证券研究报告 | 公司点评 gszqdatemark 2025 05 20 年 月 日 倍轻松（688793.SH） 24 年盈利水平转正，海外增速更快 事件：公司发布 2024 年年报和 2025 年一季报。公司 2024 年实现营业 总收入 10.9 亿元，同比-14.9%；实现归母净利润 0.1 亿元，同比+120.2%。 24Q4 单季营业总收入为 2.5 亿元，同比-25.4%；归母净利润为-0.03 亿 元，同比+91.8%。25Q1 实现营业收入 2.0 亿元，同比-32.8%；实现归母 净利润-0.02 亿元，同比-111.7%。 国内销售有所下滑，头部按摩产品表现优秀。分区域：24 年公司国内、国 外收入分别为收入 10.0 亿元、0.8 亿元，同比-16.4%、+9.5%。国内收入 有所下滑，主要系减少抖音推广等投入以及直营新开门店带来的收入无法 覆盖闭店导致的缺口；国外收入增长主要系加大线上独立站的投入。后续 公司将持续探索"科技产品+速效按摩服务"的新商业模式。分产品：24 年公司眼部、颈部、头皮+头部、肩部、腰背部、其他收入分别为 1.3 亿 元、1.3 亿元、2.4 亿元、3.5 ...

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - The coal mining industry is expected to see improved demand as effective supply decreases, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with an annual growth rate of 3.8% [1][12] - The forecast for 2025 indicates a net increase in production of only 55-60 million tons, with a year-on-year growth rate of approximately 1.2-1.3%, continuing to slow down compared to 2024 [1][12] Summary by Sections Production - In April 2025, the raw coal production was 390 million tons, with a year-on-year increase of 3.8% [1][12] - The average daily production in April was 12.98 million tons [1][12] Import - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year [2][16] - For the first four months of 2025, total coal imports were 152.67 million tons, down 5.3% year-on-year [2][16] - The forecast for 2025 suggests that thermal coal imports may stabilize or decline slightly, with an expected total of around 385 million tons, a year-on-year decrease of 4.9% [2][16] Demand - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation decreased by 2.3% year-on-year, remaining stable compared to March [3][19] - The growth rates for wind and solar power generation increased to 12.7% and 16.7% respectively in April [3][19] Investment Recommendations - Key recommendations include major coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and turnaround opportunities like China Qinfa [5][37] - Other recommended stocks include new energy companies with strong performance such as Xinjie Energy, Shaanxi Coal, and Electric Power Energy [5][37] - Companies with potential for future growth include Huayang Co. and Gansu Energy [5][37]

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The coal mining industry is expected to see improved demand and effective supply reduction, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [12][13] - The report anticipates a net increase in coal production of only 55 to 60 million tons in 2025, representing a year-on-year growth of approximately 1.2% to 1.3%, indicating a continued slowdown compared to 2024 [1][12] Production Summary - In April 2025, the raw coal production was 390 million tons, with a daily average of 12.98 million tons [12][13] - The cumulative raw coal production from January to April 2025 reached 1.58 billion tons, showing a year-on-year increase of 6.6% [12] Import Summary - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year and a 2.34% decrease month-on-month [2][16] - From January to April 2025, total coal imports amounted to 152.67 million tons, down 5.3% year-on-year [16] - The report forecasts that the total annual coal imports for 2025 may be around 385 million tons, reflecting a year-on-year decline of 4.9% [2][16] Demand Summary - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation saw a year-on-year decline of 2.3%, remaining consistent with the previous month [3][19] - Renewable energy sources such as wind and solar power showed significant growth, with wind power increasing by 12.7% and solar power by 16.7% year-on-year [3][19][32] Investment Recommendations - Key recommended stocks include China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, among others [5][37] - The report emphasizes the importance of performance in stock selection, highlighting companies like Xinjie Energy and Shaanxi Coal and Chemical Industry [5][37]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved profitability in 2024 with a net profit of 0.1 billion yuan, a year-on-year increase of 120.2% despite a revenue decline of 14.9% to 1.09 billion yuan [1][4]. - The company is exploring a new business model combining "technology products + effective massage services" to drive future growth [2]. Revenue Performance - In 2024, domestic and international revenues were 1.0 billion yuan and 0.08 billion yuan, reflecting a year-on-year decline of 16.4% and an increase of 9.5%, respectively [2]. - The revenue breakdown by product for 2024 shows significant variations, with head and neck products performing well, while eye and shoulder products saw declines [2]. Profitability Metrics - The gross margin for 2024 improved by 1.3 percentage points to 60.6%, with notable increases in margins for eye and neck products [3]. - The net profit margin for 2024 was 0.9%, an increase of 4.9 percentage points year-on-year [3]. Future Projections - The forecast for net profit from 2025 to 2027 is 0.47 billion yuan, 0.62 billion yuan, and 0.80 billion yuan, representing substantial growth rates of 358.8%, 31.4%, and 30.1%, respectively [4]. - The expected earnings per share (EPS) for 2025 is projected at 0.55 yuan, with a price-to-earnings (P/E) ratio of 56.1 [6][4].

