本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 市场概览:2025Q1除了纯债型基金外，主要基金指数均录得正收益，主动 权益基金跑出超额。从总规模上来看，今年一季度公募基金总规模保持 稳定，主动权益基金规模微涨，结构上变化不大。类固定收益基金仍然 占比较重，达68.8%，而主动权益基金规模占比仅11%，有较大的发展空 间。 SAC 执业证书编号： 主动权益基金持仓分析：共重仓持有2638家上市公司，持股总市值约为 2.96万亿元，增长2.18%，股票仓位略有提高，重仓持有港股市场的市值 大幅增加。重仓行业方面，通信行业在本季度退出了前十大重仓行业， 而有色金属则新晋跻身前十大重仓行业之列，与内需消费息息相关的商 贸零售和轻工制造板块在行业下跌时市值在逆市增长，或指向基金逆市 增持。重仓持有的个股方面，腾讯控股跃升为第一大重仓个股，美的集 团和立讯精密出现逆市减仓。 基 金 专 题 集中度分析：行业和个股集中度更高，具体来看前十大重仓个股占比从 18.41%提升至20.14%，前十大重仓行业占比从70.19%提 ...

主力资金净流出的行业有7个，国防军工行业主力资金净流出规模居首，全天净流出资金5.03亿元，其 次是轻工制造行业，净流出资金为4.90亿元，净流出资金较多的还有农林牧渔、纺织服饰、石油石化等 行业。 轻工制造行业今日上涨2.33%，全天主力资金净流出4.90亿元，该行业所属的个股共155只，今日上涨的 有143只，涨停的有5只；下跌的有7只。以资金流向数据进行统计，该行业资金净流入的个股有70只， 其中，净流入资金超千万元的有12只，净流入资金居首的是趣睡科技，今日净流入资金5038.11万元， 紧随其后的是广博股份、群兴玩具，净流入资金分别为2696.91万元、2476.56万元。轻工制造行业资金 净流出个股中，资金净流出超千万元的有10只，净流出资金居前的有鸿博股份、天元股份、宜宾纸业， 净流出资金分别为4.90亿元、4345.72万元、3843.08万元。 轻工制造行业资金流入榜 沪指5月6日上涨1.13%，申万所属行业中，今日上涨的有30个，涨幅居前的行业为计算机、通信，涨幅 分别为3.65%、3.59%。轻工制造行业今日上涨2.33%。跌幅居前的行业为银行，跌幅分别为0.13%。 资金面上看，两市主 ...

| 排名 | 板块名称 | 主力资金净流出 (亿元) | 主力资金净流出率(%) | | --- | --- | --- | --- | | – | 国防军工 | -6.91 | -2.40 | | 2 | 轻工制造 | -5.40 | -2.69 | | 3 | 农林牧渔 | -4.78 | -3.05 | | ব | 纺服行业 | -2.92 | -2.89 | | 5 | 影视院线 | -1.75 | -3.35 | 星矿主力资金监控: 午后买入前十榜 (截止时间: 14时 15 分) | 排名 | 股票名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 岩山科技 | 7.34 | 28.88 | | 2 | 海南华铁 | 5.21 | 15.12 | | 3 | 天源迪科 | 5.20 | 25.93 | | ব | 常山北明 | 5.10 | 8.21 | | 5 | 东方财富 | 4.76 | 8.44 | | 6 | 胜宏科技 | 4.07 | 10.73 | | 7 | 比亚迪 | 3.84 | 8.75 | | 8 ...

