Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The report highlights a significant increase in domestic large-scale energy storage tenders, indicating a growing market opportunity in the virtual power plant segment [1][5] - The photovoltaic sector is experiencing a decline in production in June, with intensified competition among various segments, suggesting a cautious outlook for the second quarter of 2025 [12][14] - The offshore wind sector is entering a favorable phase, with steady progress in offshore wind projects, particularly in Jiangsu and Fujian [20][21] - The hydrogen energy industry is developing positively, with an accelerated establishment of a supporting system for its growth [30][33] - The report emphasizes the importance of virtual power plants and new power system construction as key areas for investment [37][38] Summary by Sections Photovoltaics - Production in June is declining, leading to increased competition among different segments [12][14] - The overall price trend in the photovoltaic supply chain is stable, but there is downward pressure due to expected weak demand in the second half of the year [14][19] - Investment suggestions include focusing on companies with a strong position in the BC technology sector, such as Longi Green Energy and Aiko Solar [14][19] Wind Power - The offshore wind sector is seeing project approvals and progress, with significant projects in Jiangsu and Fujian [20][21] - Investment recommendations include focusing on undervalued stocks and those benefiting from offshore wind projects [23] Energy Storage - Domestic energy storage tenders exceeded 20 GWh in May, indicating a robust market [7][24] - The report suggests monitoring the recovery of large-scale energy storage market conditions [7][24] - The average price for two-hour energy storage systems reached a historical low of 0.55 yuan/Wh in May [28] Hydrogen Energy - The hydrogen energy sector is experiencing positive development, with a focus on transitioning from gray hydrogen to green hydrogen [30][33] - The report outlines plans for significant advancements in hydrogen energy technology and infrastructure by 2035 [33] Electric Grid Equipment - The report discusses the initiation of pilot projects for new power system construction, emphasizing the role of virtual power plants [37][38] - Investment opportunities are identified in companies involved in smart microgrids and virtual power plant technologies [37][38] Electric Vehicles - The potential cancellation of electric vehicle subsidies in the U.S. could negatively impact demand [39] - The report advises continued investment in high-profit companies within the electric vehicle supply chain [39] Humanoid Robots - The report notes significant developments in the humanoid robot sector, including leadership changes at Tesla's Optimus project and new product launches by various companies [42][46]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Huaxi Securities view is that the cost - performance of certificates of deposit has increased. It is recommended to maintain the duration and wait for the opportunity of interest rate decline. The overall view of fixed - income buyers is neutral to bullish, and the sentiment of sellers and buyers is approaching a new high for the year. The interest rate view remains unchanged, and three variables need to be focused on in the follow - up [3][4][6]. Summary by Directory 1. Seller and Buyer Markets 1.1 Seller Market Sentiment Index and Interest - rate Bonds - The weighted sentiment index this week is 0.37, and the unweighted index is 0.41, up 0.13 from last week. The overall institutional view is neutral to bullish, with 13 bullish, 16 neutral, and 1 bearish. 43% of institutions are bullish, believing that the bond market starts a new round of easing expectations and short - term interest rates have downward space; 53% are neutral, stating that the bull - bear forces are balanced, trading opportunities are limited, and the market will continue to fluctuate; 3% are bearish, thinking that the bond market has over - priced the interest - rate cut expectation and yields may rise [12]. 1.2 Buyer Market Sentiment Index and Interest - rate Bonds - This week's buyer sentiment index is 0.35, up 0.25 from last week, with a neutral - to - bullish view. 14 institutions are bullish and 11 are neutral. 