行 业 银行 2025 年 05 月 11 日 研 究 行 业 动 态 跟 踪 银行 公募基金改革方案出台，银行股配置需求有望系 统性提升 投资要点： 证监会印发《推动公募基金高质量发展行动方案》 中国证监会于近日公开印发《推动公募基金高质量发展行动方案》（下 文简称"行动方案"），推动公募基金改革。行动方案共提出 25 条举 措，督促基金公司、基金销售机构等行业机构从"重规模"向"重回 报"转变。 行动方案强化业绩比较基准要求 行动方案强化基金产品业绩比较基准的业绩对比作用、考核作为、约 束力，具体要求包括： 1）对主动管理权益类基金，推行与基金业绩表现挂钩的浮动管理费率 收取模式。业绩明显低于比较基准的，须少收管理费。 2）将业绩比较基准对比等指标引入考核体系，建立健全与基金投资收 益相挂钩的薪酬管理机制。对三年以上产品业绩低于业绩比较基准超 过 10 个百分点的基金经理，要求其绩效薪酬应当明显下降；对三年以 上产品业绩显著超过业绩比较基准的基金经理，可以合理适度提高其 绩效薪酬。 3）强化基金产品业绩比较基准的约束力，充分发挥其体现产品定位、 衡量产品业绩的作用。 以上方案的提出强化了业绩比较基准的核心 ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Long - term credit bonds have different performance characteristics in different market conditions. In a bear market, long - term credit bonds have better anti - decline performance, while in a bull market, they have higher comprehensive returns. In a volatile market, 5 - 7Y bonds perform better in terms of returns [2][3][25]. - Different types of institutional investors can choose different long - term credit bond investment strategies according to their own needs. For example, institutions with higher requirements for subject qualifications and liquidity management can focus on medium - term notes, while institutions with stable liability ends can consider increasing long - term credit bonds [5][6][61]. 3. Summary According to the Directory 3.1 Long - term Credit Bond Advantages 3.1.1 Yield Fluctuation Range - In a bull market, short - term credit bonds perform better, while in a bear market, long - term credit bonds have stronger anti - decline performance. This is affected by liquidity and investor structure [2][16]. - Among different credit bond varieties, long - term general credit bonds have stronger anti - decline performance than long - term secondary perpetual bonds [3][17]. 3.1.2 Interval Return - In a bull market, long - term credit bonds have outstanding comprehensive returns, while in a bear market, their returns are slightly lower than short - term varieties. In a volatile market, 5 - 7Y bonds have better returns [25]. - Among different credit bond varieties, 5 - 7Y secondary capital bonds are more likely to underperform general credit bonds in a bull market, and since 2021, secondary capital bonds have mostly underperformed general credit bonds in a bear market [26]. 3.1.3 Liquidity Perspective - In terms of maturity, the 9 - 10Y long - term credit bonds have relatively better liquidity among long - term bonds. In terms of variety, medium - term notes have higher turnover rates regardless of market conditions or maturity, and short - term (within 5Y) secondary perpetual bonds are more sensitive to market conditions [4][43][45]. 3.1.4 Institutional Trading Behavior - Insurance companies are the main stable net buyers of long - term credit bonds, and other product - type institutions such as securities asset management, social security funds, and pension funds can also form a liquidity cushion with insurance companies [4][51]. 3.2 How to Invest in Long - term Credit Bonds - Due to the expected volatile bond market in May, short - term varieties have higher short - term certainty. However, long - term credit bonds have certain allocation value for institutional investors with stable liability ends who want to increase returns through duration strategies [5][54]. - Institutions with higher requirements for subject qualifications and liquidity management can focus on medium - term notes, and consider 9 - 10Y secondary perpetual bonds in certain market conditions. Institutions with stable liability ends can increase the allocation of long - term credit bonds and consider using riding strategies for urban investment bonds [5][61][62].

