Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - The report highlights that from January to April, the newly installed capacity for wind and solar energy reached 125GW, emphasizing the value of flexible adjustment resources in thermal power [10][3] - As of the end of April, the total installed power generation capacity in the country was 3.49 billion kilowatts, a year-on-year increase of 15.9% [10] - The report suggests focusing on the value of flexible adjustment resources due to the rapid growth of new energy installations, which is expected to accelerate in the first half of the year [10] Summary by Sections Industry Trends - In April, the total electricity consumption increased by 4.7%, with the first industry growing by 13.8%, the second industry by 3.0%, and the third industry by 9.0% [10] - The report notes that the overall electricity demand from the second industry is weak, affecting the overall growth rate, while the first and third industries show resilience [10] Power Generation Data - In April, the total power generation increased by 0.9%, with significant growth in wind and solar power generation [10] - The report indicates that thermal power generation decreased by 2.3% year-on-year, while nuclear power increased by 12.4%, wind power by 12.7%, and solar power by 16.7% [10] Key Stocks - The report recommends focusing on key thermal power stocks such as Huadian International, Huaneng International, Datang Power, and Jiantou Energy, as well as leading thermal power renovation equipment companies like Qingda Environmental Protection [3][7] - It also suggests prioritizing undervalued green power sectors, particularly in Hong Kong, and recommends stocks like Xintian Green Energy and Longyuan Power [3][7] Market Performance - The report notes that during the week of May 19-23, the Shanghai Composite Index closed at 3,348.37 points, down 0.57%, while the CSI 300 Index closed at 3,882.27 points, down 0.18% [56] - The CITIC Power and Utilities Index closed at 2,925.81 points, up 0.45%, outperforming the CSI 300 Index by 0.62 percentage points [56]

Investment Rating - The report initiates coverage with a "Buy" rating for Hisense Visual Technology [5][7]. Core Views - Hisense Visual Technology has achieved significant growth, becoming the second-largest player globally in the smart display terminal market, with a market share of nearly 14% and sales of 29.79 million units in 2024 [1][15]. - The company's growth is driven by a dual-brand strategy with Hisense and Vidda, targeting different market segments and benefiting from the domestic "trade-in" policy [2][18]. - Internationally, Hisense leverages an international marketing platform and refined operations to enhance its market share in key regions such as Asia-Pacific, North America, and Europe [3][19]. Summary by Sections 1. Why Has Hisense Achieved Global Second Place? - Hisense Visual Technology is a leading player in the smart display terminal sector, with a historical presence in the industry for nearly 50 years [15]. - The company has maintained a strong domestic market position, with both sales and market share leading in China [1][15]. 1.1 Domestic Sales: Differentiated Customer Acquisition with Hisense & Vidda - The domestic market has seen revitalization due to the "trade-in" policy, with significant sales growth expected [2][19]. - Hisense and Vidda target different price segments, with Vidda focusing on lower-priced products and Hisense on mid to high-end offerings [2][21]. 1.2 International Sales: International Marketing Platform + TVS Refined Operations - Hisense operates through an international marketing platform and refined operations, enhancing its market share in core regions [3][19]. - The company has established a strong presence in North America and Europe, with ongoing channel optimization expected to improve profitability [3][19]. 2. Can Profitability Continue to Improve? - Panel prices are stabilizing, which is crucial as they account for over 50% of television costs [4][19]. - The company is expected to benefit from a long-term upward trend in panel prices, with better cost control due to deep partnerships with panel manufacturers [4][19]. 2.1 Industry Chain: Panel Prices Entering a Stable Phase - The report notes that the supply-demand relationship in the panel market has been a dominant factor, with expectations of a gradual recovery in demand [4][19]. 2.2 High-End: MiniLED & Large Screen Trends Driving Product Structure Upgrades - The shift towards MiniLED and larger screens is driving product upgrades, with significant revenue contributions expected from these segments [5][19]. 3. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 2.615 billion, 3.026 billion, and 3.497 billion yuan respectively, with a reasonable market capitalization of 39.2 billion yuan in 2025 [5][6]. - The expected revenue growth rates for the TV segment are projected at 13.5% and 8.4% for 2025 and 2026 respectively, driven largely by MiniLED products [5][19].

