Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Views - The agricultural sector is viewed as a defensive investment option amid a complex external environment, with potential for stable growth in quality sub-sector leaders [4] - Current prices of major meat proteins and agricultural products are in a bottoming phase, indicating a potential for recovery [4] Summary by Sections Market Review - The agricultural sector underperformed the market by 0.18 percentage points during the week of May 19-23, 2025, with the Shenwan Agricultural Index closing at 2,611.24, down 0.36% [1][16] - Among sub-sectors, the feed sector rose by 1.20%, while animal health, agricultural product processing, planting, breeding, and fishery sectors declined by 0.27%, 0.49%, 0.61%, 0.76%, and 1.59% respectively [1][18] Industry Dynamics - In pig farming, the increase in pricing for market pigs has led to a continued decline in pig prices, with the national average price at 14.20 yuan/kg, down 2.81% week-on-week and down 13.63% year-on-year [2] - The profit from self-breeding pigs is 48.21 yuan/head, a decrease of 32.45 yuan/head week-on-week, while the profit from purchased piglets is -16.06 yuan/head, down 64.26 yuan/head week-on-week [2] - In the poultry sector, chick prices stabilized, but meat chicken prices continued to weaken due to high inventory levels in downstream slaughtering [2] Key Data - As of May 23, 2025, the national average prices for wheat, rice, and corn were 2,464.56 yuan/ton (down 0.18%), 2,864.00 yuan/ton (unchanged), and 2,295.71 yuan/ton (down 0.37%) respectively [3] - Soybean meal prices rebounded slightly after two weeks of decline, with the national average at 3,024.00 yuan/ton, up 1.20% week-on-week [3] Investment Recommendations - The report suggests focusing on high-quality pig farming companies with strong cost control, such as Muyuan Foods, Wens Foodstuff Group, and others [4] - For poultry, it recommends integrated industry leaders like Shengnong Development for white feather chickens and Lihua Stock for yellow feather chickens [4] - In the feed sector, Haida Group is highlighted as a key player benefiting from the recovery in livestock inventory [4] - For agricultural products, attention is drawn to Suqian Agricultural Development and Beidahuang, along with seed companies like Denghai Seeds and Longping High-Tech [4]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has launched several products to celebrate its 15th anniversary, including the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4, all featuring the self-developed SoC chip, Xuanjie O1 [1][2]. - The Xuanjie O1 chip, built on a second-generation 3nm process, is positioned to compete with Apple's A18 Pro in terms of performance and energy efficiency [2]. - The company plans to invest an additional 200 billion yuan in R&D over the next five years [1]. - The SUV YU7 was also unveiled, with a maximum range of 835 km and equipped with a 96.3 kWh lithium iron phosphate battery, expected to launch in July [2]. Financial Projections - The adjusted net profit forecasts for 2025, 2026, and 2027 are approximately 33.75 billion yuan, 42.60 billion yuan, and 55.06 billion yuan, respectively [3]. - Revenue projections for 2024, 2025, 2026, and 2027 are 365.91 billion yuan, 483.38 billion yuan, 595.47 billion yuan, and 726.59 billion yuan, with year-on-year growth rates of 35.04%, 32.11%, 23.19%, and 22.02% [5][11]. - The adjusted EPS for the same years is expected to be 1.09 yuan, 1.30 yuan, 1.64 yuan, and 2.12 yuan [5][11]. Market Position and Strategy - The company is focusing on high-end product development, aiming to enhance the value of its consumer electronics [2]. - The automotive business is expected to contribute significantly to the company's growth, with a delivery target of 350,000 vehicles for the year [2].

