Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in IT operations monitoring and observability in China, with a focus on upgrading its main business and enhancing profitability through new product launches [5][9]. - The new product, Bonree ONE, is expected to enter a growth phase, benefiting from partnerships with major players like Huawei and ByteDance [5][9]. - The company has shown signs of revenue stabilization and growth, with projected revenues increasing significantly in the coming years [5][9]. Summary by Sections 1. Company Overview - The company is the first A-share listed firm in the application performance monitoring and observability (APMO) sector in China, holding a 19.8% market share as of H2 2024 [5][9]. - It has a strong technical foundation with numerous patents and software copyrights, enhancing its competitive edge [9][19]. 2. Business Performance - Revenue for 2024 is projected at 141 million yuan, a year-on-year increase of 16.4% [5][4]. - The company has experienced a decline in net profit in recent years but is expected to narrow losses significantly in 2025 [5][4]. 3. Product Development - Bonree ONE represents a significant upgrade from previous products, integrating various monitoring capabilities and utilizing AI for enhanced data analysis [5][9]. - The product is designed to meet the increasing demand for unified monitoring solutions due to the growing complexity of IT systems [5][40]. 4. Market Trends - The demand for APM solutions is expected to grow as digital transformation accelerates and IT environments become more complex [5][40]. - The global data volume is projected to increase significantly, driving the need for advanced monitoring and observability solutions [5][41]. 5. Financial Projections - Revenue forecasts for 2025-2027 are 172 million, 234 million, and 301 million yuan, respectively, with significant year-on-year growth rates [5][4]. - The company aims to achieve profitability by 2025, with net profit projections showing a substantial recovery [5][4].

[Table_Main] 海外市场周报 证券分析师 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 谭诗吟 资格编号：S0120523070007 邮箱：tansy＠tebon.com.cn 证券研究报告 | 海外市场周报 2025 年 05 月 11 日 静待破局 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 上周全球股市涨跌参半。越南 VN30 指数领涨全球主要市场。美股三大指数集体回 调，道指、纳指和标普 500 涨跌幅分别为-0.2%、-0.3%和-0.5%；欧洲市场三大主 要指数表现分化，德国 DAX 指数上涨 1.8%，法国 CAC40 和英国富时 100 指数 小幅回调；亚太地区涨多跌少，仅恒生科技和印度 SENSEX30 指数回调。 美英协议的标杆作用大于实际意义。北京时间 5 月 8 日晚间，特朗普公布了美英 经贸谈判达成的协议一般条款，英国也成为了 4 月初全球"关税战"后首个与美国 达成经贸协议的国家。从大体内容上看，有三点值得重视：第一，基础关税 10% 得到保留，这也是 4 月初美国公布的对各国加征关税 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Insights - The report highlights a significant rebound in the stock prices of leading US healthcare AI companies, with Tempus and Grail both experiencing a 65% increase over the past month. This sector is noted for its rapid implementation and growing investor interest [8][10]. - It suggests focusing on domestic companies that are likely to benefit from the overseas AI healthcare performance, specifically mentioning companies like RunDa Medical and YiMaiTong as having strong potential for AI-driven revenue growth [5][10]. Summary by Sections 1. Focus on US AI Leaders and Domestic Opportunities - The report emphasizes the recent stock price rebounds of US healthcare AI leaders, with notable increases of 65% for Tempus and Grail, and suggests that AI in healthcare is one of the fastest-growing fields [8]. - It recommends monitoring companies such as RunDa Medical, YiMaiTong, and others that are expected to achieve rapid AI performance growth [10]. 2. Weekly Market Review and Hotspot Tracking (May 6 - May 9, 2025) - The report notes that the Shenwan Pharmaceutical and Biotechnology Index rose by 1.01% during the week, underperforming the CSI 300 Index by 1.0%. Year-to-date, the index has increased by 1.19%, outperforming the CSI 300 by 3.44% [32]. - The top five performing stocks during this period included Changshan Pharmaceutical (up 23.59%), Xiangxue Pharmaceutical (up 19.64%), and others [44]. 3. Company Highlights - RunDa Medical has established deep collaborations with Huawei for AI applications across various healthcare settings, providing digital solutions to over 80 hospitals by the end of 2024 [12][13]. - YiMaiTong, a leading online professional physician platform, has seen its registered physician count grow from 228,000 in 2018 to 867,000 in 2024, with a compound annual growth rate (CAGR) of 24.9% [17][20]. The company’s revenue increased from 83.46 million yuan to 558.46 million yuan from 2018 to 2024, reflecting a CAGR of 37.3% [20]. 