Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2025, the ETF market scale is expected to continue to break through and become an important source of incremental funds in the market, driven by the steady penetration of passive investment, the long - term positive outlook of the equity market, and the efforts of distribution channels. The central Huijin's increase in holdings of four major CSI 300 ETFs in the first quarter is expected to play a positive role in stabilizing market expectations and boosting confidence, and inject incremental funds into the market [11]. Summary by Related Catalogs 1. This Week's Market Review - This week, major indices generally closed up. The CSI 300 rose 0.38%, the CSI A500 rose 0.68%, the STAR 50 fell 0.40%, the CSI 500 rose 1.20%, the SSE 50 fell 0.33%, the ChiNext Index rose 1.74%, the CSI 1000 rose 1.85%, and the CSI A50 rose 0.84%. The weekly returns of stock index funds were 1.12%, outperforming the Shanghai Composite Index by 0.56 pct but underperforming ordinary stock funds by 0.54 pct. Bond index funds had a return of - 0.03%, underperforming the Shanghai Composite Index by 0.59 pct [1]. 2. This Week's Dynamics - As of April 22, 135 CSI A500 - related funds released their first - quarter reports. The total subscriptions were 87.504 billion shares, total redemptions were 134.368 billion shares, and net redemptions were 46.864 billion shares. 102 out of 135 funds were net - redeemed, accounting for 75.56%. The Guotai CSI A500 ETF had the largest net - redemption of 5.157 billion shares [2]. - The Huaan Gold ETF, Asia's largest gold ETF, had a daily trading volume exceeding 10 billion yuan for the first time, reaching 12 billion yuan [2]. - Products of many private equity institutions appeared on the top ten holders list of the Free Cash Flow ETF, including well - known billion - scale private equities. A private equity product held 40 million yuan of the Free Cash Flow ETF. This ETF is favored by institutional investors for its anti - decline and growth attributes, suitable for long - term bottom - position allocation [2]. 3. ETF First - Quarter Report Situation - As of Q1 2025, the scale of passive equity funds was slightly higher than that of active equity funds. The total fund scale was 31.6 trillion yuan, down 2.1% from the end of 2024. The combined scale of passive equity funds was 3.5 trillion yuan, down 1.8% from the end of last year. Among them, passive index funds were 3.29 trillion yuan, down 1.9%, and enhanced index stock funds were 0.21 billion yuan, down 0.2%. The scale of active equity funds was 3.46 trillion yuan, up 1.7% from the end of last year [3]. - In the first quarter, the central Huijin continued to increase its holdings of four CSI 300 ETFs. The number of shares held in Huatai - Peregrine CSI 300 ETF, E Fund CSI 300 ETF, China AMC CSI 300 ETF, and Harvest CSI 300 ETF increased by 363 million, 502 million, 157 million, and 117 million respectively, with a total market value of 682.6 billion yuan [3]. 4. Tracking of Off - Exchange Investor Entry - As of Q1 2025, the scale of ETF linked funds was about 633.8 billion yuan, up 2.3% from Q4 2024, accounting for about 17% of ETF funds, unchanged from Q4 2024. The top 15 ETF linked funds in terms of scale included 7 broad - based ETFs, 4 commodity (gold) ETFs, 2 cross - border ETFs, 1 industry - themed ETF, and 1 bond ETF [4]. 5. Tracking of ETF Heavy - Held Stocks - As of Q1 2025, there were 10 companies where the proportion of shares held by ETF funds in the outstanding shares was greater than 10% (2 more than at the end of 2024), and 2 companies with a proportion greater than 20% (1 more than at the end of 2024): Lanqi Technology (20.12%) and Hygon Information (20.04%). The "voice" of ETF funds continued to increase [4]. 