国家统计局3月27日发布数据显示，今年1至2月份，全国规模以上工业企业营业收入同比增长2.8%，增速较2024年全年加快0.7个百分点；规模以上工业企业 利润同比下降0.3%，降幅较2024年全年收窄3.0个百分点。 2025年，中央财政安排产业基础再造和制造业高质量发展专项资金118.8亿元，推动制造业重点领域高质量发展，安排超长期特别国债2000亿元用于设备更 新。 3月26日，在位于嘉兴南湖区大桥镇的浙江迈兴途智能装备股份有限公司车间内，工作人员在生产组装智能化机床。新华社记者 徐昱 摄设备更新激活企业生 产活力 在大规模设备更新相关政策带动下，1至2月份，通用设备、专用设备行业利润同比分别增长6.0%、5.9%。 06:01 2月26日在吉利汽车宝鸡制造基地焊装厂拍摄的自动化焊接线。新华社记者 邹竞一 摄近日，在新疆乌苏市新润和纺织有限公司，工人忙着安装调试企业新购 进的气流纺设备，现场一片繁忙景象。在"两新"政策带动下，新疆纺织企业纷纷加快实施设备更新改造工程。 新疆新润和纺织有限公司气流纺工段设备主管马柏海说，设备投入运行之后，产量将是现在的气流纺生产线的两倍，也节省50%的人工。 在哈尔滨电机厂 ...

Group 1: Financial Performance - In 2024, Shanghai Electric achieved total operating revenue of 116.186 billion yuan, with a gross margin of 18.6% and a net profit attributable to shareholders of 0.752 billion yuan [1] - The operating cash flow for 2024 was 17.6 billion yuan, representing a year-on-year increase of 127%, indicating significant improvement in liquidity [1] - The company secured new orders totaling 153.6 billion yuan in 2024, with the energy equipment segment showing remarkable performance, achieving new orders of 89.096 billion yuan, a growth of 18.45% compared to 75.216 billion yuan in 2023 [1] Group 2: Corporate Strategy and Reform - Shanghai Electric is enhancing its market-oriented operational mechanisms and modern corporate governance as part of its ongoing reform efforts [2] - The company is implementing a "three-capability mechanism" to stimulate new vitality, focusing on performance-based management and a new assessment mechanism aligned with industry leaders [2] - The strategic focus includes deepening state-owned enterprise reform, optimizing the layout of state-owned economy, and promoting the integration of technological and industrial innovation [2] Group 3: Contribution to National Strategy - As a global leader in industrial and green intelligent system solutions, Shanghai Electric is committed to supporting national strategies and enhancing international competitiveness [3] - The company contributes to energy structure transformation and industrial upgrading, aligning with national goals such as carbon neutrality and strategic security [3] - Shanghai Electric's initiatives include advancing energy equipment technology, promoting smart manufacturing, and supporting urban infrastructure development [3] Group 4: Market Opportunities and Innovations - In 2024, Shanghai Electric focused on high-end, green, and intelligent development, achieving significant progress [4] - The company launched key industrial projects such as industrial gas turbines and humanoid robots, and developed the world's largest 16MW offshore wind turbine [4] - Shanghai Electric is also advancing digital carbon management platforms and has received certifications for green methanol processes, showcasing its commitment to sustainability [4]

Core Viewpoint - The event showcased the "Dragon" series products of Kunlun Manufacturing, emphasizing the integration of industrial aesthetics and innovation in manufacturing [1][2][3] Group 1: Product Development and Innovation - Kunlun Manufacturing has completed a systematic upgrade of over 60 products, focusing on enhancing the visual appeal and overall quality [2][3] - The "Dragon" series includes three categories: "Red Dragon" for heavy industrial equipment, "White Dragon" for intelligent technology products, and "Green Dragon" for auxiliary equipment, collectively representing the brand's strength [3] Group 2: Leadership and Vision - Wang Guangsheng, the chairman of Kunlun Manufacturing, highlighted the importance of product appearance in the company's reform and innovation strategy [2] - The company aims to merge industrial design with aesthetics, technology, and craftsmanship to elevate the overall image of Kunlun Manufacturing and the Chinese oil equipment sector [2][3] Group 3: Event Highlights - The promotional event featured a symphonic presentation of the "Dragon" series, receiving positive recognition from attendees [1] - Key figures, including industry leaders and academics, participated in discussions about the design philosophy and the future of domestic equipment manufacturing [2]

