证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 06 月 03 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 香港推出《稳定币条例草案》，关注游戏和电影产品档期 投资评级： 看好（维持） ——传媒互联网行业周报（2025.5.26-2025.5.30） 投资要点： 本周观点：香港于 5 月 30 日在宪报刊登《稳定币条例》，在数字资产领域迈出重要 的一步。该法案将有力推动香港成为国际 Web3 和数字金融中心，也将助力人民币 国际化及离岸金融业务发展，关注产业相关布局的公司，以及 RWA 和交易平台的 扩散演绎。同时，暑期大档期临近，重视优质内容产品周期的开启，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。 联系人 板块表现： 稳定币 ...

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 ...

hyzqdatemark 2025 年 06 月 02 日 证券研究报告 海外 行业定期报告 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： TACO 交易几时休？ 投资评级： 无 ——海外科技周报（25/5/26-25/5/30） 投资要点： 风险提示：大模型技术发展不及预期、PC/手机等终端需求复苏不及预期、美国联邦基金利率剧烈波动。 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：本周英伟达发布 FY1Q26 财报，英伟达增速正在放缓，FY1Q26 公司实现营收 440.6 亿美元，超出公 司此前指引，同比增长 69%，但环比仅增长 12%，同时毛利率开始下滑，低于此前公司指引。公司实现净利润 187.8 亿美元（yoy+26%，qoq-15%），毛利率为 60.5%，环比下降 12.5pct。根据公司 FY2Q ...

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]

有色金属 证券研究报告 hyzqdatemark 2025 年 06 月 02 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 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 行业定期报告 请务必仔细阅读正文之后的评级说明和重要声明 铜：铜价窄幅震荡，静待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 -0.05%/-0.24%/-3.35%，本周伦铜和沪铜价格维持窄幅震荡，美铜在上周关税催化 大涨后回落。海外铜库存转移仍在继续，伦铜/纽铜库存分别为 15.0 万吨/18.1 万短 吨，环比变动-9.0%/+2.9%。国内铜库存回升，沪铜库存 10.6 万吨，环比+7.2%。 供给端，刚果（金）卡莫阿-卡库拉铜矿受矿震影响暂停部分井下采矿，关注后续实 际产量影响。本周铜下游需求回升 ...

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 ...

Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook based on operational improvements and performance potential [6]. Core Views - The company is positioned as the fourth largest airline in China, with a significant restructuring following its bankruptcy in 2021, leading to improved operational efficiency and performance recovery [7]. - The company benefits from a high proportion of operating lease aircraft, providing greater flexibility and resilience compared to competitors, alongside investments in various industry chain companies that are expected to enhance profitability as the aviation sector improves [7]. - The company is expected to leverage its geographical advantages, particularly from the Hainan Free Trade Port development, to capitalize on growth opportunities [7]. Financial Performance Summary - Revenue projections show a significant increase from 58,641 million RMB in 2023 to 92,311 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 13.68% [6]. - The net profit forecast indicates a recovery from a loss of 921 million RMB in 2024 to a profit of 5,684 million RMB by 2027, reflecting a strong turnaround in profitability [6]. - The earnings per share (EPS) is projected to rise from -0.02 RMB in 2024 to 0.13 RMB in 2027, indicating a positive trend in shareholder returns [6]. Operational Metrics - The company achieved a passenger volume of 23.06 million in the first four months of 2025, representing a year-on-year increase of 5.3%, with international passenger volume surging by 78.3% [7]. - The passenger load factor reached 83% in 2023, showing an improvement of 0.64 percentage points year-on-year, while the aircraft utilization rate surpassed the industry average for the first time in seven years [7]. - The company’s unit revenue per passenger kilometer (RPK) reached 0.53 RMB, ranking third in the industry and reflecting a significant increase compared to 2019 levels [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][80]. Core Views - The company is a state-owned coal giant with stable profitability and growth driven by joint ventures, highlighting its value in dividends [5][10]. - The company has a robust coal resource base, ranking third in total coal reserves and second in recoverable reserves among listed coal companies [7][29]. - The company is actively expanding its coal chemical business, which is expected to contribute to new growth drivers [7][67]. - The company has a strong cash flow and a low debt ratio, indicating potential for increased dividends in the future [10][76]. Summary by Sections Market Performance - The closing price of the company's stock is 10.71 yuan, with a market capitalization of approximately 142 billion yuan [3]. Financial Data - The company’s revenue for 2023 is projected at 192.97 billion yuan, with a net profit of 19.53 billion yuan, reflecting a year-on-year growth of 7.09% [6]. - The company’s debt-to-asset ratio stands at 44.80% [3]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 15.40 billion, 16.82 billion, and 17.96 billion yuan respectively, with corresponding P/E ratios of 9.2, 8.4, and 7.9 [8][72]. Investment Logic - The company benefits from high-quality coal resources and a high proportion of long-term contracts, ensuring stable coal prices and low sales costs [10][75]. - The company is diversifying into downstream industries, forming a coal-chemical integrated growth model [10][75]. Dividend Policy - The company has maintained a stable dividend payout ratio of around 30% from 2017 to 2022, with plans to increase dividends in 2023 and 2024 [10][76].

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company's 2025 life insurance NBV shows resilience, and the dividend policy is positive [5] - In Q1 2025, the company's OPAT and NBV performance was strong, with a 2.4% year-on-year growth in OPAT to 37.9 billion yuan, despite a decline in group revenue and net profit [6] - The life insurance business remains a core pillar, contributing 71.7% of net profit and 70.9% of OPAT in Q1 2025 [7] Summary by Sections Market Performance - The closing price on May 29, 2025, was 53.52 yuan, with a total market capitalization of 974,611.76 million yuan [3] Financial Performance - In Q1 2025, the group revenue and net profit decreased by 5.2% and 26.4% year-on-year, respectively, to 232.8 billion yuan and 27 billion yuan [6] - The life insurance business achieved a 34.9% growth in NBV, contributing to a 5% OPAT growth [6][7] Business Outlook - The life insurance capacity may face pressure in 2025, requiring strategic products to support sales [7] - The company expects to see rapid growth in its bancassurance market share, with a 171% year-on-year increase in NBV in Q1 2025 [7] - The NBV margin improved by 11.4 percentage points year-on-year to 28.3% in Q1 2025, indicating potential for further margin enhancement [7] Dividend Policy - The company maintains a positive dividend policy, with a commitment to increasing the absolute value of cash dividends annually [10] - The current dividend yield for A-shares and H-shares is 4.76% and 6.00%, respectively [10] Earnings Forecast - The forecasted net profit for 2025 is 135.1 billion yuan, with a year-on-year growth of 6.7% [11] - The projected earnings per share for 2025 is 7.42 yuan, with a P/E ratio of 7.2 [11]