1. Report Industry Investment Rating No relevant information provided in the text. 2. Core View of the Report - In the current market context, increasing the allocation of convertible bonds related to popular themes may be the key action for the portfolio to achieve excess returns. Although overseas tariff factors disrupt the domestic economic recovery process and the profit side of listed companies may not recover rapidly in the short term, after the end of the intensive performance disclosure period in May, the previous negative factors have been gradually priced in. The government has released liquidity to support the economy and the securities market. It is expected that the market will likely show characteristics of increasing risk appetite, and the valuation side will be the main support for the strengthening of the market [2][6]. - To benefit from the increase in the market valuation level, it is advisable to appropriately increase the allocation of convertible bonds related to themes. Although the profit side of some theme - related convertible bonds has not yet reached an inflection point, stock pricing often leans towards future long - term growth. The negative factors on the profit side of some targets have been fully priced in by the market in the early stage, and investors tend to give a higher valuation premium to stocks related to new productive forces. Therefore, under the current background, convertible bonds related to popular themes are more cost - effective in creating excess returns [2][9]. - By analyzing the excess return performance of the CSI 2000 and the Wind AA - rated and below index from 2020 to the present, it is found that when the market trading volume exceeds 1.5 trillion yuan, the CSI 2000 shows relatively obvious excess returns compared to the Wind All - A Index in the stock dimension, and the trend is more obvious in the convertible bond dimension. Convertible bonds related to popular themes are more characteristic of small - cap stocks and low - rated convertible bonds, and are more likely to create excess returns when the trading volume recovers [2][9]. - Relevant convertible bonds can be mined by combining annual reports and public research records. The real economy has been gradually transforming towards new productive forces in recent years. Listed companies will disclose new investment and transformation directions in their annual reports and conduct communication and research activities with the capital market after the disclosure of regular reports. Therefore, the 2024 annual reports and public research records since 2025 are important for mining relevant theme - related convertible bonds [2][13]. 3. Summary by Directory 3.1 Wind Risk Preference Recovery, Theme - Related Convertible Bonds May Be the Key to Winning Excess Returns in the Future Market - The current market trading volume has gradually recovered since early April. After the end of the performance disclosure period, the previous negative factors have been priced in, and the government's liquidity release is expected to drive the market risk preference upwards, with the valuation side supporting the market [6][9]. - It is recommended to increase the allocation of theme - related convertible bonds. Some theme - related convertible bonds are more likely to create excess returns due to factors such as future growth expectations and market pricing [2][9]. - Popular themes such as robotics, computing power, Huawei Ascend, HarmonyOS, brain - computer interfaces, and controllable nuclear fusion are analyzed, and relevant convertible bonds are recommended [13]. 3.2 Humanoid Robots - Multiple companies are involved in the humanoid robot field. For example, Keli Convertible Bond (Kedali) focuses on the R & D and production of harmonic reducers and joint modules; Haoneng Convertible Bond (Haoneng Co., Ltd.) is developing high - precision reducers; Lingyi Convertible Bond (Lingyizao) is expanding its business from component supply to assembly and aims to become a robot body assembly manufacturer [18][19][20]. 3.3 Computing Power - Many companies are actively involved in the computing power business. Zhongbei Convertible Bond (Zhongbei Communication) has completed the national business layout of intelligent computing clusters, with an operating computing power scale of over 15,000P and significant revenue growth [32]. 3.4 Huawei Ascend - Haohan Convertible Bond (Haohan Shendu) is exploring AI and large - model applications, and has completed the v1.1 version of the Haohan Morning Star large model, enhancing its capabilities and achieving API interface docking [35]. 3.5 HarmonyOS - CoreHi Convertible Bond (CoreHi Technology) has consolidated its leading position in the HarmonyOS ecosystem, with over 300 business opportunities for HarmonyOS - connected projects and 115 SKUs of products connected [38]. 3.6 Brain - Computer Interfaces - Rongtai Convertible Bond (Rongtai Health) has established a "Brain - Computer Interaction Joint Laboratory" with Shanghai Aoyi Information Technology Co., Ltd. to promote the application of brain - computer fusion technology and bionic manipulators in the intelligent health field [39]. 3.7 Controllable Nuclear Fusion - Guangda Convertible Bond (Guangda Special Materials) is developing and supplying materials related to controllable nuclear fusion, with batch - supply of relevant materials and significant orders [40].

