证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 06 月 30 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 联系人 魔芋消耗量稳步增长，下游需求旺盛拉动价格上涨。供给端来看，近年来我国魔芋 种植积呈减少趋势，根据魔芋园大数据平台，魔芋的种植面积从 2004 年的 73 万亩 稳步增长至 2020 年的 287 万亩高点，2021 年开始下降，降至 2024 年 242 万亩。 鲜魔芋和魔芋粉价格趋势向上，根据魔芋园大数据平台，鲜白魔芋价格从 2004 年的 1.3 元/斤上涨至 2024 年的 8.8 元/斤，价格中枢呈长期上行趋势。同时，魔芋精粉价 格稳步攀升，白魔芋粉有一定溢价。根据魔芋园大数据平台，白魔芋粉价格从 2002 年的 3.8 万元/吨上涨至 2024 年的 10.5 万元/吨，而花魔芋粉价格也从 2.6 万元/吨上 涨至 9.4 万元/吨。目前我国魔芋相关产业整体集中度较低，市场化 ...

证券研究报告 海外 行业定期报告 hyzqdatemark 2025 年 06 月 30 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 板块表现： 地缘暂歇流动性充裕,美股新高但不可盲目乐观 投资评级： 无 ——海外科技周报（25/6/23-25/6/27） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 海外 AI：近期核电产业链催化频现，核电需求预期持续上行。本周纽约州长宣布纽约将建造 15 年来美国首座 新的商业核电站，预计带动核燃料中长期需求增长。与此同时，SPUT 自融资 2 亿美元以来持续采购实物铀，自 融资以来累计买入 115 万磅 U3O8，带动现货铀价自 6 月 13 日的 69.75 美元/磅上涨至 6 月 27 日的 79.05 美元/ 磅。我们认为，政策驱动与金融力量共振，或推动铀价在短期内延续强势， ...

证券研究报告 传媒 行业定期报告 产品高频数据交易仍有效，关注 AI 应用多方向进度 投资评级： 看好（维持） ——传媒互联网行业周报（2025.6.23-2025.6.29） 投资要点： hyzqdatemark 2025 年 06 月 30 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 魏桢 weizhen@huayuanstock.com 本周观点：调整中继续把握优质新品强势表现带来的弹性交易机会，高频数据催化 交易仍有效，产品表现短期影响的是对公司业绩预期的动态调整，长期则是对公司 能力与价值的重新判断。此外，AI 应用侧产业进度值得观测，关注电商、直播、游 戏、视频、玩具、教育、陪伴等细分方向的代表产品数据变化，同时重视腾讯、阿 里巴巴、字节跳动等国内大厂在底层技术和产品侧的迭代。 联系人 板块表现： AI 应用方向：多方 ...

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The domestic siRNA therapy is accelerating, with a focus on YK Pharmaceuticals. siRNA (Small interfering RNA) shows significant potential in treating cardiovascular, metabolic, and cancer diseases due to its high specificity, short development time, and long-lasting efficacy [3][10][15] - The report emphasizes the importance of innovative drugs as a main theme for the year, while also highlighting opportunities in overseas markets and aging-related consumption [20][37] Summary by Sections Domestic siRNA Therapy - The report highlights the rapid rise of siRNA therapies in China, with 7 siRNA drugs approved globally, including Novartis' Leqvio (Inclisiran), which is projected to achieve sales of $754 million in 2024 [11][12] - Domestic companies are actively engaging in significant business development (BD) transactions in the siRNA field, with notable deals such as the $4.165 billion agreement between Boao Pharmaceutical and Novartis [15][19] - YK Pharmaceuticals is particularly noted for its comprehensive nucleic acid technology platform and ongoing clinical trials for its siRNA candidates targeting high cholesterol and hypertension [15][20] Industry Performance - From June 23 to June 27, the pharmaceutical index rose by 1.60%, with a total of 416 stocks increasing in value, while 71 stocks declined [5][20] - Key performers included innovative drug companies such as Shenzhou Cell and Haobio, while stocks like YK Pharmaceuticals experienced declines [5][21][22] Investment Recommendations - The report suggests focusing on innovative drugs and medical devices, particularly those with strong business development catalysts in the second half of the year [4][37] - Specific companies recommended for investment include Heng Rui Pharmaceutical, Keren Pharmaceutical, and Xinda Biopharmaceutical [4][42]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Multiple automakers and battery manufacturers, including BYD and CATL, have chosen the sulfide route for solid-state batteries. Iron-nickel current collectors may facilitate the mass production of sulfide solid-state batteries [3][10][12]. - The global composite current collector market is expected to reach nearly 30 billion yuan in 2025. Iron-based current collectors may emerge as a new route [3][16]. - From June 23 to June 27, 2025, most of the technology growth stocks on the Beijing Stock Exchange (BSE) rose, with a median increase of 7.38%. The weekly increase rates of the BSE 50, CSI 300, STAR 50, and ChiNext Index were 6.84%, 1.95%, 3.17%, and 5.69% respectively [3][36]. - In various industries on the BSE, the price-to-earnings ratio (P/E) and market value of enterprises have changed to different degrees. For example, the median P/E ratio of the automotive industry increased by 7.63% to 33.1X [3][40][57]. - Several companies have announced significant events, such