[Table_Title2] 计算机行业跟踪 [Table_Summary] 稳定币与 RWA：区块链赋能金融的基石与桥梁 稳定币是与法定货币或资产锚定的加密货币，具备价格稳定和 区块链兼容性，广泛用于交易、结算和价值存储。主流模式包 括中心化储备型、超额抵押型和算法型稳定币。USDT 流动性强 但透明度受质疑，USDC 以合规和透明获得机构青睐，DAI 则通 过智能合约去中心化运作。稳定币在加密市场中起到"链上现 金"作用，是交易计价和流动性基础。RWA 通过区块链实现资产 通证化，将实体资产收益权上链，赋予其流动性与可编程性。 RWA 依托智能合约、分布式账本与合规结构，有望重塑传统金融 交易方式。稳定币为 RWA 交易提供了价格锚定、流动性支持和 跨境支付能力，是其代币化交易的关键桥梁。我们认为，随着 全球监管框架逐步完善，稳定币与 RWA 将深度融合，成为金融 市场关键基础设施。稳定币的合规性和可编程性将推动 RWA 在 绿色金融、供应链金融等领域实现自动化和全球化，助力传统 资产实现"链上流动、全球配置"的数字金融新格局。 中国香港立法稳定币，RWA 代币化进入金融创新舞台 2025 年 5 月，中 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown resilience in its direct sales channels and is focusing on new product development and channel expansion [7][8] - The company experienced a decline in revenue and net profit in FY24, but there are signs of recovery in Q1 FY25 [2][3] - The company is expected to benefit from the recovery of the restaurant market and its expansion efforts [8] Revenue and Profit Summary - In FY24, the company achieved revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 84 million yuan, down 37.67% year-on-year [2] - In Q4 FY24, revenue was 504 million yuan, a decline of 11.93% year-on-year, with net profit dropping to 2 million yuan, down 94.65% year-on-year [2] - In Q1 FY25, revenue was 470 million yuan, an increase of 1.5% year-on-year, while net profit was 21 million yuan, down 37.98% year-on-year [2] Product and Channel Performance - In FY24, revenue from various product categories was as follows: staple foods (914 million yuan, -6.88%), snacks (439 million yuan, -13.79%), baked goods (365 million yuan, flat), and frozen prepared dishes (142 million yuan, +273.39%) [3] - Direct sales revenue in FY24 was 809 million yuan, up 4.39% year-on-year, while distribution revenue was 1.051 billion yuan, down 6.03% year-on-year [3] Cost and Profitability Analysis - The company's gross margin for FY24 was 23.66%, a slight decrease from the previous year, primarily due to price adjustments in staple and snack products [4] - The company faced increased selling and administrative expenses, with the selling expense ratio rising to 5.40% in FY24 [5] - The net profit margin for FY24 was 4.48%, down 2.58 percentage points year-on-year, reflecting pressure from gross margin and increased expenses [6] Future Outlook - The company plans to invest in R&D and production resources for baked goods and frozen prepared dishes, aiming to expand its product line and sales channels [7][11] - The company is also exploring C-end business opportunities and enhancing brand building to ensure stable growth [11] - Revenue forecasts for 2025 and 2026 have been adjusted to 2.030 billion yuan and 2.231 billion yuan, respectively, with EPS estimates revised to 0.97 yuan and 1.07 yuan [9]

Investment Rating - Industry Rating: Recommended [3] Core Insights - Nvidia's data center business achieved revenue of $39.11 billion in Q1 FY2026, a year-on-year increase of 73.3%, driven primarily by the Blackwell product line [1][11] - The demand for AI computing power continues to rise globally, making the computing power leasing industry a market focus, with CoreWeave's stock rising by 13.26% over five trading days [2][32] - The recent U.S. export restrictions on the H20 chip have led to a decrease in demand from Chinese customers, resulting in Nvidia incurring $4.5 billion in costs due to excess inventory and procurement obligations [1][26] Summary by Sections Nvidia's Q1 Financial Report - Nvidia reported a revenue of $44.06 billion for Q1 FY2026, meeting