证券研究报告 | 行业深度报告 2025 年 05 月 25 日 销售市场热度延续低位震荡，竣工同比结束阶段性回升 房地产行业最新观点及 25 年 1-4 月数据深度解读 总量研究/房地产 4 月新开工面积基期调整同比增速为-22.1%（较上月减少 4.0pct），根据拿 地对新开工的领先关系，维持判断"新开工跌幅或在 25 年上半年呈逐步收窄 趋势"；中期角度，若总购房需求在净租金回报率与贷款利率差收窄之下逐 步企稳，新开工或在房企"以销定投"的持续策略下呈现紧平衡状态； 4 月房地产开发投资金额基期调整同比增速为-11.3%（较上月减少 1.3pct）， 投资同比同步于施工面积同比回落，过去一段时间销售市场热度回升带动下 的施工强度提升或相对有限，或反映去库存仍是房企的重要目标； ❑ 4 月到位资金基期调整同比增速为-5.3%（较上月减少 1.5pct），结构上，"国 内贷款"同比增速持续高于"新开工"或与"白名单"融资模式下部分房企 借新还旧以及调整融资渠道等有关；"自筹资金"同比增速趋势与"新开工" 基本一致；"销售类到位资金"同比同步于"销售金额"回落； 4 月末房地产行业资金链指数趋势回落（112 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][4]. Core Views - The company achieved a revenue of 4.38 billion yuan in Q1 2025, representing a year-on-year growth of 13.2%. Adjusted EBITDA and net profit were 1.16 billion yuan and 790 million yuan, respectively, with year-on-year growth of 41.3% and 41.1% [1][7]. - Domestic travel demand remains robust, supported by improved commission rates and sustained leisure travel demand. The company's revenue is expected to continue its high growth trend, aided by the ongoing expansion of international business and cost optimization [1][7]. Financial Data and Valuation - Revenue projections for the upcoming years are as follows: 2023 at 11.9 billion yuan, 2024 at 17.3 billion yuan, 2025E at 19.3 billion yuan, 2026E at 21.9 billion yuan, and 2027E at 24.4 billion yuan, with growth rates of 81%, 46%, 11%, 13%, and 12% respectively [3][9]. - The adjusted net profit for 2025E is projected at 2.63 billion yuan, with a year-on-year growth of 33% [3][9]. - The company’s current price-to-earnings (PE) ratio based on non-GAAP earnings is 19.5 for 2023, decreasing to 10.0 by 2027 [3][10]. Business Performance - In Q1 2025, the company’s revenue from accommodation bookings, transportation tickets, vacation services, and other businesses were 1.19 billion yuan, 2.00 billion yuan, 590 million yuan, and 600 million yuan, reflecting year-on-year changes of +23.3%, +15.2%, -11.8%, and +20.0% respectively [7]. - The company’s average monthly paying users increased by 9.2% year-on-year to 46.5 million, with annual paying users reaching 250 million, a 7.8% increase [7]. Cost Management and Profitability - The gross margin for Q1 2025 was 68.8%, an increase of 3.8 percentage points year-on-year. The adjusted net profit margin was 18.0%, up 3.6 percentage points from the previous year [7]. - The company has effectively reduced costs and improved efficiency, leading to a notable enhancement in profitability [7].

Core Insights - The report highlights a significant shift in the A-share market, with quality indices such as the 300 Quality Growth beginning to outperform small-cap indices like the CSI 2000 since May [2][5][7] - As the economy stabilizes, leading listed companies are experiencing stable cash flow growth and decreasing capital expenditures, leading to an increase in free cash flow yield [2][33] - The report anticipates a revaluation of A-share weight indices over the next two years, driven by the performance of core assets represented by the 300 Quality Growth index [2][39] Market Dynamics - The report notes that the trading concentration of small-cap factors has reached its peak, with new quantitative regulations set to be implemented, which may help the market return to large-cap and quality stocks [2][42] - The report indicates that the net cash flow of non-financial construction companies in the CSI 300 is expected to expand further by the end of the year, enhancing the free cash flow rate [35][39] - The report discusses the impact of the regulatory environment, including stricter penalties for market manipulation, which may suppress speculative trading in small-cap stocks [42][45] Investment Strategy - The report emphasizes the importance of investing based on long-term intrinsic value, particularly in high free cash flow yield and high SIRR (Sustainable Internal Rate of Return) stocks, with the 300 Quality Growth index being highlighted as the best option [6][39] - The report outlines that the highest SIRR and ROE (Return on Equity) are found in the 300 Quality Growth index, which has shown the best performance since the end of April [38][39] - The report suggests that the A-share market may see a significant upward revaluation, with estimates indicating a potential increase of 22% to 61% for the CSI 300 over the next two years [39] Sector Performance - The report identifies sectors with improving performance, including home appliances, industrial robots, and consumer goods, indicating a recovery in consumption [4][33] - The report notes that the overall valuation level of the A-share market has declined, with the TTM PE (Price to Earnings) ratio for the Wind All A Index at 15.0, which is at the 48.7% historical percentile [4][33] - The report highlights that the AH premium has decreased, with the Hang Seng AH Premium Index reaching a new low, suggesting a narrowing price gap between A-shares and H-shares [6][39] Regulatory Developments - The report discusses the China Securities Regulatory Commission's (CSRC) release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to enhance the focus on long-term performance over scale [46][47] - The report outlines specific measures in the action plan, including the establishment of a floating management fee mechanism linked to fund performance and the promotion of innovative equity fund products [48] - The report indicates that these regulatory changes are expected to influence the product layout and investment behavior of public funds in the medium to long term [48]

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [1][6] Core Views - The launch of the self-developed chip "Xuanjie O1" marks a significant milestone for Xiaomi, enhancing its high-end product strategy and ecosystem integration [5][6] - Xiaomi's various business segments, including smartphones, IoT, and internet services, are expected to experience sustained growth, driven by high-end product offerings and international expansion [5][6] - The upcoming release of the Xiaomi YU7 SUV is anticipated to strengthen the company's position in the automotive market, with advanced features and performance metrics [5][6] Summary by Sections Financial Data and Valuation - Total revenue projections for 2025, 2026, and 2027 are estimated at 517.9 billion, 701.4 billion, and 895.6 billion CNY respectively, with adjusted net profits of 43.8 billion, 67.6 billion, and 89.3 billion CNY [7] - The current market capitalization corresponds to a PE ratio of 27.7, 18.0, and 13.6 for the years 2025, 2026, and 2027 respectively [7] Product Launches - The Xiaomi 15S Pro features the Xuanjie O1 chip, with a starting price of 5499 CNY, and is positioned as a high-end smartphone [5][20] - The Xiaomi Pad 7 Ultra, also equipped with the Xuanjie O1 chip, is priced from 5699 CNY and represents Xiaomi's entry into the high-end tablet market [5][38] - The Xiaomi Watch S4, featuring the Xuanjie T1 chip, is priced at 1299 CNY and offers advanced connectivity and health monitoring features [5][52] Automotive Sector - The Xiaomi YU7 SUV is set to launch in July, featuring a luxurious design, advanced safety features, and a maximum range of 835 km [5][61][73] - The YU7 will be equipped with cutting-edge technology, including NVIDIA Thor chips and laser radar, enhancing its performance and safety [5][61][84] Research and Development - Xiaomi has invested approximately 102 billion CNY in R&D over the past five years, with plans to invest an additional 200 billion CNY from 2026 to 2030 [5][6]

量化基金周度跟踪（20250519-20250523） 本报告重点聚焦量化基金市场表现，总结近一周主要指数和量化基金业绩表现、 不同类型公募量化基金整体表现和业绩分布，以及本周收益表现较优的量化基 金，供投资者参考。 市场整体表现： 本周（5 月 19 日-5 月 23 日）A 股整体收跌，量化基金表现分化。 主要指数表现： 证券研究报告 | 基金研究（公募） 2025 年 5 月 24 日 A 股整体收跌，量化指增平均录得正超额 主要股指下跌，其中沪深 300、中证 500、中证 1000 近一周收益率分别为 -0.18%、-1.10%、-1.29%。 各类基金表现： 本周量化基金收益表现分化，主动量化跌 0.28%；市场中性跌 0.12%。指 数增强型基金平均录得正超额，其中中证 500 指增和中证 1000 指增超额 收益较高，分别为 0.48%、0.34%。 风险提示：图表中列示的数据结果仅为对市场及个基历史表现的客观描述， 并不预示其未来表现，亦不构成投资收益的保证或投资建议。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 江帆 研究助理 jiangfan ...

