Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent update from U.S. Customs on April 11, 2025, announced a reduction in tariffs for certain products, which is expected to benefit companies like Nvidia and Apple [2] - The tariff impact is now at a low level, presenting a recovery opportunity for the fruit supply chain and computing power chain [2] - Companies in the Apple supply chain have been diversifying their global production capacities, which has shown strategic value following the tariff exemption policy [2] - The Nvidia supply chain is less affected by tariffs due to the production of high-end AI products being largely outside mainland China [2] - Despite uncertainties regarding future tariff changes, the high-value technology products primarily generate profits for U.S. companies like Apple, Nvidia, and Qualcomm, making it counterproductive for the U.S. to sever ties with Chinese suppliers [2] - The current valuation levels of related stocks have significantly deviated from their fundamentals, indicating a potential recovery opportunity [2] Summary by Sections Tariff Impact - The U.S. has updated its exemption list, reducing tariffs on certain products, effective from April 5, 2025 [2] - Relevant product categories include smartphones, data processing devices, integrated circuits, and related components [2] Supply Chain Analysis - The Apple supply chain has established production capacities in countries like Vietnam, Thailand, India, and Mexico, enhancing resilience against geopolitical risks [2] - Nvidia's GB200 series products are expected to enter mass production, with previous restrictions potentially being lifted [2] Recommended Stocks - Suggested stocks in the fruit supply chain include Lens Technology, Lianyi Intelligent Manufacturing, Dongshan Precision, Sunny Optical, and Fuliwang [2] - Suggested stocks in the computing power chain include Industrial Fulian, Shenzhen South Circuit, Huadian Technology, Jingwang Electronics, Shenghong Technology, and Shengyi Technology [2]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 五洲特纸(605007) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 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] 五洲特纸：产能加速扩张，盈利逐步回暖 [Table_ReportDate] 2025 年 04 月 13 日 报告内容摘要: [Table_S 事件： ummary] 1） 湖北项目进展顺利：2025 年 4 月 10 日五洲湖北 PM18 纸机顺利开机投产， 该纸机设计幅宽 8660mm、设计车速 1200m/min，单日产能超 1800 吨，年产 能达 55 万吨。伴随新纸机投产，公司湖北包装纸基地固费摊销、能耗节降等有 望稳步改善，推动包装纸盈利持续优化。 请阅读最后一页免责声明及信 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 五洲特纸(605007) | 投资评级 | 无评级 | | --- | --- | | 上次评级 | 无评级 | 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] 五洲特纸：产能加速扩张，盈利逐步回暖 [Table_ReportDate] 2025 年 04 月 13 日 报告内容摘要: [Table_S 事件： ummary] 2）公司发布 2024 年报：24 年公司实现收入 76.56 亿元（同比+17.4%），归 母净利润 3.62 亿元（同比+33.2%），扣非归母净利润 3.27 亿元（同比+30.6%）； 24Q4 公司实现收入 21.90 亿元（同比+18.1%），归母净利润 0.35 亿元（同比 -79.0%），扣非归母净利润 0. ...

关注国产替代需求升级及消费电子、果链的修 复良机 [Table_ReportDate] 2025 年 4 月 13 日 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 [关注国产替代 Table_Title] 需求升级及消费电子、果链的修复良 机 [Table_ReportDate] 2025 年 4 月 13 日 本期内容提要: [Table_S [Table_Summary ummary] ] 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 请阅读最后一页免责声明及信息披露 http://w ...

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3]

