Group 1 - The report emphasizes the need for policies to address external shocks, focusing on expanding domestic demand and investing in the AI industry [1][4][17] - The macro policy tone from the April Politburo meeting is described as both proactive and reserved, with an emphasis on implementing more active macro policies and enhancing counter-cyclical adjustments [1][17] - The report highlights the importance of service consumption as a key driver for expanding domestic demand, alongside a strong focus on technological innovation and the implementation of the "AI+" initiative [1][17] Group 2 - The A-share market showed a mixed performance, with the Shanghai Composite Index rising by 0.56% and the Shenzhen Component Index increasing by 1.38% during the week of April 21-25 [7][11] - The report notes that sectors such as automotive, beauty care, and basic chemicals performed well, indicating a recovery in the export-related industries [7][14][16] - The report suggests that the AI industry is expected to see significant growth, with major Chinese internet companies increasing their capital expenditures significantly in Q4 2024, indicating a strong future performance for the domestic AI industry chain [14][24] Group 3 - The report indicates that the overall market valuation is relatively low, with the Wan De All A Index's price-to-book ratio at 1.53, which is below historical averages, suggesting strong long-term investment value [14][41] - The report highlights the potential for structural market trends post-May Day holiday, with a focus on domestic demand expansion and the AI industry as key themes [15][24] - The report identifies specific sectors for investment, including service consumption, AI industry chain components, and self-sufficiency areas such as national defense and industrial machinery [24][25][26]

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The industry is significantly influenced by tariff-related policies and fluctuations in oil prices, with a recommendation to focus on quarterly earnings reports and companies with stable dividend policies [2][10] - The report highlights the importance of self-sufficiency in electronic materials and the resilience of energy companies [2][10] - The mid-to-long-term investment themes include sustained high oil prices, growth in the oil and gas extraction sector, and the rapid development of downstream industries, particularly in new materials [2][10] Summary by Sections Industry Dynamics - As of April 27, the SW basic chemical sector's TTM price-to-earnings ratio is 21.45, at the 56.30% historical percentile, while the price-to-book ratio is 1.76, at the 8.83% historical percentile [2][10] - The SW oil and petrochemical sector's TTM price-to-earnings ratio is 10.41, at the 9.89% historical percentile, and the price-to-book ratio is 1.16, at the 0.93% historical percentile [2][10] - The report notes a significant impact from tariff policies and oil price volatility, suggesting a focus on quarterly earnings and companies with robust dividend policies [2][10] Price Trends - In the week of April 21-27, 17 out of 100 tracked chemical products saw price increases, while 58 experienced declines, and 25 remained stable [9][34] - The average price of polymer MDI increased by 6.01% week-on-week, reaching 15,000 CNY/ton, although it is down 10.18% year-on-year [36] - The average price of vitamins decreased, with vitamin A down 9.33% week-on-week and vitamin E down 6.09% week-on-week [34] Investment Recommendations - The report recommends focusing on companies like China Petroleum, China National Offshore Oil Corporation, and others with strong dividend policies and growth potential in new materials [2][10] - Specific stocks highlighted for April include Satellite Chemical and Anji Technology, both showing strong performance metrics [11][17] - The report emphasizes the importance of leading companies' performance elasticity and high-growth sub-industries, particularly in the context of policy support for demand recovery [2][10]

半导体 2025 年 04 月 27 日 投资评级：看好（ ） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-04 2024-08 2024-12 半导体 沪深300 相关研究报告 《关税反制政策落地，模拟芯片国产 化进程有望加速—行业点评报告》 -2025.4.7 《下游需求回暖+市场流动性注入，看 好 SoC 板块机会—行业点评报告》 -2024.10.9 《"一揽子"政策重磅发布，重点关注 晶圆制造及 IC设计国产化投资机会— 行业点评报告》-2024.10.8 半导体行业月度点评：下游回暖，景气度改善可期 ——行业点评报告 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 chenyuxi@kysec.cn 证书编号：S0790525020003 行情回顾：关税博弈下全球半导体指数承压，国内受益自主可控相对坚韧 半导体 受关税政策的影响，本月（截至 4 月 24 日）全球半导体指数均出现不同程度的下滑，全球半 导体指数涨跌幅分别为半导体指数（-1.3%）、费半（-1.5%）、台湾半导体指数（- ...

