行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2025 年 06 月 16 日 [Table_Title] 多数车企作出承诺，行业转向良性发展 ——汽车行业周报 [Table_Summary] 报告要点： 6 月初乘用车零售批发均维持两位数高增长 乘用车：6 月 1-8 日，全国乘用车市场零售 34.3 万辆，同比去年 6 月同 期增长 19%，较上月同期下降 12%，今年以来累计零售 915.9 万辆，同比 增长 10%；6 月 1-8 日，全国乘用车厂商批发 31.1 万辆，同比去年 6 月 同期增长 10%，较上月同期下降 2%，今年以来累计批发 1,110 万辆，同 比增长 12%。 新能源：6 月 1-8 日，全国乘用车新能源市场零售 20.2 万辆，同比去年 6 月同期增长 40%，较上月同期增长 4%，新能源市场零售渗透率 58.8%， 今年以来累计零售 455.9 万辆，同比增长 34%；6 月 1-8 日，全国乘用车 厂商新能源批发 16.6 万辆，同比去年 6 月同期增长 5%，较上月同期下 降 6%，新能源厂商批发渗透率 53.5%，今年以来累计批 ...

[Table_Title] 每日复盘 证券研究报告 2025 年 06 月 16 日 2025 年 6 月 16 日三大指数低开高走，稳定币概念再度爆 发 报告要点： 2025 年 6 月 16 日三大指数低开高走，稳定币概念再度爆发。上证指数 上涨 0.35%，深证成指上涨 0.41%，创业板指上涨 0.66%。市场成交额 12149.11 亿元，较上一交易日减少 2521.54 亿元。全市场 3597 只个股上涨， 1664 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>成长>周期>0>稳定>消费；大盘 价值>小盘成长>小盘价值>中盘价值>大盘成长>中盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：综合金融 （5.11%），传媒（2.70%），计算机（2.08%）；表现相对靠后的是：农林牧渔 （-0.76%），有色金属（-0.40%），汽车（-0.31%）。概念板块方面，多数概 念板块上涨，昨日连板、数字货币、数据确权等大幅上涨；户外露营、发电 机、青蒿素等板块走低。 资金筹码方面，主力资金 6 月 16 日净流出 16.10 亿元。其中超大单净流 入 ...

资产配置与金融工程 证券研究报告 避险资产领涨，波动率低位反弹 ——大类资产周报（20250609-20250615） 分析师：朱定豪 SAC执业资格证书编码: S0020521120002 邮箱：zhudinghao@gyzq.com.cn 2025年6月16日 分析师：汤静文 SAC执业资格证书编码: S0020524060001 邮箱：tangjingwen@gyzq.com.cn 联系人：黄雯瑜 邮箱：huangwenyu@gyzq.com.cn 摘要 一、本周大类资产交易主线 全球市场由地缘冲突（以色列袭击伊朗）主导避险逻辑，原油（布伦特+9%至75.18美元）与黄金（突破3452美元）领涨， VIX波动率反弹压制风险偏好；国内A股呈现价跌量增，小盘成长占优，市值因子负收益（-0.01%）印证小盘股强势，盈利 预期因子（+0.39%）驱动基本面选股，但中证1000期权PCR高位（0.95）反映空头压力未消；流动性方面，央行政策宽松 推动流动性指数转正，但实体传导效率仍弱，叠加PPI预期新低与BCI扩张动能放缓（50.3），经济复苏斜率承压；债市受 避险与宽松支撑，长端利率债走强，信用利差压缩至0.3 ...

[Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 06 月 16 日 [Table_Title] 药品、耗材集采有望优化，建议关注集采出清板块 ——医药生物行业周报（2025.6.9-2025.6.13） [Table_Summary] 报告要点： 医药板块本周小幅跑赢沪深 300 指数 2025 年 6 月 9 日至 6 月 13 日，申万医药生物指数上涨 1.40%，跑赢 沪深 300 指数 1.65pct，在 31 个申万一级行业指数中排名第 5。2025 年初至今，申万医药生物指数上涨 9.33%，跑赢沪深 300 指数 11.13pct，涨跌幅在 31 个申万一级行业指数中排名第 4。截至 2025 年 6 月 13 日，医药板块估值为 28.29 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 153.19%。 本周易明医药、赛升药业和澳洋健康等表现较好 涨幅排名前十的个股分别为：易明医药（+38.49%）、赛升药业 （+36.35%）、澳洋健康（+35.01%）、昂利康（+34.30%）、康惠制药 （+30.93%）、百洋医药（+28 ...

