证券研究报告 -163 68 1,076 272 366 公司研究 5% 1. 4% 12.8% 10 % .7 % 14.6% 18.4 % -4.3% 1. 8% 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 -0.16 0. 07 1.07 0.27 0.37 宁波华翔（002048.SZ） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 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 联系电话：17888836075 邮 箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13615852 ...

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [116] Core Viewpoints - The report highlights that the recent decline in raw material prices has led to an improvement in the price spread of polyolefins [1] - The Brent crude oil average price for the week ending May 9, 2025, was $61.53 per barrel, reflecting a decrease of 3.94% [2] - The report indicates that the price spread for domestic key refining projects was 2357.39 CNY/ton, with a week-on-week increase of 55.96 CNY/ton (2.43%) [2] Summary by Sections Refining Sector - International oil prices have rebounded slightly due to geopolitical tensions in the Middle East and a downward revision of U.S. oil production forecasts by the EIA [12] - Domestic and international refined oil prices have generally decreased, with domestic diesel, gasoline, and aviation kerosene averaging 6831.00 CNY/ton, 7978.00 CNY/ton, and 5914.00 CNY/ton respectively [12] Chemical Sector - Most chemical product prices have declined, but olefin product prices have shown relative resilience, with price spreads slightly improving [1] - Polyethylene and polypropylene prices have remained stable, with price spreads widening [46] - The report notes a slight decrease in EVA product prices, with an improvement in price spreads [46] Polyester Sector - The report mentions a slight improvement in polyester demand due to easing U.S. tariff issues [1] - PX product prices have decreased, but the decline is less than that of costs, leading to a widening price spread [76] - PTA prices have increased due to supply-side support, with the average price at 4542.86 CNY/ton [82] Market Performance of Major Refining Companies - The stock price changes for six major refining companies as of May 9, 2025, include Rongsheng Petrochemical (+2.88%), Hengli Petrochemical (+2.35%), and Dongfang Shenghong (+2.61%) [103] - Over the past month, the stock price of Dongfang Shenghong has increased by 12.73% [103] Price Spread Analysis - The domestic key refining project price spread has increased by 1.66% since January 4, 2020, while the international key refining project price spread has increased by 11.83% [2]

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 and growth potential in the cloud business and AI sectors [1][2]. Core Viewpoints - The company reported a revenue of 1.262 billion yuan in Q1 2025, representing a year-on-year growth of 21.91%, driven by strong growth in cloud business orders [2]. - The net profit attributable to the parent company for Q1 2025 was a loss of 250 million yuan, but this loss narrowed by 48.93% compared to the previous year [2]. - The company is focusing on upgrading its AICP computing platform, which has significantly improved inference performance, achieving a 5-10 times performance increase in multi-instance and concurrent inference scenarios [2]. - The company holds the top market share in hyper-converged infrastructure (HCI) with a 20.2% market share as of Q4 2024, and has launched a new generation of HCI+AICP solutions [2]. - The company is expected to see EPS of 0.75, 1.11, and 1.41 yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 126.72, 85.66, and 67.76 [2]. Financial Summary - In Q1 2025, the company achieved a revenue of 1.262 billion yuan, with a year-on-year growth of 21.91% [2]. - The operating cash flow increased by 28% year-on-year, attributed to higher cash receipts from product sales and reduced payments for raw materials [2]. - The total revenue forecast for 2025 is 8.202 billion yuan, with a projected growth rate of 9.1% [3]. - The gross profit margin improved by 2.2 percentage points to 60.4% in Q1 2025 [2]. - The company’s total assets are projected to grow from 15.029 billion yuan in 2023 to 17.527 billion yuan by 2027 [4].

Research and Development Center 轮胎行业专题报告（2025 年 4 月）： 原材料及海运费均下降，关注后续欧美贸易政策变化 [Table_ReportTime] 2025 年 5 月 10 日 [Table_Industry] 证券研究报告 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 ...

