证券研究报告·行业点评报告 2025 年 6 月 11 日 江海证券研究发展部 执业证书编号：S1410524050001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 8.85 10.28 3.81 绝对收益 9.35 8.29 11.96 数据来源：聚源 注：相对收益与沪深 300 相比 业：中美关税缓和叠加医疗器械审批加速， 相关企业估值修复可期 – 2025.05.15 2. 江海证券-行业点评报告-医药生物行 业：药品关税问题悬而未决，美国药品"最 惠国定价"来袭，或将影响全球药品定价 体系重构与产业链转移 – 2025.05.15 3. 江海证券-行业点评报告-医药生物行 业：减肥药或将首次纳入基本药物目录 （EML），推动 GLP-1 类药物需求增长 – 2025.05.08 业：NIH 数据跨境管控升级对创新药影响 几何？ – 2025.04.11 5. 江海证券-行业点评报告-医药生物行 2025.04.09 医药行业研究组 分析师：吴春红 聚焦 ADA 会议催化剂，关注 GLP 产 业链相关投资机会 事件： 行业评级：增持（维持） 美国糖尿病协会（ADA）官网显示，其第 ...

证券研究报告·公司深度报告 2025 年 6 月 11 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 | 投资评级： 当前价格: | 增持（首次） 31.05元 | | | --- | --- | --- | | 目标期限: | 12 | 个月 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 152.04 | | 股股本(百万股) A | 152.04 | | --- | --- | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 46.11 | | 12 个月最高/最低(元) | 58.38/23.53 | | 第一大股东 | 王雪根 | | 第一大股东持股比例(%) | 34.94 | | 上证综指/沪深 300 | 3384.10/3877.56 | 数据来源：聚源 注：2025 年 6 月 5 日数据 % 1 个月 3 个月 12 个月 相对收益 -2.33 -18.09 - 绝对收益 5.44 -16.98 - 数据来源：聚源 注：相对收益与北证 50 相比 ...

证券研究报告·行业点评报告 2025 年 6 月 11 日 江海证券研究发展部 消费行业研究组 分析师：张婧 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4.33 4.58 5.82 绝对收益 4.83 2.59 13.97 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 6 月 10 日数据 -27% -16% -5% 6% 18% 29% 2024-06 2024-10 2025-02 2025-06 轻工制造 沪深300 相关研究报告 1. 江海证券-行业点评报告-轻工制造：中 美日内瓦联合声明发布，出口链有望得到 修复 – 2025.05.16 2. 江海证券-行业点评报告-轻工行业： 2025 年智能眼镜进入新品密集发布期 – 2025.02.22 英美烟草发布 2025H1 业绩前瞻，关注 新品 Glo Hilo 日本表现 事件： 投资要点： ◆投资建议：关注 6 月份日本仙台市场及后续日本全国上市之后的销售表现，HNB 产业链将会迎来机会。 HNB 由于替烟减害效果出色，在全球渗透率提升 ...

证券研究报告·行业点评报告 2025 年 5 月 30 日 江海证券研究发展部 电子行业 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1.94 -11.49 26.37 绝对收益 0.27 -14.24 33.15 数据来源：聚源 注：相对收益与沪深 300 相比 分析师：张婧 雷鸟发布光波导方案 X3 Pro AR 眼镜， 融合 AI 多模态大模型 事件： 雷鸟发布 X3 Pro 全彩波导一体式 AR 眼镜。2025 年 5 月 27 日，雷鸟发布 X3 Pro 全彩波导一体式 AR 眼镜。 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 雷鸟发布 X3 Pro 全彩波导一体式 AR 眼镜。2025 年 5 月 27 日，消费级 AR 领 先品牌雷鸟创新 Ra ...

- 中证2000和中证1000的风险溢价在近5年分位值较高，分别为75.63%和62.54%[3][28][30] - 创业板指的峰度正偏离最大，而中证2000的峰度正偏离最小[23][25] - 中证500和中证1000的PE-TTM分位值较高，分别为81.49%和76.28%[40][41] - 沪深300和中证全指的股息率在近5年历史分位值较高，分别为94.21%和93.22%[52][50] - 中证2000的破净率最低，为5.65%[53][54]

