[Table_Author] 范欣悦 教育人服行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com [Table_Title] 控股权变更，国资入主 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 科德教育(300192) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_ReportDate] 2025 年 05 月 22 日 [Table_S 事件：公司ummar控股股东、实际控制人吴贤良先生与十堰中经和道企业管理合伙 y] 企业（有限合伙）签署了《股份转让协议》。吴贤良先生拟将其持有的无限 售条件流通股 7758 万股股份以 14.72 元/股的价格协议转让给中经和道。 点评： | 相关研究 | | --- | [Table_OtherReport] 24&25Q1 点评：24 年教育业务小幅增 长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：1000 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 科德教育(300192) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 范欣悦 教育人服行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com [Table_Title] 控股权变更，国资入主 [Table_ReportDate] 2025 年 05 月 22 日 [Table_S 事件：公司ummar控股股东、实际控制人吴贤良先生与十堰中经和道企业管理合伙 y] 企业（有限合伙）签署了《股份转让协议》。吴贤良先生拟将其持有的无限 售条件流通股 7758 万股股份以 14.72 元/股的价格协议转让给中经和道。 [Table_OtherReport] 24&25Q1 点评：24 年教育业务小幅增 长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 | [Table_Profit 重要 ...

交易盘增持利率债保险减持金融债 非银杠杆继续抬升但仍处低位 —— 2025 年 4 月债券托管数据点评 [Table_ReportTime] 2025 年 5 月 22 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 债券研究 [T专题able_ReportType] 报告 | ] [Table_A 李一爽 uthor固定收益 首席分析师 | | | --- | --- | | 执业编号：S1500520050002 | | | 联系电话：+86 18817583889 | | | 箱： liyishuang@cindasc.com | 邮 | [交易盘增持利率 Table_Title] 债保险减持金融债 非银杠杆继续抬升但仍处低位 [Table_ReportDate] 2025 年 5 月 22 日 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金 隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [➢Table_Summ ...

Investment Rating - The investment rating for King Long Automobile (600686) is not explicitly stated in the provided documents, but the report indicates a focus on the company's performance and market position [2]. Core Insights - In April 2025, King Long Automobile sold a total of 3,611 buses, reflecting a year-on-year decrease of 3.91%. However, the sales of light buses increased significantly by 24.76%, with 1,592 units sold [2]. - The company is leading in bus exports, with King Long and Xiamen Jinlv showing substantial growth in export volumes. In April 2025, King Long exported 917 buses, a year-on-year increase of 38.73%, capturing a market share of 15.99% [2]. - The demand for buses in major export markets, particularly in Asia and Africa, has increased significantly due to the Belt and Road Initiative, with notable growth in countries like Saudi Arabia and Vietnam [2]. Summary by Sections Sales Performance - In April 2025, King Long's sales included 1,592 light buses (up 24.76%), 598 medium buses (down 17.17%), and 1,421 large buses (down 19.26%) [2]. Export Performance - The total bus exports from China in April 2025 reached 5,736 units, a 26.71% increase from the previous year. King Long's cumulative exports for the first four months of 2025 were 3,573 units, marking a 76.79% increase [2]. Market Trends - The report highlights that the demand for buses in key export regions has risen significantly, particularly in Asia and Africa, driven by the Belt and Road Initiative [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook based on recent developments in the smart driving camera system sector [2][3]. Core Insights - The company, Haoen Qidian, has received product confirmation from strategic partners for its smart driving camera system, indicating strong recognition of its R&D, manufacturing, and quality management capabilities [2][3]. - The projected total revenue from the confirmed projects is approximately 430 million yuan, with production expected to start in October 2025 and June 2027 [2]. - This marks the second product confirmation announcement in 2025, with a combined value of approximately 838 million yuan, reflecting the company's competitive position in the ADAS camera sector [3]. Summary by Sections Company Overview - Haoen Qidian has been deeply involved in the automotive intelligent driving perception system field for many years, showcasing its comprehensive strength through recent product confirmations [3]. Recent Developments - The company announced the receipt of product confirmation for its smart driving camera system from a joint venture automotive brand and an overseas automotive brand, which are significant strategic partners [2][3]. Financial Projections - The lifecycle of the confirmed projects is estimated at 3 and 6 years, with a total expected revenue of approximately 430 million yuan [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook based on recent developments in the smart driving camera system sector [2][3]. Core Insights - The company, Haoen Qidian, has received product designation letters for its smart driving camera systems from strategic partners, indicating strong recognition of its R&D, manufacturing, and quality management capabilities [2][3]. - The projected total revenue from the designated projects is approximately 430 million yuan over their respective lifecycles of 3 and 6 years, with production expected to start in October 2025 and June 2027 [2]. - This marks the second product designation announcement in 2025, with a combined value of approximately 838 million yuan, reflecting the company's competitive edge in the ADAS camera sector [3]. Summary by Sections Company Overview - Haoen Qidian has been deeply involved in the automotive intelligent driving perception system field for many years, showcasing its comprehensive strength through recent product designations [3]. Recent Developments - The company has received product designation letters from both a joint venture automotive brand and an overseas automotive brand, which are significant strategic partners [2]. - The recognition from these partners is expected to enhance the company's market share and brand awareness in the automotive intelligent driving market [3]. Financial Projections - The total estimated revenue from the designated projects is around 430 million yuan, with production timelines set for 2025 and 2027 [2]. - The cumulative value of the two product designations in 2025 is approximately 838 million yuan, indicating potential for revenue growth in the future [3].