as Qiangong Cable winning bids worth 831.24 million yuan from the State Grid, and Kaiter Co., Ltd. planning to invest in establishing Wuhan Kaiter Embodied Intelligent Equipment Co., Ltd. [3][67] 3. Summary According to the Table of Contents 3.1 Iron-nickel Current Collectors May Facilitate the Mass Production of Sulfide Solid-State Batteries - **Multiple Automakers and Battery Manufacturers Choose the Sulfide Route**: Solid-state battery technology can be divided into sulfide, oxide, and polymer routes. Many automakers and battery manufacturers have selected the sulfide route. For example, BYD and CATL are expected to achieve small-scale production of solid-state batteries in 2027 [10][12][15]. - **Expected Growth of the Global Composite Current Collector Market**: The global composite current collector market reached 1.8 billion yuan in 2023 and is expected to approach 30 billion yuan in 2025. Composite current collectors can improve the performance of power and energy storage batteries. Iron-based current collectors may be a new solution to address corrosion and expansion issues [3][16][28]. - **Solid-State Battery Industry Chain Enterprises on the BSE**: There are 13 solid-state battery industry chain enterprises on the BSE, including 7 on the material side and 6 on the equipment side [32]. 3.2 Total: Median Increase of 7.38% in the Stock Price of BSE Technology Growth Stocks - From June 23 to June 27, 2025, most of the technology growth stocks on the BSE rose, with a median increase of 7.38%. Among them, 141 companies (96%) increased. The top five gainers were Guangdao Digital (+48.68%), Tonghui Information (+44.14%), Guoyuan Technology (+43.37%), Liandi Information (+40.11%), and Xingchen Technology (+31.63%) [36]. 3.3 Industry: Median P/E Ratio of the Automotive Industry Increased by 7.63% to 33.1X - **Electronics Equipment Industry**: The median P/E ratio increased from 58.9X to 63.1X, and the total market value rose from 132.83 billion yuan to 143.88 billion yuan. The median market value increased from 23.5 billion yuan to 25.7 billion yuan. Xingchen Technology, Yabaoxuan, and Haineng Technology had the highest market value increases [40][41]. - **Machinery Equipment Industry**: The median P/E ratio decreased from 62.3X to 60.8X, and the total market value rose from 104.94 billion yuan to 109.27 billion yuan. The median market value increased from 21.6 billion yuan to 22.6 billion yuan. Youji Co., Ltd., Sanyou Technology, and Kunbo Seiko had the highest market value increases [45][47]. - **Information Technology Industry**: The median P/E ratio increased from 97.2X to 104.2X, and the total market value rose from 86.19 billion yuan to 96.84 billion yuan. The median market value increased from 25.8 billion yuan to 28.3 billion yuan. Guangdao Digital, Tonghui Information, and Guoyuan Technology had the highest market value increases [52][53]. - **Automotive Industry**: The median P/E ratio increased from 30.7X to 33.1X, and the total market value rose from 52.53 billion yuan to 56.29 billion yuan. The median market value increased from 19.8 billion yuan to 21.2 billion yuan. Jiezong Technology, Tongxin Transmission, and Tianming Technology had the highest market value increases [57][61]. - **New Energy Industry**: The median P/E ratio increased from 36.3X to 38.4X, and the total market value rose from 45.95 billion yuan to 49.81 billion yuan. The median market value increased from 21.2 billion yuan to 23.1 billion yuan. Changhong Energy, Lijia Technology, and Derui Lithium had the highest market value increases [62][63]. 3.4 Announcements - Qiangong Cable won bids worth 831.24 million yuan (tax included) from the State Grid and its affiliated companies [67]. - Kaiter Co., Ltd. plans to invest in establishing Wuhan Kaiter Embodied Intelligent Equipment Co., Ltd. with a registered capital of 5 million yuan [67]. - Several companies, including Jianbang Technology, Weimao Electronics, and Shunyu Seiko, received invention patent certificates [67]. - Keda Automation plans to acquire 51% of the shares of Changzhou Haitu Information Technology Co., Ltd. for business expansion [68][70].