Investment Rating - The report maintains an "Overweight" rating for the automotive industry, particularly focusing on the transformation of traditional car manufacturers [1]. Core Insights - FAW Audi collaborates with Huawei to enhance automotive intelligence, which is expected to address Audi's shortcomings in smart technology. This partnership is anticipated to bolster Audi's sales in the luxury car market [5][6]. - The report highlights key beneficiaries in the automotive parts sector, including Jifeng and Kobot, which are expected to gain from Audi's new models and their integration of Huawei's advanced driving assistance systems [5][6]. - By 2025, all new Audi models will feature jointly developed high-level intelligent driving systems, enhancing safety, efficiency, comfort, and luxury for Chinese consumers [5]. Summary by Sections Investment Highlights - Recommended companies in the Audi supply chain include Jifeng Co., Ltd. and Kobot, with Jifeng holding orders for three new energy models from Audi, projected to generate sales of 8-10 billion yuan over their lifecycle [5]. - Kobot is set to receive new orders for Audi's DCDC and thermal management smart actuators in 2024, while FAW Fuwi is expected to have nearly 33% of its receivables from Audi's new energy division by the end of 2024 [5]. Market Performance - Audi's annual sales in China reached 731,000 units at one point, with projections of 663,000 units for 2024 and cumulative sales of 91,000 units for January-February 2025. The growth potential for Audi in China remains significant, especially with the collaboration with Huawei [5].

Investment Rating - The report assigns an "Accumulate" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [2][17]. Core Insights - The report highlights that hybrid bonding solutions are becoming a critical breakthrough for AI chips and advanced packaging, with significant developments expected in the coming years [3][4]. - Applied Materials (AMAT) has acquired a 9% stake in Besi, viewing hybrid bonding as a strategic long-term investment, and both companies will collaborate on developing hybrid bonding solutions [3][4]. - The demand for hybrid bonding technology is projected to surge, particularly in the logic process field starting in 2022, with a second wave of demand anticipated in 2024 [4]. Summary by Sections Industry Overview - Hybrid technology is expected to begin mass production in the logic process field in 2022, with further adoption in the memory sector by 2025-2026 and in advanced packaging (AP) by 2027-2028 [4]. - By 2030, the demand for hybrid bonding equipment is estimated to reach around 1,400 units [4]. Company Developments - AMAT's acquisition of Besi shares is part of a long-standing partnership aimed at developing the industry's first fully integrated equipment solution for wafer-based hybrid bonding [4]. - Besi's equipment orders are expected to increase significantly in 2024, driven primarily by demand from AI applications [4]. Financial Performance - Besi is projected to achieve revenues of €607.5 million in 2024, reflecting a year-on-year increase of 4.9%, with a gross margin of 65.2% [4]. - The company's order intake is expected to rise to €586.7 million, a 7.0% increase year-on-year, largely due to the growing demand for AI application equipment [4]. Recommended Companies - The report recommends companies such as Tuojing Technology and Northern Huachuang for investment, highlighting their potential benefits from the hybrid bonding technology [4][9].

产业观察 [table_Header]2025.04.16 关税冲突下低空产业：短期冲击有限，长期加速国产替代 产业研究中心 ——低空产业跟踪 11 期 摘要： [本报告导读： Table_Summary] 自美国"对等关税"推出以来，中美贸易关税税率持续升级。对国内 低空产业而言，我们认为短期冲击存在但有限，中长期利于核心环节 的国产替代。 产业要点： | [Table_Authors] | 徐淋(分析师) | | --- | --- | | | 021-38676666 | | 登记编号 | S0880523090005 | | | 周天乐(分析师) | | | 021-38676666 | | 登记编号 | S0880520010003 | | | 肖洁(分析师) | 021-38676666 登记编号 S0880513080002 请务必阅读正文之后的免责条款部分 1 of 10 关税冲突下低空产业：短期冲击有限，长期加速国产替代。自美 国"对等关税"推出以来，中美贸易关税税率持续升级。对国内 低空产业而言，我们认为短期冲击存在但有限，中长期利于核心 环节的国产替代，核心在于： 第一，与民航产业不同， ...

策略研究 / 2025.04.15 聚焦内需新动力与外贸新格局 方奕(分析师) 021-38676666 主题风向标4月第2期 登记编与 S0880520120005 本报告导读: 苏徽(分析师) 主题交易热度显著提升,内外需方向交替走强。关注"两重两新"等内需政策加力 和外贸格局的新变化。推荐:内需消费/周边经济/自主可控/并购重组。 管 元编亏 投资要点: 主题温度计:主题交易热度显著提升,内外需方向交替走强。4月 7 日-4 月 11 日热点主题日均成交额平均 6.59 亿元,日均换手率 4.18%,均大幅提升。关税事件扰动下本期主题走势先抑后扬,随着 关税冲击烈度的变化交易结构上内外需方向轮动,社服零售、农业 等内需方向率先走强而外贸方向回调,随后关税批动烈度回落且部 分领域商品豁免预期提升,消费电子等外贸方向反弹。热点主题资 金整体显著净流入核心资产方向,小市值类主题资金净流出。主题 交易的核心叙事逻辑从交易关税冲击切换到交易提振内需政策和关 税冲击的烈度下降,情绪扰动逐步减弱投资逻辑有望回归内需与科 技主线,关注"两重两新"等内需政策加力和外贸格局的新变化。 主题一:内需消费。内需有望成为拉动经济 ...

