Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [5]. Core Views - The company is positioned as a leading domestic balancing machine manufacturer, actively promoting the localization of balancing machines. It has mastered key core technologies and offers products that can compete with foreign counterparts in terms of performance and price [1][2]. - The company has made significant advancements in the high-speed balancing machine sector, with the development of its first high-speed dynamic balancing prototype completed in 2024. The establishment of a new laboratory for high-speed balancing machines is part of its ongoing investment projects [1]. - The government has identified deep-sea technology as a national strategic core area, which enhances the significance of the company's deep-sea listening technology. The company’s subsidiary has successfully developed intelligent underwater acoustic signal products and is entering the commercialization phase [3]. Financial Summary - The company achieved revenue of 78.6393 million yuan in Q1 2025, representing a year-on-year increase of 54.89%, and a net profit of 8.4263 million yuan, up 196.74% year-on-year [1]. - Revenue projections for 2025-2027 are estimated at 368 million yuan, 531 million yuan, and 815 million yuan, respectively, with corresponding growth rates of 36.87%, 44.45%, and 53.51% [4]. - The forecasted net profit for 2025-2027 is 48 million yuan, 99 million yuan, and 142 million yuan, with significant growth rates of 152.85%, 104.09%, and 44.34% [4]. Product Development and Market Position - The company has established partnerships with leading motor manufacturers for its balancing machines, which are crucial for the stability of core rotating components in humanoid robots [2]. - The company is expanding its electric motor automation equipment business, with plans to build 26 automated production lines for motor rotors and stators, expected to generate annual sales of 280 million yuan [2]. - The company’s deep-sea listening technology is positioned to meet both military and civilian needs, with multiple technical service contracts already signed [3].

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司深度报告 投建营一体化发展，"一带一路"有望提升公司业绩 报告摘要： [公司Table_Summary] 稳步拓展投建营一体化业务，业绩阶段性承压。2025 年 Q1，公司 业绩阶段性承压，实现营收 36.5 亿元，同比下降 27%；归母净利润 1.8 亿元，同比下降 33%。分业务看，2024 年公司货物贸易、工程建设与服 务、发电业务毛利占比分别为 44.1%、36.5%、11.0%。 蒙煤贸易一体化进展良好，贸易增量具备较大确定性。采掘业稳居蒙古 经济支柱地位，煤炭贸易高度依赖中国市场，2024 年蒙古采掘业 GDP 占 比 27%，2023 年蒙古煤炭出口中国数量占比 96.5%。从中国视角看，2024 年主要焦煤上市公司商品煤产、销量均出现下降，供需整体均呈偏弱态 势，但钢材出口量同比高增，2024 年中国出口钢材量 1.1 亿吨，同比增 加 23%，东南亚人均钢材需求增长潜力较大。公司蒙煤贸易一体化进展 良好，2024 年公司采矿量为 5056 万吨，2021-2024 复合增长率为 304%； 销售量 512 万吨， ...

Investment Rating - The report assigns a "Buy" rating for the company [9]. Core Insights - The company has a solid industry leadership position, with a focus on product innovation and channel reform to drive growth. The financial performance shows a stable revenue increase and a rebound in profitability, supported by effective cost management and expansion into overseas markets [4][9]. Financial Summary - For FY2023, the company reported revenue of 23,586.33 million CNY, with a year-on-year growth of 2.87%. The net profit attributable to the parent company was 3,990.47 million CNY, reflecting an 18.36% increase from the previous year. The earnings per share (EPS) for FY2023 was 0.34 CNY, with a price-to-earnings (PE) ratio of 12.88 and a price-to-book (PB) ratio of 3.13 [2][4]. Business Performance - The company has shown a compound annual growth rate (CAGR) of 2.55% in revenue and 4.21% in net profit from FY2017 to FY2023. The gross profit margin for FY2023 was 46.60%, and the return on equity (ROE) was 25.73% [4][36]. Market Trends - The report highlights a shift towards health-oriented products, with significant growth in the health snack segment, which is expected to grow at a CAGR of 7.20%. The company is also expanding its presence in e-commerce and overseas markets, which are projected to contribute to future revenue growth [3][4]. Product and Channel Strategy - The company is focusing on product innovation, with a strong emphasis on health and wellness trends. It is also reforming its distribution channels to enhance efficiency and reach, including a significant push into e-commerce and international markets [3][4][9].

