Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights the rapid evolution of artificial intelligence (AI) technology and emphasizes the importance of self-reliance and application-oriented development in AI. Huawei's first Harmony OS computer integrates AI capabilities, enhancing productivity through deep collaboration between models and chips [5][6] - The report notes a significant increase in smartphone shipments in China, with a 9% year-on-year growth in Q1 2025, driven by state subsidy programs and a rise in replacement demand [14][17] - The report discusses the expected growth in global XR (AR/VR) display shipments, with AR glasses projected to grow by 42% year-on-year in 2025, indicating a shift towards AI-enabled applications [22][23] Summary by Sections Market Performance Review - From May 6 to May 9, 2025, the Shanghai Composite Index rose by 1.92%, the Shenzhen Component Index increased by 2.29%, and the ChiNext Index saw a rise of 3.27%. The Shenwan Electronics Index increased by 0.64%, with the best-performing sector being printed circuit boards, which rose by 5.00% [4][30] Key Industry News - Huawei's Harmony OS computer features AI capabilities and collaborates with authoritative data sources to enhance its AI assistant's functionality [5][6] - Samsung Display is set to begin mass production of its first tri-fold smartphone display panels by June or July 2025, with initial production expected to be between 200,000 to 300,000 units [20] - The report indicates that the notebook computer market in Q1 2025 saw a 6.6% year-on-year increase in shipments, with Lenovo, HP, and Dell leading the market [24][25] Company Performance - The report identifies the top-performing stocks in the electronics sector for the week of May 6 to May 9, 2025, including Huiwei Intelligent and Yuanjie Technology, while companies like Chip Origin and Aojie Technology underperformed [46][47]

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights the rapid evolution of artificial intelligence (AI) technology and emphasizes the importance of self-reliance and application-oriented development in AI. Huawei's first HarmonyOS computer integrates AI capabilities, enhancing productivity through deep collaboration between models and chips [5][6] - The report notes a significant increase in smartphone shipments in China, with a 9% year-on-year growth in Q1 2025, driven by state subsidy programs and a rise in replacement demand [14][17] - The report discusses the expected growth in global XR (AR/VR) display shipments, with AR glasses projected to grow by 42% year-on-year in 2025, indicating a shift towards AI-enabled applications [22][24] Market Performance Summary - The Shanghai Composite Index rose by 1.92%, while the Shenzhen Component Index increased by 2.29% during the week of May 6 to May 9, 2025. The semiconductor equipment index showed a decline of 0.44%, while the sensor index rose by 4.14% [4][30] - The best-performing sector was printed circuit boards, with a 5% increase, while the analog chip design sector saw a decline of 2.11% [4][30] Company-Specific Insights - Companies involved in AI infrastructure include Shengyi Technology, Shenhui Technology, and Industrial Fulian, among others [6] - The report identifies leading smartphone manufacturers in Q1 2025: Huawei (20% market share), Xiaomi (19%), and OPPO (16%), with a notable increase in market concentration among the top six manufacturers [14][17] - The report mentions that Samsung Display is set to begin mass production of its first tri-fold smartphone display panels by June or July 2025, indicating innovation in the smartphone market [20]

策略研究 周度报告 如何看待军工行情的持续性？ [Table_RptDate] 报告日期： 2025-05-11 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《如何看待银行股大跌及 配置价值？—第 18 周》2025-05-05 2.策略月报《持盈保泰—2025 年 5 月 A 股市场研判及配置机会》2025-04-27 3.策略周报《消费行业轮动，行至何阶 段？—第 16 周》2025-04-20 4.策略周报《科技是否迎来主线契机， 哪些消费行业尚未轮动？—第 15 周》 2025-04-13 主要观 ...

