1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The sectors related to domestic demand stimulus may benefit in the current and future period. It is recommended to increase the allocation of convertible bonds related to domestic demand stimulus, immune to external demand, and technological growth [1]. - In the short - term, the convertible bond market may show a defensive feature. It is suggested that investors focus on high - grade, fundamentally sound convertible bonds. Convertible bonds related to consumer electronics, home appliances, and home furnishings that benefit from consumption subsidies can also be appropriately concerned. For new - quality productivity - related convertible bonds, high - priced targets can be appropriately taken profits, and those that have been fully adjusted in the short - term can be bought at low prices [3][12][13]. 3. Summary by Directory 3.1 1 转债市场观察 - In the past week (April 21 - April 25), most convertible bond indices rose, with the optional consumer industry index of convertible bonds, AA - and below rated convertible bonds, high - price convertible bond index, and small - cap convertible bond index leading the gains. The bond - like and balanced valuations generally increased, while the equity - like valuation compressed. The median price of the convertible bond market rose to 119.44 yuan, at the 75.06% level since 2017. The marginal elasticity of the convertible bond market increased, and market sentiment rebounded [2][11]. - In the next month, the market may focus more on fundamentals and show a defensive feature. The reasons include the market style shifting to fundamentals based on the 2024 financial reports and the new regulations, the possibility of convertible bond rating downgrades after the annual report disclosure, and the impact of overseas tariff risks on domestic risk appetite and fundamentals. The short - term risk of a sharp decline in the equity market is limited, and the upward repair trend may continue [3][12]. - Short - term investment suggestions: focus on high - grade, fundamentally sound convertible bonds; pay attention to convertible bonds related to consumer electronics, home appliances, and home furnishings that benefit from consumption subsidies; take profits for high - priced new - quality productivity - related convertible bonds and buy low for those fully adjusted [3][12][13]. - Recommended individual bonds: 4 - month low - volatility portfolio includes 10 convertible bonds such as Wenshan Convertible Bond; 4 - month stable portfolio includes 10 convertible bonds such as Yong 02 Convertible Bond; 4 - month high - volatility portfolio includes 10 convertible bonds such as Furong Convertible Bond [4][13]. 3.2 2 转债市场跟踪 3.2.1 2.1 转债行情方面 - The report provides the performance of various convertible bond indices in different time periods, including the past week, two weeks, 3 - month, one - month, two - month, half - year, and one - year periods. For example, the Wande Convertible Bond Energy Index increased by 0.59 in the past week [14]. 3.2.2 2.2 转债个券方面 - The report presents the top five and bottom five convertible bonds in terms of price increase and decrease in the past week, but specific bond names are not provided in the text [17]. 3.2.3 2.3 转债估值方面 - The report shows the valuation trends of bond - like, balanced, and equity - like convertible bonds, as well as the conversion premium rate valuation trends of convertible bonds with par values in different ranges [25][27][30]. 3.2.4 2.4 转债价格方面 - The report shows the proportion trends of high - price and low - price convertible bonds, the proportion trend of bonds breaking below the bond floor, and the median price trend of the convertible bond market [32][39].

Group 1 - The report from Guotai Haitong predicts a shift in the food and beverage competitive landscape, creating localized opportunities for growth. It maintains a positive outlook on sequential recovery, declining costs, and moderate competition for the year [1] - The sales performance has exceeded expectations, with stable movement in the market despite structural pressures. The report anticipates significant improvement in the output of industry leaders from late February to March, with Qingdao Beer expected to show a month-on-month improvement [2] - The competitive landscape is performing better than expected, with a high certainty of declining costs. The management strategy of China Resources Beer focuses on efficiency, and there has been no intensification of competition or price wars, leading to a favorable competitive environment [3] Group 2 - Brands are increasing their presence in new channels, which is expected to positively impact sales in the short term and enhance brand momentum in the medium term. This could potentially alter the competitive landscape in the long run [4] - Major beer companies are accelerating their expansion into beverage and non-beer sectors, with examples including Qingdao Beer Group's acquisition of Nestlé's Vitality and Chongqing Beer launching new flavored sodas [4]

证券研究报告 | 行业周报 gszqdatemark 2025 04 20 年 月 日 建筑材料 关注内需刺激主线，等待政策落地 2025 年 4 月 14 日至 4 月 18 日建筑材料板块（SW）下跌 0.02%，其中 水泥（SW）下跌 0.09%，玻璃制造（SW）下跌 0.15%，玻纤制造（SW） 下跌 1.79%，装修建材（SW）上涨 0.73%，本周建材板块相对沪深 300 超额收益-0.38%。本期建筑材料板块（SW）资金净流入额为 0.02 亿元。 【周数据总结和观点】 本周国常会指出"要持续稳定股市，持续推动房地产市场平稳健康发展"， "扩大有效投资，大力提振民间投资积极性"等，后续内需刺激有望加码。 根据 wind 统计，2025 年 3 月地方政府债总发行量 9788.03 亿元，发行金 额同比 2024 年 3 月增长 55.5%，截至目前，2025 年一般债发行规模 0.47 万亿元，同比-0.10 万亿元，专项债发行规模 2.78 万亿元，同比+1.61 万 亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复的 空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量 ...

Core Insights - Ruiyuan Fund disclosed its Q1 2025 report, showing significant adjustments in its portfolio with notable reductions in major holdings like China Mobile and Tencent Holdings compared to Q4 2024 [1][2] Fund Performance - Ruiyuan Growth Value Fund, managed by Fu Pengbo and Zhu Lin, reported net asset growth rates of 2.45% and 2.35% for its A and C shares, underperforming the benchmark by 0.16 and 0.26 percentage points respectively [2] - Ruiyuan Balanced Value Fund, managed by Zhao Feng, achieved a net asset growth of 5.79%, with Tencent Holdings as the largest holding at 9.51% [3][4] - Ruiyuan Stable Configuration Fund, managed by Rao Gang, outperformed its benchmark with growth rates of 3.01% and 2.94% for its A and C shares, respectively [5] Portfolio Adjustments - Ruiyuan Growth Value Fund increased its holdings in Shenghong Technology by 13.12 million shares, while reducing positions in major stocks like CATL and China Mobile [2][5] - Ruiyuan Stable Configuration Fund significantly reduced its stake in China Mobile by over 43%, holding 4.1 million shares at the end of Q1 2025 [5] - Ruiyuan Balanced Value Fund added new positions in stocks like Focus Media, while exiting from China Pacific Insurance [3][4] Market Outlook - The fund managers expressed optimism about the macroeconomic environment, anticipating government measures to stimulate domestic demand and economic growth [6][7] - They noted that the real estate market's downward trend is stabilizing, with signs of recovery in first-tier cities [7]