2025 年 5 月 26 日 有色 铂价格创近 4 年新高值，钨价格创 2013 年以来新高值 ——金属新材料高频数据周报（20250519-20250525） 要点 军工新材料：电解钴价格下跌。（1）本周电解钴价格 23.80 万元/吨，环比 -0.8%。本周电解钴和钴粉比值 0.93 ，环比-0.7%；电解钴和硫酸钴价格比值 为 4.86 ，环比-0.4%。（2）碳纤维本周价格 83.8 元/千克，环比+0%。毛利 -9.28 元/千克。（3）铍价格持平。 新能源车新材料：锂辉石价格下跌。（1）本周 Li2O 5%锂精矿中国到岸价已 达到 560 美元/吨，环比 -20.90%。（2）本周电碳、工碳和电池级氢氧化锂 价格分别为 6.45 、6.27 和 6.52 万元/吨，环比 -1.3%、-1.53%和 -1.1%。 电碳与工碳价差为 2024 年 11 月以来新低，或代表锂电景气度相较工业领域 有所减弱。（3）本周硫酸钴价格 4.78 万元/吨，环比-1.14%。（4）本周磷 酸铁锂、523 型正极材料价格分别为 3.15 、10.59 万元/吨，环比 +0%、 +0%。（5）本周氧化镨钕价格 42 ...

Investment Rating - The report maintains a "Buy" rating for China Software International (0354.HK) [3][5] Core Viewpoints - The recent product launch event highlights the technological advancements of China Software International and Shen Kaihong in the open-source HarmonyOS and robotics sectors, which is expected to attract more developers and accelerate the construction of the open-source Harmony ecosystem [3] - The company forecasts net profits of 644 million RMB, 754 million RMB, and 871 million RMB for the years 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [3] Summary by Sections Product Launch - Shen Kaihong launched the Kaihong Bot series products, including the Kaihong "1+1" security digital base 5.0 and various products based on M-Robots OS, aimed at enhancing the open-source Harmony ecosystem [1][3] Kaihong Bot Series - The Kaihong Bot series is designed as an open-source Harmony learning platform for developers, featuring tools for application development, device development, and system secondary development [2] - The series includes two main products, Kaihong BotBook and Kaihong BotMini, with a starting price of 6,999 RMB, and plans for future expansions [2] Financial Forecast - The report provides a financial forecast with expected revenues of 18,263 million RMB in 2025, 19,770 million RMB in 2026, and 20,942 million RMB in 2027, showing a recovery from a decline in 2023 and 2024 [5][10] - Net profit is projected to increase from 644 million RMB in 2025 to 871 million RMB in 2027, reflecting a compound annual growth rate [5][10]

公司研究 数据&行业实践构成竞争壁垒，AI+零售 SaaS 前景广阔 ——多点数智（2586.HK）首次覆盖报告 要点 中国本地零售行业面临困局，数字化转型箭在弦上。随着电商与即时配送的 快速渗透，2019-2023 年中国本地商品零售市占率从 79.4%下降至 72.4%。 在宏观环境不确定性增强背景下，本地零售行业数字化转型需求增强，多点 数智专注于零售垂类行业 SaaS，AI 解决方案助力零售商降本增效。 多点数智专注于零售行业全栈解决方案。1）优化门店运营效率：提供数据 分析驱动的精准营销服务，提供智能折扣电子价签、自助收银、自动清洁等 功能。2）优化供应链和库存管理效率：实现供应链全流程监控，与仓储进 行协同化管理减少延迟，提供实时库存监控、动态补货、智能包裹分拣等功 能。3）AI 解决方案：提供 AI 出清、AI 客服、AI 质检、AI 导购等功能。 2025 年 5 月 24 日 多点数智核心竞争力分析：数据+行业实践+品牌效益构筑竞争壁垒。 1）与胖东来加深合作：树立标杆客户，提升品牌知名度和市场影响力，客 户倾向于以多点数智为载体学习物美集团和胖东来的先进运营经验。2）客 户议价能力：多点数 ...

