Group 1 - The core viewpoint of the article highlights the growth and performance of public REITs in China, with a total of 65 products and a combined issuance scale of 173.03 billion yuan as of April 30, 2025 [3] - The largest issuance scale among the underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 27.06 billion yuan [3] - As of April 30, 2025, there are 24 REITs awaiting listing, including 13 new REITs and 11 REITs pending expansion [3] Group 2 - In the secondary market, the weighted REITs index closed at 134.98 with a monthly return of 0.65%, showing a fluctuating trend [4] - The performance of REITs is ranked lower compared to other major asset classes, with the order being gold, pure bonds, US stocks, REITs, convertible bonds, A-shares, and crude oil [4] - The top three performing underlying asset types for the month are affordable housing, consumer, and water conservancy facilities [4] Group 3 - The total trading volume of public REITs decreased slightly compared to the previous month, with a total transaction amount of 12.35 billion yuan and an average daily turnover rate of 0.8% [5] - The top three REITs by transaction volume are Southern SF Logistics REIT, Hongtu Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT [5] - The total net inflow of main funds reached 27.73 million yuan, indicating a significant increase in market trading enthusiasm compared to the previous month [5] Group 4 - The total amount of block trades increased compared to the previous month, with 21 block trading days and a total transaction amount of 2.17 billion yuan [6] - The highest single-day block trade amount was 54.14 million yuan on April 8, 2025 [6] - The top three REITs by block trade amount are E Fund Deep Highway REIT, Huaxia Huaren Commercial REIT, and CICC Prologis REIT [6]

Core Viewpoint - The communication industry is experiencing significant growth in Q1 2025, particularly in sectors such as optical modules, Beidou navigation, and AI supply chains, while some traditional sectors are facing declines in profitability [2][3][4]. Summary by Sections Overall Industry Performance - In 2024, the communication industry (A-shares) with 170 companies achieved a net profit of 208.29 billion yuan, a year-on-year increase of 4.4%. Excluding the three major operators, the net profit was 27.88 billion yuan, a decrease of 4.2% [2]. - In Q1 2025, the same 170 companies reported a net profit of 52.51 billion yuan, a year-on-year increase of 5.4% and a quarter-on-quarter increase of 88.3%. Excluding the three major operators, the net profit was 10.41 billion yuan, a year-on-year increase of 13.7% [2]. Sub-industry Performance in 2024 - The sub-industry net profit growth rates for 2024, ranked from highest to lowest, are as follows: - Optical Modules: 12.30 billion yuan, +113% - IoT: 1.18 billion yuan, +69% - AI Supply Chain: 43.59 billion yuan, +37% - Operators: 180.41 billion yuan, +6% - Server Supply Chain: 14.69 billion yuan, +3% - Fiber Optics and Cables: 6.28 billion yuan, -4% - Main Equipment: 8.85 billion yuan, -7% - Connectors and Cables: 7.49 billion yuan, -7% - IDC: 5.01 billion yuan, -9% - Switches: 1.61 billion yuan, -30% - Enterprise Communication: 3.25 billion yuan, breakeven - Beidou Navigation: -0.05 billion yuan, N/A - Network Visualization: -0.33 billion yuan, N/A - Antenna RF: -0.005 billion yuan, N/A - Satellite Communication: -0.49 billion yuan, N/A - Private Networks: -3.33 billion yuan, N/A [3]. Sub-industry Performance in Q1 2025 - The sub-industry net profit growth rates for Q1 2025, ranked from highest to lowest, are as follows: - Beidou Navigation: 0.13 billion yuan, +193% - Optical Modules: 4.50 billion yuan, +110% - AI Supply Chain: 12.82 billion yuan, +65% - IoT: 0.34 billion yuan, +18% - Fiber Optics and Cables: 1.34 billion yuan, +11% - Server Supply Chain: 3.94 billion yuan, +4% - Operators: 42.10 billion yuan, +4% - Enterprise Communication: 0.68 billion yuan, +0% - Connectors and Cables: 1.90 billion yuan, -6% - Main Equipment: 2.35 billion yuan, -10% - Switches: 0.38 billion yuan, -16% - IDC: 1.11 billion yuan, -20% - Satellite Communication: 0.07 billion yuan, -31% - Private Networks: -0.03 billion yuan, -112% - Network Visualization: -0.17 billion yuan, N/A - Antenna RF: -0.036 billion yuan, N/A [4]. Top Companies by Profit in Q1 2025 - The top 10 companies by net profit in Q1 2025 are: - China Mobile: 30.63 billion yuan, +3% - China Telecom: 8.86 billion yuan, +3% - China Unicom: 2.61 billion yuan, +7% - ZTE: 2.45 billion yuan, -11% - Zhongji Xuchuang: 1.58 billion yuan, +57% - Runze Technology: 0.43 billion yuan, -9% - Unisplendour: 0.35 billion yuan, -16% - NewEase: 1.57 billion yuan, +385% - Zhongtian Technology: 0.63 billion yuan, -1% - Yilian Network: 0.56 billion yuan, -1% [5][8]. Top Companies by Year-on-Year Growth in Q1 2025 - The top 10 companies by year-on-year growth in net profit for Q1 2025 are: - Bochuang Technology: 0.09 billion yuan, +322652% - Ruijie Networks: 0.11 billion yuan, +4544% - Guangha Communication: 0.0009 billion yuan, +1034% - Shijia Photon: 0.093 billion yuan, +1004% - Yongding Co.: 0.29 billion yuan, +961% - NewEase: 1.57 billion yuan, +385% - Pingzhi Information: 0.011 billion yuan, +287% - Yiyuan Communication: 0.21 billion yuan, +287% - Gongjin Co.: 0.022 billion yuan, +268% - Xingwang Ruijie: 0.042 billion yuan, +265% [9].

