1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, China is in a marginal de - leveraging process. The government aims to stabilize the macro - leverage ratio, and the growth rate of the real - sector's liabilities is expected to decline. The fiscal policy is front - loaded, and the monetary policy is moderately neutral [2][17]. - The economic recovery in the current round is better than expected, but it is necessary to observe whether the physical volume data will weaken in the future. The target for the annual real economic growth rate in 2025 is around 5%, and the nominal economic growth rate target is around 4.9% [4][19]. - The stock - bond relationship shows a pattern of a strong stock market and a weak bond market, with the style shifting towards value - based stocks. The stock - bond ratio continues to favor stocks, but in the de - leveraging cycle, the trading value of both stocks and bonds is currently limited. If the yield of the 10 - year Treasury bond rises above 1.7%, the trading value of bonds may gradually emerge [6][22]. - In the de - leveraging cycle, the probability of value - based stocks outperforming is higher. The recommended A + H dividend portfolio and A - share portfolio mainly focus on industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [8][9]. 3. Summary by Relevant Catalogs 3.1 National Balance Sheet Analysis Liability Side - In March 2025, the real - sector's liability growth rate was 8.7% (previous value: 8.4%), expected to rebound slightly to around 9.0% in April, reach an annual high, and then decline steadily in May and return to de - leveraging. By the end of the year, it is expected to drop to around 8% [2][17]. - The government's liability growth rate was 13.9% at the end of March 2025 (previous value: 12.9%), expected to rise to around 14.8% in April, reach an annual high, and then decline. By the end of the year, it is expected to drop to around 12.5% [3][18]. - Last week, the money market continued to loosen marginally. The one - year Treasury bond yield oscillated upwards, closing at 1.45% at the weekend. The estimated lower limit of the one - year Treasury bond yield is about 1.3%, the lower limit of the 10 - year Treasury bond yield is about 1.7%, and the lower limit of the 30 - year Treasury bond yield is about 1.9% [3][18]. Asset Side - In March, the physical volume data improved comprehensively compared to January - February. The economic recovery in this round is better than expected, but it is necessary to pay attention to whether the physical volume data will weaken in the future. The target for the annual real economic growth rate in 2025 is around 5%, and the nominal economic growth rate target is around 4.9% [4][19]. 3.2 Stock - Bond Cost - Effectiveness and Stock - Bond Style - Last week, the money market continued to loosen marginally. The stock market was strong, and the bond market was weak, with the style shifting towards value - based stocks. The yields of both short - term and long - term bonds increased, and the stock - bond ratio continued to favor stocks [6][22]. - The 10 - year Treasury bond yield increased by 4 basis points to 1.68% throughout the week, and the one - year Treasury bond yield increased by 3 basis points to 1.45%. The term spread between the 10 - year and one - year Treasury bonds slightly widened to 23 basis points [6][22]. - The wide - based rotation strategy underperformed the CSI 300 index by - 0.02 pct last week. Since the position was established in July, it has outperformed the CSI 300 index by 6.28 pct, with a maximum drawdown of 12.1% (compared to 15.7% for the CSI 300 index) [6][22]. - Considering the de - leveraging cycle, the trading value of both stocks and bonds is currently limited. If the yield of the 10 - year Treasury bond rises above the predicted lower limit of 1.7%, the trading value of bonds may gradually emerge. This week, a bond position is added, with recommended allocations of 40% for the dividend index, 40% for the SSE 50 index, and 20% for the 30 - year Treasury bond ETF [7][23]. 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market rose with shrinking trading volume. The Shanghai Composite Index rose 0.8%, the Shenzhen Component Index rose 0.5%, and the ChiNext Index rose 1.4%. Among the Shenwan primary industries, beauty care, non - bank finance, automobiles, transportation, and basic chemicals had the largest increases, while computer, national defense and military industry, media, electronics, and social services had the largest declines [31]. 3.3.2 Industry Crowding and Trading Volume - As of May 16, the top five industries in terms of crowding were machinery and equipment, electronics, automobiles, computers, and basic chemicals, while the bottom five were comprehensive, steel, coal, building materials, and petroleum and petrochemicals [34]. - The top five industries with increased crowding this week were basic chemicals, transportation, automobiles, pharmaceutical biology, and non - ferrous metals, while the top five with decreased crowding were computers, national defense and military industry, electronics, communications, and media [34]. - The trading volume of the entire A - share market decreased this week. Beauty care, transportation, non - bank finance, textile and apparel, and coal had the highest year - on - year growth rates in trading volume, while real estate, media, household appliances, building materials, and steel had the smallest increases [35]. 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, beauty care, non - bank finance, automobiles, basic chemicals, and transportation had the largest increases in PE(TTM), while national defense and military industry, computer, media, electronics, and social services had the largest declines [38]. - In terms of valuation - earnings matching, as of May 16, 2025, industries with relatively high full - year earnings forecasts for 2024 and relatively low current valuations compared to history included coal, petroleum and petrochemicals, non - ferrous metals, power equipment, pharmaceutical biology, and consumer electronics [40]. 3.3.4 Industry Prosperity - In terms of external demand, there were mixed trends. The global manufacturing PMI fell from 50.3 in April to 49.8, and the PMIs of major economies that have been released in April showed mixed trends. The CCFI index decreased by 0.14% week - on - week in the latest week, and port cargo throughput declined. South Korea's export growth rate rose to 3.7% in April and then dropped to - 23.8% in the first 10 days of May. Vietnam's export growth rate rose from 13.2% in March to 21% in April [42]. - In terms of domestic demand, the second - hand housing price decreased in the latest week, and the quantitative indicators showed mixed trends. The traffic volume of trucks on expressways declined. The capacity utilization rate of ten industries rose to a relatively high level in March 2025, significantly declined in April, and slightly rebounded in May. Automobile trading volume was at a relatively high level compared to the same period in history, new - home sales remained at a historical low, and second - hand home sales were still at a high level compared to the historical seasonality [42]. 3.3.5 Public Fund Market Review - In the second week of May (May 12 - 16), most active public equity funds underperformed the CSI 300. The 10%, 20%, 30%, and 50% weekly returns were 1.4%, 1%, 0.8%, and 0.3% respectively, while the CSI 300 rose 1.1% [58]. - As of May 16, based on the latest net value and share estimates, the net asset value of active public equity funds was 3.4 trillion yuan, slightly lower than the 3.66 trillion yuan in Q4 2024 [58]. 3.3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the probability of value - based stocks outperforming is higher. Dividend - type stocks generally should have three characteristics: no balance - sheet expansion, good profitability, and survival ability [8][62]. - Combining the above three characteristics and the under - allocation situation in the public fund's quarterly report, the recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [9][62].

