证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 投资者保护再迎新规 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 5.11-2025. 5.17）A 股日均交易额 12,4 76 亿元，环比减少 7.8%，同比增加 44 .4%。20 25 年二季度至今 日均成交额 12,5 66 亿元,较 2024 年二季度日均交易额增加 51.7%。202 5 年至今日均成交额 14,31 7 亿元,较 2024 年日均 交易额增加 64.3 %。投行：本周无新股发行；本周上市新股 3 家，募集资金 13.0 亿元。2025 年至今，A 股 I PO 上市 40 家，募集金额 260. 5 亿元。2024 年，A 股 IPO 上市 10 0 家， 募集金额 673 .5 亿元。两融：截至 202 5 年 5 月 15 日，两市 两融余额 18, 084.9 7 亿元，环比减少 0.01 %，较 202 4 年日均 水平增加 15. 41%。两市融券余额 117.68 亿元，占两融比例为 0.65 ...

Market Review - From May 12 to 16, the Wande All A index closed at 5107.73, up 0.72% from May 9, while the China Convertible Bond Index rose 0.32%[9] - The significant reduction in tariffs and the "fund reallocation" narrative drove market performance, particularly in the shipping sector, which saw the Wande Shipping Index and Port Index increase by 7.64% and 4.62%, respectively[12][15] - The U.S. and China agreed to significantly lower tariffs, with China's tariffs on U.S. imports dropping from 125% to 10% and the U.S. tariffs on Chinese imports decreasing from 145% to 30%[12] Global Insights - The easing of U.S.-China trade tensions boosted global risk appetite, leading to a substantial rise in U.S. stock markets, with the Nasdaq, S&P 500, and Dow Jones increasing by 7.15%, 5.27%, and 3.41%, respectively[32] - Gold prices fell by 4.7% to $3187.2 per ounce, nearing pre-tariff levels, while U.S. Treasury yields rose, indicating a shift in investor sentiment towards riskier assets[32][34] Strategy Recommendations - The market is expected to adopt a defensive posture, focusing on dividend stocks and sectors like consumption and technology, as volatility remains low[36][40] - The consumer sector is gaining traction, with a moderate increase in trading volume, while the technology sector is currently underperforming but may present mid-term opportunities[42][43] Convertible Bond Insights - Convertible bonds have seen a decline in valuation, particularly in equity-linked bonds, as the market remains focused on large-cap stocks[25] - The valuation for convertible bonds at an 80 yuan parity is 46.27%, while at 100 yuan parity, it is 26.09%, reflecting a slight decrease in market confidence[25][30]

Market Performance - The Shanghai Composite Index closed at 3,367.46 points, up 0.76%[1] - The Shenzhen Component Index closed at 10,179.60 points, up 0.52%[1] - The ChiNext Index closed at 2,039.45 points, up 1.38%[1] - The large-cap index rose by 1.15% to 3,458.7 points, while the small-cap index fell by 0.27% to 4,416.64 points, resulting in a small-cap to large-cap index ratio of 1.28[1] Overseas Market Trends - The Dow Jones Industrial Average closed at 42,654.74 points, up 3.41%[2] - The S&P 500 Index closed at 5,958.38 points, up 5.27%[2] - The Nasdaq Index closed at 19,211.10 points, up 7.15%[2] - The Hang Seng Index closed at 23,345.05 points, up 2.08%[2] Industry Highlights - The low-altitude economy is gaining momentum with the establishment of the International Low Altitude Economy Cooperation Alliance on May 16[3] - The central air traffic management committee has issued special measures to support the low-altitude economy, indicating new opportunities for development[6] Investment Recommendations - Recommended stocks include Yingboer, which has integrated chip technology suitable for eVTOL systems and has established partnerships with leading companies in the low-altitude economy[6] - Other sectors to watch include military trade potential, low-altitude infrastructure, and composite materials[7][8] Risk Factors - Potential risks include macroeconomic downturns, underperformance of new industries, and exchange rate fluctuations[10]

