[Table_Title] MP Materials 2025Q1 稀土精矿产销量分别同比增 加 10%/减少 33%至 12,213 吨/6,264 吨，NdPr 产销 量分别同比增加 330%/246%至 563 吨/464 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 2025Q1 生产经营情况 1）稀土精矿 2025Q1 稀土精矿产量为 12,213 吨 REO，同比 2024Q1 的 11,151 吨增长 10%，环比 2024Q4 的 11,478 吨 REO 增长 6%。 2025Q1 稀土精矿销量为 6,264 吨 REO，同比 2024Q1 的 9,332 吨减少 33%，环比 2024Q4 的 7,803 吨 REO 减少 20%。 证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 21 日 2025Q1 稀土精矿的实现价格为 4,808 美元/吨 REO，同比 2024Q1 的 4,294 美元/吨 REO 上涨 12%，环比 2024Q4 的 4,717 美元/吨 REO 上涨 2%。 2）氧化镨钕（ ...

[Table_Title] 银行负债端仍有压力 [Table_Title2] 流动性跟踪 [Table_Summary] ►概况：央行加力呵护流动性，资金利率先下后上 5 月 19-23 日，经历前一周五（16 日）的资金波动后，央行投放力度明显提 升。央行逆回购净投放 4600 亿元，与此同时，央行还开展 2400 亿元的国库现金定 存投放，以及 3750 亿元 MLF 净投放。 在央行加码流动性投放的背景下，资金面延续渐进修复趋势，不过在税期走款 首日边际收紧。周一至周四（19-22 日）资金价格逐步下台阶，隔夜利率由上周五 的 1.6%水平修复至 1.4%-1.5%区间，7 天资金价格同样降至 1.5%水平。周五（23 日）在特别国债发行和税期走款首日的影响下，资金面边际收敛，DR001、R001 单日均上行 9bp，分别至 1.57%、1.61%，7 天资金利率同样抬升，DR007、R007 分别升至 1.59%、1.63%。 ►展望：季节性因素影响或占上峰，资金面还需依赖央行呵护 近两周，1年期 Shibor 利率再度下探1.67%的年内低点，之后在1.67%-1.68% 区间窄幅震荡，继续下行动力 ...

[Table_Title] 全球多数市场将进入进一步调整阶段 1[Table_Title2] --海外策略周报 证券研究报告|海外策略周报 [Table_Date] 2025 年 5 月 24 日 [Table_Summary] 全球市场一周主要观点:由于特朗普贸易政策的反复和美国债务 问题，以及全球地缘问题和经济政策的不确定性，预计未来一 段时间全球多数市场将进入调整阶段。本周美股市场出现回 调，周内多个交易日波动偏多。目前 TAMAMA 科技指数市盈 率仍有 32，仍然处于 30 以上偏高位区间；费城半导体指数市盈 率为 45.3，仍然处于 45 以上的高位区间；美国科技股权重占比 较大的纳斯达克指数的市盈率仍然有 39.7，仍然临近 40 的偏高 位区间，由于美股科技股估值偏高，叠加美股科技股新一轮技 术看点尚未出现，叠加特朗普政策的影响，美股科技股仍然容 易出现回调；费城半导体指数和 TAMAMA 容易出现进一步回 调；英伟达、微软、脸书、亚马逊等美股巨头由于最近估值上 升较快，预计存在回调消化的空间。目前标普 500 席勒市盈率 为 35.64，仍然明显高于历史平均数和中位数。由于美国经济政 策的不 ...

证券研究报告|海外策略周报 [Table_Date] 2025 年 5 月 24 日 [Table_Title] 全球多数市场将进入进一步调整阶段 1 证券研究报告|海外策略周报 美股市场一周表现：本周标普 500、纳斯达克指数、道琼斯工业 指数均下跌，跌幅分别为 2.61%、2.47%、2.47%。 1[Table_Title2] --海外策略周报 [Table_Summary] 全球市场一周主要观点:由于特朗普贸易政策的反复和美国债务 问题，以及全球地缘问题和经济政策的不确定性，预计未来一 段时间全球多数市场将进入调整阶段。本周美股市场出现回 调，周内多个交易日波动偏多。目前 TAMAMA 科技指数市盈 率仍有 32，仍然处于 30 以上偏高位区间；费城半导体指数市盈 率为 45.3，仍然处于 45 以上的高位区间；美国科技股权重占比 较大的纳斯达克指数的市盈率仍然有 39.7，仍然临近 40 的偏高 位区间，由于美股科技股估值偏高，叠加美股科技股新一轮技 术看点尚未出现，叠加特朗普政策的影响，美股科技股仍然容 易出现回调；费城半导体指数和 TAMAMA 容易出现进一步回 调；英伟达、微软、脸书、亚马逊等 ...

