丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 三个领域具备稳定现金流 ——房地产行业周度观点更新 报告要点 [Tablary] 当前阶段，开发板块产业景气逐步下行，但政策宽松预期并不强，且现房销售政策如何推广尚 未完全落地，整体交易价值尚未明朗，具备稳定现金流和潜在高股息的细分领域更具防御能力 和长期配置价值。按照现金流的相对确定性排序如下：1、具备超额现金、净利润和现金流稳定 增长的低估值央国企物业龙头，2、具备优质自持的综合型房企，典型如华润置地等，3、核心 区域的好房企。 分析师及联系人 [Table_Author] SAC：S0490520040001 SFC：BUV416 [Table_Title 三个领域具备稳定现金流 2] 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ——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 月以来边际下行压力再次加大。 周期位置角度，行业量价快速下行阶段可能已经过去，核心区和好房子具备结构性亮点；出口 承压阶段，产业政策宽松概率加大 ...

港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车点评：平均单车收入持续提升，一季度 毛利率超预期 报告要点 丨证券研究报告丨 %% %% %% %% research.95579.com 1 [Table_Summary] 零跑汽车专注全域自研构造成本优势，造就极致品价比，产品覆盖 5-20 万价格带，2025 年一 季度营收 100 亿元，毛利率 14.9%。展望未来，公司国内新车周期带来销量持续增长，海外与 Stellantis 合作实现轻资产出海，打开全球销量空间。 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 零跑汽车（9863.HK） cjzqdt11111 [Table_Title 零跑汽车点评：平均单车收入持续提升，一季度 2] 毛利率超预期 [Table_Summary2] 事件描述 公司 2025 年一季报发布，实现营收 100 亿元，毛利率 14.9%。 事件评论 丨证券研究报告丨 2025-05-25 港股研究 ...

联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 再推股权激励计划，奠定持续增长信心 报告要点 [Table_Summary] 公司发布 2025 年限制性股票激励计划(草案)，拟向激励对象授予的限制性股票数量为 1417.55 万股，约占公司股本总额的 1.6450%。其中首次授予 1309.55 万股，首次拟授予的激励对象共 计 421 人，授予价格为 20.60 元/股。 分析师及联系人 [Table_Author] 陈亮 高伊楠 蔡方羿 SAC：S0490517070017 SAC：S0490517060001 SAC：S0490516060001 SFC：BUW408 SFC：BUW101 SFC：BUV463 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 爱玛科技（603529.SH） cjzqdt11111 [Table_Title2] 再推股权激励计划，奠定持续增长信心 2025-05-25 联合研究丨公司点评 [Table_Summary2] 事件描述 公司发布 2025 年限制性股票激励计划( ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company focuses on self-research and cost advantages, achieving an excellent price-performance ratio, with products covering a price range of 50,000 to 200,000 CNY. The revenue for Q1 2025 is projected to reach 10 billion CNY, with a gross margin of 14.9% [2][4]. - The domestic new car cycle is expected to drive continuous sales growth, while overseas expansion through collaboration with Stellantis opens up global sales opportunities [2][7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 10.02 billion CNY, a year-on-year increase of 187.4%, and a gross margin of 14.9%, which is a 16.2 percentage point increase year-on-year. The average revenue per vehicle reached 114,000 CNY, up by 10,000 CNY year-on-year [7]. - The company reported a net loss of 130 million CNY in Q1 2025, significantly reducing losses compared to the previous year, with a corresponding profit margin of -1.3% [7]. Sales and Market Strategy - The company sold 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1%. The C series accounted for approximately 77.5% of total sales, reflecting a 5.7 percentage point increase year-on-year [7]. - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 model already launched and two additional B series models planned for 2025 [7]. Channel Development - As of the end of March 2025, the company has established 756 sales outlets, including 289 core centers and 467 experience centers, covering 279 cities. The company aims to increase coverage to 90% of cities above the county level by the end of 2025 [7]. - The overseas channel count exceeded 500 in Q1 2025, with plans for local assembly in Malaysia and localized manufacturing in Europe by 2026 [7].

