Market Overview - On April 22, the A-share market opened lower but experienced a slight upward trend, with the Shanghai Composite Index closing at 3,299.76 points, up 0.25%[3] - The Shenzhen Component Index closed at 9,870.05 points, down 0.36%, indicating a weaker performance compared to the main board[9] - Total trading volume for both markets reached 11,214 billion yuan, above the median of the past three years[4] Sector Performance - The logistics, automotive, financial, and electronic chemicals sectors performed well, while power equipment, tourism, general equipment, and engineering machinery sectors lagged[4] - Over 50% of stocks in the two markets rose, with logistics, agricultural chemicals, packaging materials, and automotive services leading the gains[9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 13.98 times and 34.48 times, respectively, aligning with the median levels of the past three years[4] - The market is deemed suitable for medium to long-term investments based on current valuation levels[4] Future Outlook - The fiscal policy for 2025 is expected to be more proactive, with potential interest rate cuts to maintain liquidity and support economic recovery[4] - The market is anticipated to exhibit a structure characterized by technology leadership, defensive dividends, consumption recovery, and domestic demand-driven growth[4] Investment Recommendations - Investors are advised to focus on structural opportunities while balancing defensive and growth strategies, particularly in logistics, automotive, financial, and electronic chemicals sectors[4] - Continuous monitoring of policy changes, capital flows, and international market conditions is essential for investment decisions[4]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [4][8]. Core Insights - The automotive industry is experiencing growth, with March 2025 production and sales reaching 3.0058 million and 2.9155 million vehicles, respectively, representing year-on-year increases of 11.86% and 8.2% [28][41]. - The penetration rate of new energy vehicles (NEVs) is increasing, with March 2025 NEV production and sales at 1.277 million and 1.237 million units, showing year-on-year growth of 47.93% and 40.11% [64]. - The report emphasizes the importance of the ongoing smart driving technology upgrades among various automakers, which is expected to drive investment opportunities in the industry [4][8]. Summary by Sections 1. Industry Performance Review - As of April 21, 2025, the automotive (CITIC) industry index has decreased by 6.62%, underperforming the Shanghai Composite Index by 3.99 percentage points [12][18]. - The automotive sector has seen a year-to-date increase of 3.93%, outperforming the Shanghai Composite Index by 7.75 percentage points [12][18]. - The industry valuation levels have declined, with the PE (TTM) at 28.56 times, ranking 13th among 30 CITIC primary industries [22][23]. 2. Key Industry Data Tracking 2.1 Industry Overview - In March 2025, the automotive industry produced 3.0058 million vehicles and sold 2.9155 million vehicles, with month-on-month increases of 42.93% and 36.97% [28]. - The inventory coefficient for automotive dealers was 1.56, indicating a slight decrease from the previous month [28]. 2.2 Passenger Vehicles - March 2025 saw passenger vehicle production and sales of 2.5745 million and 2.4682 million units, respectively, with year-on-year increases of 14.43% and 10.37% [41]. - The market share of domestic brands in passenger vehicle sales reached 66% in March 2025, with a year-on-year increase of 6.7 percentage points [48]. 2.3 Commercial Vehicles - Commercial vehicle production and sales in March 2025 were 431,400 and 447,300 units, respectively, showing year-on-year declines of 1.37% and 2.38% [56]. - The heavy truck market is experiencing a significant increase in new energy heavy trucks, with sales up 183% year-on-year [59]. 2.4 New Energy Vehicles - The NEV market is rapidly growing, with a penetration rate of 42.43% in March 2025, up 0.54 percentage points from the previous month [64]. - Cumulative NEV production and sales from January to March 2025 reached 3.182 million and 3.075 million units, respectively, with year-on-year increases of 50.43% and 47.11% [64]. 3. Important Industry Company News - The report highlights various new vehicle launches and the ongoing development of smart driving technologies among major automotive manufacturers [85][86]. - The report also notes the significant growth in the number of charging stations across China, which has reached over 13 million, reflecting a 47.6% year-on-year increase [90].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [4][8]. Core Insights - The automotive industry is experiencing growth, with March 2025 production and sales reaching 3.0058 million and 2.9155 million vehicles, respectively, representing year-on-year increases of 11.86% and 8.2% [28]. - The penetration rate of new energy vehicles (NEVs) has increased, with March 2025 NEV production and sales reaching 1.277 million and 1.237 million units, respectively, showing year-on-year growth of 47.93% and 40.11% [64]. - The report highlights the ongoing shift towards intelligent driving technologies, with several automakers accelerating the development of L3 level autonomous driving systems [4]. Industry Performance Review - As of April 21, 2025, the automotive (CITIC) industry index has decreased by 6.62%, underperforming the Shanghai Composite Index by 3.99 percentage points [12]. - The automotive sector has seen a year-to-date increase of 3.93%, outperforming the Shanghai Composite Index by 7.75 percentage points [12]. - The automotive industry is ranked 27th among 30 CITIC primary industries [12]. Key Data Tracking Industry Overview - In March 2025, the automotive industry produced 3.0058 million vehicles and sold 2.9155 million vehicles, with month-on-month increases of 42.93% and 36.97% [28]. - The inventory coefficient for automotive dealers in March 2025 was 1.56, indicating a slight decrease from the previous month [28]. Passenger Vehicles - In March 2025, passenger vehicle production and sales reached 2.5745 million and 2.4682 million units, respectively, with year-on-year increases of 14.43% and 10.37% [41]. - The market share of domestic brand passenger vehicles reached 66% in March 2025, with sales of 1.629 million units, reflecting a year-on-year increase of 22.85% [48]. Commercial Vehicles - Commercial vehicle production and sales in March 2025 were 431,400 and 447,300 units, respectively, showing year-on-year decreases of 1.37% and 2.38% [56]. - The report notes a recovery trend in commercial vehicles, particularly in the truck segment, which saw production and sales of 381,100 and 394,200 units, respectively [59]. New Energy Vehicles - The report indicates that NEV production and sales in March 2025 reached 1.277 million and 1.237 million units, with a penetration rate of 42.43% [64]. - NEV exports in March 2025 totaled 158,000 units, reflecting a year-on-year increase of 26.8% [36]. Investment Recommendations - The report suggests maintaining the "Outperform the Market" rating and emphasizes the importance of monitoring the progress of intelligent upgrades in the automotive sector [4].

