Investment Rating - The industry rating is "Outperform the Market" [13] Core Insights - The U.S. has exempted certain products from "reciprocal tariffs," including automatic data processors, computers, communication devices, displays, and semiconductors, which may positively impact the supply chain [2][3] - The previous impact of tariffs on the fruit chain companies was overestimated, as domestic suppliers are deemed irreplaceable by Apple, suggesting potential recovery opportunities in the sector [3] - Domestic smartphone brands are showing strong performance, with a projected shipment of 314 million units in 2024, a year-on-year increase of 8.7%, and domestic brands accounting for 85.6% of the market [4] Summary by Sections Tariff Exemption - The U.S. Customs and Border Protection has quietly updated its tariff schedule, exempting certain categories of goods from tariffs, which applies to all countries affected by the previous "reciprocal tariffs" [2] Impact on Supply Chain - The report suggests that the previous concerns regarding tariffs affecting fruit chain companies were exaggerated, and that Apple’s strict requirements for suppliers indicate a strong position for domestic companies [3] Domestic Smartphone Market - According to data from the China Academy of Information and Communications Technology, domestic smartphone shipments are expected to reach 269 million units in 2024, reflecting a 16.3% year-on-year growth [4] Investment Opportunities - The report recommends focusing on: - 3D printing applications (e.g., Huazhu High-Tech, Plittech) - Automated assembly equipment (e.g., Bozhong Precision, Saiteng Co., Quick Intelligent) - Automated testing equipment (e.g., Oatmeal Technology, Jepter, Kory Technology, Tianzhun Technology, Rongqi Technology) - Android-based 3C devices (e.g., Qiangrui Technology, Lihexing, Kory Technology, Quick Intelligent) - Folding screen hinges (e.g., Dongmu Co., Jingyan Technology, Tonglian Precision) - Middle frames and back covers (e.g., Yujing Co., Yuhuan CNC) [5]

行 家用电器 2025 年 04 月 13 日 业 研 究 行 业 定 期 报 家用电器 对等关税暂缓，建议关注全球化布局龙头+内需 基本面改善机会——25W15 周观点 投资要点： 对等关税暂缓，建议关注全球化布局龙头+内需基本面改善机会 告 美国宣布对等关税暂缓，建议关注全球化布局龙头。当地时间 4 月 9 日，特朗普宣布对不采取报复性行动的国家暂缓 90 天实施"对等 关税"，仅征收 10%关税，同时对华关税提升至 125%。本次对等关税 暂缓好于此前悲观预期，家电、纺服等可选消费龙头海外产能布局完 善，可通过转口贸易缓解关税压力，建议关注全球化布局龙头。 3 月黑电、清洁电器数据靓丽。根据奥维云网，3 月彩电线上销额、 销量、均价同比+25%、+3%、+21%，线下销额、销量、均价同比+27%、 +19%、+5%，3 月扫地机线上销额、销量、均价同比+48%、+46%、 +1%，3 月洗地机线上销额、销量、均价同比+55%、+53%、+1%。 行情数据 本周家电板块涨跌幅-4.7%，其中白电/黑电/小家电/厨电板块涨跌 幅分别-3.1%/-5.2%/-9.8%/-6.6%。原材料价格方面，LME 铜、 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - The report emphasizes the importance of focusing on undervalued companies with strong fundamentals, particularly those driven by domestic demand, such as Sun Paper, Xianhe Co., Sophia, and others [2] - Recent buyback announcements from companies like Yutong Technology and Simoer International reflect confidence in their growth prospects, suggesting opportunities for investment in oversold stocks [2] - The report highlights the potential for Chinese companies to gain greater influence in the IP licensing space, particularly in the IP toy industry, as they scale up and improve their product offerings [2] Summary by Sections Weekly Market Performance - The light industry manufacturing sector underperformed the market, with a decline of 5.84% compared to a 2.87% drop in the CSI 300 index [16] - Sub-sectors such as home goods, paper, and entertainment products also showed significant declines [16] Home Furnishing - The report notes a narrowing decline in residential sales and construction, with a 1-2 month drop of 17.8% in residential completion and a 3.4% decrease in sales [35] - Companies like Oppein Home and others are highlighted as potential beneficiaries of improving industry dynamics [5] Paper and Packaging - Paper prices