证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 顺丰控股(002352) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 相关研究 [Table_OtherReport] 顺丰控股（002352.SZ）深度分析：国 内业务稳步增长，国际业务打开空间 顺丰控股（002352.SZ）价值分析：中 短期业绩维持相对高增，长期价值空 间可期 顺丰控股（002352.SZ）点评：公司发 布中期及特别分红，看好公司价值提 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] 顺丰控股（002352.SZ）：件量增长超预期， 看好公司业 ...

一级资金仍强，等待居民资金流入 ——资金跟踪专题 [Table_ReportDate] 2025 年 6 月 20 日 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 [Table_ReportType] 策略专题 | [Table_A 樊继拓 uthor策略首席 | ] 分析师 | | --- | --- | | 执业编号：S1500521060001 | | | 联系电话：+86 13585643916 | | | 邮 | 箱： fanjituo@cindasc.com | 李畅 策略分析师 执业编号：S1500523070001 联系电话：+86 18817552575 邮 箱：lichang@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] 一级资金仍强，等待居民资金流入 [Table_ReportDate] 2025 年 6 月 20 日 核心结论： 请阅读最后一页免责声明及信息披露 http: ...

Investment Rating - The investment rating for the company is currently "No Rating" [1] Core Views - The report indicates that the price of pulp and paper has stabilized at a low level, with expectations of fluctuations in June and July. The actual supply prices for overseas needle and broadleaf pulp are approximately $715/ton and $500-510/ton respectively. Pulp manufacturers are showing a strong willingness to maintain prices, and some sellers are raising prices by $20/ton [1][2] - The company is expected to see a gradual improvement in operations from April to May, with a slight decline in profitability in June. The second quarter profit is expected to remain stable compared to the first quarter, while the third quarter is anticipated to stabilize as well. The fourth quarter will enter a new capacity release cycle, with expected profitability improvements [3][4] Summary by Sections Pulp and Paper Market - The pulp prices are expected to fluctuate around the bottom, with a forecast of low-level oscillation during the off-season from June to August. The prices for pulp and paper have shown signs of bottoming out, with current prices at 4140 CNY/ton for pulp and 5163 CNY/ton for paper [2][3] - Historical analysis shows that in 2022, pulp prices reached a historical high due to supply-side factors, while in 2023, both pulp and paper prices experienced a rapid decline, with pulp bottoming out at 3850 CNY/ton and paper at 5375 CNY/ton [2] Financial Performance - The company’s total revenue for 2023 is projected at 39,544 million CNY, with a slight decline of 0.6% year-on-year. The net profit attributable to the parent company is expected to be 3,086 million CNY, reflecting a year-on-year growth of 9.9% [4][7] - For the years 2025 to 2027, the net profit is projected to be 35.8 billion CNY, 43.0 billion CNY, and 48.1 billion CNY respectively, with corresponding P/E ratios of 10.5X, 8.8X, and 7.9X [3][4] Production Capacity - The company plans to gradually launch its Nanning base project in Q3 to Q4, which includes the production of 150,000 tons of household paper, 400,000 tons of specialty paper, 1,000,000 tons of corrugated paper, and 500,000 tons of pulp, which is expected to increase the underlying profit by approximately 500 million CNY annually [2][3]

证券研究报告 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 雅迪控股(1585.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@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] 雅迪控股：发布正面盈利预告，动销靓丽、产 品结构持续优化 公司研究 [Table_ReportDate] 2025 年 6 月 18 日 [Table_S 事件：公司发布 ummary]正面盈利公告。公司基于截至 2025 年 5 月 31 日止 5 个月 初步经营情况，预计 2025H ...

供给逐渐收缩、票价跌幅收窄，旺季供需改善可期 [Table_Industry] 航空运输 [Table_ReportDate] 2025 年 06 月 18 日 。。 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | 航空运输 | | --- | | 投资评级 看好 | | 上次评级 看好 | | [Table_Author] 匡培钦 交通运输行业首席分析师 | | [Table_StockAndRank] | 执业编号：S1500524070004 邮 箱：kuangpeiqin@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] 航空运输月度专题：供给逐渐收缩、票价跌 幅收窄，旺季供需改善可期 [Table_ReportDate] 2025 年 06 月 18 日 本期内容提要: [Table_S [事件： Table_Summary ummar 各航司发布 y] ] 2025 年 5 月经营数据。 ➢ 投资建议 五一假期行业票 ...

