Group 1: Motorcycle Industry - In April 2025, motorcycle exports from China reached 1.46 million units, showing a year-on-year increase of 46.9% [3] - Exports of motorcycles with displacement greater than 250cc saw a significant increase, with 62,000 units exported, a year-on-year growth of 92.0% [3] - Major export regions include Latin America (571,000 units) and Africa (454,000 units), both maintaining high growth rates of 50.0% and 102.5% respectively [4] Group 2: Ideal Automotive - The total number of new energy vehicles is expected to grow by 30% year-on-year in 2025, with a projected 14.2 million units sold [7] - In optimistic scenarios, the market for new energy vehicles priced above 200,000 yuan is expected to expand significantly, with sales reaching 432,900 units in 2025, a year-on-year increase of 96.2% [8] - Ideal Automotive's sales forecast for 2025 is approximately 610,000 units under optimistic conditions, with a revenue projection of 168.7 billion yuan, reflecting a year-on-year growth of 17% [9] Group 3: Express Delivery Industry - In April 2025, the express delivery industry experienced a business volume growth of 19.1%, outpacing the growth of physical online retail sales at 6.1% [11] - The average revenue per delivery fell to 7.43 yuan, a decrease of 6.98% year-on-year, indicating ongoing price competition in the industry [11] - Major companies like YTO Express and SF Express reported business volume growth rates of 25.27% and 29.99% respectively, exceeding the industry average [13] Group 4: Meituan - In Q1 2025, Meituan reported revenue of 86.6 billion yuan, a year-on-year increase of 18%, with a net profit of 10.1 billion yuan, reflecting an 87% growth [15] - The core local business revenue grew by 18% to 64.3 billion yuan, driven by increased transaction volumes and reduced related subsidies [16] - Meituan's new business segment saw a revenue increase of 19% to 22.2 billion yuan, primarily due to growth in retail and overseas operations [19]

Core Insights - The express delivery industry shows resilience in business volume growth, with a year-on-year increase of 19.1% in April 2025, outpacing the growth of physical online retail sales at 6.1% and social consumer retail sales at 5.1% [6][12] - The industry continues to experience mild price competition, with the average revenue per package declining to 7.43 yuan, a decrease of 6.98% year-on-year and 0.64% month-on-month [6][16] - The report maintains a "recommended" rating for the express delivery industry, highlighting opportunities for investment in leading companies [6][45] Industry Volume and Price - In April 2025, the express delivery business volume growth rates for first, second, and third-tier regions were +18.4%, +21.1%, and +28.4%, respectively, indicating higher growth in non-grain-producing areas compared to grain-producing areas [28] - The average revenue per package in first, second, and third-tier regions saw year-on-year declines of -6.5%, -8.6%, and -11.3%, respectively, with price competition shifting towards non-grain-producing areas [28] Company-Specific Volume and Price - In April 2025, the business volume growth rates for YTO Express, Yunda, Shentong, and SF Express were +25.27%, +13.41%, +20.98%, and +29.99%, respectively, with YTO, Shentong, and SF Express outperforming the industry average [39] - The average revenue per package for YTO, Yunda, Shentong, and SF Express was 2.14, 1.91, 1.97, and 13.49 yuan, respectively, with SF Express experiencing the largest price decline [44]

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [1] Core Views - The report emphasizes that Meituan is actively responding to competition in the food delivery sector while awaiting the release of long-term value [3] - The company's Q1 2025 financial performance exceeded market expectations, with significant growth in both revenue and profit metrics [11] Summary by Sections Overall Performance - In Q1 2025, Meituan achieved revenue of 866 billion RMB, representing a year-over-year increase of 18% and a quarter-over-quarter decrease of 2% [11] - Operating profit reached 106 billion RMB, up 103% year-over-year and 58% quarter-over-quarter [11] - Net profit was 101 billion RMB, reflecting an 87% year-over-year increase and a 62% quarter-over-quarter increase [11] - Non-GAAP EBITDA stood at 123 billion RMB, a 52% year-over-year increase [11] Business Segments - **Food Delivery Business**: In Q1 2025, the food delivery segment saw a steady growth with a year-over-year increase in order volume of 9.3%. The company plans to invest 100 billion RMB over the next three years to enhance the quality of the food service industry [7] - **Meituan Flash Purchase**: This segment maintained strong growth, with over 500 million cumulative transaction users by the end of March 2025. The daily order volume for non-food items exceeded 18 million [7] - **In-store and Travel Business**: The in-store and travel segment reported a year-over-year revenue growth of 20% in Q1 2025, with active merchant numbers increasing by over 25% [8] Financial Projections - Revenue forecasts for 2025-2027 are projected at 387.3 billion RMB, 447.7 billion RMB, and 510.6 billion RMB respectively. Non-GAAP net profit forecasts are 40.9 billion RMB, 54.7 billion RMB, and 67.6 billion RMB for the same years [18] - The target market capitalization for Meituan in 2025 is set at 830.2 billion RMB, with a target price of 136 RMB per share [18][19]