证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 17 日 海内外 AI 共振，坚定看好算力 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: 大厂一季度财报发布，AI 资本支出上升 5 月 15 日晚间，阿里巴巴发布了 2025 财年第四财季（截至 2025 年 3 月 31 日止季度）及全年财报，全年收入 2364.54 亿元，略低 于市场预估的 2379.1 亿元；淘天集团来自中国零售商业的收入同 比增长 8%，客户管理收入同比增长 12%，变现率显著提升；阿里巴 巴云智能集团季度收入同比增长 18%，达到 301.27 亿元，创下三 年来的最快增速。一季度阿里提升 AI 资本性支出，因此我们看好 国产算力租赁。 5 月 14 日，腾讯公布最新业绩，第一季度营收和利润同比上涨， 主要得益于其主要游戏业务的加速增长一季报显示，第一季度营 收为 1,800.2 亿元人民币，同比增长 13%，预估为 1,756 亿元人民 币；第一季度公司权益持有人应占盈利（净利润）为 478.2 亿元人 民币，同比增长 14%，预估为 516.9 亿元人民币； ...

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The year-on-year growth rate of second-hand housing has significantly slowed down, and the new housing market has also shown a downward trend [1][2]. Summary by Relevant Catalogs Second-hand Housing Market - **Overall Performance**: In the week of May 9 - 15, the transaction area of 15 cities was 2.45 million square meters, a decrease of about 9.5% compared with the week before the holiday. The year-on-year growth rate also slowed down, with a 3.1% increase this week, significantly lower than 20% in April and 38% in March [1]. - **City - Level Analysis**: The second - hand housing in first, second, and third - tier cities all declined month - on - month, with first - tier cities having a relatively smaller decline. First, second, and third - tier cities decreased by 6.2%, 11.2%, and 13.6% respectively. Among first - tier cities, Beijing and Shanghai decreased by 12% and 5% respectively, while Shenzhen increased by 6%. Among second - tier cities, Suzhou had a large decline of 27%, and the declines of Qingdao, Xiamen, Chengdu, and Nanning were between 6% - 15%, and Hangzhou remained basically flat [1]. - **Year - on - Year Analysis by City Level**: This week, first - tier cities increased by 16%, with the growth rate significantly narrowing compared with 45% in March and 31% in April. Second - tier cities decreased by 1%, turning from growth to decline, having grown 36% and 11% in March and April respectively. Third - tier cities decreased by 13%, also turning from growth to decline, having grown 25% and 21% in March and April respectively [2]. New Housing Market - **Overall Performance**: In the week of May 9 - 15, the transaction area of 38 cities was 2.73 million square meters, a decrease of about 15% compared with the week before the holiday. The year - on - year decline was 12%, similar to the 13% decline in April, and there was a slight 1% increase in March [2]. - **City - Level Analysis**: The new housing transactions in first, second, and third - tier cities all declined month - on - month, with first - tier cities having a larger decline. First, second, and third - tier cities decreased by 32%, 16%, and 11% respectively. Among first - tier cities, Beijing, Shanghai, and Shenzhen decreased by 28%, 33%, and 34% respectively. Among second - tier cities, Suzhou and Wuhan had large declines of 32% and 33% respectively [2]. - **Year - on - Year Analysis by City Level**: This week, first - tier cities decreased by 10.5%, with the decline similar to the 12.5% decline in April. Second - tier cities decreased by 22.9%, with the decline significantly expanding compared with the 10.1% decline in April. Third - tier cities decreased by 8.6%, with the decline narrowing compared with the 17.4% decline in April [2]. Key City Observations - **Beijing, Shanghai, and Shenzhen**: For second - hand housing from May 9 - 15, the weekly transaction area decreased by 6% compared with the week before the holiday. Beijing and Shanghai decreased by 12% and 5% respectively, while Shenzhen increased by 6%. Compared with the high point last year, Shanghai was at 81%, Beijing was at 72%, and Shenzhen was at 64%. For new housing, the weekly transaction area decreased by 32% compared with the week before the holiday, with Beijing, Shanghai, and Shenzhen decreasing by 28%, 33%, and 34% respectively. Compared with the high point last year, they were between 24% - 45% [14]. - **Hangzhou**: The second - hand housing weekly transaction area remained flat compared with the week before the holiday, and the new housing weekly transaction area decreased by 31%, equivalent to 68% and 18% of the 2024 high point respectively [15]. - **Chengdu**: The second - hand housing weekly transaction area decreased by 6% compared with the week before the holiday, and the new housing weekly transaction area decreased by 15%, equivalent to 70% and 56% of the 2024 high point respectively [15]. Housing Price Observation - In the week of May 5 - 11, the weekly listing prices of second - hand housing in Beijing and Shenzhen decreased by 0.39% and 0.55% respectively, while that in Shanghai increased by 0.47%. Compared with the week before the "924" policy last year, the second - hand housing listing prices in Beijing, Shanghai, and Shenzhen still decreased, with declines of 4.8%, 0.7%, and 3.2% respectively [39].

