证券研究报告—公募基金周报 撰写日期：2025 年 04 月 01 日 公募基金周报（20250324-20250328） 投资要点 本周大盘指数窄幅震荡，小微盘股调整幅度较大，市场交易情绪回落， 全周股票日均成交额较上周大幅减少 18.64%。商品方面，铁矿石和螺纹钢 等黑色系品种仍处于震荡下跌区间，COMEX 铜周中突破历史新高后开启回 调，COMEX 黄金继续大涨，站上历史新高 3124.4 美元。债市方面， 30 年 期国债反弹至 20 日均线后均开启震荡行情。本周盈利能力因子和市值因子 涨幅居前，流动性因子和残差波动率因子跌幅居前。四类股指期货合约基差 升贴水不一，其中 IM 合约基差升水幅度最大，IC 合约基差贴水幅度较大。 麦高证券 研究发展部 分析师：林永绿 资格证书：S0650524060001 联系邮箱：linyonglv@mgzq.com 联系电话：15000307034 联系人：张昊阳 资格证书：S0650124040024 联系邮箱：zhanghaoyang@mgzq.com 联系电话：13363378283 相关研究 《公募基金周报（20250317-20250321）》 2025 ...

3、基金池构建：在每个类型中选取规模较大的一只或几只ETF基金进行分析。 4、 RSI相对强弱指标：计算公式为：RSI = 100 – 100 / (1 + RS)，其中RSI是一定周期（12天）内平均涨幅和平均跌幅的比值。RSI>70，市场处于超买状态； RSI<30，市场处于超卖状态。 5、日内行情趋势：采用5分钟级别的日内成交价构成的趋势图，其中红点为当日最高价和最低价，由于数据原因，部分分时数据可能存在数据缺失。 数据说明： 1、本表针对ETF各类日频数据进行每日跟踪，不构成投资建议。 2、本表根据ETF追踪指数类别进一步分为"宽基"/"主题"两个子表。其中"宽基" ETF跟踪指数为沪深300、中证500、中证A500等主流宽基指数； "主题" ETF 跟踪指数为非银、红利、中概互联等某行业/风格指数。 证券研究报告 麦高证券 2025 年 3 月 28 日 (2025-03-27) 6、净申购（亿元）：计算公式为：NETBUY(T) = NAV(T)–NAV(T-1)*（1+R（T）），其中NETBUY(T)为净申购金额，NAV(T-1)为前一交易日的ETF净值。 7、T+0：是否支持T+0的交易方 ...

