Group 1: Minimum Wage Impact - The minimum wage system can enhance residents' income through a "lighthouse effect," benefiting both low-income and higher-income groups, thus promoting income growth for the middle class and reducing poverty[4] - During the "12th Five-Year Plan" period (2011-2015), the average annual growth rate of minimum wage reached approximately 13%, coinciding with a 2.7 percentage point increase in labor compensation's share of GDP[4] - After 2015, the growth rate of minimum wage slowed to about 3.3% annually, leading to a decrease in labor compensation's share of GDP from 35.9% in 2015 to 29.3% in 2020[13] Group 2: Policy Recommendations - To stimulate consumption and counteract "involution," adjusting minimum wage is a key strategy, with several regions raising minimum wage by 7.6% to 14.2% in 2025[39] - Setting a minimum wage growth target above economic growth rates is recommended, aiming for a ratio of minimum wage to average wage and per capita GDP to reach around 50%[41] - Implementing a differentiated minimum wage system based on industry, occupation, and skill levels can better reflect the value of different jobs and attract talent[41] Group 3: International Comparisons - Globally, 90% of countries have established minimum wage systems, with 52% using a single minimum wage and 48% employing a multi-tiered system[24] - Germany serves as a model with a national minimum wage of €12.82 per hour in 2025, with specific industries having higher rates, such as €19.37 for educators and €15.50 for caregivers[38] - The relative minimum wage in many countries is about 52.3% of per capita GDP, indicating a correlation between economic development and minimum wage levels[30]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8][60]. Core Insights - The company is a leading player in the HVLS fan industry in China and is transitioning towards AI-driven business models, which are expected to contribute significantly to revenue growth in the coming years [8][60]. - The company is leveraging partnerships with state-owned enterprises in Henan to expand its AI applications in various sectors, including government, healthcare, and autonomous vehicles [8][60]. - Revenue projections for the company are optimistic, with expected revenues of 3.73 billion, 4.50 billion, and 5.84 billion yuan for 2025, 2026, and 2027 respectively, alongside significant growth in net profit [8][60]. Summary by Sections 1. Company Overview - The company, established in 2010, is a leader in the HVLS (High Volume Low Speed) fan industry, with a strategic shift towards AI and other innovative production capabilities post-IPO in 2021 [13][18]. 2. AI Business Expansion - The AI business is primarily developed through a joint venture with the Henan state-owned investment group, focusing on applications in government, healthcare, and autonomous vehicles [8][35]. - The AI+ government initiative includes a partnership with People's Daily to enhance public document writing efficiency, targeting over 48 million civil servants in China [38][40]. - In healthcare, the company is capitalizing on the strong medical resources in Henan, providing AI solutions for hospital upgrades and research assistance [43][46]. - The autonomous vehicle sector is seeing gradual commercialization, with the company collaborating with the Henan Automotive Industry Investment Group to develop technologies for various autonomous vehicle applications [47][51]. 3. Financial Projections - The company anticipates a revenue decline in 2024 to 3.31 billion yuan, followed by a recovery and growth trajectory in subsequent years, with net profit expected to rebound significantly by 2025 [27][58]. - The revenue breakdown indicates that HVLS fans will continue to dominate sales, but new AI ventures are projected to gain traction and contribute to overall growth [58][59]. 4. Market Position - The HVLS fan market is expected to grow steadily, with the company holding a leading market share and actively expanding into international markets [54][55]. - The report highlights the energy efficiency of HVLS fans compared to traditional cooling solutions, positioning the company favorably in the context of rising energy costs and environmental concerns [54][56].