Market Overview - From May 12 to 16, the overall A-share index closed at 5107.73, up 0.72% from May 9, while the convertible bond index rose 0.32%[9] - Year-to-date, the overall A-share index has increased by 1.71%, and the convertible bond index has risen by 3.44%[9] Trade Relations and Market Sentiment - The recent U.S.-China trade agreement led to significant tariff reductions, with China's tariffs on U.S. imports dropping from 125% to 10%, and U.S. tariffs on Chinese goods decreasing from 145% to 30%[12] - Following the trade agreement, the shipping sector saw a surge, with the shipping index and port index rising by 7.64% and 4.62%, respectively[16] Investment Strategy - The market is expected to focus on fundamental factors and domestic demand policies, with a defensive stance recommended in the current environment[39] - The consumer sector is gaining attention, while the technology sector is currently underperforming but may present mid-term opportunities[48] Convertible Bonds - The valuation of equity-linked convertible bonds has seen a decline, with the valuation center for bonds priced at 130 yuan dropping to 7.46%[27] - The market for convertible bonds is experiencing increased trading activity, with a notable rise in the number of new issues in 2025[8] Risk Factors - Potential volatility in the U.S. stock market remains a concern, particularly with the possibility of renewed tariff discussions and economic downturn risks in the latter half of the year[2] - The rapid rotation of market styles and unexpected adjustments in convertible bond market rules could pose additional risks[4]

证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 碳纤维部分提价，关注行业需求边际提升 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）民爆需求高景气，行业集中度有望再提 升，广东宏大、雪峰科技、国泰集团等受益；国家重大工程雅鲁 项目主体工程有望进入开工期，推荐重点工程中岩大地，区域民 爆企业高争民爆等受益；（2）碳纤维涨价，新兴需求异军突起需 求提升，推荐中复神鹰，吉林化纤等受益。（3）重点关注经营韧 性强+超高分红的+扩内需的消费建材品种，推荐东方雨虹、三棵 树、兔宝宝、伟星新材、北新建材等；（4）内循环投资预期变 强，推荐中国建筑，中国交建、四川路桥等受益；推荐海螺水 泥、华新水泥等水泥龙头。（5）国产替代：推荐麦加芯彩，关税 缓和航运需求提升，船舶涂料取证加速未来有望持续国产替代；推 荐松井股份，车身漆国产替代需求旺盛。 ►第 20 周（05/11-05/17）新房、二手房市场短期内整体景气度 不高。（1） 30 城大中城市商品房交易数据：今年第 20 周国内 30 大中城市新房成交面积 1 ...

Investment Rating - Industry Rating: Recommended [5] Core Views & Investment Suggestions - Significant progress in China-US tariff negotiations, maintaining cautious optimism. The US will suspend 24% tariffs on Chinese goods for 90 days while retaining 10%, and China will reciprocate. This agreement signals a phase of easing tensions and may alleviate export chain pressures [2][24] - Three major food delivery platforms, including JD, Meituan, and Ele.me, were summoned for discussions to enforce fair competition and protect rider rights. This regulatory push is expected to enhance service quality and industry standards [2][30] Market Overview - In the week of May 12-16, 2025, the Shanghai Composite Index rose by 0.76%, the CSI 300 Index increased by 1.12%, and the ChiNext Index grew by 1.38%. The Hang Seng Index saw a 2.09% rise, while the SW Media Index fell by 0.77%, ranking 29th among 31 industries [1][12] Investment Opportunities - Focus on leading technology companies in China, particularly in the context of increasing domestic demand and technological innovation. Suggested sectors include: 1. Hong Kong internet leaders benefiting from consumption and employment stabilization 2. Gaming industry, with policy incentives boosting domestic demand and overseas expansion potential 3. Film and cultural tourism sectors, with consumption policies aiding cinema recovery [3][25] Industry Data - Top three films by box office for the week include "Dumpling Queen" with 31.914 million yuan, "Hunting Gold: Game" with 27.856 million yuan, and "Life Opens the Door" with 12.039 million yuan [4][57] - iOS game sales rankings are led by "Honor of Kings," "Peace Elite," and "Golden Shovel," while Android rankings feature "Heart Town," "My Leisure Time," and "Honkai: Star Rail" [4][61] - The top three TV dramas by broadcast index are "Bending the Waist," "Huai Shui Bamboo Pavilion," and "A Good Life" [4][64]

