Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company is expected to experience rapid sales growth driven by its leading AI smart driving capabilities, enhanced marketing systems, and a strong new car cycle, with multiple new models anticipated to launch in 2025 [4][10] - The company is positioned to benefit from significant earnings elasticity due to scale improvements, cost reductions from platform and technology, and the expansion of software profitability models alongside continued growth in international markets [4][10] Summary by Sections Historical Review of New Energy Vehicles - The transition from policy-driven to consumer-driven demand for new energy vehicles has been marked by significant technological advancements and cost reductions, leading to a rapid increase in market penetration rates [20][21] - The report identifies three phases in the development of new energy vehicles: policy-driven (before 2019), product introduction (2020-2021), and hybrid power surge (post-2022) [20][21] Technological Advancements and Cost Reduction - The report highlights the continuous improvement in battery costs, which are projected to decrease significantly, enhancing the competitiveness of new energy vehicles [32][33] - The integration of advanced technologies in hybrid vehicles has led to improved fuel efficiency and reduced costs, making them more appealing to consumers [30][36] Smart Driving Capabilities - The company is leveraging its proprietary AI technology and cloud-based model training to enhance its smart driving features, which are expected to see significant advancements in the coming years [8][45] - The report emphasizes the importance of algorithms, computing power, and data in driving the evolution of smart driving technologies, positioning the company as a leader in this space [45][48] New Product Cycle - The company is set to launch a series of new models starting in Q3 2024, including the M03 and P7+, with additional strategic models planned for 2025, which will contribute to sustained sales growth [9][10] - The anticipated new product cycle is expected to significantly expand the company's market presence and sales volume [9][10] Investment Recommendations - The report projects the company's revenue to reach 99.1 billion yuan in 2025, with a price-to-sales ratio of 1.4x, reinforcing the investment thesis based on the company's strong positioning in the AI-driven automotive market [10]

Investment Rating - The investment rating for the industry is "Positive" and maintained [15] Core Insights - The report analyzes the differences in positioning, business models, and expansion paths between Haier and Uniqlo, both of which focus on high cost-performance in the apparel market [10][25] - Uniqlo has established itself as a global leader in casual wear, achieving retail sales of 37.8 billion yuan in China, while Haier ranks first in men's apparel with sales of 29.3 billion yuan [10][25] - Both brands initially adopted low-cost sales and store opening strategies to establish their single-store models, but their paths diverged significantly during growth phases [12][13] Summary by Sections Introduction - Uniqlo is recognized for its SPA model and successful global expansion, while Haier focuses on high cost-performance in business casual menswear [10][25] - As of 2024, Uniqlo's retail sales in China reached 37.8 billion yuan, making it the largest apparel brand, while Haier's sales were 29.3 billion yuan, leading in men's apparel [10][25] Business Model Exploration - Positioning: Haier targets mid to low-tier cities with a focus on business casual menswear, while Uniqlo emphasizes daily wear and has a more diverse customer base in high-tier cities [11][34] - Operations: Uniqlo employs a SAP model for integrated control from product development to retail, while Haier relies on a more decentralized supply chain management approach [11][12] Expansion Path Differences - Initial Phase: Haier utilized a light asset model for efficient expansion in a fragmented market, while Uniqlo focused on product upgrades and direct store models for growth [12][13] - Later Phase: Haier faces challenges in domestic expansion and efficiency, prompting entry into new retail formats, while Uniqlo accelerates global expansion leveraging its strong brand and product capabilities [12][13] Market Comparison - Haier's store count reached 5,812 by Q1 2025, primarily in lower-tier cities, while Uniqlo had 1,032 stores, mostly in higher-tier cities [39][40] - Uniqlo's store efficiency significantly outperforms Haier, with a store efficiency of 29.28 million yuan compared to Haier's 4.28 million yuan [53][50]

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 持续推荐板块优质红马，配置短期低估值寿 险股 报告要点 [Table_Summary] 二季度政策端与市场交投趋势稳中向好，我们认为优质的非银行业红马配置性价比仍较高，从盈利和分红 的稳定性维度出发，推荐江苏金租、中国平安及中国财险。寿险行业当前估值仍隐含了市场对于中长期较 为悲观的假设，我们认为在当前较为积极的政策环境和行业实际盈利情况来看，估值修复空间较大。推荐 新华保险、中国太保及中国人寿。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 吴一凡 谢宇尘 盛晓双 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 2025-06-08 [Table_Title 持续推荐板块优质红马，配置短期低估值寿险 2] 股 [Table_Summary2] 核心观点： 1）二季度至今政策端与市场交投趋势稳中向好，展望后续，业绩基数有所上移，政策端维持 ...

