证券研究报告：固定收益报告 发布时间：2025-04-21 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 近期研究报告 《信用拉久期的性价比如何？》 - 2025.04.16 固收周报 政策进入落地窗口 ——流动性周报 20250420 ⚫ "广义财政+降准"的政策组合概率较高 短期债市运行仍在破局前的震荡阶段。近两周长端收益率波动显 著收窄，进入缺乏主线的混沌阶段，除超长期国债活跃券更换等引起 的收益率曲线个别期限点的异动之外，行情整体变化不大。我们前期 讨论债券叙事是提到，宏观叙事逻辑中债市是有想象空间的，但还需 要时间观察，观察外部冲击的传导和国内政策的应对。 4 月之后，政策发力取向逐渐清晰，梳理政策脉络。（1）宏观调 控政策大概率会在去年末中央经济工作会议框架内发力。（2）宏观调 控政策注重发力的"预期管理"。（3）宏观调控政策可能更具针对性， 以政策组合形式落地。 4 月下旬，政治局工作会议即将召开，是关键政策观察窗口；4 月 末还有例行的全国人大常委会，若涉及年初财政预算的调整，也具备 时间上的可行性。 对长端 ...

证券研究报告：医药生物|行业周报 发布时间：2025-04-21 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 7117.43 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 | 周最低 | 6070.89 | 行业相对指数表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 近期研究报告 《FDA 将逐步取消对单抗和其他药物的 动物实验要求，AI 制药有望受益》 - 2025.04.14 医药生物行业报告 （2025.04.14-2025.04.20） 12 部门联合发布《促进健康消费专项行动方案》 ...

证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《超预期开局下的韧性突围，关注政 策再平衡》 - 2025.04.17 宏观研究 4 月经济高频数据环比平稳，基建投资和入境游新 业态亮点显现 核心观点 （1）从高频数据看，4 月经济运行仍整体平稳。有几点边际变化 值得关注： 一是房地产销售景气度环比有所回落，土地供应有所回升，但单 价有所下降，房地产市场止跌企稳仍需观察。我们理解，房价企稳是 房地产市场止跌企稳的充分条件，房地产处于深度调整期，市场信心 尚未显著改善，仍需政策托底支持，近期青岛、吉林等陆续出台稳地 产政策。 二是基建投资需求稳固，石油沥青装置开工率环比回升，库存环 比走低，说明需求环比有所回暖，同时，专项债发行节奏保持相对平 稳。外部不确定性增大背景下，稳投资仍离不开基建投资托底。一季 度基础设施投资增长 5.8%，比上年全年加快 1.4 个百分点，有效支撑 一季度经 ...

发布时间：2025-04-21 证券研究报告：医药生物|行业周报 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 7117.43 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 | 周最低 | 6070.89 | 行业相对指数表现 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 医药生物 沪深300 12 部门联合发布《促进健康消费专项行动方案》， 药店板块有望受益 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 近期研究报告 《FDA 将逐步取消对单抗和其他药物的 动物实验要求，AI 制药有望受益》 - 2025.04.14 医药生物行业报告 （2025.04.14-2 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Views - As of April 20, 2024, among the 120 tracked defense industry listed companies, 60 have disclosed their 2024 annual reports, with 29 companies showing year-on-year growth in performance, and 12 companies reporting a net profit growth rate exceeding 20%. Notable companies with strong performance include China Shipbuilding Defense, Tianyin Electromechanical, and Aerospace Intelligent Manufacturing [4][12] - For the first quarter of 2025, 9 defense industry companies have released performance forecasts, with companies like China Shipbuilding Defense and China Heavy Industry expected to see year-on-year growth rates exceeding 300% [4][15] - Looking ahead to 2025, the defense industry is expected to experience a turning point in orders, driven by new technologies and products aimed at enhancing equipment performance and reducing costs. Two main investment themes are suggested: the aerospace theme and new technologies/products with greater elasticity [5][16] Summary by Sections Industry Overview - The closing index for the defense industry is 1413.55, with a 52-week high of 1712.48 and a low of 1113.62 [1] Performance Analysis - The defense sector index has seen a decline of 2.79% this week, ranking last among 31 sectors [18] - The top-performing stocks in the defense sector this week include Beimo Gaoke (+11.94%) and Hangya Technology (+9.70%) [20] Company Performance - Key companies and their 2024 revenue and profit growth rates include: - China Shipbuilding Defense: Revenue of 194.02 billion, profit growth of 684.86% - Aerospace Intelligent Manufacturing: Revenue of 77.81 billion, profit growth of 87.02% [14] - For Q1 2025 forecasts, China Shipbuilding Defense is expected to report a profit growth rate of 1103% [15] Valuation Levels - As of April 18, 2025, the defense sector's PE-TTM valuation is 72.84, and the PB valuation is 3.26, both at historical mid-levels [23] Investment Recommendations - Suggested investment themes include: 1. Aerospace and "gap-filling" technologies, with companies like Feiliwa and YF Electronics 2. New technologies and markets with greater elasticity, including Aerospace Intelligent Manufacturing and Guorui Technology [5][16]

