[Table_ReportDate] 2025 年 04 月 20 日 智能眼镜：眼视光的价值在哪里？ [Table_Industry] 轻工制造 邮 箱： [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 新消费行业分析师 | | | 执业编号：S1500524120004 | | 证券研究报告 行业研究 jiangwenqiang@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] 智能眼镜：眼视光的价值在哪里？ [Table_ReportDate] 2025 年 04 月 20 日 本期内容提要: ➢ 眼视光的价值：1）上游原料：目前智能眼镜沿用树脂材料、高折射率 依赖进口，长期关注光波导融合度数新材料研发进展；2）中游镜片： 我国镜片行业集中度仍有提升空间，中高端领 ...

观望情绪渐浓，ETF 规模再上新台阶 —— 量化市场追踪周报（2025W16） [Table_ReportTime] 2025 年 4 月 20 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 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(2025W16)：观望情绪渐浓， ETF 规模再上新台阶 [Table_ReportDate] 2025 年 4 月 20 ...

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：油价进入修复性反弹行情 [Table_Title] [Table_ReportDate0] 2025 年 4 月 20 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025年 4月 18 日当周，油价修复性反弹。本周， 上半周，美国对中国加征高额关税，EIA 和 IEA 下调全球需求增长预 测，油价继续下行；下半周，美国对伊朗出口实施新制裁，叠加欧佩 克产油国提交补偿性减产计 ...

新消费持续崛起，高切低依然存在，加 强低位顺周期布局 | [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 | | 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] 新消费持续崛起，高切低依然存在，加强低位 顺周期布局 [Table_ReportDate] 2025 年 04 月 20 日 本期内容提要: [Table_S [➢Table_Summary 造纸：阔叶浆成交价格温和抬升，食品卡逆势提价。 ummary] ] 上游浆厂态度强 势，伴随部分纸企补库，据 Fastmarkets 评估南美漂阔价格已涨至 580-600 美元/吨（先前为 580-590 美元/吨）。国内纸价方面：1）文化 纸：纸 ...

超储回落资金仍稳中有降 超长期特别国债发行提前 —— 流动性与机构行为周度跟踪 [[Table_R Table_Report eportTTime ime]] 2025 年 4 月 20 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 证券研究报告 债券研究 [Table_ReportType] 专题报告 | | | 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 3超储回落资金仍稳中有降 超长期特别国债发行提前 [Table_ReportDate] 2025 年 4 月 20 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱： liyishuang@cindasc.com [➢Table_Summary] 货币市场：本周央行净投放流动性 3238 亿元。上半周央行逆回购维持净回 笼，MLF 到期 1000 亿，叠加政府债缴款规模较高， ...

Group 1: US Market Analysis (2009-2011) - The US real estate market bottomed out without significantly affecting economic recovery, which drove a strong stock market [3][9][11] - The stock market's upward momentum was primarily driven by the recovery of personal consumption, manufacturing, and exports [3][17][25] Group 2: Japan Market Analysis (2012-2013) - Japan experienced a slight rebound in real estate, leading to a long bull market driven by government investment and quantitative easing [3][32][33] - The stock market's rise was supported by increased public investment and the Bank of Japan's purchase of risk assets [3][41][51] Group 3: Germany Market Analysis (2022-2023) - Despite a decline in real estate prices and economic recession, the German stock market continued to rise [3][58][62] - The stock market's growth was fueled by corporate globalization and favorable liquidity conditions [3][70][74] Group 4: A-Share Market Outlook - The A-share market may experience a bull market driven by the bottoming out of real estate, along with rebounds in consumption, investment, and liquidity [3][4]

再强调：莫高估供给，亦不低估需求 [Table_ReportTime] 2025 年 4 月 20 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 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：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@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 [Table_Title] 再强调：莫高估供给，亦不低估需求 [Table_ReportDate] 2025 年 4 月 20 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 ◆ 动力煤 ...

H20 限制对华出口，国产算力迎来替代新机遇 [Table_ReportDate] 2025 年 4 月 20 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] H20 限制对华出口，国产算力迎来替代新机遇 [Table_ReportDate] 2025 年 4 月 20 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.ci ...

