Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last month, most of the market's major index valuations were adjusted downward. In terms of price - to - earnings ratio, the historical percentile of the ChiNext Index and CSI 300 dropped to 4.5% and 44.4% respectively. In terms of price - to - book ratio, only the Sci - Tech Innovation 50's valuation percentile increased to 36.1%. Among the 31 Shenwan primary industries, only 4 industries rose [1]. - In April, 76 new funds were issued with a scale of 583.80 billion yuan. The issuance of active equity funds was cold, while the issuance share of passive equity funds increased slightly. Only commodity funds and pure - bond funds rose, with growth rates of 4.53% and 0.52% respectively. Growth style underperformed value style, and large - cap style was inferior to small - cap style. The position of active equity funds on April 30, 2025 was 81.17%, a decrease of 0.69pct from the previous month [2]. - In the ETF market, equity ETFs had the highest net inflow, reaching 18.2928 billion yuan. Most broad - based indexes had large net inflows, and some ETFs had significant gains or losses [3]. - In April, the risk - parity model dropped 0.09%, and the risk - budget model dropped 0.61% [4]. Summary by Directory 1. Last Month's Market Review 1.1 Domestic Market Situation - In April, the major indexes of the Shanghai and Shenzhen markets fluctuated and retreated. The ChiNext Index fell by more than 7%, and the Sci - Tech Innovation 50 had the smallest decline of 1.01%. Among the 31 Shenwan primary industries, only 4 industries rose, while the top 5 decliners were electrical equipment, communication, household appliances, computer, and electronics. In the bond market, the ChinaBond Composite Full - Price Index rose 0.95%, and the CSI Convertible Bond Index fell 1.31%. In the commodity market, the Nanhua Commodity Index fell 5.01% [12]. 1.2欧美及亚太市场情况 - In April, the European, American, and Asia - Pacific markets showed mixed performance. The S&P 500 fell 0.37%, the Dow Jones Industrial Average fell 3.22%, and the Nasdaq rose 0.85%. In the European market, the French CAC 40 fell 2.53%, and the German DAX rose 1.50%. In the Asia - Pacific market, the Hang Seng Index fell 4.33%, and the Nikkei 225 rose 1.20% [17]. 1.3 Market Valuation Situation - Last month, most of the market's major index valuations were adjusted downward. The historical percentile of the ChiNext Index and CSI 300's price - to - earnings ratio dropped by 11.5pct and 8.0pct respectively. Only the Sci - Tech Innovation 50's price - to - book ratio percentile increased by 0.2pct to 36.1%. The industries with the highest historical percentile of price - to - earnings ratio were real estate, steel, building materials, automobiles, and commercial trade, while those with the lowest were non - bank finance, agriculture, forestry, animal husbandry, and fishery, non - ferrous metals, light industry manufacturing, and electrical equipment [20]. 2. Overall Situation of Public Funds 2.1 Fund Issuance Situation - In April, 76 new funds were issued with a scale of 583.80 billion yuan. Among them, 6 active equity funds were issued with a scale of 14.76 billion yuan, and 53 index funds were issued with a scale of 282.19 billion yuan. The issuance of active equity funds was cold, while the issuance share of passive equity funds increased slightly [2][28]. 2.2 Fund Market Return Situation - In April, only commodity funds and pure - bond funds rose, with growth rates of 4.53% and 0.52% respectively. The pure - bond funds had the highest positive - return ratio of 98.30%. Growth style underperformed value style, and large - cap style was inferior to small - cap style. Generally, small - cap growth style was relatively resistant to decline, while large - cap growth style had the largest decline. Larger - scale funds in the equity market generally performed better [2][35]. 2.3 Active Equity Fund Position Situation - The position of active equity funds on April 30, 2025 was 81.17%, a decrease of 0.69pct from the previous month [40]. 3. ETF Fund Situation - Equity ETFs had the highest net inflow, reaching 18.2928 billion yuan. The average daily trading volume of the overall ETF market was 258.712 billion yuan, the average daily trading volume was 163.29 billion shares, and the average daily turnover rate was 9.72%. Most broad - based indexes had large net inflows. Some ETFs had significant gains or losses, and there were differences in capital inflows and outflows among different ETFs [3][44]. 4. Model Operation Situation - In April, the risk - parity model dropped 0.09%, and the risk - budget model dropped 0.61%. Since 2015, the risk - parity model has had an annualized return of 4.46% and a maximum drawdown of 2.31%; the risk - budget model has had an annualized return of 3.99% and a maximum drawdown of 9.80%. Next month, the asset - allocation weights of the models remain unchanged [4][55].

