Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 51.30 [7][8]. Core Views - The company has shown a significant year-on-year increase in pig output, with April's output reaching 8.11 million heads, a 49% increase year-on-year. The cumulative output from January to April was 30.77 million heads, up 43% year-on-year. The sales revenue for the same period was approximately RMB 48.5 billion, reflecting a 39% increase year-on-year [2]. - The company's breeding costs have improved significantly, with the complete cost per kilogram dropping to RMB 12.4 in April, down approximately RMB 0.7 from the beginning of the year. The target for the full year is set at RMB 12 per kilogram, with a clear path for further cost reduction [2][3]. - The company is advancing its internationalization strategy by submitting an application for H-share issuance, which is expected to enhance its global presence and investor relations. The company emphasizes sustainable cash dividends and plans to reduce its overall debt by around RMB 10 billion this year [3][4]. Summary by Sections Production and Cost Management - The company has achieved a high growth rate in pig output, with a clear strategy for reducing breeding costs and enhancing the value of each pig through improved production techniques [2][3]. Internationalization and Investor Relations - The submission of the H-share issuance application marks a significant step in the company's global strategy, aiming to reshape its investment value and expand its global business footprint [3]. Financial Forecast and Valuation - The report maintains profit forecasts for the company, projecting net profits of RMB 19.73 billion, RMB 18.26 billion, and RMB 47.17 billion for the years 2025, 2026, and 2027 respectively. The target price is set at RMB 51.30, based on a price-to-book ratio of 3.3x for 2025 [4][6].

Group 1: Market Trends and Performance - The construction and building materials indices have shown a W-shaped fluctuation in 2025, with the building materials sector outperforming the Shanghai Composite Index by 2.5 percentage points[12] - As of May 30, 2025, the CI building materials index has increased by 0.05% compared to the end of 2024, while the CI construction index has decreased by 3.3%[12] - The construction sector's operating cash flow has improved significantly, with a net cash inflow of CNY 1,668 billion in 24Q4 and 25Q1, an increase of CNY 1,534 billion year-on-year[38] Group 2: Industry Outlook and Recommendations - The demand for renovation and urban renewal is expected to support the building materials sector, with an estimated 1.1 to 1.2 million units of renovation demand per year from 2024 to 2026, growing at a CAGR of 5%[4] - Key recommendations for investment include China State Construction, China National Materials, and China Nuclear Engineering, with target prices set at CNY 8.60, CNY 13.04, and CNY 10.81 respectively[10] - The cement industry is projected to see a 6% year-on-year decline in demand, while the glass fiber and carbon fiber sectors are expected to maintain high demand due to emerging industries[5] Group 3: Corporate Strategies and Transformations - Many small and medium-sized construction enterprises are actively seeking cross-industry transformations, with a focus on sectors like semiconductors and renewable energy[45] - The "6+4+2" trillion yuan debt restructuring plan has led to a total of CNY 3.38 trillion in debt replacement funds in 2024, benefiting smaller construction firms more significantly[37] - The construction industry is entering a phase of deep integration, with state-owned enterprises likely to increase their market share as private firms exit the market[43]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The newly signed three-year uranium sales agreement for 2026-28 has exceeded market expectations in terms of volume, price, and annual increment rate, indicating a positive outlook for the company's profitability and valuation [1][2] - The agreement's benchmark prices for 2026, 2027, and 2028 are set at 94.22, 98.08, and 102.1 USD per pound U3O8, respectively, which are significantly higher than previous agreements [2][9] - The increase in the proportion of spot prices in the pricing formula from 60% to 70% is expected to enhance the company's profit elasticity, aligning sales prices more closely with market trends [9] Financial Forecasts and Valuation - The company’s projected net profit for 2026 and 2027 has been raised by 15% and 10% to 1.028 billion and 1.135 billion HKD, respectively, with corresponding EPS of 0.14 and 0.15 HKD [2][11] - The target price has been adjusted to 2.43 HKD, reflecting a clearer expectation for sales volume and price for 2026 [2][5] - Revenue forecasts for the years 2023 to 2027 are as follows: 7,363 million, 8,624 million, 7,838 million, 8,724 million, and 9,701 million HKD, with corresponding growth rates [4][12] Key Metrics - The company's projected EPS for 2026 is 0.14 HKD, with a PE ratio of 12.28 [4][12] - The projected ROE for 2026 is 20.97%, indicating strong profitability [4][12] - The company’s market capitalization is approximately 12,617 million HKD, with a closing price of 1.66 HKD as of June 3 [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 328 million RMB in Q1 2025, a year-on-year decline of 9.2%, primarily due to reduced orders from new energy vehicle clients [1] - The company achieved a record high gross margin of 23.5% in Q1, the highest in three years [1] - A significant order was signed with Kuka Technology for the delivery of 1.2 million laser radars from 2025 to 2027, which is expected to boost the robotics business [1] - The company is expected to benefit from increasing demand for laser radars in intelligent driving and robotics, with revenue growth anticipated to accelerate starting in Q2 [1] Summary by Sections Laser Radar Business - In Q1 2025, the company shipped 96,700 ADAS laser radars, down from 116,000 in the same period last year, mainly due to order declines from major clients [2] - The company has secured contracts with 30 OEMs and over 100 vehicle models, with the EM4/EMX platforms launched in early 2025 gaining traction [2] - The improvement in semiconductor processes is expected to enhance ADAS gross margins [2] Robotics Business - The company shipped 11,900 units of robotic laser radars in Q1 2025, a significant increase from 4,000 units in the same period last year, driven by price reductions and broader applications [3] - Key clients in the Robotaxi sector include six major companies, and exclusive orders have been signed with leading clients in the lawnmower sector [3] - The company is focusing on humanoid robots and aims to enter mass production soon [3] Profit Forecast and Valuation - The revenue forecast for 2025, 2026, and 2027 is adjusted to 2.5 billion, 3.7 billion, and 4.9 billion RMB respectively, reflecting slight downward revisions of 4%, 5%, and 5% [4] - The target price is set at 47.58 HKD, based on a comparable company average of 8.5X PS for 2025 [4] - The company is expected to see continuous improvement in gross margins due to the increasing share of higher-margin robotics business [4]

