GOLDEN SUN SECURITIES·2025-09-19 00:27Group 1: Macro Analysis - The Federal Reserve has lowered interest rates by 25 basis points, with a total of three rate cuts expected within the year, indicating a neutral overall stance [3] - Historical trends suggest that rate cuts in a non-recessionary environment typically lead to increases in U.S. stock markets and gold prices, while bond yields and the U.S. dollar index tend to decline [3] - The recent rate cut opens up further room for monetary policy easing in China, with an increased likelihood of rate cuts in the fourth quarter, contingent on domestic economic performance [3] Group 2: Company Analysis - Lansheng Co., Ltd. (600826.SH) - Lansheng Co., Ltd. operates across the entire exhibition industry chain, including exhibition organization, venue operation, and related services, with strong barriers to entry due to high-level government IP exhibitions [5] - The company is expanding its domestic and international exhibition strategies, aiming to replicate successful events in different locations and participate in overseas exhibitions [5] - Revenue projections for Lansheng from 2025 to 2027 are estimated at 1.714 billion, 1.845 billion, and 1.987 billion yuan, respectively, with corresponding net profits of 349 million, 388 million, and 437 million yuan, reflecting growth rates of 4.3%, 7.7%, and 7.7% [5] Group 3: Company Analysis - Jiuzhou Pharmaceutical (603456.SH) - Jiuzhou Pharmaceutical's performance is showing a positive trend, with Q2 revenue of 1.381 billion yuan, a year-on-year increase of 7.15%, and a net profit of 276 million yuan, up 15.70% [8] - The company is expected to see net profits grow from 949 million to 1.184 billion yuan from 2025 to 2027, with growth rates of 56.5%, 9.8%, and 13.7% respectively [8] - The projected price-to-earnings ratios for Jiuzhou Pharmaceutical are 19X, 17X, and 15X for the years 2025 to 2027 [8] Group 4: Company Analysis - Baidu Group (09888.HK) - Baidu is accelerating its AI transformation, with the launch of the Wenxin large model X1.1, which ranks highly in the industry [10] - Revenue forecasts for Baidu from 2025 to 2027 are adjusted to 129.9 billion, 139.1 billion, and 157.4 billion yuan, with non-GAAP net profits of 17.9 billion, 20.1 billion, and 27.3 billion yuan [10] - The valuation adjustments are based on various business segments, including advertising and cloud services, leading to an upgraded rating to "buy" [10]