银河证券晨会报告-2025-03-25

Key Insights - The report highlights three main investment themes in the Hong Kong stock market for 2025: the improvement of consumer sector performance due to domestic demand policies, strong performance expectations in the technology sector supported by policy and industry trends, and the attractiveness of high dividend strategies, particularly from state-owned enterprises [5][2][4] Consumer Sector - Gree Electric Appliances is experiencing a turnaround with a low valuation and high dividend yield, having a dividend payout ratio of 102%, 72%, 46%, and 45% from 2020 to 2023, and a significant reduction in share capital by 6.9% since early 2020 [17][20] - China Resources Beverage has shown significant improvement in profitability, with a long-term trend of profit enhancement and a special dividend proposed, despite short-term competition in the packaged water sector [22] Technology Sector - The demand for computing power is increasing, with significant advancements in data center power supply moving towards 800V HVDC systems and the importance of BBU and LIC supercapacitors continuing to rise [7][8] - NVIDIA's GTC 2025 conference emphasized the growing importance of inference computing power, with expectations for a substantial increase in demand driven by advancements in AI and cloud computing [11][12][15] Food and Beverage Sector - Golden Dragon Fish reported a stable increase in kitchen food sales, with a notable improvement in Q4 performance, despite a slight decline in overall revenue for 2024 [26][28] - The company has a comprehensive brand matrix and a robust distribution network, which, combined with policies aimed at boosting consumption, are expected to support revenue growth [28] Mining Sector - Zijin Mining's revenue for 2024 reached 303.6 billion yuan, a 3.5% increase year-on-year, with a significant rise in net profit by 51.8% [31][32] - The company is on track to achieve ambitious production targets for copper, gold, and zinc, with ongoing projects expected to enhance production capacity significantly [33][36]