Investment Rating - The report maintains a "Buy" rating for the company [2][6][45] Core Views - The company's PE ratio is 30.52x as of the end of April, positioned at the 20th percentile historically since 2016, indicating a reasonable cost-benefit ratio for investment. The report anticipates that with the continued enhancement of the mutual access policy in Hong Kong's capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is expected to achieve revenues and other income of HKD 291 billion, 306 billion, and 321 billion for 2025-2027, with net profits attributable to shareholders of HKD 173 billion, 182 billion, and 192 billion, corresponding to PE valuations of 29.2x, 27.7x, and 26.2x respectively [2][7][45]. Summary by Sections Market Performance - In April, the Hong Kong stock market overall rose, with the Hang Seng Index and Hang Seng Tech increasing by 10% and 14% respectively compared to the end of 2024. The monthly average daily trading (ADT) for the Hong Kong Stock Exchange was HKD 2,747 billion, showing a month-on-month decrease of 2.0% but a year-on-year increase of 144.7% [7][10][16]. Business Segments - **Spot Market**: The trading activity in the Hong Kong stock market remained high, with the monthly ADT for northbound funds at HKD 9,732 billion, down 20% month-on-month but up 20% year-on-year. Southbound funds had an ADT of HKD 1,911 billion, down 3% month-on-month but up 145% year-on-year [7][16]. - **Derivatives Market**: Futures trading volume increased, while options trading volume decreased. The average daily volume (ADV) for futures was 84.1 million contracts, up 5.6% month-on-month and 23.2% year-on-year, while options ADV was 100.3 million contracts, down 6.0% month-on-month but up 14.0% year-on-year [20]. - **Commodity Market**: The LME daily average trading volume was 88.0 million contracts, reflecting a month-on-month increase of 10.6% and a year-on-year increase of 2.7% [24]. - **Primary Market**: The IPO scale in April saw a decrease, with only 2 new stocks listed, totaling HKD 29 billion, down 73% month-on-month and down 6% year-on-year [26]. Investment Income - Investment income-related interest rates showed a month-on-month increase but a year-on-year decline. As of the end of April, the 6-month HIBOR was 4.03%, up 0.05 percentage points month-on-month but down 0.65 percentage points year-on-year [33][45]. Macroeconomic Environment - The domestic economic sentiment has generally declined, with the manufacturing PMI for April at 49.0%, down 1.50 percentage points month-on-month. The demand side showed weakness, with new orders and new export orders indices at 49.2% and 44.7% respectively [37][39].

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The report focuses on the deepening of international trade reforms in Yiwu, which is expected to enhance the efficiency of consumer goods imports and significantly boost the growth potential of the company [3][5] - The company has successfully transformed from a traditional commercial property operator to a comprehensive foreign trade service provider, benefiting from the new round of international trade reform [5][8] - The report highlights the importance of Yiwu as a global hub for small commodities, with a strong manufacturing base and a vibrant trade ecosystem [5][17] Summary by Sections New Round of International Trade Reform in Yiwu - The Yiwu market is recognized as the largest small commodity distribution center globally, with a population growth rate surpassing major first-tier and new first-tier cities [5][17] - The State Council approved the "Overall Plan for Deepening International Trade Comprehensive Reform in Yiwu," which aims to establish a higher-level international trade window and enhance the city's global competitiveness [20][24] Import: Expanding High-Quality Opening Up - China's foreign trade policy is shifting towards actively expanding imports, with the central economic work conference emphasizing the need for high-quality opening up [6][26] - The report notes that the current import growth rate is lagging behind exports, indicating significant potential for improvement in the import structure [6][32] Export: Policy Benefits Creating Export Trade Prosperity - Yiwu has benefited from innovative market procurement trade methods, which have simplified the export process and reduced costs [7][8] - The report anticipates that the new reform plan will further enhance the market procurement trade model, driving export growth despite global trade uncertainties [7][8] Investment Recommendations: Positive Outlook on Performance Growth - The company is expected to see significant growth driven by the resonance of new and old businesses, with a projected EPS of 0.75, 0.95, and 1.14 yuan for 2025-2027 [8] - The report emphasizes the strategic positioning of the company in emerging market economic cooperation, which is expected to unlock new growth opportunities [8]

