Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The central government has issued policies to promote urban renewal, aiming to stabilize the real estate market and foster healthy development. There is a noticeable sales differentiation among cities of varying tiers, with first-tier cities performing significantly better than second and third-tier cities [8][14] - The report highlights that while overall sales of new and second-hand homes have declined, the inventory cycle in key cities continues to decrease, indicating a potential recovery in demand [8][14] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index fell by 0.31%, while the CSI 300 Index rose by 1.12%, resulting in a relative return of -1.43%, indicating weaker performance compared to the broader market [2][12] 2. Industry Fundamentals - For the week of May 9-15, 2025, the total transaction of new homes in 38 key cities was 24,616 units, a year-on-year decrease of 11.2% but a month-on-month increase of 72.9%. The total transaction area was 2.608 million square meters, with a year-on-year decrease of 13% and a month-on-month increase of 69.1% [4][21] - In the same week, the total transaction of second-hand homes in 16 key cities was 20,827 units, a year-on-year decrease of 8.5% and a month-on-month increase of 88.9%. The total transaction area was 1.99 million square meters, with a year-on-year decrease of 6% and a month-on-month increase of 87% [4][33] 3. Market Dynamics - The inventory of commercial housing in 17 key cities was 187.874 million square meters, with a month-on-month growth rate of 0% and a de-stocking cycle of 146.7 weeks. The land supply for the week was 1.585 million square meters, a year-on-year decrease of 43.4% [5] - The total issuance of credit bonds by real estate companies was 4.184 billion yuan, a year-on-year increase of 69.39% but a month-on-month decrease of 27.49% [5] 4. Investment Recommendations - The report suggests focusing on financially stable and well-performing leading real estate companies such as Poly Developments, China Merchants Shekou, and Yuexiu Property, which are expected to effectively respond to market fluctuations under the current policy environment [8][14]

评级： 增持（维持） 煤炭需求提振可期，右侧配置窗口显现 煤炭 证券研究报告/行业定期报告 2025 年 05 月 17 日 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 37 | | 行业总市值(亿元) | 17,459.15 | | 行业流通市值(亿元) | 17,069.50 | 1、《耐心寻底，布局右侧》2025-05-11 2025-05-05 有望企稳》2025-05-04 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A ...

航空量价向好可期，集运迎来多重催化 交通运输 证券研究报告/行业定期报告 2025 年 05 月 17 日 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740522040001 | | 南方航空 | 5.97 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -25.96 | -66.33 | 19.77 | 13.70 | 10.96 | 买入 | | | | 中国东航 | 3.79 | -0.37 | -0.19 | 0 ...

风电设备 主轴轴承放量兑现，齿轮箱轴承布局打开成长新空间 新强联 24 年报&25Q1 业绩点评 新强联（300850.SZ） 证券研究报告/公司点评报告 2025 年 05 月 16 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：曾彪 | | 营业收入（百万元） | | 2,824 | 2,946 | 4,340 | 5,198 | 5,910 | | | | 增长率 yoy% | | 6% | 4% | 47% | 20% | 14% | | 执业证书编号：S0740522020001 | | 归母净利润（百万元） | | 375 | 65 | 458 | 594 | 711 | | Email：zengbiao@zts.com.cn | | 增长率 yoy% | | 19% | -83% | 601% | 30% | 20% | | | ...

执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn 分析师：葛玉翔 | Email：geyx01@zts.com.cn | | --- | | 基本状况 | | | --- | --- | | 总股本(百万股) | 6,757.68 | | 流通股本(百万股) | 6,757.68 | | 市价(港元) | 2.22 | | 市值(百万港元) | 15,002.05 | | 流通市值(百万港 | 15,002.05 | | 元) | | 汽车服务 | | | 1、《易鑫集团深度报告：专业汽车金 融交易平台，稳健业绩驱动长期股东 回报》2025-04-03 易鑫集团 25Q1 点评：高利润二手车业务增长超预期，金科业务高 增 易鑫集团（02858.HK） 证券研究报告/公司点评报告 2025 年 05 月 15 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 202 ...

