Investment Rating - The report upgrades the investment rating to "Buy" [8] Core Views - The company is expected to benefit from the recovery of the heavy truck industry due to the scrapping and replacement policy, which is projected to drive heavy truck sales to exceed 1 million units in 2025 [6][33] - The company’s high-margin products are gaining traction, with significant growth anticipated in the large-bore engine and data center segments, leading to improved profitability [8][29] - The company is accelerating its transformation in six key areas, including new energy, digitalization, and export markets, aiming for substantial revenue growth in the coming years [8][45] Summary by Sections AIDC Engine Outlook - The AIDC engine market is characterized by high barriers to entry, with domestic manufacturers like Weichai making significant breakthroughs [16] - The demand for AIDC engines is rapidly increasing, but supply is constrained due to limited production capacity [25][24] - The company’s large-bore engine business is entering a high-growth phase, with sales of over 8,100 units expected in 2024, reflecting a 20% year-on-year increase [29] Heavy Truck Industry Recovery - The inclusion of natural gas and National IV trucks in the scrapping subsidy program is expected to stimulate heavy truck sales significantly [33] - The company holds a 59.6% market share in natural gas heavy truck engines, positioning it well for growth as the scrapping policy takes effect [36] - The penetration rate of clean energy vehicles is projected to increase, leading to a more balanced market among diesel, natural gas, and new energy vehicles [42] Annual Performance Highlights - In 2024, the company reported revenue of 215.69 billion yuan, with a net profit of 11.40 billion yuan, marking a 26.51% increase year-on-year [49] - The engine segment's profit margin improved by 4.80 percentage points, driven by higher sales of high-value products [55] - The company’s subsidiaries, including Shaanxi Heavy Truck and KION, reported significant profit increases, contributing positively to overall performance [57] Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 12.68 billion, 14.64 billion, and 16.51 billion yuan from 2025 to 2027, with respective growth rates of 11.21%, 15.47%, and 12.75% [8][11] - The price-to-earnings ratio is expected to decrease from 10.38X in 2025 to 7.98X in 2027, indicating an attractive valuation for investors [8][11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a recovery in May sales, with a year-on-year increase of 11.78%, selling 102,200 vehicles [6][7] - The sales of new energy vehicles reached 32,600 units in May, up 32.41% year-on-year, while sales of models priced above 200,000 yuan increased by 24.67% [7] - The company is expanding its overseas sales, with May overseas sales at 34,500 units, accounting for 33.78% of total monthly sales [8] - New product launches are expected to support continued sales growth, with several new models introduced in April and May [8] Summary by Sections Basic Data - Latest closing price: 22.46 yuan - 12-month A-share price range: 21.83-32.03 yuan - Total shares: 8,559.53 million - Circulating market value: 191.54 billion yuan [2] Sales Performance - May sales reached 102,200 units, with a cumulative total of 459,100 units from January to May, showing a slight year-on-year decrease of 0.54% [6] - Breakdown of May sales by brand: Haval brand sold 57,700 units (+22.58% YoY), WEY brand sold 6,200 units (+115.27% YoY), and Ora brand sold 2,000 units (-67.34% YoY) [7] Financial Forecast - Expected net profits for 2025-2027 are projected at 14.315 billion, 16.584 billion, and 18.762 billion yuan, respectively, with year-on-year growth rates of 12.8%, 15.9%, and 13.1% [9] - Revenue forecasts for 2025-2027 are 234.06 billion, 264.54 billion, and 294.23 billion yuan, with growth rates of 15.8%, 13.0%, and 11.2% [11]

