Group 1 - The report highlights the issuance of REITs as a key strategy to attract social capital for urban renewal projects, as outlined in the recent policy document from the Central Committee and the State Council [2][8]. - The total issuance scale of listed REITs has reached 173 billion, with 65 REITs issued as of May 16, 2025 [9]. - The report indicates that the C-REITs have entered a normalized issuance phase, with an acceleration expected in 2024 after a slowdown in 2023 [15]. Group 2 - The REITs market showed positive performance during the week of May 12-16, 2025, with the CSI REITs total index rising by 1.92%, outperforming the CSI 300 index by 0.81 percentage points [3][16]. - The top-performing REITs included Huaxia Nanjing Expressway REIT (+9.13%), with significant gains also seen in Jia Shi Wumei Consumption REIT (+7.09%) and Zhongjin Xiamen Anju REIT (+6.04%) [3][16]. - The report notes that the overall trading activity in the REITs market increased, with a total trading volume of 488 million, reflecting a 6.4% week-on-week rise [4][36]. Group 3 - The report provides insights into the liquidity of the REITs market, indicating that the average trading volume for REITs was 1.12 billion shares, up 5.0% from the previous week [36]. - Specific categories of REITs, such as transportation infrastructure, accounted for 21.7% of the total trading volume, highlighting their significance in the market [4][36]. - The report also details the trading volumes for various REIT categories, with park infrastructure leading at 29.2% of total trading volume [36]. Group 4 - The report discusses the valuation metrics for various REITs, including the bond yield and price-to-NAV ratios, providing a comprehensive overview of the market's valuation landscape [42]. - For instance, the Dongwu Su Garden Industrial REIT has a bond yield of 5.66% and a P/NAV of 0.97, indicating its relative valuation position [43]. - The report emphasizes the importance of these metrics in assessing the attractiveness of different REITs for potential investors [42][43].

金融工程 | 金工定期报告 2025 年 05 月 18 日 作者 吴先兴 分析师 SAC 执业证书编号：S1110516120001 wuxianxing@tfzq.com 韩乾 分析师 SAC 执业证书编号：S1110522100001 hanqian@tfzq.com 相关报告 1 《金融工程：金融工程-因子跟踪周 报：小市值、资产周转率因子表现较好 -20250516》 2025-05-17 2 《金融工程：金融工程-哪些行业进 入高估区域？——估值与基金重仓股配 置监控 2025-05-17》 2025-05-17 3 《金融工程：金融工程-基金持仓与 基准偏离视角下的行业潜在冲击研究》 2025-05-14 金融工程 证券研究报告 基金风格配置监控周报： 权益基金连续两周下调大盘股票仓位 公募基金风格监控 基金季报中披露有基金前十大重仓股，同时企业季度报告中披露有企业的 前十大股东信息（主要使用上市公司 1、3 季度十大股东信息），结合这两 部分信息我们可以得到基金持仓更加详细的重仓股信息。因此模拟全部股 票持仓只需要估计基金剩余的非重仓持股明细。 基金季报（T 期）披露有股票持仓的证监会行业配置 ...

