@ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM -0.06(-0.83%) -0.15(-2.86%) -0.11 (-2.83%) 保险 中国太保 中国平安 120 中国人保 011 3104.52亿市值 2882.25亿市值 9301.79亿市值 4.85亿成交额 10.62亿成交额 2.56亿成交额 51.08 7.02 29.96 -0.27(-0.89%) +0.08(+0.16%) -0.09(-1.27%) 酸酒行业 贵州茅台 山西汾酒 五粮液 5015.81亿市值 19515.03亿市值 2477.38亿市值 25.68亿成交额 5.64亿成交额 8.08亿成交额 1553.50 129.22 203.07 +9.50(+0.62%) +0.08(+0.04%) -0.33(-0.25%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2401.71亿市值 2970.12亿市值 3493.25亿市值 11.77亿成交额 14.92亿成交额 8.93亿成交额 150.29 711.48 449.61 -4.81(-1.06%) +6.48(+0.92%) +0.19 ...

Group 1 - The main point of the article highlights a significant net outflow of over 31 billion in the electric new energy sector, contrasting with net inflows in sectors like machinery and cultural media [1] - The machinery equipment sector led with a net inflow of 15.61 billion, representing a 2.04% increase [2] - The cultural media sector also showed strong performance with a net inflow of 8 billion, reflecting a 3.51% increase [2] Group 2 - The electric new energy sector experienced a net outflow of 31.49 billion, with a net outflow rate of -4.02% [3] - The electronics sector followed with a net outflow of 11.18 billion, indicating a -1.10% change [3] - The automotive sector also faced a decline, with a net outflow of 8.21 billion and a -6.61% outflow rate [3] Group 3 - Among individual stocks, Liou Co. saw the highest net inflow of 8.50 billion, with a net inflow rate of 43.30% [4] - Sichuan Changhong and Zhaoyi Innovation also ranked high in net inflows, with 3.96 billion and 3.64 billion respectively [4] - On the sell side, Dawi Technology faced the largest net outflow of 3.88 billion, with a net outflow rate of -16.23% [5] Group 4 - Other notable stocks with significant net outflows included BYD with 3.76 billion and Huayin Electric Power with 3.58 billion [5] - The overall trend indicates a shift in investor sentiment away from the electric new energy sector towards more stable sectors like machinery and cultural media [1][2]

Group 1: Durable Consumer Goods Industry - Companies reported an average of 35% of revenue from exports to China and 7% from exports to the U.S. [2] - Most companies are continuing to shift production overseas, with some accelerating the pace due to increased U.S. customer orders ahead of the tariff suspension period [2] - Visibility on price renegotiation remains low, with expectations that U.S. customers and end consumers will bear a larger share of tariff costs [2][4] Group 2: Automotive Industry - Automotive manufacturers are optimistic about European market sales, with minimal impact from U.S.-China trade tensions [6] - Parts suppliers are still receiving new orders from U.S. factories, and many have successfully passed on tariff costs to customers [7] - Most suppliers are maintaining their current capacity expansion and capital allocation plans, with some considering building overseas factories [7][8] Group 3: Industrial Technology Industry - Orders for capital goods saw a pause in early April but returned to normal levels by the second week [9] - Companies are facing challenges in negotiating prices due to high tariffs, with many contracts structured to pass tariff costs onto customers [10] - Most companies are expanding capacity in regions like India, Thailand, and Mexico, awaiting clearer tariff policies [11] Group 4: Solar Industry - U.S. orders for solar products have slowed due to uncertainties surrounding the Inflation Reduction Act [15] - Companies are struggling with pricing negotiations as demand weakens, and concerns about potential high tariffs could further suppress downstream demand [15] - Some companies are considering reducing U.S. operations if risks and profitability do not align favorably compared to other regions [16][18]