Investment Rating - The report gives a "Strong Buy" investment rating for the company [2]. Core Views - The company is a leading enterprise in the advanced metal new materials sector, focusing on key demands and serving strategic emerging industries such as artificial intelligence, new energy, electronic information, and high-end equipment, indicating significant growth potential [1][14]. - The company has shown continuous growth in net profit, with a 49.26% year-on-year increase in 2024, despite a 7.50% decline in revenue [7][26]. - The company is actively involved in technological innovation, participating in 13 national-level research projects and obtaining 8 new patents in 2024 [7][47]. Summary by Sections Company Overview - Established in December 1998 and listed in May 2000, the company is a core platform for metal new materials under China Steel Research Group, focusing on R&D, production, and sales of advanced metal materials and products [14][15]. - The company serves over 50 countries and regions, with a strong reputation in the industry [15]. Business Segments - The company operates in four main business segments: high-end powder metallurgy materials, advanced functional materials, high-speed tool steel, and environmental engineering materials, serving various industries including aerospace, nuclear power, and high-end medical devices [15][19]. Tungsten and Molybdenum Industry - The company maintains a leading position in the tungsten and molybdenum sector, with a revenue of 2.022 billion yuan in 2024, reflecting a 22.98% year-on-year growth [36][38]. - The company is the largest deep-processing enterprise for tungsten and molybdenum in China, with a significant market share in various applications [37][38]. Rare Earth Magnetic Materials - The company has a production capacity of 12,000 tons of neodymium-iron-boron and plans to expand to 20,000 tons, focusing on smart production and high-end market services [7][36]. - The recovery in consumer electronics and the growth of humanoid robots and new energy vehicles provide growth opportunities in the permanent magnet sector [7][36]. Amorphous and Nanocrystalline Materials - The company signed contracts worth 1.17 billion yuan in 2024, with a revenue of 974 million yuan and a net profit of 51.35 million yuan, showing significant growth in this segment [7][10]. - The company is actively developing the amorphous strip market and has invested in a new 10,000-ton amorphous strip project [7][10]. Nuclear Fusion Market - The nuclear fusion sector presents a broad market prospect, with the company developing a full range of tungsten products for international fusion projects, generating approximately 40 million yuan in revenue in 2024 [7][10]. Financial Data and Valuation - The company is expected to achieve net profits of 387 million, 444 million, and 499 million yuan from 2025 to 2027, with corresponding P/E ratios of 34.3, 29.9, and 26.6 [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoint Last week, the sentiment in the bond market weakened. The bond market sentiment index, diffusion index, and some other indicators showed declines, while certain turnover rates and configuration forces also changed [1]. Summary by Relevant Catalogs 1. Bond Market Sentiment - The bond market sentiment index last week was 113.3, down 0.9 from the previous value; the bond market sentiment diffusion index was 42.4%, down 10.5 percentage points from the previous value [1]. 2. Institutional Duration - The fund duration on the last Friday was 2.17 years, unchanged from the previous Friday; the rural commercial bank duration was 2.84 years, up 0.02 years from the previous Friday; the insurance duration was 6.74 years, down 0.03 years from the previous Friday [1]. 3. Leverage Ratio - The balance of pledged repurchase last week was 10.6 trillion yuan, down 0.4 trillion yuan from the previous value; the net lending balance of large - scale banks was 3.1 trillion yuan, down 0.7 trillion yuan from the previous value; the bond market leverage ratio was 103.4%, down 0.1 percentage point from the previous value [1]. 4. Secondary Trading - In terms of turnover rate last week, the 30Y Treasury bond turnover rate was 1.9%, down 0.8 percentage points from the previous value; the 10Y Treasury bond turnover rate was 1.0%, unchanged from the previous value; the 10Y China Development Bank bond turnover rate was 29.3%, down 2.6 percentage points from the previous value; the ultra - long - term credit bond turnover rate was 0.47%, up 0.07 percentage points from the previous value [1]. 5. Allocation Power - The newly issued share of bond funds last week was 6.3 billion yuan, down 12.9 billion yuan from the previous value; the stock market risk premium was 1.36%, down 0.03 percentage points from the previous value; the US dollar index was 99.8, down 1.3 from the previous value [2]. 