证券研究报告：有色金属 | 公司深度报告 发布时间：2025-06-18 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 28.19 | | --- | --- | | 总股本/流通股本（亿股）19.00 | / 16.64 | | 总市值/流通市值（亿元）536 | / 469 | | 52 周内最高/最低价 | 31.30 / 15.61 | | 资产负债率(%) | 47.3% | | 市盈率 | 26.35 | | 第一大股东 | 李金阳 | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 赤峰黄金(600988) 国际化布局的黄金矿石提供商，业绩有望快速释放 l 投资要点 赤峰黄金发展历程经历了从多元化战略到"以金为主"的战略转 型。公司于 2005 年成立，于 2012 年完成重组上市。2013 年公司收购 五龙矿业扩充黄金资源储备。2018 年收购老挝万象 ...

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-06-18 股票投资评级 增持 |维持 个股表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 中集环科 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 16.02 | | | --- | --- | --- | | 总股本/流通股本（亿股）6.00 | / 0.90 | | | 总市值/流通市值（亿元）96 | / 14 | | | 52 周内最高/最低价 | 18.80 / 13.82 | | | 资产负债率(%) | 13.7% | | | 市盈率 | 31.41 | | | WIN | | SCORE | | 第一大股东 | INVESTMENTS | | | LIMITED | | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Em ...

证券研究报告：房地产|行业周报 发布时间：2025-06-18 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 2008.08 | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1627.84 | 行业相对指数表现 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《核心地段高品质住房韧性较强》 - 2025.06.11 房地产行业报告 （2025.06.09-2025.06.15） 更大力度推动止跌回稳 预期政策再发力 ⚫ 投资要点 根据国家统计局数据，25 年 1-5 月，全国新建商品房销售面积 35315 万平方米，同比下降 2.9%，降幅较上月扩大 0.1pct；其中住宅 销售面积 ...

证券研究报告：商贸零售|点评报告 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2128.1 | | --- | --- | --- | | 52 | 周最高 | 2501.51 | | 52 | 周最低 | 1442.73 | 行业相对指数表现（相对值） -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 商贸零售 沪深300 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 近期研究报告 《布鲁可（0325.HK）：传递拼的快 乐，走向下一个十年》 - 2025.05.19 5 月社零数据如何？ ⚫ 事件 国家统计局发布最新社零数据，5月份社会消费品零售总额41326 亿元，同比增长 6.4%。其中，除汽车以外的消费品零售额 37316 亿 元，增长 7.0%。1-5 月份，社会消费品零售总额 203171 亿元，增长 5.0%。其中，除汽车以外的消费品零售额 184324 亿元，增长 5. ...

研究所 宏观研究 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 《出口展现韧性,中美谈判进展或促 风险偏好修复》 - 2025.06.10 "以旧换新"蓄动力,"过境免签"新亮点 投资要点 5月经济整体运行平稳。按照生产法测算,5月经济增速或在5.5% 左右. 持平前值:从供需两端来看,供需均边际改善,供需缺口小幅 收窄;从增长动能来看,需求改善主要是消费提振,投资和出口边际 放缓,符合我们前期判断,外部不确定性冲击市场微观主体决策,对 生产和投资产生收缩压力,且房地产市场仍处于深度调整期,房价尚 未止跌企稳,房地产投资跌幅并未改善,持续拖累投资增速。而供给 端边际改善主要源自服务生产边际回暖。 向后看,二季度短期宏观环境的主要矛盾是美国关税政策,冲击 市场微观主体投资决策,对生产和投资影响或持续存在,二季度经济 增速或小幅边际放缓,预计在 5.2%-5.3%左右;进入三季度美关税政 策影响或逐步减弱 ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-06-17 股票投资评级 买入 |维持 个股表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -22% -7% 8% 23% 38% 53% 68% 83% 98% 113% 泰凌微 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 35.65 | | --- | --- | | 总股本/流通股本（亿股）2.41 | / 1.66 | | 总市值/流通市值（亿元）86 | / 59 | | 52 周内最高/最低价 | 45.25 / 15.58 | | 资产负债率(%) | 5.9% | | 市盈率 | 86.95 | | 第一大股东 | 国家集成电路产业投资 | | | 基金股份有限公司 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 泰凌微(688591) 从超低功耗到 EdgeAl， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][9]. Core Insights - The company has demonstrated stable capacity utilization, with industrial and automotive revenue increasing by over 20% quarter-on-quarter. The gross margin for Q1 2025 is reported at 22.5%, remaining stable, while capacity utilization reached 89.6%, up by 4.1 percentage points [3]. - The company achieved a sales revenue of $2.247 billion in Q1 2025, reflecting a quarter-on-quarter growth of 1.8%. The revenue breakdown shows wafer revenue accounting for 95.2% and other revenue for 4.8%, with wafer revenue growing nearly 5% quarter-on-quarter [3]. - The automotive electronics segment has seen significant growth, with revenue from industrial and automotive applications rising from 8% to 10% of total revenue, driven by advancements with key clients in the automotive sector [3]. - The company anticipates a quarter-on-quarter revenue decline of 4% to 6% for Q2 2025 due to production fluctuations, with gross margin guidance set between 18% and 20% [4]. - The company plans to expand its monthly capacity for 12-inch wafers by approximately 50,000 pieces annually, with an investment of around $7.5 billion, primarily for equipment purchases [5]. Financial Projections - Revenue projections for the company are estimated at 67.7 billion yuan, 77.9 billion yuan, and 89.6 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 5.1 billion yuan, 6.2 billion yuan, and 7.4 billion yuan for the same years [9][11]. - The report indicates a projected price-to-book (PB) ratio of 4.31, 4.15, and 3.96 for the years 2025, 2026, and 2027, respectively, suggesting a favorable valuation trend [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is optimizing its business structure and focusing on a "Culture + Technology" growth strategy, particularly in the AI education sector [4][6] - In 2024, the company reported a revenue of 13.349 billion yuan, a year-on-year decrease of 1.94%, and a net profit attributable to shareholders of 1.370 billion yuan, down 26.12% year-on-year [4][5] - The company plans to distribute a cash dividend of 0.45 yuan per share for 2024 and 0.1 yuan per share for the first half of 2025, reflecting a high dividend payout ratio of 72.09% [5] Financial Performance - The company’s gross margin improved by 3.00 percentage points to 44.35% in 2024, further increasing to 45.29% in Q1 2025 due to a reduction in low-margin sales and a decrease in paper prices [5] - The forecast for revenue is 13.685 billion yuan for 2025, with a slight increase in net profit to 1.720 billion yuan, reflecting a growth rate of 25.52% [10][11] - The earnings per share (EPS) is projected to be 0.96 yuan for 2025, with a corresponding price-to-earnings (P/E) ratio of 14.30 [10][11] Business Strategy - The company is focusing on AI education and plans to leverage its existing educational services and data advantages to create new business models in digital publishing and smart educational platforms [6] - The company is also enhancing its presence in children's education through animation, live streaming, and short video channels [6] Shareholder Returns - The company is committed to high dividend payouts, with a dividend yield of 4.02% based on the closing price on June 16 [5] - The company’s strategy includes continuous shareholder returns and maintaining stable profit levels despite some business contraction [7]

