1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The current loose funds have not been fully reflected in the bond market. The bond market is expected to develop from short - term to long - term, with the curve likely to first show a bullish steepening and then a bullish flattening. The overall interest rate downward trend remains unchanged [3][5][24] 3. Summary by Related Content Market Performance - This week, funds were loose, and the short - end trend was significantly stronger than the long - end. After the holiday, the R001 and R007 dropped to 1.52% and 1.58% respectively, driving the short - term interest rates to decline significantly. The 1 - year AAA certificate of deposit (CD) dropped 7.5bps to 1.66% this week. Short - term interest rates and short - term credit also decreased significantly. The 10 - year and 30 - year treasury bonds rose slightly by 1.1bps and 1.9bps to 1.64% and 1.84% respectively [1][8] Reasons for Loose Funds - Seasonally, funds are loose in the first and middle of May. The central bank announced a 0.5 - percentage - point reserve requirement ratio cut this week, releasing about 1 trillion yuan in liquidity. Even if considering the maturity of MLF (125 billion yuan) and repurchase (90 billion yuan) this month and assuming a half - volume continuation, the net capital injection from the reserve requirement ratio cut and repurchase is still over 50 billion yuan. Calculated with the March money multiplier of 8.65, it can support about 4.3 trillion yuan in financing demand. Since the social financing scale in May last year was only 2 trillion yuan, the current loose funds situation will remain until before the end - of - quarter impact [2][9] Impact on the Bond Market Quantity Perspective - As the capital price drops, the spreads between CDs, short - term credit, etc., and funds have turned positive, meaning that leveraging can effectively increase returns. Although the current leverage level has rebounded, it is not significantly higher than previous years. The daily trading volume of inter - bank pledged repurchase on May 9 was about 6.5 trillion yuan, basically the same as the same period last year [3][12] Price Perspective - Short - term interest rates still have room to decline further. The 1 - year CD is expected to drop to around 1.6%. Based on the average spread of about 9.5bps between the 1 - year AAA CD and overnight funds in the past year, if the overnight interest rate stabilizes at around 1.5% and the R007 at around 1.6%, the 1 - year AAA CD rate may be around 1.6%. Currently, the CD rate has dropped to 1.66% [3][13] Short - Term Bond Interest Rates - The 1 - year treasury bond and 1 - year AAA medium - term note are expected to drop to around 1.2% and 1.6% respectively. The spread between the 1 - year AAA CD and the 1 - year treasury bond has narrowed to 24bps, the lowest since 2023. If the spread returns to the average level of about 42bps since 2023, a 1.6% CD rate may correspond to a 1.2% 1 - year treasury bond rate. Credit bonds and CD rates are basically the same, so as the CD rate drops to around 1.6%, the same - maturity high - grade credit bonds are also expected to reach the corresponding level [4][19] Long - Term Bond Interest Rates - The decline in short - term interest rates will protect long - term interest rates and promote a significant recovery in the credit bond curve slope. If the 2 - year treasury bond drops to around 1.2%, combined with the average spread of 44bps between the 10 - year and 2 - year treasury bonds since 2023, the corresponding 10 - year treasury bond will be around 1.64%, indicating limited adjustment pressure on long - term bonds. The decline in short - term bond interest rates will bring better investment opportunities for 3 - 5 - year interest - rate bonds and 3 - 5 - year secondary perpetual bonds. The spread between the 5 - year and 1 - year AAA - secondary capital bonds has rebounded to around 20bps, more than 20bps higher than the low point in February, and the long - end allocation value of secondary perpetual bonds is emerging [4][21] Market Outlook - The bond market is expected to develop from short - term to long - term. The loose funds protect the short - end. The current CD rate is higher than the capital price, allowing leveraging to allocate CDs to increase returns. The spread between CDs and short - term treasury bonds has reached a low in recent years, making short - term treasury bonds more cost - effective than CDs for bank self - operated funds. The market leverage is also expected to gradually recover. The decline in short - term interest rates will increase the term spread, protect long - term interest rates, and enhance the allocation cost - effectiveness of 3 - 5 - year interest - rate bonds and credit bonds, gradually realizing the trend of the bond market first showing a bullish steepening and then a bullish flattening [5][24]

建筑装饰 基金经理薪酬与基准强挂钩下，建筑板块哪些标的有望获增配？ 本周核心观点：本周证监会发布《推动公募基金高质量发展行动方案》，着 力推动基金公司从"重规模"向"重回报"转变，其中规定公募基金经理 薪酬与基准强挂钩，预计主动权益类基金经理为了避免产品业绩低于基准 过多而对绩效薪酬产生较大负面影响，将尽可能让持仓结构贴近基准，持 仓结构变化有望带来市场结构性投资机会。基于基金 2024 年报数据，有 4020 个主动权益基金基准中包含沪深 300 指数，这些基金的基准中沪深 300 指数平均权重 61%。我们假设主动权益类基金按照规模的 90%去配 置基准（假设后续基准不变），则合计将配置沪深 300 指数 1.65 万亿元， 而主动权益类基金合计持有沪深 300 成份股市值 1.34 万亿元，因此可测 算后续主动权益类基金需增配沪深 300 指数 3036 亿元。主动权益类基 金对建筑板块持股比例为 0.71%，显著欠配，如后续主动权益基金规模的 90%按照基准及沪深 300 中建筑板块权重来配置，合计带来建筑板块资金 增配规模为 218 亿元（约占建筑沪深 300 标的自由流通盘市值的 6.5%）。重点 ...

