Investment Rating - The report maintains an "Accumulate" rating for Zhejiang Longsheng [5] Core Views - The company's revenue for 2024 is projected at 15.884 billion yuan, a year-on-year increase of 3.79%, while the net profit attributable to shareholders is expected to reach 2.030 billion yuan, up 32.36% year-on-year [1] - The dye and intermediate business profitability is recovering, and the real estate business is gradually realizing revenue [2][12] - The company is expected to see revenue growth of 8.5%, 5.5%, and 6.3% for the years 2025, 2026, and 2027 respectively, with net profits of 2.104 billion yuan, 2.330 billion yuan, and 2.445 billion yuan for the same years [13] Financial Performance - In 2024, the company's revenue from dye, intermediates, real estate, and additives is projected to be 7.591 billion, 3.282 billion, 2.482 billion, and 1.002 billion yuan respectively, with year-on-year growth rates of 0.94%, 4.58%, 87.26%, and 7.63% [2] - The gross margins for these segments are 31.67%, 29.40%, 27.87%, and 28.75%, with year-on-year changes of 3.83, -2.61, -2.42, and 4.99 percentage points respectively [2] - The company reported a significant increase in operating cash flow, which rose by 236.79% year-on-year to 9.265 billion yuan in 2024 [4] Production and Sales - In 2024, the company produced 220,600 tons of dyes, a 12.48% increase year-on-year, and sold 238,400 tons, up 7.17% [3] - The production and sales of additives and intermediates also saw increases, with additives' production up 14.23% and intermediates' production up 19.31% year-on-year [3] Market Position - Zhejiang Longsheng maintains a leading position in the dye industry with an annual production capacity of 300,000 tons of dyes and 100,000 tons of additives, holding the largest market share globally [11] - The company has expanded its intermediate production capacity to 119,500 tons, with significant cost advantages in the production of key intermediates [11] Real Estate Development - The real estate segment is progressing well, with projects like the Xiangyu Yumaofu contributing to a revenue increase of 87.26% year-on-year [12] - The company has a pre-sale amount of 6.442 billion yuan for the Bay Shang Ming Yuan project, with a pre-sale ratio exceeding 80% [12]

Investment Rating - The report assigns an "Overweight" rating to the electricity and utilities sector, indicating a positive outlook for the industry in the near term [4][8]. Core Views - The report highlights the recent policy initiatives aimed at promoting green electricity direct connections, which are expected to enhance the consumption of renewable energy and improve the overall market dynamics for the sector [3][36]. - The overall market performance of the sector has been subdued, with the industry index experiencing a slight decline of 0.18% during the reporting period [2][11]. - The report suggests that the long-term demand for electricity will remain stable, driven by the need for peak load regulation and supply assurance [7]. Summary by Sections 1. Market Performance - The industry valuation as of May 30, 2025, shows a Price-to-Earnings (PE) ratio of 17.29, slightly down from 17.3 the previous week, and a Price-to-Book (PB) ratio of 1.73, unchanged from the prior week [1][24]. - The sector's performance ranked 19th among 31 major industry categories, with individual segments like thermal power and hydropower showing varied performance [2][11]. 2. Industry and Company Dynamics - The National Energy Administration reported 4,415 new renewable energy projects added in April 2025, with a significant focus on solar and wind energy [3][36]. - Recent government policies aim to facilitate the direct supply of green electricity to consumers, mandating that at least 60% of renewable energy generated must be used on-site [3][36]. - The report emphasizes the importance of market mechanisms for carbon emissions and water rights, which are expected to enhance resource allocation efficiency [3][38]. 3. Key Data Tracking - As of May 30, 2025, the price of Shanxi mixed coal (5500) was reported at 613 CNY per ton, with no weekly change [44]. - The trading volume of green electricity certificates for wind and solar power reached 20.37 and 25.27 million certificates, respectively, during the reporting period [47][49]. - The report also tracks the carbon emissions trading data, with a total transaction volume of 65.9 million tons on May 30, 2025, at an average price of 68.69 CNY per ton [50][51].