Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a significant shift in U.S. tariff policy, with tariffs on Chinese goods raised to 145%, while tariffs on other countries are postponed for 90 days at a 10% rate. This creates a favorable environment for leading companies with global production capabilities and efficient management to capture market share [2] - The report anticipates strong performance in H1 financial reports for leading companies due to preemptive orders driven by tariff disruptions, with specific companies like Craft Home, Yongyi Co., and others being closely monitored for their overseas expansion and low valuations [2] Summary by Sections Light Industry Manufacturing - The report discusses the impact of U.S. tariffs on the light industry manufacturing sector, emphasizing the advantages of companies with global production and local supply chains [2] Paper Industry - The paper market is expected to maintain a fluctuating trend, with cultural paper prices stable and packaging paper prices showing signs of recovery. Companies like Sun Paper and Wuzhou Special Paper are highlighted for their stable profitability and capacity expansion [3] New Tobacco - The report notes that Smoore's Q1 performance is stable, with revenue growth expected despite increased costs. The company is well-positioned to gain market share due to its compliance and overseas production capabilities [4] Home Furnishing - The real estate sector is expected to improve, with leading home furnishing companies like Mousse and Gujia showing better order growth than the industry average. The report suggests that the home furnishing sector is well-positioned for growth due to supportive policies [4] Consumer Goods - The toy industry is experiencing high demand, with significant participation in trade shows and a focus on innovative products. Companies like Pop Mart are expected to perform well with new product launches [5][6] Packaging - Companies like Yongxin Co. and Yutong Technology are noted for their stable operations, with expectations of price stabilization in the metal packaging sector as demand recovers [7] Electrical Lighting - The report highlights the importance of product innovation and channel expansion for companies like Bull Group, which is expected to accelerate its market presence [8] Two-Wheeled Vehicles - Ninebot's market share is increasing, with strong sales figures reported. The report suggests continued growth in the electric bicycle sector driven by government subsidies [9][10] Gold and Jewelry - Rising gold prices are expected to boost sales of premium gold jewelry, with companies like Chaohongji showing positive sales trends [10] Cross-Border E-commerce - The report emphasizes the importance of overseas supply chain layouts for companies like Anker Innovations, which are expected to benefit from tariff advantages [11] Maternal and Child Products - The report notes significant profit growth for Kid King, driven by improved store performance and a focus on live-streaming e-commerce [12] E-commerce - The report discusses the restructuring of rural commercial ecosystems through AI and supply chain integration, with companies like Huitongda leading the way [13] Beauty Products - The report highlights the growth of top beauty brands on platforms like Douyin, with a focus on innovative marketing strategies [14] IP Retail - The report notes improvements in same-store sales for Miniso, driven by supply chain diversification and IP collaborations [14]

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 原油周报：美国关税政策继续引发油价剧烈波动 [Table_Title] [Table_ReportDate0] 2025 年 4 月 13 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025 年 4 月 11 日当周，油价继续下跌。本周，美 国加征对等关税持续引发全球经济衰退担忧，国际原油价格连跌，美 油下探至 60 关口下方。周后期，特朗普宣布暂缓部分关税，国际原 油价格反弹上涨，抵消了小部分跌幅。截至本周五（4月11日），布 伦特、WTI 油价分别为 64.76、61.50 美元/桶。 ➢ 【油价观点】我们认为，在市场对原油需求持续担忧的情绪下，本轮 油价周期的本质在于供给端，一些产油国或由过去的份额竞争策略转 为挺价保收益策略，一些产油国或自身面临增产能力的瓶颈。尤其是 过往的美、沙、俄三足鼎立格局，演变成当前资本开支谨慎和资源劣 质化导致产量面临达峰的美国，与通过 OPEC+机制团结在一起的 沙、俄进行的不对称两方博弈，即过去 ...

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 上次评级——看好 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报：美国关税政策继续引发油价剧烈波动 [Table_Title] [Table_ReportDate0] 2025 年 4 月 13 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025 年 4 月 11 日当周，油价继续下跌。本周，美 国加征对等关税持续引发全球经济衰退担忧，国际原油价格连跌，美 油下探至 60 关口下方。周后期，特朗普宣布暂缓部分关税，国际原 油价格反弹上涨， ...

