Investment Rating - The report indicates a positive outlook for the real estate sector, with new home sales showing growth both month-on-month and year-on-year [1][5]. Core Insights - New home transaction area increased by 10.3% month-on-month and 6.1% year-on-year, marking a significant recovery from previous declines [5][14]. - The report highlights the government's commitment to urban renewal, with financial support measures announced to facilitate funding for urban renovation projects [1][89]. - The land market showed mixed results, with total land transaction area increasing by 37.6% month-on-month but total land price decreasing by 36.9% [59][63]. Summary by Sections New Home Market Tracking - In the week of May 17-23, 2025, new home sales in 40 cities reached 260.1 million square meters, with a month-on-month increase of 10.3% and a year-on-year increase of 6.1% [5][21]. - The inventory of new homes in 12 cities was 8.748 million square meters, with a month-on-month increase of 0.3% and a year-on-year decrease of 17.5% [37][38]. Land Market Tracking - The total land transaction area across 100 cities was 1,535.2 million square meters, reflecting a month-on-month increase of 37.6% and a year-on-year increase of 25.8% [59][60]. - The average land price per square meter was 1,087.1 yuan, showing a month-on-month decrease of 54.1% and a year-on-year decrease of 15.7% [61][63]. Policy Overview - The report outlines various government initiatives aimed at supporting urban renewal and enhancing the real estate market, including the establishment of a special budget for urban renewal projects [89][90]. - Local governments, such as in Shanghai, are implementing measures to boost housing supply and improve living conditions through renovation of old neighborhoods [90][91]. Company Performance - The report suggests focusing on companies with strong sales and land reserves in core cities, such as Binjiang Group and Greentown China, as potential investment opportunities [5][89]. - Companies that have shown significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group, are also highlighted as attractive targets [5][89].

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [51]. Core Insights - The social services sector experienced a decline of 2.13% in the last two trading weeks, ranking 28th among 31 industries in the Shenwan classification, underperforming the CSI 300 index by 3.07 percentage points [1][11]. - The upcoming Dragon Boat Festival is anticipated to sustain high travel demand, with significant growth in domestic travel bookings, particularly in short-distance trips [2][29]. - The report highlights the recovery of the cross-border travel market, which is expected to boost airport duty-free sales and accelerate the introduction of new city duty-free policies [2][29]. Market Review & Industry Dynamics - The social services sub-sectors, including tourism and retail, all experienced declines, with the largest drop in professional services at -3.72% [17]. - Domestic flight operations saw a slight decrease of 2.56% week-on-week, but international flights have recovered to 85.84% of 2019 levels [1][29]. - The report notes a significant increase in domestic travel bookings for the Dragon Boat Festival, with a 23% year-on-year growth in surrounding travel reservations [29]. Investment Recommendations - The report suggests focusing on companies with strong earnings growth potential in the travel chain and related industries, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [2][44]. - It also recommends hotel brands benefiting from business travel recovery, such as Junting Hotel and Jinjiang Hotel, and companies involved in the recovery of dining and banquet demands [2][44]. - The report emphasizes the potential of city duty-free stores and local consumption brands, as well as companies in the exhibition and performance sectors [2][44].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [28]. Core Views - The report highlights significant advancements in the computer industry, including Xiaomi's launch of the self-developed chip "Xuanjie O1," which enhances the technological authority of domestic chips and reduces reliance on overseas supply chains [11][10]. - NVIDIA's DreamGen project aims to improve robot training efficiency, allowing robots to learn in a "dream state," which significantly enhances their learning capabilities in unfamiliar environments [12][11]. - Google's introduction of Android XR smart glasses is expected to accelerate research and development in the XR field, potentially leading to advancements in human-computer interaction and related industries [14][13]. Summary by Sections Investment Recommendations - The report suggests focusing on companies related to technology self-sufficiency, including Softcom Power, Dameng Data, Cambricon, Yuntian Lefe, and Zhongke Shuguang, as well as companies with strong fundamentals and significant growth potential like Hehe Information, Dazhi Technology, and Borui Data [3]. Industry News - Xiaomi's new products include the Xuanjie O1 chip, which utilizes advanced 3nm technology and integrates 19 billion transistors, achieving high performance metrics [10]. - NVIDIA's DreamGen project has shown a success rate improvement in learning new actions from 11.2% to 43.2% and in new environments from 0% to 28.5% [12]. - Google's XR smart glasses, developed in collaboration with Samsung, leverage advanced technologies to enhance user experience and interaction [13]. Company Dynamics - Torus Technology granted 4.1 million restricted stocks to 98 individuals at a price of 9.53 yuan per share, representing 0.47% of the company's total equity [20]. - Jieshun Technology completed the repurchase and cancellation of 1,917,920 restricted stocks, reducing its total share capital [20].

