Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company is expected to experience rapid sales growth driven by its leading AI smart driving capabilities, enhanced marketing systems, and a strong new car cycle, with multiple new models anticipated to launch in 2025 [4][10] - The company is positioned to benefit from significant earnings elasticity due to scale improvements, cost reductions from platform and technology, and the expansion of software profitability models alongside continued growth in international markets [4][10] Summary by Sections Historical Review of New Energy Vehicles - The transition from policy-driven to consumer-driven demand for new energy vehicles has been marked by significant technological advancements and cost reductions, leading to a rapid increase in market penetration rates [20][21] - The report identifies three phases in the development of new energy vehicles: policy-driven (before 2019), product introduction (2020-2021), and hybrid power surge (post-2022) [20][21] Technological Advancements and Cost Reduction - The report highlights the continuous improvement in battery costs, which are projected to decrease significantly, enhancing the competitiveness of new energy vehicles [32][33] - The integration of advanced technologies in hybrid vehicles has led to improved fuel efficiency and reduced costs, making them more appealing to consumers [30][36] Smart Driving Capabilities - The company is leveraging its proprietary AI technology and cloud-based model training to enhance its smart driving features, which are expected to see significant advancements in the coming years [8][45] - The report emphasizes the importance of algorithms, computing power, and data in driving the evolution of smart driving technologies, positioning the company as a leader in this space [45][48] New Product Cycle - The company is set to launch a series of new models starting in Q3 2024, including the M03 and P7+, with additional strategic models planned for 2025, which will contribute to sustained sales growth [9][10] - The anticipated new product cycle is expected to significantly expand the company's market presence and sales volume [9][10] Investment Recommendations - The report projects the company's revenue to reach 99.1 billion yuan in 2025, with a price-to-sales ratio of 1.4x, reinforcing the investment thesis based on the company's strong positioning in the AI-driven automotive market [10]

行业研究丨深度报告丨纺织品、服装与奢侈品 [Table_Title] 海澜之家 V.S 优衣库：相同的性价比，不同的 发展路径 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 从定位来看，优衣库，品牌力领先和多元客群支撑下的大店和高店效；海澜之家，一定品牌力、 窄客群和广覆盖转化下的高坪效，均为一门性价比好生意。但扩张路径分化显著，成立初两者 均以低价代销和低成本开店跑通单店模型。而成长中，海澜基于国内广阔且分散的市场，利用 杠杆高效扩张，但在深挖门店效率方面抱憾。而优衣库在日本空间有限之下，通过产品升级、 品类扩容、直营大店实现了同店挖潜和效率升级。后期来看，海澜在主品牌国内遇扩张和效率 瓶颈，海外市场容量和适销性错配背景下，入局国内潜力巨大的城市奥莱新业态。优衣库在日 本本土空间趋于饱和下，借以 SAP 模式、较强的品牌和产品力加速全球扩张。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 ...

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] 持续推荐板块优质红马，配置短期低估值寿 险股 报告要点 [Table_Summary] 二季度政策端与市场交投趋势稳中向好，我们认为优质的非银行业红马配置性价比仍较高，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。寿险行业当前估值仍隐含了市场对于中长期较 为悲观的假设，我们认为在当前较为积极的政策环境和行业实际盈利情况来看，估值修复空间较大。推荐 新华保险、中国太保及中国人寿。 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 2025-06-08 [Table_Title 持续推荐板块优质红马，配置短期低估值寿险 2] 股 [Table_Summary2] 核心观点： 1）二季度至今政策端与市场交投趋势稳中向好，展望后续，业绩基数有所上移，政策端维持 ...

