煤炭 中美互降关税提振下游需求，否极泰来重视煤炭配置 ——行业周报 2025 年 05 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 煤炭 沪深300 相关研究报告 《一揽子金融政策稳市场预期，否极 泰来重视煤炭配置 —行业周报》- 2025.5.11 《红利与周期双逻辑，煤炭攻守兼备 —煤炭行业 2025 年中期投资策略》- 2025.5.8 《政治局会议传递"稳"字当头，否极 泰来重视煤炭配置 —行业周报》- 2025.4.27 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：中美互降关税提振下游需求，否极泰来重视煤炭配置 （1）动力煤方面：从价格端来看，本周动力煤港口价格小跌，截至 5 月 16 日，秦 港 Q5500 动力煤平仓价为 614 元/吨，环比下跌 16 元/吨，跌幅 2.54%；截至 5 月 16 日，CCTD 动力煤现货价（Q5500）为 629 元/吨，环比下跌 14 元/吨，跌幅 2.18%。从供给 ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 17 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 月 | 年 | 05 | | 日 | 16 | | 2025 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 3.22 | | | | | | | 一 年 最 高 / 最 低 | | | | 3.33/2.40 | | | 内 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | 59,591.61 | | | | | | | 流通市值（百万元） | | | | 59,591.61 | | | | | | | ...

Core Viewpoint - The small-cap stocks are outperforming in the current market, reflecting a "small-cap bull" trend driven by liquidity easing, policy support, and positive fundamental expectations [1][3]. Group 1: Market Performance - The CSI 2000 Index has risen over 9% this year, leading the mainstream small and mid-cap indices [1]. - The performance of small-cap stocks is significantly influenced by liquidity conditions, with small-cap stocks showing higher sensitivity to liquidity compared to large-cap stocks [3][9]. Group 2: Policy and Economic Factors - The central bank has indicated a "moderately loose" monetary policy, with expectations for further reserve requirement ratio (RRR) cuts and interest rate reductions, which benefits small-cap stocks [3][9]. - The government is increasing support for "specialized, refined, distinctive, and innovative" enterprises, particularly in sectors like AI, semiconductors, and robotics, which are well-represented in the CSI 2000 Index [5][8]. Group 3: Structural Opportunities - The ongoing state-owned enterprise (SOE) reforms and debt reduction policies are expected to enhance the potential of small-cap stocks through industry consolidation [8]. - In the early stages of economic recovery, small-cap stocks tend to exhibit faster earnings growth, benefiting from their agility in adjusting business strategies [8][9]. Group 4: Investment Trends - As of May, there is a noticeable return to small-cap growth styles, driven by continued liquidity easing and a recovery in market risk appetite [8][9]. - The CSI 2000 ETF has shown significant performance, with a net value growth rate of 24.24% since its inception, outperforming its benchmark [12].

Beam Global (BEEM) Q1 2025 Earnings Call May 15, 2025 04:30 PM ET Company Participants Lisa Potok - Chief Financial OfficerDesmond Wheatley - Chairman, Chief Executive Officer & PresidentNoel Parks - Managing Director - Energy Research Conference Call Participants Ryan Pfingst - Senior Research Analyst Operator Good day, and welcome to the Beam Global First Quarter twenty twenty five Operating Results Conference Call. All participants will be in a listen only mode. Please note this event is being recorded. ...

证券研究报告 电力设备与新能源 新能源：关税下调超预期，看好储能 等子板块盈利弹性及估值修复 华泰研究 2025 年 5 月 12 日│中国内地 动态点评 新能源：关税下调超预期，看好储能等子板块盈利弹性及估值修复 5 月 12 日，中美发布日内瓦经贸会谈联合声明，美国宣布修改此前 4 月 2 日对中国加征的 34%"对等关税"行政令，其中 24%的关税在初始的 90 天 内暂停实施，剩余 10%的关税仍保留，并取消 4 月 8 日与 4 月 9 日对中国 加征的关税（50%、41%），此次会谈结果将美国对华关税大幅降低，远超 市场预期。我们认为关税下调后，储能、光伏、AIDC 等板块有望迎来盈利 与估值的修复，推荐宁德时代、阳光电源、阿特斯、麦格米特、禾望电气。 "对等关税"大幅下调，超出市场预期 此次谈判未涉及 20%的芬太尼关税及 25%的 232 关税，"对等关税"下调幅 度超出预期。我们测算关税下调后国内出口各环节税率为：1）动力电池： 基础关税 3.4%+此前的附加关税 45%+232 关税 25%，合计 73.4%（动力电 池属于 232 条例商品，不受"对等关税"影响）；2）储能电池/系统：4 ...

