Economic Overview - In April 2025, industrial added value increased by 6.1% year-on-year, down from 7.7% in the previous period, while retail sales grew by 5.1%, a decrease from 5.9%[1] - Fixed asset investment for January-April rose by 4.0% year-on-year, slightly down from 4.2%, with real estate investment declining by 10.3%[1][2] Consumption Trends - Retail sales in April fell short of expectations, with a year-on-year growth of 5.1%, down 0.8 percentage points from the previous value and below the market expectation of 5.5%[3][12] - The consumption of gold and silver jewelry, cultural office supplies, and building materials saw the highest growth rates, while automotive consumption remained volatile[3][14] Investment Insights - Real estate investment saw a significant decline, with a year-on-year drop of 10.3%, compared to a previous decline of 9.9%[5][18] - Manufacturing investment increased by 8.8% year-on-year, down from 9.1%, indicating a slight decrease in corporate investment willingness[5][26] Supply and Production - Industrial production growth was recorded at 6.1%, a decrease of 1.6 percentage points from the previous period, but still above market expectations of 5.2%[5][38] - The service sector's production index fell by 0.3 percentage points to 6.0% year-on-year[39] Employment and Economic Outlook - The urban survey unemployment rate in April was 5.1%, down 0.1 percentage points, consistent with seasonal trends[44] - Looking ahead, the second quarter is expected to maintain economic resilience, with GDP growth projected around 5%, but pressures are anticipated to increase in the second half of the year[2][10][11]

证券研究报告 | 金融工程 gszqdatemark 2025 05 18 年 月 日 量化周报 上证指数、上证 50 确认日线级别上涨 上证指数、上证 50 确认日线级别上涨。本周（5.12-5.16），大盘先扬后 抑，上证指数全周收涨 0.76%。在此背景下，上证指数、上证 50、汽车、 轻工、纺服、交运等纷纷确认日线级别上涨。这基本意味着贸易战对市场 的冲击已经结束了，市场再次回档前期低点的概率基本不存在了。由于市 场才刚刚确认日线级别上涨，还有很多指数和板块没有确认，因此，我们 认为市场的日线级别上涨还要持续一段时间，投资者可逆势布局。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 纷纷确认周线级别上涨，而且在日线上只走出了 1 浪结构，中期牛 市刚刚开始；此外，已有 21 个行业处于周线级别上涨中，且 8 个行业周 线上涨只走了 1 浪结构，因此我们认为本轮牛市刚刚开始，而且还是个普 涨格局。中期对于投资者而言，仍然可以逆势布局。 A 股景气指数观察。截至 2025 年 5 月 16 日，A 股景气指数为 21.19，相 比 2023 年底上升 15. ...

Group 1: Export Chain Recovery - The "reciprocal tariffs" imposed by Trump caused significant declines in A-shares, with the deepest drop in industry and individual stock indices reaching 12.19% and 13.60% respectively[1] - Since the imposition of these tariffs, the cumulative change in industry and individual stock indices has been -1.18% and 3.48%, with recovery rates of 90.31% and 125.61% respectively, indicating a near full recovery from the initial shock[1] - The recent US-China trade talks resulted in a joint statement agreeing to significantly lower bilateral tariff levels, suggesting limited further recovery potential for the export chain[1][14] Group 2: Sector and Stock Opportunities - Industries that have not fully recovered from the tariff impact and show positive revenue growth for Q1 2025 include components, consumer electronics, film and television, gaming, and diversified finance, with a focus on electronic manufacturing[14] - Among the top 50 stocks with significant US revenue exposure, candidates that meet the recovery criteria include Huayi Group, Pegatron, Shifeng Culture, Guoguang Electric, and Jialian Technology, primarily in the light industry and electronic manufacturing sectors[2][14] Group 3: Market Performance and Strategy - A-shares experienced a slight pullback after an initial rise following the tariff easing, with overall trading volume shrinking, indicating a cautious market sentiment[6][20] - The A-share market has fully recovered from the April 7 tariff shock, but the weak performance in credit and social financing in April has raised concerns about the underlying economic confidence[20] - The recommendation is to maintain a balanced portfolio to navigate uncertainties, focusing on sectors that reflect demand growth and have not fully recovered from tariff impacts[19]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining market is showing signs of bottoming out after a deep adjustment, with marginal improvements in fundamentals and supportive policies indicating a potential investment opportunity [3][10] - The report highlights five factors that may help stabilize coal prices, including reduced production