Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [6][9]. Core Insights - The media industry has shown a weekly increase of 2.70%, ranking 6th among industries, outperforming the Shanghai Composite Index and Shenzhen Component Index [12][19]. - Key companies such as Gigabit, Giant Network, and Shenzhou Taiyue have demonstrated strong performance, with notable weekly gains [19]. - The report emphasizes the growth potential in AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing sectors [4][38]. Summary by Sections Market Performance - The media industry (Shenwan) increased by 2.70% from June 28 to July 4, 2025, while the Shanghai Composite Index rose by 1.40% and the Shenzhen Component Index by 1.25% [12]. - The gaming sector saw a significant rise of 8.36%, while other segments like advertising and film experienced declines [12][19]. Key Industry Data - AI applications are gaining traction, with Quark leading domestic monthly active users (MAU) at 156.18 million, a 2.51% increase [23][25]. - The gaming title "Supernatural Action Group" has accelerated its commercialization, entering the top 10 in the iOS sales chart [26]. - The total box office for the week of June 27 to July 3 reached 696 million yuan, with "Detective Conan: The Eye of the One-Eyed" leading at 217 million yuan [32][35]. Investment Recommendations - The report suggests focusing on themes such as AI applications and cultural exports, with specific attention to companies like Giant Network, Yaoji Technology, and Shenzhou Taiyue [4][38].

Market Performance - On July 7, 2025, the Shanghai Composite Index rose by 0.02%, while the Shenzhen Component Index fell by 0.70% and the ChiNext Index decreased by 1.21%[3] - The total market turnover was 1,208.497 billion yuan, a decrease of 219.868 billion yuan compared to the previous trading day[3] - Out of 3,286 stocks, 2,010 declined while 1,276 advanced[3] Sector Performance - The top-performing sectors included Comprehensive Finance (up 2.21%), Real Estate (up 1.70%), and Electric Power & Utilities (up 1.50%) while the laggards were Pharmaceuticals (down 0.94%), Communications (down 0.80%), and Home Appliances (down 0.73%)[3][21] - The market style ranking was Stable > Financial > Cyclical > Neutral > Growth > Consumer[21] Capital Flow - On July 7, 2025, the net outflow of main funds was 18.268 billion yuan, with large orders seeing a net outflow of 11.283 billion yuan and small orders experiencing a net inflow of 19.967 billion yuan[4][26] - Southbound capital saw a net inflow of 12.067 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 5.791 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 6.276 billion HKD[5][28] ETF Trading - 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 -7.82 billion yuan and -26.26 billion yuan respectively[4][31] - The total trading volume for ETFs on July 7 was 12.08497 billion yuan, reflecting a decrease from the previous trading day[31] Global Market Overview - On July 7, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.12% and the Nikkei 225 down 0.56%[5][34] - European indices also experienced declines, with the DAX down 0.61% and the CAC40 down 0.75% on July 4, 2025[5][34]

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 07 月 07 日 b l e [Table_Title] 孩子王小商品城 25H1 业绩预增， MINISO _ M LAND 全球壹号店开业 9 个月业绩破亿 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 （2）出行链：2025 年第 26 周（06 月 23 日至 06 月 29 日）全国民 航执行客运航班量近 11 万架次，日均航班量 15763 架次，环比上周 上升 4.1%，同比 2024 年上升 2.9%，同比 2019 年上升 8.8%。 （3）IP 衍生品：高达基地广州首店正式开门营业。PSA 正式宣布将 开始对 Labubu 盲盒内附的卡片进行专业评级服务。阿里关停旗下潮 玩品牌锦鲤拿趣。 （4）零售：名创优品 MINISO LAND 全球壹号店开业 9 个月业绩破 亿。小商品城预计 2025 年半年度实现归属于上市公司股东的净利润 为 16.30 亿元到 17 亿元，同比增长 12.57%-17.40%。孩子王预计 2025 上半年实现归母净利润 1.2-1.6 亿元，同比增 ...

