Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints The report focuses on the performance of the ETF fund market, summarizing the past week's performance and fund flows of the overall ETF fund market, different popular sub - type ETF funds, and innovative theme and sub - industry ETF funds for investors' reference [1]. Summary by Relevant Catalogs I. ETF Market Overall Performance - Market performance: From May 12th to May 16th, A - share - focused ETFs showed mixed results. Ultra - large - cap index ETFs had relatively large gains, with an average increase of 1.50% for funds above a certain scale; TMT ETFs had relatively deep losses, with an average decline of 1.34% for funds above a certain scale. QDII - ETFs had the largest gains, with an average increase of 2.46% for funds above a certain scale [2][5]. - Fund flows: There was a significant inflow of funds into bond ETFs, with a net inflow of 9.39 billion yuan for the whole week. Conversely, large - cap index ETFs had a significant outflow of funds, with a net outflow of 9.324 billion yuan for the whole week [3][9]. II. Different Popular Sub - type ETF Funds Market Performance - **Stock ETF - Wide - based Index**: - Ultra - large - cap index: Funds such as Huaxia SSE 50 ETF, Ping An CSI A50 ETF, etc. were listed, with weekly price increases ranging from 1.06% to 1.85%. Most funds had net outflows of funds [15]. - Large - cap index: Funds like Huaxia CSI A500 ETF, Huatai - Berry SSE 180 ETF, etc. were included, with weekly price increases between 0.75% and 1.12%. Some funds had net inflows while others had net outflows [16]. - Mid - and small - cap index: Funds such as Southern CSI 1000 ETF, Southern CSI 500 ETF, etc. were involved, with weekly price changes from - 0.36% to 0.46%. Most funds had net outflows of funds [17]. - Science and technology innovation/growth enterprise market - related index: Funds including Huaxia SSE STAR Market 50 ETF, E Fund ChiNext ETF, etc. were shown, with weekly price changes from - 1.36% to 1.80%. Some funds had net inflows while others had net outflows [18]. - Whole - market index: Funds like Fullgoal SSE Composite Index ETF, Guotai SSE Composite ETF, etc. were listed, with weekly price increases from 0.94% to 1.35%. All funds had net outflows of funds [19]. - Index enhancement: Funds such as Guotai CSI 300 Enhanced Strategy ETF, China Merchants CSI 1000 Enhanced Strategy ETF, etc. were included, with weekly price changes from - 1.56% to 1.23%. Some funds had net inflows while others had net outflows [20]. - **Stock ETF - Industry Theme**: - TMT sector: Funds like Harvest SSE STAR Market Chip ETF, Guolianan CSI All - Index Semiconductor ETF, etc. were involved, with weekly price declines from 0.36% to 2.18%. Some funds had net inflows while others had net outflows [21]. - Mid - stream manufacturing sector: Funds such as Huaxia CSI Robot ETF, Huatai - Berry CSI Photovoltaic Industry ETF, etc. were listed, with weekly price increases from 0.10% to 1.37%. Some funds had net inflows while others had net outflows [22]. - Financial and real - estate sector: Funds including Guotai CSI All - Index Securities Company ETF, Huabao CSI All - Index Securities ETF, etc. were included, with weekly price increases from 1.52% to 2.68%. Some funds had net inflows while others had net outflows [23]. - Pharmaceutical and biological sector: Funds like E Fund CSI 300 Healthcare ETF, Huabao CSI Medical ETF, etc. were shown, with weekly price increases from 0.63% to 1.40%. All funds had net outflows of funds [24]. - Consumption sector: Funds such as Penghua CSI Liquor ETF, Huatai - Berry CSI Main Consumption ETF, etc. were listed, with weekly price changes from - 0.66% to 1.20%. Some funds had net inflows while others had net outflows [25]. - National defense and military industry sector: Funds including Guotai CSI Military