Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive analysis of China's economic situation through various high - frequency indicators, showing a mixed picture of economic trends. Production and some infrastructure indicators are rising, while consumption and exports are facing downward pressure. Meanwhile, the real estate market shows signs of recovery, and CPI remains stable while PPI shows an upward trend [1][2][3]. Summary by Directory 1. Weekly Economic Index - The China Weekly Economic Index (WEI) dropped to 6.1%, a 0.2 - percentage - point decline from the previous value. The WEI production sub - index was 6.3%, unchanged from the previous value, and the WEI demand sub - index was 5.7%, a 0.3 - percentage - point decline. The supply - demand gap was - 0.6%, a 0.3 - percentage - point decline [1]. 2. Production - The 4 - week moving average year - on - year growth rate of rebar production increased by 2.4 percentage points to 6.7%. The blast furnace operating rate rose by 1.1 percentage points to 83.2%. The PTA industrial chain load rate decreased by 0.4 percentage points to 80.5%. The automobile semi - steel tire operating rate dropped by 1.2 percentage points to 81.8%. The 4 - week moving average year - on - year growth rate of the daily coal consumption of major coastal power plants increased by 2.2 percentage points to - 0.4% [1]. 3. Infrastructure - The cement shipping rate increased by 0.1 percentage points to 42.8%. The cement mill operating rate rose by 0.2 percentage points to 41.7%. The petroleum asphalt plant operating rate decreased by 1.0 percentage point to 25.7% [1]. 4. Real Estate - The 4 - week moving average year - on - year growth rate of the commercial housing sales area in 30 large and medium - sized cities increased by 2.5 percentage points to 1.1%. The 4 - week moving average year - on - year growth rate of the land area of land transactions in 100 large - and medium - sized cities increased by 32.3 percentage points to - 4.7% [2]. 5. Consumption - The year - on - year growth rate of the daily retail sales of passenger cars decreased by 5.0 percentage points to 3.0%. The 4 - week moving average year - on - year growth rate of movie box office decreased by 25.1 percentage points to - 49.3%. The 4 - week moving average year - on - year growth rate of domestic flight operations increased by 2.2 percentage points to 1.4%. The 4 - week moving average year - on - year growth rate of subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen increased by 0.3 percentage points to 2.4% [2]. 6. Exports - In late March, South Korea's exports decreased by 4.6 percentage points to 1.0% year - on - year. The 4 - week moving average year - on - year growth rate of the Baltic Dry Index (BDI) increased by 8.2 percentage points to - 23.0% [2]. 7. CPI - The 4 - week moving average year - on - year growth rate of the agricultural product wholesale price 200 index increased by 0.8 percentage points to - 3.9%. The 4 - week moving average year - on - year growth rate of the average wholesale price of pork decreased by 0.4 percentage points to 2.8%. The 4 - week moving average year - on - year growth rate of the average wholesale price of 28 key monitored vegetables increased by 1.8 percentage points to - 5.8% [3]. 8. PPI - The 4 - week moving average year - on - year growth rate of the Nanhua Composite Index increased by 0.2 percentage points to - 0.6%. The 4 - week moving average year - on - year growth rate of the Brent crude oil spot price decreased by 0.7 percentage points to - 15.9%. The 4 - week moving average year - on - year growth rate of the rebar price increased by 1.4 percentage points to - 8.6%. The 4 - week moving average year - on - year growth rate of the Qinhuangdao Port steam coal closing price increased by 1.8 percentage points to - 20.3%. The 4 - week moving average year - on - year growth rate of the cement price index increased by 2.1 percentage points to 19.7% [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has optimized its diversified business structure, resulting in stable revenue and profit performance. In 2024, the company achieved revenue of 3.671 billion yuan, a year-on-year increase of 1.2%, with an adjusted net profit of 1.251 billion yuan, reflecting a significant year-on-year increase of 120% [2][6] - The gaming and streaming segments have shown substantial growth, with gaming revenue reaching 1.992 billion yuan, a year-on-year increase of 346%, and online streaming and advertising revenue at 1.516 billion yuan, up 63% [2][6] - The company has successfully launched several films that received positive market feedback, contributing to its content production segment despite a challenging market environment [2] Financial Performance Summary - In 2024, the company reported total revenue of 3.671 billion yuan, with a gross margin of 52% and an adjusted net profit of 1.251 billion yuan [2][7] - The company expects revenue growth to continue, projecting revenues of 4.865 billion yuan, 6.121 billion yuan, and 7.025 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 1.545 billion yuan, 1.817 billion yuan, and 2.115 billion yuan for the same years [7][8] - The company’s financial ratios indicate a projected PE of 22.1, 18.8, and 16.2 for 2025, 2026, and 2027 respectively, suggesting a favorable valuation trend [7][8] Business Segment Analysis - The content production segment generated revenue of 127 million yuan, a decrease of 94% year-on-year, while the online streaming and advertising segment saw significant growth [2][6] - The gaming segment has been a major driver of revenue, with the successful launch of games leading to a substantial increase in income [6] - The company is actively embracing AI technology to enhance content personalization and expand its market reach through self-produced short dramas [6]

