证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 龙头公司业务结构优化，报表风险释放，业绩逐步走出低谷。近年来，龙 头公司持续优化自身业务结构，住宅精装修业务占比持续下降（如金螳螂 2024 年住宅精装修订单占比仅 9%，较 2018 年大幅下降 31pct），预计剩 余订单也主要集中在央国企开发商客户，经营风险大幅降低。江河集团等 企业依托海外业务优势加速拓展海外订单，2024 年海外订单同增 57%， 占总订单的 28%，进一步对冲国内业务收缩风险。此外，行业龙头在前两 年普遍大幅计提减值损失，预计资产负债表风险已得到较充分释放，当前 在手现金普遍较为充裕，有息负债率较低（如 2024 年金螳螂、亚厦股份 有息债务率仅 2.5%、6%），信用风险可控。过去几年地产销售及市政基 建类投资连续下行，目前跌幅已经明显收窄，部分城市更新改造业务也有 望加速释放，大公装下游整体需求有望趋稳。装饰龙头凭借显著竞争优势， 市占率有望持续提升，从而实现未来收入与业绩的平稳增长。从上市龙头 公司 2025 年 Q1 业绩看，整体收入同比基本持平，业绩小幅下降，环比 2024 年增速边际 ...

风电&电网：红海湾六海上风电启动 500KV 海缆招标，丹麦政府重启海上风电补 贴，预期 2025 年秋季启动 3GW 招标。5 月 21 日，深圳能源电子招标投标平台 发布《深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目招标 公告》。丹麦能源部宣布，丹麦政府将于今年秋季启动 3GW 海上风电招标，并将 为开发商提供高达 552 亿丹麦克朗（折合人民币约 603.78 亿元）的补贴。 氢能：阳光电源再投 43 亿建绿色氢氨醇项目！据全球氢能，2025 年 5 月 20 日， 黑龙江省齐齐哈尔市富裕县阳光新能源绿色氢氨醇一体化项目备案。据公示信息， 该项目总投资额为 42.67 亿元，项目总占地约 541200 平方米，新建办公用房座， 利用风光发电自建电解水制氢装置生产绿氢，年产 30 万吨绿色甲醇和 10 万吨绿 氨。项目法人单位为富裕县成阳绿氢能源有限公司，隶属于阳光电源，是阳光新能 源开发股份有限公司旗下全资控股公司。近年来，从制氢装备到绿氢项目投资，阳 光电源积极布局氢能产业，不断拓宽氢能的应用场景。优质设备厂商双良节能、华 电重工、昇辉科技、华光环能。推荐关注氢气压缩机头部标的 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [5][36]. Core Insights - The report highlights the issuance of the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" by the Ministry of Ecology and Environment and other departments, aiming for a 40% completion rate by 2027 and significant improvements by 2030 and 2035 [10][11]. - The report emphasizes the importance of industrial park wastewater treatment standards and the need for differentiated management based on the type of industrial park [23][35]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [2][36]. Summary by Sections Investment Views - The report discusses the "Beautiful Rivers and Lakes Protection and Construction Action Plan," which aims to enhance water ecological governance and attract social capital for joint management [10][22]. - It also mentions the release of technical guidelines for wastewater discharge standards in industrial parks, focusing on a classification management approach [23][35]. - The report suggests focusing on companies involved in environmental monitoring and treatment, such as JuGuang Technology and HongCheng Environment [22][35]. Market Performance - The environmental sector underperformed compared to the broader market, with a decline of 1.47% against a 0.57% drop in the Shanghai Composite Index [38]. - Notable stock performances include Shenwu Energy (+27.51%), Huicheng Environmental (+13.77%), and Anche Detection (+11.05%) [38]. Key Announcements - The report includes various announcements related to environmental policies and performance ratings of key industries in response to pollution control measures [49][50].

