Core Viewpoint - The article highlights the potential acceleration of commercialization in the medical rehabilitation field, particularly focusing on the application of exoskeleton robots, which are expected to see significant market growth in the coming years [5]. Market Performance Review - Last week, the pharmaceutical and biotechnology index rose by 1.27%, outperforming the CSI 300 index by 0.16 percentage points but underperforming the ChiNext index by 0.35 percentage points, ranking 11th among 31 sub-industries [3]. - The Hong Kong Hang Seng Medical Health Index increased by 0.57%, lagging behind the Hang Seng Index by 1.35 percentage points [3]. Company R&D Progress Tracking - Recent clinical application submissions include Baiyi Shenzhou's BGB-B455 and Kangnuo's CM336 injection, while DIZHE Pharmaceutical's DZD8586 and Kanghong Pharmaceutical's KH607 have new IND applications [4]. - Ongoing clinical trials include Sanofi's SSGJ-707 and Zhengda Tianqing's TQB2102 in Phase III, Kangning Jere's KN060 in Phase II, and Green Leaf Pharmaceutical's fumaric acid LPM526000133 in Phase I [4]. Investment Strategy for 2025 - The company suggests a structural selection of investment opportunities based on the payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments [6]. - Key investment directions include policy support for innovative drugs and devices, expanding demand for blood products and home medical devices, and an upward cycle for overseas exports of heparin and respiratory-related products [6]. Exoskeleton Robot Market Outlook - The global exoskeleton robot market is entering a high growth phase, with a projected market size of $1.8 billion in 2024 and expected to exceed $12 billion by 2030, reflecting a compound annual growth rate of 28% [5]. - The inclusion of exoskeletons in China's "14th Five-Year Plan" as a key development area for high-end medical equipment and the incorporation of some rehabilitation exoskeletons into insurance reimbursement in various regions are expected to further accelerate commercialization [5].

Core Viewpoint - The A-share market continued to show a fluctuating performance with reduced trading volume, indicating a cautious sentiment among investors. The market is experiencing a "profit-taking" state, with net outflows from ETFs [2]. Market Performance Summary - The major indices showed mixed results: the Shanghai Composite Index rose by 0.76%, the SSE 50 increased by 1.22%, the CSI 300 gained 1.12%, while the CSI 500 and CSI 1000 fell by 0.10% and 0.23% respectively. The ChiNext Index rose by 1.38%, and the Northbound 50 Index increased by 3.13% [2]. - As of May 16, 2025, the valuation percentiles for major indices were categorized as "moderate" for the Shanghai Composite, SSE 50, CSI 300, CSI 500, and CSI 1000, while the ChiNext Index was rated as "safe" [2]. Sector Valuation Analysis - According to the CITIC industry classification, sectors such as non-ferrous metals, electric power and utilities, home appliances, food and beverage, agriculture, non-bank financials, and transportation are rated as "safe" in terms of valuation [2]. Volatility Analysis - The cross-sectional volatility of the CSI 300, CSI 500, and CSI 1000 indices decreased compared to the previous week, indicating a deterioration in the short-term Alpha environment. However, the time series volatility for the CSI 300 increased, suggesting an improvement in the Alpha environment, while the CSI 500 and CSI 1000 saw a decline [3]. Fund Flow Tracking - The top five stocks attracting institutional attention were Anji Technology (241 institutions), Hengerd (237), Naipu Mining Machine (122), Haimu Star (113), and Diaowei (94) [4]. - During the period from May 12 to May 16, 2025, southbound funds experienced a net outflow of 8.685 billion HKD, with net inflows of 4.910 billion HKD in the Shanghai Stock Connect and net outflows of 13.595 billion HKD in the Shenzhen Stock Connect [4]. ETF Performance - The median return for stock ETFs was 0.74% with a net outflow of 25.370 billion CNY. The median return for Hong Kong stock ETFs was 1.27% with a net outflow of 6.696 billion CNY. Cross-border ETFs had a median return of 3.80% with a net outflow of 1.081 billion CNY, while commodity ETFs had a median return of -4.71% with a net outflow of 4.308 billion CNY [6].

