Market Performance - The A-share market showed a strong upward trend with the ChiNext Index leading the gains, closing at 2064.71, up 2.63% [2][4] - The Shanghai Composite Index closed at 3369.24, up 0.82%, while the Shenzhen Component Index rose by 1.72% to 10301.16 [2][4] Sector Performance - The top-performing sectors included Defense and Military Industry (+4.80%), Electric Equipment (+2.69%), and Machinery Equipment (+2.24%) [3][4] - Conversely, the sectors that underperformed were Agriculture, Forestry, Animal Husbandry, and Fishery (-0.49%), Pharmaceutical and Biological Products (-0.27%), and Utilities (-0.26%) [3][4] Concept Index Performance - Notable concept indices included the China Shipbuilding System (+6.55%), Chengfei Concept (+5.77%), and Military Information Technology (+4.28%) [3][4] - Underperforming concept indices were the Recombinant Protein (-0.94%), Sugar Substitute (-0.82%), and Transgenic (-0.77%) [3][4] Future Outlook - The market is expected to maintain an upward trend in the short term, supported by the easing of external tariff pressures and a recovery in the supply chain [7] - The focus for investment should be on consumption and technology sectors, with an emphasis on domestic circulation and core self-controllable areas [7]

Investment Rating - The report suggests a focus on industries with leading performance in Q1, specifically light manufacturing, machinery, and automotive sectors, indicating a positive investment outlook for these areas [42] Core Insights - In 2024, the overall performance of 256 listed companies on the North Exchange showed a total revenue of 180.845 billion, a year-on-year decline of 2.28%, and a net profit attributable to shareholders of 11.030 billion, down 22.40% [13] - In Q1 2025, total revenue reached 40.358 billion, marking a year-on-year increase of 5.83%, with 162 companies reporting revenue growth [22][23] - The light manufacturing sector had 44.44% of companies with net profit growth exceeding 20%, while the machinery sector had 43.86%, and the automotive sector had 43.48% [28][32][37] Summary by Sections Overall Performance - In 2024, 174 companies achieved revenue growth, with 56 exceeding 20% and 11 over 50% [13] - The median revenue growth rate for 2024 was 5.63%, with a median net profit growth rate of -8.40% [13] Q1 2025 Performance - Q1 2025 saw a median revenue growth rate of 6.16%, net profit growth of 2.95%, and a median gross margin of 27.51% [22][23] - 78 companies in Q1 2025 had revenue growth exceeding 20%, and 18 companies exceeded 50% [22] Sector Analysis Light Manufacturing - The light manufacturing sector showed strong performance, with notable companies like Longzhu Technology and Minshida achieving net profit growth rates of 88.51% and 49.92% respectively [28][29] - Export revenue for key players in this sector was significantly high, with some companies reporting over 90% of their revenue from exports [28] Machinery - The machinery sector demonstrated robust growth, with companies like Dingzhi Technology and Tonghui Electronics reporting net profit growth rates of 135.75% and 125.39% respectively [32][33] - The sector's overall performance in Q1 2025 was characterized by a high percentage of companies exceeding 20% net profit growth [32] Automotive - The automotive sector had remarkable growth, with companies such as Sanxiang Technology and Lintai New Materials reporting net profit growth rates of 320.92% and 287.62% respectively [37][40] - The sector's performance indicates a strong recovery and growth potential in the coming quarters [37] Investment Strategy - The report recommends focusing on high-growth sectors and selecting companies with competitive advantages and strong production capabilities [42] - It also highlights the importance of monitoring domestic replacement processes and technological breakthroughs in sectors like semiconductors, military, AI, and satellite internet [42]

Investment Rating - The report maintains an "Overweight" rating for the consumer services industry, indicating a positive outlook despite current challenges [1]. Core Insights - The consumer services industry is experiencing a slowdown in overall revenue growth, with total revenue reaching 237.785 billion yuan in 2024, a year-on-year increase of 1.9%. In the first quarter of 2025, revenue was 59.904 billion yuan, showing a minimal growth of 0.07% [4][11]. - The net profit for the industry is under pressure, with a significant decline of 23.24% year-on-year to 9.642 billion yuan in 2024, and a 7.1% decrease to 3.534 billion yuan in the first quarter of 2025. This is attributed to increased price sensitivity among domestic tourists [4][11]. - The report highlights that most sub-sectors within the consumer services industry are experiencing revenue growth without corresponding profit increases, particularly in the scenic spots and human resources service sectors [4][14]. Summary by Sections 1. Overall Industry Performance - The consumer services industry is seeing a stabilization in service consumption revenue, with a notable slowdown in growth compared to the explosive rebound in 2023. The overall revenue for 2024 is projected at 237.785 billion yuan, with a slight increase in the first quarter of 2025 [11][14]. - The report notes that tourists are becoming more price-sensitive, leading to a decline in net profits for tourism-related companies [11][14]. 