Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Viewpoints - The domestic home textile industry is experiencing new development opportunities driven by the sleep economy, self-care consumption, and content platforms. The memory pillow category has shown significant market potential, indicating a large expansion space in the domestic home textile market. As a leading company, the report expects the company to further increase its market share through simultaneous efforts in research and marketing [3][54]. - The sales of the company's memory pillows are projected to increase significantly, from 114 million yuan in 2025 to 644 million yuan by 2027. The report has adjusted the net profit forecasts for 2025 and 2026 upwards, reflecting a positive outlook for the company's performance [3][54]. Summary by Sections 1. New Opportunities in the Home Textile Industry - Sleep issues are a significant health concern for the population, with a sleep disturbance rate of 48.5% among individuals aged 18 and above in China. This issue is primarily driven by self-recognition anxiety, work challenges, and health concerns [13][18]. - Self-care consumption is becoming a new trend in domestic consumption, with consumers increasingly willing to pay for emotional value and personal experiences [20][21]. - Content platforms like Douyin and Xiaohongshu are accelerating market education for bedding products, enhancing consumer awareness and stimulating potential demand [24][25]. 2. Market Potential of Memory Pillows - The memory pillow category is expected to drive market expansion, with the domestic pillow market estimated to reach approximately 250 billion yuan in 2024. The market for memory pillows could exceed 400 billion yuan by 2030, with a compound annual growth rate (CAGR) of 50% [43][49]. - The report highlights that leading brands in the home textile industry are increasingly focusing on the pillow category, with significant sales growth observed in this segment [42][43]. 3. Company Strategy and Market Position - The home textile market is characterized by low concentration, with the leading brands' market shares being 1.3% for the company, 1.1% for a competitor, and 0.9% for another. The report indicates a slight upward trend in the market share of leading companies [55][59]. - The company is focusing on both research and marketing to embrace new industry opportunities, with a strategy that includes launching new products and enhancing brand visibility [61][62]. - The company maintains a competitive price positioning among leading brands, which is expected to attract a broader consumer base during the market expansion phase [54][66].

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The construction materials sector is experiencing fluctuations at the bottom of the PMI range, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report highlights the potential for recovery in the home decoration materials sector, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The building materials sector has shown a slight increase of 0.18% in the past week, outperforming the CSI 300 and the Wind All A indices, which decreased by -1.08% and -0.02% respectively, resulting in excess returns of 1.26% and 0.20% [4] - The construction industry PMI has shown signs of improvement, indicating a potential recovery in new orders due to eased tariffs [4][16] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The national average price for high-standard cement is 367.8 RMB/ton, down by 3.0 RMB/ton from last week and 6.3 RMB/ton from the same period last year [20][21] - The average cement inventory among sample enterprises is 65.7%, with an average shipment rate of 47.8%, reflecting a slight increase in demand [25][19] - The report anticipates a stabilization or slight rebound in cement prices due to improved supply discipline among leading companies [12][19] 2.2 Glass Fiber - The report notes that the profitability of mid-range glass fiber remains resilient, with demand in domestic wind power and thermoplastics continuing to grow [13] - The industry is expected to see a gradual recovery in supply-demand balance, supported by the growth in high-end products [13] 2.3 Glass - The glass sector is facing weak terminal demand, with prices under pressure as the industry enters a seasonal downturn [14][15] - The report suggests monitoring production line adjustments to gauge future price recovery potential [14][15] 3. Industry Dynamics Tracking - The report emphasizes the importance of government policies aimed at stimulating domestic demand and stabilizing the real estate market, which are expected to positively impact the building materials sector [16] - The anticipated recovery in consumer confidence and the ongoing implementation of national subsidies are expected to drive demand for home decoration materials [16] 4. Weekly Market Review - The report provides a detailed analysis of price changes and inventory levels across various regions, indicating a mixed performance in the cement market with some areas experiencing price increases while others see declines [19][20][21]

