Investment Rating - Investment rating: None [4] Core Insights - The report highlights significant developments in the U.S. nuclear energy sector, driven by three key executive orders signed by President Trump, which aim to revamp the nuclear energy supply chain, enhance reactor testing mechanisms, and optimize regulatory approval processes. This comprehensive approach is expected to shorten the construction cycle for nuclear power plants and clarify the commercialization path for Small Modular Reactors (SMRs) and fourth-generation reactors [5][17][18]. Summary by Sections 1. Overseas AI - The report notes a market pullback in Hong Kong and U.S. tech stocks during the week of May 19 to May 23, 2025, with the Hang Seng Tech Index closing at 5246.9, down 0.7%, underperforming the Hang Seng Index by 1.8 percentage points. The Philadelphia Semiconductor Index closed at 4702.4, down 4.5%, lagging behind the Nasdaq 100 and S&P 500 indices [8][10]. 2. Key Events in Nuclear Energy - The executive orders focus on three main areas: 1. "Revitalizing the Nuclear Industry Foundation" aims to establish a strategic direction for the production and procurement of HALEU/LEU/HEU, facilitating a complete supply chain from fuel supply to power plant construction [17]. 2. "Reforming the Department of Energy's Reactor Testing" seeks to streamline the approval process for advanced reactors, reducing the time from technology validation to commercial deployment [18]. 3. "Reforming the Nuclear Regulatory Commission" aims to shorten approval timelines to 18 months and set a target to increase nuclear capacity from approximately 100 GW in 2024 to 400 GW by 2050 [18]. 3. Web3 and Cryptocurrency Market - The global cryptocurrency market capitalization rose to $3.46 trillion as of May 23, 2025, up from $3.32 trillion the previous week. The total trading volume for cryptocurrencies reached $170.07 billion, accounting for 4.92% of the total market capitalization [20][24]. - The sentiment in the cryptocurrency market is currently in the "greed" zone, with a Fear and Greed Index reading of 76 [24]. 4. Notable Stock Movements - The report lists the top five gainers in the nuclear energy sector for the week, including NANO NUCLEAR ENERGY (+32%), OKLO (+30%), and NUSCALE POWER (+25%). Conversely, the top five losers included WOLFSPEED (-63%) and AMD (-5.9%) [10][12].

证券研究报告 机械设备|轨交设备Ⅱ 北交所|新股申购 hyzqdatemark 2025 年 05 月 25 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 交大铁发(920027.BJ) ——轨交基础设施安全智能产品"小巨人"，配套国铁集团赋能下游产业升级 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 联系人 交大铁发本次发行价格 8.81 元/股，发行市盈率 12.6X，申购日为 2025 年 5 月 27 日。公司 本次公开发行股份初始发行股份数量为 1,909.00 万股，发行后总股本为 7,634.00 万股，本次 发行数量占发行后总股本的 25.01%（超额配售选择权行使前）；若超额配售选择权全额行使， 则发行总股数将扩大至 2,195.35 万股，发行后总股本扩大至 7,920.35 万股，本次发行数量占 超额配售选择权全额行使后发行后总股本的 27.72%。战略投资者包括国投证券、上海电科股 权投资基金管理有限公司、国铁建信资产管 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery demand remains high, with significant growth in logistics performance. In April 2025, major express companies reported substantial business volume increases, with SF Express achieving a growth rate of 30.0% [4][29] - The logistics market is experiencing a shift towards consolidation, with leading companies like SF Express and JD Logistics benefiting from macroeconomic recovery and cost control measures [12] - The shipping sector is expected to see continued demand growth due to OPEC+ production increases and limited new oil tanker orders, which will tighten supply [12] Summary by Sections Express Logistics - In April 2025, the total business volume for express services reached 16.32 billion pieces, a year-on-year increase of 19.1%, with total revenue of 121.28 billion yuan, up 10.8% [23] - SF Express led the growth with a business volume of 1.335 billion pieces, up 29.99%, while YTO Express and Yunda Express also showed strong performance [4][29] Shipping - The Shanghai Export Container Freight Index (SCFI) rose by 7.2% to 1586 points, indicating an increase in shipping rates [9] - The oil tanker market is expected to benefit from OPEC+ production increases, while the dry bulk shipping market is anticipated to recover due to supply constraints and regulatory pressures [12] Aviation - In April 2025, civil aviation transported approximately 60.93 million passengers, a year-on-year increase of 8.9%, with cargo volume rising by 16.8% [51] - The industry is expected to benefit from a long-term supply-demand imbalance, with potential for significant growth as macroeconomic conditions improve [12] Supply Chain Logistics - Companies like Shenzhen International are expected to see performance improvements due to the transformation of logistics parks and high dividend yields [12] - The competitive landscape in the express delivery sector is stabilizing, providing opportunities for