Investment Rating - The report indicates a positive outlook for the CDMO industry, highlighting significant growth potential driven by increasing demand for innovative drug development and outsourcing services [18][21][66]. Core Insights - The global CDMO market size reached approximately $75 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.60%, reaching $133 billion by 2027 [4][21]. - The demand for CDMO services is primarily driven by the rising need for innovative drugs, increased R&D investments, and a growing trend of outsourcing within the pharmaceutical industry [20][66]. - The report emphasizes the importance of technological innovation and global expansion as key competitive drivers for CDMO companies, particularly in emerging biotechnological fields [11][12][66]. Summary by Sections Macroeconomic and Demographic Factors - The global economic recovery and the rise of emerging markets are creating opportunities for the CDMO industry, with an increasing demand for high-quality healthcare services and innovative drugs [56][57]. Domestic and International Policies - The promotion of ICH standards is unifying global pharmaceutical regulations, reducing compliance costs for multinational pharmaceutical companies [4]. - The implementation of the MAH system in China is facilitating the development of innovative drugs and boosting the demand for CDMO services [44][57]. Industry Overview - The CDMO industry is characterized by a few large multinational companies dominating the market, while emerging markets like China and India are gaining traction due to cost advantages and technological advancements [26][29][33]. - The average capacity utilization in the CDMO industry was approximately 78.50% in 2023, indicating some idle capacity but also reflecting resource constraints in popular sectors [38]. Competitive Landscape - The report identifies major players in the CDMO market, including WuXi AppTec and Asymchem, which hold significant market shares [29][30]. - The competitive dynamics are shifting, with an increasing focus on local production and supply chain security due to geopolitical factors [41][42]. Investment Opportunities - The report suggests that investors should focus on companies with strong cost control capabilities and diversified customer bases to mitigate risks associated with market demand fluctuations [51][66]. - Emerging biotechnological fields, such as ADCs and gene therapies, are expected to provide new growth opportunities for CDMO companies [15][13]. Future Outlook - The CDMO industry is anticipated to continue its rapid growth, driven by increasing demand for innovative drug development and a supportive policy environment [66]. - Companies are encouraged to enhance their technological capabilities and explore cross-industry collaborations to meet diverse market needs [48][55].

建筑业作为国民经济的支柱产业之一，行业周期性明显。受房地产投资持续低迷影响，2024 年前三季度建筑业增速 有所回落。 www.lhratings.com 研究报告 1 资料来源：联合资信根据公开资料整理 建工行业增速持续回落，随着国家实施更加积极的财政政策和适度 宽松的货币政策，建工行业流动性压力或将有所缓解 --建筑施工行业研究报告 从需求端看，2024 年以来，房地产市场开发投资、销售和施工增速仍为负，虽然国家持续出台刺激政策，但仍需关 注相关政策未来发力强度和落地执行情况；同期，基础设施建设增速同比小幅回升，总体保持相对平稳的增长态势。 2024 年前三季度，建筑施工企业经营活动和投资活动产生现金流量净额缺口有所扩大，行业流动性压力加大；整体 杠杆水平持续提升，中央企业和地方国有企业杠杆水平有所企稳，民营企业杠杆水平有所下降；民营企业流动性紧缩趋 势愈发明显，需持续关注偿债指标明显弱化、资金链压力较为突出的尾部企业。随着国家实施更加积极的财政政策和适 度宽松的货币政策，建工行业流动性压力或将有所缓解。 一、行业概况 图 1 建筑业产业链 上游 建材 工程机械 建筑业 房屋建筑业 土木工程建筑业 建筑装 ...

