投资建议 天风证券（601162）股份有限公司孙潇雅近期对天赐材料（002709）进行研究并发布了研究报告《电解液 格局有望出清，新品类加大投入》，给予天赐材料中性评级。 天赐材料 公司2024年年度和2025年第一季度经营情况如下： 2024Y实现营收125.2亿元，YOY-18.74%；归母净利润4.8亿元，YOY-74.4%；扣非归母净利润3.8亿元， YOY-79.08%。 2025Q1实现营收34.9亿元，YOY+41.64%；归母净利润1.5亿元，YOY+30.8%；扣非归母净利润1.34亿 元，YOY+33.35%。 电解液业务竞争仍然激烈，市场有望持续出清。中国新能源汽车渗透率突破50%，锂电池材料行业需求进 入平稳时期，电解液市场整体增速放缓，整个锂电池上下游产业链以消化库存和减缓资本开支为主；并且 随着未来市场供大于求的趋势逐渐演变，预计未来一到两年行业仍然维持较为激烈的竞争关系，落后产能 将持续出清。 公司在高能量密度、高电压、超充、高功率、高安全、低成本及长寿命电解液的开发上展现出显著的研发 优势，并且同时具备较大的市场产能和与下游头部客户的深度绑定关系，预计在行业出清后集中度将持续 ...

Market Overview - As of May 16, the futures concept sector declined by 0.83%, ranking among the top declines in the concept sectors [1] - Within the sector, stocks such as Yuanda Environmental Protection, Ruida Futures, and Shenwan Hongyuan experienced significant declines, while 9 stocks saw price increases, with Hongta Securities, Meihu Co., and ST Shun Tian leading the gains at 1.07%, 1.06%, and 0.63% respectively [1] Concept Sector Performance - The top-performing concept sectors today included: - PEEK Materials: +3.40% - Controlled Nuclear Fusion: +2.76% - Glyphosate: +2.72% - Huawei Automotive: +2.18% - Integrated Die Casting: +2.15% - Xiaomi Automotive: +2.14% - Chang'an Automotive Concept: +1.98% - Cultivated Diamonds: +1.93% - Organic Silicon Concept: +1.92% - Automotive Thermal Management: +1.82% - Conversely, sectors with declines included: - Horse Racing Concept: -1.41% - Free Trade Port: -1.12% - Chicken Farming: -1.06% - Shipping Concept: -1.00% - Futures Concept: -0.83% [2] Capital Flow Analysis - The futures concept sector saw a net outflow of 1.131 billion yuan, with 52 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 30 million yuan [2] - The stock with the highest net outflow was Dongfang Caifu, with a net outflow of 519 million yuan, followed by Electric Investment Production and Financing, Tianfeng Securities, and Yuanda Environmental Protection with net outflows of 561.2 million yuan, 521.4 million yuan, and 479.9 million yuan respectively [2] Top Stocks by Capital Flow - The following stocks had significant net outflows: - Dongfang Caifu: -1.33%, turnover rate 1.72%, net outflow 518.95 million yuan - Electric Investment Production and Financing: -0.28%, turnover rate 1.95%, net outflow 56.12 million yuan - Tianfeng Securities: -0.99%, turnover rate 1.68%, net outflow 52.14 million yuan - Yuanda Environmental Protection: -3.12%, turnover rate 4.28%, net outflow 47.99 million yuan - CITIC Securities: -1.39%, turnover rate 0.59%, net outflow 36.83 million yuan [3][4]

证券代码：601162 证券简称：天风证券 公告编号：2025-019 号 天风证券股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 05 月 15 日 (二)股东会召开的地点：湖北省武汉市武昌区中北路 217 号天风大厦 3 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 4,574 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 224,573,170 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 2.6119 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会由公司董事会召集，会议由董事长庞介民先生主持，会议的召集、 召开及表决方式符合《公司法》及《公司章程》的规定。 ( ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Group 1 - The national electricity market is accelerating, with significant benefits expected for equipment manufacturers in the ultra-high voltage sector [1] - It is anticipated that 5-6 ultra-high voltage direct current lines, 3-4 ultra-high voltage alternating current lines, and 5-6 back-to-back projects will be approved within the year [1] - During the 14th Five-Year Plan period, an average of 6-7 ultra-high voltage projects is expected to commence annually, leading to a substantial increase in orders for core equipment manufacturers [1] Group 2 - The report emphasizes the importance of focusing on investment opportunities in "AI + overseas expansion + satellites" in the medium to long term [2] - Key areas of interest include AI core directions such as optical modules and devices, as well as liquid cooling technologies [2] - The domestic recovery of the marine cable industry and favorable overseas expansion opportunities are highlighted, with a recommendation to actively monitor leading marine cable manufacturers [2] Group 3 - The white liquor industry is expected to show signs of improvement in performance starting from the third quarter of 2025, following a narrowing decline in sales during the recent Spring Festival [3] - Major white liquor companies are enhancing shareholder returns through increased dividends, buybacks, and shareholdings, which adds to investment safety margins [3] - Anticipated consumer stimulus policies and macroeconomic recovery are expected to support continued investment in leading liquor brands [3]

