Group 1: Pharmaceutical and Biotech Industry - The pharmaceutical and biotech sector showed an overall increase of 1.27% from May 12 to May 16, outperforming the CSI 300 index by 0.15 percentage points [6] - The sector's year-to-date increase is 2.48%, ranking 11th among 31 industries, with a valuation of 27.01 times PE, which is at a historically low level [6] - Notable sub-sectors include Traditional Chinese Medicine, Medical Services, and Chemical Pharmaceuticals, with respective increases of 1.73%, 1.45%, and 1.44% [6] - The report highlights the impact of a U.S. executive order aimed at reducing prescription drug prices, which may lead to a shift in pricing strategies among global pharmaceutical companies [7] - Investment opportunities are suggested in innovative drug chains, medical devices, Traditional Chinese Medicine, and healthcare services [7][8] Group 2: Mergers and Acquisitions - The China Securities Regulatory Commission (CSRC) revised the management measures for major asset restructuring, enhancing market vitality [10] - Since the introduction of the "Six Guidelines" for mergers and acquisitions, over 1,400 asset restructuring cases have been disclosed, with significant increases in both the number and value of major transactions [10][26] - The new rules include mechanisms for installment payments for shares, simplified review processes, and increased participation from private equity funds [11][12][26] Group 3: Economic Data and Observations - In April 2025, the total retail sales of consumer goods increased by 5.1% year-on-year, while fixed asset investment grew by 4.0% [15] - Industrial production showed resilience with a year-on-year increase of 6.1%, despite a slight decline from previous months [15][16] - The report indicates a stable investment environment in infrastructure and manufacturing, although real estate continues to be a drag on overall growth [15][18] Group 4: Food and Beverage Industry - The food and beverage sector saw a modest increase of 0.48%, underperforming the CSI 300 index by 0.64 percentage points [20] - The report emphasizes the ongoing adjustments in the liquor industry, with companies exploring new channels and product innovations to navigate the seasonal downturn [21] - Investment recommendations include high-end liquor brands and resilient food companies, particularly in the snack and dairy segments [24] Group 5: Energy Storage Industry - The global energy storage market is experiencing significant growth, with a cumulative installed capacity of 372 GW in 2024, representing a year-on-year increase of 28.6% [30] - The report highlights the increasing share of new energy storage technologies, which accounted for 44.5% of total installations [30] - Investment opportunities are identified in leading companies with strong risk management capabilities, particularly in emerging markets [34]

Economic Overview - In April 2025, the total retail sales of consumer goods increased by 5.1% year-on-year, down from 5.9% in March[2] - Fixed asset investment grew by 4.0% year-on-year, slightly lower than the previous month's 4.2%[2] - The industrial added value for large enterprises rose by 6.1% year-on-year, a decrease from 7.7% in March[2] Industrial Performance - The industrial production growth rate remains above last year's average of 5.6%, despite a slight decline due to reduced "export rush" effects[2] - High-tech manufacturing saw a growth rate of 10.0%, outperforming the overall industrial growth by 3.9 percentage points[2] - Exports showed a decline, with the export delivery value dropping to 0.9% year-on-year in April[2] Consumer Behavior - Offline consumption rebounded significantly, with a year-on-year increase of 5.4% in April[2] - The "trade-in" effect contributed notably to retail growth, with categories like home appliances and office supplies seeing retail growth rates of 38.8% and 33.5%, respectively[2] - Jewelry retail sales increased by 25.3%, driven by high gold prices[2] Investment Trends - Fixed asset investment growth showed a slight decline, with real estate investment remaining low at a year-on-year decrease of 10.3%[2] - Infrastructure investment growth rates were 9.6% for broad infrastructure and 5.8% for narrow infrastructure in April[2] - Real estate sales continued to weaken, with a cumulative year-on-year decline of 2.8%[2] Risks and Outlook - Potential risks include policy implementation falling short of expectations and uncertainties surrounding tariff policies[2] - The easing of U.S.-China trade tensions may provide a temporary boost to exports in the second quarter[2]

