Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [48]. Core Viewpoints - The report highlights the recent announcement by the National Energy Administration regarding the initiation of hydrogen energy pilot projects in regions rich in wind, solar, hydro, nuclear, and biomass resources. This initiative aims to promote large-scale renewable energy hydrogen production and explore diverse pathways for hydrogen industry development [3][42]. - The report suggests focusing on leading companies in the hydrogen technology sector, as the pilot projects are expected to drive innovation in hydrogen management models and support the entire hydrogen supply chain development [3][42]. Summary by Sections 1. Market Review - As of June 19, 2025, the Shenwan Electric Equipment industry has seen a decline of 1.06% over the past two weeks, underperforming the CSI 300 index by 0.17 percentage points, ranking 11th among 31 industries. Year-to-date, the industry has decreased by 6.44%, lagging behind the CSI 300 index by 4.11 percentage points, ranking 26th [11][15]. 2. Valuation and Industry Data - As of June 19, 2025, the price-to-earnings (PE) ratio for the electric equipment sector is 24.13 times. Sub-sector PE ratios include: - Electric Motor II: 46.20 times - Other Power Equipment II: 39.37 times - Solar Equipment: 16.37 times - Wind Equipment: 32.12 times - Battery: 24.08 times - Grid Equipment: 23.41 times [22][25]. 3. Industry News - The report discusses the National Energy Administration's recent data release indicating that total electricity consumption in May reached 809.6 billion kWh, a year-on-year increase of 4.4%. Cumulative electricity consumption from January to May was 39,665 billion kWh, up 3.4% year-on-year [38]. 4. Company Announcements - The report includes various company announcements, such as share reduction plans by major shareholders and updates on procurement projects, indicating ongoing corporate activities within the sector [41]. 5. Weekly Perspective on Electric Equipment Sector - The report emphasizes the importance of the hydrogen energy pilot projects and suggests that companies with advanced hydrogen technology should be closely monitored for potential investment opportunities [41][42].

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [47]. Core Insights - In May, the total electricity consumption in society increased by 4.4% year-on-year, reaching 809.6 billion kilowatt-hours [3][41]. - The public utility index rose by 0.1% in the last two weeks, outperforming the CSI 300 index by 1.0 percentage points, ranking 8th among 31 industries [10][12]. - The report highlights significant price movements in various sub-sectors, with the heating service sector up by 2.9% and the gas sector up by 2.6% in the last two weeks [12][14]. Summary by Sections 1. Market Review - As of June 19, the public utility index has decreased by 1.0% year-to-date, outperforming the CSI 300 index by 1.3 percentage points [10]. - Among the 131 listed companies in the public utility index, 46 saw stock price increases, with notable gains from Shouhua Gas (44.2%), GCL-Poly Energy (38.0%), and Tianhao Energy (18.6%) [14]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times, with the solar power sector having a notably high P/E ratio of 711.2 times [17][18]. - The heating service sector's P/E ratio stands at 31.9 times, while the gas sector's P/E ratio is 19.1 times [17]. 3. Industry Data Tracking - The average price of Shanxi Yulin thermal coal (Q6000) was 582 yuan per ton, a 3.9% increase from the previous value [30]. - The average price of Qinhuangdao port thermal coal (Q5500) was 610 yuan per ton, a 0.3% decrease from the previous value [30][33]. 4. Key Industry News - A significant financing product combining carbon assets and transformation finance was successfully launched, achieving a financing scale of 300 million yuan [39]. - The first remote intelligent operation system for large bridge cranes at hydropower stations has completed its first annual maintenance, marking a technological advancement in the industry [39]. 5. Weekly Industry Perspective - The report suggests focusing on companies like Huadian International (600027) and Guodian Power (600795) in the thermal power sector due to the decline in average coal prices [41]. - In the gas sector, companies such as Xin'ao Co. (600803) and Jiufeng Energy (605090) are recommended for their orderly price linkage in natural gas [41].

