Market Performance - The North Exchange (北交所) had a strong overall performance, with a closing market value of 778.17 billion yuan on May 9, 2025, and 226 out of 265 stocks rising during the period[5][17] - The North Exchange 50 Index increased by 6.1% from April 28 to May 9, outperforming the ChiNext Index by approximately 2.8 percentage points and the CSI 300 Index by about 4.5 percentage points[5][17] Trading Data - The total market capitalization of the North Exchange is 778.17 billion yuan, with an average market capitalization of 2.936 billion yuan per company[3][12] - The trading volume for the North Exchange during the period was 313.73 billion yuan, with an average trading amount of 71.3 million yuan per stock and a turnover rate of 51.2%[12][13] Stock Performance - Among the 265 stocks, 226 stocks increased, while 39 stocks decreased, with the top gainers being Qifeng Precision (七丰精工) at 81.8% and Springlight Intelligent (春光智能) at 65.0%[19][23] - The average price-to-earnings (PE) ratio for the North Exchange stocks is 50.3 times, indicating a historically high valuation level[12][13] Upcoming IPOs - Tian Gong Co., Ltd. (天工股份) is set to list next week, with projected revenues of 800 million yuan and a net profit of 174.5 million yuan for 2024, at an issue price of 3.94 yuan per share and a post-issue PE ratio of 15.0 times[29][30] Risk Factors - The report highlights potential risks including policy risks, liquidity risks, and the risk of corporate earnings not meeting expectations[5]

[Table_IndustryInfo] 2025 年 05 月 11 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（5.6-5.9） 4 月乘用车批发创当月历史新高， 2025 中国智能汽车技术展举行 智能汽车：5月 8日，由中国汽车工业协会、重庆市电源学会联合主办的"2025 中国智能汽车技术展"开幕，展会以"启新潮、驭未来"为主题，围绕汽车产业前 瞻研究、趋势战略、产业瓶颈、技术突破等焦点问题展开深入探讨，推动汽车 产业链技术共享、资源互通，将高质量科技创新成果转换成新质生产力。建议 关注在智能驾驶算法、传感器、智能座舱等核心领域有技术积累和创新的企业， 以及与科技企业深度合作、积极布局智能汽车领域的传统车企。主要标的：1） 整车：比亚迪（002594）、吉利汽车（0175.HK）、上汽集团（600104）；2） 零部件：德赛西威（002920）、华阳集团（002906）、科博达（603786）、 投资要点 西南证券研究院 [Table_QuotePic] 行业相对指数表现 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 268 ...

Investment Rating - The report assigns a "Hold" rating for the company, Zhejiang Natural [1] Core Views - The company has shown strong performance with a continuous expansion of its product matrix, achieving a revenue of 1 billion yuan in 2024, a year-on-year increase of 21.7%, and a net profit of 190 million yuan, up 41.7% year-on-year [6][17] - The company is actively expanding its market share and optimizing its product structure, with significant growth in overseas production capacity [6][30] - The outdoor equipment market is expected to grow steadily, providing ample opportunities for the company [16] Financial Performance Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 1002.35 million yuan, 1380.00 million yuan, 2009.16 million yuan, and 2439.80 million yuan respectively, with growth rates of 21.75%, 37.68%, 45.59%, and 21.43% [2] - The net profit attributable to the parent company is projected to be 185.13 million yuan in 2024A, increasing to 471.49 million yuan by 2027E, with growth rates of 41.67%, 51.24%, 37.55%, and 22.43% [2] - The earnings per share (EPS) is expected to rise from 1.31 yuan in 2024A to 3.33 yuan in 2027E [2] Product and Market Insights - The company has a diverse product matrix, with significant revenue contributions from inflatable mattresses, outdoor bags, and other main businesses, achieving respective revenue growth rates of 13.9%, 30.9%, and 48.0% in 2024 [6][27] - The company has established long-term stable partnerships with over 200 global brands, including Decathlon and REI, enhancing its market presence [7][18] - The overseas sales accounted for 79.8% of total revenue in 2024, reflecting the company's strong international market position [18] Growth Strategy and Outlook - The company is focusing on expanding its overseas production capacity, particularly in Cambodia and Vietnam, which is expected to contribute significantly to revenue and profit in the coming years [29][30] - The outdoor equipment market is projected to grow from approximately 26.29 billion USD in 2024 to 34.9 billion USD by 2029, indicating a favorable market environment for the company [16][19] - The company aims to maintain high growth rates in its key product categories, with expectations of continued revenue and profit increases driven by its global expansion strategy [30][47]

