Investment Rating - The investment rating for Ping An Insurance (601318) is "Buy" (maintained) [1][2] Core Views - On June 4, Ping An announced plans to issue HKD 11.765 billion in H-share convertible bonds to support capital needs and strategic development in healthcare and elderly care [2] - The issuance of convertible bonds is expected to enhance the group's capital strength at a lower cost, optimizing the capital structure and supporting business development [7] - The report maintains previous profit forecasts, expecting net profit attributable to shareholders to be CNY 135.2 billion, CNY 154.4 billion, and CNY 177.0 billion for 2025, 2026, and 2027 respectively [7] Financial Forecasts - Total revenue forecast for 2023 is CNY 913.789 billion, with a year-on-year growth of 3.8% [1] - Net profit attributable to shareholders for 2023 is projected at CNY 85.665 billion, reflecting a year-on-year decline of 22.8% [1] - Earnings per share (EPS) for 2023 is estimated at CNY 4.70, with a projected increase to CNY 6.95 in 2024 [9] - The price-to-earnings (P/E) ratio for 2025 is expected to be 7.25, indicating a relatively low valuation [9] Market Data - The closing price of Ping An is CNY 53.85, with a market capitalization of CNY 980.621 billion [5] - The price-to-book (P/B) ratio is currently at 1.04, suggesting the stock is trading at a slight premium to its book value [5] - The one-year price range for the stock is between CNY 40.22 and CNY 62.80 [5] Capital Adequacy - As of Q1 2025, the core solvency ratio for Ping An Life is 163.7%, and the comprehensive solvency ratio is 227.9%, showing significant improvement [7] - The company plans to increase its capital by CNY 20 billion, which is expected to further enhance its capital adequacy [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company announced on June 4 that it plans to issue HKD 11.765 billion in H-share convertible bonds to support its capital needs and strategic development in healthcare and elderly care [2][7] - The issuance of the convertible bonds is expected to enhance the company's capital strength at a lower cost, following a previous USD 3.5 billion convertible bond issuance completed in July 2024 [7] - The company's solvency ratios have improved significantly, with core and comprehensive solvency ratios at 163.7% and 227.9% respectively as of Q1 2025, reflecting a 47 percentage point and 39 percentage point increase from the beginning of the year [7] Financial Forecasts - Total revenue is projected to reach CNY 1,028,925 million in 2024, with a year-on-year growth of 12.6% [7] - The net profit attributable to shareholders is expected to rebound to CNY 126,607 million in 2024, representing a 47.8% increase year-on-year [7] - The estimated earnings per share (EPS) for 2025 is CNY 7.42, with a projected price-to-earnings (P/E) ratio of 7.25 [9] - The company's price-to-embedded value (PEV) is forecasted to be 0.65x in 2025, indicating it is still undervalued [7][9] Market Data - The closing price of the company's stock is CNY 53.85, with a market capitalization of CNY 980,621.13 million [5] - The company has a price-to-book (P/B) ratio of 1.04 and a net asset value per share of CNY 51.60 [5][6] Capital Structure - The convertible bonds will be zero-coupon bonds maturing in 2030, with an initial conversion price of HKD 55.02, representing an 18.45% premium over the closing price on June 3 [7] - The issuance will utilize 28.7% of the general authorization limit approved by the shareholders [7]