Industry ETF, Fullgoal CSI Military Industry Leading ETF, etc. were involved, with weekly price declines from 0.33% to 0.99%. Some funds had net inflows while others had net outflows [26]. - Cyclical sector: Funds like Yongying CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF, Guotai CSI Coal ETF, etc. were included, with weekly price changes from - 1.98% to 1.61%. Some funds had net inflows while others had net outflows [27]. - Technology theme: Funds such as Huabao CSI Technology Leading ETF, E Fund CSI Technology 50 ETF, etc. were listed, with weekly price declines from 0.38% to 0.39%. Some funds had net inflows while others had net outflows [28]. - **Stock ETF - SmartBeta**: Funds like Huatai - Berry Dividend ETF, Huatai - Berry Dividend Low - Volatility ETF, etc. were involved, with weekly price increases from 0.60% to 1.17%. Some funds had net inflows while others had net outflows [28]. - **Bond ETF**: Funds such as Haifutong CSI Short - Term Financing ETF, Fullgoal ChinaBond 7 - 10 - year Policy - Financial Bond ETF, etc. were listed, with weekly price changes from - 1.19% to 0.04%. All funds had net inflows of funds [29]. - **QDII ETF**: Funds including Huaxia Hang Seng Tech ETF, Huatai - Berry Southern Hang Seng Tech ETF, etc. were included, with weekly price increases from 1.27% to 5.14%. Some funds had net inflows while others had net outflows [30]. - **Commodity ETF**: Funds such as Huaan Gold ETF, E Fund Gold ETF, etc. were shown, with weekly price declines of about 4.7%. All funds had net outflows of funds [31]. III. Innovative Theme and Sub - industry ETF Funds Market Performance - **TMT innovative theme**: Indexes such as Smart Cars, 5G Communications, etc. were involved, with weekly price changes from - 1.84% to 0.41%. Representative funds' weekly price changes ranged from - 1.97% to 0.63% [33]. - **Consumption sub - industry**: Indexes including CSI Tourism, Livestock and Poultry Breeding, etc. were listed, with weekly price changes from - 0.56% to 1.11%. Representative funds' weekly price changes ranged from - 1.02% to 1.20% [34]. - **Pharmaceutical sub - industry**: Indexes such as Vaccine and Biotechnology, Biomedical, etc. were included, with weekly price increases from 0.92% to 2.01%. Representative funds' weekly price changes ranged from 0.63% to 1.86% [35]. - **New - energy theme**: Indexes like New - energy Vehicle Battery, Intelligent Electric Vehicle, etc. were shown, with weekly price increases from 0.19% to 2.72%. Representative funds' weekly price changes ranged from 0.18% to 2.52% [36]. - **Central and State - owned enterprise theme**: Indexes such as Hong Kong - listed Central - SOE Dividend, Mainland - owned Enterprises, etc. were involved, with weekly price changes from - 1.19% to 3.94%. Representative funds' weekly price changes ranged from - 1.32% to 2.76% [37]. - **Steady - growth theme**: Indexes including Transportation, Rare - earth Industry, etc. were listed, with weekly price changes from - 0.49% to 1.75%. Representative funds' weekly price changes ranged from - 0.51% to 1.82% [38]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong - Stock Connect sub - industry**: Indexes such as Hong Kong Securities, Hong Kong - Stock Connect Technology, etc. were included, with weekly price changes from - 0.70% to 3.01%. Representative funds' weekly price changes ranged from - 0.13% to 2.21% [39]. - **Dividend/Dividend Low - Volatility Index Family**: Indexes like CSI 300 Dividend, SSE Dividend, etc. were shown, with weekly price changes from - 0.13% to 1.24%. Representative funds' weekly price changes ranged from 0.18% to 1.17% [40]. - **ChiNext Index Family**: Indexes including ChiNext 50, ChiNext Large - Cap, etc. were involved, with weekly price changes from - 1.29% to 2.00%. Representative funds' weekly price changes ranged from - 1.14% to 1.83% [41][42].