56% of institutions are bullish due to the central bank's reverse - repurchase operations, loose funds, and increased non - bank allocation demand; 44% are neutral because of Sino - US relations, abundant market liquidity, and potential impacts of growth policies on the bond market [13]. 1.3 Credit Bonds - Market hot topics include end - of - quarter wealth management redemptions and tariff policies. End - of - quarter wealth management redemptions lead to weak buying of credit bonds, and tariff policies may cause the credit bond market to fluctuate narrowly due to the approaching expiration of tariff exemptions [17][18]. 1.4 Convertible Bonds - Institutions' overall view this week is neutral to bullish, with 3 bullish and 13 neutral. 19% of institutions are bullish as the economy stabilizes, the equity market has limited downside, and the "asset shortage" in the bond market drives a shift to the convertible bond market; 81% are neutral because the equity market has a bottom and resistance, and the convertible bond market may fluctuate [21]. 2. Treasury Bond Futures Tracking 2.1 Futures Trading - Futures prices have risen across the board. As of June 6, the prices of TS/TF/T/TL contracts are 102.45 yuan, 106.14 yuan, 108.93 yuan, and 119.78 yuan respectively, up 0.06 yuan, 0.12 yuan, 0.20 yuan, and 0.37 yuan from last Friday. - Open interest has increased across the board. As of June 6, the open interest of TS/TF/T/TL contracts is 117,000 lots, 145,000 lots, 177,000 lots, and 97,000 lots respectively, an increase of 5,449 lots, 7,503 lots, 12,481 lots, and 3,311 lots from last Friday. - Trading volume has decreased for all contracts except TS. As of June 6, the 5 - day moving average trading volume of TS/TF/T/TL contracts is 79.4 billion yuan, 61.8 billion yuan, 65.8 billion yuan, and 85.9 billion yuan respectively, an increase of 4.2 billion yuan for TS and decreases of 2.5 billion yuan, 13.8 billion yuan, and 11.7 billion yuan for TF, T, and TL respectively from last Friday. - The trading - to - open - interest ratio has decreased across the board. As of June 6, the 5 - day moving average trading - to - open - interest ratio of TS/TF/T/TL contracts is 0.35, 0.44, 0.39, and 0.91 respectively, down 0.01, 0.05, 0.09, and 0.13 from last Friday [23][24]. 2.2 Cash Bond Trading - The turnover rate of 30 - year treasury bonds has decreased, with a rate of 3.19% on June 6, down 0.02 percentage points from last week and up 0.21 percentage points from Monday. The weekly average turnover rate is 3.19%. The weekly average turnover rate of interest - rate bonds has increased, reaching 0.99% on June 6, up 0.21 percentage points from last week and 0.15 percentage points from Monday. The turnover rate of 10 - year China Development Bank bonds has decreased, with a rate of 0.92% on June 6, up 0.65 percentage points from last week and down 0.53 percentage points from Monday [32][35]. 2.3 Basis Trading - The basis of the main contracts has widened. As of June 6, the basis (CTD) of TS/TF/T/TL main contracts is - 0.07 yuan, - 0.03 yuan, + 0.03 yuan, and + 0.53 yuan respectively, up 0.01 yuan, 0 yuan, 0.30 yuan, and 0.01 yuan from last Friday. - The net basis of the main contracts has widened. As of June 6, the net basis (CTD) of TS/TF/T/TL main contracts is - 0.09 yuan, - 0.08 yuan, - 0.05 yuan, and + 0.07 yuan respectively, down 0.03 yuan, 0.04 yuan, 0.03 yuan, and 0.07 yuan from last Friday. - The IRR of the main contracts has decreased. As of June 6, the IRR (CTD) of TS/TF/T/TL main contracts is 1.84%, 1.80%, 1.68%, and 1.34% respectively, down 0.02%, 0.01%, 0.05%, and 0.09% from last Friday [40][44]. 2.4 Inter - delivery Spread and Inter - variety Spread - For the inter - delivery spread, except for the TS contract which has widened, the spreads of other main contracts have narrowed. As of June 6, the near - far spreads of TS/TF/T/TL contracts are - 0.13 yuan, - 0.29 yuan, - 0.19 yuan, and - 0.73 yuan respectively, up 0.04 yuan, 0 yuan, 0.03 yuan, and - 0.06 yuan from last Friday. - For the inter - variety spread, except for the 2*TS - TF contract which has narrowed, the spreads of other main contracts have widened. As of June 6, 2*TS - TF, 2*TF - T, 4*TS - T, and 3*T - TL are 98.77 yuan, 103.35 yuan, 300.89 yuan, and 206.98 yuan respectively, down 0.02 yuan, up 0.06 yuan, up 0.01 yuan, and up 0.25 yuan from last Friday [52][53].