证券研究报告·金融工程·金工定期报告 金工定期报告 20250603 从微观出发的风格轮动月度跟踪 202506 2025 年 06 月 03 日 [Table_Tag] [Table_Summary] 报告要点 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 《从微观出发的风格轮动月度 跟踪 202505》 2025-05-06 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 风格轮动模型简介：本模型从基础风格因子估值、市值、波动率、动量 出发，逐步构造风格择时+打分体系。首先基于 80 个基础微观指标，构 造 640 个微观特征。进一步通过常用指数作为风格股票池取代风格因子 的绝对比例划分，构造新的风格收益作为标签。使用随机森林模型对单 个风格进行择时，并得到每种风格的当期得分。根据择时结果与打分结 果，综合构造月频风格轮动模型。 ◼ 风格轮动策略绩效：以 2014/01/01-2025/05/31 为回测区间，基于微观的 择时+打分风格轮动策略年化收益率为 21.63%，年化波动率为 24.09%， 信息比率为 0.90，月 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

燃气Ⅱ行业跟踪周报 需求偏弱国内气价回落，储库推进欧洲气价 回落 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：经济增速不及预期、极端天气、国际局势变化、安全经营风险。 证券研究报告·行业跟踪周报·燃气Ⅱ 2025 年 06 月 03 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 燃气Ⅱ 沪深300 相关研究 《库存大幅增长美国气价回落，需求 偏弱国内气价回落，库存偏低欧洲气 价微增》 2025-05-26 《需求偏弱美国&国内气价回落，库 存同比偏低欧洲气价微增；对美 LNG 关税降至 25%》 2025-05-19 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 ◼ 价格跟踪：需求偏弱国内气价回落，储库推进欧洲 ...

Macro Strategy - The market is entering a rapid rotation phase, with a shift towards stable sectors as the trading volume and turnover rate decline, indicating a divergence in capital flow [1][10][11] - The current market structure shows a preference for large-cap value stocks over small-cap stocks, suggesting a transition from structural growth to rebalancing [1][10][11] - High dividend stocks with low relative valuations are expected to drive the next upward movement in the market [1][11] Fixed Income - The expected listing price range for Hengshuai Convertible Bonds is between 117.07 and 130.43 CNY, with a subscription rate of 0.0011% [2][15] - The bond has a general debt protection level and an estimated conversion premium of around 25% [2][15] Industry Insights - Junxin Co., Ltd. is a leading waste-to-energy company in Hunan, with a projected net profit growth of 39.8% in 2025, driven by acquisitions and new project contributions [3][4][17] - The company has a strong market position, with a 46.31% market share in Hunan's waste incineration sector and plans for international expansion [3][4][17] - The company is expected to maintain a high dividend payout ratio, with a projected net profit of 7.50 billion CNY in 2025 [3][4][17] Company Performance - Kuaishou's Q1 2025 revenue reached 32.61 billion CNY, a year-on-year increase of 10.9%, with adjusted net profit of 4.58 billion CNY [5][18] - The company is focusing on AI commercialization, with significant growth in its AI business contributing to overall revenue [5][18] - Xiaomi's Q1 2025 revenue was 111.29 billion CNY, a 47.4% year-on-year increase, with net profit growing by 64.5% [6][18] Consumer Trends - The aging population in China is expected to impact consumption patterns, with a shift towards healthcare and essential services [12][13] - Compared to Japan, China's aging process may lead to less severe impacts on overall consumption due to higher income growth and urbanization potential [12][13]

