Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment opportunities [4]. Core Viewpoints - The company is a leading player in the spicy snack sector, benefiting from the growth of the konjac product category, which has driven rapid revenue growth over the past 25 years. The company possesses strong brand power and product development capabilities, supported by a big product strategy and refined channel management for long-term growth [1][2]. Summary by Sections Future Development Highlights - The konjac snack industry is projected to reach a scale of 12 billion yuan in 2024, characterized by high customer unit prices, broad audience coverage, and health benefits, indicating significant market potential. The company, as a pioneer in the konjac category, is expected to generate over 3 billion yuan in revenue from konjac products in 2024, maintaining its industry leadership [2]. Financial Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are 7.881 billion, 9.494 billion, and 11.265 billion yuan, with year-on-year growth rates of 26%, 20%, and 19% respectively. Net profit forecasts for the same period are 1.360 billion, 1.670 billion, and 1.984 billion yuan, with growth rates of 27%, 23%, and 19%. The expected EPS for 2025-2027 is 0.56, 0.69, and 0.82 yuan, corresponding to P/E ratios of 23.68, 19.29, and 16.24 times. The company is currently in a konjac product growth phase, with a valuation of 25-30 times P/E, translating to a market value of 34-40.8 billion yuan, indicating further upside potential [4][6]. Financial Summary - The company's revenue has shown steady growth, increasing from 2.76 billion yuan in 2018 to 6.266 billion yuan in 2024, with a CAGR of 14.6%. The net profit has also risen from 476 million yuan in 2018 to 1.069 billion yuan in 2024, with a net profit margin of 17.06% in 2024, reflecting strong profitability [24][30]. Core Competitiveness - The company has established a robust brand foundation and a comprehensive product matrix, with a strong focus on the spicy snack market. The konjac product line has emerged as a significant growth driver, with revenue from this category increasing from 298 million yuan in 2018 to 3.371 billion yuan in 2024, achieving a CAGR of 49.84% [36][37]. Product Foundation - The company has a well-structured product matrix, including traditional spicy snacks, vegetable products, and bean products. The konjac product "Konjac Delight" has become a key growth driver, while traditional spicy snacks remain a core product line despite a decrease in revenue share [41][43].

证券研究报告 | 宏观专题研究 | 中国宏观 宏观专题研究 报告日期：2025 年 06 月 30 日 6 月 PMI：经济修复方向重于斜率，关注股债双牛兑现 —2025 年 6 月 PMI 数据解读 核心观点 6 月制造业采购经理指数（PMI）为 49.7%，较 5 月上升 0.2 个百分点，说明 经济维持修复态势，但 PMI 的变动幅度并不等同于经济的变动幅度，我们判 断后期经济基本面的不确定性或有所增加，特别是外贸修复的斜率与可持续 性。从结构上看，在构成制造业 PMI 的 5 个分类指数中，生产指数、新订单 指数均高于临界点，说明供需两端均有所改善，但从业人员指数低于临界点 且环比走弱，说明微观主体压力依然存在。 从重点行业看，总体维持活跃状态。6 月装备制造业、高技术制造业和消费品 行业 PMI 分别为 51.4%、50.9%和 50.4%，均连续两个月位于扩张区间。6 月 高耗能行业 PMI 为 47.8%，比上月上升 0.8 个百分点，景气水平有所改善。 大类资产方面，我们认为下半年市场或呈现股债双牛的结构。一方面，预计 中美经贸关系可能在震荡曲折中走向缓和，另一方面"类平准"基金兜底尾部 风险 ...