Overall Viewpoint - Shandong and Guangdong provinces have issued implementation details for Document No. 136, attracting ongoing attention from the capital market regarding policy developments in more provinces. The core of the policy is to reflect power supply and demand through market-oriented electricity prices, achieving a reasonable installed capacity for renewable energy. The mechanism for electricity volume and pricing aims to stabilize the financing capability of renewable energy projects [2]. Shandong and Guangdong Details - Shandong's details state that the mechanism electricity price for existing projects is based on the coal-fired benchmark electricity price, with a mechanism electricity volume cap referencing the non-marketization rate of other provinces. The execution period is based on a reasonable full life cycle hour. For incremental projects, the bidding declaration sufficiency must not be less than 125%, and the mechanism electricity price must not exceed the bidding cap. The setting of the mechanism electricity price for existing projects is considered friendly, with potential optimization for mechanism electricity volume. The electricity price for incremental projects will depend on current spot prices, with lower prices for solar and relatively better prices for wind energy, leading to more intense bidding in the future [2]. - Guangdong's details apply only to incremental projects, with a mechanism electricity volume declaration cap not exceeding 90%. The execution period is 14 years for offshore wind and 12 years for other projects, with no mechanism electricity price applied after expiration. This detail stabilizes expectations for new renewable energy installations and is favorable for offshore wind [2]. Investment Aspects - In the photovoltaic sector, production and industry chain prices have declined since May, with the market recognizing weak domestic photovoltaic demand for 2025 and 2026. Some companies' stock prices have returned to mid-2024 levels. Although supply-side policies for 2024 are below expectations, the policy direction remains unchanged. Some second- and third-tier companies are seeking to divest equity, and bank credit limits are gradually tightening, indicating a trend. A rebound opportunity may arise when new supply-side policies are introduced or when companies undergo a certain level of clearing [3]. - In the wind power sector, due to its favorable output curve and relatively good economic viability, there are expectations for sales recovery of wind power stations following the issuance of detailed policies under Document No. 136. Additionally, there is potential for profit recovery in wind turbine manufacturing [3]. - In the energy storage and power equipment sector, attention should continue to focus on high growth in large-scale storage in Europe, industrial and commercial storage in Southeast Asia, and off-grid storage in Africa by 2025. Future focus will be on changes in grid demand structure driven by virtual power plants and integrated cloud distribution [3].

Core Viewpoint - The article highlights the rapid decline in coal prices and emphasizes the upcoming summer electricity peak demand, which is expected to drive coal demand upward [3][4]. Group 1: Coal Price Trends - As of May 16, the coal inventory at the Qinhuangdao port was 7.6 million tons, a 0.93% increase week-on-week and a 48.15% increase year-on-year, marking the highest level for the same period [6]. - The coal inventory in the Bohai Rim ports stood at 32.53 million tons, a 1.57% decrease week-on-week but a 33.72% increase year-on-year, also at a record high for this time of year [6]. - The average closing price for Qinhuangdao port thermal coal (5500 kcal) was 619 yuan/ton for the week of May 11-16, down 19 yuan/ton (-3.05%) from the previous week [4]. Group 2: Seasonal Demand and Production - The summer electricity peak is approaching, which is expected to seasonally increase coal demand, necessitating attention to the extent of the demand surge during the peak season [3]. - The operating rate of 110 sample coal washing plants (approximately 50% of national washing capacity) was 62.1%, a decrease of 0.3 percentage points week-on-week and a 5.8 percentage points decrease year-on-year, remaining at a five-year low [5]. - The average temperature in 28 major cities was 26.99°C, which is at the median for the same period [5]. Group 3: Other Commodity Prices - The average price of thermal mixed coal at the Yulin pit (5800 kcal) was 491 yuan/ton for the week, down 19 yuan/ton (-3.73%) [4]. - The FOB price for thermal coal at Newcastle, Australia (5500 kcal) was $69/ton, a 0.71% decrease [4]. - The settlement price for European natural gas futures (DUTCH TTF) was €35/MWh, an increase of 2.60% [4]. - The Brent crude oil futures settlement price was $65.41/barrel, up 2.35% [4].

