2025 年 05 月 26 日 宇树格斗大赛展现机器人优秀稳定性，小米 YU7 发布有望延续 SU7 爆款节奏 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) 6.3 -1.1 34.6 沪深 300 2.5 -2.0 7.8 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：特斯拉发布强 化学习视频，优必选、越疆等本体 企业与模型厂商达成合作》2025- 05-19 2、《汽车行业周报：恒而达收购磨 床企业 SMS 布局上游设备，吉利拟 全资私有化极氪内部整合加速》 2025-05-11 3 、 《 汽 车 行 业 周 报 ： 特 斯 拉 OptimusGen3 更新在即，上海车展智 能驾驶及智能座舱成行业焦点》 2025-04-28 ▌海内外催化共振，机器人机遇频现 特斯拉：更新速度趋于频繁，马斯克工作重心回归。本周特 斯拉展示 optimus 通过现实视频数据学习人类日常生活中动 作，快速推进 ...

2025 年 05 月 26 日 宇树格斗大赛展现机器人优秀稳定性，小米 YU7 发布有望延续 SU7 爆款节奏 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) 6.3 -1.1 34.6 沪深 300 2.5 -2.0 7.8 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：特斯拉发布强 化学习视频，优必选、越疆等本体 企业与模型厂商达成合作》2025- 05-19 2、《汽车行业周报：恒而达收购磨 床企业 SMS 布局上游设备，吉利拟 全资私有化极氪内部整合加速》 2025-05-11 3 、 《 汽 车 行 业 周 报 ： 特 斯 拉 OptimusGen3 更新在即，上海车展智 能驾驶及智能座舱成行业焦点》 2025-04-28 ▌海内外催化共振，机器人机遇频现 特斯拉：更新速度趋于频繁，马斯克工作重心回归。本周特 斯拉展示 optimus 通过现实视频数据学习人类日常生活中动 作，快速推进 ...

2025 年 05 月 26 日 双融日报 ▌ 热点主题追踪 今日热点主题：固态电池、黄金、苹果链 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：31 分（较冷） 最近一年大盘走势 -5 0 5 10 15 20 (%) 沪深300 资料来源：Wind，华鑫证券研究 -15 相关研究 ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 31 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 1、固态电池主题：第十七届深圳国际电池技术交流会与 博览会(CIBF2025)将于 5 月 15 日至 17 日在深圳举办。 CIBF2025 同期还将举办 CIBF2025 先进电池前沿技术研讨 会，主题为"绿色能源驱动未来"，会议涉及先进锂离子动力 电池技术、电池安全与测评、固态及新体系电池、大功率快 充技术、智能装备与制造数字孪生等内容。相关标的：海顺 新材(300501)、国轩高科(002074) 2、黄金主题：5 月以来，国际金价剧烈波动，大涨大 跌、震荡调整。此前，全球贸易战风险支撑金价，但中美经 贸高 ...

行业相对表现 表现 1M 3M 12M 食品饮料(申万) 0.4 5.8 -7.0 沪深 300 2.5 -1.1 7.8 市场表现 -30 -20 -10 0 10 20 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 2025 年 05 月 25 日 茅台定海神针稳，新消费延续高景气度 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 1、《食品饮料行业周报：关注茅台 股东大会，小食品持续向好》2025- 05-19 2、《食品饮料行业周报：降息"靴 子落地"，利好市场情绪提振》 2025-05-11 3、《食品饮料行业周报：年报季顺 利收官，五一白酒需求符合预期》 2025-05-06 ▌ 一周新闻速递 行业新闻：1）贵州公示 6.6 亿元酒类投资项目；2） 1-4 月 贵州酒饮茶工业增加值增长 4.7%；3） 1-4 月葡萄酒进口额 增长超 26%； 公司新闻 ...

