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].

Core Insights - The report emphasizes the importance of benchmark anchoring for generating excess returns in stock portfolios, suggesting that fund managers should focus on individual stock alpha while controlling style and sector deviations [4][5][6]. Financial Engineering - **Strategy 1: Core-Satellite Approach**: Allocate W% of the portfolio to benchmark anchoring and (1-W%) to active management, allowing for better tracking error control while maintaining excess returns. A suggested W parameter is 40% for specific performance metrics [4]. - **Strategy 2: Industry Neutrality**: Ensure the stock portfolio's industry allocation matches that of the benchmark (CSI 300), which can reduce tracking error and lower the probability of underperformance by over 10% compared to the benchmark [5]. - **Strategy 3: Style Neutrality**: Maintain the original stock selection but adjust weights to minimize style deviation from the benchmark, which can effectively lower tracking error at minimal cost [6]. - **Strategy 4: Barbell Strategy**: For funds with distinct style biases, a dual strategy combining growth and defensive investments can help reduce tracking error and volatility, suitable for long-term investment goals [6]. Steel Industry - The report discusses the cyclical nature of national debt cycles, categorizing them into three phases: local government debt, centralization of local debt, and monetization of national debt, reflecting the broader economic cycles of labor and wealth [7]. Electronics Industry - **Company Overview**: 纳芯微 (Naxin Micro) is a leading player in automotive analog chips, with a product portfolio that includes over 3,300 models. The company holds the top market share among domestic manufacturers in automotive analog chips and magnetic sensors [8]. - **Financial Performance**: The company expects significant revenue growth, projecting revenues of 29.59 billion, 37.95 billion, and 47.29 billion yuan for 2025-2027, with corresponding net profits of -0.81 billion, 1.03 billion, and 2.95 billion yuan [8]. Pharmaceutical Industry - **Company Strategy**: 阳光诺和 (Sunshine Novo) plans to acquire 100% of 朗研 (Langyan) to accelerate innovation and enhance its business ecosystem, focusing on R&D services, pipeline cultivation, and a new quality industrial chain [10]. - **Financial Projections**: The company anticipates net profits of 2.33 billion, 2.88 billion, and 3.55 billion yuan for 2025-2027, reflecting growth rates of 31.3%, 23.8%, and 23.0% respectively [10]. Retail Industry - **Market Overview**: The retail sector showed a year-on-year growth of 5.1% in April, indicating a stable recovery with some sub-sectors improving. Key players include 华住集团 (Huazhu Group) and 永辉超市 (Yonghui Supermarket) [15]. - **Investment Opportunities**: The report highlights potential in sectors benefiting from tourism and new retail formats, suggesting a positive outlook for companies adapting to changing consumer behaviors [15]. Textile and Apparel Industry - **Company Performance**: 滔搏 (Tao Bo) reported a revenue decline of 6.6% for FY2025, with a significant drop in net profit by 41.9%, attributed to a challenging consumer environment and inventory adjustments [16]. - **Future Outlook**: Despite short-term pressures, the company is expected to recover with projected net profits of 13.01 billion, 14.81 billion, and 16.47 billion yuan for FY2026-2028 [16]. Food and Beverage Industry - **Company Strategy**: 青岛啤酒 (Qingdao Beer) is focusing on market expansion during peak seasons, leveraging cost advantages and scale effects to enhance profitability [18]. - **Financial Forecast**: The company projects net profits of 48.1 billion, 52.1 billion, and 56.5 billion yuan for 2025-2027, with growth rates of 10.7%, 8.2%, and 8.6% respectively [18]. Snack Industry - **Company Development**: 三只松鼠 (Three Squirrels) is expanding its product categories and distribution channels, aiming to create a comprehensive supply chain that integrates manufacturing, branding, and retail [21]. - **Market Positioning**: The company is leveraging its efficient supply chain to tap into broader market opportunities, transitioning from online to offline sales and exploring new retail formats [21].

证券研究报告 | 行业策略 gszqdatemark 2025 05 22 年 月 日 钢铁 重估中国-2025 年中期策略报告 引子：曾经阅读过我们的中国崛起系列报告《走向成熟》、《时代的周期》、 《告别放任的年代》、《江河万古流》的投资者可能已经对中国经济长期短 期内部和外部的问题都有了一定框架性的认识。研究里有时候我们少了望 远镜，无论是往前还是往后。我们往往更习惯于显微镜观察，不少时候容 易只看到皮毛的褶皱和老化，鲜有看见整体机体的美妙。如今从 DeepSeek 模型发布开始，伴随着一系列事件的发生，使得越来越多的人开始反思过 去西方式的悲观叙事，重新审视中国资产。过去几年有很多迷思在今年可 能得到澄清，很多资产的价格可能会随之重估。 债务周期与中国经济：历史有一个循环几乎是无法拒绝的，勤劳致富，然 后坐享其成，再然后衰败；长期来看只有劳动者、奋斗者才可以保持长期 自由，而保持奋斗是逆人性的。亘古不变的人性具象化映射在国家生命周 期上就形成国家的债务周期。我们将国家的债务周期划分成三个阶段：地 方政府债务化、地方债务中央化和国家债务货币化，分别对应了一个国家 勤劳致富、坐享其成和再衰败的过程。国家工业 ...