Investment Rating - The report maintains a "Market Perform" investment rating for the consumer services industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [33]. Core Insights - The report highlights a return to local and nearby short trips during the Dragon Boat Festival, with a notable increase in family travel orders due to the upcoming Children's Day. The data shows that domestic flight bookings for the holiday have slightly increased year-on-year, while international flight bookings have grown by approximately 19% compared to the same period in 2024 [33][24]. - The report suggests that hotel groups should focus on rapid market penetration through short-cycle renovations and the establishment of mid-to-high-end hotel brands in lower-tier markets to achieve competitive differentiation [33]. - The upcoming graduation travel season and summer tourism peak are expected to improve the outlook for travel attractions and dining sectors, potentially boosting policies for cultural tourism development [33]. Summary by Sections Market Review - The consumer services industry index experienced a slight decline of 0.04% from May 16 to May 29, 2025, outperforming the CSI 300 index by approximately 1.20 percentage points [10]. - The performance of sub-sectors varied, with tourism and comprehensive services showing gains of 2.86% and 0.28%, respectively, while the hotel and education sectors declined by 1.81% and 0.52% [11]. - A total of 31 listed companies in the industry reported positive returns, with the top five performers being BoRui Communication, Chuangye Heima, Miao Exhibition, ST United, and Guangzhou Restaurant, with increases ranging from 5.04% to 9.46% [13]. - The overall price-to-earnings (PE) ratio for the consumer services industry was approximately 30.68 times, reflecting a slight decrease and remaining below the average valuation of 50.19 times since 2016 [18]. Industry News - The report notes the implementation of a visa-free policy for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain from June 9, 2025, to June 8, 2026, which is expected to enhance tourism [23]. - The Ministry of Culture and Tourism, along with 19 other departments, issued guidelines to improve tourism services for the elderly, promoting the development of travel and family tourism products [25][26]. Company Announcements - The report includes significant announcements from various companies, such as the strategic partnership between Junting Hotel Group and Select International Hotel Group, which will enhance distribution channels for hotel bookings in China [29]. - Other notable announcements include the investment plans of companies like Guotour Cultural Investment Group and Lingnan Holdings to expand their operations in the tourism sector [28][32].

Market Performance - The North Exchange 50 Index reached a historical high, surpassing 1500 points on May 21, 2025, with a year-to-date increase exceeding 40%[4] - In May 2025, the North Exchange 50 Index rose by 9.52%, with a peak increase of 12.71% during the month[5] - As of May 29, 2025, the North Exchange 50 Index has increased by 36.43% year-to-date, with a maximum increase of 44.57%[5] Trading Activity - The total trading volume for the North Exchange in May 2025 was approximately 579.41 billion yuan, with a volume of 27.22 billion shares traded[23] - A total of 235 stocks increased in value, while 31 stocks decreased, with no stocks remaining unchanged during May 2025[5] New Listings and Regulatory Changes - One new stock was listed on the North Exchange in May 2025, bringing the total number of listed companies to 266[31] - The North Exchange implemented a pilot program for stock code switching starting May 6, 2025, to enhance trading convenience[4] Investment Recommendations - Focus on high-growth sectors such as semiconductors, military industry, AI, and satellite internet for domestic alternatives and technological breakthroughs[14] - Companies in the consumer industry chain are expected to benefit from policies aimed at boosting domestic demand and consumption[14] Valuation Metrics - As of May 29, 2025, the average PE ratio (TTM) for the North Exchange 50 Index was 73.22, while the median was 73.34[20] - The average PE ratio for the ChiNext Index was 30.72, and for the Sci-Tech Innovation Board, it was 142.30[20] Risk Factors - There is a risk that the implementation of policies may not meet expectations, potentially impacting the stability of the North Exchange[36] - Short-term price surges in individual stocks may lead to irrational investment behavior driven by market sentiment[36]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [51]. Core Viewpoints - The lithium battery index has seen a decline of 2.45% over the past two weeks, underperforming the CSI 300 index by 1.21 percentage points. However, it has increased by 8.59% this month, outperforming the CSI 300 index by 6.25 percentage points [2][11]. - The report highlights that the recent drop in lithium carbonate prices indicates insufficient cost support, leading to weakness in certain segments of the industry chain. Despite this, the demand for new energy vehicles remains strong, with retail sales of 726,000 units from May 1 to May 25, a year-on-year increase of 31% [45][42]. - The overall demand for lithium batteries is expected to maintain rapid growth, driven by the continuous development of renewable energy and the increasing demand for energy storage in new data centers. The supply-demand relationship in the industry is gradually improving, which is beneficial for the utilization rate of quality production capacity [47]. Summary by Sections 1. Market Review - As of May 29, 2025, the lithium battery index has decreased by 2.45% in the last two weeks, while it has increased by 8.59% this month and decreased by 1.91% year-to-date [11]. 