VIX 低位调整，SKEW 急涨预警极端风险 [Table_ReportTime] 2025 年 5 月 24 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_FirstAuthor] 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 证券研究报告 金工研究 [T金工ableReportType] 点评报告 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 崔诗笛 金融工程与金融产品 金融工程分析师 执业编号：S1500523080001 联系电话：+86 18516560686 邮 箱：cuishidi@cindasc.com 孙石 金融工程与金融产品 金融工程分析师 执业编号：S1500523080010 联系电话：+86 18817366228 邮 箱：sunshi@cindasc.com [Table_ ...

美债收益率走高，中证红利估值达历史高位 —— 红利风格投资价值跟踪（2025W21） [Table_ReportTime] 2025 年 5 月 24 日 [于明明 Table_ First 金融工程与金融产品首席 Author] 分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 周金铭 金融工程与金融产品分析师 执业编号：S1500523050003 联系电话：+86 18511558803 邮 箱：zhoujinming@cindasc.com 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 金工研究 [TableReportType] 金工专题报告 [Table_A 于明明 uthor 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 周金铭 金融工程与金融产品 分析师 执业编号：S1500523050003 联系电话：+86 1851155 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The express delivery industry experienced a business volume growth of 19.1% year-on-year in April, with SF Express leading at 30.0% growth [3][4] - The cumulative express delivery volume from January to April reached 614.5 billion pieces, reflecting a year-on-year increase of 20.9% [15] - The average price per package in the express delivery sector continued to face pressure, with a year-on-year decline of 7.0% in April [4][5] - The report highlights the ongoing growth potential in the express delivery sector, driven by the expansion of e-commerce and the rise of live-streaming commerce [6][50] Summary by Sections Industry Situation - The cumulative retail sales of physical goods through online shopping reached 3.93 trillion yuan, growing by 5.8% year-on-year, with an online shopping penetration rate of approximately 24.3% [15][16] - The average value per package was about 63.9 yuan, down 13.1% year-on-year [15] Company Performance - In April, the express delivery volumes for major companies were as follows: YTO Express at 2.693 billion pieces, Yunda at 2.174 billion pieces, Shentong at 2.092 billion pieces, and SF Express at 1.335 billion pieces [4][35] - Cumulatively, from January to April, the express delivery volumes were: YTO Express at 9.472 billion pieces, Yunda at 8.250 billion pieces, Shentong at 7.899 billion pieces, and SF Express at 4.876 billion pieces [4][35] Pricing Situation - The average price per package in the express delivery industry was 7.43 yuan in April, down 7.0% year-on-year [4][5] - The average prices for major companies in April were: YTO Express at 2.14 yuan, Yunda at 1.91 yuan, Shentong at 1.97 yuan, and SF Express at 13.49 yuan [5][41] Core Summary and Outlook - The report emphasizes the continued growth potential in the express delivery sector, with e-commerce package volumes expanding and consumer behavior becoming more fragmented [6][50] - The competitive landscape is expected to evolve, with potential price competition re-emerging in 2025 as leading companies seek to increase their market shares [8][50] Investment Recommendations - For franchise-based companies, the report recommends focusing on Zhongtong Express, Yunda, and YTO Express, while keeping an eye on Shentong Express [51] - For direct-operated companies, SF Express is recommended due to its position as a leading comprehensive express logistics provider, with expectations of improved profitability and cash flow [51]

[Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com [Table_Industry] 物流 2025 年 5 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 物流 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 顺丰单量增长超预期，电商快递价格继续承压 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@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] 快递行业月度专题：顺丰单量增长超预期， 电商快递价格继续承压 [Table_ReportDate] 2025 年 05 月 23 日 本期内容提要: [Table_S [事件：顺丰控股、圆通速递、韵达股份、申通快递发布 Table_Summa ...

[Table_StockAndRank] 众生药业(002317) 唐爱金 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：hexin1@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] 昂拉地韦获批上市，创新药布局进入兑现期 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 宣布 RAY1225注射液治疗肥胖/超重患者的 II期临床试验与 2 型糖尿病 患者的 II 期临床试验两项研究均达到主要终点，同时 III 期临床试验已 陆续完成筹备工作并先后启动。 [Table_ReportDate] 2025 年 05 月 23 日 [Table_S 事件：2025 ummar年y]5 月 22 日，国家药品监督管理局网站发布《国家药监局批 准昂拉地韦片上市》的通知，上市公司控股子公司众生睿创自主研发的一类 创新药物昂 ...

Investment Rating - The report assigns a "Buy" rating for the stock of Zhongsheng Pharmaceutical (002317) based on its strong market potential and innovative drug pipeline [18]. Core Insights - The approval of Anglavei for market entry marks a significant breakthrough for the company in the innovative drug sector, with expectations for rapid market penetration in the flu medication market, projected to exceed 10 billion yuan [2][3]. - The company is advancing its innovative drug development, with promising clinical trial results for RAY1225, a dual-target GLP-1/GIP peptide drug, which is set to enter Phase III trials [4][5][7]. - The MASH project, ZSP1601, is progressing well and has the potential to become a first-in-class drug for treating metabolic dysfunction-associated steatotic liver disease, with positive early clinical data [8][9]. Financial Summary - The company’s total revenue is projected to grow from 2.611 billion yuan in 2023 to 3.774 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 17.3% [10][11]. - The net profit attributable to the parent company is expected to recover from a loss of 299 million yuan in 2024 to a profit of 517 million yuan by 2027, indicating a strong turnaround [10][11]. - The gross margin is forecasted to improve from 56.0% in 2024 to 60.6% in 2027, reflecting enhanced operational efficiency [10][11].

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@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] 特朗普"大漂亮"法案闯关进行时 [Table_ReportDate] 2025 年 5 月 23 日 | 一、特朗普减税 2.0 的第一重阻力逐步破除 3 | | --- | | 二、我们预计减税 2.0 快则 7 月落地，慢则 9 月落地 5 | | 三、下半年美债可能还会走高 8 | | 风险因素 9 | | 表 1：美国共和党内部强硬派和温和派的博弈 3 | | --- | | 表 2：2017 年，特朗普税改法案 ...

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@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] 特朗普"大漂亮"法案闯关进行时 [Table_ReportDate] 2025 年 5 月 23 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 特朗普减税法案快速落地存在的阻力，主要源自共和党内部强硬派和温 和派的博弈。自特朗普第二任期以来，其关税和移民政策都已经得到了落 地，而作为三大纲领之一的减税政策尚未落地。除了法案落地需要时间以 通过立法 ...

影石创新招股书梳理：智能影像技术先驱，产品创新驱动成长 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [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 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] 影石创新招股书梳理：智能影像技术先驱，产 品创新驱动成长 [Table_ReportDate] 2025 年 05 月 23 日 本期内容提要: 请阅读最后一页免责声明及信 ...

影石创新招股书梳理：智能影像技术先驱，产品创新驱动成长 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [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 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] 影石创新招股书梳理：智能影像技术先驱，产 品创新驱动成长 [Table_ReportDate] 2025 年 05 月 23 日 本期内容提要: 请阅读最后一页免责声明及信 ...