Investment Rating - Industry Rating: Recommended [5] Core Views - The easing of trade tensions between China and the US has led to a recovery in macroeconomic sentiment, benefiting the overall base metals sector [4][16][42] - Precious metals, particularly gold and silver, are expected to remain attractive due to ongoing economic uncertainties and inflation concerns, with gold prices anticipated to rise in the long term [4][42][43] - The report highlights potential investment opportunities in gold and silver mining companies, as well as in base metals like copper and aluminum, driven by favorable market conditions and policy support [17][18][42] Summary by Sections Precious Metals - Gold prices on COMEX fell by 3.72% to $3,205.30 per ounce, while silver prices decreased by 1.37% to $32.43 per ounce [22][24] - SPDR Gold ETF holdings decreased by 617,575.37 troy ounces, and SLV Silver ETF holdings fell by 1,591,307.50 ounces [24] - The macroeconomic environment is expected to support gold prices, with a focus on gold resource stocks due to their low valuation levels [4][42][43] Base Metals - In the LME market, copper prices increased by 0.02% to $9,447.50 per ton, aluminum rose by 2.65% to $2,481.50 per ton, zinc increased by 1.43% to $2,691.50 per ton, and lead rose by 0.93% to $2,000.00 per ton [6][44] - SHFE market showed similar trends with copper at 78,140.00 yuan per ton, aluminum at 20,130.00 yuan per ton, zinc at 22,500.00 yuan per ton, and lead at 16,870.00 yuan per ton [6][44] - The report indicates a tightening supply of copper concentrate and a favorable outlook for copper prices due to ongoing infrastructure investments and demand in sectors like electric vehicles [17][71] Small Metals - The report notes that magnesium prices have remained firm due to cost increases and environmental inspections in certain regions [14] - The market for molybdenum and vanadium is stable, with steel mills beginning to procure, although price movements are limited [15][79] - The US has initiated anti-dumping investigations on metal silicon imports, which may impact market dynamics [78]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [4]. Core Insights - The tin ore production in Q1 2025 decreased by 40% year-on-year to 3,215 tons, with a guidance for 2025 indicating a 10.6% increase in tin ore production to 21,500 tons [1][6]. - The average selling price of refined tin increased by 20% to $32,495 per metric ton compared to $27,071 per metric ton in the previous year [2][7]. - The company achieved a net profit of 116.86 billion Indonesian Rupiah in Q1 2025, exceeding its target by 20% [3]. Summary by Sections Production and Sales - In Q1 2025, the total production of tin ore was 3,215 tons, down from 5,360 tons in Q1 2024, with onshore production at 1,598 tons (down 51%) and offshore production at 1,617 tons (down 23%) [1][7]. - The production of refined tin was 3,095 tons, a decrease of 31% from 4,475 tons in the same quarter last year [2][7]. - Refined tin sales were 2,874 tons, down 18% from 3,524 tons year-on-year [2][7]. Financial Performance - The company's revenue for Q1 2025 was 21 trillion Indonesian Rupiah, a 2.1% increase from 20.6 trillion Indonesian Rupiah in Q1 2024, attributed to the rise in average tin prices [3]. - Operating profit for Q1 2025 was 148 billion Indonesian Rupiah, up from 93 billion Indonesian Rupiah in Q1 2024 [3]. - The company's total assets decreased by 2% to 12.49 trillion Indonesian Rupiah, while liabilities fell by 9% to 4.85 trillion Indonesian Rupiah [5]. 2025 Guidance - The company anticipates that the average price of tin metal in 2025 will exceed that of 2024, driven by increased demand from electronics and advancements in digital technology [6]. - Key targets for 2025 include tin ore production of 21,500 tons (up 10.6%), refined tin production of 21,545 tons (up 13.9%), and sales of refined tin at 19,065 tons (up 8.9%) [6].