由此可见，下半年仍可期待有大型IPO或大型"A+H"应市，但背后仍需散户热情支持，例如宁德时代吸 引31万名散户认购，恒瑞医药亦有逾20万人参与。钟绛虹表示，由于抽新股人数规模上升，即使规模较 小的IPO也录得数万人认购，可以确定今年香港IPO复苏，且趋势持续。她预计，正在招股，集资最多 95.56亿港元的海天味业若认购人数达20至30万，可进一步确认市场热度。 根据德勤数据，截至2025年5月底，今年香港IPO市场共有27只新股上市，集资总额达777亿港元，同比 分别增长29%和超过8倍。截至5月底，共有5只"A+H"新股上市，集资560亿元，占同期总集资额约 72%。"A+H"股当中，单计宁德时代行使超额配售权后已涉410亿港元。德勤中国华南区主管合伙人欧 振兴预计，2025年全年约有80只新股上市，其中"A+H"股约25只，占比约三成。 钟绛虹称，由于监管机构近年推出多项措施，包括百亿市值A股企业特快通道，鼓励更多A股公司赴港 上市，同时配合A股IPO阶段性收紧审批，故内地企业成为香港IPO市场核心推动力。数据显示，截至5 月底，"A+H"股申请占整体申请数字约16%，达26宗，较去年同期4宗增长逾5倍 ...

谈及港股IPO市场复苏的原因，高盛亚洲（除日本外）股票资本市场主管王亚军将其归结为三方面：一是中国经济政策与科技快速发展带来的宏观利好，让 国际投资者重新关注中国资产；二是监管效率提升，特别是企业境外上市备案提速，有效满足了市场需求；三是企业质量整体提升，增强了香港IPO市场的 投资吸引力。"A+H"公司上市数量呈现爆发式增长，这反映了中国企业出海需求增加和监管审批效率提升的双重驱动。 在投资偏好上，国际长线资金正经历转变。"经历了前几年的市场调整后，他们更加关注企业基本面，"王亚军表示，"现在更青睐两类企业：一是盈利模式 清晰的消费类企业、科技企业；二是行业龙头企业。" 高盛亚洲（除日本外）股票资本市场主管王亚军也关注到A股与H股的估值价差现象，认为这是正常的市场供需关系差异。对于港股再融资市场的活跃，他 认为主要由国际资本推动，显示国际投资者对中国资产的配置意愿持续增强。他提醒，中国企业赴港上市需结合自身国际化需求和市值规模审慎决策。（文 馨） 【环球网财经综合报道】6月11日，在2025年高盛中国股票资本市场最新动态媒体交流圆桌会上，高盛亚洲（除日本外）股票资本市场主管王亚军向外界传 递了一个积极信号： ...

Core Viewpoint - The 2025 summer film season has officially begun with the announcement of over 60 films, showcasing a diverse range of genres and themes, promising a three-month cinematic celebration for audiences [1][4]. Group 1: Film Lineup - The lineup includes highly anticipated Chinese films such as "East Extreme Island," "The Stage," "Life Conference," "Lychee of Chang'an," and the "Unnamed" series, alongside international blockbusters like "Superman," "How to Train Your Dragon," "Jurassic World: Rebirth," and "Kung Fu Dream: Fusion Path" [4]. - Animation enthusiasts can look forward to domestic titles such as "The Legend of Luo Xiaohei 2," "Son of Time," "Little Monsters of Langlang Mountain," "Pipilu and Luxixi's 309 Dark Room," and "Pleasant Goat and Big Big Wolf: Dawn of a Foreign Country" [4]. Group 2: Structural Advantages - The summer film season exhibits three structural advantages: 1. A large star cast and high production standards, with renowned directors like Chen Kexin and Guan Hu returning, and strong performances from actors like Zhang Ziyi and Ren Suxi [4]. 2. A diverse range of themes, including historical adaptations like "Lychee of Chang'an" and contemporary narratives like "Against the Wind," catering to various audience preferences [4]. 3. A powerful IP matrix, with sequels like "Unnamed" series and "The Legend of Luo Xiaohei 2" combining with new IPs to potentially create box office hits [4]. Group 3: Market Impact - The simultaneous launch of the "Light and Shadow Blooming China Tour" nationwide film week is expected to enhance the summer film season, with a focus on weekly key film releases and differentiated competition between domestic and international works [4]. - The combination of mainstream and commercial films is anticipated to lead to record-breaking box office performance in 2025, marking a significant milestone in the recovery of the Chinese film market [4].

