[Table_Reportdate] 2025年06月12日 [证券分析师： Table_Authors] 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.装备制造业景气向好，机器人企业推进应用场景领域合作——机械设备行业周报 （20250602-20250608） ➢ 2.制冷剂行业延续高景气——氟化工行业月报 ➢ 3.己二酸短期基本面有望向好，关注一体化龙头企业——基础化工行业简评 ➢ 1.中方谈中美经贸磋商机制首次会议 ➢ 2.美国公布5月CPI数据 ➢ 3.特朗普：联邦上诉法院裁定可以使用关税工具 方霁 S0630523060001 fangji@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250612 重点推荐 | 1.1. 装备制造业景气向好，机器人企业推进应用场景领域合作——机械设备行业 | | | --- | --- | ...

氟化工行业月报 证券分析师：张晶磊 执业证书编号：S0630524090001 证券分析师：吴骏燕 执业证书编号：S0630517120001 证券分析师：谢建斌 执业证书编号：S0630522020001 联系方式：zjlei@longone.com.cn 2025年6月11日 | | | 一、核心观点 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 制冷剂行业延续高景气 二、制冷剂跟踪 三、含氟聚合物 四、行业要闻 五、投资建议 六、风险提示 核心观点 ● 风险提示：制冷剂配额政策变化的风险；原材料价格变化的风险；需求不及预期的风险。 3 ● 2 0 2 5年5月三代制冷剂价格上行，含氟聚合物价格波动。截至2025年5月30日，根据百川盈孚数据，三代制冷剂R32、R125、R134a产品价 格分别为51000元/吨、45500元/吨和48500元/吨，较4月底分别上涨4.08%、1.11%、2.11%。 R22价格为36000元/吨，较上月保持稳定， 较2024年5月30日上涨24.14%；含氟聚合物价格回升后出现波动，截至2025年5月30日，我国 ...

制冷剂行业延续高景气 氟化工行业月报 证券分析师：张晶磊 执业证书编号：S0630524090001 证券分析师：吴骏燕 执业证书编号：S0630517120001 证券分析师：谢建斌 执业证书编号：S0630522020001 联系方式：zjlei@longone.com.cn 2025年6月11日 | | | 一、核心观点 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 二、制冷剂跟踪 三、含氟聚合物 四、行业要闻 五、投资建议 六、风险提示 核心观点 ● 风险提示：制冷剂配额政策变化的风险；原材料价格变化的风险；需求不及预期的风险。 3 ● 2 0 2 5年5月三代制冷剂价格上行，含氟聚合物价格波动。截至2025年5月30日，根据百川盈孚数据，三代制冷剂R32、R125、R134a产品价 格分别为51000元/吨、45500元/吨和48500元/吨，较4月底分别上涨4.08%、1.11%、2.11%。 R22价格为36000元/吨，较上月保持稳定， 较2024年5月30日上涨24.14%；含氟聚合物价格回升后出现波动，截至2025年5月30日，我国 ...

