DR001 或成新目标 宽松下限尚未到达 —— 流动性与机构行为周度跟踪 250615 [[Table_R Table_Report eportTTime ime]] 2025 年 6 月 15 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 证券研究报告 债券研究 [Table_ReportType] 专题报告 | ] [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 3DR001 或成新目标 宽松下限尚未到达 [Table_ReportDate] 2025 年 6 月 15 日 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 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 OMO 净回笼 72 ...

电新周报：全球首个具身智能机器人 4S 店有望亮相北京 [Table_Industry] 电力设备与新能源 [Table_ReportDate] 2025 年 6 月 15 日 证券研究报告 行业研究 [Table_Title] 全球首个具身智能机器人 4S 店有望亮相北京 [Table_ReportDate] 2025 年 6 月 15 日 本期核心观点 [Tale_S 行业展望及配置建议： um [行业周报 Table_ReportType] [Table_StockAndRank] 电力设备与新能源 投资评级 看好 上次评级 看好 武浩 电新行业首席分析师 执业编号：S1500520090001 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电新行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@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 ➢ 新能源汽车： 动力电池格局有望优化，板块 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance in the context of its market position and growth potential [1]. Core Viewpoints - The report highlights that Sensible Holdings, as a leading functional sofa manufacturer, is progressing steadily with stable domestic sales and continued growth in international sales [1]. - For FY2025, the company achieved a revenue of HKD 16.903 billion, a decrease of 8.2% year-on-year, and a net profit attributable to shareholders of HKD 2.063 billion, down 10.4% year-on-year [1]. - The report emphasizes the company's focus on enhancing its marketing strategies and product channels to improve domestic sales performance [2]. - The international market, particularly non-US regions, showed promising growth, with FY2025 international sales revenue reaching HKD 6.666 billion, an increase of 8.3% year-on-year [3]. Summary by Sections Domestic Sales - In FY2025, domestic market revenue was HKD 9.927 billion, down 17.2% year-on-year, with a gross margin of 40.4% [2]. - Offline store revenue was HKD 6.799 billion (down 16.6%), while e-commerce revenue was HKD 2.193 billion (down 16.3%) [2]. - Sofa and related products generated HKD 6.584 billion (down 15.4%), and mattress and related products generated HKD 2.408 billion (down 19.4%) [2]. - The company sold 1.001 million sofas (down 10.6%) at an average price of HKD 6,574.4 (down 5.4%) [2]. - The company plans to enhance store management systems to improve key performance indicators for dealers [2]. International Sales - FY2025 international sales revenue was HKD 6.666 billion, with North America contributing HKD 4.420 billion (up 3.2%) and Europe and other regions contributing HKD 1.469 billion (up 22.9%) [3]. - The gross margin for international sales was 41.5%, an increase of 4.4 percentage points year-on-year [3]. - Sofa sales in North America reached 702,500 units (up 10.6%), while European sales reached 181,000 units (up 23.3%) [3]. - The report indicates that the company's production capacity in Mexico and Vietnam is sufficient to cover the US market, with minimal tariff impact [3]. Profitability and Shareholder Returns - The company's gross margin and net profit margin for FY2025 were 40.5% and 13.9%, respectively, both showing year-on-year improvements [3]. - The dividend payout ratio for FY2025 was 50.8%, reflecting a commitment to high shareholder returns [3]. - The report notes that selling and administrative expense ratios were 22.6%, a decrease of 0.6 percentage points year-on-year, indicating stable expense management [3].

