Investment Rating - The industry investment rating is "Positive" (maintained) [3][43] Core Viewpoints - In April, the total retail sales of consumer goods increased by 5.1% year-on-year, with furniture and home appliances showing rapid growth [4][5] - The total retail sales of consumer goods in April reached 37,174 billion, with a year-on-year growth of 5.1%. Excluding automobiles, the total was 33,548 billion, growing by 5.6% [4][5] - Urban and rural retail sales in April were 32,376 billion and 4,798 billion respectively, with year-on-year growth of 5.2% and 4.7% [4][5] Summary by Category Overall Data - The total retail sales of consumer goods in April was 37,174 billion, with a year-on-year increase of 5.1%. Excluding automobiles, the total was 33,548 billion, with a growth of 5.6% [4][5] Essential Consumption - Essential consumption showed steady growth. The retail sales of essential goods such as grain and oil increased by 14.0%, beverages by 2.9%, tobacco and alcohol by 4.0%, and daily necessities by 7.6% [16][22] Optional Consumption - In optional consumption, gold, silver, jewelry, and communication equipment saw rapid growth. Retail sales for gold and silver jewelry increased by 25.3%, and communication equipment by 19.9% [22][32] Other Consumer Goods - In other consumer categories, furniture and home appliances showed significant growth. Retail sales for furniture increased by 26.9%, and home appliances by 38.8%. Building materials grew by 9.7%, while petroleum and products decreased by 5.7% [32][33]

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [4] Core Insights - The non-ferrous metals sector has shown overall profit growth in 2024 and Q1 2025, with significant performance differentiation among sub-sectors. The gold and copper-aluminum sectors benefited from rising metal prices, while the energy metals sector experienced a substantial profit decline [5][6] - In 2024, the non-ferrous metals sector achieved a revenue of 3.64 trillion yuan, a year-on-year increase of 5.73%, and a net profit of 147.13 billion yuan, up 2.61% year-on-year. The gross margin was 11.46%, up 0.34 percentage points, while the net margin decreased by 0.12 percentage points to 4.04% [11][18] Summary by Sections 1. Overview of Non-Ferrous Metals Sector Performance - In 2024, the non-ferrous metals sector's revenue and profit increased year-on-year, with a revenue of 3.64 trillion yuan and a net profit of 147.13 billion yuan [11] - The gross margin improved to 11.46%, while the net margin slightly decreased to 4.04% [11] 2. Price Changes in 2024 and Q1 2025 - Gold prices saw significant increases, with an average price of 560.8 yuan/gram in 2024, up 24.4% year-on-year, and 673.5 yuan/gram in Q1 2025, up 37.2% year-on-year [24][28] - Industrial metals generally increased in price, with copper averaging 75,000 yuan/ton in 2024, up 10.5% year-on-year, and 77,000 yuan/ton in Q1 2025, up 11.5% year-on-year [28] - Energy metals prices fell significantly due to oversupply, with lithium carbonate averaging 91,000 yuan/ton in 2024, down 65% year-on-year [24][28] 3. Sector and Sub-Sector Performance - The non-ferrous metals sector rose by 3.2% in 2024 and 12.0% in Q1 2025, ranking 15th and 1st among the Shenwan sectors, respectively [29] - The gold sector saw a profit increase of 29% year-on-year in 2024, while the lithium sector experienced a profit decline of 126.9% [16][22] 4. Fund Holdings - In Q1 2025, the proportion of active funds holding non-ferrous metals stocks increased by 0.71 percentage points to 3.82% [32] - The top ten active fund holdings included companies like Zijin Mining and Shandong Gold, with a focus on gold sector companies [34]

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core View of the Report In the context of current policy support and high market attention, combined with the diversified innovation of relevant policies and issuance terms of science - innovation bonds, the credit risk of science - innovation bonds is generally low in the short term. Currently, the issuance of science - innovation bonds has not reached a large scale, especially the issuance scale of science - innovation bonds of equity investment institutions is relatively small. It is recommended to select issuers with good qualifications and pay attention to the bidding opportunities for the primary issuance of their science - innovation bonds. Structurally, it is advisable to focus on science - innovation bonds with innovative terms such as conversion options and coupon rate linkage, or those with corresponding credit risk mitigation certificates created by third - party credit enhancement institutions, to seek excess returns from the liquidity premium at the initial stage of the bonds' listing [3][28]. 