2025 年 05 月 28 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 89 期 观点精粹: 最新报告摘要 公司层面利润率承压，国内同店趋势向好--名创优品/专业连锁Ⅱ(09896/214504) 点评报告（港股美股） 基本业务营运表现强劲，全速推进混合式人工智能落地--联想集团/计算机设备(00992/217101) 点评报告（港 股美股） MDI 价差环比改善，与科威特石化达成合资--万华化学/化学制品(600309/212203) 公司动态研究 市场持续活跃，保障房与交通领涨--资产配置报告 证券研究报告 1、最新报告摘要 1.1、公司层面利润率承压，国内同店趋势向好--名创优品/专业连锁Ⅱ (09896/214504) 点评报告（港股美股） 分析师：马川琪 S0350523050001 联系人：刘毅 S0350123090035 事件: 名创优品（09896.HK）于 2025 年 5 月 23 日公布 2025Q1 财报。2025Q1 公司总营收为 44.3 亿元，同比+18 ...

Market Overview - The total market capitalization of public REITs has increased to 198.431 billion yuan, up by 5.185 billion yuan from the previous week[21] - The average daily turnover rate has risen to 0.71%, an increase of 0.13 percentage points compared to the previous week[21] Investment Highlights - The weighted average weekly increase for affordable rental housing REITs is 2.57%, leading the market, followed by transportation infrastructure REITs at 2.30%[29] - The cash distribution rate for property REITs averages 3.86%, with consumption infrastructure leading at 4.38% and municipal facilities at 12.83%[38] Market Performance - The CSI REITs total return index rose by 1.20%, outperforming other indices such as the dividend index (0.40%) and the CSI convertible bond index (-0.11%) during the week[24] - The average internal rate of return (IRR) for property REITs is 4.11%, while for concession rights it is 3.88%[38] Trading Activity - The transaction volume for park infrastructure REITs reached 213 million units, the highest among all sectors, followed by affordable rental housing at 120 million units[35] - The turnover rate for affordable rental housing REITs was 1.06%, the highest among all categories[35]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the price spread of MDI has improved, and a joint venture has been established with Kuwait Petrochemical [5][7] - The company is positioned as a typical example of development driven by technological innovation in the chemical industry, aiming to become a global chemical giant [4] - The short-term profitability of the company is primarily influenced by product price spreads, while long-term growth is dependent on the ability to innovate and launch milestone products [5] Summary by Sections Recent Performance - As of May 26, 2025, the company's stock price is 55.41 CNY, with a market capitalization of approximately 173.97 billion CNY [3] - The company's performance relative to the CSI 300 index shows a decline of 37.1% over the past 12 months [3] Price Spread and Profitability - The MDI price spread index for Q2 2025 is at an average of 70.11, down 7.35 from Q1 2025, indicating a position in the historical 5.83 percentile [6][25] - The expected net profit for Q2 2025 is projected to be 3.4 billion CNY [6] Key Projects and Developments - A joint venture agreement was signed with Kuwait Petrochemical on April 25, 2025, with an investment of 638 million USD for a 25% stake in a subsidiary [7][35] - Several projects are in progress, including expansions in MDI and HDI production capacities, with expected revenues from new projects totaling 476 billion CNY in 2025 [37] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 197.6 billion CNY, 230.5 billion CNY, and 251.8 billion CNY, respectively, with corresponding net profits of 14.3 billion CNY, 18.4 billion CNY, and 22.3 billion CNY [11][13]