Core Viewpoint - The article discusses the recent trends in agricultural product prices, particularly focusing on the decline in pig and chicken prices, the fluctuation of grain prices, and the increase in natural rubber prices, indicating a complex market environment influenced by supply and demand dynamics [2][3][4][5]. Group 1: Livestock Prices - The average price of external three yuan pigs in China decreased to 14.61 yuan/kg, a week-on-week decline of 1.42%, while the average price of 15 kg piglets fell to 36.23 yuan/kg, down 1.74% [2]. - The average weight of market pigs remained stable at 129.71 kg, with a national frozen product inventory rate of 14.01%, down 0.13 percentage points [2]. - The price of white feather broiler chickens dropped to 7.40 yuan/kg, a decrease of 0.67%, and chick prices fell to 2.85 yuan/bird, down 2.06% [3]. Group 2: Grain Prices - As of May 16, the average price of corn was 2374.90 yuan/ton, up 0.48%, while wheat prices increased to 2468.89 yuan/ton, a rise of 0.33%. Conversely, soybean meal prices decreased to 3115.71 yuan/ton, down 5.93% [4]. - The increase in corn prices is attributed to high demand in North China and adjustments by enterprises based on market conditions, while soybean meal prices are affected by ample supply from South America and rising inventories [4]. Group 3: Natural Rubber Prices - The domestic natural rubber futures price reached 15025 yuan/ton, reflecting a week-on-week increase of 2.18% [5]. - The demand for natural rubber is supported by the U.S. tariff exemption period for Southeast Asia, leading to increased orders from overseas tire manufacturers [5].

点击注册小程序 查看完整报告 特别申明： 5月16日，国家金融监督管理总局发布2025年一季度商业银行主要监管指标。数据显示：商业银行25Q1实 现净利润6568亿，盈利增速下降2.3%，平均资本利润率8.82%；不良贷款率1.51%，较上年末略升1bp，资 产质量总体稳定。 商业银行25Q1盈利增速同比下降2.3%，降幅较上年持平 营收结构上，非息收入占比较2024年提升2.5pct至25%，较24Q1下降0.7pct。分机构类别看，国有行、股份 行、城商行、农商行1Q25盈利增速分别为0.1%、-4.5%、-6.7%、-2%，增速变化看，股份行增速较上年下 降6.9pct，国有行、城商行、农商行盈利增速分别较上年提升0.6、6.5、7.8pct。 一季度贷款投放维持较高强度，年初政府债发行前置提振非信贷类资产同比多增 25Q1末，商业银行总资 产增速较为7.2%，较上年末增速持平。其中贷款、非信贷类资产余额同比增速分别为7.3%、6.9%，较上 年末分别变动-0.3、+0.2pct；25Q1新增贷款、非信贷类资产规模分别为9.1、4.6万亿，分别同比多增0.1、 0.6万亿。开年以来经济延续修复态势，实体 ...

