Investment Rating - The report maintains a "Recommended" investment rating for the AI Agent industry, highlighting the potential of the MCP protocol to revolutionize the sector, akin to the TCP/IP protocol in the internet era [3][42]. Core Insights - The MCP protocol is positioned as a transformative element for AI applications, enabling systems to provide contextual information to AI models and facilitating interoperability across various integration scenarios [3][42]. - Major internet companies like Tencent, ByteDance, and Alibaba are engaged in intense competition to develop universal AI Agents, which is expected to usher in a new era for the domestic AI Agent industry [3][42]. Summary by Sections Market Review - During the week of April 14-18, the CSI 300 Index rose by 0.59%, while the SME and ChiNext indices fell by 1.15% and 0.64%, respectively. The computer sector (CITIC) saw a decline of 0.98% [50]. Industry News - OpenAI launched the GPT-4.1 series models, which are seen as a significant upgrade with enhanced multimodal processing capabilities and a larger context window [43]. - NVIDIA announced the domestic pricing for the RTX 5060 graphics card, starting at 2499 RMB, set to launch in May [44]. Company News - Inspur Software plans to repurchase its shares for an amount between 20 million and 40 million RMB, with a maximum price of 24.99 RMB per share [2]. - Keda Control received a patent for a method and system for detecting oil abrasive particle size [2]. Weekly Insights - The report discusses the evolution of the AI Agent paradigm from the MCP protocol to Manus, emphasizing the importance of unified data interaction protocols and agent-based decision-making paths [8][9]. - The competition among internet giants is highlighted, with Tencent's "AI Friend" and ByteDance's Coze platform leading the charge in market education and ecosystem integration [27][31]. Investment Recommendations - The report suggests focusing on companies across various sectors, including programming (Zhuoyi Information, Puyuan Information), office software (Kingsoft Office, Hehe Information), ERP (Kingdee International, Yonyou Network), and AIGC (Wondershare Technology, Meitu) [42].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The darkest moment at the bottom may have passed, and the inflection point of the convertible bond market's repair is approaching. With the easing of the tariff storm, the convertible bond market has seen capital inflows, and the approval of convertible bond plans has accelerated, optimizing the supply - demand pattern [1][15]. - In April, it is recommended to focus on high - rating and stable convertible bonds, reduce the export risk exposure in the convertible bond portfolio, and pay attention to infrastructure, domestic economic ballast - type cyclical industries, and hedging and strategic resource industries. Starting from May, technology - independent growth industries are expected to regain market attention [2][19]. 3. Summary According to Relevant Catalogs 3.1 Convertible Bond Weekly Special Topic and Outlook 3.1.1 How to View the Return of Convertible Bond Funds - With the easing of the tariff storm, the market has gradually recovered, and convertible bond ETFs have been repurchased. Since April 17, the A - share market has stopped falling and rebounded, with the CSI Convertible Bond Index rising 0.19% on that day. The Bosera Convertible Bond ETF had a net increase of 0.59 billion shares this week, with a circulation scale increase of 495 million yuan [1][10]. - The convertible bond market's bottom may have passed, and the allocation cost - effectiveness is prominent, which is the main reason for the return of funds. The approval of convertible bond plans has accelerated, and the supply - demand pattern is expected to continue to optimize [15]. 