Core Viewpoint - The company CIMC Vehicles has experienced a decline in stock price and profitability, with a current PE ratio significantly lower than the industry average, indicating potential undervaluation in the market [1][2]. Company Summary - CIMC Vehicles closed at 8.07 yuan, down 6.27%, with a rolling PE ratio of 15.14 times and a total market capitalization of 15.124 billion yuan [1]. - The company operates in the semi-trailer and special vehicle manufacturing sector, producing products such as ordinary semi-trailers, tankers, and refrigerated vehicles [1]. - CIMC Vehicles has established several well-known brands, including "Tonghua," "Huajun," and "Vanguard" in North America, and "SDC" and "LAG" in Europe [1]. Financial Performance - For the first quarter of 2025, CIMC Vehicles reported revenue of 4.591 billion yuan, a year-on-year decrease of 10.91%, and a net profit of 179 million yuan, down 32.59% [1]. - The company's gross profit margin stood at 14.30% [1]. Industry Comparison - The average PE ratio for the automotive manufacturing industry is 29.49 times, with a median of 23.29 times, positioning CIMC Vehicles at the 11th rank within the industry [2]. - As of the first quarter of 2025, 26 institutions held shares in CIMC Vehicles, with a total holding of 95.787 million shares valued at 8.659 billion yuan [1].

未经许可，不得转载或者引用。 投资要点 本周复盘总结 ： 四月第三周交强险37.8万辆，环比上周/上月周度+10.8%/-19.9%。 本周SW汽车指数+4.9%，细 分板块涨跌幅排序: SW商用载客车(+6.6%)＞ SW汽车零部件(+5.7%)> SW汽车(+4.9%)>SW乘用 车(+3.9%)>SＷ商用载货车(+3.85%)> 重卡指数(+3.79%)>SW摩托车及其他(+2.6%)。本周已覆盖 标的 蔚来-SW、耐世特、春风动力、长华集团、爱柯迪涨幅较好。 本周团队研究成果： 外发深度报告《看好Robotaxi商业化落地拐点已至》；银轮股份、拓普集 团、松原安全、伯特利2024年报点评；瑞鹄模具、旭升集团2025年一季报点评。 本周行业核心变化： 1） 特斯拉2025Q1实现营收193.35亿美元，同环比-9.2%/-24.8%，实现归母净利润4.09亿美元， 同环比-70.6%/-80.8%； 2） 长城汽车2025Q1实现营收400.19亿元，同环比-6.6%/-33.2%，实现 归母净利润17.51亿元，同环比-45.7%/-22.7%； 3） 问界M8上市四天大定突破5万台； 4） 比亚 迪 ...

@ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM 金十图示：2025年04月28日（周一）富时中国A50指数成分股午盘收盘行情一览：银行、半导体板块走高，保险、汽车板块涨跌 不一 电力行业 互联网服务 长江电力 东方财富 (8) 中国核电 a Action B 7316.00亿市值 1947.79亿市值 3247.09亿市值 13.07亿成交额 10.36亿成交额 20.65亿成交额 29.90 9.47 20.57 +0.38(+1.29%) +0.14(+1.50%) -0.13(-0.63%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 3733.30亿市值 3030.55亿市值 2326.00亿市值 7.39亿成交额 3.53亿成交额 1.56亿成交额 25.19 17.19 41.83 -0.01(-0.04%) -0.02(-0.12%) -0.17(-0.40%) 消费电子 化学制药 工业富联 立讯精密 恒瑞医药 3572.61亿市值 2252.49亿市值 3183.76亿市值 19.58亿成交额 13.98亿成交额 5.41亿成交额 17.99 31.08 49. ...

A股汽车整车板块盘初走弱，宇通客车跌超7%，中集车辆、中通客车、长城汽车、广汽集团、比亚迪 跟跌。 ...

掘金·年报一季报业绩解读 20250427 摘要 • 福斯特：2025 年胶膜海外产能放量，海外毛利率约 20%高于境内，盈利 优势有望扩大。电子材料业务增长及毛利率提升，显著增厚业绩。预计 2025-2027 年净利润分别为 17.4 亿元、20.2 亿元和 23.6 亿元。 • 联泓新科：2025 年一季度营收 15.4 亿元，同比增长 3%，归母净利润 0.7 亿元，同比增长 39%，主要受益于 EVA 产品销量大增和成本下降。 预计二季度 EVA 价格和盈利有望继续修复，多条新产线陆续放量。 • 联泓新科：计划在 2025-2026 年陆续投产多条新的生产线，包括 20 万吨 EVA 装置、10 万吨 POE 装置以及锂电添加剂 VC、Pae 等 PVC 装置。略 上调 2025-2027 年的盈利预测至 3.02 亿、5.96 亿和 7.38 亿元。 • 阳光电源：2024 年度归母净利润 110 亿元，同比增长 17%，2025 年一 季度利润 38 亿元，同比大增 83%。2024 年度经营性现金流 121 亿元， 同比增长 73%。预计 2025-2027 年归母净利润分别为 144 亿、17 ...