[Table_Reportdate] 2025年06月11日 [table_invest] 超配 行 业 周 报 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn [table_stockTrend] -31% -19% -6% 6% 18% 31% 43% 24-04 24-07 24-10 25-01 申万行业指数:机械设备(0764) 沪深300 [相关研究 table_product] [Table_NewTitle 装备制造业景气向好，机器人企业推进 ] 应用场景领域合作 ——机械设备行业周报（20250602-20250608） [table_main] 投资要点： ➢ 宏观数据跟踪：2025年5月制造业景气水平环比改善。2025年5月制造业PMI为49.5%，较 上月提升0.5pct。分企业规模看，大型企业PMI表现相对较好，5月PMI高于临界点，且较 上月提升。中型、小型企业5月PMI低于临界点，但小型企业5月PMI环比提升0.6pct。从细 分指数看，制造业生产指数、新订单指数分别环比提升0.9pct、0.6pct，生产指 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [33]. Core Insights - The manufacturing PMI for May 2025 improved to 49.5%, up by 0.5 percentage points from the previous month, with large enterprises showing better performance [9][10]. - The equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing PMIs were all in the expansion zone, indicating positive growth trends in these sectors [9][11]. - The robot industry is seeing strategic collaborations, such as the partnership between Yujian Technology and Yaoshi Bang to develop intelligent robots for the pharmaceutical sector [13][18]. - Dazhu CNC has submitted an application for H-share listing in Hong Kong, focusing on PCB production equipment, with a global market share of 6.5% as of 2024 [18][19]. Summary by Sections 1. Macro Data Tracking - The manufacturing PMI for May 2025 is 49.5%, with large enterprises above the critical point and small enterprises showing a slight improvement [9]. - The production index and new orders index increased by 0.9 percentage points and 0.6 percentage points, respectively, with the production index at 50.7% [9][10]. - Equipment manufacturing PMI was 51.2%, high-tech manufacturing PMI was 50.9%, and consumer goods manufacturing PMI was 50.2%, all indicating expansion [9][11]. 2. Robot Industry Dynamics - Yujian Technology and Yaoshi Bang signed a strategic cooperation agreement to develop intelligent robots for various pharmaceutical applications [13]. - Galaxy General has opened seven unmanned pharmacies in Beijing, utilizing humanoid robots for 24-hour service [13][18]. 3. Hong Kong Listing Application - Dazhu CNC submitted an application for H-share listing on May 30, 2025, focusing on PCB production equipment with a significant market presence [18][19]. 4. Focus on Export Chain Enterprises - Companies with proactive overseas capacity layouts may gain market share amid changing competition dynamics due to tariffs [21]. - Jiechang Drive has established subsidiaries in multiple countries and is expanding its overseas production capabilities [22][24]. 5. Market Review - The CSI 300 index increased by 0.88%, while the machinery equipment sector rose by 0.93%, outperforming the CSI 300 by 0.05 percentage points [30].

Group 1: Pharmaceutical and Biotechnology Industry - The dual-target antibody sector is experiencing a surge in transactions, with significant interest in innovative pharmaceutical companies. The overall performance of the pharmaceutical and biotechnology sector rose by 1.13% during the week of June 2-8, 2025, outperforming the CSI 300 index by 0.25 percentage points. The current PE valuation for the sector stands at 28.16 times, which is at the historical median level, with a 137% premium over the CSI 300 index [6][7] - BioNTech SE and Bristol-Myers Squibb announced a collaboration to develop and commercialize the dual-specific antibody BNT327, with a total deal value exceeding $9 billion. This antibody targets PD-L1 and VEGF-A and is currently in Phase III clinical trials for small cell lung cancer. The collaboration includes significant upfront payments and milestone payments [7][8] - The report recommends focusing on innovative pharmaceutical companies with differentiated and breakthrough technology routes in the dual-target antibody space, as well as investment opportunities in medical devices, traditional Chinese medicine, chain pharmacies, and medical services [8] Group 2: Food and Beverage Industry - The food and beverage sector saw a decline of 1.06% last week, underperforming the CSI 300 index by 1.94 percentage points. The snack segment performed relatively well, increasing by 4.64%. The top five gainers included Junyao Health, Qinghai Spring, Miaokelando, Youyou Food, and Xiangpiaopiao, with respective increases of 24.43%, 15.38%, 10.11%, 9.57%, and 7.22% [10][11] - The beer sector is entering a peak season, with improved terminal sales. In April, the production of major beer companies in China reached 2.896 million kiloliters, a year-on-year increase of 4.8%. The report anticipates that beer sales will continue to recover as temperatures rise and consumption policies are boosted [12][14] - Investment recommendations include focusing on high-end liquor and regional leaders in the liquor sector, as well as stable operators like Qingdao Beer and growth-oriented companies like Yanjing Beer in the beer sector [14] Group 3: Electronics Industry - Broadcom reported record revenue for Q2 2025, with AI-related revenue growing by 46% year-on-year, becoming a key driver of revenue growth. The company expects continued growth in AI revenue in Q3 2025 [15][16] - SK Hynix surpassed Samsung Electronics for the first time in Q1 2025, achieving a 36% market share in the global DRAM market. The DRAM market is showing signs of recovery, with expectations of price increases in Q2 2025 [17][18] - The report suggests focusing on AIOT, AI-driven sectors, equipment materials, and consumer electronics as key investment themes as the electronics industry experiences a moderate recovery [19] Group 4: Non-Banking Financial Industry - The non-banking financial index rose by 2.0%, outperforming the CSI 300 index by 1.1 percentage points. The securities and insurance indices also saw synchronized increases of 2.4% and 1.0%, respectively [20][21] - The actual controller of several AMC-related securities firms has changed to Central Huijin, which is expected to enhance resource allocation efficiency and promote mergers and acquisitions within the sector [21][22] - Investment recommendations include focusing on large, stable securities firms and comprehensive insurance companies that have competitive advantages [22] Group 5: Basic Chemicals Industry - A major potassium fertilizer contract was signed with India at a price of $349 per ton, reflecting a 23.3% increase from the previous year's price of $283 per ton. This indicates a favorable outlook for the potassium fertilizer market [24][25] - The report highlights the acceleration of consolidation in the carbon fiber industry, suggesting that companies with scale and technological advantages will be key players in the market [25][26] - Investment suggestions include focusing on companies in the agricultural chemicals sector, such as Yanguang Chemical and Guangxin Chemical, which are expected to benefit from favorable market conditions [28]