Investment Rating - The investment rating for King Long Automobile (600686) is not explicitly stated in the provided documents, but the report indicates a focus on the company's performance and market position [2]. Core Viewpoints - In April 2025, King Long Automobile sold a total of 3,611 buses, representing a year-on-year decrease of 3.91%. However, the sales of light buses increased significantly by 24.76%, with 1,592 units sold [2]. - King Long and its subsidiary Jinlv are leading in bus export sales this year. In April 2025, China's total bus exports reached 5,736 units, a 26.71% increase from 4,527 units in April 2024. King Long's exports were 917 units, up 38.73%, while Jinlv's exports surged by 122.78% to 753 units [2]. - The demand for buses in major export markets, particularly in certain Asian and African countries, has increased significantly since 2025, driven by the Belt and Road Initiative [2]. Summary by Sections Sales Performance - In April 2025, King Long's sales included 1,592 light buses (up 24.76%), 598 medium buses (down 17.17%), and 1,421 large buses (down 19.26%) [2]. Export Performance - King Long's cumulative exports from January to April 2025 reached 3,573 units, marking a 76.79% increase year-on-year, securing the second position in the market with a 16.66% share [2]. - Jinlv's cumulative exports during the same period were 3,887 units, leading the market with a 127.04% increase and an 18.12% market share [2]. Market Trends - The report highlights a growing demand for buses in specific regions, particularly in Asia and Africa, as a result of the Belt and Road Initiative, which has positively impacted export figures [2].

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The attitude towards the bond market remains relatively positive. It is recommended to maintain a medium - to - high duration in the portfolio, appropriately increase leverage to boost short - bond holdings, and seize buying opportunities for long - end bonds during adjustments [3][49]. - Although short - term interest rates are currently weak, as technical factors wane and with the potential for deposit rate cuts and a stable monetary policy, short - and medium - term interest rates are expected to decline, which will support long - term bonds [2][3]. 3. Summary According to the Table of Contents 3.1 Constraints on Short - Term Interest Rates from Some Technical Factors May Weaken in the Future - The weak performance of the 2 - year Treasury bond futures (TS) has restricted short - term interest rates. After the basis repair, the IRR of the CTD bond of the TS2506 contract has dropped, reducing the suppression on futures prices and potentially boosting confidence in short - term bonds [7][12]. - The decline in the central bank's claims on the government in the balance sheet may be due to the maturity of short - term bonds previously purchased or the closing of the previous short - selling long - buying operation. Currently, the impact of this factor is gradually weakening, and large banks have resumed net buying of 1 - 3 - year Treasury bonds [12][15][16]. 3.2 In the Short Term, the Probability of the Funding Rate Remaining Loose but Lower than the Policy Rate is Low, but the Decline in Deposit Rates is Still Expected to Benefit the Short - End - After the RRR cut, the tightening of the funding market was a temporary shock. The average - method assessment of the RRR and the large - scale net payment of government bonds and net withdrawal of reverse repurchase and MLF were the main reasons [17][18][19]. - Although the excess reserve ratio in April was at a low level, the central bank may tolerate a decline in banks' net lending, indicating that it hopes to maintain a loose environment but may not want the funding rate to fall significantly below the policy rate. The decline in deposit rates is conducive to compressing short - and medium - term spreads [25][30]. 3.3 The Weakening of Economic Data in April Indicates Insufficient Demand, and the Fundamental Environment is Still Favorable for the Bond Market - In April, new credit and social financing were both lower than expected. New credit mainly came from government bond issuance, and the decline in new credit may be due to the lack of bank reserve projects after the early - year impulse [34][35][39]. - Despite the slowdown in credit growth, the M2 growth rate increased due to the rise in banks' net lending and bond investment. However, the M1 growth rate declined, indicating limited currency activation [39][42]. - In April, domestic demand declined. Retail sales, investment, and production all showed signs of weakness, indicating that the fundamental environment is favorable for the bond market [44][45][47]. 3.4 The Bond Market is Expected to Continue a Relatively Strong and Volatile Trend - Although the recent Sino - US negotiation has made progress, the impact of short - term export rush is short - term. External demand still faces uncertainties, and domestic demand is insufficient. - The monetary policy is expected to remain in a loose range. If the funding expectation stabilizes, short - and medium - term interest rates are expected to decline, which will support long - term bonds [49].

