Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The report highlights that the domestic PFA brands are expected to enter a commercialization fast track in 2025, driven by their non-thermal ablation characteristics, shorter operation times, lower complication risks, and better long-term efficacy [5][6] - The pharmaceutical and biotechnology sector experienced a decline of 4.35% this week, underperforming the CSI 300 index by 3.9 percentage points, ranking 29th among 31 sub-industries [6][18] - The report emphasizes the importance of high-end medical device innovation, supported by recent regulatory measures aimed at optimizing lifecycle management [13][14] Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 7552.12, with a 52-week high of 8490.25 and a low of 6070.89 [1] Recent Developments - Johnson & Johnson announced significant progress in PFA research at the HRS2025 conference, showcasing three key PFA products with excellent safety and efficacy profiles [4][5] - The report notes that six domestic brands have received approval for PFA technology, marking a significant step towards commercialization [5] Subsector Performance - All sub-sectors within the pharmaceutical and biotechnology industry experienced declines this week, with the largest drop in the other biological products sector at 6.7% [6][23] - The report provides a detailed breakdown of weekly performance across various sub-sectors, indicating a general trend of retraction [6][24] Recommended and Beneficiary Stocks - Recommended stocks include innovative pharmaceutical companies such as Xinda Biopharma and Kangfang Biopharma, as well as medical device firms like Yingke Medical and Maipu Medical [7][29] - Beneficiary stocks in the innovative drug sector include Zai Lab, Yifan Biopharma, and others, while the medical device sector includes companies like Mindray Medical and Aohua Endoscopy [7][29] Regulatory Insights - The report discusses the approval of measures to support high-end medical device innovation, which includes optimizing special approval processes and enhancing communication mechanisms [13][14] - The report suggests that the implementation of these measures will significantly benefit high-tech medical devices, including AI-assisted diagnostic tools [14][28]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2] Core Views - The company reported a revenue of HKD 896.56 billion for the fiscal year 2025, a year-on-year decrease of 17.5%, while the net profit attributable to shareholders was HKD 59.16 billion, down 8.98%. Excluding the impact of gold lending, the operating profit was HKD 147.46 billion, an increase of 9.8% year-on-year [5][6] - The company is expected to benefit from the recovery in the gold jewelry industry starting from Q2 2025, with a strong growth outlook in the medium to long term due to the trend of self-consumption and the increasing demand for jewelry [11] Summary by Sections Company Overview - Latest closing price: HKD 12.76 - Total shares: 9.988 billion - Total market capitalization: HKD 1,274.44 billion - 52-week high/low: HKD 13.72 / HKD 6.43 - Debt-to-asset ratio: 69.89% - Price-to-earnings ratio: 22.15 [4] Market Analysis - The company experienced a revenue decline of 17.5% in FY2025, with mainland China sales at HKD 746 billion (down 17%) and Hong Kong/Macau at HKD 151 billion (down 21%) [6] - Same-store sales in mainland China showed a gradual improvement, with declines narrowing from -26% to -13% over the fiscal year [7] Product Analysis - The sales of priced gold products doubled, while traditional gold products saw a decline of 29.4%. The share of priced gold products increased from 19% in 2024 to 29% in 2025 [10] - The "Heritage" series has become a best-seller, contributing significantly to sales, with new product lines launched in 2024 and 2025 exceeding annual targets [10] Profitability Analysis - The operating profit for FY2025 was HKD 147.46 billion, reflecting a 9.8% increase year-on-year. The gross margin improved by 550 basis points to 29.5% due to high-margin products and strict cost control [10] Investment Recommendations and Earnings Forecast - The company is projected to achieve revenue growth rates of 3.3%, 5.5%, and 4.2% for FY2026 to FY2028, with net profit growth rates of 19%, 16%, and 7% respectively. The expected EPS for these years are HKD 0.71, 0.82, and 0.88, with corresponding P/E ratios of 18x, 16x, and 14x [11][14]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has established a performance turning point with the growth in nitrocellulose demand and a contraction in supply. In the first four months of 2025, China's nitrocellulose export volume reached 7.6 million tons, a year-on-year increase of 39%, with export value rising by 86% to 250 million yuan [5][8]. - The company's revenue target for 2025 is set at 2.6 billion yuan, representing a 34% year-on-year growth, with a projected net profit of 140 million yuan, indicating a significant increase of 412% [6][9]. Company Overview - The latest closing price of the company's stock is 14.49 yuan, with a total market capitalization of 8 billion yuan. The company has a total share capital of 549 million shares, and its debt-to-asset ratio stands at 34.3% [4][6]. - The company experienced a revenue decline of 9.83% in 2024, with a net loss of 28 million yuan, primarily due to the return of overpaid prices for special order products [6][9]. Business Performance - Nitrocellulose business achieved a revenue of 703 million yuan in 2024, with a gross margin of 31.24%. Despite a revenue decline due to the shutdown of a production line, the gross margin reached a new high in recent years [6][7]. - The company is expected to benefit from the global increase in ammunition demand, with significant growth in both military and civilian applications for nitrocellulose [7][8]. Financial Projections - The company forecasts revenues of 2.61 billion yuan in 2025, 3.21 billion yuan in 2026, and 3.87 billion yuan in 2027, with corresponding net profits of 137 million yuan, 300 million yuan, and 428 million yuan respectively [12][13]. - The projected price-to-earnings ratios for the next three years are 58, 26, and 19 times [9][12].

Investment Rating - The report assigns an "Accumulate" rating for Zongshen Power (001696) with a first-time coverage [5][12]. Core Views - The company is a leading manufacturer in the domestic general gasoline engine, general machinery terminal products, and motorcycle engines. The business environment for general machinery is improving, and the company has positioned itself well in the aviation sector, which has significant growth potential [5][12]. - The company's performance has shown strong growth, with a more than 90% year-on-year increase in net profit attributable to shareholders in Q1 2025. For 2024, the company is expected to achieve revenue of 10.506 billion yuan, a 29% increase year-on-year, and a net profit of 461 million yuan, a 27% increase [5][12]. Business Segments Summary 1. **General Machinery Business**: This is the company's largest segment, benefiting from an upward trend in the industry. In 2024, sales of general power and terminal products reached 4.8345 million units, a 37.34% increase year-on-year, generating total revenue of 5.226 billion yuan, up 35.33% [6][7]. 2. **Motorcycle Engine Business**: The company maintains a leading position in the domestic motorcycle industry. In 2024, motorcycle engine sales reached 2.9852 million units, a year-on-year increase of 18.44%, with total revenue of 3.824 billion yuan, up 13.68% [8][9]. 3. **Aviation Engine Business**: The company has a unique position in the low-altitude economy, providing power systems for general aviation aircraft and drones. It has developed a product line focused on small and medium-sized aviation piston engines and has obtained airworthiness certifications from France and Germany [10][11]. Profit Forecast and Valuation - The company is projected to achieve revenues of 12.808 billion yuan, 15.020 billion yuan, and 17.712 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.91%, 17.27%, and 17.92%. The net profit attributable to shareholders is expected to be 704 million yuan, 873 million yuan, and 1.113 billion yuan for the same years, with growth rates of 52.70%, 23.91%, and 27.50% [12][14].

投资要点 请参阅附注免责声明 2 ➢ 全固态电池装车预期收敛至2027年，共识逐渐凝聚。2025年2月25日的电动汽车百人会上，欧阳明高院士表示全 固态电池预计在2027年实现批量装车，2030年实现大规模量产装车，包括比亚迪在内的多家车企密集公布全固态 电池装车时间表，主流车企的固态电池装车时间集中在 2026-2030 年，多家车企计划于 2027 年左右开始上市搭 载全固态电池车。固态电池由于其高能量密度、高安全性、高续航、长寿命等特点，是下一次能源革命的关键节点， 规模化量产后有望带动机器人、低空经济、新能源汽车等场景走向成熟。我们预计到2028年固态电池出货量有望 突破百GW级别，2030年达到771GW。 ➢ 固态电池电解质是降本主要路径，硫化物是技术最理想路线。固态电解质是全固态电池核心部件，目前主要技术路 线包括聚合物体系、氧化物体系、硫化物体系、卤化物体系。其中硫化物体系是技术最理想路线，由于在性能上突 出的表现，硫化物技术路线成为目前各家电池以及材料厂的研究重点，目前包括宁德时代在内的多家电池厂以及一 汽等车企都锚定硫化物的技术路线，推动实现固态电池的终极性能。 ➢ 固态电池对锂、镍、钴、 ...

