1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scale growth of FOF in Q1 2025 reached a high since 2022, with the new - issue scale rising to a level similar to that in Q1 2022. The number of FOF also increased, and the continuous operation scale turned positive. Bond - type FOF remained popular, and some products had significant net subscriptions. A few top - tier managers saw a substantial increase in scale, narrowing the scale gap among them [1][7]. - The China Merchants TREE Changying Plan offers a one - stop solution and service based on multi - asset allocation. The scale of the six products included in the plan increased by 19.515 billion yuan in Q1, exceeding the scale increase of all FOF in Q1 2025 [1][23]. - Most FOF achieved positive returns in Q1 2025, with a better winning rate than comparable fixed - income + or active equity products. As the position increased, the performance of FOF became more prominent, and large - scale balanced FOF generally performed strongly, often using multi - asset allocation strategies and investing in overseas bond assets [1][32]. - Top - tier managers generally attach importance to multi - asset allocation, with different investment directions. The overall characteristic of FOF in Q1 was the emphasis on mutual recognition funds and passive investment, and there was a preference for Hong Kong stock assets [1][42]. - The scale of personal pension funds increased in Q1 2025, with target - date pension funds being more popular. The scale of fixed - income + FOF and equity - type FOF increased significantly, and the 2050 series products were also favored [1]. 3. Summary According to the Directory 3.1 Scale Dimension: Scale Growth Reached a New High Since 2022 - FOF Classification: FOF funds are classified into four categories: bond - type FOF (X < 10%), fixed - income + FOF (10% <= X < 30%), balanced FOF (30% <= X < 60%), and equity - type FOF (X >= 60%) based on the post - penetration equity position. For pension target funds, classification is based on the holding period [5][7]. - Scale Review: In Q1 2025, the number of FOF increased to 511, 12 more than in Q4 2024. The new - issue scale was 14.151 billion yuan, close to that in Q1 2022. The continuous operation scale increased by 3.744 billion yuan, and the total scale increase in Q1 was 17.895 billion yuan, the highest since 2022 [7]. - New - Issue Representatives: Among fund companies, Fullgoal Fund's new - issue product, Fullgoal Yinghe Zhenxuan 3 - month Holding Period, had a new - issue scale of over 6 billion yuan. Among custodian banks, China Merchants Bank had a new - issue scale of over 8 billion yuan [9]. - Product New - Issue and Continuous Operation: Bond - type FOF remained popular, and some products had net subscriptions of over 6 billion yuan. New - issue products were mostly bond - type or fixed - income + type FOF [11]. - Fund Company Dimension: A few top - tier managers saw a significant increase in scale, mainly due to prominent new - issue scales or net subscriptions of their products. The scale gap among top - tier managers narrowed significantly [15]. 3.2 China Merchants TREE Changying Plan: Providing a One - Stop Solution and Service Based on Multi - Asset Allocation - Plan Introduction: It is a one - stop asset allocation solution jointly created by China Merchants Bank's wealth management team and public fund management institutions, featuring "good strategies, good products, and good services". It has clear return and drawdown targets for selected products [19][21]. - Product Situation: There are currently six products included in the four - tier plan. All products emphasize multi - asset allocation, and their scale increased by 19.515 billion yuan in Q1, exceeding the scale increase of all FOF in Q1 2025 [23]. - Heavy - Positioned Funds: The heavy - positioned funds of these products reflect their investment strategies. For example, Xingzheng Global Yingxin Multi - asset Allocation 3 - month Holding Period holds overseas funds for global allocation [27]. 3.3 Performance Dimension: High - performing FOF Generally Reflect the Characteristics of Multi - Asset Allocation - Market Environment: In Q1 2025, both the bond and equity markets fluctuated greatly, with the ChinaBond Composite Wealth Index falling by - 0.61% and the Wind All - A Index rising by 1.90% [32]. - FOF Performance: As the position increased, the performance of FOF became more prominent. The median return of equity - type FOF reached 2.47%, exceeding the performance of the Wind All - A Index. The winning rate of FOF was generally better than that of comparable indexes [32]. - High - performing FOF: Large - scale balanced FOF generally performed strongly, often using multi - asset allocation strategies and investing in overseas bond assets. High - performing bond - type and fixed - income + FOF generally held overseas bond assets, while high - performing equity - type FOF generally held ETFs [36][39]. 3.4 Investment Characteristics: Top - tier Managers Generally Attach Importance to Multi - Asset Allocation and Prefer Hong Kong Stock Funds and Mutual Recognition Funds - Top - tier Managers' Allocation: Top - tier managers generally attach importance to multi - asset allocation, with different investment directions. They pay attention to the allocation of QDII, mutual recognition, and commodity assets, among others [42]. - Market - wide Characteristics: In Q1 2025, FOF generally emphasized mutual recognition funds and passive investment. The average heavy - position ratio of mutual recognition funds increased significantly, and there was also a preference for commodity funds [46]. - Preference for Hong Kong Stock Assets: The heavy - position fund allocation in Q1 showed a preference for Hong Kong stock assets. Some mutual recognition funds had a heavy - position amount exceeding that of top - tier active equity funds [47]. 