Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the Hubei electricity spot market has officially commenced operations, and the apparent natural gas consumption in April has decreased by 2% year-on-year [5][6] - The report indicates a potential for profit improvement and value reassessment in the electricity sector following several rounds of supply-demand tensions [5] Summary by Sections Market Performance - As of June 6, the utility sector has declined by 0.1%, underperforming the broader market, with the electricity sector down by 0.34% and the gas sector up by 1.95% [4][11] Electricity Industry Data Tracking - Coal prices: As of June 6, the Qinhuangdao port coal price (Q5500) is 611 CNY/ton, down 2 CNY/ton week-on-week [21] - Coal inventory and power plant daily consumption: As of June 5, inland 17 provinces have a coal inventory of 8436.9 million tons, up 64.0 million tons week-on-week, with a daily consumption of 313.6 million tons, up 11.76% [30] - Hydropower inflow: The Three Gorges outflow has increased to 15900 cubic meters/second, up 3.25% year-on-year [49] Natural Gas Industry Data Tracking - Domestic natural gas apparent consumption in April was 34.73 billion cubic meters, down 2.1% year-on-year [5] - International gas prices: As of June 5, the European TTF spot price is 13.31 USD/MMBtu, up 25.2% year-on-year [61] Industry News - The Hubei electricity spot market has transitioned to formal operation after a year of testing, with a stable overall operation [5] - The report suggests that the electricity sector may benefit from ongoing market reforms and a potential increase in electricity prices [5] Investment Recommendations - For electricity: The report recommends focusing on national coal power leaders such as Guodian Power and Huaneng International, as well as regional leaders in tight supply areas [5] - For natural gas: The report highlights opportunities for gas traders with low-cost long-term gas sources to expand imports or capitalize on international market opportunities [5]

湖北电力现货市场转正式运行，4 月全国天然气表观消费量同比下降 2% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 6 月 7 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [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 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 信达证券股份有限公司 CINDA SECU ...

