[Table_Summary] 5 月 7 日，证监会印发《推动公募基金高质量发展行动方案》，引导和督促 基金行业从"重规模"向"重回报"的方向转变。短期来看，抢筹是市场 对政策的预期反应；而中长期看，优化收费模式、完善行业考核机制等举 措指向资本市场生态的重构。 ◼ 短期：各路资金基于公募加配预期的抢筹构成市场短期交易逻辑 近期金融板块及指数的明显波动，或主要源于市场资金围绕公募增配预期 的博弈。鉴于公募新规颁布不足一周，且其中关于业绩基准的细则尚未敲 定，我们认为众多基金产品在单日集体调仓的可能性较低，实际调仓节奏 或更倾向循序渐进。因此，5 月 14 日金融股异动更合理的解释是：部分资 金基于公募的加配预期提前布局，叠加市场情绪传导、触发量化策略跟随 交易，加剧了买盘的流入及相关板块的上行斜率。 证券研究报告·策略报告·策略深度报告 策略深度报告 20250518 短期交易博弈和中长期生态构筑——论公募 新规的短中长期影响 ◼ 中长期：公募配置行为将会如何变化？ 产品视角看，主动偏股基金或逐渐演变为"类指增"产品。考核新规下， 基金持仓结构的调整是必然趋势，以往依赖押注高弹性赛道获取超额收益 的策略，将 ...

证券研究报告 基础化工周报：尿素价格回升 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年05月18日 请务必阅读正文之后的免责声明部分 投资要点 2 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为17620/16300/11718元/吨，环比分别+345/+1150/+693元/ 吨，纯MDI/聚合MDI/TDI行业毛利分别为4280/3880/458元/吨，环比分别+98/+855/+607元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1374/4514/531/4145元/吨，环比分别+17/-91/- 9/+130元/吨。②本周聚乙烯均价为7897元/吨，环比+28元/吨，乙烷裂解/CTO/石脑油裂解制聚乙烯理论利润分别 为1157/1897/114元/吨，环比分别+15/+42/-90元/吨。③本周聚丙烯均价为7200元/吨，环比+0元/吨， PD ...

证券研究报告·固定收益·固收点评 固收点评 20250517 绿色债券周度数据跟踪 （20250512-20250516） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20250512-20250516）银行间市场及交易所市场共新发行绿色债券 10 只，合计发行规模约 103.13 亿元，较上周增加 24.72 亿元。发行年限 多为 3 年；发行人性质为地方国有企业、央企子公司；主体评级多为 AAA、AA+、A-级；发行人地域为北京市、江苏省、四川省、广东省、 上海市、天津市；发行债券种类为中期票据、私募公司债、交易商协会 ABN、一般公司债。 ◼ 二级市场成交情况： 本周（20250512-20250516）绿色债券周成交额合计 530 亿元，较上周增 加 76 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 250 亿元、211 亿元和 57 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 86.11%，市场热度持续；分 发行主体行业来看，成交量前三的行业为金融、公用事业、交运设备， 分别为 248 亿元、100 ...

