公司研究丨深度报告丨盾安环境（002011.SZ） [Table_Title] 盾安环境：立足主业，开辟增量 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司已深耕制冷阀件三十余年，为该领域全球龙头。制冷配件业务下游需求已呈现边际向好趋 势，此外受政策影响，变频空调渗透率持续提升，带动高价格阀件需求，公司有望受益于量价 齐升实现营收稳健增长。在此基础上，公司着力开拓新能源汽车热管理业务，凭借技术优势， 公司主要阀件产品性能已基本可以对标行业龙头，在高压快充的趋势下，公司有望通过大口径 阀件的领先优势获取主机厂一供机会，并加速份额的提升，为公司未来发展注入新增长动能。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research.95579.com 2 盾安环境（002011.SZ） cjzqdt11111 [Table_Title2] 盾安环境：立足主业，开辟增量 [Table_Summary2 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 华为开发者大会召开，鸿蒙生态持续演进 报告要点 [Table_Summary] 6 月 20 日至 22 日，华为开发者大会（HDC 2025）在广东省东莞市举行。华为常务董事、终 端 BG 董事长余承东在会上发表主题演讲时正式发布鸿蒙 6.0 开发者 Beta 版本（以下简称"鸿 蒙 6"）。随着鸿蒙 6 操作系统的发布，鸿蒙操作系统持续演进，并带动其原生应用生态加速建 设。有望吸引更多开发者及厂商加入鸿蒙生态，形成正向循环，促进鸿蒙生态加速发展。建议 重点关注鸿蒙产业链中商业发行版和基于鸿蒙系统发展自主品牌等厂商，其凭借鸿蒙系统的流 畅性、通用性、互联优势、安全性等有望提升份额，重构产业格局。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title2] 华为开发者大会召开，鸿蒙生态持续演进 [Table_Summar ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [10] Core Insights - The report suggests that the downward pressure on housing prices continues to increase, and the need for policy easing is becoming more urgent as the third quarter approaches. Structural tools specifically targeting the real estate sector are expected to be more impactful than conventional measures [2][4][8] - The current positioning of development stocks is relatively low, indicating a potential opportunity for selective allocation as the market prepares for a trading window. Companies with stable cash flows and potential high dividends in commercial, brokerage, and property management sectors are identified as strategic opportunities [2][4][8] Market Performance - The Yangtze River Real Estate Index decreased by 2.07% this week, with a year-to-date decline of 8.08%, indicating underperformance relative to the CSI 300 index [5][13] - The report highlights that the real estate sector's performance has been relatively poor, with both development and property management stocks generally declining [5] Policy Developments - Recent policies from cities like Xi'an and Shenzhen aim to stabilize the real estate market by lowering purchase thresholds and optimizing land supply, which may support developers and enhance profit margins [6][16] - Xi'an's new measures include optimizing land supply, improving housing construction systems, and enhancing financial support for real estate, while Shenzhen's regulations allow for adjustments in the allocation of affordable housing to relieve developer pressure [6][16] Sales Data - New housing transaction volumes in sample cities are at low levels, with a year-to-date cumulative decline of 0.6% for new homes and a 21.2% increase for second-hand homes [7][18] - The report notes that the transaction volume for new homes has turned negative year-to-date, while second-hand homes show a positive trend [7][18]

Investment Rating - The investment rating for the industry is "Positive" and maintained [10] Core Insights - The report highlights that the American PIMCO Group has consistently outperformed passive management and benchmarks over the long term, with 80% of its equity products exceeding the Morningstar equity fund median over a 10-year period [5][21] - However, the report notes that the short-term performance remains under pressure, with only 36% and 29% of equity products outperforming the Morningstar passive median over 3 and 5 years, respectively [5][21] - The report emphasizes that product size is not a significant factor in outperforming benchmarks, as the average sizes of winning and losing funds are relatively similar [7][33] Summary by Sections Performance Comparison - The report compares two groups of PIMCO's active equity funds based on their 5-year performance against benchmarks, revealing that the winning group has a slightly higher concentration in holdings [6][29] - The average holding concentration for the winning group is 26.8%, compared to 24.9% for the losing group [29] Size and Returns - Over the past decade, there is a positive correlation between fund size and returns, with larger funds achieving higher average returns of 13.8% for the top 5 funds, compared to 8.7% for the bottom 20 [7][33] - The average fund sizes for the winning and losing groups are $164.1 billion and $170.9 billion, respectively, indicating that size does not significantly influence performance [33] Turnover and Management - Funds that outperformed benchmarks exhibit a higher turnover rate of 61.2% compared to 36.4% for those that underperformed [34] - The average number of fund managers and their tenure show minimal differences between the two groups, with winning funds having an average of 1.4 managers and 11.8 years of experience [34] Strategic Responses - PIMCO has actively launched new products in response to market conditions, significantly increasing its AUM from $166.7 billion in 2000 to $1.61 trillion by 2024, with a compound annual growth rate of 9.9% [17][42] - The firm has also focused on retirement target products, with the AUM of target date funds growing from $121.2 billion in 2013 to $475.6 billion in 2024, achieving a compound annual growth rate of 13.2% [46][48]

