Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has shown strong performance in profit margins, with a notable increase in net profit and a solid revenue growth in Q1 2025, achieving a revenue of 2.586 billion yuan, up 4.34% year-on-year, and a net profit of 185 million yuan, up 29.53% year-on-year [4][8] - The company is well-positioned to capitalize on the growth opportunities in the computing power industry, supported by its comprehensive infrastructure layout across the entire industry chain [8] - The launch of the DeepSeek AI integrated machine is a strategic move to seize opportunities in the large model industry, providing a low-cost and open-source solution that lowers the technical and cost barriers for AI applications across various sectors [9] Financial Summary - The company’s projected financial performance shows a net profit forecast of 2.439 billion yuan for 2025, with an expected EPS of 1.67 yuan, reflecting a P/E ratio of 38.8 times based on the closing price on April 9 [9][10] - Revenue is expected to grow from 13.148 billion yuan in 2024 to 20.622 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.6% [10][11] - The company maintains a healthy financial position with a debt-to-asset ratio of 41.8% and a projected improvement in profitability metrics, including a net profit margin increasing to 16.3% by 2027 [11][12]

策略深度报告 特朗普关税：政策脉络、影响及大类资产展望 证券分析师 魏伟 投资咨询资格编号：S1060513060001、BOT313 陈骁 投资咨询资格编号：S1060516070001 研究助理 校星 一般从业资格编号：S1060123120037 2025年4月9日 请务必阅读正文后免责条款 证券研究报告 1.1 特朗普关税政策力度超预期 对等关税针对国家及幅度 此前特朗普针对部分豁免行业的关税政策计划/表态 1 ※ 摘要 2 • 关税政策梳理："对等关税"整体幅度明显超出市场预期，特朗普关税2.0框架已初见雏形。4月2日，特朗普宣布关税政策细则：对所有商品 加征10%的基准关税，及针对不平等贸易国的"对等关税"，截至4月9日，所关税已生效并宣布对中国再额外加征50%。首先，从"对等关 税"计算公式看，其逻辑为通过关税减少进口，进而消除商品贸易逆差，最终公布关税幅度超市场预期。再结合特朗普上任以来的关税政策， 关税大致可以概括为针对部分国家、针对特定行业，以及普遍性的对等关税这三类，至此，特朗普关税2.0框架已初见雏形，主要服务于谈判、 增加关税收入、消除不公平贸易三大目标。关税政策颁布后引发美国民众不 ...

Core Insights - The report suggests that credit spreads may widen in the second quarter of 2025, while extending duration remains a favorable strategy [3][26] - The overall strategy for credit bonds indicates a potential decline in yields following government bonds, but increased supply and weakened demand may lead to passive widening of credit spreads [3][26] Market Review - Since the beginning of 2025, credit bond rates have generally increased, but the rise is less than that of government bonds, resulting in a compression of credit spreads, particularly in lower-rated bonds [5][8] - The first quarter of 2025 saw a significant increase in net financing of government bonds compared to credit bonds, with the latter remaining relatively stable [14][25] Sector Strategies City Investment Bonds - Focus on opportunities for spread compression in high-quality city investment bonds from good regions, as policies are favorable for mitigating credit risks [3][51] - The new regulations from the exchange may lead to a decrease in supply of lower-rated city investment bonds, while good regional city investment bonds may see a more significant decline in supply [3][50] Industrial Bonds - Attention is drawn to the opportunities in state-owned real estate and construction bonds due to debt resolution policies, which are expected to accelerate cash flow for state-owned enterprises [3][61] - The report highlights that the safety of state-owned enterprise bonds is assured under supportive policies [3][55] Financial Bonds - The report emphasizes the potential for overall opportunities in financial bonds due to reduced supply pressure from perpetual bonds and the consolidation of rural commercial banks [3][70] - The ongoing reforms in rural commercial banks are expected to lower credit risks associated with financial bonds [3][73]