宏 观 研 究 2025 年 05 月 08 日 模糊的滞胀预期下，美联储会否全年按兵不动？ ——美联储 FOMC 会议点评（2025.5） 投资要点： 宏 观 点 评 基于当前仍然稳健的经济和就业表现，以及未来可能出现的滞胀风险，美 联储年初至今连续第三次会议决定维持利率水平不变。当地时间 5 月 7 日下午， 美联储召开本年度第三次 FOMC 会议，在声明中指出"尽管净出口动荡对经 济数据造成影响"，但经济活动仍延续稳健扩张步伐，鲍威尔在新闻发布会上 补充阐述称美国国内最终购买（PDFP）一季度稳定增长 3%，与去年节奏相同； 此外声明认为经济前景的不确定性"进一步"提升，并评估认为"失业率和通 胀同步上行的风险加大"，这意味着美联储当前对美国政府关税政策影响下美 国经济在未来可能走向一定程度的滞胀存有担忧，而滞胀局面一旦出现，美联 储往往需要首先实施一定程度的紧缩，在成功控制通胀预期后才可转而实施宽 松操作。基于上述两方面原因，美联储本次会议连续第三次决定维持利率水平 不变，自年初以来未再降息。鲍威尔在发布会问答环节多次强调当前美联储"不 必着急"，"可以耐心等待"，或为暗示美联储降息的概率和幅度比市场 ...

Group 1 - The core viewpoint of the report emphasizes the significant transformation in the consumption behavior and market of the elderly population, particularly those aged 50 and above, who are increasingly engaging in digital lifestyles, thus becoming a crucial consumer force [3] - As of December 2024, the proportion of individuals aged 50 and above is projected to reach 34.1%, an increase of 1.6 percentage points compared to the previous year [3] - The report highlights that popular apps among younger demographics are also being adopted by the elderly, with platforms like Kuaishou, Douyin, and NetEase News becoming widely used [3] Group 2 - The report notes that the elderly population is increasingly investing in cultural and entertainment consumption, with a growing focus on emotional and spiritual values [4] - Micro-short dramas are identified as a vibrant form of online culture, with 37.3% of users aged 40 to 59 and 12.1% aged 60 and above engaging with this content [4] - The report indicates that the elderly are becoming significant competitors in the entertainment space, with a notable percentage of the 70s generation spending over 5000 yuan monthly on entertainment [4] Group 3 - There is a rising awareness of health among the elderly, leading to increased participation in fitness activities, with over 50% of individuals aged 50 and above engaging in such activities [5] - The report mentions that outdoor activities like cycling and fishing are popular among the elderly, with 31% of fishing enthusiasts being over 45 years old [5] - The demand for fitness equipment and sports supplements is expected to grow as health consciousness among the elderly continues to rise [5] Group 4 - Investment suggestions include the potential for digital marketing in the elderly demographic as short video content ecosystems penetrate deeper [8] - The micro-short drama industry is anticipated to evolve, creating opportunities for content production tailored to the elderly [8] - The report identifies structural differentiation in the functional sports consumption market, indicating market opportunities within the elderly segment [8]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Views - Precious metals, particularly gold, have shown significant price increases, with annual gains