- Model name: Broad-based index rotation strategy; Model construction idea: Using the weekly change rate of the total heat of different broad-based indices to construct a rotation strategy; Model construction process: Calculate the weekly heat change rate of different groups of stocks and smooth it using MA2. On the last trading day of each week, buy the broad-based index with the highest total heat change rate MA2. If the highest change rate is in the "other" group, stay in cash. The strategy's net value is shown in the report. The formula is: $ \text{Heat Change Rate MA2} = \frac{\sum_{i=1}^{n} \text{Heat Change Rate}_i}{n} $ where $ n $ is the number of weeks. The strategy's annualized return since 2017 is 8.74%, with a maximum drawdown of 23.5%. The return since 2025 is 8.13%[14][16][17] - Model name: Broad-based index heat; Model construction idea: Aggregate the total heat of component stocks in broad-based indices; Model construction process: Group the entire A-share sample according to the component stocks of the CSI 300, CSI 500, CSI 1000, CSI 2000, and "other" groups. Sum the total heat indicators of the component stocks in each group to obtain the heat of the four mainstream broad-based indices and the heat of stocks not included in these indices ("other" group). The formula is: $ \text{Total Heat} = \sum_{i=1}^{n} (\text{Browse Count}_i + \text{Self-selection Count}_i + \text{Click Count}_i) $ where $ n $ is the number of stocks in the group. The heat is normalized by dividing by the total market heat and multiplying by 10000, with a range of [0,10000][9][12] - Factor name: Total heat indicator; Factor construction idea: Aggregate the browsing, self-selection, and click counts of stocks; Factor construction process: Define the total heat indicator as the sum of the browsing, self-selection, and click counts of a stock, normalized by its proportion in the entire market on the same day, and multiplied by 10000. The formula is: $ \text{Total Heat} = \frac{(\text{Browse Count} + \text{Self-selection Count} + \text{Click Count})}{\text{Total Market Heat}} \times 10000 $ with a range of [0,10000][8] - Factor name: Concept heat; Factor construction idea: Aggregate the total heat of component stocks in different concepts; Factor construction process: Calculate the weekly heat change rate of each concept and smooth it using MA2. Construct two simple portfolios: select the top 5 concepts with the highest heat change rate each week, exclude the smallest 20% of stocks by market cap, and equally hold the top 10 stocks with the highest total heat in each concept to form the heat TOP portfolio. Similarly, select the bottom 10 stocks with the lowest total heat in each concept to form the BOTTOM portfolio. The formula is: $ \text{Heat Change Rate MA2} = \frac{\sum_{i=1}^{n} \text{Heat Change Rate}_i}{n} $ where $ n $ is the number of weeks. The BOTTOM portfolio's annualized return is 15.71%, with a maximum drawdown of 28.89%. The return since 2025 is 18.35%[28][30][32][33] Model backtest results - Broad-based index rotation strategy, annualized return 8.74%, maximum drawdown 23.5%, return since 2025 8.13%[17] - Broad-based index heat, CSI 300 heat change rate increased by 5.25%, CSI 500 heat change rate decreased by 13.72%[17] Factor backtest results - Total heat indicator, normalized range [0,10000][8] - Concept heat, BOTTOM portfolio annualized return 15.71%, maximum drawdown 28.89%, return since 2025 18.35%[33]