Core Viewpoint - The company experienced a decline in revenue for 2024 due to the implementation of centralized procurement policies, but showed growth in net profit and is optimistic about future product approvals [2][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.23 billion, a year-on-year decrease of 12.87%. However, the net profit attributable to shareholders was 142 million, reflecting a year-on-year increase of 22.18%. The net profit excluding non-recurring items was 137 million, up 11.75% year-on-year [2]. - For Q1 2025, the company reported operating revenue of 232 million, a year-on-year increase of 8.90%. The net profit attributable to shareholders was 26 million, up 15.92%, while the net profit excluding non-recurring items was 24 million, an increase of 16.08% year-on-year [2]. Group 2: Impact of Centralized Procurement - The decline in revenue for 2024 was primarily due to the implementation of centralized procurement policies for products like Jinshuxi and Kaiyin Yisheng, which led to a decrease in sales prices across various regions. The initial phase of these policies also caused disruptions in the sales channels, impacting Q4 revenue [3]. Group 3: Future Product Development - The company is optimistic about the approval of its core product, KW-001 (Pegylated Interferon α-2 Injection), which successfully completed Phase III clinical trials in 2024 and has submitted a drug registration application. The company maintains a high level of investment in R&D and is accelerating the development of its pipeline [4]. - Other projects in the pipeline include KW-045 and KW-051, both of which have completed their respective clinical trial phases, and KW-053, which has received approval for clinical trials for the treatment of condyloma acuminatum [4].

