Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - Huawei's nova 14 series and Harmony OS computer product launch event is scheduled for May 19, 2025, marking it as one of the most significant events for Huawei in 2025 [3] - Apple's first foldable iPhone is expected to be released in the fall of 2026, alongside the iPhone 18 Pro series, with a projected global shipment of 3.8 million foldable smartphones in Q4 2024, a year-on-year decline of 18% [4] - Huawei holds a 31.2% market share in the foldable smartphone segment, while Samsung's market share has decreased to 26.7% [4] Summary by Sections Product Launches - Huawei's upcoming launch includes the nova 14 series and a new Harmony OS computer, potentially the first foldable PC from Huawei [3] Market Trends - The foldable smartphone market is experiencing a decline, with a significant drop in shipments, but Apple's entry is expected to revitalize the market due to its strong brand and integration capabilities [4] Investment Opportunities - Suggested areas for investment include 3D printing applications (e.g., Huazhu High-Tech, Plittech), automated assembly equipment (e.g., Bozhong Precision, Kuaike Intelligent), and automated testing equipment (e.g., Oatmeal Technology, Jepter) [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 within the next six months [5][22]. Core Insights - The company has demonstrated impressive performance with a revenue of 3.56 billion yuan in 2024, reflecting a year-on-year growth of 76.3%, and a net profit of 1.43 billion yuan, up 122% year-on-year [2][5]. - The sales expense ratio has improved, decreasing by 5.9 percentage points to 39.7% in 2024, while the net profit margin increased by 8.27 percentage points to 40.2% [2][3]. - The innovative pipeline is progressing steadily, with multiple clinical trials for the drug Vomeletin ongoing, targeting various indications [4][5]. Financial Performance - In Q4 2024, the company achieved a revenue of 1.02 billion yuan, a 52.8% increase year-on-year, and a net profit of 370 million yuan, up 57% year-on-year [2]. - For Q1 2025, the company reported a revenue of 1.1 billion yuan, a 47.9% increase year-on-year, and a net profit of 410 million yuan, reflecting a 34.1% growth [3]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.7 billion yuan, 2.03 billion yuan, and 2.49 billion yuan, respectively, indicating a strong growth trajectory [5]. Cost Management - The company has effectively optimized its cost structure, with a decrease in the management expense ratio to 4.6% in 2024, down 1.9 percentage points year-on-year [2]. - The research and development expense ratio also saw a decline to 8.8%, down 6.7 percentage points year-on-year, indicating efficient allocation of resources [2]. Market Position and Growth Potential - The company is in a rapid growth phase with Vomeletin's market expansion and the introduction of new products, highlighting its long-term growth potential [5]. - The introduction of the KRASG12C inhibitor, Goretinib, is expected to enhance the company's product offerings and market presence [4][5].

投资要点： 行情回顾： 5 月 12 日-5 月 16 日，环保、燃气和电力板块分别上涨 0.58%、0.54% 和 0.09%，水务板块分别下跌 0.43%，同期沪深 300 指数上涨 1.12%。 定 期 报 告 RE100 宣布无条件认可中国绿证，绿证国际化工作迈上新台阶：2025 年 5 月 12 日，绿证市场高质量发展政策宣介会在广东深圳召开。活动上，国际绿色电力消费倡议 组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需再提供额外证明， 绿证国际化工作迈上新台阶。RE100 是国际上倡导绿色电力消费的非政府组织，在国际 绿色电力消费领域有重要影响力。2020 年，RE100 曾发布技术评估报告，提出企业若 使用中国绿证，需额外证明其代表对应电量的全部环境属性，并解决与其他碳凭证的重 复计算问题。我国绿证市场历经多年发展，多方发力，终于推动绿证与国际互认迎来关 键转折点。RE100 无条件认可中国绿证，将有效增强出口绿色竞争力，应对绿色贸易壁 垒，有利于绿色供应链企业发展。近年来，随着绿证制度加快完善，我国已构建起全范 围覆盖、全周期闭环、全过程透明、全环节高效的绿证制度体系。截至 ...