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [7] Core Insights - The overseas AI chip index rose by 0.7% this week, while the domestic AI chip index fell by 1.7%. TSMC's stock increased by approximately 3%, and Nvidia's mapping index rose by 3.0% due to better-than-expected Q1 revenue [1][10] - Apple is expanding its manufacturing in India, with expectations that iPhones produced there will account for 25%-30% of global shipments by 2025, up from 18% in 2024 [2][26] - The global wearable device market saw a 10.5% year-on-year increase in Q1 2025, with China experiencing a 37.6% growth [2][27] - The demand for AI servers remains strong, with a 4.5% increase in the server ODM index this week, indicating a robust market outlook for the second half of 2025 [1][10] Market Index - The overseas chip index showed stability with a slight increase of 0.73% this week, while the domestic A-share chip index decreased by 1.7% [10] - The Nvidia mapping index increased by 3.0%, reflecting a recovery in Nvidia's supply chain due to strong data center business growth [11] - The server ODM index rose by 4.5%, driven by strong demand for AI servers, with expectations for mass production in the latter half of 2025 [11] Industry Data - Apple's iPhone global sales increased by 15% year-on-year in April and May, primarily driven by demand in China and the U.S. [2][25] - In Q1 2025, global wearable device shipments reached 45.6 million units, with Huawei leading the market [27][28] - The global smartphone production is expected to decline by 1% in 2025, with India projected to be the biggest winner due to export demand [2][30] Major Events - Samsung's Exynos 2600 prototype chip has entered mass production, expected to be released in February 2026 [3][34] - Apple's first foldable phone is set to be released next year alongside the iPhone 18 series [3][36] - The upcoming iPhone 17 Air is anticipated to be unveiled in September, coinciding with the launch of Samsung's ultra-thin AI phone [3][36]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company has over 20 years of focus in the optical industry, establishing a strong foundation in imaging perception and display projection, and is expanding its product lines through self-research and acquisitions [1][14] - The company is diversifying into new fields such as thin-film optical panels, semiconductor optics, automotive electronics, and reflective materials, which are expected to enhance growth potential [1][14] Summary by Sections 1. Optical Industry Layout - The company has a rich product line and is gradually opening up growth ceilings, having started with optical low-pass filters for security monitoring and expanding into various optical components [1][14] - Major clients include Apple, Huawei, Samsung, and others, indicating strong market positioning [11] 2. Consumer Electronics - New types of optical filters are expected to improve profitability, while micro-prisms are anticipated to open revenue ceilings [2][20] - The absorption-reflection composite filter is projected to become a preferred choice for high-end models, benefiting from trends of penetration from high-end to mid-low end and from main to auxiliary cameras [2][22] - The company has successfully achieved mass production of four-fold reflective prisms, becoming a supplier for major clients in the periscope lens market [2][38] - The thin-film optical panel business is rapidly growing, expected to contribute significantly to revenue, with a projected increase from 10% of total revenue in 2019 to 39.4% in 2024 [40][46] 3. Automotive Electronics - The company is leveraging AR-HUD technology to transition from consumer electronics to the automotive industry, with a projected market size of over 20 billion yuan by 2030 [3][51] - The company has established itself as a Tier 1 supplier for automotive HUD modules, with increasing recognition from automotive brands [54][56] 4. AR/VR Development - The company is focusing on AR/VR as a strategic direction, with significant investments in optical technology and partnerships with leading global firms [60][64] - Multiple technology paths are being explored, including reflection waveguide and diffraction waveguide technologies, to capitalize on the AR/VR market [61][64] 5. Financial Forecast - Revenue projections for 2025-2027 are estimated at 73 billion, 86 billion, and 101 billion yuan, with corresponding net profits of 12 billion, 15 billion, and 18 billion yuan [4][66]

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 06 月 15 日 [Table_Title] 浙江 17 部门印发《关于支持游戏出海的若干措 施》，OpenAI 发布 o3-pro 模型 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.6.7-2025.6.13）：传媒行业（申万）上涨 1.55%， 排名行业第 4 名，同期沪深 300 跌 0.25%，上证指数跌 0.25%，深证 成指跌 0.60%，创业板指涨 0.22%，恒生科技指数跌 0.89%。元隆雅 图、川网传媒、粤传媒、中文在线、巨人网络表现较优，恒生科技成 分股中哔哩哔哩-W（周涨幅 9.00%）、阅文集团（周涨幅 4.81%）和 网易-S（周涨幅 4.02%）表现较好。 行业重点数据及动态更新 AI：AI 产品榜发布 5 月 web 端 AI 产品排行榜，5 月 Gemini 本月访 问量环比增长 28.9%，进入前三。此外 Sora 本月访问量环比增长 121.25%，达到 6334 万次。国内方面，DeepSeek、纳米 AI 搜索、 ...

