上证指数日K线图 郭晨凯 制图 ◎记者 徐蔚 在昨日午后交易时段，零售板块的步步高与茂业商业走势格外引人注目，两只个股先后拉升涨停，强势 走出"地天板"行情。 步步高昨日早盘低开后一路下探，但午后风云突变，股价直线拉升，14时02分触及涨停，随后股价又震 荡走低，最终收涨2%。当日成交金额高达31.74亿元，换手率达31.18%。步步高近期走势强劲，4月以 来累计涨幅已超70%，此前便已连续多日涨停，在市场中人气颇高。 茂业商业同样不甘示弱，早盘表现平平，盘中一度下跌，然而在14时09分强势涨停，最终收盘实现4连 板，当日成交额6.02亿元，换手率7.56%。 盘面上，以机器人产业链为代表的成长赛道持续发力，其中PEEK材料概念股爆发领涨市场，减速器、 机器人执行器等细分方向均有所表现。 PEEK材料概念成为昨日市场焦点。中欣氟材开盘后迅速涨停，收获6天4板，新瀚新材强势斩获20%幅 度涨停，带动板块整体上扬。 随着人形机器人迎来量产元年，以PEEK材料为代表的核心化工新材料也受到资金的持续追捧。近期， 多家公司披露PEEK材料最新产业化进展。天赐材料日前在投资者关系活动中表示，公司在PEEK材料方 面已针对 ...

【深圳商报讯】（记者詹钰叶）今年以来，港股市场整体走势强劲。今年一季度，主动权益基金的持仓 规模与配置比例双双刷新阶段性高点。其中，超七成产品加码港股，上百只基金单季仓位提升超两成， 最高超40个百分点。 港股今年走出强于A股市场的反弹表现：香港恒生指数年内涨9.71%，恒生科技指数大涨12.35%，跑赢 上证指数、深证成指、创业板指、科创综指等多个A股主要指数。机构动向上看，今年一季度，权益型 基金积极南下"扫货"。 中金公司数据显示，可投资港股公募基金的总规模整体抬升：至今年一季度末，公募基金的港股持仓占 其股票投资市值比例已经升至36.9%，创近5年以来最高水平，明显高于去年底的30.5%。主动偏股型基 金今年一季度末的港股持仓为4084亿元人民币，较去年末增加26.5%，持仓占比也从去年末的25.9%升 至30.8%。 景顺长城中证港股通科技ETF基金经理张晓南表示，AH溢价指数仍处于历史高位，表明港股相对A股依 然处于有利水平，结合港股估值仍处于历史较低位置，长期来看，随着盈利能力改善及估值中枢的抬 升，港股市场的配置价值有望得到进一步提振。 据中金公司数据，新经济是整体内地公募基金配置港股的主要偏 ...

Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 888 million yuan, a year-on-year growth of 27.65%, and a net profit of 50 million yuan, up 59.06% [1] - The company aims to achieve 100% localization of power components, which is expected to provide new growth opportunities [1][2] - The company has established itself as a major domestic data center power supply manufacturer, with a strong product lineup and global capacity expansion [2] Financial Performance - For Q1 2025, the company achieved a gross margin of 19.11%, a decrease of 0.77 percentage points year-on-year, while the net profit margin increased by 1.13 percentage points to 5.57% [1] - The company’s operating expenses ratio was 13.69%, an increase of 1.24 percentage points year-on-year, with specific expense ratios for sales, management, finance, and R&D being 2.62%, 4.28%, -0.01%, and 6.81% respectively [1] Product and Market Position - The company has launched several core products, including high-power server power supplies, which have received high recognition from leading server manufacturers and end customers [2] - The company has established production bases in both domestic and international locations, including Shenzhen, Dongguan, and Vietnam, to meet diverse market demands [2] Future Outlook - The company forecasts net profits of 331 million yuan, 458 million yuan, and 549 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 33, 24, and 20 times [3] - The growth of the AI industry is expected to enhance the market conditions for power products, supporting the company's data center power business expansion [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The company achieved a revenue of 5.611 billion yuan in Q1 2025, representing a year-on-year increase of 26.86% and a quarter-on-quarter decrease of 0.57%. The net profit attributable to the parent company was 564 million yuan, up 43.76% year-on-year and up 53.82% quarter-on-quarter [1]. - The report highlights the dual growth drivers of high-speed CCL (Copper Clad Laminate) and high-end PCB (Printed Circuit Board) businesses, which are expected to resonate with cyclical growth opportunities [1][7]. - The company is positioned to benefit from the AI industry's growth, with its high-speed CCL products already certified by domestic and international clients, indicating strong future growth potential [7]. Financial Summary - The total revenue forecast for 2024 is 20.388 billion yuan, with a projected growth rate of 22.9%. By 2025, revenue is expected to reach 26.017 billion yuan, reflecting a growth rate of 27.6% [3][8]. - The net profit attributable to the parent company is projected to grow from 1.739 billion yuan in 2024 to 2.882 billion yuan in 2025, with a year-on-year growth rate of 65.8% [3][8]. - The earnings per share (EPS) is expected to increase from 0.72 yuan in 2024 to 1.19 yuan in 2025, indicating strong profitability growth [3][8]. Business Performance Insights - The company's CCL business showed resilience in Q1 2025, with a slight decline in revenue but an increase in gross profit margin, reaching 23%, up 1.5 percentage points from the previous quarter [7]. - The PCB business, primarily operated by the subsidiary, is expected to see significant growth driven by demand from AI servers and high-end products, with inventory levels indicating preparation for increased production [7]. - The report anticipates that the combination of high-speed CCL and high-end PCB will replicate the growth opportunities seen during the 5G cycle, leading to a potential revaluation of the company's worth [7].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company's Q1 2025 revenue reached 1.579 billion yuan, representing a year-over-year increase of 78.55% and a quarter-over-quarter increase of 4.79%. The net profit attributable to shareholders was 200 million yuan, showing a year-over-year increase of 656.87% and a quarter-over-quarter increase of 37.63% [1]. - The report highlights strong growth driven by AI server demand, with expectations for new capacity and customers to continue contributing to revenue growth in the second half of the year [1][7]. - The company is experiencing significant improvements in product structure and profitability, with a gross margin of 29.84% and a net margin of 12.67% in Q1 2025, reflecting a substantial increase from previous periods [7]. Financial Performance Summary - Total revenue projections for the company are as follows: 2024A at 4.687 billion yuan, 2025E at 7.549 billion yuan, 2026E at 10.024 billion yuan, and 2027E at 11.654 billion yuan, with respective year-over-year growth rates of 43.2%, 61.1%, 32.8%, and 16.3% [3]. - The net profit attributable to shareholders is projected to grow from 332 million yuan in 2024A to 1.988 billion yuan in 2027E, with year-over-year growth rates of 1,428.2%, 206.5%, 55.8%, and 25.4% [3]. - The report indicates a significant increase in R&D investment, reaching 91 million yuan in Q1 2025, up 87.08% year-over-year, aimed at supporting the development of next-generation AI servers and high-speed switches [7]. Market Position and Future Outlook - The company is positioned to benefit from the rapid growth of the AI industry, with expectations for continued demand for AI servers and high-speed switches, particularly as major clients like Amazon ramp up production of AI-related products [7]. - The report anticipates that the company's capacity expansion and successful project progress in high-speed switches will drive sustained revenue growth, with profit forecasts for 2025-2027 set at 1.017 billion yuan, 1.585 billion yuan, and 1.988 billion yuan respectively [7].

Key Recommendations - Ant Group's subsidiary Ant Wealth has made a tender offer to acquire 50.55% of Yao Cai Securities at HKD 3.28 per share, totaling HKD 28.14 billion, which is expected to create a new competitive model by combining internet leadership with traditional brokerage services [7][6] - The recent Politburo meeting emphasized the need to stabilize and invigorate the capital market, mentioning the introduction of a "technology board" in the bond market and new structural monetary policy tools [7] Non-Bank Financial Industry - The non-bank financial index rose by 1.2%, outperforming the CSI 300 by 0.8 percentage points, with brokerage and insurance indices increasing by 0.9% and 1.35% respectively [6] - The average daily trading volume of stock funds increased by 2% week-on-week to CNY 1.3786 trillion, while the margin financing balance slightly decreased by 0.1% to CNY 1.8 trillion [6] AI Chip Industry - The AI chip sector is experiencing strong performance driven by AI industry growth and domestic substitution trends, with notable revenue increases reported by companies like Cambricon and Haiguang Information [11][12] - Google's Q1 capital expenditure grew by 43.4% year-on-year, indicating a strong commitment to AI and cloud computing, with a full-year guidance of USD 75 billion [13] Home Furnishing Industry - The company Jiangxin Home reported a 32.63% year-on-year increase in total revenue to CNY 2.548 billion for 2024, with a net profit growth of 67.64% to CNY 683 million [16][19] - The company’s gross margin improved to 39.35%, up 5.74 percentage points from the previous year, driven by strong sales of smart electric sofas and beds [17] Pet Food Industry - Guai Bao Pet achieved a revenue of CNY 5.245 billion in 2024, a 21.22% increase year-on-year, with a net profit growth of 45.68% [20][21] - The company is focusing on high-end product development, with its own brand revenue growing significantly, leading to improved gross margins [22][23]

东莞证券认为，周一，市场全天震荡调整，三大指数小幅下跌。从资金方面看，两市成交额继续缩量。 海外方面，密歇根大学公布数据显示，4月份的消费者信心指数跌至52.2，较3月份的57明显下滑。数据 结果显示，美国消费者情绪正处于历史低位附近。国内方面，一季度经济超预期，有望进一步稳定市场 信心；预计二季度国内宏观政策进入集中发力期，货币政策或逐步走向实质性宽松，财政刺激仍有进一 步加码空间，国内依然有较为充足的政策储备和应对举措来对冲海外不确定性。此外，本周一季报将全 部披露完毕，当前A股市场也将从此前大波动行情转向由基本面驱动行情。展望后市，市场或仍面临较 多不确定性，短期市场或通过一定的区间震荡来消化前期连续上涨带来的调整压力，预计后续市场在短 暂休整后，有望逐步企稳回升。 财信证券认为，五一假期之前市场或以继续震荡整理为主。五一假期之后，在海外关税扰动、国内政策 加力、上市公司年报及一季报等密集落地后，市场有望走出震荡向上的结构性行情。5月份随着海外关 税战对市场扰动效应逐步消退，市场大概率重新回归扩内需以及AI产业趋势驱动逻辑。中长期A股配置 价值凸显，关注业绩高景气的AI产业链、自主可控方向的低吸机会。 ...

