Investment Rating - The report indicates a positive investment sentiment towards the financial real estate theme funds, which have shown a net value increase of 1.45% this week [2]. Core Insights - The overall market performance for the week of May 12-16, 2025, saw significant gains in U.S. stocks, while the domestic equity market showed mixed results, with the CSI 300 index rising by 1.12% [13]. - The beauty care, non-bank financial, and automotive sectors led the gains, with respective increases of 3.08%, 2.49%, and 2.40% [15]. - The fund market experienced a resurgence, with 24 new funds launched, totaling 240.04 billion units, including 12 equity funds and 6 bond funds [22]. Summary by Sections Market Performance Overview - U.S. stocks surged, with the S&P 500 up by 5.27% and the Hang Seng Index rising by 2.09%. The CSI 300 index increased by 1.12% [13]. - The beauty care, non-bank financial, and automotive sectors performed well, while the computer, defense, and media sectors faced declines [15]. Fund Product Issuance - A total of 24 new funds were established this week, with a combined issuance of 240.04 billion units. The largest issuance was from the Huian Yuhong Rate Bond A fund, totaling 60 billion units [22][27]. - The overall market saw 34 new funds issued, with 18 being equity funds, 7 mixed funds, and 6 bond funds [29]. Fund Product Performance Tracking - The financial real estate theme funds continued to perform well, with a net value increase of 1.45%. Other themes like consumption and new energy also showed positive performance [2]. - The average return for equity ETFs was 0.74%, while the commodity ETFs saw a median return of -4.71% [2][3]. ETF Market Tracking - Significant inflows were observed in the Sci-Tech and TMT theme ETFs, with respective net inflows of 17.98 billion and 9.39 billion yuan. Conversely, broad market ETFs experienced substantial outflows [3]. - The active equity fund positions decreased by 0.66 percentage points, indicating a shift in sector allocations, with increased investments in pharmaceuticals and beauty care [3]. ESG Financial Products Tracking - The green bond market remained stable, with 10 new issuances totaling 7.313 billion yuan, bringing the cumulative issuance to 4.43 trillion yuan [4]. - ESG funds showed varied performance, with active equity ESG funds having a median return of 0.26% [4].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Views - The mechanical industry is experiencing a recovery in demand, particularly in the humanoid robotics sector, with significant collaborations and technological advancements being reported [1][2][3] - The humanoid robot industry is expected to see a breakthrough in 2025, with mass production reaching the scale of thousands, which will enhance data collection and training capabilities [5] - The engineering machinery sector is witnessing a continuous recovery, with excavator sales showing a year-on-year increase of 17.6% in April 2025 [12] Summary by Relevant Sections Humanoid Robotics - Huawei and UBTECH signed a comprehensive cooperation agreement focusing on humanoid robotics, aiming to enhance product technology development and application scenarios [1] - The collaboration will leverage Huawei's AI infrastructure to support UBTECH in building an innovation center for humanoid robots [1] Engineering Machinery - In April 2025, excavator sales reached 22,142 units, a year-on-year increase of 17.6%, indicating a recovery in the engineering machinery sector [12] - The report suggests that infrastructure investment will remain high, benefiting the engineering machinery demand [12] Agricultural Machinery - The agricultural machinery market in China showed a decline in the market sentiment index to 47.9% in April 2025, with all six primary indices showing a downward trend [7] - Despite the current downturn, long-term demand for agricultural machinery is expected to rise, particularly in the tractor segment, which has significant export potential [8] Robotics and Automation - The report highlights the growth in the robotics sector, with companies like Magic Atom and Self-Variable Robotics securing significant funding for technology development [3] - The focus is on enhancing core technologies and accelerating the deployment of robots in industrial and commercial applications [3] Market Trends - The report notes a significant increase in the production of industrial robots, with a year-on-year growth of 51.5% in April 2025 [28] - The overall machinery industry is expected to benefit from favorable macroeconomic policies and infrastructure investments, leading to a gradual recovery in demand [12][38]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Viewpoints - The low-altitude economy is a strategic emerging industry with significant growth potential, projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 in China [24][25] - The humanoid robot market is expected to grow rapidly, with a projected market size of approximately 1.017 billion USD in 2024, reaching 15 billion USD by 2030, reflecting a CAGR of over 56% from 2024 to 2030 [29] - MXD6, a high-performance engineering plastic, is gaining traction in lightweight applications and barrier packaging materials, with a market size of approximately 410 million USD in 2024, expected to grow to 760 million USD by 2033, corresponding to a CAGR of about 7.1% [41] Summary by Sections Low-altitude Economy - The low-altitude economy encompasses various sectors, including aircraft manufacturing, low-altitude flight infrastructure, and flight service guarantees, with a broad application in industrial, agricultural, and service sectors [24] - Recent policies have been introduced to support the development of the low-altitude economy, with multiple provinces launching action plans to promote high-quality development [25][26] MXD6 Overview - MXD6 is characterized by high strength, rigidity, heat resistance, wear resistance, and excellent barrier properties, making it suitable for automotive and drone lightweight applications as well as barrier packaging materials [30][34] - The current MXD6 market is dominated by overseas manufacturers, but domestic companies like Qicai Chemical and Sinochem International are breaking through technical barriers and increasing production capacity [39][40] Market Potential - The MXD6 market is projected to grow significantly, with a forecasted production volume of 30,000 to 40,000 tons in 2024, and the automotive sector's market size expected to increase from 132 million USD in 2023 to 225 million USD by 2033 [41]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Insights - The low-altitude economy is a strategic emerging industry with significant growth potential, projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 in China [24][25] - The humanoid robot market is expected to grow rapidly, with a projected CAGR of over 56% from 2024 to 2030, reaching a market size of 15 billion USD by 2030 [29] - MXD6, a high-performance engineering plastic, is gaining traction in lightweight applications and barrier packaging materials, with a market size of approximately 410 million USD in 2024 [41] Summary by Sections 1. Industry Overview - The low-altitude economy encompasses various sectors, including aircraft manufacturing, low-altitude flight infrastructure, and flight service guarantees, with a broad application in industrial, agricultural, and service sectors [24] - The humanoid robot market is a new and expansive blue ocean market, with significant growth expected due to policy support and industrial development [29] 2. MXD6 Characteristics and Applications - MXD6 exhibits high strength, rigidity, heat resistance, wear resistance, and excellent barrier properties, making it suitable for automotive and drone lightweight applications as well as barrier packaging [2][34] - Compared to common nylon types, MXD6 combines the processability of aliphatic nylon with the high barrier and rigidity of aromatic structures [34] 3. Market Potential and Growth - The global MXD6 market is projected to grow from 410 million USD in 2024 to 760 million USD by 2033, with a CAGR of approximately 7.1% [41] - The automotive sector's MXD6 market is expected to increase from 132 million USD in 2023 to 225 million USD by 2033 [41] 4. Domestic Industry Developments - Domestic companies are gradually breaking the technological monopoly of overseas firms, with significant projects underway by companies like Qicai Chemical and Sinochem International [39][40] - Qicai Chemical has initiated a 5000-ton/year MXD6 project, while Sinochem International has developed stable MXD6 polymerization processes [39] 5. Investment Recommendations - The report suggests focusing on upstream oil and gas sectors, undervalued chemical leaders, and new materials such as semiconductor materials, OLED supply chains, and lithium battery materials [5]

2025 年 5 月 20 日 总量研究 金融地产主题基金热度延续，科创、TMT 主题 ETF 资金流入占优 ——基金市场与 ESG 产品周报 20250520 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.5.12-2025.5.16）美股大涨，国内权益市场指数涨跌分化，沪深 300 上 涨 1.12%。行业方面，本周美容护理、非银金融、汽车行业涨幅居前，计算 机、国防军工、传媒行业跌幅居前。基金市场方面，本周权益类基金净值延 续上涨，其中股票指数型基金上涨 0.60%。 基金产品发行情况：本周国内新基市场热度回升，新成立基金 24 只，合计 发行份额为 240.04 亿份。其中债券型基金 6 只、股票型基金 12 只、混合型 基金 5 只、FOF 基金 1 只。全市场新发行基金 34 只，从类型来看，股票型 基金 18 只、混合型基金 7 只、债券型基金 6 只、FOF 基金 3 只。 基金产品表现跟踪：长期行业主题基金指数方面，本周金融地产主题基金热 度延续，净值上涨 1.45%，国防军工基金净值呈现小幅回调。截至 2025 年 5 月 16 日， 本周金融地产、消费、 ...