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [7]. Core Insights - The global NAND market experienced a significant decline in Q1 2025, with a quarter-over-quarter decrease of 25.3%, resulting in a market size of $13.01 billion [1]. - The demand for HBM technology is driven by AI server requirements, with HBM4 expected to have a premium exceeding 30% due to increased manufacturing complexity [3]. - The DRAM market shows a trend where DDR4 prices are rising faster than DDR5 prices, with an average price increase of 2.22% observed [2]. Summary by Sections NAND Market - In Q1 2025, the enterprise-level market demand for NAND slowed down, leading to a 25.3% quarter-over-quarter decline in the global NAND Flash market size, which reached $13.01 billion [1][27]. - The average price fluctuation for 22 NAND particle categories ranged from 0.00% to 2.41%, with an average increase of 1.38% [1]. DRAM Market - The DRAM market saw 18 categories of products with price changes ranging from -0.81% to 6.39%, with 14 categories experiencing price increases [2][27]. - The expectation of tighter supply in the future is driving DDR4 prices to rise more than DDR5 prices, with a continued upward trend anticipated in Q2 2025 [2]. HBM Market - The development of HBM technology is significantly influenced by the demand for AI servers, with major manufacturers advancing HBM4 products [3][28]. - The complexity of HBM4's chip design and increased I/O interfaces are expected to raise production costs, leading to a premium above 30% [3]. Market Dynamics - The discontinuation of certain DDR4 products has triggered a "butterfly effect," causing significant price increases in high-spec DDR4 components [4][28]. - The supply constraints in low-capacity eMMC and the normal replenishment demand from Tier 1 customers have also contributed to price hikes in eMMC products [4][28]. Investment Recommendations - The report maintains a positive outlook on the HBM industry chain, which is expected to benefit from the rapid development of advanced computing chips [5]. - Recommended stocks include Saiteng Co., Yishitong, Lianrui New Materials, and Huahai Chengke for HBM, while Dongxin Co., Zhaoyi Innovation, Hengshuo Co., and others are suggested for the storage chip sector [5].

上市公司业绩不及预期、市场波动超预期、海外经济增速不及预期。 策略研究/策略周报 换手率成交额普跌，医药估值分位领涨 ——情绪与估值 5 月第 2 期 ◼ 内容要点：上周（5.15-5.21）A 股市场两融余额增加，换手率普跌， 成交额普跌。主要指数 PE 估值分位普跌，其中上证 180 领跌。主要风格 PE 估值分位涨多跌少，其中稳定风格领涨。全行业医药估值分位数领涨， 电子领跌。 情绪：两融余额增加，市场换手率普跌，成交额普跌 估值：指数 PE 估值分位普跌，稳定风格领涨，医药行业领涨 ◼ 风险提示 策 略 周 报 证 | 日期： | yxzqdatemark 2025年05月23日 | | --- | --- | | 分析师： | 唐文卿 | | E-mail： | tangwenqing@yongxi | | | ngsec.com | | SAC编号： | S1760524050001 | 相关报告： 《美债收益率继续上行，融资 买入额回落》 ——2025 年 05 月 21 日 《股债收益率回升，金融风格 估值分位领涨》 ——2025 年 05 月 19 日 《短债收益率回落，融资加码 科技》 — ...

策略研究/策略专题 从"亚洲四小龙"到中国沿海新引擎 ——投资宁波系列三 ◼ 核心观点 新加坡作为全球海洋枢纽中心，凭借其优越的地理位置、高效的政府 管理和开放的经济政策，从 20 世纪 60 年代至 90 年代实现了高速经 济增长，成为"亚洲四小龙"之一。新加坡政府通过大力发展金融、物 流、航运等高端服务业，同时推动制造业向高附加值领域转型，成功 实现了从劳动密集型产业向技术密集型产业的跨越。宁波作为中国东 部沿海的重要港口城市，同样具备港口优势和制造业基础，近年来已 展现出巨大的智造潜力。我们认为宁波可以借鉴新加坡的发展模式， 在夯实港口优势的基础之上，进一步优化现代服务业与高端制造业的 深度融合，特别是在现代化产业（人形机器人/智能汽车）、绿色能源和 数字经济等领域积极发力，从而在全球经济格局中占据更加重要地位。 宁波凭借其得天独厚的港口优势，在深度融入全球经济背景下，加速 推动区域经济一体化发展。宁波舟山港作为全球货物吞吐量最大的港 口之一，已成为连接长三角地区与全球贸易的重要枢纽。通过优化港 口基础设施、提升物流效率，宁波将进一步强化与上海、杭州等周边 城市的协同发展，促进区域内资源整合与产业分工， ...