Investment Rating - The report maintains a "Buy" rating for Leap Motor (09863.HK) with a target price of HKD 73, corresponding to a valuation of HKD 977 billion, which is 1.5x the estimated price-to-sales (P/S) ratio for 2025 [4][6]. Core Insights - Leap Motor's Q1 2025 gross margin exceeded expectations, achieving 14.9%, a significant improvement from -1.4% year-on-year, driven by increased sales volume and cost control measures [1][4]. - The company reported a Q1 revenue of CNY 10.02 billion, a year-on-year increase of 187.1%, with vehicle sales rising 162% to 87,552 units [1][4]. - The outlook for Q2 2025 anticipates sales of 130,000 to 140,000 units, with a gross margin expected to decline slightly [1][4]. Sales Performance - In Q1 2025, Leap Motor's sales reached 87,552 units, with the C series accounting for 77.5% of total sales, reflecting a 5.7 percentage point increase [2]. - The launch of new models, including the B10 and upgraded C series vehicles, is expected to drive continued sales growth [2][3]. International Expansion - Leap Motor exported 13,632 units from January to April 2025, leading among new energy vehicle manufacturers in China [3]. - The company has established over 500 sales and service points internationally, with plans for localized production in Malaysia and Europe by 2026 [3]. Component Business Outlook - Leap Motor's collaboration with major automotive players, including a strategic partnership with FAW and Stellantis, is expected to enhance its component business and improve economies of scale [4]. - The company anticipates significant growth in sales volume, projecting 550,000 units in 2025, with revenues reaching CNY 60 billion [4][5]. Financial Projections - The report forecasts Leap Motor's revenue to grow from CNY 16.75 billion in 2023 to CNY 99.81 billion by 2027, with a projected net profit of CNY 6.62 billion in 2027 [5][12]. - The gross margin is expected to improve from 0.5% in 2023 to 14% by 2027, indicating a positive trend in profitability [12][13].

Investment Rating - The report recommends a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Steady Medical, and Bosideng, among others [12][36][37]. Core Insights - Amer Sports reported a strong performance in Q1 2025, with revenue growth of 23% year-on-year to $1.473 billion, driven by significant growth in the Asia-Pacific region [1][17]. - The Technical Apparel segment, led by the Arc'teryx brand, saw a revenue increase of 28% to $664 million in Q1 2025, with a notable profit margin improvement [2][21]. - The Outdoor Performance segment, centered around the Salomon brand, achieved a 25% revenue growth to $502 million, benefiting from new store openings and strong direct-to-consumer (DTC) sales [3][26]. - The Ball & Racquet segment, featuring Wilson, experienced a 12% revenue increase to $306 million, with a long-term growth forecast of low to mid-single digits [4][29]. - The overall outlook for 2025 indicates expected revenue growth of 15% to 17% for Amer Sports, with specific segments projected to grow at varying rates [1][17]. Summary by Sections Amer Sports Performance - Q1 2025 revenue increased by 23% to $1.473 billion, with regional growth of +12% in the Americas, +43% in Greater China, +12% in EMEA, and +49% in Asia-Pacific [1][17]. - Adjusted gross margin improved by 3.3 percentage points to 58%, and adjusted operating profit margin rose by 4.9 percentage points to 15.8% [1][17]. - Net profit for Q1 2025 was $135 million, compared to $5 million in Q1 2024 [1][17]. Technical Apparel - Revenue for the Technical Apparel segment grew by 28% to $664 million in Q1 2025, with an adjusted operating profit margin of 23.8% [2][21]. - DTC revenue increased by 31%, while wholesale revenue grew by 22% [2][21]. - The Asia-Pacific region led growth, followed by Greater China [2][21]. Outdoor Performance - The Outdoor Performance segment's revenue rose by 25% to $502 million in Q1 2025, with an adjusted operating profit margin of 14.7% [3][26]. - DTC sales surged by 68%, driven by new store openings in the Asia-Pacific and Greater China regions [3][26]. - The Americas region's performance was stable, primarily due to the divestiture of the Enve business [3][26]. Ball & Racquet - Revenue for the Ball & Racquet segment increased by 12% to $306 million in Q1 2025, with an adjusted operating profit margin of 6.6% [4][29]. - The growth was supported by strong sales in racquet and golf products [4][29]. Industry Outlook - The report emphasizes the importance of focusing on companies with solid fundamentals and growth potential in the apparel sector, particularly in the sportswear segment, which is expected to benefit from government support and increased consumer participation in sports [5][34].