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% [7]. Core Insights - The humanoid robot concept index experienced a decline of 0.94% from June 29 to July 4, 2025, underperforming the CSI 300 index by 2.48 percentage points. However, year-to-date, the humanoid robot index has risen by 35.59%, outperforming the CSI 300 index by 31.36 percentage points [2][12]. - Key developments include the establishment of a 10 billion yuan investment fund in Hubei province for the humanoid robot industry, and significant advancements in product technology, such as Tesla's suspension of humanoid robot production for design adjustments and the launch of remote control technology by Yujian Technology [3][21]. Summary by Sections Weekly Market Review - From June 29 to July 4, 2025, the humanoid robot concept index fell by 0.94%, while the year-to-date performance shows a 35.59% increase compared to the CSI 300 index [2][12]. - Among A-share humanoid robot stocks, Taotao Automotive had the highest weekly gain at +29.82%, while Changhong Energy saw the largest decline at -10.13% [14][16]. Weekly Hotspots Policy Developments - Hubei province successfully established a 10 billion yuan humanoid robot industry investment fund, focusing on core areas of humanoid robots and artificial intelligence [18]. - Zhejiang province released implementation opinions to promote high-quality development of government investment funds, targeting future industries including humanoid robots [18]. - Shanghai announced key application scenarios for AI, embodied intelligence, and autonomous driving, prioritizing major projects [20]. Product Technology Iteration - Tesla has paused humanoid robot production to adjust design details, with expectations of a significant performance upgrade for the next version of Optimus [21]. - Yujian Technology introduced remote control technology for humanoid robots, demonstrating precise control from 1800 kilometers away [21]. Investment and Financing - Sainade completed a B++ round of financing exceeding 100 million yuan, aimed at accelerating the application of embodied intelligence [22]. - Zhejiang Yifei Intelligent Technology submitted a prospectus for an IPO on the Hong Kong Stock Exchange, with plans to invest in robot technology development [22]. Key Company Announcements - Prilite plans to invest 1 billion yuan in a new headquarters and R&D base in Guangzhou, focusing on modified plastics for humanoid robots [23]. - Xinbo Co. established a joint venture to expand into humanoid robot joint modules [23]. - Junpu Intelligent announced the start of mass production for humanoid robots in collaboration with Zhiyuan [24].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [6] Core Insights - The low-altitude economy is expected to develop healthily, with a focus on leading export chain enterprises in the machinery sector [2][3] - The Shanghai Composite Index rose by 1.40% from June 29 to July 4, 2025, while the machinery equipment sector underperformed, increasing by only 0.26% [2][10] - The report emphasizes the need to monitor the progress of trade negotiations between the US and other countries, as domestic leading enterprises maintain strong competitive advantages [3] Weekly Market Review - The overall market performance from June 29 to July 4, 2025, saw the Shanghai Composite Index increase by 1.40%, with the machinery equipment sector lagging behind the broader market [2][10] - Sub-sectors such as engineering machinery and rail transit equipment showed positive growth, with increases of 1.44% and 0.75% respectively, while automation equipment declined by 0.67% [2][10] Key Sector Tracking - The low-altitude economy sector is being supported by new organizational structures within the Civil Aviation Administration to promote safe and orderly development [3] - The machinery equipment sector is advised to keep an eye on the export chain, particularly in light of ongoing trade negotiations [3] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Ao Wei among others [4] - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [4] Important Weekly News - The State Taxation Administration reported over 630 billion yuan in tax reductions and refunds for the manufacturing sector in the first five months of 2025, indicating strong growth in advanced manufacturing [20] - The first combined operation platform for tunnel construction was launched, significantly improving efficiency and reducing costs [21] - A new intelligent piling vessel was put into operation, achieving a 30% increase in efficiency [21] Economic Data Tracking - The manufacturing PMI and fixed asset investment data indicate a positive trend in the manufacturing sector, with sales revenue in advanced manufacturing growing significantly [35][37] - Monthly export totals and changes show fluctuations, with a focus on the performance of machinery and equipment exports [40][55] Key Industry Data Tracking - The report tracks production and export data for various machinery sectors, including metal cutting machine tools and industrial robots, highlighting trends and changes in output [46][48] - The report also includes data on the sales of excavators and forklifts, both domestically and for export, providing insights into market demand [52][53]

[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 07 月 07 日 [Table_Title] 新能源金属反弹，受供给端钴价持续上涨 ——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 6.19% 近 2 周（2025.6.20-2025.7.04），有色金属行业指数上涨 6.19%，跑 赢沪深 300 指数，在 31 个申万一级行业中排名第 7。从细分领域看， 能源金属（8.28%）、工业金属（8.09%）涨幅居前，小金属和金属新 材料分别增长 4.27%、4.14%，而贵金属则小幅下跌-0.53%。 金属价格:白银价格继续保持增长势头，钴价持续上涨 截至 7 月 4 日，COMEX 黄金收盘价为 3336 美元/盎司，近 2 周下跌 1.43%；COMEX 银收盘价为 37.04 美元/盎司，近 2 周上涨 3.03%； LME 锡现价 33,585 美元/吨，近两周上涨 3.95%；沪锡现价 268,404 元/吨，近两周下跌 1.97%；65%黑钨精矿现价 173,000 元/吨，近两 周上涨 0.58 ...