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20250602 人民币汇率：会否升破 7.1？ 2025 年 06 月 02 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 王洋 执业证书：S0600524120012 wangyang@dwzq.com.cn 相关研究 《市场进入快速轮动末期，行业风格 向稳定板块切换》 2025-05-30 《老龄化进程下的消费变迁和银发经 济》 2025-05-30 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：人民币汇率应防范"中间价调升→即期汇价跟涨→升值预期 强化→结汇资金推涨"的正反馈风险。由于美元指数持续走弱，人民币 金融资产配置需求升温，人民币汇率在 5 月跌破 7.20 之后渐渐形成"一 致性升值预期"，此时更加需要中间价保持"有收有放"的风格，既平缓 中间价的升值引导幅度，稳定预期和跨境资金流动，也渐进打开 USDCNY 向下的空间。短期来看，人民币中间价或逐步下移至 7.17-7.18 区间，引导人民 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - The construction PMI has shown improvement, particularly in civil engineering, indicating a recovery in project activity [5][10] - The report highlights the growth in overseas contracting, with a completed turnover of USD 47.11 billion in the first four months of 2025, a year-on-year increase of 6.8% [11] - The report emphasizes the structural demand in specific sectors such as water conservancy and cleanroom engineering, which are expected to remain robust [11] Summary by Sections Industry Trends - The construction PMI for May is reported at 51.0%, a decrease of 0.9 percentage points from the previous month, indicating a slowdown in expansion [21] - The civil engineering PMI increased to 62.3%, reflecting accelerated construction activity in infrastructure projects [21] - New order index rose to 43.3%, showing improved project expectations, while the employment index increased to 39.5%, indicating a bottoming out of employment conditions [21] Overseas Expansion - In the first four months of 2025, new contracts signed in Belt and Road countries reached USD 64.54 billion, a year-on-year increase of 17.4% [11] - The report suggests that geopolitical tensions may lead to increased cooperation in infrastructure projects, particularly in Europe and ASEAN regions [11] Investment Opportunities - The report identifies potential investment opportunities in specialized manufacturing sectors, energy-saving, and new energy-related infrastructure, recommending companies like Honglu Steel Structure and Huayang International [11] - The semiconductor cleanroom sector is expected to maintain its growth, with companies like Yaxiang Integration and Bocheng Co., Ltd. being highlighted [11] Market Performance - The construction and decoration sector saw a weekly increase of 1.12%, outperforming the Shanghai Composite Index, which decreased by 1.08% [27] - The report lists top-performing stocks, including Hopu Co., Ltd. and *ST Chuangxing, which showed significant gains [28]

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 建筑 PMI 有所改善，继续关注结构景气的 专业工程领域 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）出海方向：2025 年前 4 个月我国对外承包工程完成营业额 471.1 亿美元，同比增长 6.8%；新签合同额 765.9亿美元，同比增长 22.4%； 其中在共建"一带一路"国家新签合同额 645.4 亿美元，同比增长 17.4%；美国关税摩擦和全球贸易摩擦升级，后续外交博弈、贸易摩擦 或加剧，一带一路战略推进或加码，预期未来中欧合作、东盟地区合 作有望更加密切，基建合作仍是重要形式，海外工程需求景气度有望 保持，海外工程业务有望受益，后续预计逐渐兑现到订单和业绩层 面。建议关注国际工程板块，个股推荐中材国际、上海港湾，建议关 注中工国际、北方国际、中钢国际等。 （3）需求结构有亮点，新业务增量开拓下的投资机会：部分专业制造 工程细分领域、节能降碳以及新能源相关的基建细分领域景气度较 高，有相关转型布局的企业有望受益，建议关注鸿路钢构、华阳国际 等；半导体洁净室景气度有望延续，关注亚翔集成、柏诚股份等。 ...

证券研究报告·固定收益·固收周报 固收周报 20250602 周观：交易主线缺位，债市难逃脱震荡行情 （2025 年第 21 期） [Table_Tag] [Table_Summary] 观点 ◼ 关税政策反复，半年末时点临近，如何看到当前债券的配置价值？ A：本周（2025.5.26-2025.5.30），10 年期国债活跃券于 5 月 28 日切换， 考虑到连贯性，我们在此仍然以 250004.IB 作为 10 年期国债活跃券来 描述走势情况。10 年期国债活跃券收益率从上周五的 1.689%上行 1.2bp 至 1.701%。 2025 年 06 月 02 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 周度复盘：周一（5.26），特朗普早盘称将从 6 月 1 日起对进口自欧盟的 商品征收 50%关税，10 年期国债收益率震荡下行。随后欧盟紧急与特 朗普磋商，延期至 7 月 6 日，加之 250011.IB 将 ...