Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is on a clear path of structural optimization, with strong long-term growth potential [1] - The company achieved revenue of 1.11 billion yuan in Q1 2025, representing a year-on-year increase of 3.0%, and a net profit attributable to the parent company of 230 million yuan, up 5.8% year-on-year [7] - The company is accelerating its national layout, with significant growth in high-end products priced above 300 yuan, which saw a revenue increase of 28.1% [7] - The gross profit margin improved by 1.4 percentage points to 66.8% due to product structure upgrades [7] - The company aims for a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, which is expected to be achieved smoothly [7] Financial Performance Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 3.021 billion yuan, 3.276 billion yuan, 3.602 billion yuan, and 4.004 billion yuan respectively, with growth rates of 18.59%, 8.42%, 9.97%, and 11.16% [2] - Net profit attributable to the parent company is projected to be 388 million yuan in 2024A, 411 million yuan in 2025E, 458 million yuan in 2026E, and 535 million yuan in 2027E, with growth rates of 18.03%, 5.92%, 11.29%, and 16.94% respectively [2] - Earnings per share (EPS) are expected to be 0.77 yuan in 2024A, 0.81 yuan in 2025E, 0.90 yuan in 2026E, and 1.05 yuan in 2027E [2] - The return on equity (ROE) is projected to increase from 11.48% in 2024A to 12.64% in 2027E [2] Market Position and Strategy - The company is focusing on deepening its market presence in the northwest while also targeting growth in eastern and northern regions [7] - The marketing transformation is showing initial results, with a strategy of "one county, one policy" leading to improved market share [7] - The company is actively enhancing its brand recognition among consumers through product structure upgrades and marketing efforts [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1][11]. Core Insights - The company is on a clear path of structural optimization, demonstrating strong long-term growth potential [1]. - The first quarter of 2025 saw the company achieve revenue of 1.11 billion yuan, a year-on-year increase of 3.0%, and a net profit attributable to the parent company of 230 million yuan, up 5.8% year-on-year, aligning with market expectations [7]. - The company is accelerating its national layout, with significant growth in high-end products priced above 300 yuan, which saw a revenue increase of 28.1% year-on-year [7]. - The gross profit margin improved by 1.4 percentage points to 66.8% in Q1 2025, driven by product structure upgrades [7]. - The company aims for a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, which is expected to be achieved smoothly [7]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 3.021 billion yuan, 3.276 billion yuan, 3.602 billion yuan, and 4.004 billion yuan respectively, with growth rates of 18.59%, 8.42%, 9.97%, and 11.16% [2][8]. - Net profit attributable to the parent company is forecasted to be 388 million yuan in 2024A, 411 million yuan in 2025E, 458 million yuan in 2026E, and 535 million yuan in 2027E, with growth rates of 18.03%, 5.92%, 11.29%, and 16.94% respectively [2][8]. - The earnings per share (EPS) are projected to be 0.77 yuan for 2024A, 0.81 yuan for 2025E, 0.90 yuan for 2026E, and 1.05 yuan for 2027E [2][8]. - The return on equity (ROE) is expected to increase from 11.48% in 2024A to 12.64% in 2027E [2][8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The first batch of CSI All-Share Free Cash Flow ETFs was officially approved, expanding the free cash flow investment track. On April 7, 12 leading fund companies were collectively approved to issue ETF products tracking the CSI All-Share Free Cash Flow Index, which focuses on screening the top 100 listed companies in terms of free cash flow rate in the entire market. The 12 approved tracking products have created a significant scale cluster effect among the existing 7 types of cash flow theme indices [2][14]. - The single-day net inflow of equity ETF funds reached a record high, indicating a continuous increase in market bottom-fishing sentiment. On