1. Report's Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - From August 2017 to January 2020, the credit bond market evolved in four stages under the intertwined influence of Sino - US trade frictions and policy hedging, presenting a pattern of "strengthened safe - haven properties of interest - rate bonds and re - structured risk pricing of credit bonds" [3][21]. - The market logic gradually returned to fundamental verification in the later stage, with external shocks having a diminishing marginal impact. Policy hedging effectiveness, credit repair rhythm, and cross - border capital flows became key variables affecting the market trend [12]. - After the implementation of the 54% tariff policy on April 2, 2025, the core logic of the credit bond market shifted to "safe - haven trading + policy hedging". Short - term high - grade varieties are favored, and in the short - term, safe - haven sentiment will dominate the market. In the medium - term, attention should be paid to economic data and the possible impact of the valuation repair of Chinese dollar - denominated bonds [100][105]. 3. Summary by Directory First Stage: Anticipation Disturbance Period (August 2017 - June 2018) - **Interest Rate Curve Differentiation and Credit Risk Pricing Re - structuring**: The bond market was in a "loose money, tight credit" policy combination. The short - end of the interest - rate bond market benefited from the targeted RRR cut in April 2018, while the long - end was suppressed by factors such as rising international oil prices, Fed rate hikes, and regulatory tightening. Private enterprise default amounts increased, and investors' behaviors diverged. The inability to transform "loose money" into "loose credit" intensified the structural contradictions in the credit bond market [22][24][25]. - **Credit Bond Financing Fluctuations due to Trade Friction Evolution**: Credit bond financing fluctuated. It declined initially due to trade friction concerns and financial risk prevention policies, then rebounded briefly in early 2018 due to liquidity release policies, and finally decreased again after the addition of tariffs and the implementation of the asset management new rules [29][30]. - **Overall Rise in Credit Bond Yields and Widening of Credit Spreads**: Credit bond yields rose overall, and credit spreads widened. Market concerns about credit risks spread from local industries to the whole market, especially in export - oriented industries. Although the targeted RRR cut in April 2018 curbed risk spread, private enterprise default events increased, and the pricing logic of the credit bond market became more complex [36][37]. - **Initial Appearance of Credit Bond Default Pressure with Wide Industry Distribution**: Credit bond defaults and extensions increased slightly. Defaults were no longer concentrated in traditional over - capacity industries but spread to more sectors. Policy uncertainties affected corporate financing efficiency and solvency [42][43]. Second Stage: Policy Hedging Period (July - November 2018) - **Differentiated Efficiency of Interest - Credit Transmission under Policy Hedging**: As Sino - US trade frictions escalated, domestic policies shifted. The central bank's RRR cut pushed short - term interest rates down, but long - term interest rates rebounded due to factors such as local government bond issuance and CPI increase. The "bull - steep" market of interest - rate bonds and the financing repair of credit bonds diverged [48]. - **Industry Financing Differentiation between Trade Pressure and Domestic Demand Hedging**: Different industries' credit bond financing showed a differentiated trend. Export - oriented industries such as commercial trade and light manufacturing saw a decline in net financing, while the public utility industry benefited from domestic demand support and had an increase in net financing [51]. - **Overall Decline in Credit Bond Yields and Narrow - range Fluctuation of Credit Spreads**: After the formal implementation of tariffs, the market's pricing of trade frictions became less sensitive. Credit bond yields declined, and credit spreads fluctuated within a narrow range. Although trade frictions escalated again in September 2018, the bond market reacted calmly. Low - grade industrial bond credit spreads widened, and the impact of domestic policies on the bond market gradually exceeded external shocks [55]. - **Relative Advantage of Non - standard Bonds of Urban Investment Entities after Trade Friction Upgrade**: Credit bond defaults increased, mainly among private enterprises. Non - standard bonds of non - urban investment entities had a significant increase in default cases, while those of urban investment entities were relatively stable, reflecting the positive role of local policy coordination [61][62]. Third Stage: Wide - Credit Verification Period (December 2018 - April 2019) - **"Time Difference" Game between Liquidity Drive and Credit Repair**: The bond market was driven by both the easing of trade frictions and domestic policy loosening. Although the G20 Summit in December 2018 and the central bank's full - scale RRR cut in January 2019 boosted market sentiment, private enterprise credit spreads remained high. The bond market turned bearish in April 2019 as economic fundamentals improved [69]. - **Differentiated Financing between State - owned and Private Enterprises under Tariff Easing and Policy Loosening**: State - owned enterprises benefited from policy loosening and had an increase in net financing, while private enterprises were still affected by the lagged impact of previous tariffs. Their net financing showed a fluctuating trend [72]. - **Credit Bond Yields Oscillated and Industrial Bond Spreads of Different Industries Differentiated**: As trade frictions eased, credit bond yields oscillated, and credit spreads differentiated. The market logic shifted to fundamental verification. Industries such as electrical equipment and chemical industry, which were affected by tariffs, had a slower credit spread repair than the overall market [74][78]. - **Credit Bond Default Situation Remained Flat Year - on - Year with Insufficient Improvement for Private Enterprises**: During the negotiation easing period, the number of credit bond extensions and defaults remained basically the same as the previous stage. Financial institutions preferred high - credit entities, and private enterprises still faced challenges in financing [81]. Fourth Stage: Resonance Period of Liquidity Stratification and Cross - border Capital Pricing (May 2019 - January 2020) - **Dual Pricing Logic of Credit Risk Events and Foreign Capital Safe - haven**: The takeover of Baoshang Bank in May 2019 led to concerns about liquidity stratification. Foreign capital increased its allocation of interest - rate bonds, and the bond market showed a pattern of safe - haven interest - rate bonds and differentiated credit bonds. The bond market was driven by both "safe - haven sentiment" and "foreign capital allocation" [85]. - **Increased Financing of Urban Investment Bonds with Swinging Trade Friction Expectations**: During the liquidity stratification stage, urban investment bond net financing continued to grow. Regulatory policies relaxed the "borrowing new to repay old" restrictions, and the central bank's policies provided a low - cost replacement space for urban investment platforms [88]. - **Overall Decline in Credit Bond Yields with Intensified Structural Differentiation**: Credit bond yields declined overall, but the market showed intensified structural differentiation. Yields of some industries such as electronics and automobiles increased, while those of infrastructure - related industries remained stable. High - grade state - owned enterprise industrial bond credit spreads narrowed, while those of AA + private enterprise industrial bonds widened [90][93]. - **Credit Bond Defaults under the Prolonged Trade Friction**: Under the continuous impact of trade frictions, credit bond defaults increased, mainly due to factors such as the slowdown of the macro - economic environment, the adjustment of corporate profit growth, and the impact on export - oriented enterprises. Non - standard bonds of urban investment platforms had relatively stable repayment performance [96]. Outlook on Credit Bond Trends in the Current Trade Friction - After the implementation of the 54% tariff policy on April 2, 2025, the credit bond market's core logic shifted. Interest - rate bonds reacted first, and the steep downward movement of the interest - rate curve opened up the valuation space for credit bonds. High - grade varieties are favored, and in the short - term, safe - haven sentiment will dominate. In the medium - term, attention should be paid to economic data and the possible impact of the valuation repair of Chinese dollar - denominated bonds. It is recommended to adopt a strategy of "moderately extending duration" + "moderately lowering credit quality" [100][105].

