Investment Rating - The report maintains an "Overweight" rating for the utility sector, expecting the industry index to outperform the market index by more than 10% in the next six months [48]. Core Insights - In April, the total electricity consumption in the country increased by 4.7% year-on-year, with the secondary industry consuming 528.5 billion kWh, up 3.0% year-on-year, and the tertiary industry consuming 139.0 billion kWh, up 9.0% year-on-year [5][42]. - The Shenyin Wanguo Utility Index rose by 2.1% in the last two weeks, outperforming the CSI 300 Index by 0.6 percentage points, ranking 10th among 31 Shenwan industries [5][12]. - The installed power generation capacity reached 3.49 billion kW by the end of April, a year-on-year increase of 15.9%, with solar power capacity at 990 million kW, up 47.7% year-on-year [5][45]. Market Review - The Shenyin Wanguo Utility Index's sub-sectors all saw increases, with hydropower up 4.8%, thermal services and photovoltaic power both up 1.2%, and gas up 0.7% [5][14]. - Among the 131 listed companies in the index, 61 saw stock price increases, with Leshan Electric, Langfang Development, and Hunan Development leading with gains of 41.2%, 28.8%, and 26.8% respectively [5][16]. Industry Valuation - As of May 22, the utility sector's price-to-earnings (P/E) ratio is 18.7 times, with the photovoltaic sector at 736.9 times and thermal services at 30.9 times [20][21]. - The P/E ratios for various sub-sectors include hydropower at 21.5 times, wind power at 21.3 times, gas at 18.9 times, and thermal power at 12.1 times [20][21]. Industry Data Tracking - The average price of Shanxi Yulin block coal (Q6000) was 570 yuan/ton, down 3.6% from the previous value, while the average price of Qinhuangdao port coal (Q5500) was 621 yuan/ton, down 4.6% [31][34]. - The coal inventory at Qinhuangdao port averaged 7.54 million tons, an increase of 7.3% from the previous value [34]. Key Industry News - A "Zero Carbon Industrial Park Standard Seminar" was held on May 12, with guidelines for zero-carbon construction expected to be reviewed and approved this year [5][40]. - The National Energy Administration reported that total electricity consumption in April was 772.1 billion kWh, with significant growth in various sectors [5][42].

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [2] Core Views - Concerns over US debt have increased, leading to intensified bullish and bearish dynamics in the gold market. The US national debt has reached the statutory limit of $36.1 trillion, and the recent easing of tariff expectations may exacerbate the debt risk, diminishing the credibility of the dollar. Moody's downgraded the US sovereign credit rating from AAA to AA1 due to rising debt and interest payment ratios [51][43] - The report suggests that the decline in dollar credibility is a structural factor driving gold prices upward, alongside increased demand from central banks and investors [51] - The refined copper production in China for April 2025 was 1.254 million tons, a year-on-year increase of 10.4%, with a cumulative production of 4.781 million tons from January to April, up 5.6% year-on-year [52] - The aluminum processing sector has shown structural differentiation, with high demand in the new energy and home appliance sectors, while demand for aluminum profiles remains weak due to the construction sector [53] Market Performance - As of May 22, 2025, the non-ferrous metals industry has risen by 1.35% over the past two weeks, underperforming the CSI 300 index by 0.23 percentage points, ranking 12th among 31 industries. Year-to-date, the industry has increased by 10.85%, outperforming the CSI 300 index by 11.39 percentage points, ranking 3rd [12] - The steel industry has decreased by 1.74% over the past two weeks, underperforming the CSI 300 index by 3.33 percentage points, ranking 24th. Year-to-date, the steel industry has increased by 2.28%, outperforming the CSI 300 index by 2.82 percentage points, ranking 13th [12] Subsector Analysis - In the non-ferrous metals sector, the industrial metals segment rose by 2.57% in the last two weeks, while the energy metals segment increased by 0.74%. The precious metals segment saw a rise of 0.67%, and the small metals segment increased by 0.13%. However, the new materials segment fell by 2.62% [16] - Year-to-date performance shows the industrial metals segment up by 10.41%, energy metals up by 1.64%, precious metals up by 34.25%, and small metals up by 7.59% [16] Company Recommendations - The report recommends focusing on companies such as Zijin Mining (601899), Luoyang Molybdenum (603993), Chifeng Jilong Gold Mining (600988), and Shandong Gold (600547) due to their strong performance and growth potential [52][56]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][3] Core Insights - Real estate sales momentum has slowed down in April, but urban renewal initiatives are expected to help release demand [2][3][25] - The report highlights that the high-tier cities' real estate market continues to show signs of recovery, while lower-tier cities are lagging behind [3][25] - The report suggests focusing on stable central state-owned enterprises and regional leaders in first and second-tier cities, such as Poly Developments (600048), China Vanke (000002), and China Merchants Shekou (001979) [3][25] Summary by Sections Real Estate Market Overview - From January to April, the sales area of new commercial housing decreased by 2.8%, with a narrowing decline compared to the previous quarter [3][24] - In April, the sales prices of residential properties in 70 major cities remained stable or slightly decreased, with year-on-year declines continuing to narrow [3][24] - The report indicates that local government support policies and accelerated urban renewal will positively impact real estate demand [3][25] Building Materials Market Overview - The cement industry has seen a significant contraction in capacity in Q1 2025, with a national cement output of 331 million tons, down 1.4% year-on-year [4][44] - The average transaction price of cement in Q1 2025 was 397 yuan/ton, an increase of 34 yuan/ton or 9.3% compared to the same period last year [4][44] - The report emphasizes that urban renewal actions and increased fiscal spending will support cement demand [4][46] Recommendations - The report recommends focusing on leading cement companies that are innovating and expanding their market presence, such as Conch Cement (600585), TPI Polene (002233), and Huaxin Cement (600801) [4][46] - In the consumer building materials sector, the report anticipates improvements in sales and profit margins due to ongoing urban renewal initiatives and government support for consumption [6][46]