海外市场进入收获期，高端化继续突围 推荐（维持） 股价：327.51 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.by dglobal.com | | 大股东/持股 | HKSCC NOMINEES | | | LIMITED/36.11% | | 实际控制人 | 王传福 | | 总股本(百万股) | 3,039 | | 流通 A 股(百万股) | 1,162 | | 流通 B/H 股(百万股) | 1,228 | | 总市值（亿元） | 9,294 | | 流通 A 股市值(亿元) | 3,807 | | 每股净资产(元) | 56.06 | | 资产负债率(%) | 74.6 | 行情走势图 汽车 2025 年 04 月 09 日 比亚迪(002594.SZ) 公 司 报 告 公 司 事 项 点 评 证 券 研 究 报 告 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格 ...

其 他 报 告 2025年04月08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 | 3097 | -7.34 | -0.28 | | 深证成份指数 | 9364 | -9.66 | -2.28 | | 沪深300指数 | 3589 | -7.05 | -1.37 | | 创业板指数 | 1807 | -12.50 | -2.95 | | 上证国债指数 | 224 | 0.27 | 0.34 | | 上证基金指数 | 6417 | -7.26 | -1.07 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 19828 | -13.22 | -2.46 | | 中国香港国企指数 | 7263 | -13.75 | -2.17 | | 中国台湾加权指数 | 19232 | -9.70 | -1.41 | | 道琼斯指数 | 37966 | - ...

建材 2025年04月09日 海螺水泥(600585.SH) Q1业绩延续改善，水泥防御价值凸显 推荐 ( 维持) 公 司 报 告 股价:24.82元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.conch.cn | | 大股东/持股 | 安徽海螺集团有限责任公司/36.40% | | 实际控制人 | 安徽省国有资产监督管理委员会 | | 总股本(百万股) | 5,299 | | 流通A股(百万股) | 4,000 | | 流通B/H股(百万股) | 1,300 | | 总市值(亿元) | 1,254 | | 流通A股市值(亿元) | 993 | | 每股净资产(元) | 35.47 | | 资产负债率(%) | 21.3 | 行情走势图 相关研究报告 【平安证券】海螺水泥（600585.SH）*年报点评*四 季度盈利改善，推出分红回报规划*推荐20250325 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 事项： 海螺水泥公布业绩预告，预计2025Q1实现归母净利润约18.08亿元， ...

Core Insights - The report highlights the increasing focus of public funds in China on free cash flow products, with 17 fund companies having filed for a total of 36 related products as of March 28, 2025 [6][7][8] - The domestic free cash flow index has shown significant excess returns compared to benchmarks over the past decade, particularly in both rising and falling market conditions [7][8] - The report indicates a preference for energy and consumer sectors within the free cash flow index, while technology and growth sectors are underweighted [7][8] Group 1: Free Cash Flow Strategy - The investment essence of free cash flow (FCF) is emphasized as a crucial indicator in corporate financial analysis and valuation, underpinning sustainable growth and value distribution [6][7] - The report notes that the free cash flow index has a high concentration in small to mid-cap stocks, with a notable low price-to-earnings (PE) and high price-to-book (PB) ratio compared to benchmarks [7][8] - The U.S. market has seen rapid development of cash flow strategy ETFs, with products focusing on free cash flow as a core selection strategy gaining traction [8] Group 2: Fund Advisor Portfolio Insights - As of the end of March 2025, there are 423 fund advisor portfolios available on the Tian Tian Fund APP, reflecting an increase of 4 portfolios from the previous month [10][11] - The performance tracking of various portfolio types indicates that aggressive, balanced, and conservative portfolios have outperformed similar fund of funds (FOF) products [10][11] - The report details changes in fund holdings, with conservative portfolios reducing bond fund allocations while increasing cash fund allocations [12][13] Group 3: Market Trends and Economic Indicators - The Shanghai Stock Exchange reports that long-term funds, including social security and insurance funds, are increasing their market participation, bolstered by supportive government policies [16][17] - The State-owned Assets Supervision and Administration Commission (SASAC) is actively encouraging central enterprises to enhance share buybacks and support listed companies, aiming to boost market confidence [17] - The report notes a significant increase in the Chinese liquid cooling server market, projected to grow at a compound annual growth rate of 46.8% from 2024 to 2029, reaching a market size of $16.2 billion by 2029 [20][21]