3.1.2 Weekly Review and Market Outlook - This week, the three major A - share indexes showed differentiation, with precious metals and cyclical sectors oscillating strongly. The Shanghai Composite Index rose 1.19%, while the Shenzhen Component Index and the ChiNext Index fell 0.54% and 0.64% respectively [20][21]. - The current A - share market valuation has rebounded but is still at a relatively low level in the long - term. The risk - return ratio shows good allocation cost - effectiveness. The convertible bond issuance pressure is expected to be low, but attention should be paid to the valuation callback risk. Also, continue to pay attention to the downward - revision game space and be vigilant against the forced - redemption risk [21]. - Industries to focus on include popular themes, domestic - demand directions, central state - owned enterprises under the Chinese - characteristic valuation system, and the military industry [22]. 3.2 Convertible Bond Market Weekly Tracking 3.2.1 Equity Market Differentiation, Defensive Industries such as Banks Strengthen - This week, the equity market had mixed performance. The Wind All - A Index rose 0.39%, the Shanghai Composite Index rose 1.19%, and the market style was more inclined to large - cap growth. Among the Shenwan industry indexes, 23 industries rose and 8 industries fell, with banks, real estate, and the comprehensive industry leading the gains [25][27]. 3.2.2 Convertible Bond Market Declined, Hundred - Yuan Premium Rate Slightly Decreased - The convertible bond market declined this week. The CSI Convertible Bond Index fell 0.58%, and the average daily trading volume decreased significantly. The average daily trading volume was 52.703 billion yuan, a decrease of 40.389 billion yuan from last week [30]. - In the convertible bond industry, 5 industries rose and 24 industries fell. The corresponding underlying stocks also showed mixed performance, with 13 industries rising and 16 industries falling [33]. - Most individual convertible bonds fell. The top five weekly gainers and losers are listed, as well as the top five in terms of weekly trading volume [36]. - The number of low - price convertible bonds increased, and the median price of convertible bonds decreased. The weighted conversion value of the whole market increased, and the premium rate decreased [39][44]. 3.2.3 High - Frequency Tracking of Different Types of Convertible Bonds - **Market Index Performance**: All convertible bonds with different parities declined this week. High - parity convertible bonds are more elastic. Among the stock - bond classification, the stock - oriented convertible bonds rose, while the balanced and bond - oriented convertible bonds fell. Historically, stock - oriented convertible bonds are more elastic, and balanced convertible bonds are more resistant to decline. Among different ratings, AAA and A - and below rated convertible bonds rose, and other ratings fell. All convertible bonds in different size segments declined this week [47][49]. - **Classification Valuation Changes**: The valuations of stock - oriented and balanced convertible bonds declined this week. The valuations of convertible bonds with parities below 80 yuan and between 100 - 110 yuan increased, while most others decreased. The valuations of convertible bonds with different ratings and sizes all declined [53]. 3.3 Convertible Bond Supply and Clause Tracking 3.3.1 This Week's Primary Plan Issuance - One new convertible bond was listed this week, and four are pending listing. The primary approval number was 14. Since the beginning of 2023 to April 18, 2025, there have been 89 planned convertible bonds, with a total scale of 149.534 billion yuan [64][65]. 3.3.2 Downward - Revision and Redemption Clauses - **Downward - Revision Clauses**: 42 convertible bonds announced the expected trigger of downward - revision, 13 announced no downward - revision, 1 proposed downward - revision, and 2 actually carried out downward - revision [5][69]. - **Redemption Clauses**: 4 convertible bonds announced the expected trigger of redemption, 3 announced no early redemption, and 2 announced early redemption. As of the end of this week, 2 convertible bonds were still in the put - option declaration period, and 21 were in the company's capital - reduction settlement declaration period [5][78].