25 年前五月中企海外布局日处理规模超 3 万吨，出海布局空间广阔 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 6 月 15 日 156.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 [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 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 化工行业： 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] 25 年前五月中企海外布局日处理规模超 3 万吨， 出海布 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company has transitioned from a capital investment phase to a harvest phase, with an expected compound annual growth rate (CAGR) of approximately 164% for net profit attributable to the parent company from 2024 to 2027 [7][28] - The company has achieved a significant market penetration, covering 98.9% of counties and 91.2% of townships in China, with a cash conversion cycle of -31 days, indicating strong cash flow [7][10] - The company is focusing on enhancing buyer experience and deepening channel coverage to solidify its competitive edge [12][16] Summary by Sections Financial Performance - Total revenue is projected to grow from 17.9 billion in 2024 to 26.7 billion in 2027, with year-on-year growth rates of 5%, 16%, 13%, and 14% respectively [6] - Net profit attributable to the parent company is expected to increase from 30 million in 2024 to 550 million in 2027, with growth rates of 101%, 395%, 116%, and 71% respectively [6][28] - The gross margin is forecasted to improve from 10.13% in 2024 to 11.82% in 2027 [6] Market Position and Strategy - The company has established itself as the largest digital pharmaceutical trading and service network in China, with a focus on the outpatient pharmaceutical B2B market [16] - The company has a strong user base with 43.3 million monthly active buyers and a high retention rate, indicating strong customer loyalty [10][12] - The company is leveraging its digital capabilities to enhance operational efficiency and customer experience, which is expected to drive future growth [16][28] Business Model and Growth Drivers - The company’s business model is characterized by a fast cash turnover and strong cash flow, with cash and cash equivalents accounting for approximately 52% of total assets [11][34] - The company is expanding its product offerings and exploring new business lines, such as AI applications and health insurance, to diversify revenue streams [11][12] - The company’s strategic partnerships and innovative service offerings are expected to enhance its market competitiveness and profitability [7][10]

协同办公龙头，AI Agent 打开第二成 长曲线 [Table_CoverStock] — 泛微网络（603039.SH）深度报告 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮箱：pangqianqian@cindasc.com [Table_ReportTime] 2023 年 3 月 13 日 [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 深度报告 | [Table_StockAndRank] 泛微网络（603039.SH） | | --- | | 投资评级： 买入 | [Table_Chart] -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 沪深300 泛微网络 资料来源：iFinD、信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（元） | 59.26 | | --- | --- | | 52 周内股价 | 26.36-85.18 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 12.73% | | 总股本(亿股) ...

Investment Rating - The report suggests a positive outlook for the scientific instruments industry, particularly in the context of domestic substitution driven by tariff uncertainties and export restrictions [4]. Core Insights - The scientific instruments market is undergoing a transformation, with domestic alternatives becoming essential due to increased import costs and supply chain risks [3][7]. - The analysis instruments market is experiencing growth, with the domestic market exceeding 30 billion yuan, and global market growth from 57.8 billion USD to 77.1 billion USD from 2017 to 2023, reflecting a CAGR of 4.92% [3][17]. - Increased R&D investment and supportive policies are expected to accelerate domestic substitution in the scientific instruments sector [3][27]. - The mass spectrometry and chromatography sectors face significant barriers, with high-end applications still dominated by foreign brands [3][4]. Summary by Sections Section 1: Domestic Substitution in Scientific Instruments - Tariff uncertainties and U.S. export controls are pushing for domestic alternatives in scientific instruments [7]. - The analysis instruments segment is a major branch of the scientific instruments industry, with high added value and a domestic market exceeding 30 billion yuan [17][11]. - R&D investment intensity is increasing, with 2024 funding reaching 3.61 trillion yuan, a growth of 8.3% year-on-year [25][26]. Section 2: Barriers in Mass Spectrometry and Chromatography - The mass spectrometry market in China reached 16.7 billion yuan in 2023, with a year-on-year growth of 19.53% [3][4]. - The chromatography market is projected to grow to around 16 billion yuan in 2024, with significant potential for domestic substitution [3][4]. Section 3: Innovation and Domestic Substitution - Companies like 聚光科技 (Juguang Technology) are turning losses into profits and expanding their business layout [4]. - 皖仪科技 (Wanyi Technology) is a leader in leak detection instruments, continuously investing in R&D [4]. - 莱伯泰科 (Leibotai Technology) is expanding from sample preparation to high-end analytical testing instruments [4]. - 雪迪龙 (Xuedilong) is actively positioning itself in the scientific instruments market, benefiting from the expansion of the carbon market [4].

