证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 06 月 09 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 蛋品工业化浪潮不断推进，关注北交所蛋品加工企业欧福蛋业 ——北交所消费服务产业跟踪第十七期（20250609） 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 联系人 兼具"质"与"价"的鸡蛋蛋白，下游应用加速渗透。鸡蛋蛋白质因其氨基酸组成 与人体需求高度匹配，消化率（98%）与生物利用率（94%）在常见食物中均位居 前列，被称为"完美蛋白质模式"。然而，我国蛋品加工行业的发展尚处早期，目 前鸡蛋加工比例仅为 5%-7%，远低于日本（50%）和美国（33%）等发达国家，这 预示着未来较大的市场增长空间。在下游食品工业化、餐饮连锁化进程加速的驱动 下，我国蛋制品市场规模已从 2011 年稳步增长至 2021 年，复合增速达 11.8%，其 中更适用于 B 端应用的蛋液是核心驱动品类，复合 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Forecasts for May 2025: The report predicts 1 trillion yuan in new loans and 2.4 trillion yuan in social financing. By the end of May, M2 is expected to reach 326.2 trillion yuan, with a year - on - year increase of 8.1%; M1 (new caliber) is expected to have a year - on - year increase of 1.9%, and the social financing growth rate is expected to be 8.8% [2]. - Outlook for the whole year: New loans are expected to increase slightly year - on - year, government bond net financing is expected to expand significantly year - on - year, social financing is expected to increase year - on - year, and the social financing growth rate may rise first and then fall, with an expected year - end growth rate of around 8.4% [4]. - Bond market investment advice: The bond market is in a volatile state with few opportunities. It is recommended to focus on 5Y credit bonds with a yield of over 2%, and also pay attention to stock, convertible bond investment opportunities, and Hong Kong - listed bank stocks [4]. 3. Summary by Related Content New Loans in May - Overall prediction: It is expected that new loans in May will be 1 trillion yuan, close to the same period last year. Personal loans are expected to increase by 900 million yuan, corporate credit by 8 billion yuan, and non - bank inter - bank loans by 600 million yuan [4]. - Personal loan breakdown: Short - term personal loans are expected to increase by 100 million yuan, and medium - and long - term personal loans by 800 million yuan [4]. - Corporate loan breakdown: Short - term corporate loans are expected to decrease by 500 million yuan, medium - and long - term corporate loans to increase by 5 billion yuan, and bill financing to increase by 3.5 billion yuan [4]. M1 and M2 Growth Rates in May - M1 growth rate: The new - caliber M1 growth rate is expected to be 1.9%, with a month - on - month increase; the old - caliber M1 growth rate is expected to be + 0.2%, also with a month - on - month increase [4]. - M2 growth rate: The M2 growth rate in May is expected to be 8.1%, with a slight month - on - month increase [4]. Social Financing in May - Social financing increment: It is predicted that the social financing increment in May will be 2.4 trillion yuan (compared with 2.06 trillion yuan in May 2024), with a year - on - year increase mainly from government bond net financing [4]. - Components of social financing: The increment of RMB loans to the real economy is expected to be 89 billion yuan, undiscounted bank acceptance bills to be - 12 billion yuan, corporate bond net financing to be 7 billion yuan, and government bond net financing to be 140 billion yuan [4]. - Social financing growth rate: The social financing growth rate at the end of May is expected to be 8.8%, a 0.1 - percentage - point increase month - on - month [4].

证券研究报告 唐志玮 tangzhiwei@huayuanstock.com 建筑材料 行业定期报告 hyzqdatemark 2025 年 06 月 09 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 板块表现： 三峡水运新通道带来新需求空间，潜在投资机会或先行 投资评级： 看好（维持） ——建筑材料行业周报（25/06/02-25/06/08） 投资要点： 风险提示：经济恢复不及预期，化债力度不及预期，房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 联系人 三峡水运新通道带来新需求空间，潜在投资机会或先行。2024 年 6 月 6 日，交 通运输部发布《关于新时代加强沿海和内河港口航道规划建设的意见》，明确提 及优化主干线大通道， ...

证券研究报告 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 建筑装饰 行业定期报告 hyzqdatemark 2025 年 06 月 09 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 三峡水运新航道开启招标，再次验证水利景气度 投资评级： 看好（维持） ——建筑装饰行业周报（20250602-20250608） 投资要点： 本周观点： 联系人 三峡水运新通道项目正式启动勘察设计招标，标志着工程建设即将进入实质性推进阶段。项 目总投资约 766 亿元，由中国三峡建工负责实施，位于湖北宜昌，建设周期约 100 个月（不 含筹建期 12 个月），整体由三峡枢纽新通道工程与葛洲坝航运扩能工程两部分组成。其中， 1）新通道工程拟建于现有三峡船闸北侧，采用双线五级船闸方案 ...