[Table_Reportdate] 2025年05月19日 -40% -30% -20% -10% 0% 10% 20% 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 2025-05 食品饮料(申万) 沪深300 [相关研究 table_product] 1.白酒压力释放，关注高景气品类— —食品饮料行业周报（2025/5/5- 2025/5/11） 2.安井食品（603345）：经营稳健， 方向明确——公司简评报告 3.盐津铺子（002847）：核心品类持 续放量，多渠道快速发力——公司简 评报告 [Table_NewTitle 白酒底部区间，大众品关注高成长性赛 ] 道 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn ——食品饮料行业周报（2025/5/12-2025/5/18） [table_main] 投资要点： ➢ 风险提示：宏观经济增长不及预期；竞争加剧的影响；食品安全的影响。 业 研 究 品 饮 料 证券研究报告 ...

Investment Rating - The report provides a positive outlook on the energy storage industry, highlighting significant growth potential in both demand and supply aspects. Core Viewpoints - The global energy storage market is experiencing robust growth, with a cumulative installed capacity of 372GW in 2024, representing a year-on-year increase of 28.6% [4][9] - New energy storage installations are expected to continue rising, particularly in emerging markets, driven by energy transition goals and aging grid infrastructure [4][46] - The industry is currently facing a low-price environment due to oversupply, which is expected to persist in the short term [4][50] Summary by Sections Global Market Overview - The global energy storage market is projected to grow significantly, with new installations reaching 82.8GW in 2024, a year-on-year increase of 59.2% [4][9] - The share of new energy storage installations is increasing, with 165.4GW of new energy storage capacity installed by the end of 2024, up 81.2% year-on-year [4][9] Regional Insights - **China**: The domestic energy storage market reached a cumulative installed capacity of 137.9GW by the end of 2024, a 59.4% increase year-on-year, with new energy storage accounting for over half of this capacity [11][16] - **United States**: The U.S. energy storage market added 12.3GW in 2024, reflecting a 32.8% increase, driven by a release of pent-up demand and favorable policy changes [4][31] - **Europe**: The European market saw a 15.3% increase in new energy storage installations, totaling 21.9GWh in 2024, with a shift towards larger storage systems expected [36][38] Price Dynamics - The industry is currently characterized by an oversupply, leading to a continued low-price environment, with the average price of lithium iron phosphate battery cells dropping to 0.34 CNY/Wh by the end of 2024, a decrease of 22.7% from the beginning of the year [4][50] Performance Review - The energy storage sector reported total revenue of 683.31 billion CNY in 2024, a decline of 5.1% year-on-year, while net profit increased by 6.5% to 75.06 billion CNY [4][59] - Specific segments such as PCS and thermal control saw revenue growth of 6.8% and 23.6% respectively, indicating a recovery trend within the industry [4][59] Investment Recommendations - The report suggests focusing on leading companies with strong risk resilience and those that have established a competitive advantage in global markets, such as CATL and Sungrow [4][59]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the non-bank financial sector over the next six months [5][37]. Core Insights - The non-bank financial index increased by 2.5% last week, outperforming the CSI 300 by 1.4 percentage points, with both brokerage and insurance indices showing synchronized growth [6][10]. - The recent revision of merger and acquisition regulations by the China Securities Regulatory Commission (CSRC) aims to enhance capital market activity and support the transformation of the real economy [6][35]. - The third batch of long-term investment trials for insurance funds has been launched, with a notable increase in equity asset allocation in Q1 2025 [6][35]. Market Review - The Shanghai Composite Index rose by 0.8%, while the Shenzhen Component Index increased by 0.5%, and the CSI 300 rose by 1.1% [10]. - The average daily trading volume for stock funds was 15,160 billion yuan, a decrease of 4.4% from the previous week [19]. Industry News - The CSRC has modified the "Major Asset Restructuring Management Measures," introducing mechanisms for phased payment of restructuring shares and simplifying review processes [35]. - The Supreme Court and CSRC jointly issued guidelines to enhance judicial support for high-quality capital market development [35]. Investment Recommendations - For brokerages, the report suggests focusing on M&A activities, high asset returns, and improving return on equity (ROE) as key investment themes [6]. - For insurance companies, attention is drawn to large comprehensive insurers with competitive advantages under the new regulatory framework [6].