2025 年 05 月 27 日 资产配置报告 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn [Table_Title] 市场持续活跃，保障房与交通领涨 资产配置报告 最近一年走势 投资要点: 相关报告 《资产配置专题报告：基准偏离度考量下，公募基 金如何配置行业*林加力》——2025-05-19 《资产配置报告：《中美日内瓦经贸会谈联合声明》 点评——攻守之势迎转折，建议红利底仓叠加出口 链弹性*林加力》——2025-05-15 《资产配置报告：国新办发布会点评——资本市场 迎来多重利好*林加力》——2025-05-08 《4 月资金流向月报：价值型资金或仍为主要定价 力量*徐凝碧，林加力》——2025-05-07 《2025 年 5 月大类资产配置报告：宏观不确定性 上升，依旧看好 A 股红利类资产*林加力》—— 国海证券研究所 请务必阅读正文后免责条款部分 2025-05-05 一级市场稳步推进，后续供给可期：年内已成功发行 7 单 REITs 产 品，另有 7 单产品已通过审核等待上市，一级市场发行节奏平稳， 储备项目持续获得进展，为市场注入新的 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (0992.HK) [1] Core Insights - Lenovo Group's basic business operations are strong, with all main business segments achieving double-digit year-on-year growth in FY2025, and a net profit increase of 37% [6][9] - The company is accelerating the implementation of hybrid artificial intelligence, which is expected to enhance overall performance and market competitiveness [9] Summary by Sections Recent Performance - For FY2025, Lenovo Group reported revenue of approximately $69.077 billion, a year-on-year increase of 21.41%, and a net profit of approximately $1.384 billion, up 37.01% [5][6] - In FY2025Q4, revenue was about $16.984 billion, showing a year-on-year growth of 22.50%, but a quarter-on-quarter decrease of 9.64% [5][6] Business Segments - **Intelligent Devices Group (IDG)**: Achieved revenue of $51 billion in FY2025, a 13% increase, with an operating profit margin of 7.2%, leading the industry [6][7] - **Infrastructure Solutions Group (ISG)**: Revenue reached $15 billion, a significant 63% increase, with the second half of the fiscal year turning profitable [7] - **Solutions and Services Group (SSG)**: Generated revenue of approximately $8.5 billion, a 13% increase, with operating profit reaching a record high of $1.8 billion, up 15% [7] Financial Projections - Revenue forecasts for FY2026 to FY2028 are $76.370 billion, $82.733 billion, and $87.208 billion respectively, with non-HKFRS net profits projected at $1.601 billion, $1.874 billion, and $2.218 billion [9][10] - The report anticipates a gradual improvement in performance as AI functionalities penetrate the PC and mobile markets [9]

2025 年 05 月 27 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 88 期 观点精粹: 最新报告摘要 存单利率还会上行吗？--固定收益点评 小米发布 YU7，吉利零跑 202025Q1 业绩亮眼--行业周报 利润率持续改善，关注国际扩张表现--同程旅行/旅游及景区(00780/214610) 点评报告（港股美股） 零食量贩龙头，引领万亿元赛道效率变革--鸣鸣很忙/食品饮料(02143/2134) 公司深度研究（港股美股） 老铺黄金(06181.HK)公司深度报告：老铺黄金十问十答--老铺黄金/贵金属(06181/212404) 公司 PPT 报告（港 股美股） 618 宠物经济火热，国产品牌强势崛起--行业周报 本周北证 50 阶段性回调，下周世昌股份/志高机械上会、交大铁发申购--北交所行业普通报告 新消费受关注，保健品、黄酒热度高--行业周报 模型性能不断提升，AI 应用进入兑现期——计算机 AI 应用月度跟踪（2025-05）--行业 PPT 报告 存款利率如期调降，如何影 ...

Investment Rating - The report maintains a positive outlook on the industry, suggesting a focus on high-quality stocks with stable earnings growth and reasonable valuations, particularly in the context of the North Exchange market [8][11]. Core Insights - The North Exchange 50 Index experienced a decline of 3.68% during the week of May 19 to May 23, 2025, closing at 1370.04 points, while the average market capitalization of the 266 constituent stocks is 2.936 billion [5][20]. - The report highlights that despite short-term fluctuations, the long-term investment value of the North Exchange remains strong, with a recommendation to focus on undervalued stocks and thematic investments [8][11]. Summary by Sections 1. North Exchange Market Overview - As of May 23, 2025, the North Exchange A-share market consists of 266 stocks with an average market capitalization of 2.936 billion. The North Exchange 50 Index's performance was -3.68% for the week, compared to -0.18% for the Shanghai and Shenzhen 300 Index [5][20]. 2. Stock and Industry Performance - In the week from May 19 to May 23, 2025, 41 stocks rose, while 225 fell, resulting in a rise ratio of 15.41%, which is a decrease of 51.88 percentage points week-on-week [27]. - The top five performing industries were Environmental Protection (8.16%), Beauty Care (2.62%), Building Materials (0.97%), Light Industry Manufacturing (-0.90%), and Pharmaceutical Biology (-1.32%). The bottom five were Transportation (-20.33%), Public Utilities (-11.41%), Textiles and Apparel (-8.94%), Nonferrous Metals (-8.77%), and Communications (-7.48%) [33]. 3. Liquidity Tracking - The average daily trading volume for the North Exchange 50 was 35.949 billion, reflecting a week-on-week increase of 3.65%, with a turnover rate of 4.57% [37]. 4. New Stock Updates - No new stocks were listed during the week, but Yuli Intelligent submitted a registration for review. Next week, two companies (Shichang Co., Ltd. and Zhigao Machinery) will be reviewed, and one company (Jiaoda Tifa) will be available for subscription [42][43]. 5. Selected Announcements - Notable announcements include a capital increase by KQ Co., Ltd. to enhance business performance and a project investment by Haitai New Energy in Indonesia for solar energy production [46][47].