Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights significant performance improvement for the company, driven by the rising demand in the refrigerant industry and optimized layout in the fluorochemical sector, leading to expected growth in earnings [6][10] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of RMB 24.46 billion, representing a year-on-year increase of 18.43%, and a net profit attributable to shareholders of RMB 1.96 billion, up 107.69% year-on-year [6][11] - For Q4 2024, the company reported revenue of RMB 6.56 billion, a 41.21% increase year-on-year, and a net profit of RMB 701.97 million, reflecting a 256.83% year-on-year growth [12] - In Q1 2025, the company recorded revenue of RMB 5.80 billion, a 6.05% increase year-on-year, and a net profit of RMB 808.79 million, up 160.64% year-on-year [13] Industry Outlook - The refrigerant industry is experiencing a continuous increase in prices, with the average price of refrigerants rising by 32.69% year-on-year in 2024 [10] - The company holds a leading position in production quotas for refrigerants, with a 26.10% share of the national R22 production quota and a 39.6% share of HFCs production quotas [10] Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be RMB 4.18 billion, RMB 5.07 billion, and RMB 5.81 billion respectively, with corresponding earnings per share of RMB 1.55, RMB 1.88, and RMB 2.15 [8][17]

Investment Rating - The report rates the banking sector as "Outperforming the Market" [1] Core Views - The banking sector index increased by 2.63% this week, ranking first among all sectors, with 41 out of 42 A-share banks experiencing price increases [1][2] - Year-to-date, the banking sector has risen by 12.73%, maintaining its position as the top-performing sector [1] - Key banks to focus on include China Merchants Bank, Agricultural Bank of China, and Jiangsu Bank [1] Summary by Sections Banking Sector and Stock Performance - The A-share banking index rose by 3.13% this week, outperforming the Wind All A index, which fell by 1.07% [12] - Among bank types, state-owned banks saw an average increase of 4.09%, joint-stock banks 3.17%, city commercial banks 2.54%, and rural commercial banks 3.19% [14][17] - In the Hong Kong market, 8 out of 15 A-share banks listed as H-shares saw price increases, with Zhengzhou Bank having the highest AH share premium at 104.05% [14][25] Funding Price Situation - The central bank conducted a significant reverse repurchase operation, injecting 960.3 billion yuan into the market [3][27] - As of the end of the week, the SHIBOR overnight rate was 1.37%, down 4 basis points from the previous week [30][31] - The average weighted rate for interbank certificates of deposit was 1.66%, a decrease of 2 basis points from the previous week [58] Bond Market Situation - Total bond market financing reached 25,633.8 billion yuan this week, with net financing increasing by 1,065.8 billion yuan [42][46] - Local government bonds issuance was 2,617.5 billion yuan, up 1,539.7 billion yuan from last week, while national bonds decreased by 2,270.6 billion yuan [42][46] - The yield on 1-year government bonds was 1.36%, down 4 basis points, while the 10-year yield remained stable at 1.64% [45][48]

Investment Rating - The industry is rated as "Outperforming the Market," indicating expectations for the industry index to perform better than the benchmark index over the next 6-12 months [2][49]. Core Insights - The social services sector experienced a decline of 3.30% in the first two trading weeks of June 2025, ranking 19th among 31 industries in the Shenwan classification, underperforming the CSI 300 index by 0.54 percentage points [2][13]. - With the summer travel season approaching, there is an anticipated increase in consumer spending, supported by positive consumption data from May, which showed a year-on-year growth of 6.4% in retail sales, the highest since January 2024 [5][30]. - The report highlights a significant recovery in travel demand, particularly for family trips, with a projected 76% increase in outbound travel to Europe and notable growth in less common destinations [5][31]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was below the market average, with all sub-sectors, including tourism retail and education, experiencing declines [15][19]. - The overall PE (TTM) for the social services industry is 30.91 times, which is at the 20.62% historical percentile, compared to the CSI 300's PE of 12.12 times at the 45.62% historical percentile [22][24]. Investment Recommendations - The report suggests focusing on companies with strong growth prospects in the travel chain and related industries, such as Huangshan Tourism, Lijiang Co., and Songcheng Performance [5][42]. - It also recommends monitoring hotel brands benefiting from business travel recovery, such as Junting Hotel and Jinjiang Hotel, as well as companies in the cross-border travel market like China Duty Free and Wangfujing [5][42].

