Investment Rating - The report maintains a "Buy" recommendation for the analog chip industry, indicating a positive outlook for growth and investment opportunities [1]. Core Insights - The analog chip industry is experiencing a recovery in demand, driven by the end of inventory destocking and a resurgence in applications across automotive, industrial automation, and data centers. The market is expected to grow by 6.7% year-on-year in 2025, reaching a size of $84.34 billion [4][6]. - The industry is characterized by high technical barriers and a wide range of applications, with a significant portion of the market still dominated by overseas companies. However, domestic companies are expected to benefit from accelerated localization efforts and mergers and acquisitions [5][6]. - The report highlights the importance of mergers and acquisitions as a key strategy for growth in the analog chip sector, with domestic firms entering a phase of platform integration to enhance competitiveness [6][7]. Summary by Sections Section 1: Overview of the Analog Chip Industry - Analog chips serve as a bridge between the physical and digital worlds, featuring a long product lifecycle and high customization [11]. - The global analog chip market share has remained stable at around 19% of the integrated circuit market, with a projected market size of approximately $81.23 billion in 2023 [11][19]. Section 2: Demand Recovery and Growth Potential - The analog chip market is expected to recover from a downturn, with a projected growth of 6.7% in 2025, driven by structural demand from sectors like automotive and industrial automation [6][39]. - The report identifies key growth drivers, including the increasing penetration of electric vehicles and advancements in AI applications, which are expected to boost demand for high-performance analog chips [6][61]. Section 3: Domestic Replacement and Market Opportunities - The report notes that the domestic market is still largely dominated by foreign companies, but there is significant room for domestic firms to increase their market share through localization and innovation [6][39]. - The domestic analog chip self-sufficiency rate is projected to rise from 9% in 2019 to over 16% by 2024, indicating a positive trend towards local production [6][38]. Section 4: Key Investment Targets - The report suggests focusing on specific companies such as Naxin Microelectronics, Shengbang Co., Si Rui Pu, and Jiehuate, which are well-positioned to benefit from the industry's growth and localization trends [7][39].

债券研究 证 券 研 究 报 告 【债券深度报告】 7 月或仍难走出趋势行情 ——债券月度策略思考 ❖ 一、基本面：聚焦数据修复与弹性变化。 1、内部：6 月"抢出口"边际放缓，既定政策或加速推进。6 月经济运行延续 淡季特征，6 月制造业 PMI 延续在荣枯线下方。总量政策亦积极发声提振预 期，预计 7 月政治局会议定调或延续 4 月，会议前后既定政策的接续举措或加 速落地，但增量政策推出概率偏低，三季度进入"宽信用"效果验证期。2、 外部：美方与其他贸易伙伴的谈判期限可能延长。原定 7 月 9 日谈判截止日 临近，但迄今白宫仅与少数国家达成协议，谈判期限可能延长，短期不确定性 将重新上升，资本市场波动可能放大，需关注对市场风险偏好的影响。 ❖ 二、流动性：缴款放量、理财"抢配"，关注两点潜在预期差 1、季末央行呵护，资金价格相对平稳。从超储水平和融出体量来看，当前银 行水位处于相对充裕状态。大行不"缺负债"的情况下，存单定价下行受限， 或主要考虑 6 月存单到期续发压力。2、跨季后资金宽松空间或有限，但存单 有季节性修复机会。7 月资金或有小幅修复空间，月末货政例会央行依然关注 "防空转"以及"长端收益率 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [3][16]. Core Insights - The company is expected to achieve total revenue of 3.341 billion yuan in 2024, representing a year-on-year growth of 23.9%. The core growth drivers are attributed to the continuous empowerment of AI technology, which is expected to boost subscription products and advertising business [2][7]. - The gross profit is projected to increase by 38.5% to 2.294 billion yuan, with a gross margin improvement to 68.7% from 61.4% in the previous year. Net profit is anticipated to rise significantly by 120% to 806 million yuan, with adjusted net profit growing by 59.2% to 586 million yuan [2][7]. - The company is focusing on enhancing its AI capabilities and expanding its international market presence, with a notable increase in monthly active users (MAU) outside mainland China, which grew by 22% to 94.51 million, accounting for 36% of total MAU [6][7]. Business Segments Summary - **Image and Design Products**: Revenue is expected to grow by 57.1% to 2.086 billion yuan in 2024, with a 38.4% increase in paid subscription users to 12.61 million. The subscription penetration rate is projected to rise to 4.7% [2][7]. - **Advertising Business**: Revenue is forecasted to increase by 12.5% to 853 million yuan in 2024, with programmatic advertising showing a strong performance, growing by 35% due to upgrades in the advertising bidding system [2][7]. - **Beauty Industry Solutions**: Revenue is expected to decline by 32.4% to 385 million yuan in 2024, with the company adopting a cautious outlook for growth in this segment, which is considered non-core [2][7]. Financial Projections - The company is projected to achieve revenues of 4.492 billion yuan in 2025, 5.519 billion yuan in 2026, and 6.698 billion yuan in 2027, with respective year-on-year growth rates of 34%, 23%, and 21% [7][8]. - Adjusted net profits are expected to reach 877 million yuan in 2025, 1.251 billion yuan in 2026, and 1.556 billion yuan in 2027, with growth rates of 50%, 43%, and 24% respectively [7][8].