液冷新星，有望业绩与估值双击 ——科创新源深度报告 投资要点 ❑ 聚焦高分子材料+热管理系统双主业，进入高成长周期 公司是国内领先的高分子材料供应商，主要服务于通信、电力、汽车领域；公司 拓展热管理业务，尤其高景气度的新能源汽车和数据中心领域。目前公司主要客 户包括华为、中兴、电信运营商、宁德时代等龙头企业。 17-23 年公司营收年均复合增速 14.05%，稳健发展，24 年深度布局的的新能源 电池领域开始放量，实现营收 9.6 亿元 YOY+72%，25Q1 实现营收 2.5 亿元 YOY+86%。我们预计新能源电池领域有望继续加速放量，同时在数据中心领域 内生外延双轮成长，公司将进入快速成长期。 ❑ AI 液冷：智算中心需求爆发，内生外延打造强劲增长极 行业发展不及预期的风险；原材料价格上涨超预期的风险；行业竞争加剧超预期 的风险；公司业务及客户拓展不及预期的风险。 证券研究报告 | 公司深度 | 橡胶 科创新源(300731) 报告日期：2025 年 06 月 30 日 海外国内共振，液冷有望进入加速放量周期。国内互联网资本开支高增，有望进 入 AI 应用驱动算力投入的正反馈循环。海外英伟达 GB20 ...

海外科技周度复盘 ——海外科技产业跟踪（2025.6.23-6.29） 跟踪要点 ❑ 一周海外科技行情 6 月 23 日- 6 月 29 日，标普 500 指数上涨 3.4%，纳斯达克指数上涨 4.2%， NVDA 上涨 9.7%，TSLA 上涨 0.5%，AAPL 基本持平，MSFT 上涨 3.9%， AMZN 上涨 6.5%，META 上涨 7.5%，GOOGL 上涨 7.1%，AVGO 上涨 7.7%。 ❑ 近期海外科技重点事件 软银对 OpenAI 的总投资将达到 332 亿美元。6 月 27 日，软银 CEO 孙正义在软 银集团的股东大会上表示，软银向 OpenAI 的总投资将达到 4.8 万亿日元（约合 332 亿美元）。 马斯克宣布 7 月 4 日后发布 Grok 4 模型。6 月 27 日，马斯克在 X 上宣布，将于 7 月 4 日后发布 Grok 4。他透露，"和 xAI 团队通宵打磨 Grok，下一代模型将 被称为 Grok 4，在独立日（7 月 4 日）之后就发布。还需针对专业编程模型进行 一次重大调试。" OpenAI 希望通过谷歌云租用的 TPU 芯片降低推理计算成本。据媒体报道，作 ...

证券研究报告 | 公司点评 | 光学光电子 奥比中光(688322) 报告日期：2025 年 06 月 30 日 1-5 月扭亏，"技术创新投入－商业成果转化"战略加速落地催化 ——奥比中光点评报告 投资要点 ❑ 事件：公司完成 2025 年 1-5 月主要经营数据初步核算工作，实现扭亏 1）根据公司未经审计的财务数据，2025 年 1-5 月实现营收 3.63 亿元，同比增长 117%； 实现归母净利润 0.55 亿元，同比扭亏。 2）公司"技术创新投入－商业成果转化"战略加速落地催化，全栈式研发能力和全领域 技术路线布局为技术迭代创新提供底层动力，在包括具身智能机器人、各类 AI 端侧硬件 升级等赛道，公司均具备明显的先发、技术及产品规模化等优势。 ❑ 公司技术实力雄厚，居人形机器人竞争格局最好的赛道之一，α+β共振有望业绩高增 1）β：人形机器人产业化提速，3D 视觉是竞争格局最优赛道之一 2025 年人形机器人行业进入内外双驱、日新月异的产业扩张期；我们预计 2030 年中美制 造业、家政业的人形机器人需求合计约 210 万台，市场空间约 3146 亿元。 机器人视觉承载 80%信息获取，目前国内外龙 ...