Group 1 - The market is experiencing a "barbell" trading pattern, with strong performance in new consumption and active technology themes, as evidenced by the North Exchange 50 index rising by 3.13% and daily average trading volume increasing by 11.5% [10][18] - There is a notable divergence in market styles, with large-cap high-dividend and micro-cap themes performing well, while low PE indices and large-cap indices increased by 1.47% and 1.15%, respectively, contrasting with high PE and small-cap indices which fell by -0.95% and -0.27% [10][11] - The report highlights strong performances in sectors such as military industry and new consumption, with specific companies like Jinbo Biological, Lusi Co., and Kangbit showing significant strength [10][11] Group 2 - The North Exchange 50 index is approaching previous highs, indicating a cautious market environment where funds are structurally favoring new consumption [11] - The report suggests that the market environment in May remains favorable for the North Exchange and thematic investments, despite concerns about domestic stimulus measures potentially leading to underwhelming macro performance [11][12] - Companies recommended for attention include Jinbo Biological, Kangbit, Yizhi Konjac, and others in the new consumption sector, as they are expected to attract more institutional interest [11][12] Group 3 - The North Exchange has introduced a "small-scale fast" review mechanism for major asset restructuring, allowing companies with cumulative transaction amounts not exceeding 100 million yuan to bypass extensive review processes [12] - The report emphasizes that consumption and technology will remain key focus areas in Q2, with a long-term view on companies with competitive advantages [12] Group 4 - The North Exchange saw a total trading volume of 8.068 billion shares this week, with a trading value of 173.42 billion yuan, reflecting a week-on-week increase of 39.32% [18][27] - The average PE ratio for the North Exchange is reported at 94.45 times, with a median of 53.73 times, indicating a relatively high valuation compared to other indices [24][26] Group 5 - This week, one new stock, Tiangong Co., was listed on the North Exchange, bringing the total number of listed companies to 266 as of May 16, 2025 [31] - The new third board saw 7 new listings and 3 delistings, with planned financing of 170 million yuan and completed financing of 7 million yuan [54][56]