Market Performance - On June 13, 2025, the A-share market experienced a significant decline, with the Shanghai Composite Index falling by 0.75%, the Shenzhen Component Index by 1.10%, and the ChiNext Index by 1.13%[2] - The total market turnover reached 14,670.65 billion yuan, an increase of 1,954.35 billion yuan compared to the previous trading day[2] - Out of 5,394 stocks, 863 rose while 4,531 fell, indicating a bearish market sentiment[2] Sector and Style Analysis - Among the 30 major sectors, the top performers were Oil & Petrochemicals (up 1.82%), National Defense & Military (up 1.81%), and Utilities (up 0.33%); the worst performers included Comprehensive Finance (down 2.58%), Media (down 2.56%), and Textiles & Apparel (down 2.48%)[19] - In terms of investment style, the ranking of index performance was Stability > 0 > Cyclical > Financial > Growth > Consumption[19] Capital Flow - On June 13, 2025, the net outflow of main funds was 616.46 billion yuan, with large orders contributing to a net outflow of 324.43 billion yuan and super large orders contributing 292.03 billion yuan[23] - Small orders continued to see a net inflow of 567.97 billion yuan, indicating retail investor interest despite the overall market decline[23] ETF Trading Activity - The trading volumes of major ETFs such as the Huaxia Shanghai 50 ETF and the Huatai-PB CSI 300 ETF increased, with respective volumes of 17.88 billion yuan and 27.80 billion yuan, reflecting a positive shift in investor sentiment towards these funds[28] - The inflow into the Sci-Tech 50 ETF was notable, with a net inflow of 4.10 billion yuan on June 12, 2025[28] Global Market Trends - On June 13, 2025, major Asia-Pacific indices closed lower, with the Hang Seng Index down 0.59% and the Nikkei 225 down 0.89%[32] - In contrast, U.S. markets showed resilience with the Dow Jones Industrial Average up 0.24% and the S&P 500 up 0.38%[32]

9[Table_Title] 每日复盘 证券研究报告 2025 年 6 月 12 日 2025 年 6 月 12 日 A 股市场全天窄幅震荡，新消费概念再 度爆发 报告要点： 2025 年 6 月 12 日 A 股市场全天窄幅震荡，新消费概念再度爆发。上证 指数上涨 0.01%，深证成指下跌 0.11%，创业板指上涨 0.26%。市场成交额 12716.30 亿元，较上一交易日增加 163.56 亿元。全市场 2358 只个股上涨， 2902 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>成长>周期>0>消费>稳定；中盘 价值>小盘成长>小盘价值>中盘成长>大盘成长>大盘价值；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：综合金融 （1.57%），有色金属（1.32%），传媒（1.31%）；表现相对靠后的是：食品饮 料（-1.16%），煤炭（-1.14%），农林牧渔（-1.01%）。概念板块方面，多数 概念板块上涨，盲盒经济、昨日连板_含一字、昨日连板等大幅上涨；刀片 电池、高带宽内存、啤酒等板块走低。 资金筹码方面，主力资金 6 月 12 日净流出 159.12 ...

[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 06 月 12 日 [Table_Title] 政策推动无人机发展，看好出口链优质 标的 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 6 月 1 日至 6 月 6 日，上证综指上涨 1.13%，深证成指上涨 1.42%，创业板指上涨 2.32%。其中申万机械设备上涨 0.93%，相较 沪深 300 指数跑赢 0.05pct，在 31 个申万一级行业中排名第 19。细 分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化 设备分别涨跌+1.29%/+1.26%/+0.23%/-0.64%/+1.41%。 重点板块跟踪 低空经济板块：国务院印发《关于开展第四次全国农业普查的通知》。 《通知》提出普查工作要求，明确创新方法手段。加强现代化调查手 段的应用，利用卫星遥感、无人机和人工智能等技术，准确测量主要 农作物播种面积，查清设施农业状况。无人机作为低空经济行业的重 要载体，应用领域进一步打开和深化，有望推动低空经济的进一步发 展。 机械设备板块：1. 6 月 5 日 ...