丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：大模型密集发布，AI 与算力主 线景气延续 报告要点 [Table_Summary] 2025 年第 21 周，通信板块下跌 1.85%，在长江一级行业中排名第 26 位；2025 年年初以来， 通信板块下跌 4.71%，在长江一级行业中排名第 26 位。上周谷歌发布 Gemini 2.5 系列新模型， Anthropic 发布 Claude 4 系列新模型；鲲鹏昇腾开发者大会在北京举办。AI 与算力主线景气延 续，驱动数据中心通信需求上行，当前电信业务板块估值仍处低位，行业整体配置性价比较高。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点：大模型密集发布， 2] AI 与算力 主线景气延续 [Table_Summary2] 板块行情 2025 年第 21 周，通信板块下跌 1. ...

丨证券研究报告丨 公司研究丨点评报告丨佳发教育（300559.SZ） [Table_Title] 短期需求扰动导致业绩承压，AI 助力智慧转型 报告要点 [Table_Summary] 佳发教育发布 2024 年报及 2025 年一季报，2024 年公司实现营收 4.30 亿元，同比减少 28.87%； 实现归母净利润 0.36 亿元，同比减少 72.23%；实现扣非归母净利润 0.34 亿元，同比减少 73.19%；实现经营性现金流净额 0.50 亿元，同比减少 72.10%。2025 年 Q1 实现营业收入 0.55 亿元，同比减少 51.82%；实现归母净利润-0.10 亿元，去年同期为 0.07 亿元；实现扣非归母 净利润-0.11 亿元，去年同期为 0.06 亿元；实现经营性现金流净额 -0.08 亿元，去年同期为- 0.44 亿元。 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 佳发教育（300559.SZ） cjzqdt11111 [ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year decrease of 5.69%, and a net profit attributable to the parent company of 110 million yuan, a year-on-year decrease of 62.63% [2][4] - In Q4 2024, the company reported operating revenue of 1.192 billion yuan, a year-on-year increase of 6.86%, while the net profit attributable to the parent company was 16 million yuan, a year-on-year decrease of 86.33% [2][4] - In Q1 2025, the company achieved operating revenue of 1.085 billion yuan, a year-on-year increase of 5.19%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 4.67% [2][4] Summary by Sections Financial Performance - The company experienced a strategic adjustment in its brand portfolio in 2024, leading to revenue pressure and a decline in profit margins. However, the gross margin improved by 4.6 percentage points due to an ongoing optimization of brand structure, with a higher proportion of high-end brands [11] - The sales expense ratio increased by 7.7 percentage points year-on-year, attributed to increased brand promotion investments, while the management and R&D expense ratios also saw slight increases [11] - In Q4 2024, the company saw a recovery in revenue growth, with a year-on-year increase of 7%, and a gross margin improvement of 3.1 percentage points [11] - For Q1 2025, the company maintained stable revenue growth of 5%, with a gross margin increase of 2.4 percentage points, indicating effective control over brand marketing expenses [11] Future Outlook - The company aims to establish itself as a "global emerging luxury beauty group," with ongoing investments in high-end brands and market expenses. The revenue is expected to stabilize, and profit margins are anticipated to gradually recover [11] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 230 million yuan, 320 million yuan, and 390 million yuan, respectively [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved a total revenue of 10.78 billion, representing a year-on-year growth of 21%, and a net profit attributable to shareholders of 1.55 billion, up 30% year-on-year. In Q4 2024, the revenue was 3.81 billion, with a growth of 4.3%, and the net profit was 550 million, growing by 23.4% year-on-year. For Q1 2025, the revenue reached 2.36 billion, a growth of 8.1%, with a net profit of 390 million, up 28.9% year-on-year [2][4]. Summary by Sections Revenue and Profit Performance - In 2024, the main brand maintained steady growth, with online and offline revenues of 10.23 billion and 530 million respectively, showing a growth of 23.7% and a decline of 13.6%. The main brand generated 8.58 billion in revenue, up 19.6% year-on-year. The company launched new products and upgraded core series during the reporting period [5][6]. Margin and Cost Management - The company's net profit margin improved by 1.0 percentage points in 2024, primarily due to a 1.5 percentage point increase in gross margin to 71.4%, attributed to lower freight rates. The sales expense ratio increased by 3.3 percentage points due to higher promotional costs, while management expenses decreased by 1.7 percentage points due to reduced share-based payment costs [6][7]. Future Growth Potential - In Q1 2025, the company demonstrated strong profit elasticity with a net profit margin increase of 2.7 percentage points to 16.5%. The gross margin rose by 2.7 percentage points to 72.8%, likely due to a decrease in major raw material costs. The company expects continued growth from its sub-brands and core series upgrades, which are anticipated to contribute to future revenue growth [7][8]. Earnings Forecast - The company forecasts EPS of 4.63, 5.40, and 6.02 yuan per share for 2025, 2026, and 2027 respectively, indicating a positive outlook for earnings growth [7].

丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] 低贝塔、低估值等防御型风格占优——W110 市 场观察 报告要点 分析师及联系人 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 [Table_Author] %% %% %% %% research.95579.com 1 [Table_Summary] 当周北向重仓 50 领涨；市场动速方面，风格、行业轮动速度仍在较高位；行业板块方面，医疗 板块领涨行业，能源龙头显著超额行业基准；风格方面，低贝塔、低估值等防御型风格占优； 主题方面，乡村振兴 100、医美指数领涨主题。 丨证券研究报告丨 cjzqdt11111 [Table_Title 低贝塔、低估值等防御型风格占优—— 2] W110 市 场观察 战略数据研究丨专题报告 [Table_Summary2] 机构赚钱效应：北向重仓 50 领涨 市场动速：风格、行业轮动速度仍在较高位 行业板块：医疗板块领涨行业，能源龙头显著超额行业基准 风格跟踪：低贝塔、低估值等防御型风格占优 主题热点：乡村振兴 100、医美指数领涨主题 指数名称及代码 ...

