Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company is expected to benefit from a rapid recovery in downstream demand, with three major growth curves poised for explosive growth [5]. - The company reported a revenue of 331 million yuan in 2024, a year-on-year increase of 50.22%, and a net profit attributable to shareholders of 17.94 million yuan, up 15.28% year-on-year [5]. - The company has a strategic focus on special optical devices, new materials, and equipment, aiming to strengthen its market position in both military and civilian sectors [5]. Financial Performance - In 2024, the company achieved a revenue of 331 million yuan, with a breakdown showing optical ring devices generating 124 million yuan (up 69.07% year-on-year) and new materials contributing 24.06 million yuan (up 15.60% year-on-year) [5]. - The gross profit margin for optical ring devices remained stable, while the overall gross margin decreased by 7.57 percentage points to 44.62% due to price adjustments in military products and changes in product mix [5]. - The company expects net profits for 2025-2027 to be 84 million, 122 million, and 150 million yuan, respectively, with corresponding P/E ratios of 47.4, 32.5, and 26.5 [5][6]. Market Position and Strategy - The company is enhancing its industrial synergy through the acquisition of "Shengyisheng," which will improve its production capabilities in optical gyroscope photon chip devices and expand its market reach [5]. - The strategic layout includes a focus on three growth curves: enhancing sensor solutions, developing energy transmission solutions, and advancing thermal management and next-generation optical communication [5]. Valuation Metrics - The current stock price is 32.48 yuan, with a total market capitalization of 4 billion yuan and a circulating market value of 3.1 billion yuan [2]. - The company has a return on equity (ROE) of 1.7% and a debt-to-asset ratio of 21.4% [2].

Group 1 - The core viewpoint of the report indicates that the year-on-year growth rate of social retail sales in April has slightly narrowed, while the effects of expanded consumption policies continue to be evident [2][4][22] - In April, the total retail sales of consumer goods reached 161,845 billion yuan, with a year-on-year growth rate of 4.7%, and the monthly growth rate for April was 5.1% [14][22] - The report highlights that essential consumption remains stable, with the year-on-year growth rate of grain and oil food retail sales increasing to 14.0% in April [18][22] Group 2 - The industrial robot and metal cutting machine production saw a three-month rolling year-on-year growth rate expand in April, indicating a positive trend in the automation equipment sector [2][4][22] - The report recommends focusing on sectors with high or improving prosperity, including home appliances, traditional Chinese medicine, household goods, entertainment products, jewelry, and green electricity [2][4][23] - The report notes that the retail sales of gold and silver jewelry increased by 25.3% year-on-year, driven by demand for value preservation amid rising gold prices [18][22][23] Group 3 - In the information technology sector, the DDR4 DRAM memory prices have risen, while smartphone production has seen a three-month rolling year-on-year decline [4][7][22] - The semiconductor industry shows mixed signals, with the Philadelphia Semiconductor Index declining while the Taiwanese semiconductor industry index increased [4][7][22] - The report indicates that the average daily power generation of key power plants has increased year-on-year over the past 12 weeks, reflecting growth in the public utility sector [4][7][22]