Group 1: Core Insights - The report from Tianfeng Securities indicates a positive performance in the liquor sector during the May Day banquet scene, with companies generally seeking stability in 2025, suggesting potential valuation recovery opportunities from upcoming consumer stimulus policies [1][4] - The beer and beverage sectors saw better-than-expected travel data during the May Day holiday, with notable growth in Q1 for companies like Uni-President, driving market performance [1][5] - The health supplement sector showed significant gains, with a focus on three major investment opportunities in a potential cyclical recovery [1][6] Group 2: Market Performance Review - The food and beverage sector and the CSI 300 index experienced increases of +1.76% and +1.92% respectively during the week of May 2 to May 9, with health supplements (+5.09%) and baked goods (+4.25%) leading the gains [3] - The liquor sector outperformed the overall food and beverage market and the CSI 300 index, with a weekly increase of +2.34%, attributed to the easing of performance pressure following Q1 earnings reports [4] Group 3: Sector Recommendations - Recommended stocks in the liquor sector include leading companies with strong alpha and beta benefits, such as Shanxi Fenjiu, Guizhou Moutai, and Luzhou Laojiao [1][4] - In the consumer goods sector, the report highlights opportunities in snack foods, dairy products, and companies with overseas expansion potential, such as Yili and Anqi Yeast [2][6]

Core Insights - The report from Tianfeng Securities emphasizes the importance of investing in "AI + overseas expansion + satellites" as core opportunities in the medium to long term [1][5] - The communication equipment sector is experiencing a recovery, with revenue growth expected to continue driven by AI computing power [2][4] Financial Summary and Outlook - The overall revenue for the communication equipment sector is projected to grow by 2.9% and 12.9% year-on-year in Q4 2024 and Q1 2025 respectively, indicating a recovery since Q4 2023 [2] - Net profit for the sector is expected to decline by 141% in Q4 2024 but then grow by 24% in Q1 2025, reflecting a transition in industry dynamics [2] Key Industry Segments to Watch 1. **Optical Devices**: Revenue growth of 52.6% and 67.5% year-on-year in Q4 2024 and Q1 2025, with net profit growth of 124.4% and 114.3% respectively, indicating strong demand driven by AI [3] 2. **Internet of Things (IoT)**: Positive revenue and profit growth in Q1 2025, confirming the ongoing recovery trend in the industry [3] 3. **Submarine and Optical Cables**: Revenue and net profit growth of 12% and 46.3% year-on-year in Q1 2025, supported by demand from high-voltage and smart grid projects [3] 4. **IDC & CDN**: Traditional IDC faces challenges, but AIDC is expected to see high growth due to AI applications [4] 5. **Telecom Operators**: Revenue growth of 6.4% and 0.8% year-on-year in Q4 2024 and Q1 2025, indicating stable growth [4] 6. **Main Equipment**: Revenue and net profit are under pressure, but recovery is anticipated as AI demand increases [4] 7. **Satellite Industry**: Net profit has been declining but shows signs of recovery, with expectations for normalization post-2024 [4] Investment Recommendations - Continued focus on "AI + overseas expansion + satellites" as key investment themes, particularly in optical modules, liquid cooling, and domestic computing power sectors [1][5] - Recommendations for leading companies in the submarine cable sector as domestic recovery accelerates [5]

