金 金融工程点评 [Table_Title] [Table_Message]2025-06-09 金工 ETF 点评：宽基 ETF 单日净流出 21.69 亿元；国防、恒生医疗指数 ETF 可关注 [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 一、资金流向 融 工 程 点 评 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ETF [Table_Summary] 数据截止日：2025/6/6 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日基础化工、纺织服饰、轻工制造拥挤度靠前，相比较而言，家用 电器、房地产、电子的拥挤度水平较低，建议关注。此外，建筑装饰、有色金 属单日拥挤度变动较大。从主力资金流动来看，前一交易日主力资金流入建 筑装饰、煤炭、房地产，流出 ...

Investment Rating - The overall industry rating is neutral, with expectations of returns between -5% and 5% relative to the CSI 300 index over the next six months [24] Core Insights - The food and beverage sector experienced a decline of 1.1% this week, ranking 30th among 31 sub-industries in the Shenwan classification. The snack, health products, and meat product segments led gains, while dairy, seasoning, and other alcoholic beverages saw the largest declines [4][14] - The liquor sector is facing short-term pressure due to the implementation of new alcohol restrictions, with the SW liquor index down 0.90%. The demand for liquor during the Dragon Boat Festival has decreased significantly, although banquet sales remain relatively stable [5][18] - The beverage sector is entering a peak season, with new product launches accelerating. Companies are introducing health-oriented products, including electrolyte water and low-sugar tea, to capture market growth [6][19] Summary by Sections Sub-industry Ratings - No ratings for liquor and beverage sectors, but several companies are recommended: - Luzhou Laojiao: Buy - Shanxi Fenjiu: Add - Jianshiyuan: Add - Yingjia Gongjiu: Add - Dongpeng Beverage: Buy - Youyou Food: Buy - Guming: Add - Lihigh Food: Buy [3][23] Market Performance - The food and beverage sector's overall performance is under pressure, with the SW food and beverage index down 1.3%. The best-performing sub-sectors include other alcoholic beverages, pre-processed foods, and seasoning products, while liquor and health products faced the most significant declines [14][18] Company Updates - Yanjing Beer is focusing on improving operational efficiency and supply chain capabilities to enhance competitiveness. The U8 product line is expected to achieve significant sales growth, with a target of 30% market share [9][22] - New product launches in the snack sector are driving growth, with companies like Youyou Food and Dongpeng Beverage seeing substantial increases in sales due to innovative offerings [6][21]

2025 年 06 月 09 日 行业日报 看好/维持 机械 机械 太平洋机械日报（20250609）：2025 智源大会共论 AI 与具身智能发展 ◼ 走势比较 ◼ 子行业评级 相关研究报告 <<太平洋机械日报（20250606）：机 器人成功辅助脑血管造影术>>-- 2025-06-09 <<太平洋机械日报（20250605）：开 普勒机器人再获新融资>>--2025- 06-06 (20%) (8%) 4% 16% 28% 40% 24/6/11 24/8/22 24/11/2 25/1/13 25/3/26 25/6/6 机械 沪深300 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 [Table_Summary] 报告摘要 市场表现： 20 ...

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].

2025 年 06 月 08 日 行业周报 看好/维持 电力设备及新能源 电力设备及新能源 新能源+AI 周报（第 11 期 20250601-20250607）：产业链持续升 级，AI+是核心驱动力 ◼ 走势比较 | 电站设备Ⅱ | 无评级 | | --- | --- | | 电气设备 | 无评级 | | 电源设备 | 无评级 | | 新 能 源 动 力 | 无评级 | | 系统 | | ◼ 推荐公司及评级 相关研究报告 <<【太平洋新能源】新能源+AI 周报 （第 10 期 20250525-20250531）：电 动车 AI 化升级，光伏铸大底>>-- 2025-06-03 <<【太平洋新能源】新能源+AI 周报 （第 9 期 20250518-20250524）：宁 德时代引领中国科技制造向上>>-- 2025-05-26 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 报告摘要 ⚫ 行业整体策略：产业链 ...

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].

2025 年 06 月 06 日 公司点评 买入/维持 邮储银行(601658) 目标价: 昨收盘:5.36 银行 国有行 邮储银行 2024 年年报及 2025 年一季报点评：营收结构优化，负 债优势稳固 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/6/6 24/8/18 24/10/30 25/1/11 25/3/25 25/6/6 ◼ 股票数据 | 总股本/流通(亿股) | 991.61/671.22 | | --- | --- | | 总市值/流通(亿元) | 5,315.03/3,59 | | | 7.76 | | 12 个月内最高/最低价 | 5.83/4.45 | | (元) | | 相关研究报告 <<邮储银行 2024 半年报点评：资产 负债结构优化，息差维持较高水 平>>--2024-10-10 <<邮储银行 2023 年年报&2024 年一 季报点评：营收韧性强，负债端优势 显>>--2024-05-22 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 ...

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]

(20%) (10%) 0% 10% 20% 30% 24/6/11 24/8/22 24/11/2 25/1/13 25/3/26 25/6/6 基础化工 沪深300 2025 年 06 月 08 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报（20250602-20250608）： 生物航煤(SAF)价格上涨，制冷剂价格维持高位 走势比较 相关研究报告 <<化工周报（5/26-5/30）：三代制冷 剂价格上涨，友道化学爆炸提升农药 行业关注度>>--2025-06-03 <<化工周报（5/19-5/25）：制冷剂产 品毛利提升，H 酸带动活性染料价格 上涨 >>--2025-05-26 << 化 工 新 材 料 周 报 （ 20250519- 20250525）：制冷剂价格维持高位，炭 黑、溴素价格反弹>>--2025-05-25 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点子行业及产品情况跟踪 ...