6. This Week's ETF Market Data Tracking (1) ETF Market Overview - As of April 25, the total scale of the ETF market was 4.07 trillion yuan, up 1.3% week - on - week and 9.2% year - to - date. The total share was 2.81 trillion shares, up 0.1% week - on - week and 5.9% year - to - date [5]. (2) Equity ETFs - As of April 25, the total scale of equity ETFs was 2.96 trillion yuan, up 0.4% week - on - week and 2.6% year - to - date. The total share was 2.04 trillion shares, unchanged week - on - week and up 3.7% year - to - date [5]. - **Broad - based ETFs**: Funds mainly flowed into the STAR Composite Index ETF. As of April 25, the scale of broad - based ETFs was 2.2 trillion yuan, up 0.2% week - on - week and 0.8% year - to - date. The share was 1.13 trillion shares, down 0.4% week - on - week and 1.7% year - to - date, accounting for 74% of equity ETFs (1 pct lower than at the beginning of the year). The top 5 broad - based ETFs in terms of subscriptions this week were E Fund SSE STAR Market Composite ETF, China AMC SSE STAR Market Composite ETF, Penghua SSE STAR Market 100 ETF, GF SSE STAR 50 ETF, and Bosera SSE STAR Market 100 ETF. The top 5 in terms of returns were China Merchants CSI 2000 Enhanced Strategy ETF (+5.36%), China AMC CSI 2000 ETF (+3.59%), Bosera CSI 2000 ETF (+3.55%), Huatai - Peregrine CSI 2000 ETF (+3.40%), and Guotai CSI 2000 ETF (+3.38%) [5][9]. - **Industry - Themed ETFs**: There was a small net outflow of funds. As of April 25, the scale was 0.64 trillion yuan, up 0.5% week - on - week and 6.4% year - to - date. The share was 0.81 trillion shares, up 0.1% week - on - week and 9.3% year - to - date. Funds mainly flowed into China AMC Robotics ETF, Huabao CSI Medical ETF, E Fund Artificial Intelligence ETF, E Fund CSI Cloud Computing ETF, and Harvest STAR Chip ETF this week. The top 5 in terms of returns were Fullgoal CSI Shanghai - Hong Kong - Shenzhen Innovative Drug Industry ETF (+5.65%), E Fund China Securities Robot Industry ETF (+5.63%), Tianhong Hang Seng Shanghai - Hong Kong - Shenzhen Innovative Drug Select 50 ETF (+5.63%), Invesco Great Wall China Securities Robot Industry ETF (+5.62%), and Dongcai CSI Shanghai - Hong Kong - Shenzhen Innovative Drug Industry ETF (+5.56%) [10]. - **Style - Strategy ETFs**: There was an overall net outflow of funds. As of April 25, the scale was 123.4 billion yuan, up 3.6% week - on - week and 20.5% year - to - date. The share was 100.5 billion shares, up 4.4% week - on - week and 29.0% year - to - date. Funds mainly flowed into Southern Dividend Low - Volatility 50 ETF this week [10]. (3) Cross - border ETFs - As of April 25, the scale was 519.6 billion yuan, up 4.4% week - on - week and 22.5% year - to - date. The share was 558.6 billion shares, up 0.3% week - on - week and 12.9% year - to - date. The Hang Seng Index rose 2.74% and the Hang Seng Tech Index rose 1.96% this week, with an overall net inflow of funds into cross - border ETFs. The top 5 cross - border ETFs in terms of fund inflows were Invesco Great Wall Hong Kong Stock Connect Technology ETF, Fullgoal Hong Kong Stock Connect Internet ETF, ICBC Hong Kong Stock Connect Innovative Drug ETF, ICBC Hong Kong Stock Connect Technology ETF, and Haitong Hong Kong Stock Connect Technology ETF. The top 5 in terms of returns all tracked the Hong Kong Stock Connect Innovative Drug Index [11]. (4) Commodity ETFs - As of April 25, the scale was 166.7 billion yuan, up 11.8% week - on - week and 120.3% year - to - date. The share was 23.8 billion shares, up 11.0% week - on - week and 59.9% year - to - date. Funds continued to flow into gold ETFs, with a net inflow of 18.3 billion yuan into commodity ETFs this week [11]. 7. ETF Listing Process - In the coming week, there will be a concentrated listing of Free Cash Flow ETFs. E Fund CSI Dividend Value ETF and Penghua CSI 800 Free Cash Flow ETF will be listed on April 28, Huabao China Securities General Aviation Industry ETF on April 29, and Huatai - Peregrine CSI All - Share Free Cash Flow ETF, Huaan CSI All - Share Free Cash Flow ETF, Dacheng CSI All - Share Free Cash Flow ETF, Southern CSI All - Share Free Cash Flow ETF, and Huatai - Peregrine CSI All - Share Free Cash Flow ETF on April 30 [11].