Investment Rating - The report maintains a "Buy" rating for the steel industry, suggesting a positive outlook for the sector [4]. Core Insights - The crude steel production in April 2025 remained flat year-on-year at 86.02 million tons, with a daily average production of 2.867 million tons, reflecting a month-on-month decrease of 4.3% [2][7]. - The steel industry's profitability has improved, with the profit ratio of steel mills rising to 59.3% as of May 16, 2025, driven by falling raw material prices [2]. - The net financing of local government bonds reached 528.1 billion yuan in April 2025, indicating a significant increase in fiscal spending, which is expected to support demand in the steel sector [2][3]. - The apparent consumption of steel in April 2025 was 76.08 million tons, slightly down by 1.7% year-on-year, influenced by uncertainties from US-China tariff disputes [2][3]. Summary by Sections Production and Consumption - In April 2025, the production of pig iron was 72.58 million tons, up 0.7% year-on-year, while steel production increased by 6.6% to 125.09 million tons [7]. - The manufacturing purchasing managers' index (PMI) was at 49.0%, indicating a slight contraction, while the non-manufacturing PMI remained in the expansion zone at 50.4% [2]. Export and Import Dynamics - Steel exports in April 2025 reached 9.94 million tons, a year-on-year increase of 16%, benefiting from price advantages [3][7]. - Iron ore imports rose by 1.3% year-on-year to 103.14 million tons in April 2025, although overall iron ore imports for the first four months decreased by 5.5% [7]. Policy and Economic Outlook - The Central Political Bureau emphasized the need for proactive macroeconomic policies, including increased fiscal spending and monetary easing to support the economy [3]. - The report suggests that with the anticipated improvement in demand and supply-side adjustments, the long-term fundamentals of the steel industry are expected to improve [3]. Investment Recommendations - The report recommends stocks such as Hualing Steel, Nanjing Steel, Baosteel, and others, highlighting their potential benefits from the current economic conditions and demand recovery [8][9].

Investment Rating - The report maintains a "Buy" rating for the steel industry, suggesting a positive outlook for the sector [4]. Core Insights - The crude steel production in April 2025 remained flat year-on-year at 86.02 million tons, with a daily average production of 2.867 million tons, reflecting a month-on-month decrease of 4.3% [2][7]. - The steel industry's profitability has improved, with the profit ratio of steel mills rising to 59.3% as of May 16, 2025, driven by falling raw material prices [2]. - The net export of steel in April 2025 reached 9.94 million tons, a year-on-year increase of 16%, supported by price advantages and a temporary easing of US-China tariff tensions [3]. - The government has accelerated the issuance of bonds, with local government net financing amounting to 528.1 billion yuan in April 2025, indicating a potential expansion in fiscal spending [2][3]. - The manufacturing purchasing managers' index (PMI) for April 2025 was at 49.0%, indicating a slight contraction, while the non-manufacturing PMI remained in the expansion zone at 50.4% [2]. Summary by Sections Production and Consumption - In April 2025, the production of pig iron was 72.58 million tons, a year-on-year increase of 0.7%, while steel production was 125.09 million tons, up 6.6% year-on-year [7]. - The apparent consumption of steel in April 2025 was 76.08 million tons, a slight year-on-year decrease of 1.7% due to weakened expectations from US-China trade tensions [2][3]. Export and Import Dynamics - April 2025 saw steel exports of 1.046 million tons, a year-on-year increase of 13.4%, while imports decreased by 21% to 520,000 tons [7]. - Iron ore imports in April 2025 were 103.14 million tons, reflecting a year-on-year increase of 1.3% [7]. Investment Recommendations - The report recommends increasing positions in several steel companies, including Hualing Steel, Nanjing Steel, Baosteel, and others, which are expected to benefit from the recovery in demand and favorable market conditions [8][9].

