1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The development of China's bond ETFs has gone through three stages and is currently in a period of rapid growth, with significant potential for further development. By referring to the US experience, measures such as enriching product supply, promoting pension investment, encouraging institutional investors, and applying innovative strategies can be taken to unlock this potential [1]. - The development of US bond ETFs has also experienced three stages and is now in a mature growth phase. Extreme economic environments, credit premium advantages, globalization opportunities, mature market mechanisms, and innovative strategies have contributed to their development [1]. 3. Summary by Relevant Catalogs 3.1 Domestic Bond ETF Development History and Current Situation - **Development Stages**: China's bond ETFs have gone through three stages: the initial stage from 2013 - 2018, the slow - growth stage from 2019 - 2021, and the rapid - growth stage from 2021 to the present. As of May 9, 2025, there are 29 bond ETFs with a total scale of 253.129 billion yuan [6][7]. - **Product Structure**: As of Q1 2025, the scale ranking of different types of bond ETFs is credit bond ETF > policy - financial bond ETF > convertible bond ETF > treasury bond ETF > local government bond ETF. Interest - rate bond and credit bond ETFs account for 80.09% of the total scale. In terms of duration, the products with durations of 0 - 3 years and 7 - 10 years account for about 73.9% [12]. - **Investor Structure**: As of March 31, 2025, institutional investors hold 85.5% of the total asset - net - value scale, and individual investors hold 14.5%. Different types of investors have different preferences for bond ETFs. For example, insurance funds, securities investment funds, and other institutions mainly invest in policy - financial bond ETFs [20][32]. - **Investment by Wealth Management Products**: As of Q1 2025, the total scale of bond ETFs in the top - ten holdings of wealth management products is 598 million yuan, with credit bond ETFs having the largest scale at 257 million yuan, accounting for 42.95%. Among 61 asset - management institutions, 20 hold bond ETFs, and the top three in terms of holding scale are China Merchants Bank Wealth Management, ICBC Wealth Management, and Huaxia Wealth Management [35][39]. 3.2 US Bond ETF Development History and Current Situation - **Development Stages**: The development of US bond ETFs has gone through three stages: the germination stage from 2002 - 2006, the high - speed development stage from 2007 - 2009, and the mature growth stage from 2009 to the present. As of the end of 2024, the total asset scale of US bond ETFs is 1.8 trillion US dollars, accounting for 17% of the total US ETF scale [42][43]. - **Market Structure**: According to the Morningstar Category classification, US bond ETFs are divided into taxable bond funds and municipal bond funds. The four largest - scale bond ETFs are the overall bond market ETF, US government bond ETF, corporate bond ETF, and municipal bond ETF. The overall bond market ETF has a relatively high single - product scale, while different types of municipal bond ETFs have relatively small product quantities and scales [46][47]. - **Product Characteristics**: In terms of duration, products with durations of 3 - 7 years and 0 - 3 years have relatively large scales, accounting for about 78.60%. The average fee rate varies greatly, with the lowest being 0.17% for target - date bonds and the highest being 0.84% for non - traditional bonds. In terms of management style, as of April 30, 2025, index - type bond funds account for 44%, and actively managed bond funds account for 56% [52][56]. 3.3 Analysis of the Development Drivers of US Bond ETFs - **Macroeconomic Environment**: During the US subprime mortgage crisis and the global financial crisis from 2007 - 2009, the continuously decreasing federal funds target rate, loose monetary environment, and investors' risk - aversion sentiment provided impetus for the development of the US bond market and bond ETFs. The scale of US bond ETFs soared from 34.6 billion US dollars to 107 billion US dollars, with a compound annual growth rate of 76% [65]. - **Performance in the Low - Interest - Rate Fluctuation Period**: From 2010 - 2015, the scale of US bond ETFs continued to rise. Corporate bond ETFs have high credit premiums due to the high proportion of A, BBB, and BB - rated bonds in their underlying assets, and their average return rate from 2010 - 2015 was 5.12%. Global bond and emerging - market bond ETFs were more favored during this period, and the US government bond ETF had a relatively high return rate, with its scale increasing from 16.4 billion US dollars to 62.3 billion US dollars, with a compound