Investment Rating - The industry investment rating is "Outperform the Market - B" [5] Core Insights - The recent reduction in reserve requirement ratio by 0.5 percentage points is expected to provide approximately 1 trillion yuan in long-term liquidity to the market, which may lower financing costs for real estate companies and stabilize property sales [16][18] - The construction industry is anticipated to face operational pressure in 2024 and Q1 2025 due to increased tariffs from the US, but domestic demand expansion is expected to support economic growth [18] - The report suggests focusing on companies with stable core business development and emerging business layouts that could create new growth points, such as Huayang International [11][12] Summary by Sections Industry Dynamics - The central bank's recent monetary policy adjustments, including a 0.1 percentage point reduction in policy interest rates and a 0.25 percentage point decrease in housing provident fund loan rates, are aimed at enhancing liquidity and supporting the real estate sector [16][18] - The construction industry is expected to see improved fundamentals and operational indicators as infrastructure policies and investments are likely to be intensified [18] Market Performance - The construction industry experienced a 1.99% increase in stock prices from May 6 to May 9, 2025, with all sub-sectors showing positive performance [19] - The report highlights that 87.20% of companies in the construction sector recorded gains during this period, with significant performers including Shanshui Bide and Chuangxing Resources [21] Key Focus Stocks - The report identifies several key stocks to watch, including traditional infrastructure state-owned enterprises like China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved financial metrics and valuation recovery [12][18] - It also highlights design firms in the infrastructure sector and international engineering service providers with strong competitive advantages in overseas markets [10][13] Company Announcements - Recent major contract wins include projects by companies such as Tengda Construction and China Communications Construction, indicating ongoing demand in the construction sector [32]

