Investment Rating - The report maintains an "Outperform" rating for the electric power and utilities industry based on industry valuation levels, performance growth expectations, and development prospects [9][10][19]. Core Insights - In April 2025, the total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%. For the first four months of 2025, total electricity consumption was 3,156.6 billion kWh, up 3.1% year-on-year [2][19]. - The first industry saw the highest growth in electricity consumption, with a year-on-year increase of 13.8% in April 2025 [19][20]. - As of April 2025, the installed capacity of wind and solar power accounted for 43.97%, while the installed capacity of thermal power decreased to 41.73% [2][33]. Summary by Sections Market Review - The electric power and utilities index outperformed the market, rising 3.40% as of May 26, 2025, compared to a 2.37% increase in the CSI 300 index [7][13]. - Among sub-industries, environmental protection and water services led with a 4.63% increase, followed by thermal power at 4.17% [13]. Industry Supply and Demand - In April 2025, the industrial electricity generation was 711.1 billion kWh, a 0.9% year-on-year increase, with a cumulative generation of 2,984 billion kWh for the first four months, reflecting a 0.1% growth [2][25]. - The share of thermal power generation was 66.46%, while wind and solar power generation increased by 12.7% and 16.7%, respectively [26][25]. Coal Market - In April 2025, the output of industrial raw coal was 39 million tons, a year-on-year increase of 3.8%, while coal imports decreased by 16.4% [3][39]. - The price of thermal coal at northern ports was 615 RMB/ton, down 6.82% from the previous month [41]. Natural Gas Market - The production of industrial natural gas increased by 8.1% year-on-year in April 2025, while imports decreased by 6.1% [8][53]. - The price of liquefied natural gas in China was 4,401.1 RMB/ton, a decrease of 1.33% [57]. Hydrology of the Three Gorges - As of May 23, 2025, the inflow and outflow rates at the Three Gorges were 9,800 m³/s and 11,400 m³/s, respectively, with both rates lower than the same period in 2024 [59]. Provincial Electricity Supply and Demand - In April 2025, Henan province's total electricity consumption was 32.35 billion kWh, a year-on-year increase of 6.83% [62]. - The total generation in Henan was 28.44 billion kWh, with wind power generation increasing by 51.58% year-on-year [64].

Core Insights - The report highlights the significant recovery in the media sector's performance in Q1 2025, with a notable increase in revenue and net profit compared to 2024, driven by strong content products [21][22][15] - The automotive industry is experiencing steady growth, particularly in the new energy vehicle segment, which shows a substantial increase in production and sales [27][29] - The power and utilities sector demonstrates strong defensive characteristics, with stable cash flows and a focus on water and renewable energy sources, indicating resilience amid market fluctuations [23][24] Domestic Market Performance - The Shanghai Composite Index closed at 3,346.84, down 0.05%, while the Shenzhen Component Index closed at 10,091.16, down 0.41% [4] - The average P/E ratios for the Shanghai Composite and ChiNext are at 13.73 and 36.08, respectively, suggesting a favorable environment for medium to long-term investments [10][12] International Market Performance - The Dow Jones closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also saw declines of 0.45% and 0.15%, respectively [5] Industry Developments - The report notes the implementation of a national plan to accelerate the development of intelligent supply chains, aiming to enhance the resilience and security of China's industrial supply chains by 2030 [9][6] - The media sector is expected to see continued growth in 2025, particularly in gaming and film, with favorable policies supporting the industry [22][21] - The chemical industry is experiencing a downturn, but specific segments like potassium and phosphorus chemicals are expected to recover due to tightening supply and increasing demand [39][40] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as gaming, publishing, and advertising, as well as companies with robust performance in the automotive and power sectors [21][27][23] - It emphasizes the importance of monitoring policy developments and market conditions that could impact investment opportunities [10][12]