44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444 44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444 44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444 44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444 国四补贴为重卡注入明确增量，乘用车及两 轮车加码成长斜率 ——鸿泉物联（688288.SH）公司深度报告 2025 年 6 月 18 日 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱：pangqianqian@cindasc.com 请阅读最后一页 ...

智能眼镜：Meta Oakley 发布，AI 运动眼镜或是垂类渗 透率提升较快方向 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] 智能眼镜：Meta Oakley 发布，AI 运动眼镜或 是垂类渗透率提升较快方向 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 06 月 17 日 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 [Table_StockAndRank] 轻工制造 投资评级 看好 上次评级 看好 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com [Table_ReportDate] 2025 年 06 月 17 日 [Table_S [➢Table_Summary 事件：ummarOakley y] ] 官方 X 发布视频，并@Meta，预告将于 6 月 20 日（本 周五）发布新品。继 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Manufacturing investment has slightly declined, but there are opportunities to capture from the bottom up [2] - The manufacturing PMI for May 2025 is 49.5%, showing a month-on-month increase of 0.5 percentage points, indicating a slight recovery in manufacturing activity [13][27] - Fixed asset investment in manufacturing from January to May 2025 has grown by 8.5% year-on-year, but this is a decrease of 0.3 percentage points compared to the previous four months [13][27] Company Summaries 1) Jiao Cheng Ultrasonic - Focuses on ultrasonic equipment and solutions, achieving revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35% - Net profit attributable to shareholders reached 23.63 million yuan, up 2152.47% year-on-year, with non-recurring net profit at 19.77 million yuan, a growth of 1068.17% [3][14] 2) Zhenghe Industrial - Engaged in the R&D, manufacturing, and sales of various chain drive systems, with Q1 2025 revenue of 395 million yuan, a year-on-year increase of 6.32% - Net profit attributable to shareholders was 53.84 million yuan, up 100.09% year-on-year, and non-recurring net profit was 30.26 million yuan, a growth of 16.45% [4][15] 3) Lvtian Machinery - Main products include general power machinery and high-pressure cleaning machines, with revenue growth rates of 47.9%, 72.5%, and 50.1% for Q3 2024, Q4 2024, and Q1 2025 respectively - Net profit growth rates for the same periods were 24.1%, 55.9%, and 56.3%, indicating a performance turning point [5][16] 4) Sande Technology - Achieved revenue of 108 million yuan in Q1 2025, a year-on-year increase of 18.35% - Net profit attributable to shareholders was 28.07 million yuan, up 45.38% year-on-year, with non-recurring net profit at 27.35 million yuan, a growth of 51.23% [6][17] Industry Trends - The manufacturing sector is experiencing a slight investment decline, but there are positive indicators in specific segments such as process industries and individual stocks with strong performance [7][14] - The demand for industrial robots is increasing, with a production growth of 35.5% year-on-year in May 2025, reflecting a shift towards automation in manufacturing [49][51] - The excavator sales in May 2025 reached 18,202 units, a year-on-year increase of 2.1%, indicating resilience in the construction machinery sector despite some internal sales pressure [58]

多视角、多资产、多因子、多策略的制胜之道 —— 工银瑞信主动量化团队圆桌实录 2025 年 6 月 16 日 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 基金专题 [TablReportpe] 基金专题报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com [Table_Title] 工银瑞信主动量化团队：多视角、多资产、 多因子、多策略的制胜之道 [Table_ReportDate] 2025 年 6 月 16 日 [Table_Summary] 本篇报告中，我们聚焦近期市场关注度较高，且在管产品业绩亮眼的工银瑞信 主动量化投资团队。本文从组织架构、投资策略、平台优势等多维度展开分析， 系统性梳理了该团队的人员分工、策略思路、产品矩阵及近期表现，并特别邀 请该团队核 ...

证券研究报告 债券研究 [T专题able_ReportType] 报告 资金调控新模式下，货币宽松未到终点 [Table_ReportTime] 2025 年 6 月 16 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 [Table_A 李一爽 uthor 固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+8618817583889 邮 箱：liyishuang@cindasc.com 3资金调控新模式下，货币宽松未到终点 [Table_ReportDate] 2025 年 6 月 16 日 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 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [➢Table_Summary] 上周债市仍然维持窄幅震荡的态势，尽管降息后资金宽松的程度强于市场 预期，DR001 一度突破 1.4%，但中短端的表现仍然不强，长端利率下行的动 力也受到制约，而乐观者开始博弈超长债利差下行的空间 ...