评论： 《诛仙世界》增量叠加电竞产品表现，驱动一季度游戏收入增长。25Q1 公司游戏业务实现收入14.2 亿 元，YOY+10%；扣非归母净利润1.6 亿元。主要由公司在12 月19 日上线的旗舰IP 端游迭代产品《诛仙 世界》提供的增量所驱动。此外，代理的电竞产品《CS2》、《DOTA2》在赛事和假期的双重驱动下也 展现了较好的景气度，同比增长。其余存量产品受产品生命周期的影响，同比略有下滑。展望后续， 《诛仙世界》作为旗舰IP 端游产品，本身用户偏核心IP受众，生命周期较长，商业化也以外显为主、 月卡为辅，流水需要在生命周期中逐步摊销，预计25 年持续为收入提供增量。展望后续，公司储备有 旗舰IP迭代手游产品《诛仙2》，二次元开放世界都市生活题材产品《异环》。 降本增效效果体现，基本面触底改善，关注大单品弹性。24 年公司对存量研发团队进行梳理，在Q4 形 成了部分减值支出。当前公司存量产品大部分处于长尾期，虽有随生命周期的自然下滑，但是幅度较 小。随着24 年12 月底《诛仙世界》的上线，带动游戏业务收入增速、公司整体盈利回正，基本面触底 改善趋势明显。展望后续，公司储备了大产品《异环》，已经于24 年 ...

Revvity (RVTY) 2025 Conference Summary Company Overview - **Company**: Revvity (RVTY) - **Date**: May 13, 2025 - **Industry**: Life Sciences Tools and Diagnostics Key Points 1. Q1 Performance and Guidance - The first quarter showed solid performance despite a different macro environment than initially assumed for 2025 guidance [4][5] - The diagnostics and software businesses performed exceptionally well, contributing to the overall strength of the portfolio [4][5] - The company maintained full-year guidance despite a weaker macro backdrop due to prudent initial guidance [5] 2. Tariff Impact and Mitigation Strategies - Gross tariff headwinds were estimated at $135 million, with a net impact of approximately $0.12 on EPS after operational mitigation [6][12] - The majority of tariff impacts are expected in the second quarter, with operational mitigation strategies being implemented [6][12] - The company has a dual manufacturing strategy to enhance supply chain resiliency, including a GMP facility in San Diego and another outside the US [10] 3. Academic and Government Market Exposure - Academic and government customers account for 12% of global revenue, with over 5% in the US [21] - There is cautiousness in these segments due to uncertainties around indirect expense reimbursements and NIH funding levels [22][24] 4. Pharma and Biotech Market Trends - The pharma and biotech sectors showed positive growth in Q1, but there is uncertainty due to macroeconomic factors and tariffs [28] - Instrumentation sales are expected to face continued pressure, particularly from mid and large-sized pharma customers [29][30] 5. Geographic Performance - China represents 16% of total revenue, with diagnostics showing high single-digit growth while life sciences experienced a slight decline [34] - The company anticipates continued choppiness in the China life sciences market but modest growth in diagnostics [34][35] 6. Software Business Strength - The software business is highlighted as a major area of strength, with new product launches and a focus on large molecule capabilities [48][49] - The company is expanding into new customer groups and markets, such as material science, which has shown good traction [49] 7. Margin Expectations and Cost Management - The company expects balanced margin expectations for the year, with temporary belt-tightening measures in place to mitigate tariff impacts [50][51] - There are no plans for additional structural cost reductions, but ongoing monitoring will occur [51] 8. Capital Allocation and M&A Strategy - Revvity has adopted a balanced approach to capital deployment, including share buybacks and selective M&A opportunities [55][56] - The company is cautious about M&A in the current market, noting that private companies are not in a rush to sell despite lower valuations [57][59] 9. Underappreciated Aspects of Revvity - The company’s differentiated portfolio and execution capabilities are not fully recognized in the market [61][62] - There is potential for margin expansion that has yet to be demonstrated due to current market pressures [62][63] 10. Future Outlook - The company remains optimistic about its long-term growth potential, particularly in the reagents business and software capabilities [41][48] - Continued execution and clarity in macroeconomic conditions are essential for demonstrating the company's margin expansion opportunities [63] This summary encapsulates the key insights and data points from the Revvity conference, providing a comprehensive overview of the company's current performance, challenges, and strategic outlook.

生猪期货与期权2025年5月报告 投资咨询业务资格:京证监许可【2012]75号 生猪：期货的主要行情表现为近月基差的逐步回归 www.founderfu.com 2025年4月行情回顾与5月展望： 1、4月份中美关税出现升级，大宗商品整体承压下跌 2025年4月份中美贸易关税加码，大宗商品呈现大幅下跌，农产品表现扛跌，但走势出现分化。生 猪受关税直接影响较小，但远期养殖成本继续降低难度增加，消费端由于处于季节性淡季末端，现 货价格整体波动不大。4月份生猪现货十分抗跌，2505合约期价开始修复对现货过高贴水。 2、2025年生猪出栏量同比增加，但压力整体不大 2024年度养殖利润周期拐头向上，猪企累计经过10个月左右的高水平盈利，集团企业现金流及资产 负债表得到较大程度的改善，但行业整体以降本增效为主要经营目标，行业固定资产投资减少，再 扩张步划趋缓，因此行业绝对产能水平未有明显增加，但高水平盈利激励下，单位母猪的生产效能 得到较大提高，行业平均PSY由此前24提高至26以上，部分头部企业接近29，这是影响2024下半年 及2025年上半年生猪供给的主要边际变量。而能繁母猪存栏与集团企业固定资产投资周期相关， ...

机器人板块如何捕捉高弹性？ 0-1阶段关注技术变化： 1）灵巧手链传动：链条替代丝杠，具备低成本高负载。 卓益得机器人关节采用。 征和工业为目前国内市面上首推灵巧手链传动的公司，灵巧手开发中，预计下半年推出。 公司25年预计归母同增30%+至1.7亿，20X即34亿，目前市值仅43亿 2）直驱电机：因现有电机难以满足机器人各种扭矩需求，因 已有公司储备机器人直驱电机技术，例如信质集团，基于电机定转子积淀、拓展机器人电机，星动纪元深度绑 定，对接HW车BU。 公司25年预计归母高增至3亿，20X即60亿，目前市值仅79亿 机器人板块如何捕捉高弹性？ 0-1阶段关注技术变化： 1）灵巧手链传动：链条替代丝杠，具备低成本高负载。 卓益得机器人关节采用。 征和工业为目前国内市面上首推灵巧手链传动的公司，灵巧手开发中，预计下半年推出。 公司25年预计归母同增30%+至1.7亿，20X即34亿，目前市值仅43亿 2）直驱电机：因现有电机难以满足机器人各种扭矩需求，因此需要减速器、丝杠等部件配合。 3）万向节：关节连接器作用。 机器人迭代版本为提升自由度或形成增配。 ...

一揽子金融政策稳市场预期，否极泰来重视煤炭配置 ——行业周报 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 -24% -12% 0% 12% 24% 煤炭 沪深300 行 业 周 报 相关研究报告 《红利与周期双逻辑，煤炭攻守兼备 —煤炭行业 2025 年中期投资策略》- 2025.5.8 《政治局会议传递"稳"字当头，否极 泰来重视煤炭配置 —行业周报》- 2025.4.27 《火电降幅收窄叠加进口减量，否极 泰来重视煤炭配置 —行业周报》- 2025.4.20 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：一揽子金融政策稳市场预期，否极泰来重视煤炭配置 （1）动力煤方面：从价格端来看，本周动力煤港口价格小跌，截至 5 月 9 日，秦 港 Q5500 动力煤平仓价为 630 元/吨，环比下跌 20 元/吨，跌幅 3.08%；CCTD 动力 煤现货价（Q5500）为 643 元/吨，环比下跌 14 元/吨，跌幅 2.13%。从供给端来 看，国内生产方面，晋陕蒙煤矿开工率整体延续微跌趋势，截至 5 月 4 日，晋陕蒙 ...