2[Table_ReportInfo] 2025 年 05 月 12 日 证券研究报告• ETF 研究系列 ETF 周观察第 77 期（5.5-5.9） ETF 与指数产品周观察 [Table_Summary] ETF 与指数产品关注热点 央行降准降息刺激金融板块，ETF整体出现资金分化与行业轮动。政策面上， 央行于 5 月 7 日宣布降准并下调政策利率，释放长期流动性支持市场。证券 ETF（159841）当日高开高走，金融科技 ETF（516860）上涨 2.79%，反 映市场对流动性宽松的积极响应。股票 ETF整体资金净流出，但宽基与行业 主题 ETF表现分化。上证 50、科创板 50等宽基 ETF 资金净流入居于前列， 而创业板、红利低波等 ETF净流出较多。军工、通信设备、黄金等板块资金 逆势流入，显示市场结构性偏好。 ETF 规模变动与成交情况 上周非货币 ETF 规模增加 552.99 亿元，净流入-73.13 亿元。分类型来看， 股票型 ETF 规模增加 393.99 亿元，净流入-108.79 亿元；商品型 ETF 规模 增加 30.38亿元，净流入 20.25亿元；债券型 ETF规模增加 4 ...

Trade Data Overview - In April 2025, China's total goods trade (imports and exports) increased by 4.6% year-on-year, with exports growing by 8.1% and imports declining by 0.2%[3] - The trade surplus reached $96.18 billion, expanding by $24.19 billion compared to the same period last year[3] Export Dynamics - Export growth slowed significantly, particularly to the U.S., where exports fell by 21% in April compared to a 9.1% increase in March[3] - Exports to ASEAN countries surged, with a growth rate of 20.8%, up 9.3 percentage points from March[3] Import Trends - Imports from ASEAN, EU, and the U.S. saw declines of 7.3%, 8.9%, and 4.4% respectively, while imports from Japan and South Korea increased by 2.5% and 7.3%[3] - The overall import growth is expected to be supported by domestic demand policies despite the slowdown in exports[3] Sector-Specific Insights - Labor-intensive products, mobile phones, and home appliances experienced significant export declines, with mobile phone exports dropping by 21.4%[4] - Conversely, integrated circuits and ship exports saw substantial increases, with growth rates of 20.2% and 36.1% respectively[4] Agricultural Imports - Agricultural imports showed mixed trends, with grain imports down by 41.2% and soybean imports down by 28.2% in the first four months of 2025[5] - The increase in tariffs on U.S. goods is expected to impact agricultural imports, but diversification strategies have reduced reliance on U.S. soybeans[5] Future Outlook - The ongoing trade discussions between Chinese and U.S. officials may lead to marginal adjustments in tariff policies, potentially affecting future trade dynamics[3] - The overall trade environment remains sensitive to external factors, including global manufacturing PMI trends, which stood at 49.1% in April, indicating contraction[3]

[Table_StockInfo] 2025 年 05 月 11 日 证券研究报告•2024 年报&2025 年一季报点评 当前价：34.14 元 科伦药业（002422）医药生物 目标价：——元（6 个月） 创新药核心品种获批，业绩短期承压 | [Table_MainProfit ] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 21812.41 | 23601.63 | 25728.94 | 28732.85 | | 增长率 | 1.67% | 8.20% | 9.01% | 11.68% | | 归属母公司净利润（百万元） | 2935.89 | 2998.31 | 3376.55 | 3878.83 | | 增长率 | 19.53% | 2.13% | 12.62% | 14.88% | | 每股收益 EPS（元） | 1.84 | 1.88 | 2.11 | 2.43 | | 净资产收益率 ROE | 12.57% | 11.65% | 11.81% | 12.17% | | ...

[ T able_StockInfo] 2025 年 05 月 11 日 证券研究报告•2024 年报&2025 年一季报点评 当前价：48.00 元 海创药业（688302）医药生物 目标价：——元（6 个月） 在研管线持续推进 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 0.37 | 159.00 | 379.70 | 580.00 | | 增长率 | — | 43243.59% | 138.81% | 52.75% | | 归属母公司净利润(百万元) | -199.50 | -150.64 | -90.58 | 5.37 | | 增长率 | 32.18% | 24.49% | 39.87% | 105.93% | | 每股收益 EPS(元) | -2.01 | -1.52 | -0.91 | 0.05 | | 净资产收益率 ROE | -16.73% | -14.46% | -9.52% | 0.56% | | PE | -24 | - ...

