中商产业研究院晨会-20250516

Fixed Income - In April 2025, new loans amounted to 280 billion yuan, and social financing reached 1.16 trillion yuan, with M2 at 325.2 trillion yuan, showing a year-on-year increase of 8.0% [2][7] - The growth rate of social financing rebounded significantly to 8.7% in April, driven by government bond net financing and other factors [9][10] - The report suggests a defensive strategy for the bond market, anticipating potential adjustments in long-term interest rates due to economic improvements and changes in tax policies [10] Transportation Industry - In Q1 2025, the express delivery sector saw a price war intensifying among franchise-based companies, while direct-operated companies maintained stable growth [12][11] - The aviation sector experienced a 5% year-on-year increase in passenger volume, with international passenger numbers surpassing 2019 levels for the first time in five years, although pricing pressures persisted [12][11] - The highway sector benefited from a recovery in traffic volume, leading to profit restoration for many leading companies [13][11] - The shipping industry faced challenges with container shipping rates declining, while oil shipping markets showed signs of recovery [13][11] Education and Overseas Research - Weishi Jiajie (00856.HK) reported a 16-17% year-on-year increase in revenue for Q1 2025, with net profit rising by 28-29%, attributed to optimized distribution business and increasing market share of domestic brands [15][16] - The company is focusing on expanding its product range to meet diverse customer needs, enhancing its market competitiveness [17][15] North Exchange - Fujida (835640.BJ) is a leader in the domestic RF connector industry, with a focus on 5G-A, 6G, and commercial satellite sectors, achieving a net profit of 51.13 million yuan in 2024 [18][19] - The domestic connector market is projected to reach 185.1 billion yuan in 2024, driven by advancements in communication technology and satellite internet [19][20] - The company has established a strong position in high-end fields such as communication and aerospace, with significant client relationships including Huawei and major defense contractors [20][21]