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Viewpoints - The report emphasizes the significance of the new round of international trade reform pilot in Yiwu, which is expected to enhance the efficiency of consumer goods imports and boost the company's growth potential [4][7] - The company has successfully transformed from a traditional commercial property operator to a comprehensive foreign trade service provider, benefiting from the current trade reform policies [10] Summary by Sections Launch: New Round of International Trade Reform in Yiwu - Yiwu has been designated as a pilot for national international trade reform, with a focus on enhancing trade efficiency and supporting the development of a robust foreign trade ecosystem [7][21] - The city has experienced a population inflow and boasts the highest per capita disposable income in the country, indicating strong urban vitality [21] Imports: Continuous Expansion of High-Quality Opening Up - China's foreign trade policy is shifting towards actively expanding imports, with a focus on improving the efficiency of consumer goods imports [8][33] - The report highlights the need for innovation in import mechanisms to meet domestic consumer demand for quality and price [8][50] Exports: Policy Dividends Create Export Trade Prosperity - Yiwu has benefited from innovative market procurement trade methods that simplify the export process and reduce costs [9][10] - The report notes that despite uncertainties in international trade, Yiwu's exports are expected to maintain steady growth due to China's manufacturing advantages [9] Investment Recommendations: Positive Outlook on Performance Growth Certainty - The company is positioned to benefit from the dual drivers of traditional and new business growth, with expected earnings per share (EPS) of 0.75, 0.95, and 1.14 yuan for 2025-2027 [10] - The report anticipates that the new trade reform policies will accelerate the company's import business and enhance overall performance [10]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The current credit repair market is not over. Short - end spreads are fully compressed, while medium - and long - term spreads still have room for repair. Institutions are increasing their purchases of 3 - 5 - year varieties, and the cost - effectiveness of the duration strategy continues to improve [3]. - From late May to early June, the credit bond market will still feature mainly structural opportunities. The strategy of extending duration for high - grade bonds combines safety and return potential [7]. - Although the pressure of wealth management products returning to the balance sheet at the end of June may cause a phased impact on credit bonds, the adjustment space is limited [10]. 3. Summary by Relevant Catalogs 3.1 Credit Spread Compression Logic and Investment Strategy - After the synchronous reduction of deposit rates and LPR, the pressure on banks' liability costs has eased, and the allocation demand of non - bank funds continues to be released. The market is transitioning from "grabbing short - end coupons" to "exploring spread depressions" [7]. - The central shift of the capital interest rate downwards consolidates the basis for credit bond carry trades. The stable carry space makes 1 - 3 - year and 3 - 5 - year credit bonds the preferred "core positions" for institutions [7]. - Medium - term varieties have both coupon advantages and resistance to interest rate fluctuations. There is a significant differentiation in spreads between small and medium - sized bank perpetual bonds and ordinary credit bonds, with potential for spread compression [8]. - The current credit bond repair market is ongoing. Short - end spreads are close to historical lows, while 3 - 5 - year spreads have room for valuation repair. Institutions are increasingly buying 3 - 5 - year credit bonds [9]. 3.2 Yield and Spread Overview - **Yield and Spread Changes**: The yields and spreads of various types of bonds, including government bonds, local government bonds, and different types of credit bonds, have shown different degrees of changes compared to the previous week. For example, the yields of most credit bonds have decreased, and spreads have also changed to varying extents [20][22]. - **Historical Quantiles**: The historical quantiles of yields and spreads of different bonds are also presented, which helps to understand the current position of bond yields and spreads in historical data [20][22]. 3.3 Regional Yield and Spread of Urban Investment Bonds - **Yield Changes**: The yields of public non - perpetual urban investment bonds in different provinces have changed compared to the previous week. For example, the yields of some provinces' bonds have decreased, while others have increased slightly [25]. - **Spread Changes**: The credit spreads of public non - perpetual urban investment bonds in different provinces have also changed. Some provinces' spreads have narrowed, while others have widened [27]. - **Implied Rating Yield and Spread**: The yields and spreads of different implied ratings of public non - perpetual urban investment bonds in various provinces have different characteristics and changes [32][37].

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].

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].

[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%。 ...

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 ...