主力资金流入汽车行业，情绪高涨 ——金融工程周报 [◼Table_Summary] 主要观点 A 股行业轮动模型： 行业主力资金统计： 模型从资金、估值、情绪、动量、超买超卖和盈利，共 6 个因子 共同构建打分体系，用以研判行业综合评分。 模型对过去一段时间每日交易单中大于等于 10 万股或者金额大 于等于 20 万元的成交金额的交易单作为主力资金流动进行统计。 基于该模型，非银金融、通信、汽车等综合评分较高，建筑材 料、社会服务、钢铁等得分较低。 共识度选股模型： ➢ 行业 5 日主力资金净流入前五：汽车、家用电器、机械设备、轻 工制造、综合。 上述行业净流入靠前的个股有：南方精工、隆盛科技、江淮汽 车、美的集团、三花智控等 ➢ 行业 30 日主力资金净流入前五：综合、美容护理、建筑材料、轻 工制造、煤炭 上述行业净流入靠前的个股有：漳州发展、天宸股份、亚泰集 团、青松股份、拉芳家化等 基于动量，价格等因子，结合高频资金流走势与股票价格走势相 似度，模型本期的输出结果为：百洋股份、中宠股份、湖南白银等个 股 [Table_RiskWarning] ◼ 风险提示 本文投资建议仅代表数理模型的计算结果，不代表未 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q1 2025, the scale of open - ended bond funds decreased, with significant drops in pure - bond funds and continuous shrinkage in partial - debt hybrid funds for 13 quarters, while the scale of ordinary bond funds and convertible bond funds increased [2][3]. - The performance of convertible bond funds improved quarter - on - quarter, while the performance of pure - bond funds, ordinary bond funds, and partial - debt hybrid funds declined [2][10][11]. - In terms of asset allocation, the bond positions of pure - bond funds showed different trends, and the pure - bond and convertible bond positions of debt - containing funds decreased quarter - on - quarter, with different changes in stock positions [2][18][23]. 3. Summary by Relevant Catalogs 3.1 Scale 3.1.1 Management Scale - As of Q1 2025, the scale of open - ended bond funds decreased by 435.5 billion yuan to 6.44 trillion yuan (-6.3%). Pure - bond funds decreased by 490.2 billion yuan to 3.81 trillion yuan (-11.4%), index bond funds and partial - debt hybrid funds decreased by 4.9% and 4.8% respectively, and ordinary bond funds and convertible bond funds increased by 8.2% [2][3]. - In terms of scale proportion, long - term pure - bond funds accounted for the largest proportion (46.1%, -1.0% quarter - on - quarter), followed by ordinary bond funds (22.4%, +3.0% quarter - on - quarter), and index bond funds (17.4%, +0.3% quarter - on - quarter) [3]. 3.1.2 Fund Quantity - As of Q1 2025, there were 2,696 open - ended bond funds, an increase of 44 funds (+1.7%) compared with the end of Q4 2024. Pure - bond funds increased by 24, with long - term pure - bond funds increasing by 23. Index bond funds and ordinary bond funds increased by 8 and 12 respectively, while convertible bond funds and partial - debt hybrid funds remained unchanged [6]. - The fund type with the largest increase in quantity was long - term pure - bond funds (23), and the one with the largest increase in proportion was index bond funds (3.5%) [6]. 3.2 Performance - In Q1 2025, bond yields fluctuated upward. The yields of pure - bond funds decreased significantly quarter - on - quarter, with the median yields of long - term, medium - short - term, and short - term pure - bond funds being -0.19%, 0.14%, and 0.25% respectively, down 2.05%, 0.97%, and 0.63% quarter - on - quarter [2][10]. - The yields of debt - containing funds showed different trends. The yields of convertible bond funds increased quarter - on - quarter, with a median yield of 3.70% (+0.77% quarter - on - quarter), while the yields of ordinary bond funds and partial - debt hybrid funds decreased, with median yields of 0.21% and 0.07% respectively, down 1.52% and 1.04% quarter - on - quarter [2][11]. 3.3 Asset Allocation 3.3.1 Large - scale Asset Allocation - For pure - bond funds, the bond positions of short - term pure - bond funds decreased by 3.0% to 108.5%, while those of medium - short - term and long - term pure - bond funds increased by 0.4% and 1.4% to 108.28% and 108.34% respectively [18]. - For debt - containing funds, the pure - bond and convertible bond positions decreased quarter - on - quarter, and the stock positions changed differently. For ordinary bond funds, pure - bond and convertible bond positions decreased by 0.2% and 1.8% to 88.8% and 10.4% respectively, and the stock position increased by 0.6% to 17.7%. For convertible bond funds, the convertible bond position decreased by 4.4% to 87.4%, and the stock position increased by 0.6% to 17.7%. For partial - debt hybrid funds, the pure - bond, convertible bond, and stock positions decreased by 1.6%, 1.8%, and 2.4% to 78.7%, 6.0%, and 19.8% respectively [23]. 