4. Monthly Investment Portfolio - The report lists a monthly investment portfolio that includes companies such as Kangfang Biotech, Zai Lab, and others, indicating a focus on innovative drugs and companies with emerging performance [5]. 5. Market Valuation and Trading Volume - As of May 9, 2025, the overall valuation of the Shenwan Pharmaceutical sector was 32.3, with a slight increase from the previous week [38]. The total trading volume for the sector reached 287.2 billion yuan, accounting for 5.3% of the total A-share trading volume [40].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Insights - The report highlights a significant rebound in the stock prices of leading US healthcare AI companies, with Tempus and Grail both experiencing a 65% increase over the past month. This sector is noted for its rapid implementation and growing investor interest [8][10]. - It suggests focusing on domestic companies that can mirror the growth of these US AI leaders, particularly those like RunDa Medical and YiMaiTong, which are positioned to leverage AI for substantial performance gains [10][12]. Summary by Sections 1. Focus on US AI Leaders and Domestic Opportunities - The report emphasizes the recent stock price rebounds of US healthcare AI leaders, with notable increases of 65% for Tempus and Grail, and suggests that AI in healthcare is one of the fastest-growing fields [8]. - It recommends monitoring domestic companies such as RunDa Medical and YiMaiTong for potential investment opportunities as they implement AI solutions [10][12]. 2. Weekly Market Review and Hotspot Tracking (May 6 - May 9, 2025) - The report notes that the Shenwan Pharmaceutical and Biotechnology Index rose by 1.01% during the week, underperforming the CSI 300 Index by 1.0%. Year-to-date, the index has increased by 1.19%, outperforming the CSI 300 by 3.44% [32]. - The top-performing stocks during this period included Changshan Pharmaceutical (up 23.59%) and Xiangxue Pharmaceutical (up 19.64%) [44]. 3. Company Highlights - RunDa Medical has established deep collaborations with Huawei to implement AI solutions across over 80 hospitals, enhancing its digital healthcare offerings [12][13]. - YiMaiTong, a leading online professional physician platform in China, has seen its registered physician count grow to over 4 million, with a compound annual growth rate (CAGR) of 24.9% in paid clicks from 2018 to 2024 [17][20]. 4. Monthly Investment Portfolio - The report lists a monthly investment portfolio that includes companies such as Kangfang Biotech, Zai Lab, and Titan Technologies, indicating a focus on firms with strong fundamentals and growth potential [5].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index rising by 2.1% from April 30 to May 9, 2025, compared to a 1.9% increase in the Shanghai Composite Index [6][17] - The report highlights the widening price gap between domestic and international nitrogen and phosphorus fertilizers, indicating potential export opportunities [6][27] - The domestic urea production is projected to reach 67.54 million tons in 2024, with a supply surplus expected due to limited export policies [28] - The report suggests that the chemical industry may enter a new long-term prosperity cycle, driven by recent policy changes and supply-side reforms [14][15] Summary by Sections 1. Core Viewpoints - The report emphasizes that the chemical industry is likely to benefit from recent government policies aimed at boosting demand and stabilizing the economy [14] - It identifies four main investment themes: core assets entering a long-term value zone, industries with supply constraints showing elasticity, demand certainty in specific sectors, and high-dividend resource stocks [15] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a year-to-date increase of 3.3%, outperforming both the Shanghai Composite and ChiNext indices [17][21] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 364 stocks rose, with notable gainers including Heng Tian Hai Long (+23.6%) and Yu San Xia A (+23.2%) [25][26] 4. Key News and Company Announcements - A meeting was held by the National Development and Reform Commission to discuss the export of fertilizers, emphasizing a principle of prioritizing domestic supply while allowing for controlled exports [27] - The report notes significant price differences for urea and phosphate fertilizers between domestic and international markets, suggesting potential for increased exports if policies change [28]

