Group 1: TMT Industry Insights - The report highlights that with the improvement of L3 level regulations by 2025, L2+ and above intelligent driving technologies are expected to accelerate penetration, benefiting third-party SoC manufacturers [1] - The trend of "chip embedding" is anticipated to bring high growth certainty to the industry, with recommendations for leading global and domestic SoC companies such as Nvidia and Horizon Robotics [1] Group 2: Real Estate Market Analysis - In the first four months, the total area of residential land transactions in 100 cities reached 56.67 million square meters, a year-on-year increase of 1.5%, with an average transaction floor price of 7,738 yuan per square meter, up 20.2% year-on-year [2] - The 30 core cities saw a total residential land transaction area of 27.74 million square meters, a year-on-year increase of 7.9%, with an average transaction floor price of 13,318 yuan per square meter, up 28.5% year-on-year [2] - The overall premium rate for residential land transactions in the 30 core cities was 17.2%, an increase of 11 percentage points year-on-year, indicating a rise in market activity [2] Group 3: Internet Media Company Overview - The report covers Multi-Point Intelligence, a SaaS company focusing on the digital transformation of local retailers, which possesses significant industry experience and data barriers [3] - Revenue growth projections for the company from 2025 to 2027 are 16.7%, 17.2%, and 16.4% year-on-year, with corresponding PS valuation multiples of 3.4x, 2.9x, and 2.5x [3] - The forecasted Non-IFRS net profits for the company are 122 million, 271 million, and 408 million yuan for the years 2025 to 2027 [3] Group 4: Software and Robotics Sector - The report discusses the launch of the Kaihong Bot series by China Software International, emphasizing the ongoing development of the open-source Hongmeng ecosystem [4] - The net profit forecasts for China Software International from 2025 to 2027 are 640 million, 750 million, and 870 million yuan, respectively [4] Group 5: Pharmaceutical Company Insights - The report indicates that the company Lao Bai Xing is focusing on optimizing store layouts and expanding its franchise business while integrating a digital system [6] - The projected net profits for Lao Bai Xing from 2025 to 2027 are 702 million, 841 million, and 955 million yuan, reflecting year-on-year growth rates of 35%, 20%, and 14% [6] Group 6: Travel Industry Performance - Tongcheng Travel reported a revenue of 4.377 billion yuan in Q1 2025, a year-on-year increase of 13.2%, with an adjusted net profit of 788 million yuan, up 41.1% year-on-year [7] - The adjusted net profit forecasts for Tongcheng Travel for 2025 to 2027 are 3.393 billion, 4.060 billion, and 4.647 billion yuan, with corresponding PE ratios of 13, 11, and 10 times [7]

2025 年 5 月 26 日 总量研究 医药主题基金表现亮眼，被动资金加仓科技赛道 ——基金市场与 ESG 产品周报 20250526 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 2025.5.19-2025.5.23）黄金价格大涨，国内权益市场小幅回调。行业方面， 本周医药生物、综合、有色金属行业涨幅居前，计算机、机械设备、通信行 业跌幅居前。基金市场方面，本周主被动权益基金表现分化，普通股票型基 金上涨 0.13%，股票指数基金回撤 0.42%。 基金产品发行情况：本周国内市场新成立基金 27 只，合计发行份额为 164.23 亿份。其中股票型基金 19 只、债券型基金 6 只、混合型基金 2 只。 全市场新发行基金 25 只，从类型来看，股票型基金 15 只、债券型基金 8 只、FOF 基金 1 只、混合型基金 1 只。 基金产品表现跟踪：长期行业主题基金指数方面，本周医药主题基金表现优 势显著，净值上涨 4.57%，TMT 主题基金净值延续回落。截至 2025 年 5 月 23 日，本周医药、周期、消费、行业轮动、金融地产、行业均衡、新能源、 国防军工、TMT 主题基金涨跌 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 4.427 billion yuan for Q1 2025, representing a year-on-year growth of 18.9%, while net profit decreased by 28.9% to 417 million yuan [1]. - The adjusted net profit for Q1 2025 was 587 million yuan, a decline of 4.8% year-on-year [1]. - The overall gross margin increased by 0.8 percentage points to 44.2% in Q1 2025, driven by an increase in overseas market revenue and improvements in product mix [2]. - The MINISO brand revenue grew by 16.5% year-on-year, with overseas revenue increasing by 30.3% due to a 24.6% rise in average store count [2]. - The total number of stores reached 7,768 by the end of Q1 2025, with a net decrease of 12 stores, while domestic stores decreased by 111 and overseas stores increased by 95 [3]. - The company returned a total of 990 million yuan to shareholders, including 100 million USD in cash dividends and 260 million yuan in share