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 事件： 短贷方面，3月下旬部分银行通过法人透支、福费廷等对公短贷冲量，跨月后到期压力较大，对4月对公贷 款增长形成一定压制，但读数整体符合季节性规律。 三、 零售端读数季节性回落，按揭、消费贷增长承压 规模层面，4月份居民贷款新增-5216亿，同比多减50亿。其中，居民短贷、中长贷分别减少4019、1231 亿，同比多减501亿、少减435亿。4月零售端贷款投放季节性放缓，按揭负增长，非房消费贷"以价补 量"向"量价均衡"过渡。 （1）M2同比增长8%，增速较3月末上行1个百分点； （2）M1同比增速1.5%，较3月末下行0.1个百分点； （3）新增人民币贷款2800亿，同比少增4500亿，增速7.2%，较3月末下降0.2个 ...

Core Viewpoint - The company, a subsidiary of China National Petroleum Corporation, is focused on natural gas terminal sales and is expected to see profit recovery and increased dividends in 2024, with a projected net profit of 6 billion yuan, representing a 4.9% year-on-year growth [2]. Group 1: Business Performance - The company's natural gas sales business has shown strong growth, with a compound annual growth rate (CAGR) of 13.7% in revenue and 15.7% in pre-tax profit from 2016 to 2024 [3]. - The company has a significant presence in the mid-western city gas projects and is actively expanding its retail gas market, particularly in industrial gas, which is expected to grow at a CAGR of 24.35% from 2018 to 2024 [3]. - The company's gross margin for 2024 is projected to be 0.47 yuan per cubic meter, a slight decrease of 0.03 yuan per cubic meter year-on-year, primarily due to structural impacts from adjustments in the gas station business [3]. Group 2: LNG Operations - The company operates two LNG receiving stations with a combined unloading capacity of 13 million tons per year, contributing a pre-tax profit of 3.577 billion yuan in 2024, with a profit margin of 75% [4]. - The processing fee for LNG remains stable at 0.30 yuan per cubic meter, with unit pre-tax profit ranging between 0.21 to 0.22 yuan per cubic meter, providing a consistent revenue and profit source [4]. - The company is transitioning from upstream oil exploration to focus on natural gas terminal utilization, thereby reducing its cyclical attributes [4].

Core Viewpoint - The real estate market in key cities shows mixed performance in new and second-hand housing transactions, with a notable increase in second-hand housing sales compared to new housing sales [2][4]. New Housing Market - In April 2025, the transaction area of new residential properties in 30 core cities was 1,086 million square meters, a year-on-year decrease of 5.2% and a month-on-month decrease of 25.1% [2]. - From January to April 2025, the transaction area of new residential properties in 30 core cities was 4,376 million square meters, a year-on-year increase of 2.3% [2]. - The average transaction price of new residential properties in 30 core cities from January to April 2025 was 24,553 yuan per square meter, a year-on-year increase of 4.8% [2]. Key Cities New Housing Prices - In April 2025, the average price of new housing in Beijing was 60,061 yuan per square meter, an increase of 21.2% year-on-year; in Shanghai, it was 77,681 yuan per square meter, a decrease of 2.8%; in Guangzhou, it was 32,623 yuan per square meter, a decrease of 11.8%; and in Shenzhen, it was 60,537 yuan per square meter, a decrease of 2.0% [3]. Second-Hand Housing Market - In April 2025, the transaction area of second-hand residential properties in 15 core cities was 1,520 million square meters, a year-on-year increase of 13.1% [4]. - From January to April 2025, the transaction area of second-hand residential properties in 15 core cities was 5,314 million square meters, a year-on-year increase of 20.7% [4]. - The average transaction price of second-hand residential properties in 10 core cities from January to April 2025 was 24,604 yuan per square meter, a year-on-year increase of 2.1% [4]. Key Cities Second-Hand Housing Prices - In April 2025, the average price of second-hand housing in Beijing was 28,927 yuan per square meter, an increase of 3.5% year-on-year; in Shanghai, it was 39,193 yuan per square meter, an increase of 2.6%; in Guangzhou, it was 27,170 yuan per square meter, a decrease of 7.4%; and in Shenzhen, it was 57,887 yuan per square meter, a decrease of 2.0% [5].

