智通财经APP获悉，国盛证券发布研报称，光模块行业进入技术迭代与需求重构的关键期，800G仍是 主流产品，1.6T量产周期长于激进预期，CPO技术短期难替代可插拔方案，而无源器件市场正迎来价值 重估。国盛证券认为，当前产业链升级节奏回归2-3年迭代规律，二级市场需理性看待技术演进与业绩 兑现的匹配性，同时关注无源器件细分领域的高弹性机会。 国盛证券主要观点如下： 本轮光模块板块自5月初以来强势反弹 5月6日至9日，通信设备ETF(159583)上涨6.3%，新易盛(300502)涨超20%，中际旭创(300308)和天孚通 信(300394)分别涨超13%与8%，仕佳光子(688313)亦有12.7%的优异表现，重新出现了主流资金的回 归。在光模块经历了两轮牛市后，有哪些框架需要修正、祛魅?本报告围绕四大思考维度深入复盘：一 是产品迭代节奏回归常识;二是CPO技术的定位与可插拔方案共存;三是下游无源器件的价值被低估;四是 行业格局与卡位逻辑。通过论证，该行认为，当前估值与基本面双修复，正值布局良机。 1、400G、800G、1.6T一年一代?——快进的升级迭代回归常识 光模块800G仍是主流，1.6T趋势确定 ...

Group 1 - The core viewpoint of the articles highlights the potential rapid development of new energy companies like GCL-Poly Energy Technology Co., Ltd. (协鑫能科) due to the gradual advancement of electricity marketization and the re-evaluation of green electricity value driven by new policies [1] - The National Development and Reform Commission and the National Energy Administration have issued guidelines to achieve nationwide electricity spot market coverage by the end of 2025, which will support the marketization of green electricity [1] - The comprehensive revenue of green electricity is expected to stabilize as the positive externalities of its "green" nature and the negative externalities of its volatility are reflected through market mechanisms [1] Group 2 - As of March 31, 2025, GCL-Poly's total installed capacity reached 5,978.01 MW, with renewable energy accounting for 58.23% of the total generation capacity [2] - The company is actively advancing in trading services, with a virtual power plant load of approximately 550 MW in Jiangsu Province, representing about 30% of the province's actual adjustable load [2] - GCL-Poly participated in market transactions totaling 59.74 billion kWh in electricity, including 1.33 million kWh in green electricity transactions [2] Group 3 - Looking ahead, GCL-Poly aims to become a leading green energy service provider in China by optimizing its asset structure and expanding its operational management scale [3] - The company plans to enhance customer loyalty by focusing on high-quality commercial clients in economically developed regions and developing energy service businesses [3] - With strong business foundations and clear strategic planning, GCL-Poly is making significant strides towards becoming a green energy service provider, supported by national electricity market construction policies [3]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 5 月 9 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：昨日各股指全面上涨。股市全市场成交金额为 13218 亿元，较上日缩量 1833 亿元。5 月 7 日，一行一局一会介绍"一揽子金融政策支持稳市场稳预期"有关情况，在外部环境高度不确定性 的背景下，政策面起到较好的稳定市场预期的效果。在宏观经济方面，央行降息降准配合财政政策发 力能够提振内部需求，从而推动上市企业业绩企稳回升。在资金层面，央行增加再贷款额度，定向扶 持消费和科技；证监会支持汇金公司的类平准基金发挥作用，推动公募基金绩效考核与投资者收益挂 钩；加上金融监管总局扩大保险资金长期投资试点范围以及调降保险公司股票投资风险因子。这些举 措能够持续增加股市的增量资金，推动股市价值重估。在市场情绪方面，近期中美关税释放缓和信号， 市场风险偏好有所回升，不过需要关注 5 月 9 日 ...

Group 1 - The central bank's recent policy package aims to release liquidity, lower financing costs, and direct credit resources towards key sectors to promote high-quality economic development [1][2] - The policy includes a comprehensive 0.5 percentage point reduction in the reserve requirement ratio, releasing 1 trillion yuan in long-term funds, and a 0.1 percentage point decrease in policy interest rates, which will alleviate banks' liability pressure and support the real economy [2] - The structural tools emphasized in the policy will support technology innovation, consumer services, and inclusive finance, with a significant increase in the re-lending quota for technology innovation from 500 billion yuan to 800 billion yuan [2] Group 2 - Zhengzhou Bank's Q1 2025 report shows strong growth across key metrics, achieving increases in total assets, deposits, loans, revenue, and profit, marking a historical high for the bank [4] - As of the end of Q1 2025, Zhengzhou Bank's total assets grew by 4.46% year-on-year, surpassing 700 billion yuan, with total deposits of 430.11 billion yuan (up 6.32%) and total loans of 400.24 billion yuan (up 3.24%) [4] - The bank's operating income reached 3.475 billion yuan, a 2.22% increase year-on-year, and net profit was 1.016 billion yuan, up 4.98% from the previous year, indicating a stable growth trend [4] Group 3 - Zhengzhou Bank's strategic focus on retail transformation has led to a significant increase in personal deposits, which rose by 11.61% to 243.51 billion yuan, accounting for 56.6% of total deposits [5][6] - The bank's innovative credit products, such as "Zheng e-loan" and "Housing e-loan," have met diverse personal credit needs, with personal loan balances reaching 93.58 billion yuan, a year-on-year increase of 2.88% [6] - By concentrating credit resources on key industrial clusters in Henan province, Zhengzhou Bank has established a positive feedback mechanism that supports local economic development [6] Group 4 - The central bank's policy initiatives provide a strategic opportunity for banks to enhance their services to the real economy, with Zhengzhou Bank's strong performance in Q1 serving as a testament to the effective integration of policy benefits and the bank's strategic direction [7] - As policy benefits continue to unfold, Zhengzhou Bank's advantages in technology innovation and green finance may position it favorably in regional financial competition and value reassessment [7]