Investment Rating - The report maintains a "Positive" investment rating for the liquor industry [13] Core Insights - The liquor industry is experiencing a proactive inventory reduction phase, with companies adjusting their growth strategies to maintain healthy operations [6][10] - In 2024, the total revenue of the liquor industry is projected to be 431.6 billion yuan, reflecting a year-on-year growth of 8.25% [2][18] - The net profit attributable to shareholders for 2024 is expected to reach 166.6 billion yuan, with a year-on-year increase of 7.28% [2][18] Revenue and Profit Trends - The quarterly revenue growth rates for the liquor industry from Q1 2024 to Q1 2025 are +15.37%, +12.05%, +2.42%, +1.43%, and +2.42% respectively [2][6] - The quarterly net profit growth rates for the same period are +15.68%, +10.79%, +1.88%, -2.7%, and +2.63% respectively [2][6] Price Segment Analysis - High-end liquor shows relatively stable performance with a revenue growth rate of 12% in 2024, while the mass market segments face significant adjustments [7][29] - In Q1 2025, the revenue growth rates are as follows: high-end (8%), next high-end (3%), mass high-end (-11%), and mass ordinary (-12%) [30] Profitability Metrics - The gross profit margin for the liquor industry in 2024 is 82.99%, with a slight year-on-year increase of 0.42 percentage points [9][39] - The net profit margin for 2024 is 38.6%, showing a decrease of 0.35 percentage points year-on-year [9][39] Cash Flow Situation - The operating cash flow for Q4 2024 is reported at 62.2 billion yuan, reflecting a year-on-year increase of 51% [48] - In Q1 2025, the operating cash flow is 40.9 billion yuan, with a year-on-year growth of 34% [48] Structural Opportunities - Despite the overall inventory reduction phase, there are still structural opportunities within the industry, particularly for companies with strong barriers and pricing power [10][20] - The report suggests focusing on companies that are benefiting from market share concentration and consumption upgrades, particularly high-end brands [11]

Report Industry Investment Rating No information provided in the report. Core Viewpoints - From June 2 - 6, 2025, after the cross - month period, the central bank conducted a net reverse repurchase fund withdrawal, but announced a 100 - billion - yuan outright reverse repurchase operation at the beginning of the month, showing the central bank's care for liquidity. The money market was relatively loose, and DR001 fluctuated around the policy rate. - From June 2 - 8, 2025, the net payment scale of government bonds decreased, most of the maturity yields of inter - bank certificates of deposit (NCDs) declined, and the leverage ratio of the inter - bank bond market increased. From June 9 - 15, 2025, the net payment of government bonds is expected to be - 3.49 billion yuan, and the maturity scale of NCDs is about 120.36 billion yuan. [2] Summary by Directory 1. Money Market - The central bank announced a 100 - billion - yuan outright reverse repurchase operation at the beginning of the month to support liquidity. From June 2 - 6, 2025, the central bank's reverse repurchase injection was 93.09 billion yuan and withdrawal was 160.26 billion yuan, with a net withdrawal of 67.17 billion yuan. The reverse repurchases in the open market will mature 93.09 billion yuan from June 9 - 13, 2025. The central bank announced a 100 - billion - yuan outright reverse repurchase operation on June 6, 2025, with a term of 3 months. In June, 50 billion yuan of 3 - month and 70 billion yuan of 6 - month outright reverse repurchases will mature. - This is the first time the outright reverse repurchase tool has issued a tender announcement before operation. It is part of the central bank's effort to improve policy transparency, provides liquidity support for banks with large NCD maturity in June, and stabilizes market expectations. After the operation on June 6, the net withdrawal in June is 20 billion yuan, and there may be further operations. - The money market is loose, and interest rates are stable. From June 3 - 6, 2025, the average values of DR001 and R001 were 1.41% and 1.46% respectively, down 4.1 and 4.9 basis points compared with May 26 - 30, 2025. The average values of DR007 and R007 were 1.55% and 1.57% respectively, down 8.8 and 13.1 basis points compared with May 26 - 30, 2025. [6][7] 2. Government Bonds - The net payment scale of government bonds decreased. From June 2 - 8, 