from some coal mines, decreased railway shipment volumes, and anticipated increases in electricity demand due to high summer temperatures [6][10] Summary by Sections Market Overview - The CITIC Coal Index rose to 3,244.52 points, up 1.65%, outperforming the CSI 300 Index by 0.53 percentage points [2][78] - Year-to-date, thermal coal prices have decreased by 139 CNY/ton, while coking coal prices have fallen by 180 CNY/ton, with the CITIC Coal Index down 11.7% [2] Key Factors Affecting Coal Prices - The report identifies that the supply side is tightening due to safety inspections and production cuts in some coal mines, leading to a decrease in capacity utilization [6][10] - High inventory levels at ports are suppressing demand, but the report anticipates that electricity demand may rise as summer temperatures increase [6][10] Focused Analysis on Key Areas - **Thermal Coal**: The market remains weak, with supply still ample and demand primarily driven by essential needs [11][14] - **Coking Coal**: The market continues to face downward pressure, with weak demand and high inventory levels [11][37] - **Coke**: Profits are recovering, supported by steady demand from steel production [11][54] Investment Strategy - The report recommends focusing on key coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Xinji Energy, which are expected to perform well [9][10] Industry News - Inner Mongolia has increased its coal production capacity by nearly 180 million tons per year, receiving recognition from the State Council [83] - International sea coal trade volumes have decreased by 6.7% year-on-year [84]

证券研究报告 | 行业周报 gszqdatemark 2025 05 18 年 月 日 房地产开发 2025W20：本周新房成交同比-11.3%，二手房同比+3.7% 行情回顾：本周申万房地产指数累计变动幅度为-0.3%，落后沪深 300 指 数 1.43 个百分点，在 31 个申万一级行业排名第 25 名。 新房：本周 30个城市新房成交面积为195.6万平方米，环比提升29.2%， 同比下降 11.3%，其中样本一线城市的新房成交面积为 60.1 万方，环比 +41.1%，同比+13.8%；样本二线城市为 87.5 万方，环比+25.5%，同比 -28.1%；样本三线城市为 48.0 万方，环比+22.9%，同比+4.3%。 二手房：本周 14 个样本城市二手房成交面积合计 230.4 万方，环比增长 44.3%，同比增长 3.7%。其中样本一线城市的本周二手房成交面积为 96.8 万方，环比 63.4%；样本二线城市为 104.9 万方，环比 26.4%；样 本三线城市为 28.7 万方，环比 64.8%。 信用债：本周共发行房企信用债 5 只，环比减少 5 只；发行规模共计 36.00 亿元，环比减少 ...

Investment Rating - The industry maintains a "Buy" rating for key companies such as Anta Sports, Shenzhou International, and others, with specific PE ratios projected for 2025 [4][36][37] Core Views - The apparel manufacturing sector shows stable revenue trends, with companies like Yuyuan Group and Ruo Hong reporting year-on-year revenue growth of 10.5% and 18.2% respectively for April 2025 [1][12] - Vietnam's textile and footwear exports have seen significant growth, with April 2025 figures showing a 20% increase in textile and a 27% increase in footwear exports year-on-year [19][27] - The report emphasizes the importance of monitoring international trade policies and their impact on the industry, particularly in light of recent tariff changes [3][36] Summary by Sections Weekly Topic - Apparel manufacturing companies reported stable revenue trends for April 2025, with Yuyuan Group and Ruo Hong showing healthy growth [1][12] - Vietnam's textile and footwear exports are performing well, while China's related product exports are relatively weak [19][27] Weekly Insights - Focus on robust brands with solid fundamentals, anticipating performance recovery and valuation improvement in 2025 [2][35] - The sportswear segment is expected to benefit from national policy support and increased participation in sports activities [2][35] Industry Overview - The apparel manufacturing sector is experiencing short-term stock price impacts due to tariff events, but long-term leaders with integrated and international supply chains are expected to gain market share [3][36] - Key companies to watch include Shenzhou International, Huayi Group, and Weixing Co., with projected PE ratios for 2025 of 12, 15, and 18 respectively [34][36] Recent Reports - The textile manufacturing sector is expected to recover in 2024, with a focus on quality brands in 2025 [8][36] - The jewelry sector is also showing signs of recovery, with retail sales of gold and silver jewelry increasing by 6.9% in early 2025 [3][36]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental and Gao Neng Environment [4][24]. Core Insights - The report emphasizes the importance of digital and green transformation in the environmental