Investment Rating - The report maintains a "Buy" rating for CGN Mining (1164 HK) with a target price of HKD 2.43 [5][6] Core Views - The newly signed three-year uranium sales agreement for 2026-28 has exceeded market expectations in terms of volume, price, and annual increment rate, indicating a positive outlook for the company's profitability and valuation [1][2] - The agreement's benchmark prices for 2026, 2027, and 2028 are set at USD 94.22, 98.08, and 102.1 per pound of U3O8, respectively, which are significantly higher than previous agreements [2][9] - The increase in the proportion of spot prices in the pricing formula from 60% to 70% enhances the company's profit elasticity, allowing it to benefit more from potential increases in spot market prices [9] Financial Forecasts and Valuation - The report projects the company's revenue and net profit for 2026 and 2027 to be HKD 10.28 billion and HKD 11.35 billion, respectively, reflecting an increase of 15% and 10% from previous estimates [2][11] - The earnings per share (EPS) for 2026 and 2027 are forecasted to be HKD 0.14 and HKD 0.15, respectively [2][11] - The report adjusts the target price to HKD 2.43 based on the improved clarity in sales volume and price expectations for 2026, switching the valuation year from 2025 to 2026 [2][11] Revenue and Profitability Metrics - The projected revenue for the fiscal years 2023 to 2027 is as follows: HKD 7,363 million, HKD 8,624 million, HKD 7,838 million, HKD 8,724 million, and HKD 9,701 million, respectively [4][12] - The projected net profit attributable to the parent company for the same period is HKD 497.10 million, HKD 341.98 million, HKD 638.11 million, HKD 1,028 million, and HKD 1,135 million, respectively [4][12] - The report indicates a significant increase in profitability metrics, with a projected return on equity (ROE) of 20.97% in 2026 [4][12]

端午节后猪价小幅微跌，短期关注升温后的出栏体重变化 证券研究报告 农林牧渔 端午后猪价微跌,白鸡、水产价格略强 华泰研究 2025 年 6 月 04 日│中国内地 动态点评 端午节后猪价微跌，白鸡、水产价格略强 端午节后猪价惯性回落、但仅下跌了 0.02 元/公斤，未出现明显下跌趋势， 白羽鸡、水产品价格走势略强，玉米/豆粕则分别依季节性规律表现为窄幅 上涨/下跌。展望后市，1）生猪：短期关注气温升高后可能出现的养殖端降 重出栏，9 月左右起持续关注猪肉季节性消费旺季带动的供需格局变化；2） 白羽鸡：当前行业供应或仍较充足，关注养殖端持续亏损可能带动的产能去 化；3）水产品：投苗量连续两年下降或支撑涨价；4）玉米：2024 年国内 玉米减产+全球玉米库销比或连续两年下降，价格有望持续回升；5）豆粕： 南美大豆丰产或利空国内豆价。当前生猪价格周期虽处下行阶段，但仍处于 养殖行业盈利区间、5 月行业单头盈利超 50 元，同时养殖存栏持续恢复， 有望持续带动养殖后周期板块盈利增长，建议关注后周期投资机会。持续推 荐饲料出海高增可期+国内主业亦有望修复的海大集团、传统动保业绩有望 高增+宠物医疗稀缺标的瑞普生物，建议 ...

