Investment Rating - The industry rating is optimistic, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [9]. Core Insights - As of June 9, 2025, the CSI 300 index increased by 0.29%, while the machinery sector rose by 0.90%, ranking 14th among all primary industries. The lithium battery equipment sector saw the highest increase at 5.71%, while the engineering machinery sector experienced the largest decline at 0.37% [3]. - Notable individual stock performances included Haohan Huatong (+19.99%), Zhongzhou Special Materials (+12.78%), and Xinyu Ren (+12.40%) on the gainers' list, while Jinyang Co. (-4.23%), Huadong Heavy Machinery (-4.13%), and Changling Hydraulic (-3.40%) led the decliners [3]. Sub-industry Ratings - The report references several related research reports, including discussions on the successful assistance of robots in cerebral vascular angiography and new financing for Kepler Robotics [3]. Industry News - The 2025 Zhiyuan Conference, held from June 6 to 7 in Beijing, focused on AI and embodied intelligence, featuring discussions from Turing Award winners and industry leaders. The conference included over 180 presentations covering various AI-related topics, emphasizing the importance of open-source collaboration and data sharing for AI development [5][6]. - Meituan is accelerating its overseas expansion of drone delivery services, with Dubai being the first international location. The company has operated 53 drone delivery routes in China, completing nearly 500,000 deliveries. Plans include adding 2 to 3 new routes in Dubai and 4 to 5 in Shanghai later this year [7].

Investment Rating - The industry investment rating is not specified in the report, but it indicates a positive outlook for the real estate sector, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [12]. Core Insights - The report highlights that Jiangsu Province is actively promoting housing vouchers and "old-for-new" housing exchanges to stimulate housing consumption and improve living conditions for residents [6]. - The report notes that the equity market saw an overall increase, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.43% and 0.93%, respectively, on June 9, 2025 [4]. - The report mentions significant individual stock performances within the real estate sector, with notable gains from companies such as Heimu Dan (6.43%) and Sunshine Shares (5.24%) [5]. Summary by Sections Market Trends - The report indicates a general upward trend in the equity market, with the real estate index showing a slight increase of 0.06% [4]. - It also mentions the establishment of Nanjing Shengxi Investment Co., Ltd. by China Merchants Shekou and China Resources Land, marking a significant collaboration aimed at boosting the real estate market in Nanjing and the East China region [9]. Policy Developments - Jiangsu's government has implemented measures to support urban village renovations and housing improvements, including the issuance of special bonds to facilitate the purchase of existing homes for affordable housing [6]. - The report details a successful bid by Baohua for a redevelopment project in Shanghai, with a floor price of approximately 16,000 yuan per square meter [6]. Company Announcements - Vanke announced an interest payment of 61.4 million yuan due on June 15 for its bond "23 Vanke MTN003," with a total bond balance of 2 billion yuan and a coupon rate of 3.07% [10]. - Greentown Real Estate Group has announced a bond issuance with a maximum amount of 1 billion yuan, with a subscription range of 3.80% to 4.20% [10].

Investment Rating - The report does not provide specific investment ratings for the industry segments [2]. Core Insights - The overall industry strategy indicates that the supply chain is continuously upgrading, with AI+ being the core driving force [3][4]. - The electric vehicle (EV) sales structure is improving, benefiting companies like Li Auto and Xiaomi, with a projected wholesale sales volume of 1.24 million new energy passenger vehicles in May 2025, representing a year-on-year increase of 38% and a month-on-month increase of 9% [4][29]. - The solid-state battery supply chain is approaching mass production, with companies like CATL planning to produce solid-state batteries by 2026-2027 [4][32]. - The demand for lithium iron phosphate (LiFePO4) is rising both domestically and internationally, with companies like Fulin Precision and Longpan Technology benefiting from this trend [5][28]. - The domestic energy storage market is at a cyclical low, with a record low average price of 0.55 yuan/Wh for two-hour systems in May 2025 [6][36]. - The photovoltaic (PV) demand is at a low point, with expected production declines in June 2025 due to weakened demand after a rush to install [6][30]. Summary by Sections Electric Vehicle Sector - The EV sales are structurally improving, with companies like Li Auto and Xiaomi expected to benefit from favorable policies and market conditions [4][29]. - Li Auto aims for a sales target of over 200,000 units in the new energy market, with a projected second-quarter sales volume of 123,000 to 128,000 vehicles [4][29]. Solid-State Battery Sector - The solid-state battery production is nearing key milestones, with major automakers like SAIC and Changan planning to validate and produce solid-state batteries by 2026 [4][32]. - CATL and other battery manufacturers are also planning to mass-produce solid-state batteries in the 2026-2027 timeframe [4][32]. Lithium Iron Phosphate Demand - The demand for lithium iron phosphate is increasing, with major suppliers like LG Energy Solution and Samsung SDI planning to produce these batteries in the U.S. [5][28]. - Fulin Precision and CATL have signed agreements to enhance cooperation in lithium iron phosphate materials, with significant investments planned [5][28]. Energy Storage Market - The energy storage market is currently at a cyclical low, with a significant drop in average prices for energy storage systems [6][36]. - Companies like Aters are focusing on overseas high-profit markets, with expected energy storage system shipments of 2.4-2.6 GWh in the second quarter of 2025 [6][36]. Photovoltaic Industry - The photovoltaic industry is experiencing a downturn, with expected production declines in June 2025 due to reduced demand following a surge in installations [6][30]. - Companies with advantages in overseas photovoltaic markets, such as Aters, are expected to benefit from these trends [6][30].