Key Points - The report highlights a focus on the human-shaped robot industry, which is currently in the early stages of industrial trends, suggesting attention to valuable sub-sectors [5][6][7] - The transportation industry shows a mixed performance in 2024, with shipping and port sectors experiencing a weak start in Q1 2025, while the express logistics sector continues to grow despite declining package values [9][10][12] - The healthcare sector, specifically the company Jianzhijia, reported a total revenue of 9.283 billion yuan in 2024, a year-on-year increase of 2.23%, but a significant drop in net profit by 69.08% [3][15][16] - The express delivery industry is projected to maintain a growth rate of 21% in business volume for 2024, with total express business revenue reaching 1.4 trillion yuan [12][9] - The railway sector achieved a double-digit growth rate in passenger volume in 2024, with a total of 4.31 billion passengers, while road freight volume also showed steady growth [13][9] Group 1: Human-Shaped Robot Industry - The human-shaped robot industry is in the early stages of industrial trends, with a focus on valuable sub-sectors [5][6] - Investment strategies are categorized into three phases: thematic investment, industrial trend investment, and cyclical investment [5][6][7] - The report indicates that the current market sentiment may have already priced in the expected increase in penetration rates for human-shaped robots [7] Group 2: Transportation Industry - The transportation sector's performance in 2024 shows a mixed outlook, with shipping and port sectors facing challenges while express logistics continues to grow [9][10] - The express delivery industry is expected to see a business volume of 1.745 billion packages in 2024, reflecting a 21% year-on-year growth [12] - The railway sector's passenger volume reached 4.31 billion in 2024, marking an 11.9% increase [13] Group 3: Healthcare Sector - Jianzhijia's total revenue for 2024 was 9.283 billion yuan, with a significant decline in net profit due to policy adjustments and tax issues [15][16] - The company has a stable growth in store numbers, reaching 5,486 stores by the end of 2024, with a focus on enhancing its membership system [17][18] - The online business segment has shown growth, contributing 27.85% to total revenue in 2024 [18]

交通运输 | 证券研究报告 — 行业周报 2025 年 5 月 27 日 交通运输行业周报 Frontline 一季度收入和净利润同比下降， 4 月民 航旅客运输量同比增长 8.9% 航运方面，Frontline 一季度收入和净利润同比下降，OPEC+逆势增产或为 油轮运价提供支撑；航空方面，4 月民航旅客运输量同比增长 8.9%，国产 大飞机 C919 首飞深圳；快递方面，菜鸟升级西班牙葡萄牙本地快递网，4 月份深圳进出口同比增长 3.8%。 核心观点： ①Frontline 一季度收入和净利润同比下降，OPEC+逆势增产或为油轮运价 提供支撑。2025 年一季度，Frontline 实现营业收入 4.3 亿美元，同比减少 31.1%；营业利润达到 9316.7 万美元，同比减少 62.9%；净利润为 3328.7 万 美元，同比减少 81.6%；调整后的净利润为 4038.3 万美元，或调整后每股 净利 0.18 美元，同比减少 70.7%。2025 年一季度，Frontline 在现货市场运 营的 VLCC、苏伊士型油轮和 LR2 型油轮平均日租金分别为 37200 美元、 31200 美元和 2230 ...

