市场情绪相对平稳， 多只浮动费率基金获批 —— 量化市场追踪周报（2025W21） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W21)：市场情绪相对平 稳，多只浮动费率基金获批 [Table_ReportDate] 2025 年 5 月 ...

小微盘热度可能会被流动性压制 ——策略周观点 [Table_ReportDate] 2025 年 5 月 25 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 策略研究 [策略周报 Table_ReportType] | 执业编号：S1500521060001 | | | --- | --- | | ] [Table_A 樊继拓 uthor策略首席 分析师 箱： fanjituo@cindasc.com | 邮 | 李畅 策略分析师 执业编号：S1500523070001 邮 箱： lichang@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 [小微盘热度可能会被流动性压制 Table_Title] [Table_ReportDate] 2025 年 5 月 25 日 核心结论：去年 10 月以来，市场整体处在大的宽幅震荡区间内，小微 盘非常活跃，但是强度上已经开始有所变化。2024 年 9-12 月，小微盘 涨得快，调得少，累计超额收益持续走 ...

【信达汽车|行业周报】汽车行业跟踪（2025.5.19- 2025.5.23）：小米 YU7 发布，特斯拉 6 月底将推出自动驾驶 出租车 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 5 月 25 日 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: xuguoquan@cindasc.com 2 证券研究报告 行业研究 [Table_ReportType 行业周报 | ] [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 ...

[Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 25 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | | [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 | | 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 新消费表现或分化，拥抱龙头，挖掘低估标的 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] 新消费表现或分化，拥抱龙头，挖掘低估标的 [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 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 month-on-month) and unbleached kraft pulp at $620 (down $30 month-on-month) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares, which are improving profitability [2] Exports - April export data shows a stable overall performance with a year-on-year increase of 8.1%, but regional disparities are evident [2] - Exports to the U.S. decreased by 21%, while exports to ASEAN increased by 20.8% [2] - Companies with strong global layouts and those experiencing short-term performance relief are recommended [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands [3] Home Furnishing - Stabilization in second-hand housing prices, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares, which are expected to benefit from updated demand [3] Consumer Goods - Strong growth in pet brands, with Petty Co. achieving over 12 million in GMV during the 618 shopping period [3] - The report notes the upcoming IPO of 52TOYS, indicating a significant growth opportunity in the trendy toy sector [3] Packaging - Companies like Yongxin Shares and Yutong Technology are experiencing steady growth and improved profitability [3] - The report anticipates a recovery in sales growth in Q2, driven by new product launches and declining raw material prices [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a year-on-year increase of 641% [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chao Hong Ji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Lao Pu Gold and Chao Hong Ji, which are expected to see growth despite market challenges [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs discussed at the G7 meeting, potentially raising costs for small cross-border sellers [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with significant growth in overseas markets [4] Mother and Baby - The industry is transitioning towards a more integrated ecosystem, focusing on supply chain digitalization [4] - Companies like Kidswant and Goodbaby are highlighted as leaders in this transformation [4] E-commerce - Hui Tong Da's self-owned brand strategy is showing promising results, with significant growth in orders [5] - The report notes the strategic partnership between Jiao Ge Peng You and Baidu, enhancing their AI-driven live commerce strategy [5] Electrical and Lighting - Bull Group is launching new products in line with new national standards for charging piles, indicating a focus on quality and safety [5] - Op Lighting is exploring new applications for LED lighting in agriculture [5] Tools - The report indicates a recovery in profit expectations, although global demand remains weak [5] - Companies like Juxing Technology are recommended as they enhance production capabilities [5]

小米发布 3nm 处理器玄戒 O1，国产 SoC 再添新军 [Table_ReportDate] 2025 年 5 月 25 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 [小米发布 Table_Title] 3nm 处理器玄戒 O1，国产 SoC 再添新军 [Table_ReportDate] 2025 年 5 月 25 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 ...

【信达汽车|行业周报】汽车行业跟踪（2025.5.19- 2025.5.23）：小米 YU7 发布，特斯拉 6 月底将推出自动驾驶 出租车 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 5 月 25 日 2 证券研究报告 行业研究 [Table_ReportType 行业周报 | ] [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 ...

高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 【】【】 钢铁 [Table_Industry] [Table_ReportDate] 2025 年 5 月 25 日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [Table_Author] 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 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 能源、钢铁行业研究助理 邮 箱：liubo1@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 [高炉吨钢利润整体可观，普钢公司利润修复或加速兑现 Table_Title] [Table_ReportDate] 2025 年 5 月 25 日 本期内容提 ...

持续看好创新药械、自主可控和消费复苏三 大主线 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 5 月 25 日 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 证券研究报告 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan@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 ...

小米发布 3nm 处理器玄戒 O1，国产 SoC 再添新军 [Table_ReportDate] 2025 年 5 月 25 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 [小米发布 Table_Title] 3nm 处理器玄戒 O1，国产 SoC 再添新军 [Table_ReportDate] 2025 年 5 月 25 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 ...