3.5 Personal Pension Funds: The Total Y - Share Amounted to 1.0204 Billion Yuan - Scale Change: In Q1 2025, the scale of personal pension funds was 1.0244 billion yuan, an increase of 137.7 million yuan compared to Q4 2024, maintaining a relatively high growth rate [1]. - Popular Products: Target - date pension funds were more popular, with a current scale of 607.6 million yuan. The scale of fixed - income + FOF and equity - type FOF increased significantly, and the 2050 series products were also favored [1].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown significant results from its light asset strategy, with projects in Guangdong and Xi'an performing exceptionally well [1] - The company reported a total revenue of 2.417 billion yuan in 2024, a year-on-year increase of 25.49%, and achieved a net profit of 1.049 billion yuan, marking a return to profitability [7] - The company has adjusted its management fees for light asset projects from 20% to 8% of annual operating income to enhance brand competitiveness [7] - The company has signed a major project, "Silk Road Eternal Love," which integrates various cultural elements and aims to promote a more interconnected economic landscape [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2.594 billion yuan, with a year-on-year growth rate of 7.3% [6] - The net profit for 2025 is forecasted to be 1.195 billion yuan, reflecting a year-on-year increase of 13.9% [6] - The earnings per share (EPS) for 2025 is projected to be 0.46 yuan, with a price-to-earnings (PE) ratio of 20 [6] - The company’s return on equity (ROE) is expected to be 13.6% in 2025 [6] Performance Highlights - During the 2025 Spring Festival, the company held 550 performances of "Eternal Love" across 12 major locations, achieving a peak daily revenue of over 40 million yuan [7] - The "Three Gorges Eternal Love" project generated over 100 million yuan in revenue over 100 days, significantly boosting local tourism [7] - The company’s stock price has fluctuated between 6.93 yuan and 12.43 yuan over the past year, with a closing price of 9.34 yuan on the report date [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, driven by rising gold prices which stimulated demand for investment products [8] - The company reported a total revenue of 20.23 billion yuan in 2024, a year-on-year increase of 22.24%, and a net profit attributable to shareholders of 719 million yuan, up 1.73% year-on-year [8] - The company is expanding its direct store network and enhancing its multi-channel layout, with a focus on the Beijing-Tianjin-Hebei region [8] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 24.63 billion yuan, with a year-on-year growth rate of 21.8% [7] - The net profit attributable to shareholders for 2025 is projected to be 804 million yuan, reflecting an 11.8% year-on-year increase [7] - The company plans to distribute a cash dividend of 7.20 yuan per 10 shares, totaling 560 million yuan, which represents 77.89% of the net profit attributable to shareholders [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's profit growth exceeded expectations due to significant performance in insurance services, with a year-on-year increase in net profit of 39.5% to 28.802 billion yuan in Q1 2025, surpassing the forecast of 4.1% [4] - The company's net asset value increased by 4.5% compared to the end of 2024, reaching 532.507 billion yuan [4] - The new business value (NBV) showed a year-on-year increase of 4.8%, exceeding the expected growth of 0.4% [5] - The company’s total investment assets grew by 3.1% to 6.82 trillion yuan by the end of Q1 2025, although the annualized net investment return decreased by 0.22 percentage points [6] - The report projects an upward adjustment in profit forecasts for 2025-2027, with expected net profits of 114.29 billion yuan, 128.46 billion yuan, and 152.56 billion yuan respectively [7] Financial Data Summary - The company reported operating revenue of 405.04 billion yuan in 2023, projected to increase to 528.57 billion yuan in 2024, followed by a decrease to 486.72 billion yuan in 2025 [8] - The net profit attributable to shareholders is expected to rise from 51.18 billion yuan in 2023 to 106.94 billion yuan in 2024, and further to 114.29 billion yuan in 2025 [8] - The price-to-earnings (P/E) ratio is projected to decrease from 20.0 in 2023 to 9.0 in 2025, indicating improved valuation [8]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a revenue of 9.94 billion yuan in 2024, representing a year-on-year growth of 34.4%, and a net profit attributable to shareholders of 1.58 billion yuan, up 53.6% year-on-year, primarily driven by rising copper prices and significant growth in copper sales [7] - The mining service segment remains stable, with a revenue of 6.54 billion yuan in 2024, accounting for 67% of total revenue, while the resource segment's gross profit margin increased to 44% [7] - The company has made strategic acquisitions, including the purchase of Terra Mining and the Lubambe copper mine, to enhance its operational capabilities and resource base [7] Financial Data and Profit Forecast - Total revenue is projected to reach 13.28 billion yuan in 2025, with a year-on-year growth rate of 33.6% [5] - The net profit attributable to shareholders is expected to be 2.09 billion yuan in 2025, reflecting a growth of 31.8% compared to the previous year [5] - The company’s earnings per share (EPS) is forecasted to be 3.35 yuan in 2025, with a price-to-earnings (PE) ratio of 11 [5][8]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a strong recovery in performance with a 10.10% year-on-year increase in revenue for Q1 2025, reaching 1.541 billion yuan, driven by rapid growth in emerging businesses [4][7] - The net profit attributable to shareholders increased by 15.83% year-on-year to 327 million yuan, with a notable 20.14% growth in non-recurring net profit, indicating effective cost management and improved gross margins in emerging businesses [4][7] - Emerging businesses, including peptides and oligonucleotides, showed impressive growth with revenue increasing over 80% and gross margins improving to 33.05% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 6.468 billion yuan, with a projected year-on-year growth rate of 11.4% [6] - The net profit forecast for 2025 is 1.071 billion yuan, reflecting a 12.9% increase compared to the previous year [6] - The company expects to maintain a stable gross margin of around 43.2% in 2025, with a gradual increase in return on equity (ROE) from 6.0% in 2025 to 6.9% in 2027 [6][7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a strong recovery in Q1 2025, with revenue and profit both achieving double-digit growth. Q1 revenue reached 3.099 billion, a year-on-year increase of 16.03%, while net profit attributable to shareholders was 306 million, up 32.54% year-on-year [4][6] - All major business segments experienced growth, with laboratory services revenue at 1.857 billion (up 15.74% year-on-year) and a gross margin increase to 45.54%. CMC (small molecule CDMO) services revenue was 693 million (up 19.05% year-on-year) with a significant gross margin improvement to 30.44% [7] - The company is seeing strong growth from European clients, with revenue from North America and Europe increasing by 16.81% and 26.57% year-on-year, respectively. Revenue from global top 20 pharmaceutical companies grew by 29.05% year-on-year [7] - New orders are accelerating, with Q1 2025 new orders up over 10% year-on-year, and the company maintains its full-year guidance of 10%-15% revenue growth for 2025 [7] Financial Data and Profit Forecast - The company forecasts total revenue of 13.795 billion for 2025, with a year-on-year growth rate of 12.4%. The net profit attributable to shareholders is projected to be 1.819 billion, reflecting a growth rate of 1.4% [6][9] - The earnings per share (EPS) is expected to be 1.02 for 2025, with a gross margin forecasted to improve to 35.8% [6] - The return on equity (ROE) is projected to be 12.1% for 2025, with corresponding price-to-earnings (PE) ratios of 23, 20, and 17 for the years 2025, 2026, and 2027, respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (603259) [2] Core Insights - WuXi AppTec reported a significant revenue increase of 21.0% year-on-year, reaching 9.65 billion yuan in Q1 2025, with a notable 89.1% growth in net profit attributed to one-time investment gains [5][8] - The company has a strong order backlog of 52.33 billion yuan, reflecting a 47.1% year-on-year increase, with TIDES orders growing by 105.5% [8] - The company plans to distribute a special dividend of 1 billion yuan in addition to maintaining a 30% annual cash dividend ratio, alongside a share buyback of 1 billion yuan [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 42.77 billion yuan, with a year-on-year growth rate of 9.0% [7] - The forecasted net profit for 2025 is 11.27 billion yuan, representing a 19.3% increase compared to the previous year [7] - The report anticipates a continued double-digit growth trajectory for the company's core business, with overall revenue expected to reach between 41.5 billion and 43 billion yuan [8]

上 市 公 司 2025 年 04 月 29 日 新华保险 (601336) ——资产、负债两端均表现亮眼 报告原因：有业绩公布需要点评 买入（维持） 非银金融 | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 47.56 | | 一年内最高/最低（元） | 58.03/28.51 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 2.92 | | 流通 A 股市值（百万元） | 99,183 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 30.85 | | 资产负债率% | 94.31 | | 总股本/流通 A 股(百万) | 3,120/2,085 | | 流通 B 股/H 股（百万） | -/1,034 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01 ...

Investment Rating - The report upgrades the investment rating to "Buy" for the company [1]. Core Insights - The company has shown strong performance with significant revenue growth driven by key products and brand strategies [6][5]. - The financial outlook remains positive with projected revenue and profit growth over the next few years [5][6]. - The company is focusing on optimizing its marketing strategies and enhancing product offerings to capture market share [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 2,970 million, with a year-on-year growth of 33.4% [5]. - The net profit attributable to the parent company for 2024 is expected to be 342 million, reflecting a growth of 31.7% [5]. - The gross margin for 2024 is forecasted at 73.7%, an increase of 3.01 percentage points compared to the previous year [6]. - The company anticipates a net profit of 438 million in 2025, with a year-on-year growth of 28.2% [5]. Revenue Breakdown - Revenue from eye care products reached 689 million, a year-on-year increase of 60.78% [6]. - Skincare products generated 1,125 million, growing by 21.60% year-on-year [6]. - The main brand, Marubi, achieved revenue of 2,055 million, up 31.69% year-on-year, while the sub-brand, Lianhuo, saw a 40.72% increase [6]. Marketing Strategy - The company is enhancing its marketing efforts around key products, participating in major online promotional events, and leveraging social media for brand engagement [6]. - The focus on big-ticket items and targeted marketing campaigns has resulted in significant brand visibility and consumer connection [6].