Group 1 - The report highlights a balanced asset allocation strategy to identify undervalued equity assets amid economic expectations and market risk preferences [5][7] - Global stock markets showed a general upward trend, with US stocks outperforming A-shares, while commodity futures displayed mixed results, with gold prices declining and oil, copper, and aluminum prices rising [5][6] - The report indicates that the domestic equity market is favored in the long term due to improving domestic consumption and a consistent focus on technology [7][8] Group 2 - The technical conditions of the securities sector have improved, with significant support levels and limited downside potential, suggesting a favorable outlook for short-term price movements [10][12] - The securities index has shown signs of recovery after a prolonged downtrend, with a notable increase in trading volume and net inflows of large orders, indicating a shift in market sentiment [11][12] - The report identifies a potential head-and-shoulders bottom pattern in the securities index, suggesting substantial upside potential if the index breaks through key resistance levels [13][14] Group 3 - Recent economic data indicates a decline in consumer confidence in the US, with the Michigan Consumer Sentiment Index dropping to 50.8, the second-lowest level in history [15][16] - The report notes that Japan's first-quarter GDP growth was below expectations, indicating potential economic challenges in the region [15] - The US government's credit rating was downgraded by Moody's, reflecting concerns over rising debt levels and interest payments, which may impact market sentiment [15][16]

Group 1 - The report emphasizes the need to seek undervalued equity assets under balanced allocation amid economic expectations and market risk preferences, noting a global increase in risk appetite with most stock markets rising [8][9] - It suggests that despite weak growth signals from the US PMI and rising commodity prices, the US CPI showed a mild decline, indicating a stable economic outlook [8][9] - The report recommends positioning in undervalued sectors such as petrochemicals, chemicals, and non-ferrous metals, as domestic equity assets remain favorable in the long term due to improving consumption and technology trends [8][9] Group 2 - The domestic equity market showed a preference for financial, cyclical, consumer, and growth sectors, with an average daily trading volume of 12,325 billion yuan, down from 13,242 billion yuan [11][17] - Among the 31 primary industries tracked, 20 experienced gains while 11 saw declines, with beauty care, non-bank financials, and automotive sectors leading the gains [11][17] - The report highlights that the market's style shift is influenced by new public fund regulations and the easing of trade tensions, which has affected trading dynamics [11][17] Group 3 - The report tracks the performance of major global asset classes, noting that US stocks outperformed A-shares, while commodities like oil and aluminum saw price increases [11][12] - It indicates that the US Treasury yields rose following a downgrade in the US credit rating by Moody's, with the 2-year and 10-year Treasury yields increasing to 3.98% and 4.43%, respectively [12][12] - The report also mentions the strengthening of the offshore yuan against the US dollar, with a 0.42% appreciation noted [12][12]

总 量 研 究 [Table_Reportdate] 2025年05月16日 策 略 研 究 [证券分析师 Table_Authors] 王洋 S0630513040002 wangyang@longone.com.cn [相关研究 Table_Report] 1.《波浪里前行 上证指数目前或处 于黎明的曙光中》 2.《上证指数或酝酿反弹动能——技 术分析上证指数系列》 3.《上证指数短线或有反弹需求—— 技术分析上证指数简评》 4.《上证指数或有进一步震荡盘升动 能——技术分析上证指数简评》 5.《上证指数短线技术条件明显修 复，回落空间小上涨空间大——技术 分析上证指数简评》 [table_main] 投资要点 ➢ 核心观点：证券板块指数在近日的震荡盘升中短线技术条件明显修复。短线虽仍处头肩底 形态内，尚未突破颈线位，也尚未突破60日均线，仍或因多空争夺而震荡。但指数下方大 单资金介入较深，下方支撑位较多，回落空间相对小。而若指数有效突破头肩底颈线位， 或相比于2015年5月的前期高点，指数上行空间较大。 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声 ...

