Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][31]. Core Insights - The June CPI has turned from decline to increase, with a year-on-year rise of 0.1%, marking the end of four consecutive months of decline. Core CPI also rose by 0.7%, the highest increase in nearly 14 months [3][22]. - The report highlights significant events in the beauty care sector, including the ranking of brands on Tmall and the entry of certain brands into new sales channels [3][23]. - The travel sector shows a recovery with a 5.7% week-on-week increase in flight operations, and a year-on-year increase of 4.1% compared to 2024 [4][28]. Market Performance - For the week of July 7-11, 2025, the retail trade, social services, and beauty care sectors saw increases of +2.20%, +2.11%, and +1.52% respectively, ranking 11th, 13th, and 20th among 31 primary industries [14][19]. - The internet e-commerce, trade, and professional services sub-sectors performed particularly well, with increases of +4.37%, +4.36%, and +4.14% respectively [16][19]. Key Industry Data and News - The report notes that the beauty care category on Tmall saw a shift in brand rankings, with local brands' market share decreasing slightly [23]. - The government has introduced policies to stabilize employment and support market expectations, which are expected to drive economic growth [3][22]. Company Announcements - Guilin Tourism expects a significant profit increase of 142% year-on-year for H1 2025, while Chongqing Department Store reported a net profit increase of 8.74% [29][30]. - Companies like Guibao Pet are investing in smart warehousing to enhance operational efficiency [30]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzhibio, Marubi, Runben, Proya, Chaohongji, Blukoo, and Furuida within the beauty care and new consumption sectors [5][31].

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Viewpoints - The report highlights a positive outlook on innovative drugs and emphasizes the importance of the upstream supply chain [5][22]. - The recent measures introduced by the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs, which includes increasing support for R&D and enhancing the role of commercial insurance in the multi-tiered medical security system [4][21]. Summary by Sections 1. Market Performance Review - From July 7 to July 11, 2025, the Shenwan Pharmaceutical and Biological Index increased by 1.82%, outperforming the CSI 300 Index by 1.00 percentage points, ranking 16th among 31 Shenwan first-level industry indices [2][12]. - Year-to-date, the Shenwan Pharmaceutical and Biological Index has risen by 12.11%, surpassing the CSI 300 Index by 10.08 percentage points, ranking 4th among the 31 indices [14][17]. 2. Important Events - The recent introduction of 16 measures to support the high-quality development of innovative drugs includes enhancing R&D support, facilitating access to basic medical insurance and commercial health insurance, and improving payment capabilities for innovative drugs [4][21]. 3. Industry Insights - The report emphasizes the growing role of commercial insurance in the multi-tiered medical security system, which is expected to provide greater flexibility and support for high-priced innovative drugs and medical devices [5][22]. - The innovative drug sector is entering a phase of realization of results, with significant R&D progress expected to drive investment in 2025 [22]. - The report suggests focusing on companies involved in overseas expansion, particularly in emerging markets, as they present substantial growth potential [22]. - The ongoing acceleration of centralized procurement in various pharmaceutical sectors is anticipated to lead to new growth opportunities, particularly in insulin and orthopedic segments [22].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7]. Core Insights - The low-altitude economy is gaining support, with significant policy measures being implemented to promote its development, including a maximum single support of 30 million yuan for projects [3]. - The engineering machinery sector is expected to continue its steady growth, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3% [4]. Weekly Market Review - From July 6 to July 11, 2025, the Shanghai Composite Index rose by 1.09%, while the ShenZhen Component Index and the ChiNext Index increased by 1.78% and 2.36%, respectively. The machinery equipment sector outperformed the market with a rise of 1.87% [12]. - Among sub-sectors, general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw increases of 1.88%, 1.98%, 1.54%, 2.31%, and 1.55%, respectively [12][15]. Key Sector Tracking - The low-altitude economy sector is highlighted by the upcoming International Low Altitude Economy Expo in Shanghai, focusing on eVTOL, smart air traffic management, and urban air mobility [3]. - The engineering machinery sector shows strong competitive advantages for domestic leading enterprises, with domestic excavator sales in the first half of 2025 increasing by 22.9% year-on-year [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and WanFeng AoWei [5]. - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC and Kede CNC for industrial mother machines [5].

