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信用周报:科创债发行规模连续两周破千亿-20250525
Huachuang Securities· 2025-05-25 09:44
债券研究 证 券 研 究 报 告 【债券周报】 科创债发行规模连续两周破千亿 ——信用周报 20250525 ❖ 科创债发行情况跟踪 1、以 2021 年以来推出的科创公司债、科创票据及 2025 年 5 月启动发行的科 技创新债券为合并统计口径,截至 2025 年 5 月 24 日,科创债已累计发行 2757 只,发行规模合计约 2.9 万亿元。 2、本周科创债发行规模创历史新高,单周发行规模连续两周突破千亿。本周 (5 月 19 日-5 月 23 日)共发行科创债 44 只,合计发行规模 1255 亿元;上周 (5 月 12 日-5 月 16 日)共发行科创债 52 只,合计发行规模 1098 亿元。 3、从 5 月以来科创债发行主体类型看,银行是新增发行科创债的主力,券商 亦积极参与。5 月以来共有 116 家主体新增发行科创债 3317.5 亿元,均为非城 投平台(Wind 口径)。其中金融机构 34 家,包括银行 15 家、证券公司 19 家, 发行规模分别为 1950 亿元、219 亿元。 4、从 5 月以来科创债发行主体区域分布看,北京发行规模最大,达 1721.5 亿 元(其中银行发行 125 ...
通信行业周报(20250519-20250525):算力租赁景气度向上,军工信息化外贸升温-20250525
Huachuang Securities· 2025-05-25 09:15
证 券 研 究 报 告 通信行业周报(20250519-20250525) 推荐(维持) 算力租赁景气度向上,军工信息化外贸升温 行业研究 通信 2025 年 05 月 25 日 华创证券研究所 证券分析师:欧子兴 邮箱:ouzixing@hcyjs.com 执业编号:S0360523080007 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 124 | 0.02 | | 总市值(亿元) | 47,451.85 | 4.77 | | 流通市值(亿元) | 20,977.93 | 2.65 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.2% | -1.9% | 17.9% | | 相对表现 | 0.7% | -2.3% | 11.3% | -12% 5% 23% 41% 24/05 24/08 24/10 24/12 25/03 25/05 2024-05-24~2025-05-23 通信 沪深300 相关研究报告 《通信行业周报(20250512-20250518) ...
Analog Devices, Inc. (ADI) FY2025Q2 业绩点评及业绩说明会纪要
Huachuang Securities· 2025-05-25 07:30
证 券 研 究 报 告 Analog Devices, Inc. (ADI) FY2025Q2 业绩点评及业绩说明会纪要 四大终端市场均实现双位数同比增长,业绩超指引 上限 ❖ 事项: 2025 年 5 月 23 日 Analog Devices, Inc.发布 2025 财年第二财季报告,并召开 业绩说明会。Analog Devices, Inc. (ADI)财务季度 FY2025Q2 截至 2025 年 5 月 3 日。 ❖ 评论: 1. 业绩总览:FY25Q2 实现营收 26.40 亿美元(YoY+22.28%,QoQ+8.95%), 高于指引上限,公司四大业务部门均同比实现双位数增长。FY25Q2 调整后毛 利率为 69.4%(YoY+2.7pct,QoQ+1.5pct),调整后 EPS1.85 美元(YoY+32.14%, QoQ+13.50%),高于指引区间上限。 2. 关税带来的影响:FY25Q2 各终端市场与地区订单显著加速,在手订单回 升,但部分增长源于客户因美国关税提前采购,因此预计 FY25Q3 汽车业务收 入将有所下滑。除汽车板块外,其他业务板块没有看到关税造成的提前采购 (FY25Q ...
华创金工周报:短中期择时信号偏中性 后市或偏向大盘
Huachuang Securities· 2025-05-25 07:25
金融工程 证 券 研 究 报 告 【金工周报】(20250519-20250523) 短中期择时信号偏中性,后市或偏向大盘 ❖ 本周回顾 本周市场普遍下跌,上证指数单周下跌 0.57%,创业板指单周下跌 0.88%。 A 股模型: 短期:成交量模型中性。低波动率模型中性。特征龙虎榜机构模型中性。特征 成交量模型看空。智能沪深 300 模型看多,智能中证 500 模型看空。 中期:涨跌停模型中性。月历效应模型中性。 长期:长期动量模型所有宽基指数中性。 综合:A 股综合兵器 V3 模型看空。A 股综合国证 2000 模型看空。 港股模型: 中期:成交额倒波幅模型看多。 本周行业指数涨少跌多,涨幅前五的行业为:综合、医药、汽车、有色金属、 家电,跌幅前五的行业为:综合金融、计算机、电子、机械、通信。从资金流 向角度来说,除家电外所有行业主力资金净流出,其中计算机、机械、电子、 基础化工、汽车主力资金净流出居前。 本周股票型基金总仓位为 90.83%,相较于上周减少了 76 个 bps,混合型基金 总仓位 73.66%,相较于上周增加了 120 个 bps。 本周汽车与计算机获得最大机构加仓,电子与电力设备及新能源 ...