电子 行业研究/行业周报 算力产业不断利好，看好产业发展 ——电子行业周报（2025.05.12-2025.05.16） ◼ 核心观点 本周核心观点与重点要闻回顾 算力产业链：底层算力成为基础设施，推动行业发展。英伟达表示， 将在沙特销售数十万颗人工智能芯片，首批 1.8 万颗最新 Blackwell 芯 片将出售给沙特主权财富基金刚刚成立的人工智能初创公司 Humain。 我们认为，AI 底层算力将逐渐成为各国的基础资源，算力产业链将持 续受益。 AI 端侧：华为推出新品，继续看好相关产业链。AI 眼镜有望迎来又一 波"上新潮"。华为将于 5 月 19 日召开新品发布会，在华为终端官宣 的待发布新品中，就包含了"智能眼镜"。此外，Rokid 创始人祝铭明 在 15 日在 Rokid Glasses 新品沟通会上透露，过去三个月以来，Rokid 旗下带显示的 AI 眼镜全球已交定金订单已超 25 万台，其中在线订单 超 4 万台，今年内有望全部交付。祝铭明还透露，Rokid 一次锁定约 20 万台的供应量，支付资金已超几亿元。我们认为，随着智能眼镜等 相关产品不断推出，相关产业链将持续受益。 消费电子：202 ...

Investment Rating - The industry investment rating is maintained as "Add" [4] Core Insights - In April 2025, inverter exports reached USD 809 million, showing a year-on-year increase of 16.71% and a month-on-month increase of 27.8%. Cumulative exports from January to April 2025 totaled USD 2.509 billion, up 8.76% year-on-year. In contrast, battery component exports in April were USD 2.249 billion, down 21.14% year-on-year and 8.68% month-on-month, with cumulative exports from January to April at USD 8.664 billion, down 27.29% year-on-year [1] - In May 2025, the production of silicon wafers and batteries decreased, with domestic silicon wafer production around 55+ GW and global production approximately 58 GW+, both declining from April. Global photovoltaic cell production was 60-61 GW, a reduction of about 7.20% from April. The demand for batteries weakened, leading to inventory accumulation among companies [1] - The average bidding price for photovoltaic modules decreased, with the weighted average price at RMB 0.71 per watt, down RMB 0.05 from the previous week. The total procurement capacity for the week was 29.55 MW, a decrease of 234.22 MW from the previous week [2] Summary by Sections Export Data - In April 2025, inverter exports were USD 809 million, up 16.71% year-on-year and 27.8% month-on-month. Cumulative exports from January to April were USD 2.509 billion, up 8.76% year-on-year. Battery component exports were USD 2.249 billion in April, down 21.14% year-on-year and 8.68% month-on-month, with cumulative exports at USD 8.664 billion, down 27.29% year-on-year [1] Production Insights - In May 2025, production in the silicon and battery segments decreased, with domestic silicon wafer production at approximately 55+ GW and global production at around 58 GW+, both lower than April. Global photovoltaic cell production was 60-61 GW, down about 7.20% from April, indicating weakened battery demand and potential inventory accumulation [1] Pricing Trends - The average bidding price for photovoltaic modules fell to RMB 0.71 per watt, a decrease of RMB 0.05 from the previous week, with total procurement capacity for the week at 29.55 MW, down 234.22 MW from the previous week [2] Investment Recommendations - The report continues to favor companies benefiting from technological advancements and cost reductions, specifically mentioning companies such as GCL-Poly Energy, LONGi Green Energy, Junda Co., and JinkoSolar [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown a solid performance in 2024 with a revenue of 20.055 billion yuan, representing a year-on-year increase of 14.35%, and a net profit attributable to shareholders of 445 million yuan, up 15.20% year-on-year [1][12] - The company is expected to benefit from the recovery in the wind power industry, improvements in the automotive parts business, and the mass production of new materials, leading to anticipated profit growth in the coming years [12] Revenue Breakdown - Wind Power: Revenue reached 8.2 billion yuan, accounting for 40.89% of total revenue, with a year-on-year increase of 22.36% [2] - Automotive Parts: Revenue was 7.101 billion yuan, making up 35.41% of total revenue, with a year-on-year increase of 3.51% [2] - Rail Transit: Revenue amounted to 2.355 billion yuan, representing 11.74% of total revenue, with a year-on-year increase of 25.59% [2] - Engineering and Other Products: Revenue was 1.920 billion yuan, accounting for 9.57% of total revenue, with a year-on-year increase of 15.27% [2] Business Performance - The wind power blade segment sold 21.22 GW in 2024, with an average power of 5.96 MW per unit, achieving a revenue of 8.2 billion yuan, reflecting a 22.37% increase year-on-year [3] - The automotive parts segment turned profitable, generating 7.101 billion yuan in revenue, with significant orders from major clients [3] - The rail transit segment achieved a revenue of 2.355 billion yuan, with both domestic and international markets reaching historical highs [3] - The industrial and engineering segment reported a revenue of 1.920 billion yuan, with a 15.32% year-on-year increase [3] Financial Projections - The company forecasts net profits of 661 million yuan, 860 million yuan, and 1.059 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.45, 11.10, and 9.01 [12][14]