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - After the double - rate cut, the short - end of the bond market declined by 5bp. The mid - short end of the bond market showed a significant decline, with the 1Y Treasury bond yield dropping to 1.40%. The long - end was volatile, and the yield curve steepened slightly. The focus in the future may be on the buying power of large banks and the amount of funds lent out [2][11]. - Small and medium - sized banks + foreign capital, money market funds, and mutual funds were the main driving forces for the decline in the yields of Treasury bonds, China Development Bank bonds, credit bonds, and certificates of deposit this week [3][11]. - The bond market leverage ratio continued to fluctuate at a low level, rising to 106.70% overall. However, mutual funds increased leverage, and the long - and medium - term bond fund duration decreased overall. Currently, non - bank institutions may prefer leverage strategies and maintain a neutral attitude towards duration [3][12]. 3. Summary by Relevant Catalogs 3.1 This Week's Institutional Behavior Review - In terms of interest - rate bonds, rural commercial banks and foreign capital were the main driving forces for short - term Treasury bonds, with a net purchase of over 10 billion yuan of Treasury bonds under 1Y this week. Rural commercial banks adopted a barbell - shaped allocation. Money market funds were the main force for increasing the allocation of policy - financial bonds, and insurance institutions continued to increase their allocation of local bonds in the secondary market [2][11]. - In terms of credit bonds and certificates of deposit, non - bank institutions bought a large number of certificates of deposit in the secondary market, with 8 out of 12 types of institutions having net purchases. Mutual funds increased their allocation of 1 - 3Y medium - term notes and increased their buying of Tier 2 capital bonds, with the buying volume of other types of bonds approaching 50 billion yuan this week [3][11]. 3.2 Bond Market Yield Curve and Term Spread 3.2.1 Yield Curve - Treasury bond yields generally declined. The 1Y yield decreased by 4bp, the 3Y by 1bp, the 5Y by 2bp, the 7Y by 1bp, while the 10Y, 15Y, and 30Y yields increased by 1bp, 1bp, and 2bp respectively. In terms of quantiles, the 1Y dropped to the 10% quantile, the 3Y remained at the 6% quantile, etc. [13]. - China Development Bank bond yields also generally declined. The 1Y yield decreased by 9bp, the 3Y by 5bp, the 5Y by 2bp, the 7Y by 3bp, while the 10Y, 15Y, and 30Y yields increased by 1bp, 1bp, and 2bp respectively. In terms of quantiles, the 1Y dropped to the 5% quantile, the 3Y to the 3% quantile, etc. [13]. 3.2.2 Term Spread - For Treasury bonds, the interest - rate spread showed a differentiated trend, and the term spread widened overall. The 1Y - DR001 spread inverted more deeply by 3bp, while the 1Y - DR007 spread inverted less deeply by 13bp. Other term spreads also had different changes in widening or narrowing [15]. - For China Development Bank bonds, the interest - rate spread inversion eased, and the term spread widened overall. The 1Y - DR001 spread inverted less deeply by 20bp, and the 1Y - DR007 spread inverted less deeply by 17bp. Other term spreads also had corresponding changes [16]. 3.3 Bond Market Leverage and Funding Situation 3.3.1 Leverage Ratio - From May 6th to May 9th, 2025, the leverage ratio first increased and then decreased during the week. As of May 9th, the leverage ratio was about 106.70%, up 0.03pct from last Friday and down 0.13pct from Monday [19]. 3.3.2 Average Daily Turnover of Pledged Repurchase - The average daily turnover of pledged repurchase increased compared with last week. From May 6th to May 9th, the average daily turnover of pledged repurchase was about 6.8 trillion yuan, an increase of 2.1 trillion yuan compared with last week. The average overnight proportion was 85.79% [26][27]. 3.3.3 Funding Situation - From May 6th to May 9th, the lending of bank - based funds continued to increase. The net lending of large banks and policy banks on May 9th was 3.26 trillion yuan, and the average daily net lending of joint - stock banks and rural commercial banks was 0.02 trillion yuan, with a net lending of 0.09 trillion yuan on May 9th. The main fund borrowers were mutual funds, and the lending of money market funds continued to decline [31]. - DR007 and R007 continued to decline. As of May 9th, R007 was 1.58%, down 0.26pct from last Friday; DR007 was 1.54%, down 0.26pct from last Friday; the spread between R007 and DR007 was 3.96bp. 1YFR007 and 5YFR007 also continued to decline [31][32]. 