3.3.2 Bond Variety Allocation - In Q1 2025, most bond - type funds reduced their allocations of policy - financial bonds and inter - bank certificates of deposit. All types of pure - bond funds increased their allocations of short - term financing bonds and reduced their allocations of policy - financial bonds, commercial - financial bonds, medium - term notes, and inter - bank certificates of deposit [29]. - For debt - containing funds, the average credit - bond positions of ordinary bond funds and partial - debt hybrid funds decreased. The average convertible - bond positions of all types of debt - containing funds decreased. Ordinary bond funds significantly reduced their holdings of medium - term notes and convertible bonds, and partial - debt hybrid funds significantly reduced their holdings of policy - financial bonds and convertible bonds [29].

Monetary Policy Actions - The central bank has implemented a 50 basis points (BP) reserve requirement ratio (RRR) cut, releasing approximately 1 trillion yuan in long-term liquidity, reducing the average RRR from 6.6% to 6.2%[4] - The central bank has lowered the 7-day reverse repurchase rate by 10 BP, with expectations for subsequent reductions in the Loan Prime Rate (LPR) and deposit rates[4] - Structural monetary policy tools' rates and personal housing provident fund loan rates have been reduced by 25 BP, potentially saving banks 15-20 billion yuan annually and reducing residents' provident fund loan interest payments by over 20 billion yuan[4] Support for Key Sectors - The central bank has increased the re-lending quotas for agricultural and small business support by 300 billion yuan each, and established a 500 billion yuan re-lending quota for service consumption and elderly care sectors[4] - New financial policies aim to stabilize the real estate market by improving financing systems for real estate development and personal housing loans[5] - The China Securities Regulatory Commission (CSRC) is promoting long-term capital market investments and enhancing support for companies affected by tariffs, including optimizing regulatory arrangements for equity pledges and refinancing[8] Risk Considerations - There are concerns that U.S. tariff actions may elevate inflation expectations and increase the probability of an economic recession in the U.S.[9] - Domestic growth stabilization policies may fall short of expectations, posing risks to market stability[9]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a historical high in revenue of 3.27 billion yuan in 2024, representing a year-on-year growth of 11.10%, and a net profit of 517 million yuan, up 27.10% year-on-year [2] - The semiconductor photoresist business saw significant growth, with revenue reaching 303 million yuan, a year-on-year increase of 50.43% [3] - The company is focusing on enhancing product competitiveness through self-developed resins for photoresists, which are now commercially viable [4] - The company anticipates continued growth in the photoresist market driven by AI trends and domestic substitution [9] Summary by Sections Financial Performance - In 2024, the company reported revenue of 3.27 billion yuan, a growth of 11.10% year-on-year, and a net profit of 517 million yuan, reflecting a 27.10% increase [2] - For Q1 2025, revenue was 856 million yuan, up 9.41% year-on-year, with a net profit of 160 million yuan, a growth of 10.92% [2] Business Segments - The electronic materials segment generated revenue of 745 million yuan in 2024, a growth of 34.43%, accounting for over 20% of total revenue [3] - The semiconductor photoresist business achieved revenue of 303 million yuan, with I-line and KrF photoresists growing by 61% and 69% respectively [3] - The display materials segment, through its subsidiary, generated 330 million yuan, with a market share of approximately 27.1% [3] - The CMP polishing pad business is set to enter trial production by the end of 2024, which is expected to provide new growth opportunities [3] Product Development - The company is focusing on photoresist resin development, with several products already in mass production [4] - The automotive