Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report highlights the importance of urban renewal actions initiated by the government, emphasizing the need for existing building renovations and infrastructure improvements, with significant progress expected by 2030 [3][13] - Short-term factors include the pressure for stable growth, the emphasis on stabilizing the real estate market, and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [3][13] - Long-term perspectives suggest that the opening of the interest rate reduction channel in Europe and the U.S. will provide more room for monetary and fiscal policies in China, with expectations for policies to stabilize the real estate market and improve housing loan conditions [3][13] Summary by Sections Recent Developments - The report discusses various local government initiatives aimed at improving housing quality and supporting home purchases, including policies in Shenzhen, Nanjing, Wuhan, and other cities [3][13] - The report notes a 28.7% year-on-year increase in residential transactions in Shenzhen in April, indicating a potential recovery in the housing market [3][13] High-Frequency Data - As of May 16, 2025, the average price of bulk P.O 42.5 cement in China is 386.2 CNY/ton, showing a 0.8% decrease from the previous week but a 10.2% increase year-on-year [4][14] - The average price of glass (5.00mm) is 1260.0 CNY/ton, reflecting a 0.8% decrease from the previous week and a 25.6% decrease year-on-year [4][21] Sector Review - The report indicates that the Shanghai Composite Index rose by 0.76%, while the building materials sector index fell by 0.24% [5][53] - Among sub-sectors, fiberglass manufacturing saw a 3.07% increase, while cement manufacturing experienced a 1.21% decline [5][53] Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term potential, and leading cyclical building material companies showing signs of bottoming out [6][68]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Views - The report highlights that the easing of US-China tariffs has led to a short-term suppression of gold prices, but the long-term investment value of gold remains unchanged [10][11] - The industrial metals sector is characterized by a tight supply-demand balance, making prices more likely to rise than fall [12][13] - In the renewable energy metals sector, lithium prices are expected to remain stable, with strategic investment opportunities still available [16][17] - The report notes a potential easing of rare earth controls, creating a bullish sentiment in the market [18][20] Summary by Sections Precious Metals - The easing of tariffs between the US and China has created a short-term pressure on gold prices, but the long-term investment value remains intact. The report suggests focusing on companies like Zhongjin Gold, Shandong Gold, and Chifeng Jilong Gold [10][11][12] Industrial Metals - The supply-demand dynamics for copper remain tight, supporting price stability. The report anticipates that the Federal Reserve's potential interest rate cuts will further bolster copper prices in the medium to long term. Companies to watch include Zijin Mining, Luoyang Molybdenum, and Jincheng Mining [12][13][14] Renewable Energy Metals - The report indicates that while there may be a slight increase in export orders due to eased tariffs, the overall supply-demand balance for lithium remains weak in the short term. Strategic investment opportunities are highlighted for companies like Salt Lake Potash and Ganfeng Lithium [16][17] Other Minor Metals - The report suggests that the potential easing of rare earth controls could lead to increased prices, with companies like China Rare Earth and Northern Rare Earth being of interest [18][20]

Investment Rating - The industry rating is "Outperform the Market" [6] Core Views - The report highlights that CATL is set to list on the Hong Kong Stock Exchange, with 90% of the raised funds directed towards projects in Hungary [9] - The CIBF2025 event concluded successfully, showcasing advancements in solid-state battery technology [10] - April saw record high wholesale volumes for passenger vehicles, with significant growth in exports of new energy passenger vehicles [11][12] Summary by Sections New Energy Vehicles and Lithium Battery Sector - CATL's upcoming Hong Kong listing aims to enhance local supply capabilities through significant investment in Hungary [9] - The CIBF2025 event featured the launch of new battery technologies, including a third-generation battery with energy density exceeding 500Wh/kg [10] - April's wholesale volume for passenger vehicles reached 2.19 million units, marking a year-on-year increase of 10.7% and a penetration rate of over 50% for new energy vehicles [11] Photovoltaic Sector - The silicon material segment is undergoing a "production reduction to support prices" strategy, with a decrease in production across the industry [19] - Major silicon manufacturers are reportedly planning to consolidate remaining production capacities, which could positively impact market expectations [21][22] - The report notes a slight decline in silicon wafer prices and a stable market for solar glass, with some companies adjusting their production schedules [23][24] Energy Storage Sector - The report discusses a surge in energy storage demand in South Asia due to geopolitical tensions, particularly between India and Pakistan [32] - Shanghai is exploring a capacity compensation mechanism to encourage independent energy storage projects [36] - The demand for energy storage is expected to grow significantly, with various initiatives being launched to support this sector [35] Power Equipment and Industrial Control Sector - The Xinjiang to Sichuan ultra-high voltage project is expected to commence construction in December 2025, enhancing power transmission capabilities [42][44] - The State Grid has released a white paper on "Artificial Intelligence + Power," indicating ongoing digital transformation in the industry [45] - The manufacturing PMI has slightly declined, but new automation technologies are being introduced to improve efficiency [46] Hydrogen Energy Sector - Various regions are implementing supportive policies for hydrogen energy production, including fee exemptions for hydrogen fuel cell vehicles [53][55] - Technological breakthroughs in flexible hydrogen liquefaction systems and offshore wind power hydrogen storage systems have been achieved [56] - The report suggests a growing focus on green hydrogen and fuel cell technologies, with several companies positioned to benefit from these trends [57]