Core Insights - The report highlights a stable growth trend in new business establishments in China, with 6.063 million new entities registered in Q1 2025, including 2.1 million new enterprises and 3.949 million individual businesses [5][9] - The People's Bank of China and other departments have issued a plan to enhance cross-border financial services, aiming to improve digital service coverage for enterprises going global [6][9] - The semiconductor industry is experiencing significant developments, particularly in domestic AI chip production, with a focus on the upcoming launch of Harmony OS PCs in May 2025 [6][13] Domestic Market Performance - The Shanghai Composite Index closed at 3,291.43, with a slight increase of 0.45%, while the Shenzhen Component Index rose by 1.27% to 9,905.53 [4] - The A-share market showed a mixed performance, with software and semiconductor sectors leading the gains, while sectors like chemicals and real estate lagged [7][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 saw a modest increase of 0.62% [5] Industry Analysis - The software and semiconductor sectors are highlighted as leading industries in the A-share market, with a focus on the growth of AI applications and digital services [6][12] - The food and beverage sector showed signs of recovery, with a 2.34% increase in March 2025, driven by rising prices in beer and liquor [31][32] - The agricultural sector is expected to benefit from the "Accelerating the Construction of an Agricultural Power" plan, with a rebound in chicken prices noted [21] Investment Recommendations - The report suggests a focus on sectors such as software development, internet services, and food and beverage for potential investment opportunities, while also highlighting the importance of monitoring policy changes and market dynamics [11][12][18] - In the semiconductor industry, the report recommends attention to domestic manufacturers benefiting from the U.S. tariff policies and the push for self-sufficiency in the supply chain [34][36]

合规 诚信 专业 稳健 分 析 师 ：邓淑斌 SAC登记编码：S0730518030001 分 析 师 ： 郑 婷 SAC登记编码：S0730524110001 研究助理 ： 徐 至 SAC登记编码：S0730812110006 发布日期：2025年4月21日 01 布雷顿森林体系的演变 02 目 录 Contents 全球资产价格走势 03 中美贸易摩擦及影响 04 美国"对等关税"事件及影响 05 启示与建议 内部资料 严禁外传 电子邮箱：zyzqyjs@ccnew.com 电话：021-50586973 前言 n构建于1944年的布雷顿森林体系是以美元为中心的国际货币体系，一度为推动二战后国际贸易、国际投 资和国际货币金融秩序稳定发挥了积极作用，但由于其自身存在的制度缺陷和经济环境发生变化，最终在 上世纪70年代逐步瓦解，逐步被"牙买加体系"（也称之为"后布雷顿森林体系"、"无体系的体系"） 所替代，全球货币循环方式和资产定价逻辑也由此发生变化。 n近期美国宣布所谓的"对等关税"政策，不仅引发国际社会强烈反对和全球金融市场大幅震荡，也让中 美贸易摩擦争端再度升级，尽管与之相关的反制与磋商谈判仍在持续，但 ...

