[Table_Rating] 增持（维持） able_Summary] [Table_Summary ◼ 市场回顾 ] [行业Table_Industry] : 计算机 日期: shzqdatemark [Table_Author] 分析师: 章锋 E-mail: zhangfeng@shzq.com SAC 编号: S0870525030002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 [Table_ReportInfo] 相关报告： 《巨头积极拥抱 MCP，大模型仍在持续迭 代》 ——2025 年 04 月 20 日 《重视科技内需方向，看好自主可控主 线》 ——2025 年 04 月 13 日 《智谱发布"AutoGLM 沉思"，端侧 AI 催 化密集》 ——2025 年 04 月 06 日 -19% -10% 0% 10% 19% 29% 38% 48% 57% 04/24 07/24 09/24 11/24 02/25 04/25 计算机 沪深300 2025年04月27日 《AI 大模型持续更新，算力需求维持高景 气》 ——2025 年 03 月 31 日 《洲际量子 ...

[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 医药生物 日期: shzqdatemark 2025年04月27日 | [Table_Author] 分析师: | 张林晚 | | --- | --- | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号: | S0870523010001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -17% -12% -8% -3% 2% 7% 11% 16% 21% 04/24 07/24 09/24 11/24 02/25 04/25 医药生物 沪深300 [Table_ReportInfo] 相关报告： 《国产替代有望加速，关注血制品投资机 会》 ——2025 年 04 月 20 日 《《促进健康消费专项行动方案》发布， 关注消费医疗板块机会》 ——2025 年 04 月 13 日 《多家创新药企迎业绩收获期，关注结构 性机会》 医药工业数智化转型方案印发。近日，工业和信息 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company reported a total revenue of 5.245 billion yuan for 2024, representing a year-on-year increase of 21.22%. The net profit attributable to shareholders was 625 million yuan, up 45.68% year-on-year [5] - The company has seen significant growth in its proprietary brand business, achieving revenue of 3.545 billion yuan in 2024, a year-on-year increase of 29.14% [6] - The direct sales channel has been optimized, with online revenue reaching 1.969 billion yuan in 2024, a growth of 59.33% year-on-year, accounting for 37.72% of the main business revenue [7] - The company's gross margin and net margin improved by 5.43 and 2.01 percentage points to 42.27% and 11.96%, respectively, in 2024 [8] - The company is expected to benefit from the growing pet economy, with projected revenues of 6.470 billion yuan, 7.770 billion yuan, and 9.370 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 23.36%, 20.09%, and 20.59% [9][10] Summary by Sections Company Overview - The company operates in the agriculture, forestry, animal husbandry, and fishery industry [1] Financial Performance - The latest closing price is 98.73 yuan, with a market capitalization of 17.675 billion yuan [2] - The total share capital is 400.04 million shares, with 44.75% being tradable A-shares [2] Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.480 billion yuan, a year-on-year increase of 34.82%, and a net profit of 204 million yuan, up 37.68% year-on-year [5] - The company’s main grain and snack revenue reached 2.690 billion yuan and 2.484 billion yuan, respectively, with year-on-year growth of 28.88% and 14.66% [6] Market Position and Growth Potential - The company is positioned as a leader in the domestic pet food market, with expectations for further market share growth as the industry expands [9] - The company has been recognized for its brand strength, ranking first in Tmall's comprehensive ranking for five consecutive years [6] Future Projections - The company forecasts a net profit of 905 million yuan for 2025, with a year-on-year growth rate of 44.83% [10] - The projected earnings per share for 2025 is 2.26 yuan, with a price-to-earnings ratio of 43.65 [12]

Issuance Market - The current issuance includes the Huatai Suzhou Hengtai Rental Housing REIT with an expected scale of 1.367 billion yuan, and there are no new approved projects this period [1][6] - In 2025, six REITs have been issued, maintaining the same number as last year, with a total issuance scale of 10 billion yuan, which is a 35% decrease compared to the same period last year [1][6] Secondary Market - The Southern SF Logistics REIT was listed on April 21, with a first-day increase of 13.53%, lower than other REITs issued this year [2][12] - The REITs market currently has 65 products, with a total scale exceeding 191.2 billion yuan, and the market overall rose by 0.22%, significantly outperforming major stock indices [2][12] - Year-to-date, the REITs market has increased by 12.18%, leading the stock indices, with property REITs performing better than operating rights REITs [2][14] Dividend Situation - This period, nine REITs distributed dividends totaling over 618 million