expectations, with a gross margin of 60.5%, impacted by a $4.5 billion inventory write-down related to the H20 chip [14][23] - The company expects revenue to continue to rise, projecting $45 billion for Q2 FY2026, despite the impact of the H20 chip ban [29][27] CoreWeave and Computing Power Leasing - CoreWeave, specializing in high-performance GPU cloud leasing services for AI training and inference, has seen significant stock performance due to its strategic partnership with Nvidia [2][33] - Major internet companies like Alibaba and Tencent are increasing their capital expenditures significantly, with Alibaba planning to invest over 380 billion RMB in cloud and AI hardware infrastructure over the next three years [12][48] Investment Recommendations - Beneficiary stocks in the computing power leasing sector include Youfang Technology, Hongjing Technology, and Xiechuang Data; in AI power: Zhongheng Electric, Maigemi, and Weiergao; in AI chips: Cambrian, Haiguang Information, and Chipone; in IDC: Runze Technology, Runjian Shares, and Dawi Technology [4][56]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The growth rate of second - hand housing transactions has slowed down, with the year - on - year growth rate in May returning to the level before the "9·24" policy. New housing transactions showed a mixed performance, with some cities improving and others continuing to decline [1][2][4] Summary by Directory 1. Weekly Transaction Data Second - hand Housing - The weekly transaction volume of second - hand housing in 15 cities decreased by 8% week - on - week from May 23 - 29, after a 4% increase the previous week. The decline was greater than seasonal patterns and those of the same period in 2023 and 2024. By city tier, first, second, and third - tier cities saw declines of 2.1%, 14.5%, and 0.5% respectively [1] - In first - tier cities, Shenzhen and Shanghai decreased by 18.8% and 1.9% respectively, while Beijing increased by 5.3%. In second - tier cities, Chengdu had a large decline of 25%, and some cities like Hangzhou, Suzhou, Xiamen, and Nanning had declines between 1% - 11%, while Qingdao increased by 7.7% [1] New Housing - The weekly transaction volume of new housing in 38 cities increased by 9% week - on - week from May 23 - 29, following a 4% increase the previous week. However, the growth rate was weaker than that of the same period in 2024 but the same as in 2023. By city tier, first - tier cities' new housing transactions turned from decline to growth, and second and third - tier cities continued to grow, with increases of 9%, 10%, and 8% respectively [2] - In first - tier cities, Shanghai, Guangzhou, Beijing, and Shenzhen increased by 13%, 11%, 2%, and 1% respectively. In second - tier cities, Wuhan and Hangzhou had large increases of 78% and 70% respectively, while Chengdu, Qingdao, and Nanning decreased by 18%, 15%, and 8% respectively [2] 2. Monthly Transaction Data Second - hand Housing - From May 1 - 29, the transaction area of second - hand housing in 15 cities increased by 8% year - on - year, significantly slower than in March and April (38% and 20% respectively). The current year - on - year growth rate has dropped to the level before the "9·24" policy, the lowest since October 2024 [2] - In Beijing, Shanghai, and Shenzhen, second - hand housing increased by 19% year - on - year from May 1 - 29, lower than the 31% and 45% in April and March. Second and third - tier cities also showed a similar slow - down trend, with second - tier cities increasing only 2% and third - tier cities 2% year - on - year from May 1 - 29, much lower than previous months [2][3] New Housing - From May 1 - 29, the transaction area of new housing in 38 cities decreased by 6% year - on - year, an improvement from the 13% decline in April but still worse than the 1% growth in March [4] - First - tier cities showed signs of recovery, with an 8% year - on - year increase, an improvement from - 12% in April and similar to March. Second - tier cities continued to weaken, with a 16% year - on - year decline, a larger drop than in April and March. Third - tier cities were relatively stable, with a slight 2% year - on - year decline, better than - 17% in April but worse than the 5% growth in March [4] 3. Key City Observations First - tier Cities - From May 23 - 29, in first - tier cities, second - hand housing transaction volume decreased by 2.1% week - on - week, and new housing increased by 9% week - on - week [18][19] - For second - hand housing, excluding Guangzhou (no data), Beijing, Shanghai, and Shenzhen decreased by 2.1% week - on - week. Shenzhen and Shanghai decreased by 18.8% and 1.9% respectively, while Beijing increased by 5.3%. Compared with last year's high, Beijing and Shanghai were at 74% and 78% respectively, and Shenzhen at 54%. Year - on - week, all three cities increased, and year - on - month from May 1 - 29, they also increased but with lower growth rates than in April [18] - For new housing, Shanghai, Guangzhou, Beijing, and Shenzhen increased by 13%, 11%, 2%, and 1% respectively week - on - week. Compared with last year's high, all four cities were at lower levels (29% - 52%). Year - on - week, all four cities increased, and year - on - month from May 1 - 29, Beijing and Shenzhen decreased, while Guangzhou and Shanghai increased, with Beijing, Shanghai, and Guangzhou performing better than in April [19] Other Key Cities - In Hangzhou, second - hand housing decreased by 1.5% and new housing increased by 70% week - on - week from May 23 - 29, equivalent to 68% and 24% of the 2024 high respectively [19] - In Chengdu, second - hand housing decreased by 25% and new housing decreased by 18% week - on - week from May 23 - 29, equivalent to 58% and 56% of the 2024 high respectively [19] 4. Housing Price Observation - From May 19 - 25, the weekly listing prices of second - hand housing in Beijing, Shanghai, and Shenzhen decreased by 0.03%, 0.27%, and 0.24% respectively week - on - week. Compared with the week before the "924" policy last year, they decreased by 5.3%, 1.1%, and 4% respectively [43]

证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（0526-0530） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年6月1日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 资料来源： wind ，华西证券研究所 2 图表1：全球主要指数PE(TTM) 注：自2010年1月起，截至2025年5月30日 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 图表2、3：A股整体PE(TTM)、A股剔除金融和石油石化PE(TTM，剔除负值) 14.93 2010-01 2011-01 2012-01 2013-01 2014-01 ...

证券研究报告|行业点评报告 [Table_Date] 2025 年 05 月 31 日 [Table_Title] 保险业 2025 年 4 月保费点评：寿险保费高 增，财险经营稳健 [Table_Title2] 保险Ⅱ 行业评级: 推荐 [Table_Summary] 分析与判断: ► 人身险：4 月寿险保费同比+16.8%，拉动前 4 月人身险保费增速由负转正 2025 年 1-4 月人身险公司原保费收入 19,469 亿元，同比+1.3%。其中寿险/意外险/健康险原保费收入分别 为 16,061/153/3,255 亿元，分别同比+1.2%/-4.9%/+2.4%。4 月单月，人身险公司原保费收入 2,879 亿元，同 比+11.7%，其中寿险/意外险/健康险原保费收入 2,229/36/614 亿元，分别同比+16.8%/-6.1%/-2.9%。4 月寿险 增速环比 2 月/3 月增速分别提升 9.0pp/5.4pp。2025 年 1-4 月保户投资款新增交费（以万能险为主）3,076 亿 元，同比-4.8%，其中 4 月单月同比+16.0%；1-4 月投连险独立账户新增交费 49 亿元，同比-0.6 ...

