Core Viewpoint - The report indicates that the A-share non-ferrous metal industry is experiencing a renewed interest from actively managed equity funds, particularly in gold and copper sectors, driven by external economic factors and a favorable outlook for gold prices [1][5]. Group 1: Fund Holdings Analysis - In Q1 2025, actively managed equity funds increased their holdings in the A-share non-ferrous metal industry, with the market value of heavy holdings rising to 2.18% of total stock investments, up from 1.76% in Q4 2024, marking a 0.42 percentage point increase after two consecutive quarters of reduction [2]. - The main focus of fund replenishment in Q1 2025 was on the gold and copper sectors, with respective market value proportions of 0.44% and 0.85% of total fund stock investments, reflecting increases of 0.18 percentage points for gold and 0.18 percentage points for copper compared to Q4 2024 [3]. Group 2: Concentration of Holdings - The concentration of holdings in the A-share non-ferrous metal industry increased, with the top 10 stocks accounting for 73.23% of the total market value of heavy holdings, up 3 percentage points from the previous quarter [4]. - The top stocks held by actively managed equity funds in the non-ferrous metal sector include Zijin Mining, Yun Aluminum, Shandong Gold, and others, with notable increases in holdings for companies like Zhongfu Industrial and Chuangjiang New Materials [4]. Group 3: Market Outlook and Recommendations - The report suggests that the ongoing U.S. tariff increases and the resulting economic uncertainties may lead to a sustained rise in gold prices, which are expected to stabilize around $3,000 per ounce, thereby enhancing the performance and cash flow of gold companies [1][5]. - There is significant room for increased holdings in the A-share gold sector, as current positions remain below the high levels seen in the first three quarters of 2024, indicating potential for further investment [5]. - The report recommends focusing on stocks such as Chifeng Jilong Gold Mining, Shandong Gold, and others in the gold sector, as well as high-dividend, low-valuation leaders in the copper and aluminum sectors like Zijin Mining and China Aluminum for medium to long-term investment [5].

港股科技股午后继续走强，汽车、医药、互联网板块齐头并进，小鹏汽车-W涨超10%，小米集团-W涨 超7%，药明生物、阿里巴巴-W、比亚迪股份等跟涨。 场内热门ETF方面，可融资融券、T+0交易的港 股科技50ETF（159750）跳空高开直接突破20日均线，截至发稿上涨3.54%。 消息面上，特朗普日前表 示，他"无意"解雇美联储主席杰罗姆鲍威尔，部分关税不会长期维持在惊人的高位。 高盛近期报告提 到："如果两国达成大幅降低关税的贸易协议，则中国股市估值的向上重估幅度可能高达35%。" 内部环 境方面，"以安全为核心的高质量发展"框架持续强化，政策更强调产业升级、科技自主、制造能力提 升，需求刺激手段相对收敛。 中泰证券策略报告指出，2025年促进内需的方式主要是："供给创造需求 ——通过科技创新引领制造业升级，就能创造新的需求" ，当前高质量发展的框架并没有变化。港股互 联网龙头在民企座谈会后估值进一步上升，阿里等企业关于"云计算"、"AI"等资本开支显著扩大。关注 民营科技密集突破带来"价值重估"。 港股科技50ETF（159750）跟踪中证香港科技指数（CNY），主 要覆盖50家市值较大、研发投入较高且营 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company, as a leading manufacturer in China's construction machinery industry, is expected to undergo a value reassessment in the new cycle, driven by internationalization, product expansion, and improved operational quality [3][6]. - The current upward trend in both domestic and overseas construction machinery markets supports the company's potential for value reassessment during the new upward cycle [9]. Summary by Sections Introduction - The report discusses the value reassessment of the company in the context of a new cycle, emphasizing the importance of demand-side analysis and the company's operational quality, product line expansion, and business layout [6][18]. Industry Trends - The domestic market is at the beginning of a new upward cycle, with significant growth in excavator sales, which increased by 38.3% year-on-year in Q1 2025 [7][21]. - The global market for construction machinery presents vast opportunities, with emerging markets showing sustained demand growth [48][49]. Company Analysis - The company is enhancing its international presence, with overseas revenue contributing 44% and gross profit contributing 47% in H1 2024 [8][9]. - Product line expansion includes strengthening its excavator business and increasing its presence in the mining machinery sector, which is expected to drive revenue and profit growth [8][9]. - Operational quality is improving, with anticipated increases in profitability and asset quality due to scale effects and a shift towards high-margin overseas revenue [9][9]. Investment Recommendations - The company is projected to achieve a net profit of 6.124 billion and 8.224 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 17 times and 12 times [9].