Group 1 - The report highlights the ongoing escalation of the global tariff war, particularly between the US and China, which is expected to lead to increased volatility in equity markets and a potential "hard landing" for the US economy [2][10][11] - Domestic economic indicators show a weakening trend, with March data reflecting a 12.4% year-on-year increase in exports, driven by a low base and export rush, while imports fell by 4.3%, indicating persistent domestic demand issues [12][13] - The report emphasizes the need to shift investment strategies from small-cap growth to large-cap value defensive stocks, anticipating this transition to last at least until signs of an earnings bottom emerge [2][10][13] Group 2 - Growth-oriented dividend assets are defined as those sacrificing some dividend yield for potential profit improvement through capital expenditure, which may lead to higher valuations in the market [3][23] - The report identifies two main drivers for growth-oriented dividend assets: the expectation of fiscal policy support and the potential for rising dividend yields, which can help avoid static valuation traps [3][23][26] - A comprehensive screening model for growth-oriented dividend assets has been developed, focusing on five key factors: relative dividend yield advantage, stable dividend payout ratio, ample operating cash flow, stable or improving ROE, and increasing capital expenditure [3][35][34] Group 3 - The report suggests a differentiated approach to sector allocation, recommending a reduction in exposure to AI sectors with low penetration rates, while increasing allocation to structural technology growth areas and growth-oriented dividend assets [4][23] - Specific sectors highlighted for increased allocation include telecommunications, infrastructure, and consumer sectors, which are expected to benefit from fiscal expansion and capital expenditure [4][23][24] - The report also notes that gold stocks and innovative pharmaceuticals are positioned to benefit from rising gold prices and improving profit margins, respectively [4][23]

Group 1: Jiuzhou Pharmaceutical - Jiuzhou Pharmaceutical indicated that the suspension of the PLI plan in India benefits raw material manufacturers in other countries, with domestic raw material prices gradually stabilizing [1] - The number of new CDMO projects in 2024 is expected to grow by 15% year-on-year, with contract amounts increasing by 20% [1] - CDMO business revenue is close to 3.9 billion yuan, with nearly 80% coming from overseas, primarily from European clients [1] - The company anticipates a recovery in CDMO gross margin to around 40% by 2025 [1] - In Q1, the overall capacity utilization rate was approximately 60%, with capital expenditures for 2025 controlled at 500-600 million yuan [1] - The second phase of the commercial production capacity for the peptide department is expected to be operational by September 2025 [1] Group 2: Lanke Technology - Lanke Technology plans to focus on the development of computing power chips for intelligent hardware over the next 5-10 years, emphasizing the importance of interconnect chips [2] - The demand for DDR5 memory interface chips is expected to significantly increase due to trends in the AI industry [2] - The company has invested in the development of PCIe Switch chips and anticipates continued growth in demand for PCIe Retimer chips, primarily driven by AI server shipments [2] - Lanke Technology's core business maintains high quality, with major products being high value-added, resulting in a high gross margin [2] - The company has linked the market value to executive performance evaluations for three consecutive years to align management interests with shareholder interests [2]

Group 1: Market Insights - The defensive dividend assets in the stock market may become a core safe haven for funds amid the "tariff storm" [3] - The demand for U.S. Treasury bonds is weakening as the Trump administration proposes to replace short-term bonds with 100-year zero-coupon bonds [3][18] Group 2: Equity Market Analysis - Under the current tariff situation, risk assets are experiencing significant declines, while safe-haven assets are gaining, with the domestic 10-year government bond yield approaching 1.6% [3] - Chinese assets are expected to show resilience compared to global markets in the short term, with opportunities outweighing risks if policy responses are appropriate [4] - The consumer and investment sectors are expected to benefit from domestic demand policies, presenting short-term trading opportunities [4] Group 3: Sector Performance - The agriculture, forestry, animal husbandry, and fishery sectors have seen a rise of 3.18% due to increased domestic prices following U.S. tariffs on agricultural imports [10] - The power equipment and new energy sectors are underperforming due to concerns over profit impacts from trade conflicts [10] Group 4: Macro and Fixed Income - The monetary policy is expected to continue pushing nominal interest rates down, with potential acceleration in easing measures in the second quarter [16] - The domestic bond market is viewed positively, with expectations of further declines in bond yields as the economic impact of tariffs unfolds [16] Group 5: Asset Allocation Strategies - A neutral to defensive allocation strategy is recommended, emphasizing the importance of safe-haven assets like bonds and gold [20] - The A-share market should consider a combination of dividend/value and technology stocks in a barbell strategy, while being cautious of sectors with high overseas revenue exposure [20]