Investment Rating - The report emphasizes the importance of stabilizing the stock and real estate markets to boost consumer spending, indicating a positive outlook for the consumption sector as asset prices stabilize [3][4]. Core Insights - The relationship between asset prices and consumer spending is complex, with asset price increases leading to higher income levels and economic activity, which in turn boosts consumption [3][5]. - The report highlights that real estate assets dominate household wealth in China, making housing price stability crucial for consumer confidence and spending [3][10]. - The impact of asset price fluctuations on discretionary consumption is more pronounced than on essential consumption, with discretionary spending responding more immediately to asset price changes [24][30]. - The report identifies key investment themes in the consumption sector, including smart consumption driven by technological advancements, the preferences of Generation Z, and the aging population's consumption needs [3][32]. Summary by Sections 1. Impact of Asset Prices on Consumption - The report outlines five main effects through which asset prices influence consumption: wealth effect, expectation effect, borrowing effect, savings effect, and cultural effect [5][6]. - It notes that the wealth and expectation effects are dominant, with a growing influence from borrowing and savings effects [6][10]. 2. Differences in Impact Between Housing and Stock Prices - Housing assets significantly outweigh financial assets in Chinese households, leading to a greater impact of housing price changes on consumer behavior compared to stock prices [10][12]. - The report discusses the synchronized movements of housing and stock prices, noting that while they often rise and fall together, their effects on consumption differ [19][20]. 3. Consumption Categories and Asset Price Influence - The report categorizes consumption into essential and discretionary, stating that asset price changes have a more immediate effect on discretionary spending [24][30]. - It emphasizes the need for updated classifications of consumption categories to reflect changing consumer behaviors and preferences [30]. 4. Investment Strategies Based on Asset Price Trends - The report suggests differentiated investment strategies for high-end and mass-market products, indicating that high-end products tend to perform well in strong liquidity environments [32][34]. - It highlights the importance of aligning investment strategies with the current economic cycle and consumer trends [32][34]. 5. Sector-Specific Insights - The report provides insights into specific sectors such as high-end liquor, where the relationship between asset prices and consumption is particularly strong [39][40]. - It also discusses the performance of high-end traditional Chinese medicine products, noting their resilience despite economic fluctuations [55][58].

Economic Impact of Exports - In 2016, 2018, and 2023, exports negatively impacted economic growth, with contributions to GDP growth of -0.75%, -0.59%, and -0.62% respectively[3] - The 2008 financial crisis caused the most significant drop in external demand, but the countermeasures taken then are not applicable today[3] Consumption and Investment Contributions - In 2016, consumption contributed 4.58% to GDP growth, while investment contributed 2.97%, with retail sales and fixed asset investment growth rates at 10.2% and 7.3% respectively[3] - In 2023, consumption's contribution to GDP growth was 4.62%, while investment contributed only 1.39%, indicating a gap in investment's contribution compared to 2016[3] Government Consumption - Government consumption expenditure growth averaged 6.6% from 2020 to 2023, significantly lower than the 10-year average of 8.9%[4] - In 2023, government consumption expenditure growth reached 8.2%, contributing to offsetting external demand shortfalls[4] Future Economic Projections - To achieve a 5% growth target in 2023, government consumption must contribute approximately 4.4% to GDP growth, necessitating an increase in investment contribution by about 1.35%[5] - Local governments are expected to receive over 4 trillion yuan in debt resources, which could boost infrastructure investment to at least 5.9% growth, a 1.5% increase from the previous year[5] Policy Recommendations - The current policy direction mirrors successful measures from 2016, focusing on stimulating consumer demand and government spending to counteract export declines[3][5] - Continuous monitoring of external demand and timely adjustments in policy are crucial, especially given the complex geopolitical landscape[6][7]

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4]. Core Insights - The recent implementation of the "reciprocal tariff" policy by the U.S. government, which includes a 10% minimum baseline tariff, has led to significant volatility in global financial markets, impacting gold prices [1]. - Following the U.S. tariff announcement, gold prices initially surged to a historical high before experiencing a sharp decline, attributed to a sell-off triggered by falling global stock markets [1]. - The report highlights that the long-term outlook for gold prices remains bullish due to increasing trade tensions and rising input costs, which are expected to drive inflation in the U.S. [2]. - Yale University's budget laboratory predicts that if retaliatory measures are not taken by other countries, U.S. PCE could rise by 1.7%, with a potential decline in real GDP growth by 0.6 percentage points by 2025 [2]. - The report suggests that gold-related stocks, such as Lingbao Gold, Chifeng Jilong Gold Mining, China National Gold International, Shandong Gold, and Shandong Gold International, still hold strong investment value [2]. Summary by Sections Industry Scale - The industry comprises 233 companies, with a total market capitalization of 405.21 billion and a circulating market value of 377.45 billion [4]. Industry Index Performance - The absolute performance over 1 month, 6 months, and 12 months is 2.9%, 21.5%, and 13.4% respectively, while the relative performance is 3.6%, 25.4%, and 5.2% [6].