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 13.20 CNY, compared to the current price of 10.76 CNY [1][12]. Core Views - The company focuses on the amino acid industry and aims to become a leader in synthetic biology, leveraging its extensive experience and capabilities in the sector [5][16]. - The company has established a strong market position in various segments, including animal nutrition amino acids, flavor enhancers, human medical amino acids, and colloidal polysaccharides, with significant production capacities [5][9]. - The acquisition of Xiehe Fermentation is expected to enhance the company's product portfolio and accelerate its international expansion strategy [10][11]. Summary by Sections 1. Focus on Amino Acid Core Business - The company has been deeply engaged in the amino acid industry for years, establishing a leading position with production bases in Jilin, Inner Mongolia, and Xinjiang [5][16]. - Current production capacities include 1.1 million tons/year for MSG, 1 million tons/year for lysine, and 450,000 tons/year for threonine, with plans for further expansion [5][25]. 2. Steady Demand Growth and Competitive Advantage - The demand for animal nutrition amino acids is steadily increasing, driven by rising consumer income and the need for high-quality animal protein [5][9]. - The company benefits from a strong competitive position, with a high concentration in the threonine industry and a significant market share in lysine [5][9]. 3. Acquisition and International Expansion - The planned acquisition of Xiehe Fermentation is expected to enhance the company's capabilities in pharmaceutical amino acids and facilitate its international market entry [10][11]. - This acquisition will allow the company to optimize its product structure and strengthen its risk resistance in the global market [10][11]. 4. Financial Performance and Shareholder Returns - The company has maintained a strong cash flow, with cumulative cash dividends of 11.51 billion CNY from 2012 to 2024 and a dividend payout ratio of 62% in 2024 [10][11]. - The report forecasts revenue growth from 27.24 billion CNY in 2025 to 32.78 billion CNY in 2027, with corresponding net profits increasing from 3.14 billion CNY to 3.86 billion CNY [12][7].

证 券 研 究 报 告 有色金属行业周报（20250623-20250627） 推荐（维持） 降息预期升温，金属价格上行 基本面上，本周五，上期所阴极铜库存 8.16万吨，环比上周减少 19264吨， COMEX库存 209281吨，环比上周增加 8084吨；LME铜库存 9.13万吨，环 比上周减少 7925吨；本周四，全球社会显性库存 43.1万吨，环比上周四减少 18587吨。重点推荐贵金属板块的赤峰黄金、中金黄金、山金国际、山东黄金， 建议关注招金矿业；白银推荐兴业银锡，建议关注盛达资源、白银有色、湖南 白银；建议关注铜板块紫金矿业、金诚信、西部矿业，铝板块建议关注中国宏 桥、宏创控股、天山铝业、神火铝业、云铝股份、中孚实业、南山铝业、南山 铝业国际。 华创证券研究所 证券分析师：马金龙 邮箱：majinlong@hcyjs.com 执业编号：S0360522120003 证券分析师：刘岗 邮箱：liugang@hcyjs.com 执业编号：S0360522120002 证券分析师：李梦娇 邮箱：limengjiao@hcyjs.com 执业编号：S0360525040002 行业基本数据 行业研究 ...