Core Insights - The report indicates a reduction in public fund holdings in the insurance sector, with a total holding of 0.75% in Q1 2025, down by 0.09 percentage points from the previous quarter [2][4] - The overall non-bank financial sector holdings decreased to 1.27%, reflecting a broader trend of reduced allocations in both insurance and securities [2][4] - The report highlights a mixed performance among individual insurance stocks, with increases in holdings for China Ping An, New China Life, and China Life, while China Pacific Insurance and China Property & Casualty Insurance saw reductions [4][5] Industry Analysis - The insurance industry is experiencing a trend of reduced allocations, primarily driven by China Pacific Insurance and China Property & Casualty Insurance, which have seen significant decreases in public fund holdings [4][5] - The report notes that the first quarter of 2025 is characterized by a focus on asset management and the "opening red" period, with fluctuations in interest rates impacting bond trading and overall performance [5][7] - The report anticipates that the recent decline in interest rates to around 1.65% may alleviate pressure from bond trading losses, potentially enhancing equity investment returns [8][9] Company-Specific Insights - China Ping An remains the most heavily held stock in the insurance sector, with a holding of 0.29%, reflecting a slight increase of 0.01 percentage points [4][8] - New China Life and China Life also saw increases in their holdings, indicating positive market sentiment towards their profitability and pricing strategies [4][9] - Conversely, China Pacific Insurance and China Property & Casualty Insurance have faced declines in their holdings, suggesting market concerns regarding their performance [4][9]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][22]. Core Insights - The company's revenue for Q1 2025 reached 620 million yuan, representing a year-over-year increase of 51.36% and a quarter-over-quarter increase of 2.86%. The net profit attributable to shareholders was 92 million yuan, with a year-over-year growth of 86.51% and a quarter-over-quarter growth of 481.12% [6]. - The demand for semiconductors is driven by the rapid development of generative AI technologies, with WSTS predicting a global semiconductor sales growth of 11% in 2025, reaching 697.2 billion USD [6]. - The company is focusing on high-performance heterogeneous computing platforms to enhance product competitiveness, achieving mass production of various complex heterogeneous chips [6]. - The company has developed new AI algorithms and products, including a dedicated chip for robotics and a low-power integrated security chip, expanding its product offerings in AIOT and smart automotive electronics [6]. Financial Summary - The company forecasts total revenue of 2.997 billion yuan for 2025, with a year-over-year growth rate of 31.0%. The net profit attributable to shareholders is projected to be 361 million yuan, reflecting a significant year-over-year increase of 116.6% [7]. - Earnings per share (EPS) are expected to be 0.57 yuan in 2025, with a price-to-earnings (P/E) ratio of 87 [7]. - The company’s asset-liability ratio is reported at 14.45%, indicating a strong financial position [2].

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][20]. Core Insights - The company's basic warehouse business continues to grow significantly, with a focus on accelerating domestic substitution [2]. - In 2024, the company achieved total revenue of 2.554 billion yuan, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of 787 million yuan, up 9.8% year-on-year [9][10]. - The report highlights the company's strong performance in high-margin segments, particularly in ion exchange adsorption resins, which generated 1.99 billion yuan in revenue, reflecting a 27.6% year-on-year growth [9][10]. - The report notes that external factors have impacted revenue from major projects, particularly a significant decline in revenue from lithium extraction projects [9][10]. - The ongoing anti-monopoly investigation into DuPont is expected to accelerate the company's penetration into high-end markets [9][10]. - The investment recommendation is based on the current pace of domestic substitution and the potential revenue recognition from major projects, projecting net profits of 1.012 billion yuan, 1.262 billion yuan, and 1.526 billion yuan for 2025, 2026, and 2027, respectively [9][10]. Financial Summary - The company forecasts total revenue for 2025 to be 3.209 billion yuan, with a year-on-year growth rate of 25.6% [4]. - The projected net profit for 2025 is 1.012 billion yuan, representing a growth rate of 28.5% [4]. - The earnings per share (EPS) is expected to increase from 1.55 yuan in 2024 to 1.99 yuan in 2025 [4]. - The target price for the company's stock is set at 59.70 yuan, compared to the current price of 44.11 yuan [5].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report - In 2025, it is highly unlikely that there will be a large - scale breach of face value or bottom value in the convertible bond market. Instead, it is expected to be a targeted adjustment of key high - risk individual bonds with a controllable scope and limited degree. Concerns about a large - scale price decline can be alleviated, but it may not be the right time to trade high - risk low - priced individual bonds recently, and the trading pace can be slowed down [1][28]. 