核心观点 阿迪达斯 25Q1 业绩向好，营收、利润双增长，各业务板块与区域市场表现出色，同时积极应对关税挑战，对未来增 长充满信心。在业绩数据方面，25Q1营收达61.53亿欧元，同比增长12.73%。其中，大中华区表现亮眼，营收10.29 亿欧元，同比增长 14.72%。自 23Q1 换帅后已连续 8 个季度正增长，且环比加速，彰显强劲品牌势能。鞋类业务增长 突出，营收同比增长 17%，占比 61%；服装/配件营收分别增长 8%/10%，业务结构健康。从渠道来看，批发/零售渠道 分别增长18%/13%，电商渠道虽下降3%，但主要是受24年3月YEEZE产品销售的影响。毛利率提升0.9pct至52.1%， 经营利润率提升 3.7pct 至 9.9%，运营费用控制成效显著。库存因业务增长需求上升 14.6%至 50.72 亿欧元，预计 25Q2 还会小幅增长。产品方面公司聚焦生活化跑步系列，EvoSL 等产品销量可观，未来将深化本地化研发。在专业 体育领域，借助赛事提升品牌知名度，持续加大创新力度。面对关税不确定性，公司积极应对，通过提前清关、调 配产品等方式规避风险。尽管美国业务占比约 20%，但公司坚信能凭 ...

投资建议 白酒板块：本周年季报业绩期收官，整体而言：白酒板块 24 年年报及 25 年一季报的兑现度均较为不错，绝大多数酒 企的表观业绩高度契合市场预期。在当下白酒行业景气度仍有所承压的背景下，一方面市场期待酒企能发挥其品牌/ 渠道/组织等优越性，积极紧抓消费需求、拼抢巩固自身市场份额；另一方面，市场亦深知欲速则不达，只有基本面 底盘企稳、酒企方能伴随景气上行而厚积薄发。因此，业绩的平稳兑现已是行业磨底期酒企交出的不错答卷。 当下已至白酒消费淡季，酒企的营销重心也逐步倾斜至流通渠道稳价盘、团购商务做客情、宴席聚饮抢需求。从目前 的动销反馈来看，宴席场景动销普遍反馈可圈可点、部分区域因民俗因素致使今年宴席有所回补，但团购商务、聚饮 动销仍较承压。考虑到春糖后外部贸易环境等不确定性进一步提升，我们预计短期白酒行业动销或仍处于小幅回落的 磨底状态，拐点仍待促内需、顺周期相关政策落地后从需求端曳引。 目前我们维持行业景气度仍处于下行趋缓阶段的判断，类似上一轮周期中 14 年下半年至 15 年，该时期行业景气度不 再断崖式回落、尤其淡季动销绝对量占比相对较低，但需求侧仍缺乏足够强的拉力。考虑产业层面已处于磨底阶段， 白 ...

板块市场回顾 本周（4/27-4/30）交运指数下跌 1.3%，沪深 300 指数下跌 0.4%，跑输大盘 0.8%，排名 21/29。交运子板块中公路涨 幅最大(+0.4%)，公交板块跌幅最大(-3.7%)。 行业观点 交运板块年报一季报总结：2024 年及 1Q2025 交运板块营收利润同比增长。2024 年交运板块实现营业收入 35549 亿 元，同比+2.0%，航运、航空、快递等板块收入增量大；实现归母净利润 1920 亿元，同比+13.8%，航运、航空业绩增 量大。1Q2025 交运板块实现营业收入 8369 亿元，同比+3.4%，航运、快递等板块收入增量大；实现归母净利润 472 亿 元，同比+2.3%，航运板块业绩增量大。1Q2025 公路、铁路、港口、航空等板块环比 4Q2024 业绩明显增长。 快递：3 月快递业务量同比增长 20.3%，单票收入同比下降 8.2%。上周（4 月 21 日-4 月 27 日）邮政快递累计揽收量 约 40.75 亿件，环比+3.2%，同比+19.9%；累计投递量约 40.58 亿件，环比+3.2%，同比+22.4%。2025 年 3 月，快递业 务收入完成 12 ...