Investment Rating - The report indicates a cautious outlook for the retail industry, with significant operational pressures on traditional retail formats such as department stores and brand specialty stores [2][28]. Core Insights - The retail sector in China has experienced a low growth rate, with total retail sales of consumer goods reaching 35,356.4 billion yuan, reflecting a year-on-year increase of 3.3% [3][10]. - Online retail continues to show robust growth, with a total online retail sales figure of 10,892.8 billion yuan, marking an 8.6% year-on-year increase, which is the highest growth rate among retail formats [3]. - Consumer confidence remains weak, as indicated by fluctuating consumer confidence indices, which suggest insufficient consumer demand and a need for stronger income growth foundations [10][30]. Industry Performance - The performance of major retail enterprises has been declining, with sample enterprises reporting a total revenue of 319.985 billion yuan, a year-on-year decrease of 6.26%, while profits increased by 45.93% due to non-operating income [13]. - Department stores have seen a significant revenue drop of 9.92%, with profits rising by 64.96% primarily due to non-operating income, indicating underlying operational challenges [13]. - The convenience store and specialty store segments have shown stable growth, with year-on-year increases of 4.7% and 4.0%, respectively, while department stores and brand specialty stores continue to face declining sales [3][30]. Policy Developments - The government has introduced several initiatives aimed at enhancing the quality of retail operations, including the "Retail Innovation and Improvement Project," which aims to establish a modern retail system by 2029 [6][11]. - The "Action Plan for High-Quality Development of Wholesale and Retail Industries" aims to create a seamless modern commercial circulation system by 2027, promoting the transformation of the retail sector [11][12]. - Policies are being implemented to stimulate service consumption and enhance the overall consumer environment, focusing on various consumption categories such as dining, entertainment, and digital consumption [12][26]. Future Outlook - The retail industry is expected to face continued operational pressures in the short term, with uncertainties surrounding overall performance due to weak consumer confidence [30]. - However, with the implementation of supportive policies, there is potential for gradual improvement in consumption patterns and a more stable growth trajectory in the long term [30].

Fiscal Policy and Economic Expansion - The 2024 National Fiscal Work Conference emphasized a "more proactive fiscal policy" to enhance the economic expansion effect of fiscal spending, with a focus on improving people's livelihoods and expanding domestic demand[1] - The fiscal policy for 2025 includes five key principles: increasing the fiscal deficit ratio, arranging larger-scale government bonds, optimizing expenditure structure, preventing and resolving risks in key areas, and increasing transfer payments[4] - The fiscal deficit and government bond arrangements for 2025 are expected to be expansionary, significantly meeting the needs of macroeconomic regulation and debt resolution[4] Domestic Demand and Social Security - Expanding domestic demand is a priority, with three specific measures: raising social security standards, increasing support for consumer goods replacement, and leveraging government bond funds to attract more social investment[2] - Raising social security standards is a significant policy shift, aiming to improve long-term income for residents and promote equal access to basic public services for urban residents[2] - The fiscal policy shift towards supporting economically strong provinces, such as Jiangsu and Shandong, with an additional 2 trillion yuan in implicit debt replacement funds in 2024, highlights the importance of these regions in national economic development[4] Fiscal Reform and Budget Management - The 2024 and 2025 work plans include "zero-based budgeting reform," which involves re-evaluating all expenditure needs from scratch and improving the efficiency of fund allocation[3] - The fiscal policy aims to improve the macro expansion effect of fiscal funds by focusing on short-term stimulus policies and reducing unnecessary expenditures[3] Corporate Environment and Non-Tax Revenue - The fiscal conference addressed the issue of non-tax revenue growth outpacing industrial enterprise profit growth, which negatively impacts corporate expectations[5] - Measures to prevent arbitrary fees, fines, and apportionments were proposed to stabilize corporate confidence and support the recovery of the private economy in 2025[5]

IFRS9 的中文名称为《国际财务报告准则第 9 号—新金融工具准则》，是由国际 会计准则理事会（IASB）于 2014 年正式发布的会计准则方法，以取代 1995 年发布 的 IAS39。 | --- | --- | |---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 2008 年 9 月 | 国际会计准则理事会（ IASB ）发布《降低金融工具报告的复杂性》讨论稿，为准则的变革公开征求意见。 | | | IASB 公布了制定一套新的准则以替换 IAS39 的项目计划，新的准则即国际财务报告准则第 9 号；明确了替换项 | | 2009 年 5 月 | 目将分为三个主要阶段，分别为分类与计量、减值方法和套期会计。 | | 2009 年 7 月 | 国际会计 ...

