Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [56]. Core Viewpoints - The white liquor market is experiencing sluggish sales, while attention should be paid to beer and other seasonal consumption [51]. - The SW food and beverage industry index fell by 1.83% from May 23 to June 5, 2025, underperforming the CSI 300 index by approximately 0.90 percentage points [13]. - Most sub-sectors within the industry outperformed the CSI 300 index during the same period, with the soft drink sector seeing the largest increase of 8.72% [15]. - Approximately 70% of stocks in the industry recorded positive returns, with notable gainers including Junyao Health (+62.74%) and Miaokelando (+21.27%) [17]. - The overall industry valuation is below the five-year average, with a current PE (TTM) of approximately 21.40 times, compared to the historical average of 34 times [21]. Summary by Sections Market Review - The SW food and beverage industry index underperformed the CSI 300 index, with a decline of 1.83% from May 23 to June 5, 2025 [13]. - Most sub-sectors outperformed the CSI 300 index, with the soft drink sector leading at an increase of 8.72% [15]. - About 70% of stocks in the industry achieved positive returns, with significant gains from Junyao Health and Miaokelando [17]. Industry Data Tracking White Liquor Sector - The prices of major white liquor brands, such as Feitian and Guojiao 1573, have decreased recently, indicating market pressure [24]. Seasonality and Consumer Trends - The report emphasizes the importance of monitoring seasonal consumption trends, particularly in beer and soft drinks, as the industry enters a peak consumption period [51]. Valuation Metrics - The current industry PE (TTM) is approximately 21.40 times, which is below the five-year average of 34 times, suggesting potential undervaluation [21]. Key Recommendations - The report suggests focusing on high-certainty stocks such as Kweichow Moutai (600519) and other regional liquor brands like Shanxi Fenjiu (600809) and Gujing Gongjiu (000596) [51]. - In the broader consumer goods sector, companies like Haitian Flavoring (603288), Qingdao Beer (600600), and Yili (600887) are highlighted for their growth potential [51].

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [1][34]. Core Insights - The report highlights continuous catalysts in the AI sector both domestically and internationally, emphasizing investment opportunities in AI applications and computing power [1][29]. - The computer industry index has shown a cumulative increase of 3.00% over the past two weeks, outperforming the CSI 300 index by 3.93 percentage points, ranking 6th among 31 primary industries [11][21]. - As of June 5, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 51.28 times, positioned at the 79.50% percentile over the past five years and 65.37% over the past ten years [21][23]. Summary by Sections 1. Industry Performance Review - The SW computer sector has increased by 3.00% in the last two weeks, 3.24% in June, and 4.95% year-to-date, all outperforming the CSI 300 index [11][12]. 2. Valuation Situation - The current PE TTM for the SW computer sector is 51.28 times, indicating a high valuation relative to historical performance [21]. 3. Industry News - Significant developments include the enactment of the "Stablecoin Ordinance" in Hong Kong, advancements in AI models such as DeepSeek-R1 and Claude 4, and initiatives to enhance computing power interconnectivity [22][24][29]. 4. Company Announcements - Recent announcements include a successful bid by Chengdi Xiangjiang for a data center project worth 4.4 billion RMB and China Software's participation in a capital increase project for Kirin Software [25][26]. 5. Weekly Perspective - The report emphasizes the rapid development in the AI sector, with notable updates in AI models and applications, suggesting a focus on investment opportunities in AI and computing power [29]. 6. Recommended Focus Stocks - The report suggests monitoring specific companies such as GuoDian YunTong, Shenzhou Digital, and Inspur Information, which are positioned to benefit from trends in financial technology and domestic computing power demand [30].

Investment Rating - The report maintains a standard rating for the construction materials sector [2] Core Views - The real estate market is showing signs of recovery, particularly in high-energy cities, with improved sales of larger residential units. The demand for real estate and construction materials is expected to rise due to accelerated urban renewal initiatives [4][29] - The land market has seen a resurgence, with the top 100 companies acquiring land worth 405.19 billion yuan, a year-on-year increase of 28.8% [4][27] - The report suggests focusing on stable central state-owned enterprises and regional leaders in first and second-tier cities, such as Poly Developments, China Merchants Shekou, and others [4][29] Summary by Sections Real Estate Market Overview - In the first four months of the year, 20 out of 30 representative cities saw an increase in the proportion of residential units over 120 square meters sold, with cities like Nanjing and Qingdao showing increases exceeding 8% [4][27] - New home prices in first-tier cities rose by 0.90% month-on-month in May, while second-tier cities saw a slight increase of 0.06% [4][27] - The report indicates that the recovery in the real estate market will gradually expand from specific points to a broader area, potentially leading to a valuation recovery for the sector [29] Construction Materials Market Overview - National cement production from January to April 2025 was 495 million tons, a year-on-year decrease of 2.8%, marking the lowest level for the same period since 2010 [5][47] - The report highlights that the cement industry is undergoing significant capacity reduction and is pushing for energy-saving and green transformation [6][49] - The construction materials sector is expected to benefit from increased fiscal spending and the issuance of special bonds, which will support demand for construction materials [51] Key Data and Trends - The report notes that the total amount of special bonds planned for issuance in June across 25 regions is approximately 885.64 billion yuan, with new special bonds accounting for 469.49 billion yuan [51] - The construction materials sector has seen a slight increase in prices, with the average cement price at 339 yuan per ton, down 4 yuan from the previous week [36][41] - The report recommends focusing on leading companies in the cement industry, such as Conch Cement and Huaxin Cement, which are expected to benefit from industry consolidation and overseas expansion [6][50]