那么，西藏固定资产投资是如何在高基数的基础上保持持续增长的？其背后的"密钥"又有哪些？ 自治区发展改革委相关负责人表示，固定资产投资的增长与国家对西藏的重大战略定位、决策部署，以 及全区上下一心落实重大项目建设密不可分。全区牢固树立"抓项目就是抓发展、抓发展必须抓项目"的 理念，印发了《2025年全区重点建设项目计划》和一季度攻坚行动方案，每月进行分析调度，持续在项 目储备、抓前期、抓进度上下功夫，努力形成更多的实物工作量。 主要经济指标增速位居全国前列，八项经济指标增速位居全国第一。全区经济发展态势持续向好，这些 成绩的取得实属不易。 纵观"首季报"，2025年一季度西藏经济在全国舞台上表现亮眼，实现"开门红"： 地区生产总值同比增长7.9%，超出全国平均水平2.5个百分点；规模以上工业增加值增速较全国平均水 平高出11.4个百分点；固定资产投资增速更是较全国平均水平高出23.5个百分点。 这份优异答卷的背后，是我区坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，全区上下"拼 经济、抓发展"的不懈努力。 固投牵引，筑牢发展根基 西藏的发展离不开国家的大力支持。 2024年，西藏全社会固定资产投资增长19 ...

Economic Data Release - The National Bureau of Statistics will release key economic data for April on May 19, including industrial added value, fixed asset investment, and retail sales of consumer goods [2] - CICC estimates that the fiscal subsidy scale for the old-for-new policy exceeded 38 billion yuan in April, maintaining a strong impact on retail sales growth at 3.3 percentage points [2] - The retail sales of narrow passenger cars are expected to grow by 14.4% year-on-year in April, with overall retail sales growth projected at around 5.5% [2] Fuel Price Adjustment - The domestic refined oil price adjustment window is set for May 19 at 24:00, with a projected decrease of 240 yuan per ton for gasoline and diesel prices [3] - Analysts predict a drop of approximately 0.18 yuan per liter for 92-octane gasoline and 0.2 yuan per liter for 0-octane diesel, resulting in savings of about 9 yuan for a full tank of 50 liters [3] LPR Announcement - The latest 1-year and 5-year LPR will be announced on May 20, with the previous rates at 3.1% and 3.6% respectively [4] - Following a 0.1 percentage point reduction in the policy interest rate, the LPR is expected to decrease by about 0.1 percentage points [4] Stock Unlocking - A total of 40 companies will have their restricted shares unlocked from May 19 to May 23, with 8 stocks having a market value exceeding 1 billion yuan [6] - The top three companies by unlocking market value are: SiTeWei-W (7.007 billion yuan), XinDian Software (4.865 billion yuan), and YanTian Port (4.459 billion yuan) [6][7] New Stock Issuance - Two new stocks will be issued next week: Guqi Wool Materials on May 19 and Zhongce Rubber on May 23 [10]

证券研究报告·固定收益·固收点评 固收点评 20250517 绿色债券周度数据跟踪 （20250512-20250516） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20250512-20250516）银行间市场及交易所市场共新发行绿色债券 10 只，合计发行规模约 103.13 亿元，较上周增加 24.72 亿元。发行年限 多为 3 年；发行人性质为地方国有企业、央企子公司；主体评级多为 AAA、AA+、A-级；发行人地域为北京市、江苏省、四川省、广东省、 上海市、天津市；发行债券种类为中期票据、私募公司债、交易商协会 ABN、一般公司债。 ◼ 二级市场成交情况： 本周（20250512-20250516）绿色债券周成交额合计 530 亿元，较上周增 加 76 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 250 亿元、211 亿元和 57 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 86.11%，市场热度持续；分 发行主体行业来看，成交量前三的行业为金融、公用事业、交运设备， 分别为 248 亿元、100 ...