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The report highlights a significant increase in domestic large-scale energy storage tenders, indicating a growing market opportunity in this sector [1][7] - The offshore wind power sector is entering a favorable phase, with ongoing projects and approvals, suggesting potential growth [4][20] - The hydrogen energy industry is developing positively, with an accelerating construction of the supporting system, indicating a favorable investment window [5][30] - The report emphasizes the importance of virtual power plants in the new power system construction, which could enhance flexibility and efficiency in energy management [5][37] Summary by Sections Photovoltaics - June production is declining, and competition among various segments is intensifying, with a notable drop in terminal demand as the "430/531" deadlines pass [12][14] - The overall price trend in the photovoltaic supply chain is stable, but there are downward pressures due to expected weak demand in the second half of the year [14][19] - Investment suggestions include focusing on companies with a strong position in the BC technology sector, such as Longi Green Energy and Aiko Solar [14][19] Wind Power - The offshore wind power sector is progressing, with several projects receiving approvals and moving forward, indicating a positive outlook for future developments [4][20][21] - Investment recommendations include focusing on undervalued stocks and those benefiting from offshore wind projects [23] Energy Storage - Domestic energy storage tenders exceeded 20GWh in May, indicating a robust market environment [7][24] - The report suggests monitoring the recovery of large-scale energy storage market conditions, especially with the introduction of new pricing policies [25][28] - Companies like China Energy Construction are expected to play a significant role in the upcoming energy storage system procurement [27][29] Hydrogen Energy - The hydrogen energy sector is experiencing favorable development, with initiatives to transition from gray hydrogen to green hydrogen [30][33] - The report outlines plans for significant investments in hydrogen infrastructure and technology, indicating a strong growth trajectory [30][34] Electric Grid Equipment - The National Energy Administration has initiated pilot projects for the new power system, focusing on virtual power plants and smart microgrids [37] - Investment opportunities are identified in companies involved in the construction and management of these new energy systems [38] Electric Vehicles - The potential cancellation of electric vehicle subsidies in the U.S. could negatively impact demand, suggesting a cautious approach to investments in this sector [39][40] - Companies with stable profitability in the lithium battery and structural components sectors are recommended for continued investment [39] Humanoid Robots - Developments in humanoid robotics are highlighted, with significant corporate restructuring and new product launches indicating a growing market [42][46] - Investment opportunities are suggested in companies that are solidly positioned in the core business of robotics and AI [42][46]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a revenue of 3.045 billion yuan in 2024, representing a year-on-year growth of 16.77%, and a net profit attributable to shareholders of 615 million yuan, up 80.75% year-on-year, primarily due to significant gains from fair value changes of financial assets and disposal of financial assets [6][12] - In Q1 2025, the company achieved a revenue of 985 million yuan, a year-on-year increase of 75.76%, with a net profit of 312 million yuan, up 224.90% year-on-year [7][12] - The domestic insulin market is experiencing both volume and price increases, with domestic revenue in Q1 2025 reaching 889 million yuan, a growth of 80.07% year-on-year [8] - The company is expanding its overseas business, with overseas revenue in 2024 reaching 528 million yuan, a year-on-year increase of 23.89% [9] Financial Performance Summary - Revenue for 2025 is projected to be 4.393 billion yuan, with a year-on-year growth of 44.2%, and net profit is expected to reach 1.113 billion yuan, growing by 81.0% [12][14] - The company’s gross margin is expected to improve to 77.7% in 2025, with a return on equity (ROE) projected at 9.5% [14] - Earnings per share (EPS) for 2025 is estimated at 1.85 yuan, with a price-to-earnings (P/E) ratio of 30 times [12][14]