882 证券研究报告|行业研究周报 [Table_Title] 关税政策反复横跳，618 抢先购服装行业增长 强劲 [Table_Date] 2025 年 05 月 30 日 ► 主要观点： [Table_Summary] 5 月 16 日晚 8 点，天猫淘宝 618 开卖，截止 5 月 26 日 天猫快消、服饰、运动户外、宠物、家享生活、汽车、企业 服务等多个行业 618 抢先购全周期成交榜发布。官方披露的 战报显示，抢先购期间天猫服饰行业增长强劲，优衣库、 UR、蕉下等多个品牌成交破亿，近 345 个品牌成交破千万， 近 3090 个品牌成交破百万，此外，约有 1088 个品牌成交同 比超过500%：1）天猫服饰TOP3分别为优衣库、UR、蕉下； 2）女装销售 TOP3 分别为优衣库、UR、ZARA；3）男装销售 TOP3 分别为优衣库、海澜之家、HAZZYS；4）男女鞋销售 TOP3 分别为 crocs、百丽、staccato；5)内衣销售 TOP3 分 别为 ubras、维秘、蕉内；6）运动户外销售 TOP3 分别为 FILA、NIKE、Lululemon；7)箱包服配销售 TOP3 分别为 coac ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 31 [Table_Title] PTANTAM TBK 2025Q1 镍铁产/销量分别环比减 少 6%/38%至 4,498 吨/4,839 吨，镍矿石产/销量分 别环比增长 75%/45%至 463 万吨/383 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 分业务产销情况 1、镍铁 2025Q1，ANTAM 镍铁产量为 4,498 吨，同比减少 6%， 环比减少 7%。 2025Q1，ANTAM 镍铁销量为 4,839 吨，环比减少 38%， 2024 年同期未进行销售。 2、镍矿 2025Q1，ANTAM 镍矿石产量为 463 万湿吨，同比增长 221%，环比增长 75%。 2025Q1，ANTAM 镍矿石销量为 383 万湿公吨，同比增 长了 281%，环比增长 45%。 3、黄金 2025Q1，ANTAM 铝土矿产量为 653,781 湿吨，同比增长 328%，环比减少 6%。 2025Q1，ANTAM 铝土矿销量为 544,750 湿吨，环比减少 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 05 月 31 日 [Table_Title] 5 月 PMI 修复，内外需的线索 5 月 31 日， 统计局发布 5 月 PMI。制造业 PMI 49.5%，预期 49.5%，前值 49.0%；非制造业 PMI 50.3%，前值 50.4%。重点关注以下几个方面： 第一，制造业 PMI 反弹超出往年同期规律。由于 PMI 数据已进行季节性调整，其走势受季节性规律影响不 大。不过自 2019 年以来，除 2022 之外，5 月制造业 PMI 均低于 4 月，平均低 0.5 个百分点。这背后或是一季 度经济开门红之后，二季度的 4-5 月出现了阶梯式小幅放缓。而今年 5 月制造业 PMI逆势反弹 0.5 个百分点。拆 分来看，生产和新订单分别反弹 0.9、0.6 个百分点，分别拉动制造业 PMI 约 0.23、0.18 个百分点，从业人员、 供应商配送时间和原材料库存三个分项合计拉动 0.11 个百分点。 第二，出口订单反弹，不过尚未恢复到一季度的水平。5 月制造业新出口订单反弹 2.8 个百分点至 47.5%， 4 月时下滑 4.3 个百分点 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 31 [Table_Title] PTANTAM TBK 2025Q1 镍铁产/销量分别环比减 少 6%/38%至 4,498 吨/4,839 吨，镍矿石产/销量分 别环比增长 75%/45%至 463 万吨/383 万吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 分业务产销情况 1、镍铁 2025Q1，ANTAM 镍铁产量为 4,498 吨，同比减少 6%， 环比减少 7%。 2025Q1，ANTAM 镍铁销量为 4,839 吨，环比减少 38%， 2024 年同期未进行销售。 2、镍矿 2025Q1，ANTAM 镍矿石产量为 463 万湿吨，同比增长 221%，环比增长 75%。 2025Q1，ANTAM 镍矿石销量为 383 万湿公吨，同比增 长了 281%，环比增长 45%。 3、黄金 2025Q1，ANTAM 矿产金产量达到 230 公斤（7,395 金衡 盎司），较 2024Q1 的 166 公斤（5,337 金衡盎司）增长 39%， 环比减少 16。 ...