行业研究|可选消费|汽车与汽车零部件 证券研究报告 2025 年 06 月 08 日 [Table_Title] 汽车下乡再启动，汽车央企重组推进 ——汽车行业周报 [Table_Summary] 报告要点： 5 月乘用车维持高速增长，新能源批发同比再上 40% 乘用车：5 月 1-31 日，全国乘用车市场零售 193 万辆，同比去年 5 月 增长 13%，较上月增长 10%，今年以来累计零售 880.2 万辆，同比增长 9%；5 月 1-31 日，全国乘用车厂商批发 232.9 万辆，同比去年 5 月增 长 14%，较上月增长 6%，今年以来累计批发 1079.7 万辆，同比增长 12%。 新能源：5 月 1-31 日，全国乘用车新能源市场零售 105.6 万辆，同比去 年 5 月增长 30%，较上月增长 14%，全国新能源市场零售渗透率 53.5%， 今年以来累计零售 438 万辆，同比增长 34%；5 月 1-31 日，全国乘用车 厂商新能源批发 124 万辆，同比去年 5 月增长 37%，较上月增长 9%，新 能源厂商批发渗透率 54.2%，今年以来累计批发 522.1 万辆，同比增长 41%。 五部 ...

Investment Rating - The report maintains a positive outlook on the automotive industry sales for the year [4] Core Insights - The automotive industry is experiencing significant growth, particularly in the new energy vehicle (NEV) sector, with retail sales of NEVs increasing by 30% year-on-year in May [1][18] - The Chinese government is promoting NEVs in rural areas through a series of initiatives aimed at enhancing market penetration and supporting local infrastructure [2][31] - The restructuring of state-owned automotive enterprises is underway, focusing on high-quality development and efficiency improvements [3][37] Summary by Sections Market Performance - In May, retail sales of passenger vehicles reached 1.93 million units, a 13% increase year-on-year, while wholesale sales were 2.329 million units, up 14% year-on-year [1][18] - The NEV market saw retail sales of 1.056 million units in May, with a penetration rate of 53.5%, and wholesale sales of 1.24 million units, marking a 37% increase year-on-year [1][18] Policy Developments - Five government departments have launched the 2025 NEV promotion campaign in rural areas, aiming to enhance market potential and support local infrastructure [2][31] - The restructuring of state-owned enterprises in the automotive sector is being implemented to improve operational efficiency and focus on high-quality growth [3][37] Company News - Changan Automobile announced a restructuring that will separate its automotive business into an independent central enterprise, while maintaining its actual control [3][37] - NIO reported a 21.5% year-on-year increase in revenue for Q1 2025, although it faced an expanded net loss [29][30]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, reflecting the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][2]. Core Insights - The overall market performance for the week (June 2-6, 2025) saw the Shanghai Composite Index rise by 1.13%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 5.27% during the same period, indicating a strong upward trend across various sub-sectors [1][10]. - The highest increase among the telecommunications sub-sectors was in communication network equipment and devices, which rose by 8.33%. Other sub-sectors also showed positive growth, with the lowest increase being 1.55% [11][12]. - Notable individual stock performances included Huamai Technology, which surged by 33.74%, followed by Zhongjia Bochuang at 33.33% and Taicheng Guang at 30.31% [14]. Summary by Relevant Sections Market Overview - The telecommunications sector experienced a significant increase in stock prices, with a weekly rise of 5.27% [10]. - The sub-sector of communication network equipment and devices led the gains with an 8.33% increase [11]. Key Developments - The report highlights the successful launch of the fourth batch of "GW Constellation" satellites, which accelerates the establishment of satellite internet networks [26][27]. - The introduction of Broadcom's Tomahawk 6 switch chip, which offers a capacity of 102.4 Tbps, is expected to enhance AI network capabilities significantly [23][24]. - The Ministry of Industry and Information Technology's issuance of the "Computing Power Interconnection Action Plan" aims to improve the efficiency and service level of public computing resources [21][22]. Investment Opportunities - The report suggests focusing on the computing power industry chain and satellite internet as key areas for investment, given the positive developments and government support in these sectors [2].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [6]. Core Insights - The computer index (Shenwan) increased by 2.79% during the week of June 2 to June 6, 2025, outperforming the Shanghai Composite Index, which rose by 1.13%, and the Shenzhen Component Index, which rose by 1.42% [11][12]. - The Wind Stablecoin Index saw a significant increase of 7.72% following a previous rise of 22.24%, indicating strong market interest in stablecoins [21]. - The implementation of the Stablecoin Regulation in Hong Kong on August 1, 2025, is expected to provide a regulatory framework that will benefit related financial technology companies [21]. - The Ministry of Industry and Information Technology is promoting the application of AI in manufacturing, suggesting a focus on AI companies that serve the manufacturing sector [22]. Summary by Sections Market Review - The computer index rose by 2.79% during the week, ranking fifth in terms of growth among various indices [11]. - The sub-sectors within the computer industry, including computer equipment, IT services II, and software development, all showed positive growth [12]. Major Events - Four-dimensional Tushin signed a strategic cooperation framework agreement with Alibaba Cloud to explore collaboration in various fields, including AI applications and smart transportation [2]. - Shiji (US) Inc., a subsidiary of Shiji Information, signed a significant contract with Marriott for cloud services, positioning itself as a preferred provider in the hotel information management system sector [3][20]. Investment Perspective - The report emphasizes the potential growth of companies involved in stablecoins and AI applications in manufacturing, highlighting the importance of these sectors for future investment opportunities [21][22].

