Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - In May 2025, China's exports showed resilience with a year-on-year increase of 4.8%, while imports decreased by 3.4% [3][9] - Non-US exports demonstrated strong performance, supporting overall export growth despite a significant decline in exports to the US, which fell by 9.7% year-on-year [10][11] - Yiwu Small Commodity City is highlighted as a crucial hub for non-US exports, with a total import and export volume of 668.9 billion yuan in 2024, reflecting an 18.2% year-on-year increase [11][12] - The strategic importance of Yiwu is emphasized, particularly in the context of the Belt and Road Initiative, where it serves as a key trade hub for developing countries [11] Summary by Sections Weekly Industry Perspective - The report discusses the May 2025 import and export data released by the General Administration of Customs, noting a 4.8% increase in exports and a 3.4% decrease in imports [9] - It highlights the significant decline in US exports and the robust performance of non-US exports, which includes increases of 6.4% to the EU, 12.2% to ASEAN, and 18.9% to Africa [10] Market Review - For the week of June 9 to June 15, the Shenwan retail index decreased by 1.49%, while the overall market indices showed mixed results [13][16] - Year-to-date performance indicates a 7.67% increase in the Shenwan retail index [17] Company Valuation Table - The report includes a valuation table for various companies within the retail sector, with several companies rated as "Buy" based on their projected earnings and market performance [19][21]

证券研究报告 汽车周观点： 6月第1周乘用车环比-22.6%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年6月16日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.6.9-2025.6.15 2 ➢本周复盘总结：六月第一周交强险35.5万辆，环比上周/上月周度-22.6%/-14.8%。 ◼ 本周细分板块涨跌幅排序:SＷ商用载货车(+10.7%) >SW摩托车及其他(+2.0%) >SW 商用载客车(+0.4%) > SW汽车（-0.8%）>SW汽车零部件(-1.6%)> SW乘用车(+2.0 %) 。本周已覆盖标的江淮汽车、春风动力、威迈斯、上汽集团、中国重汽涨幅前五。 （ ◼ 本周团队研究成果：外发AI+汽车智能化系列之十二——理想汽车核心竞争力剖析、精 锻科技、隆鑫通用、福耀玻璃专题第六篇深度。 ◼ 本周行业核心变化：1）多家车企将供应商支付账期调整至60天以内；2）地方补贴暂 停，目前基于我们统计大概补贴受影响城市占总体汽车销量比例低于10%；3）小鹏G 7亮相， ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Viewpoints - The company, originally focused on canned fruits, has successfully expanded into the coconut juice market, which now accounts for over 50% of its revenue. Despite facing short-term pressure from raw material cost fluctuations in 2024, there are positive signals from Q4 improvements and new product iterations [8][14]. - The company benefits from the increasing concentration in the canned fruit industry and the expansion of the coconut beverage market, with a strategic focus on customized product development and enhanced channel management under new leadership [8][14]. Summary by Sections Company Overview - The company was founded in 2001 and has established a strong market presence in canned fruits and coconut juice, achieving significant sales in both categories [15][16]. - The company has undergone three developmental phases: initial focus on canned products, expansion into coconut juice, and diversification into a broader product range and channel strategies [16][17]. Industry Analysis - The canned fruit market has seen fluctuations, with a decline from 115.7 billion yuan in 2017 to 81.8 billion yuan in 2021, but a recovery to 94.97 billion yuan in 2022 due to increased demand during the pandemic [8][66]. - The coconut beverage market is projected to grow significantly, with coconut water expected to reach nearly 9 billion yuan in 2024, growing at over 20% annually [8][14]. Strategic Initiatives - The company is focusing on product innovation, including healthier options and expanding its distribution channels, particularly in snack retail [8][14]. - A robust supply chain strategy is in place, integrating domestic production with Southeast Asian sourcing to mitigate raw material price volatility [8][14]. Financial Projections - Revenue is projected to be 18.6 billion yuan in 2025, with a slight increase of 0.4% year-on-year, and net profit expected to reach 1.5 billion yuan, reflecting a growth of 2.7% [1][8].