Investment Rating - The report suggests a positive outlook for the scientific instruments industry, particularly in the context of domestic substitution driven by tariffs and export restrictions [4]. Core Insights - The scientific instruments market is undergoing a transformation due to increased tariffs and export controls from the U.S., pushing domestic alternatives from an option to a necessity [3][7]. - The analysis instruments market is experiencing continuous growth, with the domestic market exceeding 30 billion yuan, and the global market growing from 57.8 billion USD in 2017 to 77.1 billion USD in 2023, reflecting a CAGR of 4.92% [3][17]. - Increased R&D investment and supportive policies are expected to accelerate domestic substitution in the scientific instruments sector [3][27]. - The mass spectrometry and chromatography sectors face significant barriers, with high-end applications still dominated by foreign brands, indicating a long road ahead for domestic high-end development [3][4]. Summary by Sections Section 1: Domestic Substitution in Scientific Instruments - Tariff uncertainties and U.S. export controls are reshaping the landscape, making domestic substitution essential [3][7]. - The analysis instruments segment is a major branch of the scientific instruments industry, with high added value and a domestic market exceeding 30 billion yuan [3][17]. - R&D investment intensity is increasing, with 2024 funding reaching 3.61 trillion yuan, a growth of 8.3% year-on-year, surpassing the EU average [3][26]. Section 2: Barriers in Mass Spectrometry and Chromatography - The mass spectrometry market in China reached 16.704 billion yuan in 2023, growing by 19.53% year-on-year, but remains dominated by foreign brands [3][4]. - The chromatography market is projected to reach around 16 billion yuan in 2024, with significant potential for domestic substitution as import amounts decline [3][4]. Section 3: Innovation and R&D Focus - Companies like 聚光科技 (Juguang Technology) are turning losses into profits and diversifying their business models [4]. - 皖仪科技 (Wanyi Technology) is a leader in leak detection instruments, continuously investing in R&D [4]. - 莱伯泰科 (Leibotai Technology) is expanding from sample preparation to high-end analytical instruments, exploring new mass spectrometry technologies [4]. - 雪迪龙 (Xuedilong) is actively positioning itself in the scientific instruments market, benefiting from the expansion of the carbon market [4].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Container throughput growth is steady, while bulk cargo throughput is gradually stabilizing [2] - Overall throughput performance is stable, maintaining a "Positive" rating for the shipping and port sector [7] Summary by Sections Overview: National Import and Export Total and Cargo Throughput Situation - In the first four months of 2025, the national import and export total reached 14.14 trillion yuan, a year-on-year increase of 2.4%. The import total was 5.75 trillion yuan, down 4.2%, while the export total was 8.39 trillion yuan, up 7.5% [4][14] - Coastal major ports' cargo throughput reached 3.702 billion tons, a year-on-year increase of 1.9% [4][31] Container: Shipping Rates and Container Throughput Situation - From January to April 2025, coastal major ports' container throughput reached 9.88 million TEUs, a year-on-year increase of 8.1% [4][41] - As of June 6, 2025, the China Container Freight Index (CCFI) was 1154.98 points, down 22.79% year-on-year, while the Shanghai Container Freight Index (SCFI) was 2240.35 points, down 26.42% year-on-year [35][36] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput Situation - As of June 6, 2025, the Baltic Dirty Tanker Index (BDTI) was 951 points, down 24.94% year-on-year [43] - From January to April 2025, crude oil imports reached 183 million tons, a year-on-year increase of 0.5% [51] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput Situation - As of June 6, 2025, the Baltic Dry Index (BDI) was 1633 points, down 13.18% year-on-year [59] - From January to April 2025, iron ore throughput at major ports reached 450 million tons, a year-on-year increase of 0.07% [65] Monthly Throughput Situation of Key Port Listed Companies - In April 2025, Shanghai Port's cargo throughput was 0.51 billion tons, with container throughput of 450.10 thousand TEUs, reflecting a year-on-year increase of 3.40% and 7.65% respectively [76]

Group 1: Price Performance Characteristics - In May, the overall CPI remained flat at -0.1%, while the core CPI increased by 0.1 percentage points to 0.6%[6] - Consumer goods prices fell by 0.5% year-on-year for four consecutive months, while service prices rose by 0.5%, marking three months of positive growth[8] - Agricultural and energy prices declined, with energy prices dropping by 6.1%, contributing approximately 0.47 percentage points to the CPI decline[14] Group 2: Future Price Trends - Negative price growth is expected to persist until the end of Q3, primarily due to ongoing downward pressure on pork prices[20] - Current consumption policies have limited impact on prices, which may be offset by fluctuations in energy prices[21] - The overall CPI is unlikely to follow core inflation upward unless the downward pressures on agricultural and energy prices are alleviated[22] Group 3: Risk Factors - Geopolitical risks and unexpected increases in international oil prices are significant risk factors that could affect future price trends[25]