Investment Rating - The report indicates a positive outlook on the pet economy, particularly focusing on companies like Lusi Co., Ltd. and Haineng Technology within the pet industry chain [1][2] Core Insights - The pet economy in China has shown continuous growth, with the market size for urban pet consumption increasing from 170.8 billion RMB in 2018 to 300.2 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [2][5] - The "cat economy" has outpaced the dog market, with a CAGR of 14.18% from 2018 to 2024, while the dog market grew at 6.69% [5] - Pet food remains the primary consumption market, accounting for 52.8% of the total pet consumption in 2024, with a steady increase in the share of staple food and nutritional products [5][11] - E-commerce platforms are the main sales channels for pet products, with a remarkable CAGR of 34.5% in pet food sales from 2017 to 2024 [2][11] - The competitive landscape in the pet food industry is fragmented, with the top 10 brands holding only 33.7% of the online market share in 2024 [2][11] Summary by Sections Market Growth - The overall market for urban pet consumption in China is projected to grow significantly, with a 7.48% year-on-year increase in 2024 [5] - The pet food market is expected to continue its upward trajectory, driven by increasing demand for staple foods and nutritional products [5][11] E-commerce Dynamics - E-commerce sales of pet food are thriving, with a 17% year-on-year growth in the first four months of 2025 [2][11] - New content e-commerce platforms like Douyin are emerging as strong competitors to traditional e-commerce giants [2][11] Company Performance - Lusi Co., Ltd. is focusing on expanding its domestic and international markets, with a projected revenue of 778 million RMB in 2024, representing an 11.68% year-on-year growth [2][23] - The company has seen a significant increase in its overseas revenue, which reached 483 million RMB in 2024, up 16.6% year-on-year [2][20][21] Industry Valuation - The median price-to-earnings (P/E) ratio for the broader consumer sector has decreased from 70.5X to 67.6X [38] - The P/E ratio for the food and agriculture sector has increased from 53.2X to 55.2X, indicating a positive sentiment towards these industries [39]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is experiencing continuous network integration, leading to sustained growth in performance. The first quarter of 2025 saw a revenue of approximately 2.587 billion RMB, representing a year-on-year increase of 8.8%, and an adjusted net profit of about 242 million RMB, up 15.9% year-on-year [8] - The company has optimized its service quality, with the average delivery time reduced to 65 hours, a lost package rate of 0.02 per 100,000 items, and a complaint rate of 33.2 per 100,000 shipments. The number of freight partners has increased to over 36,000 as of March 2025, up from approximately 29,400 in March 2024 [8] - The company is focusing on enhancing its regional structure and channel layout, which is expected to lead to a steady increase in unit revenue over the long term [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 9,917 million RMB - 2024: 11,576 million RMB (growth rate: 16.7%) - 2025E: 13,185 million RMB (growth rate: 13.9%) - 2026E: 14,597 million RMB (growth rate: 10.7%) - 2027E: 16,162 million RMB (growth rate: 10.7%) [7] - Net profit projections are as follows: - 2023: 392 million RMB - 2024: 750 million RMB (growth rate: 91%) - 2025E: 954 million RMB (growth rate: 27%) - 2026E: 1,055 million RMB (growth rate: 11%) - 2027E: 1,247 million RMB (growth rate: 18%) [7] - The company’s price-to-earnings (P/E) ratios are projected to be: - 2025E: 9.3x - 2026E: 8.4x - 2027E: 7.1x [8]