丨证券研究报告丨 行业研究丨专题报告丨白酒与葡萄酒 [Table_Title] 食品饮料行业 2024 年年报及 2025 年一季报综 述白酒篇：主动调整，静待曙光 报告要点 [Table_Summary] 2024 年白酒行业营业总收入 4316 亿元，同比 8.25%，2024Q1-2025Q1 各季度营业总收入同 比+15.37%/+12.05%/+2.42%/+1.43%/+2.42%。2024 年白酒行业归母净利润 1666 亿元，同比 7.28%，2024Q1-2025Q1 各季度归母净利润同比+15.68%/+10.79%/+1.88%/-2.7%/+2.63%。 总的来讲，2024 年下半年以来行业增长降速明显，进入主动去库存阶段。 分析师及联系人 [Table_Author] SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 董思远 徐爽 朱梦兰 石智坤 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 买断式逆回购提前公告，资金面平稳宽松 ——流动性和机构行为周度观察 报告要点 [Table_Summary] 2025 年 6 月 2 日-6 月 6 日，跨月后央行逆回购净回笼资金，但月初公告操作 10000 亿元买断 式逆回购，体现央行对流动性的呵护态度；资金面较为宽松，DR001 在政策利率附近运行。 2025 年 6 月 2 日-6 月 8 日，政府债净缴款规模下降，同业存单到期收益率多数下降，银行间 债券市场杠杆率有所提升。2025 年 6 月 9 日-6 月 15 日政府债预计净缴款-349 亿元，同业存 单到期规模约为 12036 亿元。 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 %% %% %% %% 分析师及联系人 [Table_Author] 和过往在月末披露当月操作总量不同，6 月是买断式逆回购工具创设以来首次在操作前发布招 标公告。首先，结合 6 月 5 日央行在官网货币政策工具栏目中新设"中央银行各项工具操作情 况"板块 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 重视稳定现金流和潜在高股息 [Tablary] 顺周期业绩承压、新赛道估值不低等市场背景下，具备稳定现金流和潜在高股息的资产一直备 受市场青睐，但传统高股息标的涨幅已经较大，资金需要寻找新的投资领域，部分低估值周期 类资产因内含优质现金流，其配置价值正逐步凸显。广义不动产领域，至少三个领域具备稳定 现金流和潜在高股息：1）综合型不动产商，典型如华润置地等，也包括开发业务风险出清后的 部分民营不动产商；2）商业地产公司，典型如部分港资商企；3）轻资产公司，典型如龙头经 纪和央国企物管。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% ——房地产行业周度观点更新 报告要点 research.95579.com 1 [Table_Title 重视稳定现金流和潜在高股息 2] ——房地产行业周度观点更新 核心观点 止跌回稳的政策目标明显更为积极，市场预期有所改善，但 4 月以来边际下 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - In a development downturn cycle, commercial real estate with stable cash flow and high dividend yield is favored by the market. The report aims to construct a simplified analysis framework to evaluate investment property value uniformly, using the indicator [(investment property value - interest-bearing liabilities) / market value] to assess the undervaluation degree of various companies, and to measure dividend value based on current dividend yield and the security of self-owned business [2][9] Summary by Sections Investment Property Evaluation - The report emphasizes the need for prudent evaluation of investment properties, as the net asset values differ significantly due to varying assessment standards among companies. The price-to-book ratio (PB) is not an objective valuation metric for commercial real estate companies, as most properties are recorded at fair value, leading to a lack of comparability in net assets [6][7] Debt Security and Value Undervaluation - The report analyzes which companies have higher debt security and which may be undervalued. It uses the ratio of estimated investment property value to interest-bearing liabilities, where a higher ratio indicates better asset backing for liabilities. Companies with a high proportion of commercial assets, particularly Hong Kong-based firms, show stronger security [7][8] Dividend Security - The report highlights that Hong Kong-based companies generally have higher dividend rates, even when development business or property valuation impairments affect reported profits. The dividend yield for companies with a high proportion of self-owned business ranges from 5% to 8%. The stability of dividends is assessed by the ratio of self-owned performance to dividend amounts, with a ratio above 100% indicating potential for dividend increases [8][9] Investment Recommendations - The report concludes that certain Hong Kong-based companies, China Resources Land, and some private real estate firms post-risk clearance in development businesses exhibit significant scarcity and should be emphasized in a low-interest-rate environment [9]

行业研究丨深度报告丨电气设备 [Table_Title] 关于光伏供给出清路径与时点的思考 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本篇报告主要回答如下几个问题：当前时点为什么建议重视光伏？什么情景下才能加快出清？ 什么时候能出清？什么时候布局光伏？优选哪些环节？对此我们的回答是：目前光伏已是筹码 与基本面双底，政策或新技术将加快供给出清，2025 年末是重要观察时点。股价领先基本面， 建议逐步布局，优选硅料、电池组件等。 分析师及联系人 [Table_Author] SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 邬博华 曹海花 王耀 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 电气设备 cjzqdt11111 [Table_Title2] 关于光伏供给出清路径与时点的思考 [Table_Summary2] 为什么建议重视光伏？——筹码与基本面双底 筹码结构上看，光伏板块 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 重视稳定现金流和潜在高股息 ——房地产行业周度观点更新 报告要点 [Tablary] 顺周期业绩承压、新赛道估值不低等市场背景下，具备稳定现金流和潜在高股息的资产一直备 受市场青睐，但传统高股息标的涨幅已经较大，资金需要寻找新的投资领域，部分低估值周期 类资产因内含优质现金流，其配置价值正逐步凸显。广义不动产领域，至少三个领域具备稳定 现金流和潜在高股息：1）综合型不动产商，典型如华润置地等，也包括开发业务风险出清后的 部分民营不动产商；2）商业地产公司，典型如部分港资商企；3）轻资产公司，典型如龙头经 纪和央国企物管。 分析师及联系人 [Table_Author] SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 重视稳定现金流和潜在高股息 2] ——房地产行业周度观点更新 核心观点 政策：财政部、住建部公示 2025 年城市更新行动评审结果；江苏发布 ...

联合研究丨行业深度 [Table_Title] "源"启新章，直流迭代——数据中心电源深度 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 数据中心功率密度提升趋势下，智算集群供电架构正在从交流向直流升级。直流架构凭借效率 高、故障率低、节省空间与材料等优势，契合大型智算中心需求，渗透率预计显著提升。国内 厂商凭借研发领先与交付能力优势，份额有望提升，相关电源标的投资价值凸显；同时，直流 化趋势也有望带动源网荷储配套、继电器及低压电器等环节的需求增长和价值量提升。 分析师及联系人 [Table_Author] 邬博华 赵智勇 曹海花 SAC：S0490514040001 SAC：S0490517110001 SAC：S0490522030001 SFC：BQK482 SFC：BRP550 司鸿历 屈奇 SAC：S0490520080002 SAC：S0490524070003 SFC：BUD284 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title2 ...