| 略 | | 投资策略 | | --- | --- | --- | | | [Table_MainInfo] 全 A | 净利边际改善，价格和政策有支撑的领域占优 | | 研 | | ——A 股市场 2025 年一季报业绩综述 | | 究 | 分析师： 宋亦威 | SAC NO： S1150514080001 2025 年 05 月 06 日 | | | [Table_Analysis] 证券分析师 | [Table_Summary] | | | 宋亦威 | 投资要点： | | | 022-23861608 |  2025Q1 全 A 单季营收同比增速较 2024Q4 出现回落，而单季归母净利 | | | songyw@bhzq.com | 同比增速由负转正显著改善。具体而言，2025Q1 全 单季营收和净利 A | | | [Table_Author] 严佩佩 | | | | | 同比增速分别为-0.2%/3.7%，前者较 2024Q4 回落 1.7 个百分点，后者 | | | 022-23839070 SAC No:S1150520110001 | 较 2024Q4 回升 17.5 个百分点。 | | ...

Macro and Strategy Research - In April 2025, the manufacturing PMI dropped to 49.0%, indicating a contraction in manufacturing activity, influenced by high base effects and external environmental changes [2][3] - The production index decreased by 2.8 percentage points to 49.8%, while the new orders index fell by 2.6 percentage points to 49.2%, reflecting a slowdown in both production and demand [3] - The non-manufacturing business activity index also declined by 0.4 percentage points to 50.4%, with the construction sector remaining in expansion territory [4] Company Research: Aorijin (002701) - Aorijin reported a slight revenue decline of 1.23% to 13.673 billion yuan in 2024, but net profit increased by 2.06% to 791 million yuan [6][8] - In Q1 2025, revenue surged by 56.96% to 5.574 billion yuan, and net profit skyrocketed by 137.91% to 665 million yuan [6][8] - The company successfully consolidated its financials with COFCO Packaging, significantly boosting its asset scale by 83.13% [8] Company Research: Oppein Home (603833) - Oppein Home's Q1 2025 revenue decreased by 4.80% to 3.447 billion yuan, while net profit increased by 41.29% to 308 million yuan [11][12] - The company improved its profitability through supply chain reforms and automation upgrades, with gross margin rising by 4.31 percentage points to 34.29% [13] - Contract liabilities grew by 168.51% year-on-year, indicating strong future revenue potential [13] Company Research: Sophia (002572) - Sophia's 2024 revenue fell by 10.04% to 10.494 billion yuan, but net profit rose by 8.69% to 1.371 billion yuan [16][17] - The company experienced a significant decline in Q1 2025 net profit by 92.69% to 12.1 million yuan, primarily due to high base effects and a drop in the fair value of investments [16][17] - The implementation of a whole-house customization strategy has led to a steady increase in average transaction value [17][18]

公 公司点评 司 一季度利润增长超 40%，今年业绩向好可期待 研 ——欧派家居(603833)2025 年一季报点评 | 究 分析师： 袁艺博 SAC NO： S1150521120002 年 | | --- | | 2025 | | 04 | | 月 | | 30 日 | 轻工制造-------定制家居 证券分析师 袁艺博 yuanyb@bhzq.com 022-23839135 | 上次评级： | 增持 | | --- | --- | | 最新收盘价： | 64.92 | 研 评 善，期待今年逐步复苏——欧 派家居（603833）事件点评 评 2024.10.29 盈利预测与评级 2025.01.20 单季度经营边际有改善，期待 后续逐步复苏——欧派家居 （603833）2024 年三季报点 公司作为行业龙头，大家居战略深化推进，并持续提升经营质量。在中性情 景下，我们维持公司 2025-2027 年 EPS 为 4.54 元/4.84 元/5.17 元的预测，对 应 2025 年 PE 为 14.31 倍，高于可比公司均值，但考虑到公司为行业龙头企 业，可享有一定估值溢价，故维持"增持"评级。 风险提 ...

Fixed Income Research - The issuance scale of credit bonds has increased to a historical high, with most yields continuing to rise [2] - The net financing amount of credit bonds has increased, with medium-term notes and short-term financing bonds seeing positive net financing [2] - The overall market sentiment remains cautious, with a focus on the impact of growth policies on the bond market [2] Fund Research - The performance of the SME board index has been outstanding, while there has been significant outflow from broad-based indices [4] - The public fund market is facing pressure due to fee reforms and increased market volatility, leading to a noticeable trend of industry differentiation [5] - Equity funds have performed well, with mixed-asset funds showing positive returns, while bond funds have had average performance [5] Industry Research - The real estate market is stabilizing due to supportive policies, with improved transaction conditions and a positive outlook for housing demand [3] - The pet food market is experiencing a trend towards premiumization, with significant growth expected in the domestic pet market [9] - The home furnishing sector is showing signs of improvement, although some companies are still facing challenges [10] Company Research - The company reported a revenue of 1.592 billion yuan in 2024, with a net profit increase of 48.50%, but faced a decline in Q1 2025 revenue [12] - The outdoor and chip businesses have shown growth, with the chip business achieving a revenue increase of 66.56% in 2024 [15] - The company is focusing on enhancing its core brands and optimizing supply chain management to improve profitability [13][14]