2. Key Sub-Industry Performance 2.1 Scenic Spots - The scenic spots sector achieved a revenue of 22.866 billion yuan in 2024, a growth of 3.34%, with a net profit of 1.808 billion yuan, up 26.27% [15][24]. - In the first quarter of 2025, revenue was 4.792 billion yuan, a growth of 3.65%, but net profit decreased by 13.06% to 0.356 billion yuan [17][30]. 2.2 Education - The education sector's revenue reached 34.106 billion yuan in 2024, growing by 5.61%, while net profit was 0.843 billion yuan, down 20.68% [36][40]. - In the first quarter of 2025, revenue increased to 7.935 billion yuan, a growth of 8.65%, with net profit at 0.346 billion yuan, down 7.93% [36][42]. 2.3 Hotels - The hotel sector reported total revenue of 24.964 billion yuan in 2024, a decrease of 2.09%, with net profit at 1.595 billion yuan, down 9.76% [46][48]. - In the first quarter of 2025, hotel revenue was 5.435 billion yuan, a decline of 8.09%, and net profit fell to 0.125 billion yuan, down 54.87% [46][55]. 3. Investment Strategy - The report suggests that while profits are under pressure due to macroeconomic factors, the gradual recovery of the domestic economy post-September 2024 may boost demand. It recommends focusing on sectors like education and human resources services that are likely to benefit from policy support [4][14]. - Specific companies to watch include Xueda Education (000526) and Keri International (300662) in the education and human resources sectors, respectively [4][14]. In the tourism sector, companies like Songcheng Performance (300144) and Changbai Mountain (603099) are highlighted for their potential recovery [4][14].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating a positive outlook for the sector despite anticipated performance declines in 2024 [1]. Core Insights - The overall performance of the lithium battery industry is expected to decline in 2024, with a significant improvement in profitability anticipated in Q1 2025 [1][4]. - The lithium battery segment is the only part of the industry projected to see a year-on-year increase in net profit, driven by a reduction in upstream material costs [4][30]. - The report highlights a shift in profitability towards the battery segment, with its contribution to net profit rising to 98.11% in 2024 [4][29]. Summary by Sections 1. 2024: Overall Industry Performance Decline - The lithium battery industry is projected to generate revenue of CNY 967.99 billion in 2024, a decrease of 9.92% year-on-year, with net profit expected to be CNY 59.21 billion, down 11.09% [4][13]. - The battery segment is the only area expected to see a net profit increase of 17.25%, while other segments face significant declines [4][30]. - Capital expenditures are anticipated to decrease by 17.88%, reflecting a slowdown in capacity expansion across the industry [4][53]. 2. Q1 2025: Significant Profitability Improvement - In Q1 2025, the industry is expected to achieve revenue of CNY 235.37 billion, marking a year-on-year increase of 12.62% [4][58]. - Net profit for Q1 2025 is projected at CNY 18.34 billion, representing a year-on-year growth of 27.44% and a quarter-on-quarter increase of 63.06% [4][58]. - Most segments, except for separators and lithium battery equipment, are expected to show significant improvements in net profit both year-on-year and quarter-on-quarter [4][58]. 3. Investment Recommendations - The report suggests focusing on battery segments with strong performance support, leading material companies showing marginal improvements, and segments benefiting from solid-state battery advancements [4][58]. - Key investment targets include companies such as CATL, EVE Energy, and others within the solid-state battery supply chain [4][58].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The electric equipment industry is facing overall performance pressure in 2024, with a focus on specific sub-sectors showing differentiation in performance [6] - In 2024, the industry achieved a revenue of 3.41 trillion yuan, a year-on-year decrease of 8.4%, and a net profit of 914.54 billion yuan, down 61.1% [15] - The first quarter of 2025 shows a slight recovery with a revenue of 740 billion yuan, up 2.8% year-on-year, driven by growth in battery, grid equipment, and wind power equipment sectors [22] Summary by Sections 1. Industry Performance Overview - In 2024, the electric equipment industry experienced a significant decline in net profit and revenue, with a net profit margin of 2.9%, down 4.0 percentage points year-on-year [15] - The grid equipment sector showed a revenue growth of 7.8% in 2024, while the photovoltaic equipment sector saw a notable decline of 22.1% [15] 2. Sub-sector Performance 2.1 Photovoltaic Equipment - The photovoltaic equipment sector reported a revenue of 940 billion yuan in 2024, down 22.1%, and a net loss of 257.9 billion yuan, a decrease of 126.0% [28] - In Q1 2025, the sector's revenue was 181.61 billion yuan, down 15.8%, with a net loss of 44.0 billion yuan, a decrease of 191.8% [33] 2.2 Wind Power Equipment - The wind power equipment sector achieved a revenue of 1.93 trillion yuan in 2024, a slight increase of 1.1%, but net profit fell by 20.2% to 58.6 billion yuan [49] - In Q1 2025, the sector's revenue increased significantly to 372.2 billion yuan, up 35.5%, with a net profit of 12.5 billion yuan, an increase of 2.8% [52] 2.3 Grid Equipment - The grid equipment sector is benefiting from increased investment, with a notable growth trend in national grid engineering investments [6] - The report suggests focusing on leading companies in the transmission and transformation sector with strong cost control capabilities [6] 2.4 Battery Sector - The battery sector's performance is under pressure, with a decline in revenue and net profit in both 2024 and Q1 2025 [6] 2.5 Electric Motor and Other Power Equipment - The electric motor sector showed a slight decline, while other power equipment sectors experienced overall improvement in 2024 [6] 3. Investment Recommendations - The report recommends maintaining an overweight position in the industry, particularly focusing on leading companies in the grid, battery, and wind power sectors [6]

