25Q1 营业收入7.96 亿，同比下降4.32%。分产品看，高档酒营收6.20 亿，同比增长8.77%；中档酒营收 1.34 亿，同比下降30.8%；低档酒营收0.34 亿，同比下降40.9%。分区域看，省内营收6.95 亿，同比增 长3.49%，省外营收0.93 亿，同比下降37.9%。 2024 年净利率13.1%，同比下降2.44pct，净利率下降主因税金及附加占营收比与费用率提升。2024 年 毛利率52.3%，同比提升4.06pct，主因产品结构提升；税金及附加占营收比16.5%，同比提升2.27pct； 销售费用率11.9%，同比提升2.51pct，主因市场竞争加剧背景下，销售费用投入增加；管理费用（含研 发费用）率4.66%，同比提升0.25pct，主因职工薪酬占比有所提升。 事件：公司披露2024 年报及2025 年一季报，根据公司公告，24 年公司实现营业收入22.0亿，同比下降 1.27%，归母净利润2.86 亿，同比下降15.9%。24Q4 公司实现营收5.49亿，同比下降6.61%，归母净利润 0.45 亿，同比下降59.6%。25Q1 公司实现营业收入7.96 亿，同比下降4.32 ...

Group 1 - Silver and platinum prices have surged, with silver reaching a high of $36.263 per ounce, the highest since February 2012, and platinum hitting $1172.59 per ounce, the highest in nearly two years [1][2] - Year-to-date, silver has increased by approximately 24% and platinum by 28%, comparable to gold's performance [1] - The rise in precious metals is attributed to geopolitical tensions, fluctuating tariff policies, and recovering demand, alongside technical factors driving price increases [1][2] Group 2 - The gold-silver ratio reached a historical high of 106 when gold prices surged to $3500 per ounce, prompting hedge funds to shift positions from gold to silver [2] - Historical trends indicate that when the gold-silver ratio exceeds 80, silver has a 70% probability of experiencing a price increase, with expectations of returning to a more reasonable range of 60-70 [2] - Strong physical silver demand from India and recovering platinum demand from China are contributing to the market's upward momentum [2][3] Group 3 - Economic recovery is expected to significantly boost industrial demand for silver, which is essential in various sectors such as electronics, photovoltaics, and automotive manufacturing [3] - Silver's role in clean energy technologies provides a solid fundamental support for its price increase [3] - Current market analysis suggests that silver's upward trend is likely to continue until a significant risk event disrupts the price trajectory [3]

智通财经APP获悉，模拟芯片巨头亚德诺公司(ADI.US)周四给出了高于华尔街分析师普遍预期的第三财 季业绩展望，并且截至5月3日的第二财季业绩同样高于华尔街普遍预期，亚德诺最新公布的财报可谓释 放出模拟芯片需求踏入强劲复苏周期的重磅信号，尤其是汽车和工业领域对其模拟芯片产品的需求趋于 旺盛。生成式人工智能逐渐与消费电子端、电动汽车以及工业应用端融合也是推动亚德诺等模拟芯片厂 商业绩迈入上行轨迹的重要驱动力，自2024年下半年以来AI可谓带动模拟芯片需求持续增长。 在该公司重点聚焦的工业领域，ADI提供多种解决方案，包括传感器、数据转换器、放大器和电源管理 器件，满足自动化、过程控制和能源管理等应用的需求，第二财季亚德诺工业部门的营收同比增长 17%，达到11.6 亿美元，汽车部门营收则增长 24%，达到 8.495 亿美元。;在该公司近年来持续加码布局 的电动汽车方面，ADI的产品涵盖电池管理系统、车载信息娱乐系统和高级驾驶辅助系统(ADAS)等关 键组件，支持车辆的电气化和智能化发展。 随着汽车和工业等关键终端市场的模拟芯片需求逐步复苏，以及人工智能大模型更新迭代带动嵌入AI 功能的消费电子终端订单规模增 ...

2025 年 05 月 20 日 房地产 4 月地产季节性回落 销售规模环比回落 2025 年 1 至 4 月，商品房销售面积 2.8 亿㎡（YoY-2.8%），商品房销 售额 2.7 万亿（YoY-3.2%），累计销售均价 9565.8 元/㎡（YoY-0.3%）； 4 月当月，销售面积 0.6 亿㎡（YoY-2.1%），销售额 0.6 万亿（YoY- 6.7%），4 月销售环比 3 月回落明显。 经历一季度需求复苏带动的销售改善后，4 月销售环比季节性回落显 著，商品房销售面积及销售金额 4 月单月环比回落幅度在 40%左右， 与近三年同期环比回落幅度接近。 施工活动仍待改善 2025 年 1 至 4 月，全国商品房新开工面积 1.8 亿㎡（YoY-23.8%）， 竣工面积 1.6 亿㎡（YoY-16.9%），施工面积 62 亿㎡（YoY-9.7%）；单 月层面，新开工面积 0.5 亿㎡（YoY-22.1%），竣工面积 0.3 亿㎡（YoY- 27.9%），降幅相较于 3 月进一步扩大。 2025 年以来，在房地产行业信用风险收敛的环境下，行业在持续经 历供给收缩，等待需求复苏带动房价进一步企稳的过程。4 ...