[Table_Title] 证券研究报告 / 公司深度报告 稳健+分红：业务发展稳健，分红率高 报告摘要： [Table_Summary] 上海银行扎根沪上，经营稳健，股权结构稳定。银行是国内首家以地方 名称命名的银行，2016 年在 A 股上市。顾建忠近期接任党委书记，他曾 在上海银行任职多年，又曾担任沪农商行行长，浸润行业多年，深谙上 海及各展业地区实际发展情况和特点。截至 2024 年底，银行总资产规 模、净资产规模分别为 3.23 万亿元和 2541.93 亿元，分别同比增长 4.6% 和 6.5%。实控人为上海国资委，近 5 年机构投资者持股比例无明显变动。 围绕新三年发展规划，公司、零售业务齐发展。2024 年 1 月，上海银行 制定并通过《三年发展规划（2024-2026 年）》，公司业务方面，打造科技 金融、普惠金融、绿色金融三大特色业务，截至 2024 年底，银行科技、 普惠和绿色金融信贷规模分别为 1597、1657 和 1203 亿元，较之 2023 年 增长 13.8%、13.3%和 16.4%。零售业务方面，银行聚焦养老、财富管理、 信用卡等重点业务，截至 2024 年银行零售 AU ...

[Table_Title] 证券研究报告 / 港股公司报告 从韩束到多点开花，领先国货集团迈向新征程 报告摘要： [Table_Summary] 上美股份：深耕美妆二十余载，打造国货领先美妆集团。公司历史可追 溯到 2002 年，公司创始人吕义雄先生开始在上海从事化妆品行业，随后 在 2003 年创立第一个自主品牌—韩束，此后陆续创立一叶子、红色小 象、极方、一页、安敏优等品牌。目前公司正筹备打造高端抗衰护肤品 牌 TAZU、母婴护理品牌面包超人、彩妆品牌 NAN beauty，持续完善品 牌及产品矩阵，延续集团稳健增长势能。 多品类+多渠道+多品牌，迈向集团发展新阶段。公司 2023 年业绩的陡 然提升离不开对抖音短剧的敏锐发掘，一方面可以看出公司深耕市场历 练出了灵活的战略调整能力和对市场的深刻理解，同时也奠定了公司在 美妆行业的领先优势。公司将进一步突破品牌及集团的天花板，韩束产 品类型由套装向大单品延展，渠道由抖音向天猫等布局，目前 X 肽及次 抛大单品表现优异，天猫渠道已逐步起量；此外公司加紧子品牌打造， 依托自身研发优势和营销优势，为子品牌充分赋能，接力推动集团业绩 再上台阶。长远来看，公司战略规 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Viewpoints - The company, Aima Technology, is a leading player in the electric two-wheeler industry, focusing on high-end and global expansion strategies. In 2024, the company is projected to achieve revenue of 21.606 billion yuan, a year-on-year increase of 2.71%, and a net profit attributable to shareholders of 1.988 billion yuan, up 5.68% year-on-year [1][2]. Summary by Sections Company Overview - Aima Technology is recognized as a leading enterprise in the electric two-wheeler sector, with a rich product matrix and a strong market presence. The company has over 2,000 dealers and more than 30,000 retail outlets, providing a robust distribution network [20][23]. Industry Analysis - The electric two-wheeler market is expected to see significant growth driven by new national standards and policies promoting the replacement of old vehicles. The global e-bike market is projected to maintain a growth rate of over 10% from 2022 to 2030 [2][43]. Financial Performance - The company has shown steady revenue growth, with total revenue reaching 20.802 billion yuan in 2022, a 35.09% increase year-on-year. The revenue from electric bicycles has been increasing, accounting for 60.34% of total revenue by 2024 [34][38]. Profitability Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 3.14, 3.74, and 4.20 yuan, with corresponding price-to-earnings (PE) ratios of 13X, 11X, and 10X [3][5]. Market Trends - The company is actively expanding its international presence, with overseas revenue increasing significantly from 1.0 million yuan in 2020 to an estimated 2.35 million yuan in 2024. The overseas gross margin is also showing signs of recovery [2][3]. R&D Investment - Aima Technology has invested 659 million yuan in research and development in 2024, reflecting an 11.75% increase year-on-year. The company holds over 2,000 patents, indicating a strong focus on innovation [3][40].

[Table_Title] 证券研究报告 / 行业周报 巴基斯坦用中国武器击落多架印度军机，我国军贸迎来新机遇 报告摘要： [Table_Summary] 板块回顾：上周申万国防军工指数上涨 6.33%，上证指数上涨 1.92%，深 证成指上涨 2.29%，创业板指数上涨 3.27%，沪深 300 指数上涨 2.00%， 国防军工板块涨幅在 31 个申万一级行业中排名第 1。截至周五收盘，申 万国防军工板块 PE(TTM)为 76.08 倍，各子板块中航天装备为 136.47 倍， 航空装备为 67.99 倍，地面兵装为 144.71 倍，航海装备为 47.59 倍，军 工电子为 97.02 倍。 巴基斯坦使用中国武器击落多架印度军机。2025 年 5 月 7 日爆发的印巴 空战中，巴基斯坦军方宣称击落多架印度军机，其中包括印度空军最新 锐的法制"阵风"战斗机和俄制苏-30MKI 等机型。这一战果引发了国际 广泛关注，尤其因涉及中国制造的武器装备而成为焦点。巴基斯坦在冲 突中使用了中国提供的歼-10C 战斗机，并首次在实战中发射 PL-15 远程 空空导弹。 印巴空战下，我国军贸迎来新机遇。近五年来，巴基斯坦 ...