yuan, with a total dividend of 2.249 billion yuan in 2025, yielding 1.39%, which is higher than major stock indices [3][26] - The dividend yield for property REITs is 1.02%, lower than operating rights REITs but higher than the CSI Dividend Index [3][26] Investment Value Analysis - The latest valuation for all property REITs (P/Distributable Amount) is 26.45, which is significantly higher than the CSI 300 and CSI Dividend Index, but lower than the CSI 500 [4][32] - The valuation for storage logistics REITs is relatively low, while affordable housing REITs have a higher valuation [4][32] - The internal rate of return for clean energy REITs is the highest among operating rights REITs, followed by ecological environmental REITs, with toll road REITs having the lowest [4][36]

Market Overview - In March 2025, domestic stock market indices experienced declines, with the CSI 500 showing a minor drop of -0.04% and the Sci-Tech 50 suffering a larger decline of -5.20%. Year-to-date, the CSI 1000 performed well with a gain of +4.51%, while the ChiNext index lagged with a decrease of -1.77% [2][6]. - In terms of market style, large-cap stocks outperformed small-cap stocks in March, and value stocks outperformed growth stocks. The ChiNext small-cap index rose by 4.04%, while the ChiNext large-cap index fell by 1.34%. The National Growth Index increased by 0.46%, whereas the National Value Index decreased by 1.15% [2][6]. - Among industries, the best-performing sectors in March were non-ferrous metals (+7.46%), home appliances (+4.48%), and coal (+3.25%). Conversely, the worst performers were computers (-5.61%), real estate (-4.58%), and electronics (-4.35%) [2][6]. - The bond market saw the China Bond Corporate Bond Total Wealth Index rise by +0.37%, while the China Bond Government Bond Total Wealth Index fell by -0.51%. Year-to-date, corporate bonds outperformed government bonds with returns of +0.29% versus -0.90% [2][6]. - In the commodity market, major domestic commodity indices showed mixed results in March, with the Nanhua Gold Index increasing by 8.33% and the Nanhua Energy Chemical Index decreasing by 3.12%. Year-to-date, the Nanhua Gold Index had the highest gain of +17.64%, while the Nanhua Energy Chemical Index had the largest drop of -3.43% [2][6]. ETF Strategy Performance - As of March 31, 2025, the style rotation strategy showed a cumulative return of +18.98% over the past three years, ranking 69 out of 709 in the category of ordinary equity funds. The valuation-selected ETF strategy had a cumulative return of +23.53%, ranking 45 out of 712. The global allocation strategy achieved a cumulative return of +33.32%, ranking 25 out of 712 [3][10]. - The 28-rotation strategy had a cumulative return of +23.61% over the past three years, ranking 77 out of 2427 in the category of equity hybrid funds. The multi-strategy combination achieved a cumulative return of +22.84%, ranking 84 out of 2427. The short-term reversal strategy had a cumulative return of +5.64%, ranking 314 out of 2427. The asset rotation strategy achieved a cumulative return of +35.26%, ranking 30 out of 2427 [3][10]. - The dynamic duration strategy showed a one-year cumulative return of +5.59%, ranking 70 out of 1280 in the category of long-term pure bond funds [3][10]. ETF Strategy Summary - The style rotation strategy is designed to switch between large and small-cap stocks and value and growth styles based on market performance, aiming for long-term stable returns while controlling drawdowns [11][12]. - The 28-rotation strategy focuses on switching between large and small-cap stocks, aiming to avoid market risks during downturns while achieving stable long-term returns [18][19]. - The valuation-selected ETF strategy employs a reverse investment approach based on valuation metrics, aiming for long-term stable returns while controlling drawdowns [26][27]. - The global allocation strategy utilizes a risk parity approach for global equity asset allocation, aiming for balanced risk contributions from different assets [34][35]. - The macro rotation strategies (conservative, neutral, aggressive) are designed based on macroeconomic data, adjusting asset allocations according to different economic cycles [42][49][56].

