有色金属行业双周报 2025 年 06 月 09 日 [Table_Main] 行业研究|有色金属 证券研究报告 [Table_Title] 贵金属价格走高，战略小金属价格分化 ——有色金属行业双周报 [Table_Summary] 报告要点： 行情回顾：近 2 周申万有色金属指数上涨 1.18% 近 2 周（2025.5.26-2025.6.06），有色金属行业指数上涨 1.18%，跑 赢沪深 300 指数，在 31 个申万一级行业中排名第 12。从细分领域看， 小金属（4.56%）、金属新材料（3.93%）涨幅居前，贵金属、能源金 属和工业金属分别变化 1.41%、0.38%、0.06%。 金属价格:白银价格大幅飙升，稀土价格变化分化 截至 6 月 6 日，COMEX 黄金收盘价为 3331 美元/盎司，近 2 周下跌 0.80%；COMEX 银收盘价为 36.13 美元/盎司，近 2 周上涨 7.40%， 主要由于金银比修复逻辑、白银特有属性及市场情绪共振驱动所致； LME 锡现价 32,255 美元/吨，近两周下跌 1.26%；沪锡现价 263,562 元/吨，近两周下跌 0.41%；65%黑钨精矿现 ...

[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 09 日 [Table_Title] ASCO 会议召开，创新药迎来重要催化 ——医药生物行业周报（2025.6.2-2025.6.6） [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 2 日至 6 月 6 日，申万医药生物指数上涨 1.13%，跑赢 沪深 300 指数 0.25pct，在 31 个申万一级行业指数中排名第 17。2025 年初至今，申万医药生物指数上涨 7.81%，跑赢沪深 300 指数 9.36pct， 涨跌幅在 31 个申万一级行业指数中排名第 5。截至 2025 年 6 月 6 日，医药板块估值为 28.02 倍（TTM 整体法，剔除负值），相对于沪 深 300 估值溢价率为 151.44%。 本周易明医药、万邦德和昂利康等表现较好 涨幅排名前十的个股分别为：易明医药（+33.09%）、万邦德 （+32.59%）、昂利康（+30.28%）、新诺威（+21.36%）、海辰药业 （+21.00%）、赛伦生物（+20.48%）、迈威生 ...

[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 09 日 [Table_Title] 吉比特新游表现亮眼，AI 产业持续迭代 ——传媒行业周报 [Table_Summary] 报告要点： 周度涨跌情况（2025.5.31-2025.6.7）：传媒行业（申万）上涨 2.59%， 排名行业第 7 名，同期沪深 300 涨 0.88%，上证指数涨 1.13%，深证 成指涨 1.42%，创业板指涨 2.32%，恒生科技指数涨 2.25%。ST 联 合、湖北广电、*ST 大晟、歌华有线、姚记科技表现较优，恒生科技 成分股中快手-W（周涨幅 10.88%）、阅文集团（周涨幅 8.58%）表现 较好。 市场表现 行业重点数据及动态更新 AI：根据 AI 产品榜数据，2025 年 5 月 ChatGPT 年化订阅收入为 12.5 亿美元，中国出海产品 PLAUD、PolyBuzz 等表现较好。5 月，全球 MAU 排名前十的 AI 应用中百度网盘、夸克、豆包、Deepseek、元宝、 Talkie AI 进入全球前十，占比过半，其中前四款的月活用户破亿。AI ...

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [7] Core Viewpoints - The non-ferrous metals industry index increased by 1.18% over the past two weeks, outperforming the CSI 300 index and ranking 12th among 31 first-level industries [2][14] - Precious metals have shown strong performance due to heightened market risk aversion influenced by global geopolitical conflicts and inflation data [5] - The report highlights the price differentiation among strategic minor metals, suggesting a focus on investment opportunities in this area [5] Summary by Sections 1. Market Review - The non-ferrous metals industry index rose by 1.18% from May 26 to June 6, 2025, with small metals and new metal materials leading the gains at 4.56% and 3.93% respectively [2][14] - Precious metals, energy metals, and industrial metals saw changes of 1.41%, 0.38%, and 0.06% respectively [14] 2. Precious Metals - As of June 6, COMEX gold closed at $3,331 per ounce, down 0.80% over the past two weeks but up 24.70% year-to-date [22] - COMEX silver closed at $36.13 per ounce, up 7.40% over the past two weeks and 20.49% year-to-date, driven by unique attributes and market sentiment [27][24] 3. Industrial Metals - LME copper settled at $9,795 per ton, up 2.08% over the past two weeks and 12.77% year-to-date [31] - LME aluminum closed at $2,432 per ton, down 0.23% over the past two weeks and down 4.12% year-to-date [31] 4. Minor Metals - Black tungsten concentrate (≥65%) price reached 172,500 CNY per ton, up 4.86% over the past two weeks and 20.84% year-to-date [36] - Antimony ingot (99.65%) price was 215,000 CNY per ton, down 3.37% over the past two weeks but up 53.30% year-to-date [36] 5. Rare Earths - The rare earth price index was 183.45 as of June 6, up 3.09% over the past two weeks and 12.01% year-to-date [47] - Neodymium oxide price was 449,000 CNY per ton, up 4.66% over the past two weeks and 12.81% year-to-date [47] 6. Energy Metals - As of June 6, electrolytic cobalt averaged 233,550 CNY per ton, down 0.98% over the past two weeks but up 36.98% year-to-date [52] - Sulfuric acid cobalt (≥20.5%) averaged 48,375 CNY per ton, down 1.28% over the past two weeks and up 81.18% year-to-date [52] 7. Major Events - Rosneft, Russia's largest oil producer, diversified into rare metals by acquiring Vostok Engineering, which holds a development license for a rare earth deposit estimated at 154 million tons [4][59]

