Investment Rating - The report gives a "Buy" rating for Jiuhua Tourism (603199) with a target price based on the last closing price of 37.29 [1][8]. Core Views - Jiuhua Tourism has announced a private placement plan to raise up to 500 million yuan, aimed at enhancing the core competitiveness of its scenic area through projects such as the Lion Peak cableway, hotel renovations, and transportation upgrades [4][5]. - The major shareholder, Wenlv Group, will participate significantly in the private placement, increasing its shareholding from 29.93% to 30.40% [4]. - The funds raised will be used to address uneven tourist distribution in the Jiuhua Mountain scenic area, improve the overall visitor experience, and enhance the scenic area's capacity [5][6]. Financial Projections - Jiuhua Tourism is expected to achieve net profits of 212 million yuan, 236 million yuan, and 263 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.86%, 11.62%, and 11.37% [6][9]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.91 yuan, 2.14 yuan, and 2.38 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19.5X, 17.5X, and 15.7X [6][9]. Business Strategy - The company aims to optimize its business layout to enhance competitiveness in the tourism market, which includes improving the quality of hotel accommodations and transportation networks to meet diverse visitor needs [5][6]. - The Lion Peak cableway project is a key initiative that will improve accessibility and promote balanced development across the scenic area [5]. - Renovations of key hotels are expected to enhance service quality and increase profitability in the tourism accommodation sector [6].

Quantitative Model and Construction - **Model Name**: Relative Index Trend Tracking Model for Steel Industry - **Model Construction Idea**: The model assumes that the price movement of the target has strong local continuity, with prices always in a certain trend. Reversal trends are assumed to last significantly shorter than trend continuation periods. In cases of narrow consolidation, the model assumes the continuation of the previous trend. For large-scale trends, given a short observation window, the movement is expected to follow the local trend within the window. When a reversal occurs, the price change at the start and end of the observation window will exceed the range caused by random fluctuations, thus filtering out random noise[3][4] - **Model Construction Process**: 1. Calculate the difference between the closing price on day T and day T-20, denoted as `del` 2. Calculate the volatility (`Vol`) over the period from T-20 to T (excluding T) 3. If the absolute value of `del` exceeds N times `Vol`, the price is considered to have exited the original oscillation range, forming a trend. The trend direction (long or short) corresponds to the sign of `del` 4. If the absolute value of `del` is less than or equal to N times `Vol`, the current movement is considered a continuation of the previous trend (same direction as day T-1) 5. For the steel industry, N is set to 1 to capture smaller wave opportunities due to higher market volatility compared to bonds 6. The model tracks both long and short returns, combining them for final evaluation[3] - **Model Evaluation**: The model is not suitable for direct application to the relative value of the SW First-Level Steel Index. It underperformed during the tracking period, with significant downward trends in specific sub-periods. The model's annualized return was lower than the total return of the index, and it remained in a drawdown state for most of the tracking period[4] Model Backtest Results - **Annualized Return**: -15.42%[3] - **Annualized Volatility**: 15.00%[3] - **Sharpe Ratio**: -1.03[3] - **Maximum Drawdown**: 34.62%[3] - **Total Return of Index During Period**: -9.08%[3]

