金十图示：2025年05月07日（周三）富时中国A50指数成分股今日收盘行情一览：45股收涨，银行、保险、原油等多板块收高， 比亚迪微跌，消费电子板块走弱 +0.09(+1.26%) +0.10(+2.65%) +0.09(+1.76%) 保险 中国太保 中国平安 中国人保 0 3250.46亿市值 3011.17亿市值 9320.00亿市值 12.44亿成交额 21.57亿成交额 4.93亿成交额 31.30 7.35 51.18 +0.88(+2.89%) +0.38(+0.75%) +0.09(+1.24%) 酸酒行业 贵州茅台 山西汾酒 五粮液 5045.70亿市值 19533.88亿市值 2492.02亿市值 42.75亿成交额 7.74亿成交额 19.91亿成交额 1555.00 129.99 204.27 +0.50(+0.39%) +4.80(+0.31%) -0.07(-0.03%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 3009.99亿市值 2394.71亿市值 3505.10亿市值 22.29亿成交额 46.15亿成交额 19.10亿成交额 448.30 150.80 72 ...

Core Insights - The report indicates a gradual market recovery, shifting from short-term volatility to a fundamental-driven market, with an overall trend expected to stabilize and improve [7][8]. Company Summaries Chengdu Bank (601838) - The bank's performance remains stable with a high dividend yield, projecting an EPS of 3.53 and a net asset value of 21.51 yuan per share for 2025 [11][12]. - In Q1 2025, revenue and net profit growth slowed to 3.17% and 5.64% respectively, primarily due to a decline in net interest margin and a significant drop in fee income [16]. - Total assets and loans grew by 13.25% and 17.26% year-on-year, driven by strong regional economic performance [16]. Zijin Mining (601899) - The company experienced significant performance improvement due to rising metal prices and production, with copper and gold production increasing by 6% and 8% respectively in 2024 [20]. - The resource reserve expansion and diversification solidify its leading position in the industry, with total resources including 11,037,000 tons of copper and 3,973 tons of gold [20]. - The company maintains a "buy" rating, with projected EPS of 1.52 for 2025 [20]. Qingdao Beer (600600) - The company is expected to perform well in the peak season, with a projected EPS of 3.52 for 2025 [21][24]. - In Q4 2024, revenue showed a year-on-year increase of 7.44%, indicating a recovery in the restaurant sector [24]. - The company is focusing on optimizing product and channel structures to enhance market competitiveness [24]. Hengrui Medicine (600276) - The company reported a stable growth in Q1 2025, with revenue increasing by 20.14% and net profit by 36.90% [28]. - The innovative drug segment is a key driver of growth, with significant contributions from newly approved products [28]. - The company is expected to maintain a "buy" rating with projected EPS of 1.05 for 2025 [28]. BYD (002594) - The company achieved a remarkable 100.38% year-on-year increase in net profit for Q1 2025, driven by strong demand in the electric vehicle market [32]. - The high-end brand strategy is gaining traction, with significant growth in sales for its premium brands [32]. - BYD is projected to maintain a "buy" rating with an EPS of 18.09 for 2025 [32]. State Grid NARI Technology (600406) - The company reported steady performance with a revenue increase of 11.15% in 2024, and a projected EPS of 1.09 for 2025 [37]. - The smart grid segment is enhancing profitability, with a focus on technological innovation and market expansion [37]. - The company is expected to maintain a "buy" rating due to its robust growth prospects [37]. Huaneng International (600011) - The company has a significant installed capacity and advanced equipment, with a focus on green and low-carbon transformation [41]. - The company is expected to achieve an EPS of 0.73 for 2025, reflecting its ongoing efforts in renewable energy [41]. - Huaneng is actively pursuing technological innovations to enhance operational efficiency [41]. Northern Huachuang (002371) - The company reported a 35.14% year-on-year increase in revenue for 2024, with a projected EPS of 14.29 for 2025 [45]. - The company is expanding its market share through technological breakthroughs and product diversification [45]. - The acquisition of Chip Source Micro is expected to enhance its competitive position in the semiconductor equipment sector [45]. China Telecom (601728) - The company is focusing on deep integration of production and data, with a projected EPS of 0.39 for 2025 [48]. - The company is expected to benefit from favorable market conditions and policy support for the telecommunications sector [48].

