Policy Developments - The National People's Congress passed the Private Economy Promotion Law on April 30, which will take effect on May 20, emphasizing the equal legal status of private enterprises and public ownership[1] - The law aims to promote the healthy development of the private economy and ensure fair competition and equal market access for all economic entities[6] Economic Measures - The National Development and Reform Commission announced the allocation of over 160 billion yuan for consumption incentives, with an additional 140 billion yuan planned for future disbursement[2] - The government is implementing a childcare subsidy system and creating special re-lending tools to support service consumption and the elderly care industry[2] - A new policy framework will be established to enhance investment in industrial software and infrastructure, with a goal to finalize the 2025 project list by June[2] Strategic Focus - The General Secretary emphasized the need for a forward-looking approach to economic planning during the 14th Five-Year Plan, focusing on high-level opening-up and the integration of development and security[8] - The government aims to enhance the role of domestic demand, particularly by increasing the income of middle and low-income groups to boost consumption[12]

Currency Performance - Asian currencies collectively appreciated, led by the New Taiwan Dollar (6.8%), South Korean Won (3.5%), and Russian Ruble (1.9%) during the May Day holiday[2] - The depreciation was most pronounced in the Argentine Peso (-0.8%), Japanese Yen (-0.8%), and British Pound (-0.4%) during the same period[11] Economic Indicators - The U.S. added 177,000 non-farm jobs in April, exceeding the market expectation of 130,000, with an average job growth of 155,000 over the last three months[6] - The U.S. GDP for Q1 recorded a negative growth of -0.3%, primarily due to a significant drop in net exports, with imports surging by 41.3%[44][45] - Japan's central bank maintained its policy rate at 0.5%, revising down its GDP growth forecast for this year from 1.1% to 0.5%[46] Investment Insights - The absolute scale of foreign currency deposits is highest in Hong Kong (approximately $1.25 trillion), followed by the UK ($857 billion) and mainland China ($768 billion)[18] - The net international investment position (excluding reserve assets) is highest in Germany (approximately $3.345 trillion) and Japan ($2.315 trillion), with Hong Kong leading in net position relative to GDP at 398%[24] Market Trends - Global stock markets showed a "risk-on" sentiment, with the Nasdaq index rising by 3% and the S&P 500 increasing by 2.1% during the holiday[5][29] - U.S. Treasury yields rose significantly, with the 10-year yield increasing by 16 basis points, while Japanese yields fell by 3.9 basis points[30] Commodity Performance - Commodity prices generally increased, with industrial metals performing well; however, precious metals and oil prices saw declines, with Brent crude oil dropping by 2.9%[32]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 10.35 CNY [1][7]. Core Insights - The company reported a revenue of 1.76 billion CNY for 2024, representing a year-on-year increase of 17.9%, and a net profit attributable to shareholders of 252 million CNY, up 45.7% year-on-year [1][3]. - In Q1 2025, the company achieved a revenue of 339 million CNY, reflecting a 33.6% year-on-year growth, with a net profit of 33 million CNY, a 12.5% increase year-on-year [1][3]. - The company’s gross margin for Q4 2024 was 44.1%, an increase of 10.3 percentage points year-on-year, while the overall gross margin for 2024 was 38.9%, up 4.0 percentage points year-on-year [7]. Financial Performance Summary - The company’s total revenue is projected to grow from 1.76 billion CNY in 2024 to 2.75 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 15.7% [3][8]. - Net profit is expected to rise from 252 million CNY in 2024 to 491 million CNY in 2027, with a CAGR of about 16.2% [3][8]. - Earnings per share (EPS) are forecasted to increase from 0.41 CNY in 2024 to 0.79 CNY in 2027 [3][8]. Business Segment Analysis - The company’s core subsidiaries, including Changgao High Voltage Switch and Changgao Electric, reported significant revenue growth, with the high voltage switch segment growing by 30% [7]. - The company successfully expanded its product offerings, including the 500kV GIS products, with new orders totaling 204 million CNY in 2024 and expected deliveries of 150 million CNY in 2025 [7]. Investment Outlook - The company has a clear growth trajectory, supported by its established market position in electrical equipment and ongoing product development [7]. - The forecast for net profit in 2025 and 2026 is adjusted to 360 million CNY and 420 million CNY, respectively, reflecting the increased investment in new product development [7].