of +27.2% for London gold and +27.6% for Shanghai gold, indicating strong long-term investment value despite short-term fluctuations due to economic concerns [3][18] - Industrial metals like copper and aluminum are expected to experience price stability in the short term, with a tight supply-demand balance supporting upward price movements [4][36] - The lithium market is facing a weak supply-demand dynamic, with limited support for price recovery despite some short-term fluctuations [4][36] Summary by Sections Precious Metals - Gold prices have risen significantly, supported by market uncertainty and geopolitical risks, with a long-term investment value remaining intact [3][18] - Recommended stocks include Zhongjin Gold, Shandong Gold, and Chifeng Jilong Gold, with a focus on undervalued companies like Zhuhai Huajun and Yulong Shares [3] Industrial Metals - Copper prices are supported by a tight supply-demand situation, with expectations of increased demand from sectors like electric vehicles and renewable energy [4][36] - Recommended stocks include Zijin Mining and Luoyang Molybdenum, with a focus on companies like Western Mining and Jiangxi Copper [4] Lithium and New Energy Metals - The lithium market is characterized by oversupply, with limited price recovery potential despite some short-term demand spikes [4] - Recommended stocks include Salt Lake Co., Zangge Mining, and Yongxing Materials, with a focus on companies like Jiangte Motor and Tianqi Lithium [4] Other Metals - Rare earth prices are expected to remain strong due to stable demand, while antimony prices are stabilizing after a period of weakness [4] - Recommended stocks in rare earths include China Rare Earth and Northern Rare Earth, while for antimony, focus on Hunan Gold and Huaxi Nonferrous [4]

Table_First|Table_Summary 华福证券 固收定期研究 2025 年 5 月 8 日 如何看待美国财政预算上两院分歧？ ——海外宏观利率双周报 ➢ 如何看待美国财政预算上两院分歧？ ➢ 双周海外宏观点评 ➢ 利率： 美国利率如期上行，"硬指标"不提供降息支撑 诚信专业 发现价值 请务必阅读报告末页的重要声明 1 Table_First e p 团队成员 相关报告 1.《【华福固收】25 年一季报投资线索梳 理》(2025-05-03) 2.《【华福固收】5 月信用债投资策略思 考》(2025-05-05) 观 利 率 双 周 报 证 券 研 究 报 告 _ e l y T t r o p e R b a T | t s r i F _ e l b a T 固 收 研 究 海 外 宏 Table_First|Table_Author Table_First|Table_Contacter lhr30501@hfzq Table_First|Table_RelateReport 华福证券 ➢ 美国 2025 财年（2024 年 10 月 1 日至 2025 年 9 月 30 日）财政预 算仍未 ...

华福证券 2025 年 05 月 08 日 策 略 研 究 医疗与消费周报——信玖凝获批：我国基因治疗 药物行业发展推进中 投资要点： 近期观点 1、医药指数本周（4.28-4.30）关注的 6 个子行业三分之二录得正 收益，表现良好。 策 略 定 期 报 告 2、2025 年 4 月 11 日，中国首个血友病 B 基因治疗药物信玖凝（波 哌达可基注射液）获批上市，从研发到上市仅用不到七年。基因疗法 是通过导入外源基因置换或纠正致病基因，实现"一次治疗，长期有 效"。医麦克《基因治疗药物行业发展白皮书》显示，2025 年中国基 因疗法市场规模预计达 25.9 亿美元，2025-2027 年有望达 500 亿元。 中国罕见病约 2000 种，基因疗法潜力巨大。中国丰富的基因组学数据 为研究提供支持，但基因疗法仍面临技术安全性、伦理、法规及成本 等挑战，新的基因编辑工具和递送系统为其发展提供动力。 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 风险提示 技术研发不及预期；宏观需求变化；地缘政治影响 证 券 研 究 报 告 诚信专业 发现价值 1 请务必 ...