Market Overview - A-shares reached a new high for the year, driven by domestic policy initiatives and liquidity easing, with net purchases in margin trading hitting 18.9 billion CNY, a three-month high[4] - The Shanghai Composite Index approached 3500 points, led by bank stocks, reflecting effective growth stabilization policies and valuation recovery logic[4] - The Nasdaq index rose, driven by technology giants like Nvidia, despite weakened interest rate cut expectations and ongoing trade tensions[4] Commodity Performance - Structural rebound in commodities, with black metals (coking coal +3.76%, rebar +1.45%) and gold (+1.79%) leading gains, indicating improved domestic demand expectations[4] - However, the overall supply-demand balance remains weak, with futures market strategies under pressure (momentum -1.51%) due to a lack of fundamental support[4] Asset Allocation Recommendations - Bonds (score 6): Supported by liquidity easing and optimistic sentiment, focus on MLF renewal scale and seasonal recovery of wealth management products[5] - Overseas equities (score 6): Overweight non-US markets (e.g., Hong Kong, South Korea) to capitalize on a weaker dollar and resilient fundamentals[5] - Gold (score 5): Strengthened safe-haven appeal due to geopolitical conflicts and growth slowdown, though short-term performance may be suppressed by rising risk appetite[5] - A-shares (score 5): Valuation recovery supported by high dividend defensive attributes, while avoiding sectors with declining profit expectations[5] - Commodities (score 4): Overall underweight due to weak supply-demand dynamics[5] Risk Factors - Policy adjustment risks; market volatility risks; geopolitical shocks; economic data validation risks; liquidity transmission risks[6]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor industry [7]. Core Insights - The overseas AI chip index increased by 1.3% this week, while the domestic AI chip index decreased by 2.8% [10][11]. - Notable stock movements include Nvidia's 1% increase and significant declines for Marvell and AMD [10]. - The report highlights the upcoming mass production phase for Samsung's 1c nanometer DRAM technology [34]. Market Review - The overseas AI chip index rose 1.3% this week, with MPS up approximately 3%, and TSMC and Broadcom both exceeding 2% gains. Nvidia saw a 1% increase, while Marvell and AMD experienced declines of 2.6% and 4.1%, respectively [10]. - The domestic AI chip index fell by 2.8%, with most component stocks declining. Notably, Cambricon and Hengxuan Technology dropped over 6%, while only Lanke Technology saw a slight increase of 1.8% [10]. - The Nvidia mapping index surged by 9.3%, with Jingwang Electronics rising over 20% and several other companies seeing gains exceeding 10% [11]. - The server ODM index decreased by 0.7%, with mixed performances among component stocks [11]. - The storage chip index fell by 2.8%, with significant declines in stocks like Zhaoyi Innovation and Hengsuo Technology [11]. - The power semiconductor index saw a minor decline of 0.3%, while the A-share and Hong Kong fruit chain indices increased by 8.2% and 1.5%, respectively [11][17]. Industry Data - The global TWS market is projected to grow by 3% year-on-year in 2025 [23]. - Chinese power manufacturers are optimizing product structures, with an overall increase in gross margins for 2024. DELTA's gross margin is expected to rise from 29.2% in 2023 to 32.4% in 2024, an increase of 3.2 percentage points [28]. - Chinese and American Robotaxi manufacturers are expanding their presence in the global autonomous driving market, with companies like Baidu Apollo and Waymo planning operations in various international locations [31]. Major Events - The Trump administration has lifted certain export licensing requirements for chip design software to China [33]. - Domestic GPU company Muxi Integrated Circuit is preparing for an IPO on the Sci-Tech Innovation Board, aiming to raise 3.9 billion yuan [33]. - Huawei's Pura 80 series is set to launch in August, featuring an "AI super intelligent agent" [33]. - Samsung has officially approved the production preparation for its sixth-generation 10nm DRAM memory process, entering the mass production phase [34].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (June 29 - July 5, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 1.50%. However, the telecommunications sector experienced a slight decline of 0.10% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in the communication cables and accessories, which rose by 1.02%, while other communication equipment faced the largest decline of 2.49% [2][13]. - Notable individual stock performances included Nanling Technology with a rise of 17.08%, *ST Gaohong at 15.06%, and Yongding Co., Ltd. at 10.65% [2][15]. Summary by Sections Market Overview - The telecommunications sector's index experienced a minor decline of 0.10% during the reporting week, contrasting with the overall market's positive performance [10]. - The communication cables and accessories sub-sector led the gains with a 1.02% increase, while other communication equipment saw a decline of 2.49% [13][14]. Key Developments - Oracle's CEO announced a strong start to the 2026 fiscal year, with multi-cloud database revenue maintaining over 100% growth and a significant cloud service agreement expected to generate over $30 billion annually starting in the 2028 fiscal year [3]. - The AI technology's maturation is accelerating the growth of cloud services, which is expected to expand the demand for computing hardware and cloud infrastructure [3]. - The U.S. has lifted restrictions on chip design software exports to China, which may impact the EDA market and the competitive landscape for domestic EDA companies [21]. Company Announcements - No significant announcements were reported for the telecommunications sector during the week of June 29 - July 5, 2025 [22]. - Upcoming announcements for the week of July 6 - July 12, 2025, include no major events or unlocks for the telecommunications companies [23].

[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 07 日 [Table_Title] 稳定币受到关注，金融科技有望受益 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.6.30-2025.7.4)市场回顾 1) 本周(2025.6.30-2025.7.4)计算机（申万）指数下跌 1.28%，位居 涨跌幅末位。本周上证指数上涨 1.40%，深证成指上涨 1.25%，创业 板指上涨 1.50%。 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-0.70%、- 1.35%、-1.56%，均有所回调。 本周重点公告 1) 智明达发布《2025 年度以简易程序向特定对象发行股票预案》：公 司本次向特定对象发行股票的募集资金总额不超过21340.00 万元（含 本数），扣除发行费用后拟将募集资金全部用于以下项目：无人装备及 商业航天嵌入式计算机研发及产业化建设项目、补充流动资金。 投资观点 本周计算机（申万）指数在上周大涨 ...