分地区和业务模式来看： 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 纺织服饰 周专题：Puma 发布 2025Q1 季报，表现符合公司预期 【本周专题】 Puma 2025Q1 业绩发布，整体表现符合预期。Puma 披露 2025Q1 季报，货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元，毛利率同比略下降 0.6pcts 至 47%，经营利润同比下降 63.7%至 0.6 亿欧元，经营利润率同比下降 4.8pcts 至 2.8%，净利润同比下降 99.5%至 50 万欧元，根据公司披露期内由于全球经 济环境的波动（尤其是美国与中国市场），公司营收表现同比持平，与此同时随 着公司推动 DTC 业务的增长，公司期内费用率提升。从营运层面来看，截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元，主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期，当前公司预计 2025 年营收同比增长低 到中单位数。 ➢ 2025Q1 美国/中国销售低迷，公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 1、FV-OCI 浮盈情况 1）从 FV-OCI 资产浮盈的存量规模来看，国有大行仍占据绝对优势。建 设银行和农业银行的 FV-OCI 浮盈余额位居前列，截至 2024 年末余额超 过 500 亿元。除此之外，交通银行、招商银行、中信银行、宁波银行的浮 盈余额也均突破百亿门槛。农商行中沪农商行、渝农商行浮盈余额较高， 2024 年末分别达 78 亿元和 50 亿元。 2）从整体情况看，截至 2024 年末，城农商行的 FV-OCI 浮盈占利润比 重处于较高水平。其中，个别城农商行的这一比例尤为突出，兰州银行 24A 浮盈/利润比例达到 126.9%（下同），沪农商行（63.6%）、浙商银行（58%）、 青岛银行（52.1%）、齐鲁银行（51.6%）、宁波银行（51%）、瑞丰银行 （48.1%）、渝农商行（43.1%）、重庆银行（39.7%），FV-OCI 浮盈占利润 比重较高。 3）从资本补充效应来看，部分城商行与农商行通过 FV-OCI 账户积累的 浮盈对核心一级资本的增厚作用显著。数据显示，在 2024 年债券牛市背 ...