证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1413.55 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -11% -6% -1% 4% 9% 14% 19% 24% 29% 34% 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《关税冲击下，航材国产化趋势加强》 - 2025.04.18 国防军工行业报告 60 家军工上市公司披露 2024 年年报，9 家公司披 露 2025 年一季度业绩预告 投资要点 截至 4 月 20 日，我们跟踪的 120 家军工行业上市公司，60 家披 露 2024 年年报，其 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights a bullish outlook on precious metals, particularly gold, which is expected to continue its upward trend after a brief adjustment. The main driver is the substitution of gold for U.S. Treasuries, with COMEX gold prices rising by 3.55% and silver by 0.84% [5] - Copper prices have shown a slight increase of 0.36% this week, with expectations of a range-bound trading pattern due to balanced supply and demand dynamics. The price is approaching a resistance level of $9,300 [6] - Aluminum prices increased by 0.27%, supported by stable domestic supply and potential demand recovery from inventory adjustments [6] - The rare earth market is experiencing weakness, with prices declining, particularly for praseodymium and neodymium, while supply tightens due to export restrictions [7] - Tin prices are under pressure despite improved demand from the soldering industry, as supply from the Bisie mine in the Democratic Republic of Congo resumes [7] - Investment suggestions include companies such as Zhongjin Gold, Zijin Mining, and others [8] Summary by Sections Industry Overview - The closing index for the industry is at 4572.2, with a weekly high of 5020.22 and a low of 3700.9 [2] Price Movements - Basic metals: LME copper up 0.36%, aluminum up 0.27%, zinc down 1.59%, lead up 0.86%, tin down 0.08% - Precious metals: COMEX gold up 3.55%, silver up 0.84%, NYMEX platinum up 2.09%, palladium up 0.79% [20] Inventory Changes - Global visible inventory changes: copper down 3,806 tons, aluminum up 4,606 tons, zinc up 2,124 tons, lead down 12,291 tons, tin up 344 tons, nickel down 1,063 tons [33]