丨证券研究报告丨 联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 再推股权激励计划，奠定持续增长信心 报告要点 [Table_Summary] 公司发布 2025 年限制性股票激励计划(草案)，拟向激励对象授予的限制性股票数量为 1417.55 万股，约占公司股本总额的 1.6450%。其中首次授予 1309.55 万股，首次拟授予的激励对象共 计 421 人，授予价格为 20.60 元/股。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% 1 [Table_Author] 陈亮 高伊楠 蔡方羿 SAC：S0490517070017 SAC：S0490517060001 SAC：S0490516060001 SFC：BUW408 SFC：BUW101 SFC：BUV463 爱玛科技（603529.SH） cjzqdt11111 [Table_Title2] 再推股权激励计划，奠定持续增长信心 [Table_Summary2] 事件描述 公司发布 2025 年限制性股票激励计划(草案)：公司拟向激励对象授予的限制性股票数量为 1417.55 万股，约占公司股 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q1 2025, the company achieved revenue of 15.81 billion, representing a year-on-year increase of 141.5% and a quarter-on-quarter decrease of 1.8%. The gross margin reached 15.6%, up 2.7 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net loss was 660 million, narrowing by 700 million year-on-year, while the Non-GAAP net loss was 430 million, a reduction of 980 million year-on-year. The company's smart driving capabilities remain leading, and with a strong new vehicle cycle, combined with channel reforms and enhanced marketing systems, sales are expected to accelerate [2][4]. Summary by Sections Financial Performance - In Q1 2025, the automotive business generated revenue of 14.37 billion, a year-on-year increase of 159.2%, with a delivery volume of 94,000 vehicles, up 330.8% year-on-year. The average revenue per vehicle was 168,000. The delivery volume structure showed significant contributions from models MONA M03, P7+, G6, and G9, with respective deliveries of 47,000, 24,000, 13,000, and 5,600 vehicles, accounting for 50.1%, 25.4%, 14.0%, and 6.0% of total deliveries. The automotive gross margin was 10.5%, up 5.0 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [4][9]. Service Revenue - The service business revenue for Q1 2025 was 1.44 billion, reflecting a year-on-year increase of 43.6% and a quarter-on-quarter increase of 0.5%. The service gross margin was 66.4%, up 12.4 percentage points year-on-year and 6.8 percentage points quarter-on-quarter. The high gross margin from the service business significantly enhanced the overall service gross margin [9]. Cost and Expenses - The company experienced a significant increase in sales volume, which diluted the expense ratio. In Q1 2025, R&D expenses were 1.98 billion, up 46.7% year-on-year, with an R&D expense ratio of 12.5%. Selling and general expenses were 1.95 billion, up 40.2% year-on-year, with a selling and general expense ratio of 12.3% [9]. Future Outlook - For Q2 2025, the expected delivery volume is between 102,000 and 108,000 vehicles, representing a year-on-year increase of 237.7% to 257.5%. Expected revenue is projected to be between 17.5 billion and 18.7 billion, a year-on-year increase of 115.7% to 130.5%. The strong new vehicle cycle and continuous monthly sales growth, along with the successful launch of new models like G6 and G9, are anticipated to sustain sales momentum [9].

丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 吉利汽车 2025 年 Q1 业绩点评：新能源转型加 速盈利兑现，业绩符合预期 报告要点 [Table_Summary] 吉利汽车发布 2025 年一季度业绩。2025 年 Q1 实现营业收入 725.0 亿元，同比+24.5%，环比 持平，总销量 70.4 万辆，同比+47.9%，环比+2.5%，实现归母净利润 56.7 亿元，同比+263.6%， 环比+58.5%。新平台赋能，吉利汽车开启产品新时代。GEA 架构支撑新车周期，极氪、领克、 银河全面向好。各品牌新能源转型顺利推进，规模效应逐步凸显将带来盈利向上弹性。公司燃 油车基盘稳固，联营企业创新出海模式持续打开海外新空间。智能化战略开启，加速提升智驾 能力。整车强势新周期下盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 吉利汽车（0175.HK） c ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q1 2025, the company achieved a revenue of 15.81 billion, representing a year-on-year increase of 141.5% but a slight quarter-on-quarter decrease of 1.8%. The gross margin reached 15.6%, up by 2.7 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The net loss was 660 million, narrowing by 700 million year-on-year, while the Non-GAAP net loss was 430 million, a reduction of 980 million year-on-year. The company's smart driving capabilities remain leading, and with a strong new vehicle cycle, combined with channel reforms and enhanced marketing systems, sales are expected to accelerate [2][4][8]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 15.81 billion, a year-on-year increase of 141.5% and a quarter-on-quarter decrease of 1.8%. The gross margin was 15.6%, reflecting a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.1 percentage points. The net loss was 660 million, a year-on-year reduction of 700 million, while the Non-GAAP net loss was 430 million, narrowing by 980 million year-on-year [2][4]. Automotive Business - The automotive business generated a revenue of 14.37 billion in Q1 2025, with a year-on-year increase of 159.2%. The delivery volume reached 94,000 units, a year-on-year increase of 330.8%, with an average revenue per vehicle of 168,000. The gross margin for the automotive business was 10.5%, up by 5.0 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [8]. Service Revenue - The service business revenue was 1.44 billion in Q1 2025, showing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 0.5%. The service business gross margin was 66.4%, up by 12.4 percentage points year-on-year and 6.8 percentage points quarter-on-quarter [8]. Future Outlook - For Q2 2025, the expected delivery volume is between 102,000 and 108,000 units, representing a year-on-year increase of 237.7% to 257.5%. The anticipated revenue is between 17.5 billion and 18.7 billion, a year-on-year growth of 115.7% to 130.5%. The company is entering a strong new vehicle cycle, with new models expected to enhance sales further [8].

港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 吉利汽车 2025 年 Q1 业绩点评：新能源转型加 速盈利兑现，业绩符合预期 报告要点 [Table_Summary] 吉利汽车发布 2025 年一季度业绩。2025 年 Q1 实现营业收入 725.0 亿元，同比+24.5%，环比 持平，总销量 70.4 万辆，同比+47.9%，环比+2.5%，实现归母净利润 56.7 亿元，同比+263.6%， 环比+58.5%。新平台赋能，吉利汽车开启产品新时代。GEA 架构支撑新车周期，极氪、领克、 银河全面向好。各品牌新能源转型顺利推进，规模效应逐步凸显将带来盈利向上弹性。公司燃 油车基盘稳固，联营企业创新出海模式持续打开海外新空间。智能化战略开启，加速提升智驾 能力。整车强势新周期下盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 吉利汽车（0175 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - On May 22, the company launched its self-developed 3nm chip, the Xuanjie O1, along with several consumer electronic products including the Xiaomi 15S Pro, Pad 7 Ultra, and Civi5 Pro, as well as the Yu7 SUV, marking a significant milestone in brand premiumization and enhancing product matrix breadth and supply chain integration [2][5]. Summary by Relevant Sections - **Product Launches**: The company introduced the Xuanjie O1 chip, which features a 10-core CPU and a 16-core GPU, achieving over 3 million points in AnTuTu benchmarks, surpassing Apple's A18 Pro in multi-core performance. The Xiaomi 15S Pro smartphone starts at 5499 yuan, while the Pad 7 Ultra starts at 5699 yuan, showcasing the company's commitment to high-end products [9]. - **Automotive Expansion**: The Yu7 SUV, positioned as a mid-to-large electric coupe SUV, offers a range of 835 km, the longest in its class. The vehicle features advanced technology such as laser radar and a panoramic display system, aiming to replicate the success of the SU7 model. The company anticipates achieving a net profit margin of over 10,000 yuan per vehicle by 2025, with a long-term goal of capturing a 24% market share in the high-end segment [9].