Company Insights - Weichai Power (2338 HK/000338 CH) is expected to see a strong expansion in engine profit margins in 2024, with a projected net profit growth of 27% year-on-year to RMB 11.4 billion, aligning with expectations [2] - The company plans to distribute a final dividend of RMB 0.347 per share, resulting in a historical high payout ratio of 55%, up from 50% in 2023 [6] - The target prices for Weichai Power have been adjusted to RMB 18.7 and HKD 18.0, reflecting an increase from previous estimates [6] Market Performance - The Hang Seng Index closed at 23,579, up 0.41% for the day and 38.31% year-to-date [3] - The Hang Seng Tech Index rose by 0.29%, with a year-to-date increase of 48.48% [3] - The Shanghai Composite Index saw a slight increase of 0.15%, with a year-to-date growth of 13.41% [3] Sector Analysis - The healthcare, consumer staples, and energy sectors led gains in the Hong Kong market, while materials, information technology, and real estate sectors faced declines [5] - In the U.S. market, defensive sectors such as consumer staples and healthcare outperformed, while energy and information technology sectors experienced declines [5] - European markets saw declines in information technology, materials, and healthcare, with defensive sectors like utilities and consumer staples performing better [5] Future Outlook - Haidilao (6862 HK) is expected to accelerate store openings in FY2025, with a projected net increase of approximately 40 stores, reflecting a 3% year-on-year growth [7][9] - The company anticipates an improvement in profit margins, driven by a stable gross margin and operational efficiency enhancements [8] - Atour (ATAT US) plans to open around 500 new hotels in FY2025, aiming for a 30% year-on-year growth in hotel numbers, while closing about 60 underperforming locations [12]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of CIMC Tianda Holdings Co., Ltd.'s application for an initial public offering (IPO) and listing on the ChiNext board, following the company's request to withdraw its application [1][3]. Company Overview - CIMC Tianda is a leading global manufacturer of airport and logistics equipment, as well as firefighting and rescue equipment. Its airport and logistics equipment segment includes passenger boarding bridges, ground support equipment, baggage handling systems, material handling systems, and intelligent warehousing systems [3]. - The direct controlling shareholder of CIMC Tianda is Sharp Vision Holdings Limited, which holds 212,057,075 shares, accounting for 50.98% of the total shares before the IPO [3][4]. Shareholding Structure - Sharp Vision is indirectly controlled by China International Marine Containers (Hong Kong) Ltd., which is wholly owned by China International Marine Containers (Group) Co., Ltd. This group holds a total of 58.34% of CIMC Tianda's shares through its subsidiaries [4]. IPO Details - CIMC Tianda initially planned to issue up to 103,987,788 shares, representing no less than 10% and no more than 20% of the total share capital after the issuance. The final number of shares to be issued would be determined by the board of directors in consultation with the lead underwriter [5]. - The company aimed to raise approximately 141,941.18 million yuan for various projects, including the construction of production bases and research and development centers [5][6]. Fund Allocation - The planned allocation of the raised funds includes: - Southern Production Base Phase I: 64,146.30 million yuan - Eastern Production Base Expansion: 17,263.57 million yuan - Intelligent Logistics Equipment R&D: 13,416.00 million yuan - Fire Rescue Equipment R&D Center: 12,115.31 million yuan - Working Capital Supplement: 35,000.00 million yuan - The total investment for these projects is 196,551.55 million yuan, with the intended use of raised funds being 141,941.18 million yuan [6].

Investment Rating - The report assigns a "Buy" rating for the majority of the stocks listed, indicating a potential upside of over 15% within the next 12 months [10]. Core Insights - The report highlights a basket of 23 long positions that achieved an average return of 8.5%, outperforming the MSCI China Index, which returned 6.3% [7]. - Among the 23 stocks, 4 recorded returns of 20% or more, and 11 exceeded the benchmark return [7]. Summary by Relevant Sections Stock Recommendations - The report includes several stocks with their respective ratings and target prices, such as: - Geely Automobile (175 HK) with a target price of 24.50 and a current price of 19.00 [4]. - Xpeng Motors (XPEV US) with a target price of 24.56 and a current price of 16.00 [4]. - Anta Sports (2020 HK) with a target price of 126.68 and a current price of 99.80 [4]. - Luckin Coffee (LKNCY US) with a target price of 38.51 and a current price of 35.84 [4]. New Additions and Removals - New additions to the stock recommendations include Kuaishou (1024 HK) and Trip.com Group (TCOM US), both rated as "Buy" [5]. - Stocks removed from the recommendations include China Hongqiao (1378 HK) and NetEase (NTES US) [5]. Performance Review - The report indicates that the selected stocks have shown resilience and growth, with a significant portion outperforming the market index [7].