3. Summary According to the Table of Contents 3.1 Will There Be a Large - Scale Breach of Convertible Bond Face Value in 2025? - In 2021, the credit shock in the pure - bond market was transmitted to the convertible bond market. However, in 2025, the credit environment in the bond market is stable, and the convertible bond market has a strong learning effect. So, it is unlikely that a pure - bond credit crisis will lead to an increase in the convertible bond breach - of - face - value rate [5][9]. - In 2018 and 2024, the common factor was the bear market in the equity market, which led to a rapid decline in the convertible bond conversion expectations. In 2025, the convertible bond parity structure and medium - to - long - term profitability remain healthy, and policies are in place to support the capital market, so there is no risk of large - scale convertible bond breaches caused by the equity market [5][13]. - In 2018 and 2024, the capital of "fixed - income +" funds also exerted significant pressure on the convertible bond market. But since Q3 2024, the share and scale of "fixed - income +" funds with a high proportion of convertible bonds have increased significantly, indicating a healthy capital situation [5][16]. - The recent slight increase in the breach - of - bottom - value rate is mainly due to the continuous rise in the bond floor. The convertible bond price risk is controllable as the average convertible bond price remains at a relatively high level [5][24]. 3.2 Market Review: Convertible Bonds Rose Weekly, and Valuations Increased 3.2.1 Weekly Market Performance - Last week, most major stock indices rose, and the convertible bond market also increased. There are 478 issued but unexpired convertible bonds with a balance of 69.9752 billion yuan. The Weice Convertible Bond has not been listed for trading yet, and there are no convertible bonds scheduled for issuance [33]. - In the Shenwan primary industry index, most sectors in the equity market rose last week. The automobile, basic chemicals, machinery, public utilities, and power equipment sectors led the gains, while the agriculture, forestry, animal husbandry, and fishery, banking, social services, real estate, and food and beverage sectors led the losses. In the convertible bond market, the basic chemicals, media, building materials, automobile, and non - ferrous metals sectors led the gains, with only the environmental protection sector declining [36]. - Among popular concepts, most concepts rose last week. The PEEK materials, contribution to rising points, pet economy, automobile parts selection, Yushu robot, optical communication, optical chip, chemical raw material selection, integrated die - casting, and fluorine chemical concepts led the gains, while the beverage manufacturing selection, cement manufacturing selection, air transportation selection, ice and snow tourism, stem cells, semiconductor selection, TOPCON battery, ASIC chip, GPU, and anti - tariff concepts led the losses [36]. 3.2.2 Valuation Performance - The weighted average closing price of convertible bonds was 117.36 yuan, a 0.89% increase from the previous Friday. The closing price of equity - biased convertible bonds was 153.50 yuan, a 1.51% increase; that of bond - biased convertible bonds was 109.56 yuan, a 0.36% increase; and that of balanced convertible bonds was 120.29 yuan, a 0.54% increase. The proportion of convertible bonds in the 100 - 110 (inclusive) price range decreased significantly. The median price was 119.34 yuan, a 1.42% increase from the previous Friday [40]. - The fitted conversion premium rate of 100 - yuan par value convertible bonds in the market was 23.54%, a 1.20 - percentage - point increase from the previous Friday. In terms of rating and scale, the conversion premium rates of high - rated and large - scale convertible bonds increased. The conversion premium rate of AAA - rated convertible bonds increased by 1.33 percentage points, and that of convertible bonds with a scale of over 5 billion yuan increased by 1.7 percentage points. In terms of the parity range, the conversion premium rate of the 80 - 90 (inclusive) yuan parity range increased by 2.37 percentage points significantly [40]. 3.3 Terms and Supply: Feikai and Huaxiang Convertible Bonds Announced Redemption, and the Approval of Convertible Bonds by the CSRC Is Acceptable 3.3.1 Terms - As of April 25, Feikai and Huaxiang Convertible Bonds announced redemption; Limin Convertible Bond announced no early redemption; and no convertible bonds announced that they were expected to meet the redemption conditions. - As of April 25, the boards of Jieneng, Fengyu, and Wanshun Zhuan 2 proposed downward adjustments. Linggang (reached the condition) and Haiyou Convertible Bond (did not reach the condition) announced downward - adjustment results. Twenty - seven convertible bonds announced no downward adjustment, and 20 convertible bonds announced that they were expected to trigger downward adjustments [2][61]. 