英飞凌 FY25Q2 跟踪报告 TMT 及中小盘/电子 事件： 英飞凌近日发布 FY25Q2 季报（2025 年 1 月 1 日至 2025 年 3 月 31 日），公 司 FY25Q2 营收 35.91 亿欧元，同比-1%/环比+5%；毛利率为 40.9%，同比 -1.4pcts/环比-0.2pct。综合财报及交流会议信息，总结要点如下： 2、ATV 和 GIP 部门营收环比高增，工业市场有望逐步复苏。 评论： 证券研究报告 | 行业简评报告 2025 年 05 月 16 日 1、FY25Q2 营收略低于指引预期，库存持续去化。 消费类业务 FY24H2 或将复苏，SiC 明年营收增 50% 推荐（维持） 下调 FY2025 全年营收指引，FY25H2 市场有望温和复苏 公司 FY25Q2 营收 35.91 亿欧元，略低于此前指引（36 亿欧元），同比-1%/ 环比+5%，销量增长但受价格年降影响；毛利率为 40.9%，同比-1.4pcts/环比 -0.2pct，同环比下滑系闲置成本所致。公司库存略有下降，DOI 177 天/环比-13 天，客户和经销商持续去库；积压订单约 200 亿欧元，环比保持稳定。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company achieved a revenue of 60.32 billion yuan and a net profit of 15.49 billion yuan in 2024, reflecting year-on-year growth of 16.44% and 39.58% respectively [1][7] - The company is expected to experience a slowdown in profit growth in 2025, with a projected net profit of 15.91 billion yuan [7] - The company has completed three new production capacities, which are anticipated to gradually release supply [7] Financial Performance - In 2024, the company's core products, human albumin and intravenous immunoglobulin, generated revenues of 25.10 billion yuan and 27.58 billion yuan, with year-on-year growth of 11.70% and 18.90% respectively [7] - The company’s total revenue is projected to grow from 51.80 billion yuan in 2023 to 72.38 billion yuan in 2025, representing a compound annual growth rate of approximately 20% [2][9] - The net profit is expected to increase from 11.10 billion yuan in 2023 to 15.91 billion yuan in 2025, with a growth rate of 3% [2][10] Production and Supply Chain - The company has expanded its plasma collection stations to a total of 107, with 85 currently operational, collecting 2,781 tons of plasma, a year-on-year increase of 15.15% [7] - The company has acquired a new blood product production enterprise and five additional operational plasma collection stations, increasing annual plasma collection by over 100 tons [7] Future Outlook - The company aims for a revenue target of 74.40 billion yuan and a net profit of 21.96 billion yuan for 2025 [7] - The report anticipates that the new production capacities will drive performance growth in the coming years [7]

2、代工业务收入占比高增，中国大陆地区收入占比持平。 1）按系统拆分：①25Q1 存储收入占比 43%/环比-7pcts，其中 NVM 收入占比 20%/环比-4pcts，非中国大陆 NAND 增长符合预期，主要系 NAND 客户向 256 层升级；DRAM 占比 23%/环比-3pcts，DRAM 支出集中在 1α、1β和 1γ节点 技术升级，支持 D5、LPD5 和 HBM；②代工收入占比 48%/环比+13pcts，GAA 和先进封装出货强劲，同时受益于中国大陆成熟制程支出；③逻辑和其他收入 占比 9%/环比-6pcts，系客户前沿节点支出减少；2）按地区拆分：25Q1 中国 大陆收入 14.7 亿美元，同比-9%/环比+9%，占比 31%/环比持平；韩国收入 11.5 亿美元，同比+25%/环比+6%，占比 24%/环比-1pct；中国台湾地区收入 11.3 亿美元，创历史新高，同比+236%/环比+53%，占比 24%/环比+7pcts。 3、指引 25Q2 代工和 NAND 收入增长，客户尚未因关税提前拉货。 证券研究报告 | 行业简评报告 2025 年 05 月 16 日 中国大陆收入占比持平， ...