Investment Rating - The report maintains a "Recommended" investment rating for the energy and new energy sectors [7] Core Insights - The new energy sector is significantly driven by policies, with price increase signals being transmitted throughout the industry [2] - The photovoltaic industry is at the bottom of the cycle, with future policy strength being a key variable affecting industry trends [4] - The wind power sector is expected to see robust growth in 2025, particularly in offshore wind projects, supported by ongoing policy backing [4] Weekly Market Review - From July 5 to July 11, 2025, the Shanghai Composite Index rose by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36%. The Shenwan Power Equipment Index increased by 2.50%, outperforming the CSI 300 by 1.68 percentage points [13] - Within sub-sectors, the Shenwan photovoltaic equipment saw a significant increase of 7.25%, while wind power equipment rose by 0.72% [13][17] Key Sector Tracking - EVE Energy has submitted an IPO application to the Hong Kong Stock Exchange, with funds primarily allocated for projects in Hungary and Malaysia, aiming for a production capacity of 30GWh by 2027 [3] - The photovoltaic industry is focusing on capacity consolidation in the silicon material segment and strengthening price regulation across the supply chain [4] Investment Recommendations - For the photovoltaic sector, it is advised to focus on silicon materials, glass, and battery segments that have undergone sufficient corrections, as well as leading manufacturers with new technologies [4] - In the wind power sector, attention should be given to companies like Goldwind Technology and Mingyang Smart Energy, particularly in offshore wind projects [4] New Energy Vehicles - The new energy vehicle supply chain in China continues to grow rapidly, with a recommendation to focus on battery and structural components benefiting from low upstream raw material prices [5] - Companies such as CATL and EVE Energy are highlighted as key players to watch as the industry recovers from excess capacity [5]

Market Performance - On July 14, 2025, the Shanghai Composite Index rose by 0.27%, while the Shenzhen Component Index fell by 0.11% and the ChiNext Index decreased by 0.45%[2] - The total market turnover was 14,584.58 billion yuan, a decrease of 2,533.86 billion yuan compared to the previous trading day[2] - Out of 5,305 stocks, 3,205 rose and 2,100 fell, indicating a generally positive market sentiment despite the turnover decline[2] Sector and Industry Analysis - The top-performing sectors included Machinery (up 1.21%), Oil & Petrochemicals (up 0.92%), and Power & Utilities (up 0.65%) while the worst performers were Comprehensive Finance (down 3.81%), Real Estate (down 1.25%), and Media (down 1.13%)[2][21] - The market style ranking was led by Cyclical > Defensive > Consumer > Growth > Financial, with large-cap value outperforming mid-cap growth[21] Capital Flow - On July 14, 2025, the net outflow of main funds was 407.42 billion yuan, with large orders contributing to a net outflow of 155.83 billion yuan[3][25] - Small orders continued to see a net inflow of 302.45 billion yuan, indicating retail investor interest despite institutional selling[25] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -21.11 billion yuan and -18.33 billion yuan respectively[3][30] - The total trading volume for these ETFs was 15.00 billion yuan for the SSE 50 ETF and 33.51 billion yuan for the CSI 300 ETF on the same day[30] Global Market Overview - On July 14, 2025, the Hang Seng Index rose by 0.26% while the Nikkei 225 fell by 0.28% and the KOSPI increased by 0.83%[4][33] - The U.S. stock indices experienced declines, with the Dow Jones Industrial Average down 0.63% and the S&P 500 down 0.33%[5][34]

