[Table_Page] 行业专题研究|传媒 2025 年 3 月 11 日 证券研究报告 [Table_Title] AI 应用系列报告 | | | Meta：从社媒龙头看 | AI | 赋能广告量价齐升，大模型及产品表现可期 | | --- | --- | --- | --- | --- | | [Tabl 分析师： | 旷实 | 分析师： | 叶敏婷 | 分析师： 罗悦纯 | | e_Author] | SAC 执证号：S0260517030002 | | SAC 执证号：S0260519110001 | SAC 执证号：S0260524120001 | | | SFC CE.no: BNV294 | | | | | | 010-59136610 | | 021-38003665 | | | | kuangshi@gf.com.cn | | yeminting@gf.com.cn | luoyuechun@gf.com.cn | | | | 请注意，叶敏婷,罗悦纯并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 相关研究 [ ...

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is recognized as a leading designer brand in the fashion industry, maintaining a high return on equity (ROE) and a high dividend payout, showcasing its resilience in the market [8]. - The rise of "interest consumption" among younger consumers highlights the company's ability to attract a loyal customer base willing to pay a premium for personalized experiences [8]. - The company's core competitive advantages include design-led retail, a diverse brand matrix, and the integration of fan economy with digital strategies to enhance retail efficiency [8]. Financial Forecast - The company's revenue is projected to grow from RMB 4,465 million in 2023 to RMB 6,572 million by 2027, with a compound annual growth rate (CAGR) of approximately 9.3% [2]. - The net profit attributable to shareholders is expected to increase from RMB 621 million in 2023 to RMB 1,006 million in 2027, reflecting a growth rate of 11.8% in the final year [2]. - The earnings per share (EPS) is forecasted to rise from RMB 1.20 in 2023 to RMB 1.94 in 2027, indicating a steady increase in profitability [2]. Company Overview - The company operates a diverse brand portfolio, including mature brands like JNBY and emerging brands such as POMME DETERRE, catering to various consumer demographics [17]. - The company's historical development can be divided into three phases: initial establishment (1994-2004), brand matrix construction (2005-2016), and a focus on innovation and sustainability (2017-present) [18][19]. - The ownership structure is stable, with the founding couple holding a significant majority of shares, ensuring consistent management and strategic direction [20]. Industry Analysis - The trend of "interest consumption" is becoming increasingly significant, driven by younger consumers who prioritize quality and personal expression in their purchasing decisions [36]. - The report indicates that the new generation of consumers is willing to pay for products that enhance their lifestyle and social connections, emphasizing the importance of brand identity and aesthetic appeal [36][41].

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The company is a leading designer brand in the fashion industry, characterized by high ROE and high dividend payouts, with a robust brand matrix that caters to various consumer demographics [8]. - The rise of "interest consumption" among younger consumers highlights the resilience of designer brands, as they are willing to pay a premium for personalized experiences [8]. - The company's core competitive advantages include design-led retail, a diverse brand matrix for comprehensive market coverage, and the integration of fan economy with digital strategies to enhance retail efficiency [8]. Financial Forecast - The company's revenue is projected to grow from RMB 4,465 million in 2023 to RMB 6,572 million by 2027, with a CAGR of approximately 9.3% [2]. - EBITDA is expected to increase from RMB 1,202 million in 2023 to RMB 1,491 million in 2027 [2]. - The net profit attributable to shareholders is forecasted to rise from RMB 621 million in 2023 to RMB 1,006 million in 2027, reflecting a growth rate of 11.8% in the final year [2]. - The EPS is projected to grow from RMB 1.20 in 2023 to RMB 1.94 in 2027, with a corresponding P/E ratio decreasing from 6.5 to 7.1 [2]. Company Overview - The company operates multiple brands, including the mature brand JNBY and several growth brands, providing a diverse product offering that appeals to various age groups [17]. - The company has a stable shareholding structure, with the founders holding a significant portion of shares, ensuring consistent management and strategic direction [20]. Industry Analysis - The trend of "interest consumption" is becoming increasingly significant, with younger consumers prioritizing quality and social attributes in their purchasing decisions [36]. - The report indicates that the new generation of consumers is willing to pay more for products that reflect their personal style and social identity [41].

[Table_Page] 行业专题研究|计算机 2025 年 3 月 11 日 证券研究报告 [Table_Title] 计算机行业 医疗 IT 订单跟踪：2 月订单复苏，后续关注 AI 订单的落地 | 分析师： [Tabl | 刘雪峰 | 分析师： | 李婉云 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260514030002 | | SAC 执证号：S0260522120002 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | liwanyun@gf.com.cn | | | 请注意，李婉云并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 1 / 13 [本报告联系人： Table_C ontacter] 用不及预期；只是根据公开渠道的统计，未必能体现行业和公司订单全貌，存在趋势不一致的可能。 ⚫ 我们选 ...

