Investment Rating - The industry rating is "Outperform the Market" [5][61]. Core Views - The lithium battery sector is focusing on the upcoming CIBF battery exhibition, with attention on solid-state battery technologies [2][9]. - In the photovoltaic sector, Longi Green Energy has signed a strategic cooperation agreement for over 1GW of BC components, marking the entry into the global BC era [3][19]. - The energy storage sector has seen a drop in the average price of 2-hour storage systems below 0.6 yuan, with a total bidding scale of 10.2GW/30.2GWh in April [3][30]. - The power equipment and industrial control sector has announced a bidding result of 5.468 billion yuan for distribution network equipment [4][38]. - The hydrogen energy sector is experiencing a long-term decline in production-side hydrogen price index, with supportive policies introduced in Henan province [4][49]. Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - The CIBF 2025 will showcase the latest battery technologies, including solid-state batteries [9]. - The penetration rate of new energy commercial vehicles has reached 20%, with significant product releases from battery companies [10]. - Companies with cost advantages and those leading in fast-charging and high-voltage technologies are recommended for investment [11][12]. 2. New Energy Generation Sector - Longi Green Energy's agreement for over 1GW of Hi-MO 9 components signifies a shift towards high-efficiency BC technology [19][20]. - The solar industry is facing price declines across various segments, including polysilicon and modules, with expectations of continued downward pressure [21][25]. - Investment suggestions include companies benefiting from demand surges and those with price elasticity in the battery segment [26][27]. 3. Energy Storage Sector - The average price of 2-hour storage systems has decreased to 0.589 yuan/Wh, with strong bidding activity in various provinces [30][31]. - The introduction of the 136 document in Shandong province indicates a shift in energy storage policy, allowing for market participation without mandatory storage [32][35]. - Investment recommendations focus on quality storage integration companies and those benefiting from the growth of energy storage systems [34]. 4. Power Equipment and Industrial Control Sector - The total bidding amount for distribution network equipment reached 5.468 billion yuan, indicating robust demand [38][39]. - The completion of the ±800 kV UHVDC project will enhance green energy transmission in Shandong [40]. - Investment opportunities are identified in companies benefiting from overseas expansion and digital power grid developments [44]. 5. Hydrogen Energy Sector - The national hydrogen price index is on a long-term downward trend, with new standards for proton exchange membranes being implemented [49][50]. - Policies supporting hydrogen energy development have been introduced in Henan province, with significant projects underway [50][51]. - Investment suggestions include companies involved in green hydrogen production and fuel cell systems [51].

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3] Core Insights - In April, China's overall exports showed resilience, with a year-on-year increase of 8.1% in export value, although exports to the U.S. declined by over 20% [8] - The global sales of AI smart glasses reached 600,000 units in Q1 2025, marking a 216% year-on-year growth, driven primarily by the success of Ray Ban Meta smart glasses [8] - The report continues to recommend sectors benefiting from new consumer trends, particularly in personal care and trendy toys [8] Summary by Sections Light Industry Manufacturing - The light industry manufacturing sector outperformed the market with a 3.02% increase in the index from May 6 to May 9, 2025, compared to a 2.00% increase in the CSI 300 index [17] - Sub-sectors such as entertainment products (+3.91%) and home goods (+3.30%) showed strong performance [17] Home Furnishing - In March, the furniture retail sales increased by 29.5% year-on-year, while the furniture export value decreased by 7.8% in April [45] - The report highlights the potential for recovery in the home furnishing sector as consumer confidence gradually improves [6] Paper and Packaging - As of May 9, 2025, the prices of various paper products showed mixed trends, with double glue paper at 5,250 CNY/ton (-56.3 CNY/ton) and boxboard paper at 3,506.6 CNY/ton (+2.4 CNY/ton) [55] - The paper industry experienced a cumulative revenue decline of 1.4% in the first quarter of 2025, with a sales profit margin of 2.7% [69] New Consumer Trends - The report emphasizes the growth in the AI smart glasses market, with expectations of 5.5 million units sold in 2025, driven by new product launches from various brands [8] - Recommendations include focusing on companies like Mingyue Optical and Kangnai Optical, which are positioned to benefit from this trend [8] Textile and Apparel - The textile and apparel sector also outperformed the market, with a 3.47% increase in the index from May 6 to May 9, 2025 [27] - The report suggests monitoring leading brands in apparel and outdoor products as domestic consumption policies begin to take effect [27]

