行业相对表现 表现 1M 3M 12M 食品饮料(申万) 0.4 5.8 -7.0 沪深 300 2.5 -1.1 7.8 市场表现 -30 -20 -10 0 10 20 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 2025 年 05 月 25 日 茅台定海神针稳，新消费延续高景气度 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 1、《食品饮料行业周报：关注茅台 股东大会，小食品持续向好》2025- 05-19 2、《食品饮料行业周报：降息"靴 子落地"，利好市场情绪提振》 2025-05-11 3、《食品饮料行业周报：年报季顺 利收官，五一白酒需求符合预期》 2025-05-06 ▌ 一周新闻速递 行业新闻：1）贵州公示 6.6 亿元酒类投资项目；2） 1-4 月 贵州酒饮茶工业增加值增长 4.7%；3） 1-4 月葡萄酒进口额 增长超 26%； 公司新闻 ...

2025 年 05 月 25 日 茅台定海神针稳，新消费延续高景气度 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 食品饮料(申万) 0.4 5.8 -7.0 沪深 300 2.5 -1.1 7.8 市场表现 -30 -20 -10 0 10 20 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：关注茅台 股东大会，小食品持续向好》2025- 05-19 2、《食品饮料行业周报：降息"靴 子落地"，利好市场情绪提振》 2025-05-11 3、《食品饮料行业周报：年报季顺 利收官，五一白酒需求符合预期》 2025-05-06 ▌ 一周新闻速递 行业新闻：1）贵州公示 6.6 亿元酒类投资项目；2） 1-4 月 贵州酒饮茶工业增加值增长 4.7%；3） 1-4 月葡萄酒进口额 增长超 26%； 公司新闻 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9] Core Views - The company has demonstrated consistent performance with significant revenue and profit growth driven by both internal and external factors [5][6] - The tourism market is recovering, and the company is focusing on its core business strategy of becoming a "leisure tourism destination" [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 147 million yuan, a decrease of 3% [5] - For Q1 2025, total revenue reached 212 million yuan, up 55% year-on-year, with a net profit of 31 million yuan, an increase of 159% [5] Investment Highlights - The company has enhanced its scale through asset acquisitions, leading to substantial increases in revenue and profit [6] - The gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins improving significantly in Q1 2025 due to new acquisitions and government subsidies [6] Market Strategy - The company is expanding its tourism projects, with visitor numbers increasing by 18% in 2024, and revenue from tourism services rising by 768% [7] - The company has successfully launched new tourism products and services, including luxury cruise offerings, and is exploring innovative business models [8] Earnings Forecast - The company aims to maintain steady growth, with projected EPS of 0.33, 0.39, and 0.46 yuan for 2025, 2026, and 2027, respectively [9] - The expected revenue growth rates for 2025 to 2027 are 57.2%, 13.7%, and 13.3% [11]

2025 年 05 月 25 日 首推债券——资产配置周报 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：黄海澜 S1050523050002 huanghl@cfsc.com.cn 相关研究 1、《债券或逐步跌出交易机会—— 资产配置周报》2025-05-18 2、《5 月重回缩表——资产配置周 报》2025-05-11 3、《美国经济增速仍高于趋势水平 ——资产配置周报》2025-05-04 投资要点 ▌ 一、国家资产负债表分析 负债端。最新更新的数据显示，2025 年 3 月实体部门负债增 速录得 8.7%，前值 8.4%，符合我们之前的预期。预计 4 月实 体部门负债增速小幅反弹至 9.0%附近，以月末时点数衡量， 形成年内极值高点，5 月转而不再上升，后续重回缩表。按 照两会公布的财政计划，我们预计年底实体部门负债增速将 下降至 8%附近。金融部门方面，上周资金面边际上继续有所 收敛。2025 年政府工作报告中明确指出："使社会融资规 模、货币供应量增长同经济增长、价格总水平预期目标相匹 配"，这表明，稳定宏观杠杆率的大方向没有任何动摇，中 国仍然处于边 ...