证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 06 | 05 | 日 | | | | 月 | 2025 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 157.80 | | | | | | | | 年 / 低 | 最 | 高 | 最 | | | | | | 一 | 内 | | | 299.99/31.09 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 9,286.25 | | | | | | | 流通市值（百万元） | | | | | | | | 6,389.82 | | | | | | | 总股本（百万股） | | | | | | | 58.85 | | ...

张付哲 zhangfuzhe@huayuanstock.com 证券研究报告 交通运输 | 航运港口 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 09 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com | 基本数据 | 2025 | 年 | 06 | 月 | 日 | | 06 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 9.80 | | | | | | 一 年 内 / 最 低 | | | | 10.93/6.82 | | 高 | | 最 | | （元） | | | | | | | | | | 总市值（百万元） ...

证券研究报告 贵金属 行业定期报告 hyzqdatemark 2025 年 06 月 08 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 方皓 fanghao@huayuanstock.com 板块表现： 钢铝关税加码，白银价格率先突破新高 投资评级： 看好（维持） ——贵金属双周报（2025/5/26-2025/6/7） 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 贵金属板块：黄金价格持续震荡，白银率先突破新高。近两周，伦敦现货黄金下跌 0.08%至 3339.90 美元/盎司，上期所黄金上涨 0.40%至 783.24 元/克，沪金持仓量 下跌 7.56%至 42.17 万手；伦敦现货白银上涨 9.34%至 36.19 美元 ...

Investment Rating - The report gives a "Buy" rating for Sichuan Chengyu (601107.SH) based on its strategic advantages and high dividend potential [6][9]. Core Views - Sichuan Chengyu, as a subsidiary of Shudao Group, focuses on transportation infrastructure investment, operation, construction, and management, along with green energy investment and resource development [8][19]. - The company aims to enhance its road network scale and operational efficiency, projecting steady revenue growth, with expected revenues of 10.36 billion yuan in 2024 and a net profit of 1.46 billion yuan [8][11]. - The "Big Group + Small Company" strategy is expected to drive resource integration and operational efficiency, enhancing shareholder returns through a commitment to a minimum cash dividend payout ratio of 60% of net profit from 2023 to 2025 [8][11]. Summary by Sections Market Performance - As of June 6, 2025, the closing price is 6.39 yuan, with a total market capitalization of 19.54 billion yuan and a debt-to-asset ratio of 66.62% [4][7]. Financial Forecast and Valuation - Projected net profits for 2025-2027 are 1.56 billion, 1.69 billion, and 1.88 billion yuan respectively, with corresponding P/E ratios of 12.6, 11.6, and 10.4 [9][11]. - The company is compared with peers like Ninghu Expressway, Shenzhen Expressway, and Guangdong Expressway A, indicating a strong position in the western highway operation sector [9][11]. Business Structure - The core business includes highway bridge management and maintenance, contributing 46.10% to revenue in 2024, while construction services and sales from service areas account for 26.09% and 23.91% respectively [20][23]. - The company operates approximately 900 kilometers of highways, with ongoing projects adding another 136.1 kilometers, reflecting a compound annual growth rate (CAGR) of 5.91% in operational mileage from 2009 to 2024 [41][42]. Revenue and Profitability - The company’s revenue is expected to grow due to increased traffic and operational efficiency, with a projected revenue of 11.22 billion yuan in 2025, reflecting an 8.28% year-on-year growth [7][10]. - The average remaining toll collection period for the company's assets is 11.13 years, providing ample time for traffic growth and revenue realization [47]. Shareholder Returns - Sichuan Chengyu has a strong commitment to shareholder returns, having distributed over 5.9 billion yuan in cash dividends since its listing, with a planned minimum cash dividend payout ratio of 60% for the years 2023-2025 [37][38].

证券研究报告 交通运输 | 航运港口 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 08 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 联系人 张付哲 zhangfuzhe@huayuanstock.com | 基本数据 | | | 2025 | 年 06 | 月 | 06 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 20.48 | | | 一 年 内 / 最 低 | 最 | 高 | | | | 24.94/17.93 | | | （元） | | | | | | | | | 总市值（百万元） | | | | ...

hyzqdatemark 2025 年 06 月 08 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 魏桢 weizhen@huayuanstock.com 证券研究报告 传媒 行业定期报告 游戏、电影、潮玩等新产品周期催化仍具弹性 投资评级： 看好（维持） ——传媒互联网行业周报（2025.6.2-2025.6.8） 投资要点： 本周观点：暑期大档期临近，重视优质内容产品周期的开启，新品强势表现在目前 市场仍具备较强弹性交易机会。关注新品游戏测试和上线表现，关注暑期档影片定 档、宣发和票房表现，关注卡牌、潮玩等新品上架、运营和售卖表现。 联系人 板块表现： 游戏方面：优质产品上线表现对公司弹性贡献仍较为突出，例如友谊时光的派对游 戏产品《暴吵萌厨》5 月 28 日上线后，带动友谊时光市值表现强势拉升，由【心动 公司】研发的策略回合制 ...