6. First - level Subscription - The full - field multiple of Treasury bonds last week dropped 0.2 times to 3.0 times; the full - field multiple of local bonds dropped 2.1 times to 21.0 times; the full - field multiple of China Development Bank bonds rose 0.1 times to 3.1 times [3]. 7. Relative Valuation - Last week, the spread between 10 - year China Development Bank bonds and Treasury bonds narrowed 3.3bp to - 0.2bp; the spread between 30 - year and 10 - year Treasury bonds narrowed 3.5bp to 17.1bp; the spread between old and new 10 - year China Development Bank bonds narrowed 0.3bp to 3.2bp; the spread between 10 - year local bonds and Treasury bonds narrowed 3.4bp to 15.1bp [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the performance and capital flow of the ETF fund market from May 19th to May 23rd, 2025, covering the overall market, different popular segments, and innovative themes and sub - industries, providing reference for investors [1]. 3. Summary by Directory 3.1 ETF Market Overall Performance - **Market Performance**: Mainland China - focused ETFs had mixed performance. Pharmaceutical and biological ETFs had a relatively large increase, with an average rise of 1.76% for funds above a certain scale; TMT ETFs had the deepest decline, with an average drop of 2.06% for funds above a certain scale. Commodity ETFs had the largest increase, with an average rise of 3.04% for funds above a certain scale [2][6]. - **Capital Flow**: There was a significant inflow of funds into bond ETFs, with a net inflow of 10.655 billion yuan for the whole week. In contrast, large - cap index ETFs had a significant outflow of funds, with a net outflow of 6.233 billion yuan for the whole week [3][10]. 3.2 Different Popular Segmented ETF Fund Market Performance - **Stock ETF - Broad - based Index**: Different broad - based index ETFs had different performance in terms of weekly capital flow, weekly return, recent one - month return, and year - to - date return. For example, in the super - large - cap index, the Huaxia SSE 50 ETF had a weekly capital outflow of 796 million yuan and a weekly decline of 0.11% [17]. - **Stock ETF - Industry Theme**: Each industry - themed ETF also showed different performance. For instance, in the TMT sector, the Huaxia China Securities Animation and Game ETF had a weekly return of 1.21%, while in the pharmaceutical and biological sector, the Huabao China Securities Medical ETF had a weekly return of 1.24% [23][26]. - **Other Types**: Bond ETFs, QDII ETFs, and Commodity ETFs also had their own performance characteristics. For example, the Fuguo China Bond 7 - 10 - year Policy - related Financial Bond ETF in bond ETFs had a weekly capital inflow of 340 million yuan and a weekly return of 0.23% [31]. 3.3 Innovative Theme and Sub - industry ETF Fund Market Performance - **TMT Innovation Theme**: The animation and game index had a weekly return of 0.84% and a year - to - date return of 8.41%. The representative fund, Huaxia Game ETF, had a weekly return of 1.21% [35]. - **Consumption Sub - industry**: The household appliances index had a weekly return of 0.50% and a year - to - date return of 1.69%. The representative fund, Cathay Household Appliance ETF, had a weekly return of 0.81% [36]. - **Other Themes and Sub - industries**: Similar performance data were provided for pharmaceutical sub - industries, new energy themes, central and state - owned enterprise themes, etc. For example, in the new energy theme, the new energy vehicle battery index had a weekly return of 1.01% and a year - to - date return of 6.64%, and the representative fund, GF Battery ETF, had a weekly return of 1.16% [37][38].

本周低波风格强劲，招商量化中证 1000 指增近一周超额 1.03% ——因子周报 20250523 金融工程 1. 主要市场指数与风格表现回顾 本周主要宽基指数均下跌。沪深 300 下跌 0.18%，中证 800 下跌 0.41%， 深证成指下跌 0.46%，上证指数下跌 0.57%，创业板指下跌 0.88%，中证 500 下跌 1.10%，中证 1000 下跌 1.29%，中证 2000 下跌 1.52%，北证 50 下跌 3.68%。 从行业来看，综合、医药、汽车、有色金属、家电等行业表现居前；通信、 机械、电子、计算机、综合金融等行业表现居后。 从风格因子来看，最近一周 Beta 因子、波动性因子、流动性因子的表现尤 为突出，因子多空收益分别为-3.60%、-2.66%和-2.38%。 2. 选股因子表现跟踪 沪深 300 股票池中，本周盈余质量、单季度营业收入同比增速、单季度 CFEV 因子表现较好。中证 500 股票池中，本周 60 日成交量变异系数、20 日成交量 变异系数、20 日换手率波动因子表现较好。中证 800 股票池中，本周盈余质量、 股息率、240 日偏度因子表现较好。中证 1000 ...

证券研究报告 | 基金研究（公募） 2025 年 5 月 24 日 A 股整体收跌，量化指增平均录得正超额 量化基金周度跟踪（20250519-20250523） 本报告重点聚焦量化基金市场表现，总结近一周主要指数和量化基金业绩表现、 不同类型公募量化基金整体表现和业绩分布，以及本周收益表现较优的量化基 金，供投资者参考。 市场整体表现： 本周（5 月 19 日-5 月 23 日）A 股整体收跌，量化基金表现分化。 主要指数表现： 主要股指下跌，其中沪深 300、中证 500、中证 1000 近一周收益率分别为 -0.18%、-1.10%、-1.29%。 各类基金表现： 本周量化基金收益表现分化，主动量化跌 0.28%；市场中性跌 0.12%。指 数增强型基金平均录得正超额，其中中证 500 指增和中证 1000 指增超额 收益较高，分别为 0.48%、0.34%。 风险提示：图表中列示的数据结果仅为对市场及个基历史表现的客观描述， 并不预示其未来表现，亦不构成投资收益的保证或投资建议。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 江帆 研究助理 jiangfan ...