A-share Market Valuation - The current PE (TTM) for the A-share market is 14.48, with a median of 13.37 and a maximum of 30.60[12] - The PE (TTM) for the Shanghai Composite Index is 12.56, while the CSI 300 is at 11.87[8] - The PE (TTM) for the ChiNext Index is significantly higher at 49.41, with a maximum of 137.86[12] Industry Valuation Levels - Non-bank, non-oil sectors show lower PE ratios, indicating potential undervaluation, while sectors like computing and steel have higher PE ratios, suggesting overvaluation[21] - The banking sector's PB (LF) is at 0.56, while brokerage firms are at 1.24, indicating a relatively low valuation for banks[24] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 10.51, with a median of 10.23 and a maximum of 22.67[56] - The Hang Seng Technology Index shows a higher PE of 21.15, indicating a premium valuation compared to the broader market[62] U.S. Market Valuation - The S&P 500 has a current PE (TTM) of 26.06, with a maximum of 41.99, indicating a relatively high valuation compared to historical averages[78] - The NASDAQ Index shows an even higher PE of 39.31, reflecting strong growth expectations[86] Comparative Valuation - Key Chinese concept stocks have a median PS of 7.50, with Alibaba at 2.08, indicating a significant disparity in valuations among major players[95] - Chinese banks have a median PB of 0.92, compared to U.S. banks like JPMorgan at 1.32, suggesting a valuation gap between the two markets[97]

证券研究报告|行业研究周报 882 [Table_Date] 2025 年 05 月 23 日 [Table_Title] 亚玛芬 Q1 业绩超预期，上调全年指引 纺织服装行业周报 [Table_Title2] 20250519-20250523 [Table_Summary] ► 主要观点： 本周滔搏发布FY2025年报，FY2025公司收入/归母净利 /经营性现金流分别为 270.13/12.86/37.55 亿元，同比增长 -6.6%/-41.9%/20.0%，归母净利下滑幅度高于收入主要由于 公司面对销售下滑带来的存货压力，加大整体促销力度、调 整线上线下销售结构影响导致毛利率下滑。经营现金流高于 净利主要由于存货减少、应收账款减少、有效的运营资金管 理。FY25 每股拟派发现金红利 0.02 元、特别股息 0.12 元，叠加中期股息 0.14 元，分红率为 135%，股息率为 8.75%。 本周 Deckers 公布 FY2025 全年业绩，公司 FY25 收入增 长 16.3% 至 49.86 亿美元，营运利润同比增加 27.1%至 11.79 亿美元。毛利率同增 2.3pct 至 57.9%，净 ...

