Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][4]. Core Viewpoints - The report highlights a significant narrowing of the year-on-year decline in ticket prices, with expectations for continued recovery in ticket prices during the peak travel season due to strong demand [3][5]. - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines as potential investment opportunities [3][4]. Summary by Sections 1. Investment Recommendations - The report indicates that the passenger load factor remains high, with strong travel demand during the May Day holiday, leading to a noticeable reduction in the year-on-year decline in ticket prices [3][4]. 2. Industry Ticket Price Trends - The year-on-year decline in industry ticket prices has significantly narrowed, with ticket prices in May showing a decline of only 3.0% compared to the previous year [5][27]. - The average domestic ticket price from the beginning of 2025 until May 18 is 847 yuan, reflecting a 10.0% year-on-year decrease [5][27]. 3. Supply and Demand Dynamics - The supply side is affected by fleet issues, with potential delays in aircraft introductions due to supply chain problems and limited short-term improvements in utilization rates due to engine maintenance [3][4]. - The demand side shows sustained growth in travel demand during peak seasons, with expectations for improved supply-demand dynamics and a potential rise in ticket prices [3][4]. 4. Operational Performance of Airlines - In April 2025, domestic airlines experienced a year-on-year increase in capacity and turnover, with passenger load factors exceeding levels from 2019 [47][49]. - The report notes that China Southern Airlines had the highest net increase in aircraft in April, adding five aircraft to its fleet [47][48]. 5. Fuel Price Trends - The average price of aviation fuel has shown a continuous year-on-year decline, with May's average price at 5,385 yuan per ton, down 19.0% from the previous year [41][41]. - Brent crude oil prices have also decreased, with a year-on-year decline of 23.6% as of May 16, 2025 [41][41]. 6. Exchange Rate Stability - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1916 as of May 19, 2025, reflecting a slight increase of 0.04% from the end of 2024 [41][41].

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][4]. Core Viewpoints - The report highlights a significant narrowing of the year-on-year decline in ticket prices, with expectations for continued recovery in ticket prices during the peak travel season [3][5]. - The demand for travel is expected to remain strong during the peak season, supported by high passenger load factors and a resurgence in travel demand during holidays [3][14]. - Key airlines to focus on include Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines [2][14]. Summary by Sections 1. Investment Recommendations - The report suggests a positive outlook for the airline industry, driven by sustained high passenger load factors and strong travel demand during the May Day holiday [14]. - It emphasizes the potential for ticket prices to recover as supply and demand dynamics improve [14]. 2. Industry Ticket Price Trends - The year-on-year decline in ticket prices has significantly narrowed, with an average domestic ticket price of 847 RMB, down 10.0% year-on-year as of May 18, 2025 [5][27]. - The average ticket price has shown a trend of narrowing declines in recent weeks, with a year-on-year decline of only 3.0% in May [5][27]. 3. Supply and Demand Dynamics - The supply side is constrained by issues such as supply chain delays affecting aircraft deliveries and limited short-term increases in utilization rates due to engine maintenance [3][14]. - The demand side is bolstered by strong travel during the Spring Festival, Qingming Festival, and May Day holiday, indicating a continuous growth in demand [3][14]. 4. Operational Performance of Airlines - In April 2025, domestic airlines saw a year-on-year increase in capacity and turnover, with passenger load factors exceeding levels from 2019 [47]. - The report notes that China Southern Airlines had the highest net increase in aircraft, adding 5 aircraft in April [48]. 5. Fuel Price Trends - The average price of aviation fuel has decreased significantly, with a year-on-year decline of 19.0% in May [41]. - Brent crude oil prices have also shown a downward trend, with a year-on-year decrease of 23.6% as of May 16, 2025 [41].

