Investment Rating - The industry rating is "Outperform the Market" [5][67] Core Views - The core view emphasizes that the military industry is a national-level essential consumption sector, with strong domestic and international demand expected from 2025 to 2027 due to various catalysts [4][43] - The report highlights a significant improvement in the funding landscape, with a notable increase in passive fund sizes and ETF inflows, indicating a positive outlook for the military sector [3][43] - The current price-to-earnings ratio (TTM) for the military index is 64.24, with a percentile rank of 87.06%, suggesting a high allocation value at this time [3][43] Summary by Sections 1. Market Review - The military index (801740) decreased by 0.91% from May 19 to May 23, while the CSI 300 index fell by 0.18%, resulting in an underperformance of 0.73 percentage points [10][15] - Since the beginning of 2025, the military index has decreased by 0.24%, outperforming the CSI 300 index, which has dropped by 1.34% [17][10] - Various sub-sectors within the military industry experienced declines, with the engine and commercial aerospace sectors showing particularly poor performance [21][10] 2. Funding and Valuation - There was a significant net inflow of 2.749 billion yuan into military ETFs during the week, indicating a trend of net inflows despite the index decline [28][3] - The military sector's valuation remains attractive, with a current TTM P/E ratio of 64.26, slightly down from the previous week, but still indicating a favorable investment opportunity [34][3] 3. Investment Recommendations - The report strongly recommends focusing on three main lines: domestic trade, foreign trade, and self-sufficiency [4][44] - Specific companies to watch include those involved in land equipment, components, aerospace, and information technology upgrades for domestic trade, as well as companies engaged in foreign trade and self-sufficiency initiatives [4][44][45]

Group 1 - The report emphasizes the importance of a theme investment database aimed at identifying high-quality price-volume patterns and monitoring the peak rhythm of popular themes and the adjustment levels of leading stocks [2][9]. - The report outlines two main focuses: quantifying four types of patterns to filter high-odds theme opportunities and constructing trading heat indicators to grasp the peak rhythm of popular themes, with an added observation of leading stock adjustments [2][9]. - The current status of theme indices shows 1 index in a bottoming pattern, 29 in a breakout pattern, 7 in a main rising pattern, and 1 in an acceleration pattern, with notable industries including construction materials, non-ferrous metals, defense, pharmaceuticals, and food and beverages [12][18]. Group 2 - The trading heat for the humanoid robot and Deepseek themes has been declining, with the humanoid robot's trading heat at 78% and Deepseek's at 61% as of May 25, 2025, indicating a significant drop in interest [3][18]. - Leading stocks related to these themes, such as Changsheng Bearing and Daily Interaction, are trading below their 60-day moving average by -12.1% and -13.1% respectively, suggesting a bearish trend [3][18].

基础化工 2025 年 05 月 25 日 行 业 研 究 基础化工 新材料周报：霍尼韦尔宣布两大超百亿收购和出 售，2025 年一季度内存支出大增 57% 投资要点： 行 业 定 期 报 告 本周行情回顾。本周，Wind 新材料指数收报 3578.75 点，环比下跌 1.58%。 其中，涨幅前五的有阳谷华泰(32.05%)、润阳科技(24.74%)、瑞联新材(7.09%)、 确成股份(6.88%)、浙江众成(4.88%)；跌幅前五的有斯迪克(-10.74%)、凯盛科 技(-8.71%)、凯赛生物(-6.19%)、金丹科技(-5.9%)、联瑞新材(-5.06%)。六个子 行业中，申万三级行业半导体材料指数收报 5918.39 点，环比下跌 1.63%；申 万三级行业显示器件材料指数收报 1027.17 点，环比下跌 1.83%；中信三级行 业有机硅材料指数收报 5774.61 点，环比下跌 4.04%；中信三级行业碳纤维指 数收报 1198.98 点，环比下跌 4.7%；中信三级行业锂电指数收报 1667.39 点， 环比下跌 2.21%；Wind 概念可降解塑料指数收报 1825.6 点，环比下跌 1.25 ...

医药生物 2025 年 05 月 25 日 行 业 研 究 入 特发性肺纤维化 IPF：百亿市场潜力，建议关注 伊非尼酮（东阳光长江药业） 投资要点： 行 业 定 期 报 告 行情回顾：本周（2025 年 5 月 19 日- 2025 年 5 月 23 日）中信医药指 数上涨 1.92%，跑赢沪深 300 指数 2.1pct，在中信一级行业分类中排名第 2 位；2025 年初至今中信医药生物板块指数上涨 4.7%，跑赢沪深 300 指数 6.0pct，在中信行业分类中排名第 5 位。本周涨幅前五的个股为：三生国建 （+99.96%）、海辰药业（+51.55%）、舒泰神（+49.23%）、永安药业（+45.32%）、 一心堂（+37.95%）。 特发性肺纤维化：研发进展沉寂近十年，BI PDE4B 实现突破，建议 关注相关管线价值。1）特发性肺纤维化为病因不明的罕见病：最终会导致 呼吸衰竭而死亡，患者诊断后中位生存期仅 2-3 年；2）目前 IPF 治疗缺乏 有效治疗手段：全球获批药物仅两款，吡非尼酮及尼达尼布，全球市场规 模超过 40 亿美元。尼达尼布中国专利到期，海外专利预计 26 年到期，吡 非尼酮专利已 ...