投资策略丨专题报告 [Table_Title] 市场风格走向短期均衡——A 股流动性周报 （0520） 报告要点 [Table_Summary] 2025 年 5 月 14 日-20 日，随着中美关税暂缓，全球多数资本市场持续回升，A 股市场大消费 方向领涨，央行降准落地，市场整体流动性边际放宽。市场资金供需方面，本周主动型基金发 行规模仍位于低位，主要宽基指数 ETF 基金规模有所回落，融资余额小幅上升，美容护理、家 用电器等行业获得更多融资余额买入；从市场风格表现来看，当前市场风格较为均衡，金融方 向 30 天最大回撤已达 2025 年最高位。 丨证券研究报告丨 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 市场风格走向短期均衡 2] ——A 股流动性周报 （0520） [Table_Summary2] 全球市场回顾：中美关税暂缓，全球资本市场多数回升 中美关税暂缓，全球多数资本市场持续回升，波动率回落。2025 年 5 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved operating revenue of 2.97 billion, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million, up 31.7%. The net profit excluding non-recurring items reached 330 million, growing by 73.9% [2][4]. - For Q1 2025, the company reported operating revenue of 850 million, a year-on-year growth of 28%, with a net profit attributable to shareholders of 140 million, increasing by 22.1% [2][4]. - The company's strategy of focusing on major products has been effective, with significant growth in key items such as the "Little Red Pen Eye Cream" and "Little Gold Needle" achieving GMV of 530 million and 350 million respectively, marking increases of 146% and 96% [9]. Summary by Sections Financial Performance - In 2024, the company’s revenue growth was driven by a strong performance in its main brand, which generated 2.06 billion in revenue, a 31.7% increase. The online and offline channels reported revenues of 2.54 billion and 430 million respectively, reflecting growth of 36% and 21% [9]. - The company’s net profit for Q1 2025 showed a year-on-year increase of 22%, with a net profit margin remaining stable despite rising sales expenses [9]. Product and Brand Strategy - The company continues to enhance its major product strategy, with the main brand and the "Lianhuo" brand expected to maintain robust growth. The eye care category saw a significant increase in average price, contributing to overall revenue growth [9]. Future Outlook - The company is projected to achieve net profits of 450 million, 580 million, and 750 million for the years 2025 to 2027, with corresponding EPS of 1.11, 1.44, and 1.87 [9].

丨证券研究报告丨 公司研究丨点评报告丨华熙生物（688363.SH） [Table_Title] 华熙生物 2024 年报及 2025 一季报点评：医疗 终端增势亮眼，护肤品业务持续调整 报告要点 [Table_Summary] 2024 年，公司实现营业收入 53.7 亿元，同比下滑 11.6%；实现归母净利润 1.7 亿元，同比下 滑 70.6%。2024Q4，公司实现营业收入 15.0 亿元，同比下滑 19.3%；实现归母净利润-1.9 亿 元，扣非归母净利润-2.2 亿元。2025Q1，公司实现营业收入 10.8 亿元，同比下滑 20.8%；实 现归母净利润 1.0 亿元，同比下滑 58.1%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华熙生物（688363.SH） cjzqdt11111 [Table_Title 华熙生物 2024 2] 年报及 2025 一季报点评：医疗 终端增势 ...

[Table_Title] 限产预期到哪儿了？ 报告要点 丨证券研究报告丨 行业研究丨行业周报丨钢铁 1）限产预期到哪儿了？ [Table_Summary] 2）限产的驱动是什么？3）为何限产的博弈性较强？4）在限产预期下， 如何把握钢铁板块的投资机遇？ 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% 本周，钢之家发布了对粗钢限产最新的跟踪消息，调研的样本涉及国内 86 家钢企， 部分钢企反馈了它们所了解的粗钢限产情况。对此，我们对限产信息做了梳理，以此 反映目前产业端对粗钢限产的预期。 %% %% research.95579.com 1 [Table_Title2] 限产预期到哪儿了？ 最新跟踪：淡季逐步来临，供需同步调整 即将进入 6 月，高温天气或压制部分建筑终端需求，成材需求或季节性回落；铁水产 量延续下降，匹配需求做出调整；库存延续去化态势，整体仍处于底 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Views - Short-term risk appetite reversal supports a strong rebound in gold prices, while the medium-term outlook continues to favor a recession and interest rate cuts, reinforcing bullish sentiment [2][6]. - The weakening US dollar, driven by a downgrade in the US credit rating, is expected to bolster commodity prices, while industrial metals are experiencing weak fluctuations due to suppressed demand expectations from China's April macro data [2][7]. - Strategic metals such as rare earths and tungsten are anticipated to undergo a value reassessment, with supply control measures enhancing their market position [8]. Summary by Sections Precious Metals - The report emphasizes the importance of increasing allocations to gold stocks, which are currently at a cyclical low valuation, suggesting a buy on dips strategy [6]. - The recent US tariff announcements and credit rating downgrade have contributed to a favorable environment for gold, with expectations of continued central bank purchases [6]. Industrial Metals - Economic expectations are driving short-term fluctuations in copper and aluminum prices, with a long-term outlook supported by monetary easing [7]. - Recent data shows a decrease in copper and aluminum inventories, indicating potential supply constraints [7]. Energy and Minor Metals - The report highlights opportunities in strategic metals and energy metals, particularly lithium, which is currently in an oversold position [8]. - Supply disruptions in cobalt and nickel due to policy changes in resource-rich countries are expected to support price stability and potential increases [8].