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The Middle East tensions have led to increased oil shipping rates and insurance premiums, while the sentiment in the capesize market has cooled significantly, resulting in a sharp decline in daily charter rates [13][14] - Cathay Pacific's passenger volume from January to May 2025 increased by 28.4% compared to the same period in 2024, with a notable rise in international travel [15][16] - SF Express reported a revenue increase of 11.34% in May 2025, with domestic express delivery volume growing by 20.1% year-on-year [22][23] Summary by Sections 1. Industry Hot Events - The escalation of tensions in the Middle East has triggered a chain reaction in the oil shipping market, with VLCC average daily charter rates rising to nearly $55,000, reflecting a more than 100% week-on-week increase [13] - Cathay Pacific's passenger volume for May 2025 increased by 36.1% year-on-year, indicating strong recovery in air travel demand [15][16] - SF Express achieved a total revenue of CNY 25.113 billion in May 2025, marking an 11.34% increase year-on-year [22] 2. High-Frequency Data Tracking 2.1 Air Logistics - The air cargo price index for Shanghai outbound flights was reported at 4,475 points, down 6.4% year-on-year [25] - Domestic cargo flights decreased by 6.76% year-on-year in May 2025, while international flights increased by 26.98% [31] 2.2 Shipping Ports - The SCFI index for Shanghai's export container shipping was reported at 1,869.59 points, down 10.47% week-on-week and down 46.21% year-on-year [39] - The total cargo throughput at national ports reached 5.755 billion tons in the first four months of 2025, a 3.7% year-on-year increase [50] 2.3 Express Logistics - In May 2025, the express delivery volume reached 17.32 billion pieces, a year-on-year increase of 17.20% [52] - The total express delivery volume from January to May 2025 was 78.77 billion pieces, reflecting a 20.1% year-on-year growth [23]

Core Insights - The report highlights the current industry allocation of the Bank of China’s multi-strategy system, with the highest weights in Communication (10.6%), Electronics (8.7%), and Comprehensive Finance (8.2) [1] - The average weekly return for the CITIC primary industries was -2.2%, with the best-performing sectors being Oil & Petrochemicals (2.8%), Communication (1.5%), and Banking (1.0%) [3][10] - The report indicates that the composite strategy has achieved a cumulative return of 4.5% year-to-date, outperforming the CITIC primary industry equal-weight benchmark by 1.1% [3] Recent Industry Performance Review - The best-performing sectors this week were Oil & Petrochemicals (2.8%), Communication (1.5%), and Banking (1.0%), while the worst were Pharmaceuticals (-6.1%), Textiles and Apparel (-5.8%), and Light Industry Manufacturing (-5.1%) [10][11] - The average return for the CITIC primary industries over the past month was -0.3% [10] Industry Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying sectors with high valuation risks [12] - Currently, the Retail Trade and Automotive sectors are flagged for high valuation risk, with PB ratios above the 95th percentile [13][14] Single Strategy Rankings and Recent Performance - The top three industries based on the high prosperity industry rotation strategy (S1) are Non-ferrous Metals, Communication, and Pharmaceuticals [15][16] - The implied sentiment momentum tracking strategy (S2) ranks Banking, Communication, and Comprehensive Finance as the top three sectors [20] Composite Strategy Industry Allocation and Performance Review - The composite strategy has allocated the highest weights to the Long-term Dilemma Reversal Strategy (S4) at 22.5%, while the lowest weight is assigned to the Macro Style Rotation Strategy (S3) at 8.6% [3] - The report indicates that the Long-term Dilemma Reversal Strategy recommends Banking, Steel, Electronics, Non-bank Finance, Building Materials, and Coal as the top sectors for investment this month [26]

房地产行业 | 证券研究报告 — 行业周报 2025 年 6 月 24 日 强于大市 房地产行业第 25 周周报（2025 年 6 月 14 日-2025 年 6 月 20 日） 本周楼市成交面积同比增速由正转负；多地优化公积金贷款 政策 新房、二手房成交面积环比均涨幅收窄、同比均由正转负。新房库存面积同环比均下降，去化 周期环比上升、同比下降。 核心观点 政策 地方层面，6 月 18 日，江苏省住建厅印发《江苏省住宅工程品质提升行动方案》，旨在提 升住宅工程品质。该方案提出"大力提升住宅工程实体质量、性能品质和居住体验，建设 经得起市场和时间检验的安全、舒适、绿色、智慧的'好房子'。至 2027 年底，行动各项 措施全面落地，长效工作机制形成，工程质量缺陷投诉数量下降 30%以上，住宅工程品质 明显提升"。此外，本周多地优化公积金贷款政策。6 月 17 日，浙江省直公积金中心提取 住房公积金直付购房首付款已正式上线，在杭州市区购房可用公积金个人账户余额直付首 付款。6 月 17 日，温州市公积金管理中心推出购买二手住房提取住房公积金支付首付款政 策。山东淄博 6 月 18 日上调公积金贷款额度，夫妻最高可贷 ...

