Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [5]. Core Insights - The food and beverage industry in A-shares experienced a decline of 0.80% over the past two weeks, underperforming the Shanghai Composite Index by 0.99 percentage points and the Shenzhen Component Index by 0.85 percentage points [2][13]. - In terms of sub-sectors, health products (+7.45%), other alcoholic beverages (+5.50%), and pre-processed foods (+3.63%) showed the highest gains, while liquor (-2.27%), meat products (-0.93%), and beer (-0.11%) faced declines [2][13]. - The report highlights a recovery in consumer demand, particularly in the liquor sector, with major companies reducing inventory levels to reasonable levels, suggesting a gradual recovery in demand [9][57]. Summary by Sections 1. Market Review - The A-share food and beverage industry has underperformed the major indices in both the recent two-week period and year-to-date [2][13]. - Individual stock performance varied significantly, with notable gains from companies like Jiaoda Onlly (+42.75%) and Kweichow Moutai, while others like Yingjia Gongjiu (-8.62%) faced losses [2][13]. 2. Key Data Tracking - The average price of fresh milk in major production areas is reported at 3.07 yuan/kg, down 9.2% year-on-year [4][38]. - The price of pork is at 25.84 yuan/kg, reflecting a year-on-year increase of 3.8% [4][42]. - Beer production in April showed a year-on-year increase of 4.8%, with total production for the first four months at 1,144 million liters, down 0.6% year-on-year [35][56]. 3. Key Policies and News - The report notes a 5.1% year-on-year growth in social retail sales for April, with significant increases in the retail of grain, oil, and beverages [5][56]. - The FDA's initiative to phase out synthetic food colorings in favor of natural alternatives may impact global food and beverage formulations [8][56]. 4. Important Company Announcements - Hengshun Vinegar announced a share buyback plan, intending to repurchase shares worth between 50 million and 100 million yuan [57]. - Xianle Health received approval for its production base in Thailand, focusing on modern food production [57]. 5. Investment Recommendations - The report suggests focusing on high-end liquor companies with strong brand and channel capabilities, such as Kweichow Moutai and Wuliangye, as well as regional leaders like Huadong Longshan and Qingdao Beer [9][58]. - In the broader consumer goods sector, there is an increasing interest in yellow wine and snacks, with a recovery in the restaurant supply chain [9][58].

Investment Rating - The report maintains a positive outlook on the low-altitude economy and engineering machinery sectors, suggesting a potential recovery in the engineering machinery industry in the second quarter of 2025 [5][4]. Core Insights - The low-altitude economy is rapidly developing, characterized by improved policies, technological breakthroughs, and deep industry collaboration. It is expected that 2025 will mark the year of large-scale operations in this sector [3]. - The engineering machinery sector continues to show resilience in both domestic and export markets, with leading companies reporting good growth in performance and order backlog [4]. Weekly Market Review - From May 18 to May 23, 2025, the Shanghai Composite Index fell by 0.57%, while the ShenZhen Component Index and the ChiNext Index decreased by 0.46% and 0.88%, respectively. The Shenwan Machinery Equipment Index dropped by 2.48%, underperforming the CSI 300 Index by 2.30 percentage points, ranking 30th among 31 sectors [2][11]. - Within the machinery sector, sub-sectors such as general equipment, specialized equipment, and engineering machinery experienced declines of -3.44%, -0.86%, and -2.17%, respectively [11]. Key Sector Tracking - The low-altitude economy is supported by various local governments implementing specialized policies, which are expected to enhance the development and application of this sector [3]. - The engineering machinery sector is advised to focus on companies with strong overseas production capabilities and diversified customer bases due to ongoing trade tensions [4]. Investment Recommendations - For the low-altitude economy, recommended companies include ShenZhen Urban Transport, SuJiaoKe, and WanFeng AoWei among others [5]. - In the engineering machinery sector, companies such as Sany Heavy Industry, XCMG, and Anhui Heli are highlighted as potential investment opportunities [5].

