Core Viewpoint - The company, Yihe Jiaye, is a leading domestic manufacturer of non-invasive respiratory machines and ventilation masks, with significant growth in revenue and market share, particularly in the U.S. and European markets, following the end of the inventory clearance cycle in the U.S. respiratory machine market [1][5][7]. Company Overview - Established in 2001, the company has developed a comprehensive product line for respiratory health, including home non-invasive ventilators, masks, and monitoring devices, and has received multiple certifications such as NMPA, FDA, and CE [2]. - The company focuses on providing full-cycle treatment solutions for patients with OSA and COPD, covering diagnosis, treatment, and chronic disease management [2]. Research and Development - The company maintains a significant scale of R&D investment, holding 633 domestic patents and 202 international patents as of December 31, 2024, indicating a strong commitment to innovation [3]. Brand and Market Strategy - The company has unified its brand under "Ruimaite" to enhance user recognition and market penetration, planning to change its name and stock abbreviation to align with the new brand [4]. - The company aims to increase brand awareness through various channels, including exhibitions, academic exchanges, and social media marketing [4]. Market Conditions - The U.S. respiratory machine market has returned to normalcy after a period of inventory clearance, with the company’s products entering the market without significant impact from U.S.-China tariff policies [5][6]. - The company has achieved a high level of domestic supply chain security and cost advantages through the localization of core components [6]. Financial Performance - In Q4 2024, the company reported a 9.77% increase in revenue compared to Q3, driven by the recovery of the U.S. market [7]. - The overseas business generated 5.42 billion yuan, accounting for 64.21% of total revenue, while domestic revenue was 3.02 billion yuan, representing 35.79% [7]. Product Performance - The company’s home respiratory therapy business generated 5.27 billion yuan in revenue, while consumables contributed 2.84 billion yuan, with consumables showing a steady increase in proportion [7]. - Consumables saw a year-on-year growth of 46.22%, primarily driven by demand from the U.S. and European markets [8]. Market Share - According to data from Sullivan, the company held a 12.4% global market share for home non-invasive ventilators in 2023, ranking second, and a 30.6% share in the domestic market, ranking first among local brands [8].

Group 1 - Chang'an Fund Management Co., Ltd. has signed a sales agreement with Huatai Securities Co., Ltd. to add Huatai Securities as a sales institution for the Chang'an Xinyue Consumption-Driven Mixed Securities Investment Fund starting from April 18, 2025 [1][2] - Investors can conduct account opening, trading, and other fund-related services through Huatai Securities for the mentioned fund, which has fund codes A: 009958 and C: 009959 [1] - Detailed business rules, fee structures, and other important matters related to the fund can be found in the fund contract, prospectus, and product information summary published by the company [1]

Core Viewpoint - Huatai Securities believes that the S&P 500 index is currently in a downward phase across three economic cycles: the Kitchin cycle (42 months), the Juglar cycle (100 months), and the Kuznets cycle (200 months) [1] Group 1: Economic Cycles - The Kitchin cycle is in a downward state, indicating short-term economic fluctuations [1] - The Juglar cycle is also in a downward phase, suggesting medium-term economic trends are weakening [1] - The Kuznets cycle is at the bottom, reflecting long-term economic patterns that are currently unfavorable [1] Group 2: Market Conditions - Since 2022, global asset correlation characteristics have changed, indicating a shift in market dynamics [1] - The long-term inflation issue is becoming more pronounced, affecting overall economic stability [1] - The gradual emergence of constraints on U.S. debt is confirming the entry into a downward phase of the Kondratiev wave, suggesting prolonged economic challenges [1] Group 3: Investment Implications - The simultaneous downward trends in the Kitchin, Juglar, and Kondratiev cycles indicate a resonant negative outlook for U.S. equities [1]

Group 1 - The Ministry of Commerce announced a 125% tariff on imported goods originating from the United States, defining the origin based on the manufacturing stage [1] - The top ten analog chip companies are predominantly American, with half of them being U.S. companies, indicating a significant reliance on U.S. technology in the analog chip sector [1] - The current domestic production rate of analog chips is approximately 20%, suggesting substantial room for domestic substitution and growth in the market [1] Group 2 - Demand from automotive and industrial sectors is gradually recovering, indicating a positive trend in the industry [1] - The industry is entering a phase of mergers and acquisitions, which is expected to optimize the competitive landscape [1] - The acceleration of domestic substitution is anticipated as the market evolves [1]