Investment Rating - The report maintains a "Strong Buy" rating for Alibaba Group [3][5] Core Views - Alibaba's FY2025Q4 results exceeded expectations with revenue of 236.5 billion yuan, a year-on-year increase of 6.6%, driven by strong performance in e-commerce and cloud services [1] - The report highlights the significant growth in Customer Management Revenue (CMR) at 71.1 billion yuan, up 12% year-on-year, and a notable increase in cloud revenue at 30.1 billion yuan, up 18% year-on-year [1][5] - The report emphasizes the potential for continued improvement in e-commerce monetization rates and the long-term growth prospects of AI and cloud services [1][5] Financial Data Summary - FY2025 revenue is projected to reach 996.3 billion yuan, with a growth rate of 6% [2] - Adjusted EBITA for FY2025 is expected to be 173.1 billion yuan, reflecting a 5% year-on-year increase [2] - Non-GAAP net profit for FY2025 is forecasted at 157.9 billion yuan, with a 0% growth rate compared to FY2024 [2] - The report projects earnings per share (EPS) of 8.31 yuan for FY2025 [2] Valuation and Target Price - The target price for Alibaba is set at 153 HKD, with the current stock price at 122.1 HKD [3][5] - The report suggests a 12x PE for e-commerce and a 5x PS for cloud business, indicating strong valuation potential [5] Stock Performance - The stock has shown strong performance with a 1-month increase of 17.3%, a 6-month increase of 46.6%, and a 12-month increase of 59.3% [4]

证券研究报告 | 行业定期报告 2025 年 05 月 16 日 泡泡玛特 Labubu 三代搪胶毛绒全球发售，关注腾讯一季报 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，我们继续坚定看好【神州泰岳】 【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控 股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 过去的一周，传媒行业上涨了 2.79%，在所有行业中排名第 11 位，传媒板块 年初到现在上涨了 4.61%，排名所有板块第 5 名。近期，传媒板块走势相对 稳定，游戏出版营销影视都相对平稳，但在这个位置，我们继续坚定看好游 戏板块和 AI 应用板块，特别是 AGENT 板块，我们最近一直持续紧密跟踪国内 外 AI 应用，因为贸易争端带来的海外科技大跌，最先反弹甚至创新高的就是 像多邻国，PALANTIR，APP 这样的 AI 应用公司，他们创新高的核心推动力就 是 AI 帮助其收入业绩和产品快速提升。同样，国内的 AI 应用也在蓄势待发， 我们继续坚定看好受 AI 变革影响较大的游戏互联网巨头（中概互联的腾讯、 美图、第四范式、 ...

Investment Rating - The report maintains an "Add" rating for the company [5] Core Views - The company demonstrates resilience in performance despite industry challenges, with profit margins expected to improve through quality enhancement and efficiency [2][9] - The company has actively closed 1,078 stores in 2024, primarily in the second half of the year, which has had a short-term impact on revenue growth but is anticipated to enhance profitability in the long run [2][9] - The company plans to increase cash dividends to enhance shareholder returns, distributing a total of 788 million yuan in cash dividends in 2024, which represents 51.56% of net profit [2] Financial Performance Summary - In 2024, the company achieved total revenue of 24.062 billion yuan, with a year-on-year growth of 6.53%, and a net profit of 1.529 billion yuan, reflecting an 8.26% increase [1][4] - For Q1 2025, the company reported revenue of 6.009 billion yuan, with a net profit of 449 million yuan, marking a year-on-year growth of 10.51% [1] - The company expects to achieve net profits of 1.759 billion yuan, 2.025 billion yuan, and 2.297 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 19, 16, and 14 [9][12] Market Position and Strategy - The company has a well-established specialized store network, with a focus on regional expansion, having opened 2,512 new stores in 2024 [9] - The company has embraced online new retail, generating online revenue of 2.127 billion yuan in 2024, with O2O contributing 1.721 billion yuan [9] - The company continues to enhance its digital transformation and supply chain optimization, which is expected to drive profitability improvements [2][9]

证券研究报告 | 行业定期报告 2025 年 05 月 15 日 龙头轻装上阵，景气改善可期 乳制品 24 年及 25 年一季报回顾 消费品/食品饮料 相关报告 1、《业绩磨底产业出清，第二阶段 具备配置价值—白酒行业 24 年年报 25 年一季报回顾》2025-05-12 2、《食品饮料行业周报（5.11）— 成长赛道仍具看点，关注股东大会催 化》2025-05-12 24 年行业需求承压，伊利蒙牛等龙头企业去库存梳理渠道，同时一次性计提商 誉减值，理清包袱轻装上阵。奶价下行板块毛利率有所提升，同时费用更加高 效投入，25Q1 企业盈利呈现改善态势。全年来看，行业供给侧上游牧场加速 去化，需求端政策预期增强，今年有望实现供需平衡的进一步改善，景气度提 升，板块龙头业绩改善确定性更强。