Investment Rating - The investment rating for JD Group is "Buy" with a target price set at 131.8 HKD, maintaining the rating for the next six months [7]. Core Insights - JD Group reported a revenue of 301.1 billion CNY for Q1 2025, exceeding market expectations with a year-on-year growth of 15.8%. Product revenue was 242.3 billion CNY, up 16.2%, while service revenue reached 58.8 billion CNY, growing by 14.0% [1]. - The company has adjusted its revenue forecasts for 2025-2027 to 1,295.1 billion CNY, 1,392.6 billion CNY, and 1,478.1 billion CNY respectively, reflecting a growth of 11.8%, 10.0%, and 5.6% year-on-year [6]. - JD's logistics segment saw a revenue of 46.9 billion CNY in Q1 2025, with a year-on-year increase of 11.5%, although operating profit decreased by 35.3% [3]. - The launch of JD's food delivery service in February 2025 has rapidly expanded, covering 126 cities and achieving nearly 20 million orders [4]. Summary by Sections Financial Performance - In Q1 2025, JD Group's Non-GAAP net profit attributable to ordinary shareholders was 12.8 billion CNY, marking a 43.8% increase year-on-year, with a Non-GAAP net profit margin of 4.2% [1]. - The retail segment achieved a revenue of 263.8 billion CNY, a 16.3% increase, with operating profit of 12.8 billion CNY, up 37.8% [2]. Business Expansion - JD's logistics has expanded internationally, opening new routes and warehouses to enhance supply chain services for both Chinese and European businesses [3]. - The company is actively pursuing a 200 billion CNY plan to convert exports to domestic sales, aiming to create a new supply of affordable goods [2]. Shareholder Returns - JD Group has initiated a share repurchase program with a maximum of 5 billion USD, having repurchased approximately 8.07 million A shares in Q1 2025, totaling around 1.5 billion USD [5].

Investment Rating - The investment rating for JD Group is "Buy" with a target price set at 131.8 HKD, maintaining the rating for the next six months [7]. Core Insights - JD Group reported a revenue of 301.1 billion CNY in Q1 2025, exceeding market expectations with a year-on-year growth of 15.8%. Product revenue was 242.3 billion CNY, up 16.2%, while service revenue reached 58.8 billion CNY, growing by 14.0% [1]. - The company has adjusted its revenue forecasts for 2025-2027 to 1,295.1 billion CNY, 1,392.6 billion CNY, and 1,478.1 billion CNY respectively, reflecting a growth of 11.8%, 10.0%, and 5.6% year-on-year [6]. - Non-GAAP net profit for Q1 2025 was 12.8 billion CNY, marking a significant increase of 43.8% year-on-year, with a net profit margin of 4.2% [1]. Summary by Sections JD Retail - JD Retail achieved a revenue of 263.8 billion CNY in Q1 2025, a year-on-year increase of 16.3%, with operating profit reaching 12.8 billion CNY, up 37.8% [2]. - The electronics and home appliances category generated 144.3 billion CNY, growing 17.1% due to the "trade-in" policy [2]. - The daily necessities category saw revenue of 98.0 billion CNY, increasing by 14.9% [2]. JD Logistics - JD Logistics reported revenue of 46.9 billion CNY in Q1 2025, a year-on-year growth of 11.5%, although operating profit decreased by 35.3% to 1.45 billion CNY [3]. - The company has expanded its international logistics capabilities, including new routes and warehouses in Thailand and Poland [3]. JD Delivery - JD launched its food delivery service in February 2025, quickly expanding to cover 126 cities and achieving nearly 20 million orders [4]. Shareholder Returns - JD Group has initiated a share buyback program of up to 5 billion USD, with approximately 80.7 million shares repurchased in Q1 2025, totaling around 1.5 billion USD [5].