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is recognized as a national-level "little giant" in heat exchangers, diversifying into the new energy sector, with production lines expected to enhance capacity in 2025 [5][9]. - The company is focusing on accelerating R&D in diversified fields, particularly in cooling systems, which are crucial for achieving national "dual carbon" goals [6][7]. - The company has established partnerships with several universities to drive innovation and maintain a competitive edge in the market [7]. Summary by Relevant Sections Market Performance - As of June 27, 2025, the closing price is 25.48 yuan, with a total market capitalization of 2,230.77 million yuan and a circulating market value of 626.32 million yuan [3]. Financial Performance - In 2024, the company achieved revenue of 347 million yuan, a year-on-year increase of 1.10%, with a net profit of 29.81 million yuan [8]. - The forecast for 2025 estimates revenue to reach 435 million yuan, reflecting a growth rate of 25.28% [8]. R&D and Product Development - The company invested 15.26 million yuan in R&D in 2024, a 9.08% increase from 2023, and holds 105 patents, including 19 invention patents [6]. - The focus areas for R&D include integrated thermal management products and new cooling systems for various applications [6][9]. Growth Drivers - The company anticipates recovery in orders from the wind power and waste heat recovery sectors, with new growth expected from energy storage, hydrogen energy, and data centers [7][9]. - The introduction of new products and partnerships with well-known clients in the energy sector is expected to drive future growth [9]. Profitability Forecast - The projected net profits for 2025-2027 are 48 million yuan, 61 million yuan, and 74 million yuan respectively, with corresponding EPS of 0.55 yuan, 0.69 yuan, and 0.85 yuan [8][9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company is the only solar energy platform under China Energy Conservation, focusing on photovoltaic power generation and manufacturing, with a stable operation and prioritizing efficiency [7][10]. - The company has a robust financial structure, with a debt-to-asset ratio of 52% as of the end of 2024, which is considered excellent in the industry [53]. - The company has a significant project reserve of 17GW and is actively managing its projects to optimize costs and enhance operational efficiency [50][45]. Summary by Sections Market Performance - The closing price as of June 27, 2025, is 4.38 yuan, with a market capitalization of approximately 17.16 billion yuan [3]. Financial Forecast and Valuation - The projected revenue for 2023 is 9.54 billion yuan, with a year-on-year growth rate of 3.29%. However, a decline is expected in the following years, with 2024 revenue estimated at 6.04 billion yuan, reflecting a decrease of 36.70% [6]. - The net profit attributable to the parent company is forecasted to be 1.58 billion yuan in 2023, with a projected decline in subsequent years [6][8]. Business Overview - The company operates approximately 6.08GW of photovoltaic power generation capacity and has 2.08GW under construction, with a focus on maintaining a balance between scale and efficiency [20][21]. - The photovoltaic power generation segment contributed 72% of the company's revenue in 2024, indicating its core business focus [20]. Project Management and Development - The company has locked in approximately 17GW of high-quality self-built and acquisition projects, focusing on regions with favorable solar resources and policies [50][45]. - The company is also expanding its overseas presence, particularly in emerging markets along the Belt and Road Initiative [52]. Financial Health - The company has a solid financial foundation, with a debt-to-asset ratio of 52%, which is lower than its peers, indicating effective financial management [53]. - The company has received 13.66 billion yuan in electricity subsidies, with a significant portion of its projects included in the first batch of compliant directories, reducing compliance risks [58]. Management and Governance - The company has implemented a stock option incentive plan to align the interests of management and minority shareholders, enhancing its operational dynamism [60].