3. Summary According to the Directory 3.1 High - rated Central State - owned Enterprises Predominate, and Equity Investment Institutions' Issuance Has Not Reached a Large Scale - **Expansion of Issuer Scope**: The "Notice No. 8" expands the scope of science - innovation bond issuers, including financial institutions, technology - based enterprises, and equity investment institutions. Exchanges and the National Association of Financial Market Institutional Investors (NAFMII) have also adjusted their regulations on issuer types and scopes [6]. - **Characteristics of Issuers in the First Week**: Banks are the main issuers of science - innovation bonds in the first week after the new policy, mainly large national and joint - stock banks. The issuers of science - innovation bonds are characterized by high ratings and being central or local state - owned enterprises. From May 6 to May 16, 2025, the cumulative issuance scale of AAA - rated issuers was 147.9 billion yuan, accounting for 83.39% of the total scale; the cumulative issuance scale of central and local state - owned enterprises was 168.6 billion yuan, accounting for 95.04% of the total scale [3][11]. - **Issuance Status of Equity Investment Institutions**: As of May 16, 2025, the issuance scale of equity investment institutions' science - innovation bonds has not reached a large scale. A total of 10 bonds were issued, with a cumulative issuance scale of 420 million yuan. However, many equity investment institutions' science - innovation bonds are in the application or registration process. It is expected that the issuance scale of equity investment institutions' science - innovation bonds will increase significantly in the future [14]. 3.2 The New Policy on "Science - innovation Bonds" Relaxes the Restrictions on the Use of Raised Funds - **Exchange Regulations**: Previously, the proportion of raised funds invested in the science - innovation field by certain types of issuers should be no less than 70%. The new policy does not set specific requirements for the proportion of funds invested by newly - supported financial institutions and equity investment institutions. It also supports equity investment institutions in using raised funds for the establishment and expansion of private equity investment funds [18]. - **NAFMII Regulations**: Previously, at least 50% of the raised funds of use - specific science - innovation notes should be used to support the science - innovation field. The new policy only requires that at least 50% of the raised funds of equity investment institutions' science - innovation bonds be invested in science - innovation enterprises. It also supports technology - based enterprises to issue science - innovation bonds through their parent companies [18][19]. - **Use of Raised Funds by Different Issuers**: Banks mainly use the raised funds to issue loans in the science - innovation field, which helps guide long - term funds into the real science - innovation sector. Equity investment institutions mainly use the funds to invest in private equity investment funds, subscribe for fund shares directly, or replace their own capital contributions within one year, providing low - cost and long - term capital support for venture capital institutions [3][21]. 3.3 Creation of Diversified Innovative Terms - **Exchange and NAFMII Initiatives**: Exchanges and the NAFMII encourage issuers to innovate in terms of issuance methods, term structures, interest rate determination, and other aspects, and support the setting of innovative terms such as expected income pledge guarantee, intellectual property pledge guarantee, and convertible to equity [24]. - **Existing Innovative Terms**: The innovative terms of issued science - innovation bonds mainly include conversion options, over - issuance rights, etc. Some credit enhancement institutions have also created credit risk mitigation certificates (CRMW) for some issued science - innovation bonds. These terms can attract different types of investors, flexibly determine the issuance scale, enhance bond attractiveness, and reduce investors' risks [3][25]. 3.4 Investment Suggestions Select issuers with good qualifications and pay attention to the bidding opportunities for the primary issuance of their science - innovation bonds. Structurally, focus on science - innovation bonds with innovative terms or third - party credit enhancement [3][28].

