1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The revision of the No. 3 Guideline in 2025 has increased the requirements for urban investment companies, leading to a decline in the issuance and net financing of urban investment bonds in Q1 2025. The supply of urban investment bonds is expected to continue to shrink, increasing the scarcity of assets in the market and the difficulty of institutional investment [2][17]. - Amid the US "reciprocal tariff" policy, Chinese ministries and local governments are implementing measures to stabilize the foreign trade market and help enterprises find non - US export channels. The impact of tariffs on China's exports to the US may be short - term, and the impact is expected to gradually decrease in the long run [4][37]. - For urban investment bonds, different investment strategies can be adopted based on different regions and durations. For industrial bonds, it is recommended to wait for adjustment to achieve cost - effectiveness before allocation. For financial bonds, short - duration second - tier and perpetual bonds of national and joint - stock banks can be focused on [3][70][75]. 3. Summary According to Relevant Catalogs 3.1 3 - Guideline Revision and Urban Investment Bonds - **Guideline Revision**: On March 28, 2025, the Shanghai Stock Exchange issued the revised No. 3 Guideline, expanding the number of clauses from 56 to 66 and raising requirements for urban investment companies in transformation, bond issuance, and debt management [2][12]. - **Market Situation**: In Q1 2025, the issuance and net financing of urban investment bonds decreased significantly year - on - year. The issuance scale decreased by 14.14% and 14.71% compared with Q1 2023 and Q1 2024 respectively, and the net financing scale decreased by 36.92% and 83.75% respectively. The supply of urban investment bonds is expected to continue to shrink [2][17]. - **Investment Suggestions**: - By remaining maturity, 1 - year - or - less urban investment bonds have the largest scale, and 3 - 5 - year bonds have a convexity with an average valuation of 2.58%, suitable for earning coupon and riding returns. - By implied rating, AA(2) urban investment bonds have the largest scale, and AA - and below bonds have higher valuations. Institutions seeking higher returns by lowering credit quality can focus on bonds maturing within 2 years. - By region, short - term urban investment bonds in key provinces within 2 years can be focused on for coupon income, while 3 - 5 - year urban investment bonds issued by provincial and municipal platforms in non - key provinces can be considered for capital gains [3][23][28]. 3.2 Urban Investment Bonds - Foreign Trade Situation and Policies - **US Tariff Policy**: On April 2, 2025, US President Trump signed an executive order on "reciprocal tariffs", which took effect on April 5 and April 9 for different countries and regions. The US has been continuously adjusting tariff rates [32]. - **Chinese Response**: Chinese ministries and local governments are implementing measures to stabilize the foreign trade market, such as the "one - to - one" assistance for foreign trade enterprises, various exhibitions, and "export - to - domestic - sales" measures. It is expected that more "package incremental foreign trade policies" will be announced in the future [4][37]. - **Expected Impact**: The US tariff policy may have a short - term negative impact on China's exports to the US in Q2, but in the long run, the impact may gradually decrease with the implementation of domestic "hedging" policies and the diversification of foreign trade channels [54]. 3.3 Urban Investment Bonds - Investment Suggestions - **Focus on "Economic Powerhouses"**: Provinces such as Guangdong, Jiangsu, Zhejiang, Fujian, Anhui, Shanghai, and Beijing have relatively good development momentum and debt management. Their provincial, municipal, and district - level platforms are relatively stable, and the duration can be appropriately extended to 5 years [54]. - **Regions with Debt Resolution Policies**: Regions such as Chongqing, Tianjin, Guangxi, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Gansu, Guizhou, and Yunnan, where significant debt - resolution policies or substantial funds have been implemented, can be considered with a duration of 3 - 5 years [55]. - **Cities with Strong Industrial Bases**: Prefecture - level cities with strong industrial bases and financial support, such as those in Guangxi, Hubei, Shanxi, Hunan, Henan, Sichuan, Chongqing, Shaanxi, and Jiangxi, can be focused on with a duration of 2 - 3 years [58][59]. 3.4 Industrial Bonds and Financial Bonds - Weekly Views - **Industrial Bonds**: Last week, most industrial bond yields adjusted. The market may be pre - trading tariff easing. It is recommended to wait for adjustment to achieve cost - effectiveness before allocation. Institutions with stable liability ends can focus on long - term bonds of central or provincial state - owned enterprises in public utilities, transportation, etc., and can appropriately lower the credit quality for bonds within 3 years. Institutions with less stable liability ends can focus on 2 - 3 - year industrial bonds with good liquidity [70]. - **Financial Bonds**: The market is affected by the repeated tariff policy and is in a narrow - range fluctuation. The yield trends of financial bond varieties have diverged, and most yields have declined compared with last week. It is not recommended to chase the rise of second - tier and perpetual bonds currently. Institutions with trading needs can focus on short - duration second - tier and perpetual bonds of national and joint - stock banks. For allocation, individual bonds of weak - quality joint - stock banks with high valuations can be considered [75]. 3.5 Primary Market Tracking - **Credit Bond Issuance**: Relevant charts show the historical issuance and net financing of credit bonds, but no specific analysis is provided in the text [83][84]. - **Financial Bond Issuance**: Relevant charts show the historical issuance and net financing of financial bonds, but no specific analysis is provided in the text [87][88]. - **Subscription and Cost**: Charts show the subscription and issuance costs of urban investment bonds and industrial bonds, but no specific analysis is provided in the text [91][92].