Group 1: Report Overview - Report Title: "A Shares Gradually Usher in Positive Signals, Gold May Continue to Fluctuate at High Levels — Fixed Income & Macroeconomic Weekly Report (20250414 - 20250420)" [3] - Report Date: April 22, 2025 [1] - Analyst: Zhang Hesheng [1] Group 2: Market Performance in the Past Week (20250414 - 20250420) Stock Market - US stocks declined, while most China - related equity indices rose. The Nasdaq, S&P 500, and Dow Jones Industrial Average fell 2.62%, 1.50%, and 2.66% respectively. The Nasdaq China Technology Index dropped 1.56%, while the Hang Seng Index rose 2.30% and the FTSE China A50 Index rose 1.45% [3] - Most A - share sectors rose, with blue - chips in the Shanghai and Beijing markets rising. The wind All - A Index rose 0.39%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and wind Micro - cap stocks changed by 0.38%, 0.59%, - 0.37%, - 0.52%, 0.75%, and 2.95% respectively. In terms of sector styles, in the Shanghai market, growth stocks fell but blue - chips rose; in the Shenzhen market, both growth and blue - chips fell. The Beijing Stock Exchange 50 Index rose 3.48% [4] - Banking and real estate led the gains. Among 30 CITIC industries, 21 rose and 9 fell. The sectors with larger increases were banking, real estate, coal, comprehensive, and petroleum and petrochemical, with weekly increases of more than 2% [5] Bond Market - Most maturity yields of interest - rate bonds increased. Treasury bond futures rose, with the 10 - year Treasury bond futures main contract rising 0.07% compared to April 11, 2025. The yield of the 10 - year active Treasury bond fell 0.75 BP to 1.6493% [6] - Capital prices increased, and the bond market leverage level decreased. As of April 18, 2025, R007 was 1.7116%, up 1.02 BP from April 11, 2025; DR007 was 1.6925%, up 3.91 BP. The central bank's net injection in the past week was 333.8 billion yuan. The bond market leverage level decreased, with the 5 - day average of inter - bank pledged repo volume decreasing from 6.71 trillion yuan on April 11, 2025, to 6.33 trillion yuan on April 18, 2025 [7] - US Treasury prices rose, and most maturity yields declined. As of April 17, 2025, the 10 - year US Treasury yield fell 14 BP to 4.34%. Most maturity yields declined in the past week, with the 3 - 10 - year maturity yields falling by 14 - 20 BP [8] Foreign Exchange and Commodity Markets - The US dollar depreciated, and the on - shore RMB exchange rate against the US dollar appreciated. The US dollar index fell 0.54%. The US dollar exchange rate against the offshore RMB rose 0.31% to 7.3037, and the US dollar exchange rate against the on - shore RMB fell 0.28% to 7.3039 [10] - Gold prices rose. The London gold spot price rose 2.33% to $3305.65 per ounce, and the COMEX gold futures price rose 2.79% to $3323.10 per ounce, both hitting record highs on April 16 [11] Group 3: Market Outlook Stock Market - A shares are gradually ushering in positive signals. Although the US imposing high tariffs will bring short - term pressure, China's long - term economic trend remains positive. After the release of Q1 economic data and the upcoming release of annual and Q1 reports by listed companies, the risk of lower - than - expected performance is fading. The Politburo meeting at the end of April may introduce incremental policies to boost capital market confidence [12] Bond Market - Bond market yields may remain in low - level fluctuations. Since the Q1 data of consumption, investment, and GDP are good and the central bank has not cut interest rates or reserve requirements, there is no opportunity for yields to break downward, and Treasury bond yields may continue to fluctuate at low levels [12] Commodity Market - Gold may continue to fluctuate at high levels. The US's large - scale tariff increase may have a negative impact on its economy, increasing the probability of a US economic recession. The US dollar and US Treasury yields may continue to decline, and gold is expected to remain in high - level fluctuations [13]

Investment Rating - The industry investment rating is "Increase" (maintained) [1] Core Viewpoints - The automotive sector has shown a decline of 0.79% in the past week, ranking 28th among 31 first-level industries in the Shenwan classification, while the Shanghai and Shenzhen 300 index increased by 0.59% [2] - The new models launched by Hongmeng Zhixing, including the Wanjie M8 and Xiangjie S9, have received significant pre-orders, indicating strong market interest [3][4] - The release of Horizon's new smart driving chip, Journey 6P, is expected to enhance the capabilities of autonomous driving systems in the automotive industry [5] - Domestic brands are increasing their international presence, with Wanjie entering the Egyptian market and a localization project for Leap Motor in Malaysia [7] - The Chinese government is promoting the integration of vehicle-road-cloud applications to support the development of smart connected vehicles [8] Market Performance - The automotive sector's weekly performance showed a decline of 0.79%, with the best-performing sub-sector being automotive services, which increased by 1.95% [2] - Retail sales of passenger vehicles in China reached 515,000 units from April 1-13, showing a year-on-year increase of 8% but a month-on-month decrease of 14% [3] Investment Recommendations - Recommended companies for vehicle manufacturing include BYD, Great Wall Motors, China National Heavy Duty Truck Group, and Foton Motor [9] - Recommended companies