全球军贸交易需求保持活跃，欧洲主流防务企业新增订单及积压订单均创新高，欧盟产能优先供给自身需求的背 景下，类比俄乌冲突后俄罗斯武器装备出口出现的空缺，#原采购欧盟防务产品的国家的军贸需求有望显著外溢。 #军贸推动企业穿越价格及需求周期，重视本轮我国军工企业内外需双轮驱动的#产能价值重估。 【广发军工|新专题】欧盟自主化战略下，＃军贸价值链迁移与产能价值重估的思考 现象：部分#海外军工股近期股价表现亮眼，被动加费到主动武装，当前欧洲核心在于#建设自主化的国防体制， 提出到2030年，成员国在EDTIB的国防装备采购达到50%，欧盟内部国防贸易额至少占欧盟国防市场份额的35%。 #欧防务企业订单饱满、产能紧张，全球军贸需求外溢可期。 全球军贸交易需求保持活跃，欧洲主流防务企业新 【广发军工|新专题】欧盟自主化战略下，＃军贸价值链迁移与产能价值重估的思考 现象：部分#海外军工股近期股价表现亮眼，被动加费到主动武装，当前欧洲核心在于#建设自主化的国防体制， 提出到2030年，成员国在EDTIB的国防装备采购达到50%，欧盟内部国防贸易额至少占欧盟国防市场份额的35%。 #欧防务企业订单饱满、产能紧张，全球军贸需求外溢 ...

Core Viewpoint - The recent surge in rare earth ETFs is closely linked to China's implementation of export controls on heavy rare earths, which has led to increased demand in emerging sectors such as new energy, humanoid robots, and low-altitude economy [1][3][11] Group 1: Market Performance - On the first trading day after the holiday, all four rare earth ETFs showed significant gains, with the rare earth ETF fund (516150) leading with an increase of over 5% [1][2] - The performance of rare earth ETFs has been strong, with the top performers being the Yi Fang Da and Fu Guo ETFs, achieving annualized returns of 18.07% and 17.02% respectively [7][9] Group 2: Supply and Demand Dynamics - Following China's announcement of export restrictions on seven categories of heavy rare earths in April 2025, international rare earth prices have surged, with prices for strategic metals like dysprosium and terbium increasing by 310% within 30 days [3] - The demand for rare earths is driven by their essential role in permanent magnet synchronous motors, with domestic sales of new energy vehicles reaching 2.421 million units in Q1 2025, a year-on-year increase of 37.2% [3][11] Group 3: ETF Analysis - There are currently four main rare earth ETFs: Jiashi Fund's rare earth ETF (516150), Fu Guo Fund's rare earth ETF (159713), Yi Fang Da Fund's rare earth ETF (159715), and Huatai Bairui's rare earth ETF (516780) [4][5] - The ETFs have shown strong performance over the past year and three years, with the Yi Fang Da ETF demonstrating superior risk-adjusted returns and stability [8][10] Group 4: Future Outlook - The rare earth industry is expected to enter a value reassessment cycle due to policy benefits, optimized supply-demand dynamics, and the emergence of new demands, particularly from humanoid robots, which could create an additional demand of 200,000 to 400,000 tons [11]