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [3] Core Viewpoints - The light industry manufacturing sector is experiencing price increases, with wood pulp paper companies announcing price hikes for various paper products starting from May 21, 2025 [2] - The report highlights a positive outlook for new consumption sub-sectors, including personal care, IP cultural products, new tobacco, smart glasses, and pet-related products [2] - Following the temporary suspension of tariffs between China and the U.S., there is a recommendation to focus on the recovery of the export chain [2] Summary by Sections Home Furnishing - In April, residential construction area decreased by 26% year-on-year, and residential sales area fell by 3.5% year-on-year [6] - Retail sales of furniture increased by 26.9% year-on-year in April, while sales in building materials and home furnishing markets decreased by 2.52% [6][39] - The report suggests focusing on leading companies in the customized home furnishing sector, such as Oppein Home and Sophia [6] Paper and Packaging - As of May 23, 2025, prices for various paper products show mixed trends, with double glue paper at 5162.5 CNY/ton and boxboard paper at 3525.4 CNY/ton [6][50] - The report recommends companies with integrated wood pulp and paper operations, such as Sun Paper, and those with strong domestic sales expectations like Huawang Technology [6] - The report notes a 7.6% year-on-year increase in fixed asset investment in the paper industry for the first four months of 2025 [6][64] Light Industry Consumption - The approval of new national standards for disposable sanitary products is expected to benefit compliant leading brands [6] - The report highlights the strong performance of personal care e-commerce in April and suggests focusing on brands like Dengkang Oral Care and Baiya [6] - The report also mentions the positive outlook for cultural products, recommending companies like Morning Glory [6] Export Chain - In April, exports of certain products like thermos cups increased by 7.34%, while pet food exports decreased by 9.08% [6] - The report anticipates a significant effect from the temporary suspension of tariffs, benefiting companies with robust domestic and international production capabilities [6] New Tobacco - The report notes the potential for new tobacco products to gain traction as international tobacco companies launch HNB products [6] - It recommends focusing on leading companies in the new tobacco sector, such as Smoore International, which has strong partnerships with major clients [6] Textile and Apparel - The textile and apparel sector is also noted for outperforming the market, with specific companies showing significant stock price increases [6][29] - The report suggests monitoring companies like Anta and Li Ning in the sportswear segment [6]

行 业 研 究 汽车 2025 年 05 月 25 日 小鹏汽车预计 Q4 盈利 小米 YU7 发布 究 报 涨跌幅后五名：兆丰股份、日盈电子、美力科技、嵘泰股份、双 林股份。 投资要点： 本周专题：小鹏汽车预计 Q4 盈利 小米 YU7 发布 行 业 定 期 报 告 5 月 21 日，小鹏汽车发布 2025 年第一季度财报。小鹏汽车第一季 度营收 158.1 亿元，同比增长 141.5%；净亏损 6.6 亿元，2024 年第四 季度净亏损 13.3 亿元，较上一季度亏损收窄；总交付量 94008 辆，同 比增加 330.8%；毛利率为 15.6%，2024 年同期为 12.9%，而 2024 年第 四季度为 14.4%。 AI+汽车、人形机器人与汽车产业深度的融合以及海外市场，将成 为小鹏汽车的三条增长曲线。小鹏汽车预计在 2025 年实现销量同比翻 倍以上的增长，并在第四季度实现盈利，全年达到规模性自由现金流 转正。 5 月 22 日，小米汽车发布第二款新车小米 YU7，该车定位豪华高 性能 SUV，将在 7 月份正式上市。小米 YU7 延续了 SU7 的家族设计 语言，同时针对 SUV 车型的特点进行了 ...

