Key Points - The report highlights a focus on the human-shaped robot industry, which is currently in the early stages of industrial trends, suggesting attention to valuable sub-sectors [5][6][7] - The transportation industry shows a mixed performance in 2024, with shipping and port sectors experiencing a weak start in Q1 2025, while the express logistics sector continues to grow despite declining package values [9][10][12] - The healthcare sector, specifically the company Jianzhijia, reported a total revenue of 9.283 billion yuan in 2024, a year-on-year increase of 2.23%, but a significant drop in net profit by 69.08% [3][15][16] - The express delivery industry is projected to maintain a growth rate of 21% in business volume for 2024, with total express business revenue reaching 1.4 trillion yuan [12][9] - The railway sector achieved a double-digit growth rate in passenger volume in 2024, with a total of 4.31 billion passengers, while road freight volume also showed steady growth [13][9] Group 1: Human-Shaped Robot Industry - The human-shaped robot industry is in the early stages of industrial trends, with a focus on valuable sub-sectors [5][6] - Investment strategies are categorized into three phases: thematic investment, industrial trend investment, and cyclical investment [5][6][7] - The report indicates that the current market sentiment may have already priced in the expected increase in penetration rates for human-shaped robots [7] Group 2: Transportation Industry - The transportation sector's performance in 2024 shows a mixed outlook, with shipping and port sectors facing challenges while express logistics continues to grow [9][10] - The express delivery industry is expected to see a business volume of 1.745 billion packages in 2024, reflecting a 21% year-on-year growth [12] - The railway sector's passenger volume reached 4.31 billion in 2024, marking an 11.9% increase [13] Group 3: Healthcare Sector - Jianzhijia's total revenue for 2024 was 9.283 billion yuan, with a significant decline in net profit due to policy adjustments and tax issues [15][16] - The company has a stable growth in store numbers, reaching 5,486 stores by the end of 2024, with a focus on enhancing its membership system [17][18] - The online business segment has shown growth, contributing 27.85% to total revenue in 2024 [18]

交通运输 | 证券研究报告 — 行业周报 2025 年 5 月 27 日 交通运输行业周报 Frontline 一季度收入和净利润同比下降， 4 月民 航旅客运输量同比增长 8.9% 航运方面，Frontline 一季度收入和净利润同比下降，OPEC+逆势增产或为 油轮运价提供支撑；航空方面，4 月民航旅客运输量同比增长 8.9%，国产 大飞机 C919 首飞深圳；快递方面，菜鸟升级西班牙葡萄牙本地快递网，4 月份深圳进出口同比增长 3.8%。 核心观点： ①Frontline 一季度收入和净利润同比下降，OPEC+逆势增产或为油轮运价 提供支撑。2025 年一季度，Frontline 实现营业收入 4.3 亿美元，同比减少 31.1%；营业利润达到 9316.7 万美元，同比减少 62.9%；净利润为 3328.7 万 美元，同比减少 81.6%；调整后的净利润为 4038.3 万美元，或调整后每股 净利 0.18 美元，同比减少 70.7%。2025 年一季度，Frontline 在现货市场运 营的 VLCC、苏伊士型油轮和 LR2 型油轮平均日租金分别为 37200 美元、 31200 美元和 2230 ...

