纺织服饰 展望 FY2026：公司预计自由现金流为 3.13 亿美元，同比 FY2025 基本持平（不 考虑非核心资产出售带来的现金流入），针对 FY2026Q1，公司预计营收同比下降 5%至下降 3%。 证券研究报告 | 行业周报 gszqdatemark 2025 06 02 年 月 日 周专题：VF 公司发布 FY2025 年报，营收下滑 4%，业绩改善 【本周专题】 VF 公司发布 FY2025 年报，营收下滑 4%，业绩改善。VF 公司披露截至 2025 年 3 月末的 FY2025 年报，公司营收同比下降 4%至 95 亿美元，毛利率同比提升 1.9pcts 至 53.5%，根据公司披露毛利率的提升主要系生产成本的降低以及库存质 量的优化；OPM 为 3.2%（FY2024 同期为-1.5%），FY2024 同期公司针对 Timberland、Dickies 以及 Icebreaker 业务计提商誉减值损失约为 5.1 亿美元，综 合来看 FY2025 公司持续经营净利润为 6930 万美元（FY2024 亏损约为 10 亿美 元）。截至 FY2025 末公司库存同比下降 8%至 16.3 亿美元 ...

Investment Rating - Maintain "Add" rating for the industry [7] Core Insights - NVIDIA's FY26Q1 performance exceeded expectations, validating the long-term demand for AI computing power, with revenues reaching $44.1 billion, a 12% increase quarter-over-quarter and a 69% increase year-over-year [12][13] - The demand for AI infrastructure is rapidly increasing, as evidenced by CoreWeave's stock price surge from $44.32 to $111.31 within a month, highlighting the strong market for high-performance computing [18] - Major cloud providers are enhancing their capabilities to accelerate AI application deployment, with significant upgrades in computing power and infrastructure [21][27][36] Summary by Sections NVIDIA Performance - NVIDIA reported $44.1 billion in revenue for FY26Q1, with data center revenue growing 73% year-over-year, driven by the Blackwell chip contributing 70% of this segment's income [12][13] - The company is expanding its data center footprint, including a new facility in the UAE [12] Cloud Providers' Upgrades - Fire Mountain Engine launched new AI models and is set to hold a major conference to showcase further advancements [21] - Alibaba Cloud upgraded its ECS to the ninth generation, achieving a 20% increase in computing power while reducing prices by 5% [27] - Huawei Cloud introduced the CloudMatrix 384 super node, enhancing its computing architecture to meet AI demands [36] Demand for Computing Power - The report emphasizes that the demand for computing power is critical for the development of AI agents, which require substantial resources for training and real-time processing [40][48] - The increasing complexity of AI models and the need for multi-modal data processing are driving up the demand for computing resources [44][48] Investment Opportunities - Suggested companies to watch in the computing sector include Cambricon, Alibaba, and Inspur Information, among others [4][50] - In the AI agent space, companies like Kingsoft Office and Yonyou Network are highlighted as potential investment opportunities [4][50]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Viewpoints - The report emphasizes the urgent need for transformation and upgrading in the steel structure industry, highlighting the demand for intelligent automation to address pain points in production processes [1][16] - The company has significantly increased its investment in welding robots, with R&D expense ratios rising to 2.97% and 3.44% for 2023 and 2024 respectively, indicating a commitment to technological advancement [2][17] - The welding robots are expected to enhance quality, reduce costs, increase production capacity, and create new revenue streams through external sales of robotic products [4][23] Summary by Sections Industry Overview - The steel structure processing industry faces challenges due to its reliance on manual labor, leading to high costs and inconsistent product quality. The national policy aims to promote intelligent construction, with a target of over 50% automation in key processes by 2035 [1][16] Company Development - The company has developed and deployed welding robots, with nearly 2000 units expected to be operational by the end of 2024. The robots are designed to handle complex welding tasks, leveraging accumulated production data for continuous improvement [2][17] Technical Milestones - The company has successfully overcome the second of four technical hurdles in welding robot development, with patents filed for advanced welding technologies [3][21] Economic Benefits - The introduction of welding robots is projected to lower costs by approximately 88 CNY per ton, with an annual cost reduction of 400 million CNY anticipated from replacing manual labor [9][24] - Increasing production capacity to 936 million tons through enhanced utilization of welding robots could lead to a theoretical net profit of 21.3 billion CNY, representing a 343% increase compared to 2024 [10][26] Financial Projections - The company’s projected net profits for 2025-2027 are 8.7 billion, 10.4 billion, and 12.5 billion CNY respectively, with corresponding growth rates of 13%, 20%, and 20% [11][27]

