Core Viewpoint - The trend of semiconductor companies from A-shares listing in Hong Kong continues to rise, with Zhaoyi Innovation officially announcing its plan to issue H-shares and list on the Hong Kong Stock Exchange after nearly nine years of being listed in A-shares [1]. Group 1: Company Overview - Zhaoyi Innovation, a leading storage chip company, has a market capitalization exceeding 70 billion yuan and plans to issue H-shares not exceeding 10% of the total share capital post-issue, with an option for underwriters to exercise an additional 15% [1]. - The company has a strong financial position, with cash and cash equivalents of 9.409 billion yuan and short-term borrowings of only 970 million yuan, indicating a robust liquidity situation [1]. Group 2: Business Performance - In 2024, Zhaoyi Innovation achieved a revenue of 7.356 billion yuan, representing a year-on-year growth of 27.69%, and a net profit of 1.103 billion yuan, a significant increase of 584.21% [2]. - The company’s revenue for Q1 2025 was 1.909 billion yuan, up 17.32% year-on-year, with a net profit of 235 million yuan, reflecting a growth of 14.57% [2]. Group 3: Business Segmentation - The main revenue source for Zhaoyi Innovation is the storage chip business, which generated 5.194 billion yuan in 2024, accounting for 70.6% of total revenue [3]. - The MCU and analog chip business contributed 1.706 billion yuan, representing 23.2% of total revenue, while the sensor business accounted for 448 million yuan, or 6.1% [3]. Group 4: Market Trends - The global semiconductor industry revenue reached 626 billion USD in 2024, a year-on-year increase of 18.1%, with expectations to grow to 705 billion USD in 2025 [3]. - The storage chip market is projected to grow at a compound annual growth rate (CAGR) of 9.17% from 2023 to 2028, particularly in NOR Flash products [4]. Group 5: Market Reactions - Following the announcement of the Hong Kong IPO, Zhaoyi Innovation's stock experienced volatility, with a drop of over 7% on May 21, and a total market value loss exceeding 7 billion yuan by May 23 [5]. - The company’s management indicated that while there may be short-term price discrepancies between A-shares and H-shares, the long-term performance driven by sustained growth remains the focus [5].

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 上个月一系列关税措施发布后，华强北现货市场热闹了好一阵子。从刚开始的大面积停止报价，再 到之后美系品牌的全线涨价，有些芯片分销商在这期间接到了不少订单，有些则期待着这次波动能 让平淡的芯片市场增加点活力。 现在，关税风暴已过， 那些暴涨过的芯片现在如何了，芯片现货市场整体又是什么情况？关税虽 然已经结束后，给芯片市场带来了哪些变化？ 01 芯片现货市场现在怎么样了？ 不少芯片分销商觉得，现在芯片市场又变淡了。 而现在， TI 和 ADI 在关税风波后有了不同的表现。 总体来看， ADI 目前在现货市场的需求比 TI 更好一些。 对于 TI ，目前在市场上需求再次平淡萎靡 。有主做 TI 的芯片分销商表示，之前 " 1分钟要当 10 分钟用 " ，而现在的行情简直 " 惨不忍睹 " 。价格方面，关税期间即便翻倍也能很快成交， 而现在又回到了得主动出击、努力跑客户开发终端的阶段。 以 TL074IDR 为例，今年 2 、 3 月价格稳定在 0.4 元左右， ...

文/ 中银证券全球首席经济学家 管涛 特朗普执政时期，美国对中国进口多次加征关税。特朗普 1 . 0 时关税致人 民币汇率下跌，特朗普 2.0 至今虽关税冲突烈度超前者，但人民币未如预 期大幅贬值。三轮关税冲击有限，且中美经济与政策分化趋于收敛，美元 信用危机显现，经贸磋商或重启，在此背景下，人民币汇率有条件实现双 向波动，极限关税尽头未必是人民币贬值 。 特朗普1.0时期，美国政府于2018—2019年分四批将对中国进口加征关税，导致人民币汇率（如非特 指，本文均为人民币兑美元双边汇率）从6.28:1跌至7.10:1附近，中间价和境内外交易价均下跌10%以 上。特朗普2.0至今，又分别于2025年2、3、4月分三批对中国进口加征关税，最终税率高至145%，令 中美贸易几乎陷入停滞。特朗普2.0的关税冲突烈度远超过了特朗普1.0。有市场机构认为，贸易战的最 终战场很可能落在外汇市场上，人民币将会大幅贬值。然而，笔者以为，极限关税的尽头未必是人民币 贬值。 三轮关税的汇率冲击远不及上次 如前所述，特朗普1.0关税曾经让人民币汇率最多下跌了10%以上。然而，特朗普自2025年1月20日（均 指当地时间，下同）重返 ...