[Table_Page] 深度分析|煤炭开采 证券研究报告 进口煤经济性减弱，减量因素增多，淡季有望支撑沿海市场 [Table_Summary] 核心观点： | [Table_Grade]行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-03-11 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author] 宋炜 -24% -15% -6% 2% 11% 20% 03/24 05/24 08/24 10/24 12/24 03/25 煤炭开采 沪深300 | | SAC 执证号：S0260518050002 | | --- | --- | | | SFC CE No. BMV636 | | | 021-38003691 | | | songwei@gf.com.cn | | 分析师： | 沈涛 | | | SAC 执证号：S0260523030001 | | | SFC CE No. AUS961 | | | 010-59136686 | | | shentao@gf.com.cn | | 分析师： | 安鹏 | | | ...

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

[Table_Page] 行业专题研究|传媒 2025 年 3 月 11 日 证券研究报告 [Table_Title] AI 应用系列报告 | | | Meta：从社媒龙头看 | AI | 赋能广告量价齐升，大模型及产品表现可期 | | --- | --- | --- | --- | --- | | [Tabl 分析师： | 旷实 | 分析师： | 叶敏婷 | 分析师： 罗悦纯 | | e_Author] | SAC 执证号：S0260517030002 | | SAC 执证号：S0260519110001 | SAC 执证号：S0260524120001 | | | SFC CE.no: BNV294 | | | | | | 010-59136610 | | 021-38003665 | | | | kuangshi@gf.com.cn | | yeminting@gf.com.cn | luoyuechun@gf.com.cn | | | | 请注意，叶敏婷,罗悦纯并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 相关研究 [ ...

[Table_Page] 行业专题研究|电力设备 2025 年 3 月 11 日 证券研究报告 AI 能源系列之一 AIDC 赋予电气设备新机遇 | [Tabl 分析师： | 纪成炜 | 分析师： | 陈昕 | 分析师： | 高翔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518060001 | | SAC 执证号：S0260522080008 | | SAC 执证号：S0260524070008 | | | SFC CE.no: BOI548 | | | | | | | 021-38003594 | | 010-59136699 | | 021-38003841 | | | jichengwei@gf.com.cn | | gfchenxin@gf.com.cn | | gaoxiang@gf.com.cn | | | 请注意，陈昕,高翔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 ...

| 分析师： [Tabl | 刘雪峰 | 分析师： | 李婉云 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260514030002 | | SAC 执证号：S0260522120002 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | liwanyun@gf.com.cn | | | 请注意，李婉云并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： [Table_Page] 行业专题研究|计算机 2025 年 3 月 11 日 证券研究报告 [Table_Title] 计算机行业 医疗 IT 订单跟踪：2 月订单复苏，后续关注 AI 订单的落地 识别风险，发现价值 请务必阅读末页的免责声明 1 / 13 [本报告联系人： Table_C ontacter] ⚫ 我们选取了 11 家 A 股上市医疗信息化公司，从中国招标网（www.bidchance.com ...

（说明：数据来源于 wind，如无特别说明，数据截至 2025.3.7。） ⚫ 股市流动性跟踪 一级市场：上周 IPO 规模为 17 亿元，前一周 IPO 规模为 0 亿元。 [Table_Page] 投资策略|定期报告 2025 年 3 月 10 日 证券研究报告 [Table_Title] 两融规模创新高、南下流入缩量 ——广发流动性跟踪周报（3 月第 1 期） [Table_Summary] 报告摘要： 二级市场：上周两融规模创新高，日度换手率先下后上，A 股二级市 场总体呈现资金净流出。各流动性分项：国内基金（股票+混合）新发 行 77 亿元，重要股东净减持 98 亿元，两融融资增加 121 亿元，南下 资金净流入 332 亿元，交易费用 173 亿元。 2025 年 3 月（截至 3 月 7 日），南下资金净流入 332.29 亿元。3 月累 计净买入个股前五为腾讯控股、中国移动、招商银行、中国银行、比 亚迪股份。 行业结构上来看，恒生一级行业净买入前五名为金融业、资讯科技业、 非必需性消费、电讯业、公用事业；恒生二级行业净买入前五名为银 行、软件服务、汽车、电讯、保险。 投资者情绪：上周融资交易占 ...