Investment Insights - The report highlights a cautious outlook on risk assets following Moody's downgrade of the US sovereign credit rating, emphasizing the importance of US Treasury liquidity in the upcoming months [2][9] - The coal industry narrative is shifting from "elasticity" to "duration," with companies like Shaanxi Coal outperforming others due to lower extraction costs and stable performance [11][12] - The report indicates that the valuation gap between Shaanxi Coal and China Shenhua is expected to narrow as the market recognizes the long-term value of low-cost coal producers [13][14] Company Summaries Shaanxi Coal (601225.SH) - The company is transitioning from an "elasticity narrative" to a "duration narrative," with a significant performance gap observed in 2024 compared to China Shenhua [11][12] - Shaanxi Coal's extraction costs position it favorably within the industry cost curve, enhancing its long-term investment value [12][13] - The projected net profits for Shaanxi Coal from 2025 to 2027 are estimated at 190.2 billion, 199.3 billion, and 210.0 billion respectively, with corresponding PE ratios of 10.3, 9.8, and 9.3 [14] Jiyuan Precision (836720.BJ) - The company focuses on high-precision zinc-aluminum alloy die-casting products, with a projected net profit of 56.75 million in 2024, reflecting a year-on-year increase of 32.63% [16][21] - Jiyuan Precision is expanding its international presence through acquisitions, including the purchase of German company Dico to develop the European market [20][21] - The company is well-positioned to benefit from the growing demand for lightweight components in the electric vehicle sector, with significant revenue growth expected in automotive parts [17][21]

Investment Rating - Investment rating for the construction decoration industry is "Positive" (maintained) [5][13] Core Viewpoints - The report emphasizes the importance of focusing on central enterprises in infrastructure, which are currently underweighted relative to the CSI 300 index. The recent regulatory changes by the China Securities Regulatory Commission aim to shift the focus of public funds from scale to returns, potentially benefiting the construction sector [4][6][14] - The report highlights that major construction companies like China State Construction, China Chemical, and Sichuan Road and Bridge are currently in a state of slight overweight in fund holdings, while others like China Railway and China Energy Construction are underweight, indicating potential investment opportunities [7][14] Summary by Sections Weekly Insights - The report discusses the recent regulatory framework aimed at enhancing the quality of public fund management, which is expected to influence the investment strategies of fund managers and create structural investment opportunities in the market [6][13] - It notes that construction central enterprises may gain significant allocation opportunities as fund strategies adjust [14] Infrastructure Data Tracking - The report provides data on special bonds, indicating that the issuance volume for the week was 993.94 billion, with a cumulative issuance of 31,844.40 billion, reflecting a year-on-year increase of 116.54% [16] - It also mentions that the issuance of urban investment bonds for the week was 150.09 billion, with a cumulative net financing amount of -2,297.57 billion [16] Company Dynamics - The report highlights several companies' contract announcements, showcasing strong project acquisition capabilities. For instance, China State Construction signed contracts worth 14,247 billion from January to April, reflecting a year-on-year increase of 3.7% [22][23] - It also notes that companies like China Nuclear Engineering and Shaanxi Construction have secured significant contracts, indicating robust domestic infrastructure demand [22][23] Market Review - The report summarizes market performance, noting that the Shanghai Composite Index rose by 0.76% and the construction decoration index increased by 0.77% during the week. It highlights that all sub-sectors within construction, except for specialized engineering and consulting services, experienced gains [10][26] - It identifies top-performing stocks within the construction sector, with notable increases in companies like Dongzhu Ecology and Zhengzhong Design [10][26]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential revaluation opportunity as the narrative shifts from "elasticity" to "duration" [5][9]. Core Views - The report highlights that the coal industry is