Investment Rating - The report maintains a "Recommendation" rating for the steel industry [6]. Core Viewpoints - The steel industry is experiencing a bottoming out in the off-season, with a focus on bottom-fishing opportunities. Cost reductions are accelerating, leading to a slight improvement in industry profitability [2][3]. - As of June 20, 2025, the prices for five major steel products are reported as follows: rebar at 3,201 CNY/ton, wire rod at 3,540 CNY/ton, hot-rolled coil at 3,210 CNY/ton, cold-rolled coil at 3,613 CNY/ton, and medium-thick plate at 3,398 CNY/ton, with weekly changes of -0.21%, -0.13%, +0.37%, -0.26%, and -0.68% respectively [2][17]. - The average daily pig iron output from 247 steel enterprises is 2.4218 million tons, with a week-on-week increase of 0.057 million tons, and the capacity utilization rate of blast furnaces is 90.79%, up by 0.21 percentage points week-on-week [2][3]. - The total steel inventory is 13.3839 million tons, down by 156,700 tons week-on-week, with social inventory decreasing by 143,700 tons to 9.1311 million tons [2][3]. Summary by Sections 1. Market Review - The report indicates that the steel market is currently in a seasonal off-peak period, with prices stabilizing at the bottom [2][3]. 2. Key Industry Data Tracking (a) Production Data - The production of five major steel products has shown a slight recovery, primarily driven by the restoration of steel mill profits [3][4]. (b) Consumption of Five Major Steel Products - The total consumption of the five major steel products reached 8.8418 million tons, with a week-on-week increase of 1.608 million tons [2][3]. (c) Inventory Situation - The report highlights a decrease in both social and steel mill inventories, indicating a tightening supply situation [2][3]. (d) Profitability - The profitability of the steel industry is showing signs of recovery, with 59.31% of sampled steel companies reporting profits, an increase of 0.87 percentage points week-on-week [2][3]. 3. Company Insights - Baodi Mining is planning to acquire an 82% stake in Congling Energy, which will enhance its iron ore resource control by approximately 21.75% [4]. 4. Stock Insights - The report emphasizes the stabilization and recovery of profits in the steel industry, suggesting attention to future supply regulation policies that may provide elasticity [5].

www.hczq.com 证券研究报告 | 医药生物 | 2025年6月22日 第一部分 行情回顾 01 华创医药投资观点&研究专题周周谈 · 第131期 骨科耗材行业近况更新 本周周专题联系人：李婵娟 陈俊威 华创医药团队： | 首席分析师 | 郑辰 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | | 刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | | 高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 | 王宏雨 | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 | 朱珂琛 | | 执业编号：S0360524070007 | 邮 ...

汽车行业周报（20250616-20250622） 推荐（维持） 6 月下旬需求有望恢复，小米 YU7 月底发布 | 华创证券研究所 | | --- | | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 本周汽车板块微跌，投资情绪偏淡。往年 6 月是半年考核节点，预计 6 月下旬随营销增 加周度需求较上旬回暖，行业随之进入 7-8 月淡季，再往后将迎来今年新品集中上市阶 段，叠加年底前季节性旺销和补贴因素，销量展望乐观。市场逐步关注明年以旧换新、 新能源车购置税变化对行业影响，无论追求相 ...

行业研究 证 券 研 究 报 告 金融资金面跟踪：量化周报（2025/06/16~2025/06/21） 推荐（维持） 超额整体为正，市场成交量有所回落 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 非银行金融 2025 年 06 月 21 日 金融资金面跟踪：量化周报（2025/06/16~2025/06/21） | 华创证券研究所 | | | --- | --- | | 证券分析师：徐康 | 证券分析师：刘潇伟 | | 电话：021-20572556 | 邮箱：liuxiaowei@hcyjs.com | | 邮箱：xukang@hcyjs.com | 执业编号：S0360525020001 | | 执业编号：S0360518060005 | | 各量化超额整体为正。上周样本量化私募收益及超额如下：1）300 增强策略周/月/ 年初以来平均收益分别为+0.1%/+1.7%/+2.7%，周/月/年初以来平均超额分别为 +0.2%/+0.8%/+4.9%；2）500 增强策略周/月/年初以来平均收益分别为+0%/+2.8%/+7.8%， 周/月/年初以来平均超额分别为+0.2%/ ...

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250620 市场概况：今日转债多数行业下跌，估值环比抬升 指数表现：中证转债指数环比下降 0.01%、上证综指环比下降 0.07%、深证成 指环比下降 0.47%、创业板指环比下降 0.83%、上证 50 指数环比上涨 0.31%、 中证 1000 指数环比下降 0.80%。 市场风格：大盘价值相对占优。大盘成长环比上涨 0.02%、大盘价值环比上涨 0.76%、中盘成长环比下降 0.48%、中盘价值环比下降 0.11%、小盘成长环比下 降 0.83%、小盘价值环比下降 0.20%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 573.28 亿元，环比 增长 0.35%；万得全 A 总成交额为 10917.40 亿元，环比减少 14.77%；沪深两 市主力净流出 223.42 亿元，十年国债收益率环比降低 0.29bp 至 1.64%。 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 119.43 元，环比昨日下降 0.02%。其中偏股型转债的收盘价为 159.13 元，环比 下降 3.37%；偏债型转债的收盘价为 11 ...

