Investment Rating - The report indicates a positive outlook for the real estate market, suggesting a recovery trend supported by policy measures and demand release [5][20]. Core Insights - The real estate market showed signs of stabilization and recovery in Q1 2025, driven by strong policy support and the release of housing demand [5][20]. - The secondary housing market has become the main driver of recovery, with significant increases in transaction volumes compared to new homes [6][21]. - New homes in first-tier cities exhibit resilience, particularly high-quality projects that continue to sell well despite overall market trends [7][25]. - The interaction between new home sales and land auctions has created a positive feedback loop, enhancing market confidence [11][34]. - Ongoing policy support, including the relaxation of purchase restrictions, has been crucial for market performance, especially in core cities [12][37]. Summary by Sections Secondary Housing Market - The secondary housing market has seen a notable increase in transaction activity, with a 45% year-on-year rise in transactions in first-tier cities from January to March 2025 [6][21]. - In March 2025, daily average transactions in Beijing, Shanghai, and Shenzhen showed significant growth compared to the previous year, indicating a strong recovery [21][22]. - Price stability in the secondary market is essential for boosting buyer confidence and overall market recovery [6][21]. New Housing Market - High-quality new homes in first-tier cities are performing well, with notable sales figures reported for premium projects [7][25]. - The shift in buyer preferences towards quality living spaces is evident, with safety, comfort, and sustainability becoming key considerations [7][25][28]. - New housing supply is increasingly focused on larger units, reflecting a growing demand for improved living conditions [31][32]. Market Dynamics - The recovery in new home sales has positively impacted land auction activities, leading to increased competition and higher land prices [11][34]. - The average premium rates for land auctions in major cities have risen significantly, indicating renewed confidence among developers [11][34]. Policy Support - The relaxation of purchase restrictions in core cities has played a vital role in the market's recovery, with significant increases in new home sales reported [12][37]. - The introduction of housing vouchers and urban village renovations is expected to further stimulate demand and improve market conditions [38][40].

2025 年 04 月 15 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 王春宸 S0350123070046 | | | | wangcc@ghzq.com.cn | [Table_Title] 经营情况平稳，新业态加速突破 ——皖新传媒（601801）2024 年报点评 公司 2025 年 4 月 12 日公告 2024 年度报告，2024 年实现收入 107.5 亿 元，yoy-4.4%，归母净利润 7 亿元，yoy-24.7%，扣非净利润 7.6 亿元， yoy+0.5%。 投资要点: 2024 年每股分红 0.2 元，含回购股息率达 4.2% 公司 2024 年期末拟每股分派股利 0.1 元，合计分红 1.96 亿元，2024 半年度已实现每股分红 0.1 元，因此年度分红总额为 3 ...

2025 年 04 月 15 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2024 年业绩增速 33%， "新品推广+设备更新" 双轮驱动 ——思维列控（603508）2024 年年报点评 最近一年走势 | 相对沪深 | 300 表现 | | 2025/04/15 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 思维列控 | | 1.6% | 12.7% | 26.4% | | 沪深 300 | | -6.1% | -0.9% | 6.0% | | 市场数据 | 2025/04/15 | | --- | --- | | 当前价格（元） | 25.27 | | 周价格区间（元） 52 | 16.42-27.01 | | 总市值（百万） | 9,634.80 | | 流通市值（百万） | 9,634.80 | | 总股本（万股） | 38,127.44 | | 流通股本（万股） | 38,127.44 | | 日均成交额（ ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's economy shows resilience despite multiple variables. The US tariff policy on China increases economic uncertainty in Q2, and the policy level may need to cut reserve requirements and interest rates to cooperate with fiscal expansion. The central bank's injection of special treasury bonds into large - scale banks creates room for interest rate decline, and the financial regulatory department's response to abnormal A - share fluctuations stabilizes the market [4]. - The convertible bond market presents an opportunity to enter. The convertible bond price has fallen to a relatively low level, and the current cost - performance is significantly improved. The bond - like nature provides a bottom - support effect. The convertible bond market has adjusted to a "golden pit", and investors can focus on "double - low" indicator bond selection [4]. - Under the adjustment of the global trade pattern, three directions of convertible bond targets are worth focusing on: infrastructure, the Belt and Road Initiative, and semiconductor domestic substitution. These convertible bonds have both defensiveness and growth potential and are cost - effective at the current price level [4]. 