行 业 华福证券 国防军工 2025 年 05 月 11 日 研 究 国防军工 军工本周观点：中国军工的价值重估时刻已到 投资要点： 本周核心观点： 行 业 定 期 报 告 5 月 7 日，巴基斯坦表示，印度当天凌晨向巴基斯坦本土及巴控克什米尔 地区的三处地点发射了导弹，印巴冲突升级，直至 5 月 10 日，印巴双方同 意立即停火；而巴基斯坦为我国主要武器装备出口国，根据海国图智研究 院援引的斯德哥尔摩国际和平研究所（SIPRI）统计，2023 年中国军贸出 口占全球市场份额的 5.80%，其中约 60%的出口对象为巴基斯坦，且交战 期间相关实况报道进一步验证了中国军事装备近年快速发展的强实力，因 此本周军贸主题及其相关标的跑出明显超额，带动国防军工板块表现优异， 本周（5.6-5.9）申万军工指数（801740）上涨 6.33% ，同期沪深 300 指数 上涨 2.00%，相对超额 4.32pct。 5 月 11 日，人民日报刊文《加快解放和发展新质战斗力》，文中写到："向 新而生，向质图强。当前，新一轮科技革命和产业变革蓬勃发展，大量高 新技术武器用于实战，智能技术、无人装备、大数据应用等成为战斗力新 的 ...

策 略 研 究 华福证券 35 只医药生物主题走出见底形态 团队成员 投资要点： 策 略 定 期 报 告 主题投资数据库旨在筛选优秀量价形态的主题机会，把握热门主题的 见顶节奏、龙头股的调整程度。在 3/9 发布的《主题投资的下半场决胜法 则》中，我们构建了主题投资的数据追踪体系。我们专注于 2 方面：1）4 种形态量化筛选，高赔率的主题机会；2）构建交易热度指标，把握热门主 题的见顶节奏，并最新增加了龙头股的调整程度观察。后续，我们将定期 更新主题投资数据体系。我们希望通过这种偏量化的方式，给予投资者更 客观的参考，把握住主题投资的行情节奏。 35 只医药生物主题走出见底形态。本期走出见底、突破、主升、加速 的主题指数数量分别有 153、41、47、11 只。其中，153 只见底形态的主 题指数多为医药生物、电力设备和计算机行业，而 41 只突破形态的主题指 数中多数为农林牧渔和有色金属行业。47 只主升形态的主题指数主要包含 国防军工、通信和电子行业；而 11 只加速形态的主题指数则多为国防军工 行业。 人形机器人、Deepseek 主题的交易热度持续回升，但对应龙头股收盘 价仍低于 MA60 的位置。我 ...

Table_First|Table_Summary 固收定期研究 2025 年 5 月 11 日 【华福固收】 AIC 扩容的影响和机会 ➢ AIC扩容的影响和机会 ➢ 金融债 二永债方面，目前短端品种表现更优，且短期内仍有一定的下行空间，国股行二永债流 动性更好，有"类利率"的交易属性，可以在当前行情中博弈相关投资机会，5Y及以内 的国股行二永债可以直接找凸点交易；对于想提前关注长端二永的机构来说，部分流动 性较强的如9-10Y高等级二永可按照每调买机进行适度参与。配置角度来看，票息策略 仍占优，对于负债端稳定的机构来说，可以在头部城农商行二永债中适当下沉，目前隐 含评级AA+的4-5Y二永债的信用利差分别为38.35BP和42.90BP，较同期限AAA-二永债的 利差分别高出5.27BP和5.07BP，有一定的配置优势。 2025年5月7日，兴业银行获国家金融监督管理总局批准筹建兴银金融资产投资有限公 司，注册资本100亿元，为兴业银行的全资子公司。兴银金融资产投资有限公司顺利开 业后，将成为首家由股份行持牌的金融资产投资公司（AIC），也将打破当前"五大AIC" 的行业格局成为我国第六家金融AIC。次日 ...

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 ...