2. Price Changes in the Lithium Battery Industry Chain - As of May 29, 2025, the average price of battery-grade lithium carbonate is 62,800 CNY/ton, down 5.28% in the last two weeks. The price of lithium hydroxide (LiOH 56.5%) is 69,400 CNY/ton, down 3.34% [4][22]. - Prices for cathode materials such as lithium iron phosphate remain stable at 31,500 CNY/ton, while NCM523, NCM622, and NCM811 have seen slight decreases of 2.97%, 2.00%, and an increase of 0.68%, respectively [26][31]. 3. Industry News - The China Automotive Engineering Society has released a group standard for "all-solid-state batteries," clarifying definitions and testing methods, which will support technological upgrades and industrial applications [42]. - The report notes that the demand for new energy vehicles is robust, with a retail penetration rate of 53.5% in the new energy market, indicating a strong market outlook [45]. 4. Recommended Stocks - Key stocks to watch include CATL (300750), EVE Energy (300014), Keda Technology (002850), Tianwei Technology (688116), and Naconor (832522), all of which have strong performance support and are expected to benefit from the ongoing developments in the solid-state battery industry [47][48].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [37]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 4.35% from May 16 to May 29, 2025, exceeding the CSI 300 index by approximately 5.59 percentage points [6][13]. - Most sub-sectors within the industry recorded positive returns during the same period, with other biological products and raw materials leading with increases of 6.57% and 4.92%, respectively [6][16]. - Approximately 81% of stocks in the industry achieved positive returns, with notable performers including Sanofi's stock, which surged by 123.90% [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 47.77 times as of May 29, 2025, indicating a rise in industry valuation [22][31]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 4.35% from May 16 to May 29, 2025, surpassing the CSI 300 by about 5.59 percentage points [13]. - Most sub-sectors recorded positive returns, with other biological products and raw materials leading at 6.57% and 4.92% increases, while hospitals and in vitro diagnostics faced declines of 2.93% and 0.62% [16]. - About 81% of stocks in the industry posted positive returns, with the highest gain being 123.90% for Sanofi [17][19]. 2. Industry News - The Hainan Health Commission announced a meeting regarding the procurement of 313 medical devices with a budget of 126.77 million yuan [29]. - The report highlights the increasing demand for various medical devices, including automated chemical immunoassay analyzers and blood cell analyzers [29]. 3. Company Announcements - Renfu Pharmaceutical announced that its RFUS-949 tablet received clinical trial approval, aimed at treating acute and chronic pain, with a total R&D investment of approximately 15 million yuan [30]. 4. Industry Outlook - The report suggests continued focus on the innovative drug industry chain, with recent collaborations and licensing agreements indicating a positive trend for innovative drug companies [31][33]. - Key sectors to watch include medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, hospital and diagnostic services, traditional Chinese medicine, innovative drugs, biological products, and contract research organizations (CROs) [31][33].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on the NVIDIA supply chain and PCB/CCL sectors due to strong performance expectations [25]. Core Insights - NVIDIA reported FY26Q1 revenue of $44.1 billion, exceeding market expectations of $43.3 billion, with data center revenue at $39.1 billion, slightly below the forecast of $39.2 billion. The transition from Hopper to Blackwell products is nearly complete, and the demand for reasoning computing power is expected to continue growing due to the acceleration of applications like Chatbot and Agents [25][18]. - The semiconductor diffusion rule cancellation is anticipated to further boost sovereign AI demand, indicating a robust global demand for computing power [25]. - Xiaomi Group achieved a record revenue of RMB 111.3 billion in Q1 2025, a 47.4% year-on-year increase, with adjusted net profit reaching RMB 10.7 billion, up 64.5% [18]. - The SW Electronics sector's PE TTM is 41.79 times, placing it in the 71.37% percentile over the past five years and 60.59% over the past ten years, indicating a relatively high valuation [12][10]. Summary by Sections Market Review and Valuation - The SW Electronics sector experienced a cumulative decline of 0.82% over the past two weeks (05/16-05/29), outperforming the CSI 300 index by 0.43 percentage points. For May, the sector fell by 1.02%, underperforming the index by 3.36 percentage points [10][11]. Industry News - Significant developments include Xiaomi's record earnings, NVIDIA's new computing platform announcement, and OpenAI's Stargate UAE project, which will establish a 1GW data center cluster in Abu Dhabi [18][15]. Company Announcements - Notable announcements include the planned share transfer by Shenghong Technology and the successful completion of a share transfer inquiry involving institutional investors [19][16]. Industry Data - Global smartphone shipments reached 305 million units in Q1 2025, marking a 1.53% year-on-year increase. In China, smartphone shipments totaled 21.43 million units in March 2025, up 5.99% [20][22].