Market Overview - The three major indices experienced slight gains, with the Shanghai Composite Index closing at 3388.81, up by 0.04% [2] - The Shenzhen Component Index closed at 10175.59, up by 0.24%, while the CSI 300 Index rose by 0.12% to 3874.97 [2] Sector Performance - The top-performing sectors included Electronics (1.50%), Communication (1.39%), and National Defense & Military Industry (0.95%) [3] - Conversely, the worst-performing sectors were Beauty Care (-1.73%), Real Estate (-1.35%), and Building Materials (-1.22%) [3] Concept Index Performance - The PCB concept led the concept sectors with a gain of 3.29%, followed by the Sci-Tech New Shares at 2.80% [3] - The weakest concept sectors included Glyphosate (-2.82%) and Rare Earth Permanent Magnet (-2.57%) [3] Market Outlook - The market showed mixed performance with many stocks declining despite the slight rise in indices, indicating a lack of significant profit-making opportunities [4] - The market is expected to remain in a range-bound state due to ongoing divergence between bulls and bears, with potential for a rebound supported by economic resilience and policy backing [6] Policy Developments - The 2025 Lujiazui Forum introduced significant financial opening measures, including the establishment of a trading report library and a digital RMB international operation center [5] - The government plans to support consumer goods replacement policies with a budget of 300 billion yuan, of which 162 billion yuan has already been allocated [5]

汽车行业 超配（维持） 以旧换新政策持续刺激销量，智能化推动相关零部 件渗透率提升 投 汽车行业 2025 年中期投资策略 S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com. S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 相关报告 证 券 研 究 报 告 S0340124020014 电话：0769-22117626 邮箱： wuzhenjie@dgzq.com.cn 研 究 2025 年 6 月 18 日 资 策 略 投资要点： 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 分分析师：刘梦麟 SAC 执业证书编号： 分析师：刘梦麟 SAC 执业证书编号： 业绩：2025Q1汽车行业延续增长趋势。汽车行业2025Q1实现营业收 入8979.62亿元，同比增长5.75%；实现归母净利润390.69亿元，同 比增长9.70%；实现扣非归母净 ...

Group 1 - The communication industry maintains a stable growth trend, with telecom business revenue reaching 598.5 billion yuan from January to April 2025, showing a year-on-year growth of 8.2% [2][27] - The mobile internet traffic reached 119.9 billion GB, with a year-on-year growth of 15.6%, indicating a double-digit growth in average user access traffic [2][27] - The overall revenue and profit scale of the communication sector continue to grow positively, benefiting from the acceleration of 5G and IoT applications [2][27] Group 2 - The era of generalized AI applications is approaching, with significant advancements in cross-modal data fusion and the capabilities of large models, leading to increased demand for AI infrastructure [2][36] - AI applications are expanding in various sectors, including enterprise efficiency, healthcare, finance, and e-commerce, necessitating higher requirements for AI cluster infrastructure hardware [2][36] - The integration of AI and IoT is creating opportunities for edge AI, enabling real-time data collection and processing, thus enhancing decision-making capabilities in various industries [2][36] Group 3 - The report maintains an overweight rating for the communication industry, highlighting the positive growth in telecom business volume and revenue, as well as the continuous optimization of earnings quality [2][36] - The expected growth in data generation driven by AI applications will lead to increased demand for data communication, prompting cloud vendors and operators to invest in AI cluster infrastructure [2][36] - The report suggests focusing on related stocks that are likely to benefit from new demands in connectivity, such as optical modules and switches [2][36]

