【光大研究每日速递】20250604

Group 1: Market Strategy and Industry Outlook - The article suggests that the market style is expected to lean towards defensive and undervalued sectors, with high scores for industries such as coal, public utilities, banking, non-bank financials, construction decoration, and oil and petrochemicals, indicating potential investment opportunities [3] - The PB-ROE-50 strategy has outperformed the CSI 500, CSI 800, and the overall market by 2.39%, 1.30%, and 1.33% respectively, reflecting a strong performance in the current market environment [4] Group 2: Real Estate Sector - In May, the total sales amount of the top 100 real estate companies reached 317.8 billion, with a month-on-month increase of 2.9% but a year-on-year decrease of 10.4%. The cumulative sales from January to May showed a year-on-year decline of 8% [5] - Notable performers in May included China State Construction with a 455% increase, Sunac China with a 128% increase, and China Jinmao with a 72% increase, indicating some recovery in high-capacity cities [5] Group 3: Automotive Industry - The automotive market remained stable in May, with new forces expected to lead the industry in intelligent driving innovations. A new round of price wars is causing short-term disruptions, but the outlook for domestic sales in 2025 remains positive due to trade-in incentives [6] - The theme of intelligence in vehicles is anticipated to continue to develop, with a focus on companies capable of high-level autonomous driving and their supply chains [6] Group 4: Company-Specific Analysis - Up Beauty Co., listed in Hong Kong in 2022, has transformed from a single brand to a multi-brand, all-channel group, with its main brand, Han Shu, ranking second among domestic beauty brands in online GMV for 2024 and showing the fastest growth among leading beauty brands [7] - Peak Technology achieved a revenue of 600 million in 2024, a year-on-year increase of 45.94%, and a net profit of 222 million, up 27.18%. In Q1 2025, the company reported a revenue of 171 million, a 47.34% year-on-year increase, indicating sustained growth momentum [8]