2025, the net payment scale of government bonds was about 7.54 billion yuan, a decrease of about 47.69 billion yuan compared with May 26 - June 1, 2025. Among them, the net payment of national bonds was about 2.7 billion yuan, and that of local government bonds was about 4.84 billion yuan. From June 9 - 15, 2025, the net payment of government bonds is expected to be - 3.49 billion yuan, with national bonds at about 0.02 billion yuan and local government bonds at about - 3.51 billion yuan. [8] 3. Inter - bank Certificates of Deposit (NCDs) - Most of the maturity yields of NCDs declined. As of June 6, 2025, the maturity yields of 1 - month and 3 - month NCDs were 1.6299% and 1.6550% respectively, up 8 basis points and down 1 basis point compared with May 30, 2025. The 1 - year NCD yield was 1.6775%, down 3 basis points compared with May 30, 2025. - The maturity scale of NCDs in June is large, and the peak will occur next week. From June 2 - 8, 2025, the net financing of NCDs was about - 8.04 billion yuan, compared with 1.68 billion yuan from May 26 - June 1, 2025. The maturity repayment of NCDs from June 9 - 15, 2025, is expected to be 120.36 billion yuan, higher than 66.66 billion yuan this week. The decline in the yields of 3 - month to 1 - year NCDs this week is due to the central bank's liquidity support. Next week, the large maturity volume may resist the decline of NCD interest rates. [9] 4. Institutional Behavior - The leverage ratio of the inter - bank bond market increased. From June 3 - 6, 2025, the average calculated leverage ratio of the inter - bank bond market was 107.68%, compared with 107.47% from May 26 - 30, 2025. On June 6 and May 30, 2025, the calculated leverage ratios were about 107.70% and 107.29% respectively. [10]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [10] Core Insights - The policy goal of stabilizing the market has become more proactive, leading to improved market expectations, although marginal downward pressure has increased since April [3] - The rapid decline in industry volume and price may have passed, with structural highlights in core areas and quality properties [3] - The importance of real estate in the economic internal circulation cannot be overlooked, emphasizing developers with regional and product advantages, as well as leading brokerage firms and state-owned property management companies with stable cash flows [3] Market Performance - The Yangtze River Real Estate Index increased by 1.07% this week, with an excess return of +0.19% relative to the CSI 300, ranking 22 out of 32 industries [4] - Year-to-date, the Yangtze River Real Estate Index has decreased by 4.94%, with an excess return of -3.39% relative to the CSI 300, ranking 29 out of 32 [4] Policy Developments - The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced the results of the 2025 urban renewal action evaluation, with over 20 cities receiving support exceeding 20 billion yuan for urban renewal actions [5] - Jiangsu Province released its 2025 housing and urban construction work points, focusing on policies to stabilize the real estate market and plans to collect 50,000 units of affordable rental housing [5] Sales Trends - New home and second-hand home registrations in sample cities continue to decline year-on-year, with new home transaction area down by 6.2% and second-hand home transaction area up by 2.5% [6] - As of June 6, new home transaction area in 37 cities decreased by 13.2% year-on-year, while second-hand home transactions decreased by 2.9% [6] Investment Opportunities - In the broad real estate sector, at least three areas are highlighted for stable cash flow and potential high dividends: 1. Comprehensive real estate companies, such as China Resources Land, including some private real estate companies post-risk clearance [7] 2. Commercial real estate companies, particularly some Hong Kong-funded enterprises [7] 3. Light asset companies, including leading brokerage firms and state-owned property management companies, which generally have excess cash and stable cash flow [7]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - In a development downturn cycle, commercial real estate with stable cash flow and high dividend yield is favored by the market. The report aims to construct a simplified analysis framework to evaluate investment property value uniformly, using the indicator [(investment property value - interest-bearing liabilities) / market value] to assess the