丨证券研究报告丨 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当前仍有较高的配置性价比，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。 分析师及联系人 [Table_Title] 当前还有哪些值得重视的红马？ 行业研究丨行业周报丨投资银行业与经纪业 [Table_Author] 吴一凡 谢宇尘 程泽宇 SFC：BUV596 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 此外，综合业绩弹性及估值分位，推荐新华保险、中国人寿、香港交易所、中信证券、东方财 富、同花顺、九方智投控股。 核心数据跟踪 行业：本周非银金融指数 0.2%，相对沪深 300 的超额收益为 1.3%，行业排名靠后（16/31）； 年初至今非银金融指数-7.2%，相对沪深 300 的超额收益为-4.8%，行业排名靠后（29/31）。 本周非银板块整体表现较强。 市场：市场热度有所回落，两市日均成交额 10,9 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent environmental inspections by the Ministry of Ecology and Environment in five provinces are expected to influence coal supply and prices, but their impact may not be significant enough to drive price increases alone. However, if these inspections coincide with improved demand, there could be upward pressure on coal prices [2][7]. - The coal index (Yangtze) decreased by 0.27% this week, outperforming the CSI 300 index by 0.82 percentage points, ranking 26th out of 32 industries [6][25]. - As of May 30, the market price for thermal coal at Qinhuangdao was 611 RMB/ton, remaining stable week-on-week. The price for coking coal at Jingtang Port was 1270 RMB/ton, down 30 RMB/ton from the previous week [6][25]. Summary by Sections Environmental Inspections Impact - The Ministry of Ecology and Environment has initiated inspections in Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia, lasting about one month. Historical data suggests that previous inspections did not significantly suppress coal supply, indicating that the current inspections may not independently drive price increases [2][7]. Market Performance - The coal sector's performance this week showed a decline of 0.27%, with thermal coal and coking coal indices experiencing slight variations. The thermal coal index fell by 0.09%, while the coking coal index dropped by 0.85% [25][28]. - The report highlights that the demand for thermal coal is expected to rise as the summer peak approaches, with power plants gradually increasing their inventory needs [6][25]. Price Trends - The report notes that the price of thermal coal is expected to stabilize and potentially rebound due to seasonal demand increases and cost support from production and imports [6][25]. - The average daily coal consumption across 25 provinces was reported at 4.517 million tons, reflecting a decrease of 10.4% week-on-week [41]. Investment Recommendations - The report suggests marginal allocation to leading companies with stable profits, including China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [8]. - It also identifies companies with growth potential and those with elastic growth characteristics, such as Electric Power Investment Energy and Yanzhou Coal Mining [8].

Group 1: Metal and Mining Sector - Zijin Mining's copper production is expected to increase by 7% to 115,000 tons in 2025, with gold production rising by 16% to 85 tons[15] - The company's projected net profit for 2024 is 32.05 billion CNY, increasing to 42.06 billion CNY in 2025, and 49.36 billion CNY in 2026, with a PE ratio decreasing from 14.39 to 9.34[13] Group 2: Construction Materials Sector - China National Materials Technology's net profit is forecasted to grow from 0.89 billion CNY in 2024 to 2.10 billion CNY in 2026, with a significant increase in high-end product capacity[20] - Keda Manufacturing's overseas revenue is projected to rise from 20 billion CNY in 2017 to 80 billion CNY in 2024, with overseas revenue share increasing from 36% to 64%[30] Group 3: Chemical Sector - Yara International's net profit is expected to reach 0.2 billion CNY in 2024, 3.0 billion CNY in 2025, and 7.2 billion CNY in 2026, driven by the expansion of special glass fiber production[25] - Ba Tian Co. is projected to maintain a strong profit margin due to its diverse fertilizer product offerings, with a production capacity of 200,000 tons of phosphate rock annually[79] Group 4: Aviation Sector - Juneyao Airlines is expected to achieve a net profit of 1.05 billion CNY in 2024, increasing to 2.0 billion CNY in 2025, with a PE ratio of 27.2 in 2024 and dropping to 11.4 in 2026[70] - The airline's operational efficiency is highlighted by its leading cost control, with a significant reduction in financial expenses anticipated in the coming years[70]

