[Table_StockNameRptType] 金融工程 五 专题报告 基于层级动量的投资组合构建 ——"学海拾珠"系列之二百三十六 [Table_RptDate] 报告日期：2025-05-21 [Table_Author] 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 主要观点： [Table_Summary] 本篇是"学海拾珠"系列第二百三十六篇，文献提出了一种将股票 价格动量与高维资产组合的层级聚类（HC）相结合的投资组合构建方 法，改善了 Markowitz 均值-方差（MV）投资组合权重不稳定和配置过 于集中的问题。回到国内市场，该方法在股票组合构建、ETF 组合构 建、资产组合构建等多个领域都存在可施行的空间。 ⚫ 层级动量策略 7.《分解动量：被遗忘的成分 HTP— 由资产收益间的 pearson 相关系数推导出距离函数。使用自下而上 递归的方法，合并距离更近的资产进行聚类，结果是一个树状图。在树 状图的某个高度 h 处进行水平切割，将树分割成 n ...

——4 月交易所及银行间托管数据点评 报告日期： 2025-5-21 [Table_Author] 首席分析师：颜子琦 [Table_IndNameRptType]2 固定收益 点评报告 债市机构已"全面上车" 上一次发生机构全面增配的时间点为 2024 年 1 月。回顾历史数据，我们 发现托管量的变化中广义基金与商业银行通常走势相反，债市表现偏强时 通常广义基金增持、商业银行减持，反之亦然，而机构全面增配可能说明 一方面其在趋势性行情下担心踏空风险；另一方面，4 月债券供给量实际 并不多，也反映了"先上车"的持券意愿。 5 月债市出现"小碎步"回调，波动已经明显降低，多数机构持券观望。 5 月初 10 年国债在中美联合声明后，由 1.63%逐步回调至 1.70%，上行 7bp，但该过程历经约 20 天，波动已经较此前（2-3 月）明显降低，说明 多数机构的持券意愿依然较强，债市多头并未出现瓦解趋势，从边际表现 上看二级高频交易数据也暂未出现明显抛压。 展望后市，在债市回调背景下不乏止盈资金，但最近一份托管数据显示目 前机构持仓意愿相对较强，目前机构行为依然对债市偏有利，对应行情或 是上有顶、下有底的窄幅震荡 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [7]. Core Insights - The company achieved a revenue of 160.4 billion yuan in Q1 2025, a year-on-year increase of 35%, while net profit attributable to shareholders was 5.2 billion yuan, up 25% year-on-year [5]. - The cloud computing business has shown strong momentum, with revenue growth exceeding 50% year-on-year in Q1 2025, driven by AI and general server sales [6]. - The company is expected to benefit from the growing demand for AI, with projected revenues of 758.7 billion yuan, 955.8 billion yuan, and 1,195.1 billion yuan for 2025, 2026, and 2027 respectively [7]. Financial Performance Summary - For 2024, the company reported revenues of 609.1 billion yuan, a 28% increase year-on-year, and a net profit of 23.2 billion yuan, up 10% year-on-year [5]. - The projected financials for 2025 to 2027 include revenues of 758.7 billion yuan, 955.8 billion yuan, and 1,195.1 billion yuan, with net profits of 29.2 billion yuan, 35.5 billion yuan, and 45.1 billion yuan respectively [9]. - The company’s gross margin is expected to decline slightly from 7.3% in 2024 to 6.3% by 2027, while ROE is projected to improve from 15.2% to 17.3% over the same period [9].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 700 million yuan in Q1 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 3%. The net profit attributable to the parent company was 63.49 million yuan, a year-on-year decrease of 37% but a quarter-on-quarter increase of 81% [4][5] - In 2024, the company realized a total revenue of 2.6 billion yuan, a year-on-year increase of 44%, with a net profit of 300 million yuan, up 17% year-on-year [4][5] - The company has seen rapid growth across various downstream sectors, particularly in automotive power management, which achieved a revenue of 85.51 million yuan, a year-on-year increase of 179% [5][6] Financial Performance - The company’s revenue is projected to grow significantly from 2.57 billion yuan in 2024 to 5.34 billion yuan in 2027, with corresponding net profits increasing from 307 million yuan to 704 million yuan over the same period [9] - The gross margin is expected to remain stable around 40% from 2024 to 2027, indicating consistent profitability [9] - The earnings per share (EPS) are forecasted to rise from 0.72 yuan in 2024 to 1.65 yuan in 2027, reflecting strong growth potential [9] Market Position and Competitive Advantage - The company has successfully expanded its product applications from mobile device power management to new fields, including automotive electronics, where it has made significant inroads with major automotive manufacturers [6] - The automotive electronics business is entering a new phase of rapid development, driven by increasing market demand and domestic substitution trends [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 8.2 billion yuan in Q1 2025, representing a year-on-year increase of 38% and a quarter-on-quarter decrease of 13%. The net profit attributable to the parent company was 1.6 billion yuan, up 39% year-on-year and up 36% quarter-on-quarter [5] - In 2024, the company is projected to achieve a revenue of 29.8 billion yuan, a year-on-year increase of 35%, with a net profit of 5.6 billion yuan, up 44% year-on-year [5] - The company's electronic process equipment revenue for 2024 is expected to reach 27.7 billion yuan, a year-on-year increase of 41%, with significant growth in various equipment segments [6] - The company officially entered the ion implantation equipment market in March 2025, launching its first ion implantation machine, Sirius MC 313, enhancing its competitiveness in the semiconductor manufacturing market [7] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 7.71 billion yuan, 9.42 billion yuan, and 11.73 billion yuan, respectively, with corresponding EPS of 14.44 yuan, 17.63 yuan, and 21.96 yuan [8] - The projected revenue for the company from 2024 to 2027 shows a consistent growth trend, with revenues of 29.8 billion yuan, 39.7 billion yuan, 49.2 billion yuan, and 60.9 billion yuan, respectively [9] - The gross margin is expected to remain stable around 42% over the forecast period, indicating strong profitability [9]