buybacks [3]. Financial Performance Summary - For 2025, the company expects revenues of 20.415 billion yuan, with a growth rate of 20.1% [5]. - The projected profit attributable to equity shareholders for 2025 is 2.701 billion yuan, reflecting a growth rate of 2.8% [5]. - The earnings per share (EPS) for 2025 is estimated at 2.16 yuan [5]. - The company’s return on equity (ROE) is projected to be 20.8% for 2025 [12]. Strategic Focus - The company is focusing on optimizing store quality and structure domestically while maintaining significant investments in overseas markets [4]. - The report highlights the importance of releasing operational leverage in overseas markets during peak seasons [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is exploring a second growth curve through diversified strategies and deep integration of digital intelligence systems [1][9] - The company has faced short-term performance pressure due to multiple factors, but the Torch project has improved gross margins [6] - The company is focusing on expanding its store network and optimizing its layout, with steady growth in its franchise business [7] Financial Performance Summary - For the year 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 22.36 billion, 519 million, and 496 million yuan respectively, showing a year-on-year change of -0.36%, -44.13%, and -41.18% [5] - The company announced a profit distribution plan, proposing a cash dividend of 0.8 yuan per 10 shares [5] - In Q1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 5.43 billion, 251 million, and 243 million yuan respectively, with year-on-year changes of -1.88%, -21.98%, and -21.59% [5] Operational Insights - The company has increased its store count to 15,277 by the end of 2024, with a focus on expanding in 11 key provinces [7] - The company has optimized its store layout by closing underperforming stores and increasing the proportion of franchise operations [7] - The company is enhancing its digital intelligence system to improve operational efficiency and cost optimization [8] Growth Projections - The company is expected to achieve long-term stable growth driven by its franchise business and the Torch project, which has effectively improved gross margins [9] - The revenue forecast for 2025 is set at 23.81 billion yuan, with a growth rate of 6.50% [10] - The net profit forecast for 2025 is 702 million yuan, reflecting a growth rate of 35.29% compared to 2024 [10] Valuation Metrics - The current price corresponds to a P/E ratio of 20 for 2025, 17 for 2026, and 15 for 2027 [9] - The company’s estimated P/B ratio is projected to be 2.0 in 2025, 1.9 in 2026, and 1.8 in 2027 [10]

1. Report Industry Investment Rating - Most of the covered companies have investment ratings such as "Buy" and "Add", including China National Building Material Co., Ltd., China National Steel & Machinery Corporation, etc. [21][24] 2. Core Viewpoints - Suggest paying attention to investment opportunities related to the Belt and Road Initiative, including four major international engineering companies and companies like Shanghai Harbor and Keda Manufacturing. [3][18] - Although the real - estate market is on the path of stabilizing after a series of policies since the December 2024 Politburo meeting, it still needs to be consolidated in April, and continuous policy support is expected. [3] - Currently, it is recommended to focus on companies such as Honglu Steel Structure, China Jushi, etc., due to factors like improved foreign trade environment, expected increase in downstream demand, and product price increases. [3] 3. Summary by Directory 3.1 Week - Special Topic: Focus on Belt and Road - Related Investment Opportunities - The Belt and Road Initiative aims to achieve infrastructure connectivity and sustainable development among countries along the routes. After more than a decade of construction, the infrastructure connectivity among countries along the routes has taken shape, with significant growth in railway transportation and an increase in the proportion of trade with BRI countries in China's total foreign trade. [3][5][8] - Investment opportunities related to the Belt and Road Initiative are suggested, including four major international engineering companies (Northern International, Sinomach, Sinoma