证券研究报告 固收定期报告 hyzqdatemark 2025 年 06 月 29 日 继续关注 2%以上的高票息信用债 ——信用分析周报（2025/6/23-2025/6/27） 投资要点： 本周（6/23-6/27）市场概览： 证券分析师 联系人 1）一级市场：本周传统信用债发行量、偿还量、净融资额环比上周均有所减少，资 产支持证券净融资额环比上周减少；本周 AA 主体产业债，AA+、AAA 主体金融债 发行利率大幅上升，AA+主体产业债发行利率下降，其余各券种各评级债券发行利 率均有不超过 4BP 的变动。 2）二级市场：本周信用债成交量环比上周减少 1299 亿元，传统信用债换手率较上 周整体下行，资产支持证券换手率有所上涨。本周信用债收益率整体小幅波动，长 端表现好于中短端。总体来看，本周大部分行业信用利差小幅波动，AA+电子行业 的信用利差大幅收缩。具体来看，本周 AA 房地产行业信用利差较上周分别走扩 14BP；AA+电子、电气设备行业信用利差较上周分别压缩 62BP、9BP，钢铁行业 信用利差较上周走扩 12BP；AAA 电气设备行业信用利差较上周压缩 9BP。 廖志明 SAC：S135052 ...

证券研究报告 晨会 hyzqdatemark 2025 年 06 月 29 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月27日 华源晨会精粹 20250629 固定收益 养老理财稳中求进，未来可期——中国个人养老金演进与养老理财透视： 我国个人养老金制度全面实施已有半年，我国养老金理财产品正以低风险、稳健收 益为核心优势，在多层次养老体系中快速崛起，展现出"稳中求进、未来可期"的 投资潜力。目前我国的养老金体系以国际通行的"三支柱"为骨架，构建起了多层 次的养老保障体系。个人养老金市场已形成清晰的分层竞争生态。截至 25 年 5 月末， 四大类产品（数量占比：储蓄 45%、基金 29%、保险 23%、理财 3%）构成个人养 老金产品的完整矩阵，头部机构凭借全品类布局抢占先机。养老理财产品业绩表现 稳健，收益率领先同业。国际比较而言，国内养老金产品更加注重稳健。 风险提示：经济增长超预期导致债市调整的风险；理财行业监管政策调整的风险； 可能存在数据错误及测算错误，测算的规模及占比可能与实际情况存在差异。 北交所 2025 年中期北交所投资策略：从"出圈"到"出彩"，稀缺铸锚、主题弄 潮： ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing capacity regulation policies in the pig industry, recommending a "platform + ecosystem" model represented by Dekang Agriculture and Animal Husbandry [3] - The report highlights the need to shift from a cyclical perspective to focusing on financial performance, suggesting that investment should transition from "cyclical thinking" to "quality and price" [6][17] - The report identifies key investment opportunities in the pig farming sector, particularly in leading companies with cost advantages, such as Muyuan Foods and Wens Foodstuffs [6][17] Summary by Sections 1. Pig Industry - In May, the national breeding sow inventory reached 40.42 million heads, a year-on-year increase of 1.15% and a month-on-month increase of 0.1%, indicating a stable capacity within the green regulatory range [6][16] - The average pig price rose to 14.66 CNY/kg, with the complete cost for leading enterprises dropping to around 12 CNY/kg, suggesting a favorable profit outlook [5][16] - The report recommends focusing on companies with strong financial performance, such as Dekang Agriculture and Animal Husbandry, Muyuan Foods, and Wens Foodstuffs [6][17] 2. Poultry Industry - The price of parent chicken seedlings remains high, with the average price at 47.93 CNY, reflecting a 5.25% increase [7][18] - The report notes a persistent contradiction between high production capacity and weak consumption in the white feather chicken industry, leading to potential market share gains for integrated enterprises [7][18] - Key investment targets include leading companies in imported breeding stock and fully integrated enterprises like Yisheng and Shengnong Development [7][18] 3. Feed Industry - The report highlights a recovery in aquaculture profitability due to rising fish prices and falling feed prices, with expectations for a rebound in demand for aquaculture feed in 2025 [8][19] - The leading companies are expected to improve their market share and cash flow as the capital expansion phase ends [8][19][21] 4. Pet Industry - The report indicates strong performance from domestic pet brands during the Tmall 618 sales event, with brands like Guibao and Zhongchong showing significant growth [11][22] - The competitive landscape is intensifying, with a focus on brands that demonstrate continuous high growth and strong overseas performance [11][22] 5. Agricultural Products - The report notes a significant reduction in grain imports, with a 29.7% year-on-year decrease in the first five months of 2025, which may support price recovery [12][29] - The report emphasizes the importance of domestic supply and the need for price increases to enhance farmers' income [12][29] 6. Market and Price Situation - The report states that the Shanghai and Shenzhen 300 Index closed at 3922 points, reflecting a 1.95% increase, while the agriculture index rose by 0.80% [30][31] - The report highlights the overall stability in the pig market, with average prices showing a slight decline due to seasonal consumption effects [52]