Market Performance - On June 6, 2025, the Shanghai Composite Index rose by 0.04%, while the Shenzhen Component Index fell by 0.19% and the ChiNext Index decreased by 0.45%[2] - The total market turnover was 11,518.42 billion yuan, a decrease of 1,383.50 billion yuan compared to the previous trading day[2] - A total of 2,632 stocks rose and 2,634 stocks fell across the market[2] Sector and Style Analysis - Among the 30 sectors, the top performers were Nonferrous Metals (1.17%), Communications (1.10%), and Oil & Petrochemicals (0.89%); the worst performers included Comprehensive Finance (-1.80%), Media (-0.88%), and Non-Bank Financials (-0.82%)[18] - The market style ranking was Stability > Cyclicals > 0 > Growth > Financials > Consumption[18] Fund Flow - On June 6, 2025, the net outflow of main funds was 263.69 billion yuan, with large orders seeing a net outflow of 159.72 billion yuan and small orders continuing to see a net inflow of 247.44 billion yuan[22] - Major ETFs like the Huatai-PB CSI 300 ETF and the China Southern CSI 500 ETF saw significant decreases in turnover, with changes of -1.68 billion yuan and -3.88 billion yuan respectively[27] Global Market Trends - On June 6, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.48% and the Nikkei 225 up 0.50%[30] - U.S. stock indices generally declined, with the Dow Jones Industrial Average down 0.25% and the S&P 500 down 0.53%[31]

Investment Rating - The report suggests a positive outlook for 汇彩控股 (1180.HK) due to the recovery in the Macau tourism and gaming sectors, indicating potential investment opportunities [10]. Core Viewpoints - The number of inbound tourists to Macau has significantly increased post-pandemic, with a year-on-year growth of 23.8% in 2024, reaching 34.92 million visitors [2][9]. - Macau's gaming revenue is also recovering, with a 23.9% year-on-year increase in gross gaming revenue in 2024, amounting to 226.78 billion MOP [2][9]. - The gaming industry is transitioning from a reliance on "VIP" gaming to a more diversified revenue model, as indicated by the decline in the share of "VIP baccarat" from 56.7% in 2017-2019 to 24.1% in 2024 [5][10]. Summary by Sections Tourism Recovery - Inbound tourist numbers to Macau have shown a strong recovery, with 12.9% growth in the first four months of 2025 compared to the previous year [2][9]. - The total number of inbound tourists for 2024 was 34.92 million, reflecting a robust recovery in the tourism sector [2][9]. Gaming Revenue Trends - Macau's gross gaming revenue for 2024 was 226.78 billion MOP, marking a 23.9% increase year-on-year [2][9]. - For the first five months of 2025, the cumulative gross gaming revenue was 97.71 billion MOP, with a year-on-year growth of 1.7% [2][9]. Industry Evolution - The gaming industry is moving towards a more diversified revenue structure, reducing dependence on "VIP" gaming, as evidenced by the significant drop in its revenue share [5][10]. - The Macau government is promoting a diversified tourism strategy, aiming to reduce reliance on single-source revenue streams [5][10]. Company Performance - 汇彩控股 reported a revenue of 1.085 billion HKD in 2024, a 71.0% increase year-on-year, with net profit soaring by 535.6% to 361 million HKD [9][10]. - The company has established itself as a key supplier of gaming equipment, particularly in the live gaming segment, benefiting from the growing demand for "live mixed games" [9][10].

[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 04 日 [Table_Title] 消费级无人机预期向好，看好二季度工 程机械行业 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 5 月 25 日至 5 月 30 日，上证综指下跌 0.03%，深证成指下 跌 0.91%，创业板指下跌 1.40%。其中申万机械设备下跌 0.43%，相 较沪深 300 指数跑赢 0.66pct，在 31 个申万一级行业中排名第 21。 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-0.47%/+0.32%/-0.06%/-0.38%/-1.39%。 重点板块跟踪 低空经济板块：工信部、国家发展改革委、国家数据局联合印发《电 子信息制造业数字化转型实施方案》。《方案》提出，到 2027 年，先 进计算、人工智能深度赋能行业发展，典型场景解决方案全面覆盖， 形成 100 个以上典型场景解决方案。聚焦电子信息制造业特点，《方 案》列出 15 个典型场景，其中，大众消费领域北斗规模应用场景中明 确，推动北 ...

