Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Viewpoints - The company, Xiamen Xiangyu, is positioned as a leading player in the bulk supply chain industry, focusing on expanding its supply chain services and achieving stable growth through industry chain extension [5][15]. - The company has shown steady revenue and net profit growth from 2011 to 2024, with compound annual growth rates of +20.1% and +17.3%, respectively. However, it experienced a decline in net profit in 2024 due to industry chain impacts [5][21]. - The report anticipates a recovery in the company's performance as industrial enterprises benefit from a series of incremental policies aimed at restoring efficiency [5][9]. Summary by Sections Company Overview - Xiamen Xiangyu is transforming into a global supply chain service provider, having shifted its focus from real estate to bulk commodity supply chain management and logistics since its establishment in 1992 [16]. - The company has developed a comprehensive supply chain service model that includes procurement, distribution, logistics, and supply chain finance, aiming to become a world-class supply chain service enterprise [15][16]. Industry Analysis - The bulk supply chain industry is transitioning from a traditional trading model to a comprehensive service model, with profitability increasingly derived from service revenues rather than price differences [29][32]. - The industry is experiencing a rise in concentration, with the market share of the top five companies (CR5) increasing from 4.81% in 2021 to 5.26% in 2024, indicating a trend towards greater market dominance by leading firms [37][40]. Company Advantages - The company is expanding its supply chain service categories, which is expected to lead to steady growth in overall business volume and profit margins per ton [44]. - Xiamen Xiangyu's logistics business is also growing, with a reported revenue of 9.422 billion yuan in 2024, reflecting a year-on-year increase of 33.0% [7][8]. - The company has entered the manufacturing sector, particularly in shipbuilding, which provides a stable profit base and enhances its ability to withstand market fluctuations [8][9]. Profit Forecast and Valuation - The report projects the company's net profit for 2025 to be 1.741 billion yuan, with expected growth rates of +22.7%, +15.9%, and +15.8% for the following years [9][10]. - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 11.08, 9.55, and 8.25, respectively, indicating potential investment value [9][10].

Group 1: Market Overview and Strategy - The market is expected to experience a minor pullback from late May to July, with pressures including ongoing tariff negotiations and reduced trading activity due to previous market volatility [5][10] - Despite potential fluctuations, the downward space is likely limited due to steady growth in ETF sizes and inflows from insurance funds, providing a strong support for the stock market [5][10] - The report suggests a shift towards value-oriented investments in the current quarter, with a focus on sectors such as banking, steel, construction, new consumption, military industry, and real estate [11] Group 2: Top Stock Picks - The June 2025 "Top Ten Gold Stocks" include Qingdao Bank (002948.SZ), Wancheng Group (300972.SZ), Horizon Robotics-W (9660.HK), Shun'an Environment (002011.SZ), JAC Motors (600418.SH), Yancoal Energy (600188.SH), China National Offshore Oil Corporation (600938.SH), Huitian Electronics (002463.SZ), Doushen Education (300010.SZ), and CATL (300750.SZ) [5][12] - The report highlights the expected earnings per share (EPS) growth for these companies, with Qingdao Bank projected to grow from 0.73 in 2024 to 1.24 in 2027, and CATL from 11.52 in 2024 to 21.61 in 2027 [3][12] Group 3: Company-Specific Insights - Qingdao Bank is positioned well due to its strong regional presence in Shandong, with a stable growth in deposits and loans, and a focus on green finance [13][14][15] - Wancheng Group has established a competitive advantage in the snack retail sector, with a significant increase in revenue and profitability, despite a slight decline in per-store performance [18][19] - Horizon Robotics is a leader in automotive intelligent chips, with a strong market presence and expected growth in the autonomous driving sector, projected to reach a market size of 407 billion yuan by 2030 [21][22][23] - Shun'an Environment is expanding its product offerings in the automotive thermal management sector through strategic acquisitions, enhancing its market position [24] - JAC Motors is focusing on expanding its export capabilities and collaborating with Huawei to develop luxury smart electric vehicles, which is expected to enhance its market competitiveness [26][27] - Yancoal Energy is increasing its coal production while reducing costs, with a target production of 155-160 million tons in 2025, benefiting from a favorable pricing environment [30][31][32] - China National Offshore Oil Corporation is maintaining a low cost per barrel while increasing its oil and gas production, with a focus on capital expenditure to support growth [33][34][35] - Huitian Electronics is capitalizing on the demand for AI-related products, with significant revenue growth expected from its PCB business [38][39] - Doushen Education is transitioning to non-subject education services, leveraging AI technology to enhance its offerings and improve profitability [41][42]

