Quantitative Models and Construction Methods Model Name: Stability of the Growth Rate of Turnover Rate (GTR) - **Model Construction Idea**: The model identifies stocks with high turnover rate volatility but stable growth or decline in turnover rate, which may indicate potential future price increases[1][6]. - **Model Construction Process**: The GTR factor is constructed by analyzing the stability of the turnover rate's growth rate. This involves calculating the acceleration of turnover rate changes and incorporating the stability aspect to form the GTR factor[1][6]. - **Model Evaluation**: The GTR factor has a low correlation (less than 0.1) with other turnover rate factors and enhances the performance of the entire turnover rate factor series[6]. Model Name: TPS_Turbo - **Model Construction Idea**: The TPS_Turbo factor is derived by combining the GTR factor with Turn20 and STR using a pure enhancement method[6]. - **Model Construction Process**: The TPS_Turbo factor is created by applying the GTR factor to Turn20 and STR, enhancing their stock selection capabilities[6]. - **Model Evaluation**: The TPS_Turbo factor shows excellent stock selection ability[6]. Model Name: SPS_Turbo - **Model Construction Idea**: Similar to TPS_Turbo, the SPS_Turbo factor is derived by combining the GTR factor with Turn20 and STR using a pure enhancement method[6]. - **Model Construction Process**: The SPS_Turbo factor is created by applying the GTR factor to Turn20 and STR, enhancing their stock selection capabilities[6]. - **Model Evaluation**: The SPS_Turbo factor shows excellent stock selection ability[6]. Model Backtest Results Stability of the Growth Rate of Turnover Rate (GTR) - **Annualized Return**: 13.20%[7][11] - **Annualized Volatility**: 10.29%[7][11] - **Information Ratio (IR)**: 1.28[7][11] - **Monthly Win Rate**: 66.96%[7][11] - **Maximum Drawdown**: 10.81%[7][11] TPS_Turbo - **Annualized Return**: 36.20%[7][11] - **Annualized Volatility**: 13.27%[7][11] - **Information Ratio (IR)**: 2.73[7][11] - **Monthly Win Rate**: 78.26%[7][11] - **Maximum Drawdown**: 9.86%[7][11] SPS_Turbo - **Annualized Return**: 37.44%[7][11] - **Annualized Volatility**: 10.94%[7][11] - **Information Ratio (IR)**: 3.42[7][11] - **Monthly Win Rate**: 81.30%[7][11] - **Maximum Drawdown**: 7.22%[7][11] Quantitative Factors and Construction Methods Factor Name: Stability of the Growth Rate of Turnover Rate (GTR) - **Factor Construction Idea**: The factor identifies stocks with high turnover rate volatility but stable growth or decline in turnover rate, which may indicate potential future price increases[1][6]. - **Factor Construction Process**: The GTR factor is constructed by analyzing the stability of the turnover rate's growth rate. This involves calculating the acceleration of turnover rate changes and incorporating the stability aspect to form the GTR factor[1][6]. - **Factor Evaluation**: The GTR factor has a low correlation (less than 0.1) with other turnover rate factors and enhances the performance of the entire turnover rate factor series[6]. Factor Name: TPS_Turbo - **Factor Construction Idea**: The TPS_Turbo factor is derived by combining the GTR factor with Turn20 and STR using a pure enhancement method[6]. - **Factor Construction Process**: The TPS_Turbo factor is created by applying the GTR factor to Turn20 and STR, enhancing their stock selection capabilities[6]. - **Factor Evaluation**: The TPS_Turbo factor shows excellent stock selection ability[6]. Factor Name: SPS_Turbo - **Factor Construction Idea**: Similar to TPS_Turbo, the SPS_Turbo factor is derived by combining the GTR factor with Turn20 and STR using a pure enhancement method[6]. - **Factor Construction Process**: The SPS_Turbo factor is created by applying the GTR factor to Turn20 and STR, enhancing their stock selection capabilities[6]. - **Factor Evaluation**: The SPS_Turbo factor