1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The yield of ultra - long credit bonds unexpectedly declined, and the sentiment for subscribing to new ultra - long credit bonds warmed up, but the index increase of ultra - long credit bonds was difficult to match that of treasury bonds, and the spread of ultra - long credit bonds widened passively, showing the problems of slow growth and low cost - effectiveness [2][3][4][5] 3. Summary by Directory 3.1存量市场特征 - The yield of ultra - long credit bonds unexpectedly declined. Factors such as the loosening of the capital market at the cross - month node and continuous trade frictions strengthened the bullish logic of the bond market. Before the holiday, the yield of long - duration interest - rate bonds dropped rapidly, and the interest rate of ultra - long credit bonds also declined. More than a hundred existing ultra - long credit bonds had yields below 2.2% compared with the previous week [2][13] 3.2一级发行情况 - The sentiment for subscribing to ultra - long credit bonds warmed up. Before the holiday, the supply of new ultra - long credit bonds slowed down. However, the average issuance interest rate of ultra - long industrial bonds rebounded to 2.39%. Benefiting from the increase in the coupon yield of new bonds and the loosening of the capital market, the subscription sentiment for new ultra - long credit bonds showed signs of marginal warming [3][22] 3.3二级成交表现 - The index increase of ultra - long credit bonds was difficult to match that of treasury bonds. Treasury bonds over 10 years strengthened rapidly. Although the ultra - long credit bond index followed the increase, the increase was far less than that of interest - rate bonds. The weekly increase of AA + credit bonds over 10 years was only 0.21% [4][29] - The trading volume of ultra - long credit bonds suddenly increased. Within three trading days of the week before the holiday, the number of transactions of credit bonds over 7 years exceeded the readings of the previous two weeks, with the most obvious increase in the trading volume of 7 - 10 - year long - term bonds. The sudden increase in trading volume may be related to some investors missing the interest - rate market and then increasing their allocation of ultra - long credit bonds to make up for losses. Since April, the proportion of transactions of new ultra - long credit bonds has increased significantly, and the reading in the latest week was close to 30% [4][30] - In the latest week, the proportion of TKN transactions of ultra - long credit bonds rose to over 75%, and the overall trading form was mainly low - valuation transactions [4] - Before the holiday, both public funds and wealth management products had positive net purchases of ultra - long credit bonds. In particular, the scale of wealth management products' increase in holdings of long - term credit bonds over 5 years reached a two - year high, with a weekly net purchase scale of 1.75 billion, exceeding that of insurance, a stable buyer [4][38] - From a more microscopic perspective, the spread of ultra - long credit bonds widened passively. The credit spreads of active bonds around 10 years and 30 years both exceeded 60bp, rising to over 80% of the quantile level in the past 24 years. Although the net price of active ultra - long credit bonds also increased in the latest week, the increase was significantly weaker than that of interest - rate bonds of the same term. The floating profits of long - term bond issuers below 20 years were not much different from those of medium - term issuers, exposing the problems of "slow growth and low cost - effectiveness" of this variety [5][43]

Investment Rating - The report recommends focusing on companies with a low-cost strategy and strong product creation capabilities, particularly BYD, Xiaopeng Motors, and Leap Motor, which are expected to exceed performance expectations in 2025 [6]. Core Insights - The automotive industry is characterized by a competition focused on creating blockbuster products, influenced by market competition, brand strength, and cost-performance ratio [2][3][4]. - The current market demands products with high cost-performance, as companies engage in price wars, making consumers more sensitive to pricing [4][5]. - Companies that can effectively reduce costs while maintaining product quality are more likely to succeed in the current competitive landscape [5][6]. Summary by Sections Section 1: Competition in the Automotive Industry - The automotive market is driven by the creation of blockbuster products, leading to cyclical sales fluctuations that impact stock prices [2][15]. - The competition is influenced by three main factors: market competition structure, brand strength, and cost-performance ratio [2][15]. - The industry is transitioning towards a technology-oriented model, with increasing importance placed on software and intelligent driving technologies [17]. Section 2: Product Creation Strategies - Three strategies for creating blockbuster products are identified: emerging market strategy, cost-performance strategy, and brand strength strategy [3][4]. - Companies like Li Auto focus on emerging markets, while others like Geely and Xiaopeng adopt cost-performance strategies to capture market share [3][4]. Section 3: Market Dynamics and Future Trends - The report emphasizes that the market is currently in a price war, with companies needing to enhance their product creation capabilities under cost-performance pressures [4][5]. - Intelligent driving is seen as an inevitable trend, with expectations for consumer recognition to increase in the future [4]. Section 4: Recommended Companies - Companies such as BYD, Geely, Xiaopeng, and Leap Motor are highlighted for their strong product creation capabilities and low-cost strategies, making them attractive investment opportunities [6][4]. - BYD is noted for its technological advancements and cost advantages, while Geely is recognized for its recent successful product launches [6][4].