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 [6][16]. Core Views - The company is driven by a dual engine of "technical services + smart devices," indicating strong growth potential. The 2024 revenue reached 3.01 billion yuan, a year-on-year increase of 18.8%, with a net profit of 370 million yuan, up 29.8% [1][6]. - The company has a robust order backlog, with significant contracts in the energy storage and testing services sectors, suggesting sustained revenue growth in the coming years [6][7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,014 million yuan, up 18.8% year-on-year - Net profit attributable to shareholders: 365 million yuan, up 29.8% - Earnings per share: 0.65 yuan [2][6]. - **2025 Projections**: - Expected total revenue: 4,126 million yuan, with a growth rate of 36.9% - Expected net profit: 481 million yuan, with a growth rate of 31.9% - Expected earnings per share: 0.85 yuan [2][6]. - **Profitability Metrics**: - Gross margin for 2024: 30.8%, up 1.8 percentage points year-on-year - Net profit margin for 2024: 12.1%, up 1.0 percentage points year-on-year [6][7]. Order Backlog and Growth Potential - As of Q1 2025, the company has a backlog of approximately 9.5 billion yuan in energy storage system technical services and over 5 billion yuan in testing and commissioning services [6][7]. - The company is involved in significant projects, including the largest user-side energy storage project in Jiangsu and various testing projects in Guangdong [6][7]. Valuation and Target Price - The target price for the company is set at 34.10 yuan, based on a projected price-to-earnings ratio of 40 times for 2025, reflecting its leading position in the smart energy sector [2][6].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 36.14 CNY [1][7]. Core Views - The company has shown improvement in operational quality and is continuously advancing its SaaS operational model. The 2024 revenue was 2.15 billion CNY, down 12.1% year-on-year, while the net profit attributable to shareholders was 200 million CNY, up 4.9% year-on-year. The first quarter of 2025 saw a revenue of 280 million CNY, down 5.9% year-on-year, with a net profit of -40 million CNY, indicating a reduction in losses [1][3][7]. Financial Summary - **2024 Financial Performance**: Total revenue was 2,146 million CNY, with a year-on-year decline of 12.1%. The net profit attributable to shareholders was 204 million CNY, reflecting a growth of 4.9%. The net profit margin was 9.5%, an increase of 1.5 percentage points [3][4]. - **2025 Financial Projections**: Expected total revenue for 2025 is 2,354 million CNY, with a projected growth rate of 9.7%. The net profit is anticipated to reach 265 million CNY, corresponding to a growth rate of 29.6% [3][4]. - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 0.62 CNY, increasing to 0.80 CNY in 2025 and further to 0.93 CNY in 2026 [3][4]. Business Focus - The company is focusing on three core areas: digital transformation in government, procurement, and construction industries, while accelerating its transition to a SaaS model. In 2024, the smart procurement business generated 950 million CNY in revenue, with a significant contribution from the procurement operation business [7][8]. - The company has launched the first national government service large model, enhancing service efficiency and accuracy in response to public inquiries [7][8]. Market Position - The company has a total market capitalization of 10.065 billion CNY and a circulating market value of the same amount. The asset-liability ratio stands at 14.47%, indicating a strong financial position [4][8].

Investment Rating - The report maintains a positive investment sentiment for the automotive sector, with an optimistic sales outlook for the year, projecting a retail growth rate of 5.2% and a wholesale growth rate of 8.4% for the entire year [2]. Core Insights - The automotive industry is experiencing a recovery in sales, particularly in April, with a year-on-year increase in wholesale sales of 11.0% and a month-on-month decrease of 10.0% [4]. - The demand for high-end brands priced above 200,000 yuan is expected to recover, with a forecasted wholesale growth rate of 31% for new energy passenger vehicles, providing a solid foundation for the performance of both complete vehicles and parts manufacturers [2][4]. - The report highlights the strong performance of new energy vehicle manufacturers, with BYD delivering 380,089 units in April, a year-on-year increase of 21% [4][20]. Data Tracking - In April, the wholesale sales of passenger vehicles reached 2.22 million units, with a year-on-year growth of 11.0% and a month-on-month decline of 10.0% [4]. - The report notes that the average discount rate in early May slightly decreased to 7.2%, down 0.2 percentage points from the previous period, while the average discount amount was 10,613 yuan [4][25]. - The report recommends key companies in the automotive sector, including Jianghuai Automobile, Li Auto, Geely, and BYD, highlighting their competitive advantages and potential for upward price elasticity [5]. Industry News - The report mentions that as of April 2025, the inventory of passenger vehicles in the industry reached 3.5 million units, indicating a continuous increase in inventory levels [31]. - It also notes that the automotive sector index increased by 1.80% in the past week, ranking 3rd among 29 sectors [8][33]. - The report discusses the strategic cooperation between Dongfeng Motor Group and Huawei, focusing on smart vehicle technology and digital transformation [31].