[Table_Info1] 有色金属 [Table_Date] 发布时间：2025-05-12 $$i k\neq\pm i k$$ 上次评级:优于大势 [Table_PicQuote] 历史收益率曲线 [Table_Trend] 涨跌幅（%） 1M 3M 12M 绝对收益 8% 1% -2% 相对收益 4% 2% -7% [Table_Market] 行业数据 成分股数量（只） 136 总市值（亿） 24568 流通市值（亿） 13349 市盈率（倍） 14.56 市净率（倍） 2.13 成分股总营收（亿） 31776 成分股总净利润（亿） 1882 成分股资产负债率（%） 50.80 [Table_Report] 相关报告 《黄金：情绪缓和，现实恶化，继续看多金价》 --20250506 《黄金：牛市未尽》 --20250428 《黄金：新世界秩序下的宠儿》 --20250421 《东北有色周报：关税反复+财政担忧+联储观 望，金价继续冲高》 --20250414 [Table_Author] 证券分析师：曾智勤 执业证书编号：S0550520110002 021-20363251 zengzq@nesc ...

[Table_Info1] 国防军工 [Table_Date] 发布时间：2025-05-11 $$\psi\to\pm\psi$$ 上次评级:优于大势 [Table_Title] 证券研究报告 / 行业深度报告 ——军工 AI 行业深度报告 报告摘要： [Table_Summary] AI 重塑未来战争，全球军事智能化趋势凸显。俄乌冲突被《时代周刊》 定义为"人工智能实战元年"，其显著特征是 AI 系统对战场态势的实时解 析能力——以 Palantir 为代表的数据分析平台将情报处理周期从数月压 缩至分钟级，这种技术代差直接改写了传统战争的胜负逻辑。值得注意 的是，中国 DeepSeek 等新兴 AI 力量通过算法创新正打破技术垄断，其 低成本、高效率的军事应用场景开发，已对全球军事技术格局形成冲击。 AI 技术的军事化应用已成为全球大国战略博弈的核心领域。各国围绕算 法优势、装备智能化、作战形态创新展开激烈竞争，推动军工体系向数 据驱动和自主决策方向加速重构。美军将人工智能视为推动"第三次抵 消战略"的核心驱动力和赢得大国高端战争的关键，推出"联合战争概 念"以指导智能化战争能力开发。我国发布新修订的《军 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond market rose following the equity market this week. The convertible bonds of industries such as national defense and military industry, household appliances, machinery and equipment, automobiles, and power equipment led the gains, with increases of 2.66%, 1.99%, 1.91%, 1.74%, and 1.62% respectively. Only the media sector declined, with a drop of -0.7%. The median absolute price of convertible bonds this week was 120.6. In the stock market, all sectors rose, with the national defense and military industry, communication, power equipment, and banking industries leading the gains, with increases of 6.33%, 4.96%, 4.02%, and 3.88% respectively [1][26]. - The conversion premium rate of 100 - yuan par value convertible bonds fell to 23.86% this week. Looking at the conversion premium rates by par - value intervals, the average conversion premium rates of convertible bonds in the par - value intervals of 40 - 50, 90 - 100, and over 130 decreased, while the average conversion premium rates of convertible bonds in the remaining par - value intervals increased [1][29]. - The yields of all classic convertible bond strategies were positive this week. The yield of the stock - biased strategy was 2.72%, the yield of the bond - biased strategy was 1.06%, the yield of the balanced strategy was 1.32%, the yield of the low - price strategy was 1.31%, and the yield of the double - low strategy was 1.94% [2][33]. - In terms of convertible bonds entering special periods, Hebang Convertible Bonds and Baolong Convertible Bonds entered the conversion and redemption periods; no convertible bonds announced redemption or non - redemption; Fengyu Convertible Bonds, Wanshun Convertible Bonds 2, and Shouhua Convertible Bonds announced formal downward revisions; Ruifeng Convertible Bonds, Dongcai Convertible Bonds, Lingkang Convertible Bonds, Jiuqiang Convertible Bonds, Shunbo Convertible Bonds, Shenghong Convertible Bonds, Lanfan Convertible Bonds, Qifan Convertible Bonds, Shengxun Convertible Bonds, and Yuxing Convertible Bonds announced non - downward revisions [2][39][42]. - No convertible bonds were announced for issuance this week. Eight listed companies announced the progress of convertible bond issuance, with a planned issuance scale of 7.372 billion yuan. Seven of them adopted a combined issuance method of priority placement, online pricing, and offline placement, and one was a private placement. Two passed the board of directors' proposals, five passed the general meetings of shareholders, and one was approved for registration [3][46]. 