2025 年 1-4 月，TOP50 房企新增土储价值 3,761 亿元，累计同比+46.3%，前 三名为中国金茂（356 亿元）、绿城中国（355 亿元）、华润置地（329 亿元）； 1-4 月，TOP50 房企新增土储面积 2,779 万平，累计同比+1.7%，前三名为绿城 中国（153 万平）、保利发展（134 万平）、邦泰集团（126 万平）。 2025 年 5 月 26 日 行业研究 1-4 月光大核心 30 城宅地土拍"量价齐升" ——土地市场月度跟踪报告（2025 年 4 月） 要点 2025 年 1-4 月，百城宅地成交建面同比+1.5%，成交楼面均价同比+20.2%。 2025 年 1-4 月，百城住宅类用地成交建面为 5,667 万平，累计同比+1.5%；成 交楼面均价为 7,738 元/平方米，累计同比+20.2%。分能级城市来看，1-4 月， 一线城市：供应住宅类用地建面为 343 万平，累计同比+4.8%；成交建面为 244 万平，累计同比-19.8%；成交楼面均价为 45,072 元/平方米，累计同比+65.2%。 二线城市：供应住宅类用地建面为2,900万平，累计同比-4.7%； ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a revenue of 4.377 billion yuan in Q1 2025, representing a year-on-year increase of 13.2%, and an adjusted net profit of 788 million yuan, up 41.1% year-on-year [1]. - The core OTA revenue reached 3.792 billion yuan in Q1 2025, with a year-on-year growth of 18.4%, driven by strong performance in international accommodation and ticketing [2]. - The gross margin for Q1 2025 was 68.8%, an increase of 3.8 percentage points year-on-year, benefiting from scale effects due to revenue growth [3]. - The adjusted net profit margin reached 18.0%, up 3.6 percentage points year-on-year, while the core OTA profit margin was 29.2%, reflecting a year-on-year increase of 6.6 percentage points [3]. - The company announced an agreement to acquire 100% of Wanda Hotel Management (Hong Kong) Co., Ltd., which is expected to enhance its high-end hotel management capabilities [3]. Revenue and Profit Forecast - The company is projected to achieve adjusted net profits of 3.393 billion yuan, 4.060 billion yuan, and 4.647 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - The current stock price corresponds to adjusted P/E ratios of 13, 11, and 10 for the years 2025 to 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a revenue of 4.377 billion yuan in Q1 2025, representing a year-on-year increase of 13.2%, and an adjusted net profit of 788 million yuan, up 41.1% year-on-year [1]. - The core OTA revenue reached 3.792 billion yuan in Q1 2025, with a robust year-on-year growth of 18.4% [2]. - The gross profit margin for Q1 2025 was 68.8%, an increase of 3.8 percentage points year-on-year, driven by revenue growth and scale effects [3]. - The company announced an agreement to acquire 100% of the shares of Wanda Hotel Management (Hong Kong) on April 17, 2025, which is expected to enhance its high-end hotel management capabilities [3]. Revenue and Profitability Summary - The company's revenue from accommodation bookings in Q1 2025 was 1.19 billion yuan, up 23.3% year-on-year, primarily due to an increase in take rate and cross-selling rates [2]. - Traffic ticket revenue reached 2 billion yuan in Q1 2025, a year-on-year increase of 15.2%, supported by the expansion of international ticket sales [2]. - Other business revenue was 603 million yuan, reflecting a 20.0% year-on-year growth, driven by hotel management and advertising services [2]. - The adjusted net profit margin for Q1 2025 was 18.0%, up 3.6 percentage points year-on-year [3]. Financial Forecast and Valuation - The report forecasts adjusted net profits of 3.393 billion yuan, 4.060 billion yuan, and 4.647 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - The current stock price corresponds to adjusted P/E ratios of 13, 11, and 10 for the years 2025 to 2027 [4].

2025 年 5 月 26 日 行业研究 1-4 月光大核心 30 城宅地土拍"量价齐升" ——土地市场月度跟踪报告（2025 年 4 月） 要点 2025 年 1-4 月，百城宅地成交建面同比+1.5%，成交楼面均价同比+20.2%。 2025 年 1-4 月，百城住宅类用地成交建面为 5,667 万平，累计同比+1.5%；成 交楼面均价为 7,738 元/平方米，累计同比+20.2%。分能级城市来看，1-4 月， 一线城市：供应住宅类用地建面为 343 万平，累计同比+4.8%；成交建面为 244 万平，累计同比-19.8%；成交楼面均价为 45,072 元/平方米，累计同比+65.2%。 二线城市：供应住宅类用地建面为2,900万平，累计同比-4.7%；成交建面为2,579 万平，累计同比+2.2%；成交楼面均价为 9,281 元/平方米，累计同比+20.4%。 三线城市：供应住宅类用地建面为 2,875 万平，累计同比-32.7%；成交建面为 2,845 万平，累计同比+3.3%；成交楼面均价为 3,140元/平方米，累计同比+5.5%。 2025 年 1-4 月，TOP50 房企新增土储价值同比+4 ...