Core Viewpoint - Zijin Mining is increasingly focusing on its market value performance, planning to spin off its overseas gold mining assets to enhance overall company value and shareholder value amid a rising gold price cycle [1][7]. Group 1: Spin-off and Market Strategy - The company plans to restructure its overseas gold mining assets into a wholly-owned subsidiary, Zijin Gold International Co., Ltd., and apply for a listing on the Hong Kong Stock Exchange [1]. - The spin-off is expected to significantly improve Zijin Mining's overall value and asset securitization level, as the company aims to attract more international investors [2][6]. - The current valuation of Zijin Mining is lagging behind its peers in A-shares, H-shares, and US stocks, with a P/E ratio of approximately 13.58 times compared to an average of 17.31 times for 14 gold and precious metal companies listed on the Hong Kong Stock Exchange [1][8]. Group 2: Growth Potential and Asset Quality - Zijin Mining's gold production is projected to increase from 68 tons in 2023 to 73 tons in 2024, positioning the company among the top ten globally [3][4]. - Key overseas projects, such as the Rosebel Gold Mine in Suriname and the Akyem Gold Mine in Ghana, are expected to contribute significantly to future earnings, with the Rosebel mine's production potentially reaching 10 tons annually post-expansion [5][6]. - The company’s overseas operations have a gross profit margin of 27.52%, significantly higher than the 9% margin for domestic operations, indicating a comparative advantage in asset quality [5][6]. Group 3: Valuation Comparison - The company’s current P/E ratio of 14.73 times in A-shares is below the average of 31.74 times for 11 gold companies, highlighting the undervaluation issue [7][8]. - In the global context, major competitors like Newmont and Barrick Gold have P/E ratios ranging from 15 to 31 times, further emphasizing the low valuation of Zijin Mining [9]. - The spin-off plan aligns with the favorable conditions of high international gold prices and the need for better market valuation management [9].

证券研究报告：电力设备|点评报告 发布时间：2025-05-06 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 6449.5 | | --- | --- | --- | | 52 | 周最高 | 8068.94 | | 52 | 周最低 | 5403.16 | 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 行业相对指数表现（相对值） 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 近期研究报告 《蒙西电力现货市场转正，新能源全 面入市的先验市场》 - 2025.03.02 全面加快电力现货市场建设+辅助服务顶层规划发 布，有望理顺价格机制，绿电价值有望重估 l 投资要点 事件：2025 年 4 月 29 日，国家发改委和能源局发布《关于全面 加快电力现货市场建设工作的通知》和《电力辅助服务市场基本规 则》。 l 电力 ...

证券研究报告：电力设备|点评报告 发布时间：2025-05-06 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 6449.5 | | --- | --- | --- | | 52 | 周最高 | 8068.94 | | 52 | 周最低 | 5403.16 | 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《蒙西电力现货市场转正，新能源全 面入市的先验市场》 - 2025.03.02 全面加快电力现货市场建设+辅助服务顶层规划发 布，有望理顺价格机制，绿电价值有望重估 l 投资要点 事件：2025 年 4 月 29 日，国家发改委和能源局发布《关于全面 加快电力现货市场建设工作的通知》和《电力辅助服务市场基本规 则》。 l 电力市场建设全面加快 行业相对指数表现（相对值） 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 电力设备 沪深300 资料来源：聚源，中邮证 ...

Group 1: Market Overview - The Asia-Pacific stock market experienced a significant rally on May 2, with the Hong Kong Hang Seng Index rising by 1.22% and the Hang Seng Tech Index surging by 3%, marking the largest single-day gain in nearly three months [1] - Chinese concept stocks saw explosive growth in after-hours trading, with the three-times leveraged FTSE China 50 ETF (YINN) soaring nearly 7%, and major companies like XPeng, Li Auto, and Alibaba all rising over 4% [1][2] - The insurance sector also saw strong performance, with major players like China Life and New China Life leading the gains, driven by high dividend yields and favorable policy developments [3][4] Group 2: XPeng Motors Performance - XPeng Motors reported a record monthly delivery of 35,045 vehicles in April, a staggering year-on-year increase of 273% and a month-on-month rise of 6% [2] - The success of XPeng's models, particularly the MONA M03 and P7+, has significantly contributed to its market position, with the MONA M03 achieving over 100,000 deliveries in just eight months [2] - XPeng's growth is attributed to its competitive pricing and advanced technology, positioning it favorably against rivals like Tesla [2] Group 3: Insurance Sector Dynamics - The insurance sector's rally is characterized by a dual focus on high dividends and policy benefits, with companies like China Life offering a dividend yield of 6.2%, which is significantly higher than the 10-year government bond yield [3] - Recent regulatory guidance has encouraged insurance companies to increase their equity investments, suggesting a potential influx of capital into the stock market [3][4] - The insurance industry is viewed as a safe haven for foreign capital, especially in light of geopolitical risks and the need for stable growth assets [4] Group 4: Gold Sector Decline - In contrast to the stock market rally, gold stocks experienced a sharp decline, with companies like Tongguan Gold and Shandong Gold dropping over 4% due to fluctuations in international gold prices [5][6] - The recent volatility in gold prices, influenced by U.S. economic data and geopolitical developments, has led to a reassessment of gold as a safe-haven asset [6] - Funds are shifting from gold to riskier assets, as evidenced by the overall positive performance of the Asia-Pacific stock markets [6] Group 5: Foreign Investment Trends - The influx of foreign capital into Chinese assets is gaining momentum, with significant net inflows into the Chinese stock market reported [7][8] - Major international banks have upgraded their ratings for Chinese stocks, citing improved government policies and corporate earnings as key factors [7][8] - The current valuation of Chinese stocks is seen as attractive compared to global counterparts, with the Hang Seng Index trading at a price-to-earnings ratio of only 9 times [8]