证券研究报告——晨会聚焦 2025 年 6 月 24 日 | 6 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 688019.SH | 安集科技 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600600.SH | 青岛啤酒 | | 688507.SH | 索辰科技 | 中银晨会聚焦-20250624 资料来源：万得，中银证券 中银国际证券股份有限公司 具备证券投资咨询业务资格 产品组 证券分析师：王军 (8621)20328310 jun.wang_sh@bocichina.com 证券投资咨询业务证书编号：S1300511070001 市场指数 ■重点关注 【基础化工】新和成*余嫄嫄 范琦岩。公司发布 2024 年年报，2024 年公司 实现营收 216.10 亿元，同比+42.95%；实现归母净利润 58.69 亿元，同比 +117.01%；其中 24Q4 实现营收 58.28 亿元，同比+41.99%，环比-1.84%；实 现归母净利润 18.79 亿元，同比+211.60%， ...

策略研究 | 证券研究报告 — 总量点评 2025 年 6 月 24 日 策略点评 静待"击球点" 市场若因中东局势出现显著调整，快线指标或有望发出新一轮加仓信号。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 据央视新闻报道，当地时间 6 月 21 日，美国总统特朗普在其社交媒 体上发文称，美国已完成对伊朗福尔多、纳坦兹和伊斯法罕三处核设 施的袭击。 自 6 月 13 日以色列对伊朗发动军事行动以来，由于此前冲突范围限定在 两国内，冲突虽持续，但以国际金价衡量的冲突烈度并未有显著失控， 截至 6 月 20 日，布伦特原油期货价格较冲突前明显上涨，COMEX 黄金 期货价格区间涨幅接近持平。 但本次美国军事行动的发起，或再度引发市场担忧，包括但不限于核 设施被攻击后伊朗的潜在报复行动及后续霍尔木兹海峡潜在的被封 锁可能。 我们认为对 A 股当前的风险偏好下修风险仍然可控，逻辑条件来看，美 国袭击伊朗核设施后，6 月 22 日中东股市全线高开，从通胀（油 ...

计算机 | 证券研究报告 — 行业周报 2025 年 6 月 23 日 公司动态： (1)海特高新：公司于 2025 年 6 月 17 日首次通过股票回购专用证券账户 以集中竞价方式回购股份，回购股份数量为 389,700 股，占公司总股本的 0.05%。首次回购股份的最高成交价为 10.20 元/股，最低成交价为 10.15 元/股，成交总金额为 3,967,579.00 元（不含交易费用）。本次回购股份 资金来源为公司自筹资金及股票回购专项贷款，回购价格未超过人民币 13.50 元/股（含本数），符合既定的回购方案和相关法律法规的要求。 (2) 税友股份：公司 2023 年限制性股票激励计划首次授予的 7 名激励对 象因个人原因已离职，64 名激励对象因公司层面业绩考核不达标不满足 首次授予的第二个解除限售期的解除限售条件，根据《上市公司股权激 励管理办法》及公司《2023 年限制性股票激励计划（草案）》的有关规 定，公司将对已获授但尚未解除限售的 418,250 股限制性股票进行回购注 销，并根据 2024 年度利润分配情况将回购价格调整为 22.86 元/股。 投资建议 强于大市 计算机行业"一周解码 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 21.70 and a sector rating of "Outperform" [2][5]. Core Insights - The company has experienced rapid growth in performance, particularly in the methionine and new materials sectors, with orderly capacity release and ongoing project construction [5][10]. - For 2024, the company achieved a revenue of RMB 21.61 billion, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of RMB 5.87 billion, up 117.01% year-on-year [5][11]. - The first quarter of 2025 saw a revenue of RMB 5.44 billion, reflecting a 20.91% year-on-year growth, and a net profit of RMB 1.88 billion, which is a 116.18% increase year-on-year [5][13]. Financial Performance Summary - The company’s revenue and net profit for 2024 were significantly boosted by the sales and price increases of key products in the nutrition segment, alongside effective cost management [10][11]. - The gross margin for 2024 was 41.78%, an increase of 8.80 percentage points year-on-year, while the net margin reached 27.29%, up 9.26 percentage points year-on-year [10]. - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares to all shareholders [5]. Earnings Forecast - The earnings forecast for 2025-2027 projects net profits of RMB 64.65 billion, RMB 74.16 billion, and RMB 79.25 billion respectively, with corresponding earnings per share of RMB 2.10, RMB 2.41, and RMB 2.58 [7][15]. - The report anticipates a price-to-earnings ratio of 10.3, 9.0, and 8.4 for the years 2025, 2026, and 2027 respectively [7][15]. Shareholder Information - The major shareholder is Xinhengcheng Holdings Group Co., Ltd., holding 50.08% of the company [10].