REITs 指数高位横盘，两单新项目获批 -公募 REITs 行业周报 20250602 评级：无评级 分析师：陈希瑞 | 基本状况 | | | --- | --- | | 上市公司数 | 66 | | 行业总市值(亿元) | 1982.07 | | 行业流通市值(亿元) | 920.38 | 相关报告 1、《热度延续，华泰苏州恒泰 REIT 上市涨停》2025-05-25 2、《华泰苏州恒泰 REIT 下周上市， 创 金 合 信 电 子 城 REIT 申 报 》 2025-05-18 3、《证监会：抓紧研究制定《公开 募集不动产投资基金监督管理暂行办 法》》2025-05-11 REITs 证券研究报告/行业定期报告 2025 年 06 月 02 日 报告摘要 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn 本周行情回顾： 本周 REITs 指数上涨 0.03%，沪深 300 累计下跌 1.08%，中证 500 指数上涨 0.32%， 中证全债指数下跌 0.01%，中债 1 年期国债指数上涨 0.02%，中债 10 年期国债指数 下跌 0.26%，中证转债指数上涨 ...

Email：chenxr@zts.com.cn REITs 指数高位横盘，两单新项目获批 -公募 REITs 行业周报 20250602 评级：无评级 分析师：陈希瑞 执业证书编号：S0740524070002 | 基本状况 | | | --- | --- | | 上市公司数 | 66 | | 行业总市值(亿元) | 1982.07 | | 行业流通市值(亿元) | 920.38 | 相关报告 1、《热度延续，华泰苏州恒泰 REIT 上市涨停》2025-05-25 2、《华泰苏州恒泰 REIT 下周上市， 创 金 合 信 电 子 城 REIT 申 报 》 2025-05-18 3、《证监会：抓紧研究制定《公开 募集不动产投资基金监督管理暂行办 法》》2025-05-11 REITs 证券研究报告/行业定期报告 2025 年 06 月 02 日 报告摘要 本周行情回顾： 本周 REITs 指数上涨 0.03%，沪深 300 累计下跌 1.08%，中证 500 指数上涨 0.32%， 中证全债指数下跌 0.01%，中债 1 年期国债指数上涨 0.02%，中债 10 年期国债指数 下跌 0.26%，中证转债指数上涨 ...

原料让利，螺纹钢高炉利润回升 评级： 增持（维持） 执业证书编号：S0740525010001 执业证书编号：S0740517080003 | 基本状况 | | | --- | --- | | 上市公司数 | 44 | | 行业总市值(亿元) | 8,236.12 | | 行业流通市值(亿元) | 7,828.27 | 行业-市场走势对比 弹》2025-05-18 2、《下游需求维持韧性，钢铁价格 环比回升》2025-04-27 3、《制造业需求仍有韧性，铁水产 钢铁 证券研究报告/行业定期报告 2025 年 06 月 02 日 报告摘要 风险提示：宏观经济大幅下滑导致需求承压；供给端压力持续增加；研究报告使用信息更 新不及时风险。 请务必阅读正文之后的重要声明部分 分析师：任恒 Email：renheng@zts.com.cn 分析师：谢鸿鹤 投资策略：原料让利，螺纹钢高炉利润回升，维持行业为"增持"评级。 本周钢铁需求整体表现平稳，显示贸易摩擦缓和后需求仍有韧性，钢铁去库良好，进 而支撑钢价；原料端，铁水产量仍同比增长，但焦煤价格持续回落，让利于钢企，使 得钢企长流程利润整体保持良好，反观短流程利润再度收 ...

各地新政稳楼市，一手房成交量环比上升 ——20250530 房地产行业周报 房地产 证券研究报告/行业定期报告 2025 年 06 月 01 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 股价 | | | EPS | | | | | PE | | | | 分析师：由子沛 | | 简称 | (元) | 2023 | 2024 | 2025E | 2026E | 2027E | 2023 | 2024 | 2025E | 2026E | 2027 | | 执业证书编号：S0740523020005 | | | | | | | | | | | | | E | | Email：youzp@zts.com.cn | | 保利发展 | 8.13 | 1.01 | 0.42 | 0.46 | 0.51 | 0.54 | 8.0 | 19.4 | 17.7 | 15.9 | 15.1 ...