煤炭 优于大市（维持） 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 17% 26% 2024-05 2024-09 2025-01 煤炭开采 沪深300 资料来源：聚源数据、德邦研究所 相关研究 1.《永泰能源（600157.SH）：煤炭 主业以量补价，煤电协同稳步推 进》，2025.4.29 2.《煤炭周报：宏观预期强化，重 视板块底部布局》，2025.4.27 3.《煤炭周报：煤价震荡寻底，关 注板块红利属性》，2025.4.20 4.《煤炭行业月报：3 月进口同比转 负 ， 静 待 后 续 需 求 改 善 》， 2025.4.18 5.《煤炭周报：煤价底部企稳，回 购增持彰显板块价值》，2025.4.12 煤炭周报: 板块业绩有望筑底， 寻找相对确定性机会 [Table_Summary] 投资要点： 煤炭开采 2025 年 05 月 11 日 请务必阅读正文之后的信息披露和法律声明 证券研究报告 | 行业周报 25Q1 业 ...

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal industry is expected to recover as macroeconomic conditions improve and demand increases, with companies that have high long-term contracts showing more stable performance [4][5] - The report highlights that the coal sector's performance has been negatively impacted by falling prices and declining profits, but there are signs of potential recovery as supply stabilizes and demand improves [4][5] Summary by Relevant Sections Industry Data Tracking - Coal prices have decreased, with Qinhuangdao Q5500 coal price at 630 CNY/ton, down 3.37% [9][10] - The overall revenue for the coal industry in 2024 is projected to be 31,603.3 billion CNY, a decrease of 11.1% year-on-year [4] - The first quarter of 2025 saw coal industry revenue at 6,279 billion CNY, down 19% year-on-year [4] Supply and Demand Analysis - Railway coal input to Qinhuangdao port increased by 1.52%, while port throughput decreased by 6.32% [38][43] - The report notes that domestic coal prices are under pressure due to weak demand and increased supply from recovering production [4][5] Inventory Analysis - Total coal inventory at major ports decreased, with southern ports showing a reduction of 1.29% and northern ports down by 0.13% [45] - Qinhuangdao port's inventory increased by 6.38% to 750,000 tons, indicating a mixed inventory trend [46][48] International Coal Market - International coal prices have shown divergence, with Newcastle coal price down by 1.06% and IPE Rotterdam coal price down by 2.71% [54][56] - The price gap between domestic and international coal has widened, with domestic coal becoming less competitive [57] Market Performance - As of May 9, 2025, the coal sector's performance has lagged behind the broader market, with a 1.52% increase compared to a 1.92% increase in the Shanghai Composite Index [59]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals, particularly gold, are expected to perform well in the long term despite recent price fluctuations. The report notes a slight increase of 0.33% in domestic spot gold prices and highlights improving international trade conditions, which may influence gold's safe-haven appeal [5]. - Industrial metal prices have mostly declined, with specific changes noted in copper, aluminum, lead, zinc, tin, and nickel prices. However, demand from the renewable energy sector is expected to offset declines in traditional industries [5]. - The report emphasizes the potential for investment opportunities in the non-ferrous metals sector, particularly in precious metals, as the Federal Reserve enters a rate-cutting cycle and domestic monetary policies strengthen [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Domestic gold prices have shown a slight increase, while international trade issues are showing signs of improvement [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have varied, with copper prices slightly increasing by 0.3% [27]. 1.3 Minor Metals - Prices for rare earth elements like praseodymium-neodymium oxide have increased, indicating a potential rise in demand due to manufacturing recovery [30]. 1.4 Energy Metals - Lithium carbonate and hydroxide prices have decreased, with a focus on future demand growth for energy metals [34]. 2. Market Data - The report includes various tables summarizing price changes for different metals, indicating overall market trends [36]. 3. Important Events Review - Notable events include the resumption of production at a major nickel plant in Indonesia and the discovery of a significant copper deposit by Lundin Mining in South America [41][42].