Quantitative Models and Construction Methods Model Name: IC Hedging Strategy - **Model Construction Idea**: The strategy is based on the analysis of basis convergence factors and optimization strategies as discussed in the Cinda Derivatives Research Report Series III[45] - **Model Construction Process**: - **Backtesting Period**: July 22, 2022, to June 6, 2025[46] - **Spot End**: Hold the total return index of the corresponding underlying index[46] - **Futures End**: Use 70% of the funds for the spot end and short the same nominal principal amount of CSI 500 index futures contracts, occupying the remaining 30% of the funds[46] - **Rebalancing Rules**: Continuously hold the quarterly/monthly contracts until the remaining days to maturity are less than 2 days, then close the position at the closing price of the day and short the next quarterly/monthly contract at the closing price of the day[46] - **Model Evaluation**: The strategy performed well with positive weekly returns due to the expansion of the basis discount[49] Model Name: IF Hedging Strategy - **Model Construction Idea**: Similar to the IC Hedging Strategy, based on basis convergence factors and optimization strategies[45] - **Model Construction Process**: - **Backtesting Period**: July 22, 2022, to June 6, 2025[50] - **Spot End**: Hold the total return index of the corresponding underlying index[50] - **Futures End**: Use 70% of the funds for the spot end and short the same nominal principal amount of CSI 300 index futures contracts, occupying the remaining 30% of the funds[50] - **Rebalancing Rules**: Continuously hold the quarterly/monthly contracts until the remaining days to maturity are less than 2 days, then close the position at the closing price of the day and short the next quarterly/monthly contract at the closing price of the day[50] - **Model Evaluation**: The strategy performed well with positive weekly returns due to the expansion of the basis discount[54] Model Name: IH Hedging Strategy - **Model Construction Idea**: Similar to the IC Hedging Strategy, based on basis convergence factors and optimization strategies[45] - **Model Construction Process**: - **Backtesting Period**: July 22, 2022, to June 6, 2025[55] - **Spot End**: Hold the total return index of the corresponding underlying index[55] - **Futures End**: Use 70% of the funds for the spot end and short the same nominal principal amount of SSE 50 index futures contracts, occupying the remaining 30% of the funds[55] - **Rebalancing Rules**: Continuously hold the quarterly/monthly contracts until the remaining days to maturity are less than 2 days, then close the position at the closing price of the day and short the next quarterly/monthly contract at the closing price of the day[55] - **Model Evaluation**: The strategy performed well with positive weekly returns due to the expansion of the basis discount[58] Model Name: IM Hedging Strategy - **Model Construction Idea**: Similar to the IC Hedging Strategy, based on basis convergence factors and optimization strategies[45] - **Model Construction Process**: - **Backtesting Period**: July 22, 2022, to June 6, 2025[59] - **Spot End**: Hold the total return index of the corresponding underlying index[59] - **Futures End**: Use 70% of the funds for the spot end and short the same nominal principal amount of CSI 1000 index futures contracts, occupying the remaining 30% of the funds[59] - **Rebalancing Rules**: Continuously hold the quarterly/monthly contracts until the remaining days to maturity are less than 2 days, then close the position at the closing price of the day and short the next quarterly/monthly contract at the closing price of the day[59] - **Model Evaluation**: The strategy performed well with positive weekly returns due to the expansion of the basis discount[60] Model Backtesting Results - **IC Hedging Strategy**: - Annualized Return: -2.65% (monthly continuous), -1.77% (quarterly continuous), -0.74% (minimum discount strategy)[49] - Volatility: 3.91% (monthly continuous), 4.81% (quarterly continuous), 4.73% (minimum discount strategy)[49] - Maximum Drawdown: -7.51% (monthly continuous), -8.34% (quarterly continuous), -7.97% (minimum discount strategy)[49] - Net Value: 0.9264 (monthly continuous), 0.9504 (quarterly continuous), 0.9792 (minimum discount strategy)[49] - Annual Turnover: 12 (monthly continuous), 4 (quarterly continuous), 17.55 (minimum discount strategy)[49] - 2025 YTD Return: -2.82% (monthly continuous), -0.36% (quarterly continuous), 0.04% (minimum discount strategy)[49] - **IF Hedging Strategy**: - Annualized Return: 0.63% (monthly continuous), 0.92% (quarterly continuous), 1.46% (minimum discount strategy)[54] - Volatility: 3.05% (monthly continuous), 3.40% (quarterly continuous), 3.19% (minimum discount strategy)[54] - Maximum Drawdown: -3.95% (monthly continuous), -4.03% (quarterly continuous), -4.06% (minimum discount strategy)[54] - Net Value: 1.0181 (monthly continuous), 1.0264 (quarterly continuous), 1.0421 (minimum discount strategy)[54] - Annual Turnover: 12 (monthly continuous), 4 (quarterly continuous), 15.10 (minimum discount strategy)[54] - 2025 YTD Return: -0.53% (monthly continuous), 0.65% (quarterly continuous), 0.85% (minimum discount strategy)[54] - **IH Hedging Strategy**: - Annualized Return: 1.17% (monthly continuous), 2.11% (quarterly continuous), 1.83% (minimum discount strategy)[58] - Volatility: 3.17% (monthly continuous), 3.59% (quarterly continuous), 3.18% (minimum discount strategy)[58] - Maximum Drawdown: -4.22% (monthly continuous), -3.75% (quarterly continuous), -3.91% (minimum discount strategy)[58] - Net Value: 1.0337 (monthly continuous), 1.0613 (quarterly continuous), 1.0529 (minimum discount strategy)[58] - Annual Turnover: 12 (monthly continuous), 4 (quarterly continuous), 16.15 (minimum discount strategy)[58] - 2025 YTD Return: 0.29% (monthly continuous), 1.19% (quarterly continuous), 1.17% (minimum discount strategy)[58] - **IM Hedging Strategy**: - Annualized Return: -5.86% (monthly continuous), -4.16% (quarterly continuous), -3.46% (minimum discount strategy)[60] - Volatility: 4.75% (monthly continuous), 5.80% (quarterly continuous), 5.61% (minimum discount strategy)[60] - Maximum Drawdown: -14.00% (monthly continuous), -12.63% (quarterly continuous), -11.11% (minimum discount strategy)[60] - Net Value: 0.8528 (monthly continuous), 0.8839 (quarterly continuous), 0.9006 (minimum discount strategy)[60] - Annual Turnover: 12 (monthly continuous), 4 (quarterly continuous), 16.02 (minimum discount strategy)[60] - 2025 YTD Return: -7.89% (monthly continuous), -2.89% (quarterly continuous), -1.81% (minimum discount strategy)[60] Quantitative Factors and Construction Methods Factor Name: Cinda-VIX - **Factor Construction Idea**: Reflects the market's expectation of future volatility of the underlying asset, with a term structure to reflect expectations over different periods[63] - **Factor Construction Process**: - **Algorithm Basis**: Based on the methodology discussed in the Cinda Derivatives Research Report Series IV[63] - **Current Values**: As of June 6, 2025, the 30-day VIX values for SSE 50, CSI 300, CSI 500, and CSI 1000 are 17.19, 16.45, 22.33, and 22.89, respectively[63] Factor Name: Cinda-SKEW - **Factor Construction Idea**: Measures the skewness of implied volatility (IV) of options with different strike prices, indicating market expectations of extreme events[68] - **Factor Construction Process**: - **Algorithm Basis**: Captures the skewness in IV to reflect market expectations of future returns distribution[68] - **Current Values**: As of June 6, 2025, the SKEW values for SSE

