Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The machinery industry is experiencing a continuous recovery in its economic climate, particularly in the engineering machinery segment, with significant growth in sales and production expected in 2025 [1][13]. - The introduction of the "Ge Wu-Zhi Zhi" general embodied intelligence development platform is expected to accelerate the application and research of humanoid robots, addressing existing challenges in the field [3]. - The report highlights the importance of various sub-industries, including humanoid robots, machine tools, agricultural machinery, and engineering machinery, each showing distinct trends and growth potential [6][7][8][13]. Summary by Relevant Sections Humanoid Robots - The launch of the "Ge Wu-Zhi Zhi" platform aims to enhance the development of humanoid robots by integrating core technologies across operating systems, middleware, and software frameworks [3]. - Companies like Shanghai Aoyi Information Technology and Hefei Zero Point are introducing innovative humanoid robots targeting various applications, including healthcare and hospitality [4][5]. Machine Tools - Japan's machine tool orders showed a mixed performance, with a total order value of 130.206 billion yen in April 2025, reflecting a year-on-year increase of 7.7% [7]. - China's metal cutting machine tool production reached 264,000 units in the first four months of 2025, marking a year-on-year growth of 16.8% [7]. Agricultural Machinery - The agricultural machinery market in China is currently facing challenges, with the Agricultural Machinery Index (AMI) at 47.9% in April 2025, indicating a decline [8]. - Despite the downturn, there is optimism for long-term demand growth in agricultural machinery, particularly for tractors, which have significant export potential [9]. Engineering Machinery - The engineering machinery sector is witnessing a recovery, with excavator sales in April 2025 reaching 22,142 units, a year-on-year increase of 17.6% [13]. - The report suggests that infrastructure investment will remain robust, supporting the demand for engineering machinery in the coming months [13]. Semiconductor Equipment - The report notes that the implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment, particularly photolithography machines [16]. - The establishment of the third phase of the National Integrated Circuit Industry Investment Fund, with a registered capital of 344 billion yuan, underscores the government's commitment to advancing the semiconductor industry [17]. New Energy Equipment - The report highlights significant advancements in solar energy projects, including the launch of new production lines for high-efficiency solar cells and modules [18][19]. - The market for photovoltaic components is expected to stabilize as production capacity increases and prices adjust [19]. Low-altitude Economy and EVTOL - The report discusses the government's initiatives to promote the low-altitude economy, including the development of drone delivery systems and infrastructure [20][21]. - The low-altitude economy is anticipated to drive new consumption patterns and stimulate economic growth in various sectors [22].

2025 年 6 月 3 日 ETF 市场跟踪：本周股票型 ETF 资金流向逆转，大盘宽基 ETF 资金净流入明 显，从赛道来看，TMT、红利主题 ETF 资金流入相对占优。股票型 ETF 本 周收益中位数为-0.32%，资金净流入 72.75 亿元。港股 ETF 本周收益中位数 为-0.39%，资金净流出 18.88 亿元。跨境 ETF 本周收益中位数为 1.86%， 资金净流出 1.75 亿元。商品型 ETF 本周收益中位数为-0.99%，资金净流出 1.06 亿元。 宽基 ETF 方面，本周大盘主题 ETF 资金净流入明显，合计流入 30.14 亿元。 行业 ETF 方面，本周 TMT 主题 ETF 资金净流入明显，合计流入 25.6 亿元。 总量研究 医药主题基金优势延续，股票 ETF 资金转为流入 ——基金市场与 ESG 产品周报 20250603 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.5.26-2025.5.30 ） 国 内 权 益 市 场 指 数 表 现 分 化 ， 中 证 500 上 涨 0.32%。行业方面，本周环保、医药生物、国防军工行业涨幅居前， ...