Group 1 - The report indicates that in April 2025, active quantitative funds tracking the CSI 300, CSI 500, and CSI 800 indices achieved average excess returns of 0.2%, 1.3%, and -0.1% respectively [2][25][34] - Among industry-themed funds, those tracking the CSI Medical, CSI High-end Equipment, and CSI Major Consumer indices ranked as the top three in excess returns for April [41] - Smart beta funds tracking the CSI Technology index had the highest excess returns for the month [42] Group 2 - The report highlights that the absolute return of hedge quantitative funds averaged 0.03% in April 2025, with net asset value volatility higher than the year-to-date average [4][17] - The performance of index-enhanced quantitative funds showed that those tracking the CSI 500 and CSI 300 indices had average excess returns of 0.2% and 0.1% respectively in April [3][51] - The report notes that the average tracking error for funds tracking the CSI 500 index was 4.3%, which is lower than the year-to-date level [51] Group 3 - The report categorizes quantitative funds into three types: active quantitative funds, index-enhanced quantitative funds, and hedge quantitative funds, each with distinct characteristics and advantages [9] - The report states that as of April 30, 2025, there were 199 active quantitative funds tracking 16 indices, with 71, 53, and 36 funds tracking the CSI 300, CSI 500, and CSI 800 indices respectively [20][21] - The report provides detailed performance metrics for various funds, including absolute and excess returns, volatility, and maximum drawdown for the month of April [36][59]

Investment Rating - The investment rating for the company is "Buy" [7][21]. Core Views - The company has shown impressive performance in its digital transformation and is awaiting the release of efficiencies from its main business adjustments [4]. - In 2024, the company achieved a revenue of 12.97 billion yuan, a year-on-year decrease of 4.04%, and a net profit attributable to shareholders of 770 million yuan, down 40.8% year-on-year [3]. Financial Performance Summary - The leasing and management business generated a revenue of 5.54 billion yuan, down 13.8% year-on-year, while the franchise management business earned 430 million yuan, down 15.0% year-on-year, primarily due to rental and management fee reductions to support merchants [5]. - The product sales business achieved a revenue of 6.3 billion yuan, an increase of 13.8% year-on-year, with the company's smart home segment generating over 6.33 billion yuan in sales, a growth of 43.4% year-on-year [6]. - The gross profit margin for 2024 was 27.35%, a decrease of 6.8 percentage points year-on-year, influenced by rental reductions [6]. - The company expects net profits for 2025-2027 to be 840 million yuan, 930 million yuan, and 1.03 billion yuan, respectively, with growth rates of 9.3%, 10.1%, and 11.1% [7]. Strategic Initiatives - The company is actively innovating its market strategies, including a new store cooperation model and a "one store, two systems" recruitment strategy, which has improved recruitment rates by 5.3% [5]. - The company has expanded its digital marketing services and international presence, opening two stores in Cambodia and Macau, achieving a recruitment rate of over 97% [6]. Valuation Metrics - The current stock price corresponds to a PE ratio of 24X for 2025 [7]. - The company maintains a debt-to-asset ratio of 57.07% and a net asset value per share of 3.28 yuan [7].

Group 1 - The report outlines a comprehensive set of financial policies aimed at stabilizing the market and promoting transformation, introduced during a press conference by key financial leaders [1][2][7] - The monetary policy includes three categories and ten specific measures, focusing on quantity, price, and structure to enhance liquidity and lower financing costs [10][11][12] - A targeted support for the real estate sector is highlighted, with a reduction in housing provident fund loan rates expected to stimulate demand and stabilize the market [16][17] Group 2 - The capital market is set to receive increased funding through systematic reforms, including the expansion of insurance capital investments and adjustments to regulatory frameworks to encourage long-term investments [17][20] - The report emphasizes the importance of a stable capital market structure, aiming to attract long-term capital and enhance market resilience through various policy measures [20][21] - Historical data indicates that previous reductions in reserve requirements have led to positive market reactions, suggesting that the current policy measures may similarly boost market sentiment [21][24] Group 3 - Future investment opportunities are identified in high-growth sectors such as domestic computing power, industrial machinery, and defense industries, driven by policy support and global technological trends [28] - The report suggests that sectors sensitive to interest rate declines, such as real estate development and home improvement, may benefit from the current economic policies [28] - Consumer sectors, particularly those related to discretionary spending and healthcare, are expected to thrive due to lower mortgage rates and supportive consumption policies [28]