April 8, the single-day net inflow of non-monetary ETFs in the entire market reached 111.78 billion yuan, breaking the previous record of 109.394 billion yuan on October 8, 2024. Six broad-based ETFs, including Huatai-PineBridge CSI 300 ETF and Southern CSI 500 ETF, attracted over 10 billion yuan each in a single day, with core index products becoming the main carriers of funds. The trading activity in the ETF market also increased synchronously, with a single-day trading volume of 411.6 billion yuan ranking third in history, echoing the trading volumes of over 500 billion yuan on October 8 and 9, 2024, suggesting that institutional investors are rebalancing their positions on a large scale through ETFs at key points [2][15]. Summary by Relevant Catalogs 1 ETF and Index Product Focus - The first batch of CSI All-Share Free Cash Flow ETFs was approved, expanding the investment track and forming a scale cluster effect [2][14]. - The single-day net inflow of equity ETFs hit a record high, with increased trading activity and institutional position rebalancing [2][15]. 2 Last Week's Market Performance Review 2.1 Performance of Major Asset Class Indices - Domestic equity broad-based indices all declined, with the ChiNext Index, CSI 500, CSI 300, SSE 50, and STAR 50 falling by 6.73%, 4.52%, 2.87%, 1.6%, and 0.63% respectively [3][16]. - Major bond indices all rose, with the ChinaBond Long-Term Bond Net Price (Total Value) Index, ChinaBond Treasury Bond Total Net Price (Total Value) Index, ChinaBond Total Wealth (3 - 5 Years) Index, and ChinaBond Medium - Short - Term Bond Net Price (Total Value) Index increasing by 0.91%, 0.46%, 0.31%, and 0.21% respectively [3][16]. - Overseas equity indices showed mixed performance, with the Nasdaq, S&P 500, and Dow Jones Industrial Average rising by 7.29%, 5.7%, and 4.95% respectively, while the Hang Seng Index, Hang Seng Tech Index, Hang Seng China Enterprises Index, German DAX, and Nikkei 225 Index falling by 8.47%, 7.77%, 7.35%, 1.3%, and 0.58% respectively [3][16]. - Commodity indices also had mixed performance, with COMEX silver and gold rising by 10.14% and 7.23% respectively, and ICE Brent crude and NYMEX WTI crude falling by 1.51% and 0.82% respectively [3][16]. 2.2 Performance of Shenwan Primary Industries - Most Shenwan primary industries declined last week. Agriculture, Forestry, Animal Husbandry and Fishery, Commerce and Retail, and National Defense and Military Industry led the gains, rising by 3.28%, 2.88%, and 0.28% respectively, while Power Equipment, Communication, and Machinery fell by 8.09%, 7.67%, and 6.78% respectively [18]. 3 Valuation Situation - The valuation quantiles of major equity broad-based indices all declined last week. The valuations of CSI 1000, CSI 300, Wind All - A, CSI 800, SSE 50, CSI 500, and ChiNext Index fell by 11.72%, 10.73%, 10.2%, 8.31%, 6.5%, 4.2%, and 2.96% respectively [4][23]. - Most valuation quantiles of Shenwan primary industries declined. The top three rising industries were Commerce and Retail, Agriculture, Forestry, Animal Husbandry and Fishery, and Food and Beverage, rising by 2.8%, 2.31%, and 0.85% respectively, while the top three falling industries were Machinery, Comprehensive, and Textile and Apparel, falling by 13.62%, 12.34%, and 11.64% respectively [30]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - The scale of non-monetary ETFs increased by 97.908 billion yuan last week, with a net inflow of 214.983 billion yuan. Stock ETFs increased by 84.186 billion yuan with a net inflow of 173.451 billion yuan; commodity ETFs increased by 16.536 billion yuan with a net inflow of 13.455 billion yuan; bond ETFs increased by 56.19 billion yuan with a net inflow of 58.97 billion yuan; cross - border Hong Kong stock ETFs decreased by 23.33 billion yuan with a net inflow of 171.67 billion yuan; cross - border non - Hong Kong stock ETFs decreased by 61 billion yuan with a net inflow of 50.13 billion yuan [5][34]. - Among equity broad - based ETFs, the CSI 300 theme sector ETF had the largest scale increase of 75.377 billion yuan and the largest net inflow of 98.578 billion yuan, while the CSI A500 theme sector ETF had the largest