Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that despite high U.S. Treasury yields over the past year, gold prices have risen significantly, validating the decoupling logic between U.S. Treasury yields and gold [1] Group 1: Market Analysis - U.S. Treasury yields have maintained high levels and recently surged, while gold has seen a return exceeding 30% during the same period [1] - CICC suggests that although current gold prices are above model equilibrium prices, the pricing is not extreme, and valuation will not significantly suppress gold prices [1] Group 2: Future Projections - Based on model calculations, CICC forecasts that the central price of gold could range between $3,000 and $5,000 per ounce over the next decade [1] - While gold remains a favorable investment, the expected price increase may slow down by 2025, with increased volatility anticipated [1] - The report advises to moderately downplay the short-term trading value of gold and to focus on its long-term allocation value [1]

Core Viewpoint - The company is a leading chip design firm specializing in BLDC motor drive control chips, establishing a strong market position in the industry [1][2]. Company Overview - The company focuses on three core technology areas: chip design, motor drive architecture algorithms, and motor technology [2]. - It is the first Chinese company to have a triple technology team in the motor drive control chip sector [2]. - The company adopts a fabless model, outsourcing wafer manufacturing and chip packaging to trusted third-party partners [2]. Product Offering - The main products include MCU/ASIC, HVIC, MOSFET, and IPM, which are core components of typical BLDC motor drive control systems [2]. - The products are widely used in various downstream sectors, including smart home appliances, white goods, power tools, sports mobility, industrial applications, and automotive applications [2]. Market Dynamics - The global BLDC motor drive control products market grew from 34.2 billion in 2019 to 78.3 billion in 2023, with a compound annual growth rate (CAGR) of 23.0% [3]. - The Chinese BLDC motor drive control products market increased from 8.6 billion in 2019 to 25.3 billion in 2023, with a CAGR of 30.8% [3]. - The market is projected to reach 33.1 billion in 2024 and further grow to 80.8 billion by 2028, with a CAGR of 25.0% [3]. Market Share - As of December 31, 2023, the company holds a 4.8% market share in China's BLDC motor control and drive chip market, ranking sixth [1]. - The company is the only Chinese firm among the top ten players in this market [1]. Industry Growth - The global BLDC motor control and drive chip market grew from 12.9 billion in 2019 to 26.3 billion in 2023, with a CAGR of 19.4% [4]. - The Chinese market for BLDC motor control and drive chips increased from 3.2 billion in 2019 to 7.7 billion in 2023, with a CAGR of 24.8% [4].

Core Viewpoint - Sanhua Intelligent Control has submitted a listing application on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [1] Group 1: Company Background - The company originated from a refrigeration parts factory established in 1984 and evolved from a Sino-Japanese joint venture founded in 1994 [1] - It underwent a shareholding reform in 2001 and was listed on the Shenzhen Stock Exchange in 2005 [1] - The company specializes in the research, manufacturing, and sales of refrigeration and air conditioning electrical components, as well as automotive components [1] Group 2: Product Offerings - Key products in the refrigeration and air conditioning electrical components business include electronic expansion valves, four-way reversing valves, solenoid valves, microchannel heat exchangers, shut-off valves, pressure sensors, and Omega pumps [1] - These products are widely used in air conditioning, refrigerators, industrial refrigeration, cold chain transportation, heat pump heating, and washing machines [1] Group 3: Market Position and Growth - The company is a pioneer in the automotive thermal management market, becoming a key supplier of automotive thermal management system components globally [2] - The global market size for automotive thermal management system components increased from RMB 195.5 billion in 2019 to RMB 265.5 billion in 2023, with a compound annual growth rate (CAGR) of 8.0% [2] - Revenue from thermal management system components for new energy vehicles surged from RMB 15.7 billion in 2019 to RMB 102 billion in 2023, with a CAGR of 59.7% [2] - By 2028, the global market size for automotive thermal management system components is expected to reach RMB 511.5 billion, with a CAGR of 14.0% from 2023 to 2028 [2] Group 4: Competitive Advantages - The company has a leading advantage in the research and development of valves, pumps, heat exchangers, and integrated components, particularly in cabin thermal management, battery thermal management, and motor/electronic control system thermal management [2] - In 2023, the company held the highest market shares in various refrigeration and air conditioning electrical components, including 58.7% for four-way reversing valves and 58.1% for electronic expansion valves [3] - The company has established business relationships with the top ten global refrigeration and air conditioning manufacturers and automotive manufacturers as of September 30, 2024 [3] Group 5: Intellectual Property and Global Presence - As of September 30, 2024, the company holds over 4,000 patents in China and more than 700 patents in overseas jurisdictions, along with over 200 PCT patents [4] - The company has submitted over 7,300 patent applications in China and over 1,200 applications in overseas jurisdictions as of September 30, 2024 [4] - The company's products are distributed across more than 70 countries and regions, employing over 3,700 R&D personnel, including industry experts [5] - The company operates 48 production facilities globally, including 13 overseas factories in countries such as the USA, Poland, Mexico, Turkey, Austria, Vietnam, Thailand, and India [5]

