样本建筑工地资金到位率继续上升，有利于增加钢材需求 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 4 月 12 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [钢铁Table_StockAndRank] 投资评级 看好 上次评级 看好 [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 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@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 [样本建筑工地资金到位率继续上升，有利于增加钢材需 Table_Title] 求 [Table_ReportDate] 2025 年 4 月 12 日 本期内 ...

公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 开立医疗(300633) 证券研究报告 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 业绩增长承压，静待下半年招采回暖 内镜延续高增长趋势，盈利能力逐步 提升 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] 业绩短期承压，新品放量+招采回暖有望提振 盈利能力 [Table_ReportDate] 2025 年 04 月 12 日 [Table_S 事件：公司发布 ummary] 2024 年年报，2024 年实现营业收入 20.14 亿元（yoy- 5.02%），归母净利润 1.42 亿元（yoy-68 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 顶点软件(603383.SH) 投资评级：买入 上次评级：买入 [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@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 [Table_Title] 信创业务稳步发展，AI 融合助力产品升级 [Table_ReportDate] 2025 年 4 月 12 日 [Table_S 事件：顶点软件 ummary]发布 2024 年年度报告，公司 2024 年实现营收 6.64 亿元， 同比下降 10.8%；实现归母净利润 1.94 亿元，同比下降 16.8%；实现扣非 净利润 1.78 亿元，同比下降 17.88%；公司毛利率为 67.05%，同比下降 2.11 个百分点。单 2024Q4 来看，公司实现营收 2.43 亿元，同比下降 15.2%； 实现归母净 ...

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Viewpoints - The increase in import costs for scientific instruments is accelerating the process of domestic substitution, driven by new tariffs imposed on U.S. imports [3][16] - The Chinese mass spectrometer market is expected to reach a sales volume of 23 billion yuan by 2026, doubling from 2021 levels [19] - The report highlights the importance of domestic production in the face of U.S. export controls on critical technologies, with approximately 42% of the U.S. control list affecting scientific instruments [16][26] Summary by Sections Market Performance - As of April 11, the environmental sector index fell by 4.92%, underperforming the broader market, which saw a decline of 3.11% [9][11] - Specific sub-sectors such as water treatment and solid waste management experienced declines of 6.50% and 5.87%, respectively [11] Industry Dynamics - Recent policies from the Ministry of Water Resources aim to establish a comprehensive water-saving policy framework across agriculture, industry, and urban areas [30] - The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced support for urban renewal projects, including wastewater treatment initiatives [31] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on quality operational assets in the water and waste incineration sectors [37] - Key recommended companies include: Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co. [37] Policy Support for Domestic Instruments - The Chinese government has implemented various policies to support the domestic scientific instrument industry, including a 20% price reduction subsidy for domestic products in competitive bidding [26][27] - The report emphasizes the need for domestic research platforms and instruments to address significant research challenges [26][27]

科学仪器进口成本上升，倒逼国产替代加速 【】【】[Table_Industry] 环保周报 [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 [Table_ReportDate] 2025 年 4 月 12 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 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 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] 科学仪器进口成本上升，倒逼国产替代加速 2025 年 4 月 12 日 本期内容提 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 开立医疗(300633) 投资评级 相关研究 [Table_OtherReport] 业绩增长承压，静待下半年招采回暖 内镜延续高增长趋势，盈利能力逐步 提升 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] 业绩短期承压，新品放量+招采回暖有望提振 盈利能力 [Table_ReportDate] 2025 年 04 月 12 日 [Table_S 事件：公司发布 ummary] 2024 年年报，2024 年实现营业收入 20.14 亿元（yoy- 5.02%），归母净利润 1.42 亿元（yoy-68.67%），扣非归母净利润 1.10 亿 元（yoy-75.07%），经营活动产生的现金流量净额 3.07 亿元（yoy -37.35%）。 其中 2024Q4 实现营业收入 6.16 亿元（yoy-5.63%），归母净利润 0.33 亿 元（yoy-75.03%）。 点评： ...