scale decrease of 12.49 billion yuan and the largest net outflow of 23.63 billion yuan [6][34]. - By industry sector, the Hong Kong stock technology sector ETF had the largest scale increase of 22.22 billion yuan and the largest net inflow of 83.83 billion yuan, while the A - share large - financial sector ETF had the largest scale decrease of 74.33 billion yuan and the largest net outflow of 18.4 billion yuan [35]. - By theme, the top 5 themes with net inflows were the CSI 300 theme, CSI 1000, CSI 500, SSE Leading, and ChiNext theme, while the top 5 themes with net outflows were the CSI A500 theme, Semiconductor & Chip ETF, Securities Company theme, Shenzhen 100 theme, and Big Data theme [35]. - The themes with net inflows for two consecutive weeks were the CSI 300 theme, SSE Leading, ChiNext theme, Technology Broad - based theme, and Internet theme, with a total inflow of 146.346 billion yuan, while the themes with net outflows for two consecutive weeks were the Non - ferrous Metals theme, Consumer Electronics theme, Banking, Steel, and Coal, with a total outflow of 25.34 billion yuan [38]. - Among single ETFs, Huatai - PineBridge CSI 300 ETF had the largest net inflow of 34.042 billion yuan last week, while Huaxia SSE STAR 50 ETF had the largest net outflow of 2.633 billion yuan [39]. 4.2 ETF Trading Volume - Compared with the week before last, the cross - border non - Hong Kong stock ETF with the largest increase in average daily trading volume was E Fund CSI Overseas Internet ETF; the cross - border Hong Kong stock ETF was Huaxia Hang Seng Tech ETF; the stock ETF was Huatai - PineBridge CSI 300 ETF; the commodity ETF was HuaAn Gold ETF; and the bond ETF was Bosera CSI Convertible Bond and Exchangeable Bond ETF [44]. 5 ETF Performance - Among cross - border non - Hong Kong stock ETFs, Huaxia Nasdaq 100 ETF performed best with a 0.8% increase; among cross - border Hong Kong stock ETFs, HuaAn Hang Seng Hong Kong Stock Connect China Central State - owned Enterprises Dividend ETF performed best with a - 4.48% change; among stock ETFs, Jianxin SSE Smart - Selected STAR Market Innovation Value ETF performed best with an 11.58% increase; among commodity ETFs, Harvest Shanghai Gold ETF performed best with a 2.61% increase; among bond ETFs, Bosera SSE 30 - Year Treasury Bond ETF performed best with a 0.83% increase [7][47]. 6 ETF Margin Trading and Short Selling - The total margin buying amount this week was 93.82 billion yuan, an increase of 41.228 billion yuan from 52.592 billion yuan last week. The total margin selling volume this week was 542 million shares, an increase of 314 million shares from 227 million shares last week [49]. 7 Current ETF Market Scale - As of last Friday (April 11, 2025), there were 1,122 listed ETFs in the market, with a total scale of 3,918.982 billion yuan. Among stock ETFs, scale - index ETFs had the largest scale of 2,176.289 billion yuan, followed by theme - index ETFs with a scale of 447.444 billion yuan [50]. - By sector, A - share technology and A - share large - financial sectors had the largest scales of 212.747 billion yuan and 116.487 billion yuan respectively. By theme, the CSI 300 theme and CSI A500 theme had the largest scales of 1,001.627 billion yuan and 227.0 billion yuan respectively [57]. - As of April 11, 2025, 52 fund companies managed ETFs, with a high concentration of management scale. The top 10 and top 20 fund companies in terms of non - monetary ETF management scale accounted for 80.25% and 95.53% of the total respectively. The top 5 fund companies were Huaxia Fund Management Co., Ltd. (675.807 billion yuan, 17.86%), E Fund Management Co., Ltd. (619.034 billion yuan, 16.36%), Huatai - PineBridge Fund Management Co., Ltd. (474.467 billion yuan, 12.54%), Southern Fund Management Co., Ltd. (257.094 billion yuan, 6.79%), and Harvest Fund Management Co., Ltd. (243.592 billion yuan, 6.44%) [59]. 8 ETF Listing and Issuance - 11 ETFs were listed for trading last week. - 14 new ETFs were established last week, all of which were passive index funds. Since April, a total of 15 ETF products have been issued, with a total issuance scale of 11.142 billion yuan [64][65].