3.3.2 Primary Market - Qingyuan, Anji, and Dinglong Convertible Bonds were newly listed last week, with a total scale of 2.241 billion yuan. No convertible bonds were issued last week [3][63]. - The approval of convertible bonds by the CSRC is acceptable, and the scale of convertible bonds to be issued is approximately 18.5 billion yuan. Last week, 2 companies added board proposals, 3 companies passed the general meeting of shareholders, 1 company passed the review by the Issuance Examination Committee, and no new approvals were obtained from the CSRC, an increase of 2, 3, 1, and 0 respectively compared with the same period last year. As of April 25, 6 listed companies obtained convertible bond issuance approvals, with a proposed issuance scale of 12.966 billion yuan. Seven listed companies passed the Issuance Examination Committee, with a total scale of 4.305 billion yuan. Last week, Huawei Technology and Kaibeiyi added board proposals, with a total scale of 1.315 billion yuan [3][64][71].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In March, the year - on - year profit of large - scale industrial enterprises turned positive to 2.5%, and the profit momentum improved marginally. The increase in quantity, driven by the "rush to export" and inventory replenishment, was the main reason for the profit recovery, despite the expanding year - on - year decline in PPI [26]. - The profit shares of the mid - and downstream industries increased compared to January - February, while the upstream share decreased. The mid - stream equipment manufacturing industry performed well with an expanding year - on - year increase, and the profit growth rates of optional and necessary consumer goods in the downstream weakened [26]. - Looking ahead, the "rush to export" rhythm may slow down in the second quarter. The industrial enterprise profit momentum may weaken marginally due to the potential impact of export slowdown on PPI and sales volume. However, with the "Four Stabilities" policy and possible incremental policies in the middle of the year, the profit recovery may gradually shift to domestic demand such as consumption and investment [29]. 3. Summary According to the Directory 3.1 Industry Perspective: "Rush to Export" Boosts Mid - and Downstream Performance - **Upstream**: The year - on - year decline in the mining industry widened, and the energy supply industry turned from positive to negative in terms of profit growth. For example, coal and oil and gas mining saw an expanded decline in profit, while non - metallic mining turned from negative to positive [9][18]. - **Mid - stream**: The year - on - year profit turned positive, and the equipment manufacturing industry outperformed the material processing industry. The profit of the mid - stream equipment manufacturing industry increased significantly, and the material processing industry also had a positive growth rate of 18% [19][21]. - **Downstream**: The growth rate of necessary consumer goods slowed down, and the profit of optional consumer goods weakened. However, the electronic equipment industry still performed strongly [20][21]. 3.2 Cost End: Marginal Improvement in Profit Margin - From January to March, the cost per 100 yuan of operating income for large - scale industrial enterprises was 85.37 yuan, a year - on - year increase of 0.17 yuan and a 0.26 - yuan increase from January - February. The cost pressure increased marginally. - The expense per 100 yuan of operating income was 8.43 yuan, a year - on - year decrease of 0.16 yuan and a 0.13 - yuan decrease from January - February, indicating significant cost - reduction effects. - The cumulative operating income profit margin was 4.7%, a year - on - year decrease of 0.17 pct but a 0.17 - pct increase from January - February, showing a slow improvement in profit efficiency [22]. 3.3 Inventory: Slight Replenishment of Actual Inventory - By the end of March, the finished - product inventory of large - scale industrial enterprises was 6.55 trillion yuan, with a year - on - year growth of 4.6%, a 0.1 - pct increase from the end of February. After excluding PPI, the actual inventory growth rate was 6.7%, higher than 6.4% in February, indicating a slight replenishment [25]. - From January to March, the turnover days of finished - product inventory were 21.2 days, a 0.1 - day increase year - on - year but a 1.1 - day decrease from January - February. The average collection period of accounts receivable was 70.9 days, a 4.0 - day increase year - on - year but a 4.0 - day decrease from January - February. Although the turnover and collection speed were still slower than the same period, there was a marginal improvement [25]. - In March, the year - on - year growth rate of single - month operating income rose to 4.4%. Considering the expanding price decline, the actual destocking rhythm accelerated compared to January - February [25].

证 券 研 究 报 告 对外开放力度继续加大——政策周观察第 27 期 ❖ 本周主要关注政治局会议，其他政策出台相对较少。具体参考点评《以确定 性应对不确定性——从投资视角学习 4.25 政治局会议精神》。 1）政策定调未发生明显变化。会议强调，要"坚定不移办好自己的事……以 高质量发展的确定性应对外部环境急剧变化的不确定性"。 2）宏观政策，强调要"要加紧实施更加积极有为的宏观政策"。财政政策，要 求"加快地方政府专项债券、超长期特别国债等发行使用"；货币政策，"设立 新型政策性金融工具"。 3）消费方面，强调服务消费，"设立服务消费与养老再贷款"。 4）产业方面，"加快实施'人工智能+'行动"。当天政治局集体学习也是以 人工智能为主题，总书记强调要"坚持自立自强 突出应用导向 推动人工智能 健康有序发展"。 5）涉企问题上，"加快解决地方政府拖欠企业账款问题"；"对受关税影响较大 的企业，提高失业保险基金稳岗返还比例"。 ❖ 近一周，对外开放相关政策较多： 1）自贸区政策：4 月 21 日，中共中央 国务院印发《关于实施自由贸易试验 区提升战略的意见》。从对外贸易、投资自由化便利化、科技创新、数据流动、 ...

