Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a recovery in demand in the first quarter, which enhances the expectations for the entire year, presenting new opportunities for domestic software due to counter-cyclical adjustments [1] - The company reported a revenue of 711 million yuan for 2024, a year-on-year increase of 16.44%, and a net profit attributable to shareholders of 27 million yuan, compared to a loss of 91 million yuan in the same period last year [1][5] - The subscription transformation is gradually showing effects, with the annual recurring revenue (ARR) from subscription business expected to reach 411 million yuan in 2024, a growth of 64.42% year-on-year [3] - The company has maintained high R&D investment, fully implementing its AI empowerment strategy, which includes new features in traditional editing tools and the launch of the Intelligent Document Processing platform [3] Financial Performance - In Q1 2025, the company achieved a revenue of 202 million yuan, a year-on-year increase of 19.78%, with a net profit attributable to shareholders of -6 million yuan, improving from -11 million yuan in the same period last year [1] - The company’s total revenue is projected to grow from 611 million yuan in 2023 to 1.205 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.8% [5] - The gross profit margin is expected to remain high, with estimates of 94.8% in 2023, gradually decreasing to 91.8% by 2027 [5] Market Performance - The company has seen significant revenue growth in various regions, with the Asia-Pacific market showing a remarkable increase of 53.42% year-on-year in 2024 [3] - The North American market accounted for 53% of total revenue, but its growth rate was slower at 9.41% year-on-year due to the impact of emerging markets and subscription transformation [3] - The company’s subscription revenue is expected to constitute 49.31% of total revenue in 2024, reflecting a year-on-year growth of 62.33% [3]

汽车行业跟踪（2025.5.5-2025.5.9）：极氪或将被私有化退 市，零跑汽车五一期间订单量创新高 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 5 月 11 日 2 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 汽车 投资评级 看好 上次评级 看好 邓健全 汽车行业首席分析师 执业编号: S1500525010002 联系电话: 13613012393 邮箱: dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号: S1500524100004 联系电话: 13062621910 邮箱: dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮箱: xugu ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Insights - The report highlights a marginal easing of tariff policies, suggesting a potential recovery in consumption and export sectors within the industry [3][12]. - The pharmaceutical and biotechnology sector has shown a weekly return of 1.01%, ranking 26th among 31 primary sub-industry indices, with medical devices leading at 1.67% [3][27]. - Recent government policies, such as the establishment of geriatric medicine departments in hospitals and new regulations for drug wholesale management in the Beijing-Tianjin-Hebei region, are expected to positively impact the industry [3][47]. Summary by Sections 1. Industry Overview - The pharmaceutical and biotechnology sector's performance over the past month was a return of 4.77%, ranking 19th among 31 primary sub-industry indices [3][14]. - The sector's current PE (TTM) is 26.29 times, which is below the historical average of 31.15 times, indicating a relatively low valuation [20][21]. 2. Market Performance - The report notes that the recent three-month performance shows a decline of 1.88%, while the six-month performance indicates a drop of 7.71% [15][16]. - The report suggests that the easing of tariff impacts may lead to a valuation recovery in specific sub-sectors such as CXO, raw materials, and medical devices [3][12]. 3. Export Industry Chain - The report recommends focusing on the export industry chain, particularly in the CXO sector, with key companies including WuXi AppTec and others highlighted for potential investment [3][12]. - In the raw materials sector, companies like Junshi Biosciences and others are suggested for attention [3][12]. 4. Consumption Recovery - The report anticipates that monetary policies such as interest rate cuts and reserve requirement ratio reductions will enhance macroeconomic consumption [3][12]. - Specific sectors for investment include ophthalmology and dental care, medical aesthetics, traditional Chinese medicine, and retail pharmacy leaders [3][12]. 5. Industry Dynamics - Recent policy developments include the release of guidelines for geriatric medicine and new regulations for drug wholesale management, which are expected to foster healthy development in the pharmaceutical distribution sector [3][47]. - Notable industry news includes collaborations between major pharmaceutical companies and health platforms, as well as significant investments in local production facilities [47].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The new consumption valuation system is being elevated, and expectations for tariff relief in the export chain are strengthening [2] - The report highlights the impact of recent overseas supply disruptions in the paper industry, suggesting that pulp prices may stabilize at low levels [3] - The report discusses the recent "breakthrough" in US-China trade relations, indicating potential for improved tariff negotiations [3] - The new tobacco sector is experiencing robust growth, with Japanese tobacco reporting significant revenue increases [4] - The home furnishing sector is seeing a recovery in orders, particularly in custom furniture, driven by government subsidies and promotional activities [4] - The report notes a positive trend in consumer goods, with several brands launching new products and experiencing sales growth [5] - The packaging industry is performing steadily, with companies like Yongxin and Yutong showing strong growth and profitability [5] - The two-wheeler market is expected to maintain good sales momentum, with new product launches from companies like Ninebot [5] - The gold and jewelry sector is witnessing expansion, with companies like Laopu Gold and Chaohongji opening new stores [5] - The cross-border e-commerce sector is facing challenges due to tariff fluctuations, but some brands continue to show strong growth [5] Summary by Sections Paper Industry - Overseas supply disruptions are frequent, and pulp prices are expected to stabilize [3] - Companies like Sun Paper and Xianhe Co. are highlighted for their potential profit improvements [3] Export Sector - Tariff negotiations between China and the US are progressing, with a notable increase in exports to ASEAN countries [3] - Companies with strong overseas layouts are recommended for investment [3] New Tobacco - Japan Tobacco's new tobacco products are showing impressive growth, with a focus on HNB products [4] - Companies like Smoore International and China Tobacco Hong Kong are noted for their potential [4] Home Furnishing - The sector is recovering with increased orders, particularly in soft furnishings and custom furniture [4] - Key companies to watch include Gujia Home and Mousse [4] Consumer Goods - New product launches are driving sales growth in the consumer sector [5] - Brands like Bubble Mart and Runben are highlighted for their structural growth potential [5] Packaging - Companies like Yongxin and Yutong are performing well, with steady growth and profitability [5] Two-Wheeler Market - Sales are expected to remain strong, with new product launches from Ninebot [5] Gold and Jewelry - Companies like Laopu Gold and Chaohongji are expanding their store presence [5] Cross-Border E-Commerce - Some brands are facing sales slowdowns due to price increases, but others maintain strong growth [5]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