Investment Rating - Industry investment rating: Overweight [1] Core Viewpoints - The core investment logic highlights that lysine and threonine, as major feed amino acids, are expected to benefit from the rise of "low-protein diets" and "reduced soybean meal," which are gaining attention in the aquaculture industry. The downstream demand remains stable, with high reliance on overseas markets, while supply and raw material impacts are significant. The continuous decline in corn and soybean meal prices over the past two years has closely correlated with amino acid prices, and if agricultural products enter an upward cycle, it will support lysine and threonine prices. Additionally, domestic lysine production is expanding, while threonine expansion is slowing, creating a favorable market structure. The increasing competition domestically and deteriorating export environment are raising industry entry barriers, prompting companies to seek opportunities abroad. The future of the industry is expected to see a "scale + internationalization" collaborative layout, potentially forming a second growth curve for amino acid performance [4][5][8]. Summary by Sections 1. Importance of Feed Amino Acids and Industry Expansion - Amino acids are essential nutrients for biological life, with significant applications in the feed industry. The global feed amino acid market is projected to grow at a CAGR of 5.8% from 2024 to 2032, driven by policies promoting reduced soybean meal usage [4][44]. - The global supply of the four major feed amino acids (lysine, methionine, threonine, and tryptophan) is expected to reach 6.986 million tons in 2024, a year-on-year increase of 13.5%, with lysine and threonine in China growing by 10.3% and 15.4%, respectively [4][44]. 2. Market Structure and Competitive Landscape - The lysine and threonine markets are highly concentrated, with domestic production accounting for approximately 76.5% and 95% of global capacity, respectively. The CR4 for lysine and threonine in China is 60.31% and 77.48%, indicating a strong competitive advantage among leading companies [4][5]. - The increasing concentration of production capacity and the strategic push for international expansion by leading companies are expected to enhance market dynamics and create new growth opportunities [4][5]. 3. Price Trends and Profitability Outlook - The prices of feed amino acids are anticipated to rise in 2024, with the global market value for feed amino acids reaching $15.21 billion, a year-on-year increase of 24.9%. The recovery of corn prices is expected to support lysine and threonine prices, while the relationship between soybean meal and feed amino acids will drive demand [5][7]. - As of May 2025, 70% of lysine prices have rebounded, and threonine prices have stabilized, indicating a positive trend for profitability in the industry [5][7]. 4. Investment Recommendations - The report suggests focusing on companies such as Meihua Biological, Fufeng Group, and Xinghuo Technology, which are well-positioned to capitalize on the growth in lysine and threonine markets due to their strong production capabilities and strategic international expansion plans [8].

Investment Rating - The industry investment rating is "Hold" [1] Core Insights - British American Tobacco (BAT) forecasts a revenue growth of 1-2% for H1 2025, with adjusted operating profit expected to increase by 1.5%-2.5% [3][18] - The Glo Hilo product has shown positive market response, with a significant increase in conversion rates in Serbia and expected revenue acceleration in the second half of the year [3][19] - The heated tobacco market is projected to reach approximately $34.463 billion in 2023, with a year-on-year growth of 12.22% [3][23] Summary by Sections Weekly Topic - BAT's H1 2025 performance forecast indicates a slight decline in market share in key markets, but a recovery in the US market with a 10 basis point increase in sales volume and revenue share [3][18] - The Velo product line has seen a market share increase to 29.7%, with double-digit revenue growth, while the Glo Hilo's innovative launch is expected to boost performance in the latter half of the year [3][18] Weekly Market Review - From June 2 to June 6, 2025, the Shanghai Composite Index rose by 1.13%, with the light industry manufacturing sector increasing by 2.18%, ranking 8th among 31 sectors [4][28] - The textile and apparel sector saw a 1.89% increase, ranking 11th among the same sectors [4][28] Key Data Tracking Home Furnishing - In the week of May 25 to June 1, 2025, the transaction area of commercial housing in 30 major cities was 2.1262 million square meters, a 