Investment Rating - The overall investment rating for the transportation industry is "Positive" [2][17]. Core Viewpoints - The logistics sector is expected to continue its robust growth, driven by the rise of e-commerce and changing consumer behaviors [28]. - The express delivery industry maintained a relatively high growth rate in volume, with a year-on-year increase of 21.5% in 2024, reaching 175.08 billion packages, and a 21.6% increase in Q1 2025, totaling 45.14 billion packages [26][30]. - The price competition in the express delivery sector has intensified, leading to pressure on single-package profitability, with the average price per package dropping by 8.8% year-on-year in Q1 2025 [3][32]. Summary by Sections Express Delivery - **Volume Growth**: The express delivery industry experienced a strong growth in volume, with major companies like Shunfeng, YTO, Yunda, and Shentong reporting package volumes of 3.541 billion, 6.779 billion, 6.076 billion, and 5.807 billion respectively in Q1 2025, with growth rates of 19.7%, 21.7%, 22.9%, and 26.6% [26][30]. - **Price and Profitability**: The average price per package in the industry was 7.66 yuan, down 8.8% year-on-year. Shunfeng's net profit increased by 16.9% year-on-year, while YTO, Yunda, and Shentong saw net profit changes of -9.2%, -22.1%, and +24.0% respectively [3][32]. - **Investment Recommendation**: The report recommends focusing on Shunfeng Holdings due to its strong cash flow and potential for growth in the express delivery sector [3][32]. Aviation - **Operational Status**: The aviation industry saw a recovery in passenger load factors, reaching 83.3% in 2024, slightly above 2019 levels. Domestic and international flight turnover volumes increased by 12.0% and 85.2% respectively [4][6]. - **Financial Performance**: Major airlines reduced losses significantly in 2024, with revenue growth for Air China, China Southern Airlines, and China Eastern Airlines at 18.1%, 8.9%, and 16.2% respectively [5][6]. - **Investment Recommendation**: The report suggests focusing on airlines like Air China and China Southern Airlines, anticipating improved performance as supply constraints and ticket prices recover [6]. Ports - **Operational Data**: The total cargo throughput for national ports reached 1.7595 billion tons in 2024, a year-on-year increase of 3.66%. In Q1 2025, throughput was 422.2 million tons, up 3.23% [7][8]. - **Financial Data**: Qingdao Port showed a net profit growth of 6.33% in 2024, while China Merchants Port's net profit increased by 26.44% [8]. - **Investment Recommendation**: The report recommends focusing on Qingdao Port due to its superior return on equity (ROE) and dividend capabilities [8]. Highways - **Performance Overview**: The highway sector showed stable growth in Q1 2025, with passenger and freight volumes increasing by 0.5% and 5.4% respectively [9][10]. - **Investment Recommendation**: The report highlights the importance of focusing on leading highway operators like China Merchants Highway and Shandong Highway for their strong cash flow and growth potential [10]. Railways - **Operational Status**: Railway freight and passenger turnover volumes declined in 2024, with significant drops in the Daqin Line's freight volume [11][12]. - **Financial Performance**: Daqin Railway's net profit fell by 24.23% in 2024, while Beijing-Shanghai High-Speed Railway's net profit increased by 10.6% [12]. - **Investment Recommendation**: The report suggests a positive outlook for Daqin Railway and Beijing-Shanghai High-Speed Railway as freight volumes are expected to recover [12]. Shipping - **Operational Data**: Oil shipping rates remained around $50,000 per day, while container shipping rates showed slight declines [13][14]. - **Financial Performance**: COSCO Shipping Holdings reported a net profit increase of 105.78% in 2024 [14]. - **Investment Recommendation**: The report recommends focusing on stable companies like China Merchants Energy and Zhonggu Logistics amid fluctuating shipping rates [14]. Bulk Supply Chain - **Operational Status**: The bulk supply chain sector faced weak downstream demand, leading to a slight decrease in cargo volume for leading companies [15][16]. - **Financial Performance**: Major companies like Xiamen Xiangyu and Xiamen Guomao reported significant declines in net profit [16]. - **Investment Recommendation**: The report suggests that the sector may see a recovery in profits as demand improves and recommends focusing on companies with high dividend yields [16].