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 143 | 2.8 | | 食品饮料 (%) | | 沪深300 | | 总市值（十亿元） 30 | 5149.7 | 6.0 | | 流通市值（十亿 20 | 4901.8 | 6.2 | 行业指数 0 % 1m ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][7]. Core Insights - The company's revenue for Q1 2025 reached 5.57 billion yuan, a year-on-year increase of 57%, while the net profit attributable to shareholders was 0.665 billion yuan, up 138% year-on-year, primarily due to the consolidation of COFCO Packaging [1][6]. - The report indicates that the acquisition of COFCO Packaging is expected to enhance revenue and net profit, with a stable profit margin and potential for improved profitability in the two-piece can segment [1][7]. - The report forecasts net profits for 2025-2027 to be 1.24 billion yuan, 1.28 billion yuan, and 1.49 billion yuan, representing year-on-year growth of 56%, 4%, and 16% respectively [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 13.67 billion yuan, a slight decrease of 1.2% year-on-year, with a net profit of 0.791 billion yuan, an increase of 2.1% year-on-year [6][10]. - The gross margin for 2024 was 16.3%, an increase of 1.1 percentage points year-on-year, while the net margin was 5.7%, up 0.3 percentage points year-on-year [6][11]. - The company’s total assets are projected to reach 28.37 billion yuan by 2025, with a total liability of 17.93 billion yuan, indicating a healthy balance sheet [9][10]. Business Segmentation - The metal packaging segment generated revenue of 12.12 billion yuan in 2024, a year-on-year increase of 0.7%, with a gross margin of 18.13% [6][7]. - Domestic revenue for 2024 was 12.49 billion yuan, down 1.2% year-on-year, while overseas sales were 1.18 billion yuan, a decrease of 1.4% year-on-year [6][7]. Operational Efficiency - The company’s inventory turnover days improved from 52 days in 2024 to 42 days in Q1 2025, indicating better inventory management [6][7]. - The cash flow from operating activities was negative in Q1 2025 at -0.4 billion yuan, primarily due to acquisition-related expenditures [6][7].

Investment Rating - The investment rating for the poultry farming industry is "Strongly Recommended" for key companies such as Shengnong Development, Wens Foodstuffs, and Lihua Co., Ltd. [2][32] Core Insights - In April 2025, chicken prices for both yellow feather and white feather chickens showed signs of recovery, leading to significant improvements in the profitability of the farming sector. The holiday consumption supported this price increase, and leading companies optimized their sales structures to achieve better product premiums [1][8]. - The report highlights that the breeding costs for leading yellow chicken enterprises have decreased to low levels, and with the seasonal price recovery, there is potential for substantial profit release [1][8]. - The supply of chicken chicks is currently abundant, with a slight price increase observed. The average price of chicken chicks in April was 2.87 yuan per chick, down 13% year-on-year but up 2.1% month-on-month [9][10]. Summary by Sections White Feather Chicken - The average price of white feather chicken in April was 7.42 yuan per kilogram, a year-on-year decrease of 5.4% but a month-on-month increase of 4.1%. The average price of chicken products was 8913 yuan per ton, down 7% year-on-year and 0.9% month-on-month [8][9]. - The profitability of the breeding sector is gradually improving, with leading companies like Shengnong Development achieving better sales prices compared to the industry average [8][10]. - The demand for quality parent stock chicken chicks is expected to remain strong in 2025, with supply tightening in the second half of the year due to decreased overseas imports [10][32]. Yellow Feather Chicken - The average price for fast-growing yellow feather chickens in April was 4.84 yuan per jin, down 6.3% year-on-year and 1.3% month-on-month, while the price for slow-growing chickens was 8.17 yuan per jin, down 1.4% year-on-year but up 16% month-on-month [21][24]. - The report indicates a divergence in price trends between fast and slow-growing chickens, suggesting improved household consumption driven by holiday demand [21][25]. - The breeding costs for yellow feather chickens have decreased significantly, with costs for leading companies like Wens and Lihua dropping to around 5.6 yuan and 5.5 yuan per jin, respectively [25][32]. Investment Recommendations - The report recommends focusing on the white chicken breeding sector due to its favorable outlook, particularly for integrated leading companies like Shengnong Development [32]. - For yellow feather chickens, the report suggests that the current low levels of parent stock will support future price increases, with companies like Lihua Co., Ltd. and Dekang Agriculture being highlighted as key investment opportunities [32][33].