摘要 ► 本 周数据： 2025年4月第3周（4.14-4.20）乘用车销量38.7万辆，同比+9.3%，环比+10.3%；新能源乘用车销量20.4万辆，同比+28.8%，环比+10.3%；新能源渗透率52.8%， 环比持平。 ► 本周行情 ： 汽车板块本周表现强于市场 本周（ 4月21-4月25日）A股汽车板块上涨4.66%，在申万子行业中排名第1位，表现强于沪深300（+0.56%）。细分板块中，商用载客车、汽车零部件、摩托车及其 他、汽车服务、商用载货车、乘用车分别上涨8.04%、6.32%、6.25%、4.44%、2.16%、2.07%。 ► 本周观点： 本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 机器人产业化进程加速 看好T链机器人+强智能化主机厂 近期机器人运动会、马拉松后，天工 Ultra 、松延动力 N2 等国产人形机器人表现亮眼，国产人形机器人技术端不断突破，市场开始重新认识到软硬件全闭环能力的稀缺性， 我们全年维度看好 T 链产业化进程 + 强智能化能力的汽车主机厂在机器人领域布局： 1 ） T 链： 市场对于关税问题 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting a strong performance in the sector and suggesting a focus on key companies such as BYD, Geely, and Xiaomi Group [5][32]. Core Insights - The automotive industry is experiencing a significant transformation driven by smart electric vehicles and the acceleration of high-end supply at the Shanghai Auto Show. The report emphasizes the importance of intelligent and globalized breakthroughs among quality domestic car manufacturers [32][34]. - The report identifies a bullish outlook on the T-chain robotics sector and strong intelligent capabilities of automotive manufacturers, particularly in the context of humanoid robots and their industrial applications [32][37]. Summary by Sections 1. Weekly Overview - The automotive sector's holdings increased in Q1 2025, with a notable rise in passenger car sales, which reached 387,000 units, up 9.3% year-on-year and 10.3% month-on-month [1][10]. - The A-share automotive sector outperformed the market, rising 4.66% in the week of April 21-25, 2025, with commercial passenger vehicles and automotive parts leading the gains [1][3]. 2. Passenger Vehicles - The report highlights the continuation of the vehicle replacement policy, which is expected to stimulate demand positively. The subsidy for scrapping old vehicles remains in place, supporting the market [34]. - Recommended companies in the passenger vehicle segment include BYD, Geely, and Xiaopeng Motors, with a focus on those demonstrating strong intelligent and global capabilities [34][36]. 3. Intelligent Electric Vehicles - The report notes that the automotive parts sector is currently undervalued, with a strong growth outlook driven by new energy vehicles and intelligent electric vehicle trends. It emphasizes the importance of monitoring tariff developments and their impact on the domestic supply chain [35][36]. 4. Robotics - The report discusses the rapid advancement in humanoid robotics, with significant breakthroughs in application, cost, and software capabilities. It suggests that the industry is on the verge of a major transformation, with Tesla leading the way in industrial applications [37][39]. - The report recommends focusing on companies with strong customer positioning and production capabilities in the automotive parts sector, which are well-aligned with the robotics industry [43]. 5. Motorcycles - The report indicates a positive outlook for the motorcycle segment, particularly for high-displacement leading manufacturers, suggesting a focus on companies like Chunfeng Power [4][27]. 6. Heavy Trucks - The report highlights the upward demand for natural gas heavy trucks and recommends focusing on leading companies in this segment, such as China National Heavy Duty Truck Group [4][27]. 7. Tires - The report suggests a focus on leading tire manufacturers and high-growth companies, indicating a continued acceleration in globalization within the tire industry [4][27].