Investment Rating - The report maintains a "Market Perform" rating for the media industry relative to the Shanghai and Shenzhen 300 Index [1] Core Insights - The media sector showed strong performance in Q1 2025, with significant growth in the IP derivative market [3] - The media sector increased by 5.15% from April 14 to May 23, 2025, outperforming the Shanghai and Shenzhen 300 Index [3][14] - The report suggests focusing on gaming, publishing, and advertising sectors, highlighting the valuation advantages of leading companies [10][11] Summary by Sections Investment Recommendations - The media sector is expected to experience overall earnings decline in 2024, but Q1 2025 shows significant improvement, particularly in gaming and film sectors [10] - The gaming sector is in a favorable policy environment, with stable market expectations due to orderly issuance of game licenses [10] - The advertising sector is influenced by national fiscal and monetary policies aimed at stimulating consumption, which is expected to boost advertising demand [10][11] Market Review - From April 14 to May 23, 2025, the media sector rose by 5.15%, ranking 12th among 30 industries [3][14] - Among 141 stocks in the sector, 102 increased in value, with the highest gains seen in Youzu Interactive and ST Huatuo [14][15] - The current PE ratio for the media sector is 26.89, above the historical average of 24.52 [17] Industry News - The report highlights the successful IPOs of IP derivative companies in Hong Kong, indicating a growing market for IP-related products [11] - The film sector saw a temporary boost in Q1 2025, but is expected to face challenges in Q2 due to a lack of new releases [11] - The gaming market reported a revenue of 857.04 billion yuan in Q1 2025, reflecting a year-on-year growth of 17.99% [38] Monthly Data - In April 2025, the domestic film market generated a box office of 1.197 billion yuan, a decrease of 46.54% year-on-year [22] - The average ticket price in April was 42.75 yuan, an increase of 6.92% year-on-year [22] - The top films in April included "Nezha: Birth of the Demon Child" and "The World of My Dreams," with significant box office contributions [30]

Core Insights - The report highlights a significant recovery in various industries in Q1 2025, with notable improvements in earnings and operational performance compared to 2024 [13][16][30] - The automotive industry shows a strong growth trajectory, particularly in the new energy vehicle segment, which has seen a substantial increase in production and sales [22][24] - The power and utilities sector demonstrates resilience, with stable revenue and profit growth despite a challenging market environment [18][19][21] Domestic Market Performance - The Shanghai Composite Index closed at 3,348.37, down 0.94%, while the Shenzhen Component Index closed at 10,132.41, down 0.85% [3] - The A-share market is experiencing a period of slight fluctuations, with sectors like automotive and pharmaceuticals leading the gains [7][8][12] Industry Analysis - The basic chemical industry is expected to continue its downward trend in 2024, but Q1 2025 shows signs of recovery with improved operational metrics [13][14] - The media sector experienced a decline in 2024 but rebounded significantly in Q1 2025, with revenues reaching 1,342.25 billion yuan, a 5.02% increase year-on-year [16] - The electric power and utilities sector remains stable, with a slight decline in revenue but positive net profit growth in Q1 2025 [18][19] Investment Recommendations - The report suggests maintaining a "stronger than market" rating for the automotive sector, particularly focusing on new energy vehicles and the impact of government policies on consumption [24] - The basic chemical sector is recommended for "market synchronization" investment, with a focus on potassium and phosphorus chemical industries due to their resource attributes and market dynamics [32][33] - The power and utilities sector is rated "stronger than market," emphasizing the importance of large-scale water and nuclear power companies for long-term investment [21] Key Data Updates - The automotive industry saw production and sales of 261.88 million and 258.96 million vehicles in April 2025, respectively, with a year-on-year increase of 8.86% and 9.78% [22][23] - The basic chemical industry reported a total revenue of 25,430.03 billion yuan in 2024, with a slight year-on-year increase of 0.01% [13] - The media sector's total revenue for 2024 was 5,498.04 billion yuan, reflecting a 0.10% decrease year-on-year [16]

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [4][8]. Core Insights - The basic chemical industry is currently operating at a low level of prosperity, with signs of improvement in the first quarter of 2025. The total revenue for 2024 was 25,430.03 billion yuan, a slight increase of 0.01% year-on-year, while net profit decreased by 13.46% to 1,172.68 billion yuan [11][12]. - In the first quarter of 2025, the industry showed significant improvement in both year-on-year and quarter-on-quarter performance, with total revenue reaching 6,180.11 billion yuan, a year-on-year increase of 6.87% [12][18]. - The profitability of the industry is stabilizing, with the overall gross margin for the first quarter of 2025 at 17.55%, showing a quarter-on-quarter increase of 0.85% [20][26]. Summary by Sections Industry Performance - The basic chemical industry experienced a decline in profits in 2024, but the first quarter of 2025 showed significant improvements across most sub-industries, indicating a marginal recovery in industry prosperity [11][12]. - In 2024, 17 out of 33 sub-industries saw a year-on-year increase in net profit, while 16 sub-industries experienced a decline, highlighting a significant divergence in performance [12][15]. Profitability Analysis - The overall gross margin for the basic chemical industry in 2024 was 17.33%, a slight decrease from the previous year, but the first quarter of 2025 saw a recovery with a gross margin of 17.55% [19][20]. - The net profit margin for the first quarter of 2025 was 6.28%, reflecting a year-on-year decline but a quarter-on-quarter improvement [20][26]. Financial Indicators - The industry maintained a stable asset-liability ratio, with a slight decrease in operating cash flow observed in the first quarter of 2025 [8][20]. - The scale of construction projects in the industry has begun to decline, indicating a slowdown in investment activity [8][20]. Sub-Industry Insights - The potassium fertilizer and phosphorus chemical sectors are highlighted as areas of potential investment due to their strong resource attributes and improving supply-demand dynamics [5][8]. - Specific sub-industries such as chlor-alkali, dyeing chemicals, rubber products, and compound fertilizers showed relatively better performance in terms of net profit growth in 2024 [12][15].