Investment Rating - The industry investment rating is "Strong Buy" [1] Core Viewpoints - The fifth gold-silver ratio has reached a historical peak, indicating that silver prices are in urgent need of correction. Historically, the price trends of gold and silver have shown a positive correlation. The gold-silver ratio has peaked four times since 1968, corresponding to significant global crises. The current gold-silver ratio peaked at 104 during the trade war initiated by the Trump administration, and has since corrected to around 93, suggesting a potential silver price increase of 56% if the ratio returns to 60 with gold priced at $3,400 per ounce [2][24]. - Silver supply and demand are stable, with physical investment demand expected to recover in 2025. The global silver supply is projected to be 32,100 tons in 2025, a slight increase of 1.52%. The demand for silver is expected to decline slightly by 1.36% in 2025, but physical investment demand may see a recovery due to the correction in the gold-silver ratio [2][36]. - Investment recommendations include focusing on companies such as Xingye Silver Tin and Shengda Resources [2]. Summary by Sections Section 1: Financial and Industrial Attributes of Silver - Silver possesses both financial and industrial attributes, with its price closely linked to economic conditions. The historical data shows a positive correlation between gold and silver prices, especially during times of economic instability [14][17]. - The current economic environment, characterized by easing recession fears and improving economic expectations, is expected to drive a rebound in silver prices [18][21]. Section 2: Supply and Demand Dynamics - The global distribution of silver is widespread, with stable mining output. In 2024, global silver production is expected to be 25,000 tons, with Mexico, Peru, and China being the leading producers [30][32]. - The overall supply of silver is expected to remain stable, with a projected supply of 31,600 tons in 2024, slightly increasing to 32,100 tons in 2025. The demand structure is primarily driven by industrial needs, jewelry, and investment [36][39]. - Silver demand is projected to be approximately 36,207 tons in 2024, with industrial demand accounting for 59% and investment demand for 16% [39][43]. Section 3: Company Comparisons - **Xingye Silver Tin**: The company is expected to achieve a silver production of 304 tons in 2025, a 32.8% increase from 2024. The company holds significant silver mining assets, positioning it as a potential global leader in silver and tin production [52]. - **Shengda Resources**: The company is projected to produce 173 tons of silver in 2025, with a focus on expanding its mining capacity in the coming years. The company has shown significant growth in net profit, indicating strong operational performance [54].

证券研究报告：汽车 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -20% -7% 6% 19% 32% 45% 58% 71% 84% 97% 隆鑫通用 汽车 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 12.93 | | --- | --- | | 总股本/流通股本（亿股）20.54 | / 20.54 | | 总市值/流通市值（亿元）266 | / 266 | | 52 周内最高/最低价 | 14.40 / 5.76 | | 资产负债率(%) | 42.2% | | 市盈率 | 23.51 | | 第一大股东 | 重庆宗申新智造科技有 | | 限公司 | | 研究所 隆鑫通用(603766) 摩托车领军企业，无极系列成长势头强劲 l 投资要点 隆鑫通用是全国摩托车领军企业，2006-2024 年连续 19 年蝉联 中国摩托车出口规模第一。 "无极"品牌影响力逐步强化，国内、出海双轮驱动。自 2018 年 推出无极品牌以来，公司持续创新，完善产品矩阵，深化渠道和服务。 目前 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [6][8]. Core Insights - The company is a leading "AI + Blockchain" technology service provider in China, with a focus on integrating academic research and practical applications. The potential change in actual controller is expected to inject new growth momentum and open up new revenue streams [3][4][8]. - In 2024, the company achieved a revenue of 555 million yuan, representing a year-on-year growth of 3.14%. However, the net profit attributable to shareholders decreased by 21.04% to 64.08 million yuan due to increased costs associated with market expansion and higher R&D expenses [3][8]. - The company has developed a new product system and four core solutions to support data circulation and utilization, which have been recognized as exemplary cases in national digital transformation initiatives [5][8]. Company Overview - The latest closing price of the company's stock is 10.96 yuan, with a total market capitalization of 4.4 billion yuan. The company has a total share capital of 400 million shares and a debt-to-asset ratio of 19.8% [2]. - The company is actively involved in the development of AI technologies and has signed contracts worth 88 million yuan related to AI applications in 2024, indicating a strong growth trajectory in this sector [7][8]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.20, 0.25, and 0.27 yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 54.65, 44.06, and 40.33 [8][12]. - Revenue is expected to grow from 620 million yuan in 2025 to 805 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.11% [9][12].