- The report tracks the performance of various factors in different stock pools, including the CSI 300, CSI 500, and Liquidity 1500 stock pools[1][2][3] - In the CSI 300 stock pool, the best-performing factors this week were single-quarter net profit year-on-year growth rate (1.02%), single-quarter EPS (1.00%), and PE ratio factor (0.89%)[12][13] - In the CSI 500 stock pool, the best-performing factors this week were EPTTM percentile (1.30%), PB ratio factor (1.07%), and operating cash flow ratio (0.97%)[14][15] - In the Liquidity 1500 stock pool, the best-performing factors this week were post-morning return factor (2.27%), momentum spring factor (1.43%), and PE TTM reciprocal (1.33%)[16][17] - The PB-ROE-50 portfolio achieved positive excess returns in the CSI 500 and CSI 800 stock pools this week, with excess returns of 0.88% and 0.43% respectively[24][25] - The institutional research portfolio tracking strategy achieved positive excess returns this week, with the private equity research tracking strategy achieving an excess return of 0.22% relative to the CSI 800[26][27] - The block trading portfolio achieved a positive excess return of 0.36% relative to the CSI All Share Index this week[30][31] - The directed issuance portfolio achieved a positive excess return of 0.48% relative to the CSI All Share Index this week[35][36]

Group 1 - The Shanghai Composite Index fell by 0.40%, while the CSI Shanghai State-owned Enterprises Index decreased by 0.48%, closing at 1334.63 points with a trading volume of 14.95 billion [1] - The CSI Shanghai State-owned Enterprises Index has increased by 2.26% over the past month, decreased by 2.65% over the past three months, and has declined by 6.02% year-to-date [1] - The index reflects the overall performance of listed companies in Shanghai that are state-owned or significantly state-held, based on profitability, growth potential, and shareholder return levels [1] Group 2 - The top ten holdings in the CSI Shanghai State-owned Enterprises Index include China Pacific Insurance (8.59%), Shanghai Airport (6.25%), Guotai Junan Securities (5.57%), Shanghai Bank (5.54%), and others [1] - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with a 100% representation [1] - The industry composition of the index shows that finance accounts for 29.83%, industrials for 23.33%, consumer discretionary for 12.42%, real estate for 9.62%, and healthcare for 7.17% [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Shanghai State-owned Enterprises Index include Huatai-PineBridge CSI Shanghai State-owned Enterprises ETF and its variants [2]

Market Overview - The Shanghai Composite Index fell by 0.40% on May 16, with 15 out of the 28 sectors rising, led by the automotive and machinery equipment sectors, which increased by 1.91% and 0.83% respectively [2] - The beauty care and non-bank financial sectors experienced the largest declines, falling by 1.31% and 1.21% respectively [2] - The transportation sector declined by 0.81% [2] Capital Flow Analysis - The net inflow of capital in the two markets was 307 million yuan, with 14 sectors seeing net inflows [2] - The automotive sector had the highest net inflow of capital, totaling 4.616 billion yuan, contributing to its 1.91% increase [2] - The basic chemical sector also saw a net inflow of 1.981 billion yuan, with a daily increase of 0.60% [2] - Conversely, 17 sectors experienced net outflows, with the non-bank financial sector leading with a net outflow of 1.925 billion yuan [2] - The transportation sector followed with a net outflow of 1.250 billion yuan, along with significant outflows in the computer, food and beverage, and electronics sectors [2] Transportation Sector Performance - The transportation sector had 125 stocks, with 19 stocks rising and 103 stocks declining [3] - Among the stocks with net inflows, the top performer was Sanyangma, with a net inflow of 60.2749 million yuan, followed by Daqin Railway and Feilida with inflows of 45.1952 million yuan and 30.3601 million yuan respectively [3] - The stocks with the largest net outflows included Lianyungang, Zhongyuan Haifa, and Ningbo Ocean, with outflows of 222.539 million yuan, 171.090 million yuan, and 131.091 million yuan respectively [3] Top Gainers and Losers in Transportation Sector - **Top Gainers**: - Sanyangma: +9.99%, 6027.49 million yuan inflow [4] - Chongqing Port: +1.41%, 2448.82 million yuan inflow [4] - **Top Losers**: - Lianyungang: -10.04%, 22165.39 million yuan outflow [6] - Zhongyuan Haifa: -6.62%, 17090.73 million yuan outflow [6]

