Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Since May 2025, US Treasuries and Japanese government bonds have been trending downwards, with the yield of 30-year US Treasuries rising by more than 10bp on individual trading days. The domestic bond market may also be affected by overseas sentiment. The trading focus of US Treasuries may shift from tariff disturbances back to the fundamentals. The subsequent yield of US Treasuries may continue to fluctuate at a high level, but the domestic bond market may have an independent trend [2][5]. - The rise in US Treasury yields in May was mainly driven by real interest rates. The trading focus of US Treasuries may shift from tariff disturbances to the US fundamentals. The economic resilience does not support the Fed's decision to cut interest rates, and the market's expectation of interest rate cuts has been postponed again. The expected real interest rate implied in US Treasuries may not decline in the short term. The debt risk pressure and supply-demand pressure in the US may push up the real risk premium implied in US Treasuries. The real risk premium in May may be more about pricing fiscal risks rather than short-term liquidity shocks and policy uncertainties [6][19][23]. - Looking ahead, US Treasury yields lack downward momentum, and there is still significant maturity pressure behind US Treasuries to support yields at a high level. If Trump's "big and beautiful" tax reform bill is implemented, it may bring long-term pressure on US Treasury yields to rise easily and fall difficultly. Although the long-term interest rate of US Treasuries has fluctuated sharply recently, its transmission effect on the domestic bond market is generally controllable, and the independent trend of the domestic bond market will continue [6][41]. Summary by Relevant Catalogs Recent Trend of US and Japanese Government Bonds - Since May 2025, US Treasuries and Japanese government bonds have been trending downwards. On May 21, the yield of 30-year US Treasuries exceeded 5%, approaching the previous high in October 2023, and the yield of 10-year US Treasuries rose by 10bp to nearly 4.6%, returning to the level at the end of February. On May 23, the domestic bond market may have been affected by the weakening of overseas long-term bonds [5][10]. - After the signing of the US "reciprocal tariff" executive order, US Treasuries experienced two rounds of obvious declines, showing an "N" shape. The first stage was a rapid decline (April 4 - April 11), the second stage was a recovery period (April 12 - April 30), and the third stage was another decline (May 1 - May 21) [12][13]. Factors Driving the Rise in US Treasury Yields - In May, the rise in US Treasury yields was mainly driven by real interest rates. From May 1 to May 21, real interest rates pushed up the yield of 10-year US Treasuries by about 24bp, while inflation expectations contributed about 12bp [19]. - The trading focus of US Treasuries may shift from tariff disturbances to the US fundamentals. The economic resilience does not support the Fed's decision to cut interest rates, and the market's expectation of interest rate cuts has been postponed again. The expected real interest rate implied in US Treasuries may not decline in the short term [23]. - As the debt ceiling deadline approaches, the debt risk pressure and supply-demand pressure in the US are prominent, which may push up the real risk premium implied in US Treasuries. The real risk premium in May may be more about pricing fiscal risks rather than short-term liquidity shocks and policy uncertainties [28][30]. Review of April - In April, the main driver of the rise and fall of the long-term yield of US Treasuries was the real risk premium, which mainly reflected the compensation for policy uncertainty risks, liquidity risks, and fiscal risks [35]. - In early April, multiple factors such as the unexpected implementation of the US reciprocal tariff policy, the large-scale closing of US Treasury basis trades, and the decline in overseas bond-buying enthusiasm jointly pushed up the long-term yield of US Treasuries. The main driving factor was the real risk premium, which was mainly driven by short-term liquidity risks caused by the closing of high-leverage arbitrageurs [35]. - The Fed's statements to stabilize the market alleviated market concerns about liquidity risks, and tariff negotiation signals reduced policy uncertainty risks. From April 12 to April 30, the yield of 10-year US Treasuries declined significantly [36]. Outlook for US Treasuries and Impact on the Domestic Bond Market - Looking ahead, US Treasury yields lack downward momentum, and there is still significant maturity pressure behind US Treasuries to support yields at a high level. If Trump's "big and beautiful" tax reform bill is implemented, it may bring long-term pressure on US Treasury yields to rise easily and fall difficultly [41]. - Although the long-term interest rate of US Treasuries has fluctuated sharply recently, its transmission effect on the domestic bond market is generally controllable, and the independent trend of the domestic bond market will continue. The core logic lies in the substantial differentiation of monetary policies between China and the US and the advantages of RMB assets [45]. - It is expected that the long-term interest rate may fluctuate slightly between 1.65% - 1.7%. A dumbbell-shaped allocation structure of "increasing the allocation of certificates of deposit at the short end, and allocating at the long end when the yield is above 1.7% and at the ultra-long end when the yield is above 1.9% on dips" is recommended. Attention can also be paid to 3 - 5Y credit products, which may still have some spread compression space in the future [45].