Group 1: Virtual Power Plants - The development of virtual power plants (VPPs) is supported by recent government policies aimed at enhancing their scale and operational capabilities, with a target of achieving a regulation capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [3][28][31] - VPPs utilize modern information communication and system integration technologies to aggregate distributed energy resources, providing essential services such as peak shaving, frequency regulation, and backup power, thereby enhancing grid stability and facilitating renewable energy consumption [24][20][39] - The market for VPPs is expected to grow as they transition from invitation-based models to market-driven operations, allowing for participation in various electricity markets and increasing profitability [39][46] Group 2: Wind Power Industry - The bidding prices for domestic wind turbines have stabilized and begun to recover, with the average bidding price reaching 1,590 yuan/kW in March 2025, a 4.1% increase from December 2024 [52] - China's onshore wind power generation cost has significantly decreased, with the levelized cost of electricity (LCOE) dropping to 0.019 USD/kWh in 2023, a 67% reduction since 2017, making it competitive against coal [49][51] - The wind power industry is experiencing a trend towards larger turbine sizes and innovative materials, with advancements in tower height and blade length contributing to further cost reductions and efficiency improvements [54][55]

Group 1 - The report highlights a dual investment strategy focusing on "low valuation" and "stable earnings" high dividend assets, particularly in sectors like finance, non-ferrous metals, public utilities, and transportation, driven by market capitalization management and geopolitical factors [4] - A second investment line emphasizes "high innovation" and "high growth" in strategic emerging industries, with a focus on sectors such as new energy, new materials, high-end equipment, semiconductors, and AI, reflecting China's growing competitiveness [4] - The report suggests a consumption-driven investment strategy supported by government policies aimed at expanding domestic demand, particularly in food and beverage, automotive, home appliances, agriculture, and pharmaceuticals [4] Group 2 - The report notes that the A-share market exhibited an "N-shaped" trend in the first half of 2025, with the Shanghai Composite Index fluctuating around 3400 points due to external factors and domestic policy support [7][17] - It anticipates a stable economic growth rate of around 5% for the year, supported by coordinated fiscal and monetary policies, and a gradual recovery in both manufacturing and service sectors [7][24] - The report emphasizes the importance of long-term capital inflows into the market, driven by policies aimed at enhancing the quality of listed companies and promoting mergers and acquisitions [7][24][36] Group 3 - The report recommends an overweight allocation in sectors such as finance, non-ferrous metals, basic chemicals, food and beverage, machinery, and TMT, while suggesting a benchmark allocation in agriculture, automotive, transportation, and public utilities [8] - It highlights the recovery of A-share profitability and valuation, indicating a positive outlook for institutional participation in the market [8][24]

Group 1 - The electronic industry is expected to see a revenue growth of 17.04% in 2024, with net profit increasing by 24.10% and adjusted net profit rising by 36.12% [13][18] - In Q1 2025, the industry continues to perform well, with a revenue increase of 18.47% year-on-year, and net profit and adjusted net profit growing by 26.92% and 32.12% respectively [18][26] - The recovery in terminal demand and AI innovation are driving positive performance in the electronic industry [13][18] Group 2 - Domestic AI models are rapidly emerging, with DeepSeek achieving performance comparable to international leaders, reducing the competitive gap from over a year to less than three months [29][42] - The introduction of various domestic models, such as DeepSeek R1 and Qwen3, showcases significant advancements in performance and cost-effectiveness compared to international counterparts [29][39] - The pricing of domestic AI model APIs is significantly lower than that of international models, enhancing accessibility for developers [42][46] Group 3 - The demand for computing power is expected to increase, with hardware performance continuing to improve due to the expansion of AI applications [47][50] - Major tech companies are ramping up capital expenditures, with a combined Q1 capital expenditure of approximately $76.6 billion, reflecting a 64% year-on-year increase [56][61] - The AI server market is projected to grow significantly, with an expected shipment of 1.811 million units in 2025, representing a 26.29% year-on-year increase [66][70] Group 4 - The PCB market is anticipated to experience a surge in demand, particularly for high-density interconnect (HDI) boards, driven by the requirements of AI servers [76][79] - The global PCB market is projected to reach $94.661 billion by 2029, with a compound annual growth rate of 5.2% [78] - Several domestic manufacturers are actively expanding their HDI production capacity to meet the growing demand from AI applications [82]