2025 年 06 月 08 日 行业周报 看好/维持 银行 银行 银行周报（0602-0608）：央行买断式逆回购呵护流动性 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 ◼ 子行业评级 | 国有银行 | 看好 | | --- | --- | | 股份制银行 | 看好 | | 区域性银行 | 看好 | | 推荐公司及评级 ◼ | | | 中信银行 | 增持 | | 招商银行 | 买入 | | 重庆银行 | 增持 | | 渝农商行 | 买入 | 相关研究报告 <<银行周报（0526-0601）：全国农信 社改革再下一城>>--2025-06-03 <<银行周报（0519-0525）：存款挂牌 利率调降呵护银行息差>>--2025- 05-26 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S119012401 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][12] Core Views - The company is a leading lithium battery separator manufacturer based in Yunnan, focusing on solid-state battery materials. It recently launched a series of new products, including ultra-pure lithium sulfide and high-conductivity solid-state electrolyte membranes, which are expected to play a crucial role in the future of solid-state battery technology [4][5]. Financial Performance and Forecast - The company is projected to achieve revenues of 11.38 billion, 13.84 billion, and 17.71 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 12.00%, 21.54%, and 28.02% [6][8]. - The net profit attributable to shareholders is expected to be 211.14 million, 799.14 million, and 1.73 billion yuan for the same years, with growth rates of 137.95%, 278.49%, and 116.93% [6][8]. - The earnings per share (EPS) are forecasted to be 0.22, 0.82, and 1.79 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 127.56, 33.70, and 15.54 [6][8]. Product Development - The company has a leading position in the sulfide solid electrolyte route, having introduced several core materials that enhance battery performance, such as ultra-pure lithium sulfide with a purity of over 99.9% and solid-state electrolytes with high ionic conductivity [5][6]. - The production project for sulfide solid electrolyte materials is located in Yuxi, with an expected annual production capacity of 1,000 tons upon full completion [5].