undervaluation degree of various companies, and to measure dividend value based on current dividend yield and the security of self-owned business [2][9] Summary by Sections Investment Property Evaluation - The report emphasizes the need for prudent evaluation of investment properties, as the net asset values differ significantly due to varying assessment standards among companies. The price-to-book ratio (PB) is not an objective valuation metric for commercial real estate companies, as most properties are recorded at fair value, leading to a lack of comparability in net assets [6][7] Debt Security and Value Undervaluation - The report analyzes which companies have higher debt security and which may be undervalued. It uses the ratio of estimated investment property value to interest-bearing liabilities, where a higher ratio indicates better asset backing for liabilities. Companies with a high proportion of commercial assets, particularly Hong Kong-based firms, show stronger security [7][8] Dividend Security - The report highlights that Hong Kong-based companies generally have higher dividend rates, even when development business or property valuation impairments affect reported profits. The dividend yield for companies with a high proportion of self-owned business ranges from 5% to 8%. The stability of dividends is assessed by the ratio of self-owned performance to dividend amounts, with a ratio above 100% indicating potential for dividend increases [8][9] Investment Recommendations - The report concludes that certain Hong Kong-based companies, China Resources Land, and some private real estate firms post-risk clearance in development businesses exhibit significant scarcity and should be emphasized in a low-interest-rate environment [9]

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [15]. Core Insights - The report emphasizes the importance of the photovoltaic sector due to a dual bottom in both market sentiment and fundamentals, suggesting that policy changes or new technologies could accelerate supply clearing, with the end of 2025 being a critical observation point [3][10]. - It recommends gradual investment in the sector, particularly in silicon materials and battery components, as stock prices are expected to lead the fundamentals [13]. Summary by Sections Why Focus on Photovoltaics? - Dual Bottom in Sentiment and Fundamentals - The photovoltaic sector is currently experiencing low institutional holdings, with the proportion of heavy positions in A-shares dropping to 1.83% in Q1 2025, a significant decline of 0.59 percentage points [10][20]. - The entire supply chain is near cash loss, with the current situation being more severe than historical lows in industries like steel and coal [10][29]. What Scenarios Could Accelerate Supply Clearing? - Policy Relief or Technological Iteration - Historical cycles show that policy interventions have effectively stimulated demand during downturns. The current cycle may similarly require supply-side policies to address the oversupply situation [11][46]. - Technological advancements, particularly in battery efficiency, could lead to a differentiation in production quality, benefiting leading firms while forcing less competitive ones to exit the market [11][12]. When Will Supply Clear? - Key Observations for 2025 - The report identifies mid-year and year-end as critical observation points for policy direction and market conditions, with expectations of clearer domestic and international demand by mid-2025 [12][13]. When to Invest? - Preferred Segments - The report suggests focusing on silicon materials and battery components, especially if strong policies are introduced. Recommended companies include Tongwei Co., Daqo New Energy, and GCL-Poly Energy [13][20]. - In the absence of strong policies, investment should shift towards new technology segments, with specific recommendations for companies like LONGi Green Energy and JA Solar Technology [13][41].