3.4 Duration of Long - and Medium - Term Bond Funds - The median duration of long - and medium - term bond funds decreased to 2.74 years (de - leveraged) and 2.99 years (leveraged). On May 9th, the median duration (de - leveraged) was 2.74 years, down 0.06 years from last Friday; the median duration (leveraged) was 2.99 years, down 0.1 years from last Friday [41][43]. - In terms of different types of bond funds, the median duration of interest - rate bond funds (leveraged) increased to 3.78 years, up 0.03 years from last Friday; the median duration of credit bond funds (leveraged) decreased to 2.67 years, down 0.12 years from last Friday. The median duration of interest - rate bond funds (de - leveraged) was 3.36 years, down 0.01 years from last Friday; the median duration of credit bond funds (de - leveraged) was 2.57 years, down 0.05 years from last Friday [48]. 3.5 Comparison of Category Strategies - Sino - US yield spread: The overall inversion deepened. The 1Y spread inverted more deeply by 24bp, the 2Y by 30bp, the 3Y by 28bp, the 5Y by 30bp, the 7Y by 26bp, the 10Y by 19bp, and the 30Y by 15bp [52]. - Implied tax rate: It narrowed overall. As of May 9th, the spread between China Development Bank bonds and Treasury bonds narrowed by 5bp for 1Y, 4bp for 3Y, less than 1bp for 5Y, 2bp for 7Y, and 1bp for 10Y [53]. 3.6 Changes in Bond Lending Balance - On May 9th, the concentration trend of lending of active 10Y Treasury bonds increased, while the concentration trends of lending of less - active 10Y Treasury bonds, active 10Y China Development Bank bonds, less - active 10Y China Development Bank bonds, and active 30Y Treasury bonds decreased [54].

| 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-09 | | | [Table_BaseData] 收盘价（元） | | 16.74 | | 近 12 个月最高/低（元） | | 20.90/13.33 | | 总股本（百万股） | | 1,409 | | 流通股本（百万股） | | 1,368 | | 流通股比例（%） | | 97.12 | | 总市值（亿元） | | 236 | | 流通市值（亿元） | | 229 | [公司价格与沪深 Table_Chart] 300 走势比较 -32% -17% -2% 14% 29% 5/24 8/24 11/24 2/25 均胜电子 沪深300 [Table_Author] 分析师：姜肖伟 执业证书号：S0010523060002 电话：18681505180 邮箱：jiangxiaowei@hazq.com 分析师：陈飞宇 执业证书号：S0010525020001 电话：19842726967 邮箱：chenfeiyu@hazq.com [Table_CompanyR ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of 1.156 billion yuan in 2024, representing a year-on-year increase of 60.1%. In Q1 2025, the net profit reached 263 million yuan, up 33.52% year-on-year [4][5] - The company's revenue for 2024 was 6.238 billion yuan, a year-on-year increase of 12.5%, while Q1 2025 revenue was 1.556 billion yuan, up 14.44% year-on-year. Domestic sales slightly declined due to industry conditions, but export sales grew significantly [5] - The company has made continuous investments in R&D, with R&D expenses reaching 167 million yuan in 2024, accounting for 2.68% of revenue. This has led to breakthroughs in high-end products across multiple fields [6] - The company has expanded its upstream production capacity and customer base, establishing four foundries and enhancing its product applications in various industries, including clean energy [7] Financial Summary - The company’s revenue projections for 2025-2027 are 7.282 billion, 8.379 billion, and 9.556 billion yuan, respectively. The net profit forecasts for the same period are 1.447 billion, 1.654 billion, and 1.900 billion yuan, respectively [8][10] - The projected EPS for 2025-2027 is 1.88, 2.15, and 2.47 yuan, with corresponding PE ratios of 14.8, 12.9, and 11.3 times [8][10] - The company’s gross margin for 2024 is expected to be 38.1%, with a net profit margin of 18.69% [10]

[Table_StockNameRptType] 昊华科技（600378） 公司点评 短期业绩承压，制冷剂景气度有望提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-11 | | | [Table_BaseData] 收盘价（元） | | 25.55 | | 近 12 个月最高/最低（元） | 34.56/24.51 | | | 总股本（百万股） | | 1290 | | 流通股本（百万股） | | 911 | | 流通股比例（%） | | 70.64 | | 总市值（亿元） | | 330 | | 流通市值（亿元） | | 233 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 40% 5/5 7/5 9/5 11/5 1/5 3/5 5/5 昊华科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S001052 ...

