证券研究报告 | 2025年05月14日 房地产重大政策点评 信阳公示现房销售制度，如何看待行业影响 行业研究·行业快评 房地产 投资评级：优于大市（维持） 证券分析师： 任鹤 010-88005315 renhe@guosen.com.cn 执证编码：S0980520040006 证券分析师： 王粤雷 0755-81981019 wangyuelei@guosen.com.cn 执证编码：S0980520030001 证券分析师： 王静 021-60893314 wangjing20@guosen.com.cn 执证编码：S0980522100002 事项： 5 月 13 日，信阳市住建局官网公示了《关于加强商品房预售管理工作的若干措施（试行）》，主要内容为： 1.已开工项目（已取得施工证的项目），预售条件不变；2.新开工项目（已拿地未开工项目），主体结构 封顶方可预售；3.新拿地项目（文件印发后），一律现房销售（现房一般指已竣工备案的项目）；4.其他： 主要是预售资金监管方面的要求。 国信地产观点：1）与 2022 年开始的项目型试点不同，本次是地方政策的变化，而非作为土地出让条件之 一。预计全国性的政策 ...

There are only a few companies that come around every half-decade or so that really get the gears turning in terms of having the right fundamental makeup for value investors. It just so happens that these companies (when caught early on) are too small to even be on the radar of the bigger sharks in the financial markets, which is where average retail investors get the chance to act on an inherent advantage. Hims & Hers Health TodayHIMSHims & Hers Health$46.76 +4.88 (+11.65%) 52-Week Range$11.45▼$72.98P/E R ...

2025年05月05日 证券研究报告 | 人工智能行业专题： 2025Q1海外大厂CapEx和ROIC总结梳理 行业研究 · 行业专题 计算机 · 人工智能 投资评级：优于大市（维持评级） 证券分析师：熊莉 021-61761067 xiongli1@guosen.com.cn S0980519030002 请务必阅读正文之后的免责声明及其项下所有内容 摘要 资料来源：微软财报，国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 请务必阅读正文之后的免责声明及其项下所有内容 Ø 云厂商资本开支及业绩情况复盘。回顾一季度微软、亚马逊、谷歌及Meta数据，微软、Meta、亚马逊资本开支同比增 速放缓，环比开始下行。各厂商收入增速整体放缓，Meta、谷歌、亚马逊收入环比下滑，受AI推动微软收入、利润稳 健增长。 Ø 云收入及ROIC情况。整体来看，各厂商云收入均保持增长，云收入总体增速有所放缓。投入资本回报率（ROIC）方面， 受整体收入、利润情况影响，Meta、亚马逊ROIC环比下降。 Ø 风险提示：AI应用落地不及预期、市场需求不及预期、行业竞争加剧、宏观经济波动。 目录 01 云厂商资本开支 ...

The transportation industry is highly sensitive to tariffs. Tariffs can affect freight costs, disrupt supply chains, and lower trade volumes.Union Pacific (UNP -0.75%) is one of the largest railroads in North America. With a focus on the western two-thirds of the U.S., it also connects to Canada's rail systems and serves all six major Mexico gateways.On paper, Union Pacific may appear to be highly sensitive to trade tensions. However, the company reported good earnings in its most recent quarter and held it ...

Q1 2025 Earnings Conference Call May 2, 2025 Forward Looking Statements Certain information in this presentation includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on For ...