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 [58]. Core Insights - The report highlights that Huayi Group plans to acquire a leading fluorochemical new materials company, aiming to enhance its strategic positioning in the fields of "new energy, new materials, new environmental protection, and new biology" [4][32]. - The Chinese smartphone market saw a 9% year-on-year increase in Q1 2025, reaching 68.7 million units, driven by normalized inventory levels and government subsidy programs [37]. - The Wind New Materials Index rose by 2.83% this week, with notable increases in semiconductor materials and lithium battery indices, reflecting a positive market trend [3][14]. Summary by Sections Overall Market Review - The Wind New Materials Index closed at 3615.83 points, up 2.83% week-on-week. The semiconductor materials index rose by 3.14%, while the lithium battery index increased by 5.34% [3][14]. Key Company Updates - Huayi Group announced its intention to acquire 60% of Shanghai Huayi San Aifu New Materials Co., Ltd. for 4.091 billion yuan, which will enhance its product matrix in fine chemicals and fluorochemical products [4][33]. - The report notes that San Aifu is expected to generate revenues of 5.29 billion yuan and 4.62 billion yuan in 2023 and 2024, respectively, with net profits of 344 million yuan and 253 million yuan [33]. Recent Industry Trends - The report tracks the significant growth in the semiconductor materials sector, emphasizing the acceleration of domestic production and the expansion of wafer fabs [37]. - The closure of the Lavradio plant by SGL Carbon is noted as part of a restructuring due to declining demand and overcapacity in the carbon fiber market [32][34].

Investment Rating - The industry rating is "Outperform the Market" [13] Core Insights - Apple is actively expanding into 3D printing, having posted job openings for a Rapid Prototyping Manager and a Design Engineer in Additive Manufacturing, indicating a strategic focus on enhancing manufacturing capabilities [3][4] - The first foldable iPhone from Apple is expected to launch in the fall of 2026, which could significantly impact the foldable smartphone market, currently dominated by Huawei and Samsung [4] - The Chinese smartphone market saw a 5% year-on-year increase in shipments in Q1 2025, with Xiaomi leading the market [4] Summary by Sections 3D Printing - Apple is hiring for positions related to 3D printing, emphasizing the importance of rapid prototyping and manufacturing solutions [3] - Companies to watch in the 3D printing application space include Huazhu Gaoke and Bolite [5] Foldable Smartphones - Apple's entry into the foldable smartphone market is anticipated to revitalize the segment, which saw a decline in shipments in Q4 2024 [4] - The foldable smartphone market is currently led by Huawei with a 31.2% market share [4] Smartphone Market - The Chinese smartphone market is experiencing growth, with significant contributions from brands like Xiaomi and Huawei [4] - The report suggests monitoring companies involved in automation assembly and testing equipment, as well as those producing components for Android devices and foldable smartphones [5]

行 华福证券 家用电器 2025 年 05 月 11 日 业 研 究 行 业 定 期 报 家用电器 美的集团与海信集团达成合作；Q2 内销排产空调 高增——25W19 周观点 投资要点： 美的集团与海信集团达成合作；Q2 内销排产空调高增，出口端白电排 产略显承压 美的与海信海信就 AI 应用，工业互联等层面展开合作：5 月 7 日， 美的集团与海信集团签订战略合作协议，双方将围绕 AI 应用、全球先 进制造、智慧物流等多领域开展全面战略合作。 告 Q2 内销排产空调高增，出口端白电排产略显承压：产业在线数据 显示 2025 年 5 月空冰洗排产合计总量 3821 万台，同比+5.9%。其中空 调 5-7 月排产同比分别为+9.9%/+14.1%/+14.3%，冰箱 5-7 月排产同比 分 别 为 -4.9%/+0.4%/-3.1% ， 洗 衣 机 5-7 月 排 产 同 比 分 别 为 6.5%/2.2%/2.4%。 行情数据 本周纺织服装板块涨跌幅+3.47%，其中纺织制造涨跌幅+5.39%， 服装家纺涨跌幅+2.72%。本周 328 级棉现货 14122 元/吨（-0.43%）， 美棉 CotlookA ...