轻工制造 GLO 日本试销推进，新型烟草趋势向上 投资要点： 【周观点】5 月 12 日日本 GLO 官网公布新品 HILO 信息，新品预期将于 6 月 9 日在日本宫城县试销限定发售，若日本市场试销良好，产品力进一 步验证，思摩尔 HNB 业务成长空间有望进一步打开；本周中美贸易冲突暂 缓，优质低估出口链、以及前期受外销业务担忧的包装龙头迎来布局窗口； 出口情绪好转带动包装纸企涨价潮，玖龙、山鹰、理文等集体发布提价函。 强于大市（维持评级） 一年内行业相对大盘走势 -0.30 -0.20 -0.10 0.00 0.10 0.20 5/20 7/31 10/11 12/22 3/4 5/15 轻工制造 沪深300 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 华福证券 轻工制 ...

Group 1 - The report emphasizes that the recent public fund regulations are a necessary result of long-term changes in China's capital market structure and economic structure [3] - The market style is shifting from low-volatility strategies to core assets, indicating a potential long-term decline in China's capital intensity [3][24] - In the short to medium term, the core asset style needs to recover, while in the long term, it reflects the cyclical bottoming of the economy [3][24] Group 2 - The report notes that the resilience of the US economy is weakening, with inflation structures continuing to adjust; April's CPI inflation year-on-year was 2.3%, while core CPI remained at 2.8% [8][11] - The US PPI inflation showed a month-on-month decline of -0.47% in April, with service PPI contributing significantly to this decline [9][12] - Retail sales in the US also showed weak growth, with a month-on-month increase of only 0.058% in April, indicating a drag on consumption [11][12] Group 3 - The report highlights the mutual reduction of trade barriers between China and the US, with both countries agreeing to cancel 91% of tariffs and establish a mechanism for ongoing economic negotiations [13][15] - The Hong Kong stock market saw a general increase, with the Hang Seng Index rising by 2.09% [16] - The report indicates a lack of clear main lines in the Hong Kong market, with sectors like security, NFT concepts, and building energy efficiency leading the gains [19][24] Group 4 - The report suggests that the growth style may continue to adjust due to a lack of event catalysts [3][24] - In terms of industry performance, financial and real estate sectors led the gains, while technology sectors faced declines [32][24] - The report also notes a divergence in foreign capital index futures holdings, with net short positions expanding in some indices [44]

分析师： 周浦寒(S0210524040007) zph30515@hfzq.com.cn 研究助理： 杨逸帆(S0210124110046) yyf30689@hfzq.com.cn 策 略 研 究 华福证券 29 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。 29 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 79、38、9、0 只。其中，79 只见底形态的主题指 数多为医药生物行业（29 只）；而 38 只突破形态的主题指数中，行业多 为国防军工（7 只）、通信（5 只）和有色金属（5 只）。9 只主升 ...

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 to 12 months [56]. Core Insights - The Wind New Materials Index closed at 3636.37 points, reflecting a week-on-week increase of 0.57%. Among the six sub-industries, the semiconductor materials index decreased by 1.1%, while the carbon fiber index increased by 3.51% [3][11]. - Jilin Chemical Fiber announced a price increase of 10,000 yuan per ton for its wet-process 3K carbon fiber products, driven by rising demand from the low-altitude economy and drones, leading to a supply shortage [4][34]. - The U.S. Department of Commerce announced the withdrawal of the "AI Diffusion Rule" and plans to globally ban the use of Huawei AI chips, which may impact the semiconductor industry [4][34][36]. Market Overview - The semiconductor materials index reported a decrease to 6016.16 points, while the organic silicon materials index rose to 6017.89 points, reflecting a 2.75% increase. The carbon fiber index reached 1258.11 points, up 3.51% [3][11]. - The top five gainers in the week included companies like Stik (10.77%) and Kaisheng Technology (7.81%), while the top five losers included Huate Gas (-6.9%) and Aladdin (-6.88%) [25][27]. Recent Industry Trends - The recent U.S.-China trade talks resulted in the cancellation of 91% of tariffs imposed by the U.S. on Chinese goods, which is expected to positively influence bilateral trade relations [29][31]. - BYD is making significant moves into the electric two-wheeler market, indicating a growing trend in electric vehicle adoption [34]. Key Companies to Watch - The report highlights several companies with strong growth potential, including Tongcheng New Materials in the photoresist sector, Huate Gas in specialty gases, and Guocera Materials in the new materials sector [4][34].

