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。 1 行 业 电力设备及新能源行业 超配（维持） 电力设备及新能源行业双周报（2025/5/23-2025/6/5） 国家能源局组织开展新型电力系统建设第一批试点工作 2025 年 6 月 6 日 投资要点： 周 报 行 业 研 究 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 行情回顾：截至2025年6月5日，近两周申万电力设备行业下跌2.16%， 跑输沪深300指数1.23个百分点，在申万31个行业中排名第28名；申万 电力设备行业本月上涨1.56%，跑赢沪深300指数0.59个百分点，在申万 31个行业中排名第14名；申万电力设备板块年初至今下跌5.44%，跑输 沪深300指数3.98个百分点，在申万31个行业中排名第28名。 邮箱： liuxingwen@dgzq.com.cn 分析师：苏治彬 截至2025年6月5日，近两周风电设备板块上涨0.10%，光伏设备板块下 跌2.43%，电网设备板块上涨0 ...

标配（维持） 有色金属与钢铁行业双周报(2025/05/23-2025/06/05) 行 业 资源博弈加剧，稀土产业链地位凸显 2025 年 6 月 6 日 投资要点： 有色金属&钢铁行业重要新闻及观点 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。 有色金属&钢铁行业 SAC 执业证书编号： S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 行 业 研 究 资料来源：东莞证券研究所，iFind 分析师：许正堃 行情回顾。截至2025年6月5日，申万有色金属行业近两周上涨0.02%，跑赢沪 深300指数0.95个百分点，在申万31个行业中排名第19名；钢铁行业近两周下 跌1.72%，跑输沪深300指数0.79个百分点，排名第25名。 周 报 截至2025年6月5日，近两周有色金属行业子板块中，金属新材料板块上涨 4.60%，小金属板块上涨4.29%，贵金属板块下跌0.08%，能源金属板块下跌 0.40%，工业金属板块下跌1.59%。 申万有色 ...

机械设备行业 标配 （维持） 机械设备行业双周报（2025/05/23-2025/06/05） 人形机器人订单保持快速增长 2025 年 6 月 6 日 投资要点： 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 相关报告 ◼ 机械设备行业周观点： 证 券 研 究 报 告 机器人：人形机器人主机企业订单保持快速增长，2025年下半年或将迎来小 批量产期，将催化板块行情。建议重点关注技术升级、大/小脑、灵巧手等投 资主题。建议关注：汇川技术（300124）、绿的谐波（688017）。 机械设备（申万）指数走势 工程机械：2025年1-4月挖机内销延续同比增长趋势，叠加装载机、起重机等 销量同比增速逐渐修复，将加快进入新周期。出口方面，美国市场政策影响 有望趋缓，一带一路沿线地区、非洲需求仍相对较高。建议关注：三一重工 （600031）、恒立液压（601100）。 ◼ 风险提示：基建/房地产/采矿业/制造业投资不及预期风险；国产替代进程不 及预期风险；海外市场需求减少风险；人形机器人发展不及预期风险；核心 ...

证券研究报告 2025 年 6 月 5 日 星期四 【A 股市场大势研判】 市场全天震荡反弹，创业板指领涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3376.20 | 0.42% | 14.23 | | | 深证成指 | 10144.58 | 0.87% | 87.41 | | | 沪深 300 | 3868.74 | 0.43% | 16.73 | | | 创业板 | 2024.93 | 1.11% | 22.23 | | | 科创 50 | 986.11 | 0.45% | 4.40 | | | 北证 50 | 1438.73 | 1.10% | 15.59 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 美容护理 | 2.63% | 交通运输 | - ...

证券研究报告 2025 年 6 月 4 日 星期三 【A 股市场大势研判】 市场全天震荡反弹，三大指数小幅上涨 本报告的风险等级为中风险。 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。 1 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3361.98 | 0.43% | 14.49 | | | 深证成指 | 10057.17 | 0.16% | 16.54 | | | 沪深 300 | 3852.01 | 0.31% | 11.78 | | | 创业板 | 2002.70 | 0.48% | 9.51 | | | 科创 50 | 981.71 | 0.48% | 4.68 | | | 北证 50 | 1423.15 | 1.03% | 14.46 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | ...

n 本文推荐理由和目标价仅供参考，并不构成买卖建议，股市有风险，投资需谨慎。 | 代码 | 名称 | 收盘价 | 投资主题 | | --- | --- | --- | --- | | | | （25/5/31） | | | 600036 | 招商银行 | 43.43 | 高股息 | | 601899 | 紫金矿业 | 17.73 | 主营金属量价齐升 | | 603379 | 三美股份 | 47.33 | 制冷剂 | | 600600 | 青岛啤酒 | 74.17 | 关注旺季表现 | | 600276 | 恒瑞医药 | 54.74 | 创新药 | | 002311 | 海大集团 | 60.61 | 饲料龙头推进国际化 | | 600027 | 华电国际 | 5.85 | 煤电 | | 300476 | 胜宏科技 | 86.48 | PCB | | 601728 | 中国电信 | 8.03 | 算力与红利 | | 600536 | 中国软件 | 44.01 | 国产基础软件龙头，受益信创产业回暖 | 东莞证券 2025 年 6 月股票组合 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 ...