3. Summary by Relevant Catalogs 3.1. Stock and Bond Markets Show Resilience 3.1.1. Bond Market May See Another Buying Window - The US tariff policy on China increases the uncertainty of the Q2 economic fundamentals. If exports drag down the economy more than expected, there is a high probability of reserve requirement and interest rate cuts in Q2 to cooperate with fiscal expansion. If the cuts start in April, there is still a 1 - 2 - month window for fiscal stimulus, and the basis for interest rate decline still exists [5]. - The central bank's injection of 50 billion yuan of special treasury bonds into large - scale banks has two impacts on the bond market. On the supply side, the issuance is relatively smooth from April to June, and the supply shock is mild. On the demand side, it eases the asset - side allocation pressure caused by the lack of liabilities, which is conducive to the increase in large - scale banks' demand for bonds. If credit lending remains weak, interest - rate bonds will still be an important allocation variety, and the downward space for interest rates may open up [6]. 3.1.2. Stock Market Demonstrates Resilience - When the A - share market fluctuates abnormally, Chinese financial decision - makers take quick action. The central bank and Central Huijin make important statements, and other institutions such as China Guoxin, China Chengtong, China Electronics Technology Group, and the social security fund inject liquidity into the market. Listed companies also actively repurchase shares. From April 7th to 11th, the total repurchase scale of listed companies exceeded 16.2 million yuan [8]. - The stock market has stabilized and rebounded, and trading volume has recovered. On April 11th, major stock indexes rebounded, and the average daily trading volume of the Wind All - A Index from April 7th to 11th rebounded to 1.61 trillion yuan [8]. 3.2. Convertible Bonds Re - emerge in the "Golden Pit" - The timing indicator shows that the convertible bond price has returned to a relatively low level. After 2025, the convertible bond price first rose, reducing its cost - performance. With the stock market adjustment, the price has fallen back, and the bond - like nature of convertible bonds can provide support, limiting further decline [13]. - As of April 11th, the median price of the convertible bond market is about 119 yuan, and the 100 - yuan premium rate is 23.04%, both returning to the level of December 2024, indicating a relatively low price [17]. - In terms of price range, convertible bonds in the medium - price range (100 - 130 yuan) have high cost - performance. They have sufficient liquidity and a reasonable valuation, with the conversion premium rate at a historical median, providing both downside protection and upside potential [20]. - Overall, convertible bonds have adjusted to a "golden pit", and it is recommended to focus on "double - low" indicator bond selection, which can enjoy the upside potential of the stock market recovery while having a bond - like safety margin [24]. 3.3. Convertible Bond Industry Allocation Ideas 3.3.1. Domestic Infrastructure and the Belt and Road Initiative with Weak Tariff Correlation - In recent years, China has been de - leveraging, leaving large policy space for infrastructure investment in 2025. As of March, 16 provinces/municipalities/autonomous regions have released key/major project investment plans for 2025, with a total of about 16,099 projects and an investment budget of over 38 trillion yuan. The infrastructure industry usually performs well in Q2, and currently, funds may be flowing into the infrastructure sector [26]. - In the context of the Sino - US trade war, the Belt and Road Initiative is expected to be the "ballast stone" of the economy. In 2024, China's trade volume with Belt and Road countries reached 22.07 trillion yuan, a year - on - year increase of 6.4%, higher than the overall growth rate of China's foreign trade. China is accelerating economic and trade cooperation with Belt and Road countries to reduce its export dependence on the US [29]. - Recommended convertible bonds include Zhejiang Construction Convertible Bond, Huashe Convertible Bond, Sheyan Convertible Bond, Aidi Convertible Bond, Liugong Convertible Bond for infrastructure, and Beigang Convertible Bond, Jiaojian Convertible Bond, Tianlu Convertible Bond for the Belt and Road Initiative [31]. 3.3.2. Semiconductor Industry Related to Self - Reliance and Control - Sino - US tariff frictions may disrupt the mainland semiconductor industry chain, and there is still a large space for domestic substitution in many links. In 2024, China imported semiconductor - related equipment and materials worth 2.589 billion US dollars from the US, accounting for 2.60% of the total semiconductor imports. The tariff frictions may force China to accelerate the construction of its independent semiconductor industry chain [32]. - Recommended convertible bonds include Zhengfan Convertible Bond, Feikai Convertible Bond, Liyang Convertible Bond, Jingxing Convertible Bond, Zhongqi Convertible Bond, and the upcoming Anji Convertible Bond, Dinglong Convertible Bond, Weice Convertible Bond [33].

