Group 1: Real Estate Development Sector - As of May 23, 2025, the real estate (Shenwan) price-to-earnings ratio (PE TTM) is 39.04, with a historical percentile of 84.38% (2024-present) [2] - The real estate (Shenwan) price-to-book ratio (PB LF) is 0.71, with a historical percentile of 67.12% (2024-present) [2] - From May 1 to May 23, 2025, the real estate (Shenwan) index decreased by 1.4%, underperforming the CSI 300 index by 4.3 percentage points [2] - Key A-share real estate companies with the largest declines include China Vanke (-2.64%) and Shanghai Lingang (-1.87%) [2] Group 2: Property Services Sector - As of May 23, 2025, the real estate services (Shenwan) PE TTM is 42.46, with a historical percentile of 56.76% (2024-present) [3] - The real estate services (Shenwan) PB LF is 1.53, with a historical percentile of 63.66% (2024-present) [3] - From May 1 to May 23, 2025, the real estate services (Shenwan) index fell by 2.5%, underperforming the CSI 300 index by 5.4 percentage points [3] - Key A-share property service companies with the largest gains include Nandu Property (+5.17%) and Xinda Zheng (+2.30%) [3] Group 3: Public Fund Holdings in Real Estate - As of the end of Q1 2025, the total market value of public funds holding real estate stocks is approximately 54.84 billion, accounting for about 0.17% of net asset value [4] - The proportion of real estate stocks in the public fund's investment portfolio is approximately 0.79%, which is underweight by about 0.49 percentage points compared to the standard industry allocation [4]

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call focuses on the Hong Kong stock market (港股) and its performance, particularly in relation to Southbound capital flows and the differences in financial reporting between Hong Kong and A-shares [1][2][3]. Core Insights and Arguments - **Increased Southbound Capital Allocation**: Southbound capital's allocation to Hong Kong stocks has significantly increased, rising from 14.5% in Q4 2024 to 19.2% in Q1 2025, indicating a growing interest in the Hong Kong market [2]. - **Complexity in Financial Reporting**: The differences in fiscal year reporting and the non-mandatory nature of quarterly reports in Hong Kong complicate performance analysis. Companies can choose their fiscal year start date, leading to inconsistencies [3][4]. - **Performance of Hong Kong Stock Connect**: In 2024, the overall profitability of Hong Kong Stock Connect stocks outperformed A-shares, with revenue growth of 2.4% and profit growth of 7.4%, indicating strong growth potential [1][6]. - **Weak Capital Expenditure**: Hong Kong companies experienced a significant negative growth in capital expenditure compared to 2023, reflecting a weak overall expansion sentiment in China, which may limit future profitability [1][8]. - **Promising Sectors**: The financial, TMT (Technology, Media, and Telecommunications), and pharmaceutical sectors showed strong growth potential, with notable contributions to net profit margins and asset turnover [1][9]. Additional Important Insights - **Impact of Leading Companies**: The concentration of leading companies in Hong Kong significantly affects performance analysis. For instance, Tencent contributed nearly 25% to year-on-year performance growth, while Vanke negatively impacted results by about 20% [10]. - **Sector Performance**: Key sectors showing improvement in both revenue and profit growth include TMT, consumer goods, and pharmaceuticals, while cyclical sectors performed poorly [9][11]. - **Public Fund Holdings**: In Q1 2025, public funds increased their holdings in sectors such as retail (Alibaba), electronics (SMIC, Xiaomi), media (Tencent), pharmaceuticals, and non-ferrous metals (Zijin Mining), indicating institutional confidence in these areas [12]. This summary encapsulates the essential points discussed in the conference call, highlighting the dynamics of the Hong Kong stock market and the implications for investors.