Industry Overview - The new insurance contract accounting standard (IFRS17) aims to enhance the comparability and transparency of insurance companies' financial performance by unifying accounting practices across different regions and industries [52][59] - IFRS17 introduces significant changes to the recognition, measurement, and disclosure of insurance contract liabilities and profits, impacting the accounting practices, management, and strategic development of the insurance industry [57][33] Key Changes in Insurance Contract Accounting - Insurance contracts must be split into "clearly distinguishable" investment components and non-insurance service promises, with investment components subject to financial instrument accounting standards [60][54] - Premium income recognition shifts from a cash basis to an accrual basis, with the recognition period extended from the payment period to the coverage period, enhancing income stability [64][65] - Insurance contract liabilities are measured based on fulfillment cash flows and contract service margins, with a focus on the time value of money and financial risk adjustments [71][72][77] Impact on Financial Reporting - The new standard requires separate disclosure of insurance service performance and investment performance, improving the analysis of profit sources and the transparency of financial statements [42][43][171] - The introduction of the OCI option allows insurers to smooth the impact of interest rate fluctuations on profits by allocating changes in insurance contract liabilities to other comprehensive income [37][147] - The contract service margin absorbs non-economic assumption adjustments, smoothing profit releases over the policy service period and reducing volatility in financial statements [173][31] New Measurement Models - The General Model (BBA) is the core measurement method under IFRS17, applicable to most insurance contracts, including long-term life insurance, health insurance, and some annuity contracts [164][148] - The Variable Fee Approach (VFA) is designed for contracts with direct participation features, where the contract service margin absorbs all future service-related cash flow changes, including those caused by discount rate changes [38][122][123] - The Premium Allocation Approach (PAA) provides a simplified method for short-term contracts with durations of less than one year or those expected to yield results similar to the General Model [27][150] Strategic Implications for Insurers - The new standard pushes insurers to focus on the profitability of policies, as the scale advantage of low-value insurance products is eliminated, and loss-making contracts are clearly visible [21][126][153] - Insurers may need to adjust their business models and product strategies, particularly for products with significant investment components, to align with the new accounting requirements [64][21] - The enhanced transparency and comparability of financial information under IFRS17 may drive insurers to adopt more refined management practices and improve their risk management frameworks [171][33]

Investment Rating - The report maintains a stable credit risk outlook for the commercial real estate industry in 2025, despite some companies facing concentrated repayment pressures [6][76]. Core Insights - The commercial real estate sector in China continues to experience a destocking trend in sales, with new supply decreasing and development investment remaining low. Some first-tier cities show signs of stabilization in mall properties, but office rental rates and occupancy levels are still declining [6][7]. - The overall economic recovery is facing challenges, particularly in domestic demand, which affects the commercial real estate market. The new construction area is decreasing, and the sales of commercial properties and office buildings have both seen significant declines [10][14]. - The report highlights that the retail sector is under pressure from e-commerce, with physical retail sales declining, while the restaurant sector, which has been a key driver for mall properties, is also weakening [17][72]. - The report indicates that the commercial real estate market is in a phase of significant inventory reduction, with the supply-demand balance remaining volatile due to liquidity pressures on real estate companies [18][75]. Summary by Sections Development Investment - In 2024, the completed investment in commercial properties was 643.01 billion yuan, down 13.6% year-on-year, while office building investment was 380.29 billion yuan, down 7.4% year-on-year. New construction areas for commercial properties and office buildings also saw declines of 23.3% and 25.6%, respectively [14][17]. Sales Performance - The sales revenue for commercial properties reached 499.59 billion yuan, a year-on-year decrease of 13.4%, while office building sales were 268.80 billion yuan, down 13.0%. The overall sales performance reflects ongoing challenges in the market [17][18]. Supply and Demand - The report notes that the supply of commercial properties is at a historical low, with a completion-to-sales ratio around 0.6, indicating a significant inventory phase. Future supply is expected to decline sharply, necessitating demand recovery for inventory digestion [18][19]. Industry Policy - The report discusses the normalization of infrastructure REITs issuance, which is expected to enhance the efficiency of project approvals and could provide a significant exit strategy for commercial real estate companies [21][22]. Key City Performance - In major cities, retail property performance varies, with Shenzhen showing improvement, while Beijing and Guangzhou continue to experience rental declines. Office space in these cities is under pressure, with vacancy rates around 20% [23][25][50]. Debt Situation - The report outlines that the total amount of bonds maturing in 2025 will decrease to approximately 40 billion yuan, with most companies facing manageable repayment pressures. The overall credit risk in the commercial real estate sector remains stable [76][78].