下游需求边际改善，坑口煤价率先反弹 煤炭 证券研究报告/行业定期报告 2025 年 05 月 31 日 评级： 增持（维持） 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 37 | | 行业总市值(亿元) | 17,587.15 | | 行业流通市值(亿元) | 17,200.33 | 力煤投资机会》2025-05-24 窗口显现》2025-05-17 3、《耐心寻底，布局右侧》2025-05-11 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E ...

持续推荐航空集运旺季投资机会，关注无人车催化物流快递变革 交通运输 证券研究报告/行业定期报告 2025 年 05 月 31 日 | 增持（维持） 评级： | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | | 南方航空 | 6.09 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -26.48 | -67.67 | 20.17 | 13.98 | 11.18 | 买入 | | 执业证书编号：S0740522040001 | 中国东航 | 4.03 | -0.37 | -0.19 | 0.13 | ...

Group 1: Event Overview - The U.S. International Trade Court blocked President Trump's tariff policy announced on April 2, ruling that he overstepped his authority[9] - The court stated that the U.S. Constitution grants Congress exclusive power to regulate trade with other nations, and the President's emergency powers do not override this authority[9] Group 2: Market Reaction - Following the court's ruling, U.S. stock futures rose significantly, leading to a positive opening for A-shares on May 29[5] - Despite the initial market optimism, analysts caution against excessive optimism regarding the long-term impact of the ruling[5] Group 3: Legal and Political Context - Historically, U.S. district courts have limited power to block executive orders, and the federal government can appeal or delay enforcement of court rulings[10] - The recent passage of the "One Big Beautiful Bill Act" in the House, with a narrow margin of 215 to 214 votes, reflects challenges to the U.S. constitutional system of checks and balances[17] Group 4: Investment Strategy - The current investment strategy maintains a "high-low switch" perspective, favoring technology stocks while advising against chasing high valuations in new consumer sectors[18] - Investors are encouraged to position themselves in safe assets (gold, bonds, military, nuclear, rare earths) and technology stocks during market fluctuations[18] Group 5: Risk Factors - Risks include potential delays in domestic industrial policy implementation and increased uncertainty surrounding Trump's "reciprocal tariffs" policy[21] - There is a possibility of tighter liquidity in overseas markets, which could impact investment strategies[21]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown significant improvement in profitability from lithium battery structural components and has a promising outlook for its robotics business [4][6]. - The company has established a solid foundation in precision manufacturing and is expanding into the emerging field of humanoid robotics, with successful product testing and small-scale deliveries [4][6][58]. Summary by Sections Company Overview - The company, Zhenyu Technology, started as a precision mold manufacturer and has evolved to focus on precision lithium battery structural components and electric motor cores, while also venturing into humanoid robotics [4][19]. - The company was listed on the Shenzhen Stock Exchange in 2021 and has been expanding its business since then, including the establishment of a subsidiary for robotics in 2024 [4][6]. Financial Performance - In 2023, the company reported revenue of 6,019 million yuan, a year-on-year increase of 4.63%, but a net profit of 43 million yuan, down 58.73% year-on-year due to various operational challenges [4][23]. - The company expects significant revenue growth in the coming years, with projected revenues of 91.14 billion yuan in 2025, 114.54 billion yuan in 2026, and 140.51 billion yuan in 2027 [12][25]. Market Position and Growth - The company has maintained a stable market share in the lithium battery structural component sector, with revenues from this segment increasing from 23.7 billion yuan in 2021 to 57.5 billion yuan in 2024 [7][43]. - The global market for lithium battery structural components is projected to grow significantly, with estimates of 557.4 billion yuan by 2025 [42]. Robotics Business Development - The company has made strides in the robotics sector, establishing a subsidiary and developing key components such as planetary roller screws and linear actuators, with successful testing and initial deliveries to clients [58][63]. - The humanoid robotics market is expected to grow substantially, with projections indicating a market size of 642.22 billion yuan by 2030 [54][56].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown significant improvement in profitability from lithium battery structural components and has a promising outlook for its robotics business [4][6]. - The company has established a solid foundation in precision manufacturing and is expanding into the emerging field of humanoid robotics, with successful product testing and small-scale deliveries [4][6][58]. Summary by Relevant Sections Company Overview - The company, Zhenyu Technology, started as a precision mold manufacturer and has evolved to focus on precision lithium battery structural components and electric motor cores, while also venturing into humanoid robotics [4][19]. - The company was listed on the Shenzhen Stock Exchange in 2021 and has been actively expanding its business since then [4][19]. Financial Performance - In 2023, the company reported revenue of 6,019 million yuan, a year-on-year increase of 4.63%, but a net profit of 43 million yuan, down 58.73% year-on-year due to various operational challenges [4][25]. - The company expects significant revenue growth in the coming years, with projected revenues of 9,114 million yuan in 2025, 11,454 million yuan in 2026, and 14,051 million yuan in 2027 [1][12]. Market Position and Growth - The company has maintained a stable market share in the lithium battery structural component sector, with revenue from this segment increasing from 23.7 billion yuan in 2021 to 57.5 billion yuan in 2024 [7][43]. - The global market for lithium battery structural components is projected to grow significantly, with estimates of 557.4 billion yuan by 2025 [42][43]. Robotics Business Development - The company established a wholly-owned subsidiary, Martin Robotics, in 2024 to focus on the robotics sector, achieving breakthroughs in actuator transmission modules and drive modules [4][58]. - The humanoid robotics market is expected to grow substantially, with projections indicating a market size of 642.22 billion yuan by 2030 [54][56]. Profitability and Valuation - The company anticipates a rebound in profitability, with net profits expected to reach 4.09 billion yuan in 2025, corresponding to a PE ratio of 32 times, which is above the average for comparable companies [4][12]. - The report highlights the company's ongoing efforts to improve cost efficiency and maintain competitive pricing in the face of market challenges [11][31].