1·[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 09 日 [Table_Title] 湖北省人形机器人产投基金登记成立， Figure 发布物流分拣应用视频 ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 6 月 1 日至 6 月 6 日，人形机器人概念指数上涨 2.33%，相 较沪深 300 指数跑赢 1.45pct；年初至今累计涨跌幅来看，人形机器 人概念指数上涨 34.13%，相较沪深 300 指数跑赢 32.72pct。 A 股人形机器人指数（iFinD 概念）相关个股中，超捷股份周涨幅 最大（+28.42%），光启技术周跌幅最大（-10.32%）。 周度热点回顾 政策端，湖北省委书记王忠林调研人形机器人产业发展并为湖北人形 机器人创新中心、产业联盟揭牌，强调要全力推动人形机器人产业高 质量发展，加快培育壮大新质生产力；广东省人工智能与机器人产业 联盟成立，标志着产业链整合和技术攻关进入加速阶段；湖北省人形 机器人产业投资基金合伙企业成立，出资额 50 亿元，由武汉光谷产 业投资有限公司等共同出资。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the media sector, including 吉比特 (G-bits), 恺英网络 (Kying Network), and 姚记科技 (Yaoji Technology) [8][19][31]. Core Insights - The media industry has shown a weekly increase of 2.59%, ranking 7th among various sectors, outperforming the Shanghai Composite Index and the CSI 300 Index [2][11]. - The AI sector continues to thrive, with significant growth in subscription revenues for products like ChatGPT, which reached an annualized revenue of $1.25 billion, reflecting a 20% month-over-month increase [3][23]. - 吉比特's new game, 《杖剑传说》, has entered the iOS bestseller list, ranking 11th, indicating strong market performance [4][31]. - The film industry saw a total box office of 460 million yuan during the Dragon Boat Festival, a year-on-year increase of 20.1%, with the top film, 《碟中谍 8：最终清算》, grossing 191 million yuan [39][41]. Summary by Sections Market Performance - The media sector's weekly performance from May 31 to June 7 shows a 2.59% increase, with the gaming sector leading at 4.12% [11][19]. - Key stocks such as ST 联合 and 湖北广电 saw significant gains, with increases of 21.36% and 20.41% respectively [19][20]. AI Sector - In May 2025, ChatGPT's annualized subscription revenue reached $1.25 billion, with a 14.38% year-over-year growth [23][24]. - Chinese AI applications like 百度网盘 and 夸克 ranked among the top ten globally in monthly active users, with 百度网盘 reaching 153.14 million users [25][28]. Gaming Sector - 吉比特's new game, 《杖剑传说》, has achieved notable success, ranking 11th on the iOS bestseller list as of June 5 [31][32]. - The gaming market continues to show robust performance, with major titles like 《王者荣耀》 and 《和平精英》 leading the sales charts [31][32]. Film Sector - The total box office for the Dragon Boat Festival reached 460 million yuan, with a significant contribution from the top film, which accounted for 41.5% of the total box office [39][41]. - Over 60 films have been scheduled for the upcoming summer season, indicating a strong pipeline for the film industry [39][41].

Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, highlighting the continuous evolution of domestic agents and the promotion of universal protocols for systematic applications [2]. Core Insights - The AI agent field is experiencing rapid advancements, with capabilities doubling approximately every seven months since the release of ChatGPT in 2022, leading to an exponential increase in the tasks that AI agents can complete [5]. - Major internet companies are competing to capture the AI internet era's new interaction entry point, with AI agents inheriting the core attributes of the app era and showing advantages in service delivery, network effects, and developer ecosystems [9]. Summary by Sections Section 1: Domestic Intelligent Agent Technology Innovation - The report discusses the launch of ByteDance's Coze Space, a universal agent product designed to facilitate efficient collaboration between users and AI agents, enabling the completion of complex tasks [13][14]. - Coze Space features two collaboration modes: an exploration mode for lightweight tasks and a planning mode for complex needs, allowing for real-time user input during task execution [17]. Section 2: MCP Open Protocol Continues to Expand - The introduction of the Agent2Agent (A2A) open protocol by Google aims to enable communication and secure information exchange between different AI agents, enhancing collaborative task execution across platforms [69]. - A2A facilitates interactions between client and remote agents, allowing for capability discovery, task management, and secure collaboration, thereby increasing operational efficiency [72]. - Microsoft announced plans to leverage the MCP to create an open "agentic web," where AI agents can autonomously initiate tasks and collaborate with minimal human oversight [80]. Section 3: Related Targets - The report identifies several companies involved in AI agent development, including Zhuoyi Information, which is focused on low-code integrated development environments (IDEs) that incorporate AI capabilities to enhance coding efficiency [84]. - Puyuan Information is integrating advanced large model capabilities into its low-code development platform, enhancing developer productivity through intelligent assistance [89]. - Hehe Information has launched an MCP server service for document processing, significantly improving the efficiency of intelligent document handling tasks [90].

计算机行业 投资评级 推荐 维持 国产Agent不断演进，通用协议推进系统性应用 ——AI行业专题报告 证券研究报告 2025年6月9日 分析师：王朗 邮箱：wanglang2@gyzq.com.cn SAC执业资格证书编码：S0020525020001 目录 • 第一部分：国产智能体技术创新，C端产品百花齐放 请务必阅读正文之后的免责条款部分 2 • 第二部分：MCP开放协议持续扩圈，跨平台协作提升Agent商业价值 • 第三部分：相关标的 • 风险提示 1 国产智能体技术创新，C端产品百花齐放 AI Agent领域的新摩尔定律，显示智能 体的能力急剧快速提升。 2022年ChatGPT发布以来，大模型的能 力持续快速提升，带动AI智能体的能力 提升，进而促进人们竞逐研发更强大的 AI模型。 根据AI研究网站AI Digest发布的研究， AI智能体能够完成的任务时长呈现指数 增长的趋势，其中，任务长度指的是专 业人士完成这些任务需要的时间，从不 到30秒到超过8小时不等。目前，智能体 可以自主完成人类需要一小时才能完成 的编程任务，顶尖的AI系统可以完成的 任务长度正在呈指数级增长——每7个月 翻一番。 ...

[Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 06 月 09 日 [Table_Title] 多地首轮国补已用完，带动超万亿销售额 ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 1）双周行情：近 2 周（2025.05.24-2025.06.06）上证综指上涨 1.10%， 深证成指上涨 0.51%，创业板指上涨 0.89%；智能家居指数 （399996.SZ）上涨 2.58%，跑赢上证综指 1.48pct，跑赢深证成指 2.08pct，跑赢创业板指 1.70pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、内容 /网络服务提供商、软件、智能家居产品及解决方案板块涨跌幅分别为 +3.28%、+2.46%、+4.04%、-2.69%；年初至今四个细分板块涨跌幅 分别为+5.42%、-3.46%、-6.21%、-0.83%。 3）个股：近 2 周，智能家居指数中，涨幅前五个股分别为胜宏科技 （+32.38%）、剑桥科技（+23.29%）、协创数据（+19.62%）、匠心家 居（+16 ...

[Table_Main] 行业研究|可选消费|耐用消费品与服装 证券研究报告 耐用消费品与服装行业周报、月报 2025 年 06 月 09 日 [Table_Title] 多地首轮国补已用完，带动超万亿销售额 ——智能家居行业双周报 [Table_Summary] 报告要点： 行情回顾 1）双周行情：近 2 周（2025.05.24-2025.06.06）上证综指上涨 1.10%， 深证成指上涨 0.51%，创业板指上涨 0.89%；智能家居指数 （399996.SZ）上涨 2.58%，跑赢上证综指 1.48pct，跑赢深证成指 2.08pct，跑赢创业板指 1.70pct。 2）细分板块：近 2 周，智能家居指数中，电子元器件及零部件、内容 /网络服务提供商、软件、智能家居产品及解决方案板块涨跌幅分别为 +3.28%、+2.46%、+4.04%、-2.69%；年初至今四个细分板块涨跌幅 分别为+5.42%、-3.46%、-6.21%、-0.83%。 3）个股：近 2 周，智能家居指数中，涨幅前五个股分别为胜宏科技 （+32.38%）、剑桥科技（+23.29%）、协创数据（+19.62%）、匠心家 居（+16 ...