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [119]. Core Views - The report indicates that the market is concerned about demand due to tariff impacts, leading to a decline in refining product prices [1]. - Brent crude oil prices have shown a slight increase, with a weekly average of $65.87 per barrel, reflecting a 2.69% increase [2][13]. - Domestic refined oil prices have generally decreased, while overseas prices have seen some increases [1]. - The chemical sector is experiencing price declines due to tariff impacts, despite cost support from raw materials [1]. - The polyester sector is facing strong demand shocks from tariffs, leading to weak price performance despite some cost support from rising crude oil prices [1]. Summary by Sections Refining Sector - The Brent and WTI crude oil prices as of April 18, 2025, were $67.96 and $64.68 per barrel, respectively, both up by $3.2 from the previous week [1][13]. - Domestic refined oil prices for diesel, gasoline, and jet fuel averaged at 6995.43, 8172.14, and 6109.00 yuan per ton, respectively, with declines noted [13]. - The report highlights a slight recovery in trade tensions between the US and China, which may support oil prices [1]. Chemical Sector - The report notes that chemical prices are generally declining, with significant price drops in pure benzene and styrene [1]. - Polyethylene prices are under pressure due to supply-demand imbalances, with average prices for LDPE, LLDPE, and HDPE at 9157.14, 7202.29, and 8242.86 yuan per ton, respectively [46]. - EVA prices have seen a slight increase, averaging 11957.14 yuan per ton [46]. Polyester Sector - PX prices have increased to an average of 5292.29 yuan per ton, supported by rising crude oil prices [72]. - PTA prices have continued to decline, with an average of 4310.71 yuan per ton, reflecting a negative profit margin [85]. - The report indicates that the demand for polyester products is weak due to tariff impacts, leading to price declines [1][83]. Market Performance of Major Refining Companies - The stock performance of six major refining companies as of April 18, 2025, shows varied results, with Rongsheng Petrochemical down by 2.31% and Hengli Petrochemical up by 0.53% [106]. - Over the past month, Rongsheng Petrochemical has decreased by 8.65%, while Hengli Petrochemical has decreased by 3.43% [106].

Investment Rating - The report maintains a positive investment rating for Chunchun Power (603129.SH) with expectations of continued high growth in revenue and profit [2]. Core Viewpoints - Chunchun Power achieved a revenue of 15.04 billion yuan in 2024, representing a year-on-year increase of 24.2%, and a net profit of 1.47 billion yuan, up 46.1% year-on-year. For Q1 2025, the company reported a revenue of 4.25 billion yuan, a 38.9% increase year-on-year, and a net profit of 420 million yuan, up 49.6% year-on-year [2]. - The company is accelerating the high-end development of its four-wheeled vehicles, with a significant increase in the penetration rate of the European GOES brand. In 2024, the all-terrain vehicle sales reached 169,000 units, generating a revenue of 7.21 billion yuan, a 10.9% increase year-on-year, with exports accounting for 71.9% of domestic sales [2]. - The motorcycle segment is also experiencing high-end and global growth, with total sales of 287,000 units in 2024, generating a revenue of 6.04 billion yuan, a 37.1% increase year-on-year. The company plans to launch new models to strengthen its domestic market position and expand into Southeast Asia and Europe [2]. - The electric motorcycle segment, Jike Electric, showed strong growth potential, with sales of 106,000 units in 2024, generating a revenue of 400 million yuan, a staggering 414.2% increase year-on-year [2]. - The company is investing 3.5 billion yuan in a new production base in Tongxiang, Zhejiang, to meet the growing demand for electric two-wheelers and enhance market competitiveness [2]. Financial Summary - The total revenue for Chunchun Power is projected to reach 18.8 billion yuan in 2025, with a net profit of 1.8 billion yuan, corresponding to a P/E ratio of 13 times. The revenue is expected to grow to 22.7 billion yuan in 2026 and 26.5 billion yuan in 2027, with net profits of 2.3 billion yuan and 2.7 billion yuan respectively [3][4]. - The gross margin is expected to stabilize around 30.1% to 30.5% from 2025 to 2027, while the return on equity (ROE) is projected to be around 23.8% to 25.8% during the same period [4]. - Earnings per share (EPS) are forecasted to increase from 11.52 yuan in 2025 to 17.94 yuan in 2027, indicating a strong growth trajectory [4].