Investment Rating - The report maintains a "Buy" rating for Changshu Bank [6] Core Views - Changshu Bank is expected to benefit from the reform of village banks, which will enhance its market share and expand its operational footprint in Jiangsu Province [20][22] - The bank's growth strategy includes replicating its successful micro and small enterprise lending model across Jiangsu, leveraging the strong demand for inclusive finance in the region [2][27] - The bank's financial outlook remains strong, with projected revenue and profit growth outpacing industry averages, supported by a robust net interest margin and stable asset quality [5][11] Summary by Sections 1. Growth Opportunities - The reform policies for village banks present significant expansion opportunities, with Changshu Bank planning to acquire and convert village banks into branches, thereby increasing its operational presence in underserved areas [20][22] - The bank has already announced the acquisition of several village banks, which will allow it to enhance its service offerings in regions where it currently lacks branches [21][22] 2. Market Expansion and Model Replication - Changshu Bank aims to replicate its successful micro-lending model in other areas of Jiangsu, capitalizing on the province's strong growth in inclusive finance, with a projected balance of inclusive micro loans reaching CNY 3.75 trillion by the end of 2024, growing at 15.6% year-on-year [2][27] - The bank's market share in regions where it has established branches has been increasing, with significant growth in asset size and market penetration observed in recent years [27] 3. Financial Performance Outlook - The bank's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders are projected to grow by 10.5%, 10.6%, and 16.2% year-on-year in 2024, respectively, indicating a strong growth trajectory compared to industry averages [5][10] - The net interest margin is expected to remain above industry levels, with a forecasted margin of 2.71% for 2024, reflecting effective cost management and a favorable asset mix [11][12] 4. Asset Quality and Risk Management - Changshu Bank maintains a strong asset quality profile, with a non-performing loan (NPL) ratio of 0.77% as of Q4 2024, which is among the lowest in the industry [14][13] - The bank has been proactive in managing its asset quality, with a high provision coverage ratio of 501%, ensuring robust risk mitigation [14][13] 5. Financial Projections - The bank's net profit is expected to reach CNY 4.28 billion in 2025, with a year-on-year growth rate of 12.22%, continuing a trend of strong profitability [15][16] - Key financial metrics such as return on equity (ROE) and return on assets (ROA) are projected to remain stable, supporting the bank's overall financial health [17][18]

证券研究报告 | 行业周报 gszqdatemark 2025 04 13 年 月 日 电力设备 强调 Q2 海风业绩拐点机会，中欧探讨中国 EV 最低价以替代关税机制 光伏：分布式抢装接近尾声，硅片价格开始走弱，关注本轮价格推动的核 心变量"供给侧"后续的变化。随着前期存量分布式项目抢装截至时点 4 月 30 日的临近，产业链价格开始走弱。根据硅业分会信息，本周硅片采 买转弱，硅片由供给紧张转向供给宽松，带来价格松动。N 型 G10L 单晶 硅片成交均价在 1.26 元/片，周环比跌幅 1.56%；N 型 G12R 单晶硅片成 交均价在 1.52 元/片，周环比跌幅 1.30%；N 型 G12 单晶硅片成交均价在 1.55 元/片，周环比跌幅 2.52%。本轮价格上行的底层逻辑除了需求阶段 性高企之外，供给侧改革和降产能是核心驱动之一，建议关注后续供给侧 的变化情况。核心关注三大方向：1）库存率先见底、价格率先启动的硅片 和电池片，核心关注双良节能、钧达股份等；2）供给侧偏刚性、后续需求 复苏后价格弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱 特等。3）新技术背景下带来的中长期成长性机会，核心关注 ...