transitioning from an "elasticity narrative" to a "duration narrative," with the company expected to narrow its valuation gap with China Shenhua as market recognition of low-cost coal companies' longer duration increases [8][41]. - The company is positioned well in terms of resource endowment, sharing a coalfield with China Shenhua and maintaining a low-cost advantage due to its relatively new coal mines [40][41]. - The report emphasizes that the company's valuation is expected to improve as the market acknowledges the stability of its earnings and the long-term investment value of low-cost coal producers [11][41]. Summary by Sections Market Performance - The closing price of the company is 20.20 yuan, with a total market capitalization of 195,839 million yuan and a circulating market capitalization of 195,839 million yuan [3]. Financial Forecast and Valuation - The projected revenues for 2023 to 2027 are as follows: 170,872 million yuan (2023), 184,145 million yuan (2024), 165,638 million yuan (2025), 171,775 million yuan (2026), and 179,158 million yuan (2027) [7]. - The expected net profit attributable to the parent company for the same period is: 21,239 million yuan (2023), 22,360 million yuan (2024), 19,016 million yuan (2025), 19,927 million yuan (2026), and 21,001 million yuan (2027) [7]. - The report anticipates a PE ratio of 10.3 for 2025, 9.8 for 2026, and 9.3 for 2027, indicating a favorable valuation compared to peers [9][42]. Investment Logic - The report discusses the shift in the coal industry narrative, emphasizing that companies with lower extraction costs will have a longer duration and thus a higher valuation as the market recognizes their stability [37][41]. - The company is expected to benefit from its low-cost structure and stable earnings, which will help it narrow the valuation gap with China Shenhua [40][41]. Key Assumptions - The company’s self-produced coal sales growth rates are projected at +4.9% for 2025, 0% for 2026, and 0% for 2027 [10][42]. - The self-produced raw coal prices are expected to decline by 12.7% in 2025, followed by increases of 2.3% in 2026 and 2.2% in 2027 [10][42].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to see performance improvement in 2025 due to continued growth in heating area and declining coal prices [5][9] - The company's heating and steam business revenue for 2024 was 2.275 billion yuan, a year-on-year increase of 4.05%, with a gross profit of 556 million yuan, up 10.96% year-on-year [9] - The average heating area for 2024 was approximately 77.04 million square meters, with a slight increase in connected area compared to the same period in 2023 [9] - The rapid decline in coal prices since March 2025 is expected to positively impact the company's performance if the trend continues [9] Financial Summary - The company achieved total revenue of 3.509 billion yuan in 2024, a year-on-year growth of 2.87%, and a net profit attributable to shareholders of 659 million yuan, a decrease of 23.29% [9] - For 2025, the estimated revenue is 3.506 billion yuan, with a slight decrease of 0.11%, and a projected net profit of 817 million yuan, an increase of 24% [7][9] - The company's earnings per share (EPS) for 2025 is estimated at 0.36 yuan, with a price-to-earnings (P/E) ratio of 16.95 [7][9] - The company maintains a strong cash position with 7.393 billion yuan in cash and only 1.9 billion yuan in interest-bearing debt as of March 2025 [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The decline in coal prices is expected to improve the company's performance, while long-term factors will determine its investment value [6] - The company reported a decrease in revenue but an increase in net profit in Q1 2025, indicating resilience amid market challenges [8] - The company is positioned to benefit from the ongoing transition in the energy market, with a focus on both coal and renewable energy sources [8] Financial Performance Summary - In Q1 2025, the company achieved revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders was 4.973 billion yuan, an increase of 8.19% [8] - The company's coal power segment saw a profit increase of 40.96% year-on-year, driven by falling coal prices [8] - The company’s revenue projections for 2023 to 2027 show fluctuations, with expected revenues of 254.397 billion yuan in 2023, decreasing to 242.266 billion yuan in 2025, and then slightly increasing to 244.067 billion yuan in 2027 [7] Profitability and Valuation - The forecasted net profit for 2025-2027 is 110 billion yuan, 117 billion yuan, and 126 billion yuan respectively, with corresponding P/E ratios of 14, 13, and 12 [8] - The company's return on equity (ROE) is projected to improve from 7.38% in 2024 to 8.12% in 2027 [7] - The average settlement price for electricity in Q1 2025 was 488.19 yuan per megawatt-hour, a decrease of 1.96% year-on-year [8]