Industry Overview - The consumer electronics industry is technology-driven, with rapid product updates and high consumer acceptance of new technologies [2] - In 2024, the Chinese market shows a trend of moderate recovery [2] - The global consumer electronics market size reached $7734 billion in 2023, and is expected to grow at a CAGR of 7.63% from 2024 to 2032, reaching $14679.4 billion by 2032 [4] - AI technology innovation and application have injected new vitality into the industry, enhancing product intelligence and creating new demand [4] - Rapid product iteration, such as foldable screen technology, has stimulated market growth [5] - Global smartphone shipments in Q3 2024 reached 309 million units, a 5% YoY increase, the strongest Q3 performance since 2021 [5] - The consumer electronics SW industry index grew 21.04% in 2023 and 14.86% from January to October 2024, indicating positive market sentiment [12] Market Performance - The Chinese consumer electronics market size reached RMB 19201 billion in 2023, expected to grow to RMB 19772 billion in 2024, with a CAGR of 3.33% [15] - The high-end trend is a significant feature of the consumer electronics market, with consumers willing to pay higher prices for premium products [36] - In Q3 2024, the global smartphone ASP reached $349, a 7% YoY increase, with revenue growing 10% YoY [36] - Smartphones priced above $1000 saw an 18% YoY sales growth in H1 2024, indicating accelerated high-end trends [36] Key Players and Financial Performance - The top 10 weighted stocks in the consumer electronics SW industry index show consistent performance trends with the overall industry [9] - In 2024, 96 companies in the consumer electronics supply chain achieved positive YoY growth in net profit, with 26 companies exceeding 100% growth [20] - The total operating revenue of the top 10 weighted stocks in the consumer electronics SW industry index increased by 22.77% YoY in 2024, with net profit growing 16.52% [21] - Key players like Luxshare Precision, Foxconn Industrial Internet, and Lens Technology showed significant revenue and profit growth in 2024 [21] Bond Market and Credit Status - From January to November 2024, the consumer electronics industry issued 9 credit bonds totaling RMB 9.441 billion, with the highest coupon rate at 2.33% [24] - As of November 2024, the industry had 16 outstanding bonds with a total balance of RMB 16.778 billion, mainly consisting of convertible bonds and ultra-short-term financing bills [25] - The majority of bond issuers in the industry have a credit rating of AA- [26] - Bonds are mainly concentrated in 2025 and 2029, with a total balance of RMB 7.263 billion due during this period [43] Future Outlook - Policy stimulus, new scenario expansion, and supply chain optimization are expected to drive industry growth in 2025 and beyond [30] - Government and corporate trade-in policies and promotional activities are expected to significantly boost market growth [30] - Emerging fields such as instant retail, smart home appliances, and wearable devices are expected to bring new growth opportunities [30] - Companies need to increase R&D investment, accelerate technological innovation, and strengthen supply chain management to maintain competitiveness [30]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The implementation of IFRS9 is expected to increase the financial volatility of insurance companies, as many financial assets previously classified as available-for-sale will now be classified as FVTPL, leading to greater profit fluctuations [58] - IFRS9 introduces a more objective classification of financial assets based on cash flow characteristics and business models, which will enhance the accuracy of asset valuation and management [19][48] - The expected credit loss model under IFRS9 requires insurance companies to recognize credit losses earlier, which may lead to increased provisions for impairment [12][32] Summary by Sections 1. Historical Formation and Background of IFRS9 - IFRS9 was developed in response to the 2008 financial crisis, aiming to address the shortcomings of IAS39, particularly in the classification and measurement of financial instruments [3][14] 2. Changes in Financial Asset Classification - IFRS9 simplifies the classification of financial assets from four categories to three: amortized cost (AC), fair value through profit or loss (FVTPL), and fair value through other comprehensive income (FVOCI) [8][48] - The classification is based on the characteristics of contractual cash flows and the business model for managing the financial assets, which reduces subjectivity in accounting [9][19] 3. Changes in Impairment Measurement - The impairment measurement method shifts from an incurred loss model to an expected loss model, requiring companies to account for expected credit losses based on future projections [12][23] - This change aims to provide a more timely and adequate recognition of credit risk, enhancing the transparency of financial statements [12][32] 4. Impact on the Insurance Industry - The implementation of IFRS9 is expected to lead to increased volatility in the financial statements of insurance companies, as more assets will be measured at fair value with changes recognized in profit or loss [58] - Insurance companies may adjust their asset allocation strategies, favoring high-quality bonds and low-volatility equities to mitigate the impact of IFRS9 on their financial performance [33][74] - The transition to IFRS9 may result in a decrease in the total amount of impairment provisions, as certain assets will no longer be subject to impairment testing [41][68]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Xi'an has developed six leading industries: electronic information manufacturing, automotive manufacturing, aerospace, high-end equipment manufacturing, new materials and new energy, food, and biomedicine, with a strong recovery in the tourism sector [4][81] - In 2023, Xi'an's industrial added value above designated size grew by 9.0%, outperforming national and provincial averages by 4.4 and 4.0 percentage points respectively [4] - The tourism sector saw 278 million domestic and international visitors in 2023, a 33.1% increase year-on-year, generating total tourism revenue of 335.04 billion yuan, up 65.0% [4] - Xi'an's financial resources are rich, with a well-developed multi-level financial market, including 63 A-share listed companies with a total market capitalization of approximately 1,166.23 billion yuan [5][81] Economic Development Status - Xi'an's economic structure is dominated by the tertiary industry, with a ratio of 2.7:34.5:62.8 in 2023 [4] - The city's GDP growth is uneven across districts, with Yanta District leading in economic total, while other districts like Weiyang and Chang'an also exceeded 100 billion yuan in GDP [6][73] - The development zones contribute significantly to the city's economy, accounting for over half of Xi'an's total GDP [6][73] Local Government Debt Situation - Xi'an's local government debt is concentrated in the municipal level and Xixian New Area, with varying debt rates across districts [9][79] - The debt rate for Weiyang and Baqiao districts is 147.98% and 182.77% respectively, while other districts maintain rates below 100% [9] - The report highlights the need for debt risk prevention and resolution measures, with a focus on transforming and supporting urban investment companies [49][90] Policy Environment - Xi'an has implemented various policies to enhance financial support for debt resolution, including the establishment of a 5 billion yuan debt risk prevention fund [36][65] - The city is actively promoting the transformation of urban investment companies through asset revitalization and the injection of quality assets [49][90] - Recent measures include the issuance of special refinancing bonds to address hidden debts and optimize the debt structure [61][90] Financial Observations of Urban Investment Companies - The investment growth rate of Xi'an's urban investment companies has slowed, with significant differences in investment rates across districts [39][131] - The overall debt scale of these companies continues to grow, with a rising proportion of short-term debt, indicating a need for structural adjustments [45][46][131] - The report notes that government subsidies significantly contribute to the profits of urban investment companies, although profitability indicators have generally declined [96][120]