industry is driving demand for traditional rubber additives, with revenue from specialty rubber additives reaching 2.442 billion yuan, a growth of 7.10% [4] Profitability - The company's gross margin improved to 24.84% in 2024, an increase of 1.16 percentage points from 2023, with the electronic materials segment achieving a gross margin of 29.8% [4] - Future profitability is expected to improve further as the proportion of high-end electronic materials increases [4] Future Projections - Revenue projections for 2025-2027 are 3.615 billion yuan, 4.271 billion yuan, and 5.234 billion yuan, with year-on-year growth rates of 10.56%, 18.14%, and 22.53% respectively [9] - Net profit projections for the same period are 571 million yuan, 698 million yuan, and 902 million yuan, with growth rates of 10.43%, 22.28%, and 29.26% respectively [9]

Investment Rating - The industry investment rating is "Overweight" [4] Core Viewpoints - The AI large models are continuously being updated, with significant advancements in computational efficiency and performance [2] - Major tech companies are increasing their investments in AI infrastructure, indicating a strong growth trajectory for the AI sector [3][7] Summary by Sections Market Review - During the week of April 28 to May 2, the Shanghai Composite Index fell by 0.49%, while the computer sector index rose by 2.47%, outperforming the Shanghai Composite by 2.95 percentage points [1] Weekly Insights - Alibaba launched the Qwen3 series models, which include various configurations with significant performance improvements and lower costs compared to leading global models [2] - DeepSeek released the DeepSeek-Prover-V2-671B model, featuring advanced architecture and efficiency enhancements [2] - Xiaomi introduced its first large model, Xiaomi MiMo, which surpassed larger models from OpenAI and Alibaba in specific benchmarks [2] Financial Performance of Major Tech Companies - Microsoft reported a total revenue of $70.066 billion for Q3 FY2025, a 13.3% year-on-year increase, with AI services contributing significantly to Azure's growth [3] - Amazon's Q1 FY2025 net sales reached $155.7 billion, a 9% increase, with substantial capital expenditures aimed at supporting AI service demands [7] - Meta's Q1 FY2025 revenue was $42.314 billion, a 16% increase, with a strong focus on AI and data center investments [7] - Alphabet's Q1 FY2025 revenue was $90.23 billion, a 12% increase, with significant capital expenditures for technology infrastructure [7] Investment Recommendations - Suggested companies to focus on include: - AIDC: Runjian Co., Kehua Data, Data Port, Hongxin Electronics, Huafeng Technology, Taijia Co., Shenling Environment [8] - All-in-one machines: iFLYTEK, Deepin Technology, Digital China, Softcom Power, Cloudwalk Technology, Xiechuang Data, New Wisdom Software [8] - State-owned cloud: Operators, Shensanda, Taiji Co., Yihualu, Yunsai Zhili, Digital Government, Guangdian Yuntong [8] - AI applications: Jinqiao Information, Bosi Software, Fanwei Network, Dingjie Zhizhi, Xinghuan Technology, Tonghuashun, Meiansen [8]

[Table_Rating] 增持（维持） able_Summary] [Table_Summary ◼ 市场回顾 ] [行业Table_Industry] : 计算机 日期: shzqdatemark [Table_Author] 分析师: 章锋 E-mail: zhangfeng@shzq.com SAC 编号: S0870525030002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 [Table_ReportInfo] 相关报告： 《巨头积极拥抱 MCP，大模型仍在持续迭 代》 ——2025 年 04 月 20 日 《重视科技内需方向，看好自主可控主 线》 ——2025 年 04 月 13 日 《智谱发布"AutoGLM 沉思"，端侧 AI 催 化密集》 ——2025 年 04 月 06 日 -19% -10% 0% 10% 19% 29% 38% 48% 57% 04/24 07/24 09/24 11/24 02/25 04/25 计算机 沪深300 2025年04月27日 《AI 大模型持续更新，算力需求维持高景 气》 ——2025 年 03 月 31 日 《洲际量子 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report emphasizes the acceleration of domestic substitution and investment opportunities in blood products [3] - The implementation of the "Pharmaceutical Industry Digital Transformation Plan (2025-2030)" aims to enhance the efficiency of drug research and development through artificial intelligence and digital technologies [4][6] - The report suggests focusing on companies such as China Resources Sanjiu, Tasly, and Kangyuan Pharmaceutical due to their potential benefits from the digital transformation in the