shows excellent stock selection ability[6]. Factor Backtest Results Stability of the Growth Rate of Turnover Rate (GTR) - **Annualized Return**: 13.20%[7][11] - **Annualized Volatility**: 10.29%[7][11] - **Information Ratio (IR)**: 1.28[7][11] - **Monthly Win Rate**: 66.96%[7][11] - **Maximum Drawdown**: 10.81%[7][11] TPS_Turbo - **Annualized Return**: 36.20%[7][11] - **Annualized Volatility**: 13.27%[7][11] - **Information Ratio (IR)**: 2.73[7][11] - **Monthly Win Rate**: 78.26%[7][11] - **Maximum Drawdown**: 9.86%[7][11] SPS_Turbo - **Annualized Return**: 37.44%[7][11] - **Annualized Volatility**: 10.94%[7][11] - **Information Ratio (IR)**: 3.42[7][11] - **Monthly Win Rate**: 81.30%[7][11] - **Maximum Drawdown**: 7.22%[7][11]

[Table_Tag] [Table_Summary] 事件 ◼ 2025 年 5 月 7 日，在国新办举行的"一揽子金融政策支持稳市场稳预 期"新闻发布会上，央行行长潘功胜宣布三大类共十项货币政策措施， 其中总量型政策包括降低存款准备金率 0.5 个百分点，以及下调政策利 率 0.1 个百分点。 观点 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券研究报告·固定收益·固收点评 固收点评 20250507 双降之后，债券市场怎么走？ 2025 年 05 月 07 日 证券分析师 徐沐阳 执业证书：S0600523060003 xumy@dwzq.com.cn 相关研究 《绿色债券周度数据跟踪（20250428- 20250502）》 2025-05-05 《二级资本债周度数据跟踪 （20250438-20250502）》 2025-05-05 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 ◼ 降准是货币与财政配合的重要手段：降准为银行提供了无期限的零成本 的资金，降准 50bp 可以为金融市场提供约 1 万亿元的流 ...

证券研究报告·宏观报告·宏观点评 宏观点评 20250507 "稳市场稳预期"政策发布提振资本市场信 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 潘京 执业证书：S0600524120011 panj@dwzq.com.cn 心 [Table_Tag] [Table_Summary] 事件 ◼ 5 月 7 日上午，中国人民银行、国家金融监督管理总局、中国证券监督 管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况 并答记者问。 观点 2025 年 05 月 07 日 证券分析师 芦哲 相关研究 《货币政策变局：如何理解"降准降 息"的逻辑》 2025-05-06 《特朗普 2.0 百日新政复盘及后市展 望》 2025-05-06 东吴证券研究所 1 / 3 请务必阅读正文之后的免责声明部分 ◼ 一季度数据显示经济整体呈现企稳回升态势，但内需压力仍存，在关税 影响下，外部环境不确定性增加，出口下行、企业利润实际受损的程度 仍然有待评估。为贯彻中央政治局会议精神，进一步实施好适度宽松的 货币政策，"一行一局一会"出台了全面、清晰、务实的一揽子金融支持 政策， ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance showed significant growth, with revenue reaching 489 million yuan, a year-on-year increase of 958.26%, and a net profit of 22 million yuan, up 334.14% year-on-year, exceeding market expectations [1] - The growth in performance is primarily attributed to the increase in computing power leasing business, which is expected to continue benefiting from the rising demand for AI infrastructure in 2025 [8] - The company has accumulated orders worth approximately 2.9 billion yuan, with a notable increase in advance payments, indicating strong future revenue potential [8] - The report highlights that 2025 is seen as a pivotal year for AI infrastructure in China, with major international companies increasing their capital expenditures, which will positively impact the domestic computing power leasing market [8] Financial Summary - For 2023, total revenue is projected at 770.61 million yuan, with a year-on-year growth of 3.26%. The net profit is expected to be 42.22 million yuan, down 33.08% year-on-year [1] - The company forecasts a significant revenue increase to 1.19 billion yuan in 2025, representing an 81.23% year-on-year growth, with net profit expected to reach 117.70 million yuan, a 255.49% increase [1] - The earnings per share (EPS) is projected to improve from -0.69 yuan in 2024 to 1.07 yuan in 2025, reflecting a strong recovery in profitability [1] - The company's total assets are estimated to be 2.83 billion yuan in 2025, with a debt-to-asset ratio of 53.74% [9]

证券研究报告·宏观报告·宏观点评 宏观点评 20250507 "稳市场稳预期"政策发布提振资本市场信 心 [Table_Tag] [Table_Summary] 事件 ◼ 5 月 7 日上午，中国人民银行、国家金融监督管理总局、中国证券监督 管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况 并答记者问。 观点 2025 年 05 月 07 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 潘京 执业证书：S0600524120011 panj@dwzq.com.cn 相关研究 ◼ 一季度数据显示经济整体呈现企稳回升态势，但内需压力仍存，在关税 影响下，外部环境不确定性增加，出口下行、企业利润实际受损的程度 仍然有待评估。为贯彻中央政治局会议精神，进一步实施好适度宽松的 货币政策，"一行一局一会"出台了全面、清晰、务实的一揽子金融支持 政策，以"稳市场、稳预期"为目标，释放出强烈的宏观调控信号。本 次会议发声既体现了中央对当前经济形势的精准把控，也展现出中央坚 定不移执行高质量发展目标的战略定力。 ◼ 央行分别就数量型、价格型和结构型工具 ...