Investment Rating - The report maintains a "Buy" rating for XPeng Motors (9868.HK) [1] Core Insights - XPeng Motors aims to become a global AI automotive company, with significant growth expected from new product launches and international expansion. The company plans to release seven new or updated models in 2025, potentially doubling its delivery volume to over 380,000 units [7][13] - The company is focusing on the European market, projecting that overseas sales could account for over 50% of total sales in the next decade. By 2030, XPeng's revenue from Europe could reach between 398 billion to 520 billion RMB, depending on the export strategy [8] - XPeng's autonomous driving technology is among the top tier in the industry, with plans to achieve a takeover every 100 kilometers by 2025. The company has established a significant computing power center and has extensive testing mileage [9][10] - The report suggests that the Robotaxi market may not replace private car ownership, and XPeng will focus on manufacturing Robotaxi vehicles rather than operating them. Estimated cumulative revenue from Robotaxi could reach 19.7 billion RMB from 2025 to 2030 [11] - The global humanoid robot market is projected to reach 109.5 billion RMB by 2030, and XPeng is expected to capture a significant market share due to its experience in automotive manufacturing [12] Summary by Sections Basic Information - XPeng Motors is positioned to become a leader in AI-integrated smart vehicles, with a focus on electric vehicle (EV) sales and technology development [19][30] Automotive Business - The company anticipates a new product cycle in 2025, with a focus on high-value models like the G6 and MONA M03. The delivery volume is expected to increase significantly, with a target of over 380,000 units [7][35] - XPeng's new vehicle architecture, SEPA2.0, is designed to reduce development time and costs, enhancing production efficiency [38] Intelligent Driving - XPeng's autonomous driving capabilities are leading in the industry, with a focus on high-level autonomous features and significant data collection for model training [9][16] Robotaxi Business - The report indicates that the Robotaxi market will not replace private vehicle ownership, and XPeng will concentrate on the production of Robotaxi vehicles [11][17] Humanoid Robots - The humanoid robot market is expected to grow significantly, and XPeng is leveraging its automotive expertise to enter this space [12] Financial Analysis - Revenue projections for XPeng Motors are optimistic, with expected revenues of 789.13 billion RMB in 2025, reflecting a 93% year-on-year growth [13][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][13]. Core Views - The company has reported a revenue of 11.72 billion yuan for 2024, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of 1.27 billion yuan, down 46.5% year-on-year [6][8]. - The company plans to distribute a dividend of 0.31 yuan per share, with a total dividend amounting to 650 million yuan, resulting in a dividend payout ratio of 50.9%, an increase of 1.8 percentage points year-on-year [7][11]. - The company is expected to achieve revenue growth in the coming years, with projections of 11.98 billion yuan in 2025, 12.37 billion yuan in 2026, and 12.81 billion yuan in 2027, reflecting growth rates of 2%, 3%, and 4% respectively [11][12]. Summary by Sections Recent Performance - The company's stock performance relative to the CSI 300 index shows a decline of 0.1% over the past month, 2.0% over three months, and 4.4% over the past year [5]. - The current stock price is 9.81 yuan, with a 52-week price range of 9.23 to 14.20 yuan [5]. Financial Highlights - The company reported a non-net profit of 1.42 billion yuan for 2024, down 9.9% year-on-year, with a non-net profit margin of 12.1%, a decrease of 0.9 percentage points [8]. - The company had cash on hand of 10.6 billion yuan at the end of 2024 [9]. Business Segments - The educational materials segment generated 9.78 billion yuan in revenue for 2024, a year-on-year decrease of 2.5%, accounting for 62.8% of total revenue [12]. - The general book segment saw an increase in market share, with a real sales share of 1.7%, up 0.3 percentage points year-on-year, ranking 14th in the market [12]. Earnings Forecast - The company is projected to achieve a diluted earnings per share (EPS) of 0.75 yuan in 2025, 0.79 yuan in 2026, and 0.84 yuan in 2027 [11][13]. - The return on equity (ROE) is expected to improve to 10% by 2025 and remain stable thereafter [11][13].

2025 年 04 月 15 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn [Table_Title] 风电轴承龙头产能释放在即，乘行业东风打开新 增长极 ——新强联（300850）公司深度研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 新强联 | -1.4% | 40.5% | 12.7% | | 沪深 300 | -6.2% | -1.6% | 8.2% | | 市场数据 | | | 2025/04/14 | | 当前价格（元） | | | 26.00 | | 周价格区间（元） 52 | | | 13.68-30.28 | | 总市值（百万） | | | 9,327.37 | | 流通市值（百万） | | | 6,381.60 | | 总股本（万股） | | | 35,874.51 | | 流通股本 ...