Group 1: New Stock Market Performance - In April 2025, a total of 10 new stocks were listed, with 6 on the main board and 4 on the ChiNext, raising a total of 8.269 billion yuan [4] - The average first-day increase for main board new stocks was 240.69%, while ChiNext new stocks saw an average increase of 219.73%, with no stocks experiencing a decline [4] - The average quotation inclusion rate for main board new stocks was 93.38%, and for ChiNext, it was 97.63% [4] Group 2: REITs Market Overview - As of April 30, 2025, the number of public REITs in China reached 65, with a total issuance scale of 173.026 billion yuan [5] - The weighted REITs index closed at 134.98, with a monthly return rate of 0.65% [5] - Compared to other major asset classes, the return rates ranked from high to low were: gold, pure bonds, US stocks, REITs, convertible bonds, A-shares, and crude oil [5] Group 3: Communication Industry Performance - In Q1 2025, the communication industry saw significant growth, with 170 A-share companies achieving a total net profit attributable to shareholders of 52.513 billion yuan, a year-on-year increase of 5.4% and a quarter-on-quarter increase of 88.3% [6] - Excluding the three major operators, the net profit attributable to shareholders was 10.412 billion yuan, up 13.7% year-on-year [6] - The communication sector presents structural opportunities, with the long-term logic of operators remaining valuable and certain sub-sectors showing positive growth potential [6] Group 4: Ming Tai Aluminum Industry Analysis - Ming Tai Aluminum achieved operating revenue of 32.321 billion yuan in 2024, a year-on-year increase of 22.23%, and a net profit attributable to shareholders of 1.748 billion yuan, up 29.76% [6] - In Q1 2025, the company reported operating revenue of 8.124 billion yuan, a year-on-year increase of 13.07%, and a net profit of 440 million yuan, up 21.46% [6] - The company has seen a significant increase in net profit per ton, and its product structure is continuously improving despite the cancellation of export tax rebates [6] Group 5: Hua Mao Technology Growth - Hua Mao Technology reported operating revenue of 2.213 billion yuan in 2024, a year-on-year increase of 7.67%, and a net profit of 277 million yuan, up 14.64% [8] - In Q1 2025, the company achieved operating revenue of 537 million yuan, a year-on-year increase of 14.37%, and a net profit of 86 million yuan, up 60.34% [8] Group 6: Jian Kai Technology Transition - Jian Kai Technology's 2024 annual report showed operating revenue of 227 million yuan, a year-on-year decrease of 22.26%, and a net profit of 30 million yuan, down 74.22% [9] - In Q1 2025, the company reported operating revenue of 69 million yuan, a year-on-year increase of 6.66%, and a net profit of 12 million yuan, down 17.79% [9] Group 7: Kai Yin Technology Revenue Decline - Kai Yin Technology's 2024 annual report indicated operating revenue of 1.230 billion yuan, a year-on-year decrease of 12.87%, while net profit increased by 22.18% to 142 million yuan [9] - In Q1 2025, the company achieved operating revenue of 232 million yuan, a year-on-year increase of 8.90%, and a net profit of 26 million yuan, up 15.92% [9]

其中，参与网下发行的个股共计9只，主板5只、创业板4只，募集金额合计77.09亿元，环比+13.94%。 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 新股发行概况： 4月仅主板和创业板有新股上市。2025年4月，共10只新股上市，主板6只、创业板4只，募集金额共计 82.69亿元，环比-10.29%。 发布日期： 2025-05-08 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的 官方唯一订阅号。其他任何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券 研究所品牌名称等相关信息的订阅号均不是光大证券研究所的官方订阅号。 新股上市首日平均涨幅水平仍在200%以上。2025年4月，主板采用网下打新的新股5只 ...

Core Viewpoint - The company demonstrates strong growth in revenue and net profit, with strategic expansions in automotive safety and semiconductor sectors, alongside shareholder confidence through stock buybacks and increases in holdings by major stakeholders [2][3][5][6]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.213 billion yuan, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 277 million yuan, up 14.64% [2]. - In Q1 2025, the company reported revenue of 537 million yuan, reflecting a year-on-year growth of 14.37%, and a net profit of 86 million yuan, which is a significant increase of 60.34% [2]. Group 2: Automotive Passive Safety Business - The company's automotive passive safety products are strategically focused on high-end, domestic production, and new energy applications, with 498 safety airbag projects in mass production and 188 new projects in the pipeline for 2024 [3]. - Revenue from new energy vehicle manufacturers (excluding traditional energy vehicle segments) is expected to account for nearly 30% of total revenue in 2024, driven by increased airbag installation rates and the penetration of new energy vehicles [3]. Group 3: Semiconductor and Computing Power Manufacturing - The company has strategically invested 383.36 million yuan to acquire a 42.16% stake in electronic manufacturing service provider Fuchuang Youyue, enhancing its presence in the semiconductor and computing power manufacturing sectors [4]. - The company plans to continue increasing investments and integrating the supply chain in the semiconductor field, focusing on providing comprehensive electronic manufacturing services [4]. Group 4: Shareholder Confidence - On May 7, the company announced that its controlling shareholder, Dongyang Huasheng Enterprise Management Partnership, plans to increase its stake in the company by investing between 100 million and 200 million yuan within six months, reflecting confidence in the company's long-term development [5]. - The company has also been actively repurchasing shares, having bought back 21 million shares, which is 6.34% of the total share capital, with a total expenditure of 771 million yuan [6].

