中央财政支持城市更新，一二手房成交量萎缩 ——20250606 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 07 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | EPS | | | | PE | | | 评级 | | 分析师：由子沛 | | | (元) | 2023A | 2024A | 2025E | 2026E | 2023A | 2024A | 2025E | 2026E | | | 执业证书编号：S0740523020005 | | 保利发展 | 8.16 | 1.0 | 0.4 | 1.21 | 1.27 | 8.1 | 19.4 | 6.7 | 6.4 | 买入 | | Email：youzp@zts.com.cn | | 招商蛇口 | 8.66 | 0.7 | 0.4 | 1.07 | 1.15 | 13.3 | 23. ...

业绩持续稳定增长，聚焦主业与创新驱动双线并举 电网设备 东方电子（000682.SZ） 证券研究报告/公司点评报告 2025 年 06 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：苏仪 | | 营业收入（百万元） | | 6,478 | 7,545 | 8,815 | 10,277 | 11,926 | | | | 增长率 yoy% | | 19% | 16% | 17% | 17% | 16% | | 执业证书编号：S0740520060001 | | 归母净利润（百万元） | | 541 | 684 | 852 | 1,022 | 1,175 | | Email：suyi@zts.com.cn | | 增长率 yoy% | | 23% | 26% | 25% | 20% | 15% | | | | 每股收益（元） | | 0.4 ...

中美元首通话对市场影响几何？ 一、中美元首通话对市场影响几何？ 分析师：张文宇 证券研究报告/策略定期报告 2025 年 06 月 07 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 报告摘要 中美元首会谈如期举行。北京时间 2025 年 6 月 5 日晚，中国国家主席应约与美国总 统特朗普通电话。根据双方发布的通稿，双方同意"尽快举行新一轮会谈"，并互相 发出访问邀请。此次通话在当前中美关系复杂的背景下，为双边关系注入了稳定因素。 相关报告 短期内风险升级的概率较低。从中美元首通话的官方通稿来看，本轮沟通达成的直接 成果是双方同意"尽快举行新一轮会谈"。但通稿中并未提及新一轮的谈判时间或磋 商议题，表明双方在核心问题上仍需进一步沟通。因此，预计双方在近期内将以落实 现有共识和推进谈判为主，短期内进一步升级对抗的可能性较低。 中美双方结构性分歧依然存在。尽管双方同意重启谈判，但在关键性结构性问题上， 如稀土、TikTok、芬太尼税等，中方并未在通稿中做 ...

销售环比下滑，基本面压力仍大 ——房地产行业统计局数据点评 房地产 证券研究报告/行业定期报告 2025 年 06 月 06 日 | 增持（维持） 评级： | | | --- | --- | | | 简称 | | 分析师：由子沛 | | | 执业证书编号：S0740523020005 | | | Email：youzp@zts.com.cn | | | 分析师：侯希得 | 华润万象生 | | 执业证书编号：S0740523080001 | 活 | | Email：houxd@zts.com.cn | | | 基本状况 | | --- | | 上市公司数 | 102 | | --- | --- | | 行业总市值(亿元) | 11,106.98 | | 行业流通市值(亿元) | 10,690.57 | 行业-市场走势对比 量环比上升》2025-06-02 2、《城市更新稳楼市，周度一二手 房成交环比略有增长》2025-05-25 3、《中央发文推进城市更新，不同 能级城市销售分化》2025-05-17 | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal demand is strengthening, with port inventories continuously decreasing. The recent stabilization in coal prices is driven by the upcoming peak summer demand and a contraction in supply [7][8]. - The report highlights that the daily coal consumption in coastal and inland provinces has increased, indicating a recovery in coal demand. As of June 5, the total daily consumption reached 4.854 million tons, a week-on-week increase of 7.46% and a year-on-year increase of 1.08% [7][8]. - The report suggests that the coal prices are expected to rebound as the summer peak demand approaches, with significant inventory reductions at ports [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 1,748.67 billion yuan and a circulating market capitalization of 1,709.58 billion yuan [2]. 2. Price Tracking - The report tracks various coal prices, including thermal coal and coking coal, indicating a recent decline in prices but a potential for recovery due to increased demand [8][9]. 3. Inventory Tracking - Port inventories are decreasing, with Qinhuangdao port's coal inventory dropping to 6.55 million tons as of June 6, a week-on-week decrease of 200,000 tons [7][8]. 4. Downstream Performance - The report notes improvements in downstream consumption, particularly in power plants, which are expected to drive coal demand higher in the coming months [7][8]. 5. Company Performance - Key companies such as China Shenhua, Shaanxi Coal, and Yancoal are highlighted for their strong performance and potential for growth, with recommendations for investment in these stocks [8][12].

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 行业筑底企稳，坚守人工智能产业趋势 ——2024年&25Q1计算机行业总结 2 0 2 5 . 0 6 . 0 5 分析师：闻学臣 执业证书编号：S0740519090007 分析师：刘一哲 执业证书编号：S0740525030001 分析师：何柄谕 执业证书编号：S0740519090003 分析师：王雪晴 执业证书编号：S0740524120003 分析师：苏仪 执业证书编号：S0740520060001 分析师：蒋丹 执业证书编号：S0740525030004 2024年与25Q1计算机板块回顾 ◼ 强预期与弱现实彼此交织，计算机板块波动加剧。过去一年多以来，计算机板块经历了2024年初小微盘股流动性危机 下的暴跌与暴涨式修复，宏观影响下Q2板块基本面持续承压带来的指数持续下探与机构持续减仓，924以来信心修复 与流动性增多带来的估值提升，以及2025年初Deepseek重新推动中国科技重估带来的新一轮上涨。宏观经济增长放缓、 下游支出力度受限带来的基本面承压（弱现实），与AI、自主可控主题在当前全球 ...