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [2] Core Insights - The operational environmental companies are showing strong performance, with increasing dividend potential and capability [3] - The report highlights that the waste incineration sector is entering a mature development phase, with steady profit growth and significant improvements in free cash flow [19] - The water industry is also experiencing stable operations and upward trends in performance, with improved free cash flow [28] Market Performance - As of May 9, the environmental protection sector has outperformed the market, with a weekly increase of 2.9% compared to the Shanghai Composite Index's 1.9% [10] - Specific sub-sectors such as waste management and water treatment have shown notable increases, with waste management up 8.48% and water treatment up 3.75% [4][13] Industry Dynamics - The report discusses the operational commencement of the second waste incineration power plant in Hanoi, which has a processing capacity of 2,250 tons per day [43] - The Guangxi Zhuang Autonomous Region has issued a plan for air pollution prevention, focusing on ultra-low emissions in key industries [42] Financial Performance - In 2024, the waste incineration sector is projected to achieve a net profit of 9.486 billion yuan, a year-on-year increase of 12% [19] - The water industry is expected to reach a net profit of 7.648 billion yuan in 2024, reflecting a 9.3% growth from the previous year [28] Dividend Trends - The average dividend payout ratio for the waste incineration sector has increased by 10 percentage points to 44.7%, with a forecasted average dividend yield of 3.52% for 2025 [26] - The water sector's average dividend payout ratio for 2024 is projected to be 28.61%, with a forecasted yield of 2.81% for 2025 [39] Investment Recommendations - The report recommends focusing on high-quality operational assets in the water and waste incineration sectors, which are expected to benefit from ongoing market reforms and stable cash flows [50] - Key companies highlighted for investment include Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention suggested for companies like Wangneng Environment and Junxin Co [50]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 深信服(688369.SH) 投资评级： 上次评级： [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] 业绩逐步恢复，AICP 平台升级打开云业务增长空间 ➢ 云业务订单带动收入增长，利润端同比亏损收窄。收入端：2025 年一 季度实现营收 12.62 亿元，同比增长 21.91%，主要是由于今年第一季 度公司云业务订单增速较好，带动公司整体收入实现增长，且公司去年 同期收入基数较低。利润端，公司 2025 年第一季度实现归母净利润- 2.50 亿元，亏损同比收窄 48.93%。此外，2025 年一季度公司经营性 净现金流同比增长 28.00%，主要是由一季度产品销售收到的现金增加 以及购买原材料支付的货款减少所致。 ➢ ...

证券研究报告 [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 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 原油周报：宏观乐观预期及地缘升温推动油价回升 [Table_Title] [Table_ReportDate0] 2025 年 5 月 11 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025 年 5 月 9 日当周，油价震荡上涨。本周，欧 佩克+6 月加速增产落地，增产幅度为 41.1 万桶/天，强化了市场对供 应过剩的预期；后半周，中国释放降息降准的适度宽松货币政策，中 东地区地 ...

-0.16 0. 07 1.07 0.27 0.37 宁波华翔（002048.SZ） — 11 2.05 2. 3 投资评级 35.85 69 上次评级 2 证券研究报告 [Table_Author] 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 证券研究报告 -163 68 1,076 272 366 公司研究 5% 1. 4% 12.8% 10 % .7 % 14.6% 18.4 % -4.3% 1. 8% 22.0% 5.3% 6.6% [Table_ReportType] 公司点评报告 赵启政 汽车行业高级分析师 执业编号：S1500525030004 联系电话：17888836075 邮 箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13615852 ...

Investment Rating - The report maintains a "Positive" investment rating for the electric two-wheeler industry [2] Core Insights - The electric two-wheeler industry in China is entering a mature phase, with overall market size stabilizing and market share concentrating among leading brands. Key trends include the impact of new national standards and trade-in policies, the emergence of the mid-to-high-end market driven by technological advancements, and increasing overseas market penetration [2][6] Summary by Sections 1. Industry Overview - The electric two-wheeler industry has a clear supply chain structure and has reached a high level of maturity. The market is characterized by a stable overall scale and a noticeable trend of market share concentration among leading brands [11][20] 2. Supply Side - Traditional brands like Yadea and Aima are well-established, while new brands like Ninebot and Niu are focusing on the mid-to-high-end market. The competition is shifting towards refined operations and brand differentiation [3][32] 3. Demand Side - The demand for electric two-wheelers is showing clear segmentation, with the mass market stabilizing and a growing focus on quality-price ratios. The mid-to-high-end market is emerging, driven by smart technology and diverse consumer needs [4][67] 4. Policy Catalysts - The combination of new national standards and trade-in policies is expected to create a synergistic effect, enhancing industry demand and benefiting leading companies. The overall market is projected to see a growth increment of 16%-27% in 2025 [5][6] 5. Investment Recommendations - The report suggests focusing on leading companies that are likely to benefit from national subsidies and new standards, such as Yadea and Aima, as well as technology-driven companies like Ninebot [6][32]