2025 年 05 月 25 日 茅台定海神针稳，新消费延续高景气度 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 食品饮料(申万) 0.4 5.8 -7.0 沪深 300 2.5 -1.1 7.8 市场表现 -30 -20 -10 0 10 20 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：关注茅台 股东大会，小食品持续向好》2025- 05-19 2、《食品饮料行业周报：降息"靴 子落地"，利好市场情绪提振》 2025-05-11 3、《食品饮料行业周报：年报季顺 利收官，五一白酒需求符合预期》 2025-05-06 ▌ 一周新闻速递 行业新闻：1）贵州公示 6.6 亿元酒类投资项目；2） 1-4 月 贵州酒饮茶工业增加值增长 4.7%；3） 1-4 月葡萄酒进口额 增长超 26%； 公司新闻 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9] Core Views - The company has demonstrated consistent performance with significant revenue and profit growth driven by both internal and external factors [5][6] - The tourism market is recovering, and the company is focusing on its core business strategy of becoming a "leisure tourism destination" [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 147 million yuan, a decrease of 3% [5] - For Q1 2025, total revenue reached 212 million yuan, up 55% year-on-year, with a net profit of 31 million yuan, an increase of 159% [5] Investment Highlights - The company has enhanced its scale through asset acquisitions, leading to substantial increases in revenue and profit [6] - The gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins improving significantly in Q1 2025 due to new acquisitions and government subsidies [6] Market Strategy - The company is expanding its tourism projects, with visitor numbers increasing by 18% in 2024, and revenue from tourism services rising by 768% [7] - The company has successfully launched new tourism products and services, including luxury cruise offerings, and is exploring innovative business models [8] Earnings Forecast - The company aims to maintain steady growth, with projected EPS of 0.33, 0.39, and 0.46 yuan for 2025, 2026, and 2027, respectively [9] - The expected revenue growth rates for 2025 to 2027 are 57.2%, 13.7%, and 13.3% [11]

2025 年 05 月 25 日 首推债券——资产配置周报 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：黄海澜 S1050523050002 huanghl@cfsc.com.cn 相关研究 1、《债券或逐步跌出交易机会—— 资产配置周报》2025-05-18 2、《5 月重回缩表——资产配置周 报》2025-05-11 3、《美国经济增速仍高于趋势水平 ——资产配置周报》2025-05-04 投资要点 ▌ 一、国家资产负债表分析 负债端。最新更新的数据显示，2025 年 3 月实体部门负债增 速录得 8.7%，前值 8.4%，符合我们之前的预期。预计 4 月实 体部门负债增速小幅反弹至 9.0%附近，以月末时点数衡量， 形成年内极值高点，5 月转而不再上升，后续重回缩表。按 照两会公布的财政计划，我们预计年底实体部门负债增速将 下降至 8%附近。金融部门方面，上周资金面边际上继续有所 收敛。2025 年政府工作报告中明确指出："使社会融资规 模、货币供应量增长同经济增长、价格总水平预期目标相匹 配"，这表明，稳定宏观杠杆率的大方向没有任何动摇，中 国仍然处于边 ...