【腾讯开源定制化视频模型 HunyuanCustom，擅长人物一致性和多模 态】5 月 9 日，腾讯混元开源多模态定制化视频模型 HunyuanCustom，专门 解决一致性问题，而且支持多模态输入。该模型基于混元模型，通过 LLaVA 图文对齐模块与身份增强系统，确保生成视频中人物形象跨场景、跨动作保 持高度统一。解决基本图文生成问题之后，HunyuanCustom 配备 AudioNet 音频驱动模块与视频条件注入系统，分别实现音频驱动和视频驱动的视频定 制。实测中，该模型在身份一致性（Face-Sim 和 DINO-Sim）、文字与视频 内容的匹配度（CLIP-B-T）和视频画面的时间连贯性（Temp-Consis）方面 均达到业界领先水平。 【Lightricks 正式发布最新 AI 视频生成模型——LTX Video 130 亿参数模 型】Lightricks 日前发布 130 亿参数 AI 视频生成模型 LTX Video（LTXV- 13B）。该模型在生成高质量 AI 视频方面较现有同类模型提升 30 倍，并且 能在消费级 GPU，如 RTX 3090、4090、5090 上运行，而无需依赖昂贵 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including High Energy Environment and Huicheng Environmental [6][7]. Core Insights - The environmental industry is experiencing a transformation driven by deepening pollution prevention measures and low-carbon investments, with a focus on green development [1]. - The macroeconomic environment is favorable, with historically low interest rates, making high-dividend and growth-oriented assets attractive [2]. - The report highlights the importance of the newly proposed sustainable disclosure standards for enterprises, which aim to enhance transparency regarding climate-related risks and opportunities [10][20]. Summary by Sections Industry Investment Rating - The report recommends "Buy" for companies such as Huicheng Environmental, High Energy Environment, and Hongcheng Environment, indicating strong growth potential and favorable market conditions [6][7]. Industry Performance - The environmental sector outperformed the market, with a weekly increase of 3.32%, surpassing the Shanghai Composite Index by 1.40% and the ChiNext Index by 0.05% [3][35]. - Key sub-sectors showed positive growth, particularly monitoring (5.65%) and waste treatment (3.24%) [3]. Policy Developments - The Ministry of Finance issued a draft for the "Sustainable Disclosure Standards No. 1 - Climate," which outlines how companies should disclose climate-related risks and impacts [10][20]. - The Guangxi Autonomous Region's plan for air pollution prevention emphasizes strict control measures and accountability for pollution management [21][32]. Market Trends - The report notes that the environmental sector's valuation and institutional holdings are at historical lows, suggesting a potential for continued rebound [33]. - Companies like High Energy Environment and Huicheng Environmental are positioned to benefit from increased demand for waste treatment and recycling solutions [36]. Key Company Highlights - High Energy Environment is focusing on hazardous waste resource utilization and has a strong project pipeline, which is expected to accelerate revenue growth [36]. - Huicheng Environmental is advancing in the hazardous waste sector with significant projects and innovative technologies for plastic recycling, indicating robust growth prospects [36].

Investment Rating - The report indicates a positive outlook for the pet industry, highlighting its rapid growth and potential investment opportunities [1][15][17]. Core Insights - The pet industry is experiencing significant growth, with exhibition space increasing from 42,000 square meters in 2021 to 100,000 square meters by 2025, representing a 138% growth [1][15]. - The number of exhibitors has surged from 400 in 2021 to 1,200 by 2025, marking a 200% increase [1][15]. - The first day of the event saw a 43% increase in attendees compared to the previous year, with a new procurement event attracting over 120 exhibitors and 3,262 high-quality buyers [1][15]. - The transaction volume during the two-day professional visitor day exceeded 35 million yuan, a 175% increase year-on-year [1][15]. - The report emphasizes the importance of new product iterations in driving industry upgrades, with over 300 exclusive new products launched this year [2][16]. Summary by Sections Livestock Farming - The average price for lean pigs is 14.73 yuan/kg, down 0.3% from last week, indicating a relatively low valuation in the market [3][17]. - The average price for white feather chickens is 7.45 yuan/kg, down 0.4%, while chicken product prices remain stable at 8.9 yuan/kg [3][17]. - The report suggests focusing on leading companies with cost-effective growth potential, such as Muyuan Foods and Wens Foodstuff Group [3][17]. Agricultural Products - The approval of genetically modified varieties is set to enter commercial sales, with potential for significant growth in the sector [3][17]. - The report highlights the investment potential in the agricultural sector, particularly in companies that can leverage procurement and scale advantages [3][17]. Market Trends - The agricultural sector has underperformed the broader market by 1 percentage point this week, with a 1% increase in the agricultural sector overall [8][12]. - The report notes a 3.87% increase in the fishery sector, indicating a positive trend in that area [12][8].

