Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [4] Core Views - The electricity sector is experiencing differentiated growth in thermal power, significant improvement in hydropower, and pressure on green energy [3][6] - The overall performance of the electricity sector is expected to continue growing, supported by falling fuel costs and potential recovery in electricity demand [3][6] Summary by Sections Market Review - In Q1 2025, the total electricity consumption reached 2.38 trillion kWh, a year-on-year increase of 2.5%. The industrial power generation decreased by 0.3% year-on-year [10] - The generation from thermal, hydropower, nuclear, solar, and wind sources changed by -4.7%, +5.9%, +12.8%, +19.5%, and +9.3% respectively [10] - Coal prices have significantly decreased, with the Q1 average price for North Port Q5500 at 733 RMB/ton, down 19.2% year-on-year [18] Performance Overview - In 2024, thermal power companies achieved a net profit of 646 billion RMB, up 31.91% year-on-year, while hydropower companies reported a net profit of 563 billion RMB, up 17.31% [2] - In Q1 2025, the electricity sector's total revenue was 464.6 billion RMB, a decrease of 3.96% year-on-year, but the net profit increased by 7.83% year-on-year to 50.7 billion RMB [3][27] Fund Holdings - As of Q1 2025, the proportion of active funds in the electricity and public utilities sector decreased to 1.37%, down 0.55 percentage points from Q4 2024 [32] - The combined holdings of both active and index funds in the sector stood at 2.02% in Q1 2025, reflecting a downward trend [32][33] Investment Recommendations - Focus on thermal power companies with strong profitability and low electricity price risks, such as Huadian International and Huaneng International [6] - Long-term investment potential is seen in hydropower and nuclear power assets due to their high dividend yields and stable performance [6] - Attention is also recommended for green energy sectors as trading and consumption issues are expected to improve [6]

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑材料 预计建材需求旺季不旺，淡季不淡 2025 年 5 月 6 日至 5 月 9 日建筑材料板块（SW）上涨 0.92%，其中水泥 （SW）上涨 0.57%，玻璃制造（SW）上涨 0.38%，玻纤制造（SW）下 跌 0.39%，装修建材（SW）上涨 1.85%，本周建材板块相对沪深 300 超 额收益-0.07%。本期建筑材料板块（SW）资金净流入额为-0.14 亿元。 【周数据总结和观点】 本周国新办发布会发布一揽子金融政策支持稳市场稳预期，总量方面，降 低存款准备金率 0.5 个百分点，下调政策利率 0.1 个百分点，地产方面， 降低个人住房公积金贷款利率 0.25 个百分点，5 年期以上首套房利率由 2.85%降至 2.6%，其他期限的利率同步调整，此外，会议还指出加快 出台与房地产发展新模式相适配的系列融资制度，助力持续巩固房地产市 场稳定态势。根据 wind 统计，2025 年 4 月地方政府债总发行量 6932.91 亿元，发行金额同比 2024 年 4 月增长 101.6%，截至目前，2025 年一般 债 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a relative performance increase of over 10% compared to the benchmark index [5]. Core Insights - The white liquor sector is focusing on enhancing internal capabilities and improving performance, with a long-term investment value becoming more apparent. Key themes include leading brands, sustained dividends, and strong recovery [2]. - The beer and beverage segment shows promising growth, with Qingdao Beer acquiring Jimo Yellow Wine, indicating a diversification strategy. The performance of Uni-President in Q1 2025 was notably strong, with a revenue increase and a 32% rise in net profit [3]. - The food sector is innovating through collaborations, such as the partnership between Wei Long and Wu Fang Zhai for new product offerings, highlighting the importance of product innovation and creative marketing strategies [4]. Summary by Sections White Liquor - The industry is transitioning from a performance peak to a seasonal slowdown, with companies focusing on brand strength, product structure, and marketing strategies. Notable companies include Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, which are expected to enhance their market share [2]. - The report anticipates a gradual recovery in demand, suggesting that the pressures and risks faced by the white liquor industry are being alleviated [2]. Beer and Beverage - Budweiser APAC reported a decline in sales and price in Q1 2025, primarily due to weak performance in the ready-to-drink segment. However, Qingdao Beer’s acquisition of Jimo Yellow Wine is seen as a strategic move for long-term growth [3]. - Uni-President's Q1 2025 performance showed double-digit revenue growth and a significant increase in net profit, indicating a robust position in the beverage market [3]. Food - The introduction of new products for the Dragon Boat Festival, such as the collaboration between Wei Long and Wu Fang Zhai, reflects a trend towards innovative product offerings and marketing strategies in the food sector [4]. - The report emphasizes that both emerging and established brands must adapt to changing market dynamics through product innovation and creative marketing to maintain leadership positions [4].