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [10] Core Insights - The market favors assets with stable cash flow and potential high dividends, especially as traditional high-dividend targets have seen significant price increases. Investors are now looking for new investment areas, with some undervalued cyclical assets gaining attention due to their inherent quality cash flow [2][8] - The policy goal of stabilizing the market has become more positive, leading to improved market expectations. However, marginal downward pressure has increased since April. The industry may have passed the rapid decline phase, with structural highlights in core areas and quality properties [4][8] Market Overview - The Yangtze River Real Estate Index increased by 1.07% this week, with an excess return of 0.19% relative to the CSI 300. Year-to-date, the index has decreased by 4.94%, underperforming the CSI 300 by 3.39% [5] - The report highlights that property-related themes have seen significant gains, while development-related stocks have mixed performance [5] Policy Developments - The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced the results of the 2025 Urban Renewal Action evaluation, with 20 cities selected for support, including Beijing and Tianjin. Over 20 billion yuan will be allocated to support these cities in urban renewal efforts [6][17] - Jiangsu Province has released its 2025 housing and urban construction work points, focusing on policies to stabilize the real estate market and plans to provide 50,000 affordable rental housing units [6][17] Sales Data - New home and second-hand home registrations in sample cities continue to decline year-on-year. The new home transaction area in 37 cities decreased by 6.2% year-on-year, while second-hand home transactions increased by 2.5% [7][19] - As of June 6, the new home transaction area in 37 cities showed a month-on-month decline of 13.2%, while second-hand homes saw a decline of 2.9% [7][19] Investment Opportunities - Three sectors within the broad real estate field are identified as having stable cash flow and potential high dividends: 1. Comprehensive real estate companies, such as China Resources Land, including some private developers post-risk clearance [2][8] 2. Commercial real estate companies, particularly some Hong Kong-funded enterprises [2][8] 3. Light asset companies, including leading brokerage firms and state-owned property management companies, which generally have excess cash and stable profit and cash flow growth [2][8]

Investment Rating - The report indicates a positive investment outlook for the data center power supply industry, particularly focusing on the transition from AC to DC architectures, highlighting the potential for domestic manufacturers to increase their market share [4][9]. Core Insights - The trend of increasing power density in data centers is driving the upgrade of power supply architectures from AC to DC, with significant penetration expected for DC systems due to their efficiency, lower failure rates, and space-saving advantages [4][8]. - Domestic manufacturers are expected to benefit from their leading R&D capabilities and delivery strengths, enhancing their investment value in related power supply sectors [4][9]. - The shift towards DC power supply is anticipated to stimulate demand growth in supporting sectors such as energy storage, relays, and low-voltage electrical equipment [4][9]. Summary by Sections Market Space - The demand for AI data centers is driving the power per cabinet to rise to between 20-100 kW, necessitating a more compact and higher voltage power supply system. The global data center development scale is projected to grow from 11 GW in 2024 to 35-40 GW by 2028, with a compound annual growth rate (CAGR) of nearly 35% [8][60]. - If the penetration rate of HVDC in China increases from 15% to 40% and from 0% to 45% overseas, the global HVDC market is expected to expand at a CAGR of 161.86% [66]. Industry Chain - The demand for HVDC and other DC power sources is highly elastic, with domestic manufacturers poised to increase their market share due to their advanced R&D and delivery capabilities. The report emphasizes the importance of capturing incremental opportunities in the industry [9][70]. - The traditional UPS market is relatively stable, with the top five domestic manufacturers holding over 65% market share, while the HVDC and SST markets are still in their infancy, presenting opportunities for early movers [71][73]. Data Center Power Supply - The report notes a high concentration of cloud service providers in the data center power supply market, with domestic manufacturers expected to gain market share. The traditional UPS market is dominated by a few key players, while the HVDC market is still developing [71][78]. - The report highlights that the efficiency of HVDC systems is superior to that of traditional UPS systems, with a single HVDC system achieving over 94% efficiency [22][47].