证券研究报告 | 朝闻国盛 gszqdatemark 2025 05 20 年 月 日 朝闻国盛 重回价值投资 今日概览 ◼ 重磅研报 【宏观】不只是关税—全面解读 4 月经济——20250519 【策略研究】【行业联合推荐】重回价值投资 ——20250519 【金融工程】美联储流动性的量价解构与资产配置应用——20250519 【固定收益】强韧数据背后的内外需压力——20250519 【固定收益】煤炭调度回落，化工开工率回升——基本面高频数据跟踪 ——20250519 【固定收益】可转债产业链大图谱——2025 年 5 月——20250519 ◼ 研究视点 【海外】阿里巴巴-W（09988.HK）-电商和云增长提速，AI 投入坚定不 改——20250519 请仔细阅读本报告末页声明 gszqdatemark 2025 05 20 年 月 日 作者 | 分析师 沈猛 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680522050001 | | | | | 邮箱：shenmeng@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 ...

Report Title - Convertible Bond Industry Chain Big Map - May 2025 [2] Core View - The report comprehensively presents the convertible bond situation of various industries, including power and electrical equipment, mining, non - ferrous metals and chemicals, machinery, transportation, and automobiles, etc., and provides the monthly trading volume data of convertible bonds in April 2025 for each industry. Industry - by - Industry Summary Power and Electrical Equipment Industry - **Sub - sectors and convertible bonds**: Covers power generation equipment and construction (wind power, photovoltaic, thermal power), power generation, power transportation and application, with convertible bonds such as Tongyu Convertible Bond, Long22 Convertible Bond, and Jieneng Convertible Bond [6][7][8]. - **April trading volume top ten**: The top ten in trading volume include Outong Convertible Bond, Zhenyu Convertible Bond, etc., with the trading volume of Outong Convertible Bond reaching 26.522 billion yuan [11]. Mining, Non - ferrous Metals and Chemical Industry - **Sub - sectors and convertible bonds**: Includes basic chemical products, chemical raw materials, chemical fibers, etc., with convertible bonds like Feng21 Convertible Bond, Juhua Convertible Bond [13]. - **April trading volume top ten**: The top ten in trading volume include Fuxin Convertible Bond, Limin Convertible Bond, etc., with the trading volume of Fuxin Convertible Bond reaching 34.178 billion yuan [14]. Machinery, Transportation and Automobile Industry - **Sub - sectors and convertible bonds**: Involves special equipment, engineering machinery, automobile parts, etc., with convertible bonds such as Yong02 Convertible Bond, Aidi Convertible Bond [17]. - **April trading volume top ten**: The top ten in trading volume include Beigang Convertible Bond, Jizhi Convertible Bond, etc., with the trading volume of Beigang Convertible Bond reaching 20.181 billion yuan [19]. Electronics Industry - **Sub - sectors and convertible bonds**: Comprises semiconductor materials and equipment, electronic chemicals, passive components, etc., with convertible bonds like Huaya Convertible Bond, Feikai Convertible Bond [22]. - **April trading volume top ten**: The top ten in trading volume include Fuli Convertible Bond, Feikai Convertible Bond, etc., with the trading volume of Fuli Convertible Bond reaching 8.395 billion yuan [25]. Military and TMT Industry - **Sub - sectors and convertible bonds**: Covers communication equipment and services, military, computer, and media, with convertible bonds such as Fenghuo Convertible Bond, Tianjian Convertible Bond [28][29]. - **April trading volume top ten**: The top ten in trading volume include Aofei Convertible Bond, Hengfeng Convertible Bond, etc., with the trading volume of Aofei Convertible Bond reaching 29.06 billion yuan [31]. Real Estate Industry - **Sub - sectors and convertible bonds**: Includes building materials, construction, and household appliances, with convertible bonds such as Zhongqi Convertible Bond, Tianlu Convertible Bond [34][36][38]. - **April trading volume top ten**: The top ten in trading volume