—行业和风格因子跟踪报告 投资要点 ▌ 行业因子最新变动情况 2025 年 05 月 25 日 行业轮动因子指向内需和偏防御板块 上周大盘指数下破 3350，热点较少且无持续性。因子角度 来看资金流仍然聚焦于净买入口径，其次财报质量、估 值、短期分析师预期更有效。市场正处于热点匮乏时期， 出现新热点之前或将以主力资金净买入口径为主。动量反 转层面上期提及可以提前关注短期动量有效性的回升，本 期开始向二个月动量转移。财报质量因子继续偏向成长口 径，景气投资思路有效性继续小幅回升。 整体看行业轮动因子指向内需和防御板块：大盘成交金额 持续在 1.1 万亿以上，主题投资向上速度减缓，景气投资 反弹但反复，主力资金因子小幅回调，本期主力资金因子 行业选择农林牧渔、医药、非银行金融、有色金属、商贸 零售、消费者服务。长期分析师预期非银行金融、交通运 输、建材、消费者服务、家电、银行，空头无意义。短期 分析师预期指向非银行金融、消费者服务、钢铁、基础化 工、电力设备及新能源、机械。本期选择行业继续偏向内 需中的成长，继续关注低位消费短期反弹机会。 ▌ 定量行业推荐 基于权重分配，我们推荐内资主力资金流（25%）、细分因子 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9] Core Insights - The company has shown consistent performance with significant revenue and profit growth driven by both internal and external factors, including asset acquisitions and government subsidies [5][6][8] - The tourism market in China is recovering, and the company is focusing on its "leisure tourism destination" strategy, resulting in increased visitor numbers and revenue from its projects [7][8] Financial Performance Summary - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit of 147 million yuan, a decrease of 3%. The first quarter of 2025 saw total revenue of 212 million yuan, up 55%, and a net profit of 31 million yuan, up 159% [5][9] - The company's gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins of 18.44% and 18.12% [6][9] - The company expects steady growth in earnings per share (EPS) from 0.33 yuan in 2025 to 0.46 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 31 to 22 times [9][11] Revenue and Profit Forecast - The company anticipates a significant increase in revenue, projecting 1.36 billion yuan in 2025, a growth rate of 57.2%, and a net profit of 347 million yuan, reflecting a growth rate of 136.6% [11][12] - The report highlights a focus on expanding the tourism destination investment and operation business, aiming to create a unique cultural tourism model [8][9]

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][4][80] Core Viewpoints - The new energy vehicle industry is experiencing strong production and sales, with April 2025 figures showing production and sales of 1.251 million and 1.226 million units respectively, representing year-on-year growth of 43.8% and 44.2% [3][79] - The supply side is seeing continuous new product launches from battery and main engine manufacturers, while demand feedback remains positive, supported by ongoing policy initiatives [3][79] - The industry has undergone significant price declines, with capital expenditures contracting, leading to an improved supply-demand structure [3][79] - The report highlights that the core companies in the industry are currently valued at historical lows, presenting good investment opportunities [3][79] Summary by Sections Market Tracking - The new energy vehicle index has shown a year-to-date increase of 4.16%, while the lithium battery index has decreased by 1.51% [22] - The overall performance of the new energy vehicle sector remains strong despite fluctuations in individual stock performances [5][26] Lithium Battery Industry Price Tracking - Lithium carbonate prices are reported at 63,000 yuan per ton, down 2.3% from the previous week, while lithium hydroxide prices are at 64,700 yuan per ton, down 1.5% [33][42] - The report notes that cobalt prices have increased by approximately 40% year-to-date, while other materials have seen mixed price movements [30][31] Production and Sales Data Tracking - In April 2025, the total production and sales of new energy vehicles reached 1.251 million and 1.226 million units, respectively, with a year-on-year increase of 43.8% and 44.2% [53][54] - The report indicates that new energy vehicles accounted for 47.3% of total new car sales in April 2025 [53] Industry Dynamics - The report discusses the competitive landscape, highlighting that BYD has surpassed Tesla in European sales for the first time, with a year-on-year increase of 169% [71] - The introduction of new models, such as Xiaomi's high-performance SUV, is noted as a significant development in the market [70] Key Company Announcements - Wanrun New Energy has signed a supply agreement with CATL for lithium iron phosphate products, expected to total approximately 1.3231 million tons from 2025 to 2030 [74] - Zhejiang Rongtai plans to establish a wholly-owned subsidiary focused on motor and control system research and development [77]

