证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250512-20250518） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有华明装备、雅戈尔、曼卡龙、中际联合、 泰和新材和塞恩斯等。近5天机构调研数前二十的热门公司有泰和新材、星帅尔、 农产品、国脉科技、雅化集团和东方嘉盛等。近30天机构调研数前二十的热门公 司中评级机构家数大于或等于10家的有7家，分别为华明装备、中际联合、周大 生、伟星新材、怡和嘉业、华利集团和小商品城。华明装备、中际联合、华利集 团和小商品城2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年5月5日至2025年5月9日，发布重要股东增持进展情况公告的公司共计13 家，评级机构家数大于10家（含10家）的有3家，拟增持金额上下限均值占最新 公告日市值比例大于1%的共5家，分别为*ST庚星、海南发展、中铁工业、华懋科 技和玲珑轮胎。 ➢ 本周A股上市公司回购情况 2025年5月12日至2025年5月16日，共计109家公司发布回购进展情况公告，评 级机构家数大于10家（含10家）的共20家公司，其 ...

Economic Performance - In the first quarter of 2025, Humen Town achieved a GDP of 18.852 billion yuan, marking a year-on-year growth of 4%, the highest growth rate in the past three years [1][3] - The GDP for the first quarter of 2024 was 17.407 billion yuan, with a year-on-year increase of 3.6%, while in the first quarter of 2023, it was 16.227 billion yuan, reflecting a growth of 1.4% [3] Investment Trends - Fixed asset investment has been a significant driver of economic growth in Humen, with an investment of 2.517 billion yuan in the first quarter of 2023, representing a year-on-year increase of 37.0%, and 2.754 billion yuan in the first quarter of 2024, showing a growth of 9.4% [3] - In 2024, Humen Town's total fixed asset investment exceeded 13 billion yuan, with infrastructure investment accounting for 42.5%, ranking first in the city [3] Major Projects - Four industrial projects from Humen Town were included in the first batch of major projects for 2025, with a total investment exceeding 1.5 billion yuan, focusing on new generation information technology, modern services, and traditional industry upgrades [3][5] - The Dongguan Hengshun Electronic Technology project, part of the new generation information technology sector, has a total investment of 365 million yuan, with 120 million yuan planned for investment in 2025 [5] - The Humen Jiangnan Agricultural Products Logistics Center project, part of the modern service industry, has an estimated total investment of 680 million yuan, while the Humen Town Huayi Steel New Materials Intelligent Manufacturing Headquarters project has an estimated investment of 278 million yuan [7]

智通财经5月19日电，百隆东方董事长兼总经理杨卫新在今天下午举行的2024年度暨2025年第一季度业 绩说明会上表示，"根据公司在手订单的生产排期，目前公司下属国内及越南工厂的产能利用率均接近 或达到满产水平。近三年，公司没有对美直接出口业务，此次美国的对等关税政策对公司没有直接影 响。但因美国加征关税会对全球纺织服装供应链造成较大影响，公司作为纺织服装供应链的上游企业， 会受到一定的间接影响。"（智通财经记者 汪斌） 百隆东方：公司国内外的产能利用率均接近或达到满产水平 ...

证券研究报告 | 金融工程 gszqdatemark 2025 05 18 年 月 日 量化周报 上证指数、上证 50 确认日线级别上涨 上证指数、上证 50 确认日线级别上涨。本周（5.12-5.16），大盘先扬后 抑，上证指数全周收涨 0.76%。在此背景下，上证指数、上证 50、汽车、 轻工、纺服、交运等纷纷确认日线级别上涨。这基本意味着贸易战对市场 的冲击已经结束了，市场再次回档前期低点的概率基本不存在了。由于市 场才刚刚确认日线级别上涨，还有很多指数和板块没有确认，因此，我们 认为市场的日线级别上涨还要持续一段时间，投资者可逆势布局。中期来 看，上证指数、上证 50、沪深 300、中证 500、深证成指、创业板指、科 创 50 纷纷确认周线级别上涨，而且在日线上只走出了 1 浪结构，中期牛 市刚刚开始；此外，已有 21 个行业处于周线级别上涨中，且 8 个行业周 线上涨只走了 1 浪结构，因此我们认为本轮牛市刚刚开始，而且还是个普 涨格局。中期对于投资者而言，仍然可以逆势布局。 A 股景气指数观察。截至 2025 年 5 月 16 日，A 股景气指数为 21.19，相 比 2023 年底上升 15. ...