Investment Rating - The report assigns a "Buy" rating for the company, Huqin Technology (603296), marking its first coverage [1]. Core Views - Huqin Technology is positioned as a leading smart hardware platform, benefiting from dual growth in AI-driven data centers and consumer electronics [1]. - The company has shown significant revenue growth, with a five-year CAGR of 25.49% from 2019 to 2024, and a net profit CAGR of 42.1% during the same period [1][31]. - High-performance computing is identified as the main growth driver, with emerging businesses like automotive electronics and AIoT also contributing to rapid growth [1][31]. - The company is expected to maintain a strong market position in the ODM sector, particularly in smartphones and PCs, while also expanding its data center business [1][31]. Summary by Sections 1. Company Overview - Huqin Technology, established in 2005, has evolved from an IDH model to a global smart hardware platform, offering a diverse range of products including smartphones, tablets, laptops, AIoT, and automotive electronics [11][18]. - The company has achieved a significant market presence, ranking 20th in the electronic information sector and 231st in the China 500 [11]. 2. Financial Performance - The projected total revenue for 2023 is 85.34 billion yuan, with a forecasted increase to 109.88 billion yuan in 2024, representing a year-on-year growth of 28.76% [1]. - The net profit for 2023 is estimated at 2.71 billion yuan, with an expected rise to 2.93 billion yuan in 2024, reflecting an 8.10% increase [1]. - The company's earnings per share (EPS) is projected to grow from 2.66 yuan in 2023 to 2.88 yuan in 2024 [1]. 3. Market Position and Growth Drivers - The high-performance computing segment is projected to account for 57.5% of revenue in 2024, with a growth rate of 29% [31]. - The smartphone ODM market share for Huqin is expected to remain strong, with a 27.9% global share in 2023, maintaining its position as a market leader [47]. - The data center business is anticipated to grow significantly, driven by increasing demand for AI servers, with projections indicating a market growth from $11.29 billion in 2024 to $25.27 billion by 2028 [64][67]. 4. Strategic Initiatives - The company has implemented a global manufacturing strategy, establishing production bases in North America, Southeast Asia, and South Asia to mitigate geopolitical risks [38][39]. - Huqin's acquisition of Yiluda is expected to enhance its entry into the North American wearable device supply chain [1][38]. - The company emphasizes R&D, with a projected R&D expenditure of 5.2 billion yuan in 2024, reflecting a 13.38% increase year-on-year [33].

Investment Rating - The report assigns a "Buy" rating for the company, Huafeng Technology [1]. Core Viewpoints - Huafeng Technology is positioned as a leading domestic high-speed connector enterprise, benefiting from the surge in AI demand and the ongoing transition towards domestic alternatives in various sectors [11][16]. - The company is expected to experience significant revenue growth, with projections indicating total revenue reaching 24.22 billion, 30.77 billion, and 39.15 billion yuan for the years 2025, 2026, and 2027 respectively [47]. - The report highlights the company's strong customer relationships with major clients such as Huawei, which enhances its market position and growth potential [43][44]. Summary by Sections Company Overview - Established in 1958, Huafeng Technology has evolved from technology introduction to independent innovation, focusing on the connector industry for over 60 years [11]. - The company has become a core player in the domestic connector market, leveraging its technological advancements and strategic partnerships [11][12]. Financial Performance - The company reported a total revenue of 1.09 billion yuan in 2024, marking a 20.83% year-on-year increase, following a decline in 2023 [18]. - Despite a projected net loss of 0.18 billion yuan in 2024 due to increased R&D investments, a significant profit rebound is anticipated in 2025 [19][47]. Business Lines and Growth Drivers - The company operates across three main business lines: communication connectors, defense connectors, and automotive connectors, all of which are expected to benefit from AI advancements and domestic market growth [16][25][39]. - The demand for high-speed connectors is driven by the rapid growth of AI applications and the need for advanced data transmission solutions [26][27]. Customer Relationships and R&D - Huafeng Technology has a high customer concentration, with significant sales coming from major clients in defense and telecommunications [42][43]. - The company has increased its R&D spending, with a rate of 10.45% in 2024, indicating a commitment to innovation and product development [44][46]. Profitability Forecast - The report forecasts that the company's net profit will reach 2.46 billion, 3.58 billion, and 4.50 billion yuan for the years 2025, 2026, and 2027, with substantial growth rates expected in the following years [47]. - The projected P/E ratios for 2025, 2026, and 2027 are 112.95, 77.83, and 61.84 respectively, indicating a strong growth outlook compared to peers [47].

证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 heting@dwzq.com.cn 证券研究报告·行业点评报告·非银金融 非银金融行业点评报告 并购重组管理办法修订，进一步释放市场活 力 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：宏观经济波动加大，监管政策趋严，行业竞争加剧。 2025 年 05 月 17 日 行业走势 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024/5/17 2024/9/15 2025/1/14 2025/5/15 非银金融 沪深300 相关研究 《中国人身险产品变迁历史与未来展 望系列报告（二）》 2025-05-13 《资负并举，循序渐进——低利率下 保险业的困境与出路系列报告（三）》 2025-05-11 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 【事件】2025 年 5 月 16 日，证监会发布《关于修改<上市公司重大资 产重组管理办法＞的决定》，自发布之 ...

