Group 1 - DeepSeek's emergence has led to a significant revaluation of Chinese technology stocks and assets, indicating a shift from a manufacturing power to a manufacturing stronghold in China [2] - The average price-to-earnings (P/E) ratio in the U.S. stock market is 1-2 times higher than that in China, presenting a global capital rebalancing opportunity [2] - The impact of DeepSeek is felt across various industries, prompting companies to explore how artificial intelligence can empower their operations and enhance valuations [2] Group 2 - The revaluation of Chinese assets also implies regaining pricing power, with listed companies needing to effectively communicate their unique market positions and values [3] - Purple River Enterprises has integrated market capitalization management into its performance assessment for 20 years, evolving from benchmarking against the CSI 300 to comparing with industry peers [3] - The company has returned 62% of its distributable profits to investors through dividends, with a proposed cash dividend of 3 yuan per 10 shares, totaling 455 million yuan, representing 56.26% of its net profit [3]

【中国零担物流进入分化期，安能物流表现亮眼】相较于快递行业的平稳发展，中国零担物流正步入分 化阶段。2024 年零担市场规模达 1.7 万亿元，预计未来五年年复合增长 2.1%。 全网快运公司凭借规模 和服务优势，渗透率从 2019 年的 11%升至 2024 年的 16%，头部全网快运公司市占率已超 60%，市场 整合趋势明显。 对标美国零担行业，中国零担快运或有巨大价值空间。2024 年，安能物流实现营收 115.76 亿元，同比增长 16.7%；经调整净利润 8.37 亿元，同比激增 64.2%。 安能物流当前市值刚过百 亿关口，低估值与高成长性形成显著剪刀差。如果为安能定义估值，可参考业务类型相似的上市公司或 资深机构评级。 安能与德邦同属物流行业且竞争于快运领域，2024 年二者净利润额已相差无几。德邦 营收 403.79 亿元，净利润 8.61 亿元。 截至 4 月 16 日收盘，德邦 PE 为 18 倍，PB 为 1.7 倍，市值 137 亿元。安能 PE(TTM)11.9 倍，PB 为 2.7 倍，市值 104.3 亿港元，市场认知有偏差。 基于当前业绩指 标，机构给予了较高的估值空间。中金公 ...

Core Viewpoint - The company reported a revenue of 8.227 billion yuan for 2024, reflecting a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.190 billion yuan, up 9.89% year-on-year, slightly exceeding expectations [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.584 billion yuan, representing a year-on-year increase of 10.64% and a quarter-on-quarter increase of 52.22% [1] - The net profit for Q4 was 268 million yuan, showing a year-on-year increase of 37.51% but a quarter-on-quarter decrease of 15.48% [1] - Operating cash flow increased by 14.19% year-on-year, reaching 1.974 billion yuan, with accounts receivable rising by 42.13% to 2.534 billion yuan [2] Business Segments - Water sales and sewage treatment showed steady growth, with water sales revenue increasing by 2.7% and sewage treatment revenue by 4.2% year-on-year [1] - Gas sales and gas engineering installation revenues declined by 0.8% and 10.4% year-on-year, respectively [1] - The company sold 416 million tons of water (up 5.07% year-on-year) and treated 1.253 billion tons of sewage (up 7.90% year-on-year) in 2024 [1] Dividend Policy - The company aims to maintain a dividend payout ratio of no less than 50% for eight consecutive years, with a dividend per share (DPS) of 0.464 yuan for 2024 [2] - The company has consistently maintained a dividend payout ratio above 50% since 2019, reflecting strong asset quality and commitment to shareholder returns [2] Valuation - The target price for the company is set at 14.90 yuan, maintaining a "buy" rating, with expected net profits for 2025-2027 projected at 1.253 billion, 1.315 billion, and 1.363 billion yuan, respectively [3] - The company is assigned a 15.2 times price-to-earnings (PE) ratio for 2025, reflecting a 20% premium over the average PE of comparable companies [3]

点击 关注我们 报告发布日期：2025年4月7日 报告名称: 《 电子行业周报--中国科技资产长期价值重估的大幕正徐徐拉开 》 分析师：胡剑 S098052 1080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 电子行业周报-中国科技资产长期价值重估 的大幕正徐徐拉开 2025-04-14 | 胡剑 胡慧 叶子 詹浏洋 张大为 李书颖 连欣然 中国科技资产价值重估大幕徐徐拉开。过去一周上证 下跌3.11%，电子下跌3.89%、恒生科技、台湾资讯科技 下跌7.77%、7.13%、费城半导体上涨10.93%。过去一 周,由美国发起的关税博弈局势反复,中国政府在秉持着一 贯的"不惹事但也不怕事"的外交立场、对美国发起多项反制 措施的同时,也就稳定资本市场、开拓内需市场采取了诸多 政策组合,基于应对特朗普上届任期内所发起的贸易摩擦的 经验，我国此次的政策应对更加系统和前瞻；而周末美国C BP所发布的《特定产品对 ...