annual growth rate of 30.63% [68][77][78]. - **Regulatory Policies, Trading Mechanisms, and Allocation - Oriented Demand**: The US regulatory policies for ETFs have been continuously liberalized, with both openness and standardization. The operation mechanism is mature, and the market liquidity is good. The physical subscription and redemption mechanism operates smoothly. US investors are mainly driven by allocation - oriented demand, with long - term funds such as pensions being the main source of funds [81][82][84]. - **Application of Strategic Beta Innovation Strategy**: The Strategic - beta strategy has been applied to the US bond ETF field. The iShares US Fixed Income Balanced Risk ETF, launched in February 2015, seeks to balance interest - rate risk and credit risk, bringing higher risk - adjusted returns compared to traditional bond ETFs [86]. 3.4 Enlightenment of the Development History of US Bond ETFs to China's Bond ETFs - **Large Development Space**: There is a significant gap between China and the US in terms of the overall ETF volume and the proportion of bond ETFs. In the current low - interest - rate market environment, bond ETFs have great development potential [89]. - **Enrich Product Supply**: Expand high - yield and global - allocation products, such as expanding credit - sinking category ETFs, introducing global bond funds, and innovating underlying assets [91]. - **Promote Pension Investment**: Encourage more pension funds to enter the bond ETF field to drive long - term asset allocation and improve market maturity [94]. - **Encourage Institutional Investors**: Promote bank wealth management and bank self - operated funds to invest in bond ETFs, as bond ETFs have investment advantages for banks, such as lower risk - capital occupation, tax advantages, and being useful for liquidity management [95][96]. - **Innovate Strategy Application**: Apply the Strategic Beta strategy to build differentiated competitiveness, including strengthening quantitative capabilities, exploring "semi - active bond ETFs", and developing localized factor strategies [97].

Investment Rating - The report maintains a "Positive" investment rating for the uranium industry [1] Core Insights - The report highlights a significant shift in the U.S. nuclear energy policy, transitioning from "policy expectations" to "execution realization," indicating a critical turning point for the nuclear industry chain [4][15] - The report emphasizes the importance of three recent executive orders that reshape the nuclear fuel supply, testing, and regulatory frameworks, which are expected to drive the industry forward [19][23] Summary by Sections 1. U.S. Nuclear Energy Policy Restructuring - The restructuring of U.S. nuclear energy policy is marked by the implementation of three executive orders that address the supply of nuclear fuel, testing and deployment of advanced reactors, and regulatory reforms [19][23] - The "Revitalizing the Nuclear Industry" executive order establishes a comprehensive policy framework for the production, procurement, and strategic reserve of HALEU/LEU/HEU, aiming to enhance domestic nuclear fuel capabilities [16][17] - The "Reforming Energy Department Reactor Testing" order aims to eliminate regulatory bottlenecks for advanced reactors, facilitating faster deployment and commercialization of new technologies [19][20] - The "Reforming the Nuclear Regulatory Commission" order focuses on reducing approval times for new reactors to under 18 months, significantly improving project timelines and investment returns [22][23] 2. Performance of Key Segments - The report identifies three main segments within the nuclear industry: SMR (Small Modular Reactors), Enriched Uranium, and Uranium Mining, each exhibiting distinct growth trajectories and investment characteristics [6][12] - The SMR segment shows strong price elasticity driven by significant investments from tech giants and supportive policies, suggesting a robust growth outlook [6][12] - The Enriched Uranium segment is positioned for growth due to domestic production incentives and geopolitical factors, with companies like Centrus Energy at the forefront [6][12] - The Uranium Mining segment, while less volatile, is expected to benefit from long-term supply-demand dynamics, with key players maintaining a stable investment profile [6][12] 3. Market Dynamics and Future Outlook - The report outlines the recent performance of the U.S. nuclear sector, highlighting the dual drivers of AI and policy support that have propelled stock prices in the sector [10][27] - It notes that the nuclear industry is entering a new policy-driven cycle, with significant implications for investment strategies and market valuations [12][24] - The report suggests that the ongoing policy changes and market dynamics will