Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - In April 2025, the growth rate of social financing increased significantly, with new loans of 28 billion yuan and social financing of 1.16 trillion yuan. The M2 growth rate rebounded significantly, and the M1 growth rate was stable. The new loans in April were less than the same period last year, but the total for the first four months was close to the previous year. Looking ahead to 2025, new loans are expected to increase year - on - year, government bond net financing will expand significantly, and social financing will increase significantly year - on - year. The social financing growth rate may rise first and then fall, with an expected year - end growth rate of around 8.4%. [1][2] - It is recommended to adopt a full - defense strategy in the bond market. The negative economic cycle of the past two years has ended, and the economy is stabilizing internally. With the significant reduction of US tariffs on China, the bond market needs to guard against the possibility of economic data exceeding expectations. After the significant tariff reduction, the economic outlook has improved significantly, and the central bank may need to push up the long - term bond yields moderately. In 2025, pure bond investment should be cautious, and attention should be paid to stock and convertible bond opportunities. [2] Group 3: Summary by Related Content New Loans - In April 2025, new loans were 28 billion yuan, less than the same period last year, but the total for the first four months was close to the previous year. The second - quarter April and May are usually small months for credit issuance, and June is a large month. The credit data in the first half of 2025 was affected by the replacement of implicit debts. The low stock mortgage interest rate and the stable stock market alleviated the pressure of early mortgage repayment, and the demand for mortgage loans improved. In April, individual loans decreased by 52.16 billion yuan, including a decrease of 40.19 billion yuan in short - term individual loans and 12.31 billion yuan in medium - and long - term individual loans. Corporate short - term loans decreased by 48 billion yuan, corporate medium - and long - term loans increased by 25 billion yuan, and bill financing increased by 83.41 billion yuan. With the significant reduction of US tariffs on China and the low year - on - year base, new loans are likely to increase year - on - year in the next few months. [1][2][7] M1 and M2 - Since January 2025, the central bank has adopted a new M1 caliber, which further includes personal current deposits and non - bank payment institution customer reserves on the basis of the previous M1. As of the end of April 2025, the new - caliber M1 balance reached 109.1 trillion yuan, and the old - caliber M1 was 66.3 trillion yuan. In recent years, the year - on - year growth rates of the new and old M1 calibers have been similar, but the new - caliber M1 growth rate is more stable. In April, the new - caliber M1 growth rate was 1.5%, close to the previous month; the old - caliber M1 growth rate was - 0.2%, up 0.6 percentage points from the previous month. Since Q4 2024, the growth rates of both new and old M1 calibers have rebounded significantly, reflecting the gradual increase in economic activity. The M2 growth rate in April was 8.0%, up 1 percentage point from the previous month, which was related to the large decline in M2 in April 2024 when manual interest compensation was standardized and the large increase in M2 derivation due to the significant year - on - year increase in social financing in April this year. [2][4] Social Financing - In April 2025, the social financing increment was 1.16 trillion yuan, a significant year - on - year increase of 1.22 trillion yuan. The increase mainly came from government bond net financing and undiscounted items. The increment of RMB loans to the real economy in April was 8.84 billion yuan, 24.65 billion yuan less than the same period last year; undiscounted bank acceptance bills decreased by 27.94 billion yuan; corporate bond net financing increased by 23.4 billion yuan; government bond net financing was 97.29 billion yuan, a year - on - year increase of 1.07 trillion yuan. At the end of April, the social financing growth rate was 8.7%, up 0.4 percentage points from the end of the previous month and 0.7 percentage points from the beginning of the year. [1][2][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - Domestic profitability is beginning to recover, but financial expenses are dragging down net profit growth [6] - The company reported a revenue of 7.162 billion yuan in Q1 2025, a year-on-year increase of 1.10%, and a net profit attributable to the parent company of 234 million yuan, up 31.80% year-on-year [7] - The company expects net profits for 2025-2027 to be 