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude economy sector is currently in a phase of intensive policy implementation, with ongoing improvements in top-level design and local supporting measures accelerating [7] - The report highlights significant collaborations and investments in the low-altitude economy, including a strategic partnership between Fengfei Aviation and Hefei City, and a 1.26 billion yuan loan to Xiaopeng Huitian for its flying car manufacturing base [6][24] - The report emphasizes the importance of focusing on four main investment themes: components, complete machines, infrastructure support, and air traffic management operations [7] Summary by Sections Market Review - From March 31 to April 13, the low-altitude economy sector underperformed the market, with the Wande Low-altitude Economy Index declining by 5.33%, trailing the Shanghai Composite Index by 1.95 percentage points [6][14] Policy Dynamics - The Ministry of Industry and Information Technology issued the "2025 Industrial and Information Standard Work Points," emphasizing the acceleration of low-altitude information infrastructure standards [19] - Local governments are also advancing low-altitude policies, such as Guangzhou's guidelines for vertical take-off and landing facilities [20] and Beijing's 5G deployment plan for low-altitude applications [21] Industry Dynamics - Chengdu held a conference to launch the first batch of low-altitude economic innovation scenarios, releasing 39 supply lists and 48 demand lists across various sectors [22] - The establishment of the first low-altitude economic intelligent computing center in Sichuan, with a total investment of 14.2 billion yuan, marks a significant step in the region's low-altitude economic development [33] Important Company Announcements - Xiaopeng Huitian secured a 1.26 billion yuan syndicated loan to support its flying car manufacturing base, representing the largest loan for flying car production globally [24] - Fengfei Aviation signed a cooperation agreement with Hefei City to develop urban air traffic systems and eVTOL commercial operations [28] - A strategic partnership was formed between Huayu Xianxiang and AVIC to advance the development of eVTOL systems [36]

Investment Rating - The report maintains an "Outperform" rating for the robotics industry [1] Core Insights - The robotics industry is experiencing deepened collaboration across the supply chain, accelerating mass production applications [1] - The China Securities Robotics Index fell by 8.2% during the week, underperforming the Shanghai Composite Index by 5.1 percentage points and the CSI 300 Index by 5.3 percentage points [5][12] - The total market capitalization of the industry is approximately 34,579.53 billion, with a TTM P/E ratio of 30.6, significantly higher than the CSI 300's TTM P/E ratio of 12.1 [3] Summary by Sections Market Review - The robotics index underperformed the market, with a decline of 8.2% compared to major indices [5][12] - Notable developments include the release of a boxing video featuring the humanoid robot G1 by Yushutech, showcasing its capabilities despite some limitations [16] - Hyundai Motor Group plans to purchase "tens of thousands" of Boston Dynamics robots in the coming years, indicating strong demand in the industrial sector [18] Industry Dynamics - The first national standards for humanoid robots have been officially established, led by UBTECH, which will standardize various technical requirements [21] - Partnerships are forming, such as the collaboration between Yijiahe and Huawei Cloud, aiming to explore advancements in embodied intelligence [21] - A joint venture between Junpu Intelligent and Zhiyuan Robotics has been established to promote large-scale production and commercialization of embodied intelligence [22] Financing Dynamics - Lingxin Qiaoshou recently completed over 100 million in seed round financing, setting a record in the dexterous hand industry [29]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The primary market maintained its recent issuance rhythm this week. The secondary market experienced significant fluctuations driven by US tariff policies. The Shanghai Composite Index nearly dropped by 9% on Monday, with some indices hitting record single - day declines. However, the market quickly stabilized and became less sensitive to subsequent US tariff uncertainties. The three major indices declined by 3.11%, 5.13%, and 6.73% respectively for the whole week. The convertible bond market generally followed the equity market trend, with the CSI Convertible Bond Index falling 1.70% for