Investment Rating - The industry rating is "Recommended" [5] Core Views - The report highlights the impact of recent changes in US tariff policies on precious and base metals, with gold prices experiencing a pullback due to market optimism and fluctuations in US Treasury yields, stock markets, and the dollar [4][50] - The report anticipates a long-term positive outlook for gold and silver prices, driven by ongoing economic uncertainties and investor preferences for safe-haven assets [7][50] Summary by Sections Precious Metals - COMEX gold fell 1.33% to $3,313.10 per ounce, while COMEX silver dropped 1.68% to $33.08 per ounce. SHFE gold decreased 1.06% to ¥771.80 per gram, and SHFE silver fell 0.54% to ¥8,218.00 per kilogram [28] - The US International Trade Court's ruling to block the implementation of new tariffs has led to a temporary suspension of tariffs on various imports, which has influenced market sentiment and gold prices [48][50] - The SPDR Gold ETF holdings increased by 248,838.84 troy ounces, while SLV Silver ETF holdings rose by 2,772,877.00 ounces [28] Base Metals - In the LME market, copper fell 1.22% to $9,497.00 per ton, aluminum decreased 0.71% to $2,448.50 per ton, zinc dropped 3.06% to $2,629.50 per ton, and lead fell 1.50% to $1,964.00 per ton [57] - SHFE copper decreased 0.24% to ¥77,600.00 per ton, aluminum fell 0.42% to ¥20,070.00 per ton, zinc increased 0.05% to ¥22,225.00 per ton, and lead dropped 1.42% to ¥16,620.00 per ton [57] - The report notes a tightening supply of copper, with Antofagasta proposing negative processing fees in negotiations with Chinese smelters, indicating a potential upward trend in copper prices [19][51] Small Metals - Magnesium prices fell 2.15% to ¥18,180 per ton, with cautious purchasing behavior observed in downstream sectors [15] - Molybdenum prices increased, with ferromolybdenum rising 3.79% to ¥246,500 per ton, driven by tight raw material costs [16]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 32.33 billion yuan in FY24, representing a year-on-year increase of 247.86%, and a net profit attributable to shareholders of 294 million yuan, up 453.95% year-on-year [2] - The company is focusing on high-quality growth in its discount retail business, with a significant increase in store numbers and operational efficiency [3][4] - The company has announced a restricted stock incentive plan for 2025, aimed at enhancing growth potential [6][7] Summary by Sections Financial Performance - In FY24, the company reported a revenue of 32.33 billion yuan, with a net profit of 294 million yuan, and a non-recurring net profit of 258 million yuan, showing substantial growth compared to the previous year [2] - For Q4 of FY24, the revenue was 11.72 billion yuan, with a net profit of 209 million yuan, marking an impressive year-on-year increase of 894.27% [2] Business Expansion - The company has been rapidly expanding its discount retail business, achieving a revenue of 31.79 billion yuan in FY24, which is a 262.94% increase year-on-year [3] - By the end of FY24, the company had 14,196 stores, adding 9,776 new stores during the year, while maintaining a low closure rate of 2.2% [4] Profitability - The net profit margin for the discount retail business reached 2.70% in FY24, an increase of 2.32 percentage points year-on-year, indicating improved profitability [5] - The company’s net profit for Q1 of FY25 was 412 million yuan, with a profit margin of 3.85% [5] Incentive Plan - The company has introduced a restricted stock incentive plan for 2025, granting approximately 2.21 million shares to 70 core employees, with performance targets set for net profit growth over the next four years [6][7] Future Projections - Revenue forecasts for 2025 and 2026 have been revised upwards to 53.88 billion yuan and 62.09 billion yuan, respectively, with EPS estimates adjusted to 4.82 yuan and 6.50 yuan [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company experienced a revenue decline in Q1 2025, attributed to reduced e-commerce activities and traditional retail performance, but showed a year-on-year increase when comparing Q4 2024 to Q1 2025 [4] - The company is focusing on expanding its overseas market presence, which has shown significant growth from a low base, indicating increasing influence and recognition [9] - Profit margins are expected to improve gradually in subsequent quarters as operational efficiencies are realized and overseas market contributions grow [9] Financial Performance Summary - In FY 2024, the company achieved revenue of 2.257 billion