—行业和风格因子跟踪报告 投资要点 ▌ 行业因子最新变动情况 2025 年 05 月 25 日 行业轮动因子指向内需和偏防御板块 上周大盘指数下破 3350，热点较少且无持续性。因子角度 来看资金流仍然聚焦于净买入口径，其次财报质量、估 值、短期分析师预期更有效。市场正处于热点匮乏时期， 出现新热点之前或将以主力资金净买入口径为主。动量反 转层面上期提及可以提前关注短期动量有效性的回升，本 期开始向二个月动量转移。财报质量因子继续偏向成长口 径，景气投资思路有效性继续小幅回升。 整体看行业轮动因子指向内需和防御板块：大盘成交金额 持续在 1.1 万亿以上，主题投资向上速度减缓，景气投资 反弹但反复，主力资金因子小幅回调，本期主力资金因子 行业选择农林牧渔、医药、非银行金融、有色金属、商贸 零售、消费者服务。长期分析师预期非银行金融、交通运 输、建材、消费者服务、家电、银行，空头无意义。短期 分析师预期指向非银行金融、消费者服务、钢铁、基础化 工、电力设备及新能源、机械。本期选择行业继续偏向内 需中的成长，继续关注低位消费短期反弹机会。 ▌ 定量行业推荐 基于权重分配，我们推荐内资主力资金流（25%）、细分因子 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [9] Core Insights - The company has shown consistent performance with significant revenue and profit growth driven by both internal and external factors, including asset acquisitions and government subsidies [5][6][8] - The tourism market in China is recovering, and the company is focusing on its "leisure tourism destination" strategy, resulting in increased visitor numbers and revenue from its projects [7][8] Financial Performance Summary - In 2024, the company reported total revenue of 864 million yuan, a year-on-year increase of 20%, and a net profit of 147 million yuan, a decrease of 3%. The first quarter of 2025 saw total revenue of 212 million yuan, up 55%, and a net profit of 31 million yuan, up 159% [5][9] - The company's gross margin for 2024 and Q1 2025 was 49.43% and 50.05%, respectively, with net profit margins of 18.44% and 18.12% [6][9] - The company expects steady growth in earnings per share (EPS) from 0.33 yuan in 2025 to 0.46 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 31 to 22 times [9][11] Revenue and Profit Forecast - The company anticipates a significant increase in revenue, projecting 1.36 billion yuan in 2025, a growth rate of 57.2%, and a net profit of 347 million yuan, reflecting a growth rate of 136.6% [11][12] - The report highlights a focus on expanding the tourism destination investment and operation business, aiming to create a unique cultural tourism model [8][9]

Investment Rating - The report maintains a "Recommended" rating for the new energy vehicle industry [2][4][80] Core Viewpoints - The new energy vehicle industry is experiencing strong production and sales, with April 2025 figures showing production and sales of 1.251 million and 1.226 million units respectively, representing year-on-year growth of 43.8% and 44.2% [3][79] - The supply side is seeing continuous new product launches from battery and main engine manufacturers, while demand feedback remains positive, supported by ongoing policy initiatives [3][79] - The industry has undergone significant price declines, with capital expenditures contracting, leading to an improved supply-demand structure [3][79] - The report highlights that the core companies in the industry are currently valued at historical lows, presenting good investment opportunities [3][79] Summary by Sections Market Tracking - The new energy vehicle index has shown a year-to-date increase of 4.16%, while the lithium battery index has decreased by 1.51% [22] - The overall performance of the new energy vehicle sector remains strong despite fluctuations in individual stock performances [5][26] Lithium Battery Industry Price Tracking - Lithium carbonate prices are reported at 63,000 yuan per ton, down 2.3% from the previous week, while lithium hydroxide prices are at 64,700 yuan per ton, down 1.5% [33][42] - The report notes that cobalt prices have increased by approximately 40% year-to-date, while other materials have seen mixed price movements [30][31] Production and Sales Data Tracking - In April 2025, the total production and sales of new energy vehicles reached 1.251 million and 1.226 million units, respectively, with a year-on-year increase of 43.8% and 44.2% [53][54] - The report indicates that new energy vehicles accounted for 47.3% of total new car sales in April 2025 [53] Industry Dynamics - The report discusses the competitive landscape, highlighting that BYD has surpassed Tesla in European sales for the first time, with a year-on-year increase of 169% [71] - The introduction of new models, such as Xiaomi's high-performance SUV, is noted as a significant development in the market [70] Key Company Announcements - Wanrun New Energy has signed a supply agreement with CATL for lithium iron phosphate products, expected to total approximately 1.3231 million tons from 2025 to 2030 [74] - Zhejiang Rongtai plans to establish a wholly-owned subsidiary focused on motor and control system research and development [77]