哔哩哔哩(BILI):2025年一季报点评:收入符合,费用节约下利润端超预期,后续关注《三谋》周年庆赛季表现
Huachuang Securities· 2025-05-25 06:45
Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI), expecting it to outperform the benchmark index by 10%-20% over the next six months [16]. Core Insights - Bilibili's Q1 2025 financial results showed revenue of 7 billion yuan, a year-over-year increase of 24%, aligning with Bloomberg consensus expectations. The gross profit reached 2.54 billion yuan, up 58% year-over-year, with a gross margin of 36.3%, also meeting expectations. The company achieved a NON-GAAP net profit of 362 million yuan, marking a turnaround from losses, exceeding consensus forecasts [1]. - Cost-saving measures contributed to the profit exceeding expectations, with R&D expenses at 840 million yuan, 7% lower than anticipated, and sales expenses at 1.17 billion yuan, 3% below expectations. Overall, total expenses were 4% lower than projected [1]. - The report highlights the upcoming performance of the "Three Kingdoms" anniversary season as a key focus area [1]. Financial Projections - Revenue projections for Bilibili are adjusted to 29.9 billion yuan for 2025, 32.4 billion yuan for 2026, and 34.6 billion yuan for 2027, reflecting year-over-year growth rates of 12%, 8%, and 7% respectively [7]. - The forecast for NON-GAAP net profit is updated to 2.01 billion yuan for 2025, 3.6 billion yuan for 2026, and 4.99 billion yuan for 2027, with significant year-over-year growth rates of 147.8%, 247.1%, and 62.3% respectively [7]. - The target price for Bilibili is set at $21.20, based on a 20x PE ratio for the 2026 NON-GAAP net profit, discounted back to 2025 [7]. Business Segments Performance - Mobile gaming revenue for Q1 2025 was 1.73 billion yuan, a 76% year-over-year increase, driven primarily by the core SLG product "Three Kingdoms: Strategy of the World" [7]. - Advertising revenue reached 2 billion yuan, a 20% year-over-year increase, supported by stable user growth, with DAU at 107 million, MAU at 368 million, and an average user engagement time of 108 minutes [7]. - Value-added services generated 2.8 billion yuan in revenue, an 11% year-over-year increase, driven by live streaming and other services [7].
金工周报(20250519-20250523):短中期择时信号偏中性,后市或偏向大盘-20250525
Huachuang Securities· 2025-05-25 05:44
金融工程 证 券 研 究 报 告 【金工周报】(20250519-20250523) 短中期择时信号偏中性,后市或偏向大盘 ❖ 本周回顾 本周市场普遍下跌,上证指数单周下跌 0.57%,创业板指单周下跌 0.88%。 A 股模型: 短期:成交量模型中性。低波动率模型中性。特征龙虎榜机构模型中性。特征 成交量模型看空。智能沪深 300 模型看多,智能中证 500 模型看空。 中期:涨跌停模型中性。月历效应模型中性。 长期:长期动量模型所有宽基指数中性。 综合:A 股综合兵器 V3 模型看空。A 股综合国证 2000 模型看空。 港股模型: 中期:成交额倒波幅模型看多。 本周行业指数涨少跌多,涨幅前五的行业为:综合、医药、汽车、有色金属、 家电,跌幅前五的行业为:综合金融、计算机、电子、机械、通信。从资金流 向角度来说,除家电外所有行业主力资金净流出,其中计算机、机械、电子、 基础化工、汽车主力资金净流出居前。 本周股票型基金总仓位为 90.83%,相较于上周减少了 76 个 bps,混合型基金 总仓位 73.66%,相较于上周增加了 120 个 bps。 本周汽车与计算机获得最大机构加仓,电子与电力设备及新能源 ...
计算机行业重大事项点评:公布《国家网络身份认证公共服务管理办法》,重视产业链机会
Huachuang Securities· 2025-05-25 05:44
行业研究 证 券 研 究 报 告 计算机行业重大事项点评 公布《国家网络身份认证公共服务管理办 推荐(维持) 法》,重视产业链机会 事项: ❑ 5 月 23 日,公安部、国家互联网信息办公室、民政部、文化和旅游部、国家 卫生健康委员会、国家广播电视总局等六部门联合公布《国家网络身份认证公 共服务管理办法》,自 2025 年 7 月 15 日起施行。 评论: 计算机 2025 年 05 月 25 日 华创证券研究所 证券分析师:吴鸣远 邮箱:wumingyuan@hcyjs.com 执业编号:S0360523040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 336 | 0.04 | | 总市值(亿元) | 41,548.90 | 4.19 | | 流通市值(亿元) | 35,628.74 | 4.53 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -1.7% | -2.5% | 30.2% | | 相对表现 | -4.2% | -3.0% | 23.6% | - ...