Group 1: Market Overview - The report highlights structural opportunities in the U.S. technology policy, particularly in the context of restrictions on technology exports to China, which has led to strong performance in domestic substitution concepts such as semiconductor equipment and materials, and chip design [2] - The REITs market in China has shown a trend of upward fluctuation, with the weighted REITs index closing at 139.74 and a weekly return of 1.36%, outperforming other major asset classes [3] - The convertible bond market experienced slight adjustments, with the index showing a weekly change of -0.1%, while the year-to-date performance remains positive at +3.3% [4] Group 2: Industry Insights - The rapid development of AI is significantly increasing power demand, with projections indicating that the market size for NVIDIA's AI server AC-DC power supply could reach between 35.1 billion to 45.5 billion yuan by 2025 [8] - The machinery industry has seen a notable increase in exports to North America, with electric tools and lawn mowers showing year-on-year growth of 9% and 10% respectively, despite tariff impacts [9] - The petrochemical sector is expected to benefit from low valuations and high dividends, with recommendations for companies like China Petroleum and China Petrochemical [10] Group 3: Company Analysis - Alibaba Pictures is focusing on its core business of ticketing and IP derivatives, with revised profit forecasts for FY26 and FY27 indicating a net profit of 880 million and 1.11 billion yuan respectively [13] - Nobon Co., a leader in spunlace non-woven fabrics, is expected to see strong performance due to its advanced production lines and brand advantages, with a focus on high-margin clients [14] - XPeng Motors reported Q1 2025 results in line with expectations, with anticipated improvements in average selling price and gross margin, maintaining a "buy" rating [15]

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [5] Core Viewpoints - The oil price is expected to rebound due to improved supply-demand outlook and easing trade tensions, with IEA and EIA raising global oil demand forecasts for 2025 [1][10] - The "Three Major Oil Companies" are significantly increasing capital expenditures to enhance oil and gas production, ensuring national energy security [2][18] - The transition to renewable energy is being actively pursued by the "Three Major Oil Companies," highlighting their long-term investment value [3][18] Summary by Sections Oil Price Outlook - Supply-demand expectations have improved, leading to a rebound in oil prices. As of May 23, 2025, Brent and WTI crude oil prices were reported at $65.03 and $61.76 per barrel, respectively [9][10] - IEA has raised its 2025 global oil demand forecast by 100,000 barrels per day to 74 million barrels per day, while EIA expects a growth of 970,000 barrels per day, an increase of 170,000 barrels from the previous month [10][14] Capital Expenditure and Production Growth - The "Three Major Oil Companies" are responding to the national call for increased reserves and production, with a combined capital expenditure CAGR of 6.6% from 2018 to 2024. For 2025, their planned capital expenditures are CNY 210 billion for China National Petroleum Corporation, CNY 76.7 billion for Sinopec, and CNY 130 billion for China National Offshore Oil Corporation [2][18] - Oil and gas equivalent production for 2024 is expected to grow by 2.2% for both China National Petroleum Corporation and Sinopec, and by 7.2% for China National Offshore Oil Corporation [2][18] Renewable Energy Transition - The "Three Major Oil Companies" are advancing their renewable energy initiatives. China National Petroleum Corporation aims for natural gas to account for 54.4% of its oil and gas equivalent production by 2024, while also expanding its renewable energy capacity [3][24] - Sinopec is leveraging its integrated advantages to accelerate the development of charging and hydrogen refueling stations, with plans to build at least 500 battery swap stations this year [3][28] - China National Offshore Oil Corporation is actively promoting CCUS projects, with the first offshore CCUS project launched in May 2025, expected to inject over 1 million tons of CO2 over the next decade [3][32]

公司研究 1Q25 业绩符合预期，持续看好技术兑现能力 ——小鹏汽车（XPEV.N）2025 年一季度业绩点评报告 2025 年 5 月 25 日 要点 1Q25 业绩符合预期：1Q25 小鹏汽车总收入同比+141.5%/环比-1.8%至 158.1 亿元（vs. 我们预期约 161.7 亿元），毛利率同比+2.7pcts/环比+1.2pcts 至 15.6%，Non-GAAP 归母净亏损同比收窄 69.8%/环比收窄 69.4%至 4.3 亿元（vs. 我们预期约 4.7 亿元）；1Q25 业绩表现总体符合我们的预期。 2025E ASP、毛利率有望逐季改善：1）1Q25 小鹏汽车业务收入同比+159.2%/ 环比-2.1%至 143.7 亿元（ASP 同环比-39.8%/-4.7%至 15.3 万元，交付量同环 比+330.8%/+2.7%至 9.4 万辆），汽车业务毛利率同比+5.0pcts/环比+0.5pcts 至 10.5%。2）1Q25 R&D 费用率同比-8.1pcts/环比+0.1pcts 至 12.5%，SG&A 费用率同环比-8.9pcts/-1.8pcts 至 12.3%。3）截至 1Q ...