政策强力托底，关税博弈持续 —— 量化市场追踪周报（2025W15） 2025 年 4 月 13 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(2025W15)：政策强力托底，关 税博弈持续 2025 年 4 月 13 日 主动权益基金仓位下行：截至 2025/4/11，主动权益型基金的平均仓位约 为 87.48%。其中，普通股票型基金的平均仓位约为 90.21%（较上周下降 1.04pct），偏股混合型基 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a significant shift in U.S. tariff policy, with tariffs on Chinese goods raised to 145%, while tariffs on other countries are postponed for 90 days at a 10% rate. This creates a favorable environment for leading companies with global production capabilities and efficient management to capture market share [2] - The report anticipates strong performance in H1 financial reports for leading companies due to preemptive orders driven by tariff disruptions, with specific companies like Craft Home, Yongyi Co., and others being closely monitored for their overseas expansion and low valuations [2] Summary by Sections Light Industry Manufacturing - The report discusses the impact of U.S. tariffs on the light industry manufacturing sector, emphasizing the advantages of companies with global production and local supply chains [2] Paper Industry - The paper market is expected to maintain a fluctuating trend, with cultural paper prices stable and packaging paper prices showing signs of recovery. Companies like Sun Paper and Wuzhou Special Paper are highlighted for their stable profitability and capacity expansion [3] New Tobacco - The report notes that Smoore's Q1 performance is stable, with revenue growth expected despite increased costs. The company is well-positioned to gain market share due to its compliance and overseas production capabilities [4] Home Furnishing - The real estate sector is expected to improve, with leading home furnishing companies like Mousse and Gujia showing better order growth than the industry average. The report suggests that the home furnishing sector is well-positioned for growth due to supportive policies [4] Consumer Goods - The toy industry is experiencing high demand, with significant participation in trade shows and a focus on innovative products. Companies like Pop Mart are expected to perform well with new product launches [5][6] Packaging - Companies like Yongxin Co. and Yutong Technology are noted for their stable operations, with expectations of price stabilization in the metal packaging sector as demand recovers [7] Electrical Lighting - The report highlights the importance of product innovation and channel expansion for companies like Bull Group, which is expected to accelerate its market presence [8] Two-Wheeled Vehicles - Ninebot's market share is increasing, with strong sales figures reported. The report suggests continued growth in the electric bicycle sector driven by government subsidies [9][10] Gold and Jewelry - Rising gold prices are expected to boost sales of premium gold jewelry, with companies like Chaohongji showing positive sales trends [10] Cross-Border E-commerce - The report emphasizes the importance of overseas supply chain layouts for companies like Anker Innovations, which are expected to benefit from tariff advantages [11] Maternal and Child Products - The report notes significant profit growth for Kid King, driven by improved store performance and a focus on live-streaming e-commerce [12] E-commerce - The report discusses the restructuring of rural commercial ecosystems through AI and supply chain integration, with companies like Huitongda leading the way [13] Beauty Products - The report highlights the growth of top beauty brands on platforms like Douyin, with a focus on innovative marketing strategies [14] IP Retail - The report notes improvements in same-store sales for Miniso, driven by supply chain diversification and IP collaborations [14]

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 原油周报：美国关税政策继续引发油价剧烈波动 [Table_Title] [Table_ReportDate0] 2025 年 4 月 13 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025 年 4 月 11 日当周，油价继续下跌。本周，美 国加征对等关税持续引发全球经济衰退担忧，国际原油价格连跌，美 油下探至 60 关口下方。周后期，特朗普宣布暂缓部分关税，国际原 油价格反弹上涨，抵消了小部分跌幅。截至本周五（4月11日），布 伦特、WTI 油价分别为 64.76、61.50 美元/桶。 ➢ 【油价观点】我们认为，在市场对原油需求持续担忧的情绪下，本轮 油价周期的本质在于供给端，一些产油国或由过去的份额竞争策略转 为挺价保收益策略，一些产油国或自身面临增产能力的瓶颈。尤其是 过往的美、沙、俄三足鼎立格局，演变成当前资本开支谨慎和资源劣 质化导致产量面临达峰的美国，与通过 OPEC+机制团结在一起的 沙、俄进行的不对称两方博弈，即过去 ...

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：美国关税政策继续引发油价剧烈波动 [Table_Title] [Table_ReportDate0] 2025 年 4 月 13 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025 年 4 月 11 日当周，油价继续下跌。本周，美 国加征对等关税持续引发全球经济衰退担忧，国际原油价格连跌，美 油下探至 60 关口下方。周后期，特朗普宣布暂缓部分关税，国际原 油价格反弹上涨， ...

贸易战持续升级，建议关注自主可控和内需消费两条主线 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 4 月 13 日 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 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 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 ...