中银 正 策略研究 | 证券研究报告 — 总量深度 2025年5月26日 三阶段投资框架 人形机器人行至何处 人形机器人行业当前处于产业趋势前期,关注价值量较大的相关细分方向。 的结构顺应"。 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:王若 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号: S1300519060003 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 向的价值量空间较为匹配,价值量较大的丝杆/力传感器/灵巧手/传感器等 涨幅居前。 ■ 风险提示:1)产业趋势确认需多维度验证,技术路线变革或竞争格局恶 化可能导致逻辑失效。2)需警惕渗透率指标滞后性可能导致阶段判断偏 差,市场情绪波动或加速阶段转换。3)历史案例对比下的过往行业演进 路径不可简单外推,技术突破速度及政策支持力度存在不确定性。4）人 形机器人当前产业趋势预期已有所计价,若商业化进度不及预期或面临 估值下修。5)市场学习效应可能放大波动,高价值量环节技术 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1][5]. Core Views - The company is recognized as a leading provider of electronic bulk gases in China, actively promoting domestic substitution in the electronic gas market, which is projected to reach approximately 19.5 billion RMB in 2024 [3][8]. - The company has established three core barriers that enhance its competitive advantage: technological superiority, stable raw material supply, and strong customer relationships [8][55]. Summary by Sections Company Overview - The company, Guangzhou Guanggang Gas Energy Co., Ltd., has evolved into a leading electronic bulk gas service provider in China, with a product range that includes nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide [17][18]. Financial Performance - The company's revenue grew from 867 million RMB in 2020 to 2.103 billion RMB in 2024, with a CAGR of approximately 25% [18][21]. - The projected EPS for 2025, 2026, and 2027 is 0.26 RMB, 0.34 RMB, and 0.43 RMB, respectively, with corresponding PE ratios of 38.4, 29.4, and 22.9 [5][7]. Market Potential - The electronic gas market in China is expected to grow from 19.5 billion RMB in 2024 to 29.8 billion RMB by 2030, with a CAGR of about 7.3% [48][49]. - The company is positioned to benefit from the increasing demand in the semiconductor and display industries, which are critical for the growth of electronic gases [26][48]. Competitive Landscape - The market is characterized by a "stronger gets stronger" effect, with high entry barriers and long customer onboarding cycles, making it difficult for new entrants to replace established suppliers [55][56]. - The company has secured a significant share of new on-site gas projects in the semiconductor and display sectors, increasing its market presence [55][57]. Shareholder Structure - The company is controlled by the Guangzhou Municipal Government, which holds a 36.19% stake, providing long-term resource support and enhancing risk resilience [33][34].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will exceed the benchmark index by more than 20% in the next 6-12 months [3][5]. Core Views - The company has faced short-term pressure on performance due to adjustments in medical insurance and tax issues, but there is potential for industry concentration to increase, and the company's store count continues to grow steadily. The established membership system and online business provide certain advantages, leading to a positive outlook for future development [3][5][8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of RMB 9.283 billion, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of RMB 128 million, a decrease of 69.08%. In Q1 2025, total revenue was RMB 2.294 billion, down 0.85%, with a net profit of RMB 34 million, down 35.85% [3][5][8]. Store Growth and Market Position - The company had a total of 5,486 stores by the end of 2024, with a net increase of 370 stores during the year. The membership base exceeded 26 million, with member consumption accounting for nearly 70% of total sales, supporting stable growth [8]. Industry Outlook - The report highlights that the domestic pharmacy retail industry still has significant room for improvement in concentration, with the current chain rate at 57.81% and a target of 70% by 2025. The top 100 pharmacy retailers accounted for 37.8% of the total retail market, indicating potential for further consolidation [8]. Online Business Development - The company's online business generated RMB 2.586 billion in revenue in 2024, representing 27.85% of total revenue and a year-on-year growth of 19.47%. The third-party O2O platform business contributed RMB 1.106 billion, growing by 33.37% year-on-year [8].