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% in the next 3-6 months [6] Core Insights - The Financial Regulatory Bureau plans to expand the long-term investment pilot for insurance funds by an additional 60 billion yuan, aiming to inject more incremental capital into the market [1] - The adjustment of solvency regulation rules will lower the risk factor for stock investments by 10%, encouraging insurance companies to increase their market participation [1][2] - The current pilot for long-term investment has reached 162 billion yuan, with eight leading insurance companies participating, primarily targeting high-dividend stocks in the secondary market [2] - The expected incremental capital from insurance funds entering the market over the next three years is estimated to be around 600-800 billion yuan, with 300-400 billion yuan specifically for high-dividend stocks [3] Summary by Sections Long-term Stock Investment Pilot - As of now, the approved long-term investment pilot for insurance funds has reached 162 billion yuan, with eight major insurance companies involved, focusing on high-dividend stocks in the secondary market [2] Stock Investment Risk Factor - The solvency ratio determines the upper limit of equity investments for insurance companies, with the risk factor for investing in the CSI 300 index optimized from 0.3 to 0.27, leading to a solvency ratio increase for major insurers [2] Future Projections - Assuming a 50% allocation of life insurance premiums into investment assets, and with a projected 0% growth in premium income from 2025 to 2027, an annual increase of 1% to 1.5% in equity assets is expected, resulting in approximately 600-800 billion yuan entering the market each year [3] Investment Recommendations - The capital market is expected to perform well in the long term, with increased insurance fund participation likely to alleviate risks associated with interest rate differentials. Key investment focuses include: 1. ZhongAn Online, projected to achieve significant profit growth with a low current valuation [4] 2. Property and casualty insurance as a high-dividend defensive sector, recommended for accumulation during dips [4] 3. Life insurance companies like Xinhua Insurance and China Taiping, expected to maintain double-digit profit growth despite high baselines [4]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 47.95 RMB per share based on a 21x PE valuation for 2025 [4] Core Insights - The company is a leading player in the domestic in vitro diagnostic industry, primarily focusing on immunodiagnostic products, and is expected to benefit from the ongoing procurement policies and the introduction of high-speed analyzers [2][32] - The company has successfully won bids in the collective procurement process across 28 provinces, which is anticipated to accelerate the domestic market share growth [52][56] - The international market expansion is underway, with overseas sales projected to reach 286 million RMB in 2024, reflecting a year-on-year growth of 36.6% [3] Summary by Sections Investment Logic - The collective procurement is driving industry transformation, and the promotion of high-speed analyzers is expected to enhance market share [2] - The company is diversifying its business model by integrating automation in laboratories, molecular diagnostics, and microbial mass spectrometry [2] International Market Expansion - The global in vitro diagnostic market exceeds 100 billion USD, and the company is gradually entering various regions including the Middle East, Asia, and Europe [3] Profit Forecast and Investment Recommendations - The projected net profits for 2025-2027 are 1.305 billion, 1.566 billion, and 1.884 billion RMB, with growth rates of 9%, 20%, and 20% respectively [4] - The company is expected to maintain a stable growth trend despite short-term impacts from price adjustments due to collective procurement [14] Company Overview - The company has established a strong presence in the immunodiagnostic sector, with a focus on technological innovation and high-quality manufacturing [14][28] - The revenue from reagent products is projected to be 3.797 billion RMB in 2024, accounting for 84.9% of total revenue [15]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 47.95 RMB per share, based on a 21x PE valuation for 2025 [4]. Core Insights - The company is a leading player in the domestic in vitro diagnostics industry, primarily focusing on immunodiagnostics. The implementation of centralized procurement is expected to accelerate the domestic production process and enhance market share through high-speed analyzers [2][32]. - The company is expanding its product offerings across multiple innovative business areas, including automated laboratory workflows, molecular diagnostics, and microbiological mass spectrometry, which are expected to drive future growth [2][3][58]. - The international market expansion is underway, with overseas sales projected to reach 286 million RMB in 2024, reflecting a year-on-year growth of 36.6% [3]. Summary by Sections Investment Logic - The centralized procurement led by Anhui Province is expected to boost the demand for the company's products, with successful bids in the first round of procurement [2]. - The high-throughput chemiluminescence immunoassay analyzer AutoLumo A6000 has a detection speed of 600 tests per hour, which will enhance the company's market share in high-end products [2][49]. Business Expansion - The company is actively developing automated laboratory workflows, molecular diagnostics, and microbiological mass spectrometry systems, which are anticipated to create new growth avenues [2][3][58]. - The Sikun2000 gene sequencer is expected to capture market share following the ban on foreign competitor sales in China [2][3]. Financial Forecast and Investment Advice - The projected net profits for 2025-2027 are 1.305 billion, 1.566 billion, and 1.884 billion RMB, respectively, with growth rates of 9%, 20%, and 20% [4]. - The company’s revenue is expected to grow from 4.471 billion RMB in 2024 to 7.081 billion RMB by 2027, with a compound annual growth rate of approximately 18.74% [8]. Market Trends - The domestic in vitro diagnostics market is expected to grow significantly, with the immunodiagnostics segment projected to reach 105.5 billion RMB by 2028, reflecting a compound annual growth rate of 19.1% [39][40]. - The company’s international sales have increased from 1.5% of total revenue in 2017 to an estimated 6.5% in 2024, indicating a growing focus on global markets [25][27]. Competitive Landscape - The company holds a market share of 4% in the domestic immunodiagnostics market, which is dominated by foreign brands, indicating significant potential for growth through domestic product enhancements and procurement policies [45][46].

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a significant increase in sales for electric vehicles and energy storage, with lithium carbonate prices declining by 4.8% to 70,000 yuan per ton [1][5] - In March 2025, domestic wholesale sales of new energy passenger vehicles reached 1.13 million units, a year-on-year increase of 35.5% [1][20] - The transition from lead-acid to lithium batteries in the start-stop battery market is becoming clearer, driven by performance improvements and cost reductions in sodium batteries [3][12] Summary by Sections Monthly Insights - In April 2025, the lithium battery-related sectors, except for new energy vehicles, experienced varying degrees of decline, with significant drops in the phosphate iron lithium positive electrode and lithium battery copper foil sectors [2] - The monthly transaction volume for most sectors decreased significantly, while the new energy vehicle sector saw a slight increase in transaction volume [2] Research Topic - The start-stop battery market is in a growth phase, with lead-acid batteries currently dominating but facing competition from lithium and sodium batteries [3][12] - The market for start-stop batteries is expected to grow significantly, with a projected compound annual growth rate of 14.5% from 2024 to 2032 [14] Industry Insights - In March 2025, new energy vehicle sales in China and Europe were strong, with sales of 1.128 million and 304,000 units respectively, reflecting a year-on-year increase of 36% and 26% [4][20] - Energy storage installations in China and the US saw significant growth, with domestic installations reaching 3.4 GWh in March, a year-on-year increase of 57% [24][27] Lithium Battery Production Tracking - In May 2025, lithium battery production is expected to fluctuate between -5% and 13% month-on-month, with year-on-year growth ranging from -1% to 41% [5][30] - The report indicates that the lithium battery sector is entering a seasonal low period, with production adjustments anticipated [30] Investment Recommendations - The report suggests that the lithium battery sector is poised for a BETA-level market driven by both industry demand and technological advancements, recommending key players such as CATL and EVE Energy [6][39]

