Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - Huawei's nova 14 series and Harmony OS computer product launch event is scheduled for May 19, 2025, marking it as one of the most significant events for Huawei in 2025 [3] - Apple's first foldable iPhone is expected to be released in the fall of 2026, alongside the iPhone 18 Pro series, with a projected global shipment of 3.8 million foldable smartphones in Q4 2024, a year-on-year decline of 18% [4] - Huawei holds a 31.2% market share in the foldable smartphone segment, while Samsung's market share has decreased to 26.7% [4] Summary by Sections Product Launches - Huawei's upcoming launch includes the nova 14 series and a new Harmony OS computer, potentially the first foldable PC from Huawei [3] Market Trends - The foldable smartphone market is experiencing a decline, with a significant drop in shipments, but Apple's entry is expected to revitalize the market due to its strong brand and integration capabilities [4] Investment Opportunities - Suggested areas for investment include 3D printing applications (e.g., Huazhu High-Tech, Plittech), automated assembly equipment (e.g., Bozhong Precision, Kuaike Intelligent), and automated testing equipment (e.g., Oatmeal Technology, Jepter) [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][22]. Core Insights - The company has demonstrated impressive performance with a revenue of 3.56 billion yuan in 2024, reflecting a year-on-year growth of 76.3%, and a net profit of 1.43 billion yuan, up 122% year-on-year [2][5]. - The sales expense ratio has improved, decreasing by 5.9 percentage points to 39.7% in 2024, while the net profit margin increased by 8.27 percentage points to 40.2% [2][3]. - The innovative pipeline is progressing steadily, with multiple clinical trials for the drug Vomeletin ongoing, targeting various indications [4][5]. Financial Performance - In Q4 2024, the company achieved a revenue of 1.02 billion yuan, a 52.8% increase year-on-year, and a net profit of 370 million yuan, up 57% year-on-year [2]. - For Q1 2025, the company reported a revenue of 1.1 billion yuan, a 47.9% increase year-on-year, and a net profit of 410 million yuan, reflecting a 34.1% growth [3]. - The projected net profits for 2025, 2026, and 2027 are estimated at 1.7 billion yuan, 2.03 billion yuan, and 2.49 billion yuan, respectively, indicating a strong growth trajectory [5]. Cost Management - The company has effectively optimized its cost structure, with a decrease in the management expense ratio to 4.6% in 2024, down 1.9 percentage points year-on-year [2]. - The research and development expense ratio also saw a decline to 8.8%, down 6.7 percentage points year-on-year, indicating efficient allocation of resources [2]. Market Position and Growth Potential - The company is in a rapid growth phase with Vomeletin's market expansion and the introduction of new products, highlighting its long-term growth potential [5]. - The introduction of the KRASG12C inhibitor, Goretinib, is expected to enhance the company's product offerings and market presence [4][5].

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The RE100 organization has unconditionally recognized China's green certificate, marking a significant step in the internationalization of green certificates, which will enhance the competitiveness of exports and support the development of green supply chain enterprises [3][18] - The release of the 136 document by Guangdong and Shandong provinces is expected to accelerate the marketization process of the renewable energy industry, shifting companies from reliance on policy subsidies to market competitiveness [4][24] - The recent urban renewal initiative aims to accelerate the renovation of urban infrastructure, including gas, water, and waste management systems, which is projected to enhance operational capabilities of existing waste-to-energy and waste treatment projects [35][39] Summary by Sections Market Review - From May 12 to May 16, the environmental, gas, and electricity sectors saw increases of 0.58%, 0.54%, and 0.09% respectively, while the water sector decreased by 0.43%, against a backdrop of a 1.12% rise in the CSI 300 index [12][18] Industry Dynamics - The green certificate market has seen significant growth, with a total of 5.617 billion certificates issued by the end of March 2025, and a transaction volume of 753 million certificates, reflecting a year-on-year increase of 4.5 times [19][20] - The urban renewal plan includes over 60,000 projects with an estimated investment of approximately 2.9 trillion yuan, focusing on the renovation of aging urban infrastructure [36][39] Investment Recommendations - The report recommends specific companies within various sectors, including Jiangsu Guoxin in the thermal power sector, and suggests cautious investment in companies like Sheneng Co. and Zhejiang Energy [5][24]