资料来源：聚源，中原证券研究所 -18% -12% -7% -2% 3% 8% 13% 19% 2024.05 2024.09 2025.01 2025.05 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 | 3,380.19 | -0.22 | 深证成指 | 10,219.62 | -0.72 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 3,913.87 | -0.06 | | | 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 | 3,762.37 | -0.16 | | 中证 | 500 | 5,703.28 | -0.95 | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0.58 ...

电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 证券研究报告-行业专题研究 同步大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业月报：政策指引提振消费，关注游 戏、广告、国有出版主线》 2025-04-14 《传媒行业点评报告：市场剧烈震荡，关注高 股息出版企业防御性价值》 2025-04-07 《传媒行业月报：政策有望提振文化消费需 求，关注 GDC 2025 游戏产业最新方向》 2025-03-17 传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 2025Q1 业绩增长显著，内容板块表现亮 眼 ——传媒行业专题研究 联系人：李智 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 投资要点： ⚫ 2024 年业绩下滑，2025Q1 大幅增长。传媒板块 2024 年共计实现 营业收入 5498.04 亿元，同比减少 0.10%，归母净利润 178.83 亿 元，同比减少 56.58%。营收表现稳定，但利润下滑幅度明显，差 异部分主要是：（1）国有文化企业税收政策变化，但该影响主要 ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -18% -12% -7% -2% 3% 8% 14% 19% 2024.05 2024.09 2025.01 2025.05 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 | 3,387.57 | 0.21 | | 深证成指 | 10,294.22 | 0.44 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,916.38 | 0.47 | | 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 | 3,768.34 | 0.51 | | 中证 500 | 5,757.92 | 0.18 | | 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 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 电池汽车行业领涨 A 股小幅上扬 ——市场分析 相关报告 《市场分析：汽车消费行业领涨 A 股震荡上 行》 2025-05-20 《市场分析：航天地产行业领涨 A 股小幅波 动》 2025-05-19 联系人： 李智 周三（05 月 21 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指平 开后震荡上行，盘中沪指在 3394 点附近遭遇阻力，午后股指维持震 荡，盘中汽车、电池、航运港口以及化学制药等行业表现较好；电 机、光学光电子、通用设备以及消费电子等行业表现较弱，沪指全 天基本呈现小幅震荡上行的运行特征。创业板市场周三震荡上行， 创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场冲高遇阻、小幅震荡上行，早盘股指平开后震荡上 行，盘中沪指在 3394 点附近遭遇阻力，午后股指维持震荡，盘中汽 车、电池、航运港口以及化学制药等行业表现较好；电机、光学光 电子、通用设备以及消费电子等行业表现较弱，沪指全天基本呈现 小幅震荡上行的运行特征。当前上证综指与创业板指数的平均 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 主业增长稳健，轻烹业务毛利率下滑 证券研究报告-年报点评 增持(维持) 市场数据(2025-05-20) | 收盘价(元) | 14.04 | | --- | --- | | 一年内最高/最低(元) | 17.11/10.57 | | 沪深 300 指数 | 3,898.17 | | 市净率(倍) | 3.92 | | 流通市值(亿元) | 22.30 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 3.58 | | 每股经营现金流(元) | 0.12 | | 毛利率(%) | 32.61 | | 净资产收益率_摊薄(%) | 4.06 | | 资产负债率(%) | 22.75 | | 总股本/流通股(万股) | 40,001.00/15,881.00 | | B 股/H 股(万股) | 0.00/0.00 | 相关报告 《宝立食品(603170)公司深度分析：B、C 端 双驱，复调和轻烹协同发展》 2025-04-03 联系人：李智 本报告版权属于中原证券股 ...