伊利股份 一、生意质量：草原雄狮也有打盹时 2024年营收1158亿同比降8%，扣非净利润60.11亿同比跌40%。这数据让老巴想起他的名言："只有当潮 水退去时，你才知道谁在裸泳"。 近期，越来越多的上市公司的财报密集披露，其中也有不少是研究院所跟踪覆盖过的。一些着重关注的 公司，我们已提前在价投圈内以文字形式做过点评，圈友们看过的话应该早已心里有底。 今天的文章，证星研究院部分结合"问小巴"工具，一起同大家再来看一看，伊利股份（600887）、美的 集团（000333）、贵州茅台（600519）。 乳业赛道看似刚需，但伊利这份成绩单显示： 以下为主要内容(内容结合问小巴)： 一是乳制品行业增速已降至个位数，二是销售费用率若维持19%，利润增速可能被"营销黑洞"吞噬。 亮点在于合同负债120.7亿(预收款)，同比增38%，经销商提前打款热情不减，渠道掌控力仍是王牌。但 存货107亿同比降14%，去库存效果显著，这草原雄狮至少没被库存压垮。 四、风险预警：别被草原风光迷了眼 三、估值拷问：22.5倍PE值不值？ 成本端压力山大：销售费用高达219.8亿(占营收19%)，比研发费用(8.7亿)多25倍，这钱砸得 ...

The Boeing Company (BA) recently delivered impressive first-quarter 2025 results, wherein both its top and bottom lines surpassed the respective Zacks Consensus Estimate. Both the metrics improved on a year-over- year basis. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) The year-over-year appreciation can be attributed to the company's improved operational performance and commercial delivery volume, along with solid revenue growth at its Global Services business. The jet giant en ...

Financial Performance - The company reported total revenue of 290 million yuan for Q1 2025, a decrease of 8.04% year-on-year [1] - The net profit attributable to shareholders was 53.26 million yuan, down 47.04% compared to the same period last year [1] - The gross margin was 49.41%, reflecting a decline of 5.43% year-on-year, while the net profit margin dropped to 18.62%, down 42.21% [1] - Total expenses (selling, administrative, and financial) amounted to 55.56 million yuan, representing 19.17% of total revenue, an increase of 94.99% year-on-year [1] - Earnings per share decreased to 0.42 yuan, a decline of 47.04% year-on-year [1] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was 11.55%, indicating average capital returns [3] - The net profit margin for the previous year was 25.2%, suggesting high added value for products or services [3] - The company has a healthy cash asset position, with a significant amount of cash on hand [3] - The ratio of accounts receivable to profit reached 80.67%, indicating a need for attention in accounts receivable management [3] Shareholder Information - The company has raised a total of 1.098 billion yuan since its listing and has distributed 489 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.45 [3] - The estimated dividend yield is 5.23% [3] - The largest fund holding shares in the company is the Industrial Bank Specialized New Mixed A Fund, which has increased its holdings to 190,200 shares [3]

Shares of Globe Life Inc. (GL) closed at $130.53 on Wednesday, near its 52-week high of $131.91. This proximity underscores investor confidence. It has the ingredients for further price appreciation. The stock is trading above the 50-day and 200-day simple moving averages (SMA) of $123.24 and $106.07, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.Earnings of Globe Life grew 13.3% in the last five ...

半导体创新是改善我们生活的技术的核心所在。在半导体领域，各公司正采取灵活的策略，以获取 更高的投资资本回报率（ROIC）。此外，在芯片结构中，与供应链的合作变得比以往任何时候都更 加必要。我们还注意到，硬件也在发生变化，以适应 GenAI 应用场景以及用户界面的改变。 NVIDIA 与 SOCAMM： NVIDIA 提出的 DIGITS 技术旨在通过将 GPU 与 HBM 相结合，扩展内存 带宽，并通过 SOCAMM 提升 CPU 带宽，预计将在 2025 年中期实现，从而与板载 LPDDR 相比， 提供更大的容量扩展和更好的信号完整性。然而，由于 PCB 和连接器的成本负担，目前没有计划将 此技术应用于通用 PC。 点击阅读原文下载完整版 PDF 报告 业务咨询 Rick Cui / 客户服务总监 电话: +86 13801127537 邮箱:rick@counterpointresearch.com 媒体采访 2025-2027 年，谁在推动什么？ 没有完美的解决方案 ：动态随机存取存储器（DRAM） 解决方案有其自身的优缺点。这些技术改善 了带宽、延迟、速度、容量和功耗/热量等特性，但也带来了成本和时效 ...