2025 年 05 月 26 日 投资策略 估值与盈利周观察——5 月第 3 期：红利领涨 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/5/27 24/8/7 24/10/18 24/12/29 25/3/11 25/5/22 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 市场估值普跌，医药生物、有色金属领涨。上周宽基指数估值普跌， 红利表现最优，成长表现最弱。从 PE、PB 偏离度的角度看，食品饮料、 农林牧渔、公用事业等行业估值较为便宜。向前看，本周市场 ERP 小幅上 升，处于一倍标准差附近。 市场表现：红利、周期、消费表现最好；科创 50、成长、国证 2000 表现最弱。 行业表现：医药生物、综合、有色金属涨幅前三，计算机、机械设备、 通信表现最弱。 相对估值：创业板指/沪深 300 相对 PE 上升，创业板值/沪深 300 相 对 PB 下降。 全 A ERP：ERP 小幅 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company has shown rapid growth in its pig farming business, with a significant increase in the number of pigs sold and continuous optimization in cost management [3][4]. - The revenue for 2024 is projected to be CNY 5.584 billion, representing a year-on-year growth of 43.51%, with a net profit of CNY 687 million, reflecting a substantial increase of 271.16% [3][6]. - The company is recognized as a regional leader in the pig farming industry, with a flexible operating model and strong cost management capabilities [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of CNY 5.584 billion, with a net profit of CNY 687 million, and an EPS of CNY 1.31 [3][6]. - For Q1 2025, the company reported a revenue of CNY 1.471 billion, with a net profit of CNY 22.8 million, marking a year-on-year increase of 6510.85% [3]. Business Segments - The pig farming segment generated CNY 3.797 billion in revenue in 2024, up 81.53% year-on-year, with a gross margin of 23.42% [3]. - The slaughtering and meat products segment achieved revenue of CNY 1.386 billion in 2024, a 20.89% increase, with a gross margin of 15.52% [4]. Profitability Forecast - The company is expected to have a net profit of CNY 762 million in 2025 and CNY 836 million in 2026, with corresponding PE ratios of 11.15x and 10.17x [5][6]. - The projected revenue growth rates for the next few years are 34.13% for 2025 and 23.68% for 2026 [6].

金 金融工程点评 [Table_Title] [Table_Message]2025-05-26 基础化工相对指数趋势跟踪模型效果点评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 模型概述 结果评估： 区间年化收益：4.65% 波动率（年化）：13.39% 夏普率：0.35 最大回撤：14.51% 指数期间总回报率：-18.74% 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 [Table_Summary] 融 工 程 点 评 ◼ 模型策略适用情况总结：在 2023 年 3 月 7 日至 2023 年 5 月 10 日期间，模型 表现良好，净值持续上升，模型处于正收益通道；2023 年 5 月 10 日至 2024 年 1 月 15 日，模型净值呈下降趋势，无法取得较高累计收益；此后行情里， 模型净值在短期剧 ...

金 金融工程点评 [Table_Title] [Table_Message]2025-05-26 有色金属相对指数趋势跟踪模型效果点评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com ◼ 设计原理：模型假定标的价格走势具有很好的局部延续性，标的价格永远处 于某一趋势中，出现反转行情的持续时间明显小于趋势延续的时间，若出现 窄幅盘整的情况，亦假设其延续之前的趋势。当处于大级别的趋势之中时， 给定较短时间的观察窗口，走势将延续观察窗口内的局部趋势。而当趋势发 生反转时，在观察窗口始末位置的价格变动方向会明显超出随机波动造成的 趋势背离范围，从而排除随机波动的影响。虽然指数本身在实际中进行双向 操作有诸多限制，但是为了更加严谨地评估模型效果，我们默认可以对标的 进行多空操作，以更准确评估该策略相对指数本身的回报率是否存在明显的 优势。 ◼ 作用标的：申万一级有色金属指数相对值（相对沪深 30 ...

2025 年 05 月 26 日 行业日报 看好/维持 医药 医药 CRL 一季度短期业绩承压，上调 2025 全年业绩指引 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/5/27 24/8/7 24/10/18 24/12/29 25/3/11 25/5/22 子行业评级 行业事件 5 月 7 日，查尔斯河发布 2025 年一季报，2025 年第一季度公司实现 营业收入 9.84 亿美元，同比下降 2.70%，净利润为 0.75 亿美元，同比下 降 40.73%。 财务表现 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | 相关研究报告 <<创新药 BD 推升行业景气度，关注 后续会议持续催化（附 CLDN18.2 靶 点 研 究 ） (2025.05.19- 2025.05.25)>>--2025-05-25 <<太平洋医药日报（20250523）：GSK 抗体疗法 Mepolizumab 获 FDA 批准， 用于治疗 COPD>>--2025-05-24 <<三星生物 Q1 ...