[table_Authors] 秦和平(分析师) 本报告导读： 关税博弈持续，美元资产波动中显现配置机遇，芯片成为本轮中美博弈重要抓手， 新规将芯片原产地认定为流片地。华为云推出 384 超节点，看好国内 AI 进展加速。 股票研究 /[Table_Date] 2025.04.14 关税博弈，海外资产波动中显现新机遇 [Table_Industry] 海外科技 [Table_Invest] 评级： 增持 ——海外科技行业 2025 年第 14 期 021-38676666 登记编号 S0880523110003 [Table_Summary] 大盘行情上，（2025.4.6-2025.4.12）恒生指数下跌 8.47%，恒生科技 指数下跌 7.77%，道琼斯工业指数上涨 4.95%，纳斯达克指数上涨 7.29%。 关税博弈持续，美元资产走弱，波动中显现配置机遇。中美关税博 弈持续，特朗普政府提高对华关税税率至 145%，中方反制关税税率 至 125%。当前阶段，市场关注焦点已从税率数字转移至全球贸易格 局重塑的可能性，风险溢价上升推动美国债收益率持续攀升，10 年 期国债上周累计上涨 49 个基点，创 200 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 22.40 RMB [2][11]. Core Insights - The company's performance in 2024 demonstrates resilience, and the acquisition of quality road assets by the end of Q1 2025 is expected to enhance profitability. Future industry policy optimization may accelerate, ensuring reasonable returns on expansion and renovation projects. The company is positioned as a reliable dividend stock focused on domestic demand [3][11]. Financial Summary - Revenue for 2023 was 6,631 million RMB, projected to increase to 7,092 million RMB in 2024, followed by a decrease to 6,364 million RMB in 2025, and then rising to 8,109 million RMB in 2026 [5]. - Net profit attributable to the parent company was 1,660 million RMB in 2023, expected to slightly increase to 1,669 million RMB in 2024, and further rise to 1,864 million RMB in 2025 [5]. - Earnings per share (EPS) is projected to be 1.01 RMB in 2024 and 1.12 RMB in 2025 [5]. Operational Highlights - The average daily traffic volume is expected to decline by 8% in 2024, with toll revenue decreasing by 5%. The decline is attributed to the expansion of the Xuanguang Expressway, which has led to a significant reduction in traffic [11]. - Financial expenses are anticipated to decrease by 39% due to the reduction in LPR and the company's refinancing of existing loans at lower rates [11]. Acquisition and Expansion - The company plans to complete the acquisition of quality road assets from the group by the end of March 2025, which is expected to enhance profitability starting from Q2 2025 [11]. - The ongoing expansion projects of key expressways are projected to contribute significantly to the company's revenue, with three expressways accounting for nearly 70% of toll revenue [11]. Dividend Policy - The company maintains a high dividend payout ratio of 60% for 2024, consistent with its previous commitments to shareholder returns. The expected dividend yield for 2025-2027 is projected to be 3.9%, 3.9%, and 3.7% respectively [11].