for automotive parts include Huguang Co., Lingyun Co., Yinlun Co., Bertley, Longsheng Technology, Yunyi Electric, Zhejiang Xiantong, Bojun Technology, and Doli Technology [9]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Viewpoints - The HBM4 standard has been officially released, offering significant improvements in bandwidth, efficiency, and design flexibility compared to its predecessor HBM3, which will revolutionize fields such as generative AI, high-performance computing, and high-end graphics cards [4] - The OLED market is expected to grow significantly, driven by increasing adoption in consumer electronics, with display equipment spending projected to reach $77 billion by 2027, with OLED accounting for 58% of total spending [5] - The U.S. government's restrictions on NVIDIA's H20 chip sales to China may accelerate the iteration of domestic AI chips, increasing demand for local alternatives [6][7] Summary by Sections Market Overview - The SW electronics index fell by 0.64% in the past week, underperforming the CSI 300 index by 1.23 percentage points, with sub-sectors showing varied performance [4] Semiconductor Developments - The HBM4 standard supports a 2048-bit interface with a transmission speed of up to 8Gb/s, providing a total bandwidth of up to 2TB/s, and features significant enhancements in power efficiency [4] Display Technology - OLED technology is projected to dominate the display equipment market, with a market size expected to reach $8.3 billion by 2027, driven by larger panel sizes and increased adoption in various devices [5] Investment Recommendations - The report suggests focusing on semiconductor design companies with low PE/PEG ratios, AIOT SoC chips, analog chips, and key materials for semiconductors, highlighting specific companies for potential investment [8]

Investment Rating - The industry investment rating is "Increase" (maintained) [1] Core Viewpoints - The automotive sector has shown a decline of 0.79% in the past week, ranking 28th among 31 first-level industries in the Shenwan classification. The best-performing sub-sector was automotive services, which increased by 1.95% [2] - The new models launched by Hongmeng Zhixing, including the Wanjie M8 and Xiangjie S9, have received significant pre-orders, indicating strong market interest. The Wanjie M8, priced between 359,800 to 449,800 yuan, achieved over 44,000 orders within 72 hours of its launch [3][4] - The release of the Horizon Journey 6P smart driving chip marks a significant advancement in autonomous driving technology, with a processing power of 560 TOPS and support for 18MP front-view perception [5] Market Performance - The automotive market retail sales from April 1 to 13 reached 515,000 units, showing a year-on-year increase of 8% but a month-on-month decrease of 14%. The new energy vehicle market retail sales were 275,000 units, up 15% year-on-year but down 17% month-on-month [3] - The top five companies in terms of stock performance were Teli A, Jianbang Technology, Jiuqi Co., ST Shuguang, and Taide Co., with increases ranging from 13.37% to 31.78%. Conversely, the bottom five companies included Weichai Heavy Machinery and New Spring Co., with declines ranging from 7.27% to 13.96% [3] Strategic Developments - The entry of the Wanjie brand into the Egyptian market and the localization project in Malaysia by Stellantis and Leap Motor indicate a growing international presence for domestic brands [7] - The Ministry of Commerce is promoting the "Vehicle-Road-Cloud Integration" application pilot, which aims to enhance infrastructure development and the industrialization of smart connected vehicles [8] Investment Recommendations - Recommended companies for vehicle manufacturing include BYD, Great Wall Motors, China National Heavy Duty Truck Group, and Foton Motor. For auto parts, recommended companies include Huguang Co., Lingyun Co., and Yilun Co. [9]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Viewpoints - The HBM4 standard has been officially released, offering significant improvements in bandwidth, efficiency, and design flexibility compared to its predecessor HBM3, which will revolutionize fields such as generative AI, high-performance computing, and high-end graphics cards [4] - The OLED market is expected to grow significantly, with display equipment spending projected to reach $77 billion by 2027, driven by increased adoption in smartphones, tablets, and laptops [5] - The U.S. government's restrictions on NVIDIA's sales of the H20 chip to China may accelerate the iteration of domestic AI chips, increasing demand for local alternatives [6][7] Summary by Sections Market Overview - The SW electronics index fell by 0.64% in the past week, underperforming the CSI 300 index by 1.23 percentage points, with sub-sectors showing varied performance [4] Semiconductor Developments - The HBM4 standard supports a 2048-bit interface with a transmission speed of up to 8Gb/s, providing a total bandwidth of up to 2TB/s, and features significant enhancements in power efficiency [4] Display Technology - OLED technology is projected to account for 58% of total display equipment spending by 2027, with China expected to dominate the market, accounting for 84% of display equipment expenditure [5] Investment Recommendations - The report suggests focusing on semiconductor design companies with low PE/PEG ratios, AIOT SoC chips, analog chips, and key materials for semiconductors, highlighting specific companies for potential investment [8]