Market Performance - In April 2025, the average return of actively managed equity funds was -2.4%, indicating a convergence in investment strategies among fund managers in the current market environment [1][9]. - Value funds performed the best among non-sector equity funds, with a median return of -1.3%. Growth funds showed the greatest internal differentiation, with returns ranging from a maximum of 6.2% to a minimum of -12% [23][24]. - The average return of actively managed equity funds in the healthcare and consumer sectors was 2.8% and 0.5%, respectively, indicating strong performance in these areas [24][29]. - Passive funds in the technology and financial sectors maintained an advantage, with technology index products averaging a return of 27.8% and financial index products averaging 22.2% over the past year [30][31]. Equity Fund Multi-Strategy Overview - The overall strategy distribution of public equity funds is shifting towards a convergence between single and multi-strategy approaches, with an average R² value of 0.80 [37]. - The most tracked funds this month were those focused on thematic sectors, with 1,220 funds (30.24% of the sample) following thematic strategies, and 1,124 funds (27.86%) focused on growth strategies [42]. - The report identified three major trends in fund strategy changes: underweighting financial real estate, transitioning from A-share core assets to Hong Kong core assets, and market capitalization downshifting [43]. Performance of High-Rated Funds - High-rated funds demonstrated excellent overall performance and robust investment management capabilities, showing good alpha persistence in both short-term and long-term performance [56]. - The number of AAA-rated funds increased from 21 to 25, while AA+ rated funds rose from 42 to 49, indicating an overall improvement in fund ratings [51][52]. - Value funds had the highest proportion of high-rated funds, with an internal performance rate of 14.1%, while small-cap funds saw an increase in performance rate from 6.7% to 8.6% [52]. Emerging and Upgraded Funds - New funds, defined as those with high return potential and differentiated competitive advantages, totaled five this month, primarily referencing the CSI 500 index [65]. - Upgraded funds exhibited significant performance improvements and management optimization, with ten funds achieving higher ratings this month [66].

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong market position and expected performance [5][20]. Core Views - The initial ruling of the "double anti-dumping" investigation by the US against China's pulp molding industry has been released, with the company facing a significant anti-dumping tax rate of 470.63% [3]. - The company is strategically shifting its production to Thailand to mitigate the impact of tariffs, with a projected 52% of its revenue coming from exports to the US in 2024 [4]. - The global market for pulp molding is expected to grow at a compound annual growth rate (CAGR) of 7.60% from 2023 to 2030, indicating a broad future market potential [5]. Financial Performance and Forecast - The company is projected to achieve net profits of 357 million, 421 million, and 485 million yuan for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 10%, 18%, and 15% [5][7]. - Revenue is expected to grow from 1,546 million yuan in 2024 to 3,216 million yuan in 2027, with a CAGR of approximately 24% [7]. - The earnings per share (EPS) is forecasted to increase from 3.17 yuan in 2025 to 4.74 yuan in 2027 [7]. Market Position and Strategy - The company is recognized as a leading player in the domestic pulp molding market, benefiting from scale, research and development capabilities, and a strong customer base [5]. - The establishment of production facilities in Thailand is aimed at enhancing market competitiveness and addressing the challenges posed by the US tariffs [4][5]. - The company is actively exploring market opportunities in Europe, the Middle East, South America, and Australia to diversify its revenue streams [5].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [10]. Core Insights - The report highlights that AI is upgrading traditional businesses and creating a second growth engine for various companies [2]. - Companies like Xiaomi, Alibaba, Tencent, Bilibili, and Kuaishou are leveraging AI technologies to enhance their business models and drive growth [4]. Summary by Relevant Sections Xiaomi Group - Launched the open-source reasoning model Xiaomi MiMo with 7 billion parameters, excelling in mathematical reasoning and coding competitions [4]. - Integrated AI across its ecosystem, connecting mobile phones, smart cars, and IoT devices to optimize AI capabilities [4]. - Strengthened collaboration with Kingsoft Cloud through the release of the ninth-generation cloud server C9a, suitable for scientific computing tasks [4]. Alibaba - Released the new generation of open-source model family Qwen3, significantly reducing costs with a "mixed reasoning" architecture [4]. - Invested over 380 billion yuan in the next three years for cloud and AI hardware infrastructure [4]. - Reported continuous triple-digit year-on-year growth in AI revenue for six consecutive quarters [4]. Tencent - Restructured its AI departments to enhance focus on foundational AI technologies [4]. - Launched the AI assistant "Yuanbao" within the WeChat ecosystem, enhancing its value as an AI entry point [4]. Bilibili - Introduced AI data insights for the "618" shopping festival, improving efficiency in brand and merchant collaborations [4]. - Strengthened AIGC capabilities to assist brands in material matching and reduce advertising costs [4]. Kuaishou - Established the Keling AI division, which has generated over 100 million yuan in revenue since its commercialization [4]. - Utilized AI to transform marketing and operational processes, including AI-generated advertising materials [4].

Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - The report highlights strong growth in the personal care e-commerce sector, particularly in April, with local brands rapidly gaining market share through platforms like Douyin [1][2] - The report emphasizes the resilience of various personal care categories, with significant year-on-year growth in sales across multiple platforms [2] Summary by Relevant Sections E-commerce Performance - In April, the GMV (Gross Merchandise Value) for sanitary napkins on Tmall increased by 22% year-on-year, with notable growth from local brands such as Naise Princess (+21%), Jieting (+60%), and Taotao Oxygen Cotton (+136%) [2] - Douyin saw a remarkable 62% year-on-year increase in sanitary napkin GMV, with local brands like Naise Princess (+377%) and Jieting (+52%) showing strong performance [2] Oral Care - The GMV for toothpaste on Tmall rose by 24% year-on-year, with local brands like Lengsuaning (+158%) and Yunnan Baiyao (+42%) outperforming foreign brands [2] - Douyin's toothpaste GMV increased by 78% year-on-year, with local brands leading the rankings [2] Diapers - The GMV for diapers and pull-ups on Tmall increased by 42% year-on-year, with leading brands such as Huggies (+62%) and Pampers (+118%) driving category growth [2] Tissue Products - The GMV for tissue products on Tmall rose by 22% year-on-year, with major brands like Vinda (+26%) and Heart to Heart (+46%) showing upward sales trends [2] Investment Recommendations - The report recommends continued investment in the personal care sector, highlighting the rapid growth of local brands and their expansion into various online and offline channels [2]