Macro Strategy - The report discusses the shift in policy focus from "controlling high prices" to "controlling low prices" to boost core CPI, suggesting that service price subsidies could increase core CPI by approximately 0.3 percentage points, offsetting declines in housing service prices [1][10][11] - Core CPI has shown a significant rebound since September of the previous year, despite four months of negative growth driven mainly by food and energy prices [10][11] - The report emphasizes the limited upward potential for core goods and housing service prices, indicating that future policy should focus on enhancing prices of other services [10][11] Industry Insights - The report highlights the new phase of controllable nuclear fusion as a potential ultimate energy solution, driven by policy and capital support, with multiple devices under construction [5][16][17] - It identifies key suppliers in the nuclear fusion sector, including West Superconducting, Lianchuang Optoelectronics, and Aikesaibo, suggesting that the industry is moving from experimental to industrial stages with significant future potential [5][16][17] - The report also discusses the trend towards lightweight robots, emphasizing the increasing application of magnesium alloys and PEEK materials, which are expected to enhance performance and reduce weight in humanoid robots [18]

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [1] Core Views - The non-ferrous metals sector experienced a weekly increase of 3.79%, ranking it lower among all primary industries. The sub-sectors saw significant gains, with new materials up 8.62%, precious metals up 6.13%, industrial metals up 3.34%, energy metals up 2.29%, and minor metals up 2.17% [1][13] - Geopolitical tensions in the Middle East are impacting market sentiment, particularly affecting industrial metals, while precious metals like gold are benefiting from a declining US dollar index and increased safe-haven demand due to these tensions [1][4] Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the non-ferrous metals sector rose by 3.79%, outperforming the index by 4.04 percentage points [13] - The non-ferrous metals sub-sectors all saw increases, with the new materials sector leading [13] Industrial Metals - Copper prices have declined due to weak supply and demand fundamentals, with LME copper at $9,648/ton, down 0.24% week-on-week, and SHFE copper at ¥78,010/ton, down 1.17% [2][31] - Aluminum prices increased, with LME aluminum at $2,503/ton, up 2.10%, and SHFE aluminum at ¥20,440/ton, up 1.84%. Low inventory levels and rising overseas oil prices are supporting aluminum prices [3][35] - Zinc prices fell, with LME zinc at $2,627/ton, down 1.35%, and SHFE zinc at ¥21,815/ton, down 2.55% [38] - Tin prices rose, with LME tin at $32,780/ton, up 1.63%, and SHFE tin at ¥263,690/ton, up 0.03% [41] Precious Metals - Gold prices surged, with COMEX gold at $3,452.60/oz, up 3.65%, and SHFE gold at ¥794.36/g, up 1.42%. The decline in the US dollar index and geopolitical tensions are driving this increase [4][44]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 固态电池产业化进展加快，特斯拉 Robotaxi 定档 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 15 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -13% -3% 7% 17% 27% 2024-6-14 2024-10-13 2025-2-11 2025-6-12 电力设备 沪深300 相关研究 《可控核聚变新阶段，迈向终极能源 第一步》 2025-06-13 ◼ 电气设备 6683 下跌 0.46%，表现弱于大盘。本周（6 月 9 日-6 月 13 日）核电涨 1.93%，风电涨 1.42%，发 电设备涨 0.76%，锂电池涨 0.66%，新能源汽车涨 0.6%，光伏涨 0 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 10.2 CNY per share based on a 25x PE for 2025 [4]. Core Views - The company is positioned as a leading player in the low-voltage electrical industry, focusing on the "Two Intelligence and One Innovation" strategy to drive transformation and growth. The operational efficiency is expected to improve with the commissioning of the Haiyan factory, and the company is well-prepared for the trends in the AIDC sector and the shift towards direct current (DC) products in data centers [4][16]. - The company anticipates a robust growth trajectory, with projected net profits of 459.2 million CNY, 601.7 million CNY, and 807.1 million CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 47%, 31%, and 34% [4][31]. Summary by Sections 1. Company Overview - The company has transitioned from a traditional low-voltage electrical manufacturer to a provider of intelligent distribution solutions, focusing on high-growth areas such as renewable energy and data centers [16]. - The revenue structure is evolving, with a significant portion expected from the AIDC sector and international markets, particularly in North America and Southeast Asia [18]. 2. Market Dynamics - The report highlights a steady recovery in infrastructure investment and a narrowing decline in real estate demand, with expectations of 20-30% growth in infrastructure-related revenue by 2025 [3]. - The company is leveraging its strengths in the renewable energy sector, with anticipated revenue growth of 20-30% in this area by 2025, driven by increasing demand for energy storage and wind power installations [10][31]. 3. Financial Projections - The company forecasts total revenue of 42.38 billion CNY for 2024, with a slight decline from the previous year, primarily due to weak demand in the real estate sector [31]. - The projected earnings per share (EPS) for 2025 is 0.41 CNY, with a corresponding PE ratio of 20.4 based on the current price [4]. 4. Competitive Landscape - The low-voltage electrical market is characterized by a fragmented domestic landscape, with the company holding a 5% market share, ranking fifth among domestic competitors [54]. - The report notes that the global low-voltage electrical market is dominated by foreign brands, but there is significant potential for domestic brands to expand their international presence [52]. 5. Strategic Initiatives - The company is committed to high R&D investment to support its transition to intelligent distribution solutions, with a focus on enhancing product offerings and market share in the AIDC and renewable energy sectors [31][28]. - The management team, with a strong technical background, is well-equipped to drive the company's strategic transformation and long-term growth [28].

