Investment Rating - The report maintains a positive outlook on the AI-driven data center services industry, highlighting significant growth potential due to increased demand for AI computing power and infrastructure [14][18]. Core Insights - The report emphasizes that the AI revolution is driving new infrastructure investments, with major internet cloud companies and operators actively increasing their capital expenditures [18]. - It notes that the demand for Artificial Intelligence Data Centers (AIDC) is expected to rise sharply, with a projected increase in global data center IT load from approximately 49GW in 2023 to 96GW by 2026, primarily driven by AI computing needs [14][16]. - The report identifies key players in the data center services sector, including major telecom operators and third-party service providers, as well as their strategic investments in new technologies and infrastructure [17][18]. Summary by Sections Macroeconomic Overview - The macroeconomic report indicates a recovery in domestic demand, with industrial output increasing by 5.9% year-on-year in January-February 2025, and fixed asset investment growing by 4.1% [8][9]. - The report suggests that the Chinese economy is likely to break the negative cycle of industrial deflation and service sector contraction through fiscal expansion and structural optimization [10]. Industry and Company Analysis - The telecommunications industry is highlighted for its rapid transformation towards AI-driven data center services, with significant investments from leading companies [14][16]. - The agricultural sector shows a recovery in poultry prices, with a notable increase in white chicken prices by 9.88% week-on-week [19]. - The electronics industry is recommended for investment, particularly in the Apple supply chain and IC design sectors, as they are expected to benefit from ongoing innovation and market demand [21][22]. Investment Recommendations - The report recommends focusing on major telecom operators such as China Mobile, China Telecom, and China Unicom, as well as leading third-party data center service providers like Runze Technology and Guanghua Data [18]. - In the agricultural sector, companies like Muyuan Foods and Wens Foodstuff Group are suggested for their potential in the recovering pork market [21]. - The electronics sector suggests investing in companies involved in AI applications and semiconductor technologies, such as MediaTek and NVIDIA, as they are positioned to benefit from the growing demand for AI solutions [22][24].

国泰君安晨报 2025 年 03 月 13 日 国泰君安证券股份有限公司 研究所 [周津宇 Table_Authors] 电话：021-38674924 邮箱：zhoujinyu011178@gtjas.com 登记编号：S0880516080007 [Table_ImportantInfo] 今日重点推荐 新股研究-IPO 专题：《科技企业 IPO 支持力度再强化，当周 新股上市恢复》2025-03-11 王政之（分析师）021-38674944、施怡昀（分析师）021-38032690、王思琪（分析师）021-38038671 两会经济主题记者会提及上市制度，科技企业 IPO 支持力度凸显。3 月 6 日，证监会主席 吴清在十四届全国人大三次会议经济主题记者会上表示，加快健全专门针对科技企业的支持机制。聚 焦科技创新活跃、体现新质生产力方向的领域，用好"绿色通道"、未盈利企业上市等制度，稳妥实 施科创板第五套上市标准，更精准支持优质科技企业发行上市。监管表态释放 IPO 积极信号，凸显了 对于科技创新企业上市的支持力度，未来预计科创企业将成为 A 股上市的主力军。 3 月第 1 周，次新板块随市场上行，新 ...

Investment Rating - The report recommends several companies in the retail sector, including leading brands in various categories such as children's retail, beauty, medical aesthetics, and jewelry [5][6]. Core Insights - The report highlights the ongoing transformation of the company, focusing on quality retail and optimizing store operations to better match consumer demand in Changsha, where the consumer base is young and economically active [4][5][30]. - The company has undergone significant restructuring, reducing the number of its supermarkets from 343 to 96 and its department stores from 43 to 37 between 2021 and 2023, aiming to streamline operations and focus on core areas [3][12][17]. - The introduction of a new management team from a successful competitor has led to impressive sales growth in restructured stores, with some locations reporting sales increases of over 300% during peak periods [5][51]. Summary by Sections 1. Background and Progress of Restructuring - The company has faced continuous operational pressure since 2021, leading to a strategic overhaul that includes closing underperforming stores and focusing on core business areas [3][11][17]. - The restructuring process has been supported by a new management team, which is implementing comprehensive changes across various operational aspects [18][19]. 2. Consumer Structure and Characteristics in Changsha - Changsha's GDP has shown steady growth, with a projected increase of over 5.5% in 2025, indicating a robust economic environment for retail [30][31]. - The demographic profile of Changsha is notably young, with nearly 50% of the population aged 18-24, which drives demand for differentiated products and services [4][39]. 3. Performance of Reformed Stores - The report details the successful transformation of several stores, with significant increases in sales and customer traffic post-restructuring [5][51][58]. - Specific stores have reported remarkable sales figures, with daily sales reaching as high as 240.22 million yuan during peak periods [51]. 4. Key Company Financial Forecasts and Valuations - The report provides earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for various recommended companies, indicating strong growth potential in the retail sector [6].