Investment Rating - The industry investment rating is "Market Weight," indicating that the industry index is expected to perform within ±10% of the market index over the next six months [8]. Core Insights - The express delivery industry has maintained high growth in package volume, with a year-on-year increase of 20.9% in the first four months of 2025, totaling 614.5 billion packages [2]. - The average revenue per package has continued to decline, with an average of 7.43 yuan per package in April, down 6.98% year-on-year [2]. - The competition among leading companies remains intense, with significant fluctuations in market share observed in April 2025 [4]. - The report suggests that while the industry is in a market expansion phase, price wars are unlikely to see a turning point soon, but the decline in prices may narrow as companies approach cost lines [5]. Summary by Sections Industry Performance - In the first four months of 2025, the express delivery business revenue reached 4669.1 billion yuan, a year-on-year increase of 10.9% [2]. - The eastern region accounted for 74.0% of the revenue, while the central and western regions contributed 15.5% and 10.5%, respectively [3]. Competitive Landscape - In April 2025, major express companies such as SF Express, Yunda, Shentong, and YTO delivered 13.35 billion, 21.74 billion, 20.92 billion, and 26.93 billion packages, respectively, with year-on-year growth rates of 29.99%, 13.41%, 20.99%, and 25.26% [4]. - The market concentration index (CR8) for express and parcel services was 86.7, indicating a slight decrease in concentration compared to the previous month [4]. Investment Strategy - The report highlights that the express delivery volume is expected to maintain rapid growth due to various consumer stimulus policies and a recovery in consumer confidence [5]. - It recommends paying attention to companies like YTO Express (600233) and Shentong Express (002468) for potential investment opportunities [5].

本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 行 业 周 报 超配（维持） 食品饮料行业双周报（2025/05/09-2025/05/22） 内部结构性分化，关注景气赛道 投资要点： 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料（申万）指数走势 资料来源：同花顺,东莞证券研究所 相关报告 证 券 研 究 报 告 食品饮料行业 2025 年 5 月 23 日 | 图 | 1：2025 05 月 | 年 | | 09 | 日-2025 | 年 | 05 | 月 | 22 | | | | 日申万一级行业涨幅（%） | 3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/5/9-2025/5/22） 行 业 2025 年 1—4 月我国农产品出口有所增长，进口有所下降 2025 年 5 月 23 日 投资要点： 分析师：魏红梅 SAC 执业证书编号： SW农林牧渔行业跑输沪深300指数。2025年5月9日—2025年5月22日，SW 农林牧渔行业上涨0.59%，跑输同期沪深300指数约0.99个百分点。细分板 块中，仅动物保健和饲料录得正收益，分别上涨9.17%和5.9%；渔业、农 产品加工、种植业和养殖业均录得负收益，分别下跌0.13%、0.42%、0.51% 和1.64%。估值方面，截至2025年5月22日，SW农林牧渔行业指数整体PB（整 体法，最新报告期，剔除负值）约2.60倍，近两周略有回升。目前行业估 值处于行业2006年以来的估值中枢约57.6%的分位水平，仍处于历史低位。 周 报 SAC 执业证书编号： 农林渔牧（申万）指数走势 行业重要数据。（1）生猪养殖。价格：2025年5月9日—2025年5月22日， 全国外三元生猪平均价由14.86元/公斤回落至14.37元/公斤。成本：至 2025年5月22日 ...