2025 年 03 月 31 日 猪价季节性回落，母猪产能环比微增 生猪养殖行业 202502 月报点评 消费品/农林牧渔 2 月产业端供给压力缓于预期以及标肥价差引导产业供给后置，猪价季节性走 弱、但整体强于市场预期。行业仍处产能释放期，而上半年猪肉消费疲软，预 计猪价整体承压，母猪产能或维持弱去化趋势。考虑到 25 年生猪供给增幅有限， 行业成本方差较大，优质猪企或仍可实现可观利润，持续修复资产负债表。重 点推荐牧原股份、温氏股份等，建议关注神农集团、东瑞股份等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 89 | 1.7 | | 总市值（十亿元） | 1020.2 | 1.2 | | 流通市值（十亿元） | 869.7 | 1.1 | 行业指数 % 1m 6m 12m 绝对表现 5.9 20.0 5.0 相对表现 5.2 14.3 -6.2 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Apr/24 Jul/24 Nov/24 Mar/25 (%) 农林牧渔 沪深300 相关报告 ❑ 风险提示：农产品价格 ...

Investment Rating - The report maintains a "strong buy" rating for Alibaba, Pinduoduo, JD.com, and Vipshop in the e-commerce sector, and a "strong buy" rating for Meituan in the local life services sector, as well as for Didi Chuxing in the shared mobility sector [18][19][20][21]. Core Insights - The e-commerce sector is expected to see a recovery in valuations, with leading companies like Alibaba, Pinduoduo, JD.com, and Vipshop recommended due to their low valuations and potential for profit growth [18]. - Meituan's core business profits exceeded expectations, with significant growth in its takeaway and in-store services, leading to a target price of 178.8 HKD based on a 20x PE ratio [19]. - Didi Chuxing is projected to maintain stable growth with a potential EBITDA margin of 4-5% or higher, supported by its strong market position and operational confidence [20]. - Pinduoduo announced a "100 billion support" plan to enhance merchant development, indicating a commitment to high-quality e-commerce ecosystem construction [28]. - Ctrip's overseas business continues to grow, with a projected revenue increase of 14-15% for 2025, despite short-term profit margin pressures [22]. Industry Performance - The restaurant and tourism sector index fell by 0.22%, outperforming the CSI 300 index which dropped by 1.37% [5][7]. - The retail sector index increased by 0.24%, also outperforming the broader market indices [5][7]. - The report highlights significant stock movements, with top gainers in the restaurant and tourism sector including Lingnan Holdings (+26.28%) and Zhangjiajie (+7.91%) [10][12]. - In the retail sector, Yonghui Supermarket (+13.08%) and E-Wu Commercial A (+7.22%) were among the top performers [14][17]. Key Company Recommendations - Alibaba is expected to improve its monetization rate and cloud business growth, with a target price of 156-190 HKD per share [21]. - Pinduoduo's management is optimistic about future growth, with a target price of 172-215 USD per share [21]. - JD.com is projected to maintain a stable profit margin and revenue growth, with a target price of 193-232 HKD per share [21]. - Meituan's core business is expected to continue growing rapidly, with a target price of 178.8 HKD [19]. - Didi Chuxing is recommended for its long-term profit growth potential and operational confidence [20].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4]. Core Insights - The pharmaceutical industry is primarily driven by domestic demand, with most sub-sectors minimally affected by tariff impacts, such as medical services, innovative domestic drugs, traditional Chinese medicine, and pharmacy/retail [1][3]. - There is significant potential for import substitution in high-import sectors like blood products, certain medical devices, and key components, which are expected to benefit marginally from the current tariff situation [1]. - The report highlights specific sectors to watch, including blood products, domestic consumption-related sectors, and medical devices, which are poised for growth due to favorable policies and market conditions [2]. Summary by Relevant Sections Blood Products - The overseas share of human albumin exceeds 60%, and with tariffs on imported albumin, domestic prices are expected to recover. The "14th Five-Year Plan" for new plasma stations is also promising. Companies to focus on include Palin Biotech, Tiantan