Investment Rating - The overall industry investment rating is "Positive" for planting, livestock, and agricultural product processing sectors, while "Neutral" for forestry and fishery sectors [2]. Core Viewpoints - Recent grain price increases indicate a potential bottoming out of the planting industry chain. Livestock prices remain low, with production capacity expected to decline from high levels. The importance of domestic agricultural supply has been highlighted by tariff countermeasures, suggesting a favorable policy environment for industry development [20][23]. Summary by Relevant Sections 1. Livestock Industry Chain - **Pork**: Production capacity growth has stagnated, with the sector's valuation at a historical low, presenting long-term investment opportunities. The average price of live pigs is 14.82 CNY/kg, down 0.02 CNY from last week. The demand is expected to weaken in the short term, leading to a potential decline in pork prices [5][20][21]. - **Poultry**: Chicken prices are fluctuating, with the average price for white feather broilers at 3.75 CNY/jin, up 0.02 CNY from last week. The industry faces high production levels, but potential price increases may occur due to reduced imports following tariff measures [9][20][21]. - **Yellow Chicken**: Prices are expected to rise as supply tightens and consumption recovers, with current prices around 11.2 CNY/kg, reflecting a slight increase [10][23]. - **Animal Health**: The industry shows signs of recovery, with improved performance in Q1. The introduction of new vaccines is expected to drive growth in the sector [11][23]. 2. Planting Industry Chain - **Seed Industry**: The focus on food security is leading to improved policies for the seed industry, with expectations for transgenic technology to accelerate. Major companies are at a valuation low, indicating long-term investment potential [12][24]. - **Grain Prices**: Recent increases in grain prices, with corn at 2327 CNY/ton and wheat at 2462 CNY/ton, suggest investment opportunities in the sector. A significant decrease in grain imports has been noted, with expectations for continued price support from policy measures [13][24]. 3. Recommended Companies and Ratings - **Companies with "Buy" Ratings**: Zhongchong Co., Mu Yuan Co., and Su Kan Agricultural Development are highlighted as strong investment opportunities [3][52].

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [39]. Core Viewpoints - The report highlights the introduction of incremental policies aimed at stabilizing market expectations, which is expected to support the non-bank financial sector [32][34]. - The report emphasizes the performance of various sub-sectors, with securities, insurance, and diversified financials all rated positively [3][39]. Summary by Sections Market Review - The Shanghai Composite Index, CSI 300, and ChiNext Index experienced weekly changes of 1.92%, 2.00%, and 3.27% respectively [9]. - The Shenwan Non-Bank Index rose by 1.75%, underperforming the CSI 300 by 0.26 percentage points [9]. - Individual stock performances included Jinlong Shares (5.93%), Dongxing Securities (3.68%), and China Pacific Insurance (6.63%) leading their respective sectors [11]. Data Tracking - As of May 9, 2025, the brokerage sector's PE-TTM valuation stands at 18.81x, and PB-LF valuation at 1.34x [5]. - The insurance sector's PEV valuations for major companies are as follows: China Life (0.63x), Ping An (0.60x), and China Pacific Insurance (0.49x) [6]. Industry Dynamics - A joint announcement from the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission introduced a series of financial policies to stabilize the market [32]. - Key measures include a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [32][33].

2025 年 05 月 12 日 行业周报 看好/维持 纺织服装 纺织服装 纺服&零售周报:制造端有望企稳回升，关注 618 大促催化(2025. 5.5-5.11) ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/13 24/7/24 24/10/4 24/12/15 25/2/25 25/5/8 纺织服装 沪深300 相关研究报告 <<纺服&零售周报：美护品牌 Q1 表现 亮眼，个护景气度向上(2025.4. 28- 5.4)>>--2025-05-06 <<稳健医疗 24 年报及 25Q1 财报点 评：消费品业务加速成长，核心品类 增速亮眼>>--2025-04-29 <<健盛集团 24 年财报点评：业绩符 合预期，期待无缝利润弹性释放>>-- 2025-04-28 证券分析师：郭彬 电话： E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 报告摘要 本周核心观点：1）关税预期缓和：根据商务部新闻发布，5 月 10 日 上午中美经贸高层会谈在瑞士日内瓦开始举行，中共中央政治局委员、国 务院副总理何立峰作为中美经贸中方牵头人。5 ...

金 金融工程点评 [Table_Message]2025-05-12 建筑材料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：1.98% 波动率（年化）：24.36% 夏普率：0.08 最大回撤：25.11% 指数期间总回报率：-29.59% 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 [Table_Title] [Table_Summary] 融 工 程 点 评 告 ◼ 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 ...

Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) [1][7] Core Insights - The company achieved a record high revenue of 3,453 million yuan in 2024, representing an 18.90% year-on-year growth, with a net profit of 675 million yuan, up 39.97% year-on-year [4][5] - The main contributions to the company's performance in 2024 came from the new energy and salt sectors, with new energy generation capacity reaching 1,946,400 kW and a generation volume of 3,814 million kWh, an increase of 81% year-on-year [5] - The company is focusing on optimizing its core business and resource allocation, planning to divest its natural gas business to enhance its core competitiveness in the new energy sector [6][7] Financial Performance - In Q1 2025, the company reported a revenue of 954 million yuan, a decrease of 2.12% year-on-year, and a net profit of 221 million yuan, down 38.03% year-on-year [4] - The projected net profits for 2025, 2026, and 2027 are 865 million yuan, 940 million yuan, and 1,045 million yuan, respectively, with corresponding PE ratios of 12, 11, and 10 [7][8] - The company plans to distribute a cash dividend of 3.30 yuan per 10 shares, accounting for 45.01% of the 2024 net profit [4] Business Segments - The company operates in three main sectors: new energy, salt, and natural gas, with significant achievements in the new energy and salt sectors in 2024 [5] - The salt segment achieved a record production and sales volume of 1,780,000 tons in 2024, while the natural gas segment saw a 52% increase in sales volume to 386 million cubic meters [6]

金 金融工程点评 [Table_Title] 综合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：13.05% 波动率（年化）：26.25% 夏普率：0.50 最大回撤：27.97% 指数期间总回报率：-6.43% [Table_Summary] 融 工 程 点 评 ◼ 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 ...