Group 1 - The report highlights that the company "老百姓" (603883) is focusing on its advantageous regions, with expectations for performance to gradually stabilize and improve [5][6][8] - In 2024, the company achieved operating revenue of 22.358 billion yuan, a year-on-year decrease of 0.36%, and a net profit attributable to shareholders of 519 million yuan, down 44.13% year-on-year [5][6] - The company experienced short-term performance decline due to factors such as losses from new store openings, store closures, and increased depreciation expenses [5][6][7] Group 2 - The retail business generated revenue of 19.107 billion yuan in 2024, a year-on-year decrease of 1.25%, while the franchise, alliance, and distribution business saw revenue of 3.105 billion yuan, an increase of 5.92% [6][7] - The company is expanding its new retail ecosystem, with online sales reaching approximately 2.47 billion yuan in 2024, a year-on-year increase of about 24% [6][7] - The company has increased its store count to 15,277 by the end of 2024, with a net increase of 1,703 stores, representing a year-on-year growth of 12.55% [8] Group 3 - The report indicates that the company is leveraging opportunities in lower-tier markets, with 80% of new stores in 2024 located in cities at the prefecture level and below [8] - The company plans to continue focusing on advantageous markets and accelerate the acquisition of existing market share, aiming to capitalize on industry consolidation opportunities [8] - The investment forecast for the company has been adjusted downwards for 2025 and 2026, with expected net profits of 692 million yuan, 799 million yuan, and 909 million yuan for 2025 to 2027 [8] Group 4 - The banking sector is experiencing rapid growth in social financing driven by government financing, with a year-on-year increase of 8.7% in social financing scale balance as of April [11][12] - The report notes that the marginal growth of loans is slowing, with the total new loans in April being 844 billion yuan, the lowest for the same period in recent years [12][13] - The People's Bank of China is expected to maintain a supportive monetary policy, with a focus on optimizing the structure of credit distribution [13][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company is expected to gradually stabilize and improve its performance as it deepens its advantages in key regions [1][4]. - The company faced short-term performance pressure due to various factors, including losses from new store openings and store closures, as well as increased depreciation and amortization [4][5]. - The company is focusing on expanding its retail ecosystem and enhancing its new retail business, with significant growth in online sales channels [4][5]. Financial Performance Summary - In 2024, the company achieved total revenue of 22.36 billion yuan (down 0.36% year-on-year) and a net profit attributable to shareholders of 519 million yuan (down 44.13% year-on-year) [4][5]. - For Q1 2025, the company reported revenue of 5.43 billion yuan (down 1.88% year-on-year, down 11.27% quarter-on-quarter) and a net profit of 251 million yuan (down 21.98% year-on-year, up 325.63% quarter-on-quarter) [4][5]. - The company’s gross margin for 2024 was 33.17%, with a net margin of 3.06% [4][5]. Business Segment Performance - Retail business revenue in 2024 was 19.11 billion yuan (down 1.25% year-on-year), while franchise, alliance, and distribution revenue was 3.11 billion yuan (up 5.92% year-on-year) [4][5]. - The company’s online sales reached approximately 2.47 billion yuan in 2024, representing a year-on-year growth of about 24% [4][5]. - The company has increased its store count to 15,277 by the end of 2024, with a net increase of 1,703 stores (up 12.55% year-on-year) [4][5]. Future Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 692 million yuan, 799 million yuan, and 909 million yuan, respectively [4][5]. - The expected earnings per share (EPS) for the same years are 0.91 yuan, 1.05 yuan, and 1.20 yuan [4][5]. - The company is projected to achieve a revenue growth rate of 9.13% in 2025, 9.49% in 2026, and 9.39% in 2027 [5].