Core Viewpoints - The report indicates a defensive stance in asset allocation, with both equity and bond markets showing signs of caution as investors await new information [2][3][4] Domestic Market Performance - On May 22, the domestic market saw a decline across major indices, with the Shanghai Composite Index down 0.22% to 3380.19, and the CSI 300 Index down 0.06% to 3913.87 [1] - The bond market exhibited a mixed performance, with the yield on 10-year government bonds rising by 1.2 basis points to 1.67%, while the yield on 30-year bonds fell by 0.1 basis points to 1.92% [2] Asset Class Review - The equity market experienced a slight pullback, particularly in small-cap stocks, while the banking sector showed strength with the SW Bank Index rising by 1.00% [2][6] - The report highlights a rotation in focus towards mid to long-term credit bonds, with yields on various 3-5 year credit products declining by 1-2 basis points [4][6] International Market Dynamics - The report notes volatility in overseas bond markets, particularly in long-term bonds, with yields on 30-year bonds in the UK, US, and Germany reaching highs before retreating [3] - Concerns regarding the sustainability of debt in developed economies are emphasized, particularly in light of fiscal expansion measures in the US and Japan's potential reduction in bond purchases [3] Market Sentiment and Strategy - The report suggests that while small-cap stocks are under pressure, there remains a significant trading interest, indicating a potential for rebound strategies [7][9] - Defensive positioning is evident as the implied volatility in the market has increased, with the CSI 300 ETF IV Index rising by 5.01% [7][9] Sector Performance - The report identifies resilience in dividend-paying stocks, with the CSI Dividend Index only down 0.18%, suggesting a defensive allocation strategy among investors [7][9] - The banking sector is highlighted as a strong performer, with a notable increase in interest from funds, indicating a potential shift in investment focus [7][9] Hong Kong Market Insights - The Hang Seng Index and Hang Seng Tech Index both experienced declines, with net inflows into Hong Kong stocks from southbound funds indicating mixed expectations for future performance [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Insights - The company reported significant improvement in Q1 2025 performance, with a net profit increase of over 20 times year-on-year, primarily due to reduced credit impairment losses and lower operating expenses [2][3]. - The company has a strong order reserve, with a total of approximately 383 million yuan in hand orders and bid amounts as of March 2025 [3]. - The company is expanding its services into Douyin's local life virtual live streaming and has undertaken multiple global virtual studio projects, enhancing its market position [4]. - The company has a consistent dividend policy, proposing a cash dividend of 0.20 yuan per 10 shares for 2024, marking 14 consecutive years of cash dividends [5]. Financial Summary - In 2024, the company achieved revenue of 722 million yuan, a year-on-year increase of 9.78%, but reported a net loss of 38.53 million yuan [2][8]. - For Q1 2025, the company generated revenue of 185 million yuan, a 2.72% increase year-on-year, with a net profit of 13.60 million yuan, reflecting a 2139.84% growth [2][3]. - The company expects revenues of 800 million yuan, 920 million yuan, and 1.04 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 59 million yuan, 82 million yuan, and 98 million yuan for the same years [6][10].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Views - The company reported a significant improvement in Q1 2025 performance, with a net profit increase of 2139.84% year-on-year, driven by reduced credit impairment losses and lower operating expenses [2][3]. - The company has a strong order reserve, with a total of approximately 383 million yuan in hand orders and bid amounts as of March 2025 [3]. - The company is expanding its services into Douyin's local life virtual live streaming, leveraging AIGC+XR technology to provide integrated virtual live streaming services [4]. - The company has a consistent dividend policy, proposing a cash dividend of 0.20 yuan per 10 shares for 2024, marking 14 consecutive years of cash dividends [5]. Financial Summary - In 2024, the company achieved revenue of 722 million yuan, a year-on-year increase of 9.78%, but reported a net loss of 38.53 million yuan [2][8]. - For Q1 2025, the company generated revenue of 185 million yuan, a 2.72% increase year-on-year, with a net profit of 13.60 million yuan [2]. - The company expects revenues of 800 million yuan, 920 million yuan, and 1.04 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 59 million yuan, 82 million yuan, and 98 million yuan [6][10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown improvement in inventory management and continues to maintain high dividend payouts, with a proposed cash dividend of 0.02 CNY per share and a special dividend of 0.12 CNY, resulting in a total dividend payout ratio of 135% and a dividend yield of 8.75% [2][5] - The company faced a decline in revenue and net profit due to sales pressure and inventory challenges, leading to a significant promotional effort and adjustments in sales structure [2][4] - The company is focusing on enhancing its online sales through a combination of platform e-commerce, content e-commerce, and private domain operations, which is expected to offset the decline in offline foot traffic [5] Summary by Sections Financial Performance - For FY2025, the company's revenue, net profit attributable to the parent, and operating cash flow were 270.13 billion CNY, 12.86 billion CNY, and 37.55 billion CNY, respectively, representing year-on-year changes of -6.6%, -41.9%, and +20.0% [2] - The gross profit margin decreased by 3.4 percentage points to 38.4%, while the net profit margin fell by 2.9 percentage points to 4.8% due to increased promotional activities and adjustments in sales structure [4] Store and Sales Analysis - The number of stores decreased by 18.3% to 5020, while the average sales area per store increased by 7.2% [3] - Revenue from the main brand, other brands, joint venture fees, and e-sports was 233.11 billion CNY, 35.05 billion CNY, 1.46 billion CNY, and 0.52 billion CNY, respectively, with declines of 6.1%, 9.9%, 14.1%, and 32.4% year-on-year [3] Digital Transformation and Customer Engagement - The company has over 500 accounts on Douyin and WeChat video accounts, with more than 2300 mini-program stores, achieving significant online sales growth [3] - The company has developed an AI tool, "Dolphin AI," which has contributed nearly 100 million CNY in sales and improved content generation efficiency [3] Future Outlook - Short-term improvements in inventory and online sales strategies are expected to enhance revenue [5] - The company is optimistic about future growth with new partnerships and a focus on digital transformation [5]