3.25% increase month-on-month [7][36] - The sales area of commercial housing for the first four months of 2025 was 28.3 million square meters, a year-on-year decrease of 2.8% [7][36] Packaging and Paper - As of June 6, 2025, the prices for various paper products showed slight fluctuations, with needle pulp priced at 5977.5 yuan/ton, a decrease of 0.43% [8][48] - The price of waste paper products remained stable, with waste yellow board paper priced at 1478 yuan/ton [8][48] Textile and Apparel - As of June 6, 2025, the cotton price index in China was 14561 yuan/ton, showing a slight decrease of 0.12% [10][10] - In April 2025, the retail sales of clothing and textiles reached 108.8 billion yuan, a year-on-year increase of 2.2% [10][10]

Investment Rating - Industry investment rating: Overweight [1] Core Insights - The upcoming WWDC25 and ByteDance's Volcano Engine Conference are significant events, with a focus on innovative hardware products [5][6] - The electronic industry index showed a weekly increase of 3.60%, outperforming major indices like the Shanghai Composite and Shenzhen Component [4][28] - The DRAM industry revenue for Q1 2025 was reported at $27.01 billion, reflecting a quarter-over-quarter decrease of 5.5% [14] - Anticipated price increases for Server and PC DDR4 modules in Q2 2025 are projected to be between 18-23% and 13-18%, respectively [15][16] - The OLED display market is expected to see an 80.6% year-on-year increase in shipments in 2025, with a market penetration rate projected to rise to 2% [17] Summary by Sections Industry News - The DRAM industry faced a revenue decline due to falling contract prices and inventory adjustments, with major players like SK Hynix and Samsung experiencing revenue drops [14] - The demand for mid-size displays is growing, driven by consumer preferences for high-quality visuals, creating new market opportunities [17][19] Market Performance Review - The electronic industry index outperformed other indices, with the best-performing sector being printed circuit boards, which saw a 9.89% increase [4][28] - The top five performing stocks in the electronic sector for the week included Shengyi Technology and Ruikeda, while Feikai Materials and Xuguang Electronics lagged [43][44]

Group 1 - The report indicates that the recent communication between the leaders of China and the United States has released positive signals, confirming the continuation of the implementation of the Geneva Joint Statement and the removal of trade restrictions, suggesting a reduction in tariff risks [3][12]. - High-frequency data shows that the foreign trade container throughput rebounded to approximately 6.5 million standard containers by the end of May, indicating a potential recovery in exports following the joint statement [13]. - The report highlights that the growth technology sector, particularly the TMT (Technology, Media, and Telecommunications) sector, has shown strong performance recently, driven by improved liquidity and market sentiment, but warns of significant valuation pressures and limited upside potential [4][14]. Group 2 - The report identifies new consumption sectors and banking insurance as having high winning rates for investment, with opportunities emerging in various sub-sectors [4][31]. - The small-cap stock market is thriving, with significant performance in new consumption and innovative pharmaceuticals, suggesting strong investment opportunities in small-cap stocks as market liquidity remains robust [5][26]. - The report emphasizes that the banking and insurance sectors possess strong short-term demand for stable investments and long-term strategic value, particularly in the context of ongoing market fluctuations [32].

[Table_IndRank] 行业评级：增持 报告日期：2025-06-08 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 6/24 9/24 12/24 3/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_IndNameRptType] 电子 行业周报 电子行业周报：WWDC25 和字节火山引擎大会临 近，创新硬件产品值得关注 [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点： ⚫[Table_Summary] 本周行情回顾 从指数表现来看，本周（ ...

2/25 11/24 沪 深 300 行业评级:增持 报告日期:2025-06-05 行业指数与沪深 300 走势比较 电子 行业点评 博通推出首款 102.4Tbps 超级芯片，AI 基础设施加速建设 分析师:陈耀波 执业证书号：S0010523060001 邮箱: chenyaobo@hazq.com 主要观点: ● 博通推出首款 102. 4Tbps 超级芯片,是目前市场上以太网交换机带 宽的两倍 博通宣布推出最新一代数据中心交换机芯片 Tomahawk 6. 这也是全球 首款单芯片交换容量达 102. 4Tbps 的芯片。这一芯片的性能较现有以太 网交换机翻倍,专为 AI 时代设计,可支持超大规模 GPU 集群的互联需 求, 单颗芯片即可驱动 10 万张 GPU 协同工作。 Tomahawk 6 的带宽理论峰值达 102Tbps. 相当于每秒处理 2.5 万部 4K 电影,较前代 Tomahawk 5 芯片实现６倍吞吐能力提升。是目前市场上 以太网交换机带宽的两倍。 从博通公告获悉,凭借前所未有的可扩展性、能效和 AI 优化功能, Tomahawk6 专为下一代可扩展和可扩展 AI 网络而设计,通过支 ...