联合研究丨行业点评 [Table_Title] 卡游递交港股招股书，关注卡牌赛道投资机会 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 据港交所文件，头部卡牌厂商卡游向港交所提交上市申请书。借助小马宝莉卡牌等爆款产品， 公司 2024 年实现泛娱乐产品商品交易总额 231 亿元，实现集换式卡牌商品交易总额 187 亿 元。公司 2021-2024 年营收分别为 22.98/41.31/26.62/100.57 亿元，经调归母净利润分别为 7.95/16.20/9.34/44.66 亿元。截至 2022/2023/2024 年底，公司 IP 数量分别为 30/37/70 个， IP 储备实现加速拓展。2024 年公司在中国集换式卡牌中市场份额为 71.1%，头部地位稳固。 建议关注卡游上市进展，以及在 IP、渠道等关键环节具备卡位优势的相关公司投资机会。 分析师及联系人 [Table_Author] 高超 蔡方羿 仲敏丽 SAC：S0490516080001 SAC：S0490516060001 SAC：S0490522050001 ...

Investment Rating - The investment rating for the communication equipment industry is "Positive" and maintained [8]. Core Insights - Huawei Cloud launched the revolutionary CloudMatrix 384 super node, which breaks through computing bottlenecks with a "poolable, equalized, and combinable" architecture, achieving dual leadership in interconnect bandwidth and memory bandwidth [2][11]. - The CloudMatrix 384 super node is expected to alleviate computing anxiety, with plans for tens of thousands of units to be deployed in the first half of the year, aiming to build a large cluster of over ten thousand nodes [11]. - The CloudMatrix 384 achieves a computing scale of 300 PFlops, a 67% increase compared to NVIDIA's NVL72, which has a computing scale of 180 PFlops [11]. - The service DeepSeek-R1, based on the CloudMatrix 384, can achieve a single-card decode throughput of over 1920 Tokens/s while maintaining a single-user transaction per second (TPS) level of 20 [2][11]. - Huawei Cloud's ecosystem has surpassed 12 million developers, 45,000 partners, and 12,000 cloud store applications, forming a comprehensive digital ecosystem across the entire industry chain [11]. Summary by Sections Event Description - On April 10, Huawei Cloud held an ecological conference in Wuhu, Anhui, where it launched the CloudMatrix 384 super node and announced its large-scale deployment in the Wuhu data center [5]. Event Commentary - The CloudMatrix 384 super node redefines AI infrastructure, transitioning from server-level to matrix-level resource supply models, significantly enhancing interconnect bandwidth and achieving a breakthrough in memory bandwidth [11]. - The architecture of the CloudMatrix 384 is designed to support the rapid deployment of industry applications, with over 160 third-party large models already adapted to its services [11].

