Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing power load is expected to grow significantly, with estimates of 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW during the same period, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] AIDC Power Equipment Summary - The AIDC power equipment sector has seen a recent overall increase, with notable gains in backup diesel power sources (+12.3%), lead-acid batteries (+6.9%), and server power supplies (+6.1%) [5] - Key companies in the transformer/switchgear segment include Jinpan Technology, Mingyang Electric, and Eaton, while UPS/HVDC businesses include Zhongheng Electric and Keda Technology [5] - The industry is witnessing a shift towards domestic companies gaining competitive advantages in various segments, with a focus on providing comprehensive solutions [5] Grid Industry Summary - The national power engineering investment completion amount for May 2025 was 645 billion yuan, a year-on-year decrease of 3.1%, while the grid engineering investment completion amount was 632 billion yuan, a year-on-year increase of 33.3% [31][32] - The second batch of bidding results for the State Grid's ultra-high voltage equipment in May 2025 showed a total bid amount of 5.2 billion yuan, a year-on-year decrease of 38% [57] - The grid equipment sector has shown varied performance, with distribution equipment (+5.3%) and grid automation equipment (+2.1%) leading the gains [5] Market Trends and Opportunities - The report suggests focusing on four key areas within AIDC power equipment: transformer/switchgear, UPS/HVDC, active filter APF, and server power supply [5] - For the grid sector, attention is recommended on ultra-high voltage orders and deliveries, virtual power plants, and the international expansion of power equipment [5]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [4][6]. Core Viewpoints - The company is a global leader in autonomous driving, focusing on Robotaxi and Robotruck services, with a significant potential for revenue growth as it expands its fleet [4][15]. - The global market for Robotaxi is projected to be worth trillions, with a substantial opportunity for market penetration in both domestic and international markets [2][4]. - The company has developed a comprehensive ecosystem that integrates advanced driving technology, vehicle-grade products, and a diverse range of partners, which is expected to create a profitable business model [3][4]. Company Overview - The company, Pony.ai, was founded in 2016 and has rapidly developed its Robotaxi and Robotruck businesses, achieving significant milestones in autonomous vehicle testing and commercialization [15][16]. - The main business segments include Robotaxi autonomous ride-hailing services (9.7% of revenue), Robotruck autonomous trucking services (53.8%), and licensing and application services (36.5%) [24][30]. Financial Analysis - The company is expected to generate revenues of $75.03 million in 2024, with a projected growth rate of 4% year-over-year, and a net loss of $274 million [4][5]. - Revenue forecasts for 2025-2027 are $80 million, $93 million, and $195 million, respectively, with corresponding growth rates of 7%, 15.4%, and 110.3% [4][5]. Industry Insights - The Robo-X industry is characterized by a long growth trajectory and significant market potential, driven by technological advancements, cost reductions, and supportive policies [2][4]. - The competitive landscape includes major players like Tesla and Xpeng in the Robotaxi space, while Pony.ai, along with other companies, is making strides in the Robotruck sector [2][4].

Group 1 - The communication sector outperformed the market in June 2025, with the communication index rising by 11.97% compared to a 2.12% increase in the CSI 300 index, ranking first among 31 primary industries [1][14]. - The light module and optical device sector showed remarkable performance, increasing by 25.98% [1][23]. - The overall valuation of the communication sector has slightly recovered, with a PE ratio of 21.3x as of June 2025, which is still at a historically low level [18][22]. Group 2 - AI revenue for Broadcom in Q2 2025 grew by 46%, driven by strong demand for AI networks, with total revenue reaching 150 billion yuan, a 20% year-on-year increase [2][28]. - NVIDIA announced plans to establish 20 new AI factories in Europe, aiming for a tenfold increase in AI computing power within two years [2][30]. - Major cloud service providers (CSPs) are accelerating their investment in ASIC chip development to reduce reliance on NVIDIA and AMD, with companies like Google, AWS, Meta, and Microsoft leading the charge [2][43]. Group 3 - Taiwanese server ODM manufacturers reported strong monthly revenue growth, with companies like Hon Hai, Quanta, Wistron, and Inventec showing year-on-year increases of 11.92%, 58.19%, 162.14%, and 17.29% respectively [2][55][66]. - The global Ethernet switch market saw a revenue increase of 32.3% year-on-year in Q1 2025, reaching 11.7 billion USD, driven by demand from data centers [2][67]. - LightCounting predicts a 10% quarter-on-quarter growth in optical module sales, primarily driven by the demand for 800G Ethernet optical modules [2][72]. Group 4 - The investment recommendation focuses on sectors benefiting from global AI development, particularly light modules and copper connection industries, as well as domestic computing power companies [3][4]. - The three major telecom operators in China showed stable operations, with a cumulative revenue of 748.8 billion yuan in the first five months of 2025, reflecting a 1.4% year-on-year growth [3][20]. - The recommended stock portfolio includes China Mobile, Zhongji Xuchuang, Huagong Technology, and Guanghetong [4].