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Viewpoints - The report suggests that the long-standing trade friction between China and the U.S. may ease, leading to potential benefits for the Chinese industry [10][11] - It highlights that Chinese manufacturers are becoming indispensable in the international supply chain, particularly in the IoT module market and AI hardware supply [11] - The report anticipates adjustments in AI chip export restrictions, which could alter the competitive landscape in the AI sector [12][13] Summary by Sections Investment Strategy - **U.S.-China Trade Relations**: The report indicates that U.S.-China negotiations may begin, with expectations of tariff reductions, particularly on the current 145% tariffs imposed by the U.S. [10] - **Chinese Industry Benefits**: It notes that Chinese firms dominate the global IoT module market, holding over 50% market share among the top three manufacturers [11] - **AI Chip Export Regulations**: The report discusses potential relaxations in AI chip export restrictions by the U.S., which could significantly impact American companies, especially in the context of the growing Chinese AI market projected to reach $50 billion [12][13] Industry News - **Low-altitude Economy in Wuhan**: Wuhan plans to establish 1,000 low-altitude takeoff and landing sites, aiming for a 20% increase in the low-altitude economy [14] - **Alibaba's ZeroSearch**: Alibaba has open-sourced the ZeroSearch model, significantly reducing costs by over 87% while enhancing search capabilities [15] - **Starlink in India**: Starlink has received approval to provide satellite communication services in India, which may accelerate satellite internet development globally [16] - **Shenzhen's 5G Network**: Shenzhen is constructing a comprehensive "5G + millimeter wave + satellite" network, aiming for full coverage and improved infrastructure [17] Weekly Review and Focus - **Market Performance**: The telecommunications sector saw a slight increase of 0.02%, underperforming compared to major indices, with notable gains in optical modules and low-altitude economy sectors [18][21] - **Investment Recommendations**: The report suggests focusing on companies involved in the overseas supply chain, such as Yiyuan Communication and Industrial Fulian, as well as long-term attention on major telecom operators and infrastructure providers [22]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The future battlefield's "intelligence supremacy" is key to victory, driven by advancements in foundational technology and the military's ability to process big data and utilize AI systems for data analysis and weapon control [5][18] - The company is positioned as a leader in AI and data analysis, directly comparable to Palantir (PLTR), with significant growth potential in the defense and public safety sectors [6][30] Summary by Sections Investment Five Elements - The company is fundamentally an AI SaaS and data analysis application company, focusing on real-world scenarios and needs to enhance upstream capabilities [10] - The strategic product "Star Map Luoshu" is expected to replicate the success of PLTR's AIP platform [10] - The company has accumulated 20 years of experience in defense remote sensing data analysis, providing a deep understanding of specialized industry know-how [47] Profit Forecast and Valuation - Projected total revenue for 2025-2027 is 43.11 billion, 61.74 billion, and 88.72 billion yuan, with year-on-year growth rates of 32.3%, 43.2%, and 43.7% respectively [11][9] - Expected net profit for the same period is 4.90 billion, 8.09 billion, and 12.20 billion yuan, with growth rates of 39.4%, 65.0%, and 50.7% respectively [11][9] Differentiation from Market Views - The market views the company as a traditional remote sensing satellite application company; however, it is redefined as a generative AI SaaS and data analysis company with extensive real-world scenarios [12] - The company is leading the industry in commercial model upgrades, moving from specialized to government and commercial sectors [12] - Concerns about future growth rates are addressed by the company's proactive structural adjustments and focus on high-quality growth [13] Catalysts for Stock Performance - Progress in product development and implementation in the AI and data analysis fields [13] - Orders from specialized, government, and commercial clients [13] - The valuation situation of PLTR and supportive policies for low-altitude new infrastructure [13]