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 2017-2020 年关税扰动，债市走势全复盘 报告要点 [Table_Summary] 2025 年 4 月 9 日，美国所谓"对等关税"正式落地，如何以史为鉴成为把握债市走向的关键。 回溯 2017-2020 年，债市经历四阶段逻辑切换：预期扰动期，短端受益于政策对冲、长端受制 于通胀与信用收缩；关税落地期，外资增配短债与财政发力驱动曲线陡峭化，外部冲击逐步钝 化；谈判缓和期，宽货币宽信用共振扭转债市趋势；和谈及博弈并行期，政策精准调控重塑定 价逻辑。债市对关税扰动呈现"适应性"特征，即期消息冲击强于政策落地后的定价修正。未 来债市或复刻"情绪扰动-政策对冲-回归基本面"的逻辑路径，收益率或走出"倒 N"型。 分析师及联系人 [Table_Author] 赵增辉 SAC：S0490524080003 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 2017-2020 年关税扰动，债市走势全复盘 [Table_Summary2] 事件描述 20 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report reviews the impact of the US-China trade tensions from 2018 to 2025, highlighting that the resilience of China's technology supply chain has improved significantly compared to seven years ago. The cost of tariff increases is likely to be absorbed through price hikes on products sold in the US, limiting the decline in supply chain fundamentals [3][10] - The report emphasizes that the technology sector has not been significantly affected by the trade tensions, as evidenced by the efficient and low-cost nature of the Chinese supply chain and the proactive measures taken to establish overseas production capacity [7][10] - The report indicates that the domestic technology industry is transitioning from a policy expectation phase to an order fulfillment phase, particularly in the context of the "Xinchuang" (信创) sector [3][10] Summary by Sections Review of Previous Trade Tensions - The report outlines the timeline of the trade conflict, starting from March 23, 2018, when the US officially recognized unfair trade practices by China, leading to a series of tariff increases [6][17] - It notes that the market has gradually desensitized to the trade tensions, with a significant opportunity for bottom-fishing strategies in the following year [6][7] Impact on Overseas Production Capacity - The report states that the trade tensions have prompted companies to backup overseas production, with limited impact on performance. For instance, Apple suppliers have invested $16 billion since 2018 to reduce reliance on mainland China [7][10] - It highlights that the tariff burden has not significantly affected the revenue growth or gross margins of domestic optical module manufacturers, as major North American clients have absorbed the tariff costs [7][10] Enhanced Risk Resilience and Autonomy - The report asserts that the current trade tensions are more severe than previous ones, but the leading optical module manufacturers have already established overseas production capacity, enhancing their risk resilience [8][10] - It mentions that if production countries do not receive tariff exemptions, product prices in the US are likely to increase by approximately 9.5% to offset tariff costs [9][10] Domestic Technology Sector Developments - The report indicates that the domestic semiconductor industry is experiencing accelerated localization due to the trade tensions, with an annual import of $10-12 billion worth of chips from the US, primarily CPUs and RF components [9][10] - It emphasizes that the trade conflict is driving the rapid development of domestic software and hardware ecosystems, with significant market potential in key foundational software and hardware areas [9][10]

公司研究丨深度报告丨徐工机械（000425.SZ） [Table_Title] 徐工机械：新周期，"新徐工"价值重估进行时 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司作为我国工程机械行业龙头制造商，在上轮上行周期中的估值属性具备典型的国内周期股 特征。如今站在新一轮周期起点，混改后的"新徐工"重新出发，我们认为其有望摆脱以往国 内周期股的估值框架并迎来价值重估，核心来源有三：1）国际化：在国内周期外寻找需求增量； 2）产品拓展：挖机补短板，矿机做增量；3）经营质量改善：盈利能力有望进一步提升，资产 质量有望显著改善。当前工程机械行业国内、海外景气趋势向上，伴随公司国际化、拓品类、 提质量多措并举，看好公司在新一轮上行期的价值重估潜力。 分析师及联系人 [Table_Author] 赵智勇 臧雄 曹小敏 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490521050001 SFC：BRP550 SFC：BVO790 王硕 请阅读最后评级说明和重要声明 2 / 29 %% %% %% ...

丨证券研究报告丨 港股研究丨公司点评丨名创优品（9896.HK） [Table_Title] 名创优品 2024 全年以及 Q4 点评：战略投入阶 段稀释利润率，IP 和出海拉动成长 报告要点 [Table_Summary] 2024 年公司实现收入 169.9 亿元，同比增长 23%；归母净利润为 26.2 亿元，同比增长 16%， 经调整后净利润 27.2 亿元，同比增长 16%。2024Q4 公司实现收入 47.1 亿元，同比增长 23%， 归母净利润为 8.1 亿元，同比增长 27%，经调整净利润为 7.9 亿元，同比增长 20%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 名创优品（9896.HK） cjzqdt11111 李锦 罗祎 秦意昂 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 名创优品 2024 2] 全年以及 Q4 点评：战略投入阶 段稀释利润率，IP 和出海拉动成长 [T ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company reported a revenue of 3.467 billion yuan for 2024, representing a year-on-year growth of 4%. The net profit attributable to shareholders was 106 million yuan, up 1.61% year-on-year, while the net profit excluding non-recurring items reached 72 million yuan, reflecting a growth of 9.78% [2][6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 3.467 billion yuan, with a year-on-year increase of 4%. The net profit attributable to the parent company was 106 million yuan, marking a 1.61% increase year-on-year. The net profit after excluding non-recurring items was 72 million yuan, which is a 9.78% increase [2][6] - The revenue growth rates for each quarter in 2024 were +6.4%, -2.3%, +2.6%, and +9.7%, indicating a significant improvement in the fourth quarter [12] Operational Highlights - The company opened 62 new stores in 2024, an increase of 21 stores compared to the previous year, while closing 57 stores, resulting in a net increase of 5 stores. This net opening contributed positively to the annual revenue growth [12] - The sales revenue from physical stores grew by 2% year-on-year, while e-commerce revenue saw a more substantial increase of 16.6% [12] Profitability and Margins - The company's gross margin for 2024 was 26.9%, which showed a slight contraction year-on-year. The decline in gross margin was attributed to lower margins in key product categories such as milk powder and food [12] - Despite the contraction in gross margins, the overall profitability remained stable due to cost savings in sales and management expenses [12] Strategic Initiatives - The company has partnered with the well-known Japanese company Bandai Namco to create new growth avenues, including pop-up stores and the establishment of the first Gundam Base in Jiangsu [12] - The collaboration with popular IPs is expected to enhance brand influence and create new business opportunities [12] Future Outlook - The company is expected to continue its strategy of store integration and optimization, with a stable profitability outlook. The EPS forecasts for 2025, 2026, and 2027 are projected to be 0.90 yuan, 1.16 yuan, and 1.37 yuan, respectively [12]