2025 年 04 月 15 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 联系人 ： 郝天宇 S0350124060016 haoty@ghzq.com.cn [Table_Title] 业绩增速稳健，产品结构继续升级 ——金徽酒（603919）2025 年一季报点评 最近一年走势 事件: 2025 年 4 月 14 日，金徽酒发布 2025 年一季报。2025Q1 公司实现营业 收入 11.08 亿元，同比+3.04%；归母净利润 2.34 亿元，同比+5.77%； 扣非归母净利润 2.31 亿元，同比+4.30%。 投资要点: 相对沪深 300 表现 2025/04/14 表现 1M 3M 12M 金徽酒 -1.3% 5.8% 2.8% 证券研究报告 | 市场数据 | 2025/04/14 | | --- | --- | | 当前价格（元） | 19.59 | | 52 周价格区间（元） | 15.47-24.18 | | 总市值（百万） | 9,937.22 | | 流通市值（百万） | 9,937.22 | | 总 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company is continuously strengthening its business focus and is expected to benefit from the high demand in the ultra-high voltage industry [1]. - In 2024, the company achieved a revenue of 17.1 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.12 billion yuan, a year-on-year increase of 11% [4]. - The company is positioned as a leading supplier in the direct current equipment sector, with significant growth potential due to the increasing demand in the industry [9]. Financial Performance Summary - In 2024, the company reported a revenue of 171 billion yuan, with a net profit of 11.2 billion yuan, and a gross profit margin of 20.8%, which is an increase of 2.8 percentage points year-on-year [4]. - For Q4 2024, the revenue was 75.0 billion yuan, showing a year-on-year increase of 17% and a quarter-on-quarter increase of 173% [4]. - In Q1 2025, the revenue was 23.5 billion yuan, a year-on-year decrease of 16%, while the net profit was 2.1 billion yuan, a decrease of 12% year-on-year [5]. Business Segment Performance - The company has reduced low-margin integrated business and achieved rapid growth in direct current business, with direct current transmission system revenue increasing by 102% year-on-year [6]. - The intelligent distribution system generated revenue of 47.1 billion yuan, with a gross margin of 24.3%, while the intelligent meter segment reported revenue of 38.7 billion yuan [6]. - The company is expected to benefit from the anticipated approval of five ultra-high voltage direct current projects in 2025, which will drive demand for direct current equipment [6]. Earnings Forecast - The company is projected to achieve revenues of 18.3 billion yuan, 20.0 billion yuan, and 22.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7%, 9%, and 10% [9]. - The net profit attributable to shareholders is expected to be 1.45 billion yuan, 1.77 billion yuan, and 2.13 billion yuan for the same years, with growth rates of 30%, 21%, and 20% respectively [9]. - The current stock price corresponds to a price-to-earnings ratio of 16x for 2025, 13x for 2026, and 11x for 2027 [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated a robust performance with a revenue of 18.586 billion yuan in 2024, reflecting a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 0.724 billion yuan, up 9.03% year-on-year [1][2] - The company has shown a strong competitive advantage in the industry, with significant growth in both production and sales volumes, particularly in chicken meat sales and processed meat products [4][6] - The company has successfully enhanced its breeding stock performance and market share through the development of its proprietary breeding source, "Shenze 901plus," which has seen over 30% growth in sales compared to the previous year [4][6] Financial Performance - The company achieved a quarterly growth in performance throughout 2024, indicating a consistent improvement in its operational efficiency [4] - The forecast for total revenue from 2024 to 2026 is adjusted to 20.889 billion yuan, 23.106 billion yuan, and 25.706 billion yuan respectively, with net profits projected at 1.076 billion yuan, 1.583 billion yuan, and 1.946 billion yuan [4][6] - The company's earnings per share (EPS) is expected to grow from 0.58 yuan in 2024 to 1.56 yuan in 2027, reflecting a strong growth trajectory [6][7] Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of +20.0%, 3-month performance of +21.5%, and a 12-month performance of +16.1% [3] - The current stock price is 17.12 yuan, with a 52-week price range of 10.49 to 17.98 yuan [3] Business Strategy - The company has established a comprehensive multi-channel business system covering B-end, C-end, and F-end markets, leading to a 23.40% year-on-year increase in C-end business revenue [4] - The company has focused on enhancing its export business, achieving a 17.29% year-on-year growth in exports [4]