Group 1 - Jinguang Electric won a bid for a State Grid procurement project worth 66.6956 million yuan, accounting for 8.97% of the company's projected 2024 revenue [1] - Yian Technology's biodegradable magnesium bone fixation screws received acceptance from the National Medical Products Administration [1] - East China Pharmaceutical's subsidiary received approval for clinical trials of HDM2005 for treating diffuse large B-cell lymphoma [1][2] Group 2 - New Hope reported April pig sales of 1.596 million heads, with revenue of 2.278 billion yuan, showing a month-on-month increase of 2.92% [3] - Yingfang Software received a government subsidy of 5.4 million yuan related to its earnings [4] - Hanyu Pharmaceutical's subsidiary's liraglutide raw material received acceptance from South Korea's MFDS [5] Group 3 - Tianshan Co. announced that its controlling shareholder pledged not to reduce holdings for 12 months [6] - Huaren Pharmaceutical's subsidiary obtained a medical device registration certificate for a disposable sliding mat [8] - Hanma Technology reported April truck sales of 1,127 units, a year-on-year increase of 56.96% [9] Group 4 - Huatai Co. successfully commissioned a 700,000-ton chemical wood pulp project [10] - Green Ecology's subsidiary won a bid for a tourism infrastructure project in Sanqingshan, with a bid amount of 238 million yuan [12] - Zhonghua Rock and Soil's subsidiary won a bid for the Urumqi Airport expansion project worth 181 million yuan [13] Group 5 - Aohua High-tech signed a contract for an optical system development worth 297 million yuan, representing 39.84% of its projected 2024 revenue [15] - Linglong Tire's controlling shareholder plans to increase its stake by 200 to 300 million yuan [17] - Tianbang Food reported April sales of 470,900 pigs, generating revenue of 691 million yuan [20] Group 6 - Weisheng Information won a project from State Grid Hebei Power Company worth 15.4587 million yuan [21] - Haon Automotive received a product designation letter from a leading new energy vehicle brand, with an estimated total revenue of 619 million yuan over the project's lifecycle [22] - Mingpu Optical Magnetic's subsidiary obtained a patent for an inductance testing machine [23] Group 7 - Dongni Electronics received a government subsidy of 3.82 million yuan, accounting for 33.17% of its projected 2024 net profit [24] - Xibu Animal Husbandry reported April fresh milk production of 3,024.95 tons, a year-on-year increase of 0.47% [25] - Jianke Intelligent obtained multiple patent certificates and an international trademark registration [26] Group 8 - Roman Co. won a bid for a 100MW photovoltaic power station project worth 403 million yuan [26] - Chenguang Biological obtained several patent certificates, including one in Europe [26] - Hengxing Technology's subsidiary received a government subsidy of 2 million yuan [27] Group 9 - Guanshi Technology's executives plan to reduce their holdings by a total of 359,400 shares [28] - Softcom Power's shareholder plans to reduce its stake by up to 1% [29] - Fuchuang Precision's major shareholder plans to increase its stake by 120 to 240 million yuan [29] Group 10 - Laofengxiang's subsidiary signed a strategic cooperation agreement with Shanghai Jiushi Sports [31] - Xingye Silver Tin plans to issue up to 300 million USD in overseas bonds [32] - *ST Gongzhi faces delisting due to financial report issues [34]

行 业 研 究 2025 年 05 月 06 日 电力供需转向宽松，重视盈利稳定品种 ——行业投资策略 投资评级：看好（维持） 行业走势图 相关研究报告 《政策助力预期企稳，静待绿电触底 回升—行业投资策略》-2025.2.19 《电力系统转型持续推进，兼具周期 红利成长属性 —电力行业 2025 年度 投资策略》-2024.11.8 《电力系统转型持续推进，兼具周期 红利成长属性—电力行业 2025年度投 资策略》-2024.11.7 周磊（分析师） zhoulei1@kysec.cn 证书编号：S0790524090002 行业回顾：电力需求稳定，电源电网投资持续增长 2024 年全社会用电量 9.87 万亿千瓦时，yoy+7.0%；电源投资额 1.17 万亿元， yoy+20.8%；电网投资额 6083 亿元，yoy+15.3%。截至 2025 年 4 月 30，公用事 业板块累计下跌 2.9%，在 31 个一级行业中排名第 19；电力板块累计下跌 2.3%， 电网设备板块累计下跌 5.4%，分别在 124 个二级行业中排名第 68 和第 87。 电力：成本下行、政策出台改善盈利预期，息差扩张提高红利配 ...