include Zhongqi Convertible Bond, Tianlu Convertible Bond, etc., with the trading volume of Zhongqi Convertible Bond reaching 103.573 billion yuan [40]. Financial Industry - **Sub - sectors and convertible bonds**: Divided into non - bank finance (securities, diversified finance) and banks (city commercial banks, rural commercial banks, joint - stock banks), with convertible bonds such as Caitong Convertible Bond, Qilu Convertible Bond [43][44]. - **April trading volume top ten**: The top ten in trading volume include Pufa Convertible Bond, Hangyin Convertible Bond, etc., with the trading volume of Pufa Convertible Bond reaching 8.122 billion yuan [47]. Light Industry and Downstream Consumption Industry - **Sub - sectors and convertible bonds**: Covers papermaking, agriculture, forestry, animal husbandry and fishery, light manufacturing, commerce and retail, etc., with convertible bonds such as Tezhi Convertible Bond, Honghui Convertible Bond [50][51][52]. - **April trading volume top ten**: The top ten in trading volume include Huisheng Convertible Bond, Xiaoming Convertible Bond, etc., with the trading volume of Huisheng Convertible Bond reaching 124.566 billion yuan [54]. Pharmaceutical and Biological Industry - **Sub - sectors and convertible bonds**: Includes pharmaceutical product production (weight - loss drugs, innovative drugs), medical devices, and pharmaceutical circulation, with convertible bonds such as Puli Convertible Bond, Aorui Convertible Bond [56]. - **April trading volume top ten**: The top ten in trading volume include Rundong Convertible Bond, Shanhe Convertible Bond, etc., with the trading volume of Rundong Convertible Bond reaching 4.008 billion yuan [58]. Environmental Protection Industry - **Sub - sectors and convertible bonds**: Involves environmental monitoring, comprehensive environmental governance, sewage treatment, etc., with convertible bonds such as Tianyuan Convertible Bond, Weier Convertible Bond [61]. - **April trading volume top ten**: The top ten in trading volume include Huicheng Convertible Bond, Jingyuan Convertible Bond, etc., with the trading volume of Huicheng Convertible Bond reaching 33.191 billion yuan [64]. Hot - topic - related Convertible Bonds - **Robot concept**: Convertible bonds include Jingduan Convertible Bond, Meng24 Convertible Bond, etc. [67]. - **Humanoid robot concept**: Convertible bonds include Boshi Convertible Bond, Chongda Convertible Bond, etc. [69]. - **DeepSeek concept**: Convertible bonds include Youzu Convertible Bond, Shenma Convertible Bond, etc. [71]. - **Anti - tariff concept**: Convertible bonds include Yingji Convertible Bond, Yiwei Convertible Bond, etc. [73]. - **Cross - border concept**: Convertible bonds include Aojia Convertible Bond, Baiyang Convertible Bond, etc. [76].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current Guosheng fundamental high - frequency index is 125.7 points (previous value was 125.5 points), with a week - on - week increase of 4.8 points (previous increase was 4.7 points), and the year - on - year increase has rebounded. The long - short signal for interest - rate bonds is short, with a signal factor of 6.4% (previous value was 6.3%) [1][9]. - In terms of production, the industrial production high - frequency index is 125.3 (previous value was 125.2), with a week - on - week increase of 4.7 points (previous increase was 4.6 points), and the year - on - year increase has increased [1][9]. - In terms of total demand, the commercial housing sales high - frequency index is 45.0 (previous value was 45.1), with a week - on - week decrease of 6.7 points (previous decrease was 6.8 points), and the year - on - year