Group 1: Macro Policy and Industry Trends - The report highlights a focus on accelerating new infrastructure, energy system innovation, and upgrading consumption scenarios to build a new high-quality development pattern [1][11] - The Ministry of Industry and Information Technology (MIIT) has initiated 168 pilot projects for 10G optical networks, while the Beidou industry chain and spatiotemporal information industry planning are advancing [1][11] - The capital market shows characteristics of policy-driven and risk-averse sentiment, with defensive sectors like consumption leading the gains, reflecting cautious expectations for weak economic recovery [1][11] Group 2: Semiconductor Industry - The semiconductor industry is positively impacted by the newly released "origin" recognition rules, with a slight increase of 0.31% in the sector [1][33] - The report suggests that the origin of integrated circuits should be declared based on the location of the wafer fabrication plant, regardless of whether they are packaged or unpackaged [33] Group 3: Energy Sector - The report discusses the scale development of virtual power plants and the establishment of hydrogen energy standards, which are expected to promote the coordination of new power systems and green economy [1][21] - The National Energy Administration emphasizes the importance of sharing technology and experience with South Africa to enhance its energy supply capabilities [19] Group 4: Real Estate Market - The real estate market shows signs of recovery, with residential land transaction prices increasing significantly, reaching CNY 0.4 trillion in the first quarter, a year-on-year increase of 26.5% [23] Group 5: Consumer Electronics - The approval of national standards for voice interaction technology in smart home appliances is set to take effect on September 1, 2025, which will enhance the safety and functionality of these devices [24] Group 6: Pharmaceutical Industry - The report outlines measures to support the high-quality development of innovative pharmaceuticals in Beijing, encouraging local production and the introduction of significant drug varieties from abroad [28] Group 7: Sports Industry - Financial support for the construction of sports infrastructure and the development of the sports industry is emphasized, with a focus on integrating sports with culture, tourism, and health [29][30]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [17]. Core Insights - The company reported a significant improvement in its financial performance for 2024, achieving a total revenue of 284.42 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.5% year-on-year [2][4]. - The growth in the company's express logistics business volume reached 13.26 billion parcels, reflecting an 11.5% year-on-year increase, with a notable 15.3% growth rate excluding the Fengwang business [3]. - The company has successfully improved its profitability through cost control measures and operational efficiency, resulting in a gross profit margin of 13.9%, which is an increase of 1.1 percentage points year-on-year [4]. Financial Performance Summary - For 2024, the company achieved a net profit of 10.17 billion yuan, with a net profit margin of 3.6%, an increase of 0.4 percentage points from the previous year [4]. - The company's operating cash flow for 2024 was 32.19 billion yuan, representing a 21.1% increase compared to 2023 [4]. - The capital expenditure for 2024 was 10.71 billion yuan, a decrease of 38.9% year-on-year, indicating a focus on lean resource planning [4]. Earnings Forecast - The report adjusts the net profit forecasts for 2025 and 2026 to 12.22 billion yuan and 13.64 billion yuan respectively, with a new forecast for 2027 set at 15.4 billion yuan [4].

专注高质量服务，24Q4 散单同比增长超 50%。量：公司 2024 年实现快递件量 340.1 亿件，同比+12.6%，市占率 19.4%，同比 -3.4pp，24Q4 看，单季度公司实现快递件量 96.7 亿件，同比+11%， 市占率 18.8%，同比-3.5pp，公司持续提升散件业务规模，24Q4 散件日均件量突破 700 万单，较 23 年同比增长近 50%。价：2024 年公司单票快递业务收入 1.20 元，同比+2.5%；从 24Q4 单季度看， 中通的直客结构优化抵消了单票重量下降及增量补贴增加的负面 影响，单票快递业务收入 1.24 元，同比+11%，快递核心单票收入 提升 0.13 元。成本：2024 年公司单票快递业务成本 0.68 元，同 比-6%；单季度看单票运输加分拣成本下降了约 6 分。 经营性现金流稳定，25 年包裹量增长同比预期超+20%。2024 全年公司实现毛利润 137.2 亿元，同比+18%，净利润 88.9 亿元， 同比+1.5%，实现调整后净利 101.5 亿元。单季度看，24Q4 实现 毛利润 37.6 亿元，同比+20.2%，净利润 24.5 亿元，同比+10. ...