industry, driven by new policies and regulations aimed at enhancing energy efficiency and promoting low-carbon technologies [10][20]. - It highlights the expected benefits for companies involved in energy-saving processes, low-carbon technology research, and circular economy innovations, particularly in high-energy-consuming sectors like power, metallurgy, and petrochemicals [20][21]. - The report suggests focusing on companies with leading advantages in green process research and industrial pollution control equipment, such as Longjing Environmental and Bihui Source [20][22]. Summary by Sections 1. Investment Views - The report discusses the issuance of the "2025 Digital and Green Collaborative Transformation Development Work Points" by multiple government departments, which outlines systematic requirements for low-carbon digitalization and traditional industry empowerment [10]. - It also mentions the "2025 Legislative Work Plan" from the State Council, which focuses on upgrading environmental legislation and enhancing regulatory frameworks for green development [21][22]. - The report notes that the current macroeconomic environment, characterized by historically low interest rates, presents a favorable backdrop for investing in high-dividend and growth-oriented assets [2][23]. 2. Market Performance - The environmental sector underperformed compared to the broader market, with the environmental index rising only 0.10% against a 0.76% increase in the Shanghai Composite Index [3][25]. - Specific sub-sectors showed varied performance, with monitoring up by 1.61% while water treatment and energy-saving sectors declined [3][25]. 3. Industry News - Recent policies in Henan Province aim to enhance resource recycling and promote the establishment of a comprehensive recycling system [38]. - The central government has issued guidelines to accelerate urban renewal actions, focusing on improving urban infrastructure and waste management systems [38]. - New regulations on ecological environment protection have been introduced, emphasizing the need for robust environmental oversight [38]. 4. Key Announcements - The report includes various corporate announcements, such as bond issuances and share transfers, which reflect ongoing activities within the environmental sector [39][40].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [5] Core Views - Tencent's Q1 2025 revenue reached 180 billion RMB, a year-on-year increase of 13%, with a gross margin improvement from 53% to 56% driven by high-margin businesses such as WeChat Video Accounts and local games [1][3] - Non-GAAP net profit attributable to shareholders was approximately 61.3 billion RMB, reflecting a 22% year-on-year growth [1][3] - The report projects Tencent's revenue for 2025-2027 to be 735.8 billion, 801.6 billion, and 862.9 billion RMB respectively, with non-GAAP net profits of approximately 256.6 billion, 286.8 billion, and 314.9 billion RMB [3][12] Revenue Breakdown - Value-added services revenue for the quarter was 92.1 billion RMB, up 17% year-on-year, with local game revenue at 42.9 billion RMB, a 24% increase [1][2] - Financial technology and enterprise services revenue was 54.9 billion RMB, a 5% increase year-on-year [1] - Advertising revenue reached 31.9 billion RMB, growing 20% year-on-year, primarily driven by strong demand for Video Accounts and Mini Programs [1][2] Business Growth Drivers - The gaming business showed strong growth, with both local and international game revenues exceeding 20% growth, driven by popular titles [2] - Advertising growth was supported by AI-driven technology upgrades, significantly improving ad click-through rates [2] - Tencent's commitment to AI development is evident with a capital expenditure of 27.5 billion RMB and a 21% increase in R&D expenses [3] Financial Projections - The report forecasts Tencent's total revenue to grow at a CAGR of approximately 10% from 2023 to 2027, with a projected gross margin improvement [12] - Non-GAAP EPS is expected to rise from 16.4 RMB in 2023 to 34.0 RMB by 2027 [4][12] - The report anticipates a decrease in the P/E ratio from 28.6 in 2023 to 13.8 in 2027, indicating potential valuation improvement [4][12]