2.735 billion, 3.077 billion, and 3.413 billion yuan respectively, with corresponding P/E ratios of 9, 8, and 8 times based on the stock price as of May 14 [7] Financial Performance Summary - Revenue forecast for 2023-2027: 33.757 billion, 34.217 billion, 35.974 billion, 39.952 billion, and 43.777 billion yuan, with growth rates of 10.79%, 1.36%, 5.13%, 11.06%, and 9.57% respectively [6] - Net profit forecast for 2023-2027: 2.762 billion, 2.416 billion, 2.735 billion, 3.077 billion, and 3.413 billion yuan, with growth rates of 2.34%, -12.52%, 13.21%, 12.50%, and 10.89% respectively [6] - The company's gross margin for Q1 2025 was 26.11%, an increase of 4.23 percentage points year-on-year [7] - The company's total assets are projected to grow from 69.513 billion yuan in 2024 to 84.340 billion yuan in 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) due to improved water inflow leading to high performance growth and favorable hydroelectric power configuration value [5]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 95.98 billion yuan, a year-on-year increase of 18.63%, and a net profit attributable to shareholders of 2.283 billion yuan, up 86.26% year-on-year [7]. - The company plans to distribute dividends of 0.12 yuan per share (tax included) at year-end, with a cumulative dividend payout ratio of 70.77% for 2024 [7]. - The company’s performance in Q1 2025 showed a revenue of 19.45 billion yuan, a decrease of 8.7% year-on-year, but a net profit of 5.43 billion yuan, an increase of 26.36% year-on-year [7]. - The company is focusing on expanding its hydroelectric capacity, with ongoing projects expected to contribute to future performance growth [7]. Summary by Sections Market Performance - The closing price as of May 14, 2025, was 6.36 yuan, with a total market capitalization of 50,131.92 million yuan [3]. Financial Forecasts and Valuation - Revenue projections for 2025 are estimated at 96.08 billion yuan, with a net profit of 2.613 billion yuan, corresponding to a P/E ratio of 19.19 [6][8]. - The company’s return on equity (ROE) is expected to be 13.28% in 2025, indicating strong profitability [6]. Operational Highlights - The company’s total installed capacity reached 13.9 million kilowatts by the end of 2024, with significant contributions from hydroelectric power [7]. - The company’s electricity generation in 2024 was 364 billion kilowatt-hours, a year-on-year increase of 28% [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [6][9]. Core Views - The company is recognized as a leading player in environmental governance, with a balanced development strategy focusing on solid waste treatment as its core business, complemented by water and energy services [8][11]. - The acquisition of Yuefeng Environmental is expected to drive significant growth, enhancing the company's operational capacity and market position [11][32]. Summary by Sections Basic Data - The closing price of the company's stock is 24.01 CNY, with a total market capitalization of approximately 19,576.48 million CNY [4]. - The company has a total share capital of 815.35 million shares and a net asset value per share of 16.96 CNY [4]. Financial Forecast and Valuation - Projected revenues for 2023 to 2027 are 12,541 million CNY, 11,886 million CNY, 11,931 million CNY, 12,008 million CNY, and 12,222 million CNY, respectively, with a growth rate of -2.59%, -5.22%, 0.38%, 0.65%, and 1.78% [7][9]. - Expected net profits for the same period are 1,430 million CNY, 1,664 million CNY, 1,767 million CNY, 1,887 million CNY, and 2,040 million CNY, reflecting growth rates of 24.71%, 16.39%, 6.21%, 6.79%, and 8.08% [7][9]. - The company's price-to-earnings (P/E) ratios are projected to be 13.69, 11.77, 11.08, 10.37, and 9.60 for the years 2023 to 2027 [7]. Business Overview - The company has established a comprehensive operational model for solid waste management, with a focus on high operational efficiency and a capacity utilization rate of 119% [11][28]. - The solid waste segment generated a net profit of 10.25 billion CNY in 2024, with the majority coming from waste incineration [11][28]. - The acquisition of Yuefeng Environmental will increase the company's total waste incineration capacity to 88,000 tons per day, positioning it as the largest national waste incineration operator in A-shares [11][38]. Water and Gas Business - The company has a stable water supply business with a capacity of 1.7 million cubic meters per day, and it is expected to benefit from upcoming water price increases in the region [39][44]. - The gas business has shown recovery in profit margins, with a sales volume of 9.8 to 10.2 billion cubic meters from 2021 to 2024 [51]. Dividend Policy - The company has committed to increasing its dividends per share (DPS) by at least 10% annually from 2024 to 2026, reflecting its strong cash flow position [20][28].