have shown mixed trends, with double glue paper at 5387.5 CNY/ton, down 37.5 CNY/ton, while corrugated paper prices increased slightly [5] - The report indicates a 1.9% year-on-year decline in revenue for the paper industry in the first two months of the year [70] Consumer Goods - The report suggests a focus on cultural and creative product leaders like Morning Glory, which are expected to benefit from a recovering domestic consumption environment [5] - Companies in the personal care sector are also recommended for their channel expansion and price increases [7] Export Chain - The report discusses the impact of U.S. tariffs on exports, noting that some countries have received a 90-day delay on tariffs, which benefits companies with established overseas production [7] - Companies like Zhejiang Natural and others are highlighted as potential investment opportunities in the export chain [7] New Tobacco Products - The report mentions Simoer International's stock buyback as a sign of confidence amid regulatory changes in the e-cigarette market [7] - The focus on compliance and harm reduction in the tobacco industry is emphasized as a growing trend [7] Textile and Apparel - The textile and apparel sector also underperformed, with a 5.72% decline in the index [25] - Companies like Hailan Home and others are recommended as potential investments due to their brand strength [7]

Investment Rating - The industry rating is "Outperform the Market" [4][71]. Core Viewpoints - The military industry is experiencing a comprehensive rise, with the Shenwan Military Industry Index (801740) increasing by 0.28% from April 7 to April 11, while the CSI 300 Index decreased by 2.87%, resulting in an excess return of 3.16 percentage points [2][43]. - The military sector demonstrates strong anti-volatility capabilities due to rigid domestic demand, self-control, and resistance characteristics, especially in the context of escalating international trade tensions [3][43]. - The military industry is expected to see significant demand recovery in 2025, driven by the acceleration of the "14th Five-Year Plan" and the "Centenary of the Army" goals, making it a key area for investment [3][44]. Summary by Sections Market Performance - The Shenwan Military Industry Index ranked third among 31 first-level industries this week, showing strong performance [8][14]. - From the beginning of 2025, the Shenwan Military Industry Index has decreased by 1.64%, while the CSI 300 Index has decreased by 4.69%, indicating a relative outperformance of 3.05 percentage points [16]. Fund Flows and Valuation - There has been a significant increase in passive fund sizes and shares, with a net inflow of 2.788 billion yuan into military ETFs, marking the largest net inflow since the beginning of 2025 [27][44]. - As of April 11, the current TTM price-to-earnings ratio for the Shenwan Military Industry Index is 61.38, with a percentile rank of 78.04%, indicating a high configuration value at this time [44][44]. Key Recommendations - The report strongly recommends focusing on two main lines: "Domestic Trade" and "Self-Control" [44]. - Suggested stocks for "Domestic Trade" include Tianqin Equipment, LIGONG Navigation, and Optical Electronics, while for "Self-Control," recommended stocks include Hangyu Technology and Xiling Power [44].

行 华福证券 食品饮料 2025 年 04 月 13 日 业 研 究 食品饮料 坚定看好内需扩张，食饮板块攻守兼备 投资要点： 行 业 定 期 报 告 【白酒】建议关注保价控量、具备降维打击、市占率提升能力的茅台、五 粮液，以及 alpha 势能延续的汾酒、古井，以及高激励&高考核目标的舍得。 【啤酒】重点推荐高端化核心标的青岛啤酒、提效改革叠加大单品逻辑的 燕京啤酒。 【软饮料】建议关注：1）功能饮料赛道龙头且逐步探索出第二增长曲线的 东鹏饮料；2）基本面具备积极预期的香飘飘。 【预调酒】百润股份作为预调酒行业龙头企业，公司历史行情通常为大单 品所驱动的 PE 扩张，行情较快，操作上更适合左侧布局，目前公司威士忌 已正式上市，当前公司 25 年 PE 为 31 倍上下，我们认为具备较大赔率。 【乳制品】重点推荐利润导向明显的全国乳企巨头伊利股份，关注其产品 结构优化带来的毛利率改善情况以及费用率投放情况。建议关注低温奶乳 企新乳业。 【休闲零食】年货旺季叠加新渠道微信小店的催化，板块景气度维持在较 好水平。建议关注西麦食品、甘源食品、三只松鼠。 【调味品&餐饮】调味品重点推荐安琪酵母：国内量的韧性强、海外增 ...