行 业 研 华福证券 汽车 2025 年 04 月 14 日 究 行 业 周观点（0407-0411）：关税交易钝化后，机器人 板块可开始左侧布局 投资要点： 汽车板块：关税影响边际转弱，关注年报行情 1、近期行情： 本周申万汽车指数下跌 5.5%，申万一级行业排名 21/31 位。 2、行业变化： 定 期 报 告 1）据乘联会，4 月 1-6 日，乘用车零售 21 万辆，同比去年同期增长 2%， 较上月同期下降 14%；乘用车批发 21.2 万辆，同比去年同期增长 11%，较 上月同期下降 21%。 2）4 月 7 日，大众汽车集团与地平线在高阶智驾领域展开合作。 3）4 月 10 日，上汽集团联合华为、Momenta、地平线、火山引擎、OPPO 等十几家合作伙伴召开"上汽之夜"发布会。 3、行情复盘： 据乘联会，1-3 月狭义乘用车批发销量增长 11%，其中新能源乘用车批发销 量增长 42%，属于较强表现，行业β较好。以旧换新政策加码，如上海补 贴范围扩大至外牌旧车。上海车展临近，新车发布预计密集催化。4 月年 报及一季报将密集发布，聚焦头部车企的利润兑现。2024 年中国汽车对美 出口仅占中国汽车出口总 ...

行 业 研 究 3 月信贷、社融超预期，M1 增速回升 投资要点： 3 月信贷、社融数据超预期 当月新增社融 5.89 万亿元，同比多增 1.05 万亿元。3 月末存量社融同 比增长 8.4%，增速环比提升 0.2pct，为近一年来最高。 行 业 动 态 跟 踪 从社融增量结构来看，社融同比多增主要来自贷款和直接融资的贡献。 3 月信贷"开门红"顺利收官，信贷增量超预期，社融口径人民币贷 款新增 3.83 万亿元，同比多增 5358 亿元。政府债继续保持较快的发 行节奏，3 月直接融资新增 1.43 万亿元，其中政府债新增 1.48 万亿元， 同比多增 1.02 万亿元。 银行 2025 年 04 月 14 日 企业短贷支撑信贷同比多增 3 月是传统信贷投放大月，实体信贷需求旺盛，贷款同比多增主要来 自企业短贷贡献。企业贷款新增 2.84 万亿元，同比多增 5000 亿元。 其中，企业中长期贷款新增 15800 亿元，增量与上年同期基本持平； 企业短贷新增 14400 亿元，同比多增 4600 亿元。票据融资减少 1986 亿元，银行将更多信贷投放额度向实体企业倾斜。 居民信贷增量与上年同期基本持平。3 月居 ...

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][18]. Core Views - The company is expected to achieve a revenue of 6.901 billion in 2024, reflecting a year-on-year growth of 3%, and a net profit attributable to shareholders of 574 million, representing a 14% increase [3][5]. - The report highlights significant growth in overseas orders, with foreign sales projected to reach 1.98 billion, a year-on-year increase of 68%, while domestic sales are expected to decline by 11% due to pressures in the renewable energy sector [4]. - The company is actively expanding its global production capacity and enhancing its AIDC modular product competitiveness, with a notable increase in orders for data center solutions [4][5]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 2.102 billion, a year-on-year increase of 11%, and a net profit of 171 million, remaining stable compared to the previous quarter [3]. - The gross profit margin for 2024 is projected to be 24.3%, an increase of 1.5 percentage points year-on-year, while the net profit margin is expected to be 8.3%, up by 0.7 percentage points [3]. - The overall sales order for the group in 2024 is anticipated to be 8.9 billion, a year-on-year increase of 13.63%, with a backlog of 6.5 billion at the end of 2024, up 35% year-on-year [4]. Earnings Forecast - The company’s net profit is forecasted to reach 740 million in 2025, 1.07 billion in 2026, and 1.51 billion in 2027, with corresponding P/E ratios of 20, 14, and 10 times [5][7].

Group 1 - The report focuses on a theme investment database aimed at screening high-quality price-volume patterns and capturing the peak rhythm of popular themes and the adjustment levels of leading stocks [2][8] - The database emphasizes two aspects: quantifying four types of patterns for high-odds theme opportunities and constructing trading heat indicators to grasp the peak rhythm of popular themes, with recent additions to observe the adjustment levels of leading stocks [2][8] - The current issue highlights the number of theme indices showing different patterns: 17 indices showing bottoming patterns, 21 indices breaking out, 0 in main rising patterns, and 5 in acceleration patterns, with a focus on downstream consumer sectors [11] Group 2 - The trading heat for humanoid robots and Deepseek themes has cooled, with leading stocks adjusting below their 60-day moving average (MA60) [3][16] - As of April 11, 2025, the trading heat for humanoid robots has dropped to 50%, with Changsheng Bearing's closing price being 1.8% below MA60; for Deepseek, the trading heat has decreased to 43%, with Daily Interaction's closing price being 12.5% below MA60 [3][16]