2025年5月14日 1 目 录 证券研究报告 【中泰汽车|何俊艺团队】汽车周报（05/05-05/11） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 一、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 四、重要新闻 五、个股跟踪 六、风险提示 2 核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 3 ◼ 周 ...

Investment Rating - The report maintains a positive outlook on strong domestic automotive brands, emphasizing the importance of complete vehicles, intelligent driving, and robotics for the year [7][9]. Core Viewpoints - The report highlights a sustained optimism for strong domestic automotive brands, with a focus on complete vehicles, intelligent driving, and robotics as key investment areas for the year [7][9]. - It notes that the total insurance volume for the week of May 5-11 reached 454,000 units, exceeding the 400,000 weekly threshold, with a year-on-year increase of 27.6% and a month-on-month increase of 6.6% [8]. - The report anticipates significant year-on-year growth for companies like BYD, Great Wall, Li Auto, and Leap Motor in May [8][31]. Summary by Sections 1. Core Viewpoints - The report emphasizes a continued focus on strong domestic automotive brands and the importance of complete vehicles, intelligent driving, and robotics for investment opportunities in 2025 [7][9]. 2. Market Tracking - The automotive sector saw a weekly increase of 2% in the week of May 5-11, with the automotive sector ranking 14th among various sectors [11][15]. - The report indicates that the automotive sector's valuation percentile is at 38%, which is historically low [12]. 3. Industry Prosperity - The report tracks the total insurance volume, which for the week of May 5-11 was 454,000 units, with a year-on-year increase of 27.6% and a month-on-month increase of 6.6% [8][31]. - The report also notes that the penetration rate of new energy vehicles reached 49.1% during the same week, with a total of 223,000 new energy vehicles insured [36]. 4. Important News - The report mentions that the export volume in March was 390,000 units, reflecting a year-on-year decrease of 5% [59]. - It highlights that the total export volume for 2024 is expected to be 4.7 million units, with a year-on-year increase of 23% [59]. 5. Individual Stock Tracking - The report recommends focusing on stocks such as Xiaomi and BYD, with a particular emphasis on the potential for significant price increases in strong domestic brands [8][21]. - It notes that companies like Geely and Li Auto have shown positive trends in their stock performance, with Geely's stock increasing by 10% in the week of May 5-11 [22][23].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [9]. Core Views - The company has shown strong revenue growth, with Q1 2025 revenue reaching 285 million yuan, a year-on-year increase of 23.39%. The net profit attributable to shareholders was 68 million yuan, up 7.02% year-on-year [5]. - The company has a robust order backlog, with new orders totaling 447 million yuan in Q1 2025, including 220 million yuan from overseas, reflecting a 42% increase year-on-year. This strong order growth is expected to support future performance [5]. - The company is developing new transformer bushing products, which are anticipated to contribute to future revenue growth. These products have passed technical and product evaluations by relevant industry associations [5]. - The company’s profitability remains stable, with a gross margin of 46.78% in Q1 2025, despite a slight year-on-year decline. The increase in operating expenses is attributed to new product development and overseas market expansion [5]. Financial Projections - The company’s projected revenue for 2025 is 1,843 million yuan, with a year-on-year growth rate of 37%. The net profit attributable to shareholders is expected to reach 418 million yuan, reflecting a growth rate of 35% [3][6]. - The earnings per share (EPS) is projected to be 0.97 yuan for 2025, with a continued upward trend in subsequent years [3][6]. - The price-to-earnings (P/E) ratio is expected to decrease from 35.1 in 2024 to 25.7 in 2025, indicating improving valuation metrics as earnings grow [3][6]. Market Position and Outlook - The company is well-positioned for future growth, with a strong focus on expanding its overseas market presence and enhancing its product offerings. The anticipated increase in operational capacity and project deliveries is expected to further bolster profitability [5]. - The report suggests that the company’s long-term growth potential remains promising, supported by a solid order pipeline and ongoing product innovations [5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% in the next 6 to 12 months compared to the benchmark index [4][25]. Core Views - The company's traditional land cable business is expected to show stable growth, while the submarine cable segment is anticipated to contribute to new growth due to technological breakthroughs and production capacity enhancements [5][20]. - The company has a comprehensive product range in land cables, with over 50,000 specifications, and is the largest cable manufacturer in the Shanghai area, which positions it well for market expansion [5][10]. - The submarine cable business is rapidly developing, with the company having completed the R&D of a full series of submarine cables and established production capabilities at its bases in Yichang and Pingtan [11][12]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 22.764 billion, a year-on-year decrease of 2.5%, and a net profit of 136 million, down 68% year-on-year [5][18]. - For Q1 2025, revenue was 4.124 billion, a decline of 14.1% year-on-year, while net profit was 70 million, a decrease of 17.72% year-on-year [5][18]. - The company expects to achieve net profits of 385 million, 450 million, and 521 million for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 184%, 17%, and 16% [5][20]. Business Segments - The land cable segment, which includes power cables and electrical installation cables, accounted for over 97% of total revenue in 2024, with respective revenue contributions of 66.3% and 31.6% [8][10]. - The submarine cable segment is projected to grow significantly, with expected revenues of 1 billion in 2025, 1.3 billion in 2026, and 1.565 billion in 2027, reflecting a strong growth trajectory [18][20]. Market Position and Strategy - The company has established strong partnerships with major state-owned enterprises, securing significant contracts in various sectors, including power grids and renewable energy [10][12]. - The strategic focus on high-end products and expanding into overseas markets is expected to enhance the company's competitive edge and revenue growth [5][10]. Future Outlook - The company anticipates a recovery in profitability due to improved gross margins and a strategic shift in operations, with a focus on higher-margin products [10][20]. - The completion of production facilities in Yichang and Pingtan is expected to enhance the company's capacity to meet growing demand in the offshore wind market, particularly in key regions like Fujian, Guangdong, and Zhejiang [12][15].