Investment Rating - The report maintains a positive outlook on the automotive industry and recommends continued investment in leading companies and new technologies [5][9]. Core Insights - The automotive market in May is experiencing medium to high-speed growth, with retail sales of passenger vehicles reaching 932,000 units from May 1-18, a year-on-year increase of 12% [2][20]. - The penetration rate of new energy vehicles in the retail market has reached 52%, with retail sales of new energy vehicles growing by 32% year-on-year during the same period [2][20]. - Tesla is set to launch its ROBOTAXI service by the end of June, marking a significant milestone in autonomous driving technology [4][37]. - BYD has entered the top ten electric vehicle brands in Europe, showcasing the competitive strength of leading companies in the new energy vehicle sector [3][4]. Summary by Sections Market Overview - The automotive sector saw a 1.24% increase in the week of May 17-23, outperforming the broader market [12]. - The passenger vehicle segment has shown a cumulative retail growth of 8% year-to-date, with wholesale figures also reflecting a positive trend [20]. New Energy Vehicles - Retail sales of new energy passenger vehicles reached 484,000 units from May 1-18, with a year-on-year growth of 35% [2][20]. - The wholesale penetration rate for new energy manufacturers stands at 54.4%, indicating strong market adoption [2][20]. Key Company Developments - Tesla's upcoming ROBOTAXI service is expected to scale rapidly if successful, with plans for thousands of vehicles on the road [4][37]. - BYD's sales in Europe have surged by 169% year-on-year, highlighting its expanding market presence [3]. - Xiaomi's new SUV model YU7 has received positive pre-release feedback, indicating strong consumer interest [3][52]. Industry Trends - The report emphasizes the importance of technological advancements in driving the automotive sector forward, particularly in autonomous driving and new energy solutions [5][4]. - The establishment of AI-driven innovation labs in the automotive sector aims to enhance intellectual property management and technological integration [33].

[Table_Title] 每日复盘 证券研究报告 2025 年 5 月 27 日 2025 年 5 月 27 日三大指数集体回调，成交额缩量至万亿 元以下 报告要点： 2025 年 5 月 27 日三大指数集体回调，成交额缩量至万亿元以下。上证 指数下跌 0.18%，深证成指下跌 0.61%，创业板指下跌 0.68%。市场成交额 9987.54 亿元，较上一交易日减少 110.18 亿元。全市场 2670 只个股上涨， 2609 只个股下跌。 风格上看，各指数涨跌幅排序为：消费>金融>0>稳定>周期>成长；大盘 价值>小盘价值>中盘价值>小盘成长>中盘成长>大盘成长；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：医药 （0.92%），商贸零售（0.91%），纺织服装（0.70%）；表现相对靠后的是：有 色金属（-2.04%），电子（-1.25%），汽车（-1.13%）。概念板块方面，多数 概念板块下跌，昨日连板_含一字、昨日连板、草甘膦等大幅上涨；机器人 执行器、Chiplet、MLOps 等大幅走低。 资金筹码方面，主力资金 5 月 27 日净流出 249.02 ...

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 05 月 27 日 [Table_Title] 领先自主优势维持，关注 ROBOTAXI 拐点 ——汽车行业周报 [Table_Summary] 报告要点： 5 月上半月整体车市维持中高速增长 乘用车：5 月 1-18 日，全国乘用车市场零售 93.2 万辆，同比去年 5 月 同期增长 12%，较上月同期增长 18%，今年以来累计零售 780.4 万辆，同 比增长 8%；5 月 1-18 日，全国乘用车厂商批发 85.8 万辆，同比去年 5 月同期增长 18%，较上月同期下降 2%，今年以来累计批发 932.6 万辆， 同比增长 12%。 新能源：5 月 1-18 日，全国乘用车新能源市场零售 48.4 万辆，同比去年 5 月同期增长 32%，较上月同期增长 15%，全国新能源市场零售渗透率 52%， 今年以来累计零售 380.8 万辆，同比增长 35%；5 月 1-18 日，全国乘用 车厂商新能源批发 46.7 万辆，同比去年 5 月同期增长 23%，较上月同期 增长 0%，新能源厂商批发渗透率 54.4%， ...