create substantial opportunities for investors in the nuclear energy space, particularly in segments with strong growth potential [6][12]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its product matrix and expected performance recovery driven by cyclical recovery [5][7]. Core Views - The company is expected to benefit from a stable recovery in the power semiconductor industry, with a rich product matrix supported by both organic growth and acquisitions [5][6]. - The automotive electronics sector is highlighted as a key growth area, with significant demand expected from the electrification of vehicles [6][9]. - The report emphasizes the company's strategic acquisition of Better Electronics to enhance its product offerings and market presence [6][9]. Summary by Sections 1. Self-Development and Acquisition to Expand Product Categories - The company focuses on power semiconductors, with a collaborative development model across three main segments: materials, wafers, and packaged devices [15][18]. - The acquisition of Better Electronics is expected to enhance the company's product matrix and market reach [6][9]. 2. Traditional Power Devices: Solidifying the Foundation with Future Potential in Automotive Business - The global power device market is projected to grow steadily, with automotive applications leading the growth [9][59]. - The company has a comprehensive product line in traditional power devices, positioning itself well for future automotive electronics demand [6][9]. 3. Rich Product Line in Small Signal Products and Accelerated MOSFET Development - The company has a diverse range of small signal discrete devices and is enhancing its MOSFET product line to achieve import substitution [6][9]. 4. Continuous Launch of IGBT and Third-Generation Semiconductor New Products - The company is actively developing IGBT chips and high-voltage modules, with a focus on applications in AI servers, new energy vehicles, and industrial power [6][9]. 5. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders is projected to be 1.215 billion, 1.474 billion, and 1.732 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.23%, 21.28%, and 17.50% [5][7]. - The current price-to-earnings ratio (P/E) is expected to decrease from 21 times in 2025 to 15 times in 2027, indicating potential for valuation improvement [5][7].

Fixed Income - The report highlights a significant increase in the proportion of interest rate bonds in Japan's bond market over the past 26 years, with government bonds accounting for 92.3% of the total market by the end of 2024 [6][7] - Japanese bond funds have seen a decline in scale, particularly when the 10-year government bond yield falls below 2%, with rapid decreases noted below 1.5% and potential near-zero levels below 0.5% [8] - The trend towards indexation and ETF formation in a low-interest environment is emphasized, with average ETF fees dropping to 0.28% in 2024, suggesting a strategic shift towards bond ETFs and international investments [8] Mechanical/Building Materials - The report discusses the acceleration of nuclear energy narratives due to geopolitical tensions, particularly following U.S. administrative actions aimed at revitalizing the nuclear industry to meet the energy demands of emerging sectors like AI [10][11] - Nuclear fusion is identified as a critical area of competition among nations, with its potential to address global energy challenges due to its abundant, sustainable, and safe energy characteristics [11] - The report notes that China has established a preliminary fusion equipment industry chain, with ongoing investments expected to benefit related companies amid increasing capital expenditure driven by geopolitical dynamics [11] Transportation - Dongguan Holdings is focused on its core highway business, with a notable increase in revenue from CNY 1.097 billion in 2015 to CNY 1.692 billion in 2024, reflecting a CAGR of 4.93% [14][15] - The company has committed to substantial cash dividends over the next three years, with a promise of at least CNY 0.475 per share annually, enhancing shareholder returns [14][15] - The strategic expansion of the Dongshen Expressway is expected to significantly improve traffic capacity and revenue, with toll income rising from CNY 930 million to CNY 1.32 billion between 2015 and 2024 [15] Electronics - Changdian Technology ranks third globally among OSAT manufacturers, benefiting from the recovery of the semiconductor industry and a growing demand for advanced packaging technologies [18][19] - The company plans to invest CNY 8.5 billion in fixed assets in 2025 to expand its advanced technology capacity, targeting high-growth market applications [20] - The automotive electronics market is projected to grow significantly, with the company poised to capitalize on this trend