Report Industry Investment Rating No relevant content provided. Core Views - High - frequency economic data focuses on three aspects: production - end industry trends are differentiated, with steel demand growing and some industries'开工率 rising while others falling; commercial housing transactions and land supply areas slightly decline, basically in line with the same period last year; commodity prices have stabilized and recovered, with significant increases in crude oil and coking coal prices and a slight increase in copper prices, but still not fully recovering previous losses. Short - term focus is on the implementation of new stable - growth stimulus policies, the recovery of the real estate market, and commodity price trends [1][32] Summary by Directory 1. Production - Steel: Coke oven capacity utilization increased by 0.42 pct, blast furnace operating rate increased by 0.28 pct, and rebar production decreased by 3.15 tons. On the week of April 18, the coke oven capacity utilization of domestic independent coking plants (230 samples) was 73.41%, and the blast furnace operating rate of steel mills (247 samples) was 83.56%. National building material steel mill rebar production was 229.22 tons, and inventory was 200.4 tons, down 14.26 tons from the previous week [2][10] - Petroleum asphalt: The operating rate increased by 1.1 pct. On the week of April 16, the domestic petroleum asphalt plant operating rate was 28.7% [2][10] - Chemical industry: PX operating rate decreased by 1.16 pct, and PTA decreased by 1.16 pct. On April 17, the domestic chemical PX operating rate was 77.54%, and the PTA operating rate was 76.41% [2][10] - Automobile tires: The all - steel tire operating rate decreased by 0.72 pct, and the semi - steel tire operating rate decreased by 0.08 pct from a high level. On the week of April 17, the all - steel tire operating rate was 65.43%, and the semi - steel tire operating rate was 78.44% [2][11] 2. Demand - Real estate: Commercial housing transaction area continued to decline, and the inventory - to - sales ratio increased; land transaction area slightly decreased, and the residential land transaction premium rate decreased. On the week of April 13, 30 large and medium - sized cities had commercial housing transactions of 149.21 million square meters, and the inventory - to - sales ratio of 10 large cities was 79.52. The supply of land in 100 large and medium - sized cities was 1355.82 million square meters, and the residential land transaction premium rate was 8.97 [14] - Movie box office: It decreased by 226 million yuan compared with the previous week. On the week of April 13, the national movie box office revenue was 236 million yuan [14] - Automobile: On the week of April 13, the daily average retail sales of manufacturers increased by 8786 vehicles, and the daily average wholesale sales increased by 16725 vehicles. The daily average retail sales of national passenger car manufacturers were 43704 vehicles, and the daily average wholesale sales were 52131 vehicles [17] - Shipping index: SCFI decreased by 1.73%, CCFI increased by 0.33%, and BDI decreased by 0.63%. On the week of April 18, SCFI was 1370.58 points, CCFI was 1110.94 points, and on April 17, BDI was 1261 points [3][20] 3. Prices - Energy: Brent crude oil price increased by 4.94% to 67.96 US dollars per barrel. On April 17, the settlement price of Brent crude oil futures (continuous contract) was 67.96 US dollars per barrel [22] - Coking coal: The futures price increased by 5.18% to 944.5 yuan per ton. On April 18, the settlement price of coking coal futures (active contract) was 944.5 yuan per ton [22] - Metals: The changes in LME copper, aluminum, and zinc futures prices were + 0.05%, - 1.29%, and - 2.81% respectively, and the domestic rebar futures price decreased by 1.22%. On April 17, the closing price of LME copper futures (active contract) was 9188.5 US dollars per ton, LME aluminum was 2365.5 US dollars per ton, LME zinc was 2577 US dollars per ton, and the domestic rebar futures settlement price was 3088 yuan per ton [23] - Agricultural products: The overall price decreased, with the agricultural product wholesale price 200 index decreasing by 0.43%. The prices of pork, eggs, vegetables, and fruits changed by + 0.05%, + 1.75%, - 3.93%, and + 0.94% respectively compared with the previous week. On April 18, the agricultural product wholesale price 200 index was 119.03, the average wholesale price of pork was 20.85 yuan per kilogram, eggs were 8.15 yuan per kilogram, 28 kinds of key - monitored vegetables were 4.65 yuan per kilogram, and 7 kinds of key - monitored fruits were 7.48 yuan per kilogram [25][26] 4. Logistics - Subway passenger volume: In Beijing, the passenger volume decreased, while in Shanghai, it increased. On April 17, the seven - day moving average of Beijing subway passenger volume was 9.0626 million person - times, and that of Shanghai was 10.5886 million person - times [27] - Flight volume: Both domestic and international flight volumes increased. On April 18, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight volume was 12647.57 flights, domestic (Hong Kong, Macao, and Taiwan) was 362.57 flights, and international was 1758.57 flights [29] - Urban traffic: The peak congestion index in first - tier cities increased significantly. On April 18, the seven - day moving average of the peak congestion index in first - tier cities was 1.8 [29]

证券研究报告：有色金属|行业周报 发布时间：2025-04-21 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4572.2 | | --- | --- | --- | | 52 | 周最高 | 5020.22 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-04 2024-06 2024-09 2024-11 2025-02 2025-04 -23% -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《美债替代逻辑强化，黄金主升浪来 临》 - 2025.04.14 有色金属行业报告 （2025.4.14- ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-18 股票投资评级 买入 |首次覆盖 网宿科技(300017) CDN 龙头，有望受益 AI 产业发展 l 全面聚焦 CDN 及边缘计算，有望受益于 AI 发展 公司成立于 2000 年 1 月，致力于成为全球领先的 IT 基础平台 服务提供商。近年来，公司秉承深耕主业，精细化运营的经营思路进 行战略优化，全面聚焦 CDN 及边缘计算、安全两大核心业务。公司边 缘计算平台 ECP 融合计算、网络、存储等核心能力，让用户在网络边 缘获得快速、智能且安全的体验；网宿安全着力于打造 WAAP 全站防 护体系，SASE 办公安全一体化体系以及综合安全服务体系，满足企业 在线生产和在线办公的体验和安全。4 月 14 日，公司发布《2025 年 限制性股票激励计划（草案）》，拟向 287 名激励对象授予限制性股票 合计 7,338.00万股，占本激励计划公告时公司股本总额的 3.0003%， 授予价格为每股 5.71 元。我们认为，激励计划有助于调动员工的积 极性，确保公司未来发展战略和经营目标的实现。 l 盈利水平良好，积极投入研发开拓新业务 2024 ...