2025 年 5 月 6 日 电力设备与新能源行业研究 买入（维持评级） 行业月报 证券研究报告 新能源与电力设备组 分析师：姚遥（执业 S1130512080001） yaoy＠gjzq.com.cn 锂电 4 月洞察：电车储能销量持续走高，钴价止涨正极盈利企稳 本月行业重要变化： 1）锂电：4 月 30 日，碳酸锂报价 7.0 万元/吨，较上月下降 4.8%；氢氧化锂报价 7.0 万元/吨，较上月下降 0.4%。 2）整车：2025 年 3 月国内新能源乘用车批发销量达 113 万辆，同比+35.5%，环比+35.9%；1～3 月累计批发 285 万辆， 同比+43%。 行情回顾： 2025 年 4 月以来，锂电关联板块中除新能源车环节外，均有不同幅度的下跌，磷酸铁锂正极、锂电铜箔和柴发产业链 等环节跌幅较大，相对沪深 300 的涨跌幅超额分别为-8%、-7%和-5%。多数环节月度成交额较上月大幅下跌，只有新 能源车的月度成交额环比提升，市场关注度不减。锂电关联版块多数环节 3 年历史估值分位处于低值，锂电电解液、 负极和智能驾驶的 3 年历史估值分位仅个位数区间，未来存在估值修复的空间。 本月研究专题： ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The central bank's attitude has eased, with increased reverse repurchase and MLF投放, and falling interest rates. The downward space for funds is greater than the upward space. The central bank's response to the tariff shock has been calm, and the decline in interest rates has been limited. The weakening fundamentals may drive interest rates down further. There are two possible "broad money" models, and the second model is more likely, with the negative impact of monetary factors on the bond market decreasing [5][6][37]. Summary by Relevant Catalogs 4 - Month Review: Lowered Fund Center, but Weak Expectations for Interest Rate Cuts - **Central Bank's Attitude**: The central bank's attitude in April was "stable with a slight easing." Net 7 - day reverse repurchase was 320.8 billion yuan, and 1 - year MLF had a net injection of 50 billion yuan, with a total open - market operation injection of 820.8 billion yuan. However, the net withdrawal of outright reverse repurchase was 50 billion yuan. The central bank's current attitude towards the funds remains stable, but has eased compared to the beginning of the year [2][12]. - **Fund Price**: The central level of fund interest rates for all terms decreased in April compared to March. DR001 and DR007 decreased by 10bp and 15bp to 1.67% and 1.73% respectively; R001 and R007 decreased by 15bp and 19bp to 1.71% and 1.77% respectively. The spread between DR007 and the 7 - day reverse repurchase rate narrowed to 23bp [3][13]. - **Certificate of Deposit**: In April, the issuance volume and price of certificates of deposit decreased. The total issuance volume of inter - bank certificates of deposit by state - owned and joint - stock banks dropped from 2.7 trillion yuan to 1.7 trillion yuan. The weighted average issuance rates of state - owned and joint - stock banks' inter - bank certificates of deposit decreased by 23bp and 22bp respectively, and the yields to maturity of 3M, 6M, and 1Y certificates of deposit decreased by 21bp, 21bp, and 19bp respectively [3][14]. - **Interest Rate Cut Expectations**: The market has not restarted "interest rate cut trading." From the perspectives of IRS:FR007 and FR007 spread, floating - rate and fixed - rate bond YTM spread, and the monetary tightness and looseness expectation index, the expectation of interest rate cuts in the bond market in April was volatile, mainly affected by changing tariff policies and the "determination" of domestic monetary policy [4][15]. 5 - Month Outlook: External and Internal Pressures Cause Disturbances, and There May Be Room for Funds to Go Down - **Central Bank's Attitude and Interest Rate Space**: Compared with the "abnormally high" fund - policy spread in Q1, the central bank's attitude has eased, with increased reverse repurchase and MLF投放, and falling interest rates for two consecutive months. The downward space for funds is greater than the upward space [5][25]. - **Tariff Impact**: The central bank has been "calm" in the face of the tariff shock. The decline in interest rates since the trade friction has been limited compared to historical shock events. From March to April, the spread between DR007 and the policy rate only narrowed by 39bp [5][25][26]. - **Fundamentals**: The fundamentals do not support a trend of rising fund prices. The PMI and building materials composite index