Group 1: Export Chain Recovery - The "reciprocal tariffs" imposed by Trump caused significant declines in A-shares, with the deepest drop in industry and individual stock indices reaching 12.19% and 13.60% respectively[1] - Since the imposition of these tariffs, the cumulative change in industry and individual stock indices has been -1.18% and 3.48%, with recovery rates of 90.31% and 125.61% respectively, indicating a near full recovery from the initial shock[1] - The recent US-China trade talks resulted in a joint statement agreeing to significantly lower bilateral tariff levels, suggesting limited further recovery potential for the export chain[1][14] Group 2: Sector and Stock Opportunities - Industries that have not fully recovered from the tariff impact and show positive revenue growth for Q1 2025 include components, consumer electronics, film and television, gaming, and diversified finance, with a focus on electronic manufacturing[14] - Among the top 50 stocks with significant US revenue exposure, candidates that meet the recovery criteria include Huayi Group, Pegatron, Shifeng Culture, Guoguang Electric, and Jialian Technology, primarily in the light industry and electronic manufacturing sectors[2][14] Group 3: Market Performance and Strategy - A-shares experienced a slight pullback after an initial rise following the tariff easing, with overall trading volume shrinking, indicating a cautious market sentiment[6][20] - The A-share market has fully recovered from the April 7 tariff shock, but the weak performance in credit and social financing in April has raised concerns about the underlying economic confidence[20] - The recommendation is to maintain a balanced portfolio to navigate uncertainties, focusing on sectors that reflect demand growth and have not fully recovered from tariff impacts[19]

纺织服装行业：2024 及 2025Q1 业绩承压， 未来愈加明朗 2025 年 5 月 19 日 看好/维持 纺织服装 行业报告 | 分析师 | 刘田田 电话：010-66554038 邮箱：liutt@dxzq.net.cn | 执业证书编号：S1480521010001 | | --- | --- | --- | | 分析师 | 沈逸伦 电话：010-66554044 邮箱：shenyl@dxzq.net.cn | 执业证书编号：S1480523060001 | 投资摘要： 2024 年纺织逐季走弱，服装整体承压。纺织制造板块 2024 年收入 1181 亿元，同比+8.37%，归母净利润 92.91 亿元，同比 +8.6%，其中 Q4 单季度板块收入 285 亿元，同比+2.29%；归母净利润 17.17 亿元，同比-10.80%，24 年是逐季度走弱的情 况，主要系外需走弱。服装家纺板块 2024 年收入约 1528 亿元，同比-2.2%，利润 101.3 亿元，同比-29.95%。其中 Q4 单 季度板块收入 466.9 亿元，同比-2.9%，归母净利润 5.6 亿元，同比-80%。整体上 202 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company achieved a revenue of 6.52 billion yuan in 2024, representing a year-on-year growth of 10.5%, while the net profit attributable to the parent company was 194 million yuan, a decrease of 41.9% due to goodwill impairment [9]. - The company has shown strong performance in the jewelry segment, with significant growth in traditional gold and brand licensing services, while the handbag business faced short-term pressure [9]. - The company is actively expanding its international presence, opening stores in Malaysia and Thailand, and has launched a new sub-brand focused on gifting scenarios [9]. - The gross margin for 2024 decreased by 2.5 percentage points to 23.6%, primarily due to a higher proportion of lower-margin gold jewelry products [9]. Financial Summary - Revenue projections for 2025-2027 are set at 7.665 billion yuan, 8.703 billion yuan, and 9.711 billion yuan, respectively, with corresponding year-on-year growth rates of 17.6%, 13.5%, and 11.6% [4][10]. - The earnings per share (EPS) are forecasted to be 0.53 yuan, 0.61 yuan, and 0.71 yuan for 2025, 2026, and 2027, respectively [4][10]. - The company’s net profit margin is expected to improve gradually, reaching 6.5% by 2027 [4].