pharmaceutical industry [6] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry is currently experiencing a digital transformation, with significant government support and initiatives aimed at modernizing the sector [4][5] Digital Transformation Plan - The plan outlines goals for 2027, including the development of over 100 high-performance products in smart pharmaceutical equipment and the establishment of more than 100 exemplary digital pharmaceutical factories [4] - It also aims to create a comprehensive digital service system to support the transformation of the pharmaceutical industry [4] Investment Opportunities - The report highlights the potential for improved drug development efficiency through AI-assisted drug target discovery and virtual screening of compounds [6] - The focus on traditional Chinese medicine (TCM) is also noted, with the establishment of a traceable data platform for the entire TCM industry chain [5]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company reported a total revenue of 5.245 billion yuan for 2024, representing a year-on-year increase of 21.22%. The net profit attributable to shareholders was 625 million yuan, up 45.68% year-on-year [5] - The company has seen significant growth in its proprietary brand business, achieving revenue of 3.545 billion yuan in 2024, a year-on-year increase of 29.14% [6] - The direct sales channel has been optimized, with online revenue reaching 1.969 billion yuan in 2024, a growth of 59.33% year-on-year, accounting for 37.72% of the main business revenue [7] - The company's gross margin and net margin improved by 5.43 and 2.01 percentage points to 42.27% and 11.96%, respectively, in 2024 [8] - The company is expected to benefit from the growing pet economy, with projected revenues of 6.470 billion yuan, 7.770 billion yuan, and 9.370 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 23.36%, 20.09%, and 20.59% [9][10] Summary by Sections Company Overview - The company operates in the agriculture, forestry, animal husbandry, and fishery industry [1] Financial Performance - The latest closing price is 98.73 yuan, with a market capitalization of 17.675 billion yuan [2] - The total share capital is 400.04 million shares, with 44.75% being tradable A-shares [2] Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.480 billion yuan, a year-on-year increase of 34.82%, and a net profit of 204 million yuan, up 37.68% year-on-year [5] - The company’s main grain and snack revenue reached 2.690 billion yuan and 2.484 billion yuan, respectively, with year-on-year growth of 28.88% and 14.66% [6] Market Position and Growth Potential - The company is positioned as a leader in the domestic pet food market, with expectations for further market share growth as the industry expands [9] - The company has been recognized for its brand strength, ranking first in Tmall's comprehensive ranking for five consecutive years [6] Future Projections - The company forecasts a net profit of 905 million yuan for 2025, with a year-on-year growth rate of 44.83% [10] - The projected earnings per share for 2025 is 2.26 yuan, with a price-to-earnings ratio of 43.65 [12]

Issuance Market - The current issuance includes the Huatai Suzhou Hengtai Rental Housing REIT with an expected scale of 1.367 billion yuan, and there are no new approved projects this period [1][6] - In 2025, six REITs have been issued, maintaining the same number as last year, with a total issuance scale of 10 billion yuan, which is a 35% decrease compared to the same period last year [1][6] Secondary Market - The Southern SF Logistics REIT was listed on April 21, with a first-day increase of 13.53%, lower than other REITs issued this year [2][12] - The REITs market currently has 65 products, with a total scale exceeding 191.2 billion yuan, and the market overall rose by 0.22%, significantly outperforming major stock indices [2][12] - Year-to-date, the REITs market has increased by 12.18%, leading the stock indices, with property REITs performing better than operating rights REITs [2][14] Dividend Situation - This period, nine REITs distributed dividends totaling over 618 million yuan, with a total dividend of 2.249 billion yuan