Quantitative Factors and Construction Methods Factor Name: Small Market Capitalization - **Factor Construction Idea**: This factor captures the size effect, where smaller market capitalization stocks tend to outperform larger ones over time [8][10] - **Factor Construction Process**: The factor is calculated as the logarithm of the market capitalization of a stock [15] - **Factor Evaluation**: This factor performed well in the recent week, month, and year, indicating its robustness in capturing the size premium [8][10] Factor Name: 90-Day Analyst Coverage - **Factor Construction Idea**: Measures the level of analyst attention a stock receives, with higher coverage potentially indicating better information availability [8][14] - **Factor Construction Process**: The factor is calculated as the number of analysts covering the stock over the past 90 days [14] - **Factor Evaluation**: This factor showed strong performance in the recent week and month, though its annual performance was weaker [8][10] Factor Name: Turnover Rate Volatility (1-Month) - **Factor Construction Idea**: Captures the stability of trading activity, with higher volatility potentially indicating speculative behavior [8][10] - **Factor Construction Process**: The factor is calculated as the standard deviation of daily turnover rates over the past 20 trading days [14] - **Factor Evaluation**: This factor performed poorly in the recent week and month but showed strong performance over the past year [8][10] Factor Name: Fama-French 3-Factor 1-Month Residual Volatility - **Factor Construction Idea**: Measures the idiosyncratic risk of a stock after accounting for market, size, and value factors [8][14] - **Factor Construction Process**: The factor is calculated as the standard deviation of residuals from a regression of daily returns on the Fama-French 3 factors over the past 20 trading days [14] - **Factor Evaluation**: This factor exhibited weak performance in the recent week and month but performed well over the past year [8][10] Factor Name: 1-Month Reversal - **Factor Construction Idea**: Captures the short-term mean-reversion effect, where stocks with recent underperformance tend to rebound [8][14] - **Factor Construction Process**: The factor is calculated as the cumulative return over the past 20 trading days [14] - **Factor Evaluation**: This factor performed well in the recent month but showed weaker performance in the recent week and year [8][10] Factor Name: Quarterly Asset Turnover - **Factor Construction Idea**: Measures the efficiency of a company in utilizing its assets to generate revenue [10][14] - **Factor Construction Process**: The factor is calculated as quarterly revenue divided by total assets [14] - **Factor Evaluation**: This factor showed strong performance in the recent week, month, and year, indicating its effectiveness in capturing operational efficiency [10][14] Factor Name: Quarterly ROE YoY Growth - **Factor Construction Idea**: Captures the growth in return on equity (ROE) compared to the same quarter in the previous year, reflecting profitability improvement [10][14] - **Factor Construction Process**: The factor is calculated as the year-over-year growth rate of quarterly ROE [14] - **Factor Evaluation**: This factor performed well across all time horizons, showcasing its robustness in identifying growth opportunities [10][14] --- Factor Backtesting Results Small Market Capitalization - Weekly Excess Return: 1.03% - Monthly Excess Return: 3.94% - Annual Excess Return: 13.73% [11] 90-Day Analyst Coverage - Weekly Excess Return: 0.19% - Monthly Excess Return: -0.01% - Annual Excess Return: -3.00% [11] Turnover Rate Volatility (1-Month) - Weekly Excess Return: -0.51% - Monthly Excess Return: 1.19% - Annual Excess Return: 10.21% [11] Fama-French 3-Factor 1-Month Residual Volatility - Weekly Excess Return: -0.27% - Monthly Excess Return: 0.59% - Annual Excess Return: 7.33% [11] 1-Month Reversal - Weekly Excess Return: -0.28% - Monthly Excess Return: 1.90% - Annual Excess Return: 1.41% [11] Quarterly Asset Turnover - Weekly Excess Return: 0.55% - Monthly Excess Return: 1.39% - Annual Excess Return: 2.78% [11] Quarterly ROE YoY Growth - Weekly Excess Return: 0.36% - Monthly Excess Return: 0.95% - Annual Excess Return: 