中银 正 策略研究 | 证券研究报告 — 总量深度 2025年5月26日 三阶段投资框架 人形机器人行至何处 人形机器人行业当前处于产业趋势前期,关注价值量较大的相关细分方向。 的结构顺应"。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师:王若 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号: S1300519060003 证券分析师:徐亚 (8621)20328506 ya.xu(@bocichina.com 证券投资咨询业务证书编号:S1300521070003 向的价值量空间较为匹配,价值量较大的丝杆/力传感器/灵巧手/传感器等 涨幅居前。 ■ 风险提示:1)产业趋势确认需多维度验证,技术路线变革或竞争格局恶 化可能导致逻辑失效。2)需警惕渗透率指标滞后性可能导致阶段判断偏 差,市场情绪波动或加速阶段转换。3)历史案例对比下的过往行业演进 路径不可简单外推,技术突破速度及政策支持力度存在不确定性。4）人 形机器人当前产业趋势预期已有所计价,若商业化进度不及预期或面临 估值下修。5)市场学习效应可能放大波动,高价值量环节技术 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1][5]. Core Views - The company is recognized as a leading provider of electronic bulk gases in China, actively promoting domestic substitution in the electronic gas market, which is projected to reach approximately 19.5 billion RMB in 2024 [3][8]. - The company has established three core barriers that enhance its competitive advantage: technological superiority, stable raw material supply, and strong customer relationships [8][55]. Summary by Sections Company Overview - The company, Guangzhou Guanggang Gas Energy Co., Ltd., has evolved into a leading electronic bulk gas service provider in China, with a product range that includes nitrogen, helium, oxygen, hydrogen, argon, and carbon dioxide [17][18]. Financial Performance - The company's revenue grew from 867 million RMB in 2020 to 2.103 billion RMB in 2024, with a CAGR of approximately 25% [18][21]. - The projected EPS for 2025, 2026, and 2027 is 0.26 RMB, 0.34 RMB, and 0.43 RMB, respectively, with corresponding PE ratios of 38.4, 29.4, and 22.9 [5][7]. Market Potential - The electronic gas market in China is expected to grow from 19.5 billion RMB in 2024 to 29.8 billion RMB by 2030, with a CAGR of about 7.3% [48][49]. - The company is positioned to benefit from the increasing demand in the semiconductor and display industries, which are critical for the growth of electronic gases [26][48]. Competitive Landscape - The market is characterized by a "stronger gets stronger" effect, with high entry barriers and long customer onboarding cycles, making it difficult for new entrants to replace established suppliers [55][56]. - The company has secured a significant share of new on-site gas projects in the semiconductor and display sectors, increasing its market presence [55][57]. Shareholder Structure - The company is controlled by the Guangzhou Municipal Government, which holds a 36.19% stake, providing long-term resource support and enhancing risk resilience [33][34].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will exceed the benchmark index by more than 20% in the next 6-12 months [3][5]. Core Views - The company has faced short-term pressure on performance due to adjustments in medical insurance and tax issues, but there is potential for industry concentration to increase, and the company's store count continues to grow steadily. The established membership system and online business provide certain advantages, leading to a positive outlook for future development [3][5][8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of RMB 9.283 billion, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of RMB 128 million, a decrease of 69.08%. In Q1 2025, total revenue was RMB 2.294 billion, down 0.85%, with a net profit of RMB 34 million, down 35.85% [3][5][8]. Store Growth and Market Position - The company had a total of 5,486 stores by the end of 2024, with a net increase of 370 stores during the year. The membership base exceeded 26 million, with member consumption accounting for nearly 70% of total sales, supporting stable growth [8]. Industry Outlook - The report highlights that the domestic pharmacy retail industry still has significant room for improvement in concentration, with the current chain rate at 57.81% and a target of 70% by 2025. The top 100 pharmacy retailers accounted for 37.8% of the total retail market, indicating potential for further consolidation [8]. Online Business Development - The company's online business generated RMB 2.586 billion in revenue in 2024, representing 27.85% of total revenue and a year-on-year growth of 19.47%. The third-party O2O platform business contributed RMB 1.106 billion, growing by 33.37% year-on-year [8].

Investment Rating - The investment rating for the company is "Buy" [3][5] - The market price is reported at RMB 23.01 [3] Core Views - The company has faced short-term pressure on performance due to adjustments in medical insurance and tax issues, but there is potential for industry concentration to increase, and the company continues to grow its store count and has established a strong membership system and online business [3][5][8] - The company reported total revenue of RMB 9.283 billion in 2024, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of RMB 128 million, a decrease of 69.08% [3][5] - For Q1 2025, total revenue was RMB 22.94 billion, a decrease of 0.85%, with a net profit of RMB 34 million, down 35.85% year-on-year [3][5] Summary by Relevant Sections Financial Performance - The company’s total revenue for 2024 is projected at RMB 10.32 billion, with a growth rate of 11.2% [7] - The net profit for 2025 is estimated at RMB 263 million, showing a significant recovery from the previous year [7] - The earnings per share (EPS) for 2025 is projected to be RMB 1.70, with a corresponding price-to-earnings (P/E) ratio of 13.5 [5][7] Market Position and Growth Potential - The company has a stable growth in store count, reaching 5,486 stores by 2024, with a net increase of 370 stores [8] - The membership base has exceeded 26 million, with member consumption accounting for nearly 70% of total sales, providing a solid foundation for future growth [8] - The online business generated RMB 25.86 billion in revenue in 2024, representing 27.85% of total revenue, with a year-on-year growth of 19.47% [8] Industry Outlook - The overall concentration in the pharmacy retail industry is expected to increase, with the current chain rate at 57.81%, indicating room for growth towards the 70% target set for 2025 [8] - The top 100 pharmaceutical retailers accounted for 37.8% of the total retail market, suggesting significant potential for market share expansion [8]

地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 基础化工 | 证券研究报告 — 行业周报 2025 年 5 月 26 日 强于大市 化工行业周报 20250525 TDI 价格上涨，国际油价、丁二烯价格下跌 五月份，行业受原油价格大幅波动等因素影响较大，建议整体均衡配置，关注自主可控日益关 键的电子材料公司，以及分红派息政策稳健的能源企业等。 行业动态 投资建议 风险提示 《化工行业 2025 年一季报综述》20250522 《化工行业周报 20250518》20250520 《化工行业 2024 年年报综述》20250519 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一般证券业务证书编号：S1300123070003 本周（05.19-05.25）均价跟踪的 100 个化工品种中，共有 29 个品种价格上涨，38 个品种价 格下跌，33 个品种价格稳 ...