companies like Deppon Logistics and Aneng Logistics to enhance profitability [12]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [3] Core Views - The pharmaceutical index increased by 1.78% from May 19 to May 23, outperforming the CSI 300 index by 1.96% [4] - Innovative drug companies are highlighted as a key trend, with recommendations for specific stocks such as Huana Pharmaceutical, Xinlitai, and others [4] - The report emphasizes the successful IPO of Hengrui Medicine on the Hong Kong Stock Exchange, raising approximately 99 billion HKD (13 billion USD) [7] - Hengrui's revenue and net profit for 2024 are projected to reach 27.985 billion CNY and 6.337 billion CNY, respectively, marking year-on-year increases of 22.63% and 47.28% [12] - The report identifies a shift from generic drugs to innovative drugs, with Hengrui's innovative drug revenue expected to contribute significantly to its overall sales [19] Summary by Sections Hengrui Medicine's IPO and Transformation - Hengrui Medicine officially listed on the Hong Kong Stock Exchange on May 23, 2025, marking a significant step in its internationalization strategy [7] - The company has transitioned from raw materials to generics and now to innovative drugs over its 50-year history [8] - Hengrui's innovative drug revenue reached 13.892 billion CNY in 2024, accounting for 52% of total sales [19] Industry Perspective - The report suggests a focus on innovation, international expansion, and the aging population as key themes for the pharmaceutical industry [30] - The pharmaceutical index has shown positive performance, with a year-to-date increase of 4.30% [30] - The report highlights the importance of domestic policy adjustments and the potential for recovery in the pharmaceutical sector [47] Investment Recommendations - The report recommends focusing on innovative pharmaceuticals and medical devices, particularly those with strong performance and low valuations [47] - Specific stocks to watch include Hengrui Medicine, Xinlitai, and others in the innovative drug space [50] - The report also suggests monitoring companies involved in international expansion and those addressing the needs of an aging population [48]

证券研究报告 有色金属 行业定期报告 hyzqdatemark 2025 年 05 月 25 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 联系人 陈轩 chenxuan01@huayuanstock.com 板块表现： 关税威胁再起，美铜大涨 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/5/19-2025/5/23） 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 第 2页 / 共 16页 源引金融活水 润泽中华大地 请务必仔细阅读正文之后的评级说明和重要声明 铜 ： 关 税 威 胁 再 起 ， 美 铜 大 涨 。 本 周 伦 铜 / 沪 铜 / 美 铜 涨 跌 幅 分 别 为 +0.55%/-0.45 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 05 月 25 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 4 月电力数据跟踪 看好聚变装备前景 投资评级： 看好（维持） ——大能源行业 2025 年第 21 周周报（20250525） 投资要点： 证券分析师 电力：4 月光伏新增装机环比翻倍 单月用电增速稳健 装机：4 月光伏新增装机环比翻倍，入市影响仍在延续。国家能源局于 2025 年 5 月 22 日发 布 1-4 月全国电力工业统计数据：截至 4 月底，全国累计发电装机容量 34.9 亿千瓦，同比增 长 15.9%。其中，太阳能发电装机容量 9.9 亿千瓦，同比增长 47.7%；风电装机容量 5.4 亿千 瓦，同比增长 18.2%；单 4 月新增光伏 4 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is leveraging a comprehensive retail strategy to address operational challenges and diversify its customer base [5] - The company has faced short-term profit impacts due to increased discounts but maintains a leading dividend payout ratio in the industry [7] - The core international brand partnerships are gradually recovering, and new brand acquisitions are expected to enhance the company's diversified layout [7] - The company is projected to achieve a net profit of RMB 1.416 billion in FY2026, with a growth rate of 10.14% [7] Financial Performance Summary - For FY2024, the company is expected to generate revenue of RMB 27,012.90 million, reflecting a year-on-year decline of 6.64% [6] - The net profit for FY2024 is projected at RMB 1,286 million, down 41.89% year-on-year [6] - The company’s gross margin for FY2024 is estimated at 38.4%, a decrease of 3.4 percentage points compared to the previous fiscal year [7] - The company plans to maintain a total dividend payout ratio of 135% for FY2024/25, continuing to provide high dividend returns to shareholders [7] Revenue and Profit Forecast - Revenue forecasts for the company are as follows: RMB 28,933.20 million in 2024, RMB 27,012.90 million in 2025, and RMB 26,445.63 million in 2026, with respective growth rates of 6.87%, -6.64%, and -2.10% [6] - The projected net profit for the years 2026 to 2028 is RMB 1,416.34 million, RMB 1,670.93 million, and RMB 1,980.06 million, with growth rates of 10.14%, 17.98%, and 18.50% respectively [6][7]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook on its performance and growth potential [6][9]. Core Views - The company is positioned to benefit from the expanding demand for high-performance rare earth permanent magnets, particularly driven by the growth in the electric vehicle and robotics sectors. The report highlights that the company has a competitive edge due to its scale, profitability, and technological advantages [8][11][35]. Summary by Sections 1. Demand for High-Performance Rare Earth Permanent Magnets - The demand for high-performance rare earth permanent magnets is expected to continue expanding, driven by applications in consumer electronics, variable frequency air conditioners, energy-saving elevators, industrial robots, wind power, and new energy vehicles. The global market demand for high-performance rare earth permanent magnets is projected to reach 10.3/11.4/12.9/14.2 million tons from 2024 to 2027, with a CAGR of 11% [8][15][24]. 