yuan, a year-on-year increase of 22.18%, and a net profit of 376 million yuan, up 14.32% [2] - For Q1 2025, revenue was 504 million yuan, down 13.99% year-on-year, with a net profit of 53 million yuan, down 42.21% [2] - The company's gross margin for FY 2024 was 35.46%, which decreased to 34.32% in Q1 2025 due to rising raw material costs and increased expenses [5][7] - The company’s sales expenses increased significantly in Q1 2025, reflecting investments in overseas market expansion and brand promotion [6] Revenue Breakdown - The company’s revenue from various product lines in FY 2024 included 705 million yuan from mixed nuts and beans, 524 million yuan from green peas, and 302 million yuan from sunflower seeds, with respective year-on-year growth rates of 39.80%, 12.56%, and 10.48% [3] - Revenue from overseas markets grew by 1762% year-on-year, highlighting the potential for future growth in international sales [3] Earnings Forecast - The revenue forecast for 2025 has been adjusted to 2.598 billion yuan, with EPS estimates revised to 4.38 yuan [10] - The company is projected to achieve revenues of 3.032 billion yuan in 2026 and 3.461 billion yuan in 2027, with corresponding EPS of 5.13 yuan and 5.72 yuan [10]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 3.835 billion yuan in FY24, representing a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% year-on-year [2] - The growth in revenue and profit is driven by the rapid expansion of UHT cream products and a recovery in frozen baked goods in Q1 2025 [3][4] - The company has shown initial success in cost control, leading to an improvement in profit margins [5][6] - The forecast for revenue in 2025 and 2026 has been adjusted to 4.457 billion yuan and 5.170 billion yuan respectively, with EPS estimates increased to 1.96 yuan and 2.40 yuan [8] Summary by Sections Financial Performance - In FY24, the company reported revenues of 3.835 billion yuan, with a net profit of 268 million yuan, marking a significant increase from the previous year [2] - For Q1 2025, the company achieved revenues of 1.046 billion yuan, a year-on-year increase of 14.13%, and a net profit of 88 million yuan, up 15.11% [2] Product and Regional Performance - Revenue from frozen baked goods, cream, fruit products, sauces, and other baking materials showed varied performance, with cream products experiencing a 61.75% increase [3] - The company’s revenue by region in FY24 showed growth in most areas, particularly in East China and overseas markets [3] Cost Control and Profitability - The gross margin for FY24 was 31.47%, with a slight decrease in Q1 2025 to 29.99% due to changes in channel and product structure [5] - The company has successfully reduced its selling and management expense ratios, indicating effective cost control measures [5][6] Future Outlook - The company plans to expand its product matrix for UHT cream and enhance its collaboration with top clients in retail channels, which is expected to drive further growth [7] - The revenue forecasts for 2025 and 2026 have been revised downwards, while EPS estimates have been increased, reflecting a more optimistic view on profitability [8]

[Table_Title2] 计算机行业跟踪 [Table_Summary] 稳定币与 RWA：区块链赋能金融的基石与桥梁 稳定币是与法定货币或资产锚定的加密货币，具备价格稳定和 区块链兼容性，广泛用于交易、结算和价值存储。主流模式包 括中心化储备型、超额抵押型和算法型稳定币。USDT 流动性强 但透明度受质疑，USDC 以合规和透明获得机构青睐，DAI 则通 过智能合约去中心化运作。稳定币在加密市场中起到"链上现 金"作用，是交易计价和流动性基础。RWA 通过区块链实现资产 通证化，将实体资产收益权上链，赋予其流动性与可编程性。 RWA 依托智能合约、分布式账本与合规结构，有望重塑传统金融 交易方式。稳定币为 RWA 交易提供了价格锚定、流动性支持和 跨境支付能力，是其代币化交易的关键桥梁。我们认为，随着 全球监管框架逐步完善，稳定币与 RWA 将深度融合，成为金融 市场关键基础设施。稳定币的合规性和可编程性将推动 RWA 在 绿色金融、供应链金融等领域实现自动化和全球化，助力传统 资产实现"链上流动、全球配置"的数字金融新格局。 中国香港立法稳定币，RWA 代币化进入金融创新舞台 2025 年 5 月，中 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown resilience in its direct sales channels and is focusing on new product development and channel expansion [7][8] - The company experienced a decline in revenue and net profit in FY24, but there are signs of recovery in Q1 FY25 [2][3] - The company is expected to benefit from the recovery of the restaurant market and its expansion efforts [8] Revenue and Profit Summary - In FY24, the company achieved revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 84 million yuan, down 37.67% year-on-year [2] - In Q4 FY24, revenue was 504 million yuan, a decline of 11.93% year-on-year, with net profit dropping to 2 million yuan, down 94.65% year-on-year [2] - In Q1 FY25, revenue was 470 million yuan, an increase of 1.5% year-on-year, while net profit was 21 million yuan, down 37.98% year-on-year [2] Product and Channel