Core Viewpoint - The release of the "Regulations" by the State Council is a key measure to implement the new "National Nine Articles," marking an important step in regulating market order and fostering a healthy ecosystem in China's capital market [1][2]. Group 1: Impact on the Securities Industry - The "Regulations" are beneficial in curbing unfair competition, promoting healthy development, and ensuring stability in the overall securities industry [1][2]. - The focus on regulating improper behaviors in IPO intermediary services will enhance the quality of listed companies and protect investors' rights [1][3]. Group 2: Role of Investment Banks - Investment banks are positioned as a bridge between the real economy and the capital market, playing a crucial role in optimizing resource allocation and facilitating high-quality development [1][2]. - The "Regulations" aim to strengthen the independent role of investment banks as gatekeepers, enhancing their responsibility and accelerating the construction of first-class investment banks [1][3]. Group 3: Specific Provisions of the Regulations - The "Regulations" clearly differentiate between sponsorship fees and underwriting fees, maintaining the current "sponsorship + underwriting" fee model while ensuring the reasonableness and standardization of fees [2][3]. - Strict prohibitions against obtaining improper benefits, such as listing rewards, are established to enhance the independence of investment banks and ensure compliance with service standards [2][3]. Group 4: Implementation by CICC - CICC will actively implement the "Regulations," focusing on mechanism, culture, and capability building to foster independent, objective, and compliant intermediary institutions [4]. - The company plans to enhance its business management mechanisms in line with the "Regulations," ensuring standardized service processes and strengthening internal compliance management [4]. - CICC aims to cultivate a risk control culture and improve professional capabilities to contribute positively to the high-quality development of the capital market [4].

Core Insights - The report from China International Capital Corporation (CICC) indicates that the Chinese wind power industry is expected to reach a historical high in new installed capacity by 2025, potentially exceeding the new installed capacity at the end of the last five-year plan (2020) by more than double [1] Industry Trends - The new installed capacity is anticipated to significantly increase, particularly in offshore wind power, which is expected to recover from the low construction activity observed over the past 2-3 years [1] - There is also an expectation of growth in export orders, indicating a positive trend for the industry [1] - These trends present numerous opportunities across the industry chain [1]

Group 1 - The core viewpoint is that YuanGuang Technology has submitted a listing application to the Hong Kong Stock Exchange, with CICC acting as the sole sponsor [1] - The company's revenue primarily comes from mobile advertising [2] - YuanGuang Technology specializes in intelligent data services for public transportation, with its flagship product "Che Lai Le" APP being one of the largest real-time public transport information service platforms in urban China [3] Group 2 - The "Che Lai Le" APP was launched in 2013 and, as of June 30, 2024, has covered over 450 cities and towns, with an average monthly active user count of approximately 25.3 million in 2023 [4]

证券时报网讯，中金公司研报指出，预计2025年银行业经营稳定，净息差压力有望减小（全年收窄约 10~15bp），债务处置工作有助于资产负债表修复（净不良生成率平稳），银行营收利润增长继续呈现 稳定性。 向前看，货币政策适度宽松，预计对称降息40—60bp，降准亦有100bp空间。 1）高股息策略仍是2025年银行股交易的主要逻辑，关注股息率的高低以及确定性。 2）关注所在区域经济稳定或存在边际改善预期的标的。 3）H股表现有望好于A股，主要是股息率对于配置资金的吸引力。 4）增量政策效果显现，关注市场化资金需求占比更高的银行。 校对：苏焕文 ...

Group 1 - The core viewpoint is that the 5G sector is entering a phase of investment returns, with attractive valuations for telecom service stocks in a low-interest-rate environment [1] - Since the commercial launch of 5G in China in 2019, operators' capital expenditures are stabilizing and slightly decreasing, which supports free cash flow performance [1] - The external environment and the mid-to-late stage of technological iterations have led to a weakening of ARPU growth from 4G to 5G, while operators are focusing on quality control for toB projects, resulting in a normal slowdown in revenue growth [1] Group 2 - Telecom operators are expected to provide stable dividend returns, with technological transformation offering long-term growth momentum [3] - Tower business capital expenditures are stable, and there is a significant potential for increased dividends, especially as existing tower depreciation ends in Q4 2025, which may lead to substantial profit increases and enhanced shareholder returns [2][4]

证券时报e公司讯，中金公司研报称，尽管受医疗行业整顿持续、设备招采进展缓慢、IVD和高耗集采 等因素的影响，医疗器械上市公司近几个季度有一定业绩扰动，但我们也观察到这些因素的边际影响在 逐步减弱或修复改善，2025年医疗器械板块细分赛道或有望受益于产品升级与海外出口。 ...

证券时报e公司讯，中金公司研报称，展望2025年：对于电信服务板块，我们认为：低利率环境下，板 块估值具吸引力，当前阶段，市场对于该板块现金流、利润关注程度高于收入表现，5G开始进入回报 期，资本开支有望下降支撑自由现金流表现，成本费用控制支撑利润稳健性；铁塔业务，自由现金流大 幅高于分红金额，分红提升潜力较大，存量铁塔折旧完成释放利润在即。 对于数据中心板块，我们认为：板块估值具提升空间；云厂商资本开支回暖，看好2025年数据中心业绩 修复；快速交付工程能力、电力、区位匹配度或成核心竞争要素。 ...