Core Insights - The instant retail industry is experiencing rapid growth, with a projected market size exceeding 1.7 trillion by 2030 and an estimated CAGR of approximately 20% over the next five years [1][2] - Instant retail is characterized by local supply and an immediate delivery system, creating differentiated value that complements rather than replaces traditional e-commerce [2] - The platform model in instant retail shows superior profitability and larger scale potential compared to the self-operated model, with major players like Meituan, JD, and Alibaba competing effectively [2][3] Industry Overview - Instant retail is a high-efficiency online retail format focused on local supply and immediate delivery, driven by increasing consumer demand for convenience and the online transformation of offline retail stores [2] - The industry is not expected to significantly replace traditional e-commerce but rather create additional market value [2] Competitive Landscape - Among the platform models, Meituan's flash purchase service is noted for its strong competitive advantages, including superior consumer awareness and delivery capabilities, positioning it for long-term growth [1][3] - JD's instant retail is viewed as an incremental growth opportunity rather than a replacement for its core e-commerce business, with fast-moving consumer goods being a key growth driver [3] - Alibaba's approach to instant retail is more about leveraging group synergies, with a focus on enhancing traffic to its main e-commerce business rather than prioritizing instant retail as a standalone growth area [3]

上天天基金APP搜索【777】开户即可领98元券包 ，优选基金10元起投！限量发放！先到先得！ 中信证券：核心资产定价权逐步向南转移 东方财富：短期需要更加稳健 本周海外金融市场动荡加剧，日本长债利率、美债利率明显上行；美欧贸易摩擦再出波折，验证特朗普对于关 税问题的反复性，均将边际扰动市场风险偏好，短期需要更加稳健。 近期小微盘风格录得明显相对收益，在我们看来是存量博弈、快速轮动的市场环境下，资金为获得超额收益进 行市值下沉以博取筹码定价权的结果。回顾2023年以来，中证2000指数在成交额占比达到30%的高拥挤度状态 后行情波动性均明显加大，后续例如市场避险情绪升温、政策表态等均可能带来资金的负反馈风险。本周中证 2000成交额占比来到32%的高位，目前市场流动性环境明显好于2024年初，回撤幅度预计好于当时，但短期过 热仍需合理消化。 兴业证券：市场主线有望再度偏向科技成长 本轮A股公司密集赴港IPO是出海战略、制度便利和港股流动性改善三重力量助推。优质核心资产在港股正式 交易后，短期会活跃对应A股的交易，部分核心资产的定价权可能会逐步南移。这个现象的背后是港股市场的 吸引力在系统性提升，一是资产供给结 ...

◎记者 严晓菲 黄冰玉 在政策引导与市场创新双轮驱动下，券商正积极为债市"科技板"建设添砖加瓦。上海证券报记者自业内 了解到，除承销科创债外，券商正在探索科创债做市新路径，希望借助"承销+做市"模式推动一二级市 场协同发展，激活科创债市场生态。 在业内人士看来，当前，券商发力科创债一二级市场联动，既面临着资质评估、资金成本等方面的挑 战，也迎来了自身发展的新机遇。在此背景下，市场正翘首以盼在机制安排等方面能进一步完善，为服 务科创用途资金的"源远流长"营造良好生态。 券商积极推动科创债发行 科创债发行如火如荼，背后离不开券商积极发挥资本市场中介作用：一方面，券商通过广泛推介询价， 帮助引入基石投资者；另一方面，券商积极开展做市报价服务，提升科创债市场的流动性。 债市"科技板"启动后，从头部券商到中小券商均积极抢滩科创债承销。例如，中信证券助力长江产业集 团成功发行14亿元科技创新公司债券，全场认购倍数达3.7倍；中信建投助力中国石化资本成功发行新 一期科技创新公司债券，该期债券创央企资本公司同期限科技创新公司债券发行利率历史新低。 对发行人而言，招商证券相关负责人表示，券商通过做市提供双边报价，提升科创债流动 ...