the week. The daily average trading volume of convertible bonds exceeded 9.3 billion yuan, a more than 50% increase from the previous week. - The market's 100 - yuan premium rate dropped to around 20% after the decline last Monday and recovered to 24% on Friday. Looking ahead, the domestic market may remain resilient. Although the current tariff level above 100% has no practical economic significance, potential marginal easing or structural adjustments in the China - US tariff game could still be important factors influencing the market. It is recommended to pay attention to the structural opportunities brought by the further evolution of tariff policies in combination with the market recovery process [39]. 3. Summary by Relevant Catalogs 3.1 Primary Convertible Bond Supply - **Convertible Bond Issuance**: Three convertible bonds were issued this week, with a total issuance scale of 2.506 billion yuan. As of April 11, there are no convertible bond issuances scheduled for next week [10]. - **New Bond Subscription**: The average online effective subscription amount for the three convertible bonds issued this week was 81.3 trillion yuan, with a winning rate of 0.0036% [13]. - **New Bond Listing**: Three convertible bonds were listed this week, with an average increase of 17.09% on the first - listing day. As of April 11, there are no convertible bond listings expected next week, and there are still 5 convertible bonds that have been issued but not listed [14]. 3.2 Secondary Market Review - **Market Performance**: The market experienced significant fluctuations due to the escalation of the trade war. On Monday, the A - share market declined sharply, with the Shanghai Composite Index dropping 7.34%. On Tuesday, it rebounded, with the Shanghai Composite Index rising 1.58%. After Wednesday, the domestic equity market became less sensitive to US tariff policies and continued to recover slightly. For the whole week, the three major indices declined by 3.11%, 5.13%, and 6.73% respectively. The convertible bond market generally followed the equity market trend, with the CSI Convertible Bond Index falling 1.70%. The daily average trading volume of convertible bonds exceeded 9.3 billion yuan, a more than 50% increase from the previous week [2][18][39]. - **Factor and Industry Rotation**: In terms of market capitalization, large - cap, medium - price, and high - rated convertible bonds had a slight advantage this week. Among the nine convertible bond industries, only the consumer staples industry rose, with a gain of 0.45%, while the rest declined. The information technology, consumer discretionary, and industrial industries had relatively large declines of 3.44%, 2.12%, and 2.03% respectively. After this week, the consumer staples industry became the industry with the largest year - to - date increase, and the year - to - date increase of the utilities industry turned negative [2][23][28]. - **Valuation Indicators**: As of April 11, 2025, the average conversion premium rate of the whole market was 54.97%, with a month - on - month change of 8.99 percentage points; the average pure - bond premium rate was 23.19%, with a month - on - month change of - 2.6 percentage points; the average pure - bond yield to maturity was - 7.94%, with a month - on - month change of - 0.32 percentage points [3][29]. 3.3 Terms and Primary Market - **Terms Tracking**: One convertible bond triggered the put - back clause this week. Two convertible bonds triggered the call clause and both announced not to call. As of Friday's close, 8 convertible bonds may trigger the call clause. Thirteen convertible bonds triggered the downward - revision clause and all announced not to revise. As of Friday's close, 15 convertible bonds may trigger the downward - revision clause [32]. - **New Bond Overview**: Three convertible bonds updated their issuance progress this week. The issuance proposal of Naipu Mining Machinery was approved by the board of directors; that of Doctor Glasses was approved by the shareholders' meeting; and that of Yongxi Electronics was approved by the issuance review committee. As of April 11, 2025, there are 6 convertible bonds approved by the CSRC waiting to be issued, with an estimated total issuance scale of 12.93575 billion yuan [35].

机器人行业周报（0407-0413） [Table_IndustryInfo] 2025 年 04 月 13 日 强于大市(维持) 证券研究报告•行业研究•机械设备 数据来源：聚源数据 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 34,579.53 | | 流通市值（亿元） | 33,652.56 | | 行业市盈率 TTM | 30.6 | | 沪深 300 市盈率 TTM | 12.1 | 相关研究 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn 机器人产业链合作深化，加速推进量产应用 [Table_QuotePic] 行业相对指数 ...