Group 1 - The report highlights a strong breakout in A-shares, with major indices rising, particularly the ChiNext Index which increased by 2.36%, and the Shanghai Composite Index stabilizing above 3500 points, driven by policy support and improved manufacturing expectations [4][10] - The report notes a technical adjustment in the bond market, with 30-year and 10-year government bonds declining by 0.49% and 0.26% respectively, attributed to the risk appetite shift towards equities and tightening liquidity post-quarter-end [4][10] - The report indicates that the U.S. stock market is experiencing a high-level correction, with major indices declining under the pressure of the Federal Reserve's "higher for longer" interest rate expectations, while the dollar rebounded by 0.93% this week [4][10] Group 2 - The report suggests a diversified asset allocation strategy, recommending a focus on the bond market due to supportive liquidity and optimistic sentiment, while also monitoring the scale of MLF renewals and fiscal-monetary policy coordination [5] - For overseas equities, the report advises overweighting non-U.S. markets, particularly in the Asia-Pacific region, to capitalize on structural opportunities amid a weakening dollar and resilient fundamentals [5] - The report emphasizes the importance of monitoring commodity prices, which are rebounding due to policy stimulus and cost support, while also noting that the effectiveness of future measures needs to be tracked [4][5] Group 3 - The report identifies that the A-share market is currently in a small-cap, high-growth style cycle, with liquidity supporting a continued influx of funds into smaller stocks, despite a negative return of -8.54% for the market capitalization factor year-to-date [34] - The report highlights that the current valuation levels of A-shares are approaching historical averages, with the price-to-earnings ratio of the CSI 800 at the 50th percentile of the rolling three-year range, reflecting a cautiously optimistic market sentiment [67] - The report notes that while earnings expectations have slightly improved, they remain below historical averages, indicating ongoing concerns about the profitability of A-share listed companies, with a projected rolling one-year earnings growth rate of 10.4% [67]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [5]. Core Insights - The overseas AI chip index increased by 1.8% this week, with AMD and Nvidia rising by 6.2% and 3.5% respectively, while Marvell and MPS saw declines of nearly 3% [1][8]. - The domestic AI chip index rose by 1.9%, with SMIC increasing by nearly 4% and Hengxuan Technology by 2.6% [1][8]. - The Nvidia mapping index surged by 5.8%, with Changxin Bochuang and Taichengguang experiencing significant gains of nearly 20% and 12% respectively [1][8]. - The server ODM index saw a slight increase of 0.3%, with Wiwynn rising nearly 5% [1][8]. - The storage chip index fell by 0.6%, with some companies like Baiwei Storage and Taiji Industrial showing gains of nearly 3% [1][8]. - The power semiconductor index increased by 1.0%, while the A-share fruit chain index rose by 4.7% and the Hong Kong fruit chain index by 3.9% [1][8]. Market Data Summary - In 2024, domestic smart glasses sales are projected to reach 434,000 units, a year-on-year increase of 36.5%, with expectations to exceed one million units in 2025, representing a growth rate of approximately 130% [2][22]. - In May 2025, domestic smartphone shipments totaled 23.716 million units, a year-on-year decline of 21.8%, with domestic brands accounting for 19.177 million units, down 24.2% [2][23]. - In Q2 2025, global PC shipments reached 67.6 million units, reflecting a year-on-year growth of 7.4% [2][23]. - In Q2 2025, Xiaomi led the Chinese smartphone market with a 16.63% market share, followed closely by Vivo, OPPO, Huawei, and Apple [2][28][29]. Major Events Summary - The iPhone 17 Pro is expected to feature an all-aluminum body with a redesigned MagSafe magnetic circle due to the repositioning of the Apple logo [3][30]. - Samsung launched the Galaxy Z Fold 7, which features significant changes in weight and screen design [3][30]. - The first MacBook equipped with an OLED screen is anticipated to launch in 2026, starting with the MacBook Pro series [3][30]. - Apple released the third developer preview of visionOS 26 for the Vision Pro device on July 8 [3][31].