宏观研究 证 券 研 究 报 告 【宏观月报】 4 月全球投资十大主线 事 项 4 月全球大类资产总体表现为：全球债券（2.94%）>全球股票（0.98%）> 0%> 人民币（-0.20%）>美元（-4.55%）>大宗商品（-8.79%）。 主要观点 ❖ 十张图速览全球资产脉络。 1、标普 500 可选消费与必选消费之比回升反映市场情绪有所修复。市场将特 朗普对关税以及对美联储政策的"让步"视作"特朗普看跌期权"，即当市场 遭遇剧烈下跌时，特朗普最终会释放信号稳住情绪。从股市反应来看，4 月 2 日"对等关税"之后，美股市场出现大幅下跌。但随着特朗普释放谈判信息， 市场预期中美达成贸易协议，可选消费相对于必需消费以及股债比均有所回 升，反映出市场情绪有所修复。 2、特朗普"对等关税"后美元指数创 2022 年 3 月以来新低。特朗普政府 4 月 2 日宣布对主要贸易伙伴加征"对等关税"，直接引发美元指数暴跌：4 月 21 日美元指数跌破 98 关口，创 2022 年 3 月以来新低，较年初高点下跌超 10%。 对比特朗普 2018 年宣布对华关税后美元指数上涨，而本轮"对等关税"后美 元指数却下跌，如何理解这 ...

Investment Rating - The report maintains a "Recommendation" rating for Haier Biomedical (688139) [1] Core Views - The company reported Q1 2025 revenue of 689 million yuan, a slight increase of 0.30% year-on-year, while net profit attributable to shareholders decreased by 19.88% to 110 million yuan [1] - Non-storage new industries continue to maintain high growth, with overseas business returning to stable growth [1] - The company expects net profit attributable to shareholders for 2025-2027 to be 440 million, 540 million, and 640 million yuan, with year-on-year growth rates of 20.6%, 23.1%, and 18.3% respectively [7] Financial Performance Summary - Total revenue forecast for 2024A is 2,284 million yuan, with expected growth rates of 0.1% in 2024, 15.2% in 2025, 16.4% in 2026, and 13.2% in 2027 [3] - The net profit attributable to shareholders is projected to decline by 9.7% in 2024, followed by increases of 20.6%, 23.1%, and 18.3% in the subsequent years [3] - The earnings per share (EPS) is expected to rise from 1.15 yuan in 2024 to 2.02 yuan in 2027 [3] Business Segment Performance - The low-temperature storage business showed a narrowing decline, with a return to positive growth in Q4 2024 and continued improvement in Q1 2025 [7] - Non-storage new industries accounted for 44% of revenue in Q1 2025, with a year-on-year growth of 13.92% and a quarter-on-quarter growth of 27.35% [7] - Domestic revenue in Q1 2025 was 482 million yuan, a decrease of 3.35% year-on-year but an increase of 54.98% quarter-on-quarter [7] Investment Recommendations - The report maintains the profit forecast unchanged, with a target price of approximately 42 yuan based on a DCF model, corresponding to a total valuation of 13.3 billion yuan [7] - The company is expected to achieve a price-to-earnings (PE) ratio of 23, 19, and 16 for the years 2025, 2026, and 2027 respectively [3]

证 券 研 究 报 告 人形机器人行业周报（20250428-20250504） 宇树科技通用 AI 模型突破在即，外骨骼机器 推荐（维持） 人引爆五一假期 行业研究 电力设备及新能源 2025 年 05 月 06 日 华创证券研究所 证券分析师：苏千叶 邮箱：suqianye@hcyjs.com 执业编号：S0360523050001 证券分析师：黄麟 《风电行业周报（20250421-20250425）：周内陆风 招标 5.8GW，海风中标 1GW 》 2025-04-28 《光伏行业周报（20250421-20250427）：东南亚四 国双反终裁税率公布，边际影响或有限》 2025-04-28 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 ❑ 均普智能首条机器人本体量产中试线已正式开始搭建，初期年产能约 1000 台。 4 月 28 日，均普智能宣布搭建首条人形机器人本体量产中试线，初期年产能 1000 台，推动国产规模化生产。产线集成 40 余套自研高端装备，包括视觉引 导装配系统和多轴联动测试平台，关键工序自动化率达 85%。公司自 2023 年 布局该领域，已完成两代 ...

华创医疗器械随笔系列11 证券研究报告 证 券 研 究 报 告 | 医药生物 | 2025年5月6日 X1镜体即将国内上市，消化内镜行业迎来新增长周期 华创医药首席分析师 郑辰 华创医药高级分析师 李婵娟 联系人：张良龙 执业编号：S0360520110002 邮箱： zhengchen@hcyjs.com 执业编号：S0360520110004 邮箱： lichanjuan@hcyjs.com 执业编号：S0360123110010 邮箱： zhanglianglong@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 摘要 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 • 奥林巴斯新一代X1产品迭代导致各区域软镜市场波动。奥林巴斯占据全球胃肠镜市场的70%左右份额，其内窥镜解决方案 （ESD）板块收入变化可表征软镜行业波动。时隔八年，奥林巴斯的新一代产品X1系统上市后迅速放量，在当地的X1上市之前， 院方可能会刻 ...