Market Performance - In April 2025, the average return of actively managed equity funds was -2.4%, indicating a convergence in investment strategies among fund managers in the current market environment [1][9]. - Value funds performed the best among non-sector equity funds, with a median return of -1.3%. Growth funds showed the greatest internal differentiation, with returns ranging from a maximum of 6.2% to a minimum of -12% [23][24]. - The average return of actively managed equity funds in the healthcare and consumer sectors was 2.8% and 0.5%, respectively, indicating strong performance in these areas [24][29]. - Passive funds in the technology and financial sectors maintained an advantage, with technology index products averaging a return of 27.8% and financial index products averaging 22.2% over the past year [30][31]. Equity Fund Multi-Strategy Overview - The overall strategy distribution of public equity funds is shifting towards a convergence between single and multi-strategy approaches, with an average R² value of 0.80 [37]. - The most tracked funds this month were those focused on thematic sectors, with 1,220 funds (30.24% of the sample) following thematic strategies, and 1,124 funds (27.86%) focused on growth strategies [42]. - The report identified three major trends in fund strategy changes: underweighting financial real estate, transitioning from A-share core assets to Hong Kong core assets, and market capitalization downshifting [43]. Performance of High-Rated Funds - High-rated funds demonstrated excellent overall performance and robust investment management capabilities, showing good alpha persistence in both short-term and long-term performance [56]. - The number of AAA-rated funds increased from 21 to 25, while AA+ rated funds rose from 42 to 49, indicating an overall improvement in fund ratings [51][52]. - Value funds had the highest proportion of high-rated funds, with an internal performance rate of 14.1%, while small-cap funds saw an increase in performance rate from 6.7% to 8.6% [52]. Emerging and Upgraded Funds - New funds, defined as those with high return potential and differentiated competitive advantages, totaled five this month, primarily referencing the CSI 500 index [65]. - Upgraded funds exhibited significant performance improvements and management optimization, with ten funds achieving higher ratings this month [66].

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong market position and expected performance [5][20]. Core Views - The initial ruling of the "double anti-dumping" investigation by the US against China's pulp molding industry has been released, with the company facing a significant anti-dumping tax rate of 470.63% [3]. - The company is strategically shifting its production to Thailand to mitigate the impact of tariffs, with a projected 52% of its revenue coming from exports to the US in 2024 [4]. - The global market for pulp molding is expected to grow at a compound annual growth rate (CAGR) of 7.60% from 2023 to 2030, indicating a broad future market potential [5]. Financial Performance and Forecast - The company is projected to achieve net profits of 357 million, 421 million, and 485 million yuan for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 10%, 18%, and 15% [5][7]. - Revenue is expected to grow from 1,546 million yuan in 2024 to 3,216 million yuan in 2027, with a CAGR of approximately 24% [7]. - The earnings per share (EPS) is forecasted to increase from 3.17 yuan in 2025 to 4.74 yuan in 2027 [7]. Market Position and Strategy - The company is recognized as a leading player in the domestic pulp molding market, benefiting from scale, research and development capabilities, and a strong customer base [5]. - The establishment of production facilities in Thailand is aimed at enhancing market competitiveness and addressing the challenges posed by the US tariffs [4][5]. - The company is actively exploring market opportunities in Europe, the Middle East, South America, and Australia to diversify its revenue streams [5].

行 业 研 究 传媒 2025 年 05 月 13 日 港股 AI"更新和前瞻" 投资要点： 其他 AI 公司：AI 升级传统业务，开辟第二增长极 传媒 强于大市（维持评级） 1、海外 AI 巨头一季度跟踪——2025.04.30 2、AI 教育崛起："好未来"领跑——2025.03.18 3、海外 Agent 框架：Claude+Cursor+MCP—— 2025.03.16 一年内行业相对大盘走势 团队成员 分析师： 杨晓峰(S0210524020001) yxf30436@hfzq.com.cn 研究助理： 于怡然(S0210124060064) yyr30611@hfzq.com.cn 相关报告 一般声明 华福证券有限责任公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。本报告仅供本公司的客户使用。本 公司不会因接收人收到本报告而视其为客户。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失负任 何责任。 本报告的信息均来源于本公司认为可信的公开资料，该等公开资料的准确性及完整性由其发布者负责，本公司及其研究人员对该等 信息不作任何保证。本报告中的资料、意见及预测 ...

轻工制造 2025 年 05 月 13 日 行 业 研 究 轻工制造 4 月个护电商亮眼，持续看好品牌势能释放 投资要点： 强于大市（维持评级） 一年内行业相对大盘走势 1、轻工纺服行业点评：中美贸易冲突暂缓，布局 优质低估出口——2025.05.12 2、轻工纺服行业周报：4 月出口仍显韧性，Q1 全球 AI 眼镜倍增——2025.05.11 3、轻工纺服行业周报：一季报家居营收环比改善， 个护景气延续——2025.05.05 诚信专业 发现价值 1 请务必阅读报告末页的声明 团队成员 分析师： 李宏鹏(S0210524050017) lhp30568@hfzq.com.cn 分析师： 李含稚(S0210524060005) lhz30597@hfzq.com.cn 相关报告 分析师声明 华福证券 行 业 动 态 跟 踪 卫生巾：4 月舆情事件影响逐步消退，抖音恢复快速增长。（1）天 猫平台 4 月卫生巾 GMV 同比+22%。重点本土品牌如奈丝公主 （+21%）、洁婷（+60%）、淘淘氧棉（+136%）增速较快；外资 品牌护舒宝（+17%）、高洁丝（+35%）增速较快。（2）抖音平台 4 月卫生巾 GMV ...

