Group 1 - In Q1 2025, the total scale of northbound capital reached 2.30 trillion yuan, an increase of 119.15 billion yuan compared to the previous quarter [1][8] - The proportion of holdings in the main board continued to decline, while the proportion of holdings in cyclical and growth sectors increased [1][8] - The proportion of northbound capital in cyclical and growth sectors rose by 1.23 percentage points and 0.55 percentage points respectively [1][8] Group 2 - In Q1 2025, the largest sectors by northbound capital holdings were power equipment and new energy, banking, and electronics [2][13] - The automotive sector saw a significant increase in holdings by 5.96% (+1.17 percentage points), while electronics increased by 9.89% (+0.94 percentage points) [2][13] - The estimated net inflow for electronics was 16.83 billion yuan, and for automotive, it was 15.67 billion yuan [2][13] Group 3 - Core assets and technology growth stocks, such as BYD and North Huachuang, saw significant changes in holding sizes and net inflows [3][22] - The top five stocks with the largest increase in holding value were BYD (+19.90 billion yuan), China Merchants Bank (+10.60 billion yuan), and North Huachuang (+7.38 billion yuan) [3][22] - The concentration of holdings among the top five stocks increased to 20.7%, indicating a trend of foreign capital clustering towards leading stocks [3][22] Group 4 - Future northbound capital is likely to continue flowing into core assets and technology leading stocks [4][28] - The inflow trend may remain unchanged due to favorable economic indicators and reasonable A-share valuations [4][28] - Key sectors for future investment include core assets and technology, with a focus on stocks like BYD and North Huachuang [4][28]

美对华加征关税对 A 股的影响如何？ 主题报告 投资要点 关注部分国产率提高、对美出口敞口低且美对中依赖较高的相关高端制造、周期等 行业。（1）比照复盘，当下部分科技及周期行业受政策支持基本面改善下受到加 征关税冲击可能小于 2018 年。（2）当前来看，通信、建筑材料等行业当前对美 出口敞口小且美对中进口依赖度高，本轮关税影响可能较小。从贸易依赖绝对值来 看，2024 年美国对中国依赖度较高的前 5 个行业，从高到低排序分别为建筑材料 （39.5%）、轻工制造（27.5%）、纺织服装（27.3%）、电子（22.7%）、机械 设备（18.4%），这 5 个行业均高于 2024 年中国对美国的依赖度，因此可能受到 2025 年新一轮关税影响较小。（3）当前来看，家具及家居用品、塑料制品等出口 份额产业近年由美国转移至欧洲、东南亚等新兴市场，受本轮加征关税冲击可能较 小。中国在逐步调整出口市场结构，将更多的出口份额转向东南亚、欧洲等市场， 制造业、汽车、家具、塑料制品等领域和对应行业在面对关税压力时，受本轮潜在 关税冲击的程度显著低于 2018 年。 风险提示：历史经验未来不一定适用、政策超预期变化、经济修复不及 ...

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [34]. Core Viewpoints - The company, Jiangshun Technology, specializes in the research, production, and sales of aluminum extrusion molds and accessories, supporting equipment, and precision mechanical components. It has established a strong market position and is expected to benefit from the accelerating trend of "using aluminum instead of steel" [2][7][25]. - The company has achieved significant revenue growth from 2022 to 2024, with projected revenues of 892 million, 1,042 million, and 1,136 million yuan, respectively, reflecting year-over-year growth rates of 20.35%, 16.82%, and 9.01% [8][31]. - The company has a solid customer base, including major domestic and international aluminum manufacturers, and holds a market share of approximately 6% in the domestic aluminum extrusion mold sector [26][27]. Summary by Sections Basic Financial Status - The company reported revenues of 892 million yuan in 2022, 1,042 million yuan in 2023, and is projected to reach 1,136 million yuan in 2024, with corresponding year-over-year growth rates of 20.35%, 16.82%, and 9.01% [8][31]. - The net profit attributable to the parent company was 139 million yuan in 2022, 146 million yuan in 2023, and is expected to be 155 million yuan in 2024, with year-over-year growth rates of 33.95%, 5.14%, and 6.30% [8][31]. Industry Situation - The aluminum extrusion mold industry is experiencing growth due to the increasing demand from various sectors, including construction, transportation, and renewable energy. The market size of the mold industry in China has been steadily increasing, with projections indicating continued growth in the coming years [17][21]. Company Highlights - Jiangshun Technology is one of the few companies in China that can provide a one-stop service for extrusion molds and supporting equipment, which positions it well to benefit from the shift towards aluminum in various applications [25][26]. - The company has high capacity utilization rates, exceeding 90%, and has initiated projects to expand production capacity, which will significantly enhance its operational capabilities [27][28]. Fundraising Project Investment - The company plans to invest in two main projects: the expansion of precision mold production and the construction of an aluminum extrusion equipment production line, with a total investment of approximately 560 million yuan [28][29]. Comparison with Peers - Compared to similar companies in the industry, Jiangshun Technology's revenue and gross margin are positioned in the mid-to-high range, indicating a competitive standing within the market [31][32].