Investment Rating - The report gives an "Accumulate" rating for the company, marking it as the first coverage of the stock [6]. Core Viewpoints - The company is positioned as a leader in the sports nutrition industry, focusing on innovation and technology to drive growth in both sports nutrition products and digital sports technology services [7][10]. - The sports nutrition market is expected to grow significantly, with the global market projected to reach $25.19 billion by 2027, and the Chinese market expected to grow at a CAGR of 12.82% from 2024 to 2026 [8][43]. - The company has a strong competitive position, holding approximately 18% market share in the domestic sports nutrition sector, and is recognized for its role in setting industry standards [9][50]. Company Overview - The company, 康比特 (Kangbiter), operates in the food processing sector, with a total share capital of 124.5 million shares and a market capitalization of approximately 3,035.31 million yuan [3][6]. - The company focuses on four core business areas: sports nutrition products, health nutrition products, digital sports technology services, and contract processing [16][17]. Financial Performance - The company has shown steady revenue growth, with projected revenues of 1,040 million yuan in 2024, representing a 23% year-over-year increase [6]. - The net profit attributable to shareholders is expected to reach 124 million yuan in 2025, reflecting a 39% increase from the previous year [6]. - The company’s revenue from sports nutrition products accounted for 75.89% of total revenue in 2024, indicating a strong focus on this segment [24]. Industry Growth - The sports nutrition industry is experiencing robust growth, with the Chinese market reaching $950 million in 2023 and expected to grow significantly due to increasing fitness awareness among the population [8][45]. - The digital sports technology market is also expanding rapidly, with a projected growth from 492.6 billion yuan in 2024 to 657.8 billion yuan by 2027, driven by consumer demand for personalized health management solutions [10][61]. Competitive Landscape - The domestic sports nutrition market is characterized by high concentration, with major players including 西王食品 (Xiwang Food), 康比特 (Kangbiter), and 汤臣倍健 (Tongchen Beijian) collectively holding 64% of the market share [9][50]. - The company has established itself as a key supplier for national training teams and has a strong portfolio of proprietary technologies and patents, enhancing its competitive edge [53][55]. Research and Development - The company emphasizes research and development, with a dedicated team and significant investment in innovation, resulting in 226 proprietary intellectual properties as of the end of 2023 [9][32]. - The R&D expenditure reached 32.62 million yuan in 2024, representing a commitment to maintaining product competitiveness and technological advancement [32][53].