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 [33]. Core Insights - In April 2025, excavator sales reached 22,142 units, representing a year-on-year increase of 17.64% but a month-on-month decrease of 25.17%. Domestic sales accounted for 12,547 units, up 16.37% year-on-year, while export sales were 9,595 units, up 19.34% year-on-year [3][5]. - For the first four months of 2025, cumulative excavator sales totaled 83,514 units, a year-on-year increase of 21.41%, with domestic sales at 49,109 units (up 31.91%) and export sales at 34,405 units (up 9.02%) [3][5]. - Loader sales in April 2025 were 11,653 units, showing a year-on-year increase of 19.16% but a month-on-month decrease of 16.27%. Domestic sales were 7,191 units (up 35.45% year-on-year), while export sales were 4,462 units (down 0.18% year-on-year) [4][5]. - Cumulative loader sales for January to April 2025 reached 42,220 units, a year-on-year increase of 15.99%, with domestic sales at 23,570 units (up 27.79%) and export sales at 18,650 units (up 3.87%) [4][5]. - The report highlights that the domestic demand for excavators is supported by factors such as stock updates, accelerated issuance of local government bonds, and increased construction activity in infrastructure projects [5]. Summary by Sections Excavator Sales - April 2025 excavator sales: 22,142 units, YoY +17.64%, MoM -25.17% [3] - Domestic sales: 12,547 units, YoY +16.37%, MoM -35.71% [3] - Export sales: 9,595 units, YoY +19.34%, MoM -4.75% [3] - Cumulative sales (Jan-Apr 2025): 83,514 units, YoY +21.41% [3] Loader Sales - April 2025 loader sales: 11,653 units, YoY +19.16%, MoM -16.27% [4] - Domestic sales: 7,191 units, YoY +35.45%, MoM -11.96% [4] - Export sales: 4,462 units, YoY -0.18%, MoM -22.39% [4] - Cumulative sales (Jan-Apr 2025): 42,220 units, YoY +15.99% [4] Market Dynamics - The report notes a month-on-month increase in the average working hours of major construction machinery products and a rise in the construction rate [5]. - The export trade value of Chinese construction machinery products in March 2025 was $4.912 billion, a YoY increase of 8.47% [5]. - The first quarter of 2025 saw revenue and net profit growth of 10.62% and 31.15% respectively, benefiting from low raw material prices and expanded overseas markets [5].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, indicating an expectation that the industry index will outperform the market index by over 10% in the next six months [70]. Core Insights - The communication industry is expected to continue its positive growth trend in 2024, with a projected revenue of CNY 26,584.67 billion, representing a year-on-year increase of 3.93%. The net profit attributable to shareholders is forecasted to be CNY 2,153.35 billion, up 4.96% year-on-year [34][68]. - The first quarter of 2025 shows a revenue of CNY 6,677.05 billion, a 3.13% increase year-on-year, with a net profit of CNY 535.34 billion, reflecting a 7.00% year-on-year growth [43][68]. - The report highlights effective cost control, with total expenses for 2024 at CNY 3,249.34 billion, a 1.41% increase, which is lower than the revenue growth rate [38][68]. - The performance of optical devices and modules is rapidly increasing, with a year-on-year revenue growth of 62.01% in 2024, driven by demand in the AI sector [48][49]. - The report emphasizes the resilience of the operator segment, which continues to grow despite a slowdown in traditional telecom revenue, with new growth points emerging from mobile internet and cloud computing [49][68]. Summary by Sections 1. Market and Institutional Holdings Review - The communication sector has shown a strong upward trend, with a total increase of 27.31% in the SW communication industry index from 2024 to the first quarter of 2025 [11]. - As of the first quarter of 2025, public funds held a 2.76% stake in the communication sector, a decrease from previous periods [15][18]. 2. Industry Performance and Profitability Improvement - The communication industry is projected to achieve a net profit of CNY 2,153.35 billion in 2024, with a net profit margin of 8.59% [34][68]. - The first quarter of 2025 shows a net profit margin of 8.56%, indicating a slight improvement in profitability despite revenue growth slowing down [45][68]. 3. Rapid Growth in Optical Devices and Modules, IoT, and Fiber Optics Recovery - The optical devices and modules segment is expected to see a revenue increase of 55.99% in the first quarter of 2025, continuing its strong performance from 2024 [58][60]. - The IoT sector is also recovering, with a projected revenue growth of 15.58% in the first quarter of 2025 [58][60]. 4. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and earnings certainty" as the communication industry enters a phase of technological iteration and policy benefits [68].