International, and Sino - steel International) and companies like Shanghai Harbor and Keda Manufacturing. [3][18] 3.2 Profit Forecasts and Valuations of Main Covered Companies - The report provides profit forecasts and valuations for multiple companies from 2024 to 2027, including EPS, PE, PB, etc., and gives investment ratings such as "Buy" and "Add". [21][24] 3.3 Weekly Market Review - In the weekly market, the building and building materials industries showed different degrees of decline. Among them, the building index and building materials index both decreased, and different sub - sectors also had varying performance. [28][30][32] - Infrastructure public REITs also had different price fluctuations, with an average weekly increase of 1.73%, a monthly increase of 4.23%, and significant increases in the year - to - date and since IPO. [36][37] 3.4 Aggregate Data Tracking - In the real - estate market, data on new construction, construction, completion, and sales areas showed different trends. In addition, data on land transactions, real - estate transactions, social financing, and infrastructure investment are also provided. [39][48][58] - The new - signed contract data of eight major construction central enterprises from 2022Q1 to 2025Q1 are presented, showing different growth rates in different quarters. [87] 3.5 High - Frequency Data Tracking - High - frequency data on various building materials such as cement, glass, photovoltaic glass, fiberglass, carbon fiber, and magnesium sand are provided, including price, production, inventory, etc. [99][102][110] - Data on upstream raw material prices and physical workloads are also included, such as waste paper, PVC, HDPE prices, and high - altitude machine rental rates, excavator working hours, etc. [148][156]

Investment Rating - The report maintains a "Buy" rating for NVIDIA and Horizon Robotics, with a recommendation to "Hold" for Black Sesame Technology and Youjia Innovation [6]. Core Insights - The automotive industry is transitioning from a distributed to a centralized electronic architecture, with SoC chips becoming the core components of intelligent driving [2][9]. - By 2030, the domestic intelligent driving solution market is expected to exceed 400 billion RMB, with significant market shares held by NVIDIA and Horizon Robotics in the high-end and mid-low-end SoC markets, respectively [3][4]. - The report highlights the challenges faced by automakers in achieving profitability while entering the SoC market, indicating that third-party SoC manufacturers will continue to play a crucial role [4][9]. Summary by Sections Section 1: Automotive Intelligent Driving Trends - Intelligent driving is defined as the use of computer systems to achieve partial or complete automation of vehicle driving, categorized into five levels by SAE [19][20]. - The transition from distributed to centralized electronic architecture is driven by the need for enhanced functionality and efficiency in intelligent driving systems [23][24]. Section 2: Market Size and Share - The report forecasts that the global and Chinese intelligent driving (ADAS + AD) solution markets will exceed 1 trillion RMB and 400 billion RMB, respectively, by 2030, with penetration rates reaching 96.7% and 99.7% [3][4]. - In 2024, NVIDIA is expected to hold over 30% of the high-end SoC market, while Horizon Robotics is projected to maintain over 40% of the mid-low-end market [3][4]. Section 3: Industry Dynamics - Automakers are exploring various strategies to enter the SoC market, including self-research, joint ventures, and strategic partnerships, but face significant challenges in achieving profitability [4][9]. - The report emphasizes the increasing demand for high-performance, cost-effective SoC chips as urban navigation assistance (NOA) penetrates lower-priced vehicle segments [4][9]. Section 4: Investment Recommendations - The report suggests that as L3-level regulations and policies are refined, the penetration of L2+ and above intelligent driving systems is expected to accelerate, benefiting third-party SoC manufacturers [5][11]. - Key companies to watch include NVIDIA, Horizon Robotics, Qualcomm, Black Sesame Technology, and Youjia Innovation, with a focus on their growth potential in the intelligent driving SoC market [5][11].