Biological, and Boya Biological [2]. Domestic Consumption - External impacts are minimal, and consumption policies are catalyzing recovery in certain areas. Key companies include medical services (e.g., Aier Eye Hospital, Tongce Medical), beauty services (Aimeike), pharmacies (Yifeng Pharmacy, Dazhong Pharmacy), and traditional Chinese medicine (Dong-E E-Jiao, China Resources Sanjiu) [2]. Medical Devices - For core components, the domestic market for medical CT tubes is largely dominated by imports, with potential benefits from anti-dumping investigations. Companies to watch include Yirui Technology and United Imaging Healthcare [2]. - In consumables, the domestic market for electrophysiology is under 10% localization, with U.S. companies leading. Companies like Huitai Medical and Microelectrophysiology are expected to benefit from increased localization [2]. - In vitro diagnostics (IVD) are also highlighted, with certain leading foreign companies facing tariffs that may accelerate import substitution. Recommended companies include New Industries, Mindray Medical, Antu Biology, and Yanhui Long [2]. Pharmaceuticals - The report indicates that the pharmaceutical sector is largely unaffected by tariffs, with a focus on domestic innovation. Companies to monitor include Heng Rui Medicine, Innovent Biologics, and Fuhong Hanlin [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company's Q4 performance shows stabilization in revenue and profit, with significant improvement in operational quality. The growth is driven by opportunities in trusted innovation (信创), AI, and data elements, particularly in cloud and data services [1][6]. - The company is positioned as a foundational player in digital China, with advantages in trusted innovation, data elements, and cloud services, projecting a net profit of 316 million, 428 million, and 495 million yuan for 2025 to 2027 respectively [6][10]. Financial Data and Valuation - Total revenue for 2023 is reported at 9,195 million yuan, with a year-on-year decline of 13%. The projected revenue for 2024 is 7,836 million yuan, with a further decline of 15%, followed by a recovery with expected growth of 10% in 2025 [2][10]. - Operating profit for 2023 is 419 million yuan, with a decrease of 4% year-on-year. The forecast for 2024 shows a significant drop to 233 million yuan, but a recovery is expected with 384 million yuan in 2025, representing a 65% increase [2][10]. - The company's net profit attributable to shareholders is 375 million yuan for 2023, down 1% year-on-year, with a forecast of 316 million yuan for 2025, reflecting a 66% increase [2][10]. - The current price-to-earnings (PE) ratio is 41.7, projected to rise to 81.9 in 2024 before decreasing to 49.5 in 2025 [2][11]. Business Performance - In Q4, the company achieved a revenue of 34.99 billion yuan, down 11.95% year-on-year, with a net profit of 2.19 billion yuan, a decrease of 9.82% [6][10]. - The company’s gross margin improved by 0.60 percentage points to 24.08% for the year, with Q4 gross margin increasing by 2.16 percentage points to 18.05% [6][10]. - The cloud and data services, along with trusted innovation business, are key growth drivers, with cloud and data services revenue growing by 12.34% in 2024 [6][10]. Shareholder Information - The major shareholder is China Electric Tai Chi Group Co., Ltd., holding 28.61% of the shares [3].

1 、《环保公用事业行业周报 （20250330）：碳排放权交易市场首 次扩围，新增三大高碳排行业》 2025-03-30 证券研究报告 | 行业定期报告 2025 年 04 月 06 日 证券研究报告 | 行业定期报告 2025 年 04 月 06 日 深化公用事业价格市场化改革，更好发挥价格信号作用 环保公用事业行业周报（2025/04/06） 周期/环保及公用事业 本周环保与公用事业板块表现出现分化。环保（申万）行业指数下跌 0.25%， 相较市场整体跌幅较小；公用事业（申万）行业指数上涨 2.55%，涨幅领先。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 241 | 4.7 | | 总市值（十亿元） | 3676.4 | 4.4 | | 流通市值（十亿元） | 3409.4 | 4.5 | 行业指数 % 1m 6m 12m 绝对表现 5.2 16.9 10.6 相对表现 5.9 20.8 2.4 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Apr/24 Jul/24 Nov/24 Mar/25 (%) 环保及公 ...