数据说明：截至2025.12.31，崔志鹏具有8.4年证券从业经历，其中6.5年证券研究经历，1.9年证券投资 经历。崔志鹏历任基金：华商消费行业股票2024.1.3至今，华商甄选回报混合2024.1.3至今。文中观点来 自基金定期报告，仅为基金经理投资理念，基金的投资策略、费率信息详见基金招募说明书等法律文 件。 风险提示：本基金管理人承诺以诚实信用、恪尽职守、谨慎勤勉的态度管理和运用基金资产，但不保证 基金一定盈利，也不保证最低收益。投资者购买基金时，请认真阅读基金合同、招募说明书等基金法律 文件。敬请投资者选择符合风险承受能力、投资目标的产品。以上观点不代表投资建议，市场有风险， 基金投资需谨慎。 (责任编辑：叶景) 华商基金崔志鹏是清华大学金融硕士，2017年毕业后加入华商基金先后担任行业研究员、基金经理助 理，同时担任公司行业研究消费组组长，2024年1月起担任基金经理至今，是华商基金专业投研体系培 养的优秀人才。 多年来，华商基金崔志鹏一直专注深耕大消费领域，研究员阶段深度覆盖轻工、建材、食品饮料、纺织 服装、零售、社服等消费行业，基金经理助理阶段在"A+H"泛消费行业积累较广，研究范围下沉度较 ...

Core Viewpoint - Wix.com Ltd. (WIX) is assigned a buy rating due to solid execution, particularly in the Creative Subscriptions revenue segment and accelerating revenue in the Business Solutions segment [1] Company Performance - The Creative Subscriptions revenue segment shows steady revenue performance, indicating a stable income stream for the company [1] - The Business Solutions segment is experiencing accelerating revenue growth, suggesting a positive trend in this area [1] Analyst's Focus - The analysis encompasses future-oriented industries where culture, technology, and valuation intersect, including digital assets and gaming publishers [1] - The approach combines discounted cash flow (DCF) and relative valuation with macroeconomic and narrative context to identify early positioning in leading companies and assets [1]

Core Insights - The article emphasizes the convergence of culture, technology, and valuation in future-oriented industries, particularly in digital assets and gaming sectors [1] Group 1: Digital Assets - The focus includes major cryptocurrencies such as XRP, Bitcoin, and Ethereum, which are reshaping global finance [1] - The analysis aims to identify early positioning in these digital assets that are leading the next cycle of growth [1] Group 2: Gaming Industry - The article covers gaming publishers like Nintendo, Capcom, and Square Enix, highlighting their role in transforming entertainment [1] - The approach combines discounted cash flow (DCF) and relative valuation methods to assess these companies [1] Group 3: Consumer Brands - Selected consumer brands such as Monster Beverage, Sprouts, and Macy's are analyzed, where brand strength and consumer behavior are key drivers of long-term value [1] - The analysis seeks to provide insights into how these brands can capitalize on market trends [1]

Core Insights - The analyst has a strong focus on the gaming industry and consumer-facing stocks, with notable work on companies like Nintendo and GameStop, and is expanding coverage to publishers such as Capcom and Take-Two to identify long-term value in gaming franchises [1] Group 1: Industry Focus - The gaming sector is highlighted as a key area of interest, with an emphasis on iconic franchises and the potential for durable growth stories [1] - The approach combines disciplined valuation methods like DCF and relative multiples with narrative context, aiming to clarify complex valuations for long-term investors [1] Group 2: Company Analysis - The analyst has also evaluated companies outside of gaming, including Monster Beverage, Sprouts, Macy's, and Live Nation, where brand strength, narrative, and consumer behavior significantly influence valuation [1] - The focus is on sectors where culture, technology, and financials intersect, which helps in positioning early in companies with sustainable growth potential [1]