decline has narrowed; the infrastructure investment high - frequency index is 117.4 (previous value was 117.2), with a week - on - week increase of 0.5 points (previous increase was 0.0 points), and the year - on - year increase has expanded; the export high - frequency index is 144.6 (previous value was 144.7), with a week - on - week increase of 7.2 points (previous increase was 7.6 points), and the year - on - year increase has narrowed; the consumption high - frequency index is 119.4 (previous value was 119.4), with a week - on - week increase of 1.3 points (previous increase was 1.2 points), and the year - on - year increase has increased [1][9]. - In terms of prices, the CPI month - on - month forecast is 0.0% (previous value was 0.0%); the PPI month - on - month forecast is - 0.3% (previous value was - 0.3%) [2]. - The inventory high - frequency index is 159.8 (previous value was 159.7), with a week - on - week increase of 10.0 points (previous increase was 10.0 points), and the year - on - year increase remains unchanged. In transportation, the transportation high - frequency index is 127.1 (previous value was 126.9), with a week - on - week increase of 7.6 points (previous increase was 7.4 points), and the year - on - year increase has increased. In financing, the financing high - frequency index is 226.7 (previous value was 226.1), with a week - on - week increase of 29.0 points (previous increase was 29.0 points), and the year - on - year increase remains unchanged [2]. Summary by Directory Total Index: Fundamental High - Frequency Index Stable - Based on the report "Fundamental High - Frequency Data - An Effective Tool for Taking the Lead in Bond Market Investment" published on September 5, 2023, a high - frequency data system covering overall, production, demand, prices, financing, etc. was constructed, and the Guosheng fixed - income fundamental high - frequency index and sub - indices were built [8]. - The current Guosheng fundamental high - frequency index is 125.7 points, with a week - on - week increase of 0.1 points and a year - on - year increase of 4.8 points. The interest - rate bond long - short signal factor is 6.4%, with a week - on - week increase of 0.1% [9][11]. Production: Chemical Industry Operating Rate Rebounds - The industrial production high - frequency index is 125.3, with a week - on - week increase of 0.1 points and a year - on - year increase of 4.7 points. The electric furnace operating rate is 64.7% (previous value was 63.5%); the polyester operating rate is 93.9% (previous value was 92.9%); the semi - tire operating rate is 78.3% (previous value was 58.4%); the full - tire operating rate is 65.1% (previous value was 44.8%); the PTA operating rate is 74.6% (previous value was 74.5%); the PX operating rate is 78.2% (previous value was 77.2%) [1][13]. Real Estate Sales: New Home Sales Year - on - Year Remain Negative - The commercial housing sales high - frequency index is 45.0, with a week - on - week decrease of 0.1 points and a year - on - year decrease of 6.7 points. The transaction area of commercial housing in 30 large and medium - sized cities is 27.1 million square meters (previous value was 19.8 million square meters), and the land premium rate of 100 large and medium - sized cities is 7.2% (previous value was 8.7%) [11][21]. Infrastructure Investment: Petroleum Asphalt Operating Rate Rebounds - The infrastructure investment high - frequency index is 117.4, with a week - on - week increase of 0.3 points and a year - on - year increase of 0.5 points. The operating rate of petroleum asphalt plants is 34.4% (previous value was 28.8%) [11][35]. Export: Yiwu Commodity Price