点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 No.1 龄听光的声音/洞悉光的观察/了解光的态度 望向新高－－2025年中期策略 张宇生,王国兴,张卓然,郭磊 策略月报 整体来看，去年9月以来的市场行情已从政策驱动逐步转向基本 面与流动性驱动，未来市场行情演绎的节奏或可参照2019年。 展望下半年，市场仍存在一些预期差，如短期基本面改善的持 续性、资金持续流入及新兴产业发展带来的机遇等。因此我们 认为，下半年市场将开启下一阶段上涨行情，并有望突破2024 年下半年的阶段性高点。 长按识别小程序码进入 光大证券小程序 阅读全文 洞悉光的观察 / 聆听光的声音 / 了解光的态度 725W. No.2 龄正光的皇景烟落米的碰蓉 ...

Core Viewpoint - Miao Ke Lan Duo, a leading cheese company, is expanding into the pet food market by recruiting for positions related to pet cheese products, indicating a strategic move into the "it economy" sector [2][3]. Company Summary - Miao Ke Lan Duo is looking to establish a pet cheese product line from scratch, with a three-year development plan for the new business [3]. - The company has historically focused on cheese products, which account for over 80% of its revenue, but has faced challenges due to a lack of business diversification [3][4]. - The company's revenue growth has slowed significantly, with a notable decline in net profit from 1.93 billion yuan in 2021 to 790 million yuan in 2023, although a slight recovery is expected in 2024 [4][8]. Industry Summary - The pet economy in China is projected to exceed 300 billion yuan in 2024, with significant growth in both dog and cat markets [9]. - Over 30 leading companies from various sectors, including food and beverage, are entering the pet industry, indicating a trend of cross-industry expansion [10]. - The pet food and supplies market is characterized by intense competition, with both foreign and domestic brands vying for market share, necessitating innovation and product differentiation [11].

责任编辑 周颖 ☎：010-80927635 2025年7月9日 银河观点集萃 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 噢闻 乘联会:中国 6 月乘用车零售 208.4 辆,新能 源零售同比增 29.7% 每日晨报 www.chinastock.com.cn ● 荣泰健康(603579):拥抱新技术周期,进军家庭智能健康市场。拥抱未来, 加快探索智能健康领域:1)2024年公司与佛吉亚合作开发智能驾舱舒适系统, 汽车按摩椅机芯已经进入车型适配阶段,预计六月份完成车规生产线的验收认 证。2）2025年4月,荣泰与神经科技领域创新先锋傲意科技共建"脑机交互 联合实验室",共同推进脑机融合技术和仿生机械手在智能健康领域的应用。 未来按摩椅将集成机器人机械臂与灵巧手技术,突破传统按摩椅的限制,实现 人体全身穴位的精准触达。3）2025年5月,荣泰与智元新创达成合作,合作 聚焦人工智能与健康电器的深度融合,涵盖智能导购、康养陪护、按摩机器人 等多个创新应用场景。 妙可蓝多（600882.SH）：进入 BC 双轮驱动发展新阶段。我们看好国内奶 ● 酪行 ...

Core Insights - The report emphasizes a focus on the technology sector for investment opportunities, particularly in growth stocks, as the market index has shown upward momentum [2][6]. - The report outlines a selection of ten key stocks, highlighting their respective industries, market capitalizations, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2026 and 2027 [2][68]. Group 1: Key Stock Recommendations - **Neway Valve (603699.SH)**: A leading global industrial valve manufacturer, benefiting from a surge in LNG and marine engineering sectors, with expected overseas order growth of over 50% year-on-year in the first half of 2025 [11][12]. - **Yongxing Environmental (601033.SH)**: The sole operator of waste incineration in Guangzhou, with a projected capacity utilization rate of 79% and a commitment to high dividends, expecting a 174% increase in free cash flow in 2024 [17][18]. - **Aerospace Electronics (600879.SH)**: Focused on aerospace electronics and unmanned systems, with anticipated high growth driven by the commercial space industry and demand for satellite communication technologies [26][27]. - **Miaokelando (600882.SH)**: Positioned for long-term growth in the dairy sector, with a focus on product innovation and cost management, expecting significant revenue growth in the upcoming quarters [31][32]. - **Laopu Gold (6181.HK)**: A high-end gold jewelry brand with strong revenue growth, projected to achieve 8.51 billion yuan in revenue in 2024, benefiting from the expanding market for traditional gold products [36][38]. - **Jingzhida (688627.SH)**: Engaged in the semiconductor testing equipment sector, with significant market potential and expected strong performance due to key customer orders [42][43]. - **Shensanda A (000032.SZ)**: Positioned to benefit from the increasing demand for AI infrastructure and applications, with a strong foothold in public data services [47][48]. - **Sanqi Interactive (002555.SZ)**: Anticipating strong performance from new game releases, particularly the upcoming "Douluo Dalu: Hunting Soul World," with high player interest [53][56]. - **CATL (300750.SZ)**: Expected to maintain strong profit growth, with projected net profits of 66.1 billion yuan in 2025, driven by increasing demand for electric vehicle batteries [59][60]. - **Borui Pharmaceutical (688166.SH)**: Forecasted to achieve net profits of 2.6 billion yuan in 2025, with significant potential in the Amylin pipeline, which has attracted substantial investment interest [63][64]. Group 2: Financial Data Overview - The report provides detailed financial forecasts for the ten key stocks, including projected revenues and net profits for 2025 to 2027, highlighting the growth potential across various sectors [68]. - For instance, Neway Valve is expected to generate 74.53 billion yuan in revenue in 2025, with a net profit of 14.49 billion yuan, reflecting strong operational performance [68]. - CATL's projected revenue for 2025 is 472.43 billion yuan, with a net profit forecast of 66.13 billion yuan, indicating robust growth in the electric vehicle battery market [68].