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 资金面逐步转松——流动性和机构行为周度 观察 报告要点 [Table_Summary] 2025 年 4 月 7 日-4 月 11 日，央行净回笼资金，资金利率下行；政府债净融资规模减少；同业 存单延续净融资，各期限同业存单到期收益率均下行；银行间债券市场杠杆率小幅下降，国有 大行及政策行净融出规模有所下降。2025 年 4 月 14 日-4 月 20 日政府债预计净融资 7578 亿 元。 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 资金面逐步转松2] ——流动性和机构行为周度观 察 [Table_Summary2] 资金面 央行净回笼资金。2025 年 4 月 7 日-4 月 11 日（本周，下同），央行逆回购投放 4742 亿元、 回笼 7634 亿元，国库定存回笼 1500 亿元，本周合计实现净回笼 43 ...

丨证券研究报告丨 中国经济丨点评报告 [Table_Title] 从抢出口看美国关税政策的三条主线 ——3 月外贸数据点评 报告要点 [Table_Title 从抢出口看美国关税政策的三条主线 2] ——3 月外贸数据点评 [Table_Summary2] 事件描述 2025 年 4 月 14 日，海关总署发布 3 月外贸数据：以美元计，我国 3 月出口 3139.1 亿美元， 进口 2112.7 亿美元，贸易顺差为 1026.4 亿美元。 [Table_Summary] 低基数叠加抢出口推动我国 3 月出口同比增速显著反弹。从主要贸易伙伴看，对美国、欧盟、 东盟 3 月出口均强于季节性。但需要注意的是，出口商品仍延续以价换量模式。综合美国今年 以来的关税政策来看，后续或延续三条主线：一是以财政创收为目的，对大多数国家实行 10% 的基准关税；二是以关税作为谈判筹码，争取更多政治、经济利益；三是针对特定行业加征关 税，促进产业回流。美国关税政策冲击之下，国内政策作出积极应对，且政策空间较为充足。 若后续外需显著承压，货币、财政政策或将加速落地。 分析师及联系人 [Table_Author] 于博 黄帅 SAC ...

丨证券研究报告丨 公司研究丨点评报告丨洪城环境（600461.SH） [Table_Title] 洪城环境 2024A 点评：降本增效成果显著，分 红比例延续 50% 报告要点 [Table_Summary] 2024 年公司实现营收 82.3 亿元，同比增 2.22%；归母净利润 11.9 亿元，同比增 9.89%；拟每 股派发股利 0.46 元，分红比例为 50.07%，对应股息率 4.67%（2025/4/14）。毛利率提升驱动 2024 年公司归母业绩增长，分板块来看，运营类业务稳健增长，自来水板块降本增效成果显 著；工程板块收入和毛利同比基本持平，厂网一体化贡献增量，给排水工程和燃气接驳有所下 滑。2024 年自由现金流转正，利于维持高分红比例。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 徐科 任楠 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research.95579 ...