证券研究报告 | 行业周报 gszqdatemark 2025 06 01 年 月 日 A、中长期贷款：工业、服务业、基础设施相关行业的中长期贷款分别增 加 1.46 万亿、增加 3.03 万亿元、增加 1.74 万亿元，分别同比少增 1400 亿元、少增 1.59 万亿元、少增 1900 亿元。 B、对公房地产贷款：开发贷增加 3100 亿元，同比少增 5700 亿元。 3）重点领域：政策支持下，普惠小微、绿色信贷、科创贷款继续保持较 高增速，截至 25Q1，普惠小微、高新技术企业贷款分别同比增长 12.2%、 8.5%，绿色贷款较年初增长 9.6%，均高于各项贷款增速。 二、板块观点 银行 本周聚焦—25Q1 信贷投向：住房贷款同比、环比明显多增 一、25Q1 信贷投向 人民银行公布 2025 年一季度信贷投向报告，截至 2025 年一季度末，金 融机构人民币各项贷款余额 265.4 万亿元，同比增长 7.4%，25Q1 增加 9.7 万亿元（余额变动口径，下同），其中： 1）个人贷款：25Q1 增加 1.04 万亿元，同比少增 3014 亿元，其中住房贷 款增加 2200 亿元，同比多增 2000 亿元 ...

证券研究报告 | 行业研究简报 gszqdatemark 2025 06 01 年 月 日 煤炭开采 印尼 2025 年原煤产量或将下降 本周全球能源价格回顾。截至 2025 年 5 月 30 日，原油价格方面，布伦 特原油期货结算价为 63.9 美元/桶，较上周下跌 0.88 美元/桶（-1.36%）； WTI 原油期货结算价为 60.79 美元/桶，较上周下跌 0.74 美元/桶（- 1.20%）。天然气价格方面，东北亚 LNG 现货到岸价为 11.80 美元/百万 英热，较上周下降 0.77 美元/百万英热（-6.1%）；荷兰 TTF 天然气期货 结算价 33.75 欧元/兆瓦时，较上周下降 2.90 欧元/兆瓦时（-7.9%）；美 国 HH 天然气期货结算价为 3.45 美元/百万英热，较上周上涨 0.11 美元/ 百万英热（+3.4%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到岸 价 91 美元/吨，较上周下跌 0 美元/吨（-0%）；纽卡斯尔港口煤炭（6000K） FOB 价 218.9 美元/吨，较上周上涨 0 美元/吨（+0%）；IPE 南非理查兹 湾煤炭期货结算价 88.40 美 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Viewpoints - The report emphasizes the urgent need for transformation and upgrading in the steel structure industry, highlighting the demand for automation and intelligent upgrades due to the challenges of manual welding processes [1][16] - The company has significantly increased its investment in welding robots, with R&D expense ratios rising to 2.97% and 3.44% for 2023 and 2024 respectively, indicating a commitment to technological advancement [2][17] - The welding robots are expected to enhance product quality, reduce costs, increase production capacity, and create new revenue streams through external sales of robotic products [4][23] Summary by Sections Industry Overview - The steel structure processing industry faces challenges such as high labor costs, resource shortages, and inconsistent product quality due to reliance on manual welding [1][16] - The Chinese government has set goals for the development of intelligent construction, aiming for over 50% CNC rate in key processes by 2035 [1][16] Company Development - The company has been actively developing and deploying welding robots, with nearly 2000 units expected to be operational by the end of 2024 [2][17] - The company has successfully developed its own "arc welding robot control system," which is now in use across its production bases [2][17] Technical Milestones - The company has overcome significant technical barriers in welding robot development, having recently applied for a patent for a new type of welding robot [3][21] - The report outlines four levels of welding complexity, with the company currently having surpassed the second level [3][21] Economic Benefits - Cost reduction is projected at 88 RMB per ton, with an annual savings of 400 million RMB from replacing manual welders with robots [9][24] - Production capacity is expected to double, potentially reaching 936 million tons, leading to an estimated increase in net profit of 12.5 billion RMB [10][25] Financial Projections - The company’s projected net profits for 2025-2027 are 8.7 billion, 10.4 billion, and 12.5 billion RMB, reflecting growth rates of 13%, 20%, and 20% respectively [11][27] - The current stock price corresponds to a P/E ratio of 15, 12, and 10 for the years 2025, 2026, and 2027 [11][27]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6]. Core Insights - The report highlights the strong performance of the pharmaceutical sector, with the Shenwan Pharmaceutical Index increasing by 2.21% during the week of May 26-30, outperforming both the ChiNext Index and the CSI 300 Index [11][12]. - It emphasizes the ongoing bullish trend in innovative