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - The report highlights that from January to April, the newly installed capacity for wind and solar energy reached 125GW, emphasizing the value of flexible adjustment resources in thermal power [10] - The report suggests focusing on key thermal power stocks such as Huadian International, Huaneng International, Datang Power, and Jiantou Energy, as well as leading thermal power renovation equipment manufacturers like Qingda Environmental Protection [3] - It is recommended to prioritize undervalued green energy sectors, particularly in Hong Kong stocks and wind power operators, with a focus on Xintian Green Energy (H), Longyuan Power (H), Zhongmin Energy, and Funeng Shares [3] Summary by Sections Industry Overview - As of the end of April, the total installed power generation capacity in the country reached 3.49 billion kilowatts, a year-on-year increase of 15.9%. Solar power capacity was 990 million kilowatts, up 47.7%, and wind power capacity was 540 million kilowatts, up 18.2% [10] - In April, the total electricity consumption increased by 4.7%, with total consumption reaching 772.1 billion kilowatt-hours, marking a 4.7% year-on-year growth [10] - The report notes that the growth rate of electricity generation in April was 0.9%, with significant increases in wind and solar power generation [10] Key Stocks - The report lists several key stocks with their respective ratings and earnings per share (EPS) projections for 2024 to 2027, including: - Zhejiang Energy Power (Buy) with an EPS of 0.58 in 2024 - Anhui Energy Power (Buy) with an EPS of 0.91 in 2024 - Guodian Power (Buy) with an EPS of 0.55 in 2024 - Huaneng International (Buy) with an EPS of 0.65 in 2024 - Qingda Environmental Protection (Buy) with an EPS of 0.76 in 2024 [7] Market Performance - The report indicates that during the week of May 19-23, the Shanghai Composite Index closed at 3,348.37 points, down 0.57%, while the CSI 300 Index closed at 3,882.27 points, down 0.18%. The CITIC Power and Utilities Index rose by 0.45%, outperforming the CSI 300 Index by 0.62 percentage points [56]

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The AI ecosystem is undergoing a comprehensive upgrade, with significant advancements in models such as Google's Gemini series and Anthropic's Claude 4, which enhance capabilities in coding, reasoning, and multi-modal applications [3][42]. - The demand for computational power is a critical foundation for the deployment of AI agents, driven by the need for long context processing, external data integration, and complex task verification [3][42][51]. Summary by Sections Google I/O Conference Highlights - Google's I/O conference showcased upgrades in the AI ecosystem, including the Gemini series models, which excel in academic benchmarks and multi-modal reasoning [11][12]. - The introduction of new models like Gemini Diffusion and enhancements in video generation capabilities with Veo 3 and Imagen 4 were highlighted [20][21]. Claude 4 Model Release - Anthropic launched Claude 4, featuring Claude Opus 4 and Claude Sonnet 4, which set new standards in coding and reasoning capabilities [31][32]. - Claude Opus 4 is recognized as the leading coding model, excelling in complex tasks and long-duration operations [32][36]. Agent Industry Development - The report emphasizes the accelerated development of the agent industry, with significant breakthroughs in capabilities allowing agents to handle more complex and specialized tasks [3][42]. - The integration of multi-modal capabilities and the introduction of hardware like Android XR smart glasses and Google Beam are expected to enhance agent applications [24][25][43]. Computational Power Focus - A list of companies to watch in the computational power sector includes major players like Alibaba, Cambricon, and Huagong Technology, indicating a strong focus on the infrastructure needed to support AI advancements [4][52]. - The report outlines the substantial computational requirements for training and deploying AI models, emphasizing the need for robust hardware to meet increasing demands [51]. Recommendations - The report suggests a focus on companies involved in computational power and AI agents, highlighting potential investment opportunities in this rapidly evolving sector [4][52].