【】【】 钢铁 [Table_Industry] 样本建筑工地资金到位率继续上升，有利于增加钢材需求 [Table_ReportDate] 2025 年 4 月 12 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [钢铁Table_StockAndRank] 投资评级 看好 上次评级 看好 [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 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@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 [样本建筑工地资金到位率继续上升，有利于增加钢材需 Table_Title] 求 [Table_ReportDate] 2025 年 4 月 12 日 本期内 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue for 2024 was 664 million, a decrease of 10.8% year-on-year, with a net profit attributable to shareholders of 194 million, down 16.8% year-on-year. The gross margin was 67.05%, a decline of 2.11 percentage points [1][2] - The company is advancing its core product business and expanding its Xinchuang (信创) initiatives, which are expected to bring incremental growth. The A5 system has been implemented in multiple institutions, and the company has won a project with Everbright Securities for a new core trading system [2] - The integration of AI capabilities into products has been significant, with enhancements in LiveData and the launch of LiveBOS AI, which includes various intelligent components [2] - Cost control measures have been effective, with sales, management, and R&D expenses showing reductions compared to the previous year [2] - The company is expected to benefit from its dual-driven technology ecosystem of AI and Xinchuang, with projected EPS for 2025-2027 being 1.07, 1.31, and 1.63 respectively, corresponding to P/E ratios of 36.25, 29.63, and 23.70 [2][3] Financial Summary - Total revenue for 2023 was 744 million, with a projected increase to 746 million in 2025, reflecting a growth rate of 12.5% [3] - The net profit attributable to shareholders is expected to recover to 219 million in 2025, after a decline in 2024 [3] - The gross margin is projected to stabilize around 67.7% in 2025 [3] - The company’s total assets were 1,886 million in 2023, with a slight decrease to 1,821 million in 2024, and expected growth in subsequent years [4]