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [6][7]. Core Insights - The environmental industry is experiencing a transformation driven by deepening pollution prevention measures and low-carbon investment themes, with a focus on sustainable development [1]. - The macroeconomic environment is characterized by historically low interest rates, making high-dividend and growth-oriented assets attractive [2]. - The report highlights the importance of the newly issued "Sustainable Disclosure Guidelines No. 1" by the Ministry of Finance, which mandates companies to disclose climate-related risks and opportunities [10][20]. Summary by Sections Industry Performance - The environmental sector outperformed the broader market, with a weekly increase of 3.32%, surpassing the Shanghai Composite Index's 1.92% and the ChiNext Index's 3.27% [3][35]. - Sub-sectors such as monitoring (5.65%) and waste treatment (3.24%) showed significant growth, while companies like Qiaoyin Co. and Baoxin Technology led in stock performance with increases of 23.63% and 17.74% respectively [3][35]. Key Companies - Huicheng Environmental is recognized for its strong growth potential, driven by significant projects in hazardous waste management and innovative recycling technologies [36]. - Gaoneng Environment aims to become a leading environmental service provider, focusing on hazardous waste resource utilization and environmental engineering [36]. - Hongcheng Environment is noted for its consistent dividend payouts and robust growth in revenue and net profit, with a projected compound annual growth rate of 22.7% [36]. Regulatory Developments - The report discusses the issuance of the "14th Five-Year Plan for Air Pollution Prevention and Control" by the Guangxi Zhuang Autonomous Region, emphasizing the need for stringent pollution control measures and the promotion of low-emission technologies [21][32]. - The guidelines for sustainable disclosure are expected to enhance transparency and guide companies in their strategic transitions towards low-carbon operations [20]. Market Outlook - The environmental sector is positioned for continued growth, with institutional holdings and valuations at historical lows, suggesting a rebound is likely [33]. - The report recommends focusing on companies with strong cash flows and growth potential, particularly those benefiting from carbon neutrality initiatives [2][33].

周专题：Puma 发布 2025Q1 季报，表现符合公司预期 【本周专题】 纺织服饰 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 Puma 2025Q1 业绩发布，整体表现符合预期。Puma 披露 2025Q1 季报，货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元，毛利率同比略下降 0.6pcts 至 47%，经营利润同比下降 63.7%至 0.6 亿欧元，经营利润率同比下降 4.8pcts 至 2.8%，净利润同比下降 99.5%至 50 万欧元，根据公司披露期内由于全球经 济环境的波动（尤其是美国与中国市场），公司营收表现同比持平，与此同时随 着公司推动 DTC 业务的增长，公司期内费用率提升。从营运层面来看，截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元，主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期，当前公司预计 2025 年营收同比增长低 到中单位数。 分地区和业务模式来看： ➢ 2025Q1 美国/中国销售低迷，公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company, as a leading player in Jiangsu's liquor market, is expected to enhance its market share and scale through product upgrades and channel expansion, with projected diluted EPS of 2.99, 3.28, and 3.58 CNY per share for 2025-2027 [1][2] Summary by Sections Company Overview - The company is a top-tier representative of Su-style liquor, with a rich history dating back to the Han Dynasty and significant market presence since the establishment of its brands in 1996 and 2004 [2][15] - In 2023, the company achieved revenue exceeding 10 billion CNY, with a CAGR of 20.75% for total revenue and 20.77% for net profit from 2016 to 2024, ranking 3rd and 8th among 20 peers respectively [2][15] Product Structure and Growth - The company has seen a steady improvement in product structure, with revenue from premium categories (300 CNY and above) growing at a CAGR of 22% from 2019 to 2024, expected to account for 94% of total revenue by 2024 [3][30] - The company has successfully developed key products in various price segments, with significant growth in the mid-range and premium segments, particularly the V series [3][4] Regional Expansion - The company is expanding its market share within Jiangsu, narrowing the gap with competitors, and is also making strides in out-of-province markets, with a CAGR of 25% for out-of-province revenue from 2019 to 2024 [4][12] - Key markets such as Anhui and Shandong are projected to exceed 200 million CNY in sales by 2024, indicating substantial growth potential [4][12] Financial Performance - The company’s financial metrics show robust growth, with projected revenues of 12.78 billion CNY in 2025 and net profits of 3.73 billion CNY, reflecting a stable growth trajectory [6][11] - The company maintains a healthy financial structure, with a net profit margin of approximately 29.6% and a return on equity (ROE) of 22.1% for 2024 [6][11] Future Outlook - The company aims for a long-term revenue target of 15 billion CNY, supported by ongoing product innovation and market expansion strategies [2][15] - The report emphasizes the company's strong brand positioning and cultural significance, which are expected to drive future growth [2][15]