略研 策略点评报告 中美经贸谈判取得实质性进展彰显中国力量 投资要点: > 事件:当地时间5月10日至11日,中美双方在瑞士日内瓦举行经贸高 层会谈,会谈达成了一系列重要共识;5月12日,中美双方发表日内瓦经 贸会谈联合声明,共同修改或取消相关关税,并建立机制,继续就经贸关 系进行协商。 > 我们认为此次中美经贸谈判取得了实质性进展,体现了中国捍卫全球 自由贸易体系的坚强决心,也彰显了中国不断上升的国家力量。此前美国 滥征所谓"对等"关税后,中国是第一个反制所谓"对等"关税的国家, 团队成员 策略点评报告 2025年5月12日 果客点评报 通过此次经贸磋商中,中美双方进行的坦诚、深入、具有建设性的交流, 最终取得了实质性进展,达成了重要共识。这样的结果来之不易,有利于 中美双方,有利于全球经济,也有利于全球资本市场的稳定。 > 风险提示:美国后续关税承诺未兑现 相关报告 1、《历史上的供给侧改革,对市场影响几何?》 2024. 6.1 2、《黄金这轮回调会有多深?》 分析师 朱斌 执业证书编号:S0210522050001 邮箱:zb3762@hfzq.com.cn 2024. 5. 26 3、《继续聚焦"轻 ...

Group 1: Trade Relations and Tariff Adjustments - The US has agreed to significantly reduce tariffs on Chinese goods, with 91% of tariffs from two specific executive orders set to be eliminated[2] - A 34% tariff on certain goods will see a 90-day suspension for 24% of it, while 10% will remain in effect[2] - This agreement marks a clear turning point in the US-China trade tensions, indicating a potential easing of the tariff war[2] Group 2: Economic Implications - The US economy is experiencing a short-term boost in domestic demand, despite a cooling GDP growth rate of 1.7 percentage points due to increased imports[3] - The current tariff adjustments are seen as a strategy to buy time for restructuring the US domestic supply chain, rather than a permanent shift in trade policy[3] - China's exports are expected to benefit from the reduced tariff intensity, with April exports showing a strong year-on-year increase of 8.1%[3] Group 3: Currency and Market Reactions - Following the trade talks, both the US dollar and the Chinese yuan experienced a rare simultaneous appreciation, with the dollar index rising by over 1% and the yuan strengthening by nearly 0.5% to around 7.21[3] - The easing of tariffs is anticipated to enhance the activity of China's external production chains and provide more space for key exports to the US[3] Group 4: Long-term Considerations - Despite the current easing, the long-term strategic intent of the US to reshape global supply chains remains, indicating that tariff fluctuations may continue[3] - It is recommended that China leverage the current favorable conditions to stabilize the real estate market and boost domestic consumption, preparing for potential future changes in the tariff environment[3]

Investment Rating - The industry rating is "Outperform the Market" [3][13] Core Insights - The report highlights a temporary pause in the China-US trade conflict, which is expected to benefit the export sector, particularly in the light industry manufacturing sector [1][4] - The report indicates that in April, China's export value increased by 8.1% year-on-year in USD terms, while exports to the US decreased by over 20%. However, exports to ASEAN and the EU showed significant growth, with increases of 20.8% and 8.3% respectively [4] - The first quarter of 2025 saw a year-on-year revenue growth of approximately 15.9% and a net profit growth of about 17% for major companies in the light industry export chain [4] Summary by Sections Trade Dynamics - The report discusses the recent progress in China-US trade negotiations, resulting in a reduction of incremental tariffs to 30% for the US and 10% for China [4] - The report notes that the export chain sector is expected to maintain strong performance due to the effects of export grabbing and transshipment amid the trade conflict [4] Company Performance - Major companies in the light industry export chain are reported to have robust overseas production capacity and are well-positioned to handle changes in tariff policies [4] - The report suggests that companies such as Jianlin Home, Henglin Shares, and Hars are recommended for attention due to their undervalued status and potential for valuation recovery [4] Investment Recommendations - The report emphasizes that the export chain remains a sub-sector with high short-term performance certainty, with expectations for accelerated export grabbing and transshipment in 2025 [4] - Companies with strong overseas production layouts and good profitability, such as Xiangxin Home and Gongchuang Lawn, are highlighted as potential investment opportunities [4]