Investment Rating - The report maintains a strong rating for the pharmaceutical and biotechnology sector, indicating it is expected to outperform the market [5]. Core Insights - The report highlights a significant breakthrough in sepsis treatment through immune homeostasis therapy, specifically recommending attention to Yuan Da Pharmaceutical's STC3141 [4][16]. - Sepsis is a common complication in critically ill patients, with a high global prevalence of approximately 49 million cases and an annual death toll of around 11 million [4][21]. - The report emphasizes the challenges in developing new therapies for sepsis due to its complex pathophysiology and the high failure rate of clinical trials [4][43]. - STC3141 has shown promising results in clinical trials, demonstrating a significant reduction in SOFA scores, particularly in high-dose groups compared to placebo [4][59]. Summary by Sections Sepsis Overview - Sepsis is a severe condition resulting from infections, with a high mortality rate, particularly in ICU patients in China, where the prevalence is about 20.6% and the 90-day mortality rate is 35.5% [4][21]. - The complexity of sepsis mechanisms and patient heterogeneity complicates the development of effective treatments [4][43]. Treatment Developments - The immune homeostasis therapy represented by STC3141 aims to address the underlying immune dysregulation in sepsis, marking a significant advancement in treatment strategies [4][49]. - Clinical trials for STC3141 have been successful, achieving primary endpoints and showing good safety and tolerability profiles [4][59]. Market Trends - The pharmaceutical sector has shown signs of recovery after a prolonged adjustment period, with innovation in drug development being a key focus for investment [5][8]. - The report suggests that the innovation-driven pharmaceutical sector is likely to maintain strong performance throughout the year, with specific recommendations for leading companies and those with clear catalysts [4][5].

行 业 汽车 2025 年 05 月 11 日 研 究 行 业 定 期 报 告 汽车 吉利汽车建议私有化极氪 小鹏汇天生产许可证 申请获受理 投资要点： 本周专题：吉利汽车建议私有化极氪 小鹏汇天生产许可证申请获受理 5 月 7 日，吉利汽车公告称，公司于 2025 年 5 月 7 日向极氪提交 非约束性报价函，建议私有化极氪，收购所有已发行及发行在外的极 氪股份及美国存托股票（本集团实益拥有者除外）。公告称，建议购 买价为每股极氪股份 2.566 美元或每股美国存托股票 25.66 美元。 一旦私有化建议落实并完成，极氪将成为吉利汽车的全资附属公 司，实现私有化并于纽交所退市。此举是吉利汽车进一步落实《台州 宣言》，聚焦汽车主业，提升资源利用效率，深化品牌协同的重要步 骤，将强化吉利汽车在智能新能源汽车领域的全球竞争力。 5 月 9 日，小鹏汇天宣布，"陆地航母"飞行体生产许可证（PC） 申请正式获得民用航空中南地区管理局受理，标志着飞行汽车产品量 产体系开始接受局方审查。 生产许可证（PC） 是民航主管部门颁发给民用航空产品型号设计 批准持有人或其权益转让人的证件，用于表明其已建立航空产品的生 产体系和质 ...