Core Viewpoint - Meitu is leveraging AI to enhance its product capabilities, resulting in significant user growth and revenue increases across its product offerings [3][5]. Group 1: Product Performance - Meitu's video editing product Wink ranked 15th in the 2025 China Innovation AI Products and Solutions TOP 50, achieving a global monthly active user count of approximately 30 million by December 2024 [3]. - The Meitu Design Studio saw a 42.53% year-over-year increase in web traffic as of April 2025, ranking third in domestic growth and sixth globally, with subscription users reaching 1.13 million, a 30% increase year-over-year [3]. - WHEE, an AI visual creation tool, achieved the highest user growth in the AI image processing sector, with a compound growth rate of 26.01% in weekly active users for Q1 2025 [4]. Group 2: Subscription Growth - As of December 2024, Meitu had 12.61 million paid subscribers, a net increase of 3.5 million subscribers year-over-year, with a subscription penetration rate of 4.7% [5]. - The company anticipates a net growth of over 300,000 subscribers across all products in Q1 2025, driven by innovative features and marketing strategies [5]. - Traditional features enhanced by generative AI have contributed significantly to user acquisition, with 72% of new members coming from older paid features [5].

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 2024年及1Q25业绩承压： 2024年实现营业收入同比-6.3%至421.2亿元，归母亏损为17.8亿元（vs. 2023年归母净利润1.5亿元），扣 非归母净亏损同比扩大59.6%至27.4亿元；其中，4Q24营业收入同比-10.1%/环比-9.2%至99.1亿元，归母净 亏损为24.1亿元（4Q23归母净亏损0.3亿元/3Q24归母净利润3.2亿元），扣非归母净亏损为25.1亿元（4Q23 扣非归母净亏损11.9亿元/3Q24扣非归母净亏损3.2亿元）。1Q25营业收入同比-13.0%/环比-1.1%至98.0亿 元，归母净亏损为2.2亿元（vs. 1Q24归母净利润1.1亿元/4Q24归母净亏损24.1亿元），扣非归 ...

Core Viewpoint - AppLovin reported strong Q1 2025 earnings, exceeding market expectations with significant year-over-year growth across multiple metrics [2][3]. Group 1: Financial Performance - Q1 2025 revenue reached $1.48 billion, a 40% increase year-over-year, surpassing Bloomberg's consensus estimate of $1.38 billion [2]. - Net profit for Q1 2025 was $576 million, exceeding the expected $507 million, with a profit margin of 39%, compared to $236 million and 22% in Q1 2024 [2]. - Adjusted EBITDA for Q1 2025 was $1.01 billion, reflecting an 83% year-over-year growth [2]. Group 2: Advertising Business Growth - The advertising segment generated $1.16 billion in revenue for Q1 2025, a 71% increase year-over-year, accounting for 78% of total revenue [3]. - The Axon 2 AI-driven advertising engine significantly boosted ad spending on the AppLovin platform, increasing approximately fourfold since its launch in Q2 2023 [3]. - App Discovery platform showed improvement with a 49% year-over-year increase in net revenue per install and a 22% increase in installation volume [3]. Group 3: Strategic Initiatives - The company is expanding its e-commerce advertising business, achieving over $1 billion in client spending and indicating strong growth potential [4]. - Although the number of monthly active paying users (MAPs) decreased by 16.7% to 1.5 million, average revenue per paying user (ARPPU) increased to $52 from $48 in Q1 2024 [4]. - 45% of Q1 2025 revenue came from customers outside the U.S., indicating room for growth in international markets [4]. Group 4: Business Focus and Divestiture - AppLovin agreed to sell its mobile gaming business to Tripledot Studios for $400 million, retaining a 20% equity stake, allowing the company to focus on its core advertising solutions [5]. - The divestiture is expected to optimize resource allocation and enhance focus on high-margin products and services [5]. Group 5: Future Guidance - For Q2 2025, the company projects advertising revenue between $1.195 billion and $1.215 billion, with adjusted EBITDA for the advertising business expected to be between $970 million and $990 million [6]. - The company plans to continue investing in innovations, including AI, and is making progress in the web-based advertising market, which is anticipated to represent 10% of total ad net revenue this year [6][7].

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。 今 日 聚 焦 【银行】如何看待4月社融与信贷"大劈叉"？——2025年4月份金融数据点评 5月14日，央行公布了4月金融统计数据，多重影响因素共振下4月贷款读数"小月更小"，对公端读数相对 稳定，政府投资对信用扩张形成有力支撑，零售端读数季节性回落，按揭、消费贷增长承压；社融增速 8.7%，环比3月进一步上行，社融-贷款增速剪刀差走阔。4月M1增速超预期走低，M2增速低基数上实现反 弹。 （王一峰/赵晨阳） 2025-05-15 【昆仑能源（0135.HK）】依托中国石油平台优势，天然气终端业务高质量发展可期——首次覆盖报告 公司是中国石油旗下唯一从事天然气终端销售和综合利用的平台企业，业务涵盖城市燃气、LNG工厂、 LNG接收站等， ...