Core Viewpoint - The A-share market has shown a general upward trend, with major indices such as the ChiNext Index, SSE 50, and CSI 300 leading in gains, while the STAR 50 and CSI 500 experienced slight declines [3] Market Performance - The A-share market saw most major indices rise, with significant gains in large-cap growth and value stocks, while small-cap growth stocks slightly declined [3] - Since early April, small-cap indices have significantly outperformed large and mid-cap indices, with the performance of small-cap stocks being notably better during the recent market recovery [4][5] Reasons for Small-Cap Outperformance - The small-cap indices had larger declines during previous market downturns, leading to a stronger rebound as the market recovered [5] - Progress in high-level Sino-U.S. trade talks has improved market risk appetite, benefiting the more elastic small-cap indices [5] - The active state of thematic investments has also contributed to the better performance of small-cap indices [5] Future Market Trends - Historical patterns suggest that the divergence between small and large-cap stocks may converge in the future, as market conditions evolve [6] - Long-term capital inflows into the A-share market, supported by favorable policies, typically favor large-cap stocks [6] - The recent improvement in market risk appetite due to trade talks may be offset by ongoing U.S. restrictions in the tech sector, which could disproportionately affect small-cap stocks [6] - With the completion of Q1 earnings reports, market focus may shift towards fundamentals, where large-cap stocks currently show stronger profitability [6] - The trading congestion difference between large and small-cap indices is at a historical low, indicating a potential shift in market style [6] Investment Style Focus - The market may experience a rotation between defensive and growth styles, with defensive investments focusing on stable or high-dividend sectors, while growth investments target thematic growth and independent sectors [8] - Current policies are primarily stabilizing, and the likelihood of strong economic realities or expectations in the short term is relatively low, leading to fluctuations in market sentiment [8]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 1、 二级市场 2025年5月12日-2025年5月16日（以下简称"本周"），我国已上市公募REITs的二级市场价格整体呈现震荡 上行的趋势：加权REITs指数收于137.87，本周回报率为1.7%。与其他主流大类资产相比，回报率由高至 低排序分别为：美股>REITs>可转债>A股>纯债>原油>黄金。 从项目属性来看，本周产权类REITs和特许经营权类REITs均整体呈现震荡上行趋势，产权类REITs的涨幅 更大。 从底层资产类型来看，从底层资产类型来看，本周消费类REITs涨幅最大。本周回报率排名前三的底层资 产类型分别为消费类、园区类和保障房类。 从单只REIT层面来看，本周公募REITs涨跌互现，有52只REITs上 ...

Group 1: Market Strategy - The divergence between large-cap and small-cap stocks has been notable since early April, with small-cap indices outperforming large-cap indices from April 8 to May 16 [3] - Historical patterns, incremental capital, risk factors, fundamentals, and trading indicators suggest that this divergence may converge in the future [3] Group 2: Fixed Income and REITs - From May 12 to May 16, the secondary market prices of publicly listed REITs in China showed a trend of oscillating upward, with the weighted REITs index closing at 137.87 and a weekly return of 1.7% [4] - The trading volume of public REITs for the week was 2.442 billion yuan, with warehouse logistics REITs leading in average daily turnover compared to other categories [4] Group 3: Banking Sector - In Q1 2025, commercial banks in China reported a net profit of 656.8 billion yuan, with a profit growth rate decline of 2.3% and an average capital return rate of 8.82% [5] - The non-performing loan ratio stood at 1.51%, slightly up by 1 basis point from the end of the previous year, indicating overall stability in asset quality [5] Group 4: Chemical and Transportation Industry - In Q1 2025, Jilin Chemical Fiber Group announced price adjustments for carbon fiber products, with increases of 5,000 yuan per ton for 3K/6K products and 3,000 yuan per ton for other grades [6] Group 5: Agriculture and Livestock - The sentiment in the pig farming sector is easing, with current inventory levels remaining relatively high, indicating a potential turning point in inventory levels that may lead to a long-term profit upcycle post-deinventory [7] Group 6: Coal Mining - As of May 16, coal inventories at ports in the Bohai Rim reached 32.533 million tons, down 1.57% week-on-week but up 33.72% year-on-year, indicating high inventory levels [8] - The price of thermal coal at Qinhuangdao port averaged 619 yuan per ton, down 19 yuan per ton (-3.05%) for the week, with seasonal demand expected to rise as summer electricity consumption peaks [8]

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 吉林化纤上调碳纤维产品价格，碳纤维行业均价已趋稳 根据中国证券报消息 ， 25 年 Q1 ，吉林化纤集团调整旗下碳纤维价格，明确自 2025 年 3 月 18 日起，湿法 1K 产品价格不变， 3K/6K 产品价格上涨 5000 元 / 吨， 12K/25K/35K/50K 碳丝产品价格上涨 3000 元 / 吨，干法 T700 及 T800 级别 12K 碳丝产品价格上涨 3000 元 / 吨。 与此同时， 目前碳纤维均价的下跌已初步趋缓，根据 百川盈孚数据， 24 年 12 月以来国内碳纤维价格维持在 83.75 元 /kg 的水平。碳纤维产品价格下调、毛利水平 的下降，致使碳纤维生产企业的业绩承压，但较年初已有明显改善，截至 25 年 ...