Investment Rating - The report does not provide a specific investment rating for the company Zhejiang Natural (605080) [1] Core Views - The company reported a revenue of 1.002 billion yuan in 2024, representing a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 185 million yuan, up 41.7% year-on-year [1] - The company is expected to optimize its product structure and increase market share, leading to steady revenue growth, while overseas bases are accelerating their development [1][2] - The company’s overseas bases are entering a harvest period, with limited impact from tariffs, and profitability is expected to recover in 2025 [3] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 357 million yuan, a year-on-year increase of 30.4%, and a net profit of 96 million yuan, up 148.3% year-on-year [1] - The company’s gross margin in Q1 2025 was 38.8%, an increase of 0.5 percentage points year-on-year, while the net profit margin was 26.9%, up 12.8 percentage points year-on-year [3] - The company’s operating cash flow for Q1 2025 was 13 million yuan, a decrease of 21 million yuan year-on-year [4] Product Structure and Market Development - The revenue from air beds, bags, pillows, and other businesses in 2024 was 586 million, 204 million, 70 million, and 134 million yuan respectively, with year-on-year growth rates of 13.9%, 30.9%, 15.7%, and 48.0% [2] - The company is expanding its overseas bases, particularly in Vietnam and Cambodia, which are expected to enhance production efficiency and profitability [3][2] Profitability Forecast - The company’s net profit attributable to shareholders is projected to be 290 million, 380 million, and 490 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.8X, 9.6X, and 7.5X [4]

Fixed Income Research - The issuance scale of credit bonds has increased to a historical high, with most yields continuing to rise [2] - The net financing amount of credit bonds has increased, with medium-term notes and short-term financing bonds seeing positive net financing [2] - The overall market sentiment remains cautious, with a focus on the impact of growth policies on the bond market [2] Fund Research - The performance of the SME board index has been outstanding, while there has been significant outflow from broad-based indices [4] - The public fund market is facing pressure due to fee reforms and increased market volatility, leading to a noticeable trend of industry differentiation [5] - Equity funds have performed well, with mixed-asset funds showing positive returns, while bond funds have had average performance [5] Industry Research - The real estate market is stabilizing due to supportive policies, with improved transaction conditions and a positive outlook for housing demand [3] - The pet food market is experiencing a trend towards premiumization, with significant growth expected in the domestic pet market [9] - The home furnishing sector is showing signs of improvement, although some companies are still facing challenges [10] Company Research - The company reported a revenue of 1.592 billion yuan in 2024, with a net profit increase of 48.50%, but faced a decline in Q1 2025 revenue [12] - The outdoor and chip businesses have shown growth, with the chip business achieving a revenue increase of 66.56% in 2024 [15] - The company is focusing on enhancing its core brands and optimizing supply chain management to improve profitability [13][14]