Investment Rating - Investment rating: None [5] Core Insights - Coreweave reported a significant revenue increase of 420% year-on-year for Q1 2025, reaching $982 million, exceeding market expectations [6][18] - The company has a backlog of orders totaling $25.9 billion, including a strategic agreement with OpenAI valued at $11.9 billion [18] - The infrastructure expansion has led to increased short-term costs, with capital expenditures of $1.9 billion in Q1, expected to rise to $3-3.5 billion in Q2, and a total of $20-23 billion for 2025 [19] Market Performance - The Hang Seng Tech Index rose by 2.0% and the Philadelphia Semiconductor Index increased by 10.2% during the week of May 12 to May 16, 2025 [9][11] - Notable stock performances included Supermicro (+44%), NUSCALE POWER (+39%), and Dell Technologies (+19%) [11] Web3 and Cryptocurrency Market - The total market capitalization of cryptocurrencies reached $3.32 trillion as of May 16, 2025, showing an increase from $3.25 trillion the previous week [23] - The cryptocurrency market sentiment is currently in the "greed" zone, with a fear and greed index of 69 [27] Recent Events - Coreweave's Q1 2025 earnings report highlighted a substantial revenue increase and a strategic partnership with OpenAI [18] - Upcoming earnings reports include ASP ISOTOPES on May 21, 2025, and Dell Technologies on May 29, 2025 [20]

Investment Insights - The pharmaceutical sector shows positive momentum with a 1.27% increase in the pharmaceutical index, outperforming the CSI 300 index by 0.16% [3][6] - Long-term growth potential is highlighted for Changchun High-tech, which has maintained a revenue scale above 10 billion despite industry pressures [8][9] - The report suggests focusing on innovative drugs and companies with low valuations, such as Changchun High-tech and Kunming Pharmaceutical [11] Pharmaceutical Sector - The pharmaceutical index saw 345 stocks rise and 138 fall, with notable gainers including Tuoxin Pharmaceutical (+45.03%) and Yong'an Pharmaceutical (+32.05%) [7] - The report emphasizes the importance of innovation in the pharmaceutical industry, with significant R&D investments expected to yield results [9][10] - Key recommended stocks include Xintai, Yipin Hong, and Huana Pharmaceutical, among others [11] Media and Internet Sector - The media sector is experiencing a shift with major companies like Tencent and Alibaba revealing stable core business performance while integrating AI into their operations [13][14] - The report highlights the expansion of IP and trendy toy companies, suggesting a focus on high-growth areas such as card games and collectibles [15] - The overall media industry remains in a phase of adjustment, with recommendations to continue exploring new channels and content [22] Agriculture and Livestock Sector - The report indicates a weak trend in pig prices, with current prices at 14.58 RMB/kg, and a cautious sentiment in the market [23][24] - The outbreak of avian influenza in Brazil is expected to boost domestic chicken prices, with current prices showing signs of recovery [25] - The focus is on high-quality livestock breeding companies, with recommendations for leading firms like Muyuan Foods and Wens Foodstuffs [24][32] Metals and New Materials Sector - The aluminum market is experiencing price increases due to supply-side factors and the easing of US-China tariffs, with prices expected to rebound to around 20,500-21,000 RMB/ton [4] - The report notes that copper prices are expected to remain stable, influenced by macroeconomic factors and trade negotiations [4] Public Utilities and Environmental Sector - The report suggests increasing allocations to public utilities and power equipment, with improvements in energy storage profitability expected [5] - The energy sector is poised to benefit from new regulations and a stable profit model for grid companies [5] North Exchange Sector - The electrolyte beverage market is projected to grow significantly, driven by an increase in sports participation rates in China [35] - Companies like Kangbiter are highlighted for their innovative products in the electrolyte drink segment, which is expected to see substantial growth [35]