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company, Nanwei Technology, is a leader in high-performance nano-microsphere materials, with significant improvements in performance margins. The company has faced growth pressures due to external macroeconomic changes since 2023, but has shown notable recovery starting from Q4 2024, with a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [4][33]. - The company is positioned to capitalize on two major opportunities in its chromatography filler business: import substitution and commercialization expansion. The global chromatography medium market is projected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. In China, the market is expected to grow from 11.2 billion yuan in 2023 to 20.3 billion yuan by 2026, with a CAGR of 21.92% [5][18]. - The company is expanding its industrial chain through a dual approach of self-building and acquisitions, enhancing its business extensibility and opening up growth ceilings [7][20]. Summary by Sections Company Overview - Nanwei Technology, established in 2007, specializes in the research, production, and sales of high-performance nano-microsphere materials, serving various sectors including biomedicine, flat panel displays, analytical testing, and in vitro diagnostics. The company aims to become a global leader in microsphere brands [21][23]. Chromatography Filler Business - The chromatography filler and chromatography medium are critical consumables for biopharmaceutical separation and purification. The company has developed a comprehensive range of products, making it a key player in the domestic market. The company is expected to benefit from import substitution and commercialization opportunities, with successful case studies already established [5][18]. Industrial Chain Layout - The company is actively building its industrial chain by acquiring and establishing subsidiaries focused on chromatography instruments, consumables, and purification systems. This strategy is expected to enhance its market position and operational efficiency [7][20]. Financial Forecast and Investment Rating - Revenue projections for the company are 1.001 billion yuan in 2025, 1.244 billion yuan in 2026, and 1.549 billion yuan in 2027, with corresponding net profits of 141 million yuan, 221 million yuan, and 285 million yuan. The company is rated positively due to its leading position in the chromatography filler and medium industry, along with favorable market conditions [8][10].

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company, Nanwei Technology, is a leader in high-performance nano-microsphere materials, with significant improvements in its performance margins. The company has faced growth pressures due to external macroeconomic changes since 2023, but has shown notable recovery since Q4 2024, achieving a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [4][33]. - The company is positioned to capitalize on two major opportunities in its chromatography filler business: import substitution and commercialization expansion. The global chromatography medium market is expected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. In China, the market is projected to grow from 11.2 billion yuan in 2023 to 20.3 billion yuan by 2026, with a CAGR of 21.92% [5][18]. - The company has established a comprehensive layout in the upstream and downstream of the industry chain, enhancing its growth potential. Through a combination of self-built and acquired subsidiaries, it has expanded into chromatography instruments, consumables, protein purification systems, and in vitro diagnostic consumables [7][20]. Summary by Sections Company Overview - Nanwei Technology, founded in 2007, specializes in the research, production, and sales of high-performance nano-microsphere materials, serving various sectors including biomedicine, flat panel displays, analytical testing, and in vitro diagnostics. The company aims to become a global leader in microsphere technology [4][21]. Chromatography Filler Business - The chromatography filler and chromatography medium are critical consumables for biopharmaceutical separation and purification. The company is well-positioned to benefit from the ongoing import substitution and commercialization expansion in this sector [5][18]. - The company has developed a full range of chromatography fillers and media, making it a key player in the domestic market, which has historically been dominated by foreign brands [5][18]. Financial Projections - Revenue projections for the company from 2025 to 2027 are 1.00 billion yuan, 1.24 billion yuan, and 1.55 billion yuan, respectively. Corresponding net profits are expected to be 141 million yuan, 221 million yuan, and 285 million yuan, with earnings per share (EPS) of 0.35 yuan, 0.55 yuan, and 0.71 yuan [8][10]. Subsidiary Overview - The company has several key subsidiaries, including: 1. Fuli Instruments, a leading domestic chromatography instrument manufacturer [11]. 2. NAP Analysis, focusing on high-quality laboratory chromatography consumables [11]. 3. Saip Instrument, specializing in precision purification equipment for biopharmaceuticals [11][20]. Market Opportunities - The company is expected to benefit from the increasing domestic demand for chromatography fillers and media, driven by the growth of the biopharmaceutical industry and the trend towards import substitution [5][18].