2025 年 04 月 13 日 策略类●证券研究报告 外力巨震下新股周期情绪冰点或提前显现，建议密切关注局部变化 新股专题 投资要点 新股周观点：上周，新股休整周期遭遇外部风险事件剧烈冲击，新股次新板块出现 巨震，周期情绪冰点或已经提前显现。短期，外部重大事件可能的情绪冲击或告一 段落，整体市场情绪预计将重归平稳；虽然新股休整周期结束尚需观察、而业绩深 水区扰动或也在所难免，但伴随新股休整周期情绪冰点或已现，局部修正已经较为 充分的稀缺性新股或有提前活跃可能，建议适度警惕的同时密切关注局部正面变 化。 （1）新股次新板块出现剧烈震荡；假设以 2024 年以来上市的新股次新板块比较 来看，上周板块平均涨幅-10.4%，实现正收益占比约 9.5%。 （2）短期来看，我们倾向于认为，在经过一个多星期的大国博弈及市场巨震修正， 可能重大事件带来的大部分情绪冲击或已经得以消化，市场情绪正在重归平稳；而 从新股次新板块角度，虽然从时间维度正常本轮休整周期尚未结束，但由于本就休 整周期叠加重大事件冲击、情绪冰点或已经在上周提前出现，不排除局部具备较高 性价比和稀缺性的新股次新标的或有提前活跃可能性；因此，建议暂时继续保持 ...

Group 1 - The report indicates that the new stock cycle sentiment has reached a low point due to external shocks, suggesting close monitoring of local changes [1][12][30] - The average decline of new stocks listed since 2024 is approximately -10.4%, with only about 9.5% of new stocks showing positive returns [1][30][31] - The report highlights that the upcoming new stocks include XinKai Technology and Kent Catalysts, with average issuance P/E ratios remaining stable [3][7][38] Group 2 - The report notes that the average issuance P/E ratio for new stocks in April is 11.9X, with a low subscription rate of 0.0230% [4][23] - The first-day average increase for newly listed stocks exceeded 300%, indicating a rise in trading enthusiasm despite external shocks [4][27] - The report emphasizes the importance of focusing on near-term new stocks with stable performance expectations, particularly those benefiting from significant external events [2][12][43] Group 3 - The report suggests that the new stock market may be entering a correction phase, emphasizing the need to pay attention to performance and cost-effectiveness [1][9] - Specific sectors such as robotics and AI are highlighted as having potential for long-term activity, warranting continued attention [2][12][43] - The report identifies several stocks for potential investment, including Suzhou Tianmai and Top Cloud Agriculture, which may benefit from external events [9][43]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with a revenue of 6.951 billion yuan, a year-on-year increase of 20.9%, and a net profit attributable to shareholders of 716 million yuan, up 14.1% year-on-year [5][6] - The company has successfully entered new business areas, including significant projects in the renewable energy sector and advancements in AI applications [5][6] - The company is well-positioned in the market, maintaining a strong order reserve and optimizing operational quality, which supports future performance growth [5][6] Financial Performance Summary - Revenue for 2024 is projected at 6.951 billion yuan, with a year-on-year growth of 20.9% [6] - The net profit for 2024 is expected to be 716 million yuan, reflecting a 14.1% increase year-on-year [6] - The gross margin is projected to be 32.3% for 2024, slightly down from 34.4% in 2023 [6] - The company anticipates net profits of 862 million yuan, 1.012 billion yuan, and 1.168 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.03, 1.21, and 1.40 yuan per share [5][6] Business Development Summary - The company has made significant strides in the renewable energy sector, winning major contracts for offshore wind projects and participating in national energy strategies [5][6] - The company is also advancing in AI technology, developing models for various operational scenarios [5][6] - The international business segment has shown growth, with revenue from overseas operations increasing by 32.59% year-on-year [5][6]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company has shown significant growth in overseas revenue and continues to invest in AIGC product development [1] - The company reported a revenue of 883 million yuan in 2024, a year-on-year increase of 64.68%, despite a net loss of 45 million yuan due to goodwill impairment [6] - The overseas revenue reached 232 million yuan, accounting for 26.25% of total revenue, with a staggering year-on-year growth of 2,115.45% [6] - The company is actively developing AI-related products, with a focus on commercializing its self-developed marketing AI application [6] Financial Data and Valuation - Revenue projections for the company are as follows: - 2023A: 536 million yuan - 2024A: 883 million yuan - 2025E: 1,049 million yuan - 2026E: 1,824 million yuan - 2027E: 2,062 million yuan - Year-on-year growth rates for revenue are projected at 10.5% for 2023, 64.7% for 2024, and 18.8% for 2025 [3] - The projected net profit for 2025 is 46 million yuan, with an EPS of 0.42 yuan [6] - The company’s P/E ratio is expected to decrease from 107.7 in 2025 to 38.1 by 2027 [3][6] Business Performance - The company’s main business is advertising, which accounted for 99.91% of total revenue in 2024, with a significant year-on-year growth of 64.66% [6] - The effect marketing segment has shown a remarkable growth of 358%, while digital integrated marketing revenue increased by 246.81% [6] - The company is focusing on enhancing its vertical industry advantages and exploring differentiated marketing strategies in the e-commerce ecosystem [6]

