Company Updates - The company announced that during the "May Day" period, the total business volume for SF Same City increased by 87% year-on-year, with supermarket and department store volume up by 177%, beverage volume up by 106%, and last-mile delivery volume up by 102% [1] - According to Questmobile data, the average daily usage of the rider app in April increased by 40% year-on-year, indicating strong demand in the instant delivery sector [1] Industry Commentary - The growth in the takeaway industry is driving demand for last-mile delivery, suggesting that the company's same-city delivery B2B business volume may exceed previous expectations [1] - Questmobile data shows that the average daily usage of KFC and McDonald's increased by 31% and 30% year-on-year, respectively, indicating a positive trend in the takeaway sector [1] - The company is expected to benefit from its refined operational capabilities and flexible logistics network, leading to increased order volumes from key accounts (KA) [1] - The company anticipates that its revenue from merchants will exceed 24% by 2025, with KA business growth expected to be even higher [1] - The company's B2C business is expected to grow steadily alongside macroeconomic demand, supported by synergies with its express delivery services [1] Last-Mile Delivery Insights - The last-mile delivery business is projected to continue contributing revenue beyond expectations due to increased demand from e-commerce returns and the delivery of national subsidy products [2] - The integration of the company's logistics network with its parent company's express network is expected to enhance penetration rates and collaborative effects, further boosting profitability [2] - The company anticipates that its last-mile delivery volume will contribute significantly to revenue growth [2] Profitability Forecast and Valuation - The company has raised its revenue forecasts for 2025 and 2026 by 4.7% and 5.5%, respectively, to 20.343 billion and 25.711 billion [2] - Despite uncertainties in pricing trends within the takeaway industry, the net profit forecasts for 2025 and 2026 remain unchanged at 250 million and 406 million [2] - The company maintains an outperform rating and a target price of HKD 13.50, which corresponds to 0.6x and 0.4x P/S for 2025 and 2026, respectively, indicating a 26% upside potential from the current price [2]

证券研究报告 | 2025 年 05 月 16 日 | | --- | | | | 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 新能源电池 5.78 -4.47 -5.61 沪深 300 3.94 -0.81 6.84 -18% -8% 2% 12% 22% 32% 2024-05 2024-08 2024-11 2025-02 新能源电池 沪深300 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 1 AIDC 电池行业深度报告：AIDC 高景气，UPS 及 BBU 电池受益 2025-04-10 2 3 月电池月度数据点评：3 月电池产量 118.3GWh，同比增长 54.3%2025-04-14 3 新能源电池行业点评："海星"钠电发布，看 好未来应用趋势 2025-03-31 行业点评 新能源电池 4 月电池产量 118.2GWh，同比增长 49.0% | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- ...

国际能源署表示，由于"经济逆风"，全球石油需求增长在2025年一季度强劲增长后，今年剩余时间内将 放缓，而供应过剩将持续到2026年。 周四，国际能源署IEA发布最新月度报告，将今年剩余时间全球石油需求增速，从1月至3月的同比增长 99万桶/日降至"低迷"的65万桶/日。此外，由于原油价格下跌，该机构还下调了美国页岩油产量的预 期。 IEA将2025年全年平均需求增长预测上调至74万桶/日，较上次报告高出2万桶/日。IEA预计2026年全球 供应量平均增长将略高于76万桶/日。 总部位于巴黎的IEA直言： 今年前三个月很可能仍将是2025年表现最强劲的季度。全球石油需求增长放缓的迹象可能已 经开始显现。 需求的疲软可能会对石油价格造成进一步打击，上个月石油价格因特朗普发动全球贸易战争以及 OPEC+宣布增产计划而短暂跌至四年低点。随着部分贸易担忧的缓解，布伦特原油期货价格已略有回 升，接近每桶65美元。然而，考虑到需求放缓与供应过剩的双重打击，油价的长期走势仍然面临严峻挑 战。 双重打击：贸易不确定性与新兴市场疲软 IEA警告称："贸易不确定性的增加预计将对世界经济，进而对石油需求产生负面影响。"这一判断来源 ...

