 billion, 1.35 billion, and 1.52 billion yuan for 2025-2026, reflecting growth rates of 21%, 17.1%, and 12.3% respectively [7]. Financial Data and Valuation - Total revenue for 2023 is projected at 8.674 billion yuan, with a slight increase to 9.107 billion yuan in 2025, representing a 7% growth [2]. - The company's net profit for 2023 is estimated at 1.071 billion yuan, with expectations to rise to 1.155 billion yuan in 2025, marking a 21% increase [2]. - The price-to-earnings (PE) ratio is expected to decrease from 21.5 in 2023 to 19.9 in 2025, indicating improving valuation metrics [2]. Business Development - The company has successfully developed a comprehensive product line in modern Chinese medicine, focusing on cardiovascular, digestive metabolism, and oncology fields [20]. - The flagship product, Compound Danshen Dripping Pills, has achieved significant sales, with a market share of 6.2% and sales exceeding 3.1 billion yuan in 2023 [32]. - The company is actively expanding its product indications, with recent approvals for new uses in diabetes-related conditions, enhancing its market potential [39]. Research and Development Pipeline - The company is advancing its R&D capabilities, with 27 projects in clinical stages, including treatments for cardiovascular diseases, metabolic disorders, and tumors [7]. - The R&D investment intensity is among the highest in the traditional Chinese medicine industry, positioning the company for future growth [7]. - The company is focusing on secondary development of existing products, which has proven effective in extending product lifecycles and increasing sales [26].

Investment Rating - The investment rating for the industry is "Strong Buy" for several key companies including Supor, Boss Electric, and Feike Electric, while "Buy" is recommended for Beiding and Ecovacs [2]. Core Insights - The report highlights a potential reversal in profit margins for small home appliances due to the combination of national subsidies and improved platform regulations aimed at reducing excessive competition [6]. - The national subsidy program has expanded its scope, now including additional appliance categories, which is expected to stimulate demand and improve profitability for small appliance brands [6]. - The report emphasizes the importance of focusing on revenue scale recovery in the small appliance sector, with specific recommendations for brands in various categories [6]. Industry Scale - The industry consists of 88 listed companies, with a total market capitalization of 1,894.9 billion and a circulating market capitalization of 1,796.0 billion [3]. Performance Metrics - The absolute performance of the industry over 1 month, 6 months, and 12 months is 6.3%, 42.0%, and 22.7% respectively, while the relative performance is 4.8%, 18.3%, and 12.9% [5]. Growth Rates - The report provides growth rates for various small appliance categories for January and February, indicating significant online and offline growth in products like floor cleaning machines and coffee machines [7]. - Notably, the online growth rate for floor cleaning machines reached 72%, while offline growth for water purifiers was 107% [7]. Brand Performance - The report details the performance of specific brands, with Feike showing a 27% cumulative growth rate in GMV for January and February, while Supor and Beiding also demonstrated strong growth [7]. - The report notes that Douyin's GMV for certain brands has seen substantial increases, with some brands experiencing growth rates exceeding 300% [7]. Investment Recommendations - The report suggests focusing on specific brands for investment opportunities, including Feike Electric for personal care, Supor and Beiding for kitchen appliances, and Ecovacs and Stone Technology for cleaning appliances [6].

Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [1][53]. Core Insights - The company has successfully cleared its convertible bonds and is positioned for growth in 2024, leveraging its CRO and CDMO businesses to capitalize on the recovering industry [1][53]. - The CRO business is a leader in protein analysis, with a global market share of approximately 70%, and has begun to see a recovery in new orders since Q2 2024 [8][24]. - The CDMO segment, through the acquisition of Langhua Pharmaceutical, has strengthened its production capabilities and is experiencing improved operational efficiency [37][41]. - The investment incubation arm, VBI, has invested in 93 biotech startups, with several projects nearing clinical stages, indicating a potential for future returns [43][49]. Financial Data and Valuation - Total revenue is projected to decline from 2,382 million in 2022 to 1,966 million in 2024, before recovering to 2,597 million by 2026, with a CAGR of 15% from 2024 to 2026 [3][54]. - Adjusted net profit is expected to grow from 209 million in 2023 to 408 million by 2026, reflecting a strong recovery trajectory [3][54]. - The company’s PE ratio is projected to decrease from 15.5 in 2023 to 7.9 by 2026, indicating increasing valuation attractiveness [3][54]. Business Segments CRO Business - The CRO segment focuses on first-in-class drug development and has seen a 15% decline in revenue in the first half of 2024, primarily due to a cooling global investment environment [20][24]. - The company has established a unique AI-enabled SBDD platform, enhancing its drug discovery capabilities [31][32]. CDMO Business - The CDMO segment, through Langhua Pharmaceutical, has a solid customer base with a revenue contribution of approximately 57% from CDMO services in the first half of 2024 [37][41]. - The company is expanding its production capacity, with new facilities expected to be operational by Q4 2025 [41][42]. Investment Incubation - VBI has a diverse portfolio of 200+ drug pipelines, with several projects in advanced clinical stages, indicating a robust pipeline for future growth [43][49]. - The investment strategy has already yielded returns, with approximately 144 million in cash inflows from successful exits in the first half of 2024 [43][49].

Investment Rating - The report maintains a "Strong Buy" investment rating for Baofeng Energy [3] Core Views - Baofeng Energy is positioned as a leader in coal-to-olefins, with a focus on developing a circular economy industrial chain [9] - The company is expected to benefit from the gradual production ramp-up of its Inner Mongolia project, which will significantly enhance its production capacity and revenue [9][16] - The report anticipates an improvement in profit margins due to declining raw material costs and increased production efficiency [9][18] Financial Performance - In 2024, Baofeng Energy achieved a total revenue of 32.983 billion yuan, representing a year-on-year growth of 13.21% [2][9] - The net profit attributable to shareholders reached 6.338 billion yuan, up 12.16% year-on-year, with a non-recurring net profit of 6.780 billion yuan, increasing by 13.97% [2][9] - The fourth quarter of 2024 saw a revenue of 8.708 billion yuan, a slight decline of 0.30% year-on-year, but a significant increase of 46.16% quarter-on-quarter [2][9] Production and Capacity - The company’s olefin segment generated revenue of 19.266 billion yuan in 2024, accounting for 58.41% of total revenue, while the coking segment contributed 10.110 billion yuan, making up 30.65% [16] - The Inner Mongolia project is expected to increase the company's olefin production capacity to 5.2 million tons per year, making it the largest coal-to-olefins project globally [9][12] Market Dynamics - The report highlights that the domestic demand for polyolefins is expected to grow, although at a slower pace due to macroeconomic factors [20][23] - The coking industry is facing challenges with weak demand, particularly from the steel sector, leading to a decline in coking prices [33][34] Cost Structure and Profitability - The average procurement price for thermal coal in 2024 was 414.22 yuan per ton, a decrease of 10.88% year-on-year, which is expected to benefit the company's cost structure [9][18] - The overall gross margin for the company improved to 33.15% in 2024, up 2.75 percentage points year-on-year, with a net profit margin of 19.22% [18][9] Future Outlook - The report projects that the net profit attributable to shareholders will reach 10.75 billion yuan, 12.60 billion yuan, and 13.88 billion yuan for the years 2025, 2026, and 2027, respectively [9][7] - The expected earnings per share (EPS) for the same years are forecasted to be 1.47 yuan, 1.72 yuan, and 1.89 yuan, indicating a positive growth trajectory [9][7]