证 券 研 究 报 告 机械行业周报（20250623-20250629） 推荐（维持） 重视机器人场景落地，关注 AI 相关装备 重点公司盈利预测、估值及投资评级 | 简称 | 股价（元） | | EPS（元） | | | PE（倍） | | PB（倍） | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | | | 汇川技术 | 63.82 | 2.12 | 2.55 | 3.01 | 30.14 | 25.05 | 21.19 | 5.23 | 强推 | | 法兰泰克 | 9.32 | 0.60 | 0.76 | 0.94 | 15.55 | 12.18 | 9.88 | 2.12 | 强推 | | 信捷电气 | 54.27 | 1.83 | 2.30 | 2.78 | 29.61 | 23.62 | 19.51 | 3.42 | 强推 | | 欧科亿 | 18.24 | 0.71 | 1.02 | ...

证 券 研 究 报 告 钢铁行业周报（20250623-20250627） 淡季供需尚稳，钢价底部仍有支撑 行业观点：钢材总库存累库，钢价弱势震荡 事件：截至 6 月 27 日，五大品种螺纹钢、线材、热轧、冷轧、中板价格分别 报收 3181 元/吨、3514 元/吨、3205 元/吨、3607 元/吨、3371 元/吨，周环比分 别变化-0.63%、-0.71%、-0.17%、-0.19%、-0.78%。本周五大品种产量 880.99 万吨，周环比上升 12.48万吨。247家钢铁企业日均铁水 242.29万吨，周环比 上升 0.11万吨，高炉产能利用率 90.83%，周环比上升 0.04个百分点，高炉开 工率 83.82%，周环比持平。短流程企业，电炉产能利用率 54.50%，周环比下 降 0.04 个百分点，电炉开工率 70.14%，周环比下降 0.79 个百分点。库存方 面，本周钢材总库存 1340.03万吨，周环比上升1.14万吨。其中社会库存环比 下降 6.6万吨至 906.51万吨；钢厂库存环比上升 7.74万吨至 433.52万吨。需 求端，本周五大材合计消费量 879.85万吨，周环比下降 4 ...

证 券 研 究 报 告 通信行业周报（20250623-20250629） Marvell 投资者日指引积极，小米 AI 智能眼镜发 推荐（维持） 布，建议关注 AI 及端侧产业链进展 行业研究 通信 2025 年 06 月 29 日 华创证券研究所 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 124 | 0.02 | | 总市值(亿元) | 48,433.38 | 4.82 | | 流通市值(亿元) | 21,923.73 | 2.78 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 12.9% | 3.1% | 34.1% | | 相对表现 | 10.8% | 4.6% | 20.6% | -11% 5% 20% 36% 24/06 24/09 24/11 25/01 25/04 25/06 2024-06-28~2025-06-27 通信 沪深300 相关研究报 ...

行业研究 证 券 研 究 报 告 华创交运|低空经济周报（第 43 期） 中国电科低空经济大会：发布三大产品体系， 推荐（维持） 持续推荐电科低空三杰 交通运输 2025 年 06 月 29 日 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | | 占比% | | --- | --- | --- | --- | | 股票家数(只) | | 122 | 0.02 | | 总市值(亿元) | | 33,406 ...

证 券 研 究 报 告 政策计算机行业周报（20250623-20250627） 推荐（维持） 小米 YU7 首销爆单，产业加速迭代升级 行业研究 计算机 2025 年 06 月 29 日 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.2% | 4.0% | 51.4% | | 相对表现 | 6.1% | 5.5% | 37.8% | $$\frac{1}{4}\mathbb{E}\frac{1}{4}\left(\frac{1}{2}\mathbb{E}\frac{1}{4}\right)$$ 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 45,343.43 | 4.40 | | 流通市值(亿元) | 39,023.53 | 4.8 ...