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's performance recovery is driven by the positive development of its active dye business, with the advantages of its integrated industrial chain gradually becoming apparent [1][10] - The significant increase in net profit is attributed to the growth in active dye performance and a substantial reduction in management expenses, despite a decline in disperse dye prices [2][10] Financial Performance Summary - For 2024, the company reported revenue of 5.695 billion yuan, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 213 million yuan, a year-on-year increase of 366.42% [1] - The company's revenue projections for 2025-2027 are 5.811 billion yuan, 5.925 billion yuan, and 6.072 billion yuan, respectively, with expected year-on-year growth rates of 2.0%, 2.0%, and 2.5% [10] - The net profit attributable to shareholders for the same period is projected to be 283 million yuan, 338 million yuan, and 347 million yuan, with year-on-year growth rates of 32.5%, 19.5%, and 2.6% [10] Production and Sales Summary - In 2024, the company produced 193,700 tons of dyes, an increase of 4.61% year-on-year, and sold 190,100 tons, an increase of 8.61% year-on-year [3] - The production of additives (mainly insurance powder) reached 34,900 tons, up 28.61% year-on-year, while sales were 35,100 tons, up 22.33% year-on-year [3] Cost and Expense Summary - The company's sales expenses decreased by 27.69% year-on-year, with a sales expense ratio of 0.42%, down 0.18 percentage points [3] - Management expenses also saw a decline of 25.51% year-on-year, with a management expense ratio of 5.71%, down 2.10 percentage points [3] Research and Development Summary - The company actively invests in research and development, obtaining 28 authorized patents in 2024 and applying for 19 new patents [9] - The progress in R&D and project construction is expected to enhance the company's core competitiveness [9]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's performance recovery is driven by the positive development of its active dye business, with a gradual emergence of its integrated supply chain advantages [1][2] - The significant increase in net profit is attributed to the growth in active dye performance and a substantial reduction in management expenses, despite a decline in disperse dye prices [2] - The company has implemented a "backward integration" strategy to strengthen its supply chain, which helps mitigate the impact of price fluctuations in raw materials and intermediates [8][9] Financial Summary - For 2024, the company reported revenue of 5.695 billion yuan, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 213 million yuan, up 366.42% year-on-year [1] - The company's revenue projections for 2025-2027 are 5.811 billion yuan, 5.925 billion yuan, and 6.072 billion yuan, respectively, with expected growth rates of 2.0%, 2.0%, and 2.5% [10] - The net profit for the same period is projected to be 283 million yuan, 338 million yuan, and 347 million yuan, reflecting year-on-year growth rates of 32.5%, 19.5%, and 2.6% [10] Production and Sales - In 2024, the company produced 193,700 tons of dyes, an increase of 4.61% year-on-year, and sold 190,100 tons, up 8.61% year-on-year [3] - The production of auxiliaries (mainly insurance powder) reached 34,900 tons, a year-on-year increase of 28.61%, with sales of 35,100 tons, up 22.33% [3] - The production of other chemical raw materials was 945,900 tons, an increase of 5.34% year-on-year, with sales of 949,200 tons, up 5.49% year-on-year [3] Cost and Expenses - The company's selling expenses decreased by 27.69% year-on-year, with a selling expense ratio of 0.42% [3] - Management expenses also saw a decline of 25.51% year-on-year, with a management expense ratio of 5.71% [3] - Research and development expenses increased by 9.53% year-on-year, indicating a commitment to innovation [3] Research and Development - In 2024, the company obtained 28 authorized patents and applied for 19 new patents, demonstrating its focus on R&D [9] - The company completed 38 construction projects, including 11 ongoing and 27 new projects, which are expected to enhance its core competitiveness [9]

证券研究报告 交易型指数基金资金流向周报 数据日期：2025/5/26-2025/5/30 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 报告日期：2025年6月3日 交易型指数基金资金流向 国内被动股票基金 | 大 类 | 所属概念 | 基金规模 | 周涨跌幅 | 周资金净买 | 今年以来周涨跌幅 | 今年以来周资金流向 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | (%) | 入额(亿元) | 走势图 | 走势图 | | | | 上证50 | 1594.56 | -0.85 | 4.69 | | | | | | 沪深300 | 9834.49 | -0.81 | 22.15 | | | | | | 中证500 | 1401.20 | 0.52 | 3.83 | | | | | | 中证1000 | 1169.17 | 0.88 | -1.14 | | | | | | 创业板指 | 1264.48 | -1.00 | 12.57 | | | | | | 科创创业50 | 32 ...