Macro Overview - The Chinese economy continues its moderate recovery, with most economic indicators in the first two months exceeding market expectations. Retail sales growth has slightly increased due to the expansion of the old-for-new subsidy program. Industrial output growth has slowed slightly, but fixed asset investment growth has accelerated significantly, particularly in infrastructure and manufacturing [4][5] - The Chinese government has been signaling policies to stabilize the stock and real estate markets and boost consumption, which may support ongoing economic recovery this year. However, as the effects of policy stimulus gradually weaken and trade war impacts become more apparent, the economy may face downward pressure again in the fourth quarter. The GDP growth rate is expected to slow from 5.1% in the first three quarters to 4.5% in the fourth quarter, with an annual growth forecast of 4.9% [4] Industry Insights Engineering Machinery Industry - The proposed €500 billion infrastructure investment plan by Germany's incoming Chancellor Friedrich Merz is expected to be submitted to parliament for approval. The likelihood of passing has increased due to support from the Green Party. Companies like Weichai Power, which is a major shareholder of the European industrial vehicle manufacturer KION Group, are positioned to benefit from this plan. Additionally, Zhejiang Dingli and Sany Heavy Industry, which derive about 20% of their revenue from Europe, are also potential beneficiaries [4] Internet Industry - The retail sales data for the first two months of 2025 shows a year-on-year growth of 4.0%, an improvement from 3.7% in December 2024, driven by the nationwide old-for-new policy. Online retail sales of physical goods have also rebounded, with a year-on-year growth of 5.0%. The market's expectations for increased stimulus policies are rising, and the next round of valuation reassessment in the industry may depend on the recovery of consumer sentiment. The report maintains a "buy" rating for Alibaba, Pinduoduo, and JD.com [5] Company Analysis Tmall (6110 HK) - The company is upgraded to "buy" with a target price of HKD 4.51, as the performance in the second half of the 2025 fiscal year is expected to improve. The forecast for the fourth quarter and the entire year is better than expected, with retail sales projected to decline by only a low single digit percentage. Factors contributing to this improvement include a better macro environment, strong performance from Adidas and outdoor brands, and good e-commerce sales [6][7] - For the 2026 fiscal year, the outlook is optimistic, with expected sales growth of 4% and net profit growth of 18%. The positive macro environment, reduced industry risks, and company-specific catalysts such as new product launches and improved brand support are key drivers [6][7] Hillstone Technology (1478 HK) - The target price is raised to HKD 9.25 based on an optimistic 2025 guidance due to upgrades in OIS/periscope and demand from automotive/IoT sectors. The company is expected to see a 241% year-on-year increase in net profit for 2024, benefiting from market share growth and product upgrades. The management maintains a positive outlook for high-end lens modules and automotive/IoT lens module orders [7] China Tower (788 HK) - The company reported a 4.0% year-on-year revenue growth to RMB 97.8 billion for the 2024 fiscal year, in line with expectations. Net profit increased by 10.0% to RMB 10.7 billion, slightly above expectations. The traditional tower business remains stable, while the DAS and dual-wing businesses continue to grow at double-digit rates. The target price is raised to HKD 13.7, reflecting a favorable valuation [8]