[Table_Title] 理想汽车一季报点评：利润好于预期，期待纯电 新周期 报告要点 丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Summary] 2025Q1 理想销量 9.3 万辆，同比+15.5%，实现营收 259.3 亿元，同比+1.1%，车辆毛利率达 19.8%，同比+0.5pct。理想汽车产品优势和品牌设计深入人心，后续车型规划清晰，直营渠道 结构持续优化，"双能战略"有望进一步扩大理想汽车的优势，未来销量空间广阔。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车一季报点评：利润好于预期，期待纯电 2] 新周期 [Table_Summary2] 事件描述 理想汽车一季度实现营收 259.3 亿元，同比+1.1%；实现归母净利润 6.5 亿元，同比+9.7%。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The successful issuance of 8.5 billion yuan in 6-year convertible bonds indicates that the company's intrinsic value is gradually being recognized. The company has ample land reserves and is actively optimizing its assets by revitalizing inefficient inventory. The downward pressure from the cycle has already been reflected in performance, and there is limited room for significant declines in the future. The company emphasizes shareholder returns and market value management, continuously consolidating its leading position in the industry, with considerable room for valuation recovery [2][4][8]. Summary by Relevant Sections Event Description - The company successfully issued 8.5 billion yuan in 6-year convertible bonds with a first-year coupon rate of 2.20%, increasing by 0.05% each subsequent year [4]. Company Performance - In the first four months of 2025, the company achieved sales of 87.6 billion yuan (down 8.7%) and an area of 4.31 million square meters (down 22.2%), with an average price of 20,300 yuan per square meter (up 17.3%). The company remains the industry leader in sales [8]. Investment Expansion - The company has been actively expanding its investment, with land acquisition amounting to 30.8 billion yuan (up 318.0%) and an area of 1.46 million square meters (up 114.5%) in the first four months of 2025. The average price of land acquired was 21,200 yuan per square meter (up 94.9%) [8]. Financial Outlook - The company expects net profits attributable to the parent company for 2025, 2026, and 2027 to be 4.9 billion, 4.8 billion, and 5.6 billion yuan, respectively, corresponding to P/E ratios of 19.9, 20.3, and 17.3 times [8].