行 业 汽车 2025 年 04 月 13 日 研 究 行 业 定 期 报 告 汽车 奇瑞发布最新混动技术 上汽携手合作伙伴共创 美好出行 投资要点： 本周专题：奇瑞发布最新混动技术 上汽携手合作伙伴共创美好出行 4 月 10 日，奇瑞汽车举办"中国混动 智领全球"混动之夜暨开源 计划发布会，正式发布最新全球混动技术、全球混动技术标准宣言及 奇瑞混动技术开源计划。 经过 20 余年的深耕布局，奇瑞构建起全球领先的混动技术。2025 年，奇瑞将推出 39 款混动产品，随着开源计划的深入推进与新车型的 陆续上市，奇瑞有望在混动汽车市场掀起新一轮技术革命与市场热潮。 4 月 10 日，上汽集团联合华为、Momenta、地平线、火山引擎、 OPPO 等十几家合作伙伴在上海共同召开"上汽之夜"发布会，以"懂 车更懂你"为主题，对外发布转型新战略。未来上汽将继续与公司的 老朋友大众、通用等合资合作伙伴共创，同时与华为、Momenta、地 平线、字节跳动等跨界伙伴合力打造产业新生态，让全球顶尖技术加 速落地应用，为美好出行赋能。同时，继续与用户同行，从用户中来， 到用户中去，做到"懂车更懂你"，努力满足并不断超越用户期望。 ...

行 华福证券 农林牧渔 2025 年 04 月 13 日 业 研 究 农林牧渔 农业强国规划发布，粮食安全再获强调 投资要点： 行 业 定 期 报 告 种业&农产品：（1）农业强国规划发布，强调粮食安全、农业科技。 近日，中共中央、国务院印发了《加快建设农业强国规划(2024-2035 年)》。 规划 6 次提及"粮食安全"。要求"扎实推进新一轮千亿斤粮食产能提升 行动，深入实施粮油等主要作物大面积单产提升行动"、"全面落实耕地 保护和粮食安全党政同责"、"加快健全种粮农民收益保障机制，完善价 格、补贴、保险等政策体系"。规划 4 次提及"育种"、4 次提及"智慧 农业"、11 次提及"农业科技"。强调"加快实现种业科技自立自强、种 源自主可控"、"研发具有自主知识产权的智慧农业技术"。此外，自 2025 年中央一号文件提出"继续推进生物育种产业化"后，本次农业强国规划 提出"加快生物育种产业化应用"。贸易摩擦加剧背景下粮食安全重要性 进一步凸显，生物育种为增产增效、保障粮食安全的重要手段，转基因商 业化进程有望加速。同时政策支持农业科技发展，AI+农业前景可期。种植 &种业、智慧农业相关标的有望受益，建议关 ...

Investment Rating - The industry rating is "Outperform the Market" [13] Core Insights - The U.S. has exempted certain products from "reciprocal tariffs," including automatic data processors, computers, communication devices, displays, and semiconductors, which may positively impact the supply chain [2][3] - The previous impact of tariffs on the fruit chain companies was overestimated, as domestic suppliers are deemed irreplaceable by Apple, suggesting potential recovery opportunities in the sector [3] - Domestic smartphone brands are showing strong performance, with a projected shipment of 314 million units in 2024, a year-on-year increase of 8.7%, and domestic brands accounting for 85.6% of the market [4] Summary by Sections Tariff Exemption - The U.S. Customs and Border Protection has quietly updated its tariff schedule, exempting certain categories of goods from tariffs, which applies to all countries affected by the previous "reciprocal tariffs" [2] Impact on Supply Chain - The report suggests that the previous concerns regarding tariffs affecting fruit chain companies were exaggerated, and that Apple’s strict requirements for suppliers indicate a strong position for domestic companies [3] Domestic Smartphone Market - According to data from the China Academy of Information and Communications Technology, domestic smartphone shipments are expected to reach 269 million units in 2024, reflecting a 16.3% year-on-year growth [4] Investment Opportunities - The report recommends focusing on: - 3D printing applications (e.g., Huazhu High-Tech, Plittech) - Automated assembly equipment (e.g., Bozhong Precision, Saiteng Co., Quick Intelligent) - Automated testing equipment (e.g., Oatmeal Technology, Jepter, Kory Technology, Tianzhun Technology, Rongqi Technology) - Android-based 3C devices (e.g., Qiangrui Technology, Lihexing, Kory Technology, Quick Intelligent) - Folding screen hinges (e.g., Dongmu Co., Jingyan Technology, Tonglian Precision) - Middle frames and back covers (e.g., Yujing Co., Yuhuan CNC) [5]