近日，东英证券、国证国际、华泰证券、中信建投证券、东吴证券、招商证券国际、西牛证券等发布研 报，持续覆盖全球化开放式社交公司赤子城科技(09911.HK)，给予"买入"评级。 多家证券在研报中表示出对赤子城科技2024年业绩表现的认可。东吴证券表示："公司在2024年交出了 一份'高增长、高壁垒、高潜力'的答卷：通过AI技术赋能社交核心业务，'产品灌木丛+AI引擎'的增长模 式已形成正向循环，未来在社交娱乐生态的纵深拓展值得期待。" 近日，赤子城科技发布2024年度业绩公告，得益于AI赋能，公司全年收入同比增长53.9%至50.9亿元人 民币；经调整EBITDA同增43%至9.6亿元人民币。其中，社交业务收入46亿元人民币，同比增长58%， 其中先发产品MICO、YoHo稳健增长，后发产品TopTop收入同比增长超100%，SUGO收入同比增长超 200%，表现亮眼。创新业务收入4.6亿元人民币，同比增长21.3%，精品游戏全年流水同比增长超80%。 AI赋能业绩强劲增长，核心产品矩阵成型 中信建投证券重点关注了赤子城科技的营收，认为其营收显著增长，社交业务和创新业务均有亮眼表 现，后发产品快速增长，显示出公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） 承董事會命 聯席公司秘書 張輝 中國江蘇，2025年4月15日 於本公告日期，董事會成員包括執行董事張偉先生及周易先生；非執行董事丁鋒 先生、陳仲揚先生、柯翔先生、劉長春先生及張金鑫先生；以及獨立非執行董事 王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 「董事會」 指 本公司之董事會 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名 稱註冊成立的股份有限公司，於2007年12月7日由前身 華泰證券有限責任公司改制而成，在香港以「HTSC」 名義開展業務，根據公司條例第16部以中文獲准名稱 「華泰六八八六股份有限公司」及英文公司名稱「Huatai Securities Co., Ltd.」註冊為註冊非香港公司，其H股於 2015年6月1日在香港聯合交易所有限公司主板上市（ ...

华泰证券｜周度债市讨论会 20250303 摘要 Q&A 目前债券市场的整体特征和风险控制的重要性如何？ 今年（2025 年）债券市场的几个关键词包括高起点、低回报、负 Carry 和高波 动，这些特征并没有发生显著变化。宏观预期经历了一轮反复，债市控风险的 重要性较高，特别是在高波动期或大幅回撤阶段，需要有效控制净值损失。此 外，在当前市场行情中，要通过把握短期交易机会来实现盈利。 • 近期债市调整后，短期存单和短端信用债配置价值提升，长端吸引力相对 较弱。十年国债 1.7%以上赔率较好，但 1.8%被视为阻力位。市场多空交织， 需关注资金面和宏观叙事变化。 • 宏观叙事从春节后的自下而上好转转向受海外因素扰动，AI 投资对经济拉 动作用有限，且可能带来通缩效应。美国关税政策和地缘政治不确定性增 加，宏观逻辑边际转弱。 • 货币政策重心在于稳汇率、保银行息差和防范债市风险，稳增长优先级下 降。资金利率 2%是偏上限水平，央行关注资金面变化，两会期间预计资金 面阶段性企稳。 • 今年政府债供给量较大，国债发行压力集中。37 个省市已发布提前批额度， 总金额与去年相近，总体供给压力尚可承受。需关注三月份国债供给 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 投行综合竞争力稳固、公募业务快速增长 ——华泰证券(601688)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-10) | 收盘价(元) | 15.54 | | --- | --- | | 一年内最高/最低(元) | 20.48/11.88 | | 沪深 300 指数 | 3,735.12 | | 市净率(倍) | 0.86 | | 总市值(亿元) | 1,402.84 | | 流通市值(亿元) | 1,400.68 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 18.10 | | 总资产(亿元) | 8,142.70 | | 所有者权益(亿元) | 1,916.74 | | 净资产收益率(%) | 9.24 | | 总股本(亿股) | 90.27 | | H 股(亿股) | 17.19 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -11% -1% 9% 19% 29% 39% 49 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 投行综合竞争力稳固、公募业务快速增长 ——华泰证券(601688)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-10) | 收盘价(元) | 15.54 | | --- | --- | | 一年内最高/最低(元) | 20.48/11.88 | | 沪深 300 指数 | 3,735.12 | | 市净率(倍) | 0.86 | | 总市值(亿元) | 1,402.84 | | 流通市值(亿元) | 1,400.68 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 18.10 | | 总资产(亿元) | 8,142.70 | | 所有者权益(亿元) | 1,916.74 | | 净资产收益率(%) | 9.24 | | 总股本(亿股) | 90.27 | | H 股(亿股) | 17.19 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -11% -1% 9% 19% 29% 39% 49 ...

金十数据4月11日讯，华泰证券研报表示，特朗普反复拉动关税"手风琴"，虽然短期对市场风险偏好产 生提振，但中长期不改、甚至可能加剧全球资产配置"去美元"的动力。维持对美元资产估值相对压缩、 美国"例外论"溢价逐步消弭的判断。特朗普对等关税朝令夕改、以及之前对哥伦比亚、加拿大、墨西哥 等关税政策的随机性，都可能明显降低美国政策的公信力。同时，美国压降经常项目顺差和增加全球贸 易壁垒的必然结果是美元的需求下降以及资本流入美元的动力下降。 华泰证券：特朗普关税政策将成为全球去美元化进程加速的催化剂 ...