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Viewpoints - The recent notification from the National Financial Regulatory Administration optimizes the regulatory ratio of insurance funds' equity assets, enhancing support for the capital market and the real economy. This includes raising the upper limit for equity asset allocation by 5%, simplifying tier standards, and encouraging insurance funds to invest more in strategic emerging industries and venture capital funds [2][4] - The report indicates that increasing stock investments is a favorable strategy for insurance funds given the current low interest rate environment and declining yields on non-standard assets. As of the end of 2024, the investment return rates for major life insurance companies are relatively low, necessitating a shift towards high-dividend and stable profit stocks to stabilize investment returns [2][4] - The notification is seen as a significant step in optimizing insurance asset allocation, allowing insurance funds to better leverage their long-term investment capabilities and contribute to the resilience of the capital market [2][4] Summary by Sections Regulatory Changes - The notification adjusts the upper limits for equity asset investment based on solvency ratios, allowing for a more flexible investment strategy for insurance companies [6][4] - The comprehensive solvency adequacy ratios for major life insurance companies as of Q4 2024 are as follows: China Life 207.76%, Ping An Life 189.19%, Taikang Life 210.00%, and Xinhua Insurance 217.55% [4] Investment Strategies - The report emphasizes the need for insurance companies to increase their allocation to equities and equity funds, which currently account for 12% of total investments, while unlisted equity investments make up 9% [2] - The core equity asset allocation ratios for major life insurance companies as of the end of 2024 are: China Life 12.2%, Ping An 9.9%, Taikang 11.2%, and Xinhua 18.8% [2] Market Outlook - The report suggests that if the equity market remains volatile, investors should focus on companies with strong individual insurance transformation and resilient liabilities, such as Taikang Life. Conversely, if the equity market performs well, companies with greater asset flexibility like Xinhua Insurance and China Life should be prioritized [8]