Group 1: Five-Dimensional Industry Comparison Framework and June Outlook - The Five-Dimensional Industry Comparison Framework integrates market style, fundamentals, capital flow, trading, and valuation to provide a comprehensive analysis of industry stock performance [3][9] - Historical backtesting from 2016 to February 2025 shows that industries with higher scores in this framework tend to perform better, with annualized returns of 11.8% for the top group and -10.5% for the bottom group [12][17] - A long/short strategy using the top and bottom groups yields an annualized return of 23.7% with a Sharpe ratio of 1.69 [12][17] Group 2: Market Style - The market style is expected to lean towards defensive sectors due to anticipated weak economic realities and declining market sentiment [25][54] - Industries such as coal, public utilities, banking, non-bank financials, construction decoration, and oil and petrochemicals are highlighted as having higher scores and potential for investment [26][27] Group 3: Fundamentals - In June, the weight assigned to the fundamentals dimension is set at 20% due to it being a non-earnings report season, which may reduce investor focus on fundamentals [25][73] - The scoring for fundamentals involves four indicators: industry net profit growth, improvement in net profit growth, forecasted growth rates, and improvement in forecasted growth rates [68][74] Group 4: Capital Flow - ETFs are expected to dominate capital flow in June, while public funds may experience net outflows, influencing the scoring of industries based on ETF holdings [25][26] Group 5: Trading - The trading dimension employs a three-factor scoring system, which assesses market sentiment and trading activity to determine industry scores [25][29] Group 6: Valuation - Low-valuation industries are anticipated to perform better in the current market environment, aligning with the expected defensive market style [25][60]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 86 HKD, based on absolute and relative valuation results [4][14][6]. Core Insights - The company, Shumei Co., Ltd. (2145.HK), is a multi-brand cosmetics group that has shown remarkable growth, particularly through its main brand, KANS, which has become the second-largest domestic beauty brand in terms of online GMV by 2024 [2][23]. - The company has capitalized on the growth of the Douyin platform, leading to a significant increase in revenue and net profit from 2022 to 2024, with projected compound annual growth rates of 59.3% and 130.5%, respectively [2][4]. - The cosmetics industry in China is experiencing both growth and competition, with opportunities in lower-tier markets and niche segments, particularly in color cosmetics and infant care [3][72]. Company Overview - Shumei Co., Ltd. was established in 2004 and went public in 2022, offering a wide range of products including skincare, maternal and infant care, personal care, and makeup [2][23]. - The main brand, KANS, has been a significant contributor to the company's revenue, accounting for 82.3% of total revenue in 2024, with a projected revenue of 55.91 billion CNY [25][23]. Financial Performance - The company achieved a revenue of 67.93 billion CNY in 2024, representing a year-on-year growth of 62.1%, and a net profit of 7.81 billion CNY, up 69.4% from the previous year [4][5]. - The report forecasts net profits for 2025, 2026, and 2027 to be 10.6 billion CNY, 13.8 billion CNY, and 17.4 billion CNY, respectively, with corresponding EPS of 2.65, 3.47, and 4.37 CNY [4][14]. Industry Analysis - The Chinese cosmetics industry is projected to reach a scale of 537.2 billion CNY in 2024, with a slight decline of 2.0% year-on-year, indicating a shift in consumer preference towards cost-effective products [3][72]. - The competitive landscape is characterized by domestic brands leveraging online channels, with Douyin emerging as a key platform for growth [3][72]. Growth Drivers - The main brand KANS is expected to continue its growth trajectory through product innovation and channel diversification, while the emerging brand Yipai is anticipated to achieve triple-digit growth in revenue for 2023 and 2024 [4][10]. - The company is also exploring new brands and product lines, such as the hair care brand Jifang and the makeup brand NAN beauty, to create multiple growth avenues [4][12].