Investment Rating - The report maintains a recommendation for the photovoltaic industry [1] Core Insights - In April 2025, domestic newly installed photovoltaic capacity surged to 45.22GW, marking a year-on-year increase of 215% and a month-on-month increase of 123% [12][13] - From January to April 2025, the total newly installed photovoltaic capacity reached 104.93GW, up 75% year-on-year, indicating strong growth potential in the domestic photovoltaic market [12][13] - The report highlights a significant recovery in inverter exports to Europe, with April 2025 inverter export volume reaching approximately 28.1GW, a year-on-year increase of 31% [3][39] Summary by Sections Section 1: Domestic Photovoltaic Installation and Export Data - April 2025 saw a record high in domestic photovoltaic installations at 45.22GW, with a total of 104.93GW installed from January to April 2025, reflecting a 75% year-on-year growth [12][13] - Battery component exports in April 2025 amounted to 161.6 billion yuan, down 9% month-on-month, while inverter exports improved significantly, reaching 58.2 billion yuan, up 28% month-on-month [14][34] Section 2: Market Performance - The report notes that the photovoltaic industry remains resilient, with a strong performance in newly installed capacity and inverter exports, particularly to emerging markets in Asia and Africa [20][37] - The overall market sentiment is reflected in the performance of the industry indices, with the photovoltaic equipment sector experiencing a decline of 3.19% [66][66] Section 3: Price Trends in the Photovoltaic Supply Chain - The report provides insights into the pricing of key materials in the photovoltaic supply chain, indicating stable prices for polysilicon and silicon wafers, while battery cell prices showed slight declines [4][4] - The pricing trends for photovoltaic glass and EVA films also reflect minor fluctuations, suggesting a stable supply chain environment [4][4]

Investment Rating - The report maintains a "Recommend" rating for the media industry, suggesting continued high demand for IP and trendy toys despite market fluctuations [1][2]. Core Insights - The media sector is experiencing a high level of activity driven by AI applications and cultural confidence, with a focus on core assets in the internet, gaming, and publishing sectors [6][9]. - The report highlights the resilience of the media index, which outperformed the CSI 300 index by 0.02% over the past week, indicating a stable investment environment [9]. - The gaming market is expected to benefit from the outcome of the Apple vs. Epic Games legal battle, with specific companies recommended for investment [6][30]. - The film market shows signs of recovery, with ticket sales reaching 243.29 billion yuan and total viewership at 5.82 million, nearly matching pre-pandemic levels [22][25]. Market Performance Review - The media index fell by 0.16% last week, while the CSI 300 index decreased by 0.18%, placing the media sector 14th among all sectors [9][12]. - The report notes that the gaming sector is seeing a resurgence, with several new games set to launch soon, which could further stimulate market interest [18][20]. Industry Highlights - The report emphasizes the importance of IP-driven consumer products, particularly in the context of new consumption trends, recommending companies like Alibaba Pictures and others involved in live performances and IP derivatives [6][31]. - The gaming sector is highlighted for its potential growth, with a focus on companies like Kaineng Network and ST Huatuo, especially in light of recent regulatory approvals for new games [30][32]. - The publishing sector is viewed positively, particularly in educational publishing, which is expected to maintain stable dividends and explore AI education opportunities [6][30]. Upcoming Releases - The report lists several upcoming films and games, indicating a robust pipeline that could drive future growth in the media sector [28][29].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [20]. Core Insights - The report highlights the significant role of power batteries in the value composition of electric vehicles, suggesting a focus on key players in the battery supply chain, including CATL and various material suppliers [7]. - The report discusses the recent launch of several flagship SUVs, including the Deep Blue S09 and Geely Galaxy M9, emphasizing their competitive pricing and advanced technology features [7]. - The report notes the increasing number of new energy vehicle models being registered, with 675 models from 211 companies, indicating a growing market [7]. Industry Overview - The electric power equipment and new energy sector consists of 300 listed companies with a total market capitalization of approximately 49,705.82 billion [2]. - The sector's absolute performance over the last 12 months is reported at 6.0%, while the relative performance against the benchmark index is -0.6% [3]. - The report provides insights into the competitive landscape, with new models from major players like BYD and Geely aiming to capture market share in the high-end SUV segment [7]. Key Companies and Recommendations - Recommended companies include: 1. Power Battery: CATL 2. Lithium Iron Phosphate Anode: Defang Nano, Fulin Precision, Longpan Technology 3. NCM Anode: Rongbai Technology, Xiamen Tungsten, Changyuan Lithium, Dingsheng Technology 4. Anode Materials: Better Energy, Zhongke Electric, Putailai, Xinde New Materials 5. Separators: Xingyuan Material, Enjie 6. Electrolytes: Xinzhou Bang, Tianci Materials 7. Copper Foil: Zhongyi Technology, Jiayuan Technology 8. Aluminum Foil: Dingsheng New Materials 9. Structural Components: Keda Li, Zhenyu Technology 10. Conductive Agents: Tiannai Technology, Daoshi Technology [7].