汽车 2025 年 04 月 09 日 股价：327.51 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.by dglobal.com | | 大股东/持股 | HKSCC NOMINEES | | | LIMITED/36.11% | | 实际控制人 | 王传福 | | 总股本(百万股) | 3,039 | | 流通 A 股(百万股) | 1,162 | | 流通 B/H 股(百万股) | 1,228 | | 总市值（亿元） | 9,294 | | 流通 A 股市值(亿元) | 3,807 | | 每股净资产(元) | 56.06 | | 资产负债率(%) | 74.6 | 行情走势图 证券分析师 比亚迪(002594.SZ) 海外市场进入收获期，高端化继续突围 推荐（维持） | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BV ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Free cash flow (FCF) is an important indicator in corporate financial analysis and value assessment. Abundant and sustainable FCF is the fundamental guarantee for corporate value distribution and growth [4]. - China's public - fund market is accelerating the layout of FCF - related products. As of March 28, 2025, 17 fund companies have declared 36 related products [4]. - Domestic FCF indices have shown significant excess returns compared to their benchmarks over the past decade, with distinct characteristics in industry allocation, market - value distribution, and valuation [4]. - The US ETF market has a rich variety of "cash - flow" strategy products. Single - factor and multi - factor strategy products related to FCF have large scales, and new products with innovative strategies are emerging [4]. 3. Summary According to the Table of Contents 3.1 Free Cash Flow Strategy's Investment Connotation 3.1.1 Concept and Underlying Philosophy of Free Cash Flow - FCF is the remaining cash flow available to all capital providers after a company meets its reinvestment needs from core operations. There are two ways to calculate it, and the latter is easier for quick estimation [8][9]. - FCF can accurately measure a company's sustainable internal cash - creation ability, reducing the impact of accounting treatments. It is crucial for corporate strategic and financial decisions [12][13]. 3.1.2 Layout of Free - Cash - Flow Products in China's Public - Fund Market - As of March 28, 2025, 17 fund companies have declared 36 FCF - related products, mainly ETFs. These products mainly track 5 indices, all using "free - cash - flow yield" as the core selection and weighting criterion [4][17]. - After the launch of FCF ETFs, their share has been increasing. There are currently 4 products under issuance or awaiting issuance, and most of the others are in the material - correction or feedback stage [18][19]. 3.2 Domestic Free - Cash - Flow Index Analysis 3.2.1 Compilation Rules of Free - Cash - Flow Indices - Five domestic free - cash - flow indices have similarities, such as using "free - cash - flow yield" as the core selection and weighting criterion, excluding financial and real - estate stocks, and having requirements for earnings quality. They also have differences in stock - selection space, component quantity, and screening requirements [21][22][24]. 3.2.2 Performance of Free - Cash - Flow Indices - Over the past decade, free - cash - flow indices have had significant excess returns compared to their benchmarks. In slightly rising or falling markets, the excess returns are more prominent. In the short - term, the performance of FCF factors has been poor, but in the long - term, they have better risk - return ratios and stronger anti - risk abilities [28][33][38]. 3.2.3 Industry Allocation Characteristics of Free - Cash - Flow Indices - Free - cash - flow indices generally over - allocate energy and consumer industries and under - allocate technology and other growth industries. They have high industry concentration, with the sum of the top three industries' weights exceeding 40% [40]. 3.2.4 Market - Value Distribution Characteristics of Free - Cash - Flow Indices - The components of the Guozheng Free - Cash - Flow Index and the CSI Cash - Flow Index are mainly concentrated in small - and medium - cap stocks, while the 300 Cash - Flow and 800 Cash - Flow Indices are more concentrated in ultra - large - cap stocks compared to their benchmarks [46][49]. 3.2.5 Valuation Characteristics of Free - Cash - Flow Indices - Free - cash - flow indices mostly have lower PE and higher PB than their benchmarks, indicating high earnings - quality requirements. Their dividend yields are also higher than those of the benchmarks [51][53]. 3.3 Development and Current Situation of "Cash - Flow" Strategy ETF Products in the US Market 3.3.1 Development of Free - Cash - Flow - Related ETF Products in the US Market - There are 42 free - cash - flow - related ETF products in the US market, including passive and active ETFs, single - factor and multi - factor strategy products, and ETF - FOF products. Single - factor and multi - factor strategy products have large scales [55][56]. - Early products used "cash flow" as one of the fundamental factors, while products with "free cash flow" as the core selection strategy emerged later but developed rapidly. Products have become more diverse and innovative [60][61][62]. 3.3.2 Product Layout of Representative Companies - Pacer's Cash Cow ETFs series focuses on using FCF to select companies with stable finances and high - quality profitability. It is divided into value and growth series, covering multiple regions and asset classes [66][69]. - Schwab Fundamental ETF series incorporates the cash - flow dimension into a diversified stock - selection system. It covers the US and international markets, and its representative products have large scales and good performance compared to benchmark value indices [81][84]. 3.3.3 Innovative Development of Free - Cash - Flow Factors - In single - factor strategies, products have evolved from focusing on historical FCF to considering both historical and expected FCF, and from focusing on absolute FCF to FCF growth sustainability [90][94]. - In multi - factor strategies, products add growth factors to address the limitations of FCF factors. Actively managed products based on FCF models have also gained market recognition, and FCF - based hedging - strategy ETFs have advantages in different market environments [96][99][104].