Investment Rating - The investment rating for the semiconductor industry is "Positive" [1] Core Insights - The global semiconductor index has faced pressure due to tariff policies, with a decline of 1.3% for the semiconductor index, 1.5% for the Philadelphia Semiconductor Index, 5.3% for the Taiwan Semiconductor Index, and 6.8% for the Nikkei Semiconductor Index as of April 24, 2025. In contrast, the domestic semiconductor industry shows resilience, benefiting from self-sufficiency [3][4] - The report highlights a structural recovery in various segments of the semiconductor industry, particularly in analog chips and semiconductor equipment, which have shown positive growth [3][4] Monthly Review - The global semiconductor index has seen varying degrees of decline, with the domestic semiconductor sector benefiting from self-sufficiency, showing a relatively stronger performance [3] - The performance of domestic semiconductor sub-sectors as of April 24, 2025, includes: - Analog chip design: +6.8% - Semiconductor equipment: +2.4% - Discrete devices: -3.1% - Digital chip design: -3.2% - Semiconductor materials: -4.0% - Integrated circuit packaging and testing: -7.4% [3] Downstream Tracking - In Q1 2025, the global smartphone shipments reached 305 million units (+1.5%), with domestic shipments benefiting from government subsidies at 71.6 million units (+3.3%) [5] - The automotive sector showed robust growth, with total vehicle sales in China reaching 7.47 million units (+14.5%), and new energy vehicle sales accounting for over 40% of total sales, reaching 3.075 million units (+47.1%) [5] - The server market continues to benefit from AI demand, with significant revenue growth reported by companies like Xinxin, which achieved a year-on-year increase of 110.27% in March 2025 [5] Beneficiary Targets - Beneficiary companies in the semiconductor sector include: - Storage modules: Jiangbolong, Baiwei Storage, Demingli, Shannon Chip Creation - Lithography machine industry chain: Zhangjiang Hi-Tech, Fuzheng Technology, Maolai Optics, Huicheng Vacuum, Yongxin Optics, Juguang Technology - Automotive chips: Zhaoyi Innovation, Horizon Robotics, Shengbang Co., Beijing Junzheng, Naxinwei, Guoxin Technology, Yutai Micro, Yachuang Electronics [6]

Group 1 - The core viewpoint of the report emphasizes the differing core objectives behind the policies of China and the United States, leading to inconsistent market volatility between the two countries [3][4][10] - The report identifies the underlying issue of capital erosion in the U.S. economy, which is driving economic output outflow, rather than merely focusing on trade deficits and manufacturing repatriation [4][14][34] - The analysis reveals that by the end of 2024, the U.S. net foreign liabilities are projected to reach approximately $26.23 trillion, accounting for about 89.88% of nominal GDP, marking a historical high since the Bretton Woods system [4][23][34] Group 2 - The report outlines the core goals and pathways of "Trump 2.0," indicating that reducing trade deficits will take precedence, with expectations of continued high-tier tariffs and policies to promote domestic manufacturing [5][34][35] - The 4.25 Politburo meeting highlights the importance of "bottom-line thinking" in response to external shocks, focusing on domestic demand expansion, technological innovation, and exports to other countries as key strategies [6][39][43] - Investment strategies should focus on "self-controllable" technology and military industries, domestic consumption, and gold as a hedge against external uncertainties, with specific sectors identified for investment opportunities [6][44][43]

Group 1 - The April Politburo meeting emphasized the importance of maintaining stability in the capital market, indicating a commitment to controlling downward risks in the A-share market [1][4][7] - The meeting highlighted the need for proactive fiscal policies, focusing on the effective implementation of existing funds and the issuance of special government bonds to support economic stability [6][8] - Monetary policy will introduce new structural tools to support the real economy, particularly in technology innovation, consumption expansion, and stabilizing foreign trade [8][9] Group 2 - The meeting underscored the significance of expanding domestic demand, with a focus on consumer spending and support for low-income groups, indicating a long-term policy direction towards consumption [5][12] - The industrial policy aims to alleviate pressures on enterprises and support the integration of domestic and foreign trade, with a focus on financing support and regulatory improvements [9][10] - The real estate policy aims to stabilize the market through urban renewal initiatives and optimizing existing housing supply, indicating a cautious approach to new land supply [9][10] Group 3 - The report suggests focusing on artificial intelligence and self-sufficiency in technology as key investment areas, particularly in high-end chips and foundational software [12] - The consumption sector is expected to remain a primary focus of policy, with potential expansions in areas like service consumption and trade-in programs [12] - The overall market sentiment is anticipated to improve due to a combination of stable economic conditions and increased liquidity, which may enhance risk appetite among investors [1][4][13]

◼ 基金配置建议： 风险提示：1）模型基于历史数据测算，未来存在失效风险；2）宏观经济 不及预期；3）发生重大预期外的宏观事件。 证券研究报告·行业跟踪周报·金融产品 金融产品跟踪周报 权益 ETF 系列：窄幅震荡，等待业绩落地 2025 年 04 月 26 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ A 股市场行情展望：（2025.4.28-2025.4.30） 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 行业走势 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 2024/4/26 2024/8/25 2024/12/24 2025/4/24 非银金融 沪深300 相关研究 《从严监管万能险，推动进一步回归 保障本源》 2025-04-26 《蚂蚁财富，向耀才证券发起要约收 购》 2025-04-25 请务必阅读正文之后的免责声明部分 ◼ A 股市场行情概述：（2025.4.21-2 ...

