国盛证券近日发布研报，首次覆盖香港上市公司第一太平(0142.HK)，并给予"买入"评级。报告指出， 公司作为亚太地区领先的投资管理企业，业务聚焦民生相关领域，通过多元化布局展现较强增长韧性与 协同效应。 综合其业务结构稳健、盈利增长可持续以及估值具备吸引力等因素，国盛证券首次覆盖即给出"买入"评 级，看好第一太平在亚太民生领域的长期发展价值。 第一太平主要业务涵盖消费性食品、电讯、基建设施及自然资源四大板块，在印尼、菲律宾等东南亚市 场拥有稳固的竞争地位。2024年，公司实现营业收入100.57亿美元，归母净利润达6.00亿美元，同比增 长19.77%，盈利能力持续上升。 注 : 本次调研文章为有偿服务。 消费性食品板块为公司核心业务，通过在印尼的Indofood集团，在即食面、面粉等领域占据市场领先地 位。基建业务由MPIC主导，覆盖电力、收费公路、水务及医疗等多个领域，近年增长态势良好。电讯 业务依托菲律宾龙头运营商PLDT，在移动通信、宽频服务、数据中心及数字金融方面稳步发展。自然 资源板块虽目前贡献较小，但未来随着新矿场Silangan 开始投产，具备增长潜力。 国盛证券预测，公司2025年至202 ...

Core Viewpoint - The article discusses the "Guiding Opinions on Financial Support for New-Type Industrialization" issued by multiple Chinese financial and regulatory authorities, emphasizing the importance of financial services in supporting the real economy and preventing financial risks, with a focus on advancing new industrialization and enhancing the financial system by 2027 [1][5]. Summary by Sections Overall Requirements - The guiding opinions are based on Xi Jinping's thoughts and aim to implement the spirit of the 20th National Congress, focusing on financial services for the real economy and risk prevention [5]. - By 2027, a mature financial system supporting high-end, intelligent, and green development in manufacturing is expected, with enhanced service adaptability [5]. Supporting Technological Innovation and Supply Chain Resilience - Financial policies will be optimized to support key technologies and products, encouraging banks to provide long-term financing for critical manufacturing sectors [6]. - Long-term capital and patient capital will be introduced to accelerate the transformation of technological achievements [7]. - Comprehensive financial services will be provided to key enterprises in the supply chain, supporting private enterprises in building a self-controlled industrial chain [8]. Modern Industrial System Construction - Traditional manufacturing financial services will be optimized to promote transformation and upgrading, with a focus on digitalization and green development [10]. - Financial institutions will be encouraged to develop diverse financial products to support emerging industries and future-oriented sectors [11]. Green Finance and Digital Economy - Green finance will play a crucial role in supporting low-carbon development, with a focus on creating a financial standard system for high-carbon industries transitioning to green [12]. - Digital finance will enhance the integration of the digital economy with the real economy, utilizing technologies like big data and AI to improve service efficiency [13]. Financial Policy and Industry Policy Coordination - A collaborative mechanism will be established among various regulatory bodies to ensure consistent macro policy orientation and optimize the environment for policy implementation [21]. - Local governments will be encouraged to create supportive financing environments for small and medium-sized enterprises [22]. Risk Prevention and Management - A joint risk assessment and early warning mechanism will be established to monitor financial and industrial risks, ensuring compliance with national industrial policies [23].