电力设备及新能源周报 20250420 全球动力电池装车量同比高增，辽宁省下发 7GW 风光指标 2025 年 04 月 20 日 ➢ 本周（20250414-20250418）板块行情 电力设备与新能源板块：本周下跌 0.37%，涨跌幅排名第 25，弱于上证指数。 本周储能指数涨幅最大，工控自动化跌幅最大。储能指数上涨 1.07%，核电指 数上涨 1.06%，新能源汽车指数上涨 0.92%，锂电池指数上涨 0.60%，风力发 电指数下跌 0.06%，太阳能指数下跌 1.73%，工控自动化下跌 1.90%。 ➢ 新能源车： 2025 年 1-2 月全球动力电池装车量同比增长 40.3%，行业 集中度进一步提升。 根据 SNE 数据，2025 年 1-2 月，全球动力电池装车量已达到 129.9GWh，同 比增长 40.3%。从装机量来看，宁德时代以 49.6GW 遥遥领先；比亚迪以 21.9GWh 位列第二；中创新航和国轩高科装机量分别为 5.0GWh 和 4.6GWh， 分别同比增长 42.9%和 76.9%。从市场份额来看，宁德时代市占率 38.2%，比 亚迪市占率 16.9%，两家龙头企业市占率合计同比 ...

电力设备及新能源周报 20250420 全球动力电池装车量同比高增，辽宁省下发 7GW 风光指标 2025 年 04 月 20 日 ➢ 本周（20250414-20250418）板块行情 电力设备与新能源板块：本周下跌 0.37%，涨跌幅排名第 25，弱于上证指数。 本周储能指数涨幅最大，工控自动化跌幅最大。储能指数上涨 1.07%，核电指 数上涨 1.06%，新能源汽车指数上涨 0.92%，锂电池指数上涨 0.60%，风力发 电指数下跌 0.06%，太阳能指数下跌 1.73%，工控自动化下跌 1.90%。 ➢ 新能源车： 2025 年 1-2 月全球动力电池装车量同比增长 40.3%，行业 集中度进一步提升。 根据 SNE 数据，2025 年 1-2 月，全球动力电池装车量已达到 129.9GWh，同 比增长 40.3%。从装机量来看，宁德时代以 49.6GW 遥遥领先；比亚迪以 21.9GWh 位列第二；中创新航和国轩高科装机量分别为 5.0GWh 和 4.6GWh， 分别同比增长 42.9%和 76.9%。从市场份额来看，宁德时代市占率 38.2%，比 亚迪市占率 16.9%，两家龙头企业市占率合计同比 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, particularly focusing on key players such as China Life, Ping An, China Pacific Insurance, and New China Life [4]. Core Insights - The report highlights the implementation of the "reporting and operation integration" in the personal insurance sector, aimed at enhancing the industry's contribution to "fee difference benefits" [1]. - It emphasizes the optimization of commission incentive distribution mechanisms to encourage long-term service by individual insurance agents, which is expected to improve the quality of service and stabilize the workforce [2]. - The report suggests that the implementation of the new policies will likely lead to a rebound in the sales force of leading insurance companies, supported by macroeconomic recovery [3]. Summary by Sections Policy Changes - The National Financial Regulatory Administration issued a notice to reform the personal insurance marketing system, promoting high-quality development in the industry [1]. - The notice aims to unify expense assumptions, budget expenses, and assessment expenses, reducing irrational market behaviors driven by high commissions [1]. Commission Structure - For policies with a payment period of 5 to 10 years, commission payment must last at least 3 years; for those over 10 years, it must last at least 5 years [2]. - This change is expected to enhance the long-term retention and service awareness of agents, leading to steady growth in New Business Value (NBV) [2]. Workforce Dynamics - As of the end of 2024, the sales forces of major insurance companies are projected to stabilize, with China Life at 615,000, Ping An at 363,000, China Pacific at 136,000, and New China Life at 184,000 [3]. - The report anticipates that the quality of new recruits will improve, contributing to the growth of NBV and NBV Margin (NBVM) in the personal insurance channel [3]. Investment Focus - The report recommends focusing on China Pacific Insurance, with additional attention to Sunshine Insurance, New China Life, Ping An, and China Life due to their potential benefits from the new policies and market conditions [3].

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Baosteel, Hualing Steel, Nanjing Steel, and others [3][4]. Core Viewpoints - The report suggests that tariff negotiations may have concluded, and there is an expectation for domestic macro policies to provide countermeasures [3]. - Steel prices have declined due to tariff impacts, but after market sentiment stabilizes, prices may stabilize as well [3]. - Long-term expectations indicate potential production adjustments for crude steel, with raw material supply becoming more relaxed, which may restore profitability for steel companies [3]. Price Trends - As of April 18, steel prices have decreased, with HRB400 rebar at 3130 CNY/ton, down 40 CNY/ton from the previous week [1][10]. - Hot-rolled steel prices fell by 90 CNY/ton to 3240 CNY/ton, while cold-rolled steel prices dropped by 100 CNY/ton to 3790 CNY/ton [1][10]. - The price of medium plate increased by 20 CNY/ton to 3470 CNY/ton [1][10]. Production and Inventory - As of April 18, the production of five major steel varieties rose to 8.73 million tons, with total inventory decreasing by 518,700 tons to 11.24 million tons [2]. - Rebar production decreased by 31,500 tons to 2.29 million tons, while plate production increased by 20,200 tons [2]. - The apparent consumption of rebar increased by 211,400 tons to 2.74 million tons [2]. Investment Recommendations - The report recommends focusing on the following companies: - For general steel: Baosteel, Hualing Steel, Nanjing Steel - For special steel: CITIC Special Steel, Yongjin Co., and Xianglou New Materials - For pipe materials: Jiuli Special Materials, Wujin Stainless Steel, Youfa Group - Additionally, it suggests paying attention to high-temperature alloy companies like Fushun Special Steel [3]. Key Company Earnings Forecasts and Valuations - Baosteel (600019.SH): Price 6.78 CNY, EPS forecast for 2024E is 0.41 CNY, PE ratio 17 [3]. - Hualing Steel (000932.SZ): Price 4.73 CNY, EPS forecast for 2024E is 0.29 CNY, PE ratio 16 [3]. - Nanjing Steel (600282.SH): Price 4.24 CNY, EPS forecast for 2024E is 0.37 CNY, PE ratio 11 [3]. - CITIC Special Steel (000708.SZ): Price 11.69 CNY, EPS forecast for 2024E is 1.02 CNY, PE ratio 11 [3].