2025 年 05 月 08 日 行业深度研究 看好/维持 医药 医药 原料药板块 Q1 利润同比快速增长，关注行业供需改善 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/6 24/7/16 24/9/25 24/12/5 25/2/14 25/4/26 医药 沪深300 子行业评级 相关研究报告 <<板块 Q1 利润端改善明显，行业有 望迎来集中度快速提升>>--2025- 05-04 <<太平洋医药日报（20250430）：默沙 东 Keytruda 组合疗法 3 期临床成 功>>--2025-05-01 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 报告摘要 行业观点 Q1 原料药板块营收同比基本持平，利润同比快速增长。原料药板块 共选取了 32 家公司，2024 年，板块实现营业总收入 1176.77 亿元，同比 增长 6.74%，实现归母净利润 150.46 亿元，同比增长 27.89%， ...

2025 年 05 月 06 日 公司点评 增持/下调 今世缘(603369) 目标价: 53.64 昨收盘:47.40 今世缘：2024 年稳健收官，2025 年顺利实现开门红 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/5/6 24/7/16 24/9/25 24/12/5 25/2/14 25/4/26 ◼ 股票数据 | 总股本/流通(亿股) | 12.47/12.47 | | --- | --- | | 总市值/流通(亿元) | 590.98/590.98 | | 12 个月内最高/最低价 | 59.38/35.35 | | (元) | | 相关研究报告 <<今世缘：三季度业绩符合预期，产 品结构势能延续>>--2024-11-01 <<今世缘：业绩符合预期，后百亿时 代稳中有进>>--2024-08-19 <<今世缘：一季度开门红顺利收官， 开启后百亿征程>>--2024-05-05 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 证券分析师：林叙希 电话： E-MAIL：linxx@tpyz ...

Investment Rating - The report assigns a rating of "Accumulate" to Shanxi Fenjiu, with a target price of 220.8 CNY, compared to the last closing price of 204.10 CNY [1][7]. Core Views - The company's performance meets expectations, with steady growth anticipated in 2025. The total revenue for 2024 reached 36.011 billion CNY, reflecting a year-on-year increase of 12.79%, while the net profit attributable to shareholders was 12.243 billion CNY, up 17.29% year-on-year. For Q1 2025, revenue was 16.523 billion CNY, a 7.72% increase year-on-year, and net profit was 6.648 billion CNY, growing by 6.15% year-on-year [4][5][8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 36.011 billion CNY and a net profit of 12.243 billion CNY. For Q1 2025, revenue was 16.523 billion CNY and net profit was 6.648 billion CNY [4][8]. - The revenue growth rates for 2025, 2026, and 2027 are projected at 10%, 12%, and 12%, respectively, with net profit growth rates of 10%, 13%, and 13% [7][8]. Product Structure and Market Performance - The product structure continues to upgrade, with mid-to-high-end liquor and other products generating revenues of 26.53 billion CNY and 9.34 billion CNY in 2024, respectively, showing year-on-year growth of 14.35% and 9.40% [5]. - The company has a balanced development in both domestic and international markets, with domestic revenue of 13.5 billion CNY and international revenue of 22.37 billion CNY in 2024, reflecting year-on-year growth of 11.72% and 13.81% [5]. Profitability Metrics - The gross profit margin for 2024 was 76.20%, an increase of 0.9 percentage points year-on-year, attributed to the improved product mix. The net profit margin for Q1 2025 was 40.28%, a decrease of 0.6 percentage points year-on-year [6][8]. - The company’s operating profit for 2024 was 16.539 billion CNY, with a projected operating profit of 18.198 billion CNY for 2025 [10][11]. Valuation Metrics - The earnings per share (EPS) for 2024 is estimated at 10.04 CNY, with projections of 11.04 CNY for 2025 and 12.45 CNY for 2026. The corresponding price-to-earnings (PE) ratios are 18.36x for 2024 and 18.49x for 2025 [8][11].

2025 年 05 月 06 日 公司点评 增持/维持 苏美达(600710) 目标价: 昨收盘:9.45 2024 年报点评，苏美达年度净利润同比增 11.7%，分红稳健 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/5/6 24/7/16 24/9/25 24/12/5 25/2/14 25/4/26 苏美达 沪深300 ■ 事件 近日，苏美达披露 2024 年报。本报告期内，实现营业总收入 1172 亿，同比减-4.75%；归母净利 11.48 亿，同比增+11.69%；扣非归母净利 10.42 亿，同比增+25.46%；基本每股收益 0.88 元，加权 ROE 为 15.81%， 经营活动产生的现金流量净额为 51.67 亿元。 分红政策，公司 24 年拟派发现金股息约 4.82 亿人民币，每股约 0.369 元（含税）; 全年分红 1 次，约占当年度净利润比例的 42%。若以 年报披露日 A 股的收盘股价计算，1 次分红对应股息率约为 4.07%。 2025 年 Q1 业绩，营收 256.54 亿，同比增+7.99%，扣非归母净利润 增 2.75 亿，同比增+17.95%。 ...