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting daily and annual changes, with indices like CSI 2000 showing the highest annual growth of 1.7% while indices like the ChiNext Index experienced the largest annual decline of -9.67% [12][13][14] - All indices have fallen below their 5-day moving averages, with CSI 300 and ChiNext Index remaining above their 10-day moving averages, and indices like SSE 50, CSI 300, and CSI 2000 staying above their 20-day moving averages [16][17] - CSI 2000 had the highest trading volume share at 30.31%, followed by CSI 1000 at 21.36% and CSI 300 at 20.27%; turnover rates were highest for CSI 2000 at 3.7 and lowest for SSE 50 at 0.19 [19] - The distribution of daily returns shows that the ChiNext Index has the highest positive skewness and kurtosis, indicating concentrated returns and increased extreme positive returns, while CSI 2000 has the lowest positive skewness and kurtosis [24][26] - Risk premium analysis reveals that SSE 50 and CSI 300 have relatively high 5-year percentile values of 55.08% and 45.48%, respectively, while CSI 1000 and CSI 2000 have lower values at 19.76% and 15.0% [30][32][34] - PE-TTM analysis indicates that CSI 500 and CSI 1000 have high 5-year percentile values of 80.5% and 67.85%, respectively, while CSI 300 and ChiNext Index have lower values at 50.41% and 19.5% [40][41][43] - Dividend yield analysis shows that CSI 300 and CSI All Share have high 5-year percentile values of 93.55% and 93.47%, respectively, while SSE 50 and CSI 500 have lower values at 77.27% and 68.93% [51][52] - Current net-breaking rates are highest for SSE 50 at 28.0% and lowest for ChiNext Index at 3.0%, reflecting market valuation attitudes and optimism levels [53]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and price-to-book ratios [1][2][3] - **Daily Returns and Trends**: The report highlights that indices like the CSI 2000 and ChiNext Index showed the highest daily gains on April 23, 2025, with 1.17% and 1.08%, respectively. The CSI 2000 also led in year-to-date performance with a 3.94% increase, while the ChiNext Index lagged with an -8.99% return [11][12] - **Moving Averages**: All indices were above their 10-day moving averages, with the CSI 1000, CSI 2000, and CSI All Share Index exceeding their 20-day moving averages. However, the SSE 50 fell below its 5-day and 120-day moving averages [14] - **Turnover Rates**: The CSI 2000 had the highest turnover rate at 4.08%, followed by the CSI 1000 at 2.24%. The SSE 50 had the lowest turnover rate at 0.19% [16] - **Risk Premiums**: The CSI 2000 and ChiNext Index had the highest 5-year percentile risk premiums at 79.84% and 77.22%, respectively, while the SSE 50 and CSI 300 had lower values at 39.05% and 54.29% [27][29] - **PE-TTM Analysis**: The CSI 500 and CSI 1000 had relatively high 5-year percentile PE-TTM values at 78.84% and 62.98%, respectively. The ChiNext Index had the lowest at 22.07%. None of the indices exceeded the 80% danger threshold [37][38] - **Dividend Yields**: The CSI 300 and CSI All Share Index had the highest 5-year percentile dividend yields at 97.27% and 95.79%, respectively. The CSI 2000 and CSI 500 had lower values at 83.22% and 68.26% [48][49] - **Price-to-Book Ratios**: The report notes that the CSI 2000 had the lowest price-to-book ratio at 5.65%, while the SSE 50 had the highest at 28.0%. This metric reflects market valuation attitudes and potential undervaluation [50]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 43.70 CNY, representing a potential upside from the current price of 39.71 CNY over a 12-month period [1][6]. Core Insights - The company, Focus Technology Co., Ltd., is positioned in the AI e-commerce sector, with significant growth potential driven by the rapid development of AI applications and a strong foreign trade market in China [4][6]. - The company's main business segments include the China Manufacturing Network, foreign trade AI applications, cross-border e-commerce, and new insurance agency services [28][34]. Summary by Sections Company Overview - Focus Technology Co., Ltd. was established in January 1996 and is headquartered in Nanjing, Jiangsu Province. It was listed on the Shenzhen Stock Exchange in December 2009 under the stock code 002315.SZ [12][6]. Industry Analysis - In 2024, China's total import and export trade reached 43.85 trillion CNY, marking a historical high with a year-on-year growth rate of 5.0% [21][22]. - The foreign trade market is characterized by product structure optimization, with a notable increase in high-tech product exports [22][23]. Main Business Analysis - The China Manufacturing Network is the core business, contributing approximately 81% of total revenue from 2022 to 2024, with steady revenue growth [31][30]. - The foreign trade AI application business is rapidly growing, with significant cash returns and increasing membership for the AI assistant, AI Maike [40][34]. Financial Analysis - The company has shown steady revenue growth, with total revenues of 14.75 billion CNY in 2022, increasing to 16.69 billion CNY in 2024, reflecting a compound annual growth rate [49][66]. - The net profit attributable to shareholders also demonstrated robust growth, reaching 4.51 billion CNY in 2024, with a year-on-year growth rate of 19.09% [49][66]. Earnings Forecast and Valuation - The company is expected to achieve revenues of 19.01 billion CNY, 21.54 billion CNY, and 24.11 billion CNY from 2025 to 2027, with corresponding growth rates of 14.46%, 13.31%, and 11.91% [66][67]. - The estimated earnings per share (EPS) for the same period are projected to be 1.77 CNY, 2.12 CNY, and 2.46 CNY, with a target price based on a 2026 PE ratio of 25 times [66][67].