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [1][10] Core Views - In 2024, the company's revenue reached 3.021 billion yuan, representing an 18.59% year-on-year increase, although the growth rate decreased by 8.05 percentage points compared to the previous year [5] - The first quarter of 2025 saw a revenue of 1.108 billion yuan, a 3.04% year-on-year increase, indicating a slowdown in sales growth [5] - The sales of high-end and mid-range liquor products showed significant growth, with high-end products priced above 300 yuan increasing by 41.17% and mid-range products priced between 100 to 300 yuan increasing by 15.38% in 2024 [5] - The product structure has improved, with the sales proportion of high-end liquor (above 300 yuan) increasing to 18.75% in 2024, while the proportion of low-end liquor (below 100 yuan) decreased to 28.1% [5] - The gross margin for all product tiers has declined, primarily due to a decrease in factory prices, with the gross margin for high-end products falling to 75.99% [5] Summary by Sections Revenue and Growth - The company achieved a revenue of 3.021 billion yuan in 2024, with a growth rate of 18.59% [5] - The revenue for Q1 2025 was 1.108 billion yuan, reflecting a slowdown in growth [5] Product Performance - High-end liquor sales increased significantly, with a 41.17% rise for products above 300 yuan [5] - The sales structure has shifted positively, with an increase in the proportion of high-end products [5] Profitability - The gross margin for high-end products decreased to 75.99%, indicating pressure on profitability [5] Market Channels - The dealer channel saw a revenue increase of 15.43% in 2024, contributing significantly to overall sales [7] - The internet channel experienced a high growth rate of 43.36% in 2024 [7] Earnings Forecast - The forecasted earnings per share for 2025, 2026, and 2027 are 0.81 yuan, 0.89 yuan, and 1.09 yuan respectively, with corresponding P/E ratios of 24.29, 22.06, and 18.08 [7]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12]. Core Views - The company's performance in 2024 met expectations, with revenue of 48.615 billion yuan, a slight decrease of 0.35% year-on-year, and a net profit of 4.076 billion yuan, showing a growth of 0.63% year-on-year [7][12]. - The company is positioned well within the growing global electric vehicle market, with significant increases in both production and sales of power batteries and energy storage solutions anticipated for 2025 [7][9]. - The report highlights the company's strong growth in energy storage battery shipments, which increased by 91.90% year-on-year in 2024, contributing to 39.14% of total revenue [7][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.615 billion yuan, with a net profit of 4.076 billion yuan and a basic earnings per share of 1.99 yuan [7][12]. - The operating cash flow decreased by 48.90% year-on-year to 4.433 billion yuan, indicating challenges in cash generation [7]. Market Position and Growth - The global sales of new energy vehicles reached 13.6858 million units in 2023, with a projected growth of 25.98% in 2024 [7]. - The company ranked 9th globally in power battery shipments with a market share of 2.27% in 2024, and it is expected to maintain a strong position in the market [7][9]. Product Segments - The company’s power battery shipments in 2024 were 30.29 GWh, a year-on-year increase of 7.87%, although the average price per watt-hour decreased by 25.91% [9]. - The energy storage battery segment saw a significant increase in shipments, reaching 50.45 GWh in 2024, with revenue from this segment growing by 16.44% [9][11]. Future Outlook - The company is expected to see a recovery in revenue growth in 2025, driven by increasing demand for power batteries and the introduction of new models in the passenger vehicle sector [9][11]. - The report anticipates continued high growth in the energy storage battery market, supported by favorable government policies and technological advancements [11].

媒体 qiaoqi@ccnew.com 021-50586985 主营业务稳健，分红比例大幅提升 ——中原传媒(000719)年报点评 证券研究报告-年报点评 买入(上调) 市场数据(2025-04-18) | 收盘价(元) | 11.99 | | --- | --- | | 一年内最高/最低(元) | 12.81/9.28 | | 沪深 300 指数 | 3,772.52 | | 市净率(倍) | 1.06 | | 流通市值(亿元) | 79.99 | 基础数据(2025-03-31) | 每股净资产(元) | 11.34 | | --- | --- | | 每股经营现金流(元) | -0.38 | | 毛利率(%) | 33.16 | | 净资产收益率_摊薄(%) | 0.95 | | 资产负债率(%) | 36.27 | | 总股本/流通股(万股) | 102,320.37/66,714.75 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -17% -11% -6% -1% 5% 10% 15% 21% 2024.04 202 ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -14% -8% -3% 3% 8% 14% 19% 24% 2024.04 2024.08 2024.12 2025.04 上证指数 深证成指 | 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 3,276.73 | -0.11 | | 深证成指 | 9,781.65 | 0.23 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,772.52 | 0.01 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,611.88 | 0.00 | | 中证 500 | 5,560.72 | 0.07 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7,801.23 | 0.58 | | 资料来源：聚源，中原证券研究所 | ...

zhangyang-yjs@ccnew.com 021-50586627 财富管理份额持续提升，归母净利实现连续增长 ——方正证券(601901)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 7.39 | | --- | --- | | 一年内最高/最低(元) | 10.27/6.68 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 1.26 | | 总市值(亿元) | 608.35 | | 流通市值(亿元) | 608.35 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.85 | | 总资产(亿元) | 2,556.28 | | 所有者权益(亿元) | 481.80 | | --- | --- | | 净资产收益率(%) | 4.72 | | 总股本(亿股) | 82.32 | | H 股(亿股) | 0.00 | 个股相对沪深 300 指数表现 证券Ⅱ 分析师：张洋 登记编码：S0730516040002 资料来源：聚源、中原证券研究所 -13% -7% 0% 7% 13% ...