（原标题：和讯投顾程佳：市场情绪不好，高标股出现分化） 5月22日，和讯投顾程佳分析，指数出现了这个一定的调整，但调整以后迅速拉上去了，沪指数还是比较明显的。那在这种状态下我们已经说过 了，昨天没有上冲成功以后，呢说在受阻的过程当中整个重心就会往下移了。第一个问题，就是呃第一外围市场啊我们看到这个美债的影响，所 以导致了美股开始调整，A股能不能独善其身，我们打一个问号。第二个我们在整个过程当中说了，高标的股票出现一定的一个分化，甚至有一 些调整了，那说明管理层关注到这一点了，我们说了管理层一旦关注到这一点，那么这些炒情绪的股票那就会受到压制，对于市场的情绪也会有 一定的一个影响。 所以在这种程度上我们看到了对吧？那么我们在昨天晚上的直播当中也说到了指数调没有问题，稍微想往下跌，但是要有一个承接承接在哪里？ 承接在大多数板块长时间不涨，它是人气比较旺的，像算力机器人，人工智能这些板块，包括芯片，这些东西涨起来是带动人气的，但是我们看 今天早上冲了冲以后又下来了，说明承接资金包括整个在上冲过程中，它的量能是不够的，现在的卖单比买单要多，也就是逢板块上涨就要卖。 好，所以我们看今天调整的板块过程当中也有很明显的啊像 ...

NO.1 北京前4月新房销售面积同比增长5.8% 5月20日，北京市统计局、国家统计局北京调查总队联合发布《2025年1—4月北京市房地产市场运行情 况》。今年前4月，北京全市房地产开发企业房屋新开工面积375.3万平方米，同比增长20%。全市新建 商品房销售面积321.2万平方米，同比增长5.8%，其中住宅销售面积下降2.3%至206万平方米。全市房地 产开发企业本年到位资金1331.8亿元，同比增长13.9%。 点评：这反映了北京房地产市场供需两端呈现修复态势。在保障性住房建设加速推进背景下，开发投资 数据企稳对稳定宏观经济预期具有风向标意义，但需关注政策红利与居民实际购房能力的动态平衡。 ｜2025年5月22日星期四｜ 5月21日，武汉成功出让4宗涉宅用地，共收金9.84亿元。其中，黄陂区3宗、武昌区1宗，总用地面积 10.44万平方米，总规划建筑面积25.51万平方米，总起始价9.04亿元。武昌区地块吸引了6家竞买人线上 竞价38轮，最终由湖北天创以总价3.42亿元、溢价率30.59%竞得；黄陂区3宗地块均底价成交。 点评：此次土拍延续了武汉土地市场"核心区域热、外围冷"的分化格局。房企对主城地块的争 ...

