证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 06 月 08 日 北交所即将发布北证专精特新指数，27 家公司预计进入双指数名单 ——北交所周观察第二十九期（20250608） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 6 月 30 日将正式发布又一重磅指数-北证专精特新指数，进一步丰富投资者观测维度。2025 年 6 月 6 日，北交所发布北证专精特新指数的公告。北交所和中证指数有限公司将于 2025 年 6 月 30 日正式发布北证专精特新指数，为市场提供多维度投资标的和业绩基准，北证专精特 新指数从符合条件的北交所专精特新"小巨人"上市公司证券中选取市值最大的 50 只作为指 数样本。这是继北证 50 指数之后，又一个表征北交所市场的重要指数，进一步丰富了投资者 观测维度。我们对北证专精特新指数与北证 50 指数编制方案进行比对发现：① 两个指数的 样本空间几乎一样，除北证 50 指数包含待北交所上市满 12 个月的上市公司证券数量达 200 只至 300 只 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the wealth management scale increased slightly. The scale is expected to decline seasonally in June and may grow significantly in July due to the deposit rate cut [2][10]. - In the first five months of 2025, the wealth management scale of the four major banks' wealth management companies grew moderately, while some joint - stock banks had higher growth rates. Among city and rural commercial bank wealth management companies, Suyin Wealth Management led, and Ningyin Wealth Management had a prominent scale increase [2][11]. - In May 2025, the average monthly annualized yield of pure fixed - income wealth management of wealth management companies declined month - on - month. Due to low bond yields, the subsequent fixed - income wealth management yields may drop to around 2% [2]. - The bond market is volatile with few opportunities. It is recommended to focus on 5Y credit bonds with yields above 2%, as the credit spread may further compress [2]. 3. Summary by Relevant Catalogs 3.1 5 - month Wealth Management Scale Growth - As of the end of May 2025, the total wealth management scale was 31.5 trillion yuan, an increase of 1.58 trillion yuan from the end of the previous year and 0.19 trillion yuan from the end of the previous month. The growth in May exceeded the average increment from 2021 - 2024 [2][5]. - In 2024, the wealth management scale increased by 3.15 trillion yuan. In 2025, the increment in January was 0.17 trillion yuan, much lower than that in January 2022 [9]. - In March 2025, the wealth management scale decreased by 1.11 trillion yuan, close to the seasonal pattern. In April, it increased by 2.2 trillion yuan, exceeding the average increment from 2021 - 2024 [10]. 3.2 Wealth Management Scale of Wealth Management Companies in the First 5 Months - As of the end of May 2025, the top three wealth management companies in terms of scale were China Merchants Bank Wealth Management, Industrial Bank Wealth Management, and CITIC Bank Wealth Management [11]. - Among the big - four banks' wealth management companies, except for CCB Wealth Management, others' scales increased compared to the beginning of the year. In April, their scales increased significantly, but the growth slowed down in May [2][12]. - Among joint - stock bank wealth management companies, Hengfeng Wealth Management, Bohai Bank Wealth Management, Minsheng Wealth Management, and Everbright Wealth Management had remarkable scale growth in the first 5 months [14]. - Among city and rural commercial bank wealth management companies, Suyin Wealth Management led, and Ningyin Wealth Management had a 25% increase in scale compared to the beginning of the year [15]. 3.3 Fixed - Income Wealth Management Yield in May 2025 - In May 2025, the average upper limit of the performance comparison benchmark of newly - issued RMB fixed - income wealth management products of wealth management companies was 2.93%, and the lower limit was 2.28%. The subsequent performance comparison benchmark may further decline [18]. - As of June 1, 2025, the average 7 - day annualized yield of cash - management wealth management products of wealth management companies was 1.38%, and that of money funds was 1.27%. The yield of cash - management wealth management decreased slightly in May [21]. - In May 2025, the average monthly annualized yield of pure fixed - income wealth management products of wealth management companies was 3.01%, a slight decline from the previous month. Future yields are expected to drop to around 2% [2][25]. 3.4 Investment Suggestions - The stage of the fastest decline in banks' liability cost ratio has passed. In May 2025, the policy rate was cut by 10BP, and major banks' deposit rates were further reduced [26]. - As of June 6, 2025, the yields of 10 - year and 30 - year treasury bonds and 5 - year AAA - rated secondary capital bonds decreased significantly, and banks faced a serious yield inversion problem. The 10Y treasury bond yield is expected to range from 1.6% - 1.8% in the second half of the year, and the bond market may fluctuate narrowly [27]. - It is recommended to focus on 5Y credit bonds with yields above 2%, as the deposit rate cut will promote the growth of the wealth management scale in July and further compress the credit spread [33]. - It is also recommended to pay attention to the opportunities of Hong Kong financial stocks, especially the valuation of Hong Kong banks may be repaired, and the net interest margin of commercial banks may stabilize in 2026 [35].

证券研究报告 交通运输 | 航运港口 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 06 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 联系人 张付哲 zhangfuzhe@huayuanstock.com | 基本数据 | | 年 | 06 | 日 | | 月 05 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 9.02 | | | | | | | 一 年 内 最 低 | 高 | | | | 最 | | / | 10.61/7.91 | | | （元） | | | | | | | | | ...