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 发布新一期股权激励，彰显长期增长信心 2025 年 06 月 15 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,411 | 10,300 | 11,599 | 13,892 | 16,493 | | 同比（%） | 23.52 | (9.73) | 12.61 | 19.77 | 18.72 | | 归母净利润（百万元） | 1,974 | 1,262 | 1,587 | 2,139 | 2,654 | | 同比（%） | 19.21 | (36.08) | 25.75 | 34.82 | 24.07 | | EPS-最新摊薄（元/股） | 2.40 | 1.53 | 1.93 | 2.60 | 3.22 | | P/E（现价&最新摊薄） | 54.06 | 84.58 | 67.26 | 49.89 | 40.21 | [Table_ ...

固收周报 20250615 周观：债市窄幅震荡态势何时能够结束？ （2025 年第 23 期） [Table_Summary] [Table_Summary] 观点 2025 年 06 月 15 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 证券分析师 徐沐阳 证券研究报告·固定收益·固收周报 执业证书：S0600523060003 xumy@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《绿色债券周度数据跟踪（20250609- 20250613）》 2025-06-14 《 二 级 资 本 债 周 度 数 据 跟 踪 （20250609-20250613）》 2025-06-14 东吴证券研究所 1 / 41 请务必阅读正文之后的免责声明部分 [Table_Tag] 固收周报 内容目录 | 1. 一周观点… | | --- | | 2. 国内外数据汇 ...

Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, including price, profit, inventory, and production rate data for various segments such as refining, polyester, and chemical products, as well as performance data for major private refining and chemical companies [2][8]. Summary by Related Catalogs 1. Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance**: The oil and petrochemical index had a 3.5% increase in the past week, 5.0% in the past month, 5.2% in the past three months, and -3.6% in the past year. Among the companies, Rongheng Petrochemical, Hengli Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming had different performance in terms of stock price changes and profit forecasts [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) increased this week. The domestic refining project spread was 2503.1 yuan/ton, a decrease of 172.1 yuan/ton (-6.4%) compared to the previous week. The foreign refining project spread was 968.9 yuan/ton, a decrease of 93.8 yuan/ton (-8.8%) [8]. - **Polyester Sector**: PX, MEG, PTA, POY, FDY, DTY, and other product prices, spreads, inventories, and production rates showed various changes. For example, the PX price was 818.9 dollars/ton, a decrease of 13.3 dollars/ton, and the PX production rate was 86.4%, an increase of 1.4% [9]. - **Refining Sector**: In China, the prices of gasoline, diesel, and aviation kerosene increased. In the US, the gasoline price decreased, while diesel and aviation kerosene prices increased. In Europe and Singapore, the prices and spreads of various refined oil products also changed [9]. - **Chemical Sector**: The prices and spreads of products such as EVA photovoltaic materials, EVA foaming materials, LDPE, LLDPE, HDPE, and others showed different trends [9]. 2. Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index, the market performance of six private big refining companies, and the weekly spreads of domestic and foreign big refining projects [11][15][17]. - **2.2 Polyester Sector**: It includes data and trends on the prices, profits, inventories, and production rates of products in the polyester industry chain, such as crude oil, PX, PTA, MEG, POY, FDY, DTY, and downstream weaving [21][31][50]. - **2.3 Refining Sector**: It presents the price and spread relationships between crude oil and various refined oil products (gasoline, diesel, aviation kerosene) in different regions (China, the US, Europe, Singapore) [77][92][104]. - **2.4 Chemical Sector**: It shows the price and spread relationships between crude oil and various chemical products, such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, etc. [127][128][135].