[Table_IndustryInfo] 2025 年 05 月 11 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.5-5.9） 2025 年 5 月第二周创新药周报 A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究院 [Table_Summary] 2025 年 5月第二周，陆港两地创新药板块共计 39个股上涨，67个股下跌。其中 涨幅前三为海创药业-U（22.76%）、长春高新（8.99%)、众生药业（8.98%）。 跌幅前三为复宏汉霖（-12.64%）、康诺亚-B（-12.40%）、博安生物（-11.77%）。 本周 A 股创新药板块上涨 2.33%，跑赢沪深 300 指数 0.33pp，生物医药上涨 0.75%。近 6 个月 A 股创新药累计上涨 5.43%，跑赢沪深 300 指数 9.13pp， 生物医药累计下跌 10.55%。 本周港股创新药板块下跌 2.14%，跑输恒生指数 3.75pp，恒生医疗保健下跌 3.75%。近 6 个月港股创新药累计上涨 22.08%，跑赢恒生指数 4.47pp，恒生医 疗保健累计上涨 18.10%。 本周 XBI 指数 ...

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude economy sector has gained significant attention from the national level, with various policies and initiatives being introduced to support its development [6][23][24] - The low-altitude economy index increased by 5.33% during the reporting period, outperforming major indices such as the Shanghai Composite and CSI 300 [6][16] - Key players in the eVTOL market are receiving substantial orders, indicating strong market demand and growth potential [6][26][28] Summary by Sections Market Review - The low-altitude economy index rose by 5.33%, outperforming the Shanghai Composite by 3.90 percentage points and the CSI 300 by 3.77 percentage points [6][16] - The National General Aviation Index increased by 5.95%, also outperforming major indices [6] Policy Dynamics - The Ministry of Industry and Information Technology released guidelines for the standardization of new automotive technologies, including flying cars [23] - Financial regulatory authorities are pushing for the development of insurance products for low-altitude flying vehicles [23] - Local governments are implementing measures to stimulate the low-altitude economy, including financial incentives and infrastructure development [24][25] Industry Developments - Xiaopeng's "Land Aircraft Carrier" received approval for its production license, marking a significant milestone in the domestic flying car market [26] - Fengfei Aviation secured a strategic partnership with CITIC and a 100-unit order for eVTOL aircraft, indicating strong market interest [28] - Wofei Changkong signed a financial agreement with China Construction Bank for a total of 6 billion RMB, the highest financing lease credit in the eVTOL sector [32] - The first intelligent customs clearance model for low-altitude transport was launched in Guangzhou, enhancing logistics efficiency [34] - A 1 billion RMB investment fund for low-altitude industry development was established in Hunan, focusing on various sectors within the low-altitude economy [38] - The AS700 manned airship successfully completed its first flight, showcasing significant advancements in energy efficiency and operational cost reduction [40]

2025Q1疫苗行业跟踪报告（附批签发） 西南证券研究院 2025年5月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 联系人：雷瑞 邮箱：leir@swsc.com.cn 2012.08.13 10287 Hib疫苗：2025Q1批签发7批次(-50%)。 肠道病毒疫苗：2025Q1，EV71疫苗批签发4批次(-69%) 。 数据来源：医药魔方，中检院，西南证券整理，备注：本篇报告括号内均为同比变化数据，后续不一一指出，数据整理截至2025.4.7 1 2025Q1疫苗批签发批次情况 重点疫苗批签发情况： 多联苗：2025Q1，四联苗无批签发，五联苗同比下滑，赛诺菲巴斯德五联苗批签发17批次(+0%)。 肺炎疫苗：2025Q1，肺炎疫苗批累计签发23批次(-30%) ，其中13价肺炎疫苗批签发19批次(+0%)，其中 沃森生物9批次，民海生物6批次，辉瑞4批次。23价肺炎疫苗批签发4批次(-71%)。 HPV疫苗：2025Q1批签发57批次(+63%)。其中双价HPV疫苗批签发42批次（+367%），双价苗需求快速 增长，全部 ...