AI 扩散规则或被取消，产业链相关公司有望修复 [Table_ReportDate] 2025 年 5 月 11 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 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 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@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] AI 扩散规则或被取消，产业链相关公司有望 修复 [Table_ReportDate] 2025 年 5 月 11 日 本期内容提要: [Table_S [Table_Summary ummary] ] 请阅读最后一页免责声明及信息披露 http://www ...

Market Outlook - The initial bull market's consolidation period is likely to extend due to the complexity of U.S. tariffs, shifting the short-term outlook from optimistic to high-level fluctuations[2] - The current market fluctuation is seen as an extension of the volatility since October 8, 2024, with potential for a policy and capital-driven breakthrough later this year[2] - The tariff impact from April has disrupted the profit expectations for A-shares, necessitating time for digestion, which may limit future upward movements[2] Economic Analysis - The economic conditions during the consolidation phase may be weaker than the lowest points of previous bear markets, but the market is unlikely to revert to a bear state[3] - Historical precedents indicate that prolonged consolidation periods can occur due to new economic pressures, similar to the 2013 liquidity crisis and the early 2020 pandemic[3] - The likelihood of a one-year consolidation period has increased, with a return to a bull market rhythm expected later this year[3] Scenario Projections - **Pessimistic Scenario (Low Probability)**: A sudden, larger shock than the April tariff impact could lead the market back to the lows seen in April[3] - **Neutral Scenario (High Probability)**: Gradual economic impacts from tariffs will lead to 1-2 quarters of narrow fluctuations before a return to a bull market driven by policy and capital inflows[3] - **Optimistic Scenario (Low Probability)**: Successful U.S.-China negotiations leading to significant tariff reductions could prevent further market downturns[3] Risk Factors - Key risks include unexpected downturns in the real estate market, significant volatility in U.S. equities, and the potential failure of historical patterns to hold[3]