相关研究 《城市更新的空间有多大？——2025 年 7 月中央城市工作会议点评》 2025-07-15 《5.2%之后，下半年还有哪些变数？ 证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20250717 寻找内需增量：发挥最低工资的"灯塔效应" 2025 年 07 月 17 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 占烁 执业证书：S0600524120005 zhansh@dwzq.com.cn ——6 月和 Q2 经济数据点评》 2025-07-15 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 最低工资制度可以发挥增加居民收入的"灯塔效应"，不仅能提高低收 入群体的工资，也会对高于最低工资线的群体起到溢出效应，从而起到 "扩中提低"的增收作用。从历史数据来看，在最低工资标准上调较快 的时期，我国整体的劳动报酬比重也会较快上升。我国最低工资增速最 快的是"十二五"期间，年均增速达到 13%左右，这也是我国劳动报酬 占 GDP 比重提升最快的时候，2010 ...

Group 1 - The report maintains a bullish outlook, actively seeking structural opportunities in the market, with the Shanghai Composite Index breaking through 3500 points, indicating a favorable market sentiment and risk appetite [2][3] - The financing balance has rapidly increased to 1.88 trillion yuan, reaching a new high since the tariff shock, suggesting improved market sentiment [8][2] - The report emphasizes a focus on technology growth sectors, particularly in the context of upcoming policy shifts and industry trends, with GDP growth in the first half of the year reaching 5.3%, higher than the previous year's 5% [3][2] Group 2 - The report suggests that the upcoming World Artificial Intelligence Conference on July 26 is expected to catalyze interest in the AI industry chain, recommending ETFs related to technology chips, consumer electronics, and communication equipment [5][4] - The report highlights the potential for rotation around growth sectors, with a focus on technology growth as a core direction, especially as the market shifts back to policy and industry trends [3][4] - The report recommends increasing allocations to cloud computing ETFs and photovoltaic ETFs, as well as monitoring the high-end equipment ETFs in the military sector due to favorable conditions [5][4] Group 3 - The report lists a selection of recommended ETFs, including the E Fund CSI 50 ETF, which tracks the technology innovation sector, and the Huaxia Hang Seng Technology ETF, which has a scale of 301.4 billion yuan [6][5] - The report notes that the volatility of the Hang Seng Technology Index has dropped to a historical low of around 80 points, indicating potential for a rebound [11][10] - The report emphasizes the importance of technology innovation as a key area for policy support, with ongoing discussions around structural adjustments expected to continue [3][4]

证券研究报告·公司点评报告·通信设备 中际旭创（300308） 2025 半年度业绩预告点评：业绩超预期，产 业需求与技术路线共振 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,718 | 23,862 | 37,110 | 48,220 | 58,220 | | 同比（%） | 11.16 | 122.64 | 55.52 | 29.94 | 20.74 | | 归母净利润（百万元） | 2,174 | 5,171 | 9,074 | 12,971 | 16,681 | | 同比（%） | 77.58 | 137.93 | 75.47 | 42.94 | 28.61 | | EPS-最新摊薄（元/股） | 1.96 | 4.65 | 8.17 | 11.67 | 15.01 | | P/E（现价&最新摊薄） | 87.29 | 36.69 | 20.91 | 14.63 | 11.37 | [关键词： ...

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 2025 年可再生能源电力消纳责任权重发布， 跨经营区常态化交易机制方案批复 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2025 年 07 月 17 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 2024/7/17 2024/11/15 2025/3/16 2025/7/15 公用事业 沪深300 相关研究 《重视 RWA 与虚拟电厂、电交易、碳 交易融合的产业链机会》 2025-07-16 《储库推进欧洲气价上升，高温天气 缓和美国气价回落，关注利润稳定的 高股息标的新奥股份》 2025-07-14 ◼ 本周核心观点：1） 2025 年可再生能源电力消纳责任权重发布。国家发 改委、 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-17 宏观策略 [Table_MacroStrategy] 宏观点评 20250715：城市更新的空间有多大？——2025 年 7 月中央城市 工作会议点评 城市更新"预计能够落地多大规模？"十五五"期间，城市更新预计至少 能够完成 4.48 万亿元总投资，折合每年近 9000 亿元。未来，城市更新的 潜在需求预计将主要来自城中村改造、老旧小区改造与城市基础设施建 设改造。其中： （1）老旧小区改造与城市基础设施建设改造：2024 年， 国家发改委披露"2023-2024 年安排中央预算内投资、增发国债和超长期 特别国债资金超过 4700 亿，重点支持地下管网改造、城镇老旧小区改造 等城市更新项目。今后几年，城市更新仍是政府投资的支持重点。"如果 未来保持这样的投资强度，那么在"十五五"期间,即使不考虑财政资金 的撬动作用，老旧小区改造与城市基础设施建设改造预计至少也可贡献 2.35 万亿元新增投资。 （2）城中村改造：2020 年，全国城镇家庭居住 的自建房总建筑面积估算值约为 6.66 亿平方米。剔除 2025 年底之前可 能已完成改造部分 ...