宏观局势反复，基本金属价格区间震荡 有色金属 证券研究报告/行业定期报告 2025 年 06 月 04 日 | 增持（维持） | 报告摘要 | 评级： | 【本周关键词】：美联储对降息持谨慎态度，法院叫停关税后被上诉暂缓，美国对钢 |  | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铁及铝追加关税至 | 50%。 | 分析师：谢鸿鹤 | 投资建议：趋势的延续，维持行业"增持"评级。 |  | | | | | | | | | | | | 最新美联储会议纪要显示，面对不确定性，采取谨慎的货币政策是适当的，降息概率 | 执业证书编号：S0740517080003 | 下降。与此同时，美国关税政策变数不断，市场普遍抱有观望和担忧的心态。宏观局 | Email：xiehh@zts.com.cn | | | | | | | | | | | | | 势反复叠加基本面缺乏方向指引，预计短期基本金属价格区间震荡。长期在供需格局 | 分析师： ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [3] Core Insights - The report emphasizes the arrival of a new era for innovative drugs, highlighting the strong performance of the sector in May 2025, with a 6.4% increase in the pharmaceutical and biotechnology sector, outperforming the CSI 300 index by 4.6% [10][22] - It suggests a focus on companies transitioning from biotech to biopharma and those in traditional pharma that are innovating [9] - The report identifies significant investment opportunities in AI-driven healthcare and medical services, indicating that the industry is just beginning to harness the potential of artificial intelligence [9] - The report anticipates a recovery in performance and valuation for CRO&CDMO, upstream research, and specialty raw materials, with Q2 performance expected to improve [9][11] Summary by Sections June Industry Investment Outlook - The report encourages embracing the innovative drug era and actively positioning for Q2 performance [9] - It highlights key recommended stocks for June, including WuXi AppTec, Sangamo Therapeutics, Changchun High-tech, Betta Pharmaceuticals, Nanwei Medical, Kunming Pharmaceutical, Nuotai Biological, Dian Diagnostics, Tianyu Co., and Boan Biotechnology [12] Market Dynamics - In May 2025, the pharmaceutical sector saw all sub-sectors increase, with chemical pharmaceuticals rising by 9.77%, biological products by 7.29%, and medical services by 6.00% [10][22] - The report notes that the pharmaceutical sector's valuation is currently at 23.4 times PE, with a premium of 29.3% over the broader A-share market [27] Key Company Performances - The report highlights the record-breaking BD transaction of 1.25 billion USD by Sangamo Therapeutics, which has catalyzed investment enthusiasm in innovative drugs [10] - It mentions that 71 original research results from Chinese pharmaceutical companies were presented at ASCO, showcasing their growing international competitiveness [10] Investment Recommendations - The report recommends focusing on companies with strong growth potential, such as WuXi AppTec, Sangamo Therapeutics, and Changchun High-tech, among others [12][14] - It also suggests monitoring companies in the AI healthcare sector and those poised for recovery in the traditional pharmaceutical space [9][11]

区域经济与银行股系列· 山东省 | 三项动能支撑：基建+产业升 级+新兴，金融需求持续性强 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：杨超伦 执业证书编号：S0740524090004 Email：yangcl@zts.com.cn 分析师：马志豪 执业证书编号：S0740523110002 Email：mazh@zts.com.cn | 上市公司数 | 42 | | --- | --- | | 行业总市值(亿元) | 143,491.33 | | 行业流通市值(亿元) | 142,539.38 | 1、《区域研究·银行篇三丨福建省： 工业景气度回升、基建投资提速，银 行扩表空间打开》2025-05-25 2、《探讨丨本轮银行股上涨的逻辑及 其持续性》2025-05-20 3、《银行角度看 4 月社融：政府债保 持高增，透支与预期影响贷款》 2025-05-17 银行 证券研究报告/行业专题报告 2025 年 ...

【中泰金工】市场整体情绪修复，传统行业走强而科技承压 ——行业轮动全景观察（2025.06） 分析师：李倩云 执业证书编号：S0740520050001 Email：liqy02@zts.com.cn 分析师：熊婧妍 执业证书编号：S0740523110005 Email：xiongjy01@zts.com.cn 全景观察（2025.05）》2025-05-05 2、《【中泰金工】资源型行业拥挤 （2025.04）》2025-04-02 证券研究报告/金融工程定期报告 2025 年 06 月 04 日 报告摘要 风险提示：结论基于公开的历史数据进行统计、测算，文中部分数据有一定滞后性，同时 存在第三方数据提供不准确风险；对基金产品和基金管理人的研究分析结论并不预示其未 来表现，也不能保证未来的可持续性，亦不构成投资收益的保证或投资建议；产品的表现 受宏观环境、行业基本面超预期变动、市场波动、风格转换等多重因素影响，存在一定波 动风险。 请务必阅读正文之后的重要声明部分 行业月度收益：本月 A 股市场在超长期特别国债发行、LPR 降息预期等政策及内需复 苏（"五一"消费数据超预期）推动下结束调整，主要指数震荡上 ...