Market Overview - A-shares opened higher, with the Shanghai Composite Index recovering above 3300 points, Shenzhen Component Index above 10,000 points, and CSI 300 above 3800 points, indicating a strong market trend with nearly 4900 stocks rising and increased trading volume [1] Controlled Nuclear Fusion Sector - The controlled nuclear fusion concept saw significant gains, with the sector index rising nearly 6%, reaching a one-month high, and half-day trading volume exceeding the previous day's total [2] - Key companies like Jiusheng Electric (301082) hit a 20% limit up within 4 minutes of opening, while Yongding Co. (600105), Hezhuan Intelligent (603011), and Lanshi Heavy Equipment (603169) also quickly reached their limit up [2] - Recent breakthroughs in controlled nuclear fusion technology include the launch of the BEST project, which aims to demonstrate fusion energy generation, and the completion of components for the ITER project, a significant international collaboration [4] - The global market for controlled nuclear fusion is projected to reach between $30 billion to $50 billion by 2025, with potential to exceed $1 trillion by 2050, driven by a compound annual growth rate of over 30% [4] Rare Earth Permanent Magnet Sector - The rare earth permanent magnet sector also experienced a strong opening, with the index rising over 4% and trading volume surpassing the previous day's total within an hour [5] - Companies like Jiuling Technology saw a limit up of 30%, while Huayang New Materials (600281) rebounded from a 6% drop to hit its limit up within approximately 11 minutes [5] - Following China's announcement of export controls on certain rare earth items, international prices for rare earth metals surged, with dysprosium prices doubling to $850 per kilogram and terbium prices increasing over 210% to $3000 per kilogram [7] - The demand for rare earths is expected to grow significantly due to emerging industries such as robotics and low-altitude economy, with high-performance neodymium-iron-boron permanent magnets being critical components [8] - Companies in the sector reported substantial revenue growth, with China Rare Earth (000831) achieving a 141% year-on-year revenue increase in Q1 2025, and North Rare Earth (600111) reporting a 61.19% revenue increase [9]

Group 1 - Core viewpoint: A-shares are expected to see a "good start" after the holiday due to marginal improvement in Q1 earnings and positive external factors [1] - A-shares are supported by favorable domestic and international environments, including improved performance of Hong Kong and US markets during A-share holidays [1] - Suggested investment themes include sectors with recovering demand and low tariff impact, such as AI-related infrastructure and export chains with low exposure to the US [1] Group 2 - Core viewpoint: Bank stocks are highlighted for their dividend attributes, suggesting a focus on their investment value [2] - The report emphasizes the importance of large banks, China Merchants Bank, and quality rural commercial banks for investment consideration [2] - The overall market sentiment is improving, with a potential shift towards growth sectors in May, including electronics, machinery, and consumer goods [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The convertible bond valuation first declined and then rebounded, remaining relatively strong, due to the active small - cap style and prominent supply - demand contradiction. The "calendar effect" was not obvious in April 2025, with the small - cap style remaining active. The convertible bond valuation showed significant differentiation in high - low ratings and large - small caps, with balanced and equity - biased valuations remaining firm, while bond - biased convertible bond valuations declined significantly [3][21]. - In 2024, the number of convertible bonds with losses increased, and the power equipment industry started to incur large - scale losses. Convertible bonds with continuous losses or large first - time losses have a higher probability of rating downgrades. Although the risk of rating downgrades for photovoltaic convertible bonds that have received letters of concern is expected to be controllable, individual cases still need attention [3]. - Appropriate layout of underlying stocks, trading rules, and position ratio settings can enhance the returns of the near - maturity strategy. However, after adding position settings, the average return increases, but so does the maximum drawdown, so the overall position limit for the near - maturity strategy of underlying stocks should be moderately reduced [3]. - The top ten convertible bond portfolio for May includes high - dividend varieties (Shangyin, Lantian, Lvyin), high - growth performance directions (Guangda, Yangfeng), technology directions (Dinglong), robot directions (Huitong and Baolong), and directions with stable main businesses and elasticity (Wankai and Huayang) [3]. 