- The report tracks the performance of various broad-based indices in the A-share market, including the daily, weekly, monthly, and yearly changes in their values. For instance, on April 22, 2025, most indices declined except for the SSE 50, which rose by 0.14%[3][12][14] - The report compares the indices with their moving averages and their positions relative to the highs and lows of the past 250 trading days. For example, the SSE 50 fell below its 5-day moving average, while all tracked indices remained above their 10-day moving averages[17][19] - The report analyzes the trading volume and turnover rates of the indices. On April 22, 2025, the CSI 2000 had the highest trading volume share at 29.84%, followed by the CSI 1000 at 22.86% and the CSI 300 at 19.47%[21] - The report examines the distribution of daily returns for the indices, noting that the ChiNext Index had the highest positive skewness and kurtosis, indicating a higher concentration of returns in certain ranges and an increased likelihood of extreme positive returns[26][28] - The report evaluates the risk premiums of the indices relative to the 10-year government bond yield. On April 22, 2025, the SSE 50 and CSI 300 had relatively high 5-year percentile risk premiums at 57.62% and 50.0%, respectively, while the CSI 500 and ChiNext Index had lower values at 36.03% and 30.08%[31][32][33] - The report assesses the PE-TTM (Price-to-Earnings Trailing Twelve Months) ratios of the indices as a valuation metric. The CSI 500 and CSI 1000 had relatively high 5-year percentile values at 78.68% and 62.48%, respectively, while the CSI 300 and ChiNext Index had lower values at 49.42% and 21.4%[36][39][43][44] - The report tracks the dividend yields of the indices, noting that the CSI 300 and CSI All Share had relatively high 5-year percentile values at 97.11% and 95.95%, respectively, while the CSI 2000 and CSI 500 had lower values at 83.97% and 70.08%[47][51][53][54] - The report monitors the price-to-book ratios of the indices, indicating the proportion of stocks trading below their book value. As of the report date, the SSE 50 had the highest percentage of stocks trading below book value at 26.0%, while the ChiNext Index had the lowest at 3.0%[55]

- The report tracks the performance of broad-based indices, highlighting that on April 21, 2025, indices such as CSI 2000 (2.29%) and CSI 1000 (2.07%) had the highest daily gains, while SSE 50 (-0.18%) declined [3][15][16] - All tracked indices exceeded their 5-day and 10-day moving averages, but most remained below their 20-day moving averages, with CSI 500, CSI 1000, and ChiNext showing significant deviations from longer-term averages, indicating potential reversal momentum [19][20] - CSI 2000 had the highest trading volume share at 29.67%, followed by CSI 1000 (22.15%) and CSI 300 (20.14%), with turnover rates ranging from 0.2% (SSE 50) to 3.49% (CSI 2000) [5][22] - Daily return distributions show that ChiNext had the highest positive skewness and kurtosis, indicating concentrated returns and increased extreme positive outcomes, while CSI 2000 had the lowest skewness and kurtosis [28][29] - Risk premium analysis reveals CSI 2000 (94.44%) and CSI 1000 (93.65%) had the highest 5-year percentile values, while SSE 50 (43.73%) and CSI 300 (65.63%) were lower, reflecting relative investment attractiveness [31][32][34] - PE-TTM values indicate CSI 500 (79.42%) and CSI 1000 (62.4%) are near high historical percentiles, suggesting elevated valuations, while CSI 300 (47.6%) and ChiNext (21.9%) are relatively undervalued [44][45] - Dividend yield analysis shows CSI 300 (98.43%) and CSI All Index (96.03%) are at high historical percentiles, while CSI 2000 (84.05%) and CSI 500 (70.91%) are lower, reflecting varying levels of cash return attractiveness [52][54][55] - Current net asset break rates indicate SSE 50 (26.0%) has the highest rate, followed by CSI 300 (19.0%) and CSI 500 (15.4%), with ChiNext (3.0%) being the lowest, reflecting market valuation attitudes [56]