Market Review - Global major stock indices mostly retreated this week, with the US, France, Japan, and South Korea leading the decline. The US assets faced a "triple hit" from stocks, bonds, and currencies. The yield on overseas long-term bonds mostly rose, with 30-year Japanese, US, and German bond yields increasing further, leading to heightened market risk aversion. The A-share market saw a volume contraction and rapid rotation of themes, with some funds cashing out from small-cap stocks while dividend stocks showed resilience. Among major A-share indices, the dividend index slightly rose, while the CSI 2000 and STAR 50 indices experienced the largest declines. In commodities, gold prices rose while energy prices fell, and domestic coking coal prices continued to hit new lows. In the foreign exchange market, the US dollar index fell below 100, leading to appreciation of non-US currencies [1][2]. Market Outlook - Class-balanced funds are expected to support the stable operation of A-shares. Recent global risk aversion has risen due to the fluctuating US tariff policies and rising overseas long-term bond yields, which may indirectly affect A-share sentiment. Meanwhile, China's regulatory authorities have repeatedly expressed their commitment to safeguarding stock market risk preferences. Subsequent inflows from social security, insurance, and pension funds are expected to continue, forming a virtuous cycle with A-shares showing stability and gradual growth. Structurally, since early April, the trading congestion in small-cap stocks has significantly increased, necessitating attention to the volatility effects brought by crowded positions. Key areas of focus in the market include: - Industry allocation should be balanced, with recommendations to pay attention to gold, new consumption, AI applications (software and hardware), and innovative pharmaceuticals. Thematic investments should focus on military industry, self-control, and mergers and acquisitions [2][4]. Analysis of Overseas Factors - The repeated fluctuations in US tariff policies and rising overseas long-term bond yields have led to a resurgence of global risk aversion. On May 23, Trump indicated that negotiations with the EU were "making no progress," suggesting a 50% tariff on EU goods starting June 1, which caused significant declines in US and European stock markets. The uncertainty surrounding tariff policies remains a critical factor suppressing risk appetite. In the overseas bond market, Moody's downgraded the US sovereign credit rating, and the auction results for Japanese and US bonds were below expectations, raising investor concerns about the sustainability of debt in developed economies, leading to a general pullback in risk assets [4]. A-share Risk Premium and Market Dynamics - The risk premium of A-shares has returned to pre-tariff shock levels, indicating that further improvement in risk appetite requires support from fundamental expectations. This week, the risk premium of the CSI 300 index (1/PE - 10-year Chinese government bond yield) fell to 6.2%, reflecting that the impact of tariffs on market sentiment has largely been repaired. Future improvements in risk appetite will need verification from economic fundamentals or sustained macro policies. April's economic data showed strong export growth supported by re-exports, but domestic real estate sales and second-hand housing prices remained weak, with new credit also falling short of market expectations, indicating that insufficient domestic demand remains a primary constraint. Since the Central Political Bureau meeting on April 25, which proposed "four stability" goals, various ministries have introduced policies to stabilize employment and the economy, including interest rate cuts, stabilizing the real estate market, stock market, and foreign trade, as well as supporting the private economy. The implementation of these incremental policies is expected to boost domestic demand and improve consumer confidence, countering uncertainties from external environmental changes with the certainty of high-quality development [4]. Fund Flows and Market Sentiment - Since May, the inflow of incremental funds into the market has slowed marginally, with some previous concentrated small-cap funds experiencing profit-taking sentiment. As the risk premium of A-shares has recovered to pre-tariff shock levels, the marginal inflow of funds has slowed: the issuance scale of equity funds in May has decreased compared to April; the net subscription amount of ETFs in April was 183.5 billion yuan, while it has turned into a net redemption of 53.7 billion yuan in May; and the net buying amount of financing funds has also shown a slowdown in recent weeks. The A-share market has seen reduced trading volume, with rapid rotation of thematic concepts. The trading volume of the Wind Micro-cap Index and the CSI 2000 accounted for 2.7% and 33.3% of total A-share trading volume this week, respectively, reaching the 99.2% and 99.8% percentiles since 2021, indicating significant congestion in small-cap trading since the recovery trend began in early April, necessitating attention to the impact of profit-taking funds flowing out [4]. Regulatory Support and Market Stability - Regulatory voices have emphasized stabilizing the stock market and expectations, with class-balanced funds supporting the bottom range of the market. On May 19, the vice chairman of the China Securities Regulatory Commission stated at the 2025 Global Investor Conference that since the beginning of the year, social security, insurance, and pension funds have cumulatively net bought over 200 billion yuan of A-shares, reflecting a virtuous cycle of accelerated inflow of long-term funds and stable growth in the stock market. In terms of insurance capital entering the market, the Financial Regulatory Administration indicated that it will approve a third batch of 600 billion yuan for long-term investment reform trials, adding to the previous two batches, totaling 222 billion yuan. According to prior estimates, since 2022, the proportion of insurance funds holding A-shares has been on the rise, with a quarter-on-quarter increase of 3.57 percentage points in the first quarter of this year. Looking ahead, the entry of "national teams," insurance funds, and social security into the market will strongly support the bottom range, aiding A-shares in maintaining stability and gradual growth [4].