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 保险估值仍安全，看好集中度及负债成本改 善 报告要点 [Table_Summary] 本周陆家嘴金融论坛召开，将着力推出进一步深化改革的"1+6"政策措施，统筹推进投融资综合改革和投 资者权益保护，政策端与市场交投趋势稳中向好；另保险方面当前估值隐含市场对长期投资的悲观假设， 考虑中远期利差水平，当前估值仍然安全，看好集中度和负债成本改善。从盈利和分红的稳定性维度出发， 推荐江苏金租、中国平安及中国财险。综合业绩弹性及估值分位，推荐新华保险、中国人寿、香港交易所、 中信证券、东方财富、同花顺、九方智投控股。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 吴一凡 谢宇尘 盛晓双 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 保险估值仍安全，看好集中度及负债成本改善 2] [Table_Summary2] 核心观点 ...

Investment Rating - The report indicates a positive outlook for the solid-state battery equipment industry, highlighting its potential to benefit from the expansion of the solid-state battery market [4][7]. Core Insights - Solid-state batteries are viewed as an ideal solution due to their high safety and performance characteristics, with significant advancements expected in the equipment sector that supports their production [7][16]. - The report emphasizes the importance of solid-state battery equipment as a foundational and critical component for the industry's development, suggesting that it possesses both spatial elasticity and certainty in industry trends [4][7]. Summary by Sections Front-end: Focus on Fiberization and Dry Roller Pressing - The main challenges in the front-end process include uniform mixing, stability of self-supporting membrane formation, efficiency of continuous manufacturing, and cost competitiveness with wet electrodes [8][23]. - Fiberization of binders is a common method for dry preparation of solid-state electrolyte membranes, which requires precise control of temperature and shear force [24][28]. - The dry electrode process faces challenges in membrane thickness control and high-speed preparation, with significant value elasticity in dry electrode and solid-state battery roller pressing equipment [8][32]. Mid-end: Focus on Stacking Machines, Frame Printing Machines, and Isostatic Pressing - The mid-end process includes slitting & die-cutting, frame printing, stacking, tab welding & packaging, and isostatic pressing [9][42]. - Stacking machines are expected to replace winding machines as the main assembly method for solid-state batteries, providing higher energy density and stability [9][42]. - Isostatic pressing technology enhances the contact effect between internal components of the battery cell, significantly improving the overall performance [50][55]. Back-end: Focus on High-Pressure Formation and Capacity - The back-end process has shifted from low-pressure to high-pressure formation, requiring high-pressure formation machines to activate solid-state battery performance [10][54]. - These machines are designed to adapt to the high voltage characteristics of solid-state batteries, improving formation efficiency and consistency while extending battery life [54][55].

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11] Core Insights - The second China-Central Asia Summit emphasizes the importance of the "Belt and Road" initiative, which is seen as a significant opportunity for investment in infrastructure and cooperation between China and Central Asian countries [15][8] - The summit aims to enhance cooperation across various fields, including traditional energy, infrastructure, digital economy, green energy, and cross-border e-commerce, which are expected to improve the lives of ordinary citizens in Central Asia [15] - China's cumulative investment in Central Asia has exceeded 30 billion USD, with trade expected to approach 95 billion USD by 2024, highlighting China's role as a primary trading and investment partner for several Central Asian nations [15] Summary by Sections Event Description - The report details the arrival of President Xi Jinping in Kazakhstan for the second China-Central Asia Summit, which is a key event for promoting development and attracting foreign investment in the region [8] Event Commentary - The summit's core topics include building a community of shared destiny between China and Central Asia, focusing on mutual support, common development, universal security, and fostering friendly relations through cultural exchanges [15] - The report highlights ongoing infrastructure projects, such as the construction of the China-Kyrgyzstan-Uzbekistan railway and various road improvement projects in Kazakhstan, which are crucial for regional connectivity [15] Investment Opportunities - The report recommends international engineering companies with high overseas revenue exposure, such as China Steel International and China National Materials, as well as undervalued state-owned construction enterprises like China Communications Construction and China Chemical Engineering [15] - It also notes the benefits for companies involved in the China-Kyrgyzstan-Uzbekistan railway construction and those with increasing overseas revenue shares, such as China State Construction Engineering [15]

