证券研究报告·行业跟踪周报·金融产品 金融产品跟踪周报 权益 ETF 系列：震荡调整，关注医药、汽车 及红利板块的相对机会。 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 基金配置建议： 风险提示：1）模型基于历史数据测算，未来存在失效风险；2）宏观经济 不及预期；3）发生重大预期外的宏观事件。 -12% -5% 2% 9% 16% 23% 30% 37% 44% 51% 2024/5/24 2024/9/22 2025/1/21 2025/5/22 相关研究 《险资大幅增配股票；并购重组改革 深化》 2025-05-18 《权益 ETF 系列：震荡调整，关注医 药及红利板块的相对机会。》 2025-05-18 2025 年 05 月 24 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 行业走势 非银金融 沪深300 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 ◼ A 股市场行情概述：（2025.5.19- ...

证券研究报告·行业研究·汽车与零部件 2025年5月24日 重卡行业4月跟踪月报： 内销同比转正，看好内销景气度持续上行 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 请务必阅读正文之后的免责声明部分 1 数据总览 | | 25M1 | 25M2 | 25M3 | 25M4 | 25Q1 | 2024 | 2025E | | --- | --- | --- | --- | --- | --- | --- | --- | | 批发销量/万辆 | 7.2 | 8.1 | 11.1 | 8.8 | 26.4 | 90.2 | 101.0 | | Yoy | -25.5% | 36.1% | -3.7% | 6.5% | -3.0% | -1.0% | 12.0% | | 环比 | -14.3% | 12.7% | 37.0% | -21.4% | 21.1% | | | | 终端销量/万辆 | 3.4 | 4.8 | 7.2 | 6.9 | 15.4 | 60.3 | 70.0 | | Yoy | -0.5% ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [67]. Core Viewpoints - April sales data for heavy trucks met expectations, with wholesale, terminal, and export volumes aligning with forecasts [5][8][20]. - The report anticipates a continued upward trend in domestic sales, projecting approximately 60,000 units in May 2025, representing a year-on-year growth of 12% [5][6]. - The heavy truck market is experiencing a recovery, with significant growth in new energy vehicles, which saw sales of 16,000 units in April, a year-on-year increase of 243% [8][32]. Summary by Sections Sales Tracking - April wholesale volume reached 88,000 units, with a year-on-year increase of 6.5% and a month-on-month decrease of 21.4% [5][20]. - Terminal sales for April were 69,000 units, reflecting a year-on-year increase of 5.9% and a month-on-month decrease of 4.3% [5][20]. - Export sales in April totaled 26,000 units, with a year-on-year increase of 0.8% and a month-on-month decrease of 7.2% [5][20]. - The total industry inventory decreased by 6,700 units in April, with the current total inventory at 150,000 units, indicating a reasonable inventory level [5][21]. Market Structure - In April, the market share for terminal sales among major manufacturers was as follows: Jiefang 19.2%, Dongfeng 22.5%, Heavy Truck 17.3%, Shaanxi Heavy Truck 11.5%, and Foton 12.2% [7][42]. - For exports, the market shares were: Jiefang 14.4%, Dongfeng 8.7%, Heavy Truck 46.8%, Shaanxi Heavy Truck 14.4%, and Foton 11.0% [7][44]. - The report highlights a significant increase in Foton's market share in both terminal and export segments compared to the previous year [7][44]. Engine Market - In April, the market share for engines was led by Weichai at 20.2%, followed by Cummins at 17.6% and Xichai at 13.5% [9][52]. - Weichai's terminal配套量 was 14,000 units, showing a year-on-year decrease of 38.5% [9][57]. Investment Recommendations - The report recommends stocks such as China National Heavy Duty Truck Group A/H and Weichai Power, emphasizing the performance potential of FAW Jiefang and Foton Motors due to expected earnings improvements [9][62].