5 月 6 日央行、证监会联合发布关于支持发行科技创新债券有关事宜的公告。 政策出台后一周科技创新债券已累计发行超 1800 亿元。科创债发展历史如何， 科创债发行有哪些特征，科创债二级市场表现如何，本文将对此进行分析。 一、政策支持与制度创新推动科创债市场扩容提速 我国科创债市场历经多阶段政策优化，从 2015 年"双创债"的初步探索，到 2022 年交易所与银行间市场同步推出科创公司债和科创票据，2025 年政策支 持进一步加码，央行提出构建债券市场"科技板"，支持科技创新债券发行。5 月以来央行、证监会联合发布《关于支持发行科技创新债券有关事宜的公告》， 随后交易商协会、交易所迅速响应，也制定发布相关通知。我们将 5 月以来一 系列支持科创债发行的政策称为新政。 本次支持发行科技创新债券的最新政策有三大关注点：一是扩大发行主体至金 融机构及私募股权机构，允许募集资金用于私募股权投资基金设立；二是鼓励创 设科创债指数产品，引导社保、年金等中长期资金加大对科技创新债券的配置； 三是完善增信机制，加大政策性工具支持力度、鼓励市场化信用增进以及发挥区 域增信机制作用。政策红利驱动下，科创债市场扩容提速。 二、科 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Views - The company reported Q1 2025 revenue of 13.83 billion yuan, a year-on-year increase of 16.2%, and a NON-GAAP net profit of 4.19 billion yuan, up 3.3%, both slightly exceeding market expectations. Domestic leisure travel demand has shown steady improvement, while outbound and international business continues to grow significantly, supported by optimized overseas marketing expenses [1][8]. - The long-term outlook remains positive due to the vast growth potential in overseas markets, with expectations of continued performance improvement as international operations mature and profitability enhances [1][8]. Financial Data and Valuation - Revenue projections for the company are as follows: - 2023: 44.51 billion yuan - 2024: 53.29 billion yuan (+20%) - 2025E: 61.81 billion yuan (+16%) - 2026E: 70.80 billion yuan (+15%) - 2027E: 80.91 billion yuan (+14%) [3][11]. - The company’s net profit is projected to grow significantly, with estimates of 9.92 billion yuan in 2023, reaching 23.99 billion yuan by 2027, reflecting a compound annual growth rate of 13% [3][11]. - The adjusted earnings per share (EPS) are expected to increase from 19.11 yuan in 2023 to 37.56 yuan in 2027 [3][11]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 24.2 in 2023 to 12.3 in 2027, indicating improving valuation metrics over time [3][12]. Business Performance - The company’s revenue breakdown for Q1 2025 includes: - Accommodation bookings: 5.54 billion yuan (+23.2%) - Transportation ticketing: 5.42 billion yuan (+8.4%) - Travel vacation: 0.95 billion yuan (+7.2%) - Business travel management: 0.57 billion yuan (+12.1%) - Other businesses: 1.37 billion yuan (+33.0%) [8]. - The overall gross margin for the reporting period was 80.4%, slightly down by 0.8 percentage points, while the operating profit margin (OPM) was 29.2%, exceeding the expected 27.5% [8]. Market Outlook - The company’s outbound and international business continues to show high growth, with outbound hotel and flight bookings exceeding 120% of pre-pandemic levels, and international OTA platform bookings increasing by over 60% year-on-year [8]. - The report anticipates a 15%-20% growth in outbound business for 2025, driven by high-margin outbound operations [8].

中远海特（600428.SH） 业务量较快增长，关税缓解纸浆船去程运价有望受益 周期/交通运输 证券研究报告 | 公司点评报告 2025 年 05 月 21 日 事件：1、中远海特发布 24 年报及 25 年一季报，业绩符合预期。2024 年公司 归母净利润 15.3 亿元，同比+44%；25Q1 归母净利润 3.5 亿元，同比+1.6%； 2、中美关税政策超预期缓解，短期集运舱位紧张，有望带动纸浆船市场去程业 务盈利提升。 ❑ 2024 年公司业绩处于前期预告上限，25Q1 业绩增速放缓。受益于红海绕行， 多用途及纸浆市场运价上行；同时汽车运输量价齐升，24 年毛利 36.6 亿元， 同比+73%；毛利率达 21.8%，同比+4.2pcts。因计提道达尔润滑油减值，影 响归母利润 2.7 亿，如剔除减值影响，Q4 归母利润将 5.9 亿，超预期。25Q1 各板块经营稳健，但纸浆运输去程运价环比回落，毛利 10.1 亿，同比+42%， 环比-14%。另外 Q1 管理+财务费用同比有所提升，因此盈利增速放缓。 ❑ 分部业务：24 年机械设备+汽车运输量价齐升,预计 25 年基本面稳健增长。 1）24 年多用途船 ...