Overview: Insurance and Industrial Capital Support Stock Market Liquidity - Since the beginning of 2025, the A-share market has maintained a slight net inflow of funds, with a net inflow ratio of 1.1% as of May 22, 2025. Excluding potential double counting from private equity funds and insurance, the net outflow ratio is approximately 0.1%, indicating a tight balance in the funding situation for the year [13][14][18]. - In April 2025, A-share monthly net outflow was 778 billion, but by May, the market saw a return to net inflow, reaching 194.2 billion, with a net inflow ratio of 0.5% [18][19]. - The stock financing scale has continued to decline, with April's financing amount at 43.206 billion, a slight decrease from March, and May's financing amount at 8.016 billion, remaining at a low level [6][24]. Key Changes in A-share Fund Inflows and Outflows - In April 2025, the number of new A-share accounts decreased significantly to 1.924 million, down 1.151 million from the previous month. Cumulatively, from January to April 2025, the total number of new accounts reached 9.396 million, an increase of 2.251 million compared to the same period in 2024 [23][26]. - The financing balance saw a significant decrease of 122.621 billion in April, but a slight recovery of 21.158 billion was noted in May. The total financing balance decreased by 57.3 billion from January 1 to May 22, 2025 [18][23]. - The net inflow of stock-type ETFs was substantial in April at 187.69 billion, but turned into a net outflow of 42.295 billion by May [19][23]. Company Buybacks and Dividends - The buyback amount for listed companies in April 2025 reached 158.809 billion, a significant increase from March, with a cumulative buyback amount of 409.564 billion by May 22, 2025 [23][24]. - The dividend payout in April 2025 was 89.661 billion, showing a strong performance compared to March, with a cumulative dividend amount of 445.1 billion from January to May 22, 2025, indicating a seasonal increase [23][24]. Equity Financing and Transaction Costs - The equity financing scale for April 2025 was 43.206 billion, slightly down from March, while May's scale was at a low level of 8.016 billion [6][24]. - Transaction costs in April 2025 were estimated at 12.443 billion, a decrease of 2.3 billion from March, with cumulative transaction costs reaching 95.3 billion from January to April 2025 [24].

证券研究报告 公司研究 [Table_StockAndRank] 西子洁能(002534) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_ReportType] 公司点评报告 [Table_OtherReport] 订单量基本稳定，2012 年业绩增长可 期 继续享受余热锅炉行业的高景气 订单稳定，2012 年业绩预期乐观 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Titl ...

保险和产业资本支撑股市流动性 ——资金跟踪专题 [Table_ReportDate] 2025 年 5 月 26 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 [Table_Title] 保险和产业资本支撑股市流动性 [Table_ReportDate] 2025 年 5 月 26 日 核心结论： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Summary] ➢ 总览：据我们的不完全统计，2025 年以来 A 股资金保持小幅净流入状 态。截至 2025 年 5 月 22 日，年度资金净流入占自由流通市值之比为 1.1%。此外考虑到私募基金、保险、公募基金等资金流入项可能存在重 复计算，我们计算剔除私募基金与保险的资金净流入汇总情况，资金净 流出额占自由流通市值的比例约为 0.1%，年内资金面维持紧平衡。从 各分项数据来看，2025 年以来居民资金（融资余额） ...

存款利率下调的影响尚未被充分定价 [Table_ReportTime] 2025 年 5 月 26 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 [T专题able_ReportType] 报告 [Table_A 李一爽 uthor 固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+8618817583889 邮 箱：liyishuang@cindasc.com 3存款利率下调的影响尚未被充分定价 [Table_ReportDate] 2025 年 5 月 26 日 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号金 隅大厦 B 座 邮编：100031 ➢ 5 月降准降息后资金面的波动可以从供给、税期等因素上发现端倪，尽管这 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [➢Table_Summary] 上周存款利率调降落地，但债券市场反应平淡，存单利率的上行甚至带来 了对于银行负债压力的担忧。事实上，本次存款利率的下调是 2022 年以来 幅度最大的 ...

NVLink Fusion 强化生态护城河，GB300 将于 Q3 推出 [Table_ReportDate] 2025 年 5 月 25 日 证券研究报告 COMPUTEX 2025： 行业研究 [行业专题研究（普通） Table_ReportType] | [Table_StockAndRank] 半导体 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] COMPUTEX 2025：NVLink Fusion 强化生 态护城河，GB300 将于 Q3 推出 [Table_ReportDate] 2025 年 05 月 25 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S [Tabl ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 爱玛科技(603529) 证券研究报告 投资评级 无评级 公司研究 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com 盈利预测：考虑公司 2025 年限制性股票激励计划的可能影响，我们预计 2025-2027 年公司归母净利润分别为 25.5/29.7/33.5 亿元，PE 分别为 13.0X/11.2X/9.9X。 风险因素：消费疲软、行业竞争加剧，新品推广不及预期。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 相关研究 [Table_OtherReport] 爱玛科技：产品力提升，核心受益政 策增量 爱玛科技：一 ...

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 COMPUTEX 2025： NVLink Fusion 强化生态护城河，GB300 将于 Q3 推出 [Table_ReportDate] 2025 年 5 月 25 日 证券研究报告 行业研究 [行业专题研究（普通） Table_ReportType] | [Table_StockAndRank] 半导体 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com [Table_Title] COMPUTEX 2025：NVLink Fusion 强化生 态护城河，GB300 将于 Q3 推出 [Table_ReportDate] 2025 年 05 月 25 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_S [Tabl ...

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 上次评级——看好 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 原油周报： [Table_Title] OPEC+增产 VS 地缘风险溢价，油价区间震荡 [Table_ReportDate0] 2025 年 5 月 25 日 本期内容提要： ➢ 【油价回顾】截至 [Table_Summary] 2025年 5月 23 日当周，油价区间震荡。本周，地 缘层面，俄乌会谈未有实质性进展，美伊谈判前景不明朗，以色列准 备袭击伊朗核设施推动油价的风险溢价上涨；然而供应层面， OPEC+6 ...