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The domestic biotech innovation drug companies are gradually entering a commercialization phase, with losses narrowing significantly. The total operating revenue for 69 A-share and Hong Kong-listed biotech companies reached 92.43 billion yuan in 2024, representing a year-on-year growth of 36% [2][20] - The overall net profit attributable to the parent company for these biotech companies was -19.36 billion yuan in 2024, a substantial reduction from -32.58 billion yuan in 2023, indicating a trend of reducing losses by over 10 billion yuan annually since 2021. It is projected that these companies may turn profitable by 2026 [3][25] - Research and development expenses for these companies decreased by 5% year-on-year to 46.55 billion yuan in 2024, suggesting a slowdown in R&D investment due to the impact of the financing environment and the already high base of R&D costs [4][26] - Sales expenses increased to 32.13 billion yuan in 2024, with a sales expense ratio of 35%, which has slightly declined compared to 2023 [4][30] - The total cash reserves of these biotech companies were 81.87 billion yuan in 2024, a decrease of 13% year-on-year, although core biotech companies maintain sufficient cash reserves [10][31] Summary by Sections Weekly New Drug Market Review - From May 5 to May 9, 2025, the top five companies in the new drug sector by stock price increase were Junshengtai (48.89%), Haichuang Pharmaceutical (22.76%), Zhongsheng Pharmaceutical (8.98%), Keji Pharmaceutical (5.90%), and Hengrui Medicine (3.35%). The top five companies by decline were Fuhong Hanlin (-12.64%), Kanuo Pharmaceutical (-12.40%), Boan Biotechnology (-11.77%), Lepu Biopharma (-11.09%), and Yongtai Biotechnology (-9.37%) [1][15] Weekly New Drug Industry Analysis - The report analyzed the operating revenue, net profit, R&D expenses, sales expenses, and cash reserves of 69 A-share and Hong Kong-listed biotech companies from 2018 to 2024, indicating a positive trend in commercialization and revenue growth [2][20] Weekly New Drug Approval & Acceptance Status - Ten new drug or new indication applications were approved this week, including products from Qingpu Biotechnology, Lijun Microball, and others. Additionally, three new drug applications were accepted, including those from Hengrui Medicine and CSL Behring [11][36]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The domestic biotech innovation drug companies are gradually entering a commercialization phase, with losses narrowing significantly. The total net profit attributable to the parent company for 69 A-share and Hong Kong-listed biotech companies is expected to turn positive by 2026, following a trend of reducing losses by over 100 billion yuan annually since 2021 [3][25]. Summary by Sections Weekly New Drug Market Review - From May 5 to May 9, 2025, the top five companies in the new drug sector by stock price increase were Junsheng Tai (48.89%), Haichuang Pharmaceutical (22.76%), Zhongsheng Pharmaceutical (8.98%), Keji Pharmaceutical (5.90%), and Heng Rui Pharmaceutical (3.35%). The top five companies by stock price decrease were Fuhong Hanlin (-12.64%), Kanuo Pharmaceutical (-12.40%), Boan Biotechnology (-11.77%), Lepu Biopharma (-11.09%), and Yongtai Biopharma (-9.37%) [1][15]. Weekly New Drug Industry Analysis - In 2024, the 69 A-share and Hong Kong-listed biotech companies achieved a total operating revenue of 92.43 billion yuan, representing a year-on-year growth of 36%. The number of companies with revenue exceeding 100 million yuan increased to 50, a 22% year-on-year growth [2][20]. Net Profit Analysis - The total net profit attributable to the parent company for the 69 biotech companies was -19.36 billion yuan in 2024, a significant improvement from -32.58 billion yuan in 2023. This trend is expected to continue, with projections indicating a return to profitability by 2026 [3][25]. Research and Development Expenses - The total R&D expenses for the 69 biotech companies in 2024 were 46.55 billion yuan, a decrease of 5% year-on-year, indicating a slowdown in R&D investment due to the impact of the financing environment and the already high base of R&D expenses [4][26]. Sales Expenses - The total sales expenses for the 69 biotech companies reached 32.13 billion yuan in 2024, with a sales expense ratio of 35%, which has decreased compared to 2023 [4][30]. Cash Reserves - The total cash reserves for the 69 biotech companies were 81.87 billion yuan in 2024, a decrease of 13% year-on-year. Despite this decline, core biotech companies maintain sufficient cash reserves, with 23 companies having cash reserves exceeding 1 billion yuan [10][31]. New Drug Approval and Acceptance - In the past week, 10 new drug or new indication applications were approved, and 3 applications were accepted. Notable approvals include Meloxicam injection and various monoclonal antibodies [11][36].

Group 1 - The report identifies a successful realization of the "golden pit" strategy, with the Shanghai Composite Index rebounding to around 3350, indicating a phase of recovery after a significant drop [1][14] - The report emphasizes a shift towards a "volatile market" mindset, suggesting that while there is no significant risk of a second bottom, investors should focus on structural opportunities [1][2] - The report highlights the resilience of the domestic economy, with fiscal spending growth accelerating to 4.2% in the first quarter, despite some signs of weakening in the economic fundamentals [1][8] Group 2 - The report notes that the core of market pricing remains risk appetite, influenced by recent developments in US-China trade talks, which have improved market sentiment [2][10] - It discusses the importance of the technology sector, indicating a second wave of investment opportunities driven by a decrease in trading congestion and positive catalysts from the AI industry [3][56] - The report suggests that sectors further from the "pit edge" are experiencing greater gains, while those closer to completing their recovery are seeing slower growth [3][28] Group 3 - The report outlines the impact of recent monetary policy changes, including a reduction in reserve requirements and interest rates, aimed at stabilizing the capital market [50][52] - It highlights the ongoing trade negotiations between the US and other countries, which are creating uncertainty and affecting market dynamics [11][12] - The report emphasizes the need for a balanced approach to investment, combining high-dividend and technology strategies to navigate the current market environment [3][39]