电魂网络:2024年报及2025年一季报点评业绩短期有所承压,后续重点关注《修仙时代》等新游上线表现-20250525
Huachuang Securities· 2025-05-25 04:25
证 券 研 究 报 告 电魂网络(603258)2024 年报及 2025 年一季报点评 推荐(维持) 业绩短期有所承压,后续重点关注《修仙时 代》等新游上线表现 事项: ❖ 发布 24Q4 和 25Q1 财报:业绩短期有所承压。24Q4 公司实现收入 1.38 亿元, YOY-19.8%,QOQ-2.0%;实现归母净利润-0.44 亿元;实现扣非归母净利润- 0.46 亿元。25Q1 公司实现收入 1.02 亿元,YOY-25.6%,QOQ-25.8%;实现归 母净利润 0.02 亿元;扣非归母净利润基本盈亏平衡。Q4、Q1 业绩均有所承 压。2024 年整体实现收入 5.5 亿元,YOY-19%;实现归母净利润 3058 万元; 实现扣非归母净利润 530 万元。 评论: [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 550 | 1,025 | 1,278 | 1,433 | | 同比增速(%) | -18.7% | 86.1% ...
哔哩哔哩(BILI)2025年一季报点评
Huachuang Securities· 2025-05-25 04:20
Investment Rating - The report maintains a "Recommended" rating for Bilibili (BILI), expecting it to outperform the benchmark index by 10%-20% over the next six months [16]. Core Insights - Bilibili's Q1 2025 financial results showed revenue of 7 billion yuan, a year-over-year increase of 24%, aligning with Bloomberg consensus expectations. The gross profit reached 2.54 billion yuan, up 58% year-over-year, with a gross margin of 36.3%, also meeting expectations. The company achieved a non-GAAP net profit of 362 million yuan, marking a return to profitability and exceeding consensus forecasts [1]. - Cost-saving measures contributed to the better-than-expected profit, with R&D expenses at 840 million yuan, 7% lower than expected, and sales expenses at 1.17 billion yuan, 3% below expectations. Overall, total expenses were 4% lower than anticipated [1]. Financial Projections - Revenue projections for Bilibili are adjusted to 29.9 billion yuan for 2025, 32.4 billion yuan for 2026, and 34.6 billion yuan for 2027, reflecting year-over-year growth rates of 12%, 8%, and 7% respectively [7]. - The forecast for non-GAAP net profit is updated to 2.01 billion yuan for 2025, 3.6 billion yuan for 2026, and 4.99 billion yuan for 2027, with significant year-over-year growth rates of 147.8%, 247.1%, and 62.3% respectively [7]. Business Segment Performance - Mobile gaming revenue for Q1 2025 was 1.73 billion yuan, a 76% year-over-year increase, driven primarily by the core SLG product "Three Kingdoms: Strategy of the World" [7]. - Advertising revenue reached 2 billion yuan, a 20% year-over-year increase, supported by stable user growth, with daily active users (DAU) reaching 107 million, a 4% year-over-year increase [7]. - Value-added services generated 2.8 billion yuan in revenue, an 11% year-over-year increase, driven by live streaming and other services [7]. Valuation and Target Price - The target price for Bilibili is set at $21.20, based on a 20x PE ratio for the 2026 non-GAAP net profit, discounted back to 2025 [7].
电魂网络(603258):2024年报及2025年一季报点评:业绩短期有所承压,后续重点关注《修仙时代》等新游上线表现
Huachuang Securities· 2025-05-25 03:45
Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][16]. Core Insights - The company's short-term performance is under pressure, with a focus on the upcoming launch of new games such as "Xiu Xian Shi Dai" [1][7]. - The company reported a revenue of 138 million yuan in Q4 2024, a year-over-year decline of 19.8%, and a revenue of 102 million yuan in Q1 2025, down 25.6% year-over-year [1][3]. - The overall revenue for 2024 is projected at 550 million yuan, reflecting a 19% year-over-year decrease, with a net profit of 30.58 million yuan [1][3]. Financial Performance Summary - The company’s total revenue is expected to grow significantly in the coming years, with projections of 1.025 billion yuan in 2025, 1.278 billion yuan in 2026, and 1.433 billion yuan in 2027, representing year-over-year growth rates of 86.1%, 24.8%, and 12.1% respectively [3][8]. - The net profit is forecasted to rebound sharply, with estimates of 311 million yuan in 2025, 401 million yuan in 2026, and 454 million yuan in 2027, showing year-over-year growth rates of 918.6%, 28.7%, and 13.3% respectively [3][8]. - The earnings per share (EPS) is projected to increase from 0.13 yuan in 2024 to 1.86 yuan in 2027 [3][8]. Product and Market Insights - The company’s core products, including "Meng San Guo 2" and "Meng Ta Fang," have stable operations, with "Meng San Guo 2" having over 100 million registered users and being included in the Hangzhou Asian Games [7][8]. - The company has a rich pipeline of new products, including "Luo Xuan Yong Shi" and "Jiang Hu Ru Meng," which are expected to contribute to revenue growth [7][8]. - The upcoming game "Xiu Xian Shi Dai," which will be published by Tencent, is anticipated to provide significant revenue and profit elasticity [7][8].