Investment Rating - The industry investment rating is maintained at "Overweight" [5][12][50]. Core Viewpoints - The report highlights a decline in downstream processing operating rates and emphasizes the need to monitor demand trends [5][50]. - The report indicates that the basic metals prices are showing a recovery trend due to the easing of tariffs between China and the US, despite short-term fluctuations [5][12]. - The overall economic momentum is showing signs of a turning point, with various macroeconomic factors influencing the industry [12][32]. Summary by Sections Market Overview - The report notes that the A-share market has seen an overall decline, but the non-ferrous metals sector has outperformed the Shanghai Composite Index by 1.83 percentage points [15][19]. - The basic metal prices have shown mixed performance, with LME copper up by 1.8% and aluminum down by 0.6% [22][23]. Supply and Demand Dynamics - For electrolytic aluminum, the operating capacity has increased by 20,000 tons, with production reaching 841,300 tons, a slight increase of 0.05% [5][51]. - The average operating rate for aluminum processing enterprises has slightly decreased to 61.4%, with variations across different products [5][53]. - The report indicates a slight decrease in domestic aluminum ingot inventory to 605,000 tons, down by 41,000 tons [5][53]. Profitability and Cost Analysis - The industry maintains a profit margin of over 3,000 CNY per ton, with the current aluminum price at 20,400 CNY per ton, reflecting a 0.84% increase [5][53]. - The report highlights that the cash cost for the industry is 16,998 CNY per ton, with a total cost of 18,207 CNY per ton, resulting in a profit of 3,405 CNY per ton [5][53]. Macroeconomic Factors - The report summarizes that the industrial added value in China has shown a year-on-year increase of 6.1% in April, with the non-ferrous metal mining sector growing by 6.6% [32]. - The US manufacturing sector is also affected by tariffs, with the ISM manufacturing PMI at 48.7, indicating contraction [34]. - The European economic sentiment index has improved significantly, indicating a potential recovery in the region [42]. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the industry, indicating a positive outlook for future investments [5][12][50].