首次修订《北证指数计算与维护细则》，北证 50 成分迎来调整 ——北交所点评报告 评级： 增持（维持） 执业证书编号：S0740524040002 分析师：冯胜 执业证书编号：S0740519050004 Email：yangshuai01@zts.com.cn | 上市公司数 | 266 | | --- | --- | | 行业总市值(亿元) | 8,070.11 | | 行业流通市值(亿元) | 4,845.83 | Email：fengsheng@zts.com.cn 分析师：杨帅 1、《北证 50 周涨幅超三大指数，国 家级经开区为"投资中国"首选》 2025-06-03 2、《多部委联合印发文件支持小微企 业发展，北交所交易热度持续》 2025-05-27 3、《证监会等八部委：支持符合条件 的小微企业在新三板挂牌，规范成长 后到北交所上市》2025-05-27 北交所 证券研究报告/行业点评报告 2025 年 06 月 04 日 报告摘要 北交所首次修订《北证指数计算与维护细则》 1）2025 年 5 月 30 日，北交所发布关于修订《北证指数计算与维护细则》（以下简称 《细则》）的通知，此次修订 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company reported a revenue of 925 million yuan for 2024, representing a year-on-year growth of 9.1%, and a net profit attributable to shareholders of 317.8 million yuan, up 2.5% year-on-year [5] - The company is expected to achieve revenue of 1,033 million yuan in 2025, with a growth rate of 11.6%, and a net profit of 351.9 million yuan, reflecting a growth of 10.7% [5] - The company maintains a strong market position with over 80% market share in the domestic allergy treatment sector, and its product pipeline continues to expand [5] Financial Performance Summary - For 2024, the company achieved a gross margin of 95.16% and a stable expense ratio, with sales expense ratio at 39.06% [5] - The company’s R&D expenses for 2024 were 120 million yuan, accounting for 12.95% of revenue [5] - The earnings per share (EPS) for 2024 is projected to be 0.61 yuan, with a P/E ratio of 34.5 [3][5] Revenue and Profit Forecast - The forecasted revenues for 2025-2027 are 1,033 million yuan, 1,171 million yuan, and 1,354 million yuan, respectively, with corresponding year-on-year growth rates of 11.6%, 13.3%, and 15.7% [5] - The net profit forecast for the same period is 351.9 million yuan, 394.0 million yuan, and 450.2 million yuan, with growth rates of 10.7%, 12.0%, and 14.3% [5] Product Pipeline and Market Expansion - The company has successfully expanded its product matrix, with new products such as "Skin Prick Test Solutions" receiving approval for market entry [5] - The company is actively promoting its products in northern markets, leading to significant sales increases, particularly for the Dust Mite Drops and Artemisia Pollen Drops [5]

证券研究报告 信用业务周报 近期内外风险扰动或带来哪些影响？ 2025年6月3日 中泰证券研究所 分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 数据来源：Wind，中泰证券研究所 2 【市场观察】内外扰动交织下市场或如何演绎？ 3 • 一、内外扰动交织下市场或如何演绎？ • 当前市场正处于内外政策变量交织扰动的关键节点，国内"十五五"规划奠定基调、公募基金改革或重 塑市场，国外欧美关税博弈加剧、美国国内政策不确定性增强等政策扰动均将对市场产生复杂影响。 • 国内宏观方面，高质量发展的核心框架或不断强化，科技创新、制造业发展或仍是下一个五年计划的 发展重心。近期总书记在河南考察时的表态再次确认了国家对制造业和科技创新的高度重视，明确了 未来五年我国将持续把科技创新与制造业高质量发展作为战略核心。 • 国内资本市场政策方面，公募改革影响或超出市场预期，重塑行业生态。《推动公募基金高质量发展 行动方案》显著增强了基金业绩比较基准的约束力，对市场风格和资产配置产生深远影响， ...

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 ...

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]