证券研究报告—行业点评报告 证券研究报告——公司点评报告 撰写日期：2025 年 03 月 21 日 美图公司： AI 提升核心竞争力，商业化兑现提速 ——2024 年度业绩点评 核心观点： 美图 2024 年业绩符合预期，逐渐形成图像+视频+设计工具的组合能 力。年内总营收为 33.4 亿元，核心业务影像与设计产品收入占比提升至 62.4%，达 20.9 亿，同比增速提升至 57.1%。同时美业解决方案业务以调控 利润水平为核心目标，收入贡献降低至 11.5%。公司收入结构改善，高毛利 的影像与设计和广告业务占比提升促使公司综合毛利率进一步上涨，美图 2024 年全年毛利为 22.9 亿元，毛利率达 68.7%，较 2023 年同期上涨 7.24pct。经调整归母净利润同比增长 59.2%，高于 2 月 7 日自愿性公告的 预期中枢（52%-60%）。视频剪辑工具 Wink 推出两年 MAU 突破三千万，美图 设计室变现能力进一步提升，2024 年单产品收入翻倍至 2 亿元。 AI 技术强化核心产品力，订阅渗透率持续提升。2024 年美图 MAU 基 本盘保持增长，主要来源于：1）国内生产力用户的增加，20 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [1] Core Insights - The report highlights the robust growth of Chinese automotive exports, particularly in the electric vehicle (EV) segment, with a notable increase in market penetration in Australia [3][13] - It emphasizes the potential for Chinese brands to capture a significant market share in Australia, projecting that by 2030, Chinese brands could achieve nearly 30% market share [3][24] Summary by Sections 1. Tracking the Overseas Market for Chinese Automakers - In January and February 2025, China's passenger car exports reached 730,000 units, a year-on-year increase of 11.7%, with new energy vehicle (NEV) exports at 257,000 units, up 47.6% [3][13] - The penetration rate of NEVs in exports reached 33.9% in February 2025, indicating strong demand [14][16] - Leading companies in overseas sales include SAIC and Chery, with BYD showing rapid growth in international markets [19][20] 2. Analysis of the Australian Automotive Market - The Australian automotive market is mature, with high vehicle ownership and stable demand, despite a slight decline in sales in early 2025 [28][29] - Consumers prioritize durability and budget when purchasing vehicles, providing opportunities for new brands to enter the market [45][50] - The market is increasingly leaning towards NEVs due to stricter emissions standards and rising fuel prices [3][24] 3. Forecast for the Australian Automotive Market - By 2030, it is expected that Chinese brands will capture close to 30% of the Australian market, with total sales potentially reaching nearly 400,000 units [3][24] - The report identifies several companies with high success probabilities in the global market, including BYD, SAIC, Great Wall Motors, and others [3][24] 4. Overview of Chinese Automakers' Overseas Production Bases - Chinese automakers are accelerating the establishment of overseas production bases to support global strategies and meet international demand [22] - These bases enhance local supply capabilities, reduce delivery times, and improve brand recognition in foreign markets [22][23]

Quantitative Factors and Models Quantitative Factors and Construction Methods 1. **Factor Name**: RSI (Relative Strength Index) **Construction Idea**: RSI is used to measure the relative strength of price movements over a specific period, identifying overbought or oversold market conditions[3] **Construction Process**: - Formula: $ RSI = 100 - \frac{100}{1 + RS} $ - Where $ RS = \frac{\text{Average Gain over N periods}}{\text{Average Loss over N periods}} $ - In this report, the RSI is calculated over a 12-day period[3] **Evaluation**: RSI is a widely used momentum indicator that provides insights into market sentiment and potential price reversals[3] 2. **Factor Name**: Net Subscription (NETBUY) **Construction Idea**: This factor measures the net inflow or outflow of funds into an ETF, reflecting investor sentiment and demand[3] **Construction Process**: - Formula: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $ - Where $ NAV(T) $ is the net asset value on day T, and $ R(T) $ is the return on day T[3] **Evaluation**: This factor is useful for understanding fund flows and liquidity dynamics in the ETF market[3] Quantitative Models and Construction Methods No specific quantitative models were mentioned in the report --- Backtesting Results of Factors 1. **RSI Factor**: - RSI values for various ETFs range from approximately 44.61 to 80.46, with higher values indicating stronger momentum or potential overbought conditions[5][8] 2. **Net Subscription Factor**: - Net subscription values vary significantly across ETFs, with examples such as -11.00 billion for "易方达沪深300ETF" and 3.95 billion for "嘉实中证海外中国互联网30ETF"[5][8] --- Backtesting Results of Models No backtesting results for models were provided in the report