Issuance Market - Two REITs are currently being issued, with a total issuance scale of 1.7 to 2 billion yuan [1][6] - Three REIT projects have been approved this period, indicating an acceleration in issuance speed [1][6] - A total of 7 REITs have been issued this year, representing a 17% increase in quantity compared to the same period last year, although the total issuance scale has decreased by 26% to 11.3 billion yuan [1][7] Secondary Market - The market currently has 66 REIT products, with a total scale of 197.5 billion yuan, where property REITs account for over 10.39 billion yuan [2][13] - The overall REIT market has increased by 1.32% this period, outperforming major stock indices [2][13] - Year-to-date, the REIT market has risen by 14.82%, significantly ahead of stock indices, with property REITs showing a year-to-date increase of 17.17% [2][14] Dividend Situation - Seven REITs distributed dividends this period, totaling approximately 476 million yuan, with an annual dividend yield of 2.45% [3][25] - The dividend yield for property REITs is 2.19%, which is lower than that of operating rights REITs but higher than the CSI dividend index [3][25] - The total dividends for the year amount to 4.125 billion yuan, with operating rights REITs contributing 2.538 billion yuan and property REITs contributing 1.588 billion yuan [3][25][29] Investment Value Analysis - The latest valuation for all property REITs is 27.10, which is significantly higher than the CSI 300 and CSI dividend indices, but lower than the CSI 500 [4][31] - The internal rate of return for water conservancy facility REITs is the highest among operating rights REITs, followed by clean energy and ecological environmental REITs [4][35] - Property REITs have a dividend yield of 3.87% based on actual dividends over the past year, which is notably higher than stock indices [4][32]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the significant achievements of domestic innovative drugs, showcasing their strong research and development capabilities at international events like the ASCO annual meeting [5][4] - The approval of multiple innovative drugs by the National Medical Products Administration (NMPA) indicates a trend of successful outcomes in the industry [4] - The report suggests focusing on companies such as Heng Rui Medicine, Fosun Pharma, and China National Pharmaceutical Group due to their promising prospects [5] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry is experiencing a surge in innovative drug approvals, with 11 new drugs approved recently, covering various treatment areas including rare diseases and pediatric medications [4] - Notable companies like Heng Rui Medicine have received approvals for several innovative drugs, enhancing treatment options for patients with specific conditions [4] Recent Developments - The ASCO annual meeting showcased over 70 original research projects from Chinese researchers, with significant participation from local innovative pharmaceutical companies [3] - Heng Rui Medicine had 72 research projects accepted, including 70 focused on innovative drugs, covering a wide range of cancer treatment areas [3] Investment Recommendations - The report recommends investors to pay attention to companies that have demonstrated strong performance and innovation in drug development, particularly Heng Rui Medicine, Fosun Pharma, and China National Pharmaceutical Group [5]

[Table_Summary] 报告日期：2025年06月03日 证券投资基金研究报告 / 基金投资策略报告 上海证券 2025 年 6 月基金投资策略 —— 海外债务困局下的全球资产配置思考 核心观点： 当前全球经济面临着多重挑战，在美国政策的不确定性下，全 球经济逐渐表现出其脆弱的一面。区域主义、通胀、债务压力、资 产估值结构化风险等问题正在逐步重塑全球金融市场。美、日等国 国债发行遇冷，反映出投资者对海外主权国家长期以来过于激进的 货币政策的担忧，黄金等贵金属资产的大幅上涨，实质上也揭示了 市场对海外债券和权益资产信心的下降。应对当前市场环境，我们 应该更加立足确定性，寻找安全垫高的资产。 2025 年 6 月的基金配置，可以关注以下三核心维度：1）海外 通胀、债务压力与资产结构化风险的加深；2）收支弥合、科技创 新，国内经济基本盘企稳；3）避险情绪升温下，另类资产风险与 机会的再平衡。 配置方向： 分析师：池云飞 CFA 执业证书编号：S0870521090001 Tel：021-53686397 邮箱：chiyunfei@shzq.com 相关报告： 《5 月基金投资策略：警惕海外风险， 立足国内基 ...

证券投资基金研究报告/基金周报 环保板块表现较优 QDII 基金平均收益相对领先 ——基金市场周报（2025.5.26-2025.5.30） 报告日期：2025年06月03日 本期（2025.5.26-2025.5.30）上证指数下跌 0.03%，深证成指下跌 0.91%。申万一级行业涨多跌少，其中环保和医药生物行业表现较好。 海外权益市场重要指数涨多跌少，国际黄金价格下跌。本期各类型基金 跌多涨少。主动投资股票基金较上期下跌 0.25%，主动投资混合基金下 跌 0.40%，主动投资债券基金下跌 0.01%；QDII 基金较上期上涨 1.04%。 图 1、基金指数近一年收益率走势 数据来源：wind，上海证券基金评价研究中心； 起止时间：2024 年 5 月 31 日——2025 年 5 月 30 日 图 2、各类型基金本期收益率（%） 数据来源：wind，上海证券基金评价研究中心；数据截至 2025 年 5 月 30 日 注：主动投资股票基金、混合基金及债券基金平均收益率采用中国开放式主动管理基 金系列指数收益率；其他类型基金平均收益率采用样本基金收益率算术平均值 分析师：池云飞 执业证书编号：S08705 ...