证券研究报告·公司深度研究·专用设备 ◼ 深耕油气行业二十余年，已进入全球油服龙头供应链 南京迪威尔高端制造股份有限公司成立于 1996 年，1998 年正式进入机械 加工制造业，深耕行业多年，已成长为全球知名的专业研发、生产和销售 油气钻采设备承压零部件的高新技术企业；产品涵盖油气生产系统专用 件、井控设备专用件及非常规油气开采专用件三大系列，广泛应用于全球 各大主要油气开采区的陆上井口、深海钻采、页岩气压裂、高压流体输送 等油气设备领域。公司目前处于成长阶段，业绩有所波动，2024 年公司实 现营收 11.2 亿元，同比下降 7%；实现归母净利润 0.9 亿元，同比-40%， 主要由于 2020-2021 年公司出口业务受外部因素影响，订单有所回落，业 绩出现短期扰动，2022 年快速恢复增长。展望未来，随着公司产品竞争力 的持续加强&规模效应释放，公司未来成长空间广阔。 ◼ 油服行业：看好深海油气、非常规油气领域 油服行业为油气开采提供设备和服务，因标准要求高、申请周期长具有高 壁垒。迪威尔作为油服设备专用件供应商，已形成以深海油气水下开采设 备、页岩气压裂设备、陆地油气开采设备等专用承压件为主的系列产 ...

证券研究报告·行业研究·机械设备 工程机械海外产能布局专题 海外产能完善降低关税风险，"一带一路"打造核心朋友圈 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 请务必阅读正文之后的免责声明部分 2025 年 5 月 23 日 核心观点 2 ◼ 对美敞口小，关税影响整体可控。 2024年我国工程机械产品进出口总额555.3亿美元，同比+8.5%。其中，出口 528.8亿美元，同比+8.8%，进口26.5亿美元，同比+2.5%。分地区来看，2024年中国对"一带一路"地区工程机 械出口额达333.0亿美元，同比+14%，贡献绝大部分增量。美国作为全球工程机械最大市场，出口金额持续下 滑，2024年中国对美工程机械出口40.6亿美元，同比-5%，占中国工程机械总出口金额比重由2020年的11.6%持 续下滑至2024年的7.7%，对美敞口持续降低。利润率低于平均，主机厂对美利润敞口更低。由于中国主机厂在 美国主要面向中小型土方机械、高机等利润率较低的市场，叠加此前25%关税，毛利率、净利率与其他海外地 区相比都处于较低水平。根据我们测算，三一重工/徐工 ...

证券研究报告·行业深度报告·房地产服务 房地产服务行业深度报告 "三问物业行业"系列报告之三——不谋长 远者，无以图当下 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 23 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -33% -28% -23% -18% -13% -8% -3% 2% 7% 12% 17% 2024/5/23 2024/9/21 2025/1/20 2025/5/21 房地产服务 沪深300 相关研究 《长风破浪会有时——物业公司2024 年年报的四大预测》 2025-03-02 《"三问物业行业"系列报告之二—— 转机、风险与分红》 2024-09-18 东吴证券研究所 1 / 27 请务必阅读正文之后的免责声明部分 ◼ 中长期维度物业公司的增长来源于什么？我们认为主要依靠几点：1） 高质量的第三方外拓。无论是央国企还是民企，中长期的收入增长的来 源和保障为第三方外拓项目的获取，高质量外拓项目获取能力的差异决 定了未来公司收入增速中枢的高低。2）毛利率的企稳回升。 ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250522 北证 50 高位回调，证监会：稳妥实施科创板 第五套上市标准 ◼ 今日新股：暂无。 风险提示：个股业绩波动风险，行业竞争加剧风险，政策落地不及预期风 险，市场流动性分化风险，外部环境不确定性等。 2025 年 05 月 22 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《中国持续深化国际合作，反对单边 主义》 2025-05-21 《央行降息：一年期、五年期 LPR 均 下调 10 个基点》 2025-05-20 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 [Table_Ta ...

