Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34]. Core Viewpoints - The report emphasizes focusing on domestic demand and highlights investment opportunities in the snack and beverage sectors, driven by strong consumer sentiment and evolving distribution channels [6][8]. - The report suggests that the high-end liquor segment remains robust, with companies like Kweichow Moutai and Wuliangye showing steady performance, while the snack industry is identified as a key growth area due to its ability to meet consumer demand for both emotional value and cost-effectiveness [6][8]. Summary by Sections Liquor Industry - The liquor index (CITIC) saw a cumulative decline of 1.69% this week, with leading companies like Tianyoude Liquor and Laobai Gan Liquor showing positive performance [6]. - Kweichow Moutai's Q1 2025 net profit increased by 5.8% year-on-year, reinforcing industry confidence [6][7]. - Wuliangye's revenue for 2024 is projected to reach 679 billion yuan, with a year-on-year growth of 8% [7]. - Shanxi Fenjiu reported a revenue of 86 billion yuan in Q3 2024, reflecting a year-on-year growth of 11.4% [8]. Food Industry - The food index (CITIC) experienced a cumulative decline of 1.03% this week, with Youyou Food and Anji Food leading in gains [6]. - The snack and beverage sectors are highlighted as having strong growth potential, with new product launches and channel innovations driving market dynamics [6][9]. - Dongpeng Beverage is recommended due to its solid fundamentals and effective channel strategies, particularly as the summer beverage sales season approaches [6][9]. Key Company Insights - Yanjing Beer is projected to sell 4 million kiloliters in 2024, with a year-on-year increase of 1.6% [10]. - Yili Group's revenue for Q1-Q3 2024 is reported at 890.39 billion yuan, with a year-on-year decline of 8.59% [10]. - Haidilao's soy sauce revenue is expected to reach 137.58 billion yuan in 2024, with a year-on-year growth of 8.87% [10]. Market Trends - The overall food and beverage industry saw a cumulative decline of 1.42% this week, with significant fluctuations in individual stock performances [11][12]. - The report notes that the snack industry is currently the strongest growth driver within the food and beverage sector, benefiting from changing consumer preferences and innovative distribution strategies [6][9].

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities in the sector [2]. Core Insights - The offshore wind industry is experiencing significant opportunities for expansion, particularly in international markets such as the UK and Azerbaijan, where Chinese companies are expected to play a crucial role in local manufacturing and project supply [6][11]. - The energy storage and hydrogen sectors are poised for growth, with CATL's introduction of sodium-ion batteries marking a significant technological advancement that could reduce reliance on lithium [6][7]. Summary by Sections Wind Power - The offshore wind industry is seeing increased investment, with the UK government committing £300 million to enhance its offshore wind manufacturing capabilities [6][28]. - A memorandum was signed between Azerbaijan and Chinese companies for a 2 GW offshore wind project, indicating a growing demand for offshore wind in emerging markets [6][28]. - The wind power index rose by 3.73% in the week of April 21-25, outperforming the CSI 300 index by 3.35 percentage points, with a current PE_TTM of approximately 19.70 times [5][12]. Solar Power - The solar power sector is witnessing a mixed performance, with the photovoltaic equipment index increasing by 0.74%, while the solar cell component index slightly decreased [5]. - The current PE_TTM for the solar sector stands at about 30.51 times, reflecting ongoing interest and investment in solar technologies [5]. Energy Storage and Hydrogen - CATL launched new battery products, including sodium-ion batteries, which are expected to accelerate the development of the sodium-ion battery industry due to their advantages over lithium-ion batteries [6][7]. - The energy storage index increased by 2.07%, with a current PE_TTM of 24.34 times, indicating strong growth potential in this segment [5]. Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market is expected to thrive [7]. - In solar power, companies such as Dier Laser and Longi Green Energy are highlighted for their growth potential, especially in the context of policy support and industry self-regulation [7]. - In energy storage, companies like Sungrow Power Supply and Shuneng Electric are recommended due to their strong competitive positions and growth prospects [7]. - For hydrogen energy, attention is drawn to Huaguang Huaneng and Yihua Tong, which are positioned well in the electrolyzer and fuel cell system markets [7].