Investment Rating - The report maintains a "Recommended" rating for the photovoltaic industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [63]. Core Insights - A large-scale power outage in parts of Europe may stimulate the demand for solar energy storage, highlighting the urgency for grid upgrades and potentially increasing household storage demand [10][11]. - The report anticipates a month-on-month decline in production across the photovoltaic supply chain, with specific decreases noted in silicon materials, wafers, battery cells, and modules [11][12]. Summary by Sections 1. European Power Outage and Supply Chain Production - The recent severe power outage in Spain and Portugal has exposed the instability of the European power grid, which may accelerate the transition to renewable energy and grid improvements [10]. - The report predicts a decrease in production across the supply chain for May, with specific declines in silicon materials, wafers, battery cells, and modules [11]. 2. Market Performance Review - The report notes a 2.75% decline in the comprehensive index for the week, with the electric power equipment industry index down by 0.54% [12]. - The top-performing sectors included media and computer industries, while real estate and social services saw the largest declines [12]. 3. Photovoltaic Supply Chain Prices - Silicon material prices reported were 40.00 CNY/kg for dense silicon and 36.00 CNY/kg for granular silicon, with a slight decrease in granular silicon prices [36]. - The average price for P-type silicon wafers was 1.15 CNY/piece, while N-type wafers saw a decrease of up to 12.6% [36]. - Battery cell prices for PERC and TOPCon types showed a decline of approximately 1.69% to 5.26% [38]. - Module prices remained stable for some types, while others experienced slight declines [39][44]. - Photovoltaic glass prices decreased by 2.2% for 3.2mm coated glass and 3.5% for 2.0mm coated glass [46].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [21]. Core Insights - The company reported Q1 2025 revenue of 182 million yuan, a decrease of 72.47% year-on-year, with a net profit of 16 million yuan, down 87.13% [1]. - The company is focusing on optimizing its reagent sales structure, with domestic reagent sales showing improvement and overseas operations remaining stable [7]. - The gross margin improved to 42.78%, up 6.38 percentage points year-on-year, while the net profit margin decreased to 8.59%, down 9.79 percentage points year-on-year due to increased expense ratios [7]. - The company expects a recovery in profits, projecting net profits of 200 million yuan, 260 million yuan, and 330 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 41.7%, 27.4%, and 28.5% [7]. Financial Summary - Total revenue is projected to grow from 1,218 million yuan in 2024 to 2,018 million yuan in 2027, with year-on-year growth rates of -11.6%, 17.4%, 18.4%, and 19.3% [3]. - The earnings per share (EPS) are expected to increase from 0.52 yuan in 2024 to 1.21 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 25 to 11 [3]. - The company’s total market capitalization is approximately 3.545 billion yuan, with a current share price of 13.00 yuan and a target price of 18.00 yuan [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][9]. Core Views - The company has demonstrated rapid revenue growth, achieving 1.79 billion yuan in revenue for 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% year-on-year [2][9]. - For Q1 2025, the company reported revenue of 478 million yuan, a 29.79% increase year-on-year, with a net profit of 108 million yuan, reflecting a 25.2% year-on-year growth [2][9]. - The company is expanding its industrial chain and downstream applications, leveraging the digital transformation in traditional industries [2][9]. Financial Performance Summary - In 2024, the company achieved a gross margin of 44.95%, a slight decrease of 1.59 percentage points year-on-year [8]. - The revenue from digital printing equipment, ink, and automation sewing equipment grew significantly, with digital printing equipment revenue reaching 905 million yuan, up 47.84% year-on-year [8]. - The company’s net profit margin for 2024 was 23.15%, down 2.7 percentage points year-on-year [8]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 2.335 billion yuan, 2.978 billion yuan, and 3.616 billion yuan, representing year-on-year growth rates of 30.4%, 27.5%, and 21.4% respectively [9][10]. - The net profit forecast for the same period is set at 530 million yuan, 679 million yuan, and 824 million yuan, with growth rates of 27.9%, 28.1%, and 21.4% respectively [9][10]. Valuation - The target price for the company is set at 79.73 yuan, based on a 27 times price-to-earnings ratio for 2025 [4][9].