Group 1: Autonomous Driving Market Insights - The autonomous driving market in China is expected to reach approximately CNY 450 billion by 2025, with a projected growth rate of 21% from CNY 3,993 billion in 2024[23] - The penetration rate of L2 autonomous driving technology is around 51%, while L3 and L4 levels have penetration rates of 20% and 11%, respectively[25] - By 2040, it is anticipated that L3 or higher level autonomous vehicles will account for 90% of all vehicle sales in China[25] Group 2: Strategic Collaborations and Developments - Xiaoma Zhixing signed a strategic cooperation framework agreement with Guangzhou Public Transport Group to enhance autonomous vehicle services and logistics operations[6] - The Guangdong Provincial Government is promoting smart connected vehicle pilot projects as part of its 2025 digital development goals[2] Group 3: Mining Industry Automation - As of September 2024, the number of autonomous mining trucks in China's open-pit coal mines reached 1,510, with 55.3% having eliminated the need for safety operators[30] - The demand for autonomous mining trucks is projected to grow rapidly, with an estimated 5,750 units expected by the end of 2025[30] - The open-pit coal mining truck market is primarily dominated by solution providers, holding approximately 80% market share, while manufacturers account for about 15%[41] Group 4: Stock Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was +2.31% from May 26 to May 30, 2025, with 75% of the 146 tracked companies experiencing gains[53] - Notable stock performers included Luqiao Information (+94.20%) and Sanyou Technology (+28.37%) during the same period[53]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [4] Core Viewpoints - Hong Kong's introduction of the "Stablecoin Regulation Draft" on May 30 marks a significant step in the digital asset sector, potentially positioning Hong Kong as an international Web3 and digital finance hub, which may also aid in the internationalization of the Renminbi and the development of offshore financial services [4] - The upcoming summer blockbuster season is highlighted, with a focus on the performance of quality content products, including new game launches and film releases [4] Summary by Sections Industry Performance - From May 26 to May 30, 2025, the Shanghai Composite Index decreased by 0.03%, while the Shenzhen Component Index fell by 0.91%. The media sector, however, saw a positive change of 1.74%, ranking 6th among all industries [13][14] Game Sector - The launch of quality products continues to significantly contribute to company performance, as seen with the game "Chaotic Chef" from Friendship Time, which boosted its market value after its release on May 28 [6] - Recommendations include focusing on leading gaming companies exploring AI+ gaming paradigms, as well as monitoring the performance of new game product cycles [6] Film Sector - The summer film season is approaching, with key films like "Liao Zhai: Lan Ruo Si" and "Chang'an's Lychee" being scheduled for release, which is expected to drive steady growth in box office revenues [6] Card and Trendy Toys - The sector shows high growth potential, with companies increasingly focusing on the "Guzi Economy" and expanding into trendy toy markets [7] Internet Sector - Major companies like Tencent and Alibaba have reported stable business development, emphasizing the optimization of business efficiency through AI [8] AI Applications - Companies embracing new technologies with data, user, and application advantages are recommended for continued observation, as AI applications are expected to undergo a paradigm shift [9] State-Owned Publishing - State-owned media companies are actively pursuing mergers and acquisitions, with some exploring new business models in education [9] Market Overview - The report notes that the media industry continues to experience an upward trend, suggesting ongoing investment in new channels and content directions [10]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Insights - The introduction of the green electricity direct connection policy is expected to enhance the economic viability and environmental value of green electricity [5][12] - The policy allows for the direct supply of green electricity to single users, which can significantly reduce electricity costs for enterprises and assist in carbon emission recognition, particularly for export-oriented companies [13][18] - The report highlights the potential for rapid development in offshore wind power as the direct supply model is promoted in coastal regions [13][18] Summary by Sections Policy Interpretation - The National Development and Reform Commission and the Energy Administration have issued a notification to promote the orderly development of green electricity direct connections, specifying project types, methods, and fee payments [8] - The policy supports four types of projects eligible for green electricity direct supply, including new loads and existing loads from export-oriented enterprises [8][9] Economic and Environmental Benefits - The policy is expected to lower electricity costs due to reduced transmission costs associated with direct supply, as the dedicated lines are typically closer to the load [13][15] - The clear traceability of electricity sources will help in recognizing the carbon neutrality of direct-supplied green electricity, benefiting companies with stringent carbon emission requirements [13][18] Investment Analysis - For green electricity operators, the direct supply model offers stable long-term demand, allowing for fixed-price contracts that enhance profitability [18] - In the waste incineration power sector, transitioning to a direct supply model can improve cash flow and reduce risks associated with accounts receivable [20] - The report recommends specific companies for investment, including Shaoneng Co., Yinxing Energy, and Yongxing Co. in the green electricity sector, and Huanlan Environment and Junxin Co. in the waste incineration sector [18][20] Equipment Sector - The direct supply business model is expected to accelerate the development of integrated source-grid-load-storage projects, enriching commercial models in the electricity market [20] - Companies such as Goldwind Technology and Guoneng Rixin are recommended for investment in the power equipment sector [20]

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 06 月 02 日 板块表现： 中国创新药 BD 能力显著提升，后续潜力值得继续期待 投资评级： 看好（维持） ——医药行业周报（25/5/26-25/5/30） 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 联系人 本周医药市场表现分析：5 月 26 日至 5 月 30 日，医药指数上涨 2.21%，相对沪深 300 指数 超额收益为 3.30%。创新药板块依然是当前医药主旋律，石药集团本周披露重磅潜在 BD 项 目（合计规模可能达 50 亿美元）、中国创新药出海持续火热，本周舒泰神、华纳药厂、益方 生物、科兴制药等创新药资产表现亮眼。建议关注：1）创新药作为较为确定的产业趋势，继 续重点推荐 A 股华纳药厂、信立泰、科伦药业、热景生物、一品红、科兴制药、恒瑞医药； 港股三生制药、科伦博泰、康方生物、中国生物制药；2）业绩落地、估值水平较低且有边际 改善的个股，建议关注长春高新（创新药）、昆药集团、开立医疗、迈瑞医疗、鱼跃医疗、 海泰新光等。 医药指数和各细分领域表现、涨跌幅：本周上涨个股数量 383 家，下 ...

Investment Rating - Investment rating: None [4] Core Insights - Nvidia's FY1Q26 revenue reached $44.06 billion, exceeding guidance with a year-on-year growth of 69% but only a quarter-on-quarter growth of 12%. The gross margin has started to decline, falling below previous guidance [6][18] - The core driver for Nvidia's revenue remains the strong growth in data center business, accounting for approximately 89% of total revenue, particularly driven by the demand for generative AI training and inference [6][18] - The overall performance of Hong Kong and US tech stocks was mixed, with the Hang Seng Tech Index down 1.5% and the Philadelphia Semiconductor Index up 1.2% during the week [9][11] Summary by Sections 1. Overseas AI - Nvidia's FY1Q26 revenue was $44.06 billion, with a year-on-year increase of 69% and a quarter-on-quarter increase of 12%. The gross margin was 60.5%, down 12.5 percentage points from the previous quarter [18][19] - The data center business remains the main revenue driver, contributing nearly 70% of the data center computing revenue from the Blackwell platform [18][19] - The Hang Seng Tech Index closed at 5170.4, down 1.5%, while the Philadelphia Semiconductor Index closed at 4758.1, up 1.2% [9][10] 2. Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies decreased to $3.32 trillion as of May 30, 2025, down from $3.46 trillion the previous week [24][40] - The total trading volume for cryptocurrencies was $142.46 billion, accounting for 4.29% of the total market capitalization [24] - The cryptocurrency market sentiment is currently in the greed zone, with a fear and greed index of 61 [28]