Investment Rating - The investment rating for the company has been downgraded to "Accumulate" [4][6] Core Viewpoints - The company's commercial operations remain stable, while real estate sales continue to decline significantly [2][3] - The company has a relatively tight cash position, with non-restricted cash amounting to approximately 6.596 billion yuan and a short-term debt of about 11.99 billion yuan, resulting in a cash-to-short-debt ratio of approximately 0.55 [3][4] Summary by Relevant Sections Commercial Operations - As of the end of 2024, the company has established 200 Wuyue Plazas across 136 cities, with 173 operational commercial properties and an overall occupancy rate of about 98% [2] - In 2024, the total foot traffic for Wuyue Plazas reached approximately 1.77 billion visits, a year-on-year increase of 19%, with total sales of 90.5 billion yuan, also a 19% increase year-on-year [2] - The commercial operations segment achieved revenue of 12.03 billion yuan in 2024, reflecting a year-on-year increase of 13.2%, with a gross margin of approximately 70.2% [2] Real Estate Sales - In 2024, the company recorded a total sales amount of 40.17 billion yuan, a year-on-year decrease of 47.1%, with a total sales area of 5.388 million square meters, down 44.4% year-on-year [3] - For the first four months of 2025, the company achieved a contract sales amount of 6.86 billion yuan, a year-on-year decline of 56.2%, with a sales area of 886,000 square meters, down 59.0% year-on-year [3] Financial Forecasts and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 810 million yuan and 970 million yuan, respectively, with a new forecast for 2027 set at 1.49 billion yuan [4] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.36 yuan, 0.43 yuan, and 0.66 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 36, 30, and 20 times [4][5]

2025 年 5 月 20 日 行业研究 液晶弹性体研究持续迭代，具备人工肌肉等领域应用潜力 ——石化化工交运行业日报第 65 期（20250519） 要点 液晶弹性体可应用于驱动器、人工肌肉等领域。液晶弹性体（LCEs，Liquid Crystal Elastomers）是由柔性聚合物链组成的轻度交联网络结构，其中嵌 入了液晶的介晶单元（Mesogens）。这样的结构使得液晶弹性体具有类似 橡胶的柔性、弹性，同时也使得其中的介晶单元保留了很多原本液晶的特 性。介晶单元与聚合物主链的连接方式主要有三种：（1）主链型：介晶单 元的长轴直接连接到聚合物主链上；（2）侧接-侧链型：介晶单元通过其侧 面的小基团连接到聚合物主链上；（3）末接-侧链型：介晶单元通过其长轴 末端的小基团连接到聚合物主链上。介晶单元与聚合物主链之间的连接方式 会影响液晶弹性体材料可形成的液晶相类型。由于介晶单元的存在，在外部 刺激的触发下（如温度、湿度、有机溶剂、电场、离子、光照、磁场等）介 晶单元会发生有序-无序的相变，最终将会导致液晶弹性体材料在宏观尺度上 的形状变化。在各类驱动（刺激）方式中，热驱动是最基本的原理，所有间 接驱动方式（ ...