Index Has Rebounded - The export high - frequency index is 144.6, with a week - on - week decrease of 0.1 points and a year - on - year increase of 7.2 points. The CCFI index is 1105 points (previous value was 1106 points), and the RJ/CRB index is 297.6 points (previous value was 291.5 points) [11][37]. Consumption: Passenger Car Manufacturers' Retail Sales Increase - The consumption high - frequency index is 119.4, with no week - on - week change and a year - on - year increase of 1.3 points. Passenger car manufacturers' retail sales are 60,896 units (previous value was 41,659 units), passenger car manufacturers' wholesale sales are 48,492 units (previous value was 34,604 units), and the average daily box office is 34.25 million yuan (previous value was 72.49 million yuan) [11][49]. CPI: Vegetable Prices Continue to Fall - The CPI month - on - month forecast is 0.0%. The average wholesale price of pork is 20.9 yuan/kg (unchanged from the previous value), the average wholesale price of 28 key monitored vegetables is 4.3 yuan/kg (previous value was 4.4 yuan/kg), the average wholesale price of 7 key monitored fruits is 7.9 yuan/kg (previous value was 7.8 yuan/kg), and the average wholesale price of white - striped chickens is 17.3 yuan/kg (previous value was 17.2 yuan/kg) [2][57]. PPI: Crude Oil Prices Have Rebounded - The PPI month - on - month forecast is - 0.3%. The closing price of thermal coal at Qinhuangdao Port (Shanxi - produced, Q5500) is 619 yuan/ton (previous value was 638 yuan/ton), the futures settlement price of Brent crude oil is 66 US dollars/barrel (previous value was 62 US dollars/barrel), and the spot settlement price of LME copper is 9569 US dollars/ton (previous value was 9471 US dollars/ton) [2][63]. Transportation: Passenger Transport Rebounds, Flights Decline - The transportation high - frequency index is 127.1, with a week - on - week increase of 0.2 points and a year - on - year increase of 7.6 points. The subway passenger volume in first - tier cities is 38.69 million person - times (previous value was 36.98 million person - times), the road logistics freight rate index is 1050 points (unchanged from the previous value), and the number of domestic flights has decreased to 12,728 flights (previous value was 13,179 flights) [2][74]. Inventory: Electrolytic Aluminum Inventory Declines - The inventory high - frequency index is 159.8, with a week - on - week increase of 0.2 points and a year - on - year increase of 10.0 points. The spot inventory of electrolytic aluminum has decreased to 89,000 tons (previous value was 171,000 tons) [2][80]. Financing: Net Financing of Local Government Bonds Rebounds, Net Financing of Credit Bonds Declines - The financing high - frequency index is 226.7, with a week - on - week increase of 0.6 points and a year - on - year increase of 29.0 points. The net financing of local government bonds is 171.1 billion yuan (previous value was 67.2 billion yuan), the net financing of credit bonds is - 17.5 billion yuan (previous value was 4.1 billion yuan), and the 6 - month national equity bank acceptance bill rediscount rate is 1.11% (previous value was 1.07%) [11][91].

证券研究报告 | 策略报告 gszqdatemark 2025 05 19 年 月 日 投资策略专题 【行业联合推荐】重回价值投资 A 股市场定价逻辑正经历从短期估值博弈向长期价值投资的系统性切换。 伴随中长期资金占比提升与短期投机资金退潮，市场波动率显著收敛，企 业盈利质量（ROE）对股价的驱动作用持续强化。当前，资金面阶段性收 紧与公募新规的长周期考核要求，进一步抑制题材炒作惯性，引导资金流 向盈利稳定、估值合理的价值型资产。市场逐步回归基本面定价，具备可 持续竞争优势的企业将赢得长期资本青睐。 一、为什么当下重提价值投资？ A 股波动缩小、资金面缩紧、及公募新规的推出下，更多资金将为价值投 票。过往 A 股波动大，PE 变化是主导回报率的核心因素，但近年来 A 股 波动性持续缩小，市场逐渐转向 ROE 主导，价值相关的指数，在收益率表 现上明显占优。近来公募新规的推出，也倒逼资金从短期博弈重回长期价 值投资，未来更多资金将为价值投票。 二、价值投资定义-主要回报率来源于企业 ROE 和股东回报的投资策略 价值投资主要依靠企业盈利持续增长（ROE）或股东回报获取投资收益。 根据股市回报率公式，回报率来源可 ...