贸易战持续升级，建议关注自主可控和内需消费两条主线 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 4 月 13 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong expectation for stock performance relative to the benchmark index [1]. Core Insights - The company has demonstrated robust growth in its main business, particularly in offline medical institutions, which contribute significantly to its performance [1][2]. - The company is actively expanding through a "self-built + acquisition" strategy, enhancing its long-term growth potential [3]. - The integration of AI technology into its operations is expected to improve service delivery and address healthcare resource distribution issues [4]. Financial Performance Summary - In 2024, the company achieved total revenue of 3.022 billion yuan, a year-on-year increase of 30.1%, with a gross profit of 909 million yuan and a net profit attributable to shareholders of 307 million yuan, reflecting a growth of 29.9% [1]. - Revenue projections for 2025, 2026, and 2027 are 3.790 billion yuan, 4.692 billion yuan, and 5.726 billion yuan, respectively, with corresponding net profits of 421 million yuan, 526 million yuan, and 647 million yuan [5][6]. - The company's gross margin is expected to stabilize around 30%, with a return on equity (ROE) projected to increase from 12.9% in 2024 to 16.3% by 2027 [5][6]. Business Model and Strategy - The company focuses on enhancing doctor and patient retention as core competitive advantages, with significant increases in both doctor partnerships and patient visit frequency [2][1]. - The company plans to continue expanding its service network, with 21 new branches added in 2024, including both self-built and acquired facilities [3]. - The establishment of a comprehensive AI medical ecosystem aims to improve healthcare delivery and accessibility, particularly in underserved areas [4].

——策略周观点 [Table_ReportDate] 2025 年 4 月 13 日 杀估值后可能没有杀盈利了 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 策略研究 [策略周报 Table_ReportType] | ] [Table_A 樊继拓 uthor策略首席 分析师 | | --- | | 执业编号：S1500521060001 | | 邮 箱： fanjituo@cindasc.com | 李畅 策略分析师 执业编号：S1500523070001 邮 箱： lichang@cindasc.com [杀估值后可能没有杀盈利了 Table_Title] [Table_ReportDate] 2025 年 4 月 13 日 核心结论：我们认为，大多情况下，较大的利空冲击往往会带来先杀估 值再杀盈利，持续过程较长。但由于这一次关税冲击出现在牛市初期， 市场整体估值位置较低，这一次对指数的冲击可能是一次性的杀估值。 历史上类似的案例有 13 年年中钱荒和 20 年初疫情：（1）2013 年年中 钱荒，短期利率持续大幅上行，随后 14 年盈利和经济明显下台阶 ...

关注供给压力之下 资金利率的新中枢 —— 流动性与机构行为周度跟踪 [[Table_R Table_Report eportTTime ime]] 2025 年 4 月 13 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | 邮 箱： liyishuang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅 大厦B 座 邮编：100031 3关注供给压力之下 资金利率的新中枢 [Table_ReportDate] 2025 年 4 月 13 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [➢Table_Summary] 货币市场：本周央行公开市场净回笼流动性 2892 亿元，仅周二在前日 A 股 大幅调整以及周五政府债恢复净缴款后出现净投放，此外有 150 ...

证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 4 月 11 日当周，国内重点大炼化 项目价差为 2379.29 元/吨，环比变化+63.56 元/吨（+2.74%）；国外重 点大炼化项目价差为 936.99 元/吨，环比变化-75.71 元/吨（-7.48%）。 截至 4 月 11 日当周，布伦特原油周均价为 64.15 美元/桶，环比变化- 11.85%。 ➢ 【炼油板块】近期欧佩克+八大产油国达成协议，将从 5 月起"加速增产"， 加之美国加征对等关税引发全球经济衰退担忧，从而减少能源需求，双 重打压下，国际原油价格下跌。本周特朗普宣布暂缓部分关税，国际原 油价格反弹上涨，抵消了小部分跌幅，但反弹上涨有限，国际油价本周 整体下跌。2025 年 4 月 11 日布伦特、WTI ...

中国标准化协会《企业环境、社会、治理（ESG）绩效评价导则》正式启动实施 [Table_Industry] ESG 周报 [Table_Author] [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_ReportDate] 2025 年 04 月 13 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 中国标准化协会《企业环境、社会、治理（ESG） 绩效评价导 ...

汽车行业跟踪（2025.4.7-2025.4.11）：广汽集团具身智能机 器人核心部件计划年内小批量试产试销 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 4 月 13 日 2 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 汽车 投资评级 看好 上次评级 看好 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 兰卡首批新能源汽车交付。（12）德国科学家研发智能电子皮肤，可 应用于人类与机器人。4 月 10 日，德国 Helmholtz-Zentrum Dresden- Rossendorf（HZDR）的研究人员 ...