Investment Rating - The report does not provide a specific investment rating for the computer industry, but it indicates a neutral rating for the computer software sub-industry [3]. Core Insights - The report highlights the rapid progress in the Robotaxi industry, driven by improved policies and regulations, decreasing costs, and accelerated commercialization efforts by major players [5][6][7][24]. - The overall performance of the computer industry index has declined by 3.02% in the week of May 19-23, 2025, ranking last among 31 primary industries [33]. Summary by Sections 1. Robotaxi Industry Developments - Policies and regulations related to Robotaxi have been rapidly established in China, including guidelines for autonomous vehicle operation and local trials in cities like Beijing and Wuhan [5][12]. - The total lifecycle operating costs of Robotaxi are decreasing, with significant reductions in manufacturing costs due to mass production of components like chips and sensors, exemplified by a 70% cost reduction in the latest Robotaxi models [6][18]. - Major Robotaxi companies are accelerating their commercialization efforts, with Waymo reporting a service volume of 250,000 rides per week and Baidu's Robotaxi achieving 100% unmanned operation [7][27]. 2. Market Performance - The computer industry index has seen a slight decline of 0.11% year-to-date, outperforming the CSI 300 index by 1.22 percentage points [33]. - The report lists the top five gainers and losers in the computer industry for the week, with significant fluctuations in stock prices [35]. 3. Investment Recommendations - The report recommends focusing on companies such as Wanma Technology, Hongsoft Technology, and Ruiming Technology due to the rapid advancements in the Robotaxi sector [36].

2025 年 05 月 25 日 行业周报 看好/维持 <<化工周报（5/12-5/18）：涤纶长丝 价格大幅上涨，孟山都事件提升草甘 膦关注度>>--2025-05-20 <<湖北省国资委成为实控人，民爆一 体化区域龙头迎来发展新机遇>>-- 2025-05-20 << 化 工 新 材 料 周 报 （ 20250512- 20250518）：制冷剂价格稳中有升，显 影液、蚀刻液价格下滑>>--2025-05- 证券分析师：王亮 基础化工 基础化工 化工新材料周报（20250519-20250525）： 制冷剂价格维持高位，炭黑、溴素价格反弹 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 走势比较 证券分析师：王海涛 (20%) (12%) (4%) 4% 12% 20% 24/5/27 24/8/7 24/10/18 24/12/29 25/3/11 25/5/22 基础化工 沪深300 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 相关研究报告 报告摘要 1.重点子行业及产品情况跟踪 制冷剂：价格维持高位。据百川 ...

2025 年 05 月 25 日 行业周报 看好/维持 医药 医药 创新药 BD 推升行业景气度，关注后续会议持续催化（附 CLDN18.2 靶点研究）(2025.05.19-2025.05.25) 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/5/27 24/8/7 24/10/18 24/12/29 25/3/11 25/5/22 医药 沪深300 子行业评级 推荐公司及评级 | 君实生物 | 买入 | | --- | --- | | 华领医药-B | 买入 | | 奥锐特 | 买入 | | 同和药业 | 买入 | | 阳光诺和 | 买入 | | 泓博医药 | 买入 | | 福元医药 | 买入 | | 三生制药 | 买入 | | 京新药业 | 买入 | | 共同药业 | 增持 | | 亿帆医药 | 买入 | | 诺诚健华 | 买入 | | 诺思格 | 买入 | | 奥翔药业 | 买入 | | 科伦药业 | 买入 | | 国邦医药 | 买入 | | 来凯医药-B | 买入 | | 百利天恒 | 买入 | | 益方生物 | 买入 | | 皓元医药 | 买入 | | 普洛药业 | 买入 ...