Macro and Strategy Research - The Central Political Bureau meeting emphasized the need to "make good use of existing policies," indicating sufficient incremental reserves to address current economic conditions [2][4] - The meeting acknowledged the positive economic trends and the need for high-quality development to counter external uncertainties, while also recognizing the challenges posed by domestic instability and external shocks [3][4] - Fiscal policies are set to accelerate, with a focus on increasing bond issuance and ensuring support for employment and enterprises, while monetary policies will provide additional support for the real economy [4][5] - Consumer spending remains a priority, with policies aimed at expanding domestic demand and enhancing service consumption to stabilize the economy [5][6] - The meeting highlighted the importance of fostering new productive forces and addressing key core technology challenges, particularly in the technology sector [6] - Measures to stabilize foreign trade and support struggling enterprises were reiterated, with a commitment to high-level opening-up and assistance for businesses affected by external pressures [8] Company Research Oppein Home Group (603833) - The company reported a revenue decline of 16.93% to 18.925 billion yuan in 2024, marking the first instance of both revenue and profit decline in its 30-year history [11] - Despite the revenue drop, the company improved its profitability and operating cash flow through supply chain reforms and cost management, achieving a gross margin increase of 1.75 percentage points to 35.91% [11][12] - The company’s contract liabilities saw significant growth by 96.60% year-on-year by the end of 2024, indicating potential recovery in performance as domestic furniture sales improve [12][13] Aima Technology (603529) - The company achieved a revenue of 6.232 billion yuan in Q1 2025, reflecting a year-on-year growth of 25.82%, with net profit increasing by 25.12% to 605 million yuan [15] - The company benefited from the "old-for-new" policy, which significantly boosted sales and improved product structure, leading to enhanced profitability [15][16] - Aima's operating cash flow surged by 91.14% in Q1 2025, demonstrating effective operational efficiency and cash management [15]

Company Research - The company reported a revenue of 4.465 billion yuan in 2024, representing a year-on-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% year-on-year, with a basic earnings per share of 1.34 yuan [12] - In Q1 2025, the company achieved a revenue of 1.101 billion yuan, a year-on-year increase of 25.41%, and a net profit of 91.155 million yuan, up 62.13% year-on-year, with a basic earnings per share of 0.31 yuan [12] - The company's gross margin improved due to higher margins on staple and canned products, with gross margins increasing by 1.88 and 4.02 percentage points year-on-year to 28.16% and 31.87% respectively in 2024 and Q1 2025 [12][13] - The company focused on enhancing its own brand marketing, leading to a significant increase in brand recognition and sales, with a 131% year-on-year growth in GMV during the Double 11 shopping festival in 2024 [13][15] - The company expanded its overseas market presence, entering 9 new countries in 2024, and its overseas revenue growth rate was 14.62% for the year, with further production capacity expansion planned for Canada and the US [15][16] Industry Research - The overall number of equity funds increased to 6,774 by the end of Q1 2025, with a total scale of 74,529.42 billion yuan, reflecting a growth of 1,005.15 billion yuan from the previous quarter [9] - The average equity fund position increased, with flexible allocation funds seeing the largest rise of 1.44 percentage points to 71.90% [9][10] - The industry saw an increase in allocation towards automotive and non-ferrous metals, while reducing exposure to electric power equipment and non-bank financials [10][11]