Group 1 - The market index achieved an eight-day winning streak, with the Shanghai Composite Index rising by 0.39%. Micro-cap stocks, the CSI 100, and the SSE 50 led the gains, while the CSI 1000, Shenzhen Component Index, and ChiNext Index lagged behind [2][10] - In terms of sector performance, financials, real estate, and cyclical stocks led the market, while healthcare, advanced manufacturing, and agriculture sectors underperformed [2][10] - The market's valuation spread increased to 1.7%, indicating a divergence in valuations, with the valuation dispersion index rising by 27.7% [20][22] Group 2 - The market sentiment has cooled, with the five-dimensional market sentiment index decreasing by 48.6% to 31.9, indicating a decline in overall market enthusiasm [22] - The trading volume has decreased, with the average daily trading amount of the Stock Connect dropping by approximately 925 million yuan compared to the previous week [29][33] - The sectors showing strong bullish trends include banking, beauty care, and real estate, while sectors like computing, retail, and electronics may present alpha opportunities [26][29] Group 3 - Recent government initiatives emphasize the importance of domestic demand as a countermeasure against overseas tariffs, with activities promoting local consumption gaining momentum [5][12] - The focus on independent technology and domestic alternatives is heightened due to increasing trade frictions, with particular attention on sectors like domestic computing and national defense [5][12] - The low-altitude economy is gaining traction, with the National Development and Reform Commission emphasizing a coordinated approach to its development [4][45] Group 4 - The report highlights the potential for investment in gold and dividend stocks as defensive assets amid a market that is currently experiencing low trading activity [5][50] - The upcoming May Day holiday is expected to catalyze consumer spending, further enhancing the recovery of the domestic demand sector [5][50] - The report suggests that the education sector is poised for growth with the integration of AI technologies into educational processes, presenting investment opportunities [4][46]

电子 2025 年 04 月 21 日 行 业 研 究 车规 CIS 芯片需求爆发，产业链公司业绩亮眼 投资要点： 行 业 定 期 报 告 车厂智驾方案的落地、全球车企对高阶辅助驾驶功能的追逐，将车载 CIS 芯片的供需矛盾推至风口浪尖。随着智能化和电动化的推进，汽车制 造商正不断加大在自动驾驶、车联网和新能源技术领域的投入，比亚迪、 吉利、奇瑞等大厂的智驾方案的发布意味着全民智驾的到来。作为汽车感 知环境的核心"眼睛"，车载摄像头的需求得到了显著提升，正经历单车 搭载量提升和技术升级的双重变革，单车摄像头颗数有望大幅增加至 10-13 个。同时，基于更高级别的自动驾驶功能的需求，车载摄像头正在向高清 化、多功能化、智能化和集成化方向发展，高分辨率 CIS 芯片的需求呈现 爆发式增长。而 CIS 是车载摄像头模组的核心器件，其价值量约占汽车摄 像头模组总成本的 50%，需求正呈现爆发式增长。国内车规级 CIS 芯片产 业链企业相继发布 2024 年年报，成绩亮眼： 韦尔股份 究 思特威 电子 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 分析师： 杨钟(S0210522110003) YZ3979@ ...

策略定期研究 2025年4月21日 宏观政策与产业风口跟踪(0414-0420) 北京住房保障:盘活存量 投资要点: | > 本周行业政策聚焦工业智能化升级、绿色转型、消费提振与金融创新, | | --- | | 推动经济高质量发展。国家层面密集出台行业专项规划,如轻工业数字化转 | | 型、铝产业能效提升、人工智能标准体系构建等,强化科技赋能与低碳转 | | 型。资本市场表现分化,医药、消费等防御性板块走强,科技成长板块承 | | 压,热门概念中工业气体、稀土、创新药领涨,AI算力、数据基建等前期热 | | 点回调显著,反映出政策驱动与市场风险偏好变化的双重逻辑。 | | Company of the production of the program and A CONSTITUTION OF CARDER OF THE PERSONAL PROPERTY. | > 本周A股各大板块涨跌不一。其中,涨幅排名前五的是银行(+4.20%)、 房地产 | (+3.47%)、煤炭 || (+2.79%)、石油石化 (+2.55%)、工业贸易与综 团队成员 分析师 周浦寒 执业证书编号:S0210524040007 ...