证券研究报告|宏观研究报告 [Table_Date] 2025 年 05 月 25 日 [Table_Title] 结构风险，右侧博弈 [Table_Title2] 类权益周报 [Table_Summary] ► 行情回顾：小微盘压力有所显现 ► 策略：若指数继续调整，把握博弈机会 以史为鉴，当小微盘相对拥挤的风险释放之后，指数大概率 持续回升。近年来三段小微盘拥挤的调整之后（2023 年末- 2024 年初、2024 年末-2025 年初和 2025 年 3-4 月），其行情 均迎来显著修复。 展望后续行情，在本轮行情继续调整的情况下，若外部压力 增大，指数可能会加速回落。同时，稳市预期&政策预期升 温，为行情提供支撑，"国家队"实际稳市行为或较快推动行 情企稳回升。若外部压力并未明显增大，同时政策或产业出 现亮点，行情可能在温和下跌后企稳。 关于如何参与修复行情，我们认为博弈反弹或是相对稳健的 方法。从历史三段行情来看，中证 2000 企稳后的修复行情持 续天数分别为 27、40 和 27，对应涨幅分别为 37.56%、23.14% 和 19.02%。若滞后 3 日参与反弹行情，平均收益能够达到 18.3 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The real - estate market shows a mixed performance. Second - hand housing transactions in 15 cities have a month - on - month increase but a year - on - year slowdown, and new housing transactions in 38 cities also have a month - on - month increase with a narrowing year - on - year decline. Different city tiers and individual cities have different trends in both second - hand and new housing transactions [1][2]. Summary by Related Catalogs Second - hand Housing Transactions - **Overall Situation**: In the week of May 16 - 22, the transaction area of second - hand housing in 15 cities was 2.55 million square meters, with a month - on - month increase of about 4%, but the year - on - year growth rate was lower than that in March and April. The month - on - month growth rate was better than that of the same period last year and 2023 [1]. - **City - tier Analysis**: First - tier cities had a month - on - month decline of 1.2%, while second - and third - tier cities had month - on - month increases of 7.3% and 9.0% respectively. Year - on - year, all three tiers of cities had growth, but the growth rates were narrower than those in March and April [1][2]. - **Individual City Analysis**: In first - tier cities, Beijing and Shanghai had month - on - month declines of 2.3% and 2.0% respectively, while Shenzhen had a 3.8% increase. In second - tier cities, Chengdu had a large increase of 10.7%, and cities like Qingdao, Hangzhou, etc. had increases between 1% - 6% [1]. New Housing Transactions - **Overall Situation**: In the week of May 16 - 22, the transaction area of new housing in 38 cities was 2.84 million square meters, with a month - on - month increase of about 4%. The year - on - year decline was narrowing [2]. - **City - tier Analysis**: First, second, and third - tier cities all had month - on - month increases in new housing transactions, with increases of 10%, 6%, and 14% respectively. Year - on - year, first - and second - tier cities still had declines, while third - tier cities had a 12.8% growth [2]. - **Individual City Analysis**: In first - tier cities, Beijing, Shenzhen, and Shanghai had month - on - month increases of 23%, 19%, and 2% respectively. In second - tier cities, Chengdu and Qingdao had large increases, while Hangzhou and Jinan had declines [2]. Beijing, Shanghai, and Shenzhen Observation - **Second - hand Housing**: From May 16 - 22, the week - on - week transaction area of second - hand housing in Beijing, Shanghai, and Shenzhen decreased by 1%. Beijing and Shanghai both decreased by 2%, while Shenzhen increased by 4%. Year - on - week and year - on - month, all three cities had growth [16]. - **New Housing**: From May 16 - 22, the week - on - week transaction area of new housing in Beijing, Shanghai, and Shenzhen increased by 10%. Beijing, Shanghai, and Shenzhen had increases of 23%, 2%, and 19% respectively. The comparison with last year's high - point and year - on - week and year - on - month data showed different trends [16]. Hangzhou and Chengdu Observation - **Hangzhou**: The week - on - week transaction area of second - hand housing increased by 1%, and that of new housing decreased by 22% in the week of May 16 - 22, equivalent to 69% and 14% of the 2024 high - point respectively [17]. - **Chengdu**: The week - on - week transaction area of second - hand housing increased by 11% and that of new housing increased by 20% compared with the pre - holiday week, equivalent to 77% and 68% of the 2024 high - point respectively [17]. Housing Price Observation From May 12 - 18, the week - on - week listing prices of second - hand housing in Beijing, Shanghai, and Shenzhen decreased by 0.42%, 0.19%, and 0.51% respectively. Compared with the week before the "924" policy last year, the listing prices of second - hand housing in these three cities still decreased [40].