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The pet sector showed strong performance during the 618 pre-sale event, with significant sales growth and a notable increase in domestic brand presence [12][13] - In the pig farming sector, the average selling price of lean pigs decreased to 14.46 CNY/kg, down 1.2% from the previous week, indicating a low valuation environment [14][15] - The poultry sector experienced a slight decline in white feather chicken prices, with the average price at 7.36 CNY/kg, down 0.5% [14][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [14] - The fluctuation of agricultural product prices and the ongoing adjustment of poultry production capacity present investment opportunities [14] Summary by Sections Weekly Highlights - The pet category performed exceptionally well during the 618 sales event, with sales figures surpassing last year's first-day totals [12] - Domestic brands are gaining market share, with significant sales growth reported for several brands [13] Agricultural Data Tracking - The average selling price of lean pigs is 14.46 CNY/kg, down 1.2% from last week, while the average wholesale price of pork remains stable at 20.95 CNY/kg [15][16] - The average price of white feather chickens is 7.36 CNY/kg, down 0.5%, and the average price of chicken products is stable at 8.86 CNY/kg [30][31] - The price of 15kg piglets decreased to 42.42 CNY/kg, down 2.1% from last week [20][34] Livestock and Poultry - The self-breeding profit for pigs decreased to 48.21 CNY/head, down 32.45 CNY from last week, while the profit from purchased piglets is negative [17][21] - The average price of meat chicken seedlings remains stable at 2.85 CNY each [26][30] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, enhancing the growth potential of industry companies [14] - The fluctuation in agricultural product prices is expected to create opportunities for leading feed companies to replace smaller competitors [14]

证券研究报告 | 行业深度 2025 05 23 年 月 日 C D M O 行业专题： 礼来新药 O r f o r g l i p r o n 有望拉动小分子核心 公司下一波提速 分析师 张金洋 分析师 胡偌碧 分析师 徐雨涵 邮箱：zhangjinyang@gszq.com 邮箱：huruobi@gszq.com 邮箱：xuyuhan@gszq.com 打造极致专业与效率 执业证书编号：S0680519010001 执业证书编号：S0680519010003 执业证书编号：S0680524040006 1.1 复盘：Paxlovid对于CDMO企业的意义 图表1：2021-2025Q1辉瑞股价变动（美元） 0 10 20 30 40 50 60 70 2021-01-04 2021-03-17 2021-05-27 2021-08-09 2021-10-19 2021-12-30 2022-03-14 2022-05-24 2022-08-05 2022-10-17 2022-12-28 2023-03-13 2023-05-23 2023-08-04 2023-10-16 2023-12-27 202 ...

证券研究报告 | 行业专题研究 2025 05 24 年 月 日 智能驾驶技术的当下与未来： 头部玩家的探索与启示 首席分析师 夏君 分析师 刘玲 执业证书编号：S0680519100004 执业证书编号：S0680524070003 邮箱：xiajun@gszq.com 邮箱：liuling3@gszq.com 打造极致专业与效率 目录 ▎1、软件侧：从"模仿人类"到"超越人类"、从"聋哑司机"到"司机助理" 1.1 从"模仿人类"到"超越人类" 1.2 从"聋哑司机"到"司机助理" ▎2、硬件侧：比人看得清、比人想得远、比人反应快 2.1 感知层：双目感知、鹰眼视觉、激光雷达，比人看得清 2.2 决策层：下一代智驾系统对芯片要求更高，比人想得远 2.3 执行层：线控趋势已成，比人反应快 2 1.1 从"模仿人类"到"超越人类" ➢ 智驾要普及，光"模仿人类"不够，必须"超越人类" 第一个问题：智驾能否普及？人类会不会永远不敢把生命交给 智能驾驶？或者渗透率的上限很低？ Eg. 一个关于"电梯" 发展早期的例子：从工业革命时期开始， 升降机就已经可以实现上下移动物体或人的基本功能，但直到纽 约在1853-1 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 24 年 月 日 医药生物 【周专题&周观点】【总第 398 期】创新药牛市底层逻辑？ASCO 数据哪些超预期？继续推仿创大 Pharma 重估 一、当周（5.19-5.23）回顾与周专题： 当周（5.19-5.23）申万医药指数环比+1.78%，跑赢创业板指数，跑赢沪深 300 指数。 本周周报，我们对 2025 年 ASCO 数据进行梳理，继续推荐仿创大 Pharma 重估。 二、近期复盘： 1、当周表现：本周市场走出倒 V 字，轮动较快，医药表现较好，排序第一。细分来看， 创新药表现较好（其中 PD1 双抗、仿创、部分中小市值管线重磅表现系统性更好一些）， 创新产业链也有所表现，部分药店表现较好。 2、原因分析：本周市场赚钱效应不好，轮动较快，主要是一轮反弹大部分指数都回到 了关税变化之前的位置，但事情毕竟发生了变化，市场向上动能不足。