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The passenger load factor has reached a new high, and price expectations are improving. The civil aviation passenger volume in May 2025 showed good year-on-year performance, with major airlines experiencing an increase of over 5%, particularly Eastern Airlines with a growth of 10.8% and Spring Airlines with a 14.6% increase [4][13] - The domestic market remains stable while the international market is gradually expanding. The average daily flight volume in May 2025 was stable compared to April, with a year-on-year growth of 3.2%. Major airlines have shown slight growth in domestic routes, with Spring Airlines achieving double-digit growth [5][15] - Aircraft introduction remains low, and with the peak summer travel season approaching, the industry is expected to perform well in terms of volume and pricing. The fleet size of civil aviation is projected to grow by only 2.8% year-on-year, indicating a slow supply growth [6][25] Summary by Relevant Sections Industry Basic Situation - The closing point is 2012.96, with a 52-week high of 2398.85 and a low of 1625.59 [1] Recent Operational Data - In May 2025, major airlines reported a year-on-year increase in passenger transport volume, with Eastern Airlines at 10.8% and Spring Airlines at 14.6%. The overall passenger load factor for major airlines improved by approximately 3 percentage points [4][13] - Domestic flight volume remained stable, with a year-on-year increase of 3.2%. Eastern Airlines achieved a domestic load factor of 87.2%, up 4.4 percentage points year-on-year [5][15] Investment Recommendations - The report suggests a positive outlook for the civil aviation industry, with stable pricing and improved revenue management. Recommended stocks include Spring Airlines, Juneyao Airlines, and Huaxia Airlines, with a focus on the recovery of major airlines' performance [7][29]

Investment Rating - The report maintains a "Buy" rating for the company [7][59] Core Views - The company has undergone a strategic transformation focusing on gold, with significant international expansion and acquisitions enhancing its resource base [3][18] - The company achieved record performance in 2024, with revenue of 9.03 billion yuan, a 25% increase year-on-year, and a net profit of 1.76 billion yuan, up 119% [4][29] - The upward trend in gold prices is expected to continue, driven by factors such as U.S. government deficit rates and geopolitical dynamics [8][42] Company Overview - The latest closing price is 28.19 yuan, with a total market capitalization of 53.6 billion yuan [2] - The company has a total share capital of 1.9 billion shares, with 1.664 billion shares in circulation [2] - The company has a debt-to-asset ratio of 47.3% and a price-to-earnings ratio of 26.35 [2] Performance Highlights - In Q1 2025, the company reported a net profit of 483 million yuan, a 141% increase year-on-year, despite a 7% decline in gold production and sales [30] - The company’s free cash flow reached 1.749 billion yuan in 2024, reflecting a 279% increase [4][29] - The company plans to distribute a total dividend of 299 million yuan for 2024, with a cash dividend ratio of approximately 17% [4][29] Cost Control and Efficiency - The unit sales cost of gold decreased to 278.08 yuan/g in 2024, down 0.76% from 2023 [5][32] - The company is implementing digital and intelligent mining technologies to enhance production efficiency and reduce costs [33] Future Outlook - The company expects to achieve a gold production and sales target of 16.7 tons in 2025, with plans to recover production levels in Q2 2025 [6][30] - The report forecasts net profits of 3.364 billion yuan, 3.915 billion yuan, and 4.306 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 90.64%, 16.39%, and 9.98% [59]