东吴证券晨会纪要2025-06-19-20250619

Macro Strategy - The report indicates that exports are expected to show a trend of high in the first half and low in the second half of the year, with a warning about the risk of negative export growth in the fourth quarter due to high base effects [1][9][10] Fixed Income - Anker Convertible Bond is projected to have a listing price between 127.29 and 141.30 RMB, with a subscription rate of 0.0036%. The bond has a solid debt protection and is rated AA+/AA+ [2][12] - Electric Chemical Convertible Bond is expected to list between 131.46 and 145.94 RMB, with a subscription rate of 0.0022%. The bond also has good debt protection and is rated AA/AA [2][14] Industry Analysis - The non-bank financial sector is currently undervalued, providing a safety margin. The insurance industry is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [3][15][16] - The defense and military industry is highlighted for the CJ-1000A engine, which is crucial for the C919 aircraft, showcasing significant technological advancements and potential market growth in the commercial aviation sector [4][17][19] - The computer industry is experiencing a surge in demand for consumer-grade 3D printers, with a reported 40% year-on-year increase in production. This sector is expected to grow rapidly due to the rise of creative industries and lower user barriers [6][20][21] Recommended Stocks - The report recommends Kuaijishan (601579) for its growth potential, projecting net profits of 2.3 billion, 2.8 billion, and 3.3 billion RMB for 2025-2027, with corresponding PE ratios of 44, 36, and 31 [7][22]