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and cloud computing sectors, including SMIC, Weir Shares, Dongshan Precision, Shenghong Technology, and others [9]. Core Insights - The report highlights a strong growth trend in AI investments from overseas cloud service providers (CSPs), with significant capital expenditures expected to continue through 2025 [1]. - Domestic foundries are experiencing stable revenue growth, benefiting from the trend of orders returning to China due to geopolitical factors [2]. Summary by Sections Overseas Cloud Providers - Major CSPs like Microsoft, Meta, and Amazon have reported strong earnings, with Microsoft achieving $70.1 billion in revenue for FY25Q3, a 13% year-over-year increase [13][14]. - Meta's Q1 revenue reached $42.314 billion, exceeding expectations, driven by AI advancements and a focus on advertising efficiency [26][34]. - Amazon's Q1 revenue was $155.7 billion, with a net profit of $17.1 billion, reflecting a 64% year-over-year increase [37][39]. Domestic Foundries - SMIC's revenue is showing stable growth despite short-term fluctuations due to international conditions, with a long-term upward trend expected as orders return to domestic foundries [2]. - Huahong Semiconductor also reported stable revenue and wafer shipment growth, indicating a robust operational capacity [2]. Key Companies and Their Performance - Microsoft: FY25Q3 revenue of $70.1 billion, with a net profit of $25.8 billion, driven by strong demand for cloud services and AI [13][14]. - Meta: Q1 revenue of $42.314 billion, with a net profit of $16.644 billion, highlighting the effectiveness of AI in enhancing advertising [26][34]. - Amazon: Q1 revenue of $155.7 billion, with a net profit of $17.1 billion, showcasing strong performance across various segments [37][39]. - AMD: Achieved a record revenue of over $7.4 billion in Q1, reflecting a 36% year-over-year increase [43].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The inflation data in April reflects weak domestic demand. The CPI's year - on - year decline stabilized while the month - on - month showed an increase, and the PPI's decline widened, indicating overall weak inflation. [5][23] - In April, affected by international and domestic seasonal factors, industrial product prices weakened significantly. The Sino - US trade negotiation had no significant progress, and trade uncertainties remained. [5][23] - On May 7th, a package of monetary policy measures including reserve requirement ratio cuts and interest rate cuts were introduced to stabilize domestic demand and address economic uncertainties. Observe the implementation effects of these policies. [5][23] - The interest rate curve is expected to shift downward as a whole, and long - term bond yields may hit new lows. With the increase in fundamental pressure and loose funds in May, the overall interest rate curve is likely to move down, and long - term bond yields may reach new lows. [5][23][26] 3. Summary by Related Content CPI and Core CPI - In April, the CPI year - on - year decreased by 0.1%, the same as last month, with three consecutive months of negative growth. The month - on - month increased by 0.1%, up 0.5 percentage points from last month. The core CPI year - on - year increased by 0.5%, unchanged from last month, and the month - on - month increased by 0.2%, up 0.2 percentage points from last month. [1][8] - The year - on - year stability of CPI and core CPI may be partly supported by the rise in gold prices. The "Other Goods and Services" sub - item in CPI increased significantly, with a year - on - year increase of 6.6% and a month - on - month increase of 2.4% in April. After excluding this sub - item, the April CPI year - on - year was - 0.3%, indicating weak overall inflation. [2][11] Food CPI - In April, the food CPI's year - on - year decline narrowed, and