➢ 事件：公司于 4 月 17 日发布 2024 年年报，24 年实现营收 28.04 亿元，同 增 3.33%；实现归母净利润 0.44 亿元，同减 69.26%；扣非归母净利润 0.76 亿 元，同减 45.78%。单季度看，公司 24Q4 实现营收 6.49 亿元，同增 2.76%； 实现归母净利润 0.21 亿元，扣非归母净利润 0.02 亿元，较去年同期扭亏为盈。 ➢ 疆外扩张稳步推进，低温板块稳健增长。24 年乳制品行业市场消费需求延 续放缓趋势，公司实现乳制品销量 29.43 万吨，较上年同期增长 3.43%。分产品 看，24 年公司常温乳制品实现收入 14.99 亿元，同比-2.03%，占比 55.03%， 需求表现相对疲软；低温乳制品 11.18 亿元，同比+3.47%，占比 41.04%，桶酸 等产品凸显韧性；畜牧业板块公牛及外销生鲜乳销量同比大幅增加，实现收入 0.92 亿元，同比+14.32%，占比 3.37%。24 年末公司牛只存栏 6.48 万头，平 均成母牛年单产 10.66 吨。分渠道看，24 年公司疆内市场实现收入 13.59 亿元， 同比-6.31%，占比 49.90%；疆 ...

➢ 风险提示：上游奶源供应风险；资产损益持续增加；疆外竞争加剧；食品安 全问题等。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,804 | 3,029 | 3,291 | 3,561 | | 增长率（%） | 3.3 | 8.0 | 8.7 | 8.2 | | 归属母公司股东净利润（百万元） | 44 | 150 | 215 | 242 | | 增长率（%） | -69.3 | 244.6 | 42.7 | 12.6 | | 每股收益（元） | 0.14 | 0.47 | 0.67 | 0.75 | | PE | 81 | 24 | 17 | 15 | | PB | 1.5 | 1.4 | 1.3 | 1.2 | 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 4 月 18 日收盘价） 天润乳业（600419.SH）2024 年年报点评 扩张节奏稳健，静待盈利弹性释放 2025 年 04 月 20 日 ➢ ...

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Baosteel, Hualing Steel, Nanjing Steel, and others [3][4]. Core Insights - The report indicates that tariff negotiations may have concluded, and there is an expectation for domestic macro policies to provide a counterbalance [3]. - Steel prices have declined due to tariff impacts, but market sentiment may stabilize as demand rebounds, particularly in construction materials and plates [3]. - Long-term expectations suggest a potential recovery in steel company profitability due to anticipated production adjustments and a more relaxed supply of raw materials [3]. Summary by Sections Price Trends - As of April 18, steel prices have decreased, with HRB400 rebar at 3130 CNY/ton, down 40 CNY/ton from the previous week [1][10]. - Hot-rolled and cold-rolled prices also saw declines, with hot-rolled at 3240 CNY/ton (down 90 CNY/ton) and cold-rolled at 3790 CNY/ton (down 100 CNY/ton) [1][10]. Production and Inventory - Total steel production increased to 8.73 million tons, with a slight decrease in rebar production to 2.29 million tons [2]. - Social total inventory of major steel products decreased by 518,700 tons to 11.24 million tons [2]. Profitability - The report notes a decline in steel margins, with rebar, hot-rolled, and cold-rolled margins decreasing by 17 CNY/ton, 45 CNY/ton, and 107 CNY/ton respectively [1][2]. Investment Recommendations - The report recommends several companies for investment, including Baosteel, Hualing Steel, and Nanjing Steel in the general steel sector, and CITIC Special Steel and Yongjin in the special steel sector [3]. - It also suggests monitoring high-temperature alloy companies like Fushun Special Steel [3]. Key Company Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a generally favorable outlook for the recommended stocks [3].

➢ 收入持续大幅提升，存货等关键指标验证 AI 芯片业务高景气度延续。1）收 入持续高增：2024 年公司云端产品线业务收入 11.66 亿元，同比增加 1187.78%。 2024 年公司持续拓展市场，积极助力人工智能应用落地，使得报告期内云端产 品线收入较上年同期大幅增长。2025 年一季度公司持续拓展市场，积极助力人 工智能应用落地，收入较上年同期大幅增长。2）存货及预付账款端：公司 2025 年一季度末存货 27.55 亿元，较 2024 年年末的 17.74 亿元大幅提升；2025 年 一季度末预付账款 9.73 亿元，较 2024 年年末的 7.74 亿元同样大幅提升。2024 年底公司存货 17.74 亿元，2023 年年底约为 1 亿元；2024 年末预付账款 7.74 亿元，2023 年底约为 1.48 亿元。存货、预付账款持续大幅增加，验证公司需求 端景气度以及自身供应链韧性，AI 芯片业务高景气度有望延续。 ➢ 多个细分领域取得重要突破，持续投入研发保持自身核心竞争力。1）多个 细分领域市场突破：在互联网及运营商领域，公司的产品的性能和稳定性获得了 客户的广泛认可；在金融领域，公司不仅为 ...