Investment Rating - The report assigns a "Buy" rating for the stock of Andeli (605198) based on its strong performance and growth potential [8] Core Views - Andeli Juice has achieved significant revenue growth, with Q1 2025 revenue reaching 430 million yuan, a year-on-year increase of 59.0%, driven by strong performance in juice and flavor products [2] - The company is actively expanding its production capacity and diversifying its product offerings, with plans to establish new production lines and acquire assets to enhance its market share [2] - The company has established a stable customer base, primarily consisting of leading global enterprises, which mitigates the impact of trade tensions and ensures steady demand [2] Summary by Sections Financial Performance - In Q1 2025, Andeli's gross margin decreased by 3.23 percentage points to 22.25%, while net profit margin remained stable at 20.02%, reflecting a 61.31% increase in net profit to 86.07 million yuan [2] - The company expects total revenue to grow from 876 million yuan in 2023 to 2.43 billion yuan in 2027, with a compound annual growth rate (CAGR) of 29.6% from 2024 to 2025 [3] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.05 yuan, 1.27 yuan, and 1.43 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 56, 46, and 41 [2][3] Market Position and Strategy - The concentrated juice industry is experiencing a competitive shift, with some competitors facing operational difficulties, allowing Andeli to capture a larger market share [2] - The company is expanding its production footprint across seven provinces and ten factories, enhancing its capacity to meet growing demand [2] - Andeli is diversifying its product line to include various types of juices, such as decolorized and deacidified concentrated juice, and plans to invest in new production projects [2] Customer Base and Demand Stability - The global apple juice market is primarily concentrated in developed countries, providing stable demand for Andeli's products [2] - The company is expanding its market reach into non-U.S. markets, leveraging its facilities to tap into emerging markets along the Belt and Road Initiative [2]

Investment Rating - The report suggests a cautious approach towards the chemical industry, particularly focusing on the impacts of tariff changes on the olefin supply chain [5]. Core Insights - The imposition of reciprocal tariffs by China on U.S. imports has led to increased costs for imported goods, particularly affecting the ethane and propane markets [12][15]. - The chemical industry in China shows a manageable overall import dependency, but certain raw materials exhibit high reliance on U.S. imports, notably ethane and propane [3][19]. - The report highlights the potential shift in trade flows for propane imports from the U.S. to countries like Qatar and the UAE due to rising costs from tariffs [4][13]. Summary by Sections Tariff Impact - The U.S. has implemented a series of tariff adjustments, with China responding by increasing tariffs on U.S. goods to 125% [15][16]. - The recent negotiations have led to a temporary suspension of some tariffs, but a 10% tariff remains in place, which could still affect import costs [18][28]. Import Dependency - In 2024, China imported $11.1 billion worth of liquefied propane, with 59.2% sourced from the U.S., while ethane imports were almost entirely from the U.S. with a dependency rate of 98.7% [3][26]. - The overall import dependency of the chemical industry is around 11%, with specific categories like chemical products showing higher reliance on U.S. imports [25][19]. Production and Cost Structure - The report indicates that the production of polyethylene and polypropylene in China has significantly increased, with capacities reaching 58.19 million tons and 72.11 million tons respectively by April 2025 [29][30]. - The cost structure of different production routes shows that coal-based and gas-based methods are becoming more prominent, reducing the correlation of olefin prices with crude oil prices [39][47]. Future Considerations - The report advises monitoring the ongoing changes in tariff policies and their implications for the cost structure of the olefin industry, particularly for propane dehydrogenation (PDH) processes [5][28]. - The potential for alternative sourcing of propane and the feasibility of toll processing for ethane are highlighted as strategies to mitigate tariff impacts [4][14].