美股：盈利或下修，"Fed Put"效果不如以往，关注金融流动性压力 证券研究报告 策略 海外市场 2H25 展望：再平衡进行时 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 下半年海外市场展望：波动延续，浪里寻"珠" 上半年海外市场经历了 AI 产业趋势和关税扰动两大主线，一是 DeepSeek 横空出世助力中国资产重估，并压制美国科技例外论表现；二是关税政策反 复无常，市场波动率大幅走高。展望下半年，中美市场宏观主线或均从预期 到现实过渡，关税扰动逐渐脱敏，经济基本面重要性上升。资本市场或延续 高波动状态，宏观环境提供的上行空间有限，产业趋势和结构性行情是主 要抓手，四季度环境可能更加适宜。 美国关税政策依然充满变数，市场或维持高波动状态。关税影响尚未反映至 经济硬数据，也未完全反映在美股盈利预期。我们结合宏观预测数据测算， 2025 年美股 EPS 仍有 3%~4%下修空间，减税政策对盈利改善帮助不大。 美股估值进一步提升空间有限，风险溢价已经在历史低位，美债利率易上难 下。在失去隔夜逆回购缓冲垫下，债限解决后的发债量增加可能造成金融流 动性压力，需要密切关注。三季度美股可能经历增长下行 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has entered into a global exclusive licensing agreement with Regeneron for HS-20094, receiving an upfront payment of $80 million and potential milestone payments of up to $1.93 billion, along with a future sales revenue share [1][2] - The company is focused on innovation and business development (BD) to drive stable growth, with a strong pipeline of over 40 new molecular entities in development [3][4] - The expected sales for HS-20094 and other key products are projected to significantly contribute to the company's revenue growth in the coming years [5] Summary by Sections Licensing and Collaboration - The company has secured a licensing deal for HS-20094, which is expected to enhance its product portfolio and revenue potential [1][2] Product Pipeline and Clinical Trials - HS-20094 has shown promising results in clinical trials, with significant reductions in HbA1c and weight observed [2] - The company is advancing multiple products through various stages of clinical trials, including HS-20093 and HS-20089, which are expected to enter critical phases soon [4] Financial Projections - The company forecasts net profits of RMB 47.18 billion, RMB 42.03 billion, and RMB 47.43 billion for 2025-2027, with corresponding EPS of RMB 0.79, RMB 0.71, and RMB 0.80 [5][7] - The target price for the company's stock is set at HKD 28.95, reflecting an increase from the previous target of HKD 23.82 [5][9]

今日早参 2025 年 6 月 04 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 固定收益：流动性跟踪周报（2025.5.26-6.1） 上周公开市场到期 9460 亿元，均为逆回购到期，公开市场投放 16026 亿 元，均为逆回购投放，合计净投放 6566 亿元。上周资金面整体均衡， DR007 均值为 1.7%，较前一周上行 10BP，R007 均值为 1.64%，较前一周 上行 5BP，DR001 和 R001 均值分别为 1.45%和 1.51%。交易所回购利率整 体上行，GC007 均值为 1.72%，较前一周上行 9BP。截至上周最后一个交易 日，逆回购未到期余额为 6566 亿元，较前一周下行。 风险提示：房地产政策超预期，地缘风险超预期。 研报发布日期：2025-06-03 研究员 张继强 SAC ...

Key Insights - The report highlights a recovery in the real estate sector, with a month-on-month sales increase of 17.0% for the top 100 real estate companies in May 2025, although year-on-year sales decreased by 7.9% [7][21] - The Robo X industry, including Robotaxi and Robovan, is experiencing accelerated commercialization, driven by policy and industry resonance, with significant growth in fleet size and order volume [5] - The insurance sector is expected to benefit from a potential reduction in preset interest rates, improving the cost structure of life insurance products and enhancing sales momentum [20] Group 1: Real Estate - In May 2025, the sales amount of the top 100 real estate companies increased by 17.0% month-on-month, indicating a narrowing decline compared to April [7] - The cumulative sales from January to May 2025 showed a year-on-year decrease of 9.9%, but the decline rate has narrowed [7][21] - The report suggests that the gradual implementation of financial policies will help stabilize the real estate market [7] Group 2: Robo X Industry - The commercialization of Robo X, represented by Robotaxi and Robovan, is accelerating, with major companies expanding their fleets and increasing order volumes [5] - The logistics potential of Robovan is highlighted, with a positive cycle of technology cost reduction and scenario validation [5] - The report emphasizes the investment opportunities across the entire Robo X industry chain, recommending focus on core operating platforms and high-growth hardware suppliers [5] Group 3: Insurance Sector - The expected adjustment in preset interest rates for life insurance products is anticipated to improve the cost-benefit situation, potentially enhancing sales dynamics [20] - The insurance sector's stock valuations are currently at historical lows, with the potential for recovery as liquidity and fundamentals improve [20] - The report recommends focusing on companies with strong asset-liability matching, such as China Pacific Insurance and Ping An Insurance [20]