Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4][27]. Core Insights - The automotive industry experienced an overall increase of 1.8% from May 4 to May 10, with significant movements in various segments, including a notable rise in motorcycle and auto parts sectors [2][10]. - Key developments include Geely's plan to acquire all issued shares of Zeekr, aiming for a complete merger, and Chery's delivery of the first batch of 220 humanoid robots [1][20][21]. - The report highlights the performance of individual stocks, with notable increases for companies like Chengfei Integration (+34.1%) and Wanxiang Qianchao (+29.8%) [12]. Market Performance Overview - The automotive sector's performance was positive, with the CS automotive index rising by 1.8%, while the broader market indices also showed gains, with the Shanghai A index up by 1.9% and the Shenzhen A index up by 2.9% [2][8]. - Among the automotive sub-sectors, motorcycles and auto parts saw the highest weekly increases of 2.7% and 2.4%, respectively [10]. Individual Stock Performance - The report notes that most covered automotive stocks saw increases, with Zongshen Power (+13.3%) and Qin'an Co. (+6.5%) among the top performers [3][14]. - Conversely, stocks like Longsheng Technology (-5.4%) and Sulian Co. (-3.6%) experienced declines [14]. Industry Dynamics - The report discusses the impact of the May Day holiday on new energy vehicle sales, with a significant drop in sales for many brands, while Li Auto managed to increase its sales by 33% [18]. - The report also mentions the successful launch of 119 new charging stations by Li Auto, bringing the total to over 2,200 stations nationwide [22]. Key Developments - Geely's acquisition of Zeekr is expected to enhance resource integration and operational efficiency [21]. - Chery's humanoid robot delivery and the establishment of a joint venture for sensor technology indicate a strategic push into robotics [20][24]. - The report highlights the introduction of new models, such as BYD's Hai Si 07DM and Geely's Galaxy Star, which are set to launch soon [17].

Investment Rating - The report maintains a positive outlook on the humanoid robot industry, indicating a long-term investment opportunity [6][8]. Core Insights - The humanoid robot industry is witnessing increasing applications in manufacturing sectors such as automotive and home appliances, which is expected to enhance capabilities in motion control, perception, AI algorithms, and hardware integration [6]. - The report highlights several key events, including the global delivery of 220 units of the Chery Mocha humanoid robot and the entry of Midea's MIRO robot into its washing machine factory [1][3]. - The upcoming World Humanoid Robot Games in Beijing is anticipated to further promote the industry [2]. - The report emphasizes the importance of investment opportunities in embodied intelligence, particularly in brain models and required chip solutions [7][12]. Summary by Sections Industry Events - Chery's Mocha humanoid robot has completed its first global delivery of 220 units, showcasing its capabilities in customer service at automotive dealerships [1]. - Midea's MIRO robot has started operations at its washing machine factory, performing routine tasks such as inspection and information collection [3]. - A new joint venture has been established by Zhongding to develop force sensors for humanoid robots, indicating a focus on enhancing robotic capabilities [4]. - Heng'erda plans to acquire German SMS Maschinenbau GmbH for €8.5 million, expanding its precision machinery business [5]. Investment Opportunities - The report suggests focusing on investment opportunities related to embodied intelligence, including brain models and necessary chip solutions [7][12]. - It also highlights potential investments in companies involved in humanoid robot manufacturing and related technologies, such as Tesla, UBTECH, and others [12][13]. Market Performance - The humanoid robot sector has shown strong market performance, with a 15% absolute return over the past month and a 20.9% return over the past year [10]. - The report lists several stocks within the humanoid robot sector that have performed well, including Nanfang Precision and Rujing Technology, with year-to-date gains exceeding 90% for some [14].