业绩大幅下滑，华润燃气股价遭遇大跌。 今日，华润燃气跳空低开，最新跌17.55%，报23.25港元/股，总市值538.01亿港元。 近年来，华润燃气股价持续走低，自2021年6月的高点至今，公司股价在3年多的时间内累计跌超50%。 华润燃气表示，该业务的渗透率仍处于低位，未来有望成为公司的重要业务组成部分。 综合能源业务上，截至2024年底，华润燃气的分布式能源、分布式光伏、交通充能累计签约3.2GW、286MW，478MW，累计投运2.6GW、94.7MW、 415MW。 2024年的能源销售量同比高增27.2%至37.4亿千瓦时，实现综合能源毛利3.6亿港元，同比增长33.6%。 业绩低于预期 财报显示，华润燃气2024年实现营收1026.76亿港元，同比增长1.4%；核心利润为41.48亿港元，同比增长0.02%；股东应占溢利为40.88亿港元，同比下降 21.7%；基本每股收益为1.8港元。 华润燃气去年的毛利率为17.8%，较前一年同期下降0.4个百分点，主要是由于毛利率相对较高的接驳收入占比由10.8%下降至9%。 券商普遍认为，华润燃气的这份业绩低于预期。 | | | | 增加 / | | -- ...

Core Viewpoint - Global hedge funds are rapidly increasing their investments in Chinese technology stocks, leading to a market capitalization growth of over $1.3 trillion in both onshore and offshore markets [1] Group 1: Market Trends - Hedge fund giant Appaloosa increased its stake in Alibaba to $1.2 billion in a single quarter, while stocks like Pinduoduo and Bilibili surged over 20% [1] - UBS and Huatai introduced the concept of "China's Seven Tech Giants," which includes Tencent, Alibaba, BYD, SMIC, Xiaomi, CATL, and Huawei, aiming to replicate the $14 trillion valuation of the US tech giants [1] - The introduction of the domestic AI model DeepSeek is seen as a game-changer, potentially increasing China's productivity by 9% over the next decade and pushing the CSI 300 index up by 19% to 4,700 points [1] Group 2: Leading Stocks and Investment Strategies - First-tier stocks like SMIC have seen a 50% increase in Hong Kong over 50 days, with Tencent returning to the HKD 500 mark and Alibaba and Meituan rising over 40% [2] - Second-tier stocks such as Bilibili and Kuaishou experienced a surge of 24%-36% in February, with foreign capital conducting over 80 research visits to companies like Lanke Technology and Huichuan Technology [3] - Key investment lines include hard tech leaders (SMIC, BYD, Huawei), foreign heavyweights (Alibaba, Tencent), and emerging second-tier stocks (Bilibili, Hesai Technology) [7][8][9] Group 3: Challenges and Risks - There are concerns regarding the practical effectiveness of AI in improving productivity, with some concept stocks showing signs of "static overdraft" [4] - Geopolitical tensions are intensifying, particularly in critical areas like semiconductors and algorithms, which remain under pressure [5] - The influx of southbound capital is driven by emotional investment and a "fear of missing out" mentality, potentially leading to increased short-term volatility [6] Group 4: Long-term Outlook - The current situation is likened to the value re-evaluation of US stocks in the 2010s, with predictions of a long bull market for Hong Kong stocks over the next 5-10 years as profits, geopolitics, and capital align [10]

Core Viewpoint - The article highlights a significant surge in southbound Hong Kong Stock Connect funds, with a net inflow of 152.8 billion HKD in February, marking a four-year high and the second highest monthly inflow in the history of the program [1][4][6]. Group 1: Southbound Fund Inflows - In February, southbound Hong Kong Stock Connect funds recorded a total net inflow of 152.8 billion HKD, the highest in four years and the second highest monthly inflow ever [1][4][6]. - The last trading day of February saw a notable adjustment in the Hong Kong market, with the Hang Seng Index dropping by 3.28% and the Hang Seng Tech Index falling by 5.32%, yet the southbound funds still recorded a net purchase of 11.9 billion HKD [5]. - Weekly statistics show that the total net inflow for the week reached 75 billion HKD, setting a new four-year weekly record [6]. Group 2: Performance of Technology Stocks - Technology stocks emerged as the biggest winners during this influx, with many experiencing significant gains that outpaced traditional industries [2]. - Despite the overall market adjustment on February 28, major indices in Hong Kong saw substantial increases in February, with the Hang Seng Index rising by 13.43% and the Hang Seng Tech Index by 17.88% [9]. - Several technology stocks, including Huahong Semiconductor, Alibaba-W, and Xiaomi Group-W, recorded cumulative gains exceeding 30% since the beginning of February [9]. Group 3: Divergence Among Technology Stocks - Not all technology stocks benefited equally from the inflow of southbound funds, indicating a significant divergence among different stocks [3][8]. - From early February to February 27, many stocks in the Hang Seng Index saw increased holdings from southbound funds, including major banks and tech companies like Alibaba-W and China National Petroleum [10]. - Conversely, some stocks such as SenseTime-W and Xiaomi Group-W experienced reductions in holdings, despite many of these stocks still showing price increases in February, suggesting a broader confidence in Chinese tech stocks [10].