Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The current market is at a critical juncture with intertwined domestic and foreign policy variables, which will have complex impacts on the market. The core framework of high - quality development may be continuously strengthened, and the reform of public funds may reshape the industry ecosystem. Although there are some risks overseas, they are generally controllable in the medium term. The report maintains the "high - low switch" view and is relatively optimistic about the technology sector [5][6]. Summary by Relevant Catalogs Market Observation - **Market Deduction under Intertwined Disturbances**: Domestically, the "15th Five - Year Plan" sets the tone, and the reform of public funds may reshape the market. Overseas, there are intensified tariff games between the US and Europe, and increased policy uncertainty in the US. The US - EU may reach a trade agreement this year, and the risk of a "black swan" event in US stocks and bonds is limited. The US International Trade Court has blocked the "reciprocal tariff" from taking effect, but Trump may bypass the ruling [5][6]. - **Investment Suggestions**: Maintain the "high - low switch" view. Build a bottom - position portfolio with stable assets such as dividends, gold, long - term bonds, and weighted stocks. Pay attention to the opportunities of safety - related assets and technology stocks for bottom - fishing. The high - prosperity of AI upstream computing power and servers will continue, and there will be opportunities in the domestic substitution direction of semiconductors [6]. Market Review - **Market Performance**: Most major market indices declined last week, with the ChiNext 50 having the largest decline of - 2.10%. Among the major industries, the healthcare and telecommunications service indices performed relatively well, while the optional consumption and materials indices performed weakly. Among the 30 Shenwan primary industries, 18 industries rose, with environmental protection, pharmaceutical biology, and national defense and military industry having relatively large increases, and the automobile, power equipment, and non - ferrous metals industries having relatively large declines [9][10][18]. - **Trading Heat**: The average daily trading volume of the Wind All - A Index last week was 1093.905 billion yuan, down from the previous value, but still at a relatively high historical level (70.50% of the three - year historical quantile) [23]. - **Valuation Tracking**: As of May 30, 2025, the valuation (PE_TTM) of the Wind All - A Index was 18.94, a decrease of - 0.01 from the previous week, and it was at the 64.90% quantile of the past five - year history. Among the 30 Shenwan primary industries, 17 industries' valuations (PE_TTM) recovered [29]. Economic Calendar - The report mentions paying attention to global economic data, but specific data are not provided [31]

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a slight increase of 0.03% this week, contrasting with a 1.08% decline in the Shanghai and Shenzhen 300 index [4][13] - The total market capitalization of the REITs industry is approximately 198.2 billion yuan, with a circulating market value of about 92.0 billion yuan [2] - Recent approvals include two new REIT projects: Zhongyin Zhongwaiyun Warehousing Logistics REIT and Guotai Junan Lingang Innovation Manufacturing Industrial Park REIT [6][9] - The trading volume for REITs decreased by 20.2% this week, totaling 2.38 billion yuan, with an average daily turnover rate of 0.5% [40] Summary by Sections Market Performance - The REITs index rose by 0.03%, while the Shanghai and Shenzhen 300 index fell by 1.08% [13] - 28 REITs saw price increases, 0 remained stable, and 38 experienced declines, with the largest gain being 5.07% for the招商高速 REIT and the largest loss being 4.22% for the 华夏合肥高新 REIT [17] Trading Activity - The trading activity for REITs decreased, with a total trading amount of 2.38 billion yuan, down 20.2% from the previous week [40] - Specific sectors such as highways and ecological protection saw significant declines in trading volumes, with highway REITs trading at 600 million yuan, down 23.0% [40] Project Approvals and Announcements - Recent approvals include the Zhongyin Zhongwaiyun Warehousing Logistics REIT and the Guotai Junan Lingang Innovation Manufacturing Industrial Park REIT [6][9] - Several REITs announced dividend distributions, including 华夏合肥高新产园 REIT and 中航易商仓储物流 REIT [9][12] Valuation Situation - The estimated yield for various REITs ranges from -1.95% to 10.80%, with the highest yield observed in 华夏中国交建 REIT at 10.80% [42] - The P/NAV ratio for REITs varies between 0.75 and 1.79, indicating differing valuation levels across the sector [42]