资生堂集团在截至3月31日的2025年第一季度业绩显示，净销售额同比下降8.5%至2282.41亿日元（约合 111亿元人民币），营业利润为72.02亿日元（约合3.5亿元人民币），去年同期亏损87亿日元；归属于母 公司所有者的利润为36.86亿日元（约合1.8亿元人民币），而2024全年亏损108亿日元，实现扭亏为盈。 资生堂指出，净销售额下降主要是受经济环境恶化，从而导致消费下滑，包括中国旅游零售业务和美洲 地区醉象品牌销售低迷。同时，欧洲、美洲、中国、日本业务的结构改革效果及全公司成本管理部分抵 消了旅行零售业务等的利润减少。资生堂预计2025财年净销售额为9950亿日元，同比微增0.4%；核心 营业利润365亿日元，同比持平。 期内，日本本土市场销售额同比下降2.36%至742亿日元，营收占比从30.5%扩大至32.5%；亚太地区同 比微降0.3%至170亿日元，营收占比从6.9%提升至7.5%，其中中国及旅游零售市场销售额下降12.1%至 750亿日元；美洲市场和EMEA（欧洲、中东与非洲）市场销售额则分别下降14.5%和8.7%至272亿日元 和316亿日元。 资生堂中国区CEO梅津利信。 5月1 ...

证券研究报告 酒鬼酒 (000799 CH) 压力释放，静待复苏 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 饮料 | 公司发布 24 年年报及 25 年一季报，24 年实现营收/归母净利 14.2/0.1 亿（同 比-49.7%/-97.7%），24Q4 营收 2.3 亿（同比-66.2%），归母净利-0.4 亿（23Q4 为 0.7 亿元）；25Q1 实现营收/归母净利 3.4/0.3 亿（同比-30.3%/-56.8%）， 公司业绩表现低于我们此前预期（25Q1 收入/归母净利同比-15%/-20%）， 我们认为系需求恢复并传导至业绩仍需时间。当前公司仍以库存去化为主； 产品端，内参、酒鬼强调品牌价值，严格控货稳价，湘泉等中低端产品表现 相对稳健；市场端，公司持续做深省内市场，建设省外样板市场，开展核心 终端建设，优化消费者活动。展望看，当前公司渠道压力边际去化，未来需 静待外部需求复苏带动业绩回暖，"增持"。 内参酒鬼坚持库存去化，湘泉实现稳增，渠道建设持续推进 产品端，24 年内参系列/酒鬼系列 ...

Investment Rating - The report maintains an "Overweight" rating for the company [9][10]. Core Views - The company's Q1 revenue was 735.4 billion RMB, showing a decrease of 7% quarter-on-quarter but an increase of 4% year-on-year. The net profit attributable to shareholders was 13.3 billion RMB, which was above expectations due to reduced losses in the chemical segment and better-than-expected performance in non-oil marketing [1]. - The report highlights that traditional business profitability is under pressure, while non-oil business shows promising growth [1]. - The refining segment's profitability is under pressure due to high crude oil inventory, leading to a significant decline in refining margins [3]. - The marketing segment's profit declined due to weak domestic demand for refined oil products, although non-oil business profits increased [4]. - The chemical segment has reduced losses and is expected to benefit from a market recovery [5]. Summary by Sections Financial Performance - Q1 revenue was 735.4 billion RMB, with a quarter-on-quarter decrease of 7% and a year-on-year increase of 4%. The net profit attributable to shareholders was 13.3 billion RMB, with a significant year-on-year increase of 119% [1]. - Q1 crude oil production was 69.5 million barrels, down 1.2% year-on-year, while natural gas production increased by 5.1% to 368.4 billion cubic feet [2]. - The refining segment processed 62.1 million tons of crude oil, down 1.8% year-on-year, with refining margins narrowing to 6.2 USD per barrel, a decrease of 13.9% [3]. Segment Analysis - The marketing segment saw total domestic refined oil sales of 43.2 million tons, down 5.3% year-on-year, with retail sales declining by 6.4% [4]. - The chemical segment produced 386, 568, and 260 million tons of ethylene, synthetic resin, and synthetic fiber respectively, with year-on-year increases of 18%, 17%, and 27% [5]. Profitability Forecast - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 53.9 billion, 58.8 billion, and 61.6 billion RMB respectively, with EPS projected at 0.44, 0.48, and 0.51 RMB [6]. - The target prices are set at 6.82 RMB and 4.73 HKD for A and H shares respectively, based on a PE ratio of 15.5 and 10.0 for 2025 [6].