Industry Overview - The Chinese golf practice range industry is undergoing a critical transformation from "scale expansion" to "quality improvement" [1][14] - In 2024, the number of golf practice ranges in China is projected to reach 3,388, representing a year-on-year growth of 11.08% [1][14] - The expansion of the middle class and increased health awareness are driving the shift of golf from a "business social tool" to "family entertainment" [1][14] - The rise of indoor simulation courses, utilizing technologies such as VR simulation systems, AI coaching, and big data analysis, is breaking down venue limitations [1][14] Industry Development History - The industry has experienced four main phases: 1. The embryonic phase (1984-1994) with the establishment of the first golf course and the China Golf Association [4] 2. The scale expansion phase (1995-2003) marked by rapid growth in the number of courses and the extension of golf to the middle class [4] 3. The policy tightening phase (2004-2013) where the number of courses surged but faced regulatory challenges [5] 4. The diversified transformation phase (2014-present) focusing on quality and the integration of technology [6] Industry Chain - The upstream of the golf practice range industry includes site construction and maintenance, equipment manufacturing, and coaching teams [8] - The midstream involves the operation and service of golf practice ranges, while the downstream consists of golf enthusiasts [8] Current Industry Status - The industry is transitioning towards quality enhancement, with a notable increase in the number of practice ranges and the adoption of advanced technologies [14] - The average daily usage time for users of VR simulators from Hengtaixin Technology exceeds 2 hours, with a repurchase rate of 45% [14] Industry Trends - The industry is experiencing accelerated smart and digital transformation, with AI, big data, and VR/AR technologies becoming standard [24] - Market segmentation is increasing, with high-end practice ranges targeting affluent customers and community mini-courses catering to family entertainment [25] - Policy guidance is becoming more significant, promoting sustainable development and encouraging the industry to return to its sporting essence [26]

Core Viewpoint - Future housing prices will not be uniformly high or low, but will exhibit a "polarized" trend, with significant disparities between different cities and regions [3]. Group 1: Market Trends - In Q1 2025, second-hand housing prices in first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen) increased by 5.1% year-on-year, while prices in third-tier cities fell by 3.7% [4]. - A specific county in Hebei saw housing prices drop from 8,000 yuan per square meter to 4,500 yuan, illustrating extreme price declines in certain areas [4]. - The national housing vacancy rate stands at 1.2 billion units, with an annual addition of 14 million new homes, sufficient to accommodate 300-400 million people [6]. Group 2: Demographic and Economic Factors - Major cities are experiencing a net population increase, with 2.3 million new residents expected in the four first-tier cities by 2024, while 157 prefecture-level cities are losing population [4]. - The influx of 280,000 new insured individuals in Hangzhou's Future Technology City is driving demand for housing in that area [5]. - Older industrial cities like Luoyang are seeing housing prices revert to 2016 levels due to an inability to retain young residents [6]. Group 3: Policy and Financing - Current market support policies include a minimum down payment of 15% and mortgage rates as low as 3.2%, with some cities offering rental rights linked to school districts [6]. - There is a stark contrast in land auction results, with strong second-tier cities like Hangzhou seeing a 76% premium, while weaker second-tier cities like Tianjin have a 37% failure rate in land auctions [6]. Group 4: Investment Strategies - In first-tier cities, focus on properties with "three good" attributes: good location (within 1 km of metro), good quality (floor area ratio below 5), and good property management (collection rate over 90%) [7]. - In third and fourth-tier cities, adhere to the "three no" principles: avoid distant suburban new areas, do not purchase high-rise buildings, and do not trust unverified development plans [7]. - The demand for small apartments (under 70 square meters) in core cities is increasing, with rental income covering 70% of monthly mortgage payments being a key consideration [9].

Core Insights - The performance of private banks in 2024 can be summarized with three keywords: "diversification," "pressure," and "transformation" [1] - The total asset scale of 19 private banks reached 2.15 trillion yuan, a year-on-year increase of 9.5%, but significant differentiation is evident [2] Group 1: Leading Institutions - Two leading institutions, WeBank and MyBank, have asset scales exceeding 450 billion yuan and revenue surpassing 20 billion yuan, creating a "discontinuity advantage" over other banks [1][2] - WeBank reported total assets of 651.78 billion yuan, operating income of 38.13 billion yuan, and net profit of 10.90 billion yuan in 2024 [2] - MyBank's total assets reached 471.04 billion yuan, with operating income of 21.31 billion yuan and net profit of 3.17 billion yuan [2] Group 2: Performance Challenges - Many private banks are facing growth pressure, with several institutions experiencing "increased revenue but decreased profit" scenarios [4] - WeBank's revenue grew by 13.71% to 21.31 billion yuan, but net profit declined by 24.67% to 3.17 billion yuan [4] - Five private banks reported declines in both revenue and net profit, with Zhongguancun Bank's revenue and net profit decreasing by 1.36% and 11.29%, respectively [4] Group 3: Asset Quality and Risks - The non-performing loan (NPL) ratio for private banks was 1.66% at the end of 2024, up from 1.55% in 2023 [5] - The NPL ratio among the 19 banks ranged from 0.9% to 2.8%, with four banks exceeding the average NPL ratio [6] Group 4: Future Growth Strategies - Private banks are focusing on service and product innovation to overcome competitive pressures and achieve sustainable growth [7] - The introduction of state-owned capital into private banks may provide advantages, allowing them to operate under city commercial bank regulations [8] - In 2024, two private banks welcomed state-owned shareholders, indicating a shift in shareholder structure [7][8]