证券研究报告 | 金融工程 gszqdatemark 2025 04 13 年 月 日 量化周报 几乎所有规模指数确认日线级别下跌 几乎所有规模指数确认日线级别下跌。本周（4.7-4.11），大盘先抑后扬， 上证指数全周收跌 3.11%。在此背景下，上证指数、上证 50、沪深 300、 中证 500、中证 1000、中小 100 等规模指数纷纷确认日线级别下跌，至 此，几乎所有规模指数均处于日线级别下跌中。当下我们认为，经历了贸 易战的冲击后，市场的下行空间已然有限，但仍然需要时间去消化，具体 原因如下：1、本轮回调从高点到低点指数调整幅度均已超过 10%，有些 指数甚至接近 20%，调整幅度基本充分；2、几乎所有规模指数的日线级 别下跌才只走了 1 浪结构，时间上也只有 1 个左右，调整的结构和时间不 够；3、28 个中信一级行业中，仍有 8 个行业处于日线级别上涨中，而处 于日线下跌的 20 个行业中，10 个行业日线下跌只走了 1 浪结构，下跌不 够充分。短期我们建议可适当逢回调加仓，以时间换空间。中期来看，上 证指数、上证 50、沪深 300、中证 500、深证成指、创业板指、科创 50 纷 纷确认周 ...

Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [7][31]. Core Insights - The media sector experienced a decline of 6.88% during the week of April 7-11, 2025, influenced by market conditions. The report highlights a favorable outlook for AI applications, IP monetization, and mergers and acquisitions in the media sector [11][1]. - Key areas of focus include new applications of AI, companies with IP advantages, and the potential for resource consolidation among state-owned enterprises [1][2]. Summary by Sections Market Overview - The media sector's performance was notably poor, ranking among the lowest in terms of weekly changes, with a decline of 6.88% [11][12]. - The top five gainers in the media sector included companies like Xiangyuan Culture (6.4%) and Zhongnan Media (4.0%), while the top five losers included Reader Media (-19.7%) and Ice River Network (-15.8%) [12][15]. Sub-sector Insights - Resource consolidation expectations are centered around companies such as China Vision Media and Guangxi Broadcasting [2]. - AI-related companies to watch include AoFei Entertainment and Tom Cat, while gaming companies like Shenzhou Taiyue and Giant Network are highlighted for their strong performance potential [2]. Key Events Review - Nvidia launched the Llama Nemotron Ultra 253B model, which achieved a score of 76 in the GPQA scientific reasoning benchmark, surpassing Meta's Llama 4 [3][18]. - Meta introduced its Llama 4 model, featuring a mixture of experts (MoE) architecture, enhancing efficiency in training and user query responses [4][18]. - Kimi released a lightweight visual language model, Kimi-VL, which outperformed larger models in benchmark tests [5][18]. Sub-sector Data Tracking - The gaming sector is seeing interest in new titles such as "Victory Goddess: New Hope" and "Empire: Scepter and Civilization" [19]. - The domestic film market reported a total box office of approximately 301 million yuan for the week of April 5-11, with "Towards the Sun" leading the box office [21][20]. Company Valuation - The report includes a valuation table for media companies, indicating fluctuations in stock prices and market capitalizations, with Tencent Holdings showing a market cap of 37,919 million yuan [17].

