2025 年 4 月 11 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观及公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 20,682 | 2.06 | 21.32 | | 恒生国企 | 7,668 | 1.76 | 32.94 | | 恒生科技 | 4,814 | 2.66 | 27.88 | | 上证综指 | 3,224 | 1.16 | 8.36 | | 深证综指 | 1,868 | 2.46 | 1.66 | | 深圳创业板 | 1,901 | 2.27 | 0.48 | | 美国道琼斯 | 39,594 | -2.50 | 5.05 | | 美国标普 500 | 5,268 | -3.46 | 10.45 | | 美国纳斯达克 | 16,387 | -4.31 | 9.17 | | 德国 DAX | 20,563 | 4.53 | 22.75 | | 法国 ...

Group 1 - The core theme of the news is the integration of artificial intelligence and digital technologies in Xinjiang's industries, particularly in equipment manufacturing and coal mining, to drive development and transformation [1] - Xinjiang Changji Prefecture is leveraging its abundant renewable energy resources to support the construction of computing power centers, with plans to add 18 million kilowatts of new energy capacity this year, bringing the total to over 32 million kilowatts [2] - The establishment of the Changji Intelligent Computing Center in September 2024 will provide various AI computing services, attracting numerous computing power enterprises [2][3] Group 2 - Changji Prefecture has built the Changji Intelligent Computing Center and the Xinjiang International Integrated Computing Power Center, achieving a computing power scale of 7,000 P and has 28,000 P of projects under construction, positioning itself as a regional hub in the national computing power corridor [3] - The application of AI in the coal mining sector is exemplified by the use of autonomous heavy trucks in the Qun Dong open-pit coal mine, which utilizes advanced technologies for safe and efficient operations [4] - The integration of AI in agriculture is being explored, with companies like Yunsheng Intelligent Technology showcasing smart agricultural applications that align with modern agricultural development needs [4]

Group 1 - The Hannover Industrial Fair 2025 focused on cutting-edge topics such as artificial intelligence, green energy, and digital transformation, attracting over 3,800 companies from more than 60 countries, with nearly 1,000 from China [1] - Chinese companies showcased a wide range of industrial technologies, from traditional equipment manufacturing to AI industrial models and flexible manufacturing platforms, demonstrating strong "going global" momentum [1][2] - The event highlighted the transformation of companies like Shaanxi Blower (Group) Co., Ltd. from single equipment manufacturers to comprehensive smart green system solution providers, emphasizing the importance of system performance and delivery efficiency [1][2] Group 2 - Shaanxi Blower has established 28 overseas companies and service institutions in countries like Germany, Czech Republic, India, and Indonesia, forming a global system that integrates equipment, services, and operations [1][2] - The fair also featured innovations from Shanghai Electric, which signed strategic cooperation agreements worth over 3.6 billion RMB with companies from Germany, France, and Egypt, showcasing the integration of Chinese manufacturing capabilities with cultural heritage [2] - The event underscored the growing role of Chinese enterprises in global industrial collaboration, with a focus on building win-win ecosystems rather than mere formal partnerships [3]

Manufacturing Sector - The manufacturing PMI in March increased by 0.3 points to 50.5, marking two consecutive months of improvement[3] - The number of industries in the expansion zone rose from 7 to 8, with the non-ferrous industry entering the contraction zone[3] - The computer communication and electronics sectors saw a significant recovery, with PMI values rising above 50[3] Industry Performance - In March, the computer communication electronics sector's PMI surged by 12.8 points, reaching a new high since June 2017[5] - The chemical, textile, and apparel sectors showed leading performance, while raw materials and agricultural products remained weak due to commodity price adjustments[3][5] - The pharmaceutical sector's new orders and export orders showed strong growth, with increases of 6.4% and 14.4% respectively[4] Emerging Industries - The "AI+" trend significantly boosted the performance of new generation information technology, with a PMI increase of 27.1 points[6] - High-end equipment manufacturing and new materials also saw substantial increases of 16.4 points and 9.0 points respectively[6] - The new energy vehicle sector's PMI rose by 8.1 points, reflecting the impact of supportive policies[6] Construction and Real Estate - The construction PMI rose by 0.7 points to 53.4, with residential construction showing a notable increase of 11.8 points[10] - Real estate activity indicators, including new orders and expectations, also improved, indicating a recovery in the sector[10] - The construction sector's performance remains below the levels seen at the end of 2024, particularly in residential and civil engineering[8] Service Sector - The service sector PMI increased by 0.3 points to 50.3, driven by improvements in productive services[10] - Water transportation and telecommunications sectors reported PMIs above 60, while the restaurant and ecological sectors experienced declines[11] - Financial services remained strong, supported by increased credit to private and small enterprises[10]

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].