Investment Rating - The report rates the industry as "Outperform the Market" for the first time [5] Core Insights - The Japanese IP industry has successfully built a diverse IP matrix that mitigates the risks associated with the decline of single IP popularity, creating a combination of long-lasting classic IPs and a foundation of long-tail IPs [1][4] - Companies like Bandai and Tomy have developed cross-domain, cross-media, and cross-audience IP matrices, allowing them to maximize IP value and extend the lifecycle of their products [2][3] - The report emphasizes the importance of full industry chain integration and deep involvement in IP development to enhance control over the IP development chain and increase potential for premium pricing [4][46] Summary by Sections 1. IP Industry Chain: From Creation to Commercialization - The IP retail industry chain consists of three main segments: upstream IP creation, midstream product design/operation, and downstream retail [14] - Japan's unique production committee model allows for risk sharing and resource integration, significantly reducing the financial burden on individual companies [16][19] - The Japanese IP market is robust, with a total market size of 1.6 trillion yen in 2023, where peripheral products contribute 700.8 billion yen, accounting for 43.1% of total revenue [22] 2. IP Value Transformation: Product Power and Content Complementation Drive Growth - The output of IP product forms is crucial for maximizing IP value [2.1] - Bandai's revenue reached 1.1 trillion yen in the 2024 fiscal year, with a compound annual growth rate (CAGR) of 12.3% over three years [26] - Tomy, as Japan's second-largest toy manufacturer, reported a revenue of 208.3 billion yen in the 2024 fiscal year, with a year-on-year growth of 11.3% [36] 3. Domestic IP Development - The report highlights the structural opportunities for domestic IP in China, where reliance on foreign IP remains significant [48] - Companies like Pop Mart are diversifying their IP sources, with 85 IPs currently in their portfolio, including both self-developed and licensed IPs [55] - The growth of domestic animation films and the emergence of new IPs indicate a vibrant landscape for local IP development [51]

Market Liquidity Overview - R007 increased from 1.81% to 1.83%, a rise of 2.05 basis points; DR007 rose from 1.8066% to 1.8121%, up by 0.55 basis points. The spread between R007 and DR007 increased by 1.5 basis points [9][12] - The net inflow of funds this week was -9.248 billion, an increase of 22.927 billion from the previous week, with total fund supply at 33.199 billion and demand at 42.446 billion. Fund supply increased by 24.025 billion, with net financing purchases up by 6.140 billion and ETF net subscriptions increasing by 19.231 billion [12][16] Industry Sector Liquidity Tracking - Most industries showed an upward trend in returns, with significant increases in the food and beverage, coal, and non-ferrous metals sectors, which rose by 6.24%, 4.97%, and 3.33% respectively. Conversely, the computer and electronics sectors experienced declines of 1.20% and 0.56% [18][22] - Nine sectors, including banking and retail, saw negative net purchases of leveraged funds, while the remaining sectors experienced net inflows. Notably, the non-ferrous metals and electronics sectors had significant net purchases of 3.353 billion and 2.477 billion respectively [22][27] Style Sector Liquidity Tracking - The average daily trading volume of growth style decreased by 4.02%, while other styles saw increases, particularly the cyclical style, which rose by 2.25%. The main funds in the stock connect reduced holdings in both stable and growth styles, with the most significant reduction in growth style [3][11]

Investment Rating - The report indicates a positive outlook on government bonds as a support for social financing, with a focus on the implementation of more proactive fiscal policies [9]. Core Insights - In February 2025, the social financing scale increased by 22,375 billion yuan, which is 7,416 billion yuan more than the same period last year. The stock growth rate of social financing recorded 8.2%, an increase of 0.2 percentage points from the previous value. Government bond financing remains strong, while demand for loans from residents and enterprises is insufficient [9]. - The government work report emphasizes a total new debt scale of 11.86 trillion yuan for the year, an increase of 2.9 trillion yuan compared to the previous year, suggesting that government bond financing may continue to support social financing [9]. - In February, new RMB loans amounted to 10,100 billion yuan, with the residential sector performing better than the enterprise sector. However, short-term loans for residents recorded a decrease of 2,741 billion yuan, indicating a slow recovery in consumption [11]. Summary by Sections Government Bonds Supporting Social Financing - The report highlights that government bonds increased by 16,939 billion yuan in February, which is 10,928 billion yuan more than the previous year. The proactive fiscal policy is expected to bolster social financing [9]. - The new RMB loans in February were 6,528 billion yuan, a decrease of 3,245 billion yuan year-on-year, while foreign currency loans decreased by 281 billion yuan [9]. M1 Growth Rate - The M1 year-on-year growth rate recorded 0.1% in February, which was below expectations, possibly due to the impact of the Spring Festival. The M2 growth rate remained stable at 7.0%, indicating a high willingness to save among residents [14]. - The M2-M1 gap expanded to 6.9%, reflecting a need for further confidence in the real economy [14].