截止上周，截止上周，32 只主题 ETF 的平均周涨跌幅为-0.32%。其中大盘风 格 ETF 平均周涨跌幅为-0.45%，中小盘风格 ETF 平均周涨跌幅为-0.22%。从 成交量来看，我们跟踪的主题 ETF 总成交额为 314.80 亿元，比前周变化-41.92 亿元。其中，大盘风格 ETF 成交额为 134.30 亿元，变化-24.53 亿元；中小 盘风格 ETF 的成交额为 180.50 亿元，变化-17.39 亿元。 统计综合和行业主题下最具代表性的 ETF 表现。从收益来看，综合类 ETF 涨 跌互现，其中位列前三的 ETF 为 1000ETF、500ETF、800ETF，涨跌幅分别为 0.87%、0.57%、-0.50%。位列最后三位的 ETF 为创业板 50、深 100ETF、创业 板，涨跌幅分别为-1.89%、-1.56%、-1.10%。 行业主题类 ETF 涨跌互现，其 中位列前三的 ETF 为生物医药、军工龙头、军工 ETF，涨跌幅分别为 2.11%、 1.96%、1.85%。位列最后三位的 ETF 为新汽车、新能车、有色 ETF，涨跌幅 分别为-4.70%、-4.68%、-2.34%。 ...

证券研究报告 | 固定收益研究*周报 2025 年 06 月 03 日 固定收益研究 相关研究 1.《九月债券投资展望》2024-08-30 2.《债市周观察（08.12-08.18）——短期内较难有资 本利得空间》2024-08-19 3.《债市周观察（08.05-08.11）——回调仍在持续， 但卖出是阶段性的》2024-08-12 债市周观察（5.26-6.1）——蛰伏 5 月制造业 PMI 低位修复，但仍处于收缩区间。5 月 PMI 录得 49.5%，较 上月小幅回升 0.5 个百分点。其中，生产指数环比上涨 0.9 个百分点，新 订单指数环比回升 0.6 个百分点。当月，中美关税摩擦显现阶段性缓和迹 象并达成临时性经贸协定，抢出口效应得以延续，但 PMI 整体读数仍低于 荣枯线且增幅不及预期，显示修复动能仍然不足。 上周关税局势再生变数，不确定性陡然加剧。5 月 28 日，美国国际贸易法 院裁定禁止执行特朗普依据《国际紧急经济权力法》对多国加征关税的行 政令；29 日，联邦巡回上诉法院批准政府请求，暂缓执行该禁令；同日， 位于首都华盛顿的哥伦比亚特区联邦地区法院就特朗普政府依据《国际紧 急经济权力法 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [16]. Core Insights - The company reported Q1 2025 revenue of 32.608 billion yuan, a year-on-year increase of 10.9%, with adjusted EBITDA of 6.434 billion yuan, up 7.6%, and adjusted net profit of 4.580 billion yuan, up 4.4% [1]. - The average daily active users (DAU) reached a historical high of 408 million, with a DAU/MAU ratio of 57.3%, indicating strong user engagement [2]. - The company’s AI technology, Keling AI, has shown significant commercial progress, generating over 150 million yuan in revenue in Q1 2025, with a user base exceeding 22 million [3]. - The overseas business has achieved a revenue growth of 32.7% year-on-year, reaching 1.3 billion yuan, and has turned operationally profitable for the first time in a single quarter [4][8]. Financial Summary - Projected revenues for 2025, 2026, and 2027 are 141.783 billion yuan, 155.508 billion yuan, and 168.430 billion yuan respectively, with corresponding adjusted net profits of 17.248 billion yuan, 21.693 billion yuan, and 26.199 billion yuan [1][8]. - The company’s return on equity (ROE) is expected to be 24.73% in 2024, decreasing slightly to 20.61% by 2027 [1]. - The price-to-earnings (P/E) ratio is projected to decline from 33.40 in 2023 to 8.15 by 2027, indicating potential undervaluation as earnings grow [1].