证券研究报告 2025 年 5 月 22 日 星期四 【A 股市场大势研判】 沪指走出三连阳 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | | 上证指数分时图 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 3387.57 | 0.21% | 7.10 | | | | 深证成指 | 10294.22 | 0.44% | 45.05 | | | | 沪深 300 | 3916.38 | | 18.21 | 0.47% | | | 创业板 | 2065.39 | 0.83% | 16.93 | | | | 科创 50 | 995.49 | -0.22% | -2.19 | | | | 北证 50 | 1479.81 | 0.39% | 5.82 | | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 煤炭 | 2.55% ...

Market Overview - The A-share market experienced a slight increase with the Shanghai Composite Index closing at 3380.48, up by 0.38% [1] - The Shenzhen Component Index rose by 0.77%, while the ChiNext Index also increased by 0.77% [1] Sector Performance - The top-performing sectors included Beauty Care (up 2.50%), Comprehensive (up 2.12%), Media (up 1.98%), Home Appliances (up 1.66%), and Pharmaceutical Biology (up 1.64%) [2] - Conversely, the sectors that underperformed were Defense Industry (down 0.50%), Coal (down 0.33%), Steel (down 0.13%), Real Estate (down 0.11%), and Building Materials (up 0.07%) [2] Concept Index Performance - The leading concept sectors were Cultivated Diamonds (up 4.10%), Pet Economy (up 4.08%), Animal Vaccines (up 4.00%), Recombinant Protein (up 3.90%), and Cultured Meat (up 3.14%) [2] - The lagging concept sectors included Shipping Concept (down 1.44%), China-South Korea Free Trade Zone (down 1.24%), Chengfei Concept (down 1.16%), PEEK Materials (down 0.75%), and Free Trade Port (down 0.68%) [2] Economic Indicators - The People's Bank of China implemented a rate cut, with the 5-year LPR adjusted to 3.5% from 3.6% and the 1-year LPR adjusted to 3.0% from 3.1% [4] - The removal of the lower limit on mortgage rates has led to some cities offering first-home loan rates as low as 3.0%, marking a historical low [4] Market Sentiment and Future Outlook - The market showed resilience with over 3800 stocks rising, indicating a strong performance in consumer sectors despite some adjustments in military and coal sectors [3][5] - The report suggests that the A-share market possesses strong strategic stability and resilience, with potential for further upward movement in the long term [5] - Recommended sectors for attention include Finance, Public Utilities, Retail, Food and Beverage, Non-ferrous Metals, and TMT [5]

证券研究报告 2025 年 5 月 20 日 星期二 【A 股市场大势研判】 大盘震荡调整，三大指数涨跌不一 市场表现： | 申万行业表现前五 | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | | 1.99% | 食品饮料 | -0.90% | 兵装重组概念 | 3.92% | 青蒿素 | -0.82% | | 1.87% | 汽车 | -0.33% | 天津自贸区 | 3.51% | 人形机器人 | -0.80% | | 1.75% | 银行 | -0.32% | ST 板块 | 3.05% | 同花顺果指数 | -0.71% | | 1.05% | 有色金属 | -0.25% | 特色小镇 | 2.86% | 环氧丙烷 | -0.43% | | 社会服务 1.02% | 通信 | -0.23% | 股权转让(并 购重组) | 2.81% | 新型烟草(电子 烟) | -0.32% | | 综合 环保 房地产 国防军工 | | | | | | | 资料来源：东莞证券研究所，iFinD ...

基 金 研 究 开放式基金策略双周报（20250506-20250516）： QDII 基金平均收益相对领先 债券市场表现分化 2025 年 5 月 19 日 投资要点 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：李荣 SAC 执业证书编号： S0340521010001 F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 资料来源：东莞证券研究所，Wind 资讯 基础市场回顾：权益市场方面，中美日内瓦经贸会谈联合声明有效缓和 双方经济贸易风险，同时在国新办召开"一揽子金融政策支持稳市场稳 预期"的刺激下，A股市场震荡上行，波动率有所上升。主要宽基指数中 除了科创50在电子板块的拖累下出现下跌外，其他指数均出现不同程度 上涨。债券市场方面表现分化，中证转债指数受益于权益市场上涨1.64% 表现最好。纯债市场中信用债指数表现较好，国债指数出现调整。 基金市场回顾：近两周中国基金指数上涨0.92%，除了另类型基金外， 其他各类型基金均录得正收益。 ...