Investment Rating - The industry investment rating is maintained as "Increase" for the non-bank financial sector [8]. Core Viewpoints - The first batch of 26 new floating-rate funds has been registered by the CSRC, with management fees set in three tiers based on excess returns during the holding period [4][18]. - A significant trend of fee reductions in public funds is observed, with over 1,000 low-fee funds now available, enhancing investor cost-effectiveness [49]. - The non-bank financial sector, particularly the brokerage segment, is underweight in public fund allocations, presenting a potential reallocation opportunity as funds shift towards benchmark holdings [5][19]. Data Tracking - The average daily trading volume of A-shares is 11,733 billion CNY, down 7.3% week-on-week, but up 58.8% year-on-year [31]. - As of May 23, 2025, the margin balance in A-shares is 18,013 billion CNY, with a financing balance of 17,893 billion CNY, reflecting a year-to-date increase of 20.2% [31]. - In the first four months of 2025, equity financing reached 1,930.2 billion CNY, a year-on-year increase of 47.3% [32]. Industry Dynamics - The public fund industry is experiencing a wave of fee reductions, with major firms like E Fund and Huaxia announcing cuts to management fees, leading to a historical high in low-fee fund offerings [49]. - The approval of the first floating-rate funds is a response to the CSRC's initiative to enhance the quality of public fund development [49]. - The recent passing of the Stablecoin Bill in Hong Kong aims to regulate virtual asset activities and maintain financial stability [49].

Investment Rating - The report maintains a "Buy" rating for Lenovo Group, indicating a positive outlook on the company's future performance [4]. Core Insights - Lenovo Group's revenue for the fiscal year 2024/25 reached 498.5 billion RMB, representing a year-on-year growth of 21.5%, while net profit increased by 36% to 10.4 billion RMB [1]. - The AIPC business segment is experiencing rapid growth, with the device business (IDG) achieving double-digit revenue growth and a 13% increase in Q4 revenue. Lenovo holds the largest global market share in PCs at 23.7%, widening the gap with the second-largest competitor by 3.6 percentage points [2]. - Non-PC business contributions are rising, with the infrastructure solutions group (ISG) generating 104.8 billion RMB in revenue, a 63% year-on-year increase in Q4, marking the second consecutive quarter of profitability. The solutions and services group (SSG) also saw double-digit revenue growth with an operating profit margin exceeding 21% [2]. - Lenovo is advancing its Super Intelligent Agent Matrix, with a 13% increase in R&D investment for the fiscal year, and R&D personnel now account for 27.8% of the workforce, up 1.6 percentage points year-on-year [3]. Financial Forecast and Valuation - The projected net profits for Lenovo Group for the fiscal years 2026 to 2028 are estimated at 1.665 billion USD, 1.874 billion USD, and 2.068 billion USD, with respective growth rates of 20%, 13%, and 10%. The earnings per share (EPS) are forecasted to be 0.13, 0.15, and 0.17 USD per share, corresponding to price-to-earnings (P/E) ratios of 9.20, 8.17, and 7.41 [4][6].

Investment Rating - The industry investment rating is "Increase" [5] Core Viewpoints - The pet travel ecosystem is expected to improve as the trend of traveling with pets increases, with significant growth in pet participation in travel activities [1] - The pet economy continues to thrive, with luxury and fast-fashion brands entering the pet apparel market, indicating a willingness among pet owners to spend on emotional value [2] Summary by Sections Pet Travel Ecosystem - The number of pet-friendly travel orders at Huazhu Group's high-end resort, Huajian Tang, increased by 23% year-on-year, with pet-inclusive bookings accounting for 20% of total orders by April 2025 [1] - The rise of "pet travel groups" is noted, with 20% of interest group travel involving pets, showcasing a shift in the emotional relationship between pets and their owners [1] - A new pet travel initiative, "Paw-sitive Fly Tour," was launched by Starplayer in collaboration with Hainan Airlines, offering specialized services for pets during flights [1] Pet Apparel Market - The pet apparel sector is seeing increased participation from brands like Adidas, which launched its first "Three Stripes Pet Series" [2] - Other luxury brands such as Gucci and Celine have also introduced pet product lines, indicating a trend where pet owners are looking for stylish and high-quality pet products [2] - The market for pet apparel is characterized by lower technical barriers but higher demands for brand design and trend integration, suggesting that brands with these capabilities will benefit [2] Investment Suggestions - Recommended companies include Tianyuan Pet for comprehensive pet product supply, Yiyi Co. and Yuanfei Pet for smart pet interaction, and Zhongchong Co. for its collaboration in pet behavior recognition [3] - Companies like Yingzi Network and Beishidake are noted for their innovations in pet monitoring technology [3] - The report highlights the potential of companies like Ruipubio in the veterinary medicine sector and Daqian Ecology's entry into the pet market [3]

Investment Rating - The report maintains an "Accumulate" rating for the 3D printing industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - 3D printing is a new manufacturing process based on layer-by-layer material accumulation, offering significant advantages over traditional subtractive manufacturing in terms of cost control, customization, and material utilization [1][16]. - The global 3D printing market is projected to reach $21.9 billion by 2024, with China's market exceeding 50 billion yuan, highlighting rapid growth in this sector [2][36]. - The aerospace sector accounts for a significant portion of 3D printing applications, with nearly 58% of China's industrial-grade 3D printing applications in this field [2][41]. Summary by Sections 1. 3D Printing: A Strategic Emerging Industry - 3D printing is recognized as a strategic emerging industry supported by national policies, enhancing its development and application in various sectors [24][27]. - The technology is particularly advantageous for small-batch production, allowing for cost savings and efficiency improvements compared to traditional manufacturing methods [17][19]. 2. Market Growth and Applications - The 3D printing market is expected to grow rapidly, with a compound annual growth rate of 18% projected over the next decade [31]. - Key application areas include aerospace, medical, and automotive sectors, which together account for nearly 50% of global 3D printing applications [38][39]. 3. Cost Reduction and Adoption in Civilian Sectors - Continuous cost reductions in 3D printing materials and equipment are facilitating its adoption in civilian sectors, such as consumer electronics and footwear [2][52]. - The price of 3D printing powders has significantly decreased, with titanium alloy powder prices dropping by 50% recently, making the technology more accessible [56][57]. 4. Investment Recommendations - The report suggests focusing on companies such as Platinum Technology, Huazhu High-Tech, and Aisikai, which are well-positioned to benefit from the growth in the 3D printing industry [4].

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 ...