through its new production facility in Shanghai, expected to commence operations in late 2025 [21]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company is a leading player in the semiconductor packaging and testing industry, benefiting from the recovery of industry conditions and its advanced packaging layout, which promises growth potential [4]. - The company ranks third globally among OSAT manufacturers and first in mainland China, indicating its strong market position [4]. - The company's proprietary XDFOI®Chiplet technology has achieved stable mass production, catering to high-performance computing, AI, 5G, and automotive electronics [4]. - The automotive electronics market presents significant growth opportunities, with the company expected to see rapid development following the launch of its new factory in Shanghai [4][6]. Financial Summary - Revenue projections for the company are as follows: - 2023: 29,661 million RMB - 2024: 35,962 million RMB (21.24% YoY growth) - 2025: 42,865 million RMB (19.20% YoY growth) - 2026: 47,361 million RMB (10.49% YoY growth) - 2027: 52,999 million RMB (11.90% YoY growth) [5]. - Net profit forecasts are: - 2023: 1,471 million RMB - 2024: 1,610 million RMB (9.44% YoY growth) - 2025: 2,078 million RMB (29.11% YoY growth) - 2026: 2,900 million RMB (39.56% YoY growth) - 2027: 3,967 million RMB (36.77% YoY growth) [5]. - The company's earnings per share (EPS) are projected to increase from 0.82 RMB in 2023 to 2.22 RMB in 2027 [5]. Investment Valuation - The current price-to-earnings (P/E) ratios are projected to decrease from 39.90 in 2023 to 14.79 in 2027, indicating an attractive valuation as earnings grow [5][6]. - The report compares the company with peers such as Tongfu Microelectronics, Huatian Technology, and Nexperia, with an average valuation of 39.29 times for 2025 [6].

Investment Rating - The report gives an initial investment rating of "Buy" for Dongguan Holdings, emphasizing its strong position in the expressway sector and stable dividend commitments to shareholders [4][6][71]. Core Viewpoints - Dongguan Holdings focuses on its core business of expressway operations, particularly the advantageous position of the Dongshen Expressway, which is a vital part of the Guangdong-Hong Kong-Macao Greater Bay Area's transportation network [5][8]. - The company has committed to a minimum annual cash dividend of no less than 0.475 CNY per share for the years 2025-2027, reflecting its emphasis on shareholder returns [5][33]. - The ongoing expansion project of the Dongshen Expressway is expected to significantly enhance traffic capacity and toll revenue in the long term, despite short-term challenges during the construction phase [5][45][71]. Summary by Sections Financial Performance - The company's total revenue increased from 1.097 billion CNY in 2015 to 1.692 billion CNY in 2024, with a CAGR of 4.93% [5][18]. - The projected net profit for 2025-2027 is estimated at 812 million CNY, 856 million CNY, and 888 million CNY, with year-on-year growth rates of -15.0%, 5.4%, and 3.8% respectively [6][71]. Business Segments - The expressway business remains the core revenue driver, contributing 78.19% of total revenue in 2024, with toll revenue from the Dongshen Expressway reaching 1.323 billion CNY [18][22]. - The financial investment segment, including commercial factoring and leasing, is expected to provide stable income, while the new energy sector is expanding but facing short-term profitability challenges [51][58]. Strategic Initiatives - The company is actively pursuing a multi-faceted strategy that includes optimizing its asset portfolio by focusing on expressway operations and divesting non-core assets [71]. - The ongoing expansion of the Dongshen Expressway is projected to alleviate traffic congestion and enhance toll revenue, with completion expected by December 2028 [5][45]. Market Position - Dongguan Holdings is positioned as a key player in the expressway sector within the Greater Bay Area, benefiting from its strategic location and the ongoing integration of regional transportation networks [8][71]. - The company’s financial health is supported by a strong shareholder base and a commitment to maintaining a stable dividend policy [33][71].