证券研究报告 Research and Development Center 轮胎行业专题报告（2025 年 5 月）： 原材料价格继续下降，赛轮印尼、墨西哥工厂首胎下线 [Table_ReportTime] 2025 年 6 月 6 日 [Table_Industry] 行业研究 [Tabl 行业e_ReportType] 专题报告 [Table_StockAndRank] 轮胎行业 [Table_A 张燕生 uthor化工] 行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86010-83326712 邮箱：yinliu@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 ...

多地发布"136"号文衔接机制，风光抢装潮持续 [Table_Industry] —电力行业 4 月月报 [Table_ReportDate] 2025 年 6 月 6 日 证券研究报告 行业研究 [行业月报 Table_ReportType] 电电力行业 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：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@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 ...

多地发布"136"号文衔接机制，风光抢装潮持续 [Table_Industry] —电力行业 4 月月报 [Table_ReportDate] 2025 年 6 月 6 日 证券研究报告 行业研究 [行业月报 Table_ReportType] 电电力行业 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：011-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用行业联席首席分析师 执业编号：S1500522070001 联系电话：011-83326723 邮 箱： lichunchi@cindasc.com 化工行业： 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@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 ...

陕天然气：高股息长输管网龙头，资产注入+管网扩建驱动长期成长 [Table_CoverStock] 公用事业行业 [Table_ReportTime] 2025 年 6 月 5 日 [Tabl 公司首次覆盖报告 e_ReportType] [Table_StockAndRank] 陕天然气(002267.SZ) 投资评级 增持 证券研究报告 公司研究 上次评级 [Table_Chart] -30% -20% -10% 0% 10% 20% 2024-05-27 2024-06-20 2024-07-15 2024-08-07 2024-08-30 2024-09-26 2024-10-28 2024-11-20 2024-12-13 2025-01-08 2025-02-10 2025-03-05 2025-03-28 2025-04-23 2025-05-21 陕天然气 沪深300 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）8.08 52 周内股价 波动区间(元) 6.36-9.32 最近一月涨跌幅(％) -2.61% 总股本(亿股) 11.12 流 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Views - The company is a leading operator of long-distance natural gas pipelines in Shaanxi Province, benefiting from high dividend yields and stable cash flows. The business model is primarily based on collecting stable pipeline transportation fees, with long-distance pipeline operations contributing 62.2% of revenue and 81.7% of gross profit in 2024. The company has maintained a dividend payout ratio above 60% from 2019 to 2024, with a projected dividend yield of approximately 5.6% based on the closing price on June 4, 2025 [6][9][29]. Summary by Sections Company Overview - The company is controlled by Shaanxi Gas Group and is a major operator of long-distance natural gas pipelines in Shaanxi Province. It has a well-established network covering most of the province, with a total pipeline length of 4,569 kilometers and an annual transportation capacity of 17 billion cubic meters [12][56]. Business Model - The main business segments include long-distance pipeline operations and urban gas distribution, with the former being the primary profit contributor. The long-distance pipeline business operates under a mixed model of unified purchase and sales plus transportation, while urban gas operations focus on the price difference between procurement and sales [16][19]. Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate (CAGR) of 11.5% in gas transportation volume from 2014 to 2024. The revenue for 2024 is projected to be 90.33 billion yuan, a 19.6% increase compared to the previous year, driven by the acquisition of pipeline assets [20][56]. Growth Drivers - The company is expected to benefit from the injection of group assets and the construction of key pipelines, which will enhance its long-term growth potential. Two major pipelines under construction are projected to significantly increase the company's gas transportation capacity upon completion [11][56]. Market Demand - The natural gas demand in Shaanxi Province is expected to continue growing steadily, with residential gas consumption being a significant portion of the total demand. The province has abundant natural gas resources, with proven geological reserves of approximately 1.2 trillion cubic meters [38][41].