3. Summaries According to Relevant Catalogs 1. This Week's Secondary Market Performance 1.1 This Week's Performance of Convertible Bond/Stock Market Indexes - The CSI Convertible Bond Index closed at 427.47, with a weekly increase of 1.32% and a weekly trading volume of 242.319 billion yuan; the Shanghai Stock Exchange Convertible Bond Index closed at 376.36, with a weekly increase of 1.31% and a weekly trading volume of 94.108 billion yuan; the Shenzhen Stock Exchange Convertible Bond Index closed at 306.83, with a weekly increase of 1.32% and a weekly trading volume of 155.172 billion yuan. The Shanghai Composite Index closed at 3,342.00, with a weekly increase of 1.92% and a weekly trading volume of 2,113.529 billion yuan; the Shenzhen Component Index closed at 10,126.83, with a weekly increase of 2.29% and a weekly trading volume of 3,176.346 billion yuan; the ChiNext Index closed at 2,011.77, with a weekly increase of 3.27% and a weekly trading volume of 1,489.326 billion yuan [13]. - The top three convertible bonds in terms of increase this week were Haomei Convertible Bonds (18.20%), Huaxiang Convertible Bonds (13.17%), and Outong Convertible Bonds (12.59%); the top three convertible bonds in terms of decrease were Fuxin Convertible Bonds (-1.93%), Shengxun Convertible Bonds (-1.95%), and Rundong Convertible Bonds (-2.14%) [13]. 1.2 This Week's Performance of Convertible Bond/Stock Market Industries - In the convertible bond market, the convertible bonds of industries such as national defense and military industry, household appliances, machinery and equipment, automobiles, and power equipment led the gains, with increases of 2.66%, 1.99%, 1.91%, 1.74%, and 1.62% respectively; only the media sector declined, with a drop of -0.7%. In the stock market, all sectors rose, with the national defense and military industry, communication, power equipment, and banking industries leading the gains, with increases of 6.33%, 4.96%, 4.02%, and 3.88% respectively [1][26]. - The conversion premium rate of 100 - yuan par value convertible bonds fell to 23.86% this week. Looking at the conversion premium rates by par - value intervals, the average conversion premium rates of convertible bonds in the par - value intervals of 40 - 50, 90 - 100, and over 130 decreased, while the average conversion premium rates of convertible bonds in the remaining par - value intervals increased [1][29]. 1.3 Performance of Classic Convertible Bond Strategies The yields of all classic convertible bond strategies were positive this week. The yield of the stock - biased strategy was 2.72%, the yield of the bond - biased strategy was 1.06%, the yield of the balanced strategy was 1.32%, the yield of the low - price strategy was 1.31%, and the yield of the double - low strategy was 1.94% [2][33]. 1.4 Performance of the Dynamic Pool of Convertible Bond Targets This Week The report provided the weekly performance, April performance, convertible bond prices, conversion values, and industries of 10 convertible bond targets such as Zhongte Convertible Bonds, Shanlu Convertible Bonds, and Heshun Convertible Bonds [38]. 1.5 Convertible Bonds Entering Special Periods This Week - Hebang Convertible Bonds and Baolong Convertible Bonds entered the conversion and redemption periods [39]. - No convertible bonds announced redemption or non - redemption [41]. - Fengyu Convertible Bonds, Wanshun Convertible Bonds 2, and Shouhua Convertible Bonds announced formal downward revisions [42]. - Ruifeng Convertible Bonds, Dongcai Convertible Bonds, Lingkang Convertible Bonds, Jiuqiang Convertible Bonds, Shunbo Convertible Bonds, Shenghong Convertible Bonds, Lanfan Convertible Bonds, Qifan Convertible Bonds, Shengxun Convertible Bonds, and Yuxing Convertible Bonds announced non - downward revisions [42][44]. 2. This Week's Convertible Bond Primary Market Situation 2.1 Convertible Bonds Announced for Issuance This Week No convertible bonds were announced for issuance this week [45]. 2.2 Progress of Convertible Bond Issuance Proposals Announced This Week Eight listed companies announced the progress of convertible bond issuance, with a planned issuance scale of 7.372 billion yuan. Seven of them adopted a combined issuance method of priority placement, online pricing, and offline placement, and one was a private placement. Two passed the board of directors' proposals, five passed the general meetings of shareholders, and one was approved for registration [46].