Investment Rating - The report assigns a "Buy" rating for the company [2][8]. Core Viewpoints - The company focuses on high-performance CMOS image sensor chips, driving diversified development through three main industries: smart security, smartphones, and automotive electronics. The company aims to provide multi-scenario applications and full-performance coverage, contributing to the intelligent and information-driven transformation of various industries [2][3][23]. - The company is expected to achieve a revenue of 5.968 billion yuan in 2024, marking a historical high with a year-on-year growth of 108.87%. In the first quarter of 2025, the revenue reached 1.75 billion yuan, also reflecting a year-on-year increase of 108.94% [2][31]. Summary by Sections 1. Business Overview - The company is a global leader in smart security CIS, focusing on visual imaging technology and CIS product development. It has successfully launched several advanced product series to meet the intelligent phase of the security industry [3]. - The XS series high-end products have seen a significant increase in shipment volume, with smartphones driving rapid revenue growth. The company has deepened cooperation with multiple clients, enhancing its market position and brand influence [3][4]. 2. Market Trends and Demand - The global AI trend is expected to boost downstream demand, initiating a new upcycle in the semiconductor industry. The global semiconductor sales are projected to reach 627.6 billion USD in 2024, a year-on-year growth of 19.1% [38][40]. - The company’s product system is diversified to meet the needs of different application fields, with a focus on high-quality, intelligent video solutions [41]. 3. Financial Performance - The company’s revenue has shown steady growth, with a compound annual growth rate of 40.60% from 2020 to 2024. The net profit for 2024 is projected to be 393 million yuan, with a significant year-on-year increase of 2,662.8% [31][35]. - The gross margin and net margin have improved, with a gross margin of 21.09% and a net margin of 6.58% in 2024 [33]. 4. Competitive Advantages - The company has a competitive edge in the CMOS image sensor market, with a focus on high-end products and a growing market share among domestic manufacturers. The domestic market for CMOS image sensors is expanding rapidly, with increasing demand for high-performance products [51][54]. - The company has established a robust patent portfolio, with 464 authorized patents, including 216 invention patents, enhancing its technological capabilities [41][43].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1][7]. Core Viewpoints - The basic chemical index underperformed the CSI 300 index by 1.05 percentage points, with a decline of 1.23% over the past week [3][13]. - Key sub-industries showing positive performance include rubber additives (16.99%), polyurethane (3.37%), carbon black (3.30%), titanium dioxide (2.38%), and spandex (2.33%) [14]. - The report highlights significant price increases in several chemical products, with sodium rising by 18.03%, coal tar (Tai Steel Coking) by 11.43%, and acrylic acid by 10.79% [20][25]. Summary by Sections Market Trends - The basic chemical index decreased by 1.23%, while the CSI 300 index fell by 0.18%, indicating a relative underperformance of the basic chemical sector [3][13]. - The top-performing sub-industries included rubber additives and polyurethane, while the overall sector ranked 21st among all sectors [14]. Chemical Price Trends - The top five products with the highest weekly price increases were sodium (18.03%), coal tar (Tai Steel Coking) (11.43%), acrylic acid (10.79%), international phosphate rock (10.00%), and coal tar (Yangtze River Delta) (7.84%) [20][25]. - Conversely, the products with the largest price declines included trichloromethane (-6.81%), butadiene (-5.41%), and raw salt (-4.00%) [20][21]. Investment Recommendations - The report suggests focusing on several key sectors: 1. Refrigerants, with companies like Jinshi Resources and Juhua Co. recommended. 2. Chemical fibers, with a focus on Huafeng Chemical and Xin Fengming. 3. Quality stocks such as Wanhua Chemical and Hualu Hengsheng. 4. Tire sector, recommending Sailun Tire and Senqilin. 5. Agricultural chemicals, with a focus on Yara International and Salt Lake Co. 6. Growth stocks like Blue Sky Technology and Shengquan Group [7][42].