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 [45]. Core Viewpoints - The report highlights the initiation of pilot projects for the construction of a new power system by the National Energy Administration, focusing on innovative technologies and models to drive breakthroughs in the sector [3][35]. - The report suggests paying attention to leading companies in virtual power plant technology, which is identified as a key support for the new power system [3][40]. Summary by Sections Market Review - As of June 5, 2025, the Shenwan Power Equipment industry has seen a decline of 2.16% over the past two weeks, underperforming the CSI 300 index by 1.23 percentage points, ranking 28th among 31 industries [11]. - The industry has experienced a year-to-date decline of 5.44%, again underperforming the CSI 300 index by 3.98 percentage points [11]. - The wind power equipment sector increased by 0.10%, while the photovoltaic equipment sector decreased by 2.43% in the last two weeks [11][17]. Valuation and Industry Data - As of June 5, 2025, the overall PE (TTM) for the power equipment sector is 24.42 times, with sub-sectors showing varied valuations: - Electric Motor II: 47.23 times - Other Power Equipment II: 39.92 times - Photovoltaic Equipment: 16.73 times - Wind Power Equipment: 30.46 times - Battery: 24.46 times - Grid Equipment: 23.80 times [26]. Industry News - The National Energy Administration has issued a notice to conduct pilot projects focusing on seven key areas, including virtual power plants and intelligent microgrids, to explore new technologies and models for the new power system [35]. - The report also mentions the promotion of green electricity direct connection development, emphasizing the importance of source-load matching [35]. Company Announcements - The report includes various company announcements, such as the completion of a hydrogen production and refueling station in Wuhai, which is expected to enhance logistics efficiency [38]. - It also notes the share repurchase plans of several companies, indicating ongoing corporate actions in the sector [38]. Weekly Perspective on Power Equipment Sector - The report emphasizes the importance of the new power system construction and suggests focusing on companies that are leading in virtual power plant technology [40]. - It highlights the potential for significant advancements in the sector, driven by government initiatives and technological innovations [40].

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [2] Core Insights - The report highlights the intensifying resource competition and the prominent position of the rare earth industry chain, driven by changes in national tariff policies and the demand from emerging sectors such as humanoid robots and low-altitude economy [7][54] - The non-ferrous metals sector has shown resilience, with the metal new materials and small metals sub-sectors experiencing significant growth, while the steel sector has faced declines [14][17] - The report suggests focusing on specific companies within the rare earth and gold sectors due to their strong market positions and growth potential [55][56] Market Review - As of June 5, 2025, the non-ferrous metals industry has increased by 0.02% over the past two weeks, outperforming the CSI 300 index by 0.95 percentage points, ranking 19th among 31 industries [14] - The steel industry has decreased by 1.72% in the same period, underperforming the CSI 300 index by 0.79 percentage points, ranking 25th [14] - Year-to-date, the non-ferrous metals industry has risen by 10.87%, while the steel industry has only increased by 0.52% [14] Sub-sector Performance - Within the non-ferrous metals sector, the metal new materials sub-sector rose by 4.60% in the last two weeks, while the industrial metals sub-sector fell by 1.59% [17] - The gold market has seen a significant increase, with COMEX gold prices reaching $3,376.10 per ounce, up $127.80 since early May [36][55] - The aluminum sector is facing supply constraints due to a production cap and varying demand across different applications, particularly in the renewable energy sector [56] Company Focus - The report recommends monitoring companies such as China Rare Earth (000831) and Kinglong Permanent Magnet (300748) for their strong performance and strategic positioning in the rare earth market [55][57] - In the gold sector, companies like Chifeng Jilong Gold Mining (600988) and Zijin Mining (601899) are highlighted for their robust revenue growth and market strategies [55][57]

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 ...

Market Overview - The A-share market experienced a rebound with the ChiNext index leading the gains, closing up by 1.11% [4] - The Shanghai Composite Index closed at 3376.20, up 0.42%, while the Shenzhen Component Index rose by 0.87% to 10144.58 [2] Sector Performance - The top-performing sectors included Beauty Care (up 2.63%), Comprehensive (up 2.53%), and Textile & Apparel (up 2.41%) [3] - Conversely, the sectors that underperformed were Transportation (down 0.58%), Defense & Military (down 0.24%), and Utilities (down 0.12%) [3] Concept Index Performance - Among concept indices, Beer Concept led with a gain of 3.85%, followed by Tobacco at 2.65% and Hat Removal at 2.63% [3] - The weakest performers included Glyphosate (down 0.26%) and Terahertz (down 0.16%) [3] Future Outlook - The market is expected to maintain a stable upward trend, supported by resilient domestic economic fundamentals and favorable policies [6] - The manufacturing PMI for May was reported at 49.5%, indicating a slight recovery in the manufacturing sector [6] - Suggested sectors for investment include Finance, Non-ferrous Metals, Consumer Goods, and TMT (Technology, Media, and Telecommunications) [6]