Investment Rating - The report maintains a "Market Weight" rating for the automotive industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [55]. Core Insights - BYD has launched a new round of limited-time promotional activities, which may intensify competition in the automotive industry [2][49]. - The automotive sector has shown resilience, with the automotive index outperforming the CSI 300 index by 2.10 percentage points over the past two weeks [5][12]. - In April, China's automotive production reached 2.619 million units, a year-on-year increase of 8.9%, while sales were 2.590 million units, up 9.8% year-on-year [20][21]. Summary by Sections Automotive Industry Trends and Valuation Review - As of May 29, 2025, the automotive sector index has increased by 0.86% over the past two weeks, outperforming the CSI 300 index by 2.10 percentage points, ranking 10th among 31 industries [12][14]. - Year-to-date, the automotive sector has risen by 10.69%, ranking 2nd among the 31 industries [12][14]. Industry Data Tracking - In April, automotive exports totaled 517,000 units, reflecting a year-on-year growth of 2.6% [20][21]. - The dealer inventory warning index for April was 59.8%, up 0.40 percentage points year-on-year and 5.20 percentage points month-on-month [20][21]. Industry News - The China Passenger Car Association reported that from January to April, the automotive industry generated revenues of 32.552 billion yuan, a year-on-year increase of 7% [32]. - In April, sales of Chinese brand passenger cars reached 1.571 million units, a year-on-year increase of 23.5% [35]. Corporate News - Xiaomi's SU7 Ultra has received over 23,000 orders, indicating strong market interest [40]. - BYD's promotional activities could enhance sales but may also lead to increased competition in the automotive sector [49][43]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as BYD and Changan Automobile [49]. - It also highlights the potential growth in the intelligent driving industry chain, recommending companies like Baolong Technology, Huayang Group, and Bertel [49].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][43]. Core Insights - The communication industry has shown resilience, with the Shenwan communication sector rising by 0.89% over the past two weeks, outperforming the CSI 300 index by 2.14 percentage points [4][12]. - The report highlights a focus on low-altitude economy development, with communication infrastructure playing a crucial role in supporting drone communication needs and regulatory requirements [4][40]. - The industry is entering a phase of technological iteration and policy benefits, with growth drivers from AI, quantum communication, and low-altitude economy initiatives [4][40]. Summary by Sections 1. Industry Market Review - The Shenwan communication sector's performance over the past two weeks (5/16-5/29) was a 0.89% increase, with a 5.19% rise in May, while the year-to-date performance shows a decline of 3.00% [12][4]. - Among the six sub-sectors, "Other Communication Equipment" led with a 4.17% increase, while "Communication Application Value-Added Services" saw a decline of 1.06% [4][17]. 2. Industry News - Alibaba's Qwen team launched a new AI model that excels in long-text reasoning tasks, showcasing advancements in AI technology [17]. - Tencent Cloud announced upgrades to its AI infrastructure, enhancing capabilities for AI model training and deployment [19]. - China led global growth in the mobile core network market in Q1 2025, with a remarkable 122% year-on-year increase [20]. 3. Company Announcements - China Mobile announced a dividend payout ratio of 73% for 2024, reflecting strong financial performance [23]. - Tianfu Communication plans to distribute a cash dividend of 5 yuan for every 10 shares [24]. - Yiyuan Communication will distribute a cash dividend of 0.42 yuan per share [25]. 4. Industry Data Updates - As of April 2025, the mobile phone user base reached approximately 1.803 billion, a year-on-year increase of 2.75% [26]. - The internet broadband access user base was about 680 million, reflecting a 5.05% year-on-year growth [28]. - The total length of optical cable lines reached approximately 72.88 million kilometers, a 13.31% increase year-on-year [29]. 5. 5G Development Status - By April 2025, the number of 5G base stations reached 4.439 million, with a net increase of 188,000 from the previous year [36]. - The number of 5G mobile service users for major operators was reported as 552 million for China Mobile, 351 million for China Telecom, and 287 million for China Unicom [34]. 6. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and performance certainty," recommending stocks such as China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information [40][41].