Market Overview - The market experienced a slight upward movement last week, with social media engagement gradually declining compared to the previous two weeks[2] - Retail investor net inflow in A-shares was 67.0 billion CNY, a decrease of 16.3 billion CNY from the previous value, placing it at the 23.1% percentile over the past five years[2][30] Fund Management Trends - Public funds are increasingly favoring growth styles, with a focus on sectors such as electronics, electric new energy, and cyclical industries[2][16] - 40 stocks in public fund heavyweights have outperformed, with a rise exceeding 42%, concentrated in electronics, automotive, and pharmaceuticals[21] Retail Investor Behavior - Financing funds saw a net outflow of 1.23 billion CNY, a reduction of 4.34 billion CNY from the previous week, indicating a slowdown in outflows[34] - The number of individual investors participating in financing and securities lending reached 739.7 thousand, reflecting a slight increase of 0.14% from the previous value[34] Social Media Engagement - The viewing of A-share content on Douyin showed a stable user structure, with an increase in the proportion of users from high-tier cities and younger demographics[7] - On Kuaishou, the number of A-share related works decreased by 110, with a drop in views by 1.884 million and interactions down by 57,000, indicating a decline in engagement[11] Market Sentiment - Positive sentiment on Weibo increased significantly due to supportive government measures and better-than-expected economic growth in Q1[13]

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [6][35]. Core Insights - The report highlights significant bidding activity in the wind power sector, with 5.8GW of onshore wind turbines bid this week, contributing to a total of 31.3GW bid so far in 2025, with offshore and onshore projects accounting for 3.1GW and 28.2GW respectively [12][20]. - The report notes that the average winning bid price for onshore wind turbines is 1373 CNY/kW, while for offshore wind turbines it is 2626 CNY/kW, indicating competitive pricing in the market [16][20]. - The report emphasizes three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust onshore wind bidding activity, and regional growth in overseas installations [20]. Summary by Sections Wind Turbine Data - This week saw a total of 5.8GW of onshore wind turbine bids, with major contributions from various companies [12]. - Year-to-date, a total of 31.3GW has been bid, with offshore projects at 3.1GW and onshore at 28.2GW [12]. Offshore Wind Progress - As of April 25, 2025, there are 30GW of offshore wind projects in various stages, including competitive bidding, approval, and construction [17]. - The report highlights that Guangdong, Shandong, and Fujian have the highest number of existing projects, with 30GW, 16GW, and 13GW respectively [17]. Investment Recommendations - The report suggests focusing on three investment lines: high reserves of domestic offshore wind projects, increased bidding activity for onshore wind, and growth in overseas installations [20]. - Companies to watch include Mingyang Smart Energy, Dongfang Cable, Zhongtian Technology, and others [20].

证 券 研 究 报 告 【每周经济观察】 土地溢价率明显回落——每周经济观察第 17 期 ❖ 每周经济观察： （一）景气向上： 1、耐用品消费：4 月前三周，汽车零售继续回落。4 月第三周，乘用车零零 售增速 17%，前值 13%。4 月前 20 日，乘用车零售增速同比 11.8%。3 月全月， 乘用车零售增速同比+14.4%。 2、土地：周度溢价率明显回落。截至 4 月 20 日当周，百城土地溢价率为 4.27%， 近三周平均为 7.7%；3 月全月为 13.24%；2 月全月为 10.72%。 3、水泥发运率有所回落。截至 4 月 25 日当周，水泥发运率为 40.33%，持平 上周，但低于 4 月初，去年同期为 40.5%。 4、贸易：近一周美国进口额与进口量下滑。4 月 24 日当周，美国进口金额和 进口集装箱量均出现较大幅度下滑，分别环比上周下降约 27.8%、24.3%，其 中，从中国进口金额环比-27.3%，从中国进口集装箱量环比-29.1%。 5、物价：金价回调，油价走弱。COMEX 黄金收于 3272.2 美金/盎司，下跌 1.5%；美油收于 63.02 美元/桶，下跌 2.6%，布油收于 ...