公司点评 -30% 10% 49% 89% 128% 5/24 8/24 11/24 2/25 5/25 思瑞浦 沪深300 [Table_Author] 分析师：陈耀波 [Table_StockNameRptType] 思瑞浦（688536） Q1 实现扭亏，各下游亮点纷呈 | 投资评级：增持（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-21 | | [Table_BaseData] 收盘价（元） | 146.82 | | --- | --- | | 近 12 个月最高/最低（元） | 194.95/66.80 | | 总股本（百万股） | 133 | | 流通股本（百万股） | 133 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 195 | | 流通市值（亿元） | 195 | [ 公司价 Table_Chart] 格与沪深 300 走势比较 公司在 2024 年实现营业收入 12 亿元，同比增加 12%；归母净利润-2 亿元，同比减少 468%；扣非净利-3 亿元，同比减少 150%。 l Q1 收入大幅增长，带动公司实现扭亏 202 ...

Q1 受淡季影响，不断推出新品强化竞争力 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： 2025-05-21 | | | | [Table_BaseData] 收盘价（元） | | 96.49 | | 近 12 个月最高/最低（元） | 126.60/64.76 | | | 总股本（百万股） | | 474 | 圣邦股份（ [Table_StockNameRptType] 300661） 公司点评 | 总股本（百万股） | 474 | | --- | --- | | 流通股本（百万股） | 454 | | 流通股比例（%） | 95.89 | | 总市值（亿元） | 457 | | 流通市值（亿元） | 438 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -24% 1% 26% 50% 75% 5/24 8/24 11/24 2/25 5/25 圣邦股份 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱： chenyaobo@hazq.com 分析师：李美 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 160.4 billion yuan in Q1 2025, representing a year-on-year increase of 35% and a quarter-on-quarter decrease of 7%. The net profit attributable to shareholders was 5.2 billion yuan, up 25% year-on-year but down 35% quarter-on-quarter [4] - The cloud computing business maintained strong momentum, with revenue growth exceeding 50% year-on-year in Q1 2025, driven by AI and general servers [5] - The company is expected to benefit from the growth in AI demand, with revenue projections for 2025-2027 adjusted to 758.7 billion, 955.8 billion, and 1,195.1 billion yuan respectively [7] Financial Performance Summary - In 2024, the company achieved a revenue of 609.1 billion yuan, a year-on-year increase of 28%, and a net profit of 23.2 billion yuan, up 10% year-on-year [4] - The cloud computing revenue reached 319.4 billion yuan in 2024, growing 64% year-on-year and accounting for over half of total revenue [6] - The company’s gross profit margin is projected to decline from 7.3% in 2024 to 6.3% in 2027 [9] - The earnings per share (EPS) are forecasted to be 1.47, 1.79, and 2.27 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 8 [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.2 billion yuan in Q1 2025, representing a year-on-year increase of 38% and a quarter-on-quarter decrease of 13%. The net profit attributable to the parent company was 1.6 billion yuan, up 39% year-on-year and up 36% quarter-on-quarter [4] - In 2024, the company is projected to achieve a revenue of 29.8 billion yuan, a year-on-year increase of 35%, with a net profit of 5.6 billion yuan, reflecting a 44% year-on-year increase [4] - The company has entered the ion implantation equipment market, launching its first ion implanter, Sirius MC 313, which enhances its competitiveness in the semiconductor manufacturing equipment sector [6] Financial Performance Summary - The company’s electronic process equipment revenue in 2024 is expected to reach 27.7 billion yuan, a year-on-year growth of 41%. This includes over 8 billion yuan from etching equipment (up approximately 33%), over 10 billion yuan from thin film deposition equipment (up approximately 67%), over 2 billion yuan from thermal processing equipment, and over 1 billion yuan from wet processing equipment [5] - The projected net profits for 2025-2027 are 7.71 billion, 9.42 billion, and 11.73 billion yuan, respectively, with corresponding EPS of 14.44, 17.63, and 21.96 yuan [7] - The company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 33.1% from 2025 to 2026, with a net profit growth rate of 37.2% during the same period [8]

[Table_StockNameRptType] 思瑞浦（688536） 公司点评 [Table_Author] 分析师：陈耀波 | 执业证书号：S0010523060001 | | --- | | 邮箱： chenyaobo@hazq.com | 分析师：李美贤 执业证书号：S0010524020002 邮箱： limeixian@hazq.com !"#$% l[Table_Summary] 事件 Q1 实现扭亏，各下游亮点纷呈 | | | | [Table_BaseData] 收盘价（元） | 146.82 | | --- | --- | | 近 12 个月最高/最低（元） | 194.95/66.80 | | 总股本（百万股） | 133 | | 流通股本（百万股） | 133 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 195 | | 流通市值（亿元） | 195 | [ 公司价 Table_Chart] 格与沪深 300 走势比较 -30% 10% 49% 89% 128% 5/24 8/24 11/24 2/25 5/25 思瑞浦 沪深300 公司 2025 年第一季 ...