[Table_Main] 行业研究|有色金属 证券研究报告 有色金属双周报 2025 年 05 月 27 日 [Table_Title] 近一周贵金属价格回升，需关注锑价下行风险 ——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 1.88% 近 2 周（2025.5.12-2025.5.23），有色金属行业指数上涨 1.88%，跑 赢沪深 300 指数，在 31 个申万一级行业中排名第七。从细分领域看， 工业金属（2.87%）、贵金属（2.45%）和涨幅居前，能源金属、小金 属和金属新材料分别变化 0.46%、0.38%、-0.79%。 金属价格：黄金价格近一周有所回升，锑锭价格降幅明显 截至 5 月 23 日，COMEX 黄金收盘价为 3357.70 美元/盎司，近一周 有较大幅度上涨，涨幅为 4.75%；COMEX 银收盘价为 33.64 美元/盎 司，与金价共振，近一周上涨 3.73%； LME 铜现货结算价为 9595 美 元/吨，近 2 周上涨 1.15%；LME 铝现货结算价为 2437 美元/吨，近 2 周上涨 1.50%；LME 锡现 ...

Investment Rating - The report maintains a "Hold" recommendation for the non-ferrous metals industry [7] Core Insights - The non-ferrous metals index increased by 1.88% over the past two weeks, outperforming the CSI 300 index and ranking seventh among 31 first-level industries [2][13] - Precious metals showed strong performance due to heightened market risk aversion influenced by global geopolitical conflicts and inflation data [5] - The report highlights the importance of strategic minor metals investment opportunities amid intensified international market purchasing [5] Summary by Sections Market Review - The non-ferrous metals industry index rose by 1.88% from May 12 to May 23, 2025, with industrial metals and precious metals leading the gains at 2.87% and 2.45% respectively [2][13] Precious Metals - As of May 23, COMEX gold closed at $3,357.70 per ounce, reflecting a 4.75% increase over the past week and a 25.70% rise year-to-date [21][23] - COMEX silver closed at $33.64 per ounce, up 3.73% over the past week and 12.19% year-to-date [21][26] Industrial Metals - LME copper settled at $9,595 per ton, up 1.15% over the past two weeks and 10.47% year-to-date [30] - LME aluminum closed at $2,437 per ton, increasing by 1.50% over the past two weeks but down 3.90% year-to-date [30][32] Minor Metals - The price of antimony ingots (99.65%) was reported at 225,000 yuan per ton, down 5.32% over the past two weeks but up 58.65% year-to-date [36][37] - Black tungsten concentrate (≥65%) was priced at 164,500 yuan per ton, down 1.79% over the past two weeks and up 15.24% year-to-date [36] Rare Earths - The rare earth price index stood at 177.95, up 0.55% over the past two weeks and 8.65% year-to-date [47] - Praseodymium-neodymium oxide was priced at 429,000 yuan per ton, up 1.42% over the past two weeks [47] Energy Metals - Electrolytic cobalt averaged 235,850 yuan per ton, down 2.54% over the past two weeks but up 38.33% year-to-date [51] - Sulfuric cobalt (≥20.5%) averaged 49,000 yuan per ton, down 0.71% over the past two weeks and up 83.52% year-to-date [51] Major Events - China issued export licenses for rare earths to at least four producers, marking the first such issuance since export controls were implemented in April [4][58]