2025年 04月 11日 证券研究报告·宏观定期报告 宏观周报(4.7-4.11) "国家队"相继出手,海外市场风波不断 摘要 ● 一周大事记 国内:加快建设农业强国,"国家队"出手力托市场。4月7日,中共中央、 国务院印发《加快建设农业强国规划(2024-2035年)》,明确了农业强国 的战略定位、分阶段目标及实施路径,规划或将重构农业产业链并进一步释放 经济动能;8日,受中央汇金公司再次增持 ETF 及多部委密集表态提振,A股 主要股指全线收涨,若后续在政策加持下经济数据持续向好、企业盈利逐步改 善,A股有望迎来估值修复的阶段;同日,财政部与住建部联合发布《关于开 展 2025年度中央财政支持实施城市更新行动的通知》,明确将通过财政补助、 机制建设等方式,支持不超过 20个大城市推进城市更新,随着政策和制度逐 步完善,城市更新将向更广领域、更高层次推进,助力新型城镇化提质增效, 同时也对国内基建投资起到支撑作用:9日,国务院新闻办公室发布《关于中 美经贸关系若干问题的中方立场》白皮书,系统阐述了中方对中美经贸摩擦的 核心立场、历史成就、履约实践以及对美方单边主义的批判,为未来谈判没定 "平等对话"与"互 ...

ooo[Table_ReportInfo] 2025 年 04 月 11 日 证券研究报告•宏观定期报告 宏观周报（4.7-4.11） [Table_Author] 分析师：叶凡 执业证号：S1250520060001 电话：010-57631106 邮箱：yefan@swsc.com.cn 分析师：刘彦宏 执业证号：S1250523030002 电话：010-55758502 邮箱：liuyanhong@swsc.com.cn "国家队"相继出手，海外市场风波不断 摘要 [Table_Summary] 一周大事记 国内：加快建设农业强国，"国家队"出手力托市场。4月 7日，中共中央、 国务院印发《加快建设农业强国规划（2024－2035 年）》，明确了农业强国 的战略定位、分阶段目标及实施路径，规划或将重构农业产业链并进一步释放 经济动能；8日，受中央汇金公司再次增持 ETF及多部委密集表态提振，A 股 主要股指全线收涨，若后续在政策加持下经济数据持续向好、企业盈利逐步改 善，A 股有望迎来估值修复的阶段；同日，财政部与住建部联合发布《关于开 展 2025年度中央财政支持实施城市更新行动的通知》，明确将通过 ...

[Table_ReportInfo] 2025 年 04 月 11 日 证券研究报告•市场投资策略 2. 交运行业观点 胡光怿 S1250522070002 请务必阅读正文后的重要声明部分 1 近期美国关税政策反复无常，"对等关税"政策落地且对中国关税进一步升级，美国针对中 国的总关税税率目前已达 145%，但对多数国家实施 90天的关税暂缓。面对挑战，我国展现 出强大战略定力与系统性应对能力，迅速且果断地公布了一系列反制措施，以中央汇金为代 表的国家队也大幅增持 ETF，出手托底股市。当前形势虽存挑战，但我国政策储备充足、经 济底盘稳固。央行或将择机降准降息，财政政策同步发力，护航实体经济稳健复苏。 风险提示：关税对国内经济冲击超预期，美国后续关税加码超预期。 中央周边工作会议 4月 8日至 9日在北京举行。中共中央总书记、国家主席、中央军委主席 习近平出席会议并发表重要讲话。会议指出，当前我国同周边关系处于近代以来最好的时期， 同时也进入周边格局和世界变局深度联动的重要阶段。要坚持以习近平新时代中国特色社会 主义思想为指导，紧紧围绕党和国家中心任务，统筹国内国际两个大局、发展安全两件大事， 高举人类命运共 ...