文 ｜ 陈竹 宋硕 韩世通 曾令鹏 沈睦钧 王凯旋 唐寅灏 蒋罗昕 顾资然 李文涛 张斌斌 任杰 徐嘉琪 朱家成 王郑洋 医疗健康产业较多子行业在2 0 2 5Q1有望呈现出需求或业绩修复的趋势，相关上市公司从整体来看 2 0 2 5Q1业绩表现预期较为稳健。得益于集采等政策优化向好、商保推动和AI赋能，板块有望迎来 估值重估且催化预计将延续全年，我们判断医疗健康产业相关上市公司全年整体的收入、利润、现 金流将稳健修复向好。其中收入端有望得到商保等增量支付拉动，利润端有望受益于集采政策等优 化，现金流有望受益于医院回款向好、化债回款支持和生物医药融资环境触底回暖等因素。建议积 极布局医疗健康产业投资机会，板块估值迎来价值重估，底部布局正当时。 ▍ 2 5Q1有望呈现出需求或业绩修复的趋势，整体来看业绩表现预期较为稳健。 商保端： "穗新保"落地彰显广州市商保发展促进政策成效，后续全国其他省市政策落地值得进一 步期待。我们预计未来商保端将以惠民保为抓手，逐步提升中高端医疗险渗透率，打通医疗险对 医药行业支付的正向循环。 AI赋能： 我们认为AI医疗有望带来医疗数据价值重估、医疗医药工业提效和赋能诊疗新业态的 增 ...

对标咖啡赛道估值，成为"中国版星巴克"。 本文为IPO早知道原创 作者｜苏打 微信公众号｜ipozaozhidao 据「IPO早知道」消息，北京时间3月26日凌晨，霸王茶姬正式向美国证券交易委员会（SEC）公开 提交招股书。 招股书显示，2024年，霸王茶姬GMV为295亿元（人民币，下同）；2024年营收124.05亿元；净 利润25.15亿元；净利润率20.3%。截至2024年底，霸王茶姬全球门店数达到6440家，同比2023 年增长83.4%。 2024年 ，霸王茶姬 单店月均GMV达51.2万元 ， 远超同业水平 ，单店月均出杯量达2 .5 万杯， 全球注册会员数已达1 .77 亿。 据艾瑞咨询数据，以 GMV 衡量，中国现制茶饮料市场复合年增长率为 21.7%，预计到 2028 年将 达到 4260 亿元，其中高端现制茶饮料细分市场GMV 可达 1,671 亿元人民币，占现制茶饮料市场 总量的 31.7%。以"精品"茶饮为定位，霸王茶姬有望成为该细分市场中的最大赢家之一。 值得一提的是，霸王茶姬赴纳斯达克上市的股票代码定为"CHA"，以对标咖啡现代化过程。 全球视角下，科技热潮正令中国资产步入估值上 ...

消息面上，财政部发布2024年中国财政政策执行情况报告，其中提到，2025年财政政策要更加积极，持 续用力、更加给力。外围消息方面，有迹象表明美国总统特朗普下一轮关税可能比之前建议的更加谨慎。 中国资产全线反攻。 今日午后，A股、港股市场探底回升，各大指数集体翻红，恒生科技指数尾盘一度大涨超2%。与此同时， 富时中国A50指数期货、MSCI中国A50互联互通指数期货均涨超1%。 站在当前时间点，不少机构仍对中国资产的后续走势持乐观展望。华泰证券指出，随着科技股的财报业绩 得到验证，基本面逻辑或将持续支撑港股的相对行情表现，中长期仍坚定看好中国资产价值重估。 全线反攻 今日午后，A股、港股市场探底回升，尾盘各大指数集体翻红，截至A股收盘，沪指涨0.15%，深证成指 涨0.07%，创业板指涨0.01%。 其中，有色金属等周期股表现活跃，铜概念股领涨，江西铜业、洛阳钼业、铜陵有色等股涨幅居前。有分 析称，特朗普威胁加征关税并由此可能导致全球铜库存减少，越来越多的交易员和投资者预测铜市将在疫 情后进入多年牛市，且电气化需求增长将超过供应增长。 A股收盘后，港股市场涨幅持续扩大，截至港股收盘，恒生科技指数大涨1.72% ...