Core Viewpoint - The company is experiencing significant growth in revenue and profit, driven by increased sales volume and improved product structure, despite the cancellation of export tax rebates for aluminum products [3][5]. Financial Performance - In 2024, the company achieved operating revenue of 32.321 billion yuan, a year-on-year increase of 22.23%, and a net profit attributable to shareholders of 1.748 billion yuan, up 29.76% [3]. - In Q1 2025, the company reported operating revenue of 8.124 billion yuan, a year-on-year increase of 13.07%, and a net profit of 440 million yuan, up 21.46% [3]. Sales and Profitability - In 2024, the company sold 1.4672 million tons of products, a year-on-year increase of 18.8%, with a net profit per ton of 1,191.7 yuan, an increase of 100.5 yuan per ton compared to 2023 [4]. - The quarterly net profit per ton for 2024 was 1,052.6 yuan in Q1, 1,904.4 yuan in Q2, 893.3 yuan in Q3, and 907.0 yuan in Q4 [4]. Market Impact of Policy Changes - The cancellation of export tax rebates for aluminum products starting December 1, 2024, is not expected to significantly impact sales, as the company anticipates maintaining sales of over 120,000 tons, indicating strong acceptance of new pricing by foreign clients [5]. Industry Developments - The inclusion of electrolytic aluminum in the national carbon market is approaching, with significant benefits for recycled aluminum, which has a much lower carbon footprint compared to traditional methods [6]. - The production of 1 ton of recycled aluminum emits only 0.2 tons of CO2, compared to 13 tons for traditional methods, leading to substantial carbon tax savings [6]. Capacity Expansion and Product Development - The company is expanding its production capacity and improving its product structure by focusing on high-end materials for sectors such as new energy, automotive, and semiconductors [7]. - Plans include the construction of a high-end heat treatment line and the exploration of advanced product technologies in automotive and aerospace applications [7].

Core Viewpoint - The company is undergoing a performance transformation period, with significant declines in revenue and profit in 2024, while showing some recovery in Q1 2025, particularly in overseas markets [3][4]. Group 1: 2024 Financial Performance - In 2024, the company achieved operating revenue of 227 million, a year-on-year decrease of 22.26%. The net profit attributable to shareholders was 30 million, down 74.22%, and the net profit after deducting non-recurring items was 19 million, down 82.64% [3]. - The decline in domestic orders and sales revenue was attributed to price pressures and intense competition in the market [4]. Group 2: Q1 2025 Financial Performance - In Q1 2025, the company reported operating revenue of 69 million, a year-on-year increase of 6.66%. The net profit attributable to shareholders was 12 million, down 17.79%, and the net profit after deducting non-recurring items was 9 million, down 19.51% [3]. - The revenue from overseas customers saw significant growth, with foreign product sales revenue reaching 59.65 million, a year-on-year increase of 51.52%, driven by new drug launches [5]. Group 3: Market Dynamics - The international customer structure has undergone significant adjustments, with a notable decrease in orders from overseas medical device clients due to inventory plan adjustments, while orders from overseas pharmaceutical clients increased significantly [4]. - In Q1 2025, the company's direct exports to the U.S. accounted for 17.36% of total revenue, indicating a low impact from tariff policies on overall revenue and profit [5].