the month - on - month changed from a decrease to an increase, with a significantly reduced drag. The fresh fruit price was the main driving factor. The food CPI year - on - year fell by 0.2%, with the decline narrowing by 1.2 percentage points from last month; the month - on - month increased by 0.2%, up 1.6 percentage points from last month. [2][13] - Due to the fishing moratorium in some areas, the price of aquatic products increased by 1.2% month - on - month. The supply of new fruits decreased seasonally, and the fresh fruit price increased by 2.2% month - on - month. Affected by the decrease in imports, the beef price increased by 3.9%. The prices of fresh vegetables and pork decreased by 1.8% and 1.6% respectively, with the declines less than the seasonal average. [2][13][14] Non - food CPI - In April, the non - food CPI's year - on - year changed from an increase to a flat state, and the month - on - month turned positive. The transportation and communication CPI was the main drag due to the decline in international oil prices. The non - food price year - on - year was flat, with the growth rate down 0.2 percentage points from last month; the month - on - month changed from a 0.2% decrease last month to a 0.1% increase. [3][16] - Affected by the significant decline in international oil prices, the gasoline price decreased by 10.4%, dragging down the CPI year - on - year by about 0.38 percentage points. The core CPI excluding food and energy prices increased by 0.5% year - on - year, with a relatively stable increase. [3][16] PPI - Affected by international commodity prices and seasonal factors, the year - on - year and month - on - month declines of the production materials PPI both widened in April. The production materials PPI year - on - year decreased by 3.1%, with the decline widening by 0.3 percentage points from last month, and the month - on - month decreased by 0.5%, with the decline widening by 0.1 percentage point. [4][18] - The decline in international crude oil prices led to a month - on - month decline in domestic oil - related industries. The price of the oil and gas extraction industry decreased by 14.2% year - on - year. With the end of heating in the north, the coal demand entered the off - season, and the prices of coal mining and washing and petroleum - coal processing decreased by 15.2% and 11.1% year - on - year respectively. [4][18] - In April, the year - on - year decline of the living materials PPI widened, with a 1.6% decrease, and the decline widened by 0.1 percentage point from last month. The food price decreased by 1.4% year - on - year, the same as last month. The price of general daily necessities rebounded, with a 0.6% year - on - year increase, and the growth rate decreased by 0.1 percentage point. The durable consumer goods decreased by 3.7% year - on - year, still in the negative growth range, and the decline further widened by 0.3 percentage points. [4][20]

证券研究报告 | 行业研究简报 gszqdatemark 2025 05 11 年 月 日 煤炭开采 2025Q1 全球海运煤炭贸易量同比下降 6.7% 本周全球能源价格回顾。截至 2025 年 5 月 9 日，原油价格方面，布伦特 原油期货结算价为 63.91 美元/桶，较上周上涨 2.62 美元/桶（+4.27%）； WTI 原油期货结算价为 61.02 美元/桶，较上周上涨 2.73 美元/桶 （+4.68%）。天然气价格方面，东北亚 LNG 现货到岸价为 12.00 美元/百 万英热，较上周上涨 0.65 美元/百万英热（+5.7%）；荷兰 TTF 天然气期 货结算价 34.75 欧元/兆瓦时，较上周上涨 1.70 欧元/兆瓦时（+5.1%）； 美国 HH 天然气期货结算价为 3.80 美元/百万英热，较上周上涨 0.17 美元 /百万英热（+4.5%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到岸 价 97.1 美元/吨，较上周上涨 1.8 美元/吨（+1.9%）；纽卡斯尔港口煤炭 （6000K）FOB 价 98.9 美元/吨，较上周上涨 0.9 美元/吨（+0.9%）；IPE 南非理查兹 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has experienced rapid revenue growth, with a 55% year-on-year increase in 2024, reaching 2.4 billion yuan, and a 28% increase in net profit to 180 million yuan. In Q1 2025, revenue surged by 65% year-on-year to 800 million yuan, with net profit increasing by 81% to 80 million yuan [1][3] - The company is actively expanding its overseas