Investment Rating - The report maintains a recommendation for the beauty and personal care industry, highlighting the continued growth of leading domestic brands [2]. Core Insights - The beauty and personal care sector has shown a divergence in performance, with leading domestic brands achieving good growth due to their competitive pricing, differentiated products, and effective online operations [1][10]. - The upcoming 618 shopping festival is expected to further catalyze growth for domestic brands, particularly in the cosmetics sector [1][6]. Summary by Sections Cosmetics - In 2024 and Q1 2025, leading domestic brands continued to show strong growth, with significant revenue increases reported: - Molybdenum Biological: +33% revenue, +32% net profit - Giant Biological: +57% revenue, +42% net profit - Upper Beauty: +62% revenue, +69% net profit [11][13]. - The overall performance of the cosmetics sector is characterized by a mix of growth and decline among various companies, with some like Proya showing resilience in profit despite revenue slowdowns [12][13]. - The report suggests focusing on brands with strong single-product strategies and innovative ingredients, such as Giant Biological and Molybdenum Biological, as well as those with strong brand positioning like Mao Geping [1][6]. Personal Care - The personal care segment has seen robust performance from leading domestic brands, with notable revenue growth in Q1 2025: - Baiya: +30% - Stable Medical: +36% - Hao Yue Care: +42% [6][12]. - The report emphasizes the importance of product upgrades and channel expansion for these brands, which have outperformed OEM companies [1][6]. - The ongoing trend of online expansion and the shift towards mid-to-high-end branding remains strong, with companies like Baiya and Stable Medical showing promising developments [6][12]. Market Trends - The overall market for cosmetics in early 2025 showed a slight increase in retail sales, with a year-on-year growth of 4.0% in the first four months [23]. - Online platforms like Tmall and Douyin have seen varying performance, with Douyin showing higher growth rates in certain categories compared to Tmall [26][29]. Key Brand Performance - Key brands have demonstrated significant growth in both Tmall and Douyin platforms, with notable increases in GMV for brands like Mao Geping and Kefu Mei [33]. - The report highlights the competitive landscape, with domestic brands increasingly capturing market share from international brands due to their pricing and innovative marketing strategies [1][6].

证券研究报告 | 基金研究（公募） 2025 年 5 月 20 日 群策群力，锚定绝对收益目标 天弘基金固收+基金分析 天弘基金旗下固收+业务追求绝对收益，以回撤作为产品定位目标，并以此设定资 产配置中枢。公司实行团队制管理，在资产配置、行业配置和个股选择等关键环节 倾向群策群力。稳健型和积极型固收+基金（详细划分标准参考全文）成立以来整 体实现了较好的收益风险性价比，大部分年份实现了平均正收益。本报告将针对天 弘基金固收+业务产品布局、业绩表现、团队建设、投资风格等方面展开分析。 ❑ 风险提示：本报告仅作为投资参考，基金过往业绩并不预示其未来表现，亦不构 成投资收益的保证或投资建议。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 高艺 S1090524020001 gaoyi2@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 天弘含权债基发展概况：天弘基金布局含权债基时间较早，产品线在 2021 年 迎来规模大发展，主要为二级债基贡献。2021 年之前主要被机构持有，之后 个人增持相对较多，目前机构与个人持有份额各半。 ❑ 天弘固收+基金布局情况：天弘 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, indicating a positive outlook for the industry [3]. Core Insights - The banking sector has consistently outperformed the market in most years since the end of 2008, with a cumulative return significantly higher than that of the broader market indices [6][10]. - The report highlights that the banking sector benefits from a shift in institutional investment styles, favoring long-term performance and actual profitability, which is expected to lead to a valuation recovery for the sector [6][10]. - High-profit growth banks have shown exceptional performance, with a cumulative increase of 2322% and an annualized return of 21.5% since the end of 2008, indicating the potential for higher returns through selective investment within the banking sector [6][10]. Summary by Sections Industry Scale - The banking sector comprises 41 listed companies, with a total market capitalization of 9875 billion and a circulating market capitalization of 9784.5 billion [3]. Performance Metrics - The absolute performance of the banking sector over different time frames is as follows: 1 month: 4.7%, 6 months: 11.8%, and 12 months: 24.3% [5]. - The banking index has outperformed the market indices, with the A-share banking index showing a cumulative increase of 404% and an annualized return of 10.4% since 2018 [6][10]. Historical Returns - From 2008 to the present, the banking sector has outperformed the CSI 300 Total Return Index in 10 out of 17 years, demonstrating a high success rate for investments in this sector [6][10]. - The report provides detailed cumulative return data, showing that the banking sector's returns have generally exceeded those of the broader market indices in most years since 2008 [12][14].