基 金 研 究 开放式基金策略双周报（20250519-20250530）： 医药生物主题基金表现领跑市场 2025 年 06 月 03 日 投资要点 分析师：李荣 SAC 执业证书编号： S0340521010001 F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 资料来源：东莞证券研究所，Wind 资讯 基础市场回顾：近两周权益市场整体承压，高股息红利指数出于防御性 微幅上涨。具体来看，沪深300、中证50和中证1000指数分别下跌1.26%、 0.78%和0.68%，红利指数上涨0.01%。行业方面，涨幅靠前的三个行业分 别是医药生物、环保和传媒。近两周国内债券市场整体表现较好，尽管 权益市场主要指数出现下跌，转债市场整体表现稳定，信用债指数表现 优于国债指数。具体来看，中证全债、中证国债和中证信用债分别上涨 0.07%、0.01%和0.13%。 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。 基金市场回顾：近两周中国基金指数下跌0.18%。录 ...

| 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 农林牧渔 | 1.20% | 汽车 | -1.91% | 猪肉 | 2.39% | 可控核聚变 | -3.47% | | 银行 | 0.64% | 综合 | -1.87% | 养鸡 | 1.94% | 减速器 | -3.18% | | 医药生物 | 0.37% | 电子 | -1.85% | 创新药 | 1.56% | EDR 概念 | -3.01% | | 国防军工 | 0.17% | 机械设备 | -1.81% | 动物疫苗 | 1.35% | 人形机器人 | -2.90% | | 建筑装饰 | 0.06% | 计算机 | -1.69% | 眼科医疗 | 1.30% | 一体化压铸 | -2.79% | 证券研究报告 2025 年 6 月 3 日 星期二 【A 股市场大势研判】 市场全天弱势震荡，创业板指领跌 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [4] Core Insights - The banking sector is expected to maintain stable performance despite external uncertainties, benefiting from policies such as reserve requirement ratio cuts and fiscal support, making it a strong defensive investment choice [5][46] - The securities sector is currently experiencing a period of adjustment, with a valuation of 1.35, indicating potential for recovery as external conditions improve and capital market reforms continue [5][49] - The insurance sector is seeing increased equity investments, with significant growth in stock holdings and long-term equity investments, driven by regulatory support for insurance capital market participation [50] Summary by Sections Market Review - As of May 29, 2025, the banking, securities, and insurance indices have shown declines of -0.93%, -2.93%, and -1.10% respectively, while the CSI 300 index decreased by -1.24% [13] - Notable performers include Su Nong Bank (+6.33%), Xiangcai Securities (+1.11%), and China Pacific Insurance (+1.82%) [13] Valuation Situation - The banking sector's price-to-book (PB) ratio is 0.68, with state-owned banks at 0.69, joint-stock banks at 0.63, city commercial banks at 0.72, and rural commercial banks at 0.64 [23] - The securities sector's PB ratio is at 1.35, positioned at the 33.84% percentile over the past five years, indicating room for valuation recovery [26] Recent Market Indicators - As of May 29, 2025, the one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] - The average daily trading volume in A-shares is 11,387.53 billion, reflecting a decrease of 7.58% week-on-week [35] Industry News - In Q1 2025, commercial banks achieved a net profit of 656.8 billion, with an average capital return rate of 8.82% [41] - The financial regulatory authority announced measures to support insurance capital market participation, including expanding long-term investment pilot programs [50] Company Announcements - Notable stock performance includes Chengdu Bank, Ningbo Bank, and China Merchants Bank, which are recommended for investment due to their strong regional performance and stability [47] - In the securities sector, firms like Zheshang Securities and Guolian Minsheng are highlighted for their potential restructuring opportunities [49]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - The National Development and Reform Commission emphasized the need to optimize industrial layout and curb the disorderly expansion of backward production capacity, reiterating the need to address "involution" competition [3][28] - The construction scale of projects in the basic chemical sector has decreased by 8.61% year-on-year and 5.03% quarter-on-quarter, indicating a declining willingness for expansion among enterprises [3][28] - The industry is currently at a low point in profitability, and supply is expected to gradually become more rational, with a focus on segments with favorable supply-demand dynamics [3][28] Market Review - As of May 29, 2025, the CITIC basic chemical industry has risen by 0.2% over the past two weeks, outperforming the CSI 300 index by 1.44 percentage points, ranking 15th among 30 CITIC industries [10] - The basic chemical industry has increased by 3.54% since the beginning of the month and 3.4% year-to-date, outperforming the CSI 300 index by 1.2 and 5.34 percentage points respectively [10] Chemical Product Price Trends - The top five chemical products with the highest price increases in the past week include hydrochloric acid (+35.42%), liquid chlorine (+21.85%), formic acid (+6.52%), dichlorophenyl (+6.15%), and nitrogen (+5.36%) [20][21] - The top five products with the largest price declines include methyl chloride (-11.63%), acrylic acid (-9.74%), butadiene (-9.60%), fatty alcohol (-8.40%), and natural rubber (-6.55%) [20][21] Sub-industry Performance - The top five sub-industries with the highest growth over the past two weeks are pesticides (9.4%), polyester (7.25%), rubber additives (6.93%), other plastic products (2.75%), and membrane materials (1.94%) [16] - The bottom five sub-industries with the largest declines are carbon fiber (-8.37%), daily chemicals (-2.82%), chlor-alkali (-2.58%), organic silicon (-2.48%), and fluorine chemicals (-2.31%) [17] Company Recommendations - In the refrigerant sector, the report suggests focusing on Sanmei Co., Ltd. (603379) and Juhua Co., Ltd. (600160) due to the continued rise in long-term contract prices for refrigerants [28] - For the modified plastics sector, it is recommended to pay attention to Kingfa Sci. & Tech. Co., Ltd. (600143) as demand in the home appliance and automotive sectors is expected to improve [28][29] - In the lubricant additive sector, the report highlights the importance of domestic substitution and suggests monitoring Ruifeng New Materials (300910) [29]