2025 年 5 月 11 日 电子 中芯&华虹发布 Q1 业绩，欧盟芯片法案升 级 5 月 8 日，中芯国际&华虹半导体发布 2025 年一季报 中芯国际 25Q1 实现营业收入 163.01 亿元，同比+29.44%；归母净 利润 13.56 亿元，同比+166.5%；基本每股收益 0.17 元，同比 +183.33%；毛利率 23.1%，同比+8.91 个百分点。25Q2 公司给出指 引，收入环比下降 4%-6%，毛利率 18%-20%。华虹半导体 25Q1 实 现营业收入 5.41 亿美元，同比+17.6%，环比+0.3%；毛利率 9.2%， 同比+2.8 个百分点，环比-2.2 个百分点。25Q2 公司给出指引，收 入约 5.5-5.7 亿美元，毛利率 7%-9%。 战略迭代欧盟推进芯片法案 2.0 修订，强化本土半导体产业 欧盟推进芯片法案 2.0 修订。2022 年欧盟通过《芯片法案》，计划 投入 430 亿欧元，目标在 2030 年将全球半导体市场份额从 10%提 升至 20%，并实现 2 纳米及以下先进制程的本土化生产。受资金、 技术、原材料及能源成本限制，欧洲审计院预计 2030 年其市场 ...

结构上，我们建议继续关注先进制造行业的机会，主要基于两点考虑， 一个是行业四轮驱动模型发出了相关行业的机会提示信号，另一个是 先进制造行业的成交金额占比有从过去两年的低点企稳回升的迹象， 而且这一比例并没有进入过热区间，应该不太可能出现快速大涨之后 的踩踏风险。具体行业上，模型建议继续关注通信、机械设备、国防 军工、家用电器等板块的潜在机会。 考虑到上周五军工行业出现了明显的调整，但因为印巴冲突周末军工 板块的关注度特别高，我们可以从军工板块相对于市场整体的相对性 价比来做一个简单的评估。若将军工指数收盘价除以 Wind 偏股混合 型基金指数的收盘价，可以看到该比值处于过去 10 年来的底部，而 且从历史规律来看，军工板块往往有望在一轮行情的末端表现出现明 显的超额收益。因此，无论从历史经验、基本面还是从事件驱动的逻 辑看，都有望驱动军工板块在当前的震荡行情下表现出不错的超额收 益机会。 风险提示：根据历史数据构建的模型在市场变化时可能失效。 金融工程定期报告 证券研究报告 2025 年 05 月 11 日 结构重于仓位，继续关注先进制造 本期要点：结构重于仓位，继续关注先进制造 上期提到，五月份的市场表现或 ...

2025 年 05 月 09 日 好莱客(603898.SH) 事件：公司发布 2024 年年度报告和 2025 年一季报。24 年公司 实现营业收入 19.10 亿元，同比下降 15.69%；归母净利润 0.81 亿元，同比下降 62.93%；扣非后归母净利润 0.52 亿元，同比下 降 67.18%。24Q4 公司实现营业收入 4.65 亿元，同比下降 27.03%； 归母净利润-0.10 亿元，同比下降 126.73%；扣非后归母净利润- 0.13 亿元，同比下降 148.66%。25Q1 公司实现营业收入 3.91 亿 元，同比下降 3.03%；归母净利润 0.02 亿元，同比下降 82.60%； 扣非后归母净利润-0.04 亿元，同比下降 171.06%。 24 年整装快速增长，成立合觅科技布局智能家居 2024 年面对家居消费市场压力环境，整装渠道作为公司重要补充渠 道，24 年公司正式推出"五好两易"装企服务模式，24 年整装渠道 业务营业收入同比增长超 60%。24 年公司工程大宗渠道营业收入同 比增长 18.30%。分产品看，1）24 年整体衣柜及配套家具销售收入为 14.42 亿元，同比下 ...

