东兴证券晨报-20250604

Group 1: A-Share Market Strategy - The A-share market is expected to maintain a range-bound fluctuation until July, with market risk appetite decreasing due to rising concerns over US-China tariffs [1][2] - The manufacturing PMI for May improved to 49.5%, indicating a mild economic recovery, while the non-manufacturing PMI slightly decreased to 50.3% [1] - Structural investment opportunities are recommended, focusing on low-valuation sectors and high-dividend stocks as institutional funds continue to favor these areas [2] Group 2: Laser Radar Industry Insights - Laser radar is a non-contact detection and ranging method that uses light pulses to measure distances accurately [4][20] - The global laser radar market is projected to reach 51.2 billion yuan by 2024, with significant applications in automotive and non-automotive sectors [7][22] - Major Chinese companies in the laser radar space include Hesai Technology and RoboSense, with significant advancements in technology and production capabilities [8][23] Group 3: Real Estate Market Analysis - The top 100 real estate companies in China saw a sales amount of 1.31 trillion yuan from January to May, with a year-on-year decline of 7.0% [15][16] - The sales performance of leading companies such as Poly and China Overseas remains strong, with significant market share [17][18] - Investment recommendations focus on companies with quality product resources and strong operational capabilities in core cities [18] Group 4: Express Delivery Industry Overview - The express delivery industry is experiencing intense price competition, with a year-on-year growth rate of 21.6% in Q1 2025, but single-ticket revenue continues to decline [24][26] - Major players like Zhongtong and Yunda are adjusting their strategies to regain market share, leading to increased competition [25] - The industry is at a cyclical low, with potential for recovery as price wars may eventually ease, presenting investment opportunities [28] Group 5: Oil and Petrochemical Sector Update - Brent crude oil prices decreased month-on-month, while WTI crude oil prices increased, indicating mixed trends in the oil market [31][33] - The operational capacity utilization rate of US refineries rose to 90.70%, suggesting improved efficiency in the sector [32] - China's crude oil imports decreased by 6.52% month-on-month, reflecting a contraction in demand [32]