Investment Rating - The report maintains a positive outlook on the engineering machinery industry for the second quarter of 2025, indicating a recovery in market conditions [5]. Core Insights - The low-altitude economy is expected to grow, with government initiatives supporting the digital transformation of the electronic information manufacturing industry, aiming for comprehensive coverage of over 100 typical scenario solutions by 2027 [3]. - The engineering machinery sector shows resilience in both domestic and export markets, with leading companies reporting good growth in performance and order backlog [4]. Weekly Market Review - From May 25 to May 30, 2025, the Shanghai Composite Index fell by 0.03%, while the Shenzhen Component Index and the ChiNext Index dropped by 0.91% and 1.40%, respectively. The Shenwan Machinery Equipment Index decreased by 0.43%, outperforming the CSI 300 Index by 0.66 percentage points, ranking 21st among 31 Shenwan primary industries [11]. - Sub-sectors within machinery equipment experienced varied performance, with general equipment down by 0.47%, specialized equipment up by 0.32%, and engineering machinery down by 0.38% [11]. Key Sector Tracking - The report highlights the importance of the low-altitude economy, with initiatives from various government bodies to promote applications in consumer drones and smart city management [3]. - The engineering machinery sector is expected to maintain a high level of prosperity, with strong domestic sales and exports anticipated in the second quarter [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Aowei [5]. - In the machinery equipment sector, suggested companies include Sany Heavy Industry, XCMG, and Anhui Heli [5].

[Table_Title] 每日复盘 证券研究报告 2025 年 06 月 04 日 2025 年 6 月 4 日三大指数震荡走高，大消费板块集体爆 发 报告要点： 2025 年 6 月 4 日三大指数震荡走高，大消费板块集体爆发。上证指数上 涨 0.42%，深证成指上涨 0.87%，创业板指上涨 1.11%。市场成交额 11528.53 亿元，较上一交易日增加 116.58 亿元。全市场 4008 只个股上涨，1256 只个 股下跌。 6 月 4 日，上证 50、沪深 300、中证 500 以及中证 1000 等 ETF 大部分成 交额较上一交易日减少。华夏上证 50ETF、华泰柏瑞沪深 300ETF、嘉实沪深 300ETF、易方达沪深 300ETF、南方中证 500ETF、南方中证 1000ETF 和华夏中 证 1000ETF 成交额分别为 8.77 亿元、18.46 亿元、5.14 亿元、7.04 亿元、 6.29 亿元、7.10 亿元和 1.54 亿元，分别较上一交易日变化-5.01 亿元、- 5.15亿元、+2.34亿元、+2.06亿元、-1.55亿元、-2.13亿元、-0.40亿元。 6 月 3 ...

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7][29]. Core Insights - The humanoid robot industry is currently transitioning from design convergence to commercial validation, with a focus on applications that enhance efficiency in existing tasks and those that are unsuitable for human completion. Short-term focus is on the former, while the latter is seen as a mid-term necessity [5]. - The humanoid robot concept index experienced a decline of 2.21% from May 25 to May 30, 2025, but has increased by 31.07% year-to-date, outperforming the CSI 300 index by 30.56% [12][18]. - Significant advancements in product technology include the launch of the Zhenyuan Expedition A2, which is the first humanoid robot to receive certifications from China, the EU, and the US [21][22]. Weekly Market Review - From May 25 to May 30, 2025, the humanoid robot concept index fell by 2.21%, underperforming the CSI 300 index by 1.12 percentage points. Year-to-date, the humanoid robot index has risen by 31.07%, outperforming the CSI 300 index by 30.56% [12][18]. - Among A-share humanoid robot stocks, Digital Zhengtong had the highest weekly increase at +18.05%, while Lingyun Light experienced the largest decline at -12.96% [18][19]. Weekly Hotspots Review Policy Developments - The Beijing Humanoid Robot Innovation Center is soliciting opinions on the "Integrated Joint Interface Requirements for Electric Drive Humanoid Robots" standard, which aims to standardize technical requirements for humanoid robot interfaces [21]. - Shanghai's Pudong New Area has introduced 16 support policies for the embodied intelligence industry, with project support reaching up to 20 million yuan [21]. - Guangdong Province has initiated the "Robot+" action to promote AI model research and application [21]. Product Technology Iteration - The Zhenyuan Expedition A2 humanoid robot has become the first globally to receive certifications from China, the EU, and the US [22]. - The National and Local Joint Innovation Center for Humanoid Robots aims to achieve an operational accuracy of 90% for its embodied intelligence model by the end of the year [23]. - The release of the Zerith-H1 humanoid robot by Zero Degree, designed for family service scenarios, marks a significant product development [24]. Investment and Financing Dynamics - Runyang Technology plans to invest up to 300 million yuan in Fourier Intelligent Technology [4]. - Sichuan Embodied Humanoid Robot Technology Co., Ltd. has completed several million yuan in angel round financing, with a valuation of several hundred million yuan [4]. - Horizon Robotics' Diguo Robot has secured 100 million USD in Series A financing [4]. Key Company Announcements - Huguang Co. has successfully launched the first sample line for its humanoid robot project [4]. - Oke Yi's core components for humanoid robot transmission systems have entered the small batch supply stage [4]. - Zhongding Co. has developed 33 rubber core components for the Mocha robot, including 22 for humanoid robots [4].