Core Insights - The 2025 Shanghai Auto Show indicates a clear trend where multinational automotive companies are embracing a "deep localization" strategy to engage with the Chinese market, focusing on collaboration with local supply chains and global layout [1] Group 1: Company Strategy - Aptiv has become a significant player in the transformation of the Chinese automotive industry, showcasing multiple localized innovative solutions at the auto show and demonstrating a commitment to deepening its localization strategy in China [3] - The President of Aptiv China and Asia Pacific emphasized the company's long-term confidence in the Chinese market and its intention to invest heavily to create a fully autonomous and controllable supply chain [5] - Aptiv has established a network of over 2,000 local suppliers in China, with a focus on increasing the localization rate of core materials, moving beyond simple production to a deeper integration within the supply chain [5] Group 2: Innovation and Development - Aptiv's strategy includes enhancing local decision-making capabilities and R&D manufacturing strength, which are crucial for maintaining competitiveness in the rapidly evolving automotive landscape [6] - The company is focusing on local innovation, particularly in the fields of smart and electric vehicles, where there is a lack of existing experience to draw from [6] - Aptiv showcased highly localized products at the auto show, including the Wind River real-time operating system and virtualization platform, which are entirely developed in China and free from foreign control [8] Group 3: Market Positioning - The company is adjusting its organizational structure to better respond to market changes, creating a unified business system for China that allows for localized decision-making across all processes [8] - Aptiv is positioned as a key player in the Chinese automotive ecosystem, facilitating domestic partners' access to the global supply chain and aiming for global coverage of its domestic supply chain by 2027 [10] - The global automotive industry is at a crossroads of technological revolution and market restructuring, with China's strategic position becoming increasingly significant for multinational companies [10]

Group 1 - In Q1 2025, 52 companies from the Beijing Stock Exchange entered the top ten holdings of various funds, with a total public fund market value of 6.743 billion yuan [3][8][12] - The top three companies by fund holdings are Jinbo Biological, Tongli Co., and Kait Co., with Jinbo Biological being the most held by 51 funds [3][17] - The North Exchange 50 Index fund size increased to 9.3 billion yuan, reflecting a growing interest in the North Exchange market [3][21] Group 2 - In Q1 2025, 69 out of 103 companies reported positive revenue growth, with 24 companies exceeding 25% growth [3][22] - The average return of 11 active theme funds on the North Exchange was around 24%, outperforming the North Exchange 50 Index's 22% return [12][15] - Seven companies entered the top ten holdings of active theme funds for the first time, including Deyuan Pharmaceutical and Longhong Technology [19][22] Group 3 - The overall PE ratio of the North Exchange A-shares decreased to 45X, indicating a potential valuation adjustment [4][24] - The average daily trading volume for the North Exchange fell to 30.1 billion yuan, suggesting a cooling market sentiment [4][25] - The market is expected to continue its consolidation phase, with opportunities arising post the financial report disclosures [3][4] Group 4 - The report highlights a preference for companies with low valuations and significant growth potential, such as Minshida and Lintai New Materials [3][8] - Investment opportunities are suggested in sectors like high-end manufacturing, infrastructure, and specialty consumer goods [3][8][19] - The report emphasizes the alignment of the North Exchange's "specialized, refined, unique, and innovative" positioning with national policies on self-reliance and innovation-driven development [3][4]

国新证券分析认为，会议明确提出要增加政策工具箱储备，通过债务置换加速地方债务化解，稳住房地 产市场以及金融领域强化跨周期管理。将"稳就业、稳企业、稳市场、稳预期"作为当前经济政策的核心 抓手，通过定向支持高校毕业生就业、减税降费、普惠贷款、制度型开放等强化政策透明度与改革信 号，形成"逆周期对冲+新质生产力培育"的韧性体系。 【环球网财经综合报道】中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。会议 中再度强调新质生产力。明确提出"培育壮大新质生产力，打造一批新兴支柱产业。持续用力推进关键 核心技术攻关，创新推出债券市场的'科技板'，加快实施'人工智能+'行动。大力推进重点产业提质升 级。"市场分析指出，科技创新是战略重点方向。国新证券研报分析认为，未来中国将进一步引领科技 创新，加快自主可控。 国新证券在研报中谈到，资本市场在此过程中扮演着"加速器"角色，以设备更新投资等政策引导，资本 支持技术孵化，推动科技与产业的深度耦合，形成"场景-技术-资本-产业"的良性循环。 会议明确提出要"持续稳定和活跃资本市场"，国新证券研报认为，资本市场的重要性有所上升。在扩大 内需作为长期战略的当下，居民 ...