Quantitative Models and Construction Methods 1. Model Name: Continuous Hedging Strategy - **Model Construction Idea**: This strategy is based on the convergence of basis in stock index futures and aims to optimize hedging performance by continuously rolling over contracts[44][45] - **Model Construction Process**: - **Backtesting Period**: July 22, 2022, to April 11, 2025[45] - **Spot Side**: Hold the total return index of the corresponding underlying index[45] - **Futures Side**: Use 70% of the funds for the spot side and allocate the same nominal principal to short futures contracts, occupying the remaining 30% of the funds[45] - **Rebalancing Rules**: Continuously hold quarterly/monthly contracts until the remaining maturity is less than 2 days, then close the position at the closing price and roll over to the next contract[45] - **Assumptions**: No transaction fees, impact costs, or indivisibility of futures contracts are considered[45] 2. Model Name: Minimum Discount Hedging Strategy - **Model Construction Idea**: This strategy selects contracts with the smallest annualized basis discount to optimize hedging performance[46] - **Model Construction Process**: - **Backtesting Period**: July 22, 2022, to April 11, 2025[46] - **Spot Side**: Hold the total return index of the corresponding underlying index[46] - **Futures Side**: Use 70% of the funds for the spot side and allocate the same nominal principal to short futures contracts, occupying the remaining 30% of the funds[46] - **Rebalancing Rules**: Calculate the annualized basis for all tradable futures contracts daily and select the contract with the smallest discount. Hold the selected contract for 8 trading days or until the remaining maturity is less than 2 days before reselecting[46] - **Assumptions**: No transaction fees, impact costs, or indivisibility of futures contracts are considered[46] --- Backtesting Results of Models 1. Continuous Hedging Strategy - **IC (CSI 500 Futures)**: - Annualized Return: -2.08% (monthly), -1.71% (quarterly)[48] - Volatility: 3.98% (monthly), 4.89% (quarterly)[48] - Maximum Drawdown: -7.51% (monthly), -8.34% (quarterly)[48] - Net Value: 0.9449 (monthly), 0.9544 (quarterly)[48] - Annual Turnover: 12 (monthly), 4 (quarterly)[48] - YTD Return (2025): -0.97% (monthly), 0.04% (quarterly)[48] - **IF (CSI 300 Futures)**: - Annualized Return: 1.01% (monthly), 1.06% (quarterly)[53] - Volatility: 3.12% (monthly), 3.46% (quarterly)[53] - Maximum Drawdown: -3.95% (monthly), -4.03% (quarterly)[53] - Net Value: 1.0275 (monthly), 1.0288 (quarterly)[53] - Annual Turnover: 12 (monthly), 4 (quarterly)[53] - YTD Return (2025): 0.42% (monthly), 0.89% (quarterly)[53] - **IH (SSE 50 Futures)**: - Annualized Return: 1.42% (monthly), 2.20% (quarterly)[57] - Volatility: 3.23% (monthly), 3.66% (quarterly)[57] - Maximum Drawdown: -4.22% (monthly), -3.75% (quarterly)[57] - Net Value: 1.0389 (monthly), 1.0604 (quarterly)[57] - Annual Turnover: 12 (monthly), 4 (quarterly)[57] - YTD Return (2025): 0.80% (monthly), 1.10% (quarterly)[57] - **IM (CSI 1000 Futures)**: - Annualized Return: -4.95% (monthly), -3.96% (quarterly)[59] - Volatility: 4.39% (monthly), 5.48% (quarterly)[59] - Maximum Drawdown: -13.84% (monthly), -12.63% (quarterly)[59] - Net Value: 0.8718 (monthly), 0.8965 (quarterly)[59] - Annual Turnover: 12 (monthly), 4 (quarterly)[59] - YTD Return (2025): -1.53% (monthly), -0.34% (quarterly)[59] 2. Minimum Discount Hedging Strategy - **IC (CSI 500 Futures)**: - Annualized Return: -0.83%[48] - Volatility: 4.80%[48] - Maximum Drawdown: -7.97%[48] - Net Value: 0.9778[48] - Annual Turnover: 18.14[48] - YTD Return (2025): -0.09%[48] - **IF (CSI 300 Futures)**: - Annualized Return: 1.60%[53] - Volatility: 3.24%[53] - Maximum Drawdown: -4.06%[53] - Net Value: 1.0439[53] - Annual Turnover: 15.55[53] - YTD Return (2025): 1.03%[53] - **IH (SSE 50 Futures)**: - Annualized Return: 1.86%[57] - Volatility: 3.23%[57] - Maximum Drawdown: -3.91%[57] - Net Value: 1.0510[57] - Annual Turnover: 17.03[57] - YTD Return (2025): 0.98%[57] - **IM (CSI 1000 Futures)**: - Annualized Return: -3.44%[59] - Volatility: 5.34%[59] - Maximum Drawdown: -11.11%[59] - Net Value: 0.9098[59] - Annual Turnover: 16.66[59] - YTD Return (2025): -0.27%[59] --- Quantitative Factors and Construction Methods 1. Factor Name: Cinda-VIX - **Factor Construction Idea**: Reflects market expectations of future volatility based on option pricing, with adjustments for the Chinese market[62] - **Factor Construction Process**: - Derived from option prices to measure expected volatility over different time horizons[62] - Includes term structures to capture volatility expectations for different maturities[62] - **Factor Evaluation**: Provides insights into market sentiment and risk expectations[62] 2. Factor Name: Cinda-SKEW - **Factor Construction Idea**: Measures the skewness in implied volatility across different strike prices, indicating market expectations of extreme events[68] - **Factor Construction Process**: - Captures the slope of implied volatility across strike prices[68] - Higher values indicate greater concern for tail risks[68] - **Factor Evaluation**: Useful for assessing market concerns about extreme downside risks[68] --- Backtesting Results of Factors 1. Cinda-VIX - **30-Day VIX Values**: - SSE 50: 22.26[62] - CSI 300: 22.97[62] - CSI 500: 31.73[62] - CSI 1000: 32.42[62] 2. Cinda-SKEW - **SKEW Values**: - SSE 50: 100.46[69] - CSI 300: 101.54[69] - CSI 500: 101.32[69] - CSI 1000: 100.09[69]

| ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 证券研究报告 宏观研究 [Table_ReportType] 专题报告 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@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 [Table_Title] 中美通胀的相似与分化 [Table_ReportDate] 2025 年 4 月 11 日 ➢ 风险因素：地缘政治风险，国际油价上涨超预期等。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 中国 CPI 暂未能实现转正的两个压制。中国 3 月 CPI 降幅收窄至 0.1%， 但暂未能实现转正，我们认为这主要有两方面的压制。压制 1：消费品价 格整体仍 ...