Performance - In FY24, revenue from various product categories was as follows: staple foods (914 million yuan, -6.88%), snacks (439 million yuan, -13.79%), baked goods (365 million yuan, flat), and frozen prepared dishes (142 million yuan, +273.39%) [3] - Direct sales revenue in FY24 was 809 million yuan, up 4.39% year-on-year, while distribution revenue was 1.051 billion yuan, down 6.03% year-on-year [3] Cost and Profitability Analysis - The company's gross margin for FY24 was 23.66%, a slight decrease from the previous year, primarily due to price adjustments in staple and snack products [4] - The company faced increased selling and administrative expenses, with the selling expense ratio rising to 5.40% in FY24 [5] - The net profit margin for FY24 was 4.48%, down 2.58 percentage points year-on-year, reflecting pressure from gross margin and increased expenses [6] Future Outlook - The company plans to invest in R&D and production resources for baked goods and frozen prepared dishes, aiming to expand its product line and sales channels [7][11] - The company is also exploring C-end business opportunities and enhancing brand building to ensure stable growth [11] - Revenue forecasts for 2025 and 2026 have been adjusted to 2.030 billion yuan and 2.231 billion yuan, respectively, with EPS estimates revised to 0.97 yuan and 1.07 yuan [9]

Investment Rating - Industry Rating: Recommended [3] Core Insights - Nvidia's data center business achieved revenue of $39.11 billion in Q1 FY2026, a year-on-year increase of 73.3%, driven primarily by the Blackwell product line [1][11] - The demand for AI computing power continues to rise globally, making the computing power leasing industry a market focus, with CoreWeave's stock rising by 13.26% over five trading days [2][32] - The recent U.S. export restrictions on the H20 chip have led to a decrease in demand from Chinese customers, resulting in Nvidia incurring $4.5 billion in costs due to excess inventory and procurement obligations [1][26] Summary by Sections Nvidia's Q1 Financial Report - Nvidia reported a revenue of $44.06 billion for Q1 FY2026, meeting expectations, with a gross margin of 60.5%, impacted by a $4.5 billion inventory write-down related to the H20 chip [14][23] - The company expects revenue to continue to rise, projecting $45 billion for Q2 FY2026, despite the impact of the H20 chip ban [29][27] CoreWeave and Computing Power Leasing - CoreWeave, specializing in high-performance GPU cloud leasing services for AI training and inference, has seen significant stock performance due to its strategic partnership with Nvidia [2][33] - Major internet companies like Alibaba and Tencent are increasing their capital expenditures significantly, with Alibaba planning to invest over 380 billion RMB in cloud and AI hardware infrastructure over the next three years [12][48] Investment Recommendations - Beneficiary stocks in the computing power leasing sector include Youfang Technology, Hongjing Technology, and Xiechuang Data; in AI power: Zhongheng Electric, Maigemi, and Weiergao; in AI chips: Cambrian, Haiguang Information, and Chipone; in IDC: Runze Technology, Runjian Shares, and Dawi Technology [4][56]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The growth rate of second - hand housing transactions has slowed down, with the year - on - year growth rate in May returning to the level before the "9·24" policy. New housing transactions showed a mixed performance, with some cities improving and others continuing to decline [1][2][4] Summary by Directory 1. Weekly Transaction Data Second - hand Housing - The weekly transaction volume of second - hand housing in 15 cities decreased by 8% week - on - week from May 23 - 29, after a 4% increase the previous week. The decline was greater than seasonal patterns and those of the same period in 2023 and 2024. By city tier, first, second, and third - tier cities saw declines of 2.1%, 14.5%, and 0.5% respectively [1] - In first - tier cities, Shenzhen and Shanghai decreased by 18.8% and 1.9% respectively, while Beijing increased by 5.3%. In second - tier cities, Chengdu had a large decline of 25%, and some cities like Hangzhou, Suzhou, Xiamen, and Nanning had declines between 1% - 11%, while Qingdao increased by 7.7% [1] New Housing - The weekly transaction volume of new housing in 38 cities increased by 9% week - on - week from May 23 - 29, following a 4% increase the previous week. However, the growth rate was weaker than that of the same period in 2024 but the same as in 2023. By city tier, first - tier