证券研究报告·海外公司点评·地产(HS) 贝壳-W（02423.HK） 2025Q1 业绩公告点评：营收稳健增长，经调 整利润略超预期 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） | 77,777 | 93,457 | 109,626 | 127,495 | 147,384 | | 同比（%） | 28.20 | 20.16 | 17.30 | 16.30 | 15.60 | | 归母净利润（百万元） | 5,883 | 4,065 | 6,589 | 8,497 | 10,493 | | 同比（%） | 524.45 | (30.91) | 62.10 | 28.96 | 23.48 | | Non-GAAP 净利润（百万元） | 9,798 | 7,211 | 9,701 | 11,615 | 13,617 | | 同比（%） | 244.70 | (26.41) | 34.53 | 19.73 | 17.2 ...

证券研究报告·海外公司点评·地产(HS) 贝壳-W（02423.HK） 2025Q1 业绩公告点评：营收稳健增长，经调 整利润略超预期 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） | 77,777 | 93,457 | 109,626 | 127,495 | 147,384 | | 同比（%） | 28.20 | 20.16 | 17.30 | 16.30 | 15.60 | | 归母净利润（百万元） | 5,883 | 4,065 | 6,589 | 8,497 | 10,493 | | 同比（%） | 524.45 | (30.91) | 62.10 | 28.96 | 23.48 | | Non-GAAP 净利润（百万元） | 9,798 | 7,211 | 9,701 | 11,615 | 13,617 | | 同比（%） | 244.70 | (26.41) | 34.53 | 19.73 | 17.2 ...

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 15 日 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 20250515 中央推进城市更新行动，《上市公司募集资 金监管规则》发布 ◼ 今日新股：暂无。 证券分析师 朱洁羽 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 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 相关研究 《七部门联合发布文件，着力发展科 技金融体制》 2025-05-14 北交所定期报告 内容目录 | 1. 资本市场新闻 | | --- | | 2. 行业新闻 | | 3. 市场表现 | | 3.1. 北交所板块表现 | | 3.2 ...

Macro Strategy - The report indicates a cautious outlook on the "loan off-season" and emphasizes the observation of the effects of monetary easing, with May to June being a critical period for assessing the impact of incremental policies [1][6][7] - Financial data from April 2025 shows an increase in social financing of 16.34 trillion yuan, a year-on-year increase of 3.61 trillion yuan, with the stock of social financing growing at a rate of 8.7% [6][7] - The report highlights that the average interest rate for new loans in April was approximately 3.2%, which is about 50 basis points lower than the same period last year, indicating a continued trend of low borrowing costs [6][7] Fixed Income - The report discusses the current state of China's sci-tech bond market, noting that it is in its early development stage compared to overseas markets, characterized by a smaller market size, shorter issuance periods, and higher ratings [2][8] - It is projected that as the sci-tech bond market matures, there will be significant growth in market size and a diversification of issuers, particularly from high-tech industries, which will better align funding durations with the longer R&D cycles of innovative enterprises [2][8][11] Industry Analysis Huada Technology (603358) - The company is positioned as a leading player in the automotive stamping industry, having acquired a 51% stake in Jiangsu Hengyi to enter the new energy sector, expanding its product offerings to include battery trays and motor housings [3][12] - Revenue forecasts for 2025-2027 are projected at 6.382 billion, 7.286 billion, and 8.599 billion yuan, with net profits expected to be 470 million, 584 million, and 733 million yuan respectively, indicating a strong growth trajectory [3][12][13] - The company is also exploring opportunities in the low-altitude economy and robotics, with strategic partnerships aimed at diversifying its growth avenues [3][12][13] Dajin Heavy Industry (002487) - The company has secured a contract worth approximately 1 billion yuan for the manufacturing and supply of large monopile foundations for a European offshore wind project, expected to commence delivery in 2027 [5][14] - The report notes that the UK government has allocated over 544 million pounds for offshore wind projects, which will support the company's growth in this sector [5][14] - Dajin Heavy Industry is the first company in the marine engineering sector to receive SBTi certification, enhancing its competitive edge in securing contracts and expanding market share [5][14]