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 ...

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Lithium metal anode technology is emerging as a key path in the development of high energy density and large capacity batteries, showcasing significant speed and potential [1][3] - The lithium metal anode is considered the "Holy Grail" of anode materials due to its theoretical specific capacity of 3.86 Ah/g, which is over ten times that of graphite anodes [3][15] - The commercialization consensus is shifting from graphite anodes to silicon-carbon anodes and now to lithium metal anodes, with advancements like CATL's self-generating anode technology marking a revolutionary breakthrough [3][13] Summary by Sections Current Status of Lithium Metal Anodes - Lithium metal anodes are gaining traction in high energy density applications, with significant advancements in solid-state battery technology and CATL's self-generating anode technology [1][3][13] Challenges in Application - The application of lithium metal anodes faces challenges such as lithium dendrite formation and scalability issues, which complicate commercialization [4][21] - The production methods for lithium metal anodes include physical methods, electrochemical methods, and self-generating anode technologies, with the latter showing promise for overcoming current limitations [4][21] Innovations in Materials and Structures - Innovations in electrolyte systems, 3D structural designs, and interface modifications are being explored to enhance the stability and performance of lithium metal anodes [5][24][33] - Optimizing the electrolyte system can reduce the formation of solid electrolyte interphase (SEI) and improve lithium deposition efficiency [25][24] Industry Progress and Potential - The lithium metal battery industry is rapidly advancing, with applications in demanding fields such as eVTOL and drones, and many companies moving from sample development to product delivery [6][35] - Companies like TAIL and SES AI are achieving significant milestones in energy density, with products exceeding 500 Wh/kg and demonstrating fast charging capabilities [36][37]

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 ...