本轮A股公司密集赴港IPO是出海战略、制度便利和港股流动性改善三重力量助推。优质核心资产在港股正式 交易后，短期会活跃对应A股的交易，部分核心资产的定价权可能会逐步南移。这个现象的背后是港股市场的 吸引力在系统性提升，一是资产供给结构和质量在持续提高，二是流动性在海外资金回流的背景下趋势性改 善，从历史上看，港交所每一轮制度的改革突破都带来了顺应时代特征的牛市。未来，更多优质龙头赴港上市 可能成为A股市场风格重新转向核心资产的催化剂。 申万宏源：震荡市中的短期调整 我们维持A股二季度是中枢偏高的震荡市判断不变，短期市场小波段调整。核心逻辑在于，震荡区间上限：抢 出口支撑二季度经济韧性，但无法外推；震荡区间下限：宽货币与稳定资本市场直接关联，平准基金兼顾舆情 管理。短期来看，宏观上，主要变化是美国不确定性重新增加，压制风险偏好。结构上，科技尚未摆脱中期调 整波段，新消费向外扩散空间有限。小微盘行情+博弈公募向业绩比较基准靠拢行情告一段落。 A股中期重回结构牛，仍依赖于科技产业趋势突破。短期科技尚未摆脱调整波段。狭义的新消费是景气延续， 但行情向外扩散短期也有阻力。短期继续看好医药(CXO和创新药)和贵金属景气延 ...

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 05 月 25 日 险资入市稳步推进，保险板块兼具 基本面及资金面催化 看好 ——非银金融行业周报（2025/5/19-2025/5/23） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 ⚫ 保险：本周申万保险 II 指数收跌 0.45%，跑输沪深 300 指数 0.28pct。 险资入市稳步 推进，国寿、新华获批第三批长期股票试点资格。金管局局长李云泽 5 月 7 日在国新办 新闻发布会上宣布，将进一步扩大保险 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The recent rise in US Treasury yields is driven by concerns about US fiscal sustainability, inflation expectations pushed up by US tariff policies, and a weakening demand for US Treasuries. Moody's downgrade of the US sovereign credit rating has caused short - term upward pressure on yields, and the US tariff policy has increased short - term inflation risks, with the 1 - year inflation expectation reaching 7.3% in May. The demand for US Treasuries has weakened, especially in the long - term bond primary market, leading to a steeper yield curve [2][10][15]. - The impact of rising US Treasury yields on the domestic bond market is limited. The domestic bond market is mainly driven by domestic demand and is expected to be moderately strong with an oscillatory trend. Domestic institutions are the main players in the domestic bond market, and the monetary policy is domestically focused and expected to remain loose [3][24]. - In the bond market trading strategy, the approach of taking profits on price increases and adding positions on price drops is recommended. Attention can be paid to the allocation value of 6 - 7 - year China Development Bank bonds. Currently, the new 10 - year China Development Bank bonds and new 30 - year Treasury bonds are more cost - effective, and the new - old bond spread of the 30 - year Treasury bond 2500002 is expected to widen further [4][27][28]. 3. Summary According to the Directory 1. Reasons, Outlook, and Impact of the Rise in US Treasury Yields - **Reasons for the Rise in US Treasury Yields** - Moody's downgrade of the US sovereign credit rating has increased market concerns about US debt risks, causing short - term upward pressure on yields [2][10]. - The US tariff policy has increased short - term inflation risks. The uncertainty of the policy has pushed up the inflation expectations of the US household sector, with the 1 - year inflation expectation reaching 7.3% in May, making it difficult for long - term Treasury yields to decline [2][10]. - The demand for US Treasuries has weakened. The primary market subscription enthusiasm has declined, especially for long - term bonds. As of May 9, the subscription multiple of long - term Treasury bonds in May dropped to 1.97 times from 2.33 times in April, and the weaker long - end subscription sentiment has steepened the yield curve [15]. - **Outlook for US Treasury Yields** - In the short term, US Treasury yields are expected to oscillate at a high level. The high uncertainty of the US tariff policy, persistent inflation expectations, concerns about US fiscal sustainability, and weakening demand for US Treasuries make it difficult for yields to decline. However, the pressure for a significant further increase in yields is controllable due to the possibility of Fed rate cuts and a weakening US economy [24]. - **Impact on the Domestic Bond Market** - The impact of rising US Treasury yields on the domestic bond market is limited. Domestic institutions are the main players in the domestic bond market, and the monetary policy is domestically focused and expected to remain loose. The domestic bond market is expected to be moderately strong with an oscillatory trend [3][24]. 2. Bond Market Trading Strategies - Adopt the strategy of taking profits on price increases and adding positions on price drops [4][27]. - Focus on the allocation value of 6 - 7 - year China Development Bank bonds [4][27]. - The new 10 - year China Development Bank bonds and new 30 - year Treasury bonds are more cost - effective. The 30 - year Treasury bond 2500002 has become an active bond after its listing, and its new - old bond spread is expected to widen further as there are still 3 additional issuances planned [4][27][28].