Investment Rating - The industry investment rating is Neutral (maintained rating) [5] Core Viewpoints - In Q1 2025, the proportion of public fund holdings in the basic chemical sector slightly increased quarter-on-quarter but decreased year-on-year, with a market value proportion of 3.32% [2][13] - The basic chemical stocks accounted for 3.53% of the A-share market, showing a year-on-year decrease of 0.11 percentage points [2][13] - The number of stocks held by public funds in the basic chemical sector reached 146, an increase of 4 stocks year-on-year and 21 stocks quarter-on-quarter [3][20] Summary by Sections 1. Event - Public funds are required to disclose their top ten heavy stocks within 15 days after the end of each quarter, and the report analyzes the top heavy stocks in the basic chemical industry for Q1 2025 [1][12] 2. Holdings Change - The heavy stock holding ratio in the basic chemical sector increased slightly by 0.05 percentage points quarter-on-quarter but decreased by 0.49 percentage points year-on-year [2][13] - The basic chemical industry is underweighted by 0.2%, with a quarter-on-quarter decrease of 0.04 percentage points [2][13] - The oil and chemical sector saw a significant increase in public fund holdings since Q3 2020, but the proportion dropped to 0.4% in Q1 2025, a decrease of 0.74 percentage points year-on-year [2][18] 3. Individual Stock Analysis - The top five heavy stocks in Q1 2025 are Wanhua Chemical, Juhua Co., Sailun Tire, Hualu Hengsheng, and Satellite Chemical, with Satellite Chemical replacing China National Petroleum in the top five [4][29] - The number of companies in the agricultural chemical sector remains the highest among the top 50 heavy stocks, with 9 companies, accounting for 18% [4][29] 4. Market Preference Analysis - The proportion of holdings in industry leaders has decreased, with a shift towards small and mid-cap stocks [5] - Stocks with a market capitalization of over 500 billion accounted for 33.7% of the total market value of the top 50 chemical stocks, a decrease of 7.49 percentage points [5]

发布时间：2025-04-30 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《年报效应边际递减，右侧买入信号 触发——微盘股指数周报 20250427》 - 2025.04.27 《动量波动分化，低波高涨占优—— 中邮因子周报 20250427》 - 2025.04.27 《OpenAI 发布 GPT-4.1，智谱发布 证券研究报告：金融工程报告 GLM-4-32B-0414 系列——AI 动态汇总 20250421》 - 2025.04.23 《国家队交易特征显著，短期指数仍 交易补缺预期，TMT 类题材仍需等待— —行业轮动周报 20250420》 - 2025.04.21 《小市值强势，动量风格占优——中 邮因子周报 20250420》 - 2025.04.21 《基本面与量价共振，如遇回调即是 买点——微盘股指数周报 20250420》 - 2025.04.21 《Meta LIama 4 开源，OpenAI 启动先 锋计划——AI 动态汇总 20250414》 - 2025.04.15 《融资盘被动 ...

丨证券研究报告丨 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 SFC：BUV596 吴一凡 谢宇尘 程泽宇 行业研究丨点评报告丨投资银行业与经纪业 [Table_Title] 2025Q1 公募基金持仓点评：非银板块配置仍显 低配，券商和保险持仓环比下滑 报告要点 [Table_Summary] 基金非银板块配置环比持续回落，被动基金持仓占比高于主动型基金。1）被动基金持保险市值 占比高于主动型基金，主被动基金持仓均集中于中国平安；2）被动基金持券商市值占比高于主 动型基金，个股仍集中于头部机构；3）主动基金持多元金融市值占比高于被动型基金，仅有部 分个股存在持仓。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 2025Q1 公募基金持仓点评：非银板块配置仍显 2] 低配，券商和保险持仓环比下滑 [Table_Summary2] 事件描述 公募基金披露 2025 年一季度重仓持 ...