证券研究报告：宏观报告 发布时间：2025-06-17 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 《出口展现韧性，中美谈判进展或促 风险偏好修复》 - 2025.06.10 宏观研究 "以旧换新"蓄动力，"过境免签"新亮点 投资要点 5 月经济整体运行平稳。按照生产法测算，5 月经济增速或在 5.5% 左右，持平前值；从供需两端来看，供需均边际改善，供需缺口小幅 收窄；从增长动能来看，需求改善主要是消费提振，投资和出口边际 放缓，符合我们前期判断，外部不确定性冲击市场微观主体决策，对 生产和投资产生收缩压力，且房地产市场仍处于深度调整期，房价尚 未止跌企稳，房地产投资跌幅并未改善，持续拖累投资增速。而供给 端边际改善主要源自服务生产边际回暖。 向后看，二季度短期宏观环境的主要矛盾是美国关税政策，冲击 市场微观主体投资决策，对生产和投资影响或持续存在，二季度经济 增速或小幅边际放缓，预计在 5.2%-5 ...

Industry Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" [1] Core Viewpoints - The agriculture sector has shown defensive characteristics amid fluctuations in US-China relations, leading to an increase in the industry index [4][13] - The industry index for agriculture, forestry, animal husbandry, and fishery rose by 1.62%, ranking third among 31 primary industries [12] - The report highlights significant supply pressure in the pig market, with prices remaining stagnant and a forecast for increased supply in the second half of 2025 [5][20] Summary by Sections Market Review - The agriculture sector rebounded, with the industry index increasing by 1.62%, while the Shanghai Composite Index fell by 0.25% [12] - The pig farming and animal vaccine sectors led the gains, while agricultural product processing experienced significant adjustments [15] Livestock Industry Chain Tracking Pigs - As of June 15, the average price of pigs was 14.06 yuan/kg, down 1.82% from the previous week, indicating a stagnant price situation [5][17] - Supply pressure remains high, with an increase in production capacity since May 2024, and expectations for increased supply in the latter half of 2025 [5][20] - The report suggests that the pig price will likely fluctuate within a narrow range in 2025, with cost competition becoming a key focus for the year [21] Broilers - The price of broiler chicks has slightly decreased, with the price as of June 13 being 2.70 yuan/chick, down 0.2 yuan from the previous week [30] - Concerns regarding the introduction of foreign breeds have eased, and the report emphasizes the potential opportunities for domestic breeding companies due to disruptions in overseas imports [30] Planting Industry Chain Tracking - Sugar prices have adjusted downward, with the price of white sugar at 6090 yuan/ton as of June 13, down 60 yuan from the previous week [36] - The price of soybeans has slightly decreased, with the imported price at 3707 yuan/ton, down 1.3% [36] - Corn prices have shown slight fluctuations, with an average price of 2356 yuan/ton, up 20 yuan from the previous week [36]