Group 1 - The selection of underwriters for Nasdaq IPOs is a critical decision that directly impacts the success rate, pricing rationality, and subsequent market performance of the IPO [2] - Nasdaq primarily caters to technology and innovation companies, making the underwriter's industry experience and specific knowledge of Nasdaq essential [2][3] - The underwriter's distribution capabilities and global network are crucial for reaching core investors and ensuring efficient stock allocation [2][3] Group 2 - Nasdaq's market is highly sensitive to valuation rationality, particularly for tech stocks, where valuations are often based on future cash flows rather than current profits [2][3] - The underwriter's research support is vital for attracting ongoing investor interest, especially from institutional investors who rely on broker research reports to assess company value [2][3] - The underwriter's experience with Nasdaq IPOs, particularly in the last three years, is important for understanding listing standards and market dynamics [3][4] Group 3 - The professional capabilities of the project team are key to the success of the IPO, with a focus on execution and responsiveness to the company's needs [4] - The reputation and compliance of the underwriter are critical for reducing regulatory and market risks, as Nasdaq has high disclosure and compliance requirements [4] - The fee structure of the underwriter must balance cost and service quality, with typical underwriting fees ranging from 5% to 7% of the raised capital [4] Group 4 - The core logic for selecting a Nasdaq IPO underwriter revolves around matching the company's industry attributes, development stage, and listing goals while considering both short-term execution efficiency and long-term value creation [4] - Underwriters should provide additional services that support the company's long-term growth, such as refinancing support and investor relations assistance [4]

Group 1 - The investment approach combines macroeconomic analysis with valuation models such as DCF and multiple-based analysis [1] - Focus is placed on financial structure, free cash flow generation, and capital allocation discipline [1] - There is a particular interest in companies undergoing transformation or recovery, with a positive risk/reward profile over a 2-3 year horizon [1] Group 2 - The aim is to publish in-depth investment theses on undervalued equities and special situation plays [1] - The objective includes challenging consensus views and uncovering value in the market [1] - Emphasis is placed on transparency and intellectual honesty in sharing investment ideas [1]

Summary of Nickel Industries (NIC.AX) Conference Call Company Overview - **Company**: Nickel Industries (NIC.AX) - **Industry**: Australia Materials - **Current Stock Price**: A$0.76 (as of February 24, 2025) - **Price Target**: A$1.00, down from A$1.05 [1][2] Key Financial Updates - **Earnings Per Share (EPS) Forecasts**: - CY25: Down 9.8% - CY26: Down 4.7% - CY27: Down 5% [1] - **Revenue Projections**: - 2024: A$1,744.5 million - 2025: A$1,764.7 million - 2026: A$2,636.9 million - 2027: A$2,743.8 million [16] - **EBITDA Projections**: - 2024: A$286.1 million - 2025: A$322.0 million - 2026: A$645.9 million - 2027: A$683.1 million [16] - **Ordinary Dividend**: - 2025: A$2.4 million [16] Risk and Reward Analysis - **Risk Reward Update**: - Price target reduced by A$0.05 to A$1.00 due to increased operating costs and adjustments in production forecasts [1][2]. - **Bull Case Price Target**: A$2.30, down from A$2.55 [1][2]. - **Bear Case Price Target**: Remains unchanged at A$0.30 [2]. Investment Thesis - **Stock Rating**: Overweight [3]. - **Industry View**: Attractive [3]. - **Positive Factors**: - Potential for positive revisions to forecasts due to decreasing nickel market surpluses and prices trading above estimates [10]. - Payabilities may revert to historical averages, positively impacting Nickel Industries [10]. - Opportunities for an ESG re-rate as carbon emission intensities decline [10]. Market Dynamics - **Nickel Market**: - The company anticipates nickel prices to stabilize and potentially increase towards five-year averages [17]. - Production growth driven by ENC Stage 1, with potential for ENC Stage 2 development [17]. Sustainability and ESG Considerations - **ESG Metrics**: - Total GHG emissions increased from 2,081,357 metric tons in December 2021 to 6,739,960 metric tons in December 2023 [25]. - Board gender diversity remains low, with a ratio of 1:9 as of December 2023 [25]. Conclusion - Nickel Industries is positioned in a challenging market environment with revised earnings forecasts and a cautious outlook on production and costs. However, the potential for positive market dynamics and ESG improvements may provide investment opportunities moving forward.