Market Overview - The report highlights the valuation situation of major indices, with the PE valuation percentile of the CSI 500 and CSI 2000 at 100.00%, while the Nikkei 225 has the lowest at 7.38% [1][12] - In terms of returns, the beauty care, food and beverage, and coal industries ranked highest with returns of 8.18%, 6.19%, and 4.84% respectively, while the computer, machinery, and electronics sectors had lower returns of -1.36%, -0.68%, and -0.62% [1][13] ETF Fund Flow - Industry theme ETFs saw the highest net inflow of funds at 120.82 billion, while broad-based ETFs experienced the largest net outflow at -135.44 billion [2][26] - From the perspective of tracked indices, Hong Kong stock ETFs had the highest net inflow of 64.50 billion, while the CSI 300 ETF had the lowest net inflow at -70.02 billion [2][26] - The technology sector ETFs had the highest net inflow of 67.78 billion, while the financial real estate sector ETFs had the lowest net inflow at -20.65 billion [2][29] - The semiconductor and artificial intelligence ETFs had the highest net inflows of 34.91 billion and 19.29 billion respectively, while non-bank and bank ETFs had the lowest net inflows of -18.06 billion and -3.06 billion [2][29] ETF New Issuance and Listing - During the sample period, a total of 5 new funds were established and 6 funds were listed [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 34.8 CNY over the next six months [6][9]. Core Insights - The company has established a clear three-tier business layout based on precision machining, focusing on turbocharger components, new energy vehicle parts, and linear motion components, demonstrating robust operational quality [1][19]. - The company has strong cash flow from sales and operations, indicating high revenue quality and stable business performance [1][30]. - The turbocharger component business is expected to continue as a cornerstone for the company, with projected revenues of 1.114 billion, 1.239 billion, and 1.371 billion CNY from 2024 to 2026 [2][40]. - The new energy vehicle parts business is anticipated to grow significantly, with expected revenues of 250 million, 340 million, and 450 million CNY from 2024 to 2026 [3]. - The screw rod business is also expected to see growth, with projected revenues of 5 million, 80 million, and 180 million CNY from 2024 to 2026 [4]. Summary by Sections 1. Business Overview - The company was founded in 1997 and has leveraged precision machining technology to enter the turbocharger component manufacturing sector, later expanding into new energy vehicle parts and linear motion components [1][19]. - The company has a stable shareholding structure, with the actual controller holding 55.7% of shares, and has implemented effective employee stock ownership and incentive mechanisms [25][27]. 2. Turbocharger Component Business - The turbocharger industry is mature and concentrated, benefiting leading companies. The company has established deep ties with Tier 1 suppliers like Garrett and Cummins, ensuring a stable revenue stream [2][40]. - The company’s turbocharger component revenues are projected to grow at rates of 9.83%, 11.23%, and 10.68% from 2024 to 2026 [40]. 3. New Energy Vehicle Parts Business - The company has focused on lightweight structural components and precision parts for new energy vehicles since 2018, benefiting from the trend towards vehicle lightweighting [3][41]. - The expected revenue growth for this segment is significant, with projections of 250 million, 340 million, and 450 million CNY from 2024 to 2026 [3]. 4. Screw Rod Business - The screw rod market is expanding, with the company establishing a subsidiary to produce high-precision screw rods and linear guides, targeting various industries including robotics and machine tools [4][60]. - Revenue projections for the screw rod business are 5 million, 80 million, and 180 million CNY from 2024 to 2026 [4].