Market Performance - On May 26, 2025, the three major stock indices declined, with the Shanghai Composite Index down 0.05%, the Shenzhen Component Index down 0.41%, and the ChiNext Index down 0.80%[14] - The total market turnover was 1009.77 billion yuan, a decrease of 145.61 billion yuan from the previous trading day[14] - Out of 3826 stocks, 3826 rose while 1466 fell, indicating a mixed market sentiment[14] Sector and Style Analysis - The top-performing sectors included Media (up 2.09%), Computer (up 1.48%), and Light Industry Manufacturing (up 1.09%)[19] - The worst-performing sectors were Automotive (down 2.00%), Pharmaceuticals (down 1.06%), and Banking (down 0.76%)[19] - Growth stocks outperformed stability, cyclical, financial, and consumer stocks in terms of index performance[19] Capital Flow - On May 26, 2025, the net outflow of main funds was 11.34 billion yuan, with large orders contributing to a net outflow of 8.88 billion yuan[23] - Small orders saw a continuous net inflow of 17.18 billion yuan, indicating retail investor interest[23] ETF Trading Activity - Major ETFs such as the Huaxia Shanghai 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -0.99 billion yuan and -4.53 billion yuan respectively[28] - The total trading volume for the ETFs listed was 13.11 billion yuan for the Shanghai 50 ETF and 29.39 billion yuan for the CSI 300 ETF[28] Global Market Overview - On May 26, 2025, the Hang Seng Index fell by 1.35% to 23282.33 points, while the Nikkei 225 rose by 1.00% to 37531.53 points[32] - The US stock indices also experienced declines, with the Dow Jones Industrial Average down 0.61% and the S&P 500 down 0.67%[32]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [7] Core Insights - The overseas AI chip index fell by 2.3% this week due to uncertainties in U.S. trade policy, including proposed tariffs on imported iPhones and a 50% tariff on the EU, leading to a decline in stock prices of international chip companies [1][10] - The domestic AI chip index also decreased by 2.5%, with all constituent stocks showing a downward trend [1][10] - The NVIDIA mapping index dropped by 2.8%, influenced by expectations of increased tariffs on European goods, affecting NVIDIA's stock and related industry stocks [1][10] - The server ODM index fell by 4.3%, as rising uncertainties regarding U.S. tariff policies began to impact shipment expectations for U.S. AI chip companies [1][10] - The storage chip index saw a significant decline of 4.5%, with all constituent stocks experiencing price drops [1][10] - The power semiconductor index remained stable, while the A-share fruit chain index fell by 2.8% and the Hong Kong fruit chain index dropped by 3.9% [1][10] Market Data - In Q1 2025, the global wearable wristband market grew by 13% year-on-year, with shipments reaching 46.6 million units. Xiaomi regained the top position with a 44% increase in shipments to 8.7 million units [2][25] - Apple's Apple Watch shipments grew by 5% to 7.6 million units, while Huawei maintained third place with a 36% increase to 7.1 million units [2][25][27] - The global TWS market rebounded strongly, with shipments increasing by 18% year-on-year to 78 million units, marking the highest growth rate since 2021 [2][30] - Apple's market share in the TWS market reached 23%, while Xiaomi rose to second place with a historical high market share of 11.5% [2][30] Major Events - The U.S. government announced plans to impose a 25% tariff on products from Apple and other smartphone manufacturers unless they relocate production back to the U.S., with the policy expected to take effect by the end of June [3][32] - Apple plans to launch smart glasses in 2026, with prototype production expected to begin in late 2025 [3][32] - NVIDIA released a new AI hardware and software suite, including the upcoming GB300 system and desktop-level DGX Spark AI workstation [3][35]

——人形机器人产业周报 [Table_Summary] 报告要点： 工业行业周报、月报 2025 年 05 月 26 日 [Table_Title] Figure 机器人实现 20 小时轮班，"擎天 柱"展现家政能力 1·[Table_Main] 行业研究|工业 证券研究报告 周度行情回顾 2025 年 5 月 18 日至 5 月 23 日，人形机器人概念指数下跌 4.01%， 相较沪深 300 指数跑输 3.84pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 34.03%，相较沪深 300 指数跑赢 32.41pct。 A 股人形机器人指数（iFinD 概念）相关个股中，中航泰达周涨幅 最大（+23.07%），兆丰股份周跌幅最大（-15.12%)。 周度热点回顾 政策端，北京人形机器人创新中心牵头发布了全球首个《人形机器人 智能化分级》标准。上海市发布提振消费专项行动方案，深入开展具 身智能场景对接和高质量孵化器建设等。深圳市龙岗区成立全国首个 人工智能领域政府直属机构，推动人工智能与机器人产业发展。浙江 省将智能家居机器人等产品纳入以旧换新补贴范围，推动具身智能应 用。 产品技术迭代方面，广东将 ...