计算机行业 超配 （维持） 计算机行业 2024 年与 2025 年一季度业绩综述 业 资料来源：东莞证券研究所，iFinD 2024 行业利润端仍旧承压，2025Q1 业绩明显改善 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 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。 2025 年 5 月 12 日 投资要点： 绩 综 SAC 执业证书编号： 罗炜斌 SAC 执业证书编号： 行情及机构持仓回顾。2025年1月20日，国内DeepSeek（深度求索）公 司发布DeepSeek-R1模型，为全球人工智能领域带来巨大的革新，点燃 新一轮AI行情。截至2025年5月9日，年初至今SW计算机行业指数累计 ...

投资要点： 本报告的风险等级为中风险。 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。 汽车行业 标配 （维持） 营收和盈利同比双增，以旧换新政策持续刺激消费 潜力 业 绩 综 述 汽车行业 2024 年报及 2025 年一季报业绩综述 2025 年 5 月 12 日 数据来源：iFind，东莞证券研究所 目 录 | 1.汽车行业：2024 | 年和 年 Q1 营收和盈利同比均双增 5 | 2025 | | --- | --- | --- | | 1.1 2024 | 年汽车行业营收和盈利同比双增，摩托车及其他板块表现最优 5 | | | 1.2 2025Q1 | 汽车行业延续增长趋势，摩托车及其他板块增长领先 8 | | | 2.细分领域业绩分化 | 12 | | | 2.1 汽车服务：2024 | 板块业绩有所下滑，2025Q1 业绩逐步修复 12 | | | 2.2 | 汽车零部件：业绩持续增长 17 | | | 2.3 | 乘用车：板块内业绩分化 22 | | | 2.4 商用车：2025Q1 | 盈利有所下滑 27 | | | ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector [1] Core Insights - The operating profit and profitability of the public utility sector have improved, with Q1 2025 revenue at 551.23 billion yuan, a year-on-year decrease of 4.04%, while net profit attributable to shareholders increased by 6.11% to 54.59 billion yuan [2][21] - The coal-fired power sector benefited from a decline in thermal coal prices, with Q1 2025 revenue at 307.92 billion yuan, down 7.67%, but net profit rose by 8.58% to 23.04 billion yuan [2][45] - The hydropower sector saw revenue increase by 8.66% to 41.80 billion yuan in Q1 2025, with net profit growing by 28.07% to 11.34 billion yuan, driven by increased hydropower generation [2][70] - The nuclear power sector experienced revenue growth of 8.42% to 40.30 billion yuan in Q1 2025, although profit performance varied among companies [2][28] - The investment strategy suggests maintaining an overweight rating for the sector, focusing on companies like Huadian International and Guodian Power in the coal power segment, and Xintian Gas and Xin'ao in the gas sector [2] Summary by Sections 1. Public Utility Sector Performance - The public utility sector includes 133 listed companies, with 102 in the power sector and 31 in the gas sector. In 2024, the sector's revenue was 23,085.51 billion yuan, a decrease of 1.24%, while net profit increased by 5.38% to 1,848.50 billion yuan [10] 2. Subsector Performance 2.1 Coal Power - The coal power sector's revenue in 2024 was 13,060.52 billion yuan, down 1.11%, with net profit rising by 24.06% to 676.91 billion yuan, benefiting from lower coal prices [28][32] 2.2 Hydropower - In 2024, hydropower revenue was 1,947.67 billion yuan, up 8.99%, with net profit increasing by 17.55% to 563.21 billion yuan, attributed to higher hydropower generation [62] 2.3 New Energy - In 2024, solar power generation was 419.08 billion kWh, up 28.2%, while wind power generation was 936.05 billion kWh, up 11.1% [79] 2.4 Nuclear Power - The nuclear power sector's revenue in Q1 2025 was 40.30 billion yuan, an increase of 8.42%, with varying profit performances among companies [2][28] 2.5 Gas - The gas sector's performance was impacted by rising costs, with specific companies recommended for investment [2] 3. Investment Strategy - The report recommends an overweight rating for the public utility sector, highlighting potential growth in coal and gas companies due to favorable market conditions [2]