Export Performance - In April, exports increased by 8.1% year-on-year, a 2.4 percentage point rise from March, driven by a second wave of export rush[3] - The strong export performance exceeded previous expectations of 5.7%, highlighting significant export momentum[3] - The trade surplus for April narrowed slightly to $96.18 billion, but remained at a high level[3] Import Trends - April imports saw a reduced decline of 0.2%, a 4.1 percentage point improvement from March[4] - The rebound in imports indicates stable overall domestic demand growth[5] - Key categories such as energy imports showed signs of recovery, contributing to the overall import performance[5] Trade Relations and Tariff Impact - The U.S. has begun to ease its tariff stance, which is expected to support continued export growth into the second quarter[6] - Exports to ASEAN countries rose significantly by 15.9 percentage points to 20.8%, while exports to the U.S. fell sharply by 21.0%[4] - The ongoing trade negotiations between China and the U.S. may further influence export dynamics in the coming months[6] Sector-Specific Insights - The semiconductor and electronics sectors contributed positively to total exports, adding 0.4 percentage points to the year-on-year growth[5] - Automotive and steel products, which had previously faced tariffs, have seen adjustments in export destinations, enhancing their contribution to overall export growth[5] - Mid-range consumer goods experienced a short-term decline in exports due to tariff impacts, but are expected to recover gradually[5] Economic Outlook - The risk of export decline remains in the second half of the year due to ongoing uncertainties in global trade policies[7] - The Chinese economy's resilience will depend on stabilizing real estate market expectations and boosting consumer demand[6] - Monetary and fiscal policies are being adjusted to support economic stability amid complex international conditions[6]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The inflation expectation and tariff implementation may be the key observation signals for the Fed. The Fed emphasizes the risks of rising unemployment and inflation (stagflation risk), and the logic of inflation, economy, and tariffs has become more direct and clear. Whether it is one - time inflation or persistent inflation depends on the scale of tariff impact, the time for tariffs to be fully transmitted to prices, and the stability of long - term inflation expectations. The Fed reiterates waiting for clear guidance before considering adjusting monetary policy [3][13]. - For the future market, the expectation of interest rate hikes can be anchored to the "long - term interest rate expectation maintained at 2%". For the expectation of interest rate cuts, in addition to focusing on the Fed's key economic indicators, the only clear factor is the "clear and light implementation" of tariff policies. If the tariff negotiation process is slow, the expectation of interest rate cuts for the whole year should be lowered, or there may be only 2 interest rate cuts throughout the year [3]. 3. Summary by Directory 1.1 Monetary Policy Remains at the Level of the March Meeting - On May 7th, the third FOMC meeting of this year ended. The federal funds rate remained in the 4.25 - 4.50% range, and other monetary policies remained unchanged compared with the March meeting. The pace of balance sheet reduction slowed down as before, with the monthly natural maturity of Treasury bonds adjusted from $25 billion in March to $5 billion [2][8]. 1.2 Inflation Expectation and Tariff Implementation May be the Key Observation Signals for the Fed - "Tariff" is an important keyword in this meeting. For the future market, the expectation of interest rate hikes can be anchored to the "long - term interest rate expectation maintained at 2%", and for the expectation of interest rate cuts, in addition to focusing on key economic indicators, the only clear factor is the "clear and light implementation" of tariff policies. As of now, only the UK has initially reached a negotiation with the US, and specific details need to be finalized in the next few weeks. If the tariff negotiation process is slow, the expectation of interest rate cuts for the whole year should be lowered, or there may be only 2 interest rate cuts throughout the year [3][10]. 1.3 Comparison of the May Press Conference and the March Statement - **Stagflation Risk**: Emphasize the risks of rising unemployment and inflation (stagflation risk) [13][14]. - **Logic of Inflation, Economy, and Tariffs**: The logic has become more direct and clear. The Q1 GDP decline reflects the fluctuation of net exports, which is likely due to large - scale imports by companies before potential tariffs. Private domestic final purchases (PDFP) maintained the previous quarter's level, with a slowdown in consumer spending growth and a recovery in equipment and intangible asset investment. The sentiment in household and business surveys has declined sharply, and the uncertainty about the economic outlook has increased, strongly reflecting concerns about trade policies. The attribution of inflation to tariffs has become more "direct" [12][13][16]. - **Inflation Impact**: Whether it is one - time inflation or persistent inflation depends on the scale of tariff impact, the time for tariffs to be fully transmitted to prices, and the stability of long - term inflation expectations. If the announced large - scale tariff increase policy is continuously implemented, it is likely to lead to rising inflation, slow economic growth, and increased unemployment [13][22]. - **Long - term Interest Rate Expectation**: Most long - term inflation expectation indicators are still consistent with the 2% inflation target [23]. - **Price Stability**: Price stability is emphasized as the cornerstone of a strong labor market [24]. - **Monetary Policy Adjustment**: Reiterate waiting for clear guidance before considering adjusting monetary policy [13][27].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company reported a revenue of 5.041 billion yuan in 2024, a decrease of 6.11% year-on-year, while the net profit attributable to shareholders was 95 million yuan, an increase of 141.81% year-on-year [4] - In Q1 2025, the company achieved a revenue of 1.122 billion yuan, an increase of 9.36% year-on-year, with a net profit of 37 million yuan, turning positive from a loss [4] - The company’s sales volume of neodymium-iron-boron reached 12,900 tons in 2024, up 19.33% year-on-year, while the average price decreased by 32.24% to 175.04 yuan/kg [5] - The sales revenue from neodymium-iron-boron materials for electric vehicles in Q1 2025 was 574 million yuan, a year-on-year increase of 43.14%, accounting for 51% of total revenue [6] Financial Performance Summary - The company’s gross margin for neodymium-iron-boron magnetic steel business was 14.54% in 2024, an increase of 8.48 percentage points year-on-year [5] - The forecasted net profits for 2025, 2026, and 2027 are 230 million yuan, 390 million yuan, and 487 million yuan respectively, with corresponding P/E ratios of 39, 23, and 18 [7] - The company’s total assets are projected to grow from 9.023 billion yuan in 2024 to 13.311 billion yuan by 2027 [16] Industry Insights - The supply side of rare earth materials is expected to be constrained, with limited incremental supply due to changes in import regulations and reduced imports from Myanmar and the US [6] - Demand for neodymium-iron-boron is anticipated to grow, particularly in the electric vehicle sector and emerging fields such as humanoid robots [6]