业绩简评 2025 年 5 月 2 日公司披露 FY25Q2（2025.1~2025.3）业绩，公司 FY25Q2 实现营业收入 953.59 亿美元，同比+5.08%，公司毛利率为 47.05%，同比+0.47pct，环比+0.17pct，公司实现净利润 247.80 亿美元，同比+4.84%。 公司指引 FY25Q3 营收实现低到中个位数同比增长，预计毛利率为 45.5%~46.5%，其中包括 9 亿美元的关税带来的成本提升。 经营分析 公司服务业务收入继续增长，FY25Q2 公司实现服务业务营收 266.45 亿美元，同比+11.64%。公司付费订阅数实现同比双位数增 长，达到超过 10 亿数量；付费账户实现同比双位数增长，达到历 史新高。我们认为随着公司订阅内容持续丰富，公司服务业务有 望继续增长，为公司提供较强的分红与回购的能力。 硬件端，除可穿戴产品外，公司其他类别产品均实现营收同比增 长。FY25Q2 公司产品收入为 687.14 亿美元，同比+2.73%，其中 iPhone、iPad、Mac、可穿戴营收分别为 468.41、64.02、79.49、 75.22 亿美元，同比+1.9%、+15. ...

通信周观点： 1）微软与 Meta 最新财报验证 AI 商业化加速、算力投资延续高景气。微软 Azure 和其他云服务收入本季度同比增长 35%，其中 AI 贡献了 16%，2025 年资本开支维持 800 亿美元。Meta 第一季度经营利润 175.6 亿美元，同比增长 27%。 用户在其应用上的使用时长和互动频率提高，公司还上调全年资本开支至 640-720 亿美元，主投 AI 数据中心和硬件。 在北美云厂商强劲的资本开支下，我们认为上游光模块、服务器、连接器等行业需求有望保持高增长，市场此前有关 北美云厂商资本开支增速放缓的担忧得到释放。2）受益于 AI 需求驱动和国内外互联网厂商资本开支增长，服务器、 连接器等龙头公司业绩亮眼。服务器板块工业富联营收、净利均创历史新高。数据中心高密度连接需求爆发，MPO 及 AEC 成为核心增量赛道。以太网交换机市场结构性分化，AI 算力需求推动数通交换机向 800G/1.6T 高速率升级，增势 迅猛。我们看好交换机板块业绩触底回升。3）国内大模型迭代，落地应用有望加速。小米首个推理大模型 MiMo 开源， 满足端侧本地运行。阿里通义千问发布新版 Qwen3 系列模型 ...