Inflation Data Summary - In March 2025, the US CPI year-on-year growth rate was 2.4%, a decrease of 0.4 percentage points from February, and below the market expectation of 2.5%[2] - The core CPI year-on-year was 2.8%, down 0.3 percentage points from January and also below the market expectation of 3%[6] - Month-on-month, the CPI decreased by 0.1%, marking the first negative value since July 2022, while the core CPI adjusted month-on-month was 0.1%[6] Contributing Factors to Inflation Changes - The decline in inflation was primarily driven by a slowdown in energy prices and core services excluding rent[2] - Energy inflation year-on-year was -3.3%, a significant drop of 3.1 percentage points from February, contributing to a near 0.2 percentage point decrease in both year-on-year and month-on-month CPI growth[8] - Core service inflation, excluding rent, saw a year-on-year decrease from 3.8% in February to 3.3% in March, with a month-on-month slowdown to 0.3%[15] Market Implications - The weakening of the US dollar's credit foundation has led to simultaneous declines in stocks, bonds, and currencies, with investors showing decreased confidence in dollar assets[5] - Despite the unexpected cooling of inflation data, the market did not react significantly, as the effects of tariffs on inflation have yet to fully materialize[20] - There is a potential risk of further increases in US Treasury yields due to the weakening dollar credit foundation and anticipated inflation pressures from tariffs in the second quarter[20]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.56 CNY [6][12] Core Views - The distribution business shows steady growth, while the retail segment faces pressure due to policy changes and impairment losses. The company is optimizing store operations and focusing on its own brand to drive retail transformation, leveraging the synergy between wholesale and retail [2][12] - The company aims for "high-quality development" as its core strategy, enhancing efficiency through innovation in the distribution segment and improving profitability in the retail segment via store optimization and brand development [12] Financial Summary - For 2024, the company is projected to achieve revenue of 743.78 billion CNY, a decrease of 1.46% from the previous year. The net profit attributable to shareholders is expected to be 642 million CNY, down 59.83% [4][12] - The distribution business is expected to generate revenue of 529.84 billion CNY, reflecting a growth of 1.98%, while the retail segment is projected to decline to 223.57 billion CNY, a decrease of 8.41% [12] - The company plans to adjust its earnings per share (EPS) forecasts for 2025 and 2026 to 2.63 CNY and 2.82 CNY, respectively, with a new forecast for 2027 set at 3.04 CNY [12] Business Segments - The distribution segment is focusing on high-quality development, optimizing product structure, and increasing the proportion of innovative drugs, which is expected to drive future growth [12] - The retail segment is undergoing significant adjustments, shifting from scale growth to high-quality development, with a focus on loss management and the expansion of self-owned brands [12] Market Data - The company's market capitalization is approximately 13.72 billion CNY, with a current stock price of 24.65 CNY [7][12] - The price-to-earnings (P/E) ratio is projected to be 21.35 for 2024, decreasing to 8.12 by 2027 [4][12]

Investment Rating - The investment rating for the company is "Accumulate" [1][11]. Core Views - The company's performance in 2024 met expectations, with a focus on market share, gradual improvement in the domestic market, and continued rapid growth in overseas markets. The cost improvement benefits are expected to continue into 2025, leading to sustained steady growth in performance [3][11]. Financial Summary - Revenue for 2024 is projected at 15,197 million, representing a year-on-year increase of 11.9%. The net profit attributable to the parent company is expected to be 1,325 million, up 4.1% year-on-year. The earnings per share (EPS) for 2024 is estimated at 1.52 [5][11]. - The company anticipates revenue growth of over 10% for 2025, with a focus on "steady growth, increasing sales volume, enhancing profits, and expanding new products" [11]. Business Performance - The company's yeast and deep processing/sugar/packaging/food raw materials/other business revenues for 2024 are expected to grow by 14.2%, -26.1%, -2.8%, +31.7%, and +42.1% respectively. The main business growth rate is expected to outperform the overall revenue growth rate [11]. - Domestic and overseas revenues are projected to increase by 7.5% and 19.4% respectively, driven by precise marketing strategies that ensure steady growth in the sales volume of leading products [11]. Cost and Margin Analysis - The gross margin for 2024 is expected to decrease by 0.7 percentage points to 21.4%, but is projected to improve in Q4 2024, with a gross margin of 24.1%, reflecting a marginal improvement [11]. - The company is actively optimizing its organizational structure to enhance overall efficiency, with expectations for domestic improvements and effective overseas localization strategies [11].

Investment Rating - The report maintains a rating of "Accumulate" for the company [11]. Core Views - The company has demonstrated stable performance in 2024, with an increase in market share and a focus on internationalization and smart technology growth opportunities, indicating a positive long-term growth outlook [3][11]. - The company’s forklift business remains a leader domestically, and it is actively advancing its international and intelligent logistics strategies, which are expected to enhance profitability [11]. Financial Summary - In 2024, the company achieved a revenue of 17,325 million yuan, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of 1,320 million yuan, up 0.18% year-on-year [11]. - The projected earnings per share (EPS) for 2025 and 2026 are adjusted to 1.59 yuan and 1.78 yuan respectively, with a new EPS forecast of 2.00 yuan for 2027 [11]. - The company’s gross profit margin and net profit margin for 2024 were 23.46% and 7.62%, reflecting a year-on-year increase of 1.58 percentage points and a decrease of 0.06 percentage points respectively [11]. Market Position - The company’s domestic and international revenue for 2024 was 10,186 million yuan and 6,928 million yuan respectively, with international revenue accounting for nearly 40% of total revenue, an increase of 5 percentage points [11]. - The domestic sales volume reached 213,800 units, with a market share of 26.56%, an increase of 0.83 percentage points year-on-year [11]. Strategic Initiatives - The company is enhancing its global presence with the establishment of operational centers in Oceania, Europe, and South America, achieving the top market share in 34 overseas countries and regions [11]. - The company is also focusing on digital transformation and smart logistics, including partnerships with Huawei to accelerate technology innovation and talent development [11].