2025 年 5 月 20 日 行业研究 液晶弹性体研究持续迭代，具备人工肌肉等领域应用潜力 ——石化化工交运行业日报第 65 期（20250519） 要点 液晶弹性体可应用于驱动器、人工肌肉等领域。液晶弹性体（LCEs，Liquid Crystal Elastomers）是由柔性聚合物链组成的轻度交联网络结构，其中嵌 入了液晶的介晶单元（Mesogens）。这样的结构使得液晶弹性体具有类似 橡胶的柔性、弹性，同时也使得其中的介晶单元保留了很多原本液晶的特 性。介晶单元与聚合物主链的连接方式主要有三种：（1）主链型：介晶单 元的长轴直接连接到聚合物主链上；（2）侧接-侧链型：介晶单元通过其侧 面的小基团连接到聚合物主链上；（3）末接-侧链型：介晶单元通过其长轴 末端的小基团连接到聚合物主链上。介晶单元与聚合物主链之间的连接方式 会影响液晶弹性体材料可形成的液晶相类型。由于介晶单元的存在，在外部 刺激的触发下（如温度、湿度、有机溶剂、电场、离子、光照、磁场等）介 晶单元会发生有序-无序的相变，最终将会导致液晶弹性体材料在宏观尺度上 的形状变化。在各类驱动（刺激）方式中，热驱动是最基本的原理，所有间 接驱动方式（ ...

2025 年 5 月 20 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】经济顶住压力，实现稳定增长——2025 年 4 月经济数据点评 在美国关税政策冲击下，4 月经济数据有所回落但维持稳定，"以旧换新"政策涉及 商品销售，以及服务消费的表现相对较好，制造业投资和基建投资增速小幅回落，但 维持在近期高位，显示前期存量政策效果依旧明显。但是，"以旧换新"政策受惠范 围外的商品消费相对低迷，房地产开发投资、房地产销售跌幅有所扩大。 【策略】【光大证券】A 股市场策略数据库-20250517 大类资产方面，本周大类资产大多上涨，纳斯达克指数涨幅居前，伦敦现货黄金跌幅 居前。 A 股宽基指数方面，本周宽基指数大多上涨，创业板指涨幅居前，科创 50 跌 幅居前。 行业方面，本周行业涨跌互现，美容护理涨幅居前，计算机跌幅居前。 行业研究 【零售】金银珠宝销售加速增长，国补品类持续高增——2025 年 4 月社消零售数据 点评(买入) 2025 年 4 月社消费零售总额为 3.72 万亿元，同增 5.1%（wind 市场一致预期为 5.48%），限额以上企业（单位）商品零售额为 1.38 万亿元，同增 6.6%。 ...

Consumption - In April 2025, the year-on-year growth rate of social retail sales was 5.1%, lower than the expected 5.5% and the previous month's 5.9%[3] - The "old-for-new" policy significantly boosted sales in categories like home appliances, furniture, and consumer electronics, with year-on-year growth rates of 38.8%, 33.5%, and 26.9% respectively[4] - The fiscal multiplier for the "old-for-new" policy increased to 2.4 in Q1 2025, indicating a strong impact on consumption growth[5] Manufacturing and Investment - In April 2025, manufacturing investment year-on-year growth was 8.2%, down from 9.2% in March, but still at a relatively high level[18] - Fixed asset investment from January to April 2025 showed a cumulative year-on-year growth of 4.0%, slightly below the expected 4.3%[6] - Equipment investment, driven by the "two heavy" policies, saw a year-on-year increase of 18.2%, contributing 64.5% to overall investment growth[18] Real Estate - In April 2025, the year-on-year decline in commodity housing sales expanded, with sales area growth dropping from -1.6% in March to -2.9% in April, and sales revenue declining from -2.3% to -7.1%[26] - Real estate development investment also saw a worsening decline, with a year-on-year drop of 11.5% in April, compared to -10.3% in March[26] Infrastructure - Broad infrastructure investment growth in April 2025 was 9.6%, down from 12.6% in March, while narrow infrastructure growth was stable at 5.8%[20] - The issuance of local special bonds reached 1.2 trillion yuan in the first four months, accounting for 27% of the annual target, which is significantly higher than the 19% in the same period of 2024[20] Economic Outlook - The economic outlook remains cautious, with internal growth drivers needing enhancement and household income growth facing pressure[2] - Continued precision in policy implementation is necessary to strengthen domestic circulation and respond to international trade challenges[2]