Report Information - Report Title: What are the Patterns in Credit Bond Transactions in the Past Year? — One of the Series on Analyzing Bonds through Volatility [1] - Analyst: Du Jian, CFA from Zheshang Fixed Income [1] - Date: June 27, 2025 [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The report analyzes the indicators for observing secondary - market credit bond transactions and the patterns in credit bond transactions over the past year, including increased preference for second - tier and perpetual (二永) bonds, reduced sustainability of the duration strategy, the potential of the deviation of 二永 bonds from valuation in trading as a leading indicator of yields, and increased selling pressure on long - duration credit bonds during adjustments [3][4] 3. Summary by Relevant Catalogs 3.1 Through which indicators to observe credit bond secondary transactions? - "Price" indicators: Broker transactions can collect a large amount of market trading information. After filtering out invalid quotes, they provide the best price to customers, reflecting comprehensive price information. Suitable for constructing price indicators such as trading deviation, trading yield, and high - valuation trading ratio [4][8] - "Volume" indicators: Traders use brokers to find prices and trading counterparts and then complete transactions on the China Foreign Exchange Trade System (CFETS) or exchange platforms. Platform transactions can fully reflect the specific scale of trading volume, suitable for constructing volume indicators such as trading duration and turnover rate [4][8] 3.2成交规律一：对二永债的偏好大幅提升 - Since July 2024, the trading activity of credit bonds has significantly increased compared to previous years, with the increase in trading volume mainly in 二永 bonds. The reasons are that 二永 bonds are interest - rate amplifiers, facilitating capital gain speculation in a strong downward - interest - rate market, and investors prefer 二永 bonds for their better liquidity during market adjustments. Investors' preference is mainly concentrated on state - owned and joint - stock bank 二永 bonds [12] 3.3成交规律二：久期策略持续性降低 - Since August 2024, long - duration credit bonds have shown a "fast - up - fast - down" pattern, with liquidity issues during corrections. They failed to provide stable excess returns as in 2023 - H1 2024. The trading duration centers of urban investment bonds, industrial bonds, and 二永 bonds have remained at 2.5 years, 3 years, and 3.5 years respectively [13] 3.4成交规律二：近期机构对于城投、产业拉久期诉求高于二永 - In recent duration strategies, the market has focused on extending the duration of medium - and high - grade urban investment and industrial bonds, while the trading duration of state - owned and joint - stock bank 二永 bonds has not significantly increased. This is because the trading duration of 二永 bonds is already high, and the market also wants to balance coupon income. Since March, the yield of short - duration credit bonds has dropped too fast, and since June, it has been difficult for institutions to obtain short - term bonds with a yield above 2%, leading to passive extension of duration to make up for the lack of coupon income [17][18][19] 3.5成交规律三：二永债偏离估值成交幅度或可视作收益率领先指标 - The trading deviation of 二永 bonds from valuation generally leads credit bond yields by 1 - 3 trading days. In the past year, this indicator led the turning points of credit bond yields on September 26, 2024, October 9, 2024, and January 2 - 3, 2025 [25] 3.6成交规律四：调整期间长久期信用债抛售压力加大 - Since 2024, long - duration credit bonds have seen their liquidity issues magnified during market adjustments, with a significantly higher trading deviation than short - duration credit bonds. In 2023, the trading deviation of 二永 bonds across all durations was around 1bp, and the average trading price of general credit bonds over 5 years was even 0.5bp lower than the valuation. In 2024, the high - valuation trading ratio of long - term bonds was higher than that of short - term bonds [29][31][37]