production capabilities, with operational factories in the US and Mexico, contributing to revenue growth and new customer acquisition. The US factory has achieved profitability, while the Mexican factory is in the ramp-up phase [2] - The company is focusing on emerging market applications and has developed a range of connector products for various industries, including telecommunications and electric vehicles, positioning itself as a leader in the industry [2] Financial Summary - Revenue is projected to grow from 2.4 billion yuan in 2024 to 2.99 billion yuan in 2025, with a year-on-year growth rate of 24%. Net profit is expected to rise from 261 million yuan in 2025 to 374 million yuan in 2027, with corresponding P/E ratios of 32, 26, and 22 for the years 2025, 2026, and 2027 respectively [3][4] - The company’s gross margin for Q1 2025 was 23.7%, with a net profit margin of 10.0%, reflecting improvements in profitability despite challenges from commodity price fluctuations and increased capacity investments [1][2]

证券研究报告 | 行业周报 gszqdatemark 2025 05 10 年 月 日 医药生物 【周专题&周观点】【总第 396 期】产线齐全、技术领先，国产血净龙头绘新篇 一、当周（5.6-5.9）回顾与周专题： 当周（5.6-5.9）申万医药指数环比+1.01%，跑输创业板指数，跑输沪深 300 指数。本 周周报，我们梳理了威高血净招股书，供各位投资者参考。 二、近期复盘： 1、当周表现：本周市场（节后交易四天）在过节期间多个利好刺激下，高开后连续震 荡。医药指数这边，走势类似。结构上看，脑机接口、外骨骼机器人、部分减肥链、少 量低位创新药有相对亮眼表现，其他都是个股逻辑为主，前期强势的大部分创新药标的 有所回调。 2、原因分析：本周市场高开主要受五一节期间多个利好刺激带动。节后，前期调整了 一段时间的科技风格资产回归，创新药资金被分流（近期创新药和其他科技资产"跷跷 板"），叠加美国那边部分信息扰动（关税、药价、FDA 等），大部分创新药标的在本周 有所回调。因为科技风格资产反弹，受市场风格映射影响，脑机接口、外骨骼机器人等， 表现亮眼。部分减肥链偏主题标的表现较好，其他表现好的都是个股逻辑，虽然这周 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7] Core Views - The company is expected to achieve a significant recovery in performance in Q1 2025, with a projected revenue growth of 29% [2] - The company has signed new contracts worth 2.053 billion yuan in 2024, representing a year-on-year increase of 93%, indicating strong future revenue growth potential [4] - The establishment of a subsidiary focused on space-grade perovskite solar power generation is anticipated to create new growth opportunities in the commercial aerospace sector [5] Financial Performance Summary - In 2024, the company reported total revenue of 1.3 billion yuan, a year-on-year increase of 1.5%, but a decline in net profit attributable to shareholders to 90 million yuan, down 47% [2] - The gross profit margin for 2024 was 30%, a decrease of 4.7 percentage points year-on-year, primarily due to high initial costs associated with the Dalian Airport project [3] - The company’s operating cash flow showed a net outflow of 80 million yuan in 2024, which is a significant increase in cash outflow compared to the previous year [3] Revenue and Profit Forecast - The company is projected to achieve net profits of 259 million yuan in 2025, representing a year-on-year growth of 180% [6] - The earnings per share (EPS) for 2025 is estimated to be 1.05 yuan, with a corresponding price-to-earnings (P/E) ratio of 20 times [6] Market Position and Growth Drivers - The company’s business is concentrated in Southeast Asia and the Middle East, benefiting from increased infrastructure demand driven by urbanization and industrialization [4] - The company has established a complete supply chain for aerospace quality, successfully supporting the launch of 15 satellites and over 40 satellite power systems [5]

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 房地产开发 2025W19：一揽子金融政策发布，降准降息落地，地产支持政策稳步推进 一揽子金融政策发布，降准降息落地，地产支持政策稳步推进。5 月 7 日， 国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关 情况。本次发布会贯彻落实此前政治局会议精神，央行行长潘功胜表示， 进一步实施好适度宽松的货币政策，推出一揽子货币政策措施，其中，1、 降低存款准备金率 0.5 个百分点，预计将向市场提供长期流动性约 1 万亿 元。2、下调政策利率 0.1 个百分点，预计将带动 LPR 同步下行约 0.1 个 百分点。3、降低个人住房公积金贷款利率 0.25 个百分点，五年期以上首 套房利率由 2.85%降至 2.6%。降准降息如我们此前提示，未来全国新发 房贷利率有望下破 3%关口。此外，地产支持政策稳步推进，金融监管总 局李云泽提到，目前，商业银行审批通过的"白名单"贷款增至 6.7 万亿 元，支持了 1600 多万套住宅的建设和交付。下一步，将加快完善与房地 产发展新模式相适配的系列融资制度，包括房地产开发、个人住 ...