have declined, and the negative impact of trade friction on the economy has been reflected in multiple dimensions. If the fundamentals weaken, it may drive interest rates down further [5][29]. - **Government Bond Financing**: In May, the net financing scale of government bonds is expected to increase significantly compared to April. The estimated net financing scale of national bonds is about 970 billion yuan, and that of local bonds is about 450.3 billion yuan, with a total of about 1.4 trillion yuan [32]. - **Liquidity Gap**: The liquidity gap in May may narrow slightly compared to April, mainly due to the lower maturity of outright reverse repurchase. However, attention should be paid to the disturbance of government bond issuance [33][34]. - **Broad Money Path**: There are two possible "broad money" models for the central bank. The second model (first compressing the spread and then cutting the policy rate) shows more signs of implementation, and the negative impact of monetary factors on the bond market is decreasing [6][37].

Investment Rating - The report maintains a positive investment rating for the photovoltaic and wind energy sectors, highlighting a recovery in profitability and growth potential in these industries [2][8]. Core Insights - The report emphasizes the importance of government policies in promoting the use of advanced photovoltaic components, which is seen as a viable solution to address the issue of excess production capacity in the solar industry [7][8]. - The wind energy sector is experiencing a significant uptick in construction activity, with the first offshore wind project in Shandong officially commencing, indicating a positive trend in the industry [2][8]. - The report notes that the performance of the photovoltaic and storage sectors is stabilizing, with signs of a turning point in profitability expected in the near future [2][7]. Summary by Relevant Sections Photovoltaic & Energy Storage - The National Energy Administration has issued a notice to encourage the use of advanced photovoltaic components in large-scale projects, which is expected to enhance the competitiveness of the domestic photovoltaic manufacturing industry [7][8]. - The photovoltaic sector is projected to maintain high demand in 2024, with an expected 277 GW of new installations, representing a 28% year-on-year increase [7][8]. - The first quarter of 2025 saw a significant increase in new installations, with 60 GW added, marking a 31% year-on-year growth [7][8]. Wind Energy - The Shandong Peninsula North L offshore wind project has officially started construction, contributing to the acceleration of offshore wind development in China [2][8]. - The wind energy sector reported a net profit of 12.5 billion yuan in the first quarter of 2025, marking the first year-on-year profit increase in three years [2][8]. - The report highlights three main investment themes in the wind energy sector: improvement in profitability of turbine manufacturers, rising demand for offshore wind, and the release of profit elasticity in component prices [2][8]. Power Grid - The State Grid's second batch of bidding results for transmission and transformation equipment reached 17.64 billion yuan, a 13% year-on-year increase, indicating accelerated main grid construction [3][9]. - The report mentions the release of new bidding projects for distribution transformers and integrated products, with an estimated total bidding amount exceeding 6.5 billion yuan [3][9]. - The introduction of the basic rules for the auxiliary service market marks a significant step towards the market-oriented reform of power services in China [9][10]. New Energy Vehicles - The launch of the Lynk & Co 900, a six-seat plug-in hybrid SUV, has exceeded market expectations with a competitive pricing strategy [14][16]. - The report notes a significant increase in the sales of new energy vehicles, with a retail penetration rate of 52.3% in April 2025 [14][16]. Hydrogen Energy and Fuel Cells - The report indicates that hydrogen energy policies are expected to continue, with a focus on quality development and the promotion of the entire hydrogen industry chain [12][15]. - The hydrogen production capacity is projected to reach 120,000 tons per year by 2025, with significant growth in fuel cell vehicle production [12][15].