Investment Rating - The report gives a "Buy" rating for the company with a target price of 86 HKD, compared to the current price of 66.3 HKD [6][14]. Core Insights - The company, Up Beauty Co., Ltd. (2145.HK), is transforming from a single-brand platform to a multi-brand, omnichannel group, with significant growth driven by its main brand, KANS, which ranks second among domestic beauty brands in online GMV for 2024 [2][3]. - The company has experienced rapid revenue growth, with a projected revenue of 6.793 billion CNY in 2024, representing a year-on-year increase of 62.1%, and a net profit of 781 million CNY, up 69.4% [2][4]. Company Overview - Up Beauty Co., Ltd. was established in 2004 and went public in 2022. It operates multiple brands, including KANS, One Leaf, Red Elephant, and New Page, covering skincare, maternal and child care, personal care, and makeup products [2][23]. - KANS, the main brand, has become a leading player in the domestic beauty market, achieving significant online sales growth, particularly on platforms like Douyin [2][3][35]. Industry Analysis - The Chinese cosmetics industry has shown fluctuating growth since 2020, with a projected market size of 537.2 billion CNY in 2024, reflecting a 2.0% year-on-year decline. However, mass-market cosmetics are performing better than high-end products, indicating a shift in consumer preference towards cost-effectiveness [3][72]. - The report highlights that the segments of color cosmetics and infant care are performing relatively well compared to the overall market [3][72]. Growth Highlights - KANS is positioned as a mass-market brand focusing on scientific anti-aging, with plans for product innovation and channel diversification to enhance profitability [4][10]. - The New Page brand is capitalizing on the infant care market, with expected triple-digit growth in revenue for 2023 and 2024 [4][10]. - Other potential brands, such as Jifang and NAN beauty, are also being developed to create multiple growth avenues for the company [4][12]. Financial Projections - The company forecasts net profits of 1.057 billion CNY, 1.381 billion CNY, and 1.738 billion CNY for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.65, 3.47, and 4.37 CNY [4][14]. - Revenue is expected to grow at a compound annual growth rate (CAGR) of 23.6%, 20.9%, and 16.2% from 2025 to 2027 [4][11]. Competitive Positioning - The company has successfully leveraged online channels, particularly Douyin, to drive sales, with KANS achieving significant growth in this space [3][35]. - Compared to peers, Up Beauty Co., Ltd. ranks second in revenue and fourth in net profit among domestic cosmetics companies for 2024 [56][58].

2025 年 6 月 3 日 要点 市场情绪追踪：截至 2025 年 5 月 30 日，沪深 300 上涨家数占比指标最近一个 月环比上月上升，上涨家数占比指标高于 50%，市场情绪较高；从动量情绪指 标走势来看，近一月快线、慢线向下，快线处于慢线下方，预计在未来一段时间 内将维持谨慎观点；从均线情绪指标来看，短期内沪深 300 指数处于情绪非景 气区间。 基金分离度跟踪：截至 2025 年 5 月 30 日，基金抱团分离度小幅下行，基金抱 团程度加强。最近一月抱团股和抱团基金超额收益小幅下行。 PB-ROE-50 策略跟踪：2025 年 5 月，PB-ROE-50 策略在各股票池取得正超额 收益。基于中证 500 股票池获得超额收益 2.39%。基于中证 800 股票池获得超 额收益 1.30%。基于全市场股票池获得超额收益 1.33%。 机构调研策略跟踪：2025 年 5 月，私募调研跟踪策略获取正超额收益。公募调 研选股策略相对中证 800 获取超额收益-0.44%，私募调研跟踪策略相对中证 800 获取超额收益 2.57%。 总量研究 基金抱团加强，PB-ROE-50 组合超额收益显著 ——金融工程量 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns [6]. Core Insights - The BLDC motor drive control chip industry has significant market potential due to the increasing penetration of BLDC motors in various end-user sectors such as computing, communication, industrial, and automotive applications [2]. - The company focuses on the research and development of high-performance motor drive control chips, leveraging its proprietary processor architecture to gain a competitive edge in the market [2][4]. - The company is expanding into emerging fields, particularly in industrial servo applications, driven by the growing demand for data center cooling solutions [3]. Financial Performance - In 2024, the company achieved a revenue of 600 million yuan, representing a year-on-year growth of 45.94%, and a net profit of 222 million yuan, up 27.18% from the previous year [3][5]. - The revenue forecast for 2025 is set at 841 million yuan, with a growth rate of 40.02%, and the net profit is expected to reach 307 million yuan, reflecting a growth rate of 37.86% [5][9]. - The company's earnings per share (EPS) is projected to increase from 1.89 yuan in 2023 to 5.83 yuan by 2027 [5][12]. Profitability and Valuation - The company is expected to benefit from increasing demand in the industrial sector, with net profit forecasts for 2025 and 2026 adjusted upward by 20% and 25%, respectively [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 61, 46, and 34, respectively, indicating a favorable valuation trend [4][12]. - The company's gross margin is expected to remain stable around 53.5% in 2023, slightly decreasing to 52.5% by 2027 [11].