证券研究报告·金融工程·金工定期报告 金工定期报告 20250604 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 庞格致 执业证书：S0600524090003 panggz@dwzq.com.cn 研究助理 刘静恒 预期高股息组合跟踪-20250530 2025 年 06 月 04 日 [Table_Tag] [Table_Summary] 投资要点 ◼ 2025 年 6 月组合最新持仓明细： 序号 股票代码 股票简称 申万一级行业 建仓日期 权重 1 601668.SH 中国建筑 建筑装饰 2025/6/3 3.33% 2 601328.SH 交通银行 银行 2025/6/3 3.33% 3 000708.SZ 中信特钢 钢铁 2025/6/3 3.33% 4 603833.SH 欧派家居 轻工制造 2025/6/3 3.33% 5 000651.SZ 格力电器 家用电器 2025/6/3 3.33% 6 000157.SZ 中联重科 机械设备 2025/6/3 3.33% 7 600039.SH 四川路桥 建筑装饰 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of $44.06 billion for FY2026 Q1, representing a year-on-year increase of 69.2% and a quarter-on-quarter increase of 12.0% [2] - Non-GAAP net profit for the same period was $19.89 billion, up 30.6% year-on-year but down 9.8% quarter-on-quarter [2] - The Non-GAAP gross margin was 61.0%, which, after excluding the impact of H20, adjusted to 71.3%, showing a decrease of 7.6 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [2] Revenue and Profitability - The data center business achieved revenue of $39.11 billion in FY2026 Q1, a year-on-year increase of 73.3% and a quarter-on-quarter increase of 9.9% [3] - The computing/network business revenue was $34.16 billion, up 76.1% year-on-year, while the networking business revenue was $4.96 billion, up 56.3% year-on-year [3] - The company expects FY2026 Q2 revenue to be around $45 billion, with a year-on-year growth of 49.8% and a quarter-on-quarter growth of 2.1% [4] Product Development and Market Position - The company launched several new products in the gaming and professional visualization sectors, including the NVIDIA GeForce RTX 5060/5070 graphics cards [5] - The professional visualization segment saw revenue of $5.1 billion, a year-on-year increase of 19.2% [5] - The automotive business reported revenue of $5.7 billion, up 72.3% year-on-year, with a partnership established with General Motors to develop next-generation vehicles and systems [5] Financial Forecasts - The company forecasts total revenue for FY2026 to be $205.53 billion, with a year-on-year growth of 57.5% [1] - The projected net profit for FY2026 is $104.84 billion, reflecting a year-on-year increase of 43.85% [1] - The earnings per share (EPS) is expected to reach $4.30 in FY2026, with a P/E ratio of 31.97 based on the latest diluted earnings [1]

证券研究报告·金融工程·金工定期报告 金工定期报告 20250604 "日与夜的殊途同归"新动量因子绩效月报 20250530 [Table_Tag] [Table_Summary] 报告要点 2025 年 06 月 04 日 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 庞格致 执业证书：S0600524090003 panggz@dwzq.com.cn 相关研究 《"日与夜的殊途同归"新动量因子绩 效月报 20250430》 2025-05-06 《成交量对动量因子的修正：日与夜 之殊途同归》 2022-08-17 东吴证券研究所 1 / 6 请务必阅读正文之后的免责声明部分 ◼ "日与夜的殊途同归"新动量因子多空对冲绩效（全市场）：2014 年 2 月至 2025 年 5 月，"日与夜的殊途同归"新动量因子在全体 A 股（剔 除北交所股票）中，10 分组多空对冲的年化收益率为 18.37%，年化波 动率为 8.79%，信息比率为 2.09，月度胜率为 77.94%，月度最大回撤率 为 9.07%。 ◼ 5 月份"日与 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of $44.06 billion for FY2026 Q1, representing a year-on-year increase of 69.2% and a quarter-on-quarter increase of 12.0% [2] - Non-GAAP net profit for the same period was $19.89 billion, up 30.6% year-on-year but down 9.8% quarter-on-quarter [2] - The company expects to achieve revenue of approximately $45 billion in FY2026 Q2, with a year-on-year growth of 49.8% [4] Summary by Sections Financial Performance - FY2026 Q1 total revenue was $44.06 billion, with a year-on-year growth of 69.2% and a quarter-on-quarter growth of 12.0% [2] - Non-GAAP gross margin was 61.0%, and after excluding the impact of H20, the gross margin was 71.3%, showing a decrease of 7.6 percentage points year-on-year [2] - The data center business achieved revenue of $39.11 billion in FY2026 Q1, with a year-on-year increase of 73.3% [3] Product and Market Developments - The company launched several new products in the gaming and professional visualization sectors, including NVIDIA GeForce RTX 5060/5070 graphics cards [5] - The Blackwell architecture contributed nearly 70% of the data center revenue, driven by increased demand for inference capabilities [3] - The company is optimistic about revenue recovery in FY2026 Q2, despite the ongoing impact of H20 restrictions [4] Future Outlook - The company anticipates that the H20 restrictions will continue to affect revenue by approximately $8 billion in Q2, but mid-term shipment growth remains optimistic [4] - The company plans to achieve a gross margin of around 75% by the end of the year [4] - The forecast for FY2026 total revenue is $205.53 billion, with a year-on-year growth of 57.5% [1]