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 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal market is experiencing a recovery in demand, leading to a rebound in pithead coal prices. As of May 30, 2025, pithead prices for various coal types have increased significantly due to improved demand expectations and a slight contraction in supply [7][8]. - The report highlights the upcoming peak electricity demand season and the easing of tariff issues, which are expected to support coal demand. Additionally, the reduction in coal imports is anticipated to alleviate oversupply pressures [7][8]. - The report suggests that high-dividend, low-valuation coal stocks remain attractive for investment, with recommendations for specific companies such as China Shenhua and Shaanxi Coal and Energy [8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 17,587.15 billion CNY and a circulating market value of 17,200.33 billion CNY [2][5]. 2. Coal Price Tracking - As of May 30, 2025, the pithead price for weakly caking coal in Datong is 476.0 CNY/ton, up 32.0 CNY/ton from the previous week, marking a 7.2% increase. The price for Yulin's coking coal is 490.0 CNY/ton, up 90.0 CNY/ton, a 22.5% increase [7]. - The report notes that the average daily coal consumption across 25 provinces is 451.70 million tons, a decrease of 10.36% week-on-week [8]. 3. Company Performance Tracking - Key companies such as China Shenhua, Shaanxi Coal, and Yancoal are highlighted for their operational performance, with specific metrics on coal production and sales [14][15]. - The report tracks the production levels and sales volumes of major coal companies, indicating a mixed performance across the sector [15]. 4. Investment Recommendations - The report recommends focusing on leading companies with integrated operations and strong dividend policies, such as China Shenhua and Shaanxi Coal, as well as companies like Xinji Energy and Huaihe Energy that are involved in coal-electricity integration [8][13]. - It also suggests that undervalued stocks, particularly those with significant market capitalization management potential, are worth considering for investment [8].

Investment Rating - The report maintains an "Overweight" rating for the transportation sector, with specific buy recommendations for several airlines and logistics companies [2][3]. Core Insights - The report emphasizes the ongoing recovery in the aviation sector, driven by increasing passenger demand and favorable pricing dynamics, particularly during the peak travel season [4][5]. - The logistics and express delivery sectors are expected to undergo significant transformation due to advancements in autonomous vehicle technology, which could enhance operational efficiency and service delivery [5][6]. Summary by Sections Investment Highlights - The report highlights the strong performance of airlines such as Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to benefit from rising passenger volumes and improved load factors [2][11]. - The logistics sector is seeing a surge in express delivery volumes, with a reported 41.47 billion packages collected in the week of May 19-25, reflecting a year-on-year increase of 15.42% [5][6]. Operational Tracking - The report provides detailed operational metrics for major airlines, indicating a positive trend in available seat kilometers (ASK) and revenue passenger kilometers (RPK) across the sector, with notable increases in passenger load factors [4][14]. - The logistics sector's performance is also tracked, showing a significant increase in both collection and delivery volumes, which are expected to continue growing due to favorable consumption policies [5][6]. Airline Data Tracking - Specific airlines are highlighted for their operational efficiency and market positioning, with metrics showing improvements in ASK and RPK, alongside rising load factors, indicating a robust recovery trajectory [4][14]. - The report notes that the average load factor for major airlines is above 80%, suggesting strong demand and effective capacity management [4][14]. Shipping Data Tracking - The report indicates a rise in shipping rates, with the SCFI index reaching 2072.71 points, reflecting a week-on-week increase of 30.68% [5][6]. - The report anticipates a seasonal increase in shipping demand, driven by factors such as replenishment needs and peak shipping seasons, which could lead to further price increases [5][6]. Logistics Data Tracking - The report tracks logistics performance, noting a significant increase in freight volumes across various transport modes, including road and rail, with a cumulative freight volume of 2.71 billion tons reported [5][6]. - The express delivery sector is highlighted for its resilience, with ongoing growth in package volumes supported by government consumption-boosting policies [5][6].

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].