丨证券研究报告丨 SAC：S0490517060001 SAC：S0490524070004 请阅读最后评级说明和重要声明 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车一季报点评：利润好于预期，期待纯电 新周期 报告要点 [Table_Summary] 2025Q1 理想销量 9.3 万辆，同比+15.5%，实现营收 259.3 亿元，同比+1.1%，车辆毛利率达 19.8%，同比+0.5pct。理想汽车产品优势和品牌设计深入人心，后续车型规划清晰，直营渠道 结构持续优化，"双能战略"有望进一步扩大理想汽车的优势，未来销量空间广阔。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SFC：BUW101 %% %% %% %% research.95579.com 1 理想汽车-W（2015.HK） cjzqdt11111 [Table_Title 理想汽车一季报点评：利润好于预期，期待纯电 2] 新周期 [Table_Summary2] 事件描述 理想汽车一季度实现营收 259.3 亿元，同比+1.1%；实现归母净利润 6.5 亿元，同比+9.7%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][11]. Core Views - The company is positioned to benefit from the high demand in the Xinjiang civil explosives market, being the only producer of ammonium nitrate in the region, which provides both supply and licensing advantages [3][9]. - Following the acquisition by Guangdong Hongda, the company is expected to receive additional civil explosive capacity and optimized regional layout, leading to significant revenue and profit elasticity [3][9]. - Projected net profits for the company are estimated to reach 750 million, 890 million, and 940 million yuan for the years 2025 to 2027, respectively [3][9]. Company Overview - The company operates in the civil explosives and chemical sectors, covering the entire civil explosives industry chain, including upstream natural gas transportation, LNG, and ammonium nitrate production, as well as downstream blasting engineering and mining services [6][20]. - The company was established in 1958 and has undergone several transformations, becoming a joint-stock company in 2011 [20][21]. Civil Explosives Sector - The civil explosives market in Xinjiang is experiencing rapid growth due to the release of coal production capacity, with the company benefiting from its comprehensive industry chain [7][54]. - The company has a production capacity of 119,500 tons of industrial explosives and is the only producer of ammonium nitrate in Xinjiang, with a capacity of 660,000 tons per year [7][22]. - The market share of leading companies in the civil explosives industry is increasing, with the CR10 rising from 44% in 2017 to 62% in 2024 [7][59]. Chemical Sector - The company has expanded its chemical production capabilities through the acquisition of Xinjiang Yuxiang HuYang Chemical Co., which includes products like compound fertilizers, melamine, and ammonium nitrate [8][24]. - By the end of 2024, the company’s production capacities for melamine, urea, nitro compound fertilizer, and ammonium nitrate are projected to reach 210,000, 600,000, 900,000, and 660,000 tons per year, respectively [8][25]. Financial Performance - The company’s revenue and net profit have shown fluctuations, with a significant increase in revenue from 2.61 billion yuan in 2021 to 6.90 billion yuan in 2022, followed by a decline in 2024 due to low prices of bulk chemicals [31][37]. - In 2024, the company achieved a revenue of 6.10 billion yuan, a decrease of 13.1% year-on-year, and a net profit of 670 million yuan, down 21.7% year-on-year [31][41]. Market Dynamics - The demand for civil explosives is primarily driven by mining activities, with coal mining accounting for a significant portion of the demand [59][65]. - Xinjiang's coal production is expected to continue growing, supported by national policies and the region's rich coal resources, which will further drive the demand for civil explosives [69][73].

丨证券研究报告丨 公司研究丨点评报告丨保利发展（600048.SH） [Table_Title] 转债定价彰显公司价值，估值仍有修复空间 报告要点 [Table_Summary] 优异的转债定价表明公司内在价值正逐渐受到认可，在手土储充裕且不断盘活低效库存，投拓 转积极加速公司资产优化速度。周期压力已经在业绩端有所兑现，后续大幅下行空间有限。重 视股东回报与市值管理，持续巩固龙头地位引领行业发展，公司估值仍有较大修复空间。 分析师及联系人 [Table_Author] 刘义 袁佳楠 SAC：S0490520040001 SAC：S0490520070001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 保利发展（600048.SH） cjzqdt11111 [Table_Title2] 转债定价彰显公司价值，估值仍有修复空间 [Table_Summary2] 事件描述 公司成功发行85亿元6年期可转换公司债券，首年票面利率2.20%，之后每年固定增加0.05%。 事件评论 风险提示 1、毛利率何时触底存在不确定性；2、如若房价继续下行，公司仍 ...

[Table_Title] 锂金属负极：材料圭臬，远眺终局 报告要点 [Table_Summary] 以锂金属负极为代表技术路径，在超高能量密度、大容量电芯开发和实际产业落地上，正展现 出极高的速度和潜力，伴随固态电池东风和宁德时代"自生成负极"技术，锂金属负极凭借体 系革新触摸锂电池体系能量密度天花板，并有望突破特殊应用场景的性能桎梏。本专题将对锂 金属负极的近况进行梳理。 分析师及联系人 [Table_Author] SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 丨证券研究报告丨 行业研究丨专题报告丨电气设备 邬博华 曹海花 叶之楠 王晓振 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 电气设备 cjzqdt11111 [Table_Title2] 锂金属负极：材料圭臬，远眺终局 荆棘遍布：锂枝晶和规模化是永恒议题 锂金属负极的应用并非一路坦途。虽然金属锂在碱金属中具有最低负电位和最低密度（0.53 g/cm3），同样具有较高的反应活性，导致利用率降低并产生大量气体， ...