25Q1 营业收入、归母净利润增速分别为-4.06%、0.31%，分别较24A 降幅收窄3pc、下降2pc，营收降幅 收窄主要得益于规模增长、息差降幅收窄、手续费收入增长，具体来看： 1）利息净收入：同比下降6.84%，较24A 降幅收窄3pc，根据测算数据，25Q1 净息差较 24A下降 5bps （（ 于于法获取日均余额数数据，息差测算数据或与公司实际情况存在明显误差），降幅同比收窄， 或主要源于计息负债成本改善。 2）手续费及佣金净收入：同比增长3.27%，较24A 增速提升23pc，或主要于于保险基金等代理费率调整 政策的影响逐渐减退。 3）其他非息收入：同比增长1.52%，较24A 增速下降34pc，其中投资净收益同比增长302.96%（上年同 比基数较低），而受一季度债市波动加大影响，公允价值变动损益浮亏31 亿元。 25Q1 末资产、贷款总数分别为7.23 万亿元、4.11 万亿元，分别同比增长4.80%、5.24%，分别较24Q4 提升2pc、提升1.4pc。25Q1 单季度来看，贷款净增加1770 亿元，与上年同期相比实现同比多增，公司 聚焦科技金融、制造业金融、绿色金融、普惠金融四大特色， ...

Investment Rating - The investment rating for the company is "Buy" [9][10] Core Views - The company's Q1 revenue was 735.4 billion RMB, showing a decrease of 7% quarter-on-quarter but an increase of 4% year-on-year. The net profit attributable to shareholders was 13.3 billion RMB, which is a decrease of 28% quarter-on-quarter but an increase of 119% year-on-year [1] - The report highlights that the traditional business faces profit pressure, while non-oil business shows promising performance. The chemical sector has reduced losses, and the marketing segment's non-oil business has exceeded expectations [1][4][5] - The report maintains a positive outlook for the company's profitability recovery in the refining industry post-2025, supported by its integrated advantages and transformation into new materials [6] Summary by Sections Financial Performance - Q1 oil production was 69.5 million barrels, down 1.2% year-on-year, with an average oil price of 71.5 USD/barrel, down 5.2%. Natural gas production increased by 5.1% to 368.4 billion cubic feet [2] - The refining segment's Q1 operating profit dropped significantly by 44.3 billion RMB to 19.8 billion RMB due to high oil inventory costs, with refining margins narrowing to 6.2 USD/barrel, down 13.9% year-on-year [3] - The marketing segment's total domestic refined oil sales decreased by 5.3% year-on-year, leading to a profit drop of 39.8 billion RMB to 39.7 billion RMB [4] Chemical Sector - The chemical segment's production of ethylene, synthetic resin, and fiber monomers increased by 18%, 17%, and 27% year-on-year, respectively. The segment's losses were reduced by 4.7 billion RMB year-on-year [5] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 53.9 billion RMB, 58.8 billion RMB, and 61.6 billion RMB, respectively, with EPS projected at 0.44, 0.48, and 0.51 RMB [6] - The target prices are set at 6.82 RMB for A-shares and 4.73 HKD for H-shares, reflecting a valuation of 15.5x PE for 2025 [6]

Investment Rating - The report maintains an "Outperform" rating for the aviation sector, recommending a focus on specific airlines and related companies [77]. Core Insights - Domestic flight schedules have decreased by 4% compared to 2024, but show a 22% increase compared to 2019, indicating a further easing of domestic supply [7][8]. - International flight schedules are steadily recovering, with plans to restore to 81% of 2019 levels, reflecting a 5% increase compared to 2024 [7][50]. - The overall daily flight schedule for domestic airlines is projected at 17,519 flights, an 18% increase from 2019 [7][8]. Summary by Sections Domestic Market Overview - Domestic flight schedules for the summer-autumn season of 2025 are expected to average 16,081 flights, down 4% from 2024 but up 22% from 2019 [5][11]. - The total daily flight schedule for coordinated airports is projected at 8,041 flights, a 21% increase from 2019 [7][11]. International Market Overview - The average daily international and regional flights are set at 2,487, recovering to 81% of 2019 levels [50][61]. - Specific regional recovery rates include 78% for Australia, 26% for North America, and 95% for Northeast Asia [50][51]. Investment Analysis - The report suggests that external factors such as oil prices and currency exchange rates are improving, which could enhance airline profitability as domestic demand recovers [7][76]. - Recommended airlines include China National Aviation, Spring Airlines, China Eastern Airlines, and others, with a focus on the overall aviation sector's recovery potential [76][77].