Quantitative Models and Construction Methods 1. Model Name: CRR Pricing Model for Convertible Bonds - **Model Construction Idea**: The CRR pricing model is based on the binomial tree framework, which incorporates embedded options, credit spreads, and other factors to calculate the theoretical value of convertible bonds. This model aims to identify pricing deviations in the convertible bond market and exploit the mean-reversion of these deviations[44][45]. - **Model Construction Process**: 1. Use the CRR binomial tree model to calculate the theoretical value of convertible bonds, considering embedded clauses and credit spreads. 2. Define the "pricing deviation" as the difference between the CRR theoretical price and the market price. 3. Select convertible bonds with the highest CRR price-to-market price ratio within each style (equity-like, balanced, and debt-like) for portfolio inclusion. 4. Portfolio construction: - Initial screening criteria: - Bond rating of AA- or above - Outstanding balance of at least 200 million yuan - Exclude stocks with ST or other special treatments - No historical rating downgrades or negative outlooks - Major shareholder pledge ratio below 90% - Active trading in the past 10 days - Redemption progress less than 5 days - Not below the bond floor - Style classification: - Equity-like: Parity > 110 - Balanced: Parity between 90 and 110 - Debt-like: Parity < 90 - Select the top 10 bonds with the highest CRR price-to-market price ratio in each style, totaling 30 bonds[45][51]. 5. Weighting and rebalancing: Equal weighting with monthly rebalancing[44][45]. - **Model Evaluation**: The CRR pricing model is more accurate than traditional methods like BSM due to its consideration of embedded clauses and credit spreads, making it suitable for identifying pricing inefficiencies in the convertible bond market[15][44]. 2. Model Name: Low Valuation Momentum Strategy for Convertible Bonds - **Model Construction Idea**: This strategy combines low valuation and momentum factors to identify convertible bonds with low conversion premium levels and positive momentum in their underlying stocks[48][49]. - **Model Construction Process**: 1. Initial screening criteria: Same as the CRR pricing model[51]. 2. Style classification: Same as the CRR pricing model[51]. 3. Selection criteria: - Evaluate the relative valuation of convertible bonds (absolute and relative pricing) - Assess the short-term momentum of the underlying stocks - Combine these factors into a comprehensive score and select the top 10 bonds in each style, totaling 30 bonds[51]. 4. Weighting and rebalancing: Equal weighting with monthly rebalancing[51]. - **Model Evaluation**: The low valuation momentum strategy effectively combines valuation and momentum factors, making it a robust multi-factor strategy for convertible bond selection[49][51]. --- Backtesting Results of Models 1. CRR Pricing Model - **Monthly Return**: -0.51%[48] - **Annualized Return**: 15.17%[48] - **Annualized Volatility**: 12.82%[48] - **Maximum Drawdown**: 12.08%[48] - **Return-to-Volatility Ratio**: 1.18[48] - **Return-to-Drawdown Ratio**: 1.26[48] - **Monthly Win Rate**: 61.36%[48] 2. Low Valuation Momentum Strategy - **Monthly Return**: -0.28%[55] - **Annualized Return**: 15.16%[55] - **Annualized Volatility**: 12.84%[55] - **Maximum Drawdown**: 11.26%[55] - **Return-to-Volatility Ratio**: 1.18[55] - **Return-to-Drawdown Ratio**: 1.35[55] - **Monthly Win Rate**: 64.77%[55]

Export Data - In April 2025, China's exports reached $315.69 billion, a year-on-year increase of 8.1%[1] - Imports totaled $219.51 billion, showing a slight decline of 0.2% year-on-year[1] - The trade surplus narrowed to $96.18 billion, which is a 33.61% increase compared to the previous year[1] Export Performance - April's export growth rate decreased from 12.4% in March to 8.1%, influenced by a low base from the previous year[3] - Exports to the U.S. fell by 21.03%, the lowest since August 2023, while exports to ASEAN increased by 20.8%[3] - High-value products like medical instruments and machinery showed strong performance, with growth rates of 8.41% and 17.02% respectively[3] Import Trends - The decline in imports was less severe, with a notable structural differentiation in imported goods[3] - Imports of primary products like soybeans and natural gas decreased by 14.6% and 9.2% respectively, indicating uneven domestic demand recovery[3] - Mechanical and electrical products saw a 5.7% increase in imports, reflecting a rebound in domestic manufacturing needs[3] Market Outlook - Global economic slowdown, particularly in developed economies, is expected to impact China's export orders and growth rates[4] - The manufacturing PMI dropped to 49.1%, indicating contraction in the manufacturing sector[4] - The ongoing high tariffs imposed by the U.S. on Chinese goods continue to exert downward pressure on exports[4]

证券研究报告 | 基金研究（公募） 2025 年 5 月 8 日 《推动公募基金高质量发展行动方案》解读 针对公募基金行业在快速发展中暴露出的经营理念有偏差、功能发挥不充分、发展 结构不均衡、投资者获得感不强等问题，2025 年 5 月 7 日，证监会发布《推动公 募基金高质量发展行动方案》，旨在推动行业加快实现高质量发展，实现从重规模 向重投资者回报转型。本文对政策提及的运营模式、考核机制、权益类产品、行业 生态建设、合规风控管理、监管执法等六个方面入手，结合市场整体情况、相关机 制设计等进行政策解读。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 高艺 S1090524020001 gaoyi2@cmschina.com.cn 徐肖雅 研究助理 xuxiaoya@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 政策主要内容：《推动公募基金高质量发展行动方案》主要涉及了公募基金运 营模式、考核机制、权益类产品、行业生态建设、合规风控管理、监管执法等 六个方面。 ➢ 运营模式：加强基金公司与投资者的绑定。一方面，建立与基金业绩表现挂钩 的浮动管理费收取机 ...