Investment Rating - The semiconductor industry is rated as "Overweight" (maintained) [3] Core Viewpoints - The supply-demand dynamics in the semiconductor industry are improving, with expectations for storage prices to rise due to production cuts by major manufacturers and strong AI-driven demand for enterprise-level storage [39][18] - Domestic storage companies are expected to gain market share through technological innovations and localization strategies, significantly increasing their market presence compared to 2023 [39] - The recent launch of new features by ByteDance indicates the commercialization of multimodal perception technology, which is anticipated to boost demand for upstream computing chips and AI terminal SoC chips [39] Industry Performance Review - As of May 29, 2025, the semiconductor industry index has decreased by 1.59% over the past two weeks, underperforming the CSI 300 index by 0.35 percentage points [5][12] - Year-to-date, the semiconductor industry index has remained flat, while outperforming the CSI 300 index by 1.93 percentage points [5][12] - Among sub-sectors, the performance varied, with discrete devices up by 1.02% and digital chip design down by 3.16% [14][15] Industry News and Company Developments - Major NAND manufacturers, including Samsung and Micron, have initiated production cuts of 10%-15%, leading to expectations of a rebound in memory prices in Q2 [18] - Google announced a partnership with XREAL to launch a new AR glasses platform, with support from domestic suppliers [19] - Huawei has released two new HarmonyOS computers, indicating ongoing innovation in the tech space [20] - The Central Cyberspace Affairs Commission and other departments have outlined goals for IPv6 deployment by 2025, aiming for significant user and connection growth [21] - The AI demand is expected to drive significant growth in enterprise SSDs, with projections for NAND Flash prices to rise in Q3 2025 [24] Semiconductor Industry Data Updates - Global smartphone shipments in Q1 2025 reached 305 million units, a year-on-year increase of 1.53% [31] - In April 2025, domestic new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2% [33] - Global semiconductor sales in March 2025 amounted to $55.9 billion, a year-on-year increase of 18.8% [36] Investment Recommendations - The report suggests focusing on storage chip design, storage modules, and DDR5 segments as potential beneficiaries of the improving market conditions [39] - Recommended stocks include: - Semiconductor Equipment: North China HuaChuang, Zhongwei Company, Huahai Qingke, Changchuan Technology, Shengmei Shanghai [40] - Semiconductor Materials: Dinglong Co., Jiangfeng Electronics, Yake Technology [40] - IC Design: Zhaoyi Innovation, Lanke Technology, Baiwei Storage, Lexin Technology, Shengbang Co., Sirui Technology, Weier Co., Sirui Technology, Haiguang Information [40]

证券研究报告 2025 年 5 月 30 日 星期五 后市展望： 周四，市场全天震荡反弹，创业板指领涨。早盘三大指数集体高开，随后市场继续 走强，午后大盘保持窄幅震荡。截至收盘，三大指数全线收红，创业板指领涨。盘面上， 无人车辆、智能驾驶概念股集体爆发，数字货币概念股震荡走强，创新药概念股再度活跃。 下跌方面，黄金股展开调整。总体上个股涨多跌少，计算机、医药生物、电子、国防军工 和通信等行业表现靠前；美容护理、银行、食品饮料、石油石化和家用电器等行业表现靠 后。概念指数方面，数字货币、电子身份证、跨境支付(CIPS)、移动支付和 EDR 概念等板 块表现靠前；草甘膦、黄金概念、供销社、代糖概念和社区团购等板块表现靠后。 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 计算机 | 3.62% | 美容护理 | -0.59% | 数字货币 | 6.50% | 草甘膦 | -1.65% | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [3][7]. Core Views - The company's performance is under short-term pressure, but it continues to advance its dual-sea strategy, focusing on expanding its offshore wind power market and overseas markets [3][5]. - The company reported a revenue of 48.38 billion yuan for 2024, a year-on-year increase of 0.52%, while the net profit attributable to shareholders decreased by 37.77% to 1.82 billion yuan [6]. - The company has a growing order backlog, with total orders amounting to 49.17 billion yuan by the end of 2024, reflecting a year-on-year increase of 27.97% [6][7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.38 billion yuan and a net profit of 1.82 billion yuan, with a gross margin of 13.83%, down 6.26 percentage points year-on-year [6][8]. - For Q1 2025, the company reported a revenue of 7.95 billion yuan, a year-on-year increase of 21.01%, and a net profit of 0.45 billion yuan, down 17.47% year-on-year [6][8]. Market Strategy - The company is actively expanding its production capacity and has established a European sales center in Germany to tap into international market opportunities [6][7]. - The company is also focusing on technological innovation, developing new products such as floating offshore wind turbine platforms and high-capacity offshore wind equipment [6][7]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.37 yuan, 0.47 yuan, and 0.59 yuan, respectively, with corresponding price-to-earnings (PE) ratios of approximately 17, 13, and 11 [7][8].