邮箱： XUBYUN372@pingan.com.cn 2025年4月28日 请务必阅读正文后免责条款 证券研究报告 受益于"国补政策" ，25Q1中国智能手机 市场出货量正增长 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师： 徐碧云 S1060523070002（证券投资咨询） 行业动态 "国补"叠加春节旺季，推动中国手机市场开年延续同比增长趋势 2020年1月10日 根据IDC报告，2025年第一季度，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下，同比增长3.3%，达到7160万 部，延续了过去五个季度的增长趋势，Android市场中更多价位段的产品可以进入到"国补"行列中，因此市场表现相对更好，同比增长 5.3%；iOS市场第一季度同比下降9.0%。 核心摘要 风险提示： 1）供应链风险上升。2）市场需求可能不及预期。3）国产替代不及预期。 行业要闻及简评： 1）根据IDC报告，2025Q1，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下 ，同比增长3.3%，达到7160万部，延续了过去五个季度的增长趋势；2）根据IDC报告，2025Q1中国折叠屏手 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [10][14]. Core Views - The company reported a revenue of 29.84 billion yuan in 2024, representing a year-over-year increase of 35.14%, and a net profit attributable to shareholders of 5.62 billion yuan, up 44.17% year-over-year [4][8]. - The company benefits significantly from the domestic IC (Integrated Circuit) localization trend, with a strong performance in semiconductor equipment [8][10]. - The company plans to distribute a cash dividend of 10.60 yuan per 10 shares and a capital reserve conversion of 3.5 shares for every 10 shares held [4]. Financial Performance Summary - In 2024, the company achieved a gross margin of 42.85% and a net margin of 19.08% [8]. - The company’s R&D investment reached 5.37 billion yuan in 2024, a 21.82% increase year-over-year, focusing on semiconductor equipment and related fields [8]. - The company’s revenue projections for 2025 to 2027 are 39.68 billion yuan, 51.59 billion yuan, and 67.07 billion yuan, respectively, with corresponding net profits of 7.41 billion yuan, 9.59 billion yuan, and 12.28 billion yuan [10][12]. Market Position and Growth - The company is positioned as a leading domestic semiconductor equipment provider, with a comprehensive product lineup in etching, thin film deposition, thermal processing, and wet processing equipment [8][9]. - The company’s etching equipment revenue is expected to exceed 8 billion yuan in 2024, while thin film deposition equipment revenue is projected to surpass 10 billion yuan [9]. - The company has established a robust customer service system with four regional service centers globally to meet customer needs [8]. Financial Ratios and Valuation - The company’s projected P/E ratios for 2025, 2026, and 2027 are 33, 25.3, and 19.7, respectively [12]. - The return on equity (ROE) is expected to increase from 18.1% in 2024 to 24.0% by 2027 [12]. - The company maintains a stable asset-liability ratio of around 51% in 2024, with a projected increase to 55.6% by 2027 [12].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [12]. Core Insights - The company focuses on its semiconductor business, enhancing capacity and product layout, with a significant increase in net profit for Q1 2025 despite a year-over-year revenue decline [7][8]. - The semiconductor segment generated revenue of 37.11 billion yuan in Q1 2025, representing an 8.40% year-over-year growth, with a gross margin of 38.32% [7]. - The company plans to divest its product integration business to concentrate fully on the semiconductor sector, having already received an initial payment of 2.287 billion yuan for the asset sale [7][8]. Financial Performance Summary - For Q1 2025, the company reported revenue of 130.99 billion yuan, down 19.38% year-over-year, while net profit attributable to shareholders was 2.61 billion yuan, up 82.29% year-over-year [4][7]. - The overall gross margin and net margin for Q1 2025 were 13.97% and 1.97%, respectively, showing improvements compared to the previous year [7]. - The company’s revenue projections for 2025 to 2027 are 62.56 billion yuan, 63.81 billion yuan, and 65.09 billion yuan, respectively, with corresponding net profits expected to be 1.80 billion yuan, 2.26 billion yuan, and 3.01 billion yuan [6][9]. Business Segment Insights - The semiconductor business is expected to be the primary revenue driver, with significant contributions from automotive, mobile, industrial, and computing sectors [8]. - The company is investing heavily in R&D for semiconductor products, with a planned investment of 1.8 billion yuan in 2024, focusing on high-power discrete devices and new product development [8][9]. - The company has established strong partnerships with key players in the electric vehicle and renewable energy sectors, enhancing its market position [8]. Financial Ratios and Projections - The company’s projected P/E ratios for 2025, 2026, and 2027 are 23, 18, and 13, respectively, indicating a favorable valuation trend [8][10]. - The return on equity (ROE) is expected to improve from -8.2% in 2024 to 7.3% by 2027, reflecting a recovery in profitability [10]. - The asset-liability ratio is projected to decrease from 53.5% in 2024 to 45.3% in 2027, indicating improved financial stability [10].