3. Summary by Relevant Catalogs 3.1 4 - month Convertible Bond Market Review - In April, the median convertible bond price reached a low of 115 yuan, and there was no obvious differentiation between high - and low - priced bonds. The convertible bond price differentiation was not obvious in terms of large - small caps and high - low ratings, but was obvious in theme styles, with the financial and real estate sectors leading the gains [6][8][12]. - The small - cap style was active in April, and the "calendar effect" was not obvious. The convertible bonds outperformed the underlying stocks due to their defensive properties and recovered the "lost ground" since the beginning of the year [17][18]. - The convertible bond valuation first declined and then rebounded, remaining relatively strong. It showed significant differentiation in high - low ratings and large - small caps, and the core of the differentiation lies in the difference in the bottom - up value. The valuation supported high - priced bonds but dragged down low - priced bonds [21][24][30]. 3.2 5 - month Convertible Bond Market Outlook - As of the end of April, the convertible bond market's outstanding scale reached 689 billion yuan, ending a 19 - month decline. However, according to historical issuance patterns, the issuance volume in May may be limited, and the outstanding scale is likely to continue to decline. A new issuance peak may occur from October to November, and the top three industries in terms of issuance scale in the "exchange - accepted" state are banking, power equipment, and public utilities [43]. - The performance of convertible bonds in 2024 was generally poor, with an increase in the number of loss - making convertible bonds, especially in the power equipment industry. Convertible bonds with continuous losses or large first - time losses have a higher probability of rating downgrades. Although the risk of rating downgrades for photovoltaic convertible bonds that have received letters of concern is expected to be controllable, other industries' convertible bonds with continuous losses or losses exceeding 500 million yuan need close attention [55][61][69]. 3.3 Fund's Convertible Bond Holdings in 2025Q1 - By the end of 2025Q1, the total market value of the convertible bond market (including exchangeable bonds) was approximately 815.9 billion yuan. The total net value of funds within the statistical scope was 31.13 trillion yuan. The ratio of convertible bond market value to fund total market value was about 2.62%. All funds held convertible bonds worth approximately 281.99 billion yuan, accounting for 34.56% of the total convertible bond market value, an increase of 0.96 percentage points from the previous quarter [75]. - The convertible bond positions of funds decreased quarter - on - quarter. Structurally, the convertible bond positions of secondary bond funds decreased, while those of primary bond funds and convertible bond funds increased. The convertible bond positions of different types of funds showed different trends [77][84]. - Funds increased their holdings of photovoltaic convertible bonds. Different - scale funds had different preferences for increasing or decreasing their holdings of convertible bonds [88][90]. - At the end of 2025Q1, the convertible bond holdings of partial - debt hybrid, ordinary stock - type, and primary bond funds were concentrated in the balanced area. The equity - related demands of primary and secondary bond funds for convertible bonds increased [94]. 3.4 Near - Maturity Convertible Bond Strategy and Monthly Top Ten Combinations - The proportion of near - maturity convertible bonds (defined as those with a static remaining term of less than 2 years) has significantly increased, accounting for 29.41% of the total number of convertible bonds in the market. Convertible bonds with individual actual controllers have a higher proportion and more significant conversion - promotion effects [101]. - The timing of participating in near - maturity convertible bonds involves a trade - off between win - rate and cost - effectiveness. Buying at a lower price closer to the redemption price is associated with a higher win - rate and average return [110][112]. - Appropriate layout of underlying stocks, trading rules, and position ratio settings can enhance the returns of the near - maturity strategy. After adding position settings, the average return increases to 14.98%, but the maximum drawdown also rises significantly, so the overall position limit should be moderately reduced [114][117]. - The top ten convertible bond portfolio for May includes high - dividend varieties (Shangyin, Lantian, Lvyin), high - growth performance directions (Guangda, Yangfeng), technology directions (Dinglong), robot directions (Huitong and Baolong), and directions with stable main businesses and elasticity (Wankai and Huayang) [118].