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Japan's bond market is dominated by government and quasi - government bonds, and the scale of government debt has been continuously increasing, while the growth of corporate and individual debt may stagnate in the stage of population negative growth [5][15]. - The Bank of Japan is the most important investor in the Japanese bond market, holding nearly half of Japanese government bonds. Banks and insurance companies have a relatively high proportion of overseas bond holdings due to low domestic bond yields. Although Japan's government debt - to - GDP ratio is high, it has not experienced a currency crisis because most of its government bonds are held by domestic investors [17]. - Japan's stock funds have grown significantly, while the scale of fixed - income funds has nearly reached zero. When the 10 - year government bond yield is below 2%, the scale of bond funds starts to decline; when it is below 1.5%, the decline accelerates; when it is below 0.5%, the scale may gradually reach zero [1][99]. - In the low - interest - rate era, the indexation and ETF - ization of bond funds are major trends, and the fee rate shows a downward trend. Global bond funds may be a direction when domestic bond yields are low under the condition of free capital convertibility [1][101]. - China is in a low - interest - rate era. The development of domestic pure - bond funds may stagnate, and it is recommended to actively follow the trend of bond - fund indexation and ETF - ization, develop overseas bond funds, and strengthen the development of fixed - income plus funds [102][106]. 3. Summary According to Relevant Catalogs 3.1 Japan's Bond Market Structure's Long - term Changes 3.1.1 Japan's Economic Past and Present - After World War II, Japan's economy grew rapidly from 1961 - 1990, with an average real GDP growth rate of 6.2%. In the 1980s, Japan was world - leading in many fields. However, since the 1990s, due to the bursting of the real - estate and stock - market bubbles, Japan has entered a "lost era", with an average real GDP growth rate of only 0.7% from 1992 - 2024 [6]. - Japan's GDP was once very close to that of the United States in 1995, accounting for 72.6% of the US GDP. But by 2024, it was only 13.8% of the US GDP [7]. 3.1.2 Japan's Bond Market Structure Changes - Japan's bond types include government bonds, corporate bonds, financial bonds, etc. Government and quasi - government bonds are the main part of the bond market. As of the end of 2024, the balance of government and quasi - government bonds accounted for 92.3% of the total bond - market scale [9]. - Since 1998, the proportion of government and quasi - government bonds in the Japanese bond market has gradually increased from 64.1% to 92.3%. The scale of the Japanese bond market has been growing, but the scale of convertible bonds has nearly reached zero, reflecting the low financing demand of Japanese enterprises [9][14]. - Looking forward, the scale of Chinese government bonds may continue to increase, and the proportion of government bonds in the bond market may continue to rise [15]. 3.2 Japan's Bond Market Investor Structure Changes 3.2.1 Holders of Japanese Government Bonds - As of the end of 2023, the Bank of Japan held 47.9% of Japanese government bonds, followed by insurance companies, banks, pension funds, and overseas investors [18]. - The issuance term of Japanese government bonds is relatively long, with bonds with a term of 10 years and above accounting for 76.4% of the balance as of the end of 2023 [20]. 3.2.2 Bond Investment of Various Japanese Investors - The Bank of Japan is the core investor in Japanese government bonds. As of the end of 2024, it held 582.7 trillion yen of government bonds, accounting for 47.5% of the government - bond balance. The Bank of Japan's assets are mainly government bonds [22][28]. - Japanese financial institutions have a relatively high proportion of overseas bond holdings. As of March 2024, overseas bonds accounted for 37.6% of the bond investments of Japanese domestic banks and 25.2% of those of the insurance industry [29]. - The proportion of securities investment of Mitsubishi UFJ Bank has decreased significantly since 2013, which is related to the low bond yields in Japan. When the 10 - year government bond yield falls below 1%, the proportion of its securities investment decreases significantly [31][32]. - Japanese life - insurance companies invest a significant amount in Japanese government bonds and also have a relatively high proportion of overseas - securities investment. The Government Pension Investment Fund (GPIF) has a relatively high proportion of stock investment, with a 49.9% stock - investment ratio at the end of 2024 [39][40]. - Japanese retail government bonds have three main terms: 3, 5, and 10 years. The amount of government bonds held by individual investors has remained at a low level in recent years, which is related to the decline in government - bond yields [43]. 