证券研究报告 持续看好库存优、拿地及产品力强房企， 现金流及分红稳定物企配置价值凸显 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年6月22日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：短期板块或维持震荡。本周板块表现先扬后抑，全周下跌1.69%，跑输沪深300（-0.45%），当前板块主要分歧在于：一方 面A股主流地产股价已接近2024年9月低点、4、5月楼市走弱叠加上周国常会表态，政策预期升温，中期已具备一定交易性机会；另一 方面，居民收入及房价预期偏弱背景下，市场对楼市企稳仍缺乏信心，同时5月"一揽子金融政策"公布后，对短期政策出台可能性及 潜在效果仍存分歧。 重申关注中线布局，看好库存结构优、拿地及产品力强房企。我们认为尽管楼市修复存在波折反复，但"核心区与好房子"率先止跌 回稳的趋势未变，建议关注库存结构较优（高点拿地少或主要聚焦核心地段、历史减值多等）、拿地能力及产品力强的房企，短期有 望受益"核心区+好房子"细分市场企稳，中期有望把握新一轮产品迭代周期带来的发展红利。 现金流及分红稳定的物企配置价值逐步凸显。物业管理轻资产、现金牛属性明显，尽管房地 ...

行 业 报 告 非银行金融 2025 年 06 月 22 日 行业点评 优化证券公司分类监管制度，更好发挥"指挥棒"作用 行情走势图 相关研究报告 【平安证券】行业深度报告*非银行金融*险资举牌研 究暨 2024 年报分析：风起资产端*强于大市 20250403 【平安证券】行业点评*非银行金融*深化个险营销体 制改革，头部险企具备高质量发展优势*强于大市 20250420 【平安证券】行业点评*非银行金融*规范万能险经 营，推动行业健康发展、回归保障本源*强于大市 20250427 证券分析师 王维逸 投资咨询资格编号 S1060520040001 BQC673 WANGWEIYI059@pingan.com.cn 李冰婷 投资咨询资格编号 S1060520040002 LIBINGTING419@pingan.com.cn 强于大市（维持） 事项： 6 月 20 日，证监会就《证券公司分类评价规定（修订草案征求意见稿）》（以 下简称《规定》）公开征求意见。 平安观点： 证 券 研 究 报 告 行 业 点 评 优化证券公司分类监管制度，更好发挥"指挥棒"作用。证券公司分类评 价是指以证券公司风险管理能力、持 ...

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [23] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, driven by ongoing equipment updates and the active participation of county-level medical communities [3][5] - The overall scale of new equipment bidding in China has shown a month-on-month improvement since January 2025, with procurement amounts reaching 174 billion, 113 billion, 140 billion, 153 billion, and 134 billion yuan from January to May, respectively, reflecting year-on-year growth rates of +41%, +77%, +113%, +85%, and +69% [3][10] - Major companies in the industry are benefiting significantly from the recovery in bidding activities, with notable increases in procurement amounts for ultrasound, CT, MRI, and other imaging devices [4][11] Summary by Sections Equipment Update and County Medical Community Efforts - Since March 2025, numerous county medical communities have initiated medical equipment update projects, leading to large-scale procurement orders worth billions of yuan [3][10] - The procurement scope includes various imaging devices such as CTs, ultrasound diagnostic equipment, and MRIs, with significant activity reported in several provinces [3][10] Procurement Scale and Growth - In May 2025, procurement amounts for various devices were as follows: ultrasound 16.63 billion yuan (yoy +103%), CT 18.54 billion yuan (yoy +108%), MRI 15.06 billion yuan (yoy +102%), DR 4.12 billion yuan (yoy +236%), DSA 6.96 billion yuan (yoy +79%), and gastrointestinal endoscopes 3.81 billion yuan (yoy +58%) [4][11][14] Domestic Company Trends - Domestic companies are showing a bidding trend that aligns with the overall industry, with notable performances in May 2025: Mindray 8.19 billion yuan (yoy +56%), United Imaging 7.83 billion yuan (yoy +11%), Kaili 1.10 billion yuan (yoy +137%), and Aohua 0.35 billion yuan (yoy +242%) [4][17] Investment Recommendations - The report suggests focusing on leading domestic companies that are enhancing their high-end and intelligent medical device offerings, such as Mindray, United Imaging, Kaili, and Aohua [5][21]

| 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23238 | -1.99 | 0.42 | | 中国香港国企指数 | 8411 | -2.13 | 0.30 | | 中国台湾加权指数 | 22004 | -1.58 | 1.90 | | 道琼斯指数 | 42172 | -0.10 | -1.32 | | 标普500指数 | 5981 | -0.03 | -0.39 | | 纳斯达克指数 | 19546 | 0.13 | -0.63 | | 日经225指数 | 38488 | -1.02 | 0.25 | | 韩国KOSP100 | 2978 | 0.19 | 2.94 | | 印度孟买指数 | 81362 | -0.10 | -1.30 | | 英国FTSE指数 | 8843 | 0.11 | 0.14 | | 俄罗斯RTS指数 | 1117 | 0.10 | -1.08 | | 巴西圣保罗指数 | 138717 | -0.09 | 0.82 | | 美元指数 | 99 | 0.05 | - ...