Investment Rating - The investment rating for the company is "Buy" [3][5] - The market price is reported at RMB 23.01 [3] Core Views - The company has faced short-term pressure on performance due to adjustments in medical insurance and tax issues, but there is potential for industry concentration to increase, and the company continues to grow its store count and has established a strong membership system and online business [3][5][8] - The company reported total revenue of RMB 9.283 billion in 2024, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of RMB 128 million, a decrease of 69.08% [3][5] - For Q1 2025, total revenue was RMB 22.94 billion, a decrease of 0.85%, with a net profit of RMB 34 million, down 35.85% year-on-year [3][5] Summary by Relevant Sections Financial Performance - The company’s total revenue for 2024 is projected at RMB 10.32 billion, with a growth rate of 11.2% [7] - The net profit for 2025 is estimated at RMB 263 million, showing a significant recovery from the previous year [7] - The earnings per share (EPS) for 2025 is projected to be RMB 1.70, with a corresponding price-to-earnings (P/E) ratio of 13.5 [5][7] Market Position and Growth Potential - The company has a stable growth in store count, reaching 5,486 stores by 2024, with a net increase of 370 stores [8] - The membership base has exceeded 26 million, with member consumption accounting for nearly 70% of total sales, providing a solid foundation for future growth [8] - The online business generated RMB 25.86 billion in revenue in 2024, representing 27.85% of total revenue, with a year-on-year growth of 19.47% [8] Industry Outlook - The overall concentration in the pharmacy retail industry is expected to increase, with the current chain rate at 57.81%, indicating room for growth towards the 70% target set for 2025 [8] - The top 100 pharmaceutical retailers accounted for 37.8% of the total retail market, suggesting significant potential for market share expansion [8]

地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 基础化工 | 证券研究报告 — 行业周报 2025 年 5 月 26 日 强于大市 化工行业周报 20250525 TDI 价格上涨，国际油价、丁二烯价格下跌 五月份，行业受原油价格大幅波动等因素影响较大，建议整体均衡配置，关注自主可控日益关 键的电子材料公司，以及分红派息政策稳健的能源企业等。 行业动态 投资建议 风险提示 《化工行业 2025 年一季报综述》20250522 《化工行业周报 20250518》20250520 《化工行业 2024 年年报综述》20250519 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一般证券业务证书编号：S1300123070003 本周（05.19-05.25）均价跟踪的 100 个化工品种中，共有 29 个品种价格上涨，38 个品种价 格下跌，33 个品种价格稳 ...

策略研究 | 证券研究报告 — 总量深度 2025 年 5 月 26 日 三阶段投资框架 人形机器人行至何处 人形机器人行业当前处于产业趋势前期，关注价值量较大的相关细分方向。 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：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 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 从统一性指标及股价驱动力拆解角度，将一个细分行业从孕育期到成长 期对应的投资方法顺序归纳为主题投资→产业趋势投资（前期及加速阶 段）→景气周期投资三个阶段。 主题投资，主题投资阶段，对应的表观规律是板块的近端估值明显抬升， 背后逻辑是投资者买入其远端 EPS 改善的预期。主题可以分为两种，从 结果出发：一是"未走出"型主题，二是"可走出"型主题。产业趋势 投资，需要多个指标同时观察。如 1）机构配置比例。2）成交额占比中 枢提升。3）渗透率指标环比启动。4）"奇点"时刻得到关注及认可。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

证券研究报告——晨会聚焦 2025 年 5 月 26 日 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 | 中银晨会聚焦-20250526 | | --- | ■重点关注 【社会服务】社服行业 24 年年度&25Q1 业绩综述*李小民 宋环翔 纠泰民。板 块整体营收稳步增长，业绩端恢复较慢，子板块之间分化较大。一方面建议关 注顺周期下人服会展等板块的表现；另一方面建议关注韧性较强的旅游景区等 快乐消费。 【通信】云厂商加码资本开支，算力产业链迎发展机遇*庄宇 袁妲。2025 年， 腾讯与阿里巴巴纷纷加大资本开支，有力推动国内算力发展。腾讯 2025 年第一季度资 本开支达 275 亿元，同比增长 91%。阿里巴巴 2025年一季度资本开支为 246 亿元，虽 环比下降但公司 2025年 Q1资本开支承诺大幅增长，我们认为其云与 AI 基础设施投入 将持续增加。算力租赁、IDC 及配套等相关产业链方向值得关注，有望迎来新的发展契 机。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 ...