3.3 Japan's Public - Fund Industry's Seventy - year Development 3.3.1 Long - term Changes in Japan's Public - Fund Industry - Japan's public - fund industry has a history of more than 70 years. The earliest securities investment trust appeared in 1937, and the legal basis for modern securities investment trust was established in 1951. The earliest open - end stock investment fund was established in 1952, and the earliest bond fund was established in 1961 [53]. - The development of Japan's public funds can be divided into four stages: the start - up stage (before 1971), the booming development stage (1972 - 1989), the stock - fund downturn stage (1990 - 1997), and the stock - fund maturity stage (after 1997). As of the end of 2024, the total scale of Japanese public funds reached a record high of 246 trillion yen, with stock funds accounting for the majority [54][55][56]. 3.3.2 Structure Evolution and Investment Direction of Japan's Stock Funds - Japan's stock funds can invest in both domestic and overseas bonds and stocks. The scale of bonds invested by stock funds was once higher than that of stocks, but since 2012, the proportion of bond investment has decreased significantly [60]. - As of the end of 2024, Japanese stock funds held 10.1 trillion yen of domestic stocks, accounting for 10.2% of the total market value of the Japanese stock market. The top three industries with increased investment proportions from 2011 - 2024 were electrical appliances, services, and retail, while the top three with decreased proportions were automobiles, chemicals, and glass and ceramics [64]. - The proportion of bond investment by Japanese stock funds is closely related to the stock - market situation and bond - yield levels. As of the end of 2024, the bond - investment proportion of Japanese stock funds was only 8.0% [66]. - Since 2013, the scale of Japanese stock funds has increased significantly, which is closely related to the rise of the stock market and the development of ETFs. As of the end of 2024, the scale of ETFs in stock funds accounted for 38.8% [68]. 3.3.3 Evolution of Japan's Fixed - Income Funds - Japan's fixed - income funds are mainly divided into money funds (MMF), long - term bond funds, medium - term government - bond funds, domestic - and - foreign - bond funds, and money reserve funds (MRF). Currently, the scale of money funds, medium - term government - bond funds, and domestic - and - foreign - bond funds has reached zero [71]. - The scale of Japanese money funds reached zero in 2017 due to the Bank of Japan's unconventional monetary - easing policies and negative interest rates [75]. - The scale of Japanese bond funds has decreased significantly. As of the end of 2024, the scale of long - term bond funds was only 0.45 trillion yen, and the fixed - income funds are mainly MRF, with a scale of 15.3 trillion yen [71][84]. 3.3.4 Competition Pattern of Japanese Asset - Management Institutions - As of the end of 2024, there were hundreds of asset - management institutions in Japan, including 80 public - asset - management companies. The total management scale of public - asset - management institutions was 380 trillion yen, with public - fund scale at 246 trillion yen [90]. - Nomura Asset Management dominates the market, and the top five public - fund institutions account for nearly 70% of the market share. The indexation and ETF - ization characteristics of Japanese stock funds are obvious, and the average fee rate of public funds is in a downward trend [91][95][97]. 3.4 Enlightenment from the Development of Japanese Fixed - Income Funds 3.4.1 Enlightenment from the Development of Japanese Fixed - Income Funds - When the 10 - year government - bond yield is below 0.5%, the development of fixed - income funds may reach an end. The current main part of Japanese fixed - income funds is MRF, which is less sensitive to yield [98][100]. - If capital is freely convertible, global bond funds may be a direction when domestic bond yields are low. However, the total scale of Japanese bond funds investing in overseas bonds is not large due to exchange - rate risks and hedging costs [100]. - In a low - interest - rate environment, the indexation and ETF - ization of bond funds are major trends, and the fee rate shows a downward trend [101]. 3.4.2 Where Do Bond Funds Go in the Low - Interest - Rate Era? - China is in a low - interest - rate era, and the development of domestic pure - bond funds may stagnate. It is recommended to actively follow the trend of bond - fund indexation and ETF - ization, develop overseas bond funds, and strengthen the development of fixed - income plus funds [102][106][109]. - In the low - interest - rate era, bond - fund indexation and ETF - ization are major trends. Nomura Asset Management has many bond ETFs and index funds. China's fund companies can actively layout bond - segment index funds or ETFs [109][112]. - Fund companies are advised to actively obtain QDII quotas and vigorously layout overseas - bond investments [117]. - Fixed - income plus funds still have broad development space and can be further segmented, and the scope of plus - assets can be expanded [118].