2. Company’s Competitive Advantages - The company is recognized as a leading player in the magnetic materials sector, benefiting from scale effects, profitability, and technological advantages. Its production capacity is expected to increase from 23,000 tons in 2023 to 40,000 tons in 2025, and further to 60,000 tons by 2027. The company has also invested in a new project in Mexico to enhance its production capabilities for magnetic components [35][42][43]. 3. Profit Forecast and Valuation - The report forecasts the company's revenue to reach 87.9 billion RMB in 2025, with net profits of 5.5 billion RMB, and projects continued growth through 2027. The price-to-earnings (P/E) ratios for the company are estimated to be 50, 42, and 31 for the years 2025, 2026, and 2027, respectively [7][47][50].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a clear growth trajectory in the short, medium, and long term, with potential for both volume and price increases in gold and silver [5][9]. Core Views - The dual catalysts of "interest rate cuts" and "Trump 2.0" are expected to sustain upward momentum in gold and silver prices. In the medium term, "Trump 2.0" may become the primary driver in the gold market during a 90-day tariff pause, with expectations of tariff increases, extended tax cuts, and "stagflation" providing strong support for rising gold prices. In the long term, these dual catalysts will continue to drive prices through 2025, supported by central bank reserves amid a backdrop of protectionism and great power competition [5][57][65]. - The company is a domestic leader in silver mining, having acquired several gold mining assets, which positions it well for future growth. As of the end of 2024, the company has identified approximately 12,000 tons of silver and 34 tons of gold, with an annual mining capacity nearing 2 million tons [6][15]. Summary by Sections Market Performance - The company's closing price is 13.45 yuan, with a total market capitalization of approximately 9.28 billion yuan and a circulating market value of about 8.97 billion yuan. The debt-to-asset ratio stands at 45.60%, and the net asset value per share is 4.40 yuan [3]. Financial Projections - The company is projected to achieve revenues of 2.498 billion yuan in 2025, with a year-on-year growth rate of 24.10%. The net profit attributable to shareholders is expected to be 576 million yuan, reflecting a 47.74% increase. Earnings per share (EPS) are forecasted at 0.84 yuan [7][9]. Growth Drivers - The company has a clear growth path for production from its upcoming mines, with several projects expected to come online between 2025 and 2027. Key projects include the Honglin Mining and Yindu Mining, which are anticipated to start production in 2025 and 2026, respectively [6][36][40]. - The company is actively pursuing resource acquisitions to enhance its growth potential, with plans to complete at least one acquisition project by 2025 [11][41]. Profitability and Performance Recovery - The company experienced a significant recovery in 2024, with a net profit of 390 million yuan, a 163.56% increase year-on-year, driven by the completion of technical upgrades at its subsidiaries and rising base metal prices. The first quarter of 2025 showed a revenue increase of 33.92% year-on-year [43][44]. Resource and Production Capacity - The company has a robust resource base with high-grade deposits, particularly in the Daxinganling region, which supports its strong profitability. The ongoing construction of new mines is expected to further enhance production capacity [27][30][33].

hyzqdatemark 2025 年 05 月 22 日 政策发力，经济稳增向好 ——2025 年 4 月经济数据点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 证券研究报告 固收定期报告 请务必仔细阅读正文之后的评级说明和重要声明 4 月消费改善。4 月社会消费品零售总额 3.7 万亿元，同比增长 5.1%，环比增长 0.2%。 4 月升级类商品与绿色消费成为核心驱动力，金银珠宝、体育娱乐用品、家用电器、 家具分别同比+25.3%/+23.3%/+38.8%/+26.9%。1-4 月服务零售额同比增长 5.1%。 联系人 投资增速略微放缓。1-4 月全国固定资产投资（不含农户）14.7 万亿元，同比增长 4.0%，增速较 1-3 月份放缓 0.2pct。前四个月全国基础设施投资同比增长 5.8%， 制造业投资同比增速达 8.8%。房地产行业整体仍承压，但结构性改善信号显现，1-4 月新建商品房销售面积同比降幅较一季度收窄 0.2pct 至 2.8%。 4 月出口数据展现出较强韧性，在复杂国际环境中实现超预期增长。4 月在 ...