2025 年 05 月 09 日 好莱客(603898.SH) 整装持续向好， 开拓智能家居新赛道 事件：公司发布 2024 年年度报告和 2025 年一季报。24 年公司 实现营业收入 19.10 亿元，同比下降 15.69%；归母净利润 0.81 亿元，同比下降 62.93%；扣非后归母净利润 0.52 亿元，同比下 降 67.18%。24Q4 公司实现营业收入 4.65 亿元，同比下降 27.03%； 归母净利润-0.10 亿元，同比下降 126.73%；扣非后归母净利润- 0.13 亿元，同比下降 148.66%。25Q1 公司实现营业收入 3.91 亿 元，同比下降 3.03%；归母净利润 0.02 亿元，同比下降 82.60%； 扣非后归母净利润-0.04 亿元，同比下降 171.06%。 24 年整装快速增长，成立合觅科技布局智能家居 2024 年面对家居消费市场压力环境，整装渠道作为公司重要补充渠 道，24 年公司正式推出"五好两易"装企服务模式，24 年整装渠道 业务营业收入同比增长超 60%。24 年公司工程大宗渠道营业收入同 比增长 18.30%。分产品看，1）24 年整体衣柜及配套家具 ...

2025 年 05 月 09 日 德赛西威(002920.SZ) 2025Q1 业绩增长强劲，构建智驾软硬 一体全栈能力 事件：4 月 23 日，德赛西威发布 25 年一季报。25Q1 年公司营收 67.92 亿元，同比+20.26%；归母净利润 5.82 亿元，同比+51.32%；扣非后归母净 利润 4.97 亿元，同比+34.08%。 2025Q1 业绩增长强劲，盈利能力显著提升。公司营收端增长强劲主要系 新客户放量，25Q1 小米销量 7.6 万辆，预计贡献主要增量。25Q1 公司毛利 率 20.52%，同比+1.18pct，环比+2.12pct；剔除会计政策影响因素，同比 +1.78pct，环比+0.27pct。我们认为毛利率环比提升主要系：1）高毛利的 座舱域控、智驾域控占比提升；2）高计价成本的芯片前期已逐步出货。25Q1 公司期间费用率 13.27%，同比+0.31pct，环比+3.22pct。主要系公司持续 进行高研发投入，25Q1 研发费用 6.55 亿元，同比+25.3%，环比+8.41%。 此外公司 Q1 处置参股公司股权实现 0.8 亿投资收益，以及冲回 0.55 亿元 信用减值损失， ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a 6-month target price of 15.5 CNY per share [5]. Core Views - The company's revenue for 2024 was 7.716 billion CNY, a decrease of 35% year-on-year, while the net profit attributable to shareholders was 257 million CNY, an increase of 539% year-on-year [1]. - The company's ammonium nitrate and other raw material prices have decreased, contributing to the profitability of the civil explosives business, which saw a net profit of 691 million CNY in 2024, up 24.4% year-on-year [2]. - The lithium business faced challenges due to falling lithium prices, resulting in a combined net loss of approximately 500 million CNY for its subsidiaries in 2024 [3]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 1.537 billion CNY, a decrease of 14% quarter-on-quarter and 17% year-on-year, with a net profit of 82 million CNY, down 20% quarter-on-quarter but up 452% year-on-year [1]. - The gross profit for 2024 was 1.289 billion CNY, with the civil explosives sector contributing 1.233 billion CNY, a 14% increase year-on-year, while the lithium business reported a slight loss [1]. - The company expects revenues of 8.926 billion CNY, 10.800 billion CNY, and 11.181 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 738 million CNY, 950 million CNY, and 1.197 billion CNY [7]. Business Segment Insights - The civil explosives business is expanding its market presence and reducing costs, with a focus on overseas mining services, particularly in Zimbabwe and Australia [2]. - The lithium segment is seeing significant increases in production and sales volumes, with lithium salt production and sales reaching 48,300 tons and 48,000 tons respectively in 2024, up 55% and 63% year-on-year [3]. - The company is enhancing its self-sufficiency in lithium production with the Kamativi Phase II project, which is expected to further reduce reliance on external mineral purchases [3].