Group 1 - The global trade conflict easing has led to a rebound in oil prices, but subsequent price movements will be primarily influenced by geopolitical situations and OPEC+ production levels [1][4] - As of May 15, international oil prices experienced a significant drop, with WTI crude oil futures at $61.72 per barrel, down over 2.2%, and Brent crude oil futures at $64.66 per barrel, down 2.15% [1] - Positive signals from US-Iran nuclear negotiations have emerged, with Iran's willingness to sign a nuclear agreement under certain conditions, which may lead to the lifting of economic sanctions [1] Group 2 - OPEC+ has officially started its long-awaited production increase process, with an agreement to raise output by 41.1 thousand barrels per day from May to June, despite a lower-than-expected increase in April [2] - OPEC has maintained its oil demand growth forecast for the next two years, projecting a global oil demand increase of 1.3 million barrels per day in 2025 and 1.28 million barrels per day in 2026, while also revising down its global economic growth forecast for 2025 to 2.9% [2] - The international oil market's trading logic is shifting, with factors such as reduced US tariff pressures and ongoing sanctions against oil-producing countries contributing to price dynamics, while OPEC+ production increases and potential easing of US-Iran tensions present downside risks [4]

IEA月报：新兴经济体将继续推动需求增长，尽管近期出现放缓。 ...

IEA月报：将2025年平均石油需求增长预测上调2万桶/日，至74万桶/日，原因是国内生产总值增长预期 上调以及油价下跌。 ...

SPX Technologies (SPXC) 2025 Conference May 14, 2025 12:40 PM ET Speaker0 I got the good one finally. So thanks so much. And we have the management for SPX Technologies. We have Jean Lo, president and chief executive officer, and Mark Carano, who is Vice President and CFO and Treasurer and a former colleague. So I'm sure he's happy to be back on Rand Park. But with that, I think the company has some slides and then we're gonna go into q and a. Thank you so much for being here. Speaker1 All right. Good after ...

4月标志着该联盟重启自2022年以来增产的长期拖延进程的开始。尽管欧佩克领导国沙特大致增加了商 定的产量，但哈萨克斯坦和伊拉克等其他承诺限制产量以弥补早先产量过剩的国家的产量有所下降。 遵守配额一直是沙特的首要任务，他们对成员国作弊行为的失望，显然促使该组织最近决定加快5月和6 月的供应增长，增幅是原定数量的三倍。沙特甚至警告说，未来几个月产量将进一步飙升。 欧佩克增产恰逢特朗普关税导致原油价格大幅下跌。布伦特原油期货上月跌至每桶60美元以下的四年低 点，但随着贸易紧张局势缓解，周三交易价格已回升至66美元附近。 根据欧佩克秘书处的数据，沙特推动补偿减产的努力正显示出一些初步的成功迹象。伊拉克4月份平均 日产量为396.4万桶，部分履行了此前违反配额规定所承诺的补偿减产。即使是最大的违规成员国哈萨 克斯坦，其日产量也减少了4.1万桶，但日产量为182.3万桶，仍比其配额高出约40万桶。雪佛龙 (CVX.US)和埃尼石油集团(E.US)等国际合作伙伴说，该国政府甚至没有要求它们减少供应，这让沙特 非常恼火。 智通财经APP获悉，欧佩克维持其对2025年和2026年全球石油需求增长的预测不变——维持2025年全球 ...

沙特阿美高管：2025年石油需求将"稳定且持续增长"。 ...

5月11日，满载5682吨新西兰猕猴桃的"玫瑰湾"号在浙江台州港大麦屿港区顺利靠泊。这批新鲜到港 的"阳光金果"拉开了今年台州口岸新西兰猕猴桃进口季的序幕。 在"玫瑰湾"号靠泊的第一时间，台州海关关员就登轮开展检疫查验。随着舱盖缓缓打开，一个个装载猕 猴桃的集装箱被吊机精准地卸货下船。 随后，台州海关对进口水果进行剖果检查和有害生物检疫，按要求开展农药残留、重金属等有毒有害物 质检测，保障"果篮子"安全。 "我们采用'提前申报、即到即查'的通关模式，精准掌握猕猴桃到港信息，开设进口水果通关绿色通 道，助力企业抓住黄金销售期，让新鲜水果在最短的时间到达消费者手中。"台州海关驻玉环办事处业 务三科副科长高福斌介绍说。 "此次到港的猕猴桃主要品种为新西兰优质品牌'佳沛'。这批新鲜猕猴桃将分成两批，一半发往上海等 地，一半存放在大麦屿港国际生鲜冷链中心，根据后期销售情况，调拨至全国各地。"运送该批猕猴桃 的相关物流公司总经理洪方宽表示，9月还将有4船猕猴桃抵达，企业后续计划开通东南亚航线，从大麦 屿口岸进口更多东南亚水果。 近年来，消费者对高品质进口水果需求持续增长。大麦屿口岸作为浙江省重要的进口水果指定口岸， 20 ...