建议关注国内生成式大模型龙头科大讯飞；AI 硬件有望成为应用落地的新载体，建议关注萤石网络、虹软科技 等；AI 相关功能打磨能够带动 C 端应用月活量、付费率提升，建议关注金山办公、万兴科技等。 风险提示 本周观点 投资建议 行业竞争加剧的风险；技术研发进度不及预期的风险；特定行业下游资本开支周期性波动的风险。 敬请参阅最后一页特别声明 1 4 月 29 日，阿里 Qwen3 系列模型开源发布，包含两款 MoE 模型（235B/20B）以及六款密集模型 （0.6B/1.7B/4B/8B/14B/32B），其中旗舰模型 Qwen3-235B-A22B 与 DeepSeek-R1、o1、o3-mini、Grok-3 和 Gemini-2.5-Pro 等顶级模型表现相当。Qwen3 的部署成本还大幅下降，仅需 4 张 H20 即可部署满血版，显存 占用仅为性能相近模型的三分之一。阿里通义已开源了 200 余个模型，全球下载量超 3 亿次，Qwen 衍生模型 数超 10 万个，已超越 Llama，成为全球最大的开源模型族群。本周，DeepSeek-Prover-V2 发布，是一款专为 「数学 AI 编程语言」Lean ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the simulated portfolio returns all returned to the positive range, with the interest - rate style strategy portfolio outperforming. The long - term strategies in both interest - rate and credit styles showed good performance [2][15]. - In terms of return sources, the coupon income of various strategy portfolios increased week - on - week, and the coupon contribution turned positive. Capital gains became the main component of the comprehensive return this week [3][27]. - In the past four weeks, the financial bond duration strategies had leading cumulative excess returns, while the portfolios overweighting long - term urban investment bonds still had negative cumulative excess returns [4][32]. 3. Summary by Relevant Catalogs 3.1 Combination Strategy Return Tracking 3.1.1 Portfolio Weekly Return Overview - As of April 30, the cumulative returns of the interest - rate and credit style portfolios this year were lower than the same period in the past two years, and the interest - rate style portfolio returns exceeded the credit style. In the credit style portfolio, the cumulative comprehensive returns of the urban investment short - end sinking, secondary capital bond duration, and bullet - type combinations were among the top, reaching 0.75%, 0.56%, and 0.53% respectively, while the cumulative return of the industrial long - term combination was still at a low level of 0.18% [10]. - This week, the simulated portfolio returns all returned to the positive range, and the interest - rate style strategy portfolio was dominant. In the interest - rate style portfolio, the secondary long - term and industrial long - term strategy portfolios had the highest weekly returns, at 0.38% and 0.36% respectively; in the credit style portfolio, the secondary long - term and industrial long - term strategy portfolios also had relatively high returns, at 0.44% and 0.35% respectively [2][15]. - By overweighted bond types, the long - term bond overweight strategies significantly recovered. The average weekly return of the credit - style certificate of deposit overweight portfolio rose to 0.17%, with a week - on - week increase of 23.5bp, and the interest - rate style portfolio return exceeded the credit style portfolio. The average weekly return of the urban investment bond overweight portfolio rose to 0.21%, with the dumbbell - type strategy slightly leading the average. The single - week return of the short - end sinking strategy, which previously resisted fluctuations, dropped to 0.16%. The average weekly return of the secondary capital bond overweight portfolio rose to 0.27%, outperforming the urban investment bond overweight strategy as a whole. In particular, the single - week returns of the secondary bond duration and mixed dumbbell - type combinations reached over 0.3%. The long - term bond overweight strategy recovered strongly compared to last week, performing basically the same as the corresponding interest - rate style portfolio, and the absolute return of the secondary long - term combination led the non - financial credit long - term combination [2][19]. 3.1.2 Portfolio Weekly Return Sources - In terms of return sources, the coupon income of various strategy portfolios increased week - on - week, and the coupon contribution turned positive. Among the main strategies, the coupon of the urban investment duration and dumbbell - type combinations rose above 0.04%, with a week - on - week increase of about 0.1bp, while the coupon of the secondary capital bond bullet - type combination was less than 0.038%. This week, capital gains became the main component of the comprehensive return, and the coupon contribution of the credit - style portfolio fell within the range of 9% to 26%. The readings of the secondary bond duration and mixed dumbbell - type strategies dropped below 15%, obtaining significant spread income [3][27]. 3.2 Credit Strategy Excess Return Tracking - In the past four weeks, the financial bond duration strategies had leading cumulative excess returns. Among them, the cumulative excess returns of the securities firm bond duration, secondary capital bond duration, and bullet - type strategy portfolios reached 15bp, 5.6bp, and 5.4bp respectively. Except for the securities firm bond sinking strategy, the cumulative readings of the other financial bond overweight portfolios were basically positive. In particular, the secondary perpetual bond duration strategy showed significant excess returns this week, while the portfolios overweighting long - term urban investment bonds still had negative cumulative excess returns [4][32]. - From the perspective of strategy terms, the secondary perpetual bond duration and secondary long - term combinations won in the long - term strategies. Short - term strategies rarely had excess returns, and the reading of the urban investment sinking combination dropped to - 0.4bp, underperforming the certificate of deposit strategy. In the medium - long - term strategies, the excess returns of the secondary capital bond and perpetual bond duration combinations reached 8.8bp and 11.3bp respectively, while the excess returns of the other strategies over the benchmark were less than 5bp, and the sinking strategies generally underperformed the duration strategies. Notably, the excess return of the urban investment short - end sinking strategy compared to the medium - long - term benchmark turned negative. Its annual performance was superior mainly because of controllable drawdowns, with a single - week excess return of over 10bp in February and a small negative deviation from the benchmark return. The long - term strategies as a whole returned to the level of early April, and the excess return of the secondary long - term strategy rose to the highest point since mid - January [4][35].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Industry Investment Rating - No information provided Report's Core View - No information provided Summary by Relevant Catalogs Secondary Market Price and Volume Performance - The report presents detailed data on various REITs, including their fund codes, names, industry types, listing dates, issue prices, trading volumes, turnover rates, returns, and closing price trends. For example, the year-to-date return of Boshi Shekou Industrial Park REIT is 7.45%, and its weekly turnover rate is 2.50% [11] Secondary Market Valuation Situation - No information provided Market Correlation Statistics - The correlation coefficients between REITs indices and various asset classes are calculated. For REITs, the correlation coefficients with the Shanghai Composite Index, CSI 300, ChiNext Index, and other assets are 0.21, 0.20, 0.13, etc. respectively. Different types of REITs (such as property rights, franchise rights, etc.) also show different correlation characteristics with these asset classes [20] Primary Market Tracking - Information on REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations. For instance, Huatai Zijin Suzhou Hengtai Rental Housing REIT has a project valuation of 1.342 billion yuan and is in the "passed" stage [23]