Investment Rating - The report indicates a stable online retail landscape and suggests focusing on the progress of offline retail adjustments [1]. Core Insights - The offline retail sector shows varied performance, with trade experiencing revenue growth and profit increase, while other segments like tourism retail and department stores face challenges [5][6]. - The trade sector is highlighted as a growth area, with significant profit increases in 2025 Q1 compared to the previous year [7][10]. - The report emphasizes the need to monitor the ongoing adjustments in offline retail formats to identify potential investment opportunities [1]. Summary by Sections 1.1 Offline Retail Overall Performance - Annual - Trade sector revenue increased by 14% to 53.39 billion, with net profit up 25% to 4.78 billion [5]. - Tourism retail saw a dramatic revenue increase of 161% to 17.60 billion, but net profit decreased by 36% to 4.27 billion [5]. - Department stores and supermarkets faced significant declines, with department store revenue down 7% and net profit down 37% [5]. 1.1 Offline Retail Overall Performance - Q1 - In 2025 Q1, trade sector revenue rose by 21% to 11.55 billion, with net profit increasing by 70% to 1.22 billion [7]. - General retail and professional chains experienced revenue declines of 21% and 24%, respectively, with net profits also decreasing [7]. - Tourism retail revenue decreased by 11%, with net profit down 16% [7]. 1.2 Trade Sector Overall Performance - Annual & Q1 - Nearly half of the 13 listed companies in the trade sector reported profit growth in 2024, with notable increases from Jiangsu Guotai (+14%) and Zhongxin Metal (+269%) in Q1 2025 [10]. - The report highlights the resilience of certain companies within the trade sector despite overall market challenges [10]. 1.3 General Retail - Department Store Performance - The department store sector saw most companies report profit declines in 2024, with only a few, such as Dalian Friendship, showing significant growth [12]. - The performance trend continued into Q1 2025, with most companies maintaining similar challenges [12]. 1.3 General Retail - Supermarket Performance - The supermarket sector had mixed results, with some companies like Zhongbai Group showing profit growth in 2024 and Q1 2025 [15]. - The report notes that several supermarkets are beginning to recover from previous declines [15]. 1.3 General Retail - Commercial Property Management Performance - The commercial property management sector had 10 out of 15 companies reporting profit declines in 2024, but some, like Huitong Energy, showed significant growth [17]. - The positive trend continued into Q1 2025 for a few companies [17]. 1.4 Professional Chains & Tourism Retail Performance - The professional chain sector had limited growth, with only two companies reporting profit increases in 2024 [20]. - The tourism retail sector faced challenges, with China Duty Free reporting a 36% decline in profit for 2024 [21]. 1.5 Key Company Performances - Yonghui Supermarket - Yonghui Supermarket reported a revenue decline of 14% in 2024, with a significant drop in net profit [25]. - The company is undergoing strategic adjustments, including store closures and optimizations, which impacted its financial performance [26]. 1.5 Key Company Performances - Bubugao - Bubugao achieved a revenue increase of 11% in 2024, with a notable profit turnaround [30]. - The company continued to show strong performance in Q1 2025, with a revenue increase of 24% and a profit increase of 488% [32].