略研 策略点评报告 中美经贸谈判取得实质性进展彰显中国力量 投资要点: > 事件:当地时间5月10日至11日,中美双方在瑞士日内瓦举行经贸高 层会谈,会谈达成了一系列重要共识;5月12日,中美双方发表日内瓦经 贸会谈联合声明,共同修改或取消相关关税,并建立机制,继续就经贸关 系进行协商。 > 我们认为此次中美经贸谈判取得了实质性进展,体现了中国捍卫全球 自由贸易体系的坚强决心,也彰显了中国不断上升的国家力量。此前美国 滥征所谓"对等"关税后,中国是第一个反制所谓"对等"关税的国家, 团队成员 策略点评报告 2025年5月12日 果客点评报 通过此次经贸磋商中,中美双方进行的坦诚、深入、具有建设性的交流, 最终取得了实质性进展,达成了重要共识。这样的结果来之不易,有利于 中美双方,有利于全球经济,也有利于全球资本市场的稳定。 > 风险提示:美国后续关税承诺未兑现 相关报告 1、《历史上的供给侧改革,对市场影响几何?》 2024. 6.1 2、《黄金这轮回调会有多深?》 分析师 朱斌 执业证书编号:S0210522050001 邮箱:zb3762@hfzq.com.cn 2024. 5. 26 3、《继续聚焦"轻 ...

宏 观 研 究 华福证券 2025 年 05 月 12 日 关税缓和出口汇率趋升，提振内需迎来关键机遇 ——《中美日内瓦经贸会谈联合声明》点评 投资要点： 宏 观 点 评 中美日内瓦经贸会谈获得明显积极进展，美对华加征关税阶段性大幅下 降，且双方同意建立持续磋商机制。据今日刚刚公布的中美日内瓦经贸会谈联 合声明，中美两国政府就缓和当前的经贸紧张关系达成初步的一致观点，其中 美方承诺取消根据 2025 年 4 月 8 日第 14259 号行政令和 2025 年 4 月 9 日第 14266 号行政令对中国商品加征的共计 91%的关税，并将 4 月 2 日行政令中对 华加征 34%的所谓"对等关税"修改为"其中，24%的关税在初始的 90 天内 暂停实施，同时保留按该行政令的规定对这些商品加征剩余 10%的关税"。我 国也承诺对应降低关税反制措施强度。在大幅降低关税的基础上，双方将建立 机制，继续就经贸关系进行协商。这一明确的联合声明意味着本轮美国发起的 关税战迎来趋于缓和的明确拐点。 相关报告 1、提振消费，加大投放，疏通利率，稳定汇率— —货币政策执行报告（25Q1）解读——2025.05.10 2、核心 C ...

轻工制造 2025 年 05 月 12 日 行 业 研 究 轻工制造 中美贸易冲突暂缓，布局优质低估出口 投资要点： 风险提示：全球贸易政策风险、原材料价格大幅上涨风险。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 分析师： 李宏鹏(S0210524050017) lhp30568@hfzq.com.cn 分析师： 李含稚(S0210524060005) lhz30597@hfzq.com.cn 相关报告 1、轻工纺服行业周报：4 月出口仍显韧性，Q1 全球 AI 眼镜倍增——2025.05.11 2、轻工纺服行业周报：一季报家居营收环比改善， 个护景气延续——2025.05.05 3、轻工纺服行业周报：菲莫 Q1 无烟产品贡献显 著，个护龙头势能向上——2025.04.27 诚信专业 发现价值 2 请务必阅读报告末页的重要声明 诚信专业 发现价值 1 请务必阅读报告末页的声明 华福证券 行 业 动 态 跟 踪 中美贸易谈判达成阶段性进展，美国对我国增量关税降至 30%。5 月 12 日中美发表贸易会谈声明，本次中美经贸高层会谈取得实质 性进展，大幅降低双边关税水平，双方承诺将于 2025 年 5 ...