Investment Rating - The report rates the offshore wind power industry as "Outperform the Market" [2] Core Insights - The global offshore wind power industry is at a critical turning point, with a record 56GW of new capacity auctioned in 2024 and 48GW under construction, indicating strong mid-term prospects [3][13] - Offshore wind power has become economically viable compared to traditional fossil fuels, with a lifecycle carbon emission of only 12gCO2 per kWh, making it an ideal clean energy choice [9][7] - The industry is moving towards deep-sea, large-scale development, and floating wind farms, which will significantly increase the demand for subsea cables and foundation piles [3][19] Global Offshore Wind Outlook - In 2024, global offshore wind power added 8GW of installed capacity, a 26% decrease from the previous year, primarily due to delays in major markets like China, the UK, and the US [13][14] - The cumulative installed capacity reached 83.2GW by the end of 2024, with China accounting for 62% of new installations [14][15] Investment Recommendations - The report suggests focusing on companies such as Dongfang Cable, Daikin Heavy Industries, Times New Material, Guoda Special Materials, and Goldwind Technology for investment opportunities [3][6] Industry Development Trends - The report forecasts that from 2025 to 2030, global offshore wind power installations will grow from 15.5GW to 38.5GW, with a compound annual growth rate (CAGR) of 30% [13][12] - The Asia-Pacific region, particularly Japan and South Korea, is expected to see significant policy and regulatory breakthroughs, supporting the next phase of offshore wind development [3][19] Cost Competitiveness - The levelized cost of electricity (LCOE) for offshore wind in China is projected to be between 0.28 to 0.41 yuan per kWh, showing significant economic improvement compared to coal power [7][8] - The report emphasizes that the cost of offshore wind power is expected to continue decreasing with technological advancements and industry maturation [7][9]

证券研究报告 | 2025年6月28日 锂电产业链双周评（6月第2期） 固态电池产业化持续加速，消费电池掺硅比例稳步提升 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 【风险提示】电动车销量不及预期，行业竞争加剧，原材料价格大幅波动，政策变动风险。 请务必阅读正文之后的免责声明及其项下所有内容 • 固态电池产业化加速推进：设备端，赢合科技固态电池湿法涂布、辊压以及电解质转印设备顺利出货至国内头部客户，先导智能向客户成功交付固态电池用复合转印设备与高速叠片 设备，科恒股份与北京纯锂新能源签署战略合作协 ...

证券研究报告 | 2025年06月28日 主动量化策略周报 半年度收官在即，四大主动量化组合均排名主动股基前 50% 核心观点 金融工程周报 国信金工主动量化策略表现跟踪： 本周，优秀基金业绩增强组合绝对收益 3.68%，相对偏股混合型基金指数超 额收益 0.82%。本年，优秀基金业绩增强组合绝对收益 6.12%，相对偏股混 合型基金指数超额收益-0.74%。今年以来，优秀基金业绩增强组合在主动股 基中排名 41.19%分位点（1429/3469）。 本周，成长稳健组合绝对收益 3.41%，相对偏股混合型基金指数超额收益 0.55%。本年，成长稳健组合绝对收益 21.70%，相对偏股混合型基金指数 超额收益 14.83%。今年以来，成长稳健组合在主动股基中排名 5.71%分位 点（198/3469）。 本周，股票收益中位数 4.41%，89%的股票上涨，11%的股票下跌；主动股 基中位数 2.79%，98%的基金上涨，2%的基金下跌。 本年，股票收益中位数 8.82%，69%的股票上涨，31%的股票下跌；主动股 基中位数 4.59%，78%的基金上涨，22%的基金下跌。 优秀基金业绩增强组合： 在构建量化组合 ...