Group 1 - The report emphasizes that humanoid robots are entering a new phase with mass production expected in 2025, which will stimulate market activity in the sector [4][13][19] - The collaboration between the "big brain" and "small brain" in humanoid robots creates an efficient closed-loop system for intelligent decision-making, enhancing their operational capabilities [4][29][30] - The competition in the dexterous hand segment is intensifying, with domestic manufacturers rapidly emerging, while the technology barriers for tactile sensors and hollow cup motors remain high [4][6][19] Group 2 - The industrial robot market is experiencing a recovery in sales after a two-year inventory destocking phase, driven by various factors including government subsidies and demand in the electronics sector [6][15] - The report identifies structural opportunities in the market, particularly in the replacement of existing products and the growth of niche segments, as key to future competition [6][15] - Investment recommendations include maintaining a standard rating and focusing on specific companies such as Zhaowei Electric and Mingzhi Electric, among others [6][21] Group 3 - The report highlights the importance of government policies in promoting the development of humanoid robots and intelligent robotics as a strategic industry [13][14][23] - The financing landscape for the robotics sector shows significant growth, with a 71.20% year-on-year increase in financing cases and a 52.70% increase in total financing amount in Q1 2025 [15][16] - The humanoid robot market is expected to prioritize industrial applications initially, with automotive manufacturing being a key area for deployment due to its standardized and repetitive nature [20][21]

Group 1: Overview of Public Utility Index Performance - The Shenwan Public Utility Index has outperformed the CSI 300 Index, with a decline of 0.68% year-to-date as of June 16, 2023, which is 0.87 percentage points better than the CSI 300 Index, ranking 19th among 31 Shenwan industries [2][9] - Among the sub-sectors of the Shenwan Public Utility Index, four sectors have increased, including Heat Service (+8.44%), Comprehensive Electric Service (+2.98%), Thermal Power (+2.24%), and Hydropower (+0.86%), while three sectors have decreased, including Photovoltaic Power (-6.02%), Gas (-4.29%), and Wind Power (-2.21%) [2][12] - The price-to-earnings (P/E) ratio of the Shenwan Public Utility Index is approximately 18.42 times, which is below the historical average of 26.61 times over the past decade, placing it at the 13th percentile historically [2][13] Group 2: Coal Power Sector Insights - The establishment of a capacity price mechanism for coal power will facilitate the recovery of fixed costs for compliant coal power units, which are essential for supporting the electricity system during the green transition [2][21] - The average price of thermal coal at Qinhuangdao Port (Q5500) has decreased by 7% year-on-year, averaging 685 RMB/ton as of June 13, 2023, which is expected to enhance the performance of coal power companies [2][28] - Companies such as Huadian International (600027) and Guodian Power (600795) are recommended for attention due to their potential benefits from the capacity price mechanism and declining coal prices [2][21] Group 3: Renewable Energy Development - The Chinese government is actively promoting renewable energy through various policies, aiming to enhance the capacity for renewable energy consumption by constructing smart microgrid projects and shared energy storage stations [2][37] - The installed capacity of wind power is projected to grow from 184 GW at the end of 2018 to 521 GW by the end of 2024, with a compound annual growth rate of 19%, while solar power capacity is expected to increase from 174 GW to 887 GW, with a CAGR of 31% [2][41] - Companies such as Three Gorges Energy (600905) and Longyuan Power (001289) are highlighted as key players in the renewable energy sector [2][21] Group 4: Hydropower Sector Developments - The installed capacity of hydropower in China is expected to grow from 370 million kW at the end of 2020 to 436 million kW by the end of 2024, with an average annual growth rate of 4% [2][39] - Hydropower companies are increasingly focusing on cash dividends, with nine out of eleven listed hydropower companies planning to return profits to shareholders through cash dividends in 2024 [2][21] - Recommended companies in the hydropower sector include Yangtze Power (600900), Huaneng Hydropower (600025), and Sichuan Investment Energy (600674) [2][21]