drugs, suggesting that they are becoming a "reverse asset" in the current market environment, and encourages investors to continue buying into innovative drugs [13][14]. - The report outlines three main investment themes: "China Supermarket," "Revaluation of Generic Big Pharma," and "Small and Medium-Sized Value Pipeline" [13][14]. Summary by Sections Industry Performance - The pharmaceutical sector has shown resilience and strong performance amidst market fluctuations, particularly in innovative drugs and CRO/CDMO segments [12][13]. - The report notes that innovative drugs are expected to remain a focal point for market performance due to their underlying industry trends [13]. Future Outlook - The report anticipates a positive trading atmosphere for the pharmaceutical industry in 2025, with structural bull markets being a high probability [14]. - Key investment strategies include focusing on innovative drugs, new technologies like brain-computer interfaces, and self-sufficiency in the supply chain [14]. Investment Strategy - Specific recommendations for innovative drugs include major players such as Kelun Pharmaceutical, Innovent Biologics, and BeiGene, as well as small and medium-sized companies like Sihuan Pharmaceutical and Zai Lab [15]. - The report also identifies new technology investments in brain-computer interfaces and AI in healthcare, with companies like Weisi Medical and JD Health highlighted [16]. - For self-sufficiency and supply chain restructuring, companies such as BGI Genomics and Mindray Medical are recommended [16]. Key Areas of Focus - The report identifies three major areas for potential out-licensing deals: PD-(L)1 Plus, TCE bispecific antibodies, and weight loss drugs, which are expected to generate significant future transactions [22][25]. - It emphasizes the potential of FGF21 as a promising target in weight loss, metabolic syndrome, and lipid-lowering therapies [28].

Investment Rating - The report maintains a "Buy" rating for key stocks such as Shenghong Technology, Wavelength Optoelectronics, and SMIC, indicating a positive outlook for these companies in the electronic and EDA sectors [6][7]. Core Insights - The AI infrastructure is rapidly developing, with significant demand for computing power driven by companies like NVIDIA, which reported a record revenue of $44.062 billion in FY26Q1, a year-on-year increase of 69% [10][11]. - The EDA industry is experiencing a shift towards domestic production due to export restrictions from the U.S., with the Chinese EDA market projected to reach 18.49 billion yuan by 2025 [19][23]. - Huawei has introduced the Pangu Ultra MOE model, a significant advancement in AI model training, showcasing the capabilities of the Ascend AI computing platform [39][40]. Summary by Sections NVIDIA Performance - NVIDIA's FY26Q1 revenue reached $44.062 billion, with a gross margin of 60.5% and a net profit of $18.775 billion, reflecting strong growth in data center and gaming sectors [10][11][12]. - The data center segment generated $39.112 billion, a 73% increase year-on-year, driven by demand for accelerated computing platforms [11][14]. - The gaming segment saw revenues of $3.763 billion, up 42% year-on-year, attributed to the sales of new graphics cards [12][16]. EDA Industry Developments - The U.S. has imposed export restrictions on leading EDA software companies, prompting a rise in domestic EDA firms aiming for self-sufficiency [19][31]. - The global EDA market is expected to grow to $17.42 billion by 2025, with China's market projected to reach 18.49 billion yuan [23][29]. - Domestic EDA companies are accelerating mergers and acquisitions to enhance their product offerings and capabilities [35][36]. Huawei's Pangu Ultra MOE Model - Huawei's Pangu Ultra MOE model features 718 billion parameters and utilizes advanced training techniques to optimize performance and efficiency [39][41]. - The model's architecture includes innovative methods for load balancing and training stability, enhancing its capabilities in AI applications [40][41]. - The introduction of this model signifies Huawei's commitment to advancing AI technology and its competitive position in the market [39][40].