[Table_StockNameRptType] 昊华科技（600378） 公司点评 短期业绩承压，制冷剂景气度有望提升 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-11 | | | [Table_BaseData] 收盘价（元） | | 25.55 | | 近 12 个月最高/最低（元） | 34.56/24.51 | | | 总股本（百万股） | | 1290 | | 流通股本（百万股） | | 911 | | 流通股比例（%） | | 70.64 | | 总市值（亿元） | | 330 | | 流通市值（亿元） | | 233 | [Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 40% 5/5 7/5 9/5 11/5 1/5 3/5 5/5 昊华科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S001052 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 25.20% year-on-year increase in revenue for 2024, reaching 2.014 billion yuan, and a 14.40% increase in net profit, amounting to 528 million yuan [2][4] - The gross margin remains stable at 46.93%, although it has decreased by 1.45 percentage points year-on-year, while the net margin has decreased by 2.47 percentage points to 26.19% due to increased asset impairment losses [2] - The company is a leader in the photovoltaic laser equipment sector, with significant breakthroughs in packaging equipment and ongoing research in semiconductor and other new fields [4][5] Financial Performance Summary - For 2024, the company achieved a revenue of 2.014 billion yuan, with a gross margin of 46.93% and a net profit margin of 26.19% [2][8] - The fourth quarter of 2024 saw a revenue of 574 million yuan, a 25.59% increase year-on-year, and a net profit of 144 million yuan, an 18.46% increase year-on-year [2] - In the first quarter of 2025, the company reported a revenue of 561 million yuan, a 24.55% increase year-on-year, and a net profit of 163 million yuan, a 20.76% increase year-on-year [2] Product and Market Position - The company has a competitive advantage in various photovoltaic product lines, with 99.96% of its revenue coming from the photovoltaic industry in 2024 [4] - The company is actively developing laser processing equipment for consumer electronics, new displays, and integrated circuits, indicating a diversification strategy [4] - The company has secured significant orders, including a 1.229 billion yuan order from a leading photovoltaic enterprise for its back-contact battery laser micro-etching equipment [5][6] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 2.415 billion yuan, 2.840 billion yuan, and 3.546 billion yuan, respectively, with corresponding net profits of 635 million yuan, 838 million yuan, and 1.110 billion yuan [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.32 yuan, 3.06 yuan, and 4.06 yuan, respectively [6][8] - The price-to-earnings (P/E) ratios for the same years are projected to be 25, 19, and 14, reflecting the company's strong market position and innovation capabilities [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a significant increase in revenue and profit in the cesium and rubidium segment, while lithium salt production costs are decreasing [2] - The company achieved a revenue of 5.36 billion yuan in 2024, a year-on-year decrease of 10.8%, and a net profit attributable to shareholders of 760 million yuan, down 65.7% year-on-year [6][12] - The company’s self-supplied lithium ore advantage is becoming more prominent, with lithium salt sales from its own mines reaching 39,477 tons, a year-on-year increase of 164% [7] - The rare light metal (cesium and rubidium) segment saw a revenue increase of 24.16% year-on-year, with gross profit rising by 50.98% [8] - The company is expanding its copper resource layout, having acquired a 65% stake in the Kitumba copper mine project in Zambia [8] Financial Performance - In Q4 2024, the company achieved a revenue of 1.8 billion yuan, a year-on-year increase of 78.1%, and a net profit of 210 million yuan, up 53.0% year-on-year [6] - For Q1 2025, the company reported a revenue of 1.54 billion yuan, a year-on-year increase of 36.4%, but a net profit decrease of 47.4% year-on-year [6] - The projected net profits for 2025-2027 are 869 million, 1.55 billion, and 1.99 billion yuan respectively, with corresponding P/E ratios of 24, 14, and 11 times [9] Production Capacity - By the end of 2024, the company had a total of 4.18 million tons per year of mining capacity and 66,000 tons per year of battery-grade lithium salt production capacity [7]