Core Viewpoint - The chemical sector in China is maintaining its development momentum despite external challenges, supported by strong domestic demand and favorable policies, with a notable recovery in product demand driven by various industries [1][6]. Group 1: Industry Performance - In Q1, the chemical sector's 529 listed companies reported a total revenue of 621.73 billion yuan, a year-on-year decline of 15.33%, while net profit reached 36.208 billion yuan, showing a slight increase of 1.58% [1]. - The refrigerant industry benefited from regulatory policies, leading to a revenue increase of 23.31% to 14.654 billion yuan and a net profit surge of 140.16% to 1.77 billion yuan [2]. - The chlor-alkali industry saw a net profit increase of 84.55% to 3.117 billion yuan, despite a revenue decline of 13.98% to 45.922 billion yuan [2]. - The food and feed additive sector achieved a revenue of 37.773 billion yuan, up 4.21%, with net profit rising 75.57% to 5.369 billion yuan [3]. - The agricultural chemical sector reported a revenue of 49.378 billion yuan, down 6.51%, but net profit increased by 25.12% to 3.093 billion yuan [3]. Group 2: Industry Challenges - The organic silicon industry faced significant challenges, with net profit dropping by 37.74% despite stable revenue [4]. - The titanium dioxide sector experienced a revenue decline of 14.35% and a net profit drop of 35.61% due to high production levels and weak downstream demand [4]. - The nitrogen fertilizer industry reported a revenue decrease of 4.28% and a significant net profit decline of 56.82% [4]. - The tire industry showed a revenue increase of 6.34% but faced a net profit decline of 24.84%, attributed to rising production costs [4][5]. Group 3: Future Outlook - The refrigerant industry is expected to maintain its growth cycle due to quota systems and increasing downstream demand [6]. - The agricultural chemical market is anticipated to stabilize as the peak usage season approaches, with active trading expected [6]. - The chemical industry must navigate challenges such as increased competition in the titanium dioxide market and the need for innovation in the daily chemical sector [6].

日前，19家民营银行2024年年报已披露完毕。 从资产规模来看，民营银行体量差距较为明显。微众银行、网商银行资产规模居前，分别达6517.76亿元、4710.35亿元，苏商银行、众邦银行 和新网银行资产超千亿元，分别为1375.54亿元、1235.31亿元和1036.29亿元，金城银行、中关村银行、富民银行、华瑞银行、蓝海银行和三湘 银行总资产高于500亿元，而振兴银行、裕民银行和新安银行资产规模均低于300亿元。 增速上看，亿联银行、三湘银行和振兴银行资产规模缩水，较上年分别减少21.00%、10.46%和2.35%，其余16家银行资产规模均有所提升，其 中，微众银行、裕民银行增幅较快，分别为21.70%和21.40%，苏商银行、华瑞银行、民商银行和华通银行也实现两位数增长，增速分别为 17.92%、16.15%、12.70%和10.10%。 | 民营银行 | 不良贷款率(%) | 拨备覆盖率(%) | | --- | --- | --- | | 亿联银行 | 2.77 | 153. 02 | | 网商银行 | 2. 30 | 201. 00 | | 裕民银行 | 2. 04 | 160. 72 | | 新 ...