证券研究报告 环保 | 环境治理 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 06 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 市场表现： | 基本数据 | | 2025 | 年 | 06 | 04 | 日 | | | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 21.79 | | | | | | | 一 年 内 最 | 高 | | | | 24.00/13.62 | | 最 | 低 | / | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 12,281.79 | | | | | | | 流通市值（百万元） | | | | | ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][8]. Core Insights - The company is a leading brand in the fresh tea beverage sector, driven by product innovation and an efficient supply chain, which supports its high operational efficiency [5][8]. - The fresh beverage market in China is expected to grow significantly, with the market size projected to reach 1,163.4 billion yuan by 2028, increasing its share of the overall beverage market [7][24]. - The company holds a strong competitive position, ranking second in the fresh tea beverage market with a GMV of 19.2 billion yuan and a market share of 9.1% as of the end of 2023 [7][32]. Summary by Sections Market Performance - As of June 4, 2025, the closing price of the company's stock is 29.50 HKD, with a total market capitalization of approximately 70,156.48 million HKD [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 2023: 7,675.67 million yuan, 2024: 8,791.36 million yuan, 2025E: 10,967.55 million yuan, 2026E: 12,926.70 million yuan, 2027E: 14,761.33 million yuan, with respective growth rates of 38.07%, 14.54%, 24.75%, 17.86%, and 14.19% [6][56]. - The net profit attributable to the parent company is forecasted to be 1,079.63 million yuan in 2023, increasing to 2,635.01 million yuan by 2027, with growth rates of 194.48%, 36.95%, 30.19%, 18.87%, and 15.17% [6][56]. - The company is expected to maintain a high return on equity (ROE), projected at 185.19% in 2023, declining to 29.65% by 2027 [6][56]. Industry Trends - The fresh beverage market in China is experiencing rapid growth, with the current market size at 517.5 billion yuan, accounting for 36.3% of the beverage market, and expected to grow to 1,163.4 billion yuan by 2028 [7][24]. - The company has a robust product development capability, focusing on fruit tea, milk tea, and coffee, with continuous product innovation [10][47]. - The supply chain efficiency is enhanced by a network of 22 warehouses, with 76% of stores located within 150 kilometers of a warehouse, ensuring timely deliveries [51][53]. Competitive Position - The company is well-positioned in the competitive landscape of the fresh tea beverage market, with a solid ecological foundation and a significant number of stores [7][32]. - The report identifies comparable companies in the same sector, such as Mixue Group and Tehai International, to benchmark the company's valuation [8][56].

证券研究报告 交通运输 | 航运港口 港股|首次覆盖报告 hyzqdatemark 2025 年 06 月 05 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 | | 日 | 06 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 25.25 | | | | | 一年内最高/最低（港 | | | 25.80/15.70 | | | | | | 元） | | | | | | | | | 总市值（百万港元） | | | | 68, ...

证券研究报告 固收定期报告 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 联系人 本周（5/26-6/1）市场概览： 宏观要闻：央行在 5 月未开展公开市场国债买卖操作。今年前 4 个月，规模以上工 业企业利润增长 1.4%，较一季度加快 0.6 个百分点。今年前 4 个月，规模以上轻工 企业实现营业收入 7.35 万亿元，同比增长 4.9%；实现利润 4190.6 亿元，同比增长 3.8%。美国关税政策近期陷入司法拉锯战。美联储连续第三次维持联邦基金利率在 hyzqdatemark 2025 年 06 月 05 日 经济修复分化，债市机会或来自调整 ——利率周报（2025.5.26-2025.6.1） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 4.25%-4.5%不变，未来可能面临"艰难的权衡"。 中观高频数据：本周经济呈现"消费强、生产稳、价格弱"的分化格局。截至 5 月 25 日，当周港口完成集装箱吞吐量为 0.07 亿 20'GP，环比+3.6%，乘用车当周厂家日 均零售数量为 6.08 万辆，同比增长 26.4%。截 ...

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 06 月 05 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 三条选股思路 投资评级： 看好（维持） ——建筑装饰行业周报（20250526-20250601） 投资要点： 本周观点： 结构性行情显现，建筑板块配置价值重估。2025 年以来，建筑板块整体仍处于基本 面弱复苏阶段，市场情绪偏谨慎，估值与交易热度维持低位。然而，随着宏观政策 持续托底、专项资金加快落地、企业分化趋势加剧，板块内部正逐步显现结构性行 情，配置价值有望重估。我们建议从"区域方向""相对收益配置组合"与"产业 外延转型升级"三条主线出发，精选具备政策优势、盈利修复能力或成长弹性的优 质标的，把握阶段性布局窗口。 联系人 板块表现： 线路一：区域方向明确，中西部基建、"一带一路"与水利建设成为 ...

证券研究报告 建筑材料 行业定期报告 hyzqdatemark 2025 年 06 月 04 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 高端电子布景气度进一步验证，关注玻纤企业新一轮军备竞赛 投资评级： 看好（维持） ——建筑材料行业周报（25/05/26-25/06/01） 投资要点： 联系人 高端电子布需求释放提速，玻纤企业开启军备竞赛。2025 年 5 月 27 日，日商三 菱瓦斯化学（MGC）发出交期延宕通知，低热膨胀系数（Low CTE）玻璃布原 料短缺、订单需求暴增，导致 BT 材料交期大幅拉长，进一步印证了今年以来高 端电子布供不应求的局面,市场对该领域关注 ...

证券研究报告 汽车 | 汽车零部件 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 月 04 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 05 | | 日 | 30 | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 37.98 | | | | | | 年 内 最 最 低 | 高 | / | 一 | | | 78.60/8.18 | | | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 4,966.16 | | | | | | 流通市值（百万元） | | | | | | 1,834.64 | | | | | | 总股本（百万股） | | | | | | 130.76 | ...