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 5.36 [1] Core Views - The report highlights the optimization of revenue structure and the solid advantage in liabilities for the company [1] - The company demonstrated revenue resilience with a slight increase in operating income and net profit for 2024, while Q1 2025 showed a minor decline [4][5] - The company maintains a strong net interest margin and has effectively optimized its asset allocation, leading to significant investment income growth [5][6] Financial Performance Summary - For 2024, the company achieved operating income of 348.775 billion yuan and net profit of 86.479 billion yuan, representing year-on-year growth of 1.83% and 0.24% respectively [4] - In Q1 2025, the company reported operating income of 89.363 billion yuan and net profit of 25.246 billion yuan, with year-on-year changes of -0.07% and -2.62% respectively [4] - The annualized weighted ROE for 2024 and Q1 2025 was 9.84% and 11.33%, showing a slight decline compared to the previous year [4] Revenue and Profitability Insights - The company’s revenue showed resilience with a year-on-year increase of 1.83% in 2024, while Q1 2025 experienced a slight decline of 0.07% [5] - The net interest income for Q1 2025 was 68.857 billion yuan, down 3.79% year-on-year, influenced by asset repricing and adjustments in the asset-liability structure [5] - Investment income for Q1 2025 was 10.149 billion yuan, reflecting an 18.81% increase year-on-year due to improved asset trading capabilities [5] Asset Quality and Risk Management - As of the end of 2024, the company’s non-performing loan ratio was 0.90%, slightly increasing to 0.91% by Q1 2025, indicating stable asset quality [6] - The provision coverage ratio was 266.13% at the end of Q1 2025, demonstrating strong risk mitigation capabilities [6] Future Earnings Forecast - Projected operating income for 2024-2026 is 352.843 billion yuan, 365.678 billion yuan, and 382.307 billion yuan respectively, with corresponding net profits of 87.717 billion yuan, 90.150 billion yuan, and 93.341 billion yuan [6] - The book value per share (BVPS) is expected to grow from 9.04 yuan in 2025 to 11.28 yuan in 2027, with price-to-book (PB) ratios decreasing from 0.59 to 0.48 [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company is a leading lithium battery separator manufacturer based in Yunnan, focusing on solid-state battery materials. It recently launched a series of new products, including ultra-pure lithium sulfide and high-conductivity solid-state electrolyte membranes, which are expected to play a crucial role in the future of solid-state battery technology [4][5] Financial Summary - The company is projected to achieve revenues of CNY 11.38 billion, CNY 13.84 billion, and CNY 17.71 billion for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 12.00%, 21.54%, and 28.02% [6] - The net profit attributable to shareholders is expected to be CNY 211 million, CNY 799 million, and CNY 1.73 billion for the same years, with growth rates of 137.95%, 278.49%, and 116.93% [6] - The earnings per share (EPS) are forecasted to be CNY 0.22, CNY 0.82, and CNY 1.79 for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 127.56, 33.70, and 15.54 [6][9] Product Development - The company has a leading position in the sulfide solid electrolyte layout, with products that include ultra-pure lithium sulfide, fine sulfide solid electrolytes, and high-conductivity solid-state electrolyte membranes. These products exhibit high ionic conductivity and are designed to enhance battery performance [5][6]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The price of Sustainable Aviation Fuel (SAF) has increased, with the latest European FOB price at $1898 per ton, up 6.51% week-on-week and 2.37% year-to-date [3][12] - Refrigerant prices remain high, with R22 at 36000 CNY per ton, R32 at 51000 CNY per ton, and R134a at 48500 CNY per ton, all stable compared to the previous week [4][12] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][40] Summary by Sections 1. Sub-industry Tracking - SAF prices have risen significantly, reflecting strong demand and supply dynamics [3][12] - Refrigerant prices are stable but have shown significant year-on-year increases, enhancing profitability [4][12] - The market for high-performance fibers, such as carbon fiber and ultra-high molecular weight polyethylene (UHMWPE), is gaining attention due to their applications in various industries [5][40] 2. Electronic Chemicals - The electronic chemicals sector is characterized by a wide variety of specialized products, with a focus on wet electronic chemicals, photoresists, and electronic gases [14][17] - The market is experiencing a shift towards domestic production due to policy support and import substitution trends [21][24] 3. New Production Forces - Carbon fiber and UHMWPE are highlighted as key materials benefiting from the low-altitude economy and robotics industry [36][40] - PEEK materials are increasingly used in humanoid robots, with significant growth in market demand [41][40] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices reflecting a downward trend [44][47] - Sodium-ion battery materials are gaining traction due to their cost advantages and potential applications in large-scale energy storage [47][48] 5. Renewable and Modified Plastics - The market for renewable plastics is expanding, driven by environmental concerns and increasing recycling rates [64][68] - Special engineering plastics are in demand across various sectors, including automotive and aerospace, due to their superior performance characteristics [64][68] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is rising, supported by growth in the automotive and consumer electronics sectors [71][72] 7. Market Performance - The basic chemical industry has shown resilience, with a 2.65% increase in the index, outperforming the broader market [75][81]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The price of Sustainable Aviation Fuel (SAF) has increased, with the latest European FOB price at $1898 per ton, up 6.51% week-on-week and 2.37% year-to-date [3][12] - Refrigerant prices remain high, with R22 at 36000 CNY per ton, R32 at 51000 CNY per ton, and R134a at 48500 CNY per ton, all stable compared to the previous week [4][12] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][40] Summary by Sections 1. Sub-industry Tracking - SAF prices have risen significantly, with a year-to-date increase of 2.37% [3][12] - Refrigerant prices have stabilized at high levels, with notable increases compared to last year [4][12] - The market for high-performance fibers, such as carbon fiber and ultra-high molecular weight polyethylene (UHMWPE), is gaining attention due to their applications in various industries [5][40] 2. Electronic Chemicals - The electronic chemicals sector is focused on wet electronic chemicals, photoresists, and electronic specialty gases, with a high degree of specialization and technical barriers [14][17] - The semiconductor materials market is projected to grow, with a CAGR of 5.3% from 2017 to 2024, reaching $67.5 billion [21][24] 3. New Production Forces - Carbon fiber and UHMWPE are highlighted as key materials in emerging industries, with carbon fiber applications in wind energy and aerospace [36][40] - The PEEK material is gaining traction in the humanoid robot industry, with a significant increase in market size [41][42] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices for multi-walled carbon nanotube powder at 64,000 CNY per ton [44][47] - Sodium-ion battery materials are also gaining attention, with stable pricing for Prussian blue compounds [47][49] 5. Renewable and Modified Plastics - The demand for renewable plastics is increasing, with a notable rise in the recycling rate of plastics from 4.8% in 2018 to 10% in 2021 [64][68] - Special engineering plastics are in demand across various sectors, including automotive and aerospace [64][68] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the automotive and consumer electronics sectors [71][73] 7. Market Performance - The basic chemical industry index increased by 2.65% in the week of June 2-8, ranking 7th among 30 major industries [75][81]

[Table_Message]2025-06-08 金融工程周报 $$\pm\nwarrow\pm\nwarrow\pm\nwarrow\pm\nwarrow\pm\nwarrow\pm\nwarrow\pm$$ 海内外权益市场、贵金属上涨，权益、商品基金表现较好 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 内容摘要 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 [Table_Title] [Table_Summary] . 金 融 工 程 周 报 ◼ 大类资产市场概况：1）权益：本周 A 股市场中上证指数收盘 3385.36，涨跌幅 1.13%， 深证成指、中小板指数、创业板指、上证 50、沪深 300、中证 500、中证 1000、中证 2000、 ...