cities' new housing transactions turned from decline to growth, and second and third - tier cities continued to grow, with increases of 9%, 10%, and 8% respectively [2] - In first - tier cities, Shanghai, Guangzhou, Beijing, and Shenzhen increased by 13%, 11%, 2%, and 1% respectively. In second - tier cities, Wuhan and Hangzhou had large increases of 78% and 70% respectively, while Chengdu, Qingdao, and Nanning decreased by 18%, 15%, and 8% respectively [2] 2. Monthly Transaction Data Second - hand Housing - From May 1 - 29, the transaction area of second - hand housing in 15 cities increased by 8% year - on - year, significantly slower than in March and April (38% and 20% respectively). The current year - on - year growth rate has dropped to the level before the "9·24" policy, the lowest since October 2024 [2] - In Beijing, Shanghai, and Shenzhen, second - hand housing increased by 19% year - on - year from May 1 - 29, lower than the 31% and 45% in April and March. Second and third - tier cities also showed a similar slow - down trend, with second - tier cities increasing only 2% and third - tier cities 2% year - on - year from May 1 - 29, much lower than previous months [2][3] New Housing - From May 1 - 29, the transaction area of new housing in 38 cities decreased by 6% year - on - year, an improvement from the 13% decline in April but still worse than the 1% growth in March [4] - First - tier cities showed signs of recovery, with an 8% year - on - year increase, an improvement from - 12% in April and similar to March. Second - tier cities continued to weaken, with a 16% year - on - year decline, a larger drop than in April and March. Third - tier cities were relatively stable, with a slight 2% year - on - year decline, better than - 17% in April but worse than the 5% growth in March [4] 3. Key City Observations First - tier Cities - From May 23 - 29, in first - tier cities, second - hand housing transaction volume decreased by 2.1% week - on - week, and new housing increased by 9% week - on - week [18][19] - For second - hand housing, excluding Guangzhou (no data), Beijing, Shanghai, and Shenzhen decreased by 2.1% week - on - week. Shenzhen and Shanghai decreased by 18.8% and 1.9% respectively, while Beijing increased by 5.3%. Compared with last year's high, Beijing and Shanghai were at 74% and 78% respectively, and Shenzhen at 54%. Year - on - week, all three cities increased, and year - on - month from May 1 - 29, they also increased but with lower growth rates than in April [18] - For new housing, Shanghai, Guangzhou, Beijing, and Shenzhen increased by 13%, 11%, 2%, and 1% respectively week - on - week. Compared with last year's high, all four cities were at lower levels (29% - 52%). Year - on - week, all four cities increased, and year - on - month from May 1 - 29, Beijing and Shenzhen decreased, while Guangzhou and Shanghai increased, with Beijing, Shanghai, and Guangzhou performing better than in April [19] Other Key Cities - In Hangzhou, second - hand housing decreased by 1.5% and new housing increased by 70% week - on - week from May 23 - 29, equivalent to 68% and 24% of the 2024 high respectively [19] - In Chengdu, second - hand housing decreased by 25% and new housing decreased by 18% week - on - week from May 23 - 29, equivalent to 58% and 56% of the 2024 high respectively [19] 4. Housing Price Observation - From May 19 - 25, the weekly listing prices of second - hand housing in Beijing, Shanghai, and Shenzhen decreased by 0.03%, 0.27%, and 0.24% respectively week - on - week. Compared with the week before the "924" policy last year, they decreased by 5.3%, 1.1%, and 4% respectively [43]

证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（0526-0530） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年6月1日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 资料来源： wind ，华西证券研究所 2 图表1：全球主要指数PE(TTM) 注：自2010年1月起，截至2025年5月30日 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 图表2、3：A股整体PE(TTM)、A股剔除金融和石油石化PE(TTM，剔除负值) 14.93 2010-01 2011-01 2012-01 2013-01 2014-01 ...

证券研究报告|行业点评报告 [Table_Date] 2025 年 05 月 31 日 [Table_Title] 保险业 2025 年 4 月保费点评：寿险保费高 增，财险经营稳健 [Table_Title2] 保险Ⅱ 行业评级: 推荐 [Table_Summary] 分析与判断: ► 人身险：4 月寿险保费同比+16.8%，拉动前 4 月人身险保费增速由负转正 2025 年 1-4 月人身险公司原保费收入 19,469 亿元，同比+1.3%。其中寿险/意外险/健康险原保费收入分别 为 16,061/153/3,255 亿元，分别同比+1.2%/-4.9%/+2.4%。4 月单月，人身险公司原保费收入 2,879 亿元，同 比+11.7%，其中寿险/意外险/健康险原保费收入 2,229/36/614 亿元，分别同比+16.8%/-6.1%/-2.9%。4 月寿险 增速环比 2 月/3 月增速分别提升 9.0pp/5.4pp。2025 年 1-4 月保户投资款新增交费（以万能险为主）3,076 亿 元，同比-4.8%，其中 4 月单月同比+16.0%；1-4 月投连险独立账户新增交费 49 亿元，同比-0.6 ...