Investment Rating - The investment rating for the company is "Accumulate" [2][11]. Core Insights - The company achieved significant growth in performance, with a revenue of 4.465 billion yuan in 2024, representing a year-on-year increase of 19.15%, and a net profit of 394 million yuan, up 68.89% year-on-year [2][4]. - The company's gross margin improved due to increased profitability in staple food and canned products, with gross margins rising by 1.88 and 4.02 percentage points in 2024 and Q1 2025, respectively [2][4]. - The company is focusing on enhancing its own brand marketing, which has led to a substantial increase in sales and market recognition, including a 131% year-on-year growth in GMV during the Double 11 shopping festival [4][5]. Financial Performance Summary - In 2024, the company reported a revenue of 4.465 billion yuan, with a year-on-year growth of 19.15%, and a net profit of 394 million yuan, reflecting a 68.89% increase [2][17]. - The earnings per share (EPS) for 2024 is projected to be 1.34 yuan, with forecasts of 1.56 yuan, 1.85 yuan, and 2.21 yuan for 2025, 2026, and 2027, respectively [11][17]. - The company’s operating cash flow for 2024 was 4.96 billion yuan, showing an 11.02% increase year-on-year, and the inventory turnover days decreased significantly [2][17]. Market Strategy and Expansion - The company has expanded its own brand presence both domestically and internationally, entering 9 new countries in 2024, bringing its global market coverage to 73 countries [5][6]. - The domestic market revenue from its own brand reached 1.414 billion yuan in 2024, a 30.26% increase year-on-year, with staple food revenue growing by 91.85% to 1.107 billion yuan [4][6]. - The company is enhancing its overseas business capabilities, with significant growth in revenue from its OEM business, which reached 2.616 billion yuan in 2024, a 21.21% increase [5][6].

Market Review - In the past five trading days (April 18 to April 24), major indices showed mixed performance; the Shanghai Composite Index rose by 0.52% and the ChiNext Index increased by 1.42% [2] - The trading volume continued to shrink, with a total of 5.38 trillion yuan traded, averaging 1.08 trillion yuan per day, a decrease of 859.79 billion yuan compared to the previous five-day average [2] - Among the industries, the automotive, machinery equipment, and home appliances sectors saw the highest gains, while social services, food and beverage, and agriculture sectors experienced the largest declines [2] Policy Insights - On April 21, the State Council issued opinions on enhancing the strategy for free trade zones, focusing on improving trade competitiveness, investment facilitation reforms, and building a technology innovation ecosystem [3] - The plan aims to strengthen the role of free trade zones as experimental windows for opening up, particularly in stabilizing foreign trade amid a complex external environment [3] - Local governments are actively promoting consumption-boosting initiatives, with Guangdong and Shanghai holding meetings to discuss measures to increase residents' income and optimize the consumption environment [3] Strategy Outlook - Following Trump's statement on potentially reducing tariffs on China, there has been a noticeable recovery in overseas market risk appetite, which is expected to positively influence domestic investor sentiment [4] - The upcoming Politburo meeting is anticipated to provide clear guidance on incremental policies, which could significantly impact market expectations [4] - Short-term focus areas include: (1) policy-driven opportunities in the consumer sector due to rising domestic demand; (2) investment opportunities in the TMT sector driven by domestic substitution and self-control initiatives; (3) defensive attributes in high dividend yield and stable cash flow sectors such as utilities [4]

Market Overview - The A-share market saw most major indices rise last week, with the Shanghai Composite Index increasing by 0.98%, while the ChiNext Index experienced a slight decline of 0.10% [2] - As of April 22, the margin trading balance in the Shanghai and Shenzhen markets was 1,803.885 billion yuan, a decrease of 9.814 billion yuan from the previous week [2] Industry Insights Financial Sector - The non-bank financial, power equipment, and banking sectors had lower net buying amounts, while the basic chemicals, non-ferrous metals, and social services sectors saw higher net buying [3] - The financing buy-in ratio was notably high in the non-bank financial, banking, and non-ferrous metals sectors, while it was lower in beauty care, textile and apparel, and light industry manufacturing [3] Metal Industry - The U.S. is providing fast-track approval for ten copper, lithium, coal, and other mineral projects, which may impact supply dynamics [5] - The market sentiment for steel is gradually improving, with expectations for price rebounds if tariff issues ease or more domestic stimulus policies are introduced [5] - Copper prices are expected to face limited upward movement due to uncertainties surrounding U.S. tariff policies and inflation concerns [6] - Gold prices are supported by its safe-haven appeal amid trade and tariff uncertainties, alongside expectations of U.S. interest rate cuts [6] Machinery Equipment Industry - The engineering machinery import and export trade reached 5.167 billion USD in March, marking a year-on-year increase of 7.53% [8] - The excavator sales in the first quarter of 2025 totaled 61,400 units, a year-on-year increase of 22.80%, indicating strong domestic market performance [8] - Major companies in the engineering machinery sector are actively repurchasing shares, reflecting confidence in long-term industry growth [8] Company Recommendations - The report maintains a "neutral" rating for the steel industry and a "positive" rating for the non-ferrous metals industry, with specific stock recommendations including Luoyang Molybdenum (603993), Zhongjin Gold (600489), Shandong Gold (600547), Zijin Mining (601899), and China Aluminum (601600) [6]