Core Viewpoint - The company is experiencing significant growth in 2024, driven by innovation and strong performance in its automotive parts business, which has established partnerships with major automotive manufacturers and emerging players in the industry [1][2]. Group 1: 2024 Performance Drivers - The automotive parts segment has seen rapid growth, contributing to both revenue and profit increases, with major clients including Geely, Changan, FAW, Chery, GAC, and BYD [1]. - The revenue share of major assembly projects has increased to 67.97%, with a focus on integrated and modular capabilities [1]. - The company has developed innovative products in line with automotive intelligence trends, such as smart cockpits, and has a robust supply chain management system [1]. - The oil and gas equipment business has maintained stable growth, with domestic oil production increasing for eight consecutive years, and the company holds a market share of over 80% in certain key technologies [1][4]. - The high-performance functional materials segment has expanded, with a 14.05% revenue increase, driven by partnerships with leading companies like BOE and BYD [1]. Group 2: 2025 Outlook - The company anticipates steady growth in 2025, supported by government subsidies for the automotive sector and a predicted 4.7% increase in total vehicle sales, with a 24.4% rise in new energy vehicle sales [2]. - The oil and gas equipment sector is expected to benefit from national strategies focusing on energy security and the development of deep-sea resources [2][4]. - The high-performance functional materials market is projected to grow, despite challenges in certain areas, as the company shifts focus to pressure testing membranes and other electronic materials [2]. Group 3: Strategic Initiatives - The company is enhancing its customer base in the new energy vehicle sector, with 72% of new projects related to this market [3]. - In deep-sea technology, the company has established long-term partnerships with major oil companies and is advancing key technologies for deep-sea oil and gas extraction [3][4]. - The company is implementing various measures for market value management, including governance improvements and investor relations strategies [4]. Group 4: Financial Performance - In Q1 2025, the company reported a main revenue of 2.155 billion yuan, a year-on-year increase of 13.66%, and a net profit of 186 million yuan, up 11.3% [5]. - The company maintains a debt ratio of 40.46% and has seen a 20.81% increase in net profit after deducting non-recurring items [5]. Group 5: Analyst Predictions - Analysts predict net profits of 902 million yuan for 2025, increasing to 1.108 billion yuan in 2026, with a target price set at 22.00 yuan [6].

金十数据5月23日讯，招商证券国际发表报告指，维持小鹏汽车(09868.HK)"增持"评级及目标价115港 元，对应2025财年2.5倍市销率。估值高于其余领先的新势力，考虑公司增长更快，2024—27财年预测 收入CAGR为56%，远高于同业。5月开始重磅新车陆续上市将成为公司股价催化剂，交付能力、ASP及 毛利率有望持续上行，建议逢低吸纳。报告指，2025年第一季归母净亏损6.6亿元人民币，按年及按季 缩窄51.5%及50.1%，符合该行预期。新品强周期5月开始启动，产品线持续上行，第四季度有望首次盈 利。 招商证券国际维持小鹏汽车目标价115港元 首季业绩符合预期 ...

金十数据5月23日讯，招商证券发表研究报告指，药明合联(02268.HK) 在R端、D端已展现出技术及速度 上的明显优势，相信凭借CRDMO一体化优势，公司助力、伴随龙头企业及明星项目增长，M端规模化 放量空间值得期待。该行看好集团未来增长潜力，预计其2025至27年净利润分别达14.4亿、18.8亿及 25.6亿元人民币，首次覆盖该股，予"强烈推荐"评级。 招商证券首予药明合联"强烈推荐"评级 看好未来增长潜力 ...

招商证券股份有限公司 关于浙江艾罗网络能源技术股份有限公司 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，招商证券股份有限公司（以下简称"保荐机构" 或"保荐人"）作为浙江艾罗网络能源技术股份有限公司（以下简称"艾罗能源"、 "公司"）持续督导工作的保荐人，负责艾罗能源上市后的持续督导工作，并出 具 2024 年年度持续督导跟踪报告。 一、重大风险的结论性意见 公司 2024 年年度归属于上市公司股东的净利润与归属于上市公司股东的扣 除非经常性损益的净利润分别为 20,360.05 万元和 14,156.64 万元，同比 2023 年 年度分别减少 80.88%和 86.39%，主要原因系：2024 年年度，受欧洲地区渠道库 存积压影响，市场竞争不断加剧导致主营业务收入规模下降；此外，公司加速构 建户用储能系统、工商业光伏逆变器及储能系统、微型逆变器等多元化产品矩阵 以响应市场细分需求；为了保持竞争力，公司持续加大研发投入，使得研发费用 较上年同期增加了 20,620.62 万元，同比增长了 75.00%；公司规模持续扩大，人 员增多，使得管理费用较上年同期 ...