in 2025, yielding 1.39%, which is higher than major stock indices [3][26] - The dividend yield for property REITs is 1.02%, lower than operating rights REITs but higher than the CSI Dividend Index [3][26] Investment Value Analysis - The latest valuation for all property REITs (P/Distributable Amount) is 26.45, which is significantly higher than the CSI 300 and CSI Dividend Index, but lower than the CSI 500 [4][32] - The valuation for storage logistics REITs is relatively low, while affordable housing REITs have a higher valuation [4][32] - The internal rate of return for clean energy REITs is the highest among operating rights REITs, followed by ecological environmental REITs, with toll road REITs having the lowest [4][36]

Market Overview - In March 2025, domestic stock market indices experienced declines, with the CSI 500 showing a minor drop of -0.04% and the Sci-Tech 50 suffering a larger decline of -5.20%. Year-to-date, the CSI 1000 performed well with a gain of +4.51%, while the ChiNext index lagged with a decrease of -1.77% [2][6]. - In terms of market style, large-cap stocks outperformed small-cap stocks in March, and value stocks outperformed growth stocks. The ChiNext small-cap index rose by 4.04%, while the ChiNext large-cap index fell by 1.34%. The National Growth Index increased by 0.46%, whereas the National Value Index decreased by 1.15% [2][6]. - Among industries, the best-performing sectors in March were non-ferrous metals (+7.46%), home appliances (+4.48%), and coal (+3.25%). Conversely, the worst performers were computers (-5.61%), real estate (-4.58%), and electronics (-4.35%) [2][6]. - The bond market saw the China Bond Corporate Bond Total Wealth Index rise by +0.37%, while the China Bond Government Bond Total Wealth Index fell by -0.51%. Year-to-date, corporate bonds outperformed government bonds with returns of +0.29% versus -0.90% [2][6]. - In the commodity market, major domestic commodity indices showed mixed results in March, with the Nanhua Gold Index increasing by 8.33% and the Nanhua Energy Chemical Index decreasing by 3.12%. Year-to-date, the Nanhua Gold Index had the highest gain of +17.64%, while the Nanhua Energy Chemical Index had the largest drop of -3.43% [2][6]. ETF Strategy Performance - As of March 31, 2025, the style rotation strategy showed a cumulative return of +18.98% over the past three years, ranking 69 out of 709 in the category of ordinary equity funds. The valuation-selected ETF strategy had a cumulative return of +23.53%, ranking 45 out of 712. The global allocation strategy achieved a cumulative return of +33.32%, ranking 25 out of 712 [3][10]. - The 28-rotation strategy had a cumulative return of +23.61% over the past three years, ranking 77 out of 2427 in the category of equity hybrid funds. The multi-strategy combination achieved a cumulative return of +22.84%, ranking 84 out of 2427. The short-term reversal strategy had a cumulative return of +5.64%, ranking 314 out of 2427. The asset rotation strategy achieved a cumulative return of +35.26%, ranking 30 out of 2427 [3][10]. - The dynamic duration strategy showed a one-year cumulative return of +5.59%, ranking 70 out of 1280 in the category of long-term pure bond funds [3][10]. ETF Strategy Summary - The style rotation strategy is designed to switch between large and small-cap stocks and value and growth styles based on market performance, aiming for long-term stable returns while controlling drawdowns [11][12]. - The 28-rotation strategy focuses on switching between large and small-cap stocks, aiming to avoid market risks during downturns while achieving stable long-term returns [18][19]. - The valuation-selected ETF strategy employs a reverse investment approach based on valuation metrics, aiming for long-term stable returns while controlling drawdowns [26][27]. - The global allocation strategy utilizes a risk parity approach for global equity asset allocation, aiming for balanced risk contributions from different assets [34][35]. - The macro rotation strategies (conservative, neutral, aggressive) are designed based on macroeconomic data, adjusting asset allocations according to different economic cycles [42][49][56].