丨证券研究报告丨 行业研究丨专题报告丨电气设备 [Table_Title] 御风系列：Q2 海风开工加速，重视全面业绩拐 点 报告要点 [Table_Summary] 此前，我们一直强调海风板块随着 2024 年报业绩风险充分释放，同时 Q1 业绩落地，叠加 Q2 开工提速，有望形成积极催化。Q2 以来，风电行业景气不断向上，具体看：1）开工方面，据 不完全统计，2025 年初至今海风项目新增开工约 5.65GW，同比增长 23%；2）招标方面，2025 年至今国内海风合计招标 5.35GW，同比增长 42.5%； 3）装机方面，目前国内海风项目建设 进展情况，能够支撑 2025、2026 年装机 11-12GW、15GW。再次强调，重视 Q2 业绩全面拐 点，海外海风+深远海中长期景气向上趋势，继续重点推荐海风+出海相关的海缆、管桩环节。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BUD284 ...

丨证券研究报告丨 行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] 食品饮料行业 2024 年报及 2025 年一季报综述 大众品篇：渐进式修复，分化仍延续 报告要点 [Table_Summary] 大众消费品历经坎坷的复苏之路持续向前，硬折扣、情绪消费等新模式、新思潮陆续冲击着固 有的消费场景和心智偏好，让我们看到大众品赛道之间，甚至是细分景气赛道内的公司之间， 分化显著甚至有趋势性增强。总体的趋势总结越发难以套用到不同的个体公司，但迭代和新生 是永恒的主题，既是对企业对业务趋势洞察力的比拼，也是内部精益化管理的严酷考核。在外 部环境剧烈变化的当下，及时跟上新产品、新模式趋势，不断迭代产品、品宣、服务等多维度 能力的公司，或许能拥有盈利和估值中长期的α表现。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490517070016 SAC：S0490520030001 SAC：S0490519100003 SAC：S0490524060001 SAC：S0490524020002 SFC ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - On May 28, 2025, the company launched the MONA M03 MAX version, which includes two models: the 502 Long Range Max priced at 129,800 yuan and the 600 Ultra Long Range Max priced at 139,800 yuan. These models feature the full-version AI Tianji system and Turing driving assistance, achieving the strongest urban intelligent driving assistance capabilities in their class. The company is expected to accelerate sales due to a strong new vehicle cycle, channel transformation, and enhanced marketing systems. Financial performance is anticipated to improve continuously due to scale enhancement, cost reduction from platforms and technologies, and the expansion of software profitability models alongside ongoing international growth [2][4][9]. Summary by Sections Event Description - The MONA M03 MAX version was officially launched on May 28, 2025, featuring two models with prices of 129,800 yuan and 139,800 yuan, equipped with advanced AI systems and driving assistance technologies [4]. Sales and Financial Projections - The expected delivery volume for Q2 2025 is between 102,000 and 108,000 units, representing a year-on-year growth of 237.7% to 257.5%. Projected revenue for this period is between 17.5 billion and 18.7 billion yuan, reflecting a year-on-year increase of 115.7% to 130.5%. The company anticipates a strong new vehicle cycle with multiple new models set to launch, which is expected to enhance sales further [6][9]. Competitive Advantage - The MONA M03 Max is the first in its class to feature dual Orin-X chips, providing a computing power of 508 TOPS, significantly surpassing competitors. The intelligent driving capabilities are designed to adapt to driver styles, allowing for seamless control transfer between the driver and the vehicle [9]. Future Outlook - The company expects to achieve a single-quarter profit turnaround by Q4 2025, with an overall positive cash flow for the year. The anticipated revenue for 2025 is projected to reach 99.1 billion yuan, corresponding to a price-to-sales ratio of 1.3X, indicating a significant improvement in financial performance as the company enters a new vehicle cycle [9].