Investment Rating - The investment rating for the real estate sector is "Positive" (maintained) [4] Core Viewpoints - The report indicates that the real estate sector is under pressure in terms of revenue and profit, with a significant decline in both metrics for 2024 and Q1 2025. The average operating revenue for 2024 is projected to be 20.7 billion, a year-on-year decrease of 21.3%, while the average net profit attributable to shareholders is expected to be -1.77 billion, a staggering decline of 4889% [4][7] - The report highlights that the decline in revenue and profit is primarily due to the downturn in real estate sales from 2022 to 2023, which has affected the settlement figures for 2024 and Q1 2025. The report also notes that the gross profit margin is declining, and the impairment ratio is at a historical high, leading to a negative net profit margin [4][8][13] Summary by Sections 1. Operating Performance - In 2024, the average operating revenue for the real estate sector is projected to be 20.7 billion, down 21.3% year-on-year, with a net profit of -1.77 billion, reflecting a decline of 4889% [7][13] - For Q1 2025, the average operating revenue is expected to be 3.2 billion, a decrease of 9.0% year-on-year, while the net profit is projected at -120 million, a decline of 3346% [4][9] - The gross profit margin for 2024 is expected to be 14.0%, down 2.4 percentage points from 2023, while the net profit margin is projected to be -8.6%, a decrease of 8.4 percentage points [8][22] 2. Credit Metrics - The asset-liability ratio for the real estate sector is projected to be 76.0% in 2024, a slight decrease from 2023, while the net liability ratio is expected to rise to 87.7%, an increase of 12.6 percentage points [25][30] - The cash-to-short-term debt ratio is expected to be 0.9 times in 2024, down 0.3 times from 2023, indicating continued pressure on the funding side [33] 3. Investment Analysis - The report emphasizes the importance of stabilizing the real estate market and stock market, as well as the potential for high-quality housing to emerge as a growth area due to policy guidance and changes in supply-demand structure [4][40] - The report suggests focusing on companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management firms [4][40]

Group 1: Report Industry Investment Rating - The report does not explicitly provide an industry investment rating. Group 2: Core Views of the Report - The progress of China - US tariff negotiations exceeded expectations, with US tariffs on China significantly reduced. The 24% tariff will be suspended for the initial 90 days, 10% will be retained, and the remaining additional tariffs will be cancelled, equivalent to a 115 - percentage - point reduction (24% suspended for 90 days). There is a possibility that the 20% fentanyl tariff will be further reduced [2]. - China's export resilience exceeded expectations. In April, despite a 20% drop in exports to the US, total export volume increased by 9.3% year - on - year, reflecting strong industrial competitiveness. The report predicts that China's economy will stabilize internally in 2025 [2]. - After the significant tariff reduction, the money market is expected to gradually tighten. The DR001 weighted average interest rate is expected to rise to around 1.7% in the next month, and the 1Y national - share inter - bank certificate of deposit rate will reach 1.8%. If the 20% fentanyl tariff is also reduced to 0, the DR001 weighted average interest rate may further rise to around 1.8% [2]. - It is recommended to consider allocating 10Y Treasury bonds at 1.8% and 30Y Treasury bonds at around 2.1%. It is expected that there will be no trend - based