Investment Rating - The report maintains a "Positive" investment rating for the industry [10] Core Views - Short-term risk preferences are fluctuating, causing gold prices to oscillate, while the medium-term outlook continues to support a bullish market due to recession and interest rate cuts, alongside gold stocks being at a cyclical low, suggesting an increase in allocation during pullbacks [6][7] - Industrial metals are experiencing weakness due to a rebound in the US dollar and economic sluggishness, with copper and aluminum prices reflecting this trend [7] - Strategic metals such as rare earths and tungsten are expected to see a revaluation, with tungsten prices rising due to supply constraints and demand recovery [8] Summary by Sections Precious Metals - Gold prices have slightly declined this week, influenced by reduced risk aversion following tariff delays by the US. Economic data indicates weak personal consumption and inflation, sustaining expectations for interest rate cuts [6] - The report emphasizes that gold stocks are currently undervalued, suggesting a focus on companies like Chifeng Jilong Gold Mining, Zhaojin Mining, and Shandong Gold [6] Industrial Metals - Economic expectations are driving short-term fluctuations in copper and aluminum prices, with recent data showing a decrease in industrial profits and ongoing concerns about real estate and tariffs impacting demand [7] - The report notes a reduction in copper and aluminum inventories, indicating potential supply tightness, while suggesting that long-term monetary easing could support price recovery [7] Energy and Strategic Metals - The report highlights the importance of strategic metals, particularly rare earths and tungsten, which are poised for value reassessment due to supply control measures and rising demand [8] - Tungsten prices are expected to continue their upward trend due to limited new mining projects and a decrease in existing mine outputs [8] - The report also discusses cobalt and nickel, noting supply disruptions from Congo and the Philippines, which could support price stability [8]

联合研究丨组合推荐 [Table_Title] 大消费行业 2025 年 6 月金股推荐 %% %% research.95579.com 1 丨证券研究报告丨 %% %% 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2025 年 6 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 11 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In Q1 2025, the company achieved revenue of $198 million, a year-on-year increase of 5.4%, and a net profit of $12 million, benefiting from a decrease in foreign exchange losses, thus turning from a loss to a profit [2][6]. - The company is positioned as a leader in the international Chinese dining market, leveraging its unique service model, strong brand power, and rapid localization capabilities [2][6]. - The company is expected to achieve net profits of $44.06 million, $55.15 million, and $63.41 million from 2025 to 2027, indicating strong growth potential in the hot pot industry internationally [2][6]. Revenue and Profitability - The company's revenue from its main business segments in Q1 2025 showed steady growth: Haidilao restaurant operations increased by 4.5%, takeaway business by 37.9%, and other businesses by 22.7% [6]. - The average daily sales per restaurant reached $17,800, a year-on-year increase of 1.71%, while same-store sales grew by 0.34% [6]. - The overall customer spending per visit decreased by 2.8% to $24.20, attributed to the company's pricing adjustments and menu changes [6]. Store Expansion and Network - The company opened 4 new Haidilao restaurants in Q1 2025, while closing 3 underperforming locations, bringing the total number of stores to 123 [6]. - The company continues to expand its presence in Southeast Asia, East Asia, North America, and other regions, with a net increase of 1 store in each of these areas compared to the same period in 2024 [6].

[Table_Title] 周期寻底阶段可能具备哪些特征？ ——房地产行业周度观点更新 报告要点 [Tablary] 行业量价和投资等指标在过去三年已经历较大幅度的下降，决策层也提出了"止跌回稳"的政 策目标，参考国际经验，行业调整大概率将进入下半场，意味着寻底阶段逐步开启，这个阶段 可能具备哪些共性和差异化特征？1、总量指标的调整斜率将逐步收窄；2、中小城市核心区房 价已接近重置成本，且净租金回报率显著高于利率，而非核心区住房将面临长期折旧压力甚至 负资产化。3、部分新房中短期内具备上涨潜力：一是核心城市核心区域的高端化产品，主要受 益于市场化定价和产品力溢价，二是更多城市的高得房率产品，主要是对老库存的迭代。 分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨行业周报丨房地产 刘义 侯兆熔 SAC：S0490520040001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 周期寻底阶段可能具备哪些特征？ 2] ——房地产行业周度观点更新 核心观点 止跌回稳的政策目标明显更为积极，市场预 ...