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5]. Core Insights - The report highlights that the aluminum oxide price has reached a two-month high, indicating potential upward trends in metal prices [1][2]. - The construction and real estate sectors are experiencing significant declines, with new construction area down by 23.80% year-on-year from January to April 2025 [1][24]. - The report notes a strong correlation between liquidity indicators and stock market performance, particularly the M1 and M2 growth rate differential [11][20]. Liquidity Analysis - The M1 and M2 growth rate differential was -6.5 percentage points in April 2025, a decrease of 1.10 percentage points month-on-month [11][20]. - The BCI small and medium enterprise financing environment index for May 2025 is at 49.09, up 2.20% from the previous month [11][20]. - The London gold spot price increased by 4.86% week-on-week [11]. Infrastructure and Real Estate Chain - The cumulative year-on-year new construction area for national real estate from January to April 2025 is down 23.80% [1][24]. - The national real estate sales area for the same period is down 2.80% year-on-year, with a slight improvement of 0.2 percentage points from the previous month [24]. - The report indicates that the national cement price index has decreased by 2.07% week-on-week, reflecting pressures in the construction materials market [62]. Industrial Chain Insights - The report notes that the operating rate for semi-steel tires is at a five-year high, indicating robust demand in the industrial sector [2][72]. - The price of tungsten concentrate has reached its highest level since 2011, while aluminum oxide prices have also hit a two-month high [2][2]. - The report provides insights into various commodity price movements, including a 0.84% increase in aluminum prices and a 0.88% decrease in copper prices [2][9]. Valuation Metrics - The report states that the PB ratio for the steel sector relative to the broader market is currently at 0.53, with historical highs reaching 0.82 [4]. - The report suggests that the profitability of the steel sector is expected to recover to historical average levels, driven by regulatory changes and market dynamics [4]. Export Chain Analysis - The new export orders PMI for China in April 2025 is at 44.70%, down 4.3 percentage points month-on-month, indicating weakening export demand [3][3]. - The report highlights that the CCFI composite index for container shipping rates has increased by 0.23% week-on-week, reflecting some resilience in logistics [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a revenue decline of 6.6% year-on-year to 27.01 billion RMB and a net profit decline of 41.9% to 1.29 billion RMB for the fiscal year 2025, with a high dividend payout ratio of 135% [5][10] - The company is focusing on improving operational efficiency and has accelerated the closure of underperforming stores while expanding its brand portfolio [10] Financial Performance Summary - For fiscal year 2025, the company reported a revenue of 27.01 billion RMB, down 6.6% year-on-year, and a net profit of 1.29 billion RMB, down 41.9% year-on-year [5][10] - The earnings per share (EPS) for fiscal year 2025 is 0.21 RMB, with a proposed final dividend of 0.02 RMB and a special dividend of 0.12 RMB, totaling a dividend payout ratio of 135% [5][10] - The gross margin decreased by 3.4 percentage points to 38.4%, while the operating margin fell by 3.7 percentage points to 5.9% [6][9] Revenue Breakdown - The main brand revenue (Nike + Adidas) declined by 6.1%, while other brand revenues fell by 9.9% [7] - Retail and wholesale revenues accounted for 85.3% and 14.0% of total revenue, respectively, with retail revenue down 6.8% and wholesale revenue down 5.8% [7] Store Performance - As of February 2025, the company operated 5,020 stores, a net decrease of 18.3% from the previous year, with total sales area down 12.4% but average store area up 7.2% [8] Cash Flow and Inventory Management - The company reported a 20% increase in operating cash flow to 3.76 billion RMB, with inventory decreasing by 4.5% to 6 billion RMB [9][10]

2025 年 5 月 26 日 行业研究 5 月 25 日世界机器人格斗大赛如期举行，工程机械景气度持续复苏 ——机械行业周报 2025 年第 21 周（2025.5.19-2025.5.25） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 要点 重点子行业观点 人形机器人： 根据中国机器人网，小鹏汽车董事长何小鹏于 5 月 21 日的财报会议上分享了小鹏 人形机器人的进展：2025 年小鹏的物理世界基座大模型将在 AI 汽车领域全面应 用， ...

- The report does not contain any quantitative models or factors related to the requested topic[1][2][3]