证券研究报告 | 行业深度报告 2025 年 05 月 20 日 业务策略和准则实施差异导致分化 保险行业 2025 年一季报综述 总量研究/非银行金融 主要上市险企 2025 年一季报均已披露，寿险 NBV 延续增长，财险 COR 明显 改善，投资表现各异，净利润和净资产分化加剧。随着市场风险偏好持续上行 和公募新规强化业绩比较基准的约束作用，大幅欠配的保险板块有望显著受益。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 92 | 1.8 | | 总市值（十亿元） | 5744.9 | 6.7 | | 流通市值（十亿元） | 5494.6 | 7.0 | 行业指数 % 1m 6m 12m 绝对表现 5.6 -6.2 28.2 相对表现 2.8 -3.7 22.8 资料来源：公司数据、招商证券 -20 0 20 40 60 May/24 Sep/24 Dec/24 Apr/25 (%) 非银行金融 沪深300 相关报告 1、《证券行业 2025 年一季报综述— 市场底部牢固，业绩稳增无虞》 2025-05-05 2、《保险行业系列政策点评—渠道 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company is expected to overcome operational bottlenecks and improve profitability, moving towards becoming a comprehensive supplier of contrast agents [1][7]. - The management efficiency has improved significantly under the current chairman, with revenue per employee increasing from 550,000 RMB in 2015 to 1,340,000 RMB in 2025 [7][19]. - The company is entering a phase of increased production capacity for iodine contrast agents, with capital expenditures (CAPEX) peak passed and utilization rates expected to rise [7][19]. - The domestic and international demand for contrast agents is expanding, with the company positioned as a key supplier in the iodine contrast agent market [7][27]. Financial Data and Projections - The company is projected to achieve a net profit of 0.7 billion RMB in 2025, 2.3 billion RMB in 2026, and 3.5 billion RMB in 2027, with corresponding price-to-earnings (PE) ratios of 58, 18, and 11 [8][75]. - Revenue is expected to grow from 2.196 billion RMB in 2023 to 3.516 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15% [8][85]. - The company’s operating profit is forecasted to recover from a loss of 0.054 billion RMB in 2024 to a profit of 0.277 billion RMB in 2026 [8][85]. Market Dynamics - The global market for contrast agents is projected to grow at a compound annual growth rate (CAGR) of 6.8%, with iodine contrast agent demand expected to double in the next decade [7][31]. - The supply of iodine is constrained, with major producers unable to significantly increase output, maintaining a tight balance between supply and demand [22][27]. - The company is positioned as a leading supplier in the iodine contrast agent market, with a comprehensive product range and established customer relationships [7][34]. Production Capacity and Expansion - The company has completed the construction of over 2,400 tons of raw material capacity, with approximately 1,800 tons certified under major quality systems [7][37]. - The company plans to utilize funds from a recent capital increase to expand production capacity for non-ionic CT contrast agents and iodine compounds [37][38]. Competitive Position - The company has a significant market share in iodine contrast agents, with a focus on expanding its product offerings and enhancing its competitive edge through strategic investments [7][34]. - The domestic procurement policies are expected to benefit the company, as it has a strong cost and scale advantage in raw materials [7][57]. International Expansion - The company is leveraging its international platform, IMAX, to enhance its global presence, with sales revenue from overseas operations increasing by 60% year-on-year [72]. - The company anticipates completing EU-GMP certification for its Shanghai facility in 2025, facilitating further international market penetration [72][75].