智通财经APP获悉，招商证券发布研究报告称，截至4月30日上午，A股上市公司2024年年报和2025年 一季报业绩基本披露完毕(披露率99.8%)。受政策效果持续显现以及科技创新趋势驱动，整体A股盈利增 速转正。大类行业中信息技术、消费服务增速相对领先，TMT、资源品和中游制造业边际改善。推荐 关注业绩增速相对较高、自由现金流边际改善的领域。 招商证券主要观点如下： 利润端：一季度上市公司业绩边际改善。根据一致可比口径和整体法测算，A股2024Q3/2024Q4/2025Q1 单季度净利润增速依次为3.7%/-15.7%/3.2%，非金融石油石化2024Q3/2024Q4/2025Q1单季度净利润增速 为-10.5%/-50.2%/4.5%。 收入端：全部A股单季度收入增速较24Q4放缓，但仍高于24Q3，延续改善。全部A股 2024Q3/2024Q4/2025Q1单季度收入增速依次为-2.0%/1.4%/-0.3%，非金融石油石化板块 2024Q3/2024Q4/2025Q1单季度收入增速依次为-2.9%/1.2%/0.5%。海外营收增幅扩大，海外营收占收入 的比例持续提升。 25年一季度A股盈利回暖主要受 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The photovoltaic industry is experiencing a weakening market atmosphere, with continued price declines across the supply chain. N-type module prices fell by 0.02 CNY/W, driven by expectations of decreased terminal component demand as the 531 rush installation deadline approaches. It is recommended to focus on the BC technology industry trend, which has relatively high certainty for the year [3][17][22]. - Offshore wind projects are progressing steadily, with the Jiangsu 1550MW offshore wind project entering the basic phase of construction. The successful connection of the Guangdong Yangjiang offshore wind project to the grid marks a significant milestone [3][23]. - The energy storage sector is seeing a valuation recovery during the earnings announcement period, with a focus on storage PCS and industrial storage segments. Global energy storage demand is rebounding, particularly in Europe, and there is potential for valuation recovery in large-scale and household storage segments [3][26]. - The electric grid investment in the first quarter of 2025 reached 95.6 billion CNY, a year-on-year increase of 24.8%. The State Grid plans to accelerate investment in UHV projects in the second quarter [3][43]. - The electric vehicle sector is influenced by potential tariff exemptions proposed by the Trump administration, suggesting continued investment in high-profit companies within the sector [3][45]. Summary by Sections Photovoltaic - Market sentiment is weak, with prices continuing to decline. N-type components dropped by 0.02 CNY/W, and terminal component demand is expected to decrease [3][15][21]. - The supply chain is under pressure, with expectations of a decline in domestic terminal component demand in the second half of the year [3][17][22]. Wind Power - Offshore wind projects are entering a positive phase, with significant projects in Jiangsu and Guangdong making progress [3][23][24]. Energy Storage - The sector is experiencing a valuation recovery, with a focus on PCS and industrial storage. Global demand is increasing, particularly in Europe [3][26][27]. Electric Grid Equipment - Investment in electric grid projects in the first quarter of 2025 was 95.6 billion CNY, a 24.8% increase year-on-year. The State Grid is expected to enhance UHV investment in the second quarter [3][43][44]. Electric Vehicles - The electric vehicle sector is affected by proposed tariff exemptions, with a recommendation to continue investing in high-profit companies [3][45][46]. Hydrogen Energy - Multiple large-scale hydrogen projects are underway, with a focus on hydrogen production and storage. Significant investments are being made in green hydrogen projects [3][38][39][40].

Investment Rating - The report maintains a "Buy" rating for Guodian NARI Technology Co., Ltd. [1] Core Views - The company's performance aligns with market expectations, with a revenue of 57.42 billion yuan in 2024, reflecting a year-on-year growth of 11.15% [8] - The company continues to invest heavily in research and development, with R&D expenses increasing by 19% to 2.26 billion yuan in 2024 [8] - The net profit attributable to shareholders is projected to reach 7.61 billion yuan in 2024, a year-on-year increase of 6.06% [8] Summary by Sections Financial Performance - Total revenue for 2023 is reported at 51.66 billion yuan, with projections for 2024 at 57.42 billion yuan, 2025 at 64.63 billion yuan, and continuing growth through 2027 [1] - The net profit attributable to shareholders is forecasted to grow from 7.17 billion yuan in 2023 to 10.53 billion yuan by 2027 [1] - The earnings per share (EPS) is expected to increase from 0.89 yuan in 2023 to 1.31 yuan in 2027 [1] Business Segments - The company's internal business revenue is expected to reach 39.2 billion yuan in 2024, with a year-on-year growth of 9% [8] - The external business revenue is projected to grow to 18.1 billion yuan in 2024, reflecting a year-on-year increase of 16% [8] - International business revenue is anticipated to reach 3.3 billion yuan in 2024, showing a significant year-on-year growth of 135% [8] R&D and Future Outlook - The company plans to maintain its high R&D investment, with total expenses expected to rise to 7.7 billion yuan in 2025, a 20% increase from 2024 [8] - The report anticipates a stable growth trajectory for the company, with a projected revenue of 64.63 billion yuan in 2025 and a net profit of 8.37 billion yuan [1][8] - The company is expected to benefit from upcoming large-scale equipment updates and upgrades in the distribution network, which will drive demand for its traditional business [8]