Group 1 - The North Exchange 50 Index increased by 5.83% in May 2025, outperforming other major indices such as the ChiNext and the ChiNext 50 Index [4][7][11] - In the first five months of 2025, the North Exchange 50 Index rose by 36%, significantly ahead of other indices, with the Sci-Tech 200 and CSI 2000 also showing gains of over 8% [4][7][11] - The transportation, defense, and beauty care sectors led the gains in May 2025, with 28 companies achieving a rise of 20% or more, and six companies exceeding 40% [4][13][16] Group 2 - The trading volume and turnover on the North Exchange decreased in May 2025, reaching 28.473 billion shares and 604.841 billion yuan, while the average daily turnover increased from 30 billion yuan in April to 31.8 billion yuan in May [4][18][19] - The monthly turnover rate for May 2025 was 77%, slightly down from 80% in April [4][20] - As of May 30, 2025, the overall price-to-earnings (PE) ratio of the North Exchange A-shares reached 49 times, which is 145% of the ChiNext's valuation and 92% of the Sci-Tech Board's valuation [4][22][23] Group 3 - The North Exchange announced adjustments to the North Exchange 50 sample stocks, with five companies being added, effective June 16, 2025 [4][24][25] - The North Exchange's index calculation and maintenance rules were revised for the first time since September 2022, aiming to enhance the investment value of the North Exchange 50 Index [4][26][27] - The report suggests that institutional investors should adopt a cautious approach, focusing on stable growth companies and sectors with unique market positions, such as high-end manufacturing and consumer industries [4][28]

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [5] Core Viewpoints - Copper prices are fluctuating within a narrow range, awaiting further macroeconomic catalysts. The weekly changes in copper prices are -0.05% for London copper, -0.24% for Shanghai copper, and -3.35% for New York copper. Domestic copper inventory has increased by 7.2% to 106,000 tons [5][22] - Aluminum prices are stable with ongoing inventory depletion. The price of alumina has risen by 2.95% to 3,320 CNY/ton, while electrolytic aluminum prices have decreased by 0.40% to 20,100 CNY/ton [5][31] - Lithium prices continue to decline, with carbonate lithium down 3.73% to 60,700 CNY/ton. The supply side has not shown significant production cuts yet, which is a major factor suppressing lithium prices [5][72] - Cobalt prices remain under pressure due to weak demand, with potential policy changes in the Democratic Republic of Congo that could create rebound opportunities [5][84] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has underperformed, with the Shenwan non-ferrous index down 2.40%, lagging behind the Shanghai Composite Index by 2.38 percentage points [11] - The sector's PE_TTM is 17.86, down 0.50 from the previous week, while the PB_LF is 2.05, down 0.06 [17][20] 2. Industrial Metals 2.1 Copper - London copper prices decreased by 0.05%, while Shanghai copper prices fell by 0.24%. London copper inventory dropped by 9.02%, while Shanghai inventory increased by 7.22% [22] 2.2 Aluminum - London aluminum prices increased by 0.02%, while Shanghai aluminum prices decreased by 0.40%. The inventory of both London and Shanghai aluminum has decreased [31] 2.3 Lead and Zinc - London lead prices fell by 1.29%, and Shanghai lead prices decreased by 0.92%. London zinc prices dropped by 0.67%, while Shanghai zinc prices fell by 0.07% [42] 2.4 Tin and Nickel - London tin prices decreased by 6.80%, and Shanghai tin prices fell by 4.45%. Nickel prices also saw a decline [57] 3. Energy Metals 3.1 Lithium - Lithium carbonate prices fell by 3.73% to 60,700 CNY/ton, with lithium demand currently in a seasonal downturn [72] 3.2 Cobalt - Domestic cobalt prices decreased by 1.68% to 234,000 CNY/ton, with potential for policy changes in the DRC to impact future prices [84]

证券研究报告 固收定期报告 hyzqdatemark 2025 年 06 月 02 日 利差小幅波动，5Y 表现坚挺 ——信用分析周报（2025/5/26-2025/5/30） 投资要点： 本周（5/26-5/30）市场概览： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 3）负面舆情：山石网科通信技术股份有限公司主体评级调低，其所发行的"山石转 债"债项评级调低；无锡市梁溪经济发展投资集团有限公司所发行的"崇安寺 A" 隐含评级调低；梧州市苍海建设开发有限公司所发行的"18 梧州南站项目 NPB01"、 "18 梧州南站项目 NPB02"隐含评级调低。 本周市场分析：本周公开市场共有 9460 亿元逆回购到期，本周央行累计开展 16026 亿元逆回购操作，实现全周净投放 6566 亿元。本周 DR001 由周初的 1.44%上行到 1.60%。 投资建议：总体来看，本周不同行业信用利差整体变化不大，AAA 电气设备行业信 用利差大幅走扩。主要银行三五年定期存款利率下调对三五年期信用债构成支撑的 逻辑之下，信用债性价比被动提升，建议继续关注 ...