天风证券股份有限公司 关于 深圳中天精装股份有限公司详式权益变动报告书 之2024年度及2025年第一季度持续督导意见 财务顾问 东阳城同通过协议转让方式受让乔荣健持有的中天荣健 本次权益变动、本 指 荣健的控制权，通过中天荣健实际可支配上市公司29.06% 次交易 的表决权。因信息披露义务人的实际控制人为东阳国资办， 上市公司实际控制人将变更为东阳国资办 东阳城同与乔荣健签署的《关于宿迁市中天荣健企业管理有 《股权转让协议》 指 限公司之股权转让协议》 《详式权益变动报 指 《深圳中天精装股份有限公司详式权益变动报告书》 告书》 天风证券股份有限公司关于深圳中天精装股份有限公司详式 本持续督导意见 指 权益变动报告书之2024年度及2025年第一季度持续督导意见 本财务顾问、财务 指 天风证券股份有限公司 顾问 本持续督导意见所依据的文件、书面资料等由信息披露义务人与上市公司 提供，信息披露义务人与上市公司向财务顾问保证其所提供的为出具本持续督 导意见所依据的所有文件和材料不存在虚假记载、误导性陈述或重大遗漏，并 对其真实性、准确性和完整性负责。本财务顾问对所发表意见的真实性、准确 性和完整性负责。 一、交 ...

Core Viewpoint - The report from Tianfeng Securities indicates that policies aimed at stabilizing the real estate industry are expected to take effect soon, with a consensus on market bottoming out and a smoother logic for short-term policy speculation and long-term valuation recovery [1][6]. Group 1: Policy and Market Dynamics - The People's Bank of China announced a 0.1 percentage point reduction in policy interest rates, which is expected to boost demand and stabilize the market [2]. - The adjustment of the personal housing provident fund loan interest rate by 0.25 percentage points is anticipated to enhance buyer confidence and support industry demand [2]. - The narrowing of the yield spread between rental returns and loan rates is expected to further stabilize housing prices and market sentiment [2]. Group 2: Financing and Development Models - The National Financial Regulatory Administration plans to introduce a series of financing regulations to support new real estate development models, including measures for housing loans and urban renewal [3]. - Policies aimed at expanding the scope of guaranteed housing re-loans are expected to enhance local government and bank participation in inventory reduction [3]. - The transition to "existing home sales" is gaining attention, with over 30 provinces piloting related policies, indicating a shift towards protecting buyer interests and promoting healthy industry development [4]. Group 3: Market Performance and Trends - New home sales decreased by 19.84% year-on-year, while second-hand home sales fell by 12.90%, indicating a slowdown in market activity [5]. - The land market also showed a decline, with a 10.71% year-on-year decrease in transaction area, reflecting ongoing challenges in the real estate sector [5]. - The performance of real estate indices has been mixed, with the Shenwan Real Estate Index rising by 0.41%, but still underperforming compared to the CSI 300 Index [5]. Group 4: Investment Recommendations - Tianfeng Securities suggests prioritizing investments in non-state-owned enterprises benefiting from debt resolution, policy support, and demand improvement [6][7]. - Key investment targets include quality non-state-owned enterprises like Longfor Group and China Overseas Land & Investment, as well as local state-owned enterprises and leading central enterprises [7]. - The report also highlights opportunities in quality property management and intermediary firms, indicating a diversified approach to investment in the real estate sector [7].

Group 1 - Tianfeng Securities has received approval from the Shanghai Stock Exchange for its non-public offering of shares, aiming to raise up to 4 billion yuan by issuing no more than 1.498 billion shares at a price of 2.73 yuan per share [2] - The funds raised will be used to increase the company's capital, supplement working capital, and repay debts, with specific allocations of up to 1.5 billion yuan for wealth management, 500 million yuan for investment trading, and up to 2 billion yuan for debt repayment and working capital [2] - The controlling shareholder, Hubei Hongtai Group, plans to fully subscribe to the new shares, demonstrating strong support for Tianfeng Securities [3] Group 2 - The competitive landscape in the securities industry is intensifying, leading smaller brokerages to strengthen collaboration with shareholders to enhance their overall capabilities and create differentiated competitive advantages [3] - Hubei Hongtai Group has been actively supporting Tianfeng Securities, including a previous commitment to increase its stake in the company by 500 million to 1 billion yuan [3] - Other small brokerages are also leveraging shareholder support for growth, as seen with Changcheng Securities and Huafu Securities, which have received capital injections from their respective shareholders to bolster their operations [4][5]