行 家用电器 2025 年 05 月 25 日 业 研 究 家用电器 4 月家空内销增长平稳，出口端开始受关税有一 定影响——25W21 周观点 投资要点： 原材料涨价；需求不及预期；汇率波动等。 4 月家空内销增长平稳，出口端开始受关税有一定影响 行 业 定 期 报 告 4 月家空内销增长平稳，出口端开始受关税有一定影响：据产业 在线监测数据显示，2025 年 4 月中国家用空调生产 2242 万台，同比 +1.9%；销售 2257.9 万台，同比+2.0%。其中内销规模 1275.8 万台， 同比+3.7%；出口规模 982.1 万台，同比-0.2%。库存 1710 万台，同比 +1.4%。国内开始步入内销旺季，国补+618 周期开始催化，关注后续 内销数据变化，出口则受关税以及 Q1 提前备货的影响，略有下滑。 行情数据 本周家电板块涨跌幅+1.1%，其中白电/黑电/小家电/厨电板块涨跌 幅分别+2.2%/-2.9%/+0.7%/-1.8%。原材料价格方面，LME 铜、LME 铝 环比上周分别+0.64%、-1.48%。 本周纺织服装板块涨跌幅-0.11%，其中纺织制造涨跌幅-2.69%， 服装家纺涨跌 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [7]. Core Insights - In April, the total electricity consumption in China increased by 4.7%, with hydropower shifting from growth to decline, while the decline in thermal power remained stable [3][20]. - The Inner Mongolia Energy Bureau has solicited opinions on a competitive allocation management method for renewable energy projects, which will allow all grid-connected electricity to enter the power market [4][64]. - Shanghai is accelerating its green fuel transition, focusing on biomass fuel research and the establishment of green methanol production bases [5][71]. Summary by Sections Electricity Consumption and Generation - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with industrial consumption showing varied growth rates across sectors [3][20]. - The first industry saw a significant increase in electricity consumption by 13.8%, while the second industry grew by 3.0% and the third industry by 9.0% [19][20]. - Hydropower generation decreased by 6.5% year-on-year, while nuclear power and wind power saw increases of 12.4% and 12.7%, respectively [20][40]. Policy Developments - The Inner Mongolia competitive allocation management method aims to standardize the pricing and allocation of renewable energy projects, enhancing market efficiency and encouraging participation from various enterprises [4][64][65]. - Shanghai's initiatives include the development of biomass fuel and the integration of agricultural waste into green methanol production, supported by new technology research guidelines [5][71][74]. Investment Recommendations - The report recommends specific companies within the thermal power sector, such as Jiangsu Guoxin, and suggests cautious investment in others like Sheneng Co. and Zhejiang Energy [5]. - For the hydropower sector, it recommends companies like Yangtze Power and suggests cautious investment in Huaneng Hydropower and Qianyuan Power [5].

截至 5 月 22 日，京唐港主焦煤库提价 1300 元/吨，周环比-1.5%， 山西产地价格大跌，河南、安徽产地价格持平。铁水产量微跌，样本 钢厂煤焦库存微涨。本周焦炭价格持平、螺纹钢价格小跌，截至 5 月 23 日，山西临汾一级冶金焦出厂价 1350 元/吨，周环比持平，螺纹钢 现货价格 3160 元，周环比-1.3%，大型焦化开工率小涨，焦炭首轮提 降落地，截至 5 月 23 日，焦化厂产能（＞200 万吨）开工率 81.6%， 周环比+0.4pct。 核心观点 行 业 研 究 华福证券 煤炭 2025 年 05 月 24 日 日耗上行港口去库，煤价反弹在即 投资要点： 动力煤 行 业 定 期 报 告 截至 2025 年 5 月 23 日，秦港 5500K 动力末煤平仓价 611 元/吨， 周环比-0.5%，产地价格小跌。截至 2025 年 5 月 18 日晋陕蒙三省煤矿 开工率为 81.3%，周环比-0.02pct。本周电厂日耗小涨，电厂库存微跌， 动力煤库存指数微跌，秦港库存小跌。非电方面，甲醇开工率小跌、 尿素开工率小涨，仍处于历史同期偏高水平，截至 5 月 22 日，甲醇开 工率为 87.0%， ...

Investment Rating - The investment rating for the company is "Buy" [6][22]. Core Views - The company reported a revenue of 7.566 billion yuan for 2024, a decrease of 5.09% year-on-year, and a net profit of 1.806 billion yuan, down 24.63% year-on-year. For Q1 2025, the revenue was 2.436 billion yuan, an increase of 9.17% year-on-year, while the net profit was 625 million yuan, a decrease of 5.26% year-on-year [3][4]. - The blood glucose management and POCT solutions segment saw a revenue increase of 40.20% to 1.03 billion yuan in 2024, with CGM sales more than doubling. However, the respiratory segment experienced a decline of 22.42% to 2.597 billion yuan due to high base effects from the pandemic [4][5]. - The company anticipates a recovery in profitability in 2025 as revenue growth is expected to improve, following a challenging 2024 where gross margin decreased to 50.14% [5][6]. Financial Summary - The company’s revenue projections for 2025 to 2027 are 8.67 billion yuan, 9.856 billion yuan, and 11.127 billion yuan, representing year-on-year growth rates of 15%, 14%, and 13% respectively. The net profit projections for the same years are 2.037 billion yuan, 2.362 billion yuan, and 2.677 billion yuan, with growth rates of 13%, 16%, and 13% respectively [6][7]. - The company’s domestic sales were 6.574 billion yuan in 2024, a decrease of 8.58% year-on-year, while international sales reached 949 million yuan, an increase of 30.4% year-on-year, indicating strong growth in overseas markets [5][6].