Investment Rating - Semiconductor industry maintains a strong market rating [1] Core Insights - The report highlights the rapid penetration of AI applications at the edge, driven by technological innovations that promote hardware upgrades [5][9] - The integration of AI-enhanced SoCs with NPU and reconfigurable computing units is breaking traditional processor efficiency bottlenecks, enabling real-time inference and decision-making capabilities at the edge [2][9] - Audio is emerging as a primary information dimension for AI applications, with AI-enhanced audio models driving product innovation [10][15] Summary by Sections Processing: Edge Intelligence Drives NPU Adoption - The widespread application of NPUs is being propelled by edge intelligence, with low power consumption making them ideal for edge devices [2][32] - NPU architecture is evolving alongside AI algorithms and application scenarios, enhancing performance in tasks like facial recognition and voice recognition [32][41] Connectivity: Wireless Communication as the Main IoT Implementation Method - The demand for edge connectivity in IoT is growing, leading to the expansion of local wireless connection technologies such as WiFi, Bluetooth, and ZigBee [2][73] - The integration of various wireless technologies enhances device functionality and application scenarios, allowing for flexible communication methods based on specific needs [73][74] Edge Applications: AI's Core is Upgrading User Experience - The shift of AI development focus towards end devices is creating a strong demand for intelligent perception and natural dialogue across multiple modalities [2][9] - AI technologies are being integrated into devices like smart glasses, headphones, and smart speakers, significantly enhancing user experience [9][10] Investment Recommendations - The report suggests focusing on companies like Rockchip, Allwinner Technology, Hengxuan Technology, and others, as the demand for edge AI computing in low-power devices is expected to rise significantly [2][9]

美联储 6 月议息会议：观望夏季的潜在通胀风险 证券分析师 刘璐 投资咨询资格编号 S1060519060001 LIULU979@pingan.com.cn 债券 2025 年 6 月 19 日 美联储那些事儿 研究助理 王佳萌 一般证券从业资格编号 S1060123070024 WANGJIAMENG709@pingan.com.cn 平安观点： 债 券 报 告 债 券 点 评 证 券 研 究 报 告 25 年 6 月会议上，美联储全票同意保持政策利率在 4.25-4.5%不变。会议声 明强调经济前景的不确定性有所下降但仍处于高位。美联储维持年内将降息 2 次的预测，但在高度不确定性环境下，鲍威尔对这份利率预测信心不足。 SEP 经济预测方面，美联储继续上调了通胀预期，下调了增长预期。美联储 将 25 年底 PCE 和核心 PCE 增速预期分别从上次预测的 2.7%和 2.8%上调 至 3%和 3.1%；同时美联储将失业率预测从 4.4%上调至 4.5%；将实际 GDP 增速预测从 1.7%下调至 1.4%。利率方面，美联储维持利率预测不变，预计 年底政策利率在 3.9%，隐含年内降息 2 次。 发布会上 ...

其 他 报 告 2025年06月19日 晨会纪要 | 国内市场 | 涨跌幅（%） | | | | --- | --- | --- | --- | | 指数 | 收盘 1日 | | 上周 | | 上证综合指数 | -- | -- | -- | | 深证成份指数 | -- | -- | -- | | 沪深300指数 | -- | -- | -- | | 创业板指数 | -- | -- | -- | | 上证国债指数 | -- | -- | -- | | 上证基金指数 | -- | -- | -- | | | | 资料来源:同花顺iFinD | | 今日重点推荐： 【平安证券】策略点评*深化金融对外开放，加大科创融资支持 *20250618 研究分析师 : 魏伟 投资咨询资格编号 : S1060513060001 研究分析师 : 张亚婕 投资咨询资格编号 : S1060517110001 研究分析师 : 蒋炯楠 投资咨询资格编号 : S1060524120002 核心观点 : 金融改革开放深化，看好权益市场中期向上空间，建议关注政策支持 的科技创新+产业创新主线。在外部不确定性增加的背景下，此次监管部门深化 金融改 ...

资料来源:同花顺iFinD 其 他 报 告 2025年06月18日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3387 | -0.04 | -0.25 | | 深证成份指数 | 10151 | -0.12 | -0.60 | | 沪深300指数 | 3870 | -0.09 | -0.25 | | 创业板指数 | 2050 | -0.36 | 0.22 | | 上证国债指数 | 225 | 0.04 | 0.16 | | 上证基金指数 | 6915 | -0.03 | -0.02 | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23980 | -0.34 | 0.42 | | 中国香港国企指数 | 8695 | -0.40 | 0.30 | | 中国台湾加权指数 | 22212 | 0.73 | 1.90 | | 道琼斯指数 | 42515 | 0.75 | - ...