Core Points - The company, Guqi Down Material, has initiated its subscription process with a total issuance of 50 million shares, of which 20 million shares are available for online subscription at a price of 12.08 yuan per share, resulting in a price-to-earnings ratio of 14.65 times [1][3] - The company focuses on the research, production, and sales of high-specification down products [2] Issuance Information - Stock code: 001390, subscription code: 001390, issuance price: 12.08 yuan, issuance P/E ratio: 14.65 times, industry reference P/E ratio: 18.06 [3] - Subscription date is set for May 19, 2025, with a maximum subscription limit of 20,000 shares per account and a required market value of 200,000 yuan for top subscription [3] - The total issuance includes 50 million shares, with 20 million shares allocated for online subscription, and the announcement of winning numbers and payment date is on May 21, 2025 [3] Fund Utilization - The raised funds will be allocated to the following projects: - 28,164.88 million yuan for the annual production of 2,800 tons of functional down green manufacturing project (Phase I) - 16,500 million yuan for supplementing working capital - 5,439.06 million yuan for upgrading the technology and research center [3] Financial Indicators - Total assets for 2024 are reported at 141.2 billion yuan, an increase from 120.4 billion yuan in 2023 and 95 billion yuan in 2022 [4] - Net assets for 2024 stand at 91.4 billion yuan, up from 74.6 billion yuan in 2023 and 62.4 billion yuan in 2022 [4] - Operating income for 2024 is 96.7 billion yuan, compared to 83 billion yuan in 2023 and 66.7 billion yuan in 2022 [4] - Net profit for 2024 is 16.8 billion yuan, an increase from 12.2 billion yuan in 2023 and 9.7 billion yuan in 2022 [4] - Basic earnings per share for 2024 are 1.12 yuan, up from 0.81 yuan in 2023 and 0.65 yuan in 2022 [4] - The weighted return on equity for 2024 is 20.27%, compared to 17.79% in 2023 and 16.87% in 2022 [4]

Group 1: New IPOs - This week, there are two new stocks available for subscription, one on the Shanghai Stock Exchange and one on the Shenzhen Stock Exchange [1] - The Shanghai Stock Exchange new stock, Zhongce Rubber, is one of the largest tire manufacturers in China, focusing on the research, production, and sales of all-steel tires, semi-steel tires, bias tires, and automotive tires [2][7] - The Shenzhen Stock Exchange new stock, Guqi Down Material, specializes in high-spec down products, with a focus on the research, production, and sales of down products used in clothing and bedding [3][6] Group 2: Company Performance - Zhongce Rubber's revenue for 2023 to Q1 2025 is projected to be 35.252 billion yuan, 39.255 billion yuan, and 10.641 billion yuan, respectively, with net profits of 2.638 billion yuan, 3.787 billion yuan, and 1.152 billion yuan [2] - Guqi Down Material's revenue for the same period is expected to be 830 million yuan, 967 million yuan, and 193 million yuan, with net profits of 122 million yuan, 168 million yuan, and 38.1 million yuan [3] Group 3: Fundraising and Projects - Zhongce Rubber plans to raise 4.85 billion yuan through its IPO to fund projects including a high-performance radial tire green 5G digital factory and a production line for 2.5 million sets of all-steel radial heavy-duty tires [3] - Guqi Down Material aims to raise 604 million yuan for projects such as a green manufacturing project for functional down and upgrading its technology and research center [3] Group 4: Regulatory Changes - The China Securities Regulatory Commission has revised the "Regulations on the Supervision of Fundraising by Listed Companies," emphasizing that raised funds should be used specifically for main business operations and improving the efficiency of fund usage [4][5] - The revised regulations also impose stricter supervision on changes in the use of raised funds and require timely disclosure of any related issues [5]

Group 1: Company Overview - Guqi Ruan Material focuses on high-specification down products, with major clients including Hailan Home, Semir Clothing, and Bosideng [1] - Zhongce Rubber is one of the largest tire manufacturers in terms of sales scale, producing a variety of tire products including radial and bias tires [3] Group 2: Financial Performance - Guqi Ruan Material's projected revenues for 2022 to 2024 are 667 million yuan, 830 million yuan, and 967 million yuan, with net profits of 97 million yuan, 122 million yuan, and 168 million yuan respectively [2] - Zhongce Rubber's projected revenues for 2022 to 2024 are 31.889 billion yuan, 35.252 billion yuan, and 39.255 billion yuan, with net profits of 1.225 billion yuan, 2.638 billion yuan, and 3.787 billion yuan respectively [3] Group 3: Fundraising and Investment Plans - Guqi Ruan Material plans to use the raised funds for a 2,800-ton functional down green manufacturing project, upgrading its technology and R&D center, and supplementing working capital [2] - Zhongce Rubber's fundraising will primarily support projects including a high-performance radial tire green 5G digital factory, a production line for 2.5 million sets of all-steel radial tires, and expansion projects in its manufacturing facilities [4]