Investment Rating - The report suggests a positive outlook for the industry, particularly in sectors driven by AI development, including servers, IDC, switches, and connectors, both domestically and internationally [5]. Core Insights - The latest financial reports from Microsoft and Meta validate the acceleration of AI commercialization and sustained high capital investment in computing power. Microsoft Azure and other cloud services saw a 35% year-on-year revenue increase, with AI contributing 16%. Meta's operating profit for the first quarter reached 17.56 billion USD, a 27% increase year-on-year [1][6]. - The demand for upstream components such as optical modules, servers, and connectors is expected to maintain high growth due to strong capital expenditure from North American cloud providers, alleviating previous concerns about a slowdown in capital spending growth [1]. - The domestic iteration of large models and their application is expected to accelerate, with companies like Xiaomi and Alibaba releasing new models that significantly reduce computing power consumption while enhancing performance [1][6]. Summary by Sections Servers - The server sector index experienced a slight pullback in Q1 2025, primarily due to Nvidia's GB200 delivery delays and deferred customer purchasing decisions. However, the long-term growth logic remains intact, with strong performance from leading companies like Industrial Fulian, which reported record revenue and net profit [2][6]. - The report highlights structural opportunities in the server industry, particularly in the context of domestic chip replacement and the strong performance of established players [2][7]. Switches - The Ethernet switch market is showing significant structural differentiation in 2024, with AI-driven demand pushing data center switches towards 800G/1.6T upgrades. Companies like Ruijie Networks are benefiting from this trend, with a projected 80-90% revenue growth from internet clients [2][10]. - The report suggests focusing on two main lines: high technical barriers and domestic replacements, as well as companies showing signs of earnings recovery [11]. Optical Modules - The optical module sector is experiencing a rebound, with a 48% year-on-year revenue increase in Q1 2025, driven by AI demand and cost reduction efforts. The strategic position of optical modules in computing networks has been reinforced by Huawei's new product releases [3][12]. - The report indicates that the market's confidence in optical modules is recovering, suggesting potential for further recovery after previous declines [3][12]. Connectors - The demand for high-density connectors in data centers is accelerating due to AI computing needs, with connectors accounting for approximately 3-5% of the value in communication devices. Companies like Taicheng and Bochuang are showing strong performance in this area [3][17]. - The report recommends focusing on high-value products and the release of production capacity in Vietnam, as well as the increasing demand from North American clients [17]. Core Data Updates - The telecom operators reported a steady growth in revenue, with a total of 446.9 billion CNY in the first three months of 2025, a 0.7% year-on-year increase. The export data for optical modules also showed growth, with a 19.6% increase in March [4][18]. - Major cloud providers like Microsoft, Google, Meta, and Amazon reported significant capital expenditures in Q1 2025, with year-on-year increases of 53%, 43%, 102%, and 68% respectively [4].

Investment Rating - The report suggests a focus on leading domestic generative AI model companies such as iFlytek, and AI hardware companies like Yingshi Network and Hongsoft Technology, as well as companies enhancing C-end application engagement like Kingsoft Office and Wanjing Technology [2] Core Insights - The report highlights the significant advancements in AI models, particularly with Alibaba's Qwen3 series, which includes various models with reduced deployment costs and high performance, establishing itself as a leading open-source model family [4][11] - The report indicates that the short-term impact of Trump's tariff policy on computer companies is minimal, with domestic demand expected to benefit the sector, particularly in areas like domestic substitution and self-control [11] - The report identifies high and stable growth sectors for 2025, including the AI industry chain, smart driving, software outsourcing, and the Huawei supply chain, while also noting sectors with improving conditions such as data elements and industrial software [11][10] Summary by Sections Industry Overview - The report discusses the release of Alibaba's Qwen3 models, which have shown competitive performance against top models and have a significant global download rate, indicating a strong market presence [4][11] - It emphasizes the potential for large internet companies to monetize their foundational models and computing power through existing applications and cloud platforms [11] Market Trends - The report notes that the computer industry index rose by 2.47% from April 28 to May 3, 2025, outperforming the CSI 300 index [16] - It highlights the increasing daily trading volume in the A-share market, which rose by 30% year-on-year, indicating a robust market environment [21] Sector Performance - The report categorizes various sectors within the computer industry, indicating that AI and smart driving sectors are experiencing high growth, while sectors like security and medical IT are also showing positive trends [10][19] - It mentions that the industrial AI sector is approaching a turning point, with significant projects being disclosed, indicating a growing market for AI applications in industrial settings [13] Future Events - The report outlines upcoming industry events, including the VR/AR Expo and Google I/O, suggesting potential investment opportunities in related sectors [29][30]