Economic Indicators - In April 2025, the PPI decreased by 2.7% year-on-year, marking 31 consecutive months of negative growth[1] - The CPI showed a slight decline of 0.1% year-on-year, remaining around 0% for 25 months[1] - The GDP deflator index has been negative for 8 consecutive quarters, setting a historical record for duration[1] Price Trends - Food prices, including pork, have been declining, with pork CPI turning positive since April 2024, but overall support for CPI remains weak[1][2] - The decline in PPI is broad and significant, with both production and living materials experiencing substantial price drops[2] Consumption and Policy Recommendations - Social retail sales grew by 5.1% year-on-year in April 2025, but the growth rate has decreased compared to the previous month[3] - To stimulate consumption, it is essential to enhance residents' income, particularly for low- and middle-income groups, and stabilize property and stock market incomes[3] - The report suggests implementing more proactive fiscal and monetary policies, including government-led investments in new infrastructure and urban renewal[2] Market Strategy - Investment strategies should focus on defensive sectors, "expanding domestic demand," and self-sufficiency in technology[6][7] - The report highlights the importance of supporting struggling enterprises and enhancing financing to stabilize foreign trade[5][6] Risks - Potential risks include policy implementation falling short of expectations, underperformance of listed companies, geopolitical conflicts, and insufficient consumer recovery[8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading domestic solid-state laser manufacturer, expanding its product spectrum to unlock significant growth potential [10]. - The demand for laser micro-machining is driven by WLG optical innovations and advanced packaging, with sustained high growth in niche markets [2]. - The supply side is characterized by a high-barrier market structure, with accelerated domestic substitution processes [3]. Financial Summary - Revenue projections show a growth trajectory from 368 million yuan in 2023 to 903 million yuan by 2027, with a compound annual growth rate (CAGR) of 28.9% [1]. - The net profit is expected to turn from a loss of 4 million yuan in 2023 to a profit of 131 million yuan by 2027, reflecting a significant recovery [1]. - The company's return on equity (ROE) is projected to improve from -0.5% in 2023 to 10.6% in 2027 [1]. Demand Side Analysis - The solid-state laser market is experiencing continuous high growth due to its applications in precision micro-machining, particularly in the semiconductor sector [2]. - WLG technology is a critical innovation in the optical field, enhancing laser processing demand in consumer electronics and advanced packaging [2]. - The semiconductor capital expenditure is expected to rise, driven by AI demand, positioning advanced packaging as a new engine for laser processing demand [2]. Supply Side Analysis - The domestic laser industry is evolving towards high power, high precision, and intelligent manufacturing, with solid-state lasers playing a crucial role in micro-machining [3]. - The domestic supply chain is growing, accelerating the process of localization and substitution in the laser market [3]. Profitability Forecast and Investment Recommendations - The company is expected to achieve net profits of 51 million yuan, 80 million yuan, and 131 million yuan from 2025 to 2027, with corresponding earnings per share (EPS) of 0.34 yuan, 0.52 yuan, and 0.86 yuan [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 86.5x in 2025 to 34.0x in 2027, indicating an attractive valuation as earnings grow [1].