Investment Rating - The report indicates a positive outlook for the global construction machinery market, with expectations of year-on-year growth by 2026, despite a slight decline in the US market this year [1][3]. Core Insights - The construction machinery market shows resilience, with leading companies experiencing improved orders and inventory levels, indicating a recovery trend [1][3]. - Infrastructure investments in the US, driven by the Infrastructure and Jobs Act, are expected to maintain growth momentum through 2025 and 2026, although the real estate sector remains cautious due to high interest rates [1][6][8]. - The mining sector is projected to sustain equipment demand, supported by stable capital expenditures from major mining companies, despite a decline in oil and gas prices [1][9]. - Emerging markets like Indonesia and Brazil are experiencing growth driven by infrastructure and mining demand, with Chinese manufacturers expected to increase market share due to competitive pricing and strategic partnerships [1][18]. Summary by Sections Global Market Overview - The global construction machinery market is anticipated to grow year-on-year by 2026, with signs of recovery in leading companies' orders and inventory [1][3]. - The US market is expected to see a slight decline this year, but overall demand remains stable due to infrastructure investments [1][5]. US Market Dynamics - US construction machinery demand is closely tied to real estate, infrastructure, energy, and mining investments, with infrastructure accounting for approximately 50% of demand [5][7]. - The real estate sector is under pressure from high interest rates, leading to a cautious outlook for machinery demand [6][8]. - Infrastructure spending in the US is expected to remain supported through 2025 and 2026, with significant funding already allocated [7][8]. Mining Sector Impact - Despite a drop in oil and gas prices, metal prices remain high, supporting stable capital expenditures in the mining sector, which is crucial for equipment demand [1][9]. Equipment Rental Trends - North American equipment rental companies are expected to maintain revenue growth despite a slight decline in capital expenditures due to high interest rates [1][10]. Company Performance - Caterpillar's North American revenue has faced challenges, but backlog orders have reached historical highs, and price increases since 2021 have alleviated pricing pressures [1][11][13]. - Komatsu and Volvo anticipate a decline in North American demand in 2025, while Hitachi expects a slight decrease, reflecting concerns over housing and infrastructure demand [1][14][15]. Emerging Markets - Emerging markets are experiencing growth driven by infrastructure and mining demand, with Chinese manufacturers gaining market share due to competitive advantages [1][18][19]. Investment Recommendations - The report recommends SANY Group as a top investment choice due to its strong profit margin resilience and overall performance, followed by XCMG Group and Zoomlion for their competitive positioning in the market [1][27].

Group 1 - The global flat panel display market is expected to grow by 11% year-on-year in 2024, driven by various product categories, with televisions and tablets contributing the most to the growth [1] - Television panel revenue is projected to increase by 19% in 2024, primarily due to rising demand in the large-size segment, which also improves the overall average selling price [1] - The smartphone remains the largest application area for flat panel displays in 2024, but its growth is expected to be flat, aligning with downstream shipment trends [1] Group 2 - The display and PC panel revenue is anticipated to achieve double-digit growth in 2024 after hitting a low at the end of 2023, with future growth expected to maintain mid-single-digit levels [4] - The AR/VR panel revenue is declining due to a drop in device shipments, but growth is expected to resume in the next couple of years, particularly with the integration of AI technologies [4] - The automotive sector is becoming a significant growth driver for panel revenue, with increasing demand for larger and more precise displays in cockpit infotainment systems [4]

证券研究报告 交通运输 | 航运港口 港股|首次覆盖报告 hyzqdatemark 2025 年 06 月 05 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 | | 日 | 06 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 25.25 | | | | | 一年内最高/最低（港 | | | 25.80/15.70 | | | | | | 元） | | | | | | | | | 总市值（百万港元） | | | | 68, ...