策略定期研究 2025 年 4 月 21 日 宏观政策与产业风口跟踪（0414-0420） 北京住房保障：盘活存量 投资要点： 本周行业政策聚焦工业智能化升级、绿色转型、消费提振与金融创新， 推动经济高质量发展。国家层面密集出台行业专项规划，如轻工业数字化转 型、铝产业能效提升、人工智能标准体系构建等，强化科技赋能与低碳转 型。资本市场表现分化，医药、消费等防御性板块走强，科技成长板块承 压，热门概念中工业气体、稀土、创新药领涨，AI算力、数据基建等前期热 点回调显著，反映出政策驱动与市场风险偏好变化的双重逻辑。 本周A股各大板块涨跌不一。其中，涨幅排名前五的是银行 (+4.20%)、 房地产Ⅱ (+3.47%)、煤炭Ⅱ (+2.79%)、石油石化 (+2.55%)、工业贸易与综 合 (+1.81%)。跌幅前五的是国防军工 (-1.53%)、日常消费零售 (-0.86%)、 半导体 (-0.77%)、医疗设备与服务 (-0.67%)、软件服务 (-0.66%)。 本周热门概念中，涨幅排名前十的为水电 (+6.18%)、射频及天线 (+5.87%)、一级地产商 (+5.37%)、央企银行 (+5.02%)、城中 ...

注重股东回报，凸显长期投资价值 公司重视投资者回报，凸显长期投资价值。自 2011 年上市以来，公司坚持 实施积极、稳定的利润分配政策，已连续 13 年进行现金分红。2023 年公 司分红比例 90.1%，股息率 3.01%。 华福证券 盈利预测与投资建议 公 华福证券 司 研 究 九牧王（601566.SH） 老牌男装领军企业，战略转型焕新机 投资要点： 九牧王：中国男裤领军品牌 公 司 首 次 覆 盖 公司是中国男裤领军品牌，历经 35 年的沉淀，始终以"打造全球最好的裤 子"为使命。主要从事男裤及男士商务休闲服饰的生产和销售，并实施多 品牌发展战略。目前，拥有男裤领军品牌九牧王、韩国品质时尚男装 ZIOZIA 及源自潮流文化的时尚裤装品牌 FUN 等多个品牌，覆盖多个核心年龄段和 产品风格。2015 年开展零售转型，精细化运营砥砺前行；2020 年至今，公 司逆势谋变开启"男裤专家"战略变革，毛利率整体向上。 品质护航+渠道变革+精细化营销，男裤专家深入人心 公司始终基于"提心智、扩市场、聚品类"三大战略性增长路径，通过：1） 品质护航：公司整合优质面料资源，与国际知名设计师合作，不断推出差 异化新品， ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the market benchmark index within the next six months [6][21]. Core Views - The company has shown strong growth in its star products, with a significant increase in revenue from its flagship PMC Ultra Bright series, which grew by 45.6% year-on-year in 2024 [4]. - The company is actively expanding its myopia prevention product line, which is expected to contribute to its second growth curve, alongside potential growth from smart glasses [6]. - The company has increased its dividend payout ratio to 56.77%, reflecting confidence in its financial performance [5]. Financial Performance Summary - In 2024, the company achieved a revenue of 770 million yuan, a year-on-year increase of 2.88%, and a net profit attributable to shareholders of 177 million yuan, up 12.21% year-on-year [3]. - The gross margin and net margin for 2024 were 58.56% and 24.4%, respectively, showing improvements compared to the previous year [5]. - The company’s revenue for Q1 2025 was 197 million yuan, a 2.63% increase year-on-year, with a net profit of 47 million yuan, up 11.7% [3]. Product Strategy and Market Position - The company focuses on star products, with the revenue from its core lens business increasing by 8.72% year-on-year when excluding the negative impacts from overseas and raw material businesses [4]. - The sales of the "Easy Control" series for myopia prevention reached 160 million yuan in 2024, marking a 22.7% increase year-on-year [4]. - The company has optimized its customer structure, with 2,707 direct sales customers and 66 "Mingyue" brand distributors by the end of 2024 [4]. Earnings Forecast - The company is projected to achieve net profits of 208 million yuan, 258 million yuan, and 305 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 18%, 24%, and 18% [6][8].