Investment Rating - The investment rating for the automotive industry is "Positive" [2] Core Insights - The report highlights significant developments in the automotive industry, including the modification and suspension of tariffs between the US and China, which is expected to enhance trade relations and market dynamics [3][8] - Huawei has signed a comprehensive cooperation agreement with UBTECH in the field of embodied intelligence and humanoid robots, indicating a trend towards innovation in automotive technology [3][8] - The report notes that major automotive companies are accelerating their electric and intelligent transformation, supported by favorable policies, which is likely to sustain steady growth in industry sales [5] Industry News - The US will suspend 24% of tariffs on Chinese goods for the first 90 days, while retaining 10% of the tariffs, and China will adjust its tariffs on US goods accordingly [3][8] - Enjoy Travel and Momenta have signed a strategic cooperation agreement to create the world's first mass-produced Robotaxi fleet, set to launch operations in Shanghai [3][8] - Avita has achieved an 8.25% market share in the UAE luxury new energy vehicle segment, with over 100 units delivered since its launch [3][8] - Xpeng has teased a new sporty coupe model, E29, which is expected to set new standards in automotive aesthetics [3][8] - Tesla's Shanghai Gigafactory exported nearly 30,000 Model 3 and Model Y vehicles in April, marking a record high for monthly exports [3][8] - Leap Motor announced the launch of its 2026 C10 model, with pre-sale prices starting at 129,800 yuan [3][8] - The first model from Leida, L60, has surpassed 40,000 sales since its delivery began [3][8] - Geely has announced its 2025 product plan, including new models set to launch in the coming quarters [3][8] - Top Group has completed the acquisition of Wuhu Changpeng, enhancing its competitiveness in automotive soft interiors and NVH [3][8] Market Performance - The automotive sector in A-shares outperformed the broader market, with a weekly increase of 2.71%, leading among all sectors [5][10] - The passenger vehicle sector saw a PE valuation increase, while the commercial vehicle sector experienced a decline [20] - Key stocks such as Leap Motor and Ideal Auto led the gains in the passenger vehicle sector [5][15]

中美谈判利好落地，公募新规或催化配置逻辑重塑 —— 量化市场追踪周报（2025W20） 2025 年 5 月 18 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 金工定期报告 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 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 量化市场追踪周报(2025W20)：中美谈判利好落 地，公募新规或催化配置逻辑重塑 2025 年 5 月 18 日 主动权益基金仓位下行：截至 2025/5/16，主动权益型基金的平均仓位约 为 86.50%。其中，普通股票型基金的平均仓位约为 89.44%（较上周 ...

金融能否重演 14 年下半年行情？ ——策略周观点 [Table_ReportDate] 2025 年 5 月 18 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 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 核心结论：近期公募新规出台，投资者对银行和非银关注度上升，"低 配+制度变化"上一次带来大级别行情是在 2014 年下半年。当下与之对 比，相同的地方是：（1）公募低配较多，2010-2013 年熊市和 GDP 下台 阶导致低配，2022-2024 年 9 月熊市和 GDP 下台阶导致 ...

中美谈判利好落地，公募新规或催化配置逻辑重塑 —— 量化市场追踪周报（2025W20） 2025 年 5 月 18 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 金工定期报告 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 主动权益基金仓位下行：截至 2025/5/16，主动权益型基金的平均仓位约 为 86.50%。其中，普通股票型基金的平均仓位约为 89.44%（较上周下降 0.20pct），偏股混合型基金的平均仓位约为 86.86%（较上周下降 0.39pct）， 配置型基金的平均仓位约为 84.37%（较上周下降 0.37pct）；"固收+"基金 平均仓位约为 24.55%，较上周下降 0.09pct。 中小盘风格暴露相对提升：截至 2025/5/16，主动偏股型基金大盘成长仓 位 10.55%（较上周下降 2.39pct），大盘价值仓位 10.93%（较上周上升 0.08pct），中盘成长仓位 14.82%（较 ...

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：中美关税谈判落地，油价震荡上行 [Table_Title] [Table_ReportDate0] 2025 年 5 月 18 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025年 5月 16 日当周，油价震荡上涨。本周，中 美经贸高层会谈取得实质性进展，双方大幅下调关税，贸易争端紧张 局势缓和，提振市场风险偏好。但美伊核谈判等地缘因素反复（特朗 普称美伊就核协议达成某种共 ...

美国签订中东 AI 芯片大单，主权 AI 拉动基建投资 [Table_ReportDate] 2025 年 5 月 18 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 [美国签订中东 Table_Title] AI 芯片大单，主权 AI 拉动基 建投资 [Table_ReportDate] 2025 年 5 月 18 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 ht ...