Investment Rating - The report maintains a "Recommended" investment rating for the low-altitude economy sector [7] Core Insights - The low-altitude economy market in China is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% from a current size of 505.95 billion yuan in 2023, which represents a growth rate of 33.8% [1][37] - The low-altitude economy encompasses various sectors, including aircraft manufacturing and operational services, which account for 55% of the market, while supply chain, consumption, and transportation contribute 40% [1] - The Chinese drone industry is leading globally, with significant players like DJI and EHang, and the commercialization of eVTOL (electric Vertical Take-Off and Landing) is accelerating [1] Summary by Sections 1. Low-altitude Economy Emergence - The low-altitude economy integrates low-altitude flight activities with various industries, primarily involving drones, eVTOLs, and helicopters, operating below 1,000 meters [13] 2. Policy and Capital Driving Growth - The government has initiated a "safe and regulated development" strategy for the low-altitude economy, with significant investments and pilot projects across multiple cities [2] - In 2024, financing in the eVTOL sector exceeded 6.5 billion yuan, with various specialized funds being established to support the industry [2] 3. Technological Advancements and Application Scenarios - Key technologies in the sector include drones and eVTOLs, with ongoing innovations in automation and intelligence [3] - Core application areas are expanding to include logistics, urban transportation, and emergency rescue [3] 4. Regional Development Dynamics - The Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing regions are emerging as key players in the low-altitude economy, with cities like Shanghai and Shenzhen leading in infrastructure and regulatory frameworks [4] 5. Investment Recommendations - The report suggests focusing on companies involved in aviation batteries and core components, low-altitude security and air traffic management systems, eVTOL and drone manufacturing, and infrastructure development [5]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [28]. Core Insights - The humanoid robot concept index increased by 1.96% from July 6 to July 11, 2025, outperforming the CSI 300 index by 1.15 percentage points. Year-to-date, the humanoid robot index has risen by 38.26%, surpassing the CSI 300 index by 33.17 percentage points [2][12]. - The report highlights a significant acquisition by Zhiyuan Robotics, which announced plans to acquire a 63.62% stake in Shangwei New Materials for approximately 2 billion yuan. This acquisition is expected to be a landmark case for the humanoid intelligence sector on the Sci-Tech Innovation Board [5][24]. - The report emphasizes the rapid advancements in the humanoid robot sector, driven by increased financing, product innovation, and technological breakthroughs, suggesting that the trend towards humanoid intelligence is irreversible [5]. Weekly Market Review - The humanoid robot index saw the highest weekly gain from Haosen Intelligent (+31.10%) and the largest decline from Zhongjing Electronics (-13.78%) [17][18]. - The report notes that the Shanghai government is focusing on creating a demonstration area for various applications of artificial intelligence, with plans to establish a humanoid robot innovation center [20]. Weekly Hotspots Policy Developments - Shanghai has approved 82 large models for various applications, aiming to enhance AI integration across multiple sectors, including manufacturing and logistics [20]. - The West Lake District in Hangzhou is set to establish a humanoid robot pilot base, projected to generate over 10 billion yuan in industry output by the end of 2027 [21]. Product and Technology Iteration - Magic Atom launched the high-dynamic bipedal humanoid robot MagicBot Z1, which integrates high-performance reliability, an open AI ecosystem, and diverse application scenarios [21]. - Figure's CEO announced plans to triple the production of humanoid robots from July to September 2025 due to successful early progress in their manufacturing facility [21]. Investment and Financing - Several companies in the humanoid robot sector have secured significant funding, including Kuawei Intelligent, which completed several hundred million yuan in Series A financing, and Xinghai Map, which raised over 100 million USD in two rounds of financing [22][23]. - Zhiyuan Robotics' acquisition of Shangwei New Materials is highlighted as a major investment move within the industry [24]. Key Company Announcements - Shengshi Technology plans to participate in a public auction for humanoid robot assets in France, with a maximum investment of 28 million euros [26]. - Wanma Co. announced that its high polymer ultra-high voltage insulation material project will reach an annual production capacity of 60,000 tons upon completion [26].

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 07 月 14 日 [Table_Title] 科技创新不断推进，RDA 值得重点关注 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.7.7-2025.7.11)市场回顾 1) 本周(2025.7.7-2025.7.11)计算机（申万）指数上涨 3.22%，涨幅靠 前。本周上证指数上涨 1.09%，深证成指上涨 1.78%，创业板指上涨 2.36%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、IT 服 务Ⅱ(801103.SL)、软件开发(801104.SL)涨跌幅分别为+1.73%、 +3.07%、+4.23%，软件板块表现较好。 本周重点公告 1) 启明星辰发布《关于选举公司董事长、战略委员会主任委员的公 告》：公司第六届董事会第十次会议审议通过了《关于选举袁捷先生为 公司董事长的议案》，全体董事一致选举袁捷先生为公司第六届董事会 董事长，任期至本届董事会届满之日止。 2) 新北洋发布《2025 年半年度业绩预增公告》：2025 年上半年，公 ...