2025 年 04 月 07 日 策略类●证券研究报告 恐慌情绪释放后 A 股已进入底部区域 事件点评 投资要点 事件：2025 年 4 月 7 日，A 股市场出现大幅调整，上证综指单日跌幅达 7.3%。 市场出现大幅调整主要受美国加征关税、全球股市大幅调整等负面情绪的影响，当 前股价已较大程度反映了这种负面情绪。（1）受美国加征关税影响全球市场出现 大幅调整。一是加征关税对美国经济和通胀预期影响较大，同时对国内出口和流动 性也有一定影响，这导致全球股市均出现大幅下跌，对 A 股市场产生了一定的负面 影响。二是基本面预期走弱以及全球股市调整导致国内股市资金出现了一定的流 出：首先，加征关税对出口的压力导致外资可能流出；其次，美股尤其是科技股大 幅调整导致国内中小盘成长股票跟随调整，从中证 2000、TMT 等指数领跌可以看 出，这会导致融资资金出现一定的流出，从 3 月 21 日到 4 月 3 日，融资流出了 483 亿，其中 4 月 3 日单日流出 88 亿，4 月 7 日单日流出预计也超过百亿。（2）但情 绪指标已明显调整，我们认为股价已较大程度反映了加征关税带来的负面情绪。一 是宽基指数估值已明显回落， ...

加征关税后 A 股将如何演绎？ 定期报告 投资要点 风险提示：历史经验未来不一定适用、政策超预期变化、经济修复不及预期。 2025 年 04 月 05 日 策略类●证券研究报告 相关报告 加征关税影响有限，A 股维持震荡趋势 2025.4.3 完 善 价 格 机 制 有 利 于 改 善 盈 利 预 期 2025.4.3 新股板块或步入休整周期，重视业绩和性价 比-华金证券新股周报 2025.3.30 四月基本面主导，继续震荡 2025.3.29 A 股二季度策略-回归基本面，均衡配置 2025.3.23 http://www.huajinsc.cn/ 1 / 14 请务必阅读正文之后的免责条款部分 加征关税、美股大幅调整等外部负面因素短期对 A 股有一定影响，但国内政策和 流动性宽松使 A 股可能相对偏强。（1）复盘来看，一是 2010 年以来春季行情结 束后上证综指平均调整 10%，持续时间在 2 周至 3 个月左右；二是推动调整的核 心因素是基本面预期走弱、政策偏紧和外部负面事件、流动性偏紧等。（2）当前 来看，外部负面因素有冲击，但国内因素继续支撑 A 股维持震荡趋势。一是加征关 税、美股大幅调整等负面 ...

Group 1 - The report indicates that the enthusiasm for funding in the ultra-near-term IPO sector has increased, but caution is advised due to the ongoing adjustment cycle and overall disturbance expectations [1][2][11] - The average increase in the new stock sector was approximately 1.5% last week, with about 50.0% of new stocks achieving positive returns, showing improvement compared to previous weeks [11][24] - The report highlights that the upcoming IPOs include companies such as China Ruilin, Taihong Wanli, and Taihe Co., indicating a stable pipeline of new listings [3][30] Group 2 - The average issuance price-to-earnings ratio for new stocks last week was 13.9X, with a low average online subscription success rate of 0.0207% [19][24] - The first-day average increase for newly listed stocks was about 244.5%, with a first-week average increase of 264.8%, suggesting a recovery in trading sentiment [24][25] - The report notes that the average increase for new stocks listed in 2024 was 1.6%, with 50.0% of these stocks showing gains, while the North Stock Exchange saw an average increase of 3.1% [26][27] Group 3 - The report suggests that the pricing of new stocks remains stable, with the average issuance price-to-earnings ratio for upcoming IPOs at 17.7X, indicating a continued trend of moderate pricing [30][32] - Companies such as Kent Catalysts and Honggong Technology are highlighted for their upcoming inquiries, with a focus on reasonable pricing [30][33] - The report emphasizes the importance of performance expectations and cost-effectiveness in the current market environment, particularly for newly listed stocks [11][8]