行业研究 证券研究报 告 新疆周报（20250519-20250525） 推荐（维持） 准东开发区召开 160 万吨煤制烯烃项目调度会 基础化工 2025 年 05 月 25 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 489 | 0.06 | | 总市值(亿元) | 41,430.39 | 4.28 | | 流通市值(亿元) | 36,742.13 | 4.79 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -4.7% | -1.9% | -0.4% | | 相对表现 | -1.1% | 1.2% | -5.0% | -20% -8% 5% 17% 24/05 24/08 24/10 24/12 25/03 25/05 2024-05-27~ ...

证券研究报告 创新药周报20250525： Merus EGFR/LGR5双抗+K药一线治疗HNSCC 数据积极 证券分析师刘浩 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 联系人段江瑶 邮箱：duanjiangyao@hcyjs.com @2021 华创版权所有 第一部分 本周创新药重点关注 国内创新药回顾 02 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。 2025-05-25 全球新药速递 03 01 头颈鳞癌 证券研究报告 ┃ 头颈癌发病部位及年发病人数 ┃ 头颈癌治疗方案及疗效 资料来源：John D.Cramer et al.,The changing therapeutic landscape of head and neck cancer，Merus《Corporate Presentation May 2025》，华创证券 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 3 ◼ 头颈癌是指位于头颈部位，除了脑癌以外的 ...

证 券 研 究 报 告 电动车行业周报（20250519-20250523） 小米投资合肥固态电池企业，金龙羽签订固态电池 推荐（维持） 华创证券研究所 ❑ 小米投资合肥固态电池企业，金龙羽签订固态电池订单。近期新增小米旗下瀚星创 业投资有限公司、强邦新材、合肥市包河区科创种子基金合伙企业（有限合伙）为 合肥因势新材料科技有限公司股东，注册资本由 100 万元人民币增至约 111.67 万 元人民币。这家公司在 5 月初刚刚完成一项名为"一种基于氧掺杂的硫化物固体电 解质及其制备方法"的技术成果转化。2025 年 5 月 20 日，金龙羽新能源（深圳） 有限公司签订无人机用高能量密度固态电芯采购订单。金龙羽固态锂离子电池产品 EC01 系列超能固态电芯，拥有 500Wh/kg 超高能量密度，在零下 40℃极寒环境中 3C 倍率放电仍达 70%，是特种设备与无人机专属动力源。订单约定一年内采购十 万支电芯产品。 ❑ 本周行情回顾：本周电新板块下跌 0.48%，全行业排名 14 名，跑输沪深 300 指数。 根据中信行业指数，本周电力设备及新能源板块下跌 0.48%，在全行业 30 个行业 板块中排名第 14 位 ...