证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 25 日 本周沪锡价格小幅下跌，Bisie 首批锡精矿已 进入物流环节 [Table_Title2] 有色-能源金属行业周报 ►本周锑锭价格环比下跌，海外锑价维持历史高位 评级及分析师信息 [Table_IndustryRank] 行业评级：推荐 [Table_Pic] 行业走势图 -20% -12% -5% 2% 9% 16% 2023/09 2023/12 2024/03 2024/06 2024/09 有色金属 沪深300 [Table_Author] 分析师：晏溶 邮箱：yanrong@hx168.com.cn SACNO：S1120519100004 分析师：熊颖 邮箱：xiongying1@hx168.com.cn SACNO：S1120524120001 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，沪镍持续去库 截止到 5 月 23 日，LME 镍现货结算价报收 15,205.00 美 元/吨，较 5 月 16 日下跌 1.49%，LME 镍总库存为 198,636.00 吨，较 5 月 16 日 ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights & Investment Recommendations - Trade uncertainties have resurfaced, with President Trump threatening a 50% tariff on EU imports, which may disrupt market risk appetite temporarily. However, China's core assets still hold low-positioning value due to domestic demand resilience, industrial chain upgrades, and policy support [2][25] - OpenAI's acquisition of the AI hardware startup io for $6.5 billion marks its entry into the hardware sector, indicating a strategic shift from a "pure software ecosystem" to an "end-side closed-loop" strategy. This move is expected to lower the technical usage threshold and accelerate the commercialization of AI applications in consumer scenarios [2][25] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumption promotion and employment stability; 2) The gaming industry, which is expected to see growth due to policy incentives and technological empowerment; 3) The film and cultural tourism industry, which will benefit from consumption policies promoting cinema recovery [3][26] Industry Data - The top three films at the box office are "Dumpling Queen" with 31.83 million yuan (21.10% market share), "Hunting Gold: Game" with 29.16 million yuan (19.40% market share), and "Life Opens the Door" with 25.13 million yuan (16.70% market share) [4][63]

证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 24 日 [Table_Title] 资本市场服务科技创新的政策举措密集出 台；险资长投改革试点规模继续扩容 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 5.18-2025. 5.24）A 股日均交易额 11,8 70 亿元，环比减少 4.9%，同比增加 36 .0%。20 25 年二季度至今 日均成交额 12,4 47 亿元,较 2024 年二季度日均交易额增加 50.2%。202 5 年至今日均成交额 14,17 6 亿元,较 2024 年日均 交易额增加 62.7 %。投行：本周发行新股 2 家，募集资金 46.7 亿元；本周上市新股 2 家，募集资金 15. 5 亿元。202 5 年至今，A 股 IPO 上市 42 家，募集金额 2 76.0 亿元。2 024 年，A 股 IPO 上市 100 家，募集金额 673.5 亿元。两融：截至 2025 年 5 月 22 日，两市两融余额 18,089.97 亿元，环比增加 0.03%，较 20 24 年日均水平增加 1 ...

Investment Rating - The industry is rated as "Recommended" [5] Core Views - The macroeconomic sentiment has weakened, leading to a resurgence in gold prices, with COMEX gold rising 4.75% to $3,357.70 per ounce and SHFE gold increasing 3.76% to ¥780.10 per gram [1][27] - The U.S. economic uncertainty and global trade dynamics are prompting investors to shift towards safe-haven assets like gold and silver, with expectations of continued price appreciation [3][48] - The ongoing U.S.-EU tariff tensions and the recent U.S. debt auction results have contributed to the volatility in the market, reinforcing the attractiveness of precious metals [3][47] Summary by Sections Precious Metals - Gold and silver prices have increased significantly, with COMEX gold up 4.75% and SHFE gold up 3.76% [1][27] - The gold-silver ratio has risen by 0.99% to 99.81, indicating a stronger performance of gold relative to silver [27] - SPDR Gold ETF holdings increased by 119,821.97 troy ounces, while SLV Silver ETF holdings rose by 9,728,859.30 ounces [27] Base Metals - In the LME market, copper prices rose by 1.76% to $9,614.00 per ton, while aluminum fell by 0.62% to $2,466.00 per ton [52] - SHFE copper prices decreased by 0.45% to ¥77,790.00 per ton, while aluminum prices increased by 0.12% to ¥20,155.00 per ton [52] - The overall sentiment in the base metals market remains mixed, with supply concerns and fluctuating demand impacting prices [7][52] Small Metals - The price of magnesium has increased by 0.11% to ¥18,780 per ton, reflecting strong pricing power among manufacturers [14] - Molybdenum and vanadium prices have shown slight increases, with molybdenum iron at ¥227,500 per ton [15] - The market for small metals is currently stable, with limited price fluctuations observed [15][80]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the