Investment Rating - The report maintains a strong investment rating for the pharmaceutical and biotechnology sector, indicating it is expected to outperform the market [5]. Core Insights - The report highlights the upcoming IPO of Ying'en Biotech, a newcomer in the ADC field, with significant potential in its core pipeline products [2][20]. - The company has secured product authorizations with multiple partners, including BioNtech and GSK, with a total collaboration value exceeding $6 billion [3][23]. - The report emphasizes the importance of innovation in the pharmaceutical sector, particularly in the context of the ongoing tariff disputes, which are expected to have a limited impact on the industry [4][5]. Summary by Sections Market Review - The CITIC Pharmaceutical Index fell by 5.4% during the week of April 7-11, 2025, underperforming the CSI 300 Index by 2.5 percentage points [3]. - The pharmaceutical and biotechnology sector has seen a decline of 1.0% year-to-date, outperforming the CSI 300 Index by 3.7 percentage points [3]. Ying'en Biotech Overview - Ying'en Biotech's IPO process includes public offerings starting April 7, 2025, with shares expected to begin trading on April 15, 2025 [3][20]. - The company's core pipeline includes DB-1303 (HER2 ADC) and DB-1311 (B7-H3 ADC), with DB-1303 expected to submit for accelerated approval to the FDA in 2025 [3][20][26]. - DB-1311 is currently in Phase IIa trials, showing promising results in prostate cancer with an overall response rate (uORR) of 28.0% and a disease control rate (DCR) of 92.0% [3][4]. Product Pipeline and Collaborations - Ying'en Biotech has a robust pipeline with several ADC products in various clinical stages, including DB-1305 (TROP2 ADC) and DB-1310 (HER3 ADC) [4][20]. - The company has established collaborations with major pharmaceutical companies, which include significant milestone payments and revenue-sharing agreements [23][25]. - The report notes that the HER2 ADC market is competitive, but Ying'en Biotech's DB-1303 has a potential leading advantage in endometrial cancer indications [41][42]. Investment Strategy - The report suggests focusing on innovation as a key investment strategy, particularly in the context of the ongoing tariff disputes and the need for supply chain security [4][5]. - It recommends a diversified investment approach, including innovative biopharma and consumer healthcare sectors, to capitalize on domestic demand stimulation [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [21]. Core Views - The company achieved a revenue of 15.197 billion yuan in 2024, representing a year-on-year growth of 11.9%. The net profit attributable to shareholders was 1.325 billion yuan, up 4.1% year-on-year [2][6]. - The fourth quarter of 2024 saw a revenue of 4.285 billion yuan, a 9.1% increase year-on-year, with a net profit of 371 million yuan, reflecting a 3.6% growth [2][6]. - The company anticipates a performance turning point due to improved profitability driven by lower sugar molasses costs and a marginal decrease in shipping rates [6]. Summary by Sections Financial Performance - The company's main business segments showed varied performance in 2024, with yeast and deep processing products growing by 14%, while sugar products and packaging saw declines of 26% and 3%, respectively. Food raw materials and other main products experienced significant growth of 32% and 42% [4]. - Domestic and overseas revenues grew by 7.5% and 19.4%, respectively, with the Egyptian factory reporting a revenue increase of 12.5% and a net profit surge of 59.3% [4]. - The overall gross margin for the year was 23.52%, a decrease of 0.67 percentage points year-on-year, but the fourth quarter gross margin improved to 24.15%, an increase of 1.13 percentage points year-on-year [5]. Profitability Outlook - The company expects to achieve a stable revenue growth target of 10% for the year, supported by overseas capacity ramp-up and deepened market penetration [6]. - Profit forecasts for 2025-2027 have been slightly adjusted