行 华福证券 纺织服饰 2025 年 05 月 18 日 业 研 究 行 业 纺织服饰 户外专题（二）：从专业到破圈，解析伯希和高 投资要点： 户外专题（二）：从专业到破圈，解析伯希和高性能户外增长密码 定 期 报 告 伯希和以"科技堆料"构建差异化优势，依托 PT-China 平台自主 研发 STORM BREATH 防水透湿等核心技术，并引入全球顶尖供应链 资源，形成"自主+外采"双轨技术体系。产品矩阵覆盖四大梯度系列 （巅峰、专业性能、山系列、经典系列），2024 年 SPU 达 572 个。渠 道策略上，线上 DTC 为核心（2024 年营收占比 77%），线下 DTC 通 过联营模式快速扩张，三年收入 CAGR 达 383%，一二线城市门店占 比提升至 62%，实现高效市场渗透。 行情数据 本周家电板块涨跌幅+0.3%，其中白电/黑电/小家电/厨电板块涨跌 幅分别+0.4%/-2.9%/+1.0%/+0.6%。原材料价格方面，LME 铜、LME 铝环比上周分别+1.32%、+4.95%。 本周纺织服装板块涨跌幅+1.01%，其中纺织制造涨跌幅+0.94%， 服装家纺涨跌幅+0.60%。本周 328 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [4]. Core Insights - The core viewpoint emphasizes that domestic trade and military trade continue to drive demand in the industry [10][48]. Summary by Sections Industry Overview - The "New Era of China's National Security" white paper was released on May 12, outlining China's strategic focus on national security and its interaction with global stability [48]. - Recent defense sales agreements were made with Saudi Arabia, Qatar, and the UAE, totaling approximately $4.3 billion, indicating strong international demand for military equipment [49][50][51]. Market Performance - The military industry index (801740) decreased by 1.18% from May 12 to May 16, underperforming compared to the Shanghai and Shenzhen 300 index, which increased by 1.12% [19]. - The military index has increased by 0.68% since 2025, while the Shanghai and Shenzhen 300 index has decreased by 1.16%, showing relative strength in the long term [21]. Investment Opportunities - The report identifies three main investment lines: domestic trade, foreign trade, and self-sufficiency [54]. - Domestic Trade: Companies such as Tianqin Equipment, Gaode Infrared, and others are highlighted [54]. - Foreign Trade: Companies like Guangdong Hongda and Aerospace Rainbow are recommended [55]. - Self-Sufficiency: Companies involved in commercial engines and nuclear fusion are noted [56]. Financial Insights - As of May 16, the military industry index has a TTM price-to-earnings ratio of 65.05, indicating a high valuation but potential for recovery in demand by 2025 [53][38]. - Passive fund inflows into military ETFs have increased, suggesting a positive outlook for the sector [32].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [6]. Core Insights - The report emphasizes the significant progress in stem cell therapy across multiple indications, suggesting a focus on companies like Jiuzhitang and Zhongyuan Qihe [3][5]. - The investment strategy is centered around three main themes: innovation, recovery, and policy support, with a strong emphasis on innovative drugs as the most clear long-term trend in the pharmaceutical sector [5]. Summary by Sections 1. Investment Focus on Pharmaceutical Combinations - The recommended investment combination outperformed the pharmaceutical index by 2.8 percentage points and the broader market by 3.1 percentage points last week [12]. 2. Stem Cell Therapy: Policy and Progress - China's regenerative medicine has reached a world-leading level, with clear industry policies marking a golden development period for stem cell therapy [17]. - Multiple indications are seeing critical advancements, with expectations for key data releases this year [17]. - The first domestically approved stem cell therapy was launched in January 2025, marking a historic turning point for the industry [6][17]. 3. Weekly Market Review and Hotspot Tracking (May 12-16, 2025) - The CITIC Pharmaceutical Index rose by 1.4%, outperforming the CSI 300 Index by 0.3 percentage points, ranking 10th among CITIC's primary industry classifications [61]. - The pharmaceutical sub-sectors showed positive performance, with chemical raw materials up by 2.79% and traditional Chinese medicine up by 2.01% [64].