Macro Strategy - The central bank's balance sheet is expected to continue shrinking due to the recent reserve requirement ratio cut, which may lead to further "balance sheet reduction" [1][9] - The U.S. CPI for April showed an unexpected decline, but concerns about fluctuating tariffs and inflation remain, with the 10-year U.S. Treasury yield rising to 4.477% [1][11] - The recent U.S.-China trade negotiations have boosted market confidence, leading to significant increases in U.S. stock markets and a drop in gold prices by 3.65% [1][11] Fixed Income - The report analyzes the common characteristics of city investment platforms eligible to issue technology innovation bonds, highlighting that platforms with AAA ratings and located in core provincial cities are more likely to succeed in this area [2][14] - The participation of city investment entities in the technology bond market is limited due to their focus on public service and infrastructure projects, which are less aligned with technology innovation [2][15] Industry Analysis - The beer industry is currently experiencing a phase where leading brands are well-positioned for growth, with recommendations to increase allocations in quality leaders like Qingdao Beer and Yanjing Beer [3][16] - The report indicates that while beer consumption is under pressure, the resilience of leading brands and the potential for recovery in the restaurant and retail sectors could provide positive support for the beer market [3][17] Company Recommendations - Sanofi's recent licensing agreement with Pfizer for SSGJ-707 marks a significant milestone, with an upfront payment of $1.25 billion and potential future payments totaling up to $4.8 billion [4][18] - Naixue's Tea is focusing on a green health strategy and optimizing its store operations, with revenue projections for 2025-2027 expected to grow steadily [5][20] - Anji Food is shifting its strategy from channel-driven to product-driven, with new product launches aimed at enhancing differentiation and market presence [6][21]

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai [1] Core Views - The company emphasizes its commitment to quality and cultural roots, believing that these will not waver [7] - Guizhou Moutai aims to transition from selling liquor to selling a lifestyle, focusing on creating a comprehensive ecosystem for mutual benefits among stakeholders [7] - The company is confident in its ability to navigate the current liquor industry cycle, which is characterized by a shift towards rational consumption and market adjustments [7] - Guizhou Moutai plans to maintain a stable pricing structure for its products, adhering to market principles [7] - The company has initiated a share buyback plan and established a three-year dividend policy to enhance market value [7] Financial Projections - Total revenue is projected to grow from 150,560 million RMB in 2023 to 227,000 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 9.75% [1] - Net profit attributable to shareholders is expected to increase from 74,734 million RMB in 2023 to 110,276 million RMB in 2027, reflecting a CAGR of about 9.25% [1] - The earnings per share (EPS) is forecasted to rise from 59.49 RMB in 2023 to 87.79 RMB in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 26.56 in 2023 to 18.00 in 2027, indicating a more attractive valuation over time [1] Market Data - The closing price of Guizhou Moutai is 1,580.00 RMB, with a market capitalization of approximately 1,984,792.52 million RMB [5] - The company has a price-to-book (P/B) ratio of 7.68 and a net asset value per share of 205.67 RMB [5][6]

707 重磅 BD 授权辉瑞，公司发展迈向新征 程 买入（维持） 证券研究报告·海外公司点评·药品及生物科技(HS) 三生制药（01530.HK） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,836 | 9,108 | 19,229 | 13,174 | 14,885 | | 同比(%) | 14.08 | 16.24 | 111.13 | (31.49) | 12.98 | | 归母净利润（百万元） | 1,549 | 2,090 | 9,908 | 4,474 | 5,169 | | 同比(%) | (19.09) | 34.93 | 373.98 | (54.85) | 15.54 | | EPS-最新摊薄（元/股） | 0.65 | 0.87 | 4.13 | 1.87 | 2.15 | | P/E（现价&最新摊薄） | 28.43 | 21.07 | 4.45 | 9.85 | 8.52 | [Table_T ...