医药这边，创新 药分支是为数不多的产业逻辑很强的行业，在经历了 1-2 周的调整之后，在三生和辉瑞 创造了一个创纪录的 deal 之后，创新药强势归来，这个过程中，演绎范围及强度：PD1 Plus（（双 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company has successfully expanded its product categories and channels over the past 20 years, focusing on core products and brand development to drive growth [1][3]. - The retail landscape in China is undergoing rapid transformation, with the company effectively leveraging new channel opportunities to enhance its competitive position [2][3]. - The company has established a strong cost leadership through efficient supply chain management, supporting its high-quality and cost-effective product offerings [3][4]. Summary by Sections Company Development - The company has evolved through three key phases: initial establishment focusing on product diversification, a phase of channel expansion through innovative store formats, and a recent shift towards a multi-channel strategy emphasizing core product branding [13][15]. - Revenue has grown significantly from 750 million in 2017 to an expected 5.3 billion in 2024, with a CAGR of 32.1% [1][15]. Channel Expansion - The company has adapted to the changing retail environment by embracing new channels such as discount stores and e-commerce platforms, achieving notable operational success in these areas [2][3]. - The introduction of the "Egg Emperor" product in Sam's Club has positioned the company favorably within the competitive landscape [2][3]. Product System - The company is focusing on building category brands to enhance market recognition and drive profitability, with successful launches of products like "Big Demon King" and "Egg Emperor" [3][4]. - The company has achieved a leading position in cost management through raw material control and efficient supply chain practices, which supports its competitive pricing strategy [3][4]. Financial Forecast - The company is projected to achieve revenues of 6.96 billion, 8.63 billion, and 10.24 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of 846 million, 1.07 billion, and 1.30 billion [4][5]. - The expected growth rates for revenue and net profit from 2025 to 2027 are 31.2%, 24.0%, and 18.7% for revenue, and 32.2%, 26.8%, and 21.5% for net profit [4][5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company has successfully expanded its product categories and channels over the past 20 years, focusing on core products and brand development to drive growth [1][3]. - The retail landscape in China is undergoing rapid transformation, with the company effectively leveraging new channel opportunities to enhance operational efficiency and profitability [2][3]. - The company has established a competitive advantage through cost leadership and a robust supply chain, enabling it to maintain high product quality and affordability [3][4]. Summary by Sections Company Development - The company has evolved through three key phases: initial establishment focusing on product diversification, a phase of channel expansion through innovative store formats, and a recent shift towards a multi-channel strategy emphasizing core product branding [13][15]. - From 2017 to 2020, the company launched the "Golden Shop" and "Blue Sapphire" store formats, significantly increasing its market presence and revenue [14][15]. - Since 2021, the company has embraced a full-channel expansion strategy, resulting in substantial revenue growth and improved profitability metrics [15][18]. Channel Expansion - The retail sector is rapidly changing, with a focus on efficiency and the rise of discount formats, which the company has capitalized on through strategic partnerships and channel diversification [2][3]. - The company has achieved notable success in emerging channels such as discount stores and e-commerce platforms like Douyin, enhancing its competitive positioning [2][3]. Product System - The company is focused on building brand recognition for its core products while maintaining a diverse product portfolio to meet evolving consumer demands [3][4]. - The establishment of a cost leadership position through effective supply chain management supports the company's long-term competitive advantage [3][4]. Financial Forecast - The company is projected to achieve significant revenue growth, with estimates of 69.6 billion, 86.3 billion, and 102.4 billion yuan for 2025, 2026, and 2027 respectively, alongside corresponding net profit growth [3][4].