港股研究丨公司点评丨小米集团-W（1810.HK） [Table_Title] 业绩创历史新高，人车家全面突破 报告要点 [Table_Summary] 5 月 27 日，小米集团公布 2025 年一季度业绩。2025Q1 小米集团实现营收 1112.93 亿元，同 比增长 47.4%；归母净利润 109.24 亿元，同比增长 161.2%；经调整净利润 106.76 亿元，同 比增长 64.5%。毛利率 22.8%，同比提升 0.5pct；归母净利率 9.8%，同比增长 4.3pct；经调 整净利润率 9.6%，同比提升 1.0pct。 分析师及联系人 请阅读最后评级说明和重要声明 丨证券研究报告丨 杨洋 高伊楠 张永乾 小米集团-W（1810.HK） cjzqdt11111 [Table_Title2] 业绩创历史新高，人车家全面突破 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490517070012 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW100 SFC：BUW101 [Table_Sum ...

联合研究丨行业点评 [Table_Title] IP 衍生品行业跟踪⑥：布鲁可新品表现优异， BFC 文化持续渗透驱动品牌成长 1 丨证券研究报告丨 报告要点 [Table_Summary] 近期，拼搭角色类玩具龙头布鲁可多款新产品上市，包括柯南奇迹版、变形金刚传奇版（声波）、 变形金刚群星版第 7 弹、变形金刚星辰版第 3 弹、奥特曼群星版第 14 弹、EVA 二号机升级版 等。布鲁可通过高频次、多价格带、全年龄段 SKU 开发体系，覆盖 9.9 元至 399 元全价格带， 并实现单 IP 多版本迭代（如奥特曼群星版已推至第 14 弹），持续巩固龙头地位。此外，布鲁可 持续推进线上创作赛、线下速拼赛和全球作品展，吸引"全龄段"玩家参与，以高频次、广覆 盖的赛事布局进行 BFC 文化的深度渗透，同时玩家创意有望赋能布鲁可自身产品创作。 %% %% %% %% research.95579.com 分析师及联系人 [Table_Author] SAC：S0490516060001 SAC：S0490516080001 SAC：S0490522050001 SFC：BUV463 SFC：BUX177 杨云祺 章颖 ...

Investment Rating - The investment rating for Xiaomi Group is "Buy" and is maintained [7] Core Views - Xiaomi Group reported record high performance in Q1 2025, with revenue reaching 1112.93 billion yuan, a year-on-year increase of 47.4%. The net profit attributable to shareholders was 109.24 billion yuan, up 161.2% year-on-year, and the adjusted net profit was 106.76 billion yuan, reflecting a 64.5% increase year-on-year. The gross margin was 22.8%, an increase of 0.5 percentage points year-on-year, while the net profit margin attributable to shareholders was 9.8%, up 4.3 percentage points year-on-year [2][4] Summary by Sections Automotive Business - In Q1 2025, Xiaomi's automotive business generated revenue of 18.1 billion yuan, primarily driven by increased deliveries of the Xiaomi SU7. The SU7 series delivered 75,869 units, a quarter-on-quarter increase of 8.86%. The average selling price per vehicle was 238,600 yuan, up 2.01% quarter-on-quarter. The loss in this segment was 500 million yuan, significantly narrowed by 50.2% quarter-on-quarter. The gross margin for the automotive business was 23.2%, an increase of 2.72 percentage points quarter-on-quarter. The company expects to reach a profit inflection point in 2025 for its automotive business, contributing positively to Xiaomi's core performance [6] Smartphone Business - Xiaomi's smartphone business revenue in Q1 2025 was 50.6 billion yuan, a year-on-year increase of 8.9%, with a gross margin of 12.4%. Global smartphone sales reached 41.8 million units, a 3.0% year-on-year increase, marking the seventh consecutive quarter of growth. Xiaomi regained the top position in the Chinese market with a market share of 18.8%, a 40.0% year-on-year increase. The average selling price of Xiaomi smartphones was 1,210.5 yuan, up 5.7% year-on-year. High-end models accounted for 25% of total sales in China, up 3.3 percentage points year-on-year [6] IoT and Consumer Products - In Q1 2025, Xiaomi's IoT and consumer products business achieved revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points year-on-year. The revenue from smart home appliances more than doubled, indicating the initial success of the high-end strategy. Sales of major appliances saw significant growth, with air conditioning units sold exceeding 1.1 million, a year-on-year increase of over 65% [6]