证 券 研 究 报 告 【策略专题】 赋时间以价值——时间调查公报解析 单位时间价值的变化揭示着居民活动从追逐城镇化进程及产业规模扩张，向个 人发展质量提升的逻辑转换。从单位时间价值的增速来看，2008-2018 年交通 出行、学习培训、睡觉休息的年均增速较高，背后是中国城镇化扩张期下劳动 力流动的需求；2018-2024 年文娱社交、劳动就业、购买商品或服务、运动健 身、个护的增速较为可观，背后主要是经济转型期下对个人发展质量的追求。 各活动单位时间价值变动原因解析：从城镇化红利到个人发展需求。 对单位时间价值的分子端产生价值量和分母端活动小时进行拆分解析，其变化 原因主要为： 技术革新：互联网使用时长倍增，直播电商缩减购物时间； 人口结构：老龄化使得劳动适龄人口占比下滑，平均劳动就业时长缩短； 消费升级：文娱社交、高端美妆代表的悦己消费与运动健身代表的健康观念正 催化新消费增长极； 城镇化映射：地产周期变化对应睡觉休息价值量变动，交通出行单位时间价值 增速先增后降反应城镇化扩张与走缓。 统计局行业分类视角下各行业单位时间人均产出：各行业单位时间人均产出= 人均 GDP 产出/就业人员平均工作时间。 从单位 ...

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [30]. Core Insights - In May, the express delivery industry achieved a business volume of 17.2% year-on-year growth, with a total of 173.2 billion packages delivered. Cumulatively, from January to May, the industry delivered 787.7 billion packages, reflecting a 20.1% year-on-year increase [5][8]. - The industry's revenue in May reached 1255.5 billion yuan, marking an 8.2% year-on-year increase, while the cumulative revenue from January to May was 5924.6 billion yuan, up 10.3% year-on-year [5][8]. - The average revenue per package in May was 7.25 yuan, down 7.6% year-on-year, with the cumulative average for the first five months at 7.52 yuan, a decrease of 8.2% year-on-year [5][8]. Summary by Sections Industry Performance - The express delivery industry continues to show strong growth, with major players like SF Express leading in volume growth at 31.8% year-on-year in May, followed by YTO Express at 21.0% and Shentong Express at 16.4% [5][6]. - Cumulatively, from January to May, SF Express also led with a 24.4% year-on-year growth, followed by Shentong at 23.0% and YTO at 22.3% [5][6]. Company Performance - In terms of revenue growth for May, YTO Express led with a 14.9% increase, followed by SF Express at 13.4% and Shentong at 13.0%. Cumulatively, Shentong's revenue grew by 17.0% year-on-year, outperforming the industry average of 10.3% [5][6]. - The report highlights that SF Express has implemented an "activation operation" strategy, which has significantly boosted its business volume and revenue growth, maintaining its position as the industry leader for three consecutive months [5][6]. Future Outlook - The report expresses optimism about the express delivery industry's resilience in demand, particularly in e-commerce logistics. It suggests that the industry is moving towards a more favorable competitive landscape, with major players adjusting their pricing strategies [5][6]. - The report recommends focusing on leading companies like Shentong and YTO Express, which are expected to benefit from the evolving market dynamics and potential performance rebounds [5][6].

公司研究 证 券 研 究 报 告 拟全资收购索尔思光电，有望打开第三成长 曲线 事项： ❖ 公司董事会 2025 年 6 月 13 日同意公司全资子香港超毅拟收购索尔思光电 100%股份，以及公司认购其可转债，其中索尔思光电 100%股份收购对价不超 过 6.29 亿美元；索尔思光电 ESOP 权益收购对价不超过 0.58 亿美元；为支持 索尔思光电经营发展需要以及偿还万通发展认购的可转债，公司拟认购目标公 司不超过 10 亿元的可转债。本次交易完成后，香港超毅将持有索尔思光电 100%股份，索尔思光电将成为公司全资子公司。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 36,770 | 44,058 | 55,343 | 60,418 | | 同比增速(%) | 9.3% | 19.8% | 25.6% | 9.2% | | 归母净利润(百万) | 1,086 | 3,018 | 5,014 | 6,032 | | 同比增速 ...

证 券 研 究 报 告 江淮汽车（600418）重大事项点评 强推（维持） 尊界 S800 大定超预期，尊界品牌空间广阔 目标价：59.24 元 事项： ❖ 2025 年 5 月 30 日，尊界 S800 正式上市，售价 70.8-101.8 万元，上市 19 天累 计大定突破 5000 台，表现超预期。 评论： 此外，如果尊界 S800 竞争力大幅超过 78S 等竞品，则有可能加速增换购节奏， 带来销量超过原销冠，实现市场扩容。 预计公司 2025-2027 年自主业务营收 436 亿、469 亿、492 亿元，尊界业务营 收 38 亿、130 亿、222 亿元。根据公司近况并对公司与华为盈利分配进行调 整，将 2025-2027 年公司总营收预测由 464 亿、538 亿、622 亿元上调为 475 亿、600 亿、715 亿元，同比+13%、+26%、+19%。2025-2027 归母净利预测由 -1.5 亿、16.4 亿、27.9 亿元调整为-0.6 亿、14.8 亿、37.5 亿元。按分部估值， 参考公司历史估值和可比公司对应阶段估值，同时根据公司与华为盈利分配预 估调整 PS 倍数，并依据尊界 S ...

行业研究 证 券 研 究 报 告 黄酒行业深度研究报告 推荐（首次） 中国黄酒，复兴在望 其他酒 2025 年 06 月 19 日 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 10 | 0.00 | | 总市值(亿元) | 787.20 | 0.08 | | 流通市值(亿元) | 698.06 | 0.09 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | ...