库存小幅上升，需求仍偏弱 摘 要： 供需关系：当前浮法玻璃企业利润不佳，前期点火产线预计出 玻璃，亦有产线存放水预期，供应或小幅下降。浮法玻璃终端需求仍 偏弱，下游深加工企业订单偏弱，浮法玻璃企业库存小幅上升。预计 玻璃价格近期震荡偏弱，09合约上方压力1050一线。建议短线逢高做 空，注意止损。 宁证期货投资咨询中心 期货交易咨询业务资格： 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：蒯三可 作者姓名：蒯三可 期货从业资格号：F3040522 期货从业资格号：F03040522 期货交易咨询从业证号：Z0015369 邮箱：kuaisanke@nzfco.com | 第1章 | 行情回顾 | 4 | | --- | --- | --- | | 第2章 | 价格影响因素分析 | 5 | | 第3章 | 行情展望与投资策略 | 7 | | 免责申明 | | 9 | 风险提示：下游深加工企业订单回升超预期缓慢 请务必阅读正文之后的免责条款部分 1 证监许可【2011】1775 号 期货投资咨询从业证号：Z0015369 邮箱：kuaisanke@nzfco.com 电 ...

证券研究报告·行业深度报告·电力设备 电力设备行业深度报告 光伏板块 2025Q1 持仓占总市值比重环比下降至 3.33%，环比-0.80pct ， 2024Q1-2025Q1 持仓比例分别 4.45%、3.88%、4.15%、4.13%、3.33%。硅片、 电池上升，硅料、组件、逆变器持仓下降。1）硅料环节下降 0.68pct；2）硅片 环节上升 0.97pct；3）电池上升 1.27pct；4）一体化组件下降 1.10pct；5）逆变 器环节下降 1.70pct；6）辅材环节：胶膜、玻璃、支架、EPC、设备、金刚线、 银浆、石英坩埚均下降。 风电板块 2025Q1 持仓占总市值比重环比下降至 2.84%（-0.27pct），2024Q1- 2025Q1 分别 2.67%、3.53%、3.79%、3.11%、2.84%。1）整机环节下降 0.77pct； 2）塔筒&海桩环节上升 1.77pct；3）海缆环节下降 0.78pct；4）铸锻件、结构 件环节下降 0.61pct;5）轴承、滚子环比上升 0.24pct；6）叶片及材料环节上升 0.02pct。 核电板块 2025Q1 持仓占总市值比重环比下降至 0 ...

电新行业 2025Q1 基金持仓分析 蛰伏于渊，扶摇待时 2025 年 05 月 06 日 ➢ 电新板块总体持仓占比环比下降。根据基金的披露规则，一季报和三季报 披露前十大重仓股，半年报和年报披露全部持仓，故持仓总市值存在差异，因此 我们主要选取相同的数据口径即前十大重仓股进行趋势分析。从中信一级行业分 类来看，截至 2025Q1 中信电新行业基金持仓比重为 9.20%，环比-1.35Pcts， 同比-0.51Pcts；中信电新行业市值在总市值中的比重为 5.29%，环比+0.18Pcts， 同比-0.27Pcts。 考虑到行业分类的一些误差，我们针对电新行业的 304 只自选股进行统计，结果 显示截至 2025Q1，304 只电新自选股基金持仓占比为 11.87%，环比-0.56Pcts， 同比-0.18Pcts；电新自选股市值在 A 股总市值的比重为 7.78%，环比+0.61Pcts， 同比+0.04Pcts。 ➢ 电新子板块持仓分析：新能源车、电力设备与工控板块基金持仓占比环比 提升，新能源发电板块持仓占比调整较深。新能源车、电力设备与工控板块基金 持仓比例环比提升。总体来看，截至 25Q1 电力设备 ...

2025 年 5 月 1 日 总量研究 债券持仓规模减少，久期杠杆双回落 ——主动型债券基金 25Q1 季报分析 要点 1、 25Q1 主动型债券基金市场总览 市场规模：截至 2025 年一季度末，全市场公募开放式债券型基金共计 3808 只， 较 2024 年四季度末环比增加 41 只/1.1%；市场规模合计 10.07 万亿元，环比减 少 0.48 万亿元/4.6%；基金份额合计 9.03 万亿份，净赎回 4379.80 亿份/4.6%。 纯债基金、被动指数债基表现为净赎回，市场规模收缩；混合债基、可转债基金、 增强指数债基表现为净申购，市场规模放量。 业绩表现：截至 2025 年一季度末，短期纯债基金、中长期纯债基金、混合一级 债基和混合二级债基的单季度加权平均回报率分别为 0.14%、-0.12%、0.20% 和 0.65%，较上季度末环比均有所下滑。杠杆率和久期：短期纯债基金、中长 期纯债基金、混合一级债基和混合二级债基的单季度加权平均杠杆率分别为 111.81%、121.73%、112.93%和 114.32%；重仓债券加权平均久期分别为 0.96 年、2.84 年、3.15 年和 2.76 年， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of the end of Q1 2025, the number and scale of active bond - type funds increased slightly, but the number and total issuance scale of newly - issued funds decreased, with the issuance scale of hybrid secondary bond funds rising [4][7][9]. - In Q1 2025, with the upward movement of Treasury bond yields, short - term pure bond funds performed relatively well, while first - tier bond funds rose steadily and second - tier bond funds fluctuated upwards driven by equity assets [4][17][19]. - Different types of active bond funds showed different trends in terms of leverage, duration, and position allocation. For example, closed - end medium - and long - term pure bond funds reduced leverage and increased duration, while open - end ones increased leverage and reduced duration; hybrid secondary bond funds increased their stock positions and holdings in the non - ferrous metals sector [4][23][70]. 3. Summary According to the Directory 3.1 Active Bond - Type Fund Scale and Issuance - **Scale Change**: As of the end of Q1 2025, there were 3263 active bond - type funds (excluding amortized cost method funds), a 0.8% increase from the previous quarter. The fund scale was 7.90 trillion yuan, a 1.0% increase. Among them, medium - and long - term pure bond funds, short - term pure bond funds, hybrid first - tier bond funds, and hybrid second - tier bond funds increased by 0.7%, 1.5%, 0.6%, and 3.8% respectively [7][9]. - **Fund Issuance**: In Q1 2025, 43 active bond - type funds were issued, a 10.4% decrease from the previous quarter. The total issuance scale was 783.7 billion yuan, a 16.7% decrease. The issuance scale of medium - and long - term pure bond funds decreased by 31.5%, while that of hybrid second - tier bond funds increased by 65.1% [13][14]. 3.2 Active Bond - Type Fund Performance - **Treasury Bond Yields Upward, Short - Term Pure Bond Funds Performed Relatively Well**: In Q1 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds increased by 47bp, 44bp, 25bp, 21bp, 21bp, and 18bp respectively. The short - term pure bond fund index had a return of 0.13%, while the medium - and long - term pure bond fund index had a return of - 0.29% [17]. - **First - Tier Bond Funds Rose Steadily, Second - Tier Bond Funds Fluctuated Upwards**: Driven by equity assets, the hybrid first - tier bond fund index had a return of 0.28% with a maximum drawdown of - 0.44%, and the hybrid second - tier bond fund index had a return of 0.56% with a maximum drawdown of - 0.53% [19]. 3.3 Active Bond Fund Position Analysis - **Medium - and Long - Term Pure Bond Funds**: Closed - end bond funds reduced leverage and increased duration, while open - end bond funds increased leverage and reduced duration. In terms of bond type allocation, closed - end funds increased positions in credit bonds and interest - rate bonds, while open - end funds increased interest - rate bonds and reduced credit bonds [23][30]. - **Short - Term Bond Funds**: They reduced leverage and duration, and the position of financial bonds decreased. The median of the portfolio leverage ratio decreased by 3.3%, the median of the bond position decreased, and the weighted duration of the top five heavy - position bonds decreased by 0.07 years [39][46][48]. - **Hybrid First - Tier Bond Funds**: They reduced leverage and duration, and the convertible bond position continued to rise. The median of the leverage ratio and bond position decreased, and the median of the convertible bond position increased by 1.65% [50][54]. - **Hybrid Second - Tier Bond Funds**: The stock position recovered, and they increased holdings in non - ferrous metals. The median of the portfolio leverage ratio decreased, the bond position decreased, and the stock position increased. They increased holdings in sectors such as non - ferrous metals, pharmaceutical biology, and steel, and reduced holdings in sectors such as petroleum and petrochemicals, coal, and banks [59][61][70].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The report indicates a narrowing of the underweight position in the real estate sector, with an increase in holdings of leading and quality private enterprises [10] - Public fund holdings in the real estate sector decreased by 1.98% quarter-on-quarter, totaling 54.84 billion yuan, with a relative underweight of 0.49 percentage points compared to standard industry allocation [10] - The report highlights a recovery in the market value of residential property development, with a 7.19% increase in holdings, while non-residential property development saw a significant decline of 52.14% [10] Summary by Sections Public Fund Holdings - Total market value of public fund holdings in the real estate sector was 54.84 billion yuan, down 1.98% quarter-on-quarter [10] - The sector's holdings accounted for 0.79% of total stock investment, a decrease of 0.03 percentage points from the previous quarter [10] - The underweight position relative to standard industry allocation decreased by 0.06 percentage points [10] Heavyweight Stocks - The threshold for the top 15 heavyweight stocks was 50 million yuan, down 75.05% from the previous quarter [18] - The top five stocks by market value were Poly Development, China Merchants Shekou, Binjiang Group, Vanke A, and Jindi Group, accounting for 27.95% of the sector's total market value, an increase of 2.85 percentage points [18] - A total of 15 real estate companies saw increased public fund holdings, with the top three being Jindi Group (+12 funds), Binjiang Group (+12 funds), and New Town Holdings (+11 funds) [20] Northbound and Southbound Capital - Northbound capital holdings in the real estate sector totaled 12.77 billion yuan, down 22.09% quarter-on-quarter [33] - The top five stocks for northbound capital were Poly Development, China Merchants Shekou, Vanke A, Zhangjiang Hi-Tech, and Daming City, accounting for 54.07% of the sector's total market value [33] - Southbound capital holdings increased by 8.59% to 88 billion yuan, with the top five stocks being China Resources Land, China Overseas Development, Country Garden Services, Vanke Enterprises, and Sunac China [40] Market Performance - The new housing market saw a transaction volume of 2.13 million square meters, with a year-on-year decrease of 12.65% [4] - The second-hand housing market recorded a transaction volume of 2.27 million square meters, with a year-on-year increase of 18.76% [4] - The land market had a total transaction area of 1.314 million square meters, with a year-on-year decrease of 17.1% [4] Investment Recommendations - The report suggests focusing on non-state-owned enterprises benefiting from debt resolution, policy relief, and demand improvement [47] - Recommended stocks include quality non-state-owned enterprises such as Longfor Group, Jindi Group, New Town Holdings, and Binjiang Group [47] - Emphasis on regional enterprises with differentiated city fundamentals and market share growth logic [47]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

点击上方"公众号"可订阅哦！ 兴业证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本报告仅供兴业证券股份有限公司（以下简称"本公司"）的客户使用，本公司不会因接收人收到 本报告而视其为客户。本报告中的信息、意见等均仅供客户参考，不构成所述证券买卖的出价或征价 邀请或要约。该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以及特定需求， 在任何时候均不构成对任何人的个人推荐。客户应当对本报告中的信息和意见进行独立评估，并应同 时考量各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方面咨询专家的 意见。对依据或者使用本报告所造成的一切后果，本公司及/或其关联人员均不承担任何法律责任。 本报告所载资料的来源被认为是可靠的，但本公司不保证其准确性或完整性，也不保证所包含的 信息和建议不会发生任何变更。本公司并不对使用本报告所包含的材料产生的任何直接或间接损失或 与此相关的其他任何损失承担任何责任 微信扫一扫 关注该公众号 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 使用本研究报告的风险提示及法律声明 ...