证券研究报告·金融工程·金工定期报告 金工定期报告 20250604 "重拾自信2.0"RCP因子绩效月报20250530 2025 年 06 月 04 日 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 庞格致 执业证书：S0600524090003 panggz@dwzq.com.cn 2025-05-06 《重拾自信选股因子 2.0——从过度 自信到重拾自信》 2022-09-15 东吴证券研究所 1 / 6 请务必阅读正文之后的免责声明部分 ◼ "重拾自信 2.0"RCP 因子多空对冲绩效（全市场）：2014 年 2 月至 2025 年 5 月，"重拾自信 2.0"RCP 因子在全体 A 股（剔除北交所股票） 中，10 分组多空对冲的年化收益为 18.68%，年化波动为 7.69%，信息 比率为 2.43，月度胜率为 78.68%，月度最大回撤为 5.89%。 ◼ 5 月份"重拾自信 2.0"RCP 因子收益统计：在全体 A 股（剔除北交所 股票）中， ...

Group 1: Macro Strategy Insights - The report indicates that exchange rates and non-tariff barriers may become more critical tools in trade conflicts, potentially replacing tariffs [1][17] - Domestic foreign trade enterprises anticipate that the US-China trade negotiations may face significant challenges, requiring ongoing risk management for exports to the US [1][17] - If tariffs fail to achieve their intended competitive goals, the US government may resort to non-tariff barriers and currency manipulation, drawing parallels to historical trade competition phases [1][17] Group 2: Fixed Income Market Overview - The structured financing market for local government financing vehicles (LGFVs) is under scrutiny, with ABS being a potential solution to alleviate financing pressures amid tightening regulations [3][4] - The development of the LGFV ABS market has evolved through several phases, influenced heavily by policy changes and market conditions [4] Group 3: Company-Specific Insights - XianDao Intelligent (先导智能) is positioned to benefit from the global electric vehicle trend, with expected net profits of 10.57 billion, 17.02 billion, and 22.28 billion from 2025 to 2027, corresponding to dynamic PEs of 41, 19, and 15 times [8][9] - Mercury Home Textiles (水星家纺) is expected to see significant growth in its memory pillow segment, with sales projected to rise from 1.14 million to 6.44 million by 2027, and net profits adjusted to 3.99 billion and 4.48 billion for 2025 and 2026 [9] - Hanlan Environment (瀚蓝环境) has completed the acquisition of Yuefeng, enhancing its growth potential and cash flow, with net profit forecasts of 18.60 billion, 21.17 billion, and 22.14 billion for 2025 to 2027 [10] - Maiwei Co., Ltd. (迈为股份) plans to raise nearly 20 billion through convertible bonds for its perovskite tandem solar cell project, with expected annual revenue of 40 billion post-completion [11][12] - Ideal Auto (理想汽车) has adjusted its revenue forecasts for 2025-2027, now expecting 1436 billion, 2233 billion, and 2362 billion, with net profits of 82 billion, 137 billion, and 154 billion [13] - Keda Li (科达利) is projected to achieve net profits of 18.8 billion, 23.2 billion, and 27.9 billion from 2025 to 2027, benefiting from its strong market position in structural components [14] - Jiechang Drive (捷昌驱动) is expanding into the robotics sector, with net profit forecasts of 3.92 billion, 4.97 billion, and 6.40 billion for 2025 to 2027, driven by growth in various downstream markets [15][16]

增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 04 日 证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 林清轩正式递表港交所，国产高端护肤开启 资本化新篇章 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 商贸零售 沪深300 相关研究 《酒店集团业 ...

房地产行业跟踪周报 新房成交面积环比改善，二手房成交同比持续 正增 增持（维持） 2025 年 06 月 03 日 证券研究报告·行业跟踪周报·房地产 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 2024/6/3 2024/10/2 2025/1/31 2025/6/1 房地产 沪深300 相关研究 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 《"三问物业行业"系列报告之三—— 不谋长远者，无以图当下》 2025-05-23 东吴证券研究所 1 / 17 | 图 | 1： | 全国 | 36 城商品住宅成交面积及同环比 6 | | --- | --- | --- | --- | | 图 | 2： | 4 | 座一线城市新房成交面积及同环比（北京、上海、广州、深圳） 6 | | 图 | 3： | 5 | 座新一线城市新房成交面积及同环比（杭州、武汉、成都、青岛、苏州） 6 | | 图 | 4： | 6 | 座二线城市新房成交面积及同环 ...