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [2] Core Insights - The focus is on dividend defense, high-growth new consumption, and traditional consumption stimulus chains. The recommended order of attention is: dividend defense > high-growth new consumption > traditional consumption stimulus [2][14] - The report highlights the importance of high-dividend defensive stocks due to unclear policy signals from the political bureau meeting, suggesting a focus on companies like Midea and Gree in the home appliance sector, and Yum China and Haidilao in the restaurant sector [14] - New consumption opportunities driven by consumption upgrades are emphasized, with specific attention to companies like Pop Mart in trendy toys, Zhongchong in pet products, Gu Ming in tea drinks, Jiuhua Tourism in travel, and Jinbo Bio in medical beauty [14] - Traditional consumption is expected to benefit from growth-stabilizing policies, with a focus on subsidy policies and low-valuation traditional consumption stocks, particularly in the two-wheeler sector and service consumption like tourism [14] Summary by Sections 1. Consumer Macro & Midstream Sentiment Tracking - Domestic demand shows signs of stabilization, with first-tier cities outperforming the national average in new housing prices, which increased by 0.1% month-on-month [5][11] - Exports are under pressure, with most categories (except home appliances and textiles) showing a year-on-year decline in March, while home appliances and textiles have seen growth [5][11] 2. Home Appliances - In May, the total production of major home appliances reached 38.21 million units, a year-on-year increase of 5.9% [17] - March export data shows air conditioner exports increased by 25% year-on-year, with significant growth in Europe, South America, the Middle East, and Africa [18] 3. Light Industry Manufacturing - New tobacco products are expected to benefit from increased compliance challenges for illegal products, with companies like Simoer likely to gain [22] - The home goods sector is stabilizing, with easing trade frictions and steady domestic demand [22] 4. Textile and Apparel - The apparel industry shows stable sentiment in April, with a focus on brands that have unique advantages [25] 5. Social Services - The report suggests focusing on new consumption and stable dividend stocks, with improvements noted in the restaurant sector and ongoing recovery in the hotel industry [26] 6. Retail Internet - The competitive landscape in food delivery is evolving, with JD's significant investment in delivery services and Meituan's strong market position being highlighted [28]

4月28日沪指下跌0.20%，市场两融余额为18038.08亿元，较前一交易日增加11.80亿元。 证券时报·数据宝统计显示，截至4月28日，沪市两融余额9183.23亿元，较前一交易日增加6.66亿元；深 市两融余额8802.70亿元，较前一交易日增加5.56亿元；北交所两融余额52.16亿元，较前一交易日减少 0.42亿元；深沪北两融余额合计18038.08亿元，较前一交易日增加11.80亿元。 分行业看，申万所属行业中，融资余额增加的行业有17个，增加金额最多的行业是汽车，融资余额增加 5.71亿元；其次是通信、传媒行业，融资余额分别增加3.64亿元、1.58亿元。 具体到个股来看，融资余额出现增长的股票有1733只，占比46.95%，其中，234股融资余额增幅超过5% 。融资余额增幅最大的是拾比佰，该股最新融资余额313.51万元，较前一交易日增幅达82.55%；股价表 现上，该股当日下跌10.55%，表现弱于沪指；融资余额增幅较多的还有博创科技、方大新材，融资余 额增幅分别为71.67%、66.16%。 融资余额增幅前20只个股中，从市场表现来看，平均下跌4.94%，涨幅居前的有淳中科技、博创科技、 ...

| 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板封单（万股） | 封单资金（万元） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 600744 | 华银电力 | 4.66 | 0.85 | 10695.19 | 49839.58 | 公用事业 | | 601956 | 东贝集团 | 7.48 | 1.03 | 4848.48 | 36266.67 | 家用电器 | | 002229 | 鸿博股份 | 13.13 | 1.78 | 1776.18 | 23321.22 | 轻工制造 | | 002530 | 金财互联 | 10.05 | 5.45 | 1136.14 | 11418.21 | 机械设备 | | 600589 | 大位科技 | 7.00 | 12.15 | 1468.06 | 10276.42 | 计算机 | | 002564 | 天沃科技 | 5.83 | 12.08 | 1755.84 | 10236.57 | 建筑装饰 | | 002354 | 天娱数科 | 6.56 | 20.42 | 1447.45 | 949 ...