Investment Rating - The report maintains a "Buy" rating for the automotive and automotive parts industry [5][25]. Core Insights - The automotive market remained stable in May, with new energy vehicle manufacturers showing promising delivery growth, particularly Li Auto, which saw a year-on-year increase of 16.7% and a month-on-month increase of 20.4% to 40,856 units delivered [1] - Xpeng Motors experienced a significant year-on-year increase of 230.4% in deliveries, although it saw a month-on-month decline of 4.3% to 33,525 units [1] - NIO's deliveries increased by 13.1% year-on-year but decreased by 2.8% month-on-month to 23,231 units [1] - New models launched in May emphasize enhanced intelligence features, with Xpeng's Mona M03 and Li Auto's L series receiving notable upgrades [1][2] Summary by Sections Delivery Performance - Li Auto delivered 40,856 units in May, up 16.7% year-on-year and 20.4% month-on-month [1] - Xpeng delivered 33,525 units, marking a 230.4% year-on-year increase but a 4.3% month-on-month decrease [1] - NIO's deliveries totaled 23,231 units, reflecting a 13.1% year-on-year increase and a 2.8% month-on-month decrease [1] New Model Launches - Xpeng launched four new models of the Mona M03, with the Max version priced below 150,000 CNY, achieving over 10,000 pre-orders within an hour [1] - Li Auto's L series received an upgrade with new intelligent features while maintaining the same pricing [1] Market Dynamics - The report notes a potential for slight expansion in purchasing incentives for June, with Tesla and new energy vehicle manufacturers offering various financing options [2] - A short-term price war initiated by BYD is expected to impact market sentiment, but the long-term outlook remains positive due to the anticipated increase in domestic sales driven by trade-in programs [2] Investment Recommendations - The report recommends buying shares of Xpeng Motors and suggests paying attention to Tesla and Li Auto [3] - For automotive parts, it recommends buying shares of Fuyao Glass and suggests monitoring companies like Pony.ai, Nexperia, and Jifeng [3]

2025 年 6 月 3 日 公司研究 专注于电机驱动控制，成长空间广阔 ——峰岹科技（688279.SH）跟踪报告之二 要点 BLDC 电机驱动控制芯片行业市场空间广阔。BLDC 电机凭借高可靠性、低振动、 高效率、低噪音、节能降耗的性能优势以及半导体组件生产制造成本逐渐降低的 发展背景，BLDC 电机在计算机及通信设备、运动出行、电动工具、工业与汽车 等下游终端领域的渗透率不断提升。BLDC 电机下游应用呈现持续增长且渗透率 逐渐提高的特点，BLDC 驱动控制芯片行业市场空间持续增长。 公司专注于高性能电机驱动控制专用芯片的研发。国内集成电路产业起步较晚， 具体到电机驱动控制芯片领域，该细分领域长期由德州仪器（TI）、意法半导体 （ST）、英飞凌（Infineon）、赛普拉斯（Cypress）等国际大厂主导。公司专 注于高性能电机驱动控制专用芯片的研发，通过长期研发投入与技术积累，设计 出自主知识产权电机控制处理器内核架构，凭借技术性能优势及系统级服务优势 实现产品的广泛应用。 公司持续拓展新兴领域。2024 年，得益于数据中心算力需求带来服务器散热需 求的增加以及公司在工业领域持续的研发投入，公司产品在 ...

总量研究 小市值风格延续 ——金融工程市场跟踪周报 20250603 要点 上周市场核心观点： 上周（2025.05.26-2025.05.30，下同）A 股呈现窄幅震荡，小盘表现相对占优。 交易情绪方面，市场延续缩量背景下，主要宽基指数量能择时维持谨慎观点。资 金面方面，ETF 资金小幅净流入，大盘主题 ETF 为净流入主力。 结合近期市场风格表现来看，短线小盘或仍占优，且仍将延续热点快速轮动状态。 短期无明确驱动主线背景下，建议继续维持"红利+小盘"杠铃组合。 2025 年 6 月 3 日 上周市场各指数涨跌不一，上证综指下跌 0.03%，上证 50 下跌 1.22%，沪深 300 下跌 1.08%，中证 500 上涨 0.32%，中证 1000 上涨 0.62%，创业板指下 跌 1.40%，北证 50 指数上涨 2.82%。 截至 2025 年 5 月 30 日，宽基指数来看，上证指数、上证 50、沪深 300、中证 500、中证 1000 处于估值分位数"适中"等级，创业板指处于估值分位数"安 全"等级。 中信一级行业分类来看，有色金属、电力及公用事业、家电、食品饮料、农林牧 渔、非银行金融、交通运输 ...