Investment Rating - The investment rating for Luxshare Precision (002475.SZ) is "Recommended" (maintained) with a current stock price of 31.61 CNY [1]. Core Views - The company is expected to achieve a revenue of 268.795 billion CNY in 2024, representing a year-over-year growth of 15.91%, and a net profit attributable to shareholders of 13.366 billion CNY, reflecting a 22.03% increase year-over-year [3][6]. - The company plans to distribute a cash dividend of 2 CNY per 10 shares to all shareholders [3]. - The overall gross margin and net margin for 2024 are projected to be 10.41% (down 1.17 percentage points year-over-year) and 5.42% (up 0.14 percentage points year-over-year), respectively [6]. Summary by Sections Financial Performance - In 2024, the company is expected to generate revenues of 268.795 billion CNY, with a year-over-year growth of 15.91% [5]. - The net profit for 2024 is projected at 13.366 billion CNY, marking a 22.03% increase year-over-year [5]. - The first quarter of 2025 is anticipated to show revenues of 61.788 billion CNY (up 17.90% year-over-year) and a net profit of 3.044 billion CNY (up 23.17% year-over-year) [6]. Business Segments - Revenue from various business segments in 2024 is expected to be as follows: Consumer Electronics 224.094 billion CNY (up 13.65% YoY), Computers 9.002 billion CNY (up 20.15% YoY), Automotive 13.758 billion CNY (up 48.69% YoY), and Communications 18.360 billion CNY (up 26.29% YoY) [6]. - The company is actively expanding its product layout from consumer electronics to a diversified range of components, modules, and accessories, including connectors, acoustic products, antennas, and wireless charging systems [7]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 16.140 billion CNY, 19.204 billion CNY, and 22.637 billion CNY, respectively, with corresponding P/E ratios of 14, 12, and 10 times [8]. - The company is also pursuing strategic acquisitions, such as the planned acquisition of the German automotive wiring harness manufacturer Leoni Group, which is expected to enhance product development and market expansion [7].

Investment Rating - The investment rating for China Coal Energy is "Recommended" [1] Core Views - The report indicates that the market coal prices are at a bottoming phase, with stable production and sales growth for the company [1][8] - The company has a robust long-term contract sales model, which provides resilience against market fluctuations [9] - The report forecasts a gradual recovery in coal prices as summer demand increases and supply pressures ease [9] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved revenue of 38.392 billion yuan, a year-on-year decrease of 15.43% [4] - The net profit attributable to shareholders was 3.978 billion yuan, down 19.95% year-on-year [4] - The company's coal sales volume in Q1 2025 was 64.14 million tons, a slight increase of 270,000 tons year-on-year [8] Revenue Breakdown - The total revenue from coal business in Q1 2025 was 31.250 billion yuan, a decrease of 16.6% year-on-year [8] - The average selling price of self-produced coal was 492 yuan/ton, down 17.7% year-on-year [8] - The company’s coal chemical products revenue was approximately 3.725 billion yuan, a decline of 8.76% year-on-year [9] Future Projections - The forecasted net profits for 2025, 2026, and 2027 are 18.514 billion yuan, 19.616 billion yuan, and 20.224 billion yuan respectively [9] - The report anticipates a gradual increase in revenue from 184.696 billion yuan in 2025 to 194.618 billion yuan in 2027 [11] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 7.5, 7.1, and 6.8 respectively [11] - The report highlights the company's strong dividend payout potential due to its resilient earnings [9]

Investment Rating - Strongly Recommended (expected to outperform the market by more than 20% within 6 months) [55] Core Insights - The Central Political Bureau meeting emphasized responding to external uncertainties with high-quality development, focusing on stabilizing employment, enterprises, markets, and expectations while implementing proactive macro policies [4][13] - Strengthened regulation of universal insurance aims to address existing issues and promote healthy market development through a comprehensive regulatory framework [5][16] - The China Securities Regulatory Commission introduced unified regulations for information disclosure exemptions, enhancing transparency and protecting investor rights [6][20] Summary by Sections Political Bureau Meeting - The meeting highlighted the need for high-quality development to counter external uncertainties, with a focus on stabilizing key economic factors and implementing proactive fiscal and monetary policies [4][13] - Emphasis on enhancing consumer spending and supporting struggling enterprises while managing risks in key sectors [13] Universal Insurance Regulation - The National Financial Supervision Administration issued a notice to strengthen the regulation of universal insurance, focusing on product management, account management, and sales practices [5][16] - A one-year transition period is provided for existing policies that do not meet new requirements, ensuring market stability [16] Information Disclosure Regulations - The CSRC's new regulations clarify the types of information that can be exempted from disclosure, balancing the need for confidentiality with investor rights [6][20] - Companies are required to maintain accurate and complete disclosures, with strict internal procedures for managing disclosure exemptions [20] Industry News - The banking sector saw a net injection of 740 billion yuan through open market operations, with SHIBOR rates declining [38][39] - The securities market experienced a weekly average trading volume of 13.4 trillion yuan, reflecting a slight decrease from the previous week [42] - The insurance sector's ten-year government bond yield increased by 0.84 basis points, indicating market trends [50]

Investment Rating - The industry investment rating is "stronger than the market" [3][47]. Core Viewpoints - The approval of Ivosidenib for first-line treatment of NSCLC in China is a significant milestone, being the first to show positive results in a clinical trial comparing it to Pembrolizumab [3]. - The HARMONi-2 trial demonstrated that Ivosidenib significantly improved progression-free survival (mPFS of 11.14 months vs. 5.82 months for Pembrolizumab), with a hazard ratio (HR) of 0.51, indicating a 49% reduction in the risk of disease progression or death [3]. - The interim analysis of overall survival (OS) at 39% maturity showed a 22.3% reduction in mortality risk for Ivosidenib compared to Pembrolizumab (HR=0.777) [3]. Summary by Sections Industry News - Ivosidenib has received approval for a new indication in first-line treatment of PD-L1 positive locally advanced or metastatic NSCLC based on the HARMONi-2 trial results [3]. - The trial involved a randomized comparison of Ivosidenib and Pembrolizumab, with primary endpoints focused on progression-free survival (PFS) [3]. - Additional studies have shown Ivosidenib's efficacy in various NSCLC settings, including in combination with chemotherapy [4]. Investment Strategy - The report suggests focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumption recovery" as key investment themes [6]. - Companies to watch include innovative drug developers and those with strong overseas market potential, such as BeiGene, Dongcheng Pharmaceutical, and others [6]. Key Companies to Watch - **Nocera Healthcare**: Expected to achieve over 1 billion yuan in revenue from its core product, with a 49% year-on-year growth in sales [7]. - **Sihuan Pharmaceutical**: Strong fundamentals with a stable growth outlook, particularly in the ADC market [10]. - **China Biopharmaceutical**: Rapid revenue growth with a focus on innovative products, particularly in oncology [11]. - **Aier Eye Hospital**: Benefiting from increasing demand for eye care services and a strong pipeline of new products [20].

ETF Market Overview - The performance of ETFs has been generally positive in the last two weeks, with the exception of the Sci-Tech 100 and Sci-Tech 50 ETFs. The largest gains were seen in ETFs tracking the Hang Seng Index and the CSI 2000, while the manufacturing sector ETFs showed the highest increase among industry and thematic products [3][11]. - In terms of fund flows, major broad-based ETFs experienced significant net inflows, particularly the CSI 300 and the SSE 50 ETFs. After a substantial outflow at the beginning of the year, technology ETFs have shifted to net inflows since March, although the inflow rate has slowed in the last two weeks [3][11]. Fund Flow Analysis - As of April 25, 2025, a total of 15 new ETFs were launched, with a combined issuance of 8.99 billion shares, all of which are stock ETFs. Compared to the end of 2024, the scale of various ETFs has increased, with commodity ETFs, bond ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs rising by 120.33%, 38.17%, 14.44%, 7.58%, and 1.14% respectively [21][22]. - The cumulative fund flow for broad-based ETFs has shown a trend of inflows since early April 2025, particularly for the CSI 300, CSI 1000, and CSI 2000 ETFs, with the CSI 300 ETF seeing a net inflow exceeding 130 billion [12][14]. Thematic ETF Performance - The technology-themed ETFs have shown strong performance, particularly those tracking the new exchange's Southeast Asia Technology Index, with overseas technology ETFs outperforming domestic ones. In terms of fund flows, ETFs tracking the Hang Seng Technology Index have seen significant net inflows, while those tracking 5G communications have experienced outflows [27][28]. - The healthcare-themed ETFs have also performed well, with those tracking innovative drug indices seeing notable gains. However, funds have shifted from inflows to outflows for medical, military, dividend, and consumer ETFs in the last two weeks [16][28]. ETF Product Structure - The structure of newly launched ETFs indicates a growing trend towards thematic and sector-specific investments, with a notable increase in the issuance of stock ETFs. The overall market for ETFs is expanding, reflecting a shift in investor preferences towards diversified and thematic investment strategies [21][22].