Market Overview - The market experienced a slight rebound with all three major indices closing higher, with the Shanghai Composite Index at 3361.98, up 0.43% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion, an increase of 22.3 billion compared to the previous trading day [4] Sector Performance - The top-performing sectors included Beauty Care (up 3.86%), Textile and Apparel (up 2.53%), and Banking (up 1.98%) [1] - Conversely, the sectors that underperformed were Household Appliances (down 2.10%), Steel (down 1.37%), and Coal (down 0.84%) [1] Concept Indices - Notable concept indices that performed well included the China-South Korea Free Trade Zone (up 4.23%), Cell Immunotherapy (up 3.87%), and Football Concept (up 3.56%) [2] - Underperforming concept indices included Special Steel Concept (down 0.93%) and Medical Waste Treatment (down 0.51%) [2] Future Outlook - The market is expected to maintain a range-bound and consolidating trend, with a focus on sectors such as Finance, Pharmaceutical Biology, TMT (Technology, Media, and Telecommunications), and Non-ferrous Metals [4] - The upcoming mid-year performance expectations are anticipated to drive structural market trends, with fundamentals becoming a key factor [4]

Core Insights - The report highlights a positive outlook for various sectors, with specific companies identified as key investment opportunities based on their performance and market conditions [5][11][15][19][23][27][31][35][39][44]. Company Summaries 招商银行 (China Merchants Bank, 600036) - The bank's Q1 2025 performance showed a decline in revenue and net profit, with operating income at 837.51 billion yuan, down 3.09% year-on-year, and net profit at 372.86 billion yuan, down 2.08% [11]. - The bank maintains a high dividend payout ratio, with a projected dividend of 2 yuan per share for 2024, resulting in a dividend yield of 4.60% based on the May 29 closing price [11]. - The bank's asset quality remains under pressure, particularly in retail loans, with a non-performing loan ratio of 0.94% [11]. 紫金矿业 (Zijin Mining, 601899) - The company reported significant growth in mineral production, achieving 1.07 million tons of copper and 73 tons of gold in 2024, with production costs decreasing [15]. - Zijin Mining's resource reserves are expanding, with successful exploration projects and acquisitions enhancing its market position [15]. - The company expects continued growth in copper and gold prices, supporting its revenue projections for 2025 [15]. 三美股份 (Sanmei Co., 603379) - The company experienced a substantial increase in revenue from its refrigerant products, with a 30.28% year-on-year growth in 2024 [19]. - The average selling price of refrigerants rose significantly, contributing to improved profitability [19]. - The company is well-positioned in the refrigerant market, with ongoing price increases expected in 2025 [19]. 青岛啤酒 (Qingdao Beer, 600600) - The company reported a revenue of 321.38 billion yuan in 2024, with a net profit of 43.45 billion yuan, showing signs of recovery in the beverage sector [23]. - The management is optimistic about demand recovery as the peak season approaches, supported by favorable government policies [23]. - EPS projections for 2025 are set at 3.52 yuan, with a "buy" rating maintained [23]. 恒瑞医药 (Hengrui Medicine, 600276) - The company achieved a 20.14% year-on-year growth in revenue for Q1 2025, driven by its innovative drug portfolio [27]. - Hengrui's focus on R&D has led to the development of multiple new drugs, enhancing its market competitiveness [27]. - EPS for 2025 is projected at 1.05 yuan, with a "buy" rating maintained [27]. 海大集团 (Haida Group, 002311) - The company reported a 9% increase in feed sales in 2024, with significant growth in international markets [31]. - Haida is actively pursuing international expansion, particularly in Southeast Asia and Africa, to enhance its market presence [31]. - EPS projections for 2025 are set at 3.01 yuan, with a "buy" rating maintained [31]. 华电国际 (China Huadian Corporation, 600027) - The company completed a significant asset restructuring, expected to enhance its operational scale and market share [35]. - Post-restructuring, the company anticipates a 25.07% increase in revenue and a 5.93% increase in net profit [35]. - EPS projections for 2025 are set at 0.64 yuan, with a "buy" rating maintained [35]. 胜宏科技 (Shenghong Technology, 300476) - The company reported a 35.31% increase in revenue for 2024, driven by strong demand in the PCB sector [39]. - Q1 2025 saw an 80.31% increase in revenue, with significant growth in high-value product orders [39]. - EPS projections for 2025 are set at 5.09 yuan, with a "buy" rating maintained [39]. 中国电信 (China Telecom, 601728) - The company reported a 3.1% year-on-year increase in revenue, with a focus on digital transformation and service innovation [44]. - The mobile user base continues to grow, contributing to stable revenue streams [44]. - EPS projections for 2025 are set at 0.39 yuan, with a "buy" rating maintained [44].

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 ...