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [4][7]. Core Insights - Alibaba reported total revenue of 2364.54 billion RMB for FY2025 Q4, representing a year-on-year growth of 7%. The non-GAAP net profit for the quarter was approximately 300 billion RMB, up 18% year-on-year [1]. - The company is focusing on accelerating growth in e-commerce and cloud services while maintaining strong investments in AI technology [3]. Summary by Business Segment - **Taobao and Tmall Group**: Revenue reached 1014 billion RMB, a 9% increase year-on-year, with adjusted EBITA of approximately 417 billion RMB, up 8% [2]. - **International Commerce**: Revenue was 336 billion RMB, showing a 22% year-on-year growth, although adjusted EBITA was -36 billion RMB, narrowing by 13% [2]. - **Alibaba Cloud**: Revenue grew by 18% to 301 billion RMB, with adjusted EBITA increasing by 69% to approximately 24 billion RMB [2][3]. - **Cainiao**: Revenue decreased by 12% to 216 billion RMB, with adjusted EBITA at -6 billion RMB, narrowing by 55% [2]. - **Local Services**: Revenue increased by 10% to 161 billion RMB, with adjusted EBITA of -23 billion RMB, narrowing by 28% [2]. - **Digital Entertainment**: Revenue was 55.5 billion RMB, up 12%, with adjusted EBITA turning positive, primarily driven by profitability from Youku [2]. Financial Projections - Revenue projections for FY2026-2028 are estimated at 11185 billion RMB, 12360 billion RMB, and 13551 billion RMB respectively. Non-GAAP net profit is projected to be 1613 billion RMB, 1845 billion RMB, and 2081 billion RMB for the same periods [4][6]. - The report anticipates a price target of 164 HKD for the Hong Kong stock and 168 USD for the US stock based on a 10x P/E for core e-commerce and a 30x P/E for Alibaba Cloud [4].

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [4][7]. Core Insights - Alibaba's total revenue for FY2025 Q4 reached 2364.54 billion RMB, representing a year-on-year growth of 7%. The non-GAAP net profit for the same quarter was approximately 300 billion RMB, up 18% year-on-year [1]. - The company is experiencing accelerated growth in e-commerce and cloud services, with a strong commitment to AI investments [1][3]. Revenue Breakdown by Business Segment - **Taobao and Tmall Group**: Revenue of 1014 billion RMB, up 9% year-on-year; adjusted EBITA of approximately 417 billion RMB, up 8% [2]. - **International Commerce**: Revenue of 336 billion RMB, a 22% increase year-on-year; adjusted EBITA of approximately -36 billion RMB, narrowing by 13% [2]. - **Alibaba Cloud**: Revenue of 301 billion RMB, up 18% year-on-year; adjusted EBITA of approximately 24 billion RMB, a 69% increase [2][3]. - **Cainiao**: Revenue of 216 billion RMB, down 12% year-on-year; adjusted EBITA of approximately -6 billion RMB, narrowing by 55% [2]. - **Local Services**: Revenue of 161 billion RMB, up 10% year-on-year; adjusted EBITA of approximately -23 billion RMB, narrowing by 28% [2]. - **Digital Entertainment**: Revenue of 55.5 billion RMB, up 12% year-on-year; adjusted EBITA turned positive, mainly driven by profitability from Youku [2]. Financial Projections - Projected revenues for FY2026, FY2027, and FY2028 are 11185 billion RMB, 12360 billion RMB, and 13551 billion RMB respectively. Non-GAAP net profits are expected to be 1613 billion RMB, 1845 billion RMB, and 2081 billion RMB for the same periods [4][6]. - The report anticipates a price target of 164 HKD for the Hong Kong stock and 168 USD for the US stock based on a 10x P/E for core e-commerce and a 30x P/E for Alibaba Cloud [4]. Capital Expenditure and AI Investment - Alibaba's capital expenditure for the quarter was approximately 246 billion RMB, reflecting the company's unwavering commitment to AI technology and product development [3]. - The report indicates that Alibaba Cloud's revenue growth is expected to continue accelerating in the upcoming quarters due to strong demand for AI-related products across various industries [3]. Key Financial Metrics - The report provides a detailed financial outlook, including revenue growth rates, non-GAAP net profit projections, and earnings per share (EPS) estimates for the upcoming fiscal years [6][15]. - The projected EPS for FY2026 is 8.4 RMB, increasing to 10.9 RMB by FY2028 [6][15]. Conclusion - The report highlights Alibaba's robust performance in e-commerce and cloud services, alongside a strong focus on AI investments, positioning the company for continued growth in the coming years [1][3][4].