Macro - The Federal Reserve is expected to maintain a hawkish stance to defend its independence and stabilize inflation expectations, with 2-3 potential rate cuts remaining in 2025 depending on economic indicators such as consumer and employment data [4] Coal Industry - In March, coal imports decreased by 6.4% year-on-year, and some coal companies are facing accounting losses, which may lead to production cuts or shutdowns [5] - Electricity generation from thermal power has been significantly below expectations since the beginning of the year, but demand for coal may recover as the summer peak approaches [5] Retail - During the Labor Day holiday, sales from key retail and catering enterprises increased by 6.3% year-on-year, while duty-free shopping in Hainan saw a decline of 7.3% in sales amount [5] - The overall consumption data has shown resilience, with specific segments such as national subsidies, gold and jewelry retail, and emotional consumption being highlighted as areas of interest [5] Automotive Industry - SAIC Motor Corporation reported a revenue of 73.15 billion yuan in 2024, down 4.67% year-on-year, and a net profit of 6.82 billion yuan, down 17.60% year-on-year [6] - In Q1 2025, the company achieved a revenue of 11.12 billion yuan, up 9.14% year-on-year, and a net profit of 0.26 billion yuan, up 117.20% year-on-year [6] Technology and AI - Northstar Holdings is projected to achieve total revenue of 940 million yuan in FY25, a year-on-year increase of approximately 10%, with cloud HCM solutions expected to generate 730 million yuan [7] - The company anticipates an adjusted net loss of approximately 60 million yuan for FY25, corresponding to an adjusted net loss rate of -6.4% [7] Healthcare - Steady Medical reported a revenue increase of 9.7% and a net profit increase of 19.8% in 2024, with Q1 2025 showing a revenue growth of 36.5% and a net profit growth of 36.3% [8] - The medical consumables segment saw a revenue increase of 46.3% in Q1 2025, while health and lifestyle consumer products grew by 28.8% [8] Alcohol Industry - Shanxi Fenjiu reported a total revenue of 360.11 billion yuan in 2024, a year-on-year increase of 12.79%, and a net profit of 122.43 billion yuan, up 17.29% year-on-year [9] - In Q4 2024, total revenue decreased by 10.24% year-on-year, with a net profit decline of 11.32% [9]

Core Viewpoint - The coal industry is experiencing a supply-demand imbalance, with limited reduction in imports and increased domestic production leading to oversupply [2][5]. Group 1: Fundamentals - In Q1 2025, China's total coal imports reached 110 million tons, a year-on-year decrease of 0.9%, maintaining a high level. Notably, imports from Indonesia were 52.59 million tons (down 6.6%), Australia 16.45 million tons (up 3.7%), Mongolia 17.49 million tons (up 3.1%), and Russia 19.62 million tons (up 7.9%) [2]. - Domestic raw coal production in Q1 2025 was 1.2 billion tons, a year-on-year increase of 8.8%. The production growth rates in Xinjiang, Shanxi, Shaanxi, and Inner Mongolia were 16.9%, 19.8%, 4.1%, and 2.1%, respectively [2]. - In Q1 2025, China's thermal power generation was 1.5 trillion kWh, down 4.4% year-on-year, while pig iron production was 220 million tons (up 1.4%), cement production was 330 million tons (down 1.7%), and chemical coal consumption was 80 million tons (up 14.8%) [2]. Group 2: Coal Prices - In Q1 2025, the average price of 5500 kcal thermal coal at ports was 721 CNY/ton, down 20% year-on-year and 12% quarter-on-quarter. The average price of long-term contract thermal coal was 690 CNY/ton, down 3% year-on-year and 1% quarter-on-quarter [3]. - The pithead coal prices followed the downward trend of port coal prices, with average prices in Yulin, Datong, and Ordos down 24%, 26%, and 24% year-on-year, respectively [3]. - Coking coal prices saw a more significant decline, with the average price of coking coal in Shanxi's Lüliang at 1252 CNY/ton, down 44% year-on-year and 19% quarter-on-quarter [3]. Group 3: Sector Profitability - In Q1 2025, the total operating revenue of the coal mining industry was 284.56 billion CNY, down 17.8% year-on-year, and the net profit attributable to shareholders was 30.1 billion CNY, down 27.5% year-on-year, with an annualized return on equity of 9.6%, down 4.2 percentage points year-on-year [4]. - Among the four coal companies with a market capitalization exceeding 100 billion CNY (Shenhua, China Coal, Shaanxi Coal, and Yanzhou Coal), the net profit attributable to shareholders was 23.44 billion CNY, down 19.9% year-on-year, while the remaining 20 coal companies reported a net profit of 7.25 billion CNY, down 46.0% year-on-year, indicating a divergence in profitability [4]. Group 4: Future Outlook - In March, coal imports decreased by 6.4% year-on-year, and future coal import volumes are expected to contract [5]. - Some coal companies are already facing accounting losses, which may lead to production cuts or shutdowns [5]. - Since the beginning of the year, thermal power generation has significantly underperformed expectations, and the upcoming summer peak in electricity demand may lead to a marginal improvement in coal demand [5].