next six months [27]. Core Insights - The company produced 150,000 pounds of U3O8 in Q1 2025 and plans to produce 1,000,000 pounds of finished U3O8 by the end of 2025 [1][8]. - The company has adjusted its uranium sales guidance for 2025, with a commitment to deliver 250,000 pounds of U3O8 to a major U.S. utility [3][9]. - The current spot price for U3O8 is $70.00 per pound, while the long-term price is $80.00 per pound [4]. - The company holds a total inventory of 1,310,000 pounds of U3O8 as of March 31, 2025, which includes finished goods and raw materials [5]. - The company expects to process approximately 700,000 to 1,000,000 pounds of U3O8 in 2025, a significant increase from previous guidance [22]. Summary by Sections Uranium Business - The company purchased 50,000 pounds of U3O8 at $64.75 per pound, anticipating future price increases [2]. - The company mined 15,000 pounds of U3O8 from stored alternative materials and newly mined ore in Q1 2025 [2]. - The company has increased its uranium mining guidance for 2025 based on higher-grade ore extraction from the Pinyon Plain mine [6][14]. - The company plans to continue mining and storing uranium at its Pinyon Plain, La Sal, and Pandora mines, expecting to produce between 55,000 to 80,000 tons of ore by 2025 [8]. Rare Earth Business - The company has successfully separated approximately 37 tons of praseodymium and neodymium oxide from its new rare earth element separation circuit [12]. - The company is developing technology for large-scale production of various rare earth oxides and plans to expand its separation facilities by 2028 [12][15]. Heavy Mineral Sands - In Q1 2025, the company sold 6,836 tons of ilmenite, 12,852 tons of titanium iron ore, and 1,429 tons of zircon, generating total revenue of $15.54 million [16]. Financial Performance - The company reported revenues of $16.898 million in Q1 2025, a decrease of 33.5% year-over-year, primarily due to no uranium sales during the quarter [20]. - The company recorded a net loss of $26.3 million in Q1 2025, attributed to increased mining activities and operational costs [20]. - As of Q1 2025, the company has $214.61 million in working capital, including $73 million in cash and cash equivalents [21].

[Table_Title] 银行负债端仍有压力 [Table_Title2] 流动性跟踪 [Table_Summary] ►概况：央行加力呵护流动性，资金利率先下后上 5 月 19-23 日，经历前一周五（16 日）的资金波动后，央行投放力度明显提 升。央行逆回购净投放 4600 亿元，与此同时，央行还开展 2400 亿元的国库现金定 存投放，以及 3750 亿元 MLF 净投放。 在央行加码流动性投放的背景下，资金面延续渐进修复趋势，不过在税期走款 首日边际收紧。周一至周四（19-22 日）资金价格逐步下台阶，隔夜利率由上周五 的 1.6%水平修复至 1.4%-1.5%区间，7 天资金价格同样降至 1.5%水平。周五（23 日）在特别国债发行和税期走款首日的影响下，资金面边际收敛，DR001、R001 单日均上行 9bp，分别至 1.57%、1.61%，7 天资金利率同样抬升，DR007、R007 分别升至 1.59%、1.63%。 ►展望：季节性因素影响或占上峰，资金面还需依赖央行呵护 近两周，1年期 Shibor 利率再度下探1.67%的年内低点，之后在1.67%-1.68% 区间窄幅震荡，继续下行动力 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the next six months [4]. Core Insights - The report highlights a significant increase in the production and sales of rare earth concentrates and NdPr products, indicating strong operational performance despite a decrease in sales volume for rare earth concentrates [1][2]. - Financial performance shows a 25% year-on-year revenue growth, driven by increased production of separated products, although adjusted EBITDA has declined due to rising sales costs [3][5]. Summary by Sections Production and Sales Performance - In Q1 2025, rare earth concentrate production reached 12,213 tons, a 10% increase year-on-year, while sales decreased by 33% to 6,264 tons [1]. - NdPr production surged by 330% year-on-year to 563 tons, with sales increasing by 246% to 464 tons [2]. Financial Performance - Revenue for Q1 2025 was $60.81 million, reflecting a 25% increase compared to the previous year, primarily due to higher sales of separated products [3]. - Adjusted EBITDA decreased by $1.5 million to -$2.7 million, attributed to rising sales costs and administrative expenses [3][5]. Business Segment Performance - The materials segment reported a 14% revenue increase to $55.62 million, driven by a significant rise in NdPr sales, although the average price per kg fell by 16% [6][10]. - The magnetic materials segment generated $5.19 million in revenue, marking the first sales of precursor products, which contributed to a positive EBITDA of $0.49 million [8].