Report Industry Investment Rating - The report does not explicitly provide an investment rating for the public REITs industry. Core Viewpoints - Since 2024, performance compensation clauses for public REITs have become more common, including original equity holder differential make - up and deduction of incentive management fees, which can effectively enhance the stability of dividends and fully compensate investors' expected returns [2]. - The original equity holder differential make - up can compensate for known operational risks and weaken the cash - flow fluctuations of cyclical industries, while the effect of this clause is related to whether the lock - up period of the original equity holder can cover the performance commitment period and the proportion of shares held by the original equity holder [2]. - The deduction of incentive management fees generally occurs when financial indicators fail to meet expectations, with a billing base usually being the expected difference in financial indicators and a rate generally between 15% - 20%. After 2024, a negative deduction mechanism has been commonly set [2]. Summary by Directory 2024 and After, Performance Compensation Clauses for Public REITs Are Becoming More Common - REITs are equity - type assets, and there was no strong constraint for failing to meet performance expectations in the early stage. Since 2023, some REITs have underperformed, and measures such as original equity holder shareholding increase and one - time compensation have been taken, but one - time compensation measures have limitations [3]. - Examples of performance compensation measures for some REITs include original equity holder shareholding increase and one - time compensation, such as Jianxin Zhongguancun and Hua'an Zhangjiang Industrial Park [4]. Original Equity Holder Differential Make - Up - The original equity holder differential make - up means that when the actual distributable amount fails to meet the expected amount predicted by the fund manager in the first 3 or 5 years after listing, the original equity holder or its concerted action party will make up the difference with the dividends it should receive [5]. - The setting of this clause is to compensate for known operational risks or weaken the cash - flow fluctuations of cyclical industries. For example, some REITs compensate for large tenant lease terminations, and 5 out of 8 industrial park REITs established since 2024 have differential compensation clauses [6]. - The protection effect of the differential make - up clause is related to two factors: whether the lock - up period of the original equity holder can cover the performance commitment period and the comparison between the proportion of shares held by the original equity holder and the completion rate of the distributable amount. Currently, most cases can guarantee investors' expected returns [11][12]. Deduction of Operational Management Institution Incentive Management Fees - REITs fund management fees generally consist of fixed management fees, basic management fees, and incentive management fees. The incentive management fee is often related to the expected difference in income/cash flow and may be deducted when expectations are not met [16]. - The billing base of the incentive management fee is generally the expected difference in financial indicators, with a rate usually between 15% - 20%. After 2024, a negative deduction mechanism has been commonly set [17][18]. - In 2024, 11 REITs deducted incentive management fees, with the amount ranging from 40,000 to 10.21 million yuan, and the maximum deduction could make up about 6% of the distributable amount [19]. Summary - REITs performance compensation clauses can be divided into two categories: original equity holder differential make - up and deduction of operational management institution incentive management fees. The former can make up 30% - 50% of the distributable amount, and the latter can make up about 6% [23]. - For the original equity holder differential make - up, 10 REITs currently have this clause, which can generally fully compensate investors' expected returns, but there is a risk that the lock - up period of some original equity holders is shorter than the performance compensation commitment period [23]. - For the deduction of operational management institution incentive management fees, REITs issued after 2024 generally have a negative deduction mechanism, and the maximum deduction can make up about 6% of the distributable amount [23].

Investment Rating - The report indicates a positive investment outlook for China's pension insurance system, highlighting the overall good performance of the three pillars of pension funds and the social security fund's steady progress [1]. Core Insights - The basic pension insurance fund has achieved good returns through entrusted investments, with an average annual return of 5.00%, significantly higher than the guaranteed rate of 2.88% [1][20]. - The National Social Security Fund has shown excellent investment performance, with a cumulative annualized return of 7.36% and total net fiscal input of 1.14 trillion yuan, alongside cumulative investment gains of 1.68 trillion yuan [1][34]. - The enterprise annuity and occupational annuity systems are operating conservatively, with the enterprise annuity fund reaching a scale of 3.61 trillion yuan and an annualized return of 6.17% [1][50]. - The third pillar, individual pensions, is still in its early stages, with a focus on low-risk products, indicating a potential for growth as financial literacy improves among residents [1][47]. Summary by Sections Basic Pension Insurance Fund - The basic pension insurance fund is primarily managed through local retention (77%) and entrusted investments (23%), with the latter showing a steady increase since 2012 [1][12]. - The average return on local retention is between 2% and 3%, while entrusted investments have yielded an average return of 5.00% since 2016 [1][18][20]. National Social Security Fund - The National Social Security Fund has a diversified investment strategy, with 88.5% of investments in domestic markets and 11.5% in overseas markets, focusing on risk diversification [1][26]. - The fund's investment model combines direct and entrusted investments, with nearly 70% of its assets managed through entrusted investments [1][42]. Enterprise and Occupational Annuities - The enterprise annuity fund has a conservative investment style, with a total fund size of 3.61 trillion yuan and an annualized return of 6.17% [1][50]. - The occupational annuity fund has a size of 3.11 trillion yuan, with an annualized return of 4.42% [1][50]. Individual Pensions - Individual pensions are still developing, with a total of 1,026 products available, primarily consisting of low-risk bank wealth management and fund products [1][47].