[Table_Reportdate] 2025年06月10日 [table_invest] 标配 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 张晶磊 S0630524090001 zjlei@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn [table_stockTrend] -26% -17% -7% 2% 11% 20% 29% 24-06 24-09 24-12 25-03 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.碳纤维行业整合加速，关注具有规 模和技术优势的龙头企业 ——化工 新材料行业简评 2.供给端扰动背景下，关注相关化工 板块配置机会——基础化工行业周 报（2025/05/26-2025/06/01） 3.日本三井化学退出三氟化氮业务， 我国电子特气竞争力有望加强—— 化工新材料行业简评 [Table_NewTitle 印度钾肥大 ...

Trade Data Summary - In May 2025, exports increased by 4.8% year-on-year, down from 8.1% in April, while imports decreased by 3.4% year-on-year, compared to a decline of 0.2% in April[2] - The trade surplus reached $103.22 billion, an increase of $21.85 billion compared to the same month last year[2] - Export growth is expected to remain resilient in June to Q3 due to tariff reductions and pre-Christmas orders, but the overall external demand is still slowing down[2] Export and Import Trends - May exports totaled $316.10 billion, a historical high for the month, but the month-on-month growth was only 0.2%, below the four-year average of 3.48%[2] - The overall external demand is below the boom-bust line, with JPMorgan's global manufacturing PMI at 49.6% in May, indicating a contraction[2] - Imports in May were $212.88 billion, the lowest for the same month since 2021, with a month-on-month decline of 3%[3] Regional Export Performance - Exports to the EU increased by 12.02%, up 3.75 percentage points from April, while exports to the US fell significantly by 34.52%[2] - The ASEAN region saw a decline in exports by 14.84%, reflecting the impact of "export grabbing" on demand[2] Product-Specific Insights - Key products like integrated circuits and automobiles showed significant recovery, while labor-intensive products like toys and footwear remained at low levels due to tariff impacts[2] - The import of crude oil saw a decline of 22.1% year-on-year, while imports of grains and soybeans increased significantly, reflecting a shift in demand[3]

[Table_Reportdate] 2025年06月10日 [table_invest] 标配 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 张晶磊 S0630524090001 zjlei@longone.com.cn 联系人 花雨欣 hyx@longone.com.cn [table_stockTrend] -26% -17% -7% 2% 11% 20% 29% 24-06 24-09 24-12 25-03 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.碳纤维行业整合加速，关注具有规 模和技术优势的龙头企业 ——化工 新材料行业简评 2.供给端扰动背景下，关注相关化工 板块配置机会——基础化工行业周 报（2025/05/26-2025/06/01） 3.日本三井化学退出三氟化氮业务， 我国电子特气竞争力有望加强—— 化工新材料行业简评 [Table_NewTitle 印度钾肥大 ...

[证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -29% -11% 7% 25% 42% 60% 78% 24-06 24-09 24-12 25-03 申万行业指数:非银金融(0749) 沪深300 [Table_Reportdate] 2025年06月10日 [table_invest] 超配 行 业 周 报 [相关研究 table_product] 1.关注陆家嘴论坛政策发布预期带 来的市场情绪催化——非银金融行 业周报（20250526-20250601） 2.浮动管理费率基金加速推出，LPR 下调有望推动预定利率调整Q3落地 ——非银金融行业周报（20250519- 20250525） 3.修订并购重组管理办法，制度包容 度提升释放市场活力——资本市场 聚焦（三） [Table_NewTitle] AMC系券商实控人变更，把握政策催化 带来的板块配置机遇 ——非银金融行业周报（20250602-20250608） [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP: ...