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][4]. Core Viewpoints - The report highlights a significant narrowing of the year-on-year decline in ticket prices, with expectations for continued recovery in ticket prices during the peak travel season due to strong demand [3][5]. - The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines as potential investment opportunities [3][4]. Summary by Sections 1. Investment Recommendations - The report indicates that the passenger load factor remains high, with strong travel demand during the May Day holiday, leading to a noticeable reduction in the year-on-year decline in ticket prices [3][4]. 2. Industry Ticket Price Trends - The year-on-year decline in industry ticket prices has significantly narrowed, with ticket prices in May showing a decline of only 3.0% compared to the previous year [5][27]. - The average domestic ticket price from the beginning of 2025 until May 18 is 847 yuan, reflecting a 10.0% year-on-year decrease [5][27]. 3. Supply and Demand Dynamics - The supply side is affected by fleet issues, with potential delays in aircraft introductions due to supply chain problems and limited short-term improvements in utilization rates due to engine maintenance [3][4]. - The demand side shows sustained growth in travel demand during peak seasons, with expectations for improved supply-demand dynamics and a potential rise in ticket prices [3][4]. 4. Operational Performance of Airlines - In April 2025, domestic airlines experienced a year-on-year increase in capacity and turnover, with passenger load factors exceeding levels from 2019 [47][49]. - The report notes that China Southern Airlines had the highest net increase in aircraft in April, adding five aircraft to its fleet [47][48]. 5. Fuel Price Trends - The average price of aviation fuel has shown a continuous year-on-year decline, with May's average price at 5,385 yuan per ton, down 19.0% from the previous year [41][41]. - Brent crude oil prices have also decreased, with a year-on-year decline of 23.6% as of May 16, 2025 [41][41]. 6. Exchange Rate Stability - The exchange rate has remained stable, with the USD to RMB exchange rate at 7.1916 as of May 19, 2025, reflecting a slight increase of 0.04% from the end of 2024 [41][41].

Investment Rating - The investment rating for the airline transportation industry is "Positive" [2][4]. Core Viewpoints - The report highlights a significant narrowing of the year-on-year decline in ticket prices, with expectations for continued recovery in ticket prices during the peak travel season [3][5]. - The demand for travel is expected to remain strong during the peak season, supported by high passenger load factors and a resurgence in travel demand during holidays [3][14]. - Key airlines to focus on include Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines [2][14]. Summary by Sections 1. Investment Recommendations - The report suggests a positive outlook for the airline industry, driven by sustained high passenger load factors and strong travel demand during the May Day holiday [14]. - It emphasizes the potential for ticket prices to recover as supply and demand dynamics improve [14]. 2. Industry Ticket Price Trends - The year-on-year decline in ticket prices has significantly narrowed, with an average domestic ticket price of 847 RMB, down 10.0% year-on-year as of May 18, 2025 [5][27]. - The average ticket price has shown a trend of narrowing declines in recent weeks, with a year-on-year decline of only 3.0% in May [5][27]. 3. Supply and Demand Dynamics - The supply side is constrained by issues such as supply chain delays affecting aircraft deliveries and limited short-term increases in utilization rates due to engine maintenance [3][14]. - The demand side is bolstered by strong travel during the Spring Festival, Qingming Festival, and May Day holiday, indicating a continuous growth in demand [3][14]. 4. Operational Performance of Airlines - In April 2025, domestic airlines saw a year-on-year increase in capacity and turnover, with passenger load factors exceeding levels from 2019 [47]. - The report notes that China Southern Airlines had the highest net increase in aircraft, adding 5 aircraft in April [48]. 5. Fuel Price Trends - The average price of aviation fuel has decreased significantly, with a year-on-year decline of 19.0% in May [41]. - Brent crude oil prices have also shown a downward trend, with a year-on-year decrease of 23.6% as of May 16, 2025 [41].