Economic Overview - In January-February 2025, both industrial and service sector production achieved rapid growth, but domestic demand remains weak and external demand has declined, indicating a need for further optimization of the supply-demand structure [1][2] - The industrial added value growth rate for January-February was 5.9%, significantly exceeding the market expectation of 5.1%, driven mainly by the transportation equipment, metal products, and equipment manufacturing sectors [3][4] - Investment growth in January-February significantly surpassed market expectations, primarily due to strong infrastructure investment performance, while manufacturing investment showed resilience and real estate investment's decline narrowed [14][25] Production Insights - The industrial added value growth was supported by "promoting consumption" and "grabbing exports," with manufacturing sector performance particularly strong in January-February [3][4] - The service sector also maintained a high growth rate, with modern service industries showing particularly good performance [3][4] - However, high-frequency data and tariff impacts suggest that both industrial and service sectors may face weakening pressures in the future [3][4] Investment Analysis - Total investment, infrastructure investment, manufacturing investment, and real estate development investment in January-February were 4.1%, 9.9%, 9.0%, and -9.8% respectively, showing significant improvements compared to the same period last year [14][25] - The strong performance of narrow infrastructure investment was attributed to the proactive commencement of major projects post-Spring Festival and good progress in the issuance of special bond funds [14][25] - Manufacturing investment is expected to improve in the second quarter of 2025, driven by the continuation of equipment renewal policies and marginal improvements in PPI [14][25] Consumption Trends - In January-February, the total retail sales of consumer goods reached 837.31 billion yuan, with a year-on-year growth rate of 4.0%, slightly below the market expectation of 4.5% [25] - The growth rate of commodity retail was recorded at 3.9%, while catering revenue growth increased to 4.3%, reflecting improved consumption during the Spring Festival [25] - Future consumption support is anticipated from the recovery of housing prices and stock markets, increased social security income, and the continuation of "old-for-new" policies [25]

Group 1 - The manufacturing PMI returned to the expansion zone, with February's PMI at 50.2%, an increase of 1.1% from the previous month, driven by the resumption of operations post-Spring Festival [4][6][11] - The production index and new orders index rose to 52.5% and 51.1%, respectively, indicating expansion, with significant improvements in industries such as non-ferrous metal smelting and processing, general equipment, and electrical machinery [6][11] - Large enterprises' PMI increased to 52.5%, while small and medium-sized enterprises' PMI remained below 50%, indicating a divergence in performance between different enterprise sizes [4][6] Group 2 - The cyclical sectors showed strong performance, with steel (+3.18%), real estate (+2.22%), food and beverage (+1.77%), and building materials (+1.63%) leading the gains, attributed to improved fundamental expectations and policy support for economic recovery [11][13] - The real estate sector showed signs of recovery, with the top 100 real estate companies' sales in February increasing by 17.3% year-on-year, indicating a positive trend in the industry [14][15] - Focus areas for investment include domestic demand sectors such as home appliances and automobiles, as well as the real estate chain and advanced manufacturing, with an emphasis on technology innovation and new economic drivers [14][15]

Macro Economic Overview - The report forecasts the USD/CNY exchange rate to reach 7.48, 7.33, and 7.55 by the end of 2025, 2026, and 2027 respectively, with Bloomberg's median market predictions being 7.45 and 7.35 for 2025 and 2026 [2] - The Chinese economy is expected to continue its recovery in 2025, but may slow down again in 2026, with no intention from policymakers to seek a significant depreciation of the RMB to boost exports [5] Company Analysis Bilibili (BILI US) - Bilibili reported Q4 2024 revenue of 7.73 billion RMB, a 22% year-on-year increase, and an adjusted net profit of 453 million RMB, significantly exceeding market expectations [6] - The company anticipates continued robust revenue growth in its advertising and mobile gaming segments, leading to an upward revision of FY25-FY26 earnings forecasts by 7-13% [6] NetEase (NTES US) - NetEase's Q4 2024 revenue decreased by 1.4% to 26.7 billion RMB, aligning with market expectations, while operating profit increased by 13.9% to 7.8 billion RMB [6] - The company expects new game launches to drive revenue growth in FY25, with a slight downward adjustment of total revenue forecasts by 2-3% [6] Alibaba (BABA US) - Alibaba's Q3 FY25 revenue reached 280.2 billion RMB, a 7.6% year-on-year increase, surpassing market expectations [7] - The company is optimistic about EBITA growth prospects for FY26, driven by increased adoption of its "full-site push" strategy and narrowing losses in its AIDC segment [8] Yancoal Australia (3668 HK) - Yancoal reported a net profit of 1.2 billion AUD for 2024, a 33% decline but 8% above expectations, and announced a final dividend of 0.52 AUD per share [8] - The company maintains production and cost guidance for 2025 similar to 2024, with increased capital expenditure anticipated [8] Weir Semiconductor (603501 CH) - Weir Semiconductor is positioned to benefit from the acceleration of AI applications in edge devices and the penetration of smart driving systems in vehicles [8] - The company expects revenue to grow by 27% in 2025, reaching 33 billion RMB, driven by sales growth in mobile and automotive CIS [8]