以下文章来源于高瑞东宏观笔记 ，作者高瑞东 刘星辰 高瑞东宏观笔记 . 对全球宏观和金融市场的思考 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 事件： 1）4月美国CPI同比+2.3%，前值+2.4%，市场预期+2.4%；2）季调后CPI环比+0.2%，前值-0.1%，市场预 期+0.3%；3）核心CPI同比+2.8%，前值+2.8%，市场预期+2.8%；4）季调后核心CPI环比+0.2%，前值 +0.1%，市场预期+0.3%。 核心观点： 4月，美国通胀低于预期，较上月继续回落。结构上，食品、能源、核心服务价格同比增速均出现回落， 部分反映贸易争端导致的需求侧疲弱；而关税引发的供给侧冲击带动核心商品价格同比小幅上涨，但目前 影响尚未完全显现，其中，家具、家电、医疗保 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by consumption stimulus policies and an enhanced platform ecosystem [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 301.08 billion yuan, representing a year-on-year growth of 15.8% [2]. - The GAAP net profit reached 10.89 billion yuan, up 52.7% year-on-year, while the Non-GAAP net profit was 12.76 billion yuan, reflecting a 43.4% increase [2]. Revenue Growth Acceleration - The overall merchandise revenue in Q1 2025 was 242.31 billion yuan, with a year-on-year growth of 16.2% [3]. - The home appliance and 3C product revenue was 144.3 billion yuan, growing 17.1% year-on-year [3]. - Daily necessities revenue reached 98.01 billion yuan, increasing by 14.9% year-on-year [3]. - Service revenue totaled 58.77 billion yuan, with a year-on-year growth of 14.0% [3]. Strategic Initiatives - The company announced an export-to-domestic sales plan, aiming to procure no less than 200 billion yuan worth of goods through partnerships with domestic manufacturers [3]. - The company has deepened strategic cooperation with digital product brands like Xiaomi to enhance product offerings and customer experience [3]. Share Buyback and Employee Benefits - As of May 13, 2025, the company repurchased 80.7 million A shares, totaling approximately 1.5 billion USD, which is about 2.8% of the circulating shares at the end of 2024 [4]. - The remaining buyback plan has a budget of 3.5 billion USD [4]. - The company became the first platform in China to provide full-time delivery riders with social insurance and housing fund contributions starting from March 1, 2025 [4].

Core Viewpoint - The company has established a strong position in the ion exchange and adsorption resin industry, focusing on technological advancements and market expansion to become a global leader in adsorption separation materials. Group 1: Company Overview - The company was founded in 1996 and has nearly 30 years of experience in the ion exchange and adsorption resin sector, integrating R&D, production, and sales [2] - It currently has 6 subsidiaries and 3 main production bases, maintaining a leading position in the domestic market and participating in drafting national and industry standards [2] - The company is recognized internationally as a member of the Water Quality Association (WQA), enhancing its technical strength and brand influence [2] Group 2: Production Capacity and Future Projects - The company has a designed production capacity of 19,750 tons for ion exchange and adsorption resins, 2,300 tons for macroporous adsorption resins, and 15,000 tons for food-grade treatment resins [3] - A new functional polymer material project is being developed in Jingmen, Hubei, with a total investment of 1 billion RMB, aiming for a total production capacity of 54,880 tons per year [3] - The first phase of this project is expected to produce 39,000 tons per year and is projected to commence production in the second half of 2025, which will further enhance the company's market position [3] Group 3: Market Trends and Competitive Advantages - The electronic-grade polishing resin market in China has grown from 2.7 billion RMB in 2018 to 4.5 billion RMB in 2023, with a compound annual growth rate (CAGR) of approximately 10.5%, expected to reach 6 billion RMB by 2025 [4] - The company is actively promoting domestic substitution in high-end fields such as semiconductors within the electronic-grade polishing resin sector [4] - The global nuclear-grade resin market was approximately 12.9 million USD in 2023, projected to grow to 16.4 million USD by 2030, with a CAGR of 3.49% [4] - The company holds a significant competitive advantage in the nuclear-grade resin field, being the first domestic enterprise to obtain access qualifications in the nuclear power sector [4]