Group 1: Key Recommendations - The report highlights 京北方 (002987) as a leading financial technology service provider, benefiting from the acceleration of the digital currency strategy and the deep integration of AI in the financial sector, with expected business growth exceeding market expectations [4] - The report anticipates that the company's revenue will grow from 5147 million in 2025 to 6291 million in 2027, with a net profit growth rate of 16.34% in 2025 [5] - The report identifies 珍酒李渡 (06979) as a rare leader in the sauce liquor market, with multiple brands and a flexible operational strategy, poised for performance growth as consumer demand recovers [6] Group 2: Market Insights - The report suggests increasing attention to small and mid-cap stocks, emphasizing financial, growth, and consumer sectors, particularly banks, brokers, and TMT [8] - It notes that the market is expected to experience clearer trading opportunities in July, despite increased uncertainties, with a focus on internal policy developments and mid-report performance disclosures [8] - The report indicates that the industrial profit growth is on a slow recovery path, requiring effective demand to strengthen and industrial product prices to rise reasonably [10] Group 3: Profit Forecasts and Valuations - For 京北方, the target price is set at 28.11 yuan, indicating an upside potential of 54.39%, with a PE ratio forecasted to decrease from 44 in 2025 to 33 in 2027 [5] - For 珍酒李渡, the revenue growth rates are projected at 2%, 5%, and 7% from 2025 to 2027, with net profit growth rates of 14%, 8%, and 10% respectively [7] - The report emphasizes the importance of policy developments as catalysts for both companies, particularly in the context of market recovery and demand restoration [6][10]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 06 月 29 日 评级调整期有望平稳度过 ——可转债周度跟踪 核心观点 我们认为转债评级基本在 6 月 30 日公布完毕，转股能力的回归支撑转债市场表现，大 多转债以正股股性作为定价，市场大概率不会被评级调整扰动。但是 5-6 月评级公布 期间，市场情绪会受到影响，估值中枢会持续下降。 ❑ 风险提示 经济基本面改善不足；国内流动性收紧；海外风险事件超预期；历史经验不代表 未来 分析师：陈婷婷 执业证书号：S1230525050001 chentingting01@stocke.com.cn 相关报告 1 《央行延续呵护，资金预计平 稳跨月》 2025.06.29 2 《关注跨季后的 3-5 年二永》 2025.06.28 3 《坚定信心，韧性较足》 2025.06.28 http://www.stocke.com.cn 1/10 请务必阅读正文之后的免责条款部分 ❑ 2025 评级调整的转债大多不是机构主流券，对市场冲击较为有限。6 月是传统 的转债信用评级披露月份，截至 6 月 27 日，有 433 只转债已经披露 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In May 2025, China's engineering machinery export value reached 36.168 billion yuan, a year-on-year increase of 10.1%, with a cumulative export value of 165.91 billion yuan from January to May, also up by 10.2% year-on-year [2][3] - The globalization of the engineering machinery industry is ongoing, with an expected continuous increase in overseas market share, where exports are becoming a major source of profit [2] - The "Belt and Road" initiative is driving demand growth and market share enhancement, particularly in emerging markets benefiting from urbanization and industrialization [2] Summary by Sections Export Performance - In May 2025, the export value of engineering machinery was 5.024 billion USD, a year-on-year increase of 8.5%, with a cumulative export value of 23.095 billion USD from January to May, up by 9.0% year-on-year [2] - The export volume of excavators from January to May increased by 23%, with an export value growth of 22% [14] Market Share and Profitability - The top three Chinese manufacturers, XCMG, SANY, and Zoomlion, hold a combined market share of 12.4% in the global top 50 engineering machinery manufacturers, indicating significant room for growth [2] - The overseas revenue and gross profit margins of the five major manufacturers are projected to reach 52% and 61% respectively in 2024, with year-on-year growth rates of 16% and 17%, surpassing domestic growth rates [2] Regional Export Breakdown - From January to May 2025, exports to Africa reached 3.21 billion USD, up by 49.3%, while exports to Asia were 10.163 billion USD, up by 15.6% [2] - Exports to countries along the "Belt and Road" totaled 11.13 billion USD, a year-on-year increase of 9.8%, accounting for 48.2% of total exports [2] Investment Recommendations - The report recommends focusing on industry leaders such as SANY Heavy Industry, XCMG, Shantui, Hengli Hydraulic, Zoomlion, LiuGong, Hangcha Group, Anhui Heli, and Zhongli [2]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 06 月 29 日 央行延续呵护，资金预计平稳跨月 ——流动性与机构行为跟踪 核心观点 资金面部分，未来一周，政府债净融资规模下降，月初央行预计按惯例回笼，资金面 大概率将保持均衡运行，平稳跨月。 存单部分，未来一周，存单到期规模约 0.25 万亿，供给压力有所减小，月初资金面预 计回到均衡偏松，存单收益率或呈现震荡走势。 机构行为部分，基金、农商行、其他产品是利率债主要买盘，农商行净买入力量有明 显回升。 ❑ 流动性：央行延续呵护，资金面预计平稳跨月 1、资金面部分：（1）央行 6 月 MLF 持续超额续作，已连续 4 个月续作 MLF 投放 流动性，配合 6 月 2000 亿的买断式逆回购净投放，资金面呈现均衡偏松的态势。 6 月央行三次操作中长期投放流动性，加强和市场的政策沟通，有效缓解了存单 大量到期带来的银行负债端压力。（2）过去一周，央行持续进行幅度较大的净投 放，以呵护跨月资金面，月末资金面紧张程度有限。由于跨月资金需求旺盛，核 心资金利率边际上行，资金面呈现 "量价双升"的情形，全周来看资金面体感均 衡 ...