证 券 研 究 报 告 行业周报 电动车产销两旺，看好预期差标的 新能源汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年05月25日 ◼ SAC编号：S1050521120002 投 资 要 点 电动车产销两旺。根据中汽协数据，2025年4月新能源汽车产销分别完成125.1万辆和122.6万辆，同比分别增长43.8%和 44.2%。2025年1-4月，新能源汽车产销分别完成442.9万辆和430万辆，同比分别增长48.3%和46.2%，表现强劲。供给端， 电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层面，产业链历经价格大幅下行，资本开支不断收缩， 供需格局不断优化，行业协会、产业链公司均在积极优化产能与供给，力争价格保障企业盈利。整体而言，产业链价格处于底 部，价格易涨难跌，需求端韧性强劲，调整带来布局良机，产业链核心公司估值处于历史低水平，看好产业链优质公司。 行业评级及投资策略： ◼ 分析师：黎江涛 政策持续呵护，供给端部分企业开始收缩资本开支，供需结构在边际优化，2025年产业链价格触底修复。继续优选有望贡献 超额收益方向，看好机器人、固态电池、电池材料α品种、液冷 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [3]. Core Insights - Significant transactions have occurred, enhancing the value of Best in Class (BIC) new drugs, particularly with the licensing agreement of SSGJ-707 between Sanofi and Pfizer, which includes a $1.25 billion upfront payment and potential milestone payments totaling $4.8 billion [5]. - The approval of the world's first influenza RNA polymerase PB2 protein inhibitor, Anladiwei tablets, provides a new treatment option for influenza resistance [6]. - The gout and hyperuricemia market presents substantial growth potential, with an expected increase in patients from 1.7 billion in 2020 to 2.4 billion by 2030 in China [8]. - The oral weight loss drug sector is seeing increased activity, with Novo Nordisk's collaboration with Septerna to develop oral small molecule drugs for obesity and type 2 diabetes, reflecting competitive pressures in the market [10]. - Chinese innovative drug companies are leading breakthroughs in CAR-T technology, with significant advancements expected in 2025 [12]. Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical sector outperformed the CSI 300 index by 1.96% over the past week, with a weekly increase of 1.78% [27]. - Over the past month, the pharmaceutical sector also outperformed the CSI 300 index by 1.74%, with a monthly increase of 4.26% [31]. 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical sector is 33.25, slightly above the five-year historical average of 32.64 [46]. 3. Recent Research Achievements - The report highlights various recent research achievements, including deep reports on the blood products industry and the impact of policies on inhalation preparations [49]. 4. Recent Industry Policies and News - Recent policy changes include a reduction in tariffs on U.S. imports, which may impact the pharmaceutical sector positively [52]. - Notable news includes the approval of several innovative drugs, such as Anladiwei tablets and the KRAS G12C inhibitor by Ailis, indicating a vibrant drug approval landscape [53][55]. 5. Key Company Recommendations - The report recommends several companies based on their market potential, including: - **Zhongsheng Pharmaceutical** for its innovative drug pipeline [15]. - **Yifang Biotechnology** for its technology platform [15]. - **Kejia Pharmaceutical** for its CAR-T technology advancements [15].

2025 年 05 月 25 日 债底保护价值凸显 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S1050524070001 yangfr@cfsc.com.cn 相关研究 1、《债券或逐步跌出交易机会—— 资产配置周报》2025-05-18 2、《5 月重回缩表——资产配置周 报》2025-05-11 3、《美国经济增速仍高于趋势水平 ——资产配置周报》2025-05-04 投资要点 ▌ 股债、转债市场回顾 上周权益市场震荡下跌，大小盘表现分化，热点杂乱快速轮 动。周初微盘股创历史新高，并购重组及 ST 股强势。资金或 短期压住低位消费股，大消费如食品、美容、宠物在周初经 济数据带动下走强，但周末领跌。周中开始，中小盘走弱， 权重股尤其是银行、保险逆势走强。特朗普提出"最惠国药 价"，全周创新药表现强势。此外，巴以冲突或升级，金价 大幅上涨，最高突破 3345 美元/盎司，贵金属股票涨幅居 前。港股表现强势，海外资金看好中国资产尤其是港股的性 价比，宁德时代上市首日涨 16%。A 债走势震荡，先后受大行 下调存款利率、央行 LPR 调降利好落地、国债密 ...