证券研究报告 晨会 hyzqdatemark 2025 年 05 月 27 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年05月27日 华源晨会精粹 20250527 农林牧渔 生猪价格持续走弱，建议关注低成本高成长龙头——农林牧渔行业周报： 生猪：本周涌益数据最新猪价降至 14.31 元/kg，出栏均重略降至 129.38kg，15Kg 仔猪报价维持 627 元/头左右。近期二育栏舍利用率下行、积极性下降，短期猪价走 势或震荡偏弱，4 月农业部数据中大猪存栏同比+6.5%、环比+0.6%，后续供应压力 或持续。中长期看全年总体供给偏多，猪价弱势较为确定。肉鸡：上周全球最大鸡 肉出口国巴西爆发商业养殖场禽流感，已暂停出口中国，或助推国内鸡肉价格回暖。 目前巴西向中国提出仅针对于出现禽流感疫情的蒙特内格鲁市产品禁运的建议，后 续若巴西 28 天无疫情则将重新被认定为"无禽流感国家"。宠物：海关 4 月狗食或 猫食饲料及罐头销售额数据显示，剔除春节因素后出现 22 个月以来的首次下滑，对 美国出口大幅下滑。非美地区出口也有所放缓，或与转口贸易有关。贸易摩擦的不 确定性导致客户下单更为谨慎。建议持续 ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights that the U.S.-China geopolitical competition may accelerate the narrative around nuclear power, with nuclear fusion emerging as a key competitive point. Recent U.S. executive orders aim to revitalize the nuclear energy sector, which could benefit related companies in the context of increased capital expenditure driven by military competition [4] - The report anticipates that 2025 will be a turning point for listed companies, with 2026 marking an industry inflection point. It suggests that the current market downturn presents opportunities to capitalize on "cognitive differences" [4] Summary by Sections 1. Controlled Nuclear Fusion Research - Controlled nuclear fusion offers unparalleled advantages over other energy sources, including abundant raw materials from seawater and minimal environmental impact [8] - The global number of operational fusion devices has reached over 100, with various countries accelerating their fusion development strategies [12][16] 2. Sector Tracking - The construction materials index has decreased by 1.1%, with cement and glass fiber sectors showing varied performance [25] - Notable stock performances include companies like Xiong Plastic Technology (+13.2%) and Jingang Photovoltaic (+11.7%) [25] 3. Data Tracking Cement - The average price of 42.5 cement nationwide is 370.8 RMB/ton, down 7.8 RMB/ton month-on-month but up 5.2% year-on-year [33] - The cement inventory ratio is 65.3%, showing a month-on-month increase of 1.3 percentage points [33] Float Glass - The average price of 5mm float glass is 1378.3 RMB/ton, down 16.6 RMB/ton month-on-month and down 401.5 RMB/ton year-on-year [50] Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 13.7 RMB/sqm, remaining stable month-on-month but down 4.2 RMB/sqm year-on-year [55] Glass Fiber - The average price for alkali-free glass fiber yarn is 4700.0 RMB/ton, down 10.0 RMB/ton month-on-month but up 45.0% year-on-year [60] Carbon Fiber - The average price for large tow carbon fiber is 72.5 RMB/kg, stable month-on-month but down 5.0 RMB/kg year-on-year [63]

11- 分 11 7 11 7 0 北交所定期报告 2025年05月26日 固态电池与氢燃料电池降本趋势持续,关注北交所固态电池&氢能产业企业 证券分析师 赵昊 SAC: S1350524110004 zhaohao@huayuanstock.com 万泉 SAC: S1350524100001 wanxiao@huayuanstock.com 联系 北交所科技成长产业跟踪第二十七期(20250525) 公告:海泰新能拟在印尼建设"2GW 光伏电池片及 1GW 组件项目"作为新增寨投项目。成都瑞奇智造科技股 A 份有限公司取得 1 项国家知识产权局授予的实用新型专利证书,实用新型名称:一种带翅片管的吸附柱及尾气 回收系统。唐山海泰新能科技股份有限公司拟在印尼建设"2GW 光伏电池片及 1GW 组件项目"作为新增募投 项目,项目总投资约6亿元人民币。 A 风险提示:宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 A 总量:北交所科技成长股股价涨跌幅中值-5.38%。2025年5月 19 日至 23 日，北交所科技成长产业 146 家企 A 业少数上涨,区间涨跌 ...