Quantitative Models and Construction Methods - **Model Name**: Maximized Factor Exposure Portfolio (MFE) **Model Construction Idea**: The MFE portfolio is designed to maximize the exposure of a single factor while controlling for various constraints such as industry exposure, style exposure, stock weight deviation, and turnover limits. This approach ensures that the factor's predictive power is tested under realistic portfolio constraints, making it more applicable in actual investment scenarios [39][40]. **Model Construction Process**: The MFE portfolio is constructed using the following optimization model: $ \begin{array}{ll} max & f^{T}\ w \\ s.t. & s_{l}\leq X(w-w_{b})\leq s_{h} \\ & h_{l}\leq H(w-w_{b})\leq h_{h} \\ & w_{l}\leq w-w_{b}\leq w_{h} \\ & b_{l}\leq B_{b}w\leq b_{h} \\ & \mathbf{0}\leq w\leq l \\ & \mathbf{1}^{T}\ w=1 \end{array} $ - **Objective Function**: Maximize single-factor exposure, where \( f \) represents factor values, and \( w \) is the stock weight vector. - **Constraints**: - **Style Exposure**: \( X \) is the factor exposure matrix, \( w_b \) is the benchmark weight vector, and \( s_l, s_h \) are the lower and upper bounds for style exposure. - **Industry Exposure**: \( H \) is the industry exposure matrix, and \( h_l, h_h \) are the lower and upper bounds for industry deviation. - **Stock Weight Deviation**: \( w_l, w_h \) are the lower and upper bounds for stock weight deviation. - **Component Weight Control**: \( B_b \) is a binary vector indicating benchmark components, and \( b_l, b_h \) are the lower and upper bounds for component weights. - **No Short Selling**: Ensures non-negative weights and limits individual stock weights. - **Full Investment**: Ensures the portfolio is fully invested (\( \mathbf{1}^{T}\ w=1 \)) [40][41]. **Model Evaluation**: The MFE portfolio effectively tests factor efficacy under realistic constraints, making it a robust tool for factor validation in enhanced index strategies [39][40]. --- Quantitative Factors and Construction Methods - **Factor Name**: Three-Month Reversal **Factor Construction Idea**: Measures the reversal effect by calculating the return over the past 60 trading days, assuming stocks with recent underperformance may outperform in the future [17]. **Factor Construction Process**: $ \text{Three-Month Reversal} = \text{Cumulative Return over the Past 60 Trading Days} $ **Factor Evaluation**: Demonstrates strong performance in certain index spaces, such as CSI 1000 and CSI A500, but underperforms in others like CSI 500 [17][22][25]. - **Factor Name**: One-Year Momentum **Factor Construction Idea**: Captures the momentum effect by excluding the most recent month and calculating the cumulative return over the prior 11 months [17]. **Factor Construction Process**: $ \text{One-Year Momentum} = \text{Cumulative Return over the Past 11 Months (Excluding the Most Recent Month)} $ **Factor Evaluation**: Performs well in CSI 500 and CSI 1000 spaces but shows mixed results in other index spaces [17][21][23]. - **Factor Name**: Standardized Unexpected Earnings (SUE) **Factor Construction Idea**: Measures the deviation of actual earnings from expected earnings, standardized by the standard deviation of expected earnings [17]. **Factor Construction Process**: $ \text{SUE} = \frac{\text{Actual Earnings} - \text{Expected Earnings}}{\text{Standard Deviation of Expected Earnings}} $ **Factor Evaluation**: Consistently performs well across multiple index spaces, indicating its robustness as a predictive factor [17][22][25]. - **Factor Name**: Delta ROE (DELTAROE) **Factor Construction Idea**: Measures the change in