Investment Rating - The industry investment rating is maintained as "Increase" [6][32]. Core Insights - The media sector has shown a positive trend, with a 1.73% increase in the CITIC primary media sector index during the week of May 26-30, 2025, driven by AI applications and market activities [1][10]. - The domestic game market in April 2025 experienced a year-on-year growth of 21.93%, reaching a total market size of 27.351 billion yuan, supported by various promotional activities and the performance of long-term products [3][19]. - The report highlights the potential for resource integration, AI applications, and mergers and acquisitions in the media sector, particularly focusing on state-owned enterprises [2][19]. Summary by Sections 1. Market Overview - The CITIC primary media sector index increased by 1.73% during the week of May 26-30, 2025, with the top-performing sectors being comprehensive finance and defense [10][12]. - The game market's revenue growth is attributed to long-term products and new releases, with mobile game revenue increasing by over 28% year-on-year [3][19]. 2. Subsector Insights and Focused Stocks - Key stocks to watch include: - Resource integration: Zhongshi Media, Guoxin Culture, Guangxi Broadcasting, Tangde Film and Television, Jishi Media, Youzu Network [2]. - AI applications: Rongxin Culture, Aofei Entertainment, Tom Cat, Shengtian Network, and others [2]. - Gaming: Focus on companies with strong certainty such as Shenzhou Taiyue, Kaiying Network, and others [2]. - State-owned enterprises: Ciweng Media, Wanxin Media, and others [2]. - Education: Xueda Education [2]. - Hong Kong stocks: Alibaba, Tencent, and others [2]. 3. Key Events Review - The launch of the new DeepSeek-R1 model on May 29, 2025, showcases significant advancements in programming capabilities and deep reasoning [19]. - The release of the long-text deep thinking model QwenLong-L1 by Alibaba demonstrates breakthroughs in long-text processing [19]. 4. Subsector Data Tracking - The top-grossing films in the domestic market for the week of May 24-30, 2025, include "Lilo & Stitch," "Mission: Impossible 8," and "Dumpling Queen," with a total box office of approximately 216 million yuan [22][23]. - The most popular series during the same period were "The Cang Hai Chronicles," "Zhe Yao," and "In the Human World," indicating strong viewer engagement [23][24].

Investment Rating - The report maintains a "Buy" rating for key stocks such as Shenghong Technology, Wavelength Optoelectronics, and SMIC, indicating a positive outlook for these companies in the electronic and EDA sectors [6][7]. Core Insights - The AI infrastructure is rapidly developing, with significant demand for computing power driven by companies like NVIDIA, which reported a record revenue of $44.062 billion in FY26Q1, a year-on-year increase of 69% [10][11]. - The EDA industry is experiencing a shift towards domestic production due to export restrictions imposed by the U.S. on leading EDA software companies, which is accelerating the decoupling of the semiconductor industry between China and the U.S. [19][31]. - Huawei has introduced the Pangu Ultra MOE model, a significant advancement in AI model training, showcasing the capabilities of its Ascend AI computing platform [39][40]. Summary by Sections NVIDIA Performance - NVIDIA's FY26Q1 revenue reached $44.062 billion, with a gross margin of 60.5% and net income of $18.775 billion, reflecting strong growth in data center and gaming sectors [10][11][12]. - The data center segment generated $39.112 billion, a 73% increase year-on-year, driven by demand for accelerated computing platforms [11][14]. - The gaming segment saw revenues of $3.763 billion, up 42% year-on-year, attributed to the sales of new Blackwell architecture GPUs [12][16]. EDA Industry Developments - The U.S. has imposed export restrictions on leading EDA software firms, leading to a significant impact on the Chinese market, where these companies hold over 80% market share [19][31]. - The global EDA market is projected to grow, with estimates of $17.42 billion by 2025, while the Chinese EDA market is expected to reach 18.49 billion yuan [23][27]. - Domestic EDA companies are accelerating mergers and acquisitions to enhance their product offerings and achieve self-sufficiency [35][36]. Huawei's Pangu Ultra MOE Model - Huawei's Pangu Ultra MOE model features 718 billion parameters and utilizes advanced training techniques to optimize performance and efficiency [39][40]. - The model's architecture includes innovative methods for load balancing and stability, enhancing its capabilities in AI applications [41][42]. - The introduction of this model signifies Huawei's commitment to advancing AI technology and its competitive position in the market [39][40].