证券研究报告 | 公司点评报告 2025 年 05 月 08 日 微电生理（688351.SH） 业绩符合预期，重磅产品 PFA 获批 消费品/生物医药 公司发布 2025 年第一季度报告：公司实现营业收入 1.04 亿元（+16.77%）； 归母净利润 1787 万元（+328.63%）；扣非归母净利润 1256 万元。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 329 | 413 | 530 | 696 | 902 | | 同比增长 | 26% | 26% | 28% | 31% | 30% | | 营业利润(百万元) | 8 | 55 | 81 | 109 | 145 | | 同比增长 | 153% | 613% | 49% | 34% | 33% | | 归母净利润(百万元) | 6 | 52 | 79 | 106 | 142 | | 同比增长 | 91% | 815% | 51% | 35% | 34% | | 每股收益(元) ...

Investment Rating - The industry is rated as "Recommended," indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [2][8]. Core Insights - In April 2025, the total new RMB loans are expected to be 0.65 trillion, a year-on-year decrease of 0.08 trillion, while the social financing increment is projected to be 1.48 trillion, an increase of 1.55 trillion year-on-year [1][5]. - The expected growth rate of social financing balance is 8.8%, with a month-on-month increase of 0.4 percentage points [1][5]. - The report highlights that the external environment remains uncertain, but internal policies are expected to strengthen, which will benefit market liquidity and potentially improve bank performance in the long term [5][6]. Summary by Sections Credit and Financing - In April 2025, the expected net financing from government bonds is about 0.95 trillion, an increase of 1.04 trillion year-on-year [5][6]. - The anticipated increase in trust, entrusted, and foreign currency loans is 0.01 trillion, compared to a decrease of 0.01 trillion in the same period last year [5]. - The report anticipates a high proportion of bill financing in the overall credit issuance [5]. Monetary Growth - The new M1 growth rate is expected to be 3.1%, with a month-on-month increase of 1.5 percentage points, while M2 growth is projected at 7.8%, with a month-on-month increase of 0.5 percentage points [1][5]. - The report notes that the low base from the previous year due to manual interest adjustments has contributed to the current monetary growth [5][6]. Market Outlook - The report suggests that the banking sector's relative valuation and dividend yield defensive advantages are expected to increase, with high-dividend banks likely to outperform [5]. - It emphasizes a balanced investment strategy across state-owned, joint-stock, and regional banks, focusing on those with superior free cash flow valuations [5][6].

证券研究报告 | 宏观点评报告 2025 年 05 月 08 日 比议息会议更重要的两个信息 —5 月美联储议息会议点评 频率：每月 事件：当地时间 2025 年 5 月 7 日，美联储召开议息会议，维持联邦基金目标 利率区 4.25%-4.50%不变，缩表节奏保持不变。 总体来看，本次会议表态偏鹰，符合预期。鲍威尔用剔除抢进口后的 GDP 和 目前接近充分就业状态证明当前经济表现本身就暗示鹰派立场，对于关税通 胀，鲍威尔更倾向是一次性的，但如果关税持续大幅增加，关税对通胀的影响 可能会更持久。考虑到 2021 年鲍威尔曾误判当时美国通胀是"暂时性的"， 因此本轮美联储调整货币政策立场可能会更加谨慎。 降息必要条件是不确定性消除，关税通胀有更准确的预估，充分条件则是就业 风险增加和通胀预期稳定。鲍威尔在答记者问时指出等到 6 月才能对降息路径 有所预估，已经暗示 6 月大概率不会降息。今年尤其是 3 月以来鲍威尔表态持 续偏鹰，鲍威尔一方面肯定了当前经济仍然稳健，另一方面指出不确定性导致 的通胀和失业率双高风险增加。在贸易谈判有进一步明确的结果之前，美联储 的最优做法还是观望等待、数据依赖。 点评报告 相关报 ...

二、稳定股市、楼市是金融政策重要着力点 证券研究报告 | 债券点评报告 2024 年 05 月 07 日 "双降"后债市怎么走 国务院新闻办公室于 2025 年 5 月 7 日（星期三）上午 9 时举行新闻发布会， 请中国人民银行、国家金融监督管理总局、中国证券监督管理委员会负责人介 绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。对于债市投 资者来说有哪些需要关注的重点，接下来我们将进行分析。 一、降准降息落地，货币政策加码宽松以稳定经济 在本次答记者问中，中国人民银行行长潘功胜表示要进一步实施好适度宽松的 货币政策，人民银行将加大宏观调控强度，推出一揽子货币政策措施，主要有 三大类共十项措施。其中包括降低存款准备金率 0.5 个百分点，预计将向市场提 供长期流动性约 1 万亿元。下调政策利率 0.1 个百分点，预计将带动贷款市场 报价利率（LPR）同步下行约 0.1 个百分点。 由于美国滥用关税政策，并对我国出口造成一定负面影响，4 月制造业 PMI 下 行至了 49%，回落至荣枯线以下。货币政策有必要加码宽松从而稳定经济，通 过降准可以为银行体系提供长线资金，有利于降低银行负债成本，并促进信贷 ...