GUIDE 摘要 光大证券：市场虽然调整，但趋势并没改变； 华 泰证券 中信证券：预计美联储年内降息不超过2次； 华泰证券：坚定看好中国资产价值重估行情演绎。 光大证券 市场虽然调整，但趋势并没改变 光大证券表示，观望情绪升温，导致市场连续缩量。展望后市， 市场虽然调整，但趋势并没改变，预 计市场大概率延续震荡向上的态势 ；在连续缩量的背景下，热点轮动的风格或将继续。 中信证券 预计美联储年内降息不超过2次 中信证券研报称，美联储2025年3月议息会议维持政策利率不变，符合市场预期。本次点阵图显示今年 目标利率中枢为3.9%，与2024年12月会议点阵图持平，同时上调今年通胀预测和失业率预测、下调经 济增速预测。预计美联储年内降息次数小于或等于2次。 坚定看好中国资产价值重估行情演绎 华泰证券首席宏观经济学家易峘表示， 近期恒生指数表现依然强劲，且部分热点呈现扩散趋势，主 要受三重逻辑支撑 ：科技股企业盈利较强，经济初现企稳迹象，政策预期提振信心。展望未来，这 三重逻辑整体向积极方向发展的概率正在上升，港股相对收益仍有支撑。中长期而言，仍旧坚定看 好中国资产价值重估行情演绎。 免责声明 以上观点来自相关机构， ...

Core Insights - The report emphasizes a positive outlook for the metal industry, particularly highlighting the interplay between industrial metals and strategic metals, with a focus on supply constraints and seasonal demand [1][3]. Industrial Metals - The supply of industrial metals is expected to remain tight, with a strong demand season approaching, particularly for aluminum and copper. The report notes that aluminum prices have significantly improved due to a drop in alumina prices and robust demand from sectors like photovoltaics and automotive [5][17]. - Copper supply is projected to increase only modestly, with a net addition of 380,000 tons from 36 global mining companies, which is lower than previous expectations. This, combined with favorable macroeconomic policies, is expected to support copper prices in the second quarter [5][17]. - Steel sector performance is anticipated to be strong, driven by limited production expectations and seasonal demand, particularly during the "golden three months" of March to May [5]. Strategic Metals - Strategic metals such as cobalt, tin, antimony, and titanium are highlighted as key investment opportunities due to their rising valuations amid geopolitical tensions and export controls [5]. - The report suggests that the ongoing U.S.-China rivalry will enhance the attractiveness of strategic metals, with a focus on rare earth materials and other critical resources [5]. Precious Metals - The report indicates that gold is likely to remain in a comfortable price range, supported by factors such as inflation expectations, geopolitical risks, and ongoing central bank purchases. The anticipated U.S. interest rate cuts are expected to further bolster gold prices [12][13]. - The performance of precious metal equities is expected to improve, with a focus on companies that can deliver actual growth in a strong price environment. The report notes that valuations for gold stocks have become attractive, with several companies trading below 20x earnings [15][12]. Aluminum Market - The aluminum market is experiencing a bullish trend, with prices rising significantly due to low inventory levels and strong demand from various sectors. The report notes that as of March 10, 2025, the price of aluminum on the Shanghai market was 20,760 CNY per ton, reflecting an 8% year-on-year increase [17][19]. - Global aluminum inventories are at low levels, with significant reductions observed in LME and COMEX stocks, indicating a tightening supply situation that supports higher prices [23][25].

周末闲聊，老规矩，到哪算哪。 昨晚很多读者在后台留言里热议李嘉诚旗下长和卖港口这件事，支持和反对的态度都很激烈，我决定再 补充一些事情的细节来完善诸位对这件事的理解。 首先这次出售的资产不是只有巴拿马运河东西那两个港口，而是包含其在内的43个港口，覆盖了23个国 家。航运一直是长和的核心业务，这次出售的资产大概占了长和航运的80%业务量，占全球运量的10% 左右。 所以能看出这是长和历史上最重要的一笔交易，卖完这些港口资产后公司就剩下中国内地和香港的少量 几个港口，未来将转型新能源和科技研发。 我们作为投资者真正该反思的是港股是否因为流动性萎靡，存在系统性的资产低估。港股的上市公司破 净已成常态，比如长和的市净率只有0.3左右，这特么算不算市场瞎了狗眼？也许资产和商品一样，长 期沉淀会导致定价出现巨大偏差，这个时候只要交易一下就能激活价值重估。 …… 我晚上要出门和朋友吃饭喝酒，不知道几点回来，所以下午就先写一些。没想写到一半，窗外忽然下起 了暴雪，漫天雪花飞舞，我妈说来北京后没见过这么大的雪。 我的猜测还有另一个佐证，就是贝莱德在2024年1月收购了GIP基金，GIP是全球最大的基建股权基金， 最核心业务就 ...