return on equity (ROE) compared to the same quarter in the previous year [17]. **Factor Construction Process**: $ \text{DELTAROE} = \text{Current Quarter ROE} - \text{ROE from the Same Quarter Last Year} $ **Factor Evaluation**: Demonstrates strong predictive power in CSI 500 and CSI A500 spaces, with moderate performance in other index spaces [17][21][25]. --- Factor Backtesting Results - **Three-Month Reversal**: - CSI 300: Weekly excess return 0.66%, monthly excess return 0.65%, YTD excess return 3.01% [19]. - CSI 500: Weekly excess return 0.79%, monthly excess return 1.17%, YTD excess return 4.07% [21]. - CSI 1000: Weekly excess return 1.09%, monthly excess return 1.40%, YTD excess return 0.38% [23]. - CSI A500: Weekly excess return 1.08%, monthly excess return 0.36%, YTD excess return 3.64% [25]. - **One-Year Momentum**: - CSI 300: Weekly excess return 0.46%, monthly excess return 0.36%, YTD excess return -1.85% [19]. - CSI 500: Weekly excess return 1.26%, monthly excess return 1.18%, YTD excess return 2.77% [21]. - CSI 1000: Weekly excess return 1.45%, monthly excess return 1.73%, YTD excess return 0.26% [23]. - CSI A500: Weekly excess return 0.74%, monthly excess return 0.87%, YTD excess return -2.03% [25]. - **SUE**: - CSI 300: Weekly excess return 0.51%, monthly excess return 2.15%, YTD excess return 3.03% [19]. - CSI 500: Weekly excess return -0.41%, monthly excess return 0.13%, YTD excess return 2.86% [21]. - CSI 1000: Weekly excess return -0.08%, monthly excess return 2.77%, YTD excess return 4.41% [23]. - CSI A500: Weekly excess return 0.47%, monthly excess return 1.63%, YTD excess return 2.04% [25]. - **Delta ROE (DELTAROE)**: - CSI 300: Weekly excess return 0.26%, monthly excess return 2.27%, YTD excess return 5.32% [19]. - CSI 500: Weekly excess return 0.58%, monthly excess return 2.49%, YTD excess return 4.03% [21]. - CSI 1000: Weekly excess return -1.15%, monthly excess return 0.74%, YTD excess return 3.01% [23]. - CSI A500: Weekly excess return 0.52%, monthly excess return 2.82%, YTD excess return 5.13% [25].

证券研究报告 | 2025年06月28日 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 3.88%，相对恒生指数超额收益 0.68%。 **Acknowledgement** I am grateful to my supervisor, who has been a great advisor of my supervisor, who has been a great advisor of my supervisor. 本年，港股精选组合绝对收益 38.64%，相对恒生指数超额收益 17.59%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，美丽田园医疗健康等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是大金融板块，其次为医药、科技、 周期和消费板块，具体个股信息可参照正文。 风险提示：市场环境变动风险，模型失效风险。 港股市场一周回顾 宽基指数方面，本周恒生小型股指数本周收益最高，累计收益 4.51%；恒生 大型股指数本周收益 ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11][12][13] - The 250-day high distance is calculated as: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days[11] - As of June 27, 2025, the 250-day high distances for major indices are: Shanghai Composite Index 1.88%, Shenzhen Component Index 9.71%, CSI 300 7.86%, CSI 500 7.38%, CSI 1000 5.07%, CSI 2000 1.91%, ChiNext Index 16.70%, and STAR 50 Index 12.30%[12][13] - The report identifies 832 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the pharmaceutical, basic chemicals, and machinery industries[19][20] - The report also tracks "stable new high stocks" based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability, selecting 32 stocks such as Shenghong Technology, Shijia Photon, and Giant Network[26][28][29] - The selected stable new high stocks are mainly from the technology and large financial sectors, with the technology sector having the most new highs in the electronics industry and the large financial sector having the most new highs in the banking industry[29][30][32]