◼ 工业金属"内卷"的本质是资源端的匮乏与冶炼端的过剩背景下的结构性失衡。1）铜冶炼： 行业产能过剩，2018-2024 年我国铜冶炼行业产能利用率在 70-85%之间浮动，预计 2025 年铜 冶炼上市公司增加产量 85 万吨，yoy+8%，行业内卷或进一步加剧，截至 2025 年 7 月 TC/RC 分别为-43 美元/干吨、-4.3 美分/磅，行业持续亏损，我们预计后续"反内卷"政策下加工费有 望先恢复至近 10 年来最低水平——2024 年均值水平，TC 为 11.3 美元/干吨，RC 为 1.1 美分/ 磅。建议关注 2 类标的：①规模优势企业估值修复：江西铜业、铜陵有色、紫金矿业、中金岭 南等；②利润稳定高分红：西部矿业、江西铜业等。2）铅锌冶炼：我们认为铅锌行业的供给 侧改革已在路上，后续具备进一步细则落实的政策空间，我们预计 2025 年下半年锌精矿 TC 预计将进一步有序回升至 4000—4500 元/金属吨；进口铅精矿 TC 预计将回升至-20 美元/干 吨；建议关注成本优势豫光金铅、自给率较高，具备完整产业链驰宏锌锗。3）氧化铝：氧化 铝冶炼具备结构性产能优化空间，老旧产能的清退对行业盈 ...

证券研究报告·金融工程·金工专题报告 金工专题报告 20250716 主动权益基金如何控制基准偏离？ 2025 年 07 月 16 日 [Table_Tag] [Table_Summary] 新发监管条例督促公募管理人重视业绩基准 行业中性化策略 风格中性化策略 "核心—卫星"策略 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 刘静恒 执业证书：S0600525070001 liujingheng@dwzq.com.cn 相关研究 《基于宏观风险因子的大类资产轮动 模型绩效月报 20250630》 2025-07-04 《 新 价 量 相 关 性 因 子 绩 效 月 报 20250630》 2025-07-01 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 ◼ 中国证监会于 2025 年 5 月 7 日发布《推动公募基金高质量发展行动方 案》，其中一条强调，要将公募基金的业绩比较基准约束纳入考核体系， 明确基准设定、修改和披露规则，防止基金出现"风格漂移"现象。在 此背景下，公募基金管理人在未来应当更加重 ...

证券研究报告·海外公司点评·食物饮品(HS) 锅圈（02517.HK） 2025 年中报业绩预告点评：业绩超预期，规 模效应释放 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,100 | 6,470 | 7,292 | 8,383 | 9,543 | | 同比(%) | (15.07) | 6.07 | 12.70 | 14.97 | 13.83 | | 归母净利润（百万元） | 239.64 | 230.56 | 395.37 | 471.30 | 557.15 | | 同比(%) | 4.23 | (3.79) | 71.48 | 19.21 | 18.21 | | EPS-最新摊薄（元/股） | 0.09 | 0.08 | 0.14 | 0.17 | 0.20 | | P/E（现价&最新摊薄） | 34.54 | 35.90 | 20.93 | 17.56 | 14.86 | [Table_Tag] ...