Investment Rating - The report rates the pharmaceutical industry as "Overweight" [1] Core Insights - The total market capitalization of pharmaceutical stocks in public offering funds increased from RMB 233.40 billion to RMB 238.30 billion, reflecting a growth of 2% [30][31] - The proportion of pharmaceutical stocks in all fund holdings slightly increased to 7.87%, up by 0.36 percentage points from the previous quarter [31] - The report expresses optimism about the growth potential of the pharmaceutical industry, driven by continuous technological innovation and demand [30] Summary by Sections 1. Fund Holdings Ratio - The proportion of pharmaceutical stocks in public funds saw a slight recovery, with a total market cap increase from RMB 233.40 billion to RMB 238.30 billion [6][30] - As of Q1 2025, pharmaceutical stocks accounted for 7.87% of all public offering fund long positions, an increase of 0.36 percentage points from Q4 2024 [31] 2. Sector Analysis - The leading sectors in public fund holdings of pharmaceutical stocks in Q1 2025 were: 1) Chemical preparations: RMB 85.20 billion, 36% 2) Medical devices: RMB 44.70 billion, 19% 3) Medical R&D outsourcing: RMB 44.50 billion, 19% [32][10] 3. Top Holdings - The top five public offering fund long positions by market capitalization in Q1 2025 were: 1) Jiangsu Heng Rui Medicine: RMB 32.30 billion 2) WuXi AppTec: RMB 27.60 billion 3) Mindray Medical: RMB 25.60 billion 4) United Imaging: RMB 9.80 billion 5) BeiGene: RMB 9.00 billion [33][20] - The top five growth in public offering fund long positions by market capitalization were: 1) WuXi AppTec: +RMB 6.20 billion 2) BeiGene: +RMB 4.40 billion 3) Sichuan Kelun Pharmaceutical: +RMB 2.60 billion 4) Jiangsu Heng Rui Medicine: +RMB 2.40 billion 5) Pharmaron: +RMB 0.90 billion [25][33]

数据来源： Choice，统计截至2025/3/31，不作投资推荐 以下文章来源于东方财富Choice数据 ，作者Choice数据 东方财富Choice数据 . Choice数据是东方财富旗下智能金融数据品牌，是国内领先的金融数据服务商。我们致力于为金融投资 机构、学术研究机构、政务监管、媒体和专业投资者提供金融投资领域多场景解决方案，以及更高效、 更精准的投资决策依据。 基金市场 截至2025年一季度末，公募基金市场基金数量12532只，资产净值32.07万亿 元， 环 比 减少1.74% 。 ， 统计截至2025/3/31，不作投资推荐 重仓持股 资产配置 1.大类资产配置 Choi ce数据显示，截至2025年一季度末，基金持有量最多的资产类型为 债券 ，持有市值 19.66万亿元，占基金资产总值比例58.1%；其次为 股票 ，持有市值6.92万亿元，占比 20.45%。 其中，较2024年年报占比提升最多的资产类型为债券 ，占比增长3.99%，占比下降最多的 资产类型为现金，占比下降3.6%。 | Choice数据 | | 2025年一季报公募基金资产配置 | | | | --- | --- | -- ...

Investment Rating - The report maintains an "Increase" rating for the non-bank financial sector, indicating a positive outlook for the industry in the next 6 to 12 months [4][16]. Core Insights - As of the end of Q1 2025, the total holding of public funds in the non-bank financial sector is 0.83%, which is 9.43 percentage points lower than the industry market capitalization in the CSI 300 index, reflecting a decrease of 0.39 percentage points from the end of 2024 [4]. - The report highlights that the non-bank financial sector is currently experiencing low holding ratios and valuations, which are expected to benefit from an improving market environment [4]. - Key recommended stocks include China Life Insurance, New China Life Insurance, China Ping An, CITIC Securities, CICC, and Tonghuashun [4]. Summary by Sections Public Fund Holdings Analysis - The public fund holdings in the insurance sector decreased to 0.58% by the end of Q1 2025, down 0.05 percentage points from the beginning of the year [4]. - Major insurance companies, except for Ping An, experienced reductions in holdings, with China Pacific Insurance and People's Insurance seeing significant decreases of 24.36 million shares and 19.01 million shares, respectively [4]. - The valuation for the insurance sector is currently at 0.60x PEV, down 0.09 percentage points from the start of the year [4]. Brokerage and Internet Finance Sector - The public fund holdings in the brokerage and internet finance sector are at 0.21%, a decrease of 0.31 percentage points from the end of 2024 [4]. - The valuation for the brokerage sector is currently at 1.4x P/B, down from 1.49x P/B at the end of 2024 [4]. - Among traditional large and medium-sized brokerages, Everbright Securities and招商证券 saw increased institutional holdings, while Huatai Securities and CITIC Securities experienced reductions [4]. Comparative Analysis - The non-bank financial sector's public fund holding ratio is significantly lower than the CSI 300 industry average, indicating a potential undervaluation [4]. - The report provides a detailed comparison of public fund holdings across various segments, including insurance and brokerage, highlighting the overall trend of reduced holdings in these sectors [4].