Market Overview - The Shanghai Composite Index fell by 0.40% on May 16, with 15 industries rising, led by the automotive and machinery equipment sectors, which increased by 1.91% and 0.83% respectively [1] - The beauty care and non-bank financial sectors experienced the largest declines, with drops of 1.31% and 1.21% [1] Capital Flow Analysis - The net inflow of capital in the two markets was 307 million yuan, with 14 industries seeing net inflows [1] - The automotive sector had the highest net inflow, amounting to 4.616 billion yuan, while the basic chemical industry saw a net inflow of 1.981 billion yuan with a daily increase of 0.60% [1] Machinery Equipment Sector Performance - The machinery equipment sector rose by 0.83%, with a total net inflow of 1.758 billion yuan [2] - Out of 530 stocks in this sector, 395 stocks rose, including 6 that hit the daily limit, while 113 stocks fell, with 2 hitting the lower limit [2] - The top three stocks with the highest net inflow were: - Rifa Precision Machinery (3.40 billion yuan) - Longxi Co., Ltd. (2.27 billion yuan) - Hezhong Intelligent (1.69 billion yuan) [2] Machinery Equipment Sector Capital Outflow - The top three stocks with the highest net outflow were: - Tuosida (1.699 billion yuan) - Qin Chuan Machine Tool (1.2849 billion yuan) - Daye Co., Ltd. (933.53 million yuan) [4] - The machinery equipment sector had several stocks with significant capital outflows, indicating potential selling pressure [4]

Group 1: Market Trends and Highs - The report tracks stocks, industries, and sectors reaching new highs, serving as market indicators and highlighting the effectiveness of momentum and trend-following strategies [1][4] - As of May 16, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 3.50%, Shenzhen Component Index at 11.44%, CSI 300 at 8.62%, CSI 500 at 9.71%, CSI 1000 at 8.22%, CSI 2000 at 5.97%, ChiNext Index at 20.03%, and STAR Market 50 Index at 11.68% [5][24] Group 2: High-Performing Stocks - A total of 544 stocks reached a 250-day new high in the past 20 trading days, with the highest numbers in the basic chemical, machinery, and pharmaceutical sectors, totaling 81, 64, and 43 stocks respectively [2][13] - The highest proportion of new high stocks is found in the banking, transportation, and defense industries, with respective proportions of 64.29%, 20.33%, and 17.65% [13][26] Group 3: Sector Analysis - The manufacturing and cyclical sectors had the most stocks reaching new highs this week, with 174 and 157 stocks respectively, while the consumer, technology, pharmaceutical, and financial sectors had 68, 67, 43, and 32 stocks respectively [16] - The proportion of new high stocks in various indices includes: CSI 2000 at 10.05%, CSI 1000 at 7.80%, CSI 500 at 7.40%, CSI 300 at 10.33%, ChiNext Index at 5.00%, and STAR Market 50 Index at 6.00% [16][26] Group 4: Stable High-Performing Stocks - The report identifies 47 stable high-performing stocks, including Shuanglin Co., Wanchen Group, and Zhongchong Co., with the majority from the manufacturing and consumer sectors, totaling 17 and 11 stocks respectively [3][21] - The automotive industry leads in the manufacturing sector for new highs, while the agriculture, forestry, animal husbandry, and fishery industry leads in the consumer sector [21]