Investment Rating - The report maintains an "Increase" rating for the pet industry, indicating a positive outlook for the sector [5]. Core Insights - The pet industry in China has surpassed 300 billion yuan in consumer spending, showing a trend of simultaneous growth in both volume and price. The urban consumption market is projected to grow by 7.5% in 2024, reaching 300.2 billion yuan [1][2]. - The consumption market for dogs is expected to reach 155.7 billion yuan, with a slight increase of 4.6%, while the cat market is projected to grow by 10.7% to 144.5 billion yuan [1]. - The number of pets in China is anticipated to reach 124.11 million in 2024, reflecting a year-on-year growth of 2.1% [1]. - Average annual spending per pet dog is estimated at 2,961 yuan, up by 3.0%, and for cats, it is 2,020 yuan, increasing by 4.9% [1]. - The food market remains the largest segment, accounting for 52.8% of total consumption, followed by the medical market at 28.0% [1]. Summary by Sections Market Trends - The emotional companionship attributes of pets align with trends of single living, declining birth rates, and an aging population, which are expected to drive incremental consumer demand [2]. - There is a growing preference for domestic staple food brands and smart pet products, alongside increased consumer focus on product quality and value [2]. - Pet owners are increasingly concerned about their pets' physical and mental health, highlighting a need for reliable veterinary services [2]. Investment Opportunities - The report suggests focusing on various investment opportunities within the pet sector, including companies involved in pet food, supplies, healthcare, and technology [3][8].

策略研究/策略周报 美债收益率继续上行，融资买入额回落 ——流动性 5 月第 2 期 ◼ 内容要点 上周（5.12-5.16）国内 2 年期、10 年期国债收益率上行；美国 2 年期、 10 年国债收益率继续上行，美元指数上行，中美 10 年国债利差边际 走扩；上周融资买入额回落，南向资金流小幅净流出。 ◼ 宏观流动性 国内：上周（5.12-5.16）2 年期、10 年期国债收益率上行，10 年期与 2 年期国债利差收窄。上周央行公开市场净回笼 4751 亿元，MLF 净 投放 0 亿元。 国外：上周（5.12-5.16）2 年期、10 年期美债收益率继续上行，美元 指数上行，中美 10 年期国债利差边际走扩。上周 10 年期美债收益率 上行至 4.43%，美元指数升至 100.98。截至 5 月 16 日，中美 10 年期 国债利差走扩至-2.75%。 ◼ 市场流动性 公募基金：2025 年 5 月新成立 40 只基金，其中 26 只为股票型基金。 截至 5 月 16 日，2025 年 5 月新成立基金 40 只，24 年 5 月为 94 只； 其中，5 月新成立股票型基金 26 只，发行总额约 101 亿 ...