3.98% [11]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Insights - The AI industry is transitioning from large models and computing power to the practical application of Agents, with the underlying large model capabilities still determining the potential of Agents. The need for AI software to evolve from basic models and simple AI Chatbot applications to Agent products that solve real problems and enhance industrial efficiency is urgent. The ultimate goal for various foundational model manufacturers remains AGI [2][3]. - The domestic foundational model landscape has become clear, with six leading companies in China: Alibaba, DeepSeek, ByteDance, Tencent, Jiyue Xingchen, and Zhipu AI, representing the highest comprehensive strength in foundational models. The U.S. market is similarly dominated by five major players: OpenAI, Google, Anthropic, X.ai, and Meta [2][3]. Summary by Sections AI Agent Development - The third quarter of 2025 is expected to enter a period of intensive Agent deployment. Key players in the C-end market include Alibaba, Tencent, and ByteDance, leveraging their traffic advantages. The focus will be on forming super entry points on mobile platforms through collaborations with phone manufacturers to create lifestyle assistants. Alibaba is viewed as having significant potential [3][4]. - For C-end vertical scenarios, companies like Kingsoft Office, Hehe Information, iFlytek, and Tonghuashun are expected to perform well due to their sticky and high-frequency applications. B-end Agents are categorized into two levels: 1. Head clients requiring high fine-tuning, typically choosing foundational models with cloud capabilities (e.g., Alibaba, ByteDance, Tencent), with delivery often handled by recommended core partners [3]. 2. Small and medium clients adopting standard products from companies like Kingdee International, Beisen Holdings, Dingjie Zhizhi, and others due to cost considerations [3]. Recommended Focus Areas - Foundational Model Leaders: Alibaba, DeepSeek, ByteDance, Tencent, Jiyue Xingchen, Zhipu AI [4]. - C-end Agents: Kingsoft Office, Hehe Information, Tonghuashun, iFlytek [4]. - Agent Fine-tuning Delivery: Aisino Technology, Hand Information, Softcom Power, Xinyada, and others [4]. - Standard Products for Agents: Kingdee International, Beisen Holdings, Dingjie Zhizhi, Tax Friend, Top Point Software, Fanwei Network, Yonyou Network, Zhiyuan Interconnection [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to face a decline in revenue and net profit in 2024 due to a slowdown in demand for household energy storage in Europe and increased impairment losses related to photovoltaic power plants [1]. - The company is actively expanding into new industries such as data centers and new markets in Africa, Asia, and Latin America, which are anticipated to offset the impacts of inventory digestion from downstream customers [3][4]. Financial Performance Summary - For 2024, the company is projected to achieve revenue of 4.16 billion yuan, a year-over-year decrease of 23.54%, and a net profit of 394 million yuan, down 53.38% year-over-year [1]. - The first quarter of 2025 is expected to show a revenue of 943 million yuan, an increase of 13.51% year-over-year, but a decline in net profit by 10.44% year-over-year [1]. - The breakdown of revenue for 2024 includes: - Smart power and data center products: 2.60 billion yuan, up 3.51% year-over-year, with a gross margin of 35.29% [2]. - Energy storage and charging products: 1.36 billion yuan, down 49.43% year-over-year, with a gross margin of 16.63% [2]. - New energy revenue: 18 million yuan, down 53.78% year-over-year, with a gross margin of 21.95% [2]. - Supporting products: 145 million yuan, down 10.50% year-over-year, with a gross margin of 32.27% [2]. Profit Forecast - The company’s revenue is projected to recover in the following years, with estimates of 5.78 billion yuan in 2025, 7.40 billion yuan in 2026, and 9.32 billion yuan in 2027, reflecting growth rates of 39.10%, 27.86%, and 26.00% respectively [4]. - The net profit forecast for 2025 is 552 million yuan, with a year-over-year growth of 40.06% [4]. - The company’s valuation metrics are projected to improve, with price-to-earnings ratios of 24, 17, and 14 for 2025, 2026, and 2027 respectively [4].