证券研究报告·金融工程·金工定期报告 金工定期报告 20250507 估值异常因子绩效月报 20250430 2025 年 05 月 07 日 [Table_Tag] [Table_Summary] 报告要点 ◼ 估值偏离 EPD 因子多空对冲绩效（全市场）：2010 年 2 月至 2025 年 4 月，估值偏离 EPD 因子在全体 A 股（剔除北交所股票）中，5 分组多 空对冲的年化收益为 17.65%，年化波动为 10.02%，信息比率为 1.76， 月度胜率为 71.04%，月度最大回撤为 8.93%。 ◼ 缓慢偏离 EPDS 因子多空对冲绩效（全市场）：2010 年 2 月至 2025 年 4 月，缓慢偏离 EPDS 因子在全体 A 股（剔除北交所股票）中，5 分组 多空对冲的年化收益为 16.31%，年化波动为 5.73%，信息比率为 2.85， 月度胜率为 79.23%，月度最大回撤为 3.10%。 ◼ 估值异常 EPA 因子多空对冲绩效（全市场）：2010 年 2 月至 2025 年 4 月，估值异常 EPA 因子在全体 A 股（剔除北交所股票）中，5 分组多空 对冲的年化收益为 17.30%， ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q1 2025 was outstanding, with revenue reaching 489 million yuan, a year-on-year increase of 958.26%, and a net profit attributable to shareholders of 22 million yuan, up 334.14% year-on-year, exceeding market expectations [1] - The growth in revenue and profit is primarily attributed to the increase in computing power leasing business, which is expected to continue benefiting from the growing demand for AI infrastructure in 2025 [8] - The company has accumulated orders worth approximately 2.9 billion yuan, with a significant increase in advance payments, indicating strong future revenue potential [8] - The report highlights that 2025 is seen as a pivotal year for AI infrastructure in China, with major international companies increasing their capital expenditures, which will positively impact the domestic computing power leasing market [8] - The company's net profit forecasts for 2025 and 2026 have been raised to 118 million yuan and 309 million yuan, respectively, with an expected net profit of 412 million yuan in 2027 [8] Financial Summary - The total revenue forecast for 2025 is 1,192 million yuan, with a year-on-year growth rate of 81.23% [9] - The net profit attributable to shareholders is projected to be 117.7 million yuan in 2025, reflecting a growth rate of 255.49% [9] - The earnings per share (EPS) is expected to be 1.07 yuan in 2025, with a price-to-earnings (P/E) ratio of 79.70 based on the current price [9]

Macro Strategy - The focus of monetary policy adjustments, including "reserve requirement ratio cuts" and "interest rate cuts," is to stabilize economic growth and enhance domestic demand, expectations, and confidence [1] - The analysis of Trump's 2.0 policy indicates a combination of continuity from the 1.0 policy and a new political cycle, with tariffs and fiscal policies being the main sources of expectation differences [1] Overseas Market Overview - The overseas market data during the May Day holiday showed resilience in the US economy, with core GDP and non-farm payrolls exceeding expectations, leading to a delay in interest rate cut expectations to July [2] - The upcoming FOMC meeting is expected to maintain interest rates, with a CPI forecast of 2.4% providing conditions for potential rate cuts [2] Fixed Income Market - In the week of April 28 to May 2, seven green bonds were issued, totaling approximately 8.475 billion yuan, a decrease of 27.725 billion yuan from the previous week [4] - The secondary capital bonds issued during the same period totaled 50 billion yuan, with a trading volume of approximately 104.9 billion yuan, down 31.3 billion yuan from the previous week [5] Company Performance Insights - The company "老百姓" reported a revenue of 22.358 billion yuan in 2024, a decrease of 0.36% year-on-year, with a net profit of 519 million yuan, down 44.13% [8] - "同享科技" adjusted its profit forecast due to intense competition, expecting net profits of 33 million yuan, 52 million yuan, and 68 million yuan for 2025-2027, reflecting a year-on-year decline of 22% in 2025 [9] - "海南机场" is expected to benefit from the development of Hainan Free Trade Port, with revised net profit forecasts of 680 million yuan and 1.02 billion yuan for 2025 and 2026, respectively [9] - "益丰药房" achieved a revenue of 24.062 billion yuan in 2024, an increase of 6.53%, with a net profit of 1.529 billion yuan, up 8.26% [10] - "九安医疗" reported a revenue of 2.59 billion yuan in 2024, a decrease of 19.77%, but a net profit increase of 33.3% to 1.67 billion yuan [15] Industry Trends - The report on "科润智控" indicates a significant increase in transformer demand, with net profit forecasts for 2025-2027 adjusted to 84 million yuan, 123 million yuan, and 168 million yuan, reflecting a year-on-year growth of 97% in 2025 [17] - "海吉亚医疗" is expected to stabilize after a low point in 2024, with revised net profit forecasts of 666 million yuan and 782 million yuan for 2025 and 2026, respectively [18] - "中国电建" is projected to have