1. Report Industry Investment Rating - No information about the industry investment rating for this specific topic is provided in the report [1] 2. Core Viewpoints - On May 7, 2025, the central bank introduced a package of 10 policies covering quantitative, price - based, and structural aspects, indicating a supportive monetary policy stance [2][6] - Since the Trump tariff policy shock in April 2025, China's financial market has remained stable, and the package of monetary policies, though largely within market expectations, is more forceful than expected [2][11] - For the bond market, the current situation shows pressure on banks' liability - side and a flattened yield curve. The current policy is expected to ease banks' medium - and long - term liquidity pressure, lower the funds rate to make the yield curve steeper, and the 10Y Treasury bond yield may fall to the 1.5% - 1.6% range [2][12][13] - Future attention should be paid to the impact of bond supply and changes in the economic fundamentals and policies, especially the Sino - US trade negotiations from May 9 - 12 [2][13] 3. Summary by Relevant Catalog 3.1 One - Package Monetary Policy Details Quantitative Policies - Lower the deposit reserve ratio by 0.5 percentage points, providing about 1 trillion yuan of long - term liquidity to the market - Temporarily reduce the deposit reserve ratio of auto finance companies and financial leasing companies from 5% to 0% [6] Price - Based Policies - Cut the policy rate by 0.1 percentage points, with the 7 - day reverse repurchase rate dropping from 1.5% to 1.4%, and the LPR expected to decline by about 0.1 percentage points accordingly - Lower the structural monetary policy tool rate by 0.25 percentage points (PSL from 2.25% to 2%, others from 1.75% to 1.5%) - Reduce the personal housing provident fund loan rate by 0.25 percentage points [6] Structural Policies - Increase the re - loan quota for technological innovation and transformation by 300 billion yuan, from 500 billion to 800 billion yuan - Establish a 500 - billion - yuan re - loan for service consumption and elderly care - Add 300 billion yuan to the re - loan quota for supporting agriculture and small businesses - Optimize two monetary policy tools for the capital market, combining the 50 - billion - yuan swap facility for securities, funds, and insurance companies and the 30 - billion - yuan re - loan for stock repurchase and increase, with a total quota of 80 billion yuan - Create a risk - sharing tool for technological innovation bonds [7] 3.2 Comparison with the 2024 Policy - Similarity: Both times the central bank announced reserve requirement ratio cuts and interest rate cuts, responding to the call for a moderately loose monetary policy - Differences: In 2025, the policy rate cut was 10BP with the same LPR cut, and the structural monetary policy tool rate was cut by 25BP. The incremental scale of structural monetary policy tools was 1.1 trillion yuan, larger than the 800 billion yuan in 2024 [2][8][12] 3.3 Impact on the Bond Market - Current Situation: After the central bank loosened its focus on funds prices, the funds rate has been approaching the policy rate but not yet stabilizing at 1.6%. The bank's net lending scale has been fluctuating around 3 trillion yuan, and the first - level issuance rate of certificates of deposit has faced a downward bottleneck. The yield curve has flattened further, with the 10Y - 2Y Treasury bond spread narrowing from 23BP at the beginning of April to 17BP at the end of April [2][12] - Policy Impact: The reserve requirement ratio cut can relieve banks' medium - and long - term liquidity pressure. A significant decline in the funds rate will steepen the yield curve, and the short - end rate has greater certainty. The long - end rate may break through the 1.6% level and fall to the 1.5% - 1.6% range [2][13] 3.4 Future Focus - Bond Supply: Pay attention to the impact of the accelerated issuance of Treasury bonds and the large supply of ultra - long - term bonds - Economic Fundamentals and Policies: The PMI in April decreased by 1.5 percentage points to 49, and the impact of trade frictions on exports is expected to be more obvious in May. Focus on the Sino - US trade negotiations from May 9 - 12 [2][13]