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [5]. Core Insights - The AI ecosystem is undergoing a comprehensive upgrade, with significant advancements in models such as Google's Gemini series and Anthropic's Claude 4, enhancing capabilities in coding, reasoning, and multi-modal applications [3][42]. - The demand for computational power is a critical foundation for the deployment of AI agents, driven by the need for complex task handling, external data integration, and multi-modal processing [3][42]. - The report highlights the importance of hardware and software collaboration in promoting the proliferation of AI agents, with new products like Android XR smart glasses and Google Beam enhancing user interaction [42]. Summary by Sections Google I/O Conference Highlights - Google's I/O conference showcased upgrades to the Gemini series, including the Gemini 2.5 Pro model, which achieved a leading ELO score of 1415 in coding benchmarks [11][12]. - The introduction of multi-modal models like Veo 3 and Imagen 4, along with AI tools for video production, marks a significant step in enhancing AI capabilities [20][21]. - AI features are being integrated into Google Workspace, facilitating improved user experiences across applications like Gmail and Meet [27]. Claude 4 Model Release - Anthropic's Claude 4, featuring Claude Opus 4 and Claude Sonnet 4, sets new standards in coding and reasoning capabilities, with Opus 4 excelling in complex tasks and long-duration operations [31][32]. - The models are designed for integration into various development workflows, supporting major IDEs and enhancing coding efficiency [41]. Agent Industry Development - The report emphasizes the accelerated development of the agent industry, driven by advancements in foundational models and the increasing complexity of tasks that agents can handle [3][42]. - The integration of multi-modal capabilities and the introduction of new hardware solutions are expected to expand the application scenarios for AI agents [42]. Recommended Companies to Watch - Companies in the computational power sector include Cambricon, Alibaba, and Inspur, among others, which are positioned to benefit from the growing demand for AI infrastructure [4][52]. - In the agent space, notable companies include Kingsoft Office, Kingdee International, and Yonyou Network, which are actively developing AI-driven solutions [7][52].

证券研究报告 | 行业周报 gszqdatemark 2025 05 24 年 月 日 房地产 C-REITs 周报——二级延续上行，理性看待市场热度 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.20%。截至 5.23，本周（5.17- 5.23，下同）中证 REITs（（收盘）指数上涨 1.19%，收于 869.2 点；中 证 REITs 全收益指数上涨 1.20%，收于 1089.7 点。本周沪深 300/恒 生/中债十年期国债/房地产（（申万）/恒生地产建筑业/高速公路（（申万） 指数分别下跌 0.18%/上涨 1.10%/上涨 0.10%/下跌 1.47%/下跌 0.73%/上涨 0.58%。其中中证 REITs 全收益指数本周涨幅最高，REITs 全收益指数排行第 1。 本年中证 REITs 全收益指数涨幅为 12.59%。截至 5.23，本年中证 REITs（收盘）指数涨幅为 10.08%，中证 REITs 全收益指数涨幅为 12.59%。本年沪深 300/恒生/中债十年期国债/房地产（（申万）/恒生地 产建筑业/高速公路（申万）指数分别下跌 1.34%/上涨 17.65%/下 ...

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