net profits of 12.5 billion yuan and 13.2 billion yuan for 2025 and 2026, respectively, benefiting from infrastructure investments [20] - "中国中铁" reported a revenue decline in traditional infrastructure but saw growth in overseas orders, with net profit forecasts adjusted to 28 billion yuan for 2025 [22] - "微软" continues to show strong performance in cloud business, with net profit forecasts of 99.1 billion dollars for FY2025 [23]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leading player in the new energy thermal management sector, with non-automotive business entering a period of rapid growth [9]. - The company has a rich product matrix, including traditional automotive parts and new energy components, which solidifies its market leadership [15]. - The company is expected to achieve significant revenue and profit growth in the coming years, driven by its expansion into new energy and non-automotive sectors [9][15]. Summary by Sections 1. Leading in Thermal Management, New Energy Business Driving Record Performance - The company has over 60 years of experience in the automotive parts industry, transitioning to new energy sectors since 2016 [15]. - In 2024, the company is projected to achieve revenue of 4.723 billion yuan, a year-on-year increase of 15.34%, and a net profit of 329.62 million yuan, up 25.92% [9][24]. 2. Core Business Continues to Improve, Diverse Thermal Management Products - The company maintains a strong market position in mechanical water pumps, with a market share of 25% [9]. - The demand for exhaust manifolds is increasing due to the dual carbon goals, prompting the company to innovate with heat-resistant steel products [9][46]. - The company’s turbocharger shell sales are expected to rise significantly due to the increasing penetration of hybrid vehicles [9][54]. 3. Continuous Expansion in New Energy and Civilian Sectors, Accelerating Internationalization - The new energy business is expected to generate 5.26 billion yuan in revenue in 2024, a year-on-year increase of 40.44% [9][63]. - The company is expanding its international presence with new factories in Southeast Asia, which are expected to contribute significantly to revenue [9][63]. - The company has a robust pipeline of electronic water pump products, with a total production capacity of 900 million units, and is well-positioned to meet the growing demand in the new energy vehicle market [9][70]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 5.447 billion yuan in 2025 and 6.268 billion yuan in 2026, with net profits of 454.71 million yuan and 630.84 million yuan respectively [1][9]. - The current market valuation corresponds to a P/E ratio of 20 for 2025, indicating a favorable investment opportunity as the company transitions into new energy and civilian sectors [9].

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The real estate market is showing signs of recovery with both new and second-hand housing sales increasing in several regions due to policy relaxations [1][8] - The report highlights a significant increase in second-hand housing transactions, indicating a shift in buyer confidence towards existing properties [9] Summary by Sections 1. Market Overview - The real estate sector saw a decline of 2.9% last week, underperforming compared to the Shanghai and Shenzhen 300 index, which fell by 0.4% [62] - New housing sales in 36 cities reached 2.154 million square meters, up 24.0% month-on-month and 20.7% year-on-year [13] - Second-hand housing sales in 15 cities totaled 1.334 million square meters, down 30.6% month-on-month but up 53.1% year-on-year [20] 2. Inventory and Absorption - The cumulative inventory of new homes in 13 cities stands at 78.039 million square meters, with a year-on-year decrease of 11.6% [31] - The absorption period for new homes is 17.2 months, reflecting a slight increase from the previous month but a decrease of 5.1 months year-on-year [31] 3. Land Market - The land transaction volume in 100 cities was 6.309 million square meters, down 68.2% month-on-month and 18.8% year-on-year [48] - The average land price reached 3,246 RMB per square meter, showing a month-on-month increase of 60.5% and a year-on-year increase of 44.9% [48] 4. Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Binjiang Group are recommended [8] - In property management, the report suggests China Resources Vientiane Life, Greentown Service, and Poly Property [8] - For real estate brokerage, the report recommends Beike and suggests paying attention to Wo Ai Wo Jia [9]