downwards, with expected net profits of 1.662 billion yuan, 1.936 billion yuan, and 2.221 billion yuan, reflecting year-on-year growth rates of 25%, 16%, and 15%, respectively [6]. Market Position and Strategy - The company is focusing on enhancing its overseas operations through the establishment of subsidiaries, channel expansion, and capacity upgrades, which are expected to drive sales growth in yeast and deep processing products [4][6]. - Online and offline sales channels reported growth rates of 15.6% and 3.5%, respectively, indicating a robust sales strategy [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [19]. Core Insights - The company reported a revenue of 24.01 billion yuan for the year, reflecting a year-on-year growth of 19.35%, and a net profit attributable to shareholders of 3.84 billion yuan, up 20% [2]. - The company experienced a robust sales growth of 17.5% year-on-year, reaching 220 million pairs sold, with an average selling price (ASP) increase of 1.6% to 107 yuan [3]. - The company’s gross margin for the year was 26.8%, an increase of 1.3 percentage points year-on-year, although the fourth quarter gross margin was impacted by new factory ramp-up [4]. - The company’s production capacity utilization rate improved significantly to 96.72%, up 10.06 percentage points year-on-year, due to order recovery and new customer collaborations [4]. - The company is expected to achieve net profits of 4.39 billion yuan in 2025, 5.07 billion yuan in 2026, and 5.89 billion yuan in 2027, with respective growth rates of 14%, 15%, and 16% [5]. Financial Summary - The company’s total revenue is projected to grow from 24.01 billion yuan in 2024 to 36.82 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16% [6]. - The net profit is expected to increase from 3.84 billion yuan in 2024 to 5.89 billion yuan in 2027, maintaining a steady growth trajectory [6]. - The earnings per share (EPS) is forecasted to rise from 3.29 yuan in 2024 to 5.05 yuan in 2027, reflecting the company's strong profitability outlook [6].

Table_First|Table_Summary 固定收益专题 2025 年 4 月 11 日 【华福固收】区域金融机构价值挖掘系列·安徽 篇（上） ➢ 区域经济表现 从全国各个省份的GDP规模来看，2024年安徽省GDP规模为50625亿元，位列全国第十一位，同年GDP 增速为5.80%，整体保持稳定增长。从社融规模增量来看，2024年安徽省社融规模为11827亿元，位 次上升至全国第六，社融增量/GDP比重为23.36%，综合来看，整体经济表现较好。安徽省金融资源 丰富程度较高，位于全国中上游水平。2024年安徽省金融本外币贷款规模达到了86260.89亿元， 位列全国第十一位，同比增速为10.60%，与全国各省市平均增速6.36%相比高出4.24个百分点，整 体规模与增长速度均处在全国上游水平。从安徽省各地级市的GDP规模来看，合肥一枝独秀，和总 量规模第二的芜湖市差距接近8400亿元。从同比增速来看，安徽大部分地级市的经济增长速度较 快，大多在5.5%以上，其中芜湖市和铜陵市增长较快，同比增速均为6.4%。 ➢ 区域财政实力 安徽省的财政表现稳健，其一般公共预算收入和税收收入在全国的排名分别稳定在第 ...

Investment Rating - The investment rating for the company is "Buy" [6][14]. Core Views - The company reported a revenue of 622 million yuan in 2024, a decrease of 22.76% year-on-year, and a net profit attributable to shareholders of 112 million yuan, down 31.79% year-on-year [2]. - The production of chromium ore increased by 11.35% year-on-year to 126,000 tons, while the average selling price rose by 10.5% to 2,341 yuan per ton, resulting in a gross margin of 63.5%, an increase of 11.7 percentage points year-on-year [3]. - Lithium production decreased by 34.61% year-on-year to 5,083 tons, with an average selling price of 940 USD per ton, down 74% year-on-year, leading to a gross margin of 31.9%, a decline of 43.7 percentage points year-on-year [4]. - The company aims to produce 93,000 tons of potassium chloride in 2025, alongside other mineral products, as part of its ongoing project developments [5]. - The forecasted net profit for 2025-2027 is expected to be 190 million, 400 million, and 640 million yuan respectively, indicating significant growth potential [5]. Financial Summary - In 2024, the company achieved a revenue of 622 million yuan, with a projected revenue of 1,193 million yuan in 2025, reflecting a growth rate of 92% [6]. - The net profit for 2024 was 112 million yuan, with an expected increase to 191 million yuan in 2025, representing a growth rate of 71% [6]. - The earnings per share (EPS) for 2024 is projected at 0.21 yuan, increasing to 0.37 yuan in 2025 [6].