Group 1 - The core conclusion indicates a shift from optimism to high-level fluctuations due to the complexity of U.S. tariffs, suggesting that the current market fluctuation is an extension of the volatility observed since October 8, 2024, with a potential breakthrough later this year driven by policy and capital [2][9]. - The report suggests that the initial phase of the bull market typically experiences a rapid rise followed by a period of consolidation lasting six months to a year, but the recent tariff shocks have introduced more disturbances, making a six-month optimistic scenario less likely and increasing the probability of a one-year fluctuation [3][10]. - It is noted that during the fluctuation period, the economy may be weaker than at the lowest point of the bear market, but the market is unlikely to revert to a bear market, as the extended fluctuation is primarily due to high uncertainty surrounding U.S. tariffs, which has led to pessimistic profit expectations [3][17]. Group 2 - The report outlines three potential scenarios for the upcoming quarter: a pessimistic scenario where a larger unexpected shock could lead the market back to April's lows, a neutral scenario where tariffs gradually impact the economy leading to narrow fluctuations for 1-2 quarters, and an optimistic scenario where successful U.S.-China negotiations could prevent further downturns [20][26]. - The analysis indicates that the recent tariff shocks are likely to prolong the fluctuation period without altering the overall bull market trend, drawing parallels to past events such as the 2013 liquidity crisis and the early 2020 pandemic [27][30]. - The report emphasizes that the market's rebound is expected to be limited in scope due to the recent tariff impacts, with a potential for a small pullback from late May to July, but the overall market valuation remains low, suggesting that the recent lows may represent a significant support level [30][34]. Group 3 - The report provides a configuration suggestion favoring value-oriented sectors such as banking, real estate, and military industry, while also highlighting the potential for new consumption models and sectors benefiting from geopolitical dynamics [32][30]. - It is noted that the market's performance this week saw significant gains in indices such as the ChiNext 50 and the ChiNext Index, with defense and military sectors leading the gains, while real estate and electronics showed smaller increases [33][34]. - The report mentions that the recent inflow of capital into the A-share market, particularly from foreign investors, is based on recognition of policy, long-term valuation, and industry trends, which may stabilize the market [9][3].

- The report primarily focuses on the weekly market review and the impact of the new regulations issued by the China Securities Regulatory Commission (CSRC) on May 7, 2025, aiming to promote high-quality development in the public fund industry[12][13][14] - The CSRC's new regulations emphasize long-term performance evaluation, floating management fee mechanisms, and strengthening the role of performance benchmarks to shift fund managers' focus from short-term speculation to long-term value investments[13][14] - The report highlights the weekly performance of major indices, with the Shanghai Composite Index closing at 3342 points (+1.92%), Shenzhen Component Index at 10126.83 points (+2.29%), and ChiNext Index at 2011.77 points (+3.27%) during the week of May 5-9, 2025[13][15][16] - The report discusses the allocation trends of active equity funds, showing a slight reduction in average positions to 86.84%, with ordinary stock funds at 89.65%, mixed equity funds at 87.25%, and allocation funds at 84.74%[22][23][24] - Active equity funds demonstrated defensive adjustments and structural shifts, with increased allocations to mid-cap balanced styles and decreased allocations to small-cap growth styles, which still dominate at 48.6%[29][30][31] - Sector-wise, active equity funds increased allocations to industries like computers (+0.71%), media (+0.44%), and automobiles (+0.42%), while reducing allocations to sectors like communication (-0.98%) and national defense (-0.56%)[33][34][35] - The report tracks ETF market trends, noting a net outflow of 83.48 billion yuan from broad-based ETFs, while industry-specific ETFs like TMT recorded net inflows of 25.55 billion yuan[42][43][68] - Newly established funds during the week include 15 domestic funds, with significant issuances like the "Build Trust SSE STAR Board Comprehensive Linkage A" fund, totaling 19.55 billion yuan[72][73][74]

证券研究报告 降息落地后资金利率中枢有望继续向政策利率靠拢 —— 流动性与机构行为周度跟踪 250511 [[Table_R Table_Report eportTTime ime]] 2025 年 5 月 11 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 债券研究 [Table_ReportType] 专题报告 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱： liyishuang@cindasc.com | 3降息落地后资金利率中枢有望继续向政策利率靠拢 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 ➢ 4 月政府债净融资 7938 亿元，其中国债净融资 2658 亿，地方债净融资 5281 亿元。本周披露的 10Y 附息国债和中央金融机构注资特别国债规模低于预 期，而 63D 贴现国债发行规模略高于预期，我们预计 5 月国债净融资规模约 8600 亿元；同时维持 5 月 ...