opportunities in pure - bond investment in the next two years. For 5Y national - share secondary capital bonds, it is advisable to wait until the yield is above 2.1% [2]. - With the implementation of reserve requirement ratio cuts and interest rate cuts, the positive factors for the bond market may have been exhausted. The report recommends a full - scale defensive strategy for the bond market and suggests paying more attention to stocks and convertible bonds in 2025 [2]. Group 3: Summary by Related Content China - US Tariff Negotiation Progress - On May 11, the US and China reached a trade agreement, and on May 12, the "Joint Statement of the China - US Geneva Economic and Trade Talks" was released, with significant tariff reductions [2]. China's Economic Situation - In April, China's total export volume increased by 9.3% year - on - year despite a 20% drop in exports to the US, indicating strong industrial competitiveness. Domestic consumption is steadily recovering, the real estate market is gradually stabilizing, and the stock market is slowly rising [2]. Capital Market and Bond Market Outlook - After the tariff reduction, the money market is expected to tighten. The DR001 weighted average interest rate and 1Y national - share inter - bank certificate of deposit rate are expected to rise. The report advises waiting for appropriate yields when investing in Treasury bonds and secondary capital bonds and adopting a defensive strategy for the bond market [2].

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 05 月 13 日 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 营收业绩短暂承压，静待政策驱动回升 投资评级： 看好（维持） ——建筑装饰行业周报（20250505-20250511） 投资要点： 本周观点： 证券分析师 板块增速放缓，利润阶段承压。2024 年，申万建筑板块整体经营表现面临一定压力， 全年实现营业收入 87,316 亿元，同比下降 3.95%；归母净利润 1,715 亿元，同比下 降 14.22%。受房地产市场持续低迷、地方债务约束强化等因素影响，板块整体营收 与利润增速较 2023 年分别回落 11.18pct 和 24.77pct。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is impacted by electricity consumption and coal inventory, but there is optimism for a recovery in electricity demand and coal price elasticity in Q2 [5] - The company reported a revenue of 6.42 billion yuan in Q1 2025, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 444 million yuan, down 1.98% year-on-year [6] - The electricity price in Anhui province is expected to decline, which may affect revenue, but the company benefits from lower coal prices and new power generation units coming online [6] Financial Summary - Revenue projections for the company are as follows: 27,867 million yuan in 2023, 30,094 million yuan in 2024, and 30,516 million yuan in 2025E, with a growth rate of 8.26%, 7.99%, and 1.40% respectively [5] - Net profit attributable to shareholders is projected to be 1,430 million yuan in 2023, 2,064 million yuan in 2024, and 2,205 million yuan in 2025E, with growth rates of 186.37%, 44.36%, and 6.85% respectively [5] - The company’s earnings per share (EPS) are expected to be 0.63 yuan in 2023, 0.91 yuan in 2024, and 0.97 yuan in 2025E [5] Market Performance - The closing price of the company's stock is 7.53 yuan, with a market capitalization of approximately 17,069.48 million yuan [3] - The company's asset-liability ratio stands at 64.43%, and the net asset value per share is 7.12 yuan [3]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

证券研究报告 海外 行业定期报告 hyzqdatemark 2025 年 05 月 12 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 投资评级： 无 ——海外科技周报（25/5/5-25/5/9） 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：本周 Centrus Energy（LEU）公布 1Q25 财报，公司营收同比增长 67%至 7310 万美元，每股收益达 1.60 美元，显著超出市场预期，主要受益于俄供应延迟推后交付带来的集中确认，以及 SWU 单价与销量的双重 提升。毛利率从去年同期的 10%提升至 45%，现金储备上升至 6.86 亿美元，为未来产能扩张与 DOE 合作奠定 资金基础。我们认为，公司作为美国唯一具备 HALEU 生产许可和商业离心机部署能力的企业，其"技术+政策+ 安全合规"组合 ...