招商研究5月金股组合：布局业绩改善方向，关注产业趋势和主题投资

Group 1: Investment Outlook - The market is expected to show a pattern of "stable weighted index and active technology growth" in May, with economic data indicating that fiscal funds are sufficient to counteract potential export declines due to tariff impacts [2][3] - The end of annual and quarterly report disclosures has led to a long-awaited upward inflection point in listed companies' profit growth, supported by significant improvements in operating cash flow and a confirmed turning point in free cash flow [2][3] - After the earnings disclosure period, the market is likely to actively invest in industries with improving performance, while new industrial trends and thematic investments are expected to gain traction in the current environment [2][3] Group 2: Recommended Stocks - Longsheng Technology (隆盛科技) is recommended for its strong fundamentals and high growth potential in robotics and related sectors [4][8] - Hewei Electric (禾望电气) has shown significant growth in Q1, with revenue and profit increasing by 41% and 90% year-on-year, respectively, indicating a new development phase [4][8] - Jinwo Co., Ltd. (金沃股份) is positioned to benefit from its role as a core secondary supplier for Tesla's robotics, with significant growth expected in insulated bearings [4][8] - Ninebot (九号公司) is projected to achieve over 50% revenue growth in Q1, driven by strong sales in electric two-wheelers and new product launches [4][8] - Zhongchong Co., Ltd. (中宠股份) is benefiting from accelerated brand concentration in the pet food market, with strong growth in its proprietary brands [4][9] - Luxshare Precision (立讯精密) is expected to see rapid compound growth in the coming years, with a strong ability to realize its earnings potential [4][10] - Weiguang Co., Ltd. (微光股份) is well-positioned in the robotics sector, with a stable growth outlook and low valuation [4][14] - Kuaishou (快手) is anticipated to outperform the market in advertising and e-commerce growth, supported by its unique position in the short video sector [4][20] - Alibaba (阿里巴巴) is expected to benefit from stable e-commerce operations and potential growth in cloud services, with a low valuation [4][20] - Chow Tai Fook (周大福) is showing signs of improvement in its fundamentals, with a focus on product-driven strategies in the jewelry sector [4][21] Group 3: Financial Projections - Longsheng Technology, Hewei Electric, Jinwo Co., Ninebot, Luxshare Precision, Weiguang, and Alibaba are all expected to achieve stable growth of over 20% this year [5][6]