基础化工 2025 年 04 月 21 日 行 业 研 究 基础化工 新材料周报：英国宣布暂停对 89 种产品征收关 税，英伟达 H20 被禁损失或超 55 亿美元 投资要点： 行 业 定 期 报 告 本周行情回顾。本周（2025.4.14-2025.4.18），Wind 新材料指数收报 3454.91 点，环比下跌 0.25%。其中，涨幅前五的有普利特(11.5%)、长鸿高科(9.67%)、 阳谷华泰(7.83%)、凯赛生物(7.3%)、阿拉丁(6.88%)；跌幅前五的有建龙微纳 (-7.42%)、阿科力(-6.53%)、中简科技(-5.34%)、南大光电(-4.63%)、联瑞新材 (-4.11%)。六个子行业中，申万三级行业半导体材料指数收报 5861.78 点，环 比下跌 1.43%；申万三级行业显示器件材料指数收报 990.93 点，环比上涨 1.74%；中信三级行业有机硅材料指数收报 5875.92 点，环比下跌 0.72%；中信 三级行业碳纤维指数收报 1173.08 点，环比下跌 1.29%；中信三级行业锂电指 数收报 1641.45 点，环比上涨 0.07%；Wind 概念可降解塑料指数收报 ...

公 司 华福证券 股份制银行Ⅲ 2025 年 04 月 20 日 买入（维持评级） 研 究 公 司 财 报 点 评 平安银行（000001.SZ） 非息拖累业绩，零售不良改善——2025 一季报点 评 投资要点： 零售贷款不良率为 1.32%，较 2024 年末改善 7bp，已连续两个季 度改善。其中，个人住房贷款不良率连续两个季度下降，信用卡贷款 不良率连续四个季度下降。除经营贷以外，各项产品的不良贷款额均 有所下降，体现了公司近两年以来调整优化零售结构、加快处置化解 存量风险的成效。 证 虽然零售贷款资产质量有所改善，但是对公贷款不良率有所抬升。 对公贷款不良率为 0.79%，较 2024 年末抬升 9bp，这可能是由于房地 产、制造业领域的资产质量波动带来的影响。 受债市波动的影响，业绩有所下滑 2025Q1，营收增速、归母净利润增速降幅均有所扩大。 营收端：2025Q1，营收增速为-13.1%，降幅较 2024 年扩大 2.1pct， 主要是受去年高基数压制，叠加一季度利率快速上行，债券投资等其 他非息收入同比下降 32.7%。 利润端：2025Q1，归母净利润增速为-5.6%，降幅较 2024 年扩 ...

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The lithium battery sector anticipates a new national safety standard for electric vehicle batteries to take effect in July 2026, alongside the launch of the new car model Wanjie M8 by Hongmeng Zhixing and the new brand SAIC Shangjie [2] - In the photovoltaic sector, prices across the supply chain have softened due to the nearing end of the installation rush, with both distributed and centralized component prices declining [2] - The energy storage sector is seeing rapid development across the entire chain, with the CNESA releasing the "Energy Storage Industry Research White Paper 2025," indicating a global energy storage capacity of 178 GWh and a significant increase in new installations [29] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - The new national standard for electric vehicle batteries is set to be implemented in July 2026, focusing on safety requirements and testing protocols [10] - The Wanjie M8 has been officially launched, featuring advanced driving assistance systems and a new brand collaboration between SAIC and Huawei [11] - Investment recommendations include companies with cost advantages and those leading in fast-charging and high-voltage technologies [12][13] 2. Photovoltaic Sector - The industry is experiencing price declines as the installation rush comes to an end, with expectations of a return to normal demand post-rush [20] - Price trends in the supply chain show a decrease in silicon wafers and battery prices, with production levels expected to stabilize [21] - Investment suggestions focus on companies benefiting from supply-side reforms and those with price elasticity in the battery segment [23] 3. Energy Storage Sector - The global energy storage market is projected to reach 178 GWh, with significant contributions from China [29] - The number of bidding companies for energy storage systems has increased significantly, indicating a growing market [30] - Investment recommendations highlight quality energy storage integrators and companies benefiting from the growth in energy storage demand [36] 4. Power Equipment and Industrial Control Sector - The State Grid's fixed asset investment exceeded 90 billion yuan in Q1 2025, marking a historical high [39] - The U.S. has introduced measures to enhance grid reliability in response to increasing electricity demand [40] - Investment suggestions include companies benefiting from overseas market expansion and digital grid solutions [46] 5. Hydrogen Energy Sector - The hydrogen energy industry is rapidly developing across the entire chain, with significant contributions from China [51] - The first cross-regional hydrogen heavy-duty truck corridor has been launched, enhancing hydrogen supply capabilities [53] - Investment recommendations focus on companies involved in renewable hydrogen production and fuel cell systems [54][57]