强化产业逻辑，寻找补涨机会 我们预计二季度将会迎来密集催化；A股传统核心资产出清在加速，未来会随着经济修复陆续有望出现经营拐 点，同时我们预计部分计划两地上市的龙头企业会随着港股上市落地而行情启动。 图片来源：摄图网 牛市的烦恼 裘翔 刘春彤 杨家骥 高玉森 沈思越 连一席 遥远 我们预计二季度将会迎来密集催化；A股传统核心资产出清在加速，未来会随着经济修复陆续有望出现经营拐点，同 时预计部分计划两地上市的龙头企业会随港股上市落地而行情启动。从应对而言，端侧AI和高能量密度电池是A股相 对具有独占性的产业主题。 PPPPPAAAAARRRRTTTTT 11111 点击查看全文 故风险；企业AI应用进展不及预期；国产替代进程不及预期；先进制程技术发展不及预期。 点击查看全文 中国资产新叙事 秦培景 许英博 刘易 王冠然 卿施典 白弘伟 长期而言，中国前沿技术的关键突破有望重塑全球科技格局，国内投资者信心迎来重振，产业向高附加值加速转型。 短期，恒生科技与纳指估值趋于收敛，全球资金因AI催化与美经济走弱，青睐高性价比的中国科技资产。投资逻辑从 短期主题转向中长期产业深耕，科技研发从"负估值"成本转为"正估值"资产 ...

南开大学经济学院人口专家原新表示，"育儿补贴政策的出台是提振生育率的重要举措，但政策的有效性和长期效果仍需多方努力和持续投入。此外，一 孩生育是生育率的基本盘，呼吁政府在一孩生育支持措施上给予更多关注。" 3月13日，内蒙古呼和浩特市发布落实《关于促进人口集聚推动人口高质量发展的实施意见》育儿补贴项目实施细则及服务流程。 // 呼和浩特市出 育儿补贴 大招 // 《实施意见》称，对于今年3月1日之后（含3月1日）合法生育，且新生儿首次落户在该市的家庭，将予以育儿补贴。 补贴具体方案为： 生育一孩一次性发放育儿补贴1万元；生育二孩发放育儿补贴5万元，按照每年1万元发放，直至孩子5周岁；生育三孩及以上发放 育儿补贴10万元，按照每年1万元发放，直至孩子10周岁。 与此同时，呼市卫健委同步发布了落实产妇"一杯奶"生育关怀行动实施细则。该市将为新生儿在今年3月1日以后（含3月1日）出生，且落户该市的产妇每 人每天免费提供"一杯奶"，自确认之日起连续提供一年。 除了育儿补贴，还有省市提出了对生育一孩的社保补贴。2月20日，江苏省发布了《江苏省关于加快完善生育支持政策体系推动建设生育友好型社会的若 干措施》，将企业支付女 ...

肖斐斐 ｜中信证券银行业首席分析师 S1010510120057 银行｜量化回测：银行"质优"与"价美"的回测视角 从银行板块量化回测结果看：低估值策略小幅贡献超额收益，同时可有效降低回撤；基本面因子中，高ROE和高"拨 贷比-不良率-关注率"策略表现占优，而短期改善策略表现均不佳；所有策略中，基于基本面+估值因子的高ROE/PB 和高"（拨贷比-不良率-关注率）×股息率"策略，2011年以来累计超额收益均达到300%+且超额稳定，反映"质 优"与"价美"对银行股投资的重要性。 风险因素：宏观经济增速大幅下行；银行资产质量超预期恶化；监管与行业政策的不利变化；量化回测结果的阶段性 失效。 铜行业｜关税扰动或推动铜价重回巅峰时刻 近期美国进口铜关税预期不断升级，COMEX铜价以及较LME价差创阶段新高。关税预期强化或导致美国短期缺口难 解，COMEX交易的持续性和幅度料将不断得到验证。美国加征关税对我国需求的抑制或有限，反而可能会制约我国 精炼铜和废铜进口。叠加政策暖风频吹，交易面和基本面加速共振，铜价有望冲击前高。全面推荐铜板块投资价值。 风险因素：铜价大幅下跌的风险；美国关税预期波动及其引发的铜价交易风险； ...