建筑装饰 证券研究报告 建筑转型系列——中能建拟携手城地香江打造算力中 心"国家队"，AI 基建高景气业绩释放在即 建筑转型系列：中能建拟携手城地香江，打造算力中心"国家队" 城地香江已由传统地基工程主业转型为华东区域域领先的综合算力中心整 体解决方案服务商，2024 年公司发布定增预案，拟向中能智算募集资金不 超过 6.97 亿元，用于补充流动资金及偿还债务，定增完成后中能智算将持 股 23.08%并成为公司控股股东，中国能建实现间接控股，国资委将成为公 司实控人。中国能建深度参与全国"东数西算"八大节点区域算力枢纽中心 建设，在甘肃庆阳、宁夏中卫、安徽芜湖、广东韶关、山西大同、北京经开 区等多个枢纽节点投资或布局了数据中心项目。我们认为通过本次发行，中 国能建集团将完成对华东区域优质数据中心资产的整合，推动上市公司成为 中国能建集团构建"全国一体化算力网络"的承载主体，强强联合的并购重 组或有望迎来估值重塑。 AI 基建需求有望实现高速增长，多个大单落地支撑业绩释放 智能算力需求增长，带动了数据中心资产投资景气度提升，2023 年数据中 心的投资规模达 879 亿元，同比增长超 90%；截至 2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company is projected to achieve a revenue of 26.6 billion yuan in 2024, representing a year-on-year growth of 35.02%, and a net profit of 3 billion yuan, up 39.52% year-on-year [1]. - The first quarter of 2025 shows a revenue of 5.77 billion yuan, a slight increase of 1.4% year-on-year, but a decline in net profit by 12.39% year-on-year [1]. - The company is actively expanding its humanoid robot business and accelerating the growth of its automotive electronics segment [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 19.42%, a decrease of 2.40 percentage points year-on-year, while the net profit margin was 11.29%, an increase of 0.38 percentage points [1]. - The revenue breakdown for 2024 includes: - Shock Absorption Systems: 4.402 billion yuan (YOY +2.4%), gross margin 21.10% (YOY -2.98pct) - Interior Functional Parts: 8.434 billion yuan (YOY +28.24%), gross margin 18.12% (YOY -1.79pct) - Chassis Systems: 8.203 billion yuan (YOY +33.98%), gross margin 20.42% (YOY -2.62pct) - Automotive Electronics: 1.82 billion yuan (YOY +907.63%), gross margin 19.42% (YOY -2.20pct) - Thermal Management Systems: 2.14 billion yuan (YOY +38.24%), gross margin 17.11% (YOY -1.61pct) - Electric Drive Systems: 0.13 billion yuan (YOY +624.11%), gross margin 50.90% (YOY -30.35pct) [2]. Business Expansion and Strategy - The company is leveraging its technology in online control brake systems to establish a humanoid robot actuator division, focusing on products like linear actuators and sensors [3]. - The automotive electronics business is experiencing significant growth, with rapid production release of closed-loop air suspension systems and increasing orders for line-controlled braking and steering projects [3]. - The acquisition of 100% equity in Wuhu Changpeng enhances the company's market share in interior products and deepens collaboration with leading automotive manufacturers like BYD [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is adjusted to 3.659 billion yuan, 4.337 billion yuan, and 5.350 billion yuan respectively, with the current market capitalization corresponding to P/E ratios of 24, 21, and 17 times for 2025-2027 [4].

Investment Rating - The investment rating for the company is upgraded to "Buy" based on expected profit growth and current valuation levels [3][7]. Core Insights - The company is experiencing growth driven by the new energy sector, with a focus on expanding into overseas markets and downstream applications [2]. - In 2024, the revenue from new energy vehicle products is expected to account for approximately 55% of total revenue, with solar energy (including storage) contributing about 23% and industrial control about 15% [2]. - The company has achieved significant growth in net profit for Q1 2025, indicating a trend of profit recovery [2]. - The establishment of a subsidiary in Hungary aims to tap into the overseas new energy market, with projected overseas revenue of 1.005 billion yuan in 2024, reflecting an 8.09% year-on-year increase [2]. Financial Performance Summary - For the full year of 2024, the company is projected to achieve revenue of 4.772 billion yuan, a year-on-year increase of 22.99%, and a net profit of 1.039 billion yuan, a year-on-year increase of 1.48% [1][5]. - In Q1 2025, the company reported revenue of 1.204 billion yuan, a year-on-year increase of 22.78%, and a net profit of 264 million yuan, a year-on-year increase of 22.61% [1][5]. - The gross margin for 2024 is expected to decrease to 33.37%, down 5.18 percentage points year-on-year, while the net margin is projected at 21.84%, down 4.65 percentage points year-on-year [1][5]. Financial Forecasts - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.33 billion yuan and 1.6 billion yuan, respectively, with an expected net profit of 1.91 billion yuan in 2027 [3]. - The projected revenue growth rates for the upcoming years are 22.92% for 2025, 15.40% for 2026, and 16.26% for 2027 [5][11].