Report Overview - Report Title: "Safe-Haven Sentiment Boosts Domestic Bond Market and Gold - Fixed Income & Macroeconomic Weekly Report (20250519 - 20250525)" - Report Date: May 27, 2025 - Analyst: Zhang Hesheng 1. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 2. Core View of the Report - The report indicates that the passage of Trump's tax reform bill and the deadlock in US - EU trade negotiations have led to increased market concerns. With the potential escalation of US - EU trade conflicts and the entry of the US debt ceiling issue into the two - party negotiation stage, market risk appetite may decline. This is beneficial for the domestic bond market but may negatively impact the equity market, and gold may continue to benefit [10][11][12]. 3. Summary by Related Catalog Stock Market Performance - In the past week (20250519 - 20250525), US stocks declined, with the Nasdaq, S&P 500, and Dow Jones Industrial Average falling 2.47%, 2.61%, and 2.47% respectively, and the Nasdaq China Technology Index dropping 1.33%. Meanwhile, the Hang Seng Index rose 1.10% and the FTSE China A50 Index rose 0.08% [3]. - Most A - share sectors declined, with the Wind All - A Index falling 0.63%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - Cap stocks changed by - 0.12%, - 0.18%, - 1.10%, - 1.29%, - 1.52%, and 0.04% respectively. In terms of sector styles, blue - chip and growth stocks in the Shanghai market declined, while in the Shenzhen market, blue - chip stocks rose and growth stocks fell. The North Securities 50 Index dropped 3.68%. Among industries, 9 out of 30 CITIC industries rose, with the top gainers being the comprehensive, pharmaceutical, and automotive industries, all with weekly gains of at least 1.8% [4]. Bond Market Performance - In the past week, the price of interest - rate bonds rose. The 10 - year Treasury bond futures contract rose 0.34% compared to May 16, 2025. The yield of the 10 - year Treasury bond active bond increased by 4.15 BP to 1.7208%. The yields of bonds with maturities of less than 1 year, 10 years, and 30 years increased, while those of other maturities decreased [5]. - The capital price mainly declined. As of May 23, 2025, R007 was 1.6266% (a change of 0.15 BP compared to May 16), DR007 was 1.5860% (a change of - 5.14 BP), and the spread between them widened. The overnight capital costs R001 and DR001 changed by - 3.94 and - 6.61 BP respectively. The central bank had a net injection of 460 billion yuan in the past week. In May, the MLF was over - renewed by 375 billion yuan. The bond market leverage level decreased, with the 5 - day average of inter - bank pledged repurchase volume decreasing from 7.14 trillion yuan on May 16 to 6.72 trillion yuan on May 23 [6]. - US Treasury yields increased, and the yield curve shifted upward. As of May 23, 2025, the 10 - year US Treasury yield increased by 8 BP to 4.51% compared to May 16, 2025, and the yields of all maturities increased [7]. Currency and Commodity Market Performance - The US dollar depreciated significantly, with the US Dollar Index dropping 1.84%. The US dollar depreciated against the euro, pound, and yen by 1.76%, 1.89%, and 2.15% respectively. The depreciation against the Chinese yuan was relatively small, with the offshore and onshore exchange rates dropping 0.52% and 0.20% respectively [8]. - Gold prices rose sharply. The London spot gold price rose 5.02% to $3342.65 per ounce, and the COMEX gold futures price rose 4.99% to $3351.00 per ounce. The domestic Shanghai gold price had a relatively smaller increase, with the spot price rising 4.02% to 776.40 yuan per gram and the futures price rising 3.76% to 777.98 yuan per gram [9]. Market - Influencing Events - On May 22, 2025, Trump's tax reform bill, "The One Big Beautiful Bill," passed the US House of Representatives. The bill plans to cut taxes by more than $4 trillion over the next decade and raise the US government debt ceiling by $4 trillion, which has raised concerns about the US fiscal sustainability [10]. - On May 23, 2025, Trump stated that the US - EU trade negotiations had made no progress and proposed a 50% tariff on EU imports starting from June 1. However, he later postponed the tariff to July 9. The US - EU trade negotiations are deadlocked, and future conflicts may escalate [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is focusing on optimizing its product structure and enhancing brand development through a combination of its main brand products and new product innovations [6] - The company aims to expand its new business and retail channels to meet diverse consumer needs, implementing a fresh delivery service in 24 cities [6] - The company is committed to high-quality development and exploring new growth areas through acquisitions and partnerships in non-beer businesses [8] Summary by Sections Basic Information - Latest closing price is 71.97 yuan - 12-month A-share price range is between 53.96 and 83.41 yuan - Total share capital is 1,364.20 million shares - Circulating market value is 98.174 billion yuan [2] Financial Forecasts - Expected revenue for 2025 is 334.67 billion yuan, with a growth rate of 4.14% - Expected net profit for 2025 is 48.18 billion yuan, with a growth rate of 10.88% - Corresponding PE ratios are projected at 20x for 2025 [8][11] Business Strategy - The company is implementing a "1+1+1+2+N" product strategy to strengthen its main products while fostering new product development [6] - The company is actively exploring the integration of new businesses, including the acquisition of a traditional yellow wine company [7] - The company is enhancing its brand visibility and quality through innovative marketing strategies and consumer engagement [8]