证券研究报告 | 季报点评 gszqdatemark 2025 04 13 年 月 日 紫金矿业（601899.SH） 铜金价格托举业绩，产能增量释放再启新章 事件：公司披露 2025 年一季报，实现营收 789.28 亿元，同比增长 5.55%， 环比增长 7.76%；实现归母净利润 101.67 亿元，同比增长 62.39%，环 比增长 32.15%；实现扣非归母净利润 98.81 亿元，同比增长 58.76%， 环比增长 24.37%。铜金价格上行叠加投资收益增厚推动公司利润释放。 铜金价格上行对冲成本环比增长，叠加投资净收益增长推动利润释放。1） 量：2025Q1 公司矿山产铜 28.76 万吨，同比增加 9.49%，环比增加 3.07%； 冶炼铜 18.51 万吨，同比减少 2.99%，环比增加 7.12%。2025Q1 公司生 产金 19.07 吨，同比增加 13.45%。2）价：公司主要利润来源金铜商品价 格在 2025Q1 均环比上行，构成公司利润主要拉动：伦敦现货黄金 2025Q1 均价约 2861 美元/盎司，环比+7.6%；沪铜 2025Q1 均价约为 7.74 万元/ 吨，环比+2.7 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 13 年 月 日 电力 电力板块攻守兼备，南网 136 号文承接方案发布 本周行情回顾：本周（4.7-4.11）上证指数报收 3238.23 点，下跌 3.11%，沪深 300 指数报收 3750.52 点，下跌 2.87%。中信电力及公用事业指数报收 2805.13 点，下跌 2.51%，跑赢沪深 300 指数 0.36pct，位列 30 个中信一级板块涨跌幅榜 第 8 位。 本周行业观点： 投资建议：建议重视电力板块配置机会，本周煤价快速下跌至 676 元/吨附近， 成本超预期下跌支撑度电盈利改善，重视火电超额机会，建议关注重点火电标的： 华电国际、皖能电力、浙能电力、华能国际、建投能源；以及火电改造设备龙头： 青达环保。推荐布局低估绿电板块，推荐优先关注低估港股绿电以及风电运营商， 建议关注新天绿色能源（H）、龙源电力（H）、中闽能源、福能股份。把握水核 防御，水电板块，建议关注长江电力、国投电力、川投能源、华能水电；核电板块， 建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 13 年 月 日 农林牧渔 重视粮食安全，重视自主可控 本周热点：我国始终重视粮食安全，重视自主可控；4 月 7 日，中共中央、 国务院近日印发《加快建设农业强国规划（2024—2035 年）》；4 月 8 日， 农业农村部发布 99 个转基因品种审定初审通过的公示。 我国始终重视粮食安全，重视种业科技。建设农业强国规划提出，1）把保 障粮食和重要农产品稳定安全供给作为头等大事，落实藏粮于地、藏粮于 技战略。要全面加强耕地保护和建设，守牢 18.65 亿亩耕地和 15.46 亿亩 永久基本农田保护红线。健全粮食生产扶持政策，确保粮食播种面积稳定 在 17.5 亿亩左右、谷物面积 14.5 亿亩左右。2）加快以种业为重点的农业 科技创新，推进重大农业科技突破，以发展农业新质生产力推进农业强国 建设。提出推动种业自主创新全面突破，实施生物育种重大专项，加快生 物育种产业化应用。 99 个转基因玉米、大豆品种通过初审，转基因步伐再加快。4/8，第三批 转基因品种审批通过初审，按照性状看，大北农仍优势突出，拥有 59 个 （占比 60%），其次杭州 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 13 年 月 日 有色金属 地缘竞争不确定性持续演绎，金价再创新高 黄金：滞涨逻辑交易背景下，拥抱黄金确定性。周内受特朗普关税缓和言论影响，海外资产 价格剧烈波动，美国周内多个交易日出现"股债汇"三杀，黄金在上周因流动性挤兑因素下 出现大幅回调。本周再创新高，核心逻辑在于：1）周三公布的美国 CPI 数据低于预期，叠 加失业率连续两个月上行，降息预期再度升温，为黄金价格短期形成上行支撑；2）周一中 国央行再度增持黄金，为连续第五个月增持，为市场提供信心；3）特朗普关税政策的反复 对经济影响存在较大不确定性。中期来看，美国经济数据疲弱在特朗普超预期的关税政策公 布前已初现端倪，市场由特朗普胜选初期的"过热+通胀"逻辑转向滞涨，而回顾历史，1974- 1975 年和 1979-1980 年两轮典型的滞涨时期，黄金均有不俗表现。建议关注：紫金矿业、 山东黄金、赤峰黄金、银泰黄金、招金矿业等。 工业金属：（1）铜：方向需要等待进一步关税靴子落地。①宏观：4 月 10 日，美国宣布对 数十个国家暂停对等关税 90 天，这一消息在市场中引发了连锁反应。 ...

Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [7][30]. Core Insights - The media sector experienced a decline of 6.88% during the week of April 7-11, 2025, influenced by market conditions. The report highlights a favorable outlook for AI applications, IP monetization, and mergers and acquisitions in the media sector [11][1]. - Key areas of focus include new applications of AI, tracking data for mature applications, and companies with IP advantages and full industry chain potential, particularly in trendy toys and film content [1][2]. - The report emphasizes the importance of state-owned enterprises in the media sector, especially in light of the State-owned Assets Supervision and Administration Commission's focus on market capitalization assessments for state-owned enterprises [1][2]. Summary by Sections Market Overview - The media sector's performance was notably poor, ranking among the lowest in terms of weekly changes, with the top three sectors being agriculture, retail, and defense, while media, telecommunications, and new energy equipment saw significant declines [11][12]. Sub-sector Insights - The report identifies several companies to watch: 1. Resource integration expectations: Zhongshi Media, Guoxin Culture, Guangxi Broadcasting, Tangde Film and Television, Jishi Media, Youzu Network [2]. 2. AI-focused companies: Aofei Entertainment, Tom Cat, Shengtian Network, Zhongwen Online, Yidian Tianxia, Visual China, Shengtong Co., Jiao Dian Technology, Dou Shen Education, Shiji Tianhong, Jiafa Education [2]. 3. Gaming sector: Strongly recommend focusing on Shenzhou Taiyue, Kaiying Network, Giant Network, and Jibite, while also monitoring Perfect World, ST Huatu, and Ice Glacier Network [2]. 4. State-owned enterprises: Ciweng Media, Wanxin Media, Zhongwen Media, Southern Media, Kevin Education, and Dasheng Culture [2]. 5. Education sector: Xueda Education, Action Education [2]. 6. Hong Kong stocks: Focus on Alibaba, Tencent Holdings, and Pop Mart, with an emphasis on the imminent industry explosion at Fubo Group and the K12 education leader New Oriental [2]. Key Events Review - Nvidia launched the Llama Nemotron Ultra 253B model, which topped the GPQA scientific reasoning benchmark with a score of 76, surpassing Meta's Llama 4. This model features 253 billion parameters and is designed to enhance performance through dynamic resource allocation [3][18]. - Meta released its most advanced open-source AI model, Llama 4, which utilizes a mixture of experts (MoE) architecture, significantly improving efficiency in training and responding to user queries [4][18]. - Kimi team introduced a lightweight visual language model, Kimi-VL, which outperformed larger models in benchmark tests, showcasing strong multi-modal reasoning capabilities [5][18]. Sub-sector Data Tracking - The gaming sector is seeing a rise in popular titles, with several new games available for pre-order on platforms like AppStore [19]. - The domestic film market reported a total box office of approximately 301 million yuan for the week of April 5-11, 2025, with the top three films being "Towards the Sun," "My World Movie," and "Nezha: The Devil Child Rises" [21][20].

Investment Rating - The report maintains a rating of "Buy" for the industry, specifically recommending the computing power sector and military communication [4][9]. Core Viewpoints - The release of tariff exemptions is expected to alleviate concerns in the optical communication sector, leading to a potential valuation recovery for companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which have international production capabilities [2][21]. - Domestic demand for computing power continues to grow, driven by significant investments from major internet companies and telecom operators, indicating a sustained narrative for AI growth [3][22]. - Military communication companies are anticipated to benefit from geopolitical tensions and increased defense budgets, with firms like Jiexun Feihong and China Satcom positioned to gain [23]. Summary by Sections Investment Strategy - Focus on the computing power and military communication sectors, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military firms like Jiexun Feihong and China Satcom [4][12]. Market Review - The communication sector experienced a decline, with the operator index performing relatively better compared to other segments [16][19]. Tariff Impact - The U.S. Customs and Border Protection announced tariff exemptions for specific communication electronic products, which is expected to positively impact the optical communication industry [20][21]. Computing Power Demand - Major companies like Alibaba and ByteDance are significantly increasing their investments in AI infrastructure, indicating a robust growth trajectory for domestic computing power demand [3][22]. Key Companies - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and military communication firms such as Jiexun Feihong and China Satcom, among others [4][9].