Investment Rating - The report maintains a positive outlook on the coal sector [10] Core Views - The coal sector is expected to benefit from a low internal crowding degree and marginal improvement in the fundamentals during the peak season, leading to a sustained positive attitude towards the coal sector [2][7] - Short-term supply-demand improvements are anticipated, with a notable increase in daily coal consumption and a decrease in inventory levels [7][19] - The coal sector is viewed as an attractive investment option due to its low valuation and high dividend yield, making it a safe choice amid declining risk appetite [7] Summary by Sections Market Performance - The coal index (Yangtze) fell by 0.50%, underperforming the CSI 300 index by 0.04 percentage points, ranking 8th out of 32 industries [6][18] - As of June 20, the market price for Qinhuangdao power coal was 609 RMB/ton, remaining stable week-on-week [6][44] Supply and Demand Analysis - Daily coal consumption across 25 provinces increased by 14% compared to the beginning of June, reaching 542.2 million tons [19] - Inventory levels at power plants were reported at 120.19 million tons, with a usable days count of 22.2 days, down by 2.8 days week-on-week [19][36] - The supply side showed a slight increase in capacity utilization rates in the "Three West" regions, indicating potential for supply adjustments [19][20] Price Trends - The report anticipates a stabilization and potential rebound in coal prices due to seasonal demand improvements and production cuts from safety and environmental inspections [6][19] - The report highlights that the current coal price center is expected to rise in the medium to long term due to resource depletion issues in Shanxi and limited increases in imports [7] Investment Recommendations - Recommended stocks for short-term defensive and transformation strategies include China Coal Energy, China Shenhua, and Shaanxi Coal and Chemical [8] - Long-term growth companies to focus on include Yanzhou Coal Mining, Huayang Co., and Jinko Energy [8]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [3][9]. Core Views - The company is a leading player in the global monosodium glutamate (MSG) industry, with production capacity expected to reach 173,000 tons per year by the end of 2024, making it the largest globally [6][15]. - The demand for MSG is anticipated to grow, with the industry expected to hit a bottom and recover as new capacities are absorbed [3][9]. - The company is also a leader in feed amino acids, benefiting from an improving industry landscape and increasing demand, alongside its proactive overseas expansion efforts [3][9]. Company Overview - The company focuses on fermentation products, with a diverse product line including MSG, lysine, threonine, and xanthan gum [6][15]. - By the end of 2023, the company's MSG production capacity was 1.33 million tons per year, projected to increase to 1.65 million tons by the end of 2024 [6][15]. - The company has maintained a dividend payout ratio of 33%-35% from 2018 to 2021, with a forecasted payout ratio of 35% plus a special dividend from 2022 to 2024 [6][25]. Financial Summary - The company has shown steady growth, with a compound annual growth rate (CAGR) of 11.0% in revenue and 6.4% in net profit from 2010 to 2024 [28]. - In 2024, the company is expected to generate revenue of 27.76 billion yuan, a year-on-year decrease of 1.3%, and a net profit of 2.31 billion yuan, down 26.5% year-on-year [28][30]. - The company's gross profit margin for 2024 is projected to be 18.2%, with a net profit margin of 8.3% [34]. Industry Insights - The MSG industry is characterized by high concentration, with China accounting for approximately 70% of global consumption and 80.3% of global production capacity by 2024 [7][51]. - The demand for lysine and threonine is expected to grow, particularly in emerging markets, driven by increased feed production and the adoption of low-protein diets [59][63]. - The company is well-positioned to benefit from the ongoing shift in the amino acid industry towards domestic production and the rising demand in developing regions [63][64].

[Table_Title] 儿科中药龙头，BD 赋能长期发展 公司研究丨深度报告丨济川药业（600566.SH） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司专注于儿科、呼吸、消化、妇产及其它领域药品的生产和销售，主要产品为蒲地蓝消炎 口服液、小儿豉翘清热颗粒等。除药品业务外，公司子公司蒲地蓝日化主要从事蒲地蓝牙膏 等日化产品业务，康煦源主要从事保健品业务。同时公司加快推进产业转型升级，2021 年起 公司持续推进优质产品 BD 引入，以商业拓展赋能外延式扩张，为公司长期发展奠定基础。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 济川药业（600566.SH） cjzqdt11111 [Table_Title2] 儿科中药龙头，BD 赋能长期发展 [Table_Summary2] 儿科中药龙头，长期稳健发 ...