分析师观点 根据 Counterpoint Research最新《平板显示（FPD）追踪与预测报告》 ，2024年全球平板显示市场 收入同比增长11%，增长动力来自广泛的产品类别。其中电视和平板电脑贡献最大增量。展望未 来，汽车领域将成为重要增长驱动力。 智能手机仍是2024年平板显示最大应用领域，但增长相对持平（与下游出货增长态势一致）。我们 预计智能手机面板收入将长期呈下降趋势。 2024年电视面板收入同比增长19%，主要由大尺寸细分市场需求提升驱动，该趋势同时改善了整体 平均售价。 分析师观点 Counterpoint 研究总监Bob O'Brien 表示："去年增长幅度较大但难以持续，这种反弹属于市 场修正。未来我们预计电视面板出货量，尤其是显示面积，将稳步上升。但日益激烈的价格竞争可 能导致2025年后面板总收入下行。" 平板电脑方面，iPad 13 Pro系列采用OLED面板推动该品类收 入回升至疫情时期水平。 O'Brien 指出："平板增长现已进入产品驱动阶段，下一周期将出现在 2027年——我们预计 届时 苹果可折叠设备将进入市场。" 平板显示市场收入及按应用领域划分的份额对比 2023年 ...

Core Viewpoint - The overall real estate market in China has shown signs of stabilization in May 2025, with a significant drop in new housing supply, while transaction volumes remained stable compared to April, and year-on-year sales showed positive growth [1][12]. Group 1: Market Performance - In May 2025, the top 100 real estate companies achieved a sales turnover of 294.58 billion yuan, representing a month-on-month increase of 3.5% and a year-on-year decrease of 8.5%, with the decline slightly narrowing compared to April [1]. - Cumulatively, from January to May 2025, these companies recorded a total sales turnover of 1,312.75 billion yuan, reflecting a year-on-year decline of 7.1% [1]. - More than half of the top 100 companies saw month-on-month performance improvements in May, with 22 companies experiencing increases greater than 30% [1]. Group 2: Sales Thresholds - The sales thresholds for the top 100 real estate companies in May 2025 were as follows: 34.98 billion yuan for the top 10, 15.15 billion yuan for the top 20, 9.53 billion yuan for the top 30, 6.14 billion yuan for the top 50, and 2.25 billion yuan for the top 100 [6]. - The sales threshold for the top 30 companies saw the highest year-on-year growth at 5.3%, followed by the top 50 at 3%, while the top 100 saw a minimal increase of 0.2% [6]. Group 3: Tiered Sales Performance - From January to May 2025, only the tier of companies ranked 31-50 among the top 100 saw a year-on-year increase in cumulative sales, achieving a growth of 4.9%, while all other tiers experienced declines, with the top 4-10 tier seeing the largest drop at 13.3% [9]. Group 4: Future Expectations - Looking ahead to June, it is anticipated that the year-end push from real estate companies, combined with improved supply quality, will support a continued steady recovery in transaction volumes, with month-on-month increases expected [12]. - In major cities like Shanghai, Shenzhen, and Hangzhou, supply constraints are becoming more pronounced, limiting transaction volumes [12]. - Cities that previously underwent significant adjustments, such as Zhengzhou, Tianjin, and Nanjing, are expected to stabilize, while some weaker second-tier cities face ongoing high inventory challenges [12].

导 读 ☉ 文／克而瑞研究中心 | | | | 2025年1-5月 ·中国房地产企业 | | 三十八年 · 德国语 | | --- | --- | --- | --- | --- | --- | | | | | 销售榜TOP100 | | | | 排名 | 企业简称 | 全口径金额 | 排名 | 企业简称 | 权益金额 | | | | (亿元) | | | (17.7L) | | 1 | 保利发展 | 1161.1 | 1 | 保利发展 | 915.0 | | 2 | 中海地产 | 903.8 | 2 | 中海地产 | 831.5 | | 3 | 华润置地 | 868. 5 | 3 | 